TCR 10-12-05 Recitation of Worldcom Doug Pick Withdrawal and Next Factors O'donnell Opposition
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http://bankrupt.com/TCR_Public/051012.mbx T R O U B L E D C O M P A N Y R E P O R T E R Wednesday, October 12, 2005, Vol. 9, No. 242 Headlines 280 ISLAND: Case Summary & 6 Largest Unsecured Creditors ADELPHIA COMMS: SEC Sanctions Two Deloitte Accountants for Audit ADELPHIA COMMS: Files Delinquent 2004 Quarterly Reports with SEC ADELPHIA COMMS: Delivers 2004 Annual Report to SEC AKERS BIOSCIENCES: June 30 Balance Sheet Upside-Down by $1.2 Mil. AFFINION GROUP: Moody's Affirms New $270 Million Notes' B1 Rating AMES TRUE: S&P Lowers Corporate Credit Rating to CCC+ from B- AMPHENOL CORP: Acquiring Teradyne Unit for $390 Million in Cash AMPHENOL CORP: Moody's Affirms Corporate Family Rating at Ba1 ANCHOR GLASS: U.S. Trustee Appoints Diageo to Creditors Committee ANCHOR GLASS: EPA Alleges Environmental Law Violations ANCHOR GLASS: Committee Taps Stichter Riedel as Counsel ASARCO LLC: Wants TRO Issued Against Arizona Retiree Class ASARCO LLC: Wants to Assume ESM Consulting Contract BAIS YAAKOV: Case Summary & 20 Largest Unsecured Creditors BELDEN & BLAKE: J.M. Vanderhider Replaces R.W. Peshek as VP & CFO CENTRAL WAYNE: Wants Until Nov. 30 to Solicit Plan Acceptances CHI-CHI'S: Disclosure Statement Hearing Set for Oct. 25 CITATION CORP: Disputes DaimlerChrysler's Right to Set Off Debt COLLEGE PROPERTIES: Ch. 11 Trustee Hires Osborn Maledon as Counsel COLLINS & AIKMAN FLOORCOVERINGS: S&P Revises Outlook to Negative COMDIAL CORP: Wants Excl. Plan Filing Period Stretched to Jan. 20 COMDIAL CORP: Has Until Nov. 22 to File Notices of Removal CONTINENTAL AIRLINES: Contributes $84 Mil. More to Pension Plans DANA CORPORATION: Restating 2004 and 2005 Financials DELPHI CORP: U.S. Trustee to Appoint Committee on Oct. 17 DELPHI CORP: Judge Gonzalez Directs Joint Administration of Cases DELPHI CORP: Wants GM to Commit to $1 Billion of Business a Month DELPHI CORP: Chapter 11 Filing Cues S&P to Lower Ratings to D DELPHI CORP: Fitch Junks Rating on Sr. Secured Bank Lines DELPHI CORP: NYSE Reviewing Continued Stock Listing Status DELTA AIR: Wants Court Nod to Sell Non-Core Assets for $10 Million ENVIRONMENTAL TRUST: Wants Exclusive Period Extended to Dec. 19 FALCON PRODUCTS: Emergence Is Contingent on Pension Termination FEDDERS CORP: Looks for New Auditors to Replace Deloitte & Touche FOOD CONCEPT: Case Summary & 20 Largest Unsecured Creditors FOSTER WHEELER: To Launch New Equity-for-Debt Exchange GENERAL MOTORS: Moody's Reviews Low-B Ratings & May Downgrade GENERAL MOTORS: S&P Lowers Corporate Credit Rating to BB- from BB GTC TELECOM: Squar Milner Raises Going Concern Doubt HIGH SPRUCE: Case Summary & 16 Largest Unsecured Creditors INTERNATIONAL PAPER: Completes $80-Mil Buy-Out of Compagnie Shares INTERNATIONAL RECTIFIER: Revises First Quarter Financial Outlook INTREPID TECHNOLOGY: Jones Simkins Raises Going Concern Doubt KAISER ALUMINUM: Wants Stay Enforced Against Insurers KRONOS ADVANCED: Sherb & Co. Expresses Going Concern Doubt LEVITZ HOME: Files for Chapter 11 Protection in S.D. New York LEVITZ HOME: Case Summary & 40 Largest Unsecured Creditors MIRANT CORP: Court Approves Plan Solicitation Procedures MOTHERS WORK: S&P Lowers Corporate Credit Rating to B- from B NORTHWEST AIRLINES: Wants to Employ Ordinary Course Professionals NORTHWEST AIRLINES: Gets Okay to Maintain Investment Guidelines OMNI CAPITAL: Wants Access to Wachovia's Cash Collateral OWENS CORNING: Has Until Year-End to File Plan of Reorganization OWENS CORNING: Wants to Sell Alabama Property to Tecvox OEM PONDEROSA PINE: Wants Until January 6 to Remove Civil Actions PRECISION TOOL: Court Confirms Amended Reorganization Plan PXRE GROUP: Fitch Maintains Watch Negative after Capital Raising QUICK MED: Daszkal Bolton Raises Going Concern Doubt QUIGLEY COMPANY: Files Third Amended Disclosure Statement 1 of 107 11/6/2007 4:21 PM http://bankrupt.com/TCR_Public/051012.mbx RECYCLED PAPERBOARD: Wants to Borrow Money from Ackerman Realty REFGO GROUP: CEO Takes Leave Following Undisclosed $430 Mil. Deal REFCO GROUP: Moody's Lowers Sr. Sub. Debt Rating to Caa1 from B3 REFCO GROUP: S&P Lowers Counterparty Credit Rating to B+ from BB- REMEC INC: Voluntarily Delists Common Stock Trading from NASDAQ SAINT VINCENTS: 12 Tort Claimants Want to Proceed with Lawsuits SEDONA CORP: Gets $500K Final Tranche of $1-Mil Loan from W. Rucks SOUPER SALAD: Plan Confirmation Hearing Set for Oct. 31 SOUPER SALAD: Gets Court Order to Reject Sharpstown Lease STRATUS SERVICES: Has Until Oct. 14 to Comply with Credit Pact TECHNEST: Going Concern Outlook Improves After Markland Purchase TERAFORCE TECHNOLOGY: Can Walk Away From Three Unexpired Contracts TIMCO AVIATION: 98% of Senior Noteholders Tender Outstanding Bonds TITAN CRUISE: Wants to Reject Patriot Charter Agreement TOMMY HILFIGER: Moody's Lowers Corporate Family Rating to Ba2 TOWER AUTOMOTIVE: Wants to Disclose HIPAA-Protected Information TOWER AUTOMOTIVE: Wants Official Retirees Committee Appointed TOWER AUTOMOTIVE: Taps Foley & Lardner as Labor Counsel TOWER AUTOMOTIVE: Court Rules Federal Must Pay Defense Costs TUBE CITY: Moody's Revises Corporate Family Rating to B1 UAL CORP: Details $3 Billion All-Debt Exit Financing Package UAL CORP: Wants Court to Bless Credit Card Processing Pact UAL CORP: Court Directs October Pension Payment to Pilots UNISYS CORP: Low Earnings Forecast Cues Fitch to Downgrade Ratings US AIRWAYS: To Repurchase 7.7 Million Government Warrants USG CORP: Gets Court OK to Challenge & Pay Off Taxes in Ill. Court VILLAS AT HACIENDA: Court Grants Access to HUD Cash Collateral VILLAS AT HACIENDA: Lenox Wants $16 Million Claim Payment ASAP VISION AUTOMOTIVE: Case Summary & 20 Largest Unsecured Creditors VISPHOR CORP: Inks Agreement to Buy Sunaptic for $3.2 Million VISPHOR CORP: Raising C$5.5M in Private Equity Deal to Fund Merger WELCH PROPERTIES: Case Summary & 6 Largest Unsecured Creditors WINDSWEPT ENVIRONMENTAL: Borrows $1.35 Million More from Laurus WODO LLC: Can Borrow $5 Million to Fund WULA Settlement Agreement WORLDCOM INC: Bankr. Court Approves N.Y. Fund Claims Settlement WORLDCOM INC: DJP&A Wants to Withdraw as Counsel to Next Factors YOUTHSTREAM MEDIA: June 30 Balance Sheet Upside-Down by $79.28-Mil * Upcoming Meetings, Conferences and Seminars ********* 280 ISLAND: Case Summary & 6 Largest Unsecured Creditors -------------------------------------------------------- Debtor: 280 Island Avenue, LLC 429 West Plumb Lane Reno, Nevada 89509 Bankruptcy Case No.: 05-53856 Chapter 11 Petition Date: October 11, 2005 Court: District of Nevada (Reno) Judge: Gregg W. Zive Debtor's Counsel: Stephen R. Harris, Esq. Belding, Harris & Petroni, Ltd. 417 West Plumb Lane Reno, Nevada 89509 Tel: (775) 786-7600 Fax: (775) 786-7764 Estimated Assets: $1 Million to $10 Million Estimated Debts: $1 Million to $10 Million Debtor's 6 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ KL & J Management Co. Management Fees $875,000 429 West Plumb Lane Reno, NV 89509 Attn: Kevin Johnson President 2 of 107 11/6/2007 4:21 PM http://bankrupt.com/TCR_Public/051012.mbx Kromer, Grady & Cheryl Litigation $421,000 Trustees, Kromer Family Trust c/o Walsh Baker & Rosevear 9468 Double R Boulevard, Suite A Reno, NV 89521 Granwest Exchange Corp. Litigation $279,000 c/o Walsh, Baker & Rosevear 9468 Doubld R Boulevard, Suite A Reno, NV 89521 Attn: William Baker, Esq. J & L Windows, Inc. Goods/Services $25,000 350 Greg Street Sparks, NV 89431 Banks Construction Company Goods/Services $10,000 5690 Riggins Court, Suite B Reno, NV 89502 Dragan Andjelkovich Judgment $5,000 c/o Treva J. Hearne, Esq. 910 Parr Boulevard Reno, NV 89512 ADELPHIA COMMS: SEC Sanctions Two Deloitte Accountants for Audit ---------------------------------------------------------------- The U.S. Securities and Exchange Commission issued orders instituting administrative proceedings against two Deloitte & Touche LLP professionals in connection with their audit of Adelphia Communications Corp.: (a) Gregory M. Dearlove, CPA; and (b) William E. Caswell, CPA Mr. Dearlove served as the engagement partner on Deloitte's audit of the financial statements contained in ACOM's 2000 Form 10-K. Mr. Caswell served as audit director. The Commission alleges that Mr. Dearlove engaged in improper professional conduct because he should have known that his failure to plan, conduct and supervise an audit that conformed to Generally Accepted Auditing Standards, and his approval of and signature on an unqualified audit report that ACOM filed with its 2000 Form 10-K, would contribute to the Company's violations of the Securities Exchange Act of 1934. The Commission instituted public administrative and cease-and- desist proceedings against Mr. Dearlove to: 1. determine whether the allegations set forth by the Division of Enforcement and the Office of Chief Accountant are true; 2. afford Mr. Dearlove the opportunity to establish any defenses; 3. determine whether remedial action is appropriate; 4. determine whether Mr. Dearlove should be ordered to cease and desist from causing violations of and any future violations of the securities laws; and 5. determine whether Mr. Dearlove should be ordered to pay disgorgement. The Commission alleges that Mr. Caswell failed to: -- ensure that ACOM's disclosure of its liabilities was sufficient; -- object to ACOM's netting of related-party payables and receivables; and -- ensure adequate disclosure of ACOM's related-party transactions. The Commission also finds that Mr. Caswell engaged in improper professional conduct due to his failure to comply