March 30, 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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Telecoms:

Arch Wireless Agrees to Buy Metrocall for $281.3 Mln
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MCI to close call center in Phoenix, lay off 830
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Oklahoma to work with US government in case against Ebbers
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Mobile-Phone Retailer Zap Inc. Closes
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Steel:

Weirton Steel workers approve contract with ISG
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Rouge industry has until June 21 to file chapter 11 plan
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Judge OKs sale of Slater's Hamilton specialty bar division
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Kokomo alloy maker files for protection
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Steel shortage woes
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Health care cloudy for ex-Keystone employees
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KB Toys Asks To Keep Bonus Plan Secret
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Asbestos:

Cancer-Stricken Siblings Lose Asbestos Lawsuit, Could Receive Compensation Under Federal Bill
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Defense Wins Asbestos Trial: Tarrant County Jury Exonerates Building Materials Manufacturer in Multimillion-Dollar Asbestos Trial
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Exclusion of asbestos liabilities keeps insurance executive's pay up
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Corporate Reform:

Ex-Rigas Accountant Tells of Intimidation
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Rigas Routinely Sought Cash From Adelphia, Accountant Says
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Tyco's Twelve Angry Men and Women
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Tyco Jury Back After Mistrial Denial
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Granny Holdout in Tyco Case Profiled
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'This is serious business'
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Judges signal boards to take duties seriously
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Ex-trader questions sentence
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The SEC is investigating whether the timing chosen by some companies in granting stock options ends up understating executives' compensation
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Sarbox cuts Big Four advisory fees
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SEC Investigates Executive Compensation at Tyson Foods

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Letter from Delaware -- PhyAmerica founder in contempt, Capstone grabs some major cases, Weirton sets asset auction and more.
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HealthSouth Faces Battle With Bondholders
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WestPoint Stevens wants more time to file Chapter 11 plan
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AaiPharma Chmn: 'Not On Your Life' Is Bankruptcy Likely
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Wilmington, N.C.-Based aaiPharma Brings in Turnaround Specialist as CEO
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Judge Lets Bankrupt Arena Pay NBA Trail Blazers for Past Ticket Sales
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Larscom Auditor Issues Going Concern Statement
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Bankruptcy proceedings land local developer in jail
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Trump bondholders face test
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Dominican Republic Files Suit in US to Recover Baninter Assets
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Turf company's bankruptcy leaves new field house bare
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Airlines:

Air Canada bankruptcy protection extended to April 15
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Air Canada decision deadline set
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Boeing wants competitive bidding for Hawaiian
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Pilots' union supports trustee
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Auditor Doubts Great Lakes' Claim It Will Survive
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US traditional airlines see long way to revival
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Accounting:

Change in audit system opened door to fraud
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Reserves auditors facing suit
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Shell Lawsuit Gets Attention of D&O Experts
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IRS Increasing Audits Of Largest U.S. Pension Plans
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Stiff Court Penalties for Frivolous Appeals to Delay IRS Collections

Treasury, IRS Caution Taxpayers about Frivolous Tax Refund Claims on Stock Options
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Law:

Cadwalader hits the jackpot in NY office sale
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Firm closes bogus Web site
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NY Lawyers Finding It Hard to Make Ends Meet
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The map of Europe has been redrawn – at least in terms of law firm revenues
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Judge Threatens REIT Over 'Patently Baseless' Suit Against Law Firm
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Orrick cuts back on billable hours for European lawyers
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Probe Finds $10 Million In New Payments To Ex-Traurig Lobbyist
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Many Mid-Level Associates Found to Be Short on Skills
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Judge was jailed on $1 million bond after being charged with possession of methamphetamine
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Chairman Who Led Firm Into AmLaw 100 Re-Elected
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Freshfields: Kings of Europe
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Judge Cuts Exxon Mobil Verdict From $11.9 Billion to $3.6 Billion
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Lawyers Taking Classes to Sharpen Their Sales Skills
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The super
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Struggling seniors amassing hefty credit debt
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Guccione loses estate that was monument to love
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New Financial Executive at Bankrupt Adelphia Communications Faces Uphill Task
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Credit Suisse admits to £86m error
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Minnesota Firm to Buy Bankrupt New Hartford, Conn., Company Executive Greetings for $68 Million
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Credit 'rescuer' late with the bills
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Genzyme sole bidder for Impath asset
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Solutia equity committee faces fight
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Buyer Seeks Notes of Failed Investment Firm in Columbus, Ohio
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Bridgette M. Harris, former bankruptcy lawyer, pleaded guilty
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New Bankruptcy Opinions
(1 new opinion today) 

Bankruptcy Court Web/Pacer Site Directory

Recent Ch. 11 Filings
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Weird News
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Criminal Probe Focuses on Assets, Bankruptcy of Chicago Commercial Real-Estate Developer
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Few Options Exist for Employees Laid Off without Notice
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Frankel assistant gets 6-year jail term
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Study finds some soldiers end up filing bankruptcy
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Wickes Inc. Receives Final Bankruptcy Court Approval of Debtor-In-Possession Financing
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Redhook Ale Auditors Raise Going Concern Doubt
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U.S. Consumer Confidence May Fall This Month
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Pension funds gone
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Trial lawyer sues ex-firm for millions of dollars
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Veltri workers protest proposed sale
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Repo forces deadline on Penthouse founder
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Fair Ground's future shaky
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Two more groups looking at FG
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Video City files for Chapter 7 liquidation in California
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Maine's Eastern Pulp and Paper Mills May Be Close to Bankruptcy Sale
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Three Blind Mice: PR Lessons from Enron, Global Crossing and WorldCom
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Investors Face IRA Woes after Collapse of Spokane, Wash., Securities Firm
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Shelby Yarn reaches $2.1 million settlement with former employees
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Homestead computer missing
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UK:

Jobs fears for electronics staff
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In debt? Try bankruptcy lite
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Mayflower trio quit as £20m hole is found
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PwC investigates Mayflower accounts
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Firms to Help Collect Debts for Department
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British specialist bankers top annual global pay and bonus surveys
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Bankruptcy won’t become a “soft touch” say KPMG
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Current Distressed Companies Update
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Argentina:

Multicanal to defend 304 filing
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Argentina seeks to entice investors
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Italy:

Parmalat Africa stays part of group
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Parmalat to Sell Operations in Argentina
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Cirio: Geronzi May Be Charged With Fraudulent Bankruptcy
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Poland:

Elektrim's bondholders becoming anxious
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Australia:

ASIC drops receiver bid on Kaye
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Elliott silverware under the hammer
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