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Senate
to
Vote
on
Bankruptcy
Legislation
This
Week
After
overcoming
an
expected
filibuster
by
critics
in
the
House
last
Thursday,
the
bankruptcy
overhaul
measure
(H.R.
2415)
is
expected
to
make
its
way
to
the
Senate
floor
this
week,
according
to
the
CQ
Daily
Monitor.
style='mso-spacerun: yes'> Although it passed the House, the
measure
could
be
killed
with
a
threatened
presidential
veto
and
Congress
is
expected
to
adjourn
before
there
could
be
a
vote
on
a
veto
override.
style='mso-spacerun: yes'> Some members and lobbyists are
holding out
hope
that
the
president
might
not
veto
the
bill
if
it
gets
more
than
70
votes,
as
supporters
expect.
Sen.
Charles
Grassley
(R-Iowa)
said
it
might
be
embarrassing
to
veto
a
bill
with
such
widespread
support.
Before
the
measure
is
voted
on,
supporters
expect
a
filibuster
attempt
by
several
Democrats.
style='mso-spacerun: yes'> However, a cloture vote would likely
get more
than
the
60
votes
needed
to
shut
one
down.
Xerox
Rejects
Bankruptcy
Rumor
Shares
of
Xerox
Corp.
hit
a
nine-year
low
Friday
morning
after
the
struggling
photocopier
maker
dismissed
rumors
circulating
in
European
securities
markets
that
it
would
file
for
U.S.
bankruptcy
protection,
according
to
a
Reuters
report.
“These
are
misleading
market
rumors
about
our
company
filing
for
chapter
11,”
a
European
spokeswoman
for
the
Stamford,
Conn.-based
company
said.
style='mso-spacerun: yes'> In a separate statement, the company
said its
policy
is
not
to
comment
on
rumors
and
speculation.
“But
in
order
to
reassure
the
markets,”
the
statement
said,
“the
company
reaffirmed
that
it
has
adequate
liquidity
including
its
$7
billion
revolving
credit
agreement,
which
is
available
through
October
2002,
as
disclosed
in
the
company's
8-K
filing
with
the
SEC
(U.S.
Securities
and
Exchange
Commission)
on
Oct.
10.”
In
early
New
York
Stock
Exchange
trading,
Xerox
shares
fell
10
percent
to
as
low
as
$10
—
a
price
not
seen
on
the
stock
market
since
late
1991.
Xerox
has
shed
some
85
percent
of
its
stock
market
valuation
since
1999.
Video
Update
Inc.
Retains
Keen
Realty
In
Chapter
11
Court
Proceedings
Video
Update
Inc.,
the
Minnesota-based
video
rental
chain,
has
retained
Keen
Realty
LLC
to
organize
a
bankruptcy
auction
of
the
leaseholds
on
approximately
120
of
its
retail
sites,
according
to
a
newswire
report.
Keen
Realty
is
a
real
estate
firm
specializing
in
restructuring
retail
real
estate
and
lease
portfolios
and
selling
excess
assets.
Video
Update
filed
for
chapter
11
on
Sept.
18.
The
auction
date
and
time
is
to
be
determined.
Available
to
users
and
investors
are
leaseholds
for
approximately
120
retail
sites.
The
store
sites
range
in
size
from
4,000
square
feet
to
13,000
square
feet.
New
Objections
Arise
in
Geneva
Steel
Bankruptcy
Proceedings
Geneva
Steel
Co.
is
facing
new
obstacles
as
it
tries
to
gain
final
approval
for
its
Chapter
11
reorganization
plan
from
the
U.S.
Bankruptcy
Court
for
Utah,
according
to
the
Salt
Lake
Tribune.
The
struggling
Vineyard
steel
mill
Friday
gained
permission
from
the
bankruptcy
court
to
delay
a
confirmation
hearing
on
its
chapter
11
plan
until
Oct.
26.
Geneva
asked
for
the
extension
because
Citibank
and
the
U.S.
government
are
still
negotiating
the
details
of
the
$110
million
federal
loan
guarantee
that
the
company
needs
to
emerge
from
bankruptcy-court
protection.
style='mso-spacerun: yes'> The steel maker also faces new
objections to
its
confirmation
plan
from
the
U.S.
Trustee's
Office
and
the
U.S.
Securities
and
Exchange
Commission
(SEC).
The
company's
reorganization
plan
calls
for
creditors
to
release
Geneva's
former
officers,
directors,
attorneys,
accountants
and
investment
bankers
from
liability.
“The
SEC
is
taking
the
position
[that]
the
Bankruptcy
Code
does
not
permit
that,"
said
Sandra
Lavigna,
an
attorney
with
the
SEC's
regional
office
in
Los
Angeles.
The
U.S.
trustee
is
offering
a
similar
argument.
Geneva
filed
for
chapter
11
in
February
1999.
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