Corporate America is mad as hell and it won't take it any longer.

On Thursday alone, at least two companies said they are going to the courts to resolve vexing issues they feel are beyond their control.

For example, Delta Air Lines Inc. is fed up with its pilots who are refusing to fly overtime.

So, it has asked a federal appeals court to order its pilots to resume accepting overtime work. The airline argues that the refusal of many pilots to work the extra hours is an organized, illegal job action.

Lawyers for Delta asked the 11th U.S. Circuit Court of Appeals to overturn a previous decision that denied an injunction against its pilots and their union, according to the Associated Press.

The airline industry, no doubt, is watching this showdown very closely.

Meanwhile, G-I Holdings Inc., which recently became another in a long line of companies that filed for Chapter 11 bankruptcy-court protection to resolve asbestos liability claims, has sued a group of asbestos personal- injury lawyers, claiming they have "abused the American civil justice system" to get rich at the expense of G-I and other companies.

G-I is the former GAF Corp., a closely held holding company.

In its lawsuit, G-I contends that the lawyers have flooded the courts with asbestos cases through a "highly systemized method of recruiting plaintiffs" and, often using unethical tactics, have collected billions of dollars in settlements along the way.

Other similar companies that have wound up in bankruptcy due to these kinds of actions include Owens Corning, Babcock & Wilcox Co., Pittsburgh Corning Corp. and Armstrong Holdings Inc.'s manufacturing unit, according to the lawsuit.

The company also claims in its lawsuit that the lawyers "have used their considerable resources to tighten their grip on the asbestos litigation process and to punish and destroy those who seek to reform it."

Law firms named on G-I's suit are Baron & Budd in Dallas; Ness, Motley, Loadholt, Richardson & Poole in Barnwell, S.C., and Weitz & Luxenberg in New York.

California Faces Blackouts
Here come the blackouts.

The California Independent System Operator declared a "Stage 3" electrical emergency on Thursday as power supplies slipped to dangerously low levels.

This dire situation, of course, stems from the power crisis caused by soaring wholesale power costs.

The ISO, which oversees California's power grid, has declared a Stage 3 emergency only once before, on Dec. 7, but no blackouts were ordered. A Stage 3 emergency is declared when electricity reserves fall below 1.5 percent. In Stage 3, power may be cut to any customer at any time.

"We haven't issued an order for rotating outages yet, but blackouts look imminent," said ISO spokeswoman Stephanie McCorkle in a wire service report.

FCC Mercifully Approves AOL-Time Warner Deal
Finally.

The Federal Communications Commission has approved the blockbuster $103 billion merger between AOL and Time Warner one year and a day after it was initially announced.

Although the five commissioners voted unanimously to approve the deal, they voted 3- 2 to place restrictions on the new company's advanced instant messaging system when it runs over Time Warner's cable lines.

They also voted to force further access to the cable pipeline by competing Internet services.

"These conditions are designed to protect the open competitive nature of the Internet," said FCC Chairman William Kennard, who plans to step down before incoming President George Bush takes over in a little more than a week. "They protect consumers and avoid heavy- handed regulation by using a narrowly-tailored market opening approach."

Jupiter to E-Businesses: Go Overseas, Young Company
Many U.S.-based E-commerce companies might be missing out on a great growth opportunity, says Jupiter Research.

This is because about 75 percent of the global Internet population will reside outside the U.S. by 2005. Yet, only one-third of American online businesses are targeting global markets.

In fact, Jupiter predicts that the Asia Pacific region will actually become a larger market than the U.S. in less than five years, partly because it will contain as much as one- third of all Internet consumers worldwide

It thinks Latin America will nearly double in size from 5% of the world's online population in 2000 to 8% in 2005.

The reasons for the growth outside the U.S.: Increased PC penetration, telco infrastructure improvements and reform in those regions.

For other highlights from Jupiter's report and steps U.S. companies can take to more effectively capture potential local interest Click here

Today's Layoffs

• Gateway said its fourth-quarter profit would come in less than one-third the already lower expected level. It also said that it would cut about 3,000 jobs, or 10 percent of its total employees.

• Eaton Corp. said it will restructure its truck-components business, resulting in a $55 million charge. Part of the plan calls for eliminating about 100 salaried jobs at its Truck Components unit. The company has already eliminated about 1,800 salaried and non- salaried jobs since early 2000. Eaton makes industrial components and auto and truck parts.

From the CFO.com "Brief" Case

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