March 5, 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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Bankruptcy 'reform' could punish elderly
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Met Mortgage insurers hold risky assets
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Enron:

Big creditors take issue with final distribution
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Tax dispute may hurt Enron Building deal
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Proposed Peoples Gas deal bared
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Ex-Enron treasurer Glisan in front of grand jury
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Enron-linked scandal looms for Nevada officials
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Enron Sells Company Noted in Indictments
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Law:

Attorneys Join Haynes and Boone to Form Franchise and Distribution Practice
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Justice Department Seeks Client Names in Tax-Shelter Case
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Calling Down Fire On Your Own Position
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Asbestos:

Environmental group attempts to sway legislation with asbestos report
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Armstrong loss plummets on lower asbestos charges
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Study Warns U.S. Facing Asbestos Crisis
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Federal-Mogul Files Disclosure Statement
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Olympia Voyager up for auction
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Churchill bids on Fair Grounds
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In debt in Dorchester
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Corporate Reform:

Not selling: Will it sell as defense?
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Coke paid six top executives hefty bonuses amid steep job cuts
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Dozens Involved in NYSE Scandal
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What Puts the CFO in the Middle of Scandals?
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Ex-Adelphia Director Recounts Rigas Talks
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Condo board accuses Adelphia's John Rigas of common-charges delinquency
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Ex-Adelphia Director Didn't OK Loans for Timber
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Information About Martha Stewart Jurors
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Stewart Jurors Focus on Perjury Charge
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Stewart Jury Requests Clarification
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Telecoms:

CLECs: Not dead yet
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WorldCom emerges as a takeover target
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Living on Borrowed Dimes
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Creditors return $7.5 million to Rose Garden
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Fed Report Finds Recovery is Expanding
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US payrolls grew by a mere 21,000 jobs in February, far fewer than the 125,000 economists had been expecting.
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BofA falls foul of family favorites
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Hollinger International offers Hollinger loan to cover interest payment
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Gadzooks February Same-Store Sales Fell 14.2%
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Bankrupt city gets breathing room to work on payments
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Missteps put Footstar in bankruptcy
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  Airlines:

Hawaiian Airlines seeks buyer or investor
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Hawaiian’s trustee, creditors want to pick plan
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Bankrupt Arrow Air gets 2nd buyer for debt
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Budget airlines now going for class
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US Airways mechanics to picket in 4 cities Friday
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Union Planters can repossess last Great Plains jets, judge says
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Steel:

Creditor group opposes ISG buyout of Weirton Steel
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Weirton requests April 6 bid deadline: Asset sale date will be determined next week in bankruptcy court
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Fund extends deadline on offer for Slater's Hamilton unit until Friday
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Steelworkers proceed with court motion to force acceptance of offer to purchase Slater Steel division
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Energy:

Mirant creditors consider claims against Southern
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Judge OKs Danielson buy of Covanta
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Newly opened Fresh Farms files for Chapter 11
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Total borrowing in U.S. skyrockets
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Insider Sales Highest Since May 2001
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Accounting:

Prosecutors notified about 30 of KPMG's current and ex-employees and partners that they are subjects of a tax-shelter probe.
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Shell hires outside legal team to help with reserves review
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Adecco Set To Report FY Amid Acctng Probe
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Many US govt contractors use tax haven units
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Lawmaker rips FASB option plan
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US audit watchdog tells staff to reveal crimes
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Penthouse plans to unknot its knickers
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Getting Out of Debt: Who Should You Trust?
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$13.6 million buys Ducane
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College Students Turning to Credit Cards to Cover Costs -- Is all the debt even worth the degree?
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Farmland sells Coffeyville plant, the last of its big assets
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Ninth Circuit Limits Preemption of Nonbankruptcy Law to Laws Relating to Financial Condition

Private Equity Group to Buy Potato Chip Firm Out of Bankruptcy
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Farmland's creditors to recover 60%-82%
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Venture Corp. may sell some assets
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Kaiser says 2 executory alumina deals valid, others pending
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Gulf Pines Hospital: Calling the Bankruptcy Judge
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Role Models files $304.5 million suit claiming defendants forced company into bankruptcy
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Rosemont, casino firm OK a lease
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Preference Claims Assigned to Lenders Were "For the Benefit of the Estate"

Rodriguez bankruptcy halts $100K cases
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Sheet-Metal Fabricator Files Bankruptcy
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New Bankruptcy Opinions
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Bankruptcy Court Web/Pacer Site Directory

Weird News
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Mass. judge rebukes Kroll fees
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Attention Kmart Shoppers
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Senate considering bill to allow for private collection of tax debt
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Solutia suffers a loss of $39 million
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General DataComm avoids bankruptcy again
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Daisytek cleared to liquidate
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What Financial Institutions Need to Know About the Servicemembers Civil Relief Act
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Krispy Kreme Won't Enter Bidding For Bess Eaton
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New deadline looms in paper bankruptcy
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UK:

Pension funds are handed £2.5m bill
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DTI Petitions to wind up 12 Companies
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The Enterprise Act 2002
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Italy:

Bank of America executive added to Parmalat probe
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Parmalat secures $128 million U.S. loan
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Struggle intensifies for control of Parmalat Brasil
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Parmalat prosecutors face deadline on indictments
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Plastic Crate Firm Sues Italian Dairy Conglomerate Parmalat
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Parmalat to sell Canadian operations
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Banks suspected of misusing Parmalat info
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Parmalat Chile Suppliers Threaten To Cut Off Milk
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Court appoints administrator for Parmalat Chile
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2 auditors of Parmalat won't meet prosecutors
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Crying over spilt milk
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Swiss freeze new Parmalat account
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Canada:

Waterfront corporation starved for cash, may fold
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Australia:

Suleman found guilty of fraud
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Japan:

Kanebo may seek support for whole group
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Argentina:

Argentina's Poor Pick Over Garbage as Government Stalls on Debt
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Argentina's Lavagna seen improving debt offer
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Mexico:

Mexico's Ahmsa Says Wanted Executives Abroad To Negotiate Debt
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India:

Banks aiming at soft targets to initiate recoveries -- but big fish stall recovery proceedings with stay orders
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