March 25, 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

Prior editions available at http://bkinformation.com/bankruptcy_news.htm
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Credit Counseling:

Abuses by Credit Counselors Widespread
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Eye credit-counsel quicksand
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Cambridge Credit Comments on Senate Subcommittee Hearing on Credit Counseling Industry
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Credit counseling sanctions hinted
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Credit adviser abuses charged
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Senate Government Affairs Committee Report on Credit Counseling Abuses
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NAHB CEO Blasts Proposal To Set Up GSE Receivership Plan
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Law:

US legal elite power ahead as profit growth breaks 10% -- Top 50 law firms record average fees growth of 10% and revenues of $29bn
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UK firm Norton Rose to implement three-tier lockstep regime
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Firms Make Room on the Staff for Selling 'In'
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Powell Goldstein Names Twelve New Partners, Counsel and of Counsel
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Advice for the Lawlorn
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Top NY Firm Sells Its Home
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Client blasts DLA conflicts stance on deal where firm acted on both sides
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NJ Firms Merge
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Shearman staffer hits jackpot and quits post
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UK firm in low-margin property outsourcing push
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Attorney Late for Hearing Over Missed Supreme Court Argument
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Lawyer Jailed for Refusing to Represent Client Who Punched Co-Counsel
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Sidley corporate head defects to Milbank Tweed in New York
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Wilson Sonsini bounces back with 10% profits hike
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Paul Weiss partner profits hit $1.84m
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Jones Day heads up Fortune 1000 poll
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Down, but not out in New York
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Baker beats Skadden to win best US firm in London tag
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The race to recruit
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How to avoid the pitfalls of cross-border firm mergers
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Linklaters Head of Strategy quits
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Philadelphia firms hit by plans for new tax on legal services
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Geo Specialty Chemical Gets OK For Emergency DIP Loan
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Larry's Shoes bankruptcy plan approved
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WestPoint Stevens Gets Court OK To Sell 395 Looms
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Letter from Delaware -- Walrath pares down her caseload, W.R. Grace gains leverage, Lingua Franca founder sides with freelancers, and more
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Bankrupt golf course costs unpursued mystery
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Coram's equity committee survives
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Andujar seeks new trial on bankruptcy fraud
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FTC seeks civil penalty for debt collectors
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Minnesota-Based Company Has Winning Bid for Bankrupt Connecticut Business Products Firm Executive Greetings
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Buyout of Maine Paper Mills Hinges on Loan Negotiations with State
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Baldacci calls mill offer 'serious'
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Wellington Leisure Products, Inc. Expands the Scope of Keen Realty's Work in Chapter 11 Proceedings
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Desert Hot Springs bankruptcy auction brings in $1.2 million
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Shoe stores begin liquidation
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Past-due card debt sets record; other delinquencies drop
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Pittsburgh: Timetables for city's insolvency differ
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Telecoms:

WorldCom Faces $130 Million in Tax Claims by Maryland
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Senate to discuss Embratel sale on Mar.30
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73 subpoenas issued in OneStar investigation
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Airlines:

American's ex-CEO joins Hawaiian team
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Ruling Expected In UAL Airport Municipal Bond Dispute
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US Airways CEO asks for new sacrifices by workers
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CEO Says Clock's Ticking on US Airways' Presence at Pittsburgh Airport
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US Airways says Southwest's move threatens it
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Air Canada Seeks to Speed Talks to End Bankruptcy
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Bombardier clears financing for Air Canada jets
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Great Plains is in a holding pattern on Chapter 7 liquidation
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Corporate Reform:

Rigases retained 22 company cars after resigning
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Rigas Is Accused Of Rubdown Shakedown
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White Collar Jail Rules Tested in Dynegy
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'Other' Adelphia Trial Is Just as Crucial
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SOX Compliance Is Not Cheap
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Putnam Says Ex-CEO Hid Abuses, Fights SEC Fines
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New, Hard Numbers on Sarbanes Expenses
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Enron:

Batson to earn $95m for 18 months Enron work
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GAIL joins Tata,BP to bid for Enron's India assets
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Steel:

Creditor Challenges Rules For Weirton Steel Sale
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Struggling steel fabricator, bonding company still at odds
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Weirton debt a concern
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International Wire Group, Inc. Reaches Agreement with Noteholders to Recapitalize; Company Files Voluntary Chapter 11 Petitions to Effect Recapitalization
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Energy:

Citibank Objects To Inquiry By Mirant Equity Panel
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PG&E Corp. Chairman Says Company is on Course to Enter Period of Stability
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Redstone files for bankruptcy
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Accounting:

Scandals Reveal Shift in Audits
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U.S. auditor-client ties becoming less cosy
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Protection One Auditor Raises Going Concern Doubt
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LaserSight Inc's Independent Auditor Resigns
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DTI investigates Big Four 'monopoly'
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FASB proposal meets stiff opposition
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Superconductor Tech plunges; going-concern doubt seen
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Rhodia Auditor Raises Going Concern Doubt
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Former IRS Tax Collector Publishes Memoir
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Motient Corp Auditor Raises Going Concern Doubt
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Commercial lending chief leaving Fleet
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Court OKs Bondholder Settlement In Oakwood Homes Case
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Mitchell H. Cohen Inducted into the American College of Bankruptcy
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New Bankruptcy Opinions
(2 new opinions today) 

Bankruptcy Court Web/Pacer Site Directory

Weird News
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The percentage of Americans falling behind on their credit card payments is soaring, and so is the cost of falling behind
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15 New Inductees in American College of Bankruptcy
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UST assails Greater Southeast bankruptcy plan
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Soaring steel prices crimp US auto industry, pushing some suppliers toward bankruptcy
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Automotive supplier Lextron files for bankruptcy
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Adelphia, TelCove Get Crt OK Of Settlements
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Clear Thinking Group's Myers Named Liquidation Consultant On BSI Holding (Formerly Bob's Stores) Chapter 11 Case
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Ocean Choice buys assets of bankrupt Polar Foods
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Holder to probe casino license decision
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Gaming Board Not Fit to Decide Rosemont, Ill., Casino Issue, Governor Says
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Metropolitan Mortgage & Securities, Summit Securities and Metropolitan Investment Securities File for Litigation 'Freeze'
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UK:

Inland Revenue is owed £14bn
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Strides to the rescue of its troubled competitor
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DTI denies accusations of insolvency own goal
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MPs in new call for Equitable compensation
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Change in company law would damage investors
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Tax avoidance fines are branded 'laughable'
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On the complexities of calculating BCCI fraud losses
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Bankruptcies up almost one-third
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The Recovery of Debt by the Inland Revenue
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Italy:

Fast track trial route blocked
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Irish Parmalat unit to be wound up in Ireland
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Parmalat Restructuring Unaffected By Trial Setback
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Italian "save soccer" plan meets strong opposition
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Poland:

In God we trust, but, as Stella Maris discovered, the rest pay cash
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Argentina:

IMF Acknowledges Failures in Argentina Crisis
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IMF owns up to Argentina errors
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Small creditors to open talks on defaulted debt
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Canada:

DBRS downgrades Sears Canada: 'consumers remain reluctant to spend at Sears'
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EP 2000 Conservation Inc. Subsidiary Files Notice Of Intention To File A Proposal Pursuant To The Bankruptcy And Insolvency Act
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Australia:

Director jailed 12 years for $11m scam
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Pan creditors mull legal action
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Workers Win Protection when Business Goes Bust
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Korea:

Creditors to Have Cooling-Off Period for Ssangyong Motor Sale
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