March 18, 2004 

Daily Bankruptcy News

Brought to you by BKINFORMATION.COM - The Source for Business Bankruptcy Information on the Internet 

Also available on the Web (with links to the news stories)  at: http://bkinformation.com/News/DailyNews.htm

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Bankruptcy Reform Meets Politics
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Telecoms:

WorldCom's credit bad long before collapse
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U.S. states demand KPMG give up $146 mln from MCI
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KPMG attacked over WorldCom tax shelter
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States target KPMG's WorldCom fees
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The CLEC's  Financial Health - Who Will Survive ?
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WorldCom Bankruptcy Case Encounters Snag Over KPMG LLP
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MCI Picks Former US Attorney General Katzenbach As New Chairman
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Papers help case against WorldCom
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SEC Probes Citigroup, J.P. Morgan on WorldCom Bonds, People Say
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Law:

Lawyers spend big $$ on advertising
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The New, Bigger Reed Smith
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Payroll-tax rip-off sinks New Orleans law firm
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Sarbanes-Oxley: Law Firms Negotiate a New Reality
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Kilpatrick Stockton forms Supreme Court and appellate litigation practice
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Franchiser's Lawyers Conduct 'Drug Raid'-Style Discovery
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O'Connor: Lawyers 'unhappy lot'
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Linklaters explores merger with Japanese firm
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Dechert ends insurance practice as partner jumps ship
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Elite US law firm to expand in China
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Shook Hardy slashes post merger London outpost
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Client poll dents Cameron McKenna’s international network plans
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Jenkens loses seven in Haynes raid
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New Harvard Program to Research Changing Legal Profession
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The increasing need for lawyers to be effective marketers
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Hosted Apps Rule for Busy Law Firm
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Brown McCarroll names seven new partners
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Energy:

Montana Cities Eye April to Bid on NorthWestern Utility's Transmission System
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NorthWestern bankruptcy: Will utility survive its plan?
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Reorganization Plan of Bankrupt Utility Fails to Meet Montana PSC Goals
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Noteholders to control Navigator
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PG&E CEO's Pay Jumped Last Year
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Asbestos:

Hardie target in asbestos fight
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Republicans push asbestos claims measure
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New World Pasta delays filing report
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Corporate Reform:

Adelphia Paid for Rigas' Bill
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Bear Stearns sues to deter Frankel claims
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Adelphia Seeks to Block Millions for Rigas Defense
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Boards bend under threat of new SEC rules
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Former Tyco officers agreed to theft, prosecutor argues
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The SEC is opening industrywide probes on evidence of problems at a single company, a major change from past practice
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Stewart urges backers to write to judge
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Hidden rules for the moguls? You can bank on it
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Scandal-Plagued Firms Adopt New Names for Fresh Starts
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Tyco Jurors to Get Judge’s Instructions
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Project Homestead blames irregularities on former president
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DIP dimensions: Footstar Inc.
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Seniors Use Credit Cards to Keep Up with Rising Medical Costs
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Enron:

Former Enron CEO pays attorneys $23 million
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ChevronTexaco buys tower anyway
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In His Own Defense: Was Enron Inquiry Worth $90 Million?
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Nev. Officials Sued in Enron - Related Case
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Airlines:

A group of minority investors in the parent company of bankrupt Hawaiian Airlines want a voice in the carrier's already-tumultuous reorganization
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Hawaiian Air will pay pilot pension plan $4M
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United wants to alter schedule / Late summer seen as earliest the airline could emerge
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Standard & Poor's lowers Delta ratings deeper into junk status
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Trinity Time Investments threatens to walk away from investment in Air Canada
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CAW's Hargrove Says CAW Stands Firm in Face of Victor Li's Threat
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Brussels warns of 'last chance' for Greek airline as state aid probe opens
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NWA pilots say execs must share cuts
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Fitch Places Triton Aviation Finance On Rating Watch Negative
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S&P downgrades Delta debt on expectation of loss
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United report crucial
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No Longer on the Brink, American Air Is Still in Peril
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Rising oil costs add to airlines' burdens
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Steel:

Carriers Unite To Withdraw Services From Ivaco
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WCI Steel earns February profit
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Keystone Receives Final Court Approval of Debtor in Possession Financing Agreements
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Bayou Steel rejects unsolicited buyout
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Auction set for Weirton Steel properties
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Accounting:

North Carolina Companies Are Using Suspect Tax Shelter
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North Carolina Cracks down on Firms That Use Illegal Unemployment Tax Shelter
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Suit seeks to remove KPMG as WorldCom auditor
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Shell relaxed its accounting guidelines for natural-gas reserves in the mid-1990s
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OM Group to restate finances for '99-'03
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Ex-Qwest Official Testifies He Cheated
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Rash of Restatements Rattles
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'Tis the Season to Delay SEC Filings
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Financial Fraud in the Electronic Age
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Operational Due Diligence: Uncovering Hidden Value in Your Deal
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Casino tower hotel sold
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Open Market patents return from bankruptcy to haunt e-commerce
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Zero-percent Financing and Cramdowns

Ross to merge Burlington and Cone Mills
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Loral Hopes to Emerge From Chapter 11
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Loral Completes Sale to Intelsat of North American Satellites
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Former HomeGold President Accused of Ordering Documents Destroyed
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HomeGold documents destroyed, suit alleges
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Letter from Delaware -- Kmart's critical vendor payments, Terry Manufacturing's missing assets, Napster gets confirmation, and mo
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Another Agency Goes Under, Stranding Passengers
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Lloyd's tempest swamps 18
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Lloyd's names will be allowed to offset losses
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Did You Ever Watch Magnum PI? Did You Ever Think of Hiring Him?
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Job retraining offers limited hope in textile, furniture belt
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U.S. mobile home industry struggles with bad loans
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New Bankruptcy Opinions
(3 new opinions today) 

Bankruptcy Court Web/Pacer Site Directory

Weird News
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How to Identify Bondholders and Communicate with Them, Part I
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Attorney's bankruptcy work noted
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Timing of Erpenbeck deal draws scrutiny
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Closing Gilroy, Calif., Motorcycle Plant Schedules Final Auction
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Tell where the $87M in American Financial funds went -- or go directly to jail
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Bess Eaton:

Lawyers Fight Bankruptcy Filing of Westerly, RI-Based Doughnut Chain
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Bess Eaton Sale Would Help Gencarelli Avoid Taxes
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Executives of Failed Beachwood, Ohio, Staffing Firm Start Over
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Guv calls for review of casino auction
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Company that won Illinois' 10th casino license under scrutiny
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Isle of Capri Supports Illinois Officials' Announcements
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Bankruptcy Court Orders Portsmouth, Va., Custodial-Services Firm's Liquidation
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CDW fights Micro Warehouse allegations
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Deal for bankrupt hospital withdrawn
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Steps for getting a grip on tax debt
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Athletic Shoe Giant Kicks Struggling Footstar
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Businessman Sues Bank, Credit Bureaus in Houston over Mistaken Death Listing
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Michigan firms cut overtime
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Connecticut Firm Close to Finalizing Deal to Sell Maine's Eastern Pulp Mills
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UK:

U.K. Reforms Pension Tax Rules as Brown Imposes Cap
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Home groan
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Defiant Leeds: We Know What We Have To Do
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Govt to back flagship Commercial Court
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"No conflict" asserts DLA as it represents both sides of deal
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Britons lead field in credit card debts
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Italy:

Ex-BofA staff set to face charges in Parmalat
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Prosecutors formally ask for charges in Italy's Parmalat fraud case
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Expert Outlines Plan to Rescue Parmalat
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The bankruptcy system in Italy was changing even before Parmalat, but the rules governing it are still very much a work in progress
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Prosecutors seek fast Parmalat proceedings
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Italy aims to speed Parmalat case
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No sale as receiver trims milk group
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Canada:

Levitts Kosher trying to stave off bankruptcy
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Funeral home giants forced to retrench -- Chains that spent freely to acquire assets now find themselves in a cash crunch
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Bankruptcy trustee seeks to launch class action against American Express for penalizing customers who pay bills on time
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Argentina:

Argentine Economy Expands at Fastest Pace in 11 Years
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Call for Argentina Samurai meeting
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Korea:

SK Corp. on Negative Watch
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Profitability of Bankers Falls by 62% Last Year
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Germany:

German 2003 Corporate Insolvencies Rise 4.6% to 39,320
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Israel:

Employees of Bankrupt Jerusalem Hospital Dismissed
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