/raid1/www/Hosts/bankrupt/TCRAP_Public/000411.MBX      T R O U B L E D   C O M P A N Y   R E P O R T E R

                             A S I A   P A C I F I C

             Tuesday, April 11, 2000, Vol. 3, No. 71

                                      Headlines


* A U S T R A L I A *

AMP: Eyeing merger to cure its ailments
BROKEN HILL PROPRIETARY CO.: Shuffles mgmt at minerals unit
GREYHOUND: McCafferty rebuts worth for takeover bid
MLC FUND GROUP : Don't pay too much, NAB warned
TELSTRA: Queensland Nationals set to oppose sale



* C H I N A  &  H O N G  K O N G *

BANK OF CHINA: Regroups after bad year
EAST CASTLE LTD: Facing winding up petition
FALCON STAR LTD: Facing winding up petition
HEY PROFIT DEVELOPMENT LTD: Facing winding up petition
HIGH VISION COMPANY LTD: Facing winding up petition
HOMEFIELD INT’L DEVELOP.LTD: Facing winding up petition
LARKIN ASSOCIATES LTD: Facing winding up petition
LUEN TAT STEEL & KITCHEN APPLS.: Facing winding up petition
MATSUBA (HK) LIMITED: Facing winding up petition
PAM & FRANK INT’L HLDGS: Winding up petition filed against


* I N D O N E S I A *

PT BANK MANDIRI : Signs management pact with Gov’t
PT BANK NEGARA INDONESIA: Gets Gov’t recap assistance


* J A P A N *

MARUBENI CORP.: To cancel dividend after special loss
MITSUBISHI HEAVY INDUS.: Close to Boeing tie-up
TOBISHIMA CORP.: Announces 22.8B Yen net loss for FY99


* K O R E A *

DAEWOO MOTORS: Union workers continue strike
HYUNDAI MOTORS: Union workers continue strike
KIA MOTORS: Union workers continue strike
SAMSUNG MOTORS: No court settlement reached
SSANGYONG MOTORS: Union workers continue strike
WOOPONG MUTUAL SAVINGS AND FINANCE: FSS suspends operations


* M A L A Y S I A *

LEADER UNIVERSAL HLDGS: To dispose, not rehab, subsidiary
TIME ENGINEERING BHD: SingTel tie-up adds to NTT pressure


* P H I L I P P I N E S *

PHILIPPINE NAT.BANK: Keppel, 3 others keen on 76% stake?
RIGHT TRACK CORP.: Under investigation for tax credit scam
UNIWIDE SALES: Proposes to settle P49M fee with Mandaue


* T H A I L A N D *

BANGKOK BANK: Soponpanich clan vows no outside control
MASS COMMUN.OF THAILAND: Readies final privatisation plan
THAI PETROCHEM.INDUS.: Proposes co-manager under rehab


=================
A U S T R A L I A
=================

AMP: Eyeing merger to cure its ailments
---------------------------------------
The legacy that Ian Burgess and George Trumbull have left AMP may ultimately
be far more significant and burdensome than the $1 billion-plus of GIO
losses and a few months of controversy over Trumbull's pay packet and
concepts of boardroom accountability.

As the competitive landscape around AMP experiences seismic shifts, one of
the most powerful financial institutions in the country has been rendered
strategically inert by the consequences of its own actions.

When AMP's recent history can be assessed with the benefit of an appropriate
level of hindsight, Ian Burgess's biggest mistake may not have been the
hiring or firing of Trumbull, or board approval for the GIO bid, or the time
it took for him to recognise the consequences of his failed attempt to cling
to the power of AMP's chairmanship, but the arrogant way AMP dealt with the
approach from National Australia Bank late last year.

By failing seriously to consider NAB's overtures, by taking the view that
AMP wasn't for sale at any price for the foreseeable future, Burgess
consigned his organisation to the sidelines just as the next wave of
fundamental restructuring of the financial services sector was developing.

While AMP watches, Commonwealth Bank has agreed to an $8 billion merger with
Colonial to form the biggest domestic funds management business, displacing
AMP from its historic position. NAB yesterday agreed to a $4 billion-plus
deal with Lend Lease to acquire its MLC funds management business. That
acquisition will put NAB's fund management business within reach of AMP.

Both the bank deals will create a new type of financial institution, more
evenly balanced across the traditional line within the financial system that
divides banks from funds management and insurance activities.

Both will create an opportunity, on a scale not previously available to any
participant in the domestic system, to cross-sell banking and funds
management products across the spectrum of distribution channels and into
far broader customer bases.

The deals will also create two super institutions - there will be greater
distance in terms of scale, range and depth of activities among major
participants than there ever has been.  While its backyard is being
radically reshaped, AMP can only watch. It is a wounded institution,
destined for a period of introspection and healing.

With a new chief executive, Paul Batchelor, who is the final remaining link
of consequence to the Trumbull era - he was Trumbull's hand-picked finance
director and was intimately involved in the GIO bid - there is little
prospect of AMP's acting aggressively to respond to the banks' strategic
moves.

Even if it wanted to, it is doubtful the market would support any AMP
initiative of consequence until Batchelor has proved himself. He would be
preoccupied with establishing himself and a new team.

His focus is on making sure the promised savings from the integration of GIO
are extracted and that the AMP's substantial UK operations are cleaned up,
made more coherent and aren't adversely affected by the new pensions
environment in the UK. He should have several years of work to complete
within AMP before he can consider major strategic moves.

It could have been different. A merger of NAB and AMP would make a very
powerful institution and, because both have substantial bases in the UK, the
combination would help make greater sense of the parts. Both groups lack
sufficient scale in the UK to be comfortable about their strategic position
in the face of rapid aggregation within the UK and European financial
sector. A merger would have given them a much larger and more geographically
diverse customer base and a broader spread of business streams.

The potential of a merger explains why NAB kept an open file on AMP even
after its approach was rejected and why it considered a hostile move before
opting to settle for the far cleaner, but far smaller, deal with Lend Lease.
In the end NAB wasn't game to bid blind. It would have been totally out of
character for NAB to make such a company-transforming play without being
able to conduct and exhaustive due diligence on an institution with such
question marks. Given Burgess's attitude, that wasn't possible.

NAB's approach to AMP last year has been characterised as an attempt to make
an unsolicited takeover offer. Technically that is correct. Had Burgess been
more receptive, NAB would have made a largely scrip-based takeover offer at
about $21 a share and would probably have ended up paying closer to $25 a
share. What would have looked like a $25 billion-plus takeover would,
however, have been a $50 billion-plus merger. The only significance of the
offer price would have been to establish the proportion AMP shareholders
would own of the merged entity.

The demutualisation of AMP ended the period when it could effectively be run
for the benefit or to the agendas of its own management and board - the
board's primary responsibility is to its shareholders and the maximisation
of their interests.  The board didn't have to agree to a merger with NAB but
it had an obligation to seriously consider one and do what it could to help
realise the potential for a value-enhancing deal.

As it happened, the issue doesn't appear to have been formally considered by
the AMP board, which was simply informed of NAB's approach and its
rejection. Burgess may have paid a personal price for the way he handled the
NAB proposal, among other things, but AMP and its shareholders may pay a
larger price because of the impact of that rejection on its ability to
respond to the changed industry structure.

They have reduced flexibility, fewer options and may have forgone the
ability to play a pro-active role in the rationalisation occurring at the
big end of the industry.
It was poor luck, and not entirely self-inflicted poor judgment, that caused
AMP to be trapped within the vortex of its own particular controversies just
as the end game in financial services got under way.

This week's purging of the AMP boardroom and the displacement of Burgess by
the pragmatic and open-minded Stan Wallis was a necessary, in the end,
punctuation point in the process of putting AMP's recent past behind it and
re- establishing a focus on its business rather than its governance.

It may, however, have come too late to enable AMP to maintain its historic
position at the dominant end of what has become the most dynamic stream in
the financial system.
CBA and NAB may be about to gain a strategic advantage that will be
difficult for their former peers, and AMP in particular, to counter. Even if
it could devise a response, the best deal for AMP - a merger with NAB - has
already and irreversibly disappeared. (Sydney Morning Herald  08-April-2000)

BROKEN HILL PROPRIETARY CO.: Shuffles mgmt at minerals unit
-----------------------------------------------------------
Broken Hill Proprietary Co. (BHP) restructured the management of its
minerals division, replacing some managers who were required to reapply for
their positions and demoting others.

The restructuring is aimed at separating strategic growth decision-making
from the daily operation of the division’s various mining and
mineral-processing assets, the company said.

The company retained BHP Minerals President Ron McNeilly, and named Bob
Kirkby as chief operating officer. Mr. Kirkby is the former head of BHP
steel-making and energy materials. Marcus Randolph will serve as chief
strategy officer, and John Fast will act as chief legal counsel. A chief
financial officer remains to be appointed.

BHP Chief Executive Paul Anderson hinted at a management shake-up within BHP
Minerals in February, noting that the previous structure was akin to running
stand-along businesses.

“BHP has not had the synergistic benefits of being a major mining company by
the way it has been structured,” he said.
“BHP has not had the synergistic benefits of being a major mining company by
the way it has been structured.”

The various business leaders within the minerals division will report to Mr.
Randolph, and will be responsible for strategic growth within each of their
areas.  These managers now are Peter Monkhouse, president of base metals;
Mike Oppenheimer, president of coal; Ken Pickering, president of copper; and
Gary Evans, president of special projects.

Stefano Giorgini was appointed president of iron ore, succeding Graeme Hunt,
who was demoted to the position of president of Western Australia iron ore.
Business leaders for BHP Diamonds and Industrial Materials and BHP Hot
Briquetted Iron remain to be appointed. Jim Rothwell, current president of
BHP Diamonds, plans to leave the company, but will remain for some months to
help oversee the changes. (The Asian Wall Street Journal  08-April-2000)

GREYHOUND: McCafferty rebuts worth for takeover bid
---------------------------------------------------
The family-owned coach company McCafferty's Holdings yesterday released a
summary of its first half financial results to prove its worth amid
accusations from takeover target Greyhound Pioneer.

McCafferty's managing director Tony McCafferty said he was releasing the
figures in the public interest in view of what he said were continued
unfounded comments by Greyhound chairman Stephen Jones. McCafferty's has
also appointed prominent Brisbane stockbroker Paul Morgan to its board in
anticipation of success in its offer.

A bidder statement outlining the offer is expected to be released by
McCafferty's late next week. The bitter takeover was launched last month
after merger talks between the companies for control of the
$150-million-a-year national coach market fell apart.

McCafferty's said that for the six months to December 31, 1999, revenues
from coach operations increased 23 per cent to $33.7 million, generating an
operating profit of $3 million.  McCafferty's said the results released by
Greyhound for the same period showed passenger sales declined 10.7 per cent
to $34.52 million, resulting in a loss of $1.7 million.

"Ever since we announced our bid, we have heard continuous carping claims
from Mr Jones to the effect that there is no value in McCafferty's," he
said.  "These results enable our performance to be directly compared."

Mr Jones this week described the offer by McCafferty's as "hostile" and
"bordering on reckless".

McCafferty's responded through lawyers, who demanded that Greyhound Pioneer
"desist from false and misleading conduct."  McCafferty's is offering one of
its shares for every two Greyhound.  The Australian Competition and Consumer
Commission has approved any merger between the two companies on the grounds
alternative modes of transport provide additional choices to consumers. (The
Australian  08-April-2000)

MLC FUND GROUP : Don't pay too much, NAB warned
-----------------------------------------------
National Australia Bank shareholders have warned NAB chief Frank Cicutto the
stock price will be annihilated if he pays too much for Lend Lease's MLC
funds management group.
Institutional investors in NAB said $4 billion was fair but the $6 billion
being touted in some areas was not.

"The bank's share price will be annihilated if it pays more than $5
billion," Rothschild Australia head of local equities Andrew Brown said. "$4
billion is a fair price."
Mercantile Mutual head of equities Peter Mouatt agreed.
"It is hard to justify (over) $5 billion. That would be a good price (for
Lend Lease).”

Lend Lease and NAB on Thursday confirmed they were in talks over MLC, the
fourth biggest funds manager, with $37 billion under management.  Mr Cicutto
has committed the bank to buying back shares if it does not find a suitable
purchase by the end of June. While initial speculation centred on a joint
venture, the institutions believe the talks now centre on an "all or
nothing" sale.

They believe a joint venture would result in the insurmountable issue of who
controls the asset, a stumbling point in Lend Lease's previous joint venture
negotiations with National Mutual (now Axa Australia).

"It (a joint venture) is a less likely outcome," Mr Mouatt said.  "They are
two companies with clear strategy directions, while the nature of joint
ventures is that in five years or so one company owns the whole lot."

Another Sydney-based fund manager said Lend Lease would be reluctant to lose
a stable source of profits, even though the group had made a long-term
decision to stick to building and construction.

"It is pretty rare for Lend Lease to do a simple, straightforward deal in
exchange for cash," he said.

For instance, Lend Lease sold the bulk of its 15 per cent stake in Westpac
Bank in 1996, but retained a dividend flow by selling warrants over the
shares to other investors.
"Lend Lease will be losing a significant part of their business which
provides steady annuity-type income and it also underwrites the flow of
franked dividends," he said.
"If MLC goes, there is a question mark about the volatility of its
profitability in future."

NAB shares yesterday lost 60c to close at $22.65. Lend Lease shares fell 25c
to $20.30 amid investor uncertainty about a possible deal.  Mr Mouatt said
NAB's share price had already been written down to factor in a purchase, and
a sensible MLC price would be good news for the stock.

"The market was concerned about a panic bid for Colonial or a (large) AMP
purchase," he said. "People have been fearing the worst.”

Investor concerns about how much National Australia Bank would pay for Lend
Lease's MLC life insurance and funds-management arm, as well as what the
seller would do with the estimated proceeds of up to $5billion, saw shares
in both companies drop yesterday.  A formal announcement on a full sale of
MLC or a joint venture, possibly including a scrip issue to Lend Lease, is
expected on Monday.

NAB shares fell 60 cents to $22.65 and Lend Lease 25 cents to $20.30 on
speculation about the impact of the deal after confirmation of newspaper
reports on Thursday.
Fund managers said the deal would be positive for NAB because it would use
up excess capital, add to the product base for its distribution network of
bank branches, and remove concern about other mooted moves, including a bid
for AMP.

One fund manager said: "Just the fact it will get rid of some acquisition
uncertainty is good for NAB shareholders. The supposed $21 bid for AMP
unnerved me and a lot of other people in the market."

While a figure of up to $5 billion has been mooted if NAB bought all of MLC,
there is concern this may be too much given some analysts struggle to get a
valuation above the $3.5 billion to $4 billion range.

MLC has $33 billion in funds under management and administration, according
to its half-year accounts, while NAB has an estimated $21.8 billion.  The
combination would clearly rank it as the third-largest funds-management
business in Australia, though MLC would likely be run separately. AMP also
fell again yesterday, losing another 29 cents to $15.66 despite this week's
board shake-up.

That Lend Lease appears to be considering a full sale has perplexed some
analysts, who are unsure how the company can maintain its consistent record
of profit growth without MLC and its high return on capital. "MLC also
produces a phenomenal tax-free dividend that keep's Lend Lease's tax rate
down," one said.

However, recent business tax changes have made the tax position of life
insurance companies less clear and Lend Lease is still to outline what
negative impact it sees.
(The Australian  08-April 8-2000)

TELSTRA: Queensland Nationals set to oppose sale
------------------------------------------------
The Federal Government could face a fresh hurdle on the full sale of
Telstra, courtesy of the Queensland Nationals.

The party's central council, meeting in the central western Queensland town
of Longreach, is set to pass a resolution opposing the future sale of
Telstra under any circumstances.  Previously the Queensland Nationals wanted
any sale to be conditional on a full public inquiry into service delivery.
Queensland Nationals leader Rob Borbidge says opposition from his party
members to any further sale is growing.

"I don't know what the situation is going to be like in five years time or
three years time," Mr Borbidge said.
"Maybe if people have seen benefits from the partial privatisation of
Telstra they might feel more relaxed about a further selldown but at the
present time the mood is simply not there, I don't think it's going to be
there this year, next year or for some time yet." (ABC News Online
08-April-2000)


==============================
C H I N A  &  H O N G  K O N G
==============================

BANK OF CHINA: Regroups after bad year
--------------------------------------
The deteriorating financial results of the Bank of China (BOC) Group last
year came as no surprise to the market given its high exposure to mainland
borrowers.

But the focus was on the group's restructuring program, which is widely
believed to be a prelude to a public listing.  Some analysts say the banking
group's high provisions in 1999 could prepare the ground for a more
promising result this year before seeking a listing.

Bad debt charges wiped out two-thirds of the pre-tax earnings of the BOC
Group in 1999. The group reported a pre-tax profit of $5.78 billion, a 33
per cent decline over the previous year's $8.63 billion. Provisions climbed
83.6 per cent to $11.08 billion. Bad and doubtful debts jumped to $31.08
billion, more than double that of the preceding year, reaching 8.8 per cent
of total loans.

However, the 1999 level of provisioning is unlikely to be repeated in 2000.
A stronger economy will help, with economists expecting Hong Kong's economy
to grow by between 6 and 8 per cent this year, while loan growth is forecast
to rebound to about 5 per cent or more this year and by 9 per cent in 2001,
after shrinking by more than 8 per cent in 1999.

BOC group has taken the initiative on banking mergers to maintain its
competitiveness.  Although the local banking industry remains relatively
strong and profitable after 1997's Asian financial crisis, it is
increasingly under pressure of consolidation in the light of technology
transformation and further liberalisation of the sector such as deregulation
of interest rate and the relaxation of restriction on branch set-up of
foreign banks. All these call for banks to give greater attention and deeper
thought on revising their business strategies.

The restructuring program, which is expected to be completed by the end of
this year, is to merge the 12 sister banks operating in Hong Kong and Macau.
The 12 banks and their subsidiaries, the second-largest banking group in
Hong Kong after Hongkong and Shanghai Banking Corp, employ a total of 17,393
staff in a network of 400 branches.

It is believed the merger of the BOC group will create greater economic
efficiencies. However, the number of branches should be reduced in order to
stay competitiveness. Nevertheless, this is a global trend and would be a
way forward.

At the end of 1999, the group had assets of $844.6 billion and a return on
assets of just 0.6 per cent, about half of the sector average in 1999. The
sector average this year to be around 1.4 per cent and 1.5 per cent for Hong
Kong-listed banks, analysts said.  Greater operating efficiencies, including
staff and branch downsizing, should boost profitability of the group. (South
China Morning Post  10-April-2000)

EAST CASTLE LTD: Facing winding up petition
-------------------------------------------
The High Court of Hong Kong SAR, Court of First Instance, has scheduled a
hearing for May 10 on the petition of Ho Lai On, Leon for the winding up of
East Castle Limited. A notice of legal appearance must be filed on or before
May 9.

FALCON STAR LTD: Facing winding up petition
-------------------------------------------
The High Court of Hong Kong SAR, Court of First Instance, has scheduled a
hearing for May 17 on the petition of Cheng Wai Yan for the winding up of
Falcon Star Limited. A notice of legal appearance must be filed on or before
May 16.

HEY PROFIT DEVELOPMENT LTD: Facing winding up petition
------------------------------------------------------
The High Court of Hong Kong SAR, Court of First Instance, has scheduled a
hearing for May 3 on the petition of Sairus Gems for the winding up of Hey
Profit Development Limited. A notice of legal appearance must be filed on or
before May 2.

HIGH VISION COMPANY LTD: Facing winding up petition
---------------------------------------------------
The High Court of Hong Kong SAR, Court of First Instance, has scheduled a
hearing for May 3 on the petition of The Superintendent in Hong Kong of the
Pentecostal Holiness Church for the winding up of High Vision Company
Limited. A notice of legal appearance must be filed on or before May 2.

HOMEFIELD INT’L DEVELOP.LTD: Facing winding up petition
-------------------------------------------------------
The High Court of Hong Kong SAR, Court of First Instance, has scheduled a
hearing for April 26 on the petition of Everise Sinopharm Limited for the
winding up of Homefield International Development Limited. A notice of legal
appearance must be filed on or before April 25.

LARKIN ASSOCIATES LTD: Facing winding up petition
-------------------------------------------------
The High Court of Hong Kong SAR, Court of First Instance, has scheduled a
hearing for April 26 on the petition of The Hongkong and Shanghai Banking
Corporation Limited for the winding up of Larkin Associates Limited. A
notice of legal appearance must be filed on or before April 25.

LUEN TAT STEEL & KITCHEN APPLS.: Facing winding up petition
-----------------------------------------------------------
The High Court of Hong Kong SAR, Court of First Instance, has scheduled a
hearing for May 24 on the petition of Ma Siu Kei for the winding up of Luen
Tat Steel and Kitchen Appliances Limited. A notice of legal appearance must
be filed on or before May 23.

MATSUBA (HK) LIMITED: Facing winding up petition
------------------------------------------------
The High Court of Hong Kong SAR, Court of First Instance, has scheduled a
hearing for April 19 on the petition of Rainbow Bright Holdings Limited for
the winding up of Matsuba (HK) Limited. A notice of legal appearance must be
filed on or before April 18.

PAM & FRANK INT’L HLDGS: Winding up petition filed against
----------------------------------------------------------
Pam & Frank International Holdings Ltd said Li Mei Trading Co, a supplier of
its unit Pam & Frank Industrial Co Ltd, has filed a winding-up petition
against the company over a 1.30 mln usd claim.

The company said it intends to settle the claim before the May 31 hearing.
Meanwhile, the company is continuing negotiations with independent third
parties regarding a group restructuring plan and a change of control in
the company.  At 12:08 pm, Pam & Frank was down 0.049 hkd at 0.186.  (AFX
News Limited  10-April-2000)


=================
I N D O N E S I A
=================

PT BANK MANDIRI : Signs management pact with Gov’t
--------------------------------------------------
The Ministry of Finance and state Bank Mandiri signed on Saturday a
management contract on the bank's financial and privatization targets for
2000 and 2001.

The ministry announced that under the agreement, the bank has to raise its
capital adequacy ratio (CAR) to above 4 percent and its return on equity
(ROE) ratio to above 15 percent this year.  In 2001, the bank has to
increase its CAR to above 8 percent and its ROE to above 28 percent, the
ministry said.

It said that under the recapitalization agreement signed last year, the
government had injected Rp 178 trillion (US$23.7 billion) worth of bonds to
recapitalize the bank.
However, a due diligence on the bank by an independent auditor found that
the recapitalization funds needed by the bank had decreased to Rp 175.34
trillion as of Dec. 31, 1999, following smaller losses than expected
recorded by the bank last year.

The bank will return the remaining Rp 2.657 billion in bonds to the
government, the ministry said.  Bank Mandiri was formed last year out of a
merger of four state banks -- Bank Ekspor Impor Indonesia (Bank Exim), Bank
Bumi Daya (BBD), Bank Dagang Negara (BDN) and Bank Pembangunan Indonesia.
(The Jakarta Post  10-April-2000)

PT BANK NEGARA INDONESIA: Gets Gov’t recap assistance
-----------------------------------------------------
Bank Negara Indonesia (BNI) has signed a management contract with the
Ministry of Finance, paving the way for the publicly listed bank to join the
government-sponsored recapitalization program.

BNI's corporate secretary, Sudirman, said on Saturday that under the
contract signed on Friday, the bank would receive bonds worth Rp 61.8
trillion from the government to lift its capital adequacy ratio (CAR) to the
minimum level of 4 percent.

About Rp 30 trillion of the total bonds would be issued this month, while
the remaining Rp 31.8 trillion worth of bonds would be issued by June 30.
One of several major banks joining the recapitalization program, BNI must
follow strict management guidelines set by the government as part of the
management contract agreement. (The Jakarta Post  10-April-2000)


=========
J A P A N
=========

MARUBENI CORP.: To cancel dividend after special loss
-----------------------------------------------------
Marubeni Corp. (8002) is expected to skip its dividend payout for fiscal
1999 ended March because of a 140 billion yen special loss from the
liquidation of money-losing affiliates and other restructuring efforts,
company sources said Saturday. This will be the first dividend cancellation
for the major trading house on a parent-only basis since 1953.

Marubeni has decided to move up the loss to fiscal 1999 even though it will
actually dispose of the affiliates in or after the current year.  The
company is, however, expected to chalk up net profit of several billion yen,
buoyed by the sale of properties. Marubeni posted a net loss of 20 billion
yen in fiscal 1998.

Pretax profit is likely to top an earlier estimate of 40 billion yen. It
posted a pretax profit of 53.7 billion yen in the previous year.  Paying the
fiscal 1998 dividend of 3 yen would have cost Marubeni about 4.5 billion
yen, the sources said. Marubeni has decided to boost its internal reserves
rather than pay a dividend. The trader also skipped its dividend payment in
the first half of fiscal 1999. (Nikkei  09-April-2000)

MITSUBISHI HEAVY INDUS.: Close to Boeing tie-up
-----------------------------------------------
Mitsubishi Heavy Industries Ltd. and Boeing Co. have started to put the
finishing touches on a comprehensive business alliance that will place them
in the leading position in the 20 trillion yen global aerospace market, The
Nihon Keizai Shimbun reported.

Mitsubishi Heavy is trying to reinforce its aerospace division as a new
profit center. The company expects a net loss of 136 billion yen in the
fiscal year ended March due to sluggish operation at its main operations,
including power generators, and to growing loss on overseas plant
construction.

Under the deal, the Japanese and U.S. giants will cooperate in research and
development of next-generation satellites and rockets, passenger-aircraft
maintenance, and other areas. Mitsubishi Heavy expects to use the pact to
turn aerospace into a pillar of its earnings, through its entry into the new
business of satellite production and its expansion of aircraft-related
businesses.

Meanwhile, Boeing is seeking competitive advantage over its European rival
Airbus Industrie by taking an aggressive stance in the Asian market, which
generates the largest demand for passenger aircraft.  Mitsubishi Heavy
President Takashi Nishioka and Boeing Senior Vice President Alan Mulally on
April 7 met in Tokyo to confirm that the companies are headed toward a broad
alliance, sources close to the matter said.

The two companies reportedly have begun negotiating the final stages of a
deal in which Mitsubishi Heavy will participate in the development and
production of advanced satellites and rockets from the conceptual stage,
under the guidance of Boeing, and the two companies will split the costs of
such projects.

The deal is also expected to include joint development of telecommunications
satellites, and variations on Boeing's 747-400 superjumbo jet.

Mitsubishi Heavy last year decided to supply Airbus with wing components for
midsize aircraft. But after bolstering its ties with Boeing, Mitsubishi
Heavy will limit its ties with Airbus to subcontract work. Mitsubishi Heavy
is now also likely to hold off on participating in the development of
Airbus' A-3XX superjumbo jet.

Mitsubishi projects sales of the aerospace division to increase to 210
billion yen in fiscal 2003, up 40% from fiscal 1998. (Nikkei  10-April-2000)

TOBISHIMA CORP.: Announces 22.8B Yen net loss for FY99
------------------------------------------------------
Tobishima Corp. (1805) announced Friday that it recorded extraordinary
losses of 30.1 billion yen for the fiscal year ended March 31, and thus
incurred a net loss of 22.8 billion yen, a sharp change from its earlier
forecast of a 200 million yen net profit.

Beginning this fiscal year, new accounting rules require that losses be
recorded when the value of property held for resale has eroded by more than
50%. However, Tobishima decided to book all unrealized losses on its real
estate inventory, resulting in a charge of 8.4 billion yen.

The company also switched from cost-based accounting for its securities to a
system that uses the lower value of cost or market value. The switch
resulted in an additional loss of 8.4 billion yen. Tobishima recorded an
allowance of 9.8 billion yen for doubtful receivables.

Company President Shoichiro Ishihara says the firm has disposed of all
matters that could hold back earnings from its core business. (Nikkei
09-April-2000)


=========
K O R E A
=========

DAEWOO MOTORS: Union workers continue strike
HYUNDAI MOTORS: Union workers continue strike
KIA MOTORS: Union workers continue strike
SSANGYONG MOTORS: Union workers continue strike
-----------------------------------------------
A joint strike by union workers at Daewoo, Ssangyong, Hyundai and Kia motor
companies, the nation's four car manufacturers, continued into its fourth
day on Sunday as workers continued protesting over the planned sale of
Daewoo and Ssangyong to foreign firms.

Around 5,000 union members at Hyundai's Ulsan plant held a rally in front of
the carmaker's main office over the weekend, demanding higher wages and a
halt to governmental plans to sell domestic auto firms to foreign companies.

Calling on the government to stop a proposed sale to a foreign carmaker,
laborers at Daewoo Motor also joined the strikes, leading the carmaker to
stop production at its main plant in Pupyong west of Seoul.

"We will hold rallies in Seoul, Pusan, Inchon and Ulsan," said a spokesman
at the Daewoo Motor union, timing the events with the approaching April 13
general elections. "Around 100 to 200 union members will take part in each
of the rallies," added the spokesman.

Management officials at Daewoo Motor have requested riot police to disperse
the strikers.  Tensions rose over the weekend as police authorities sought
arrest warrants for 17 union leaders at Daewoo and Hyundai motor companies,
who have been accused of either leading the strikes or resorted to violent
tactics.

Meanwhile, as the strikes escalated, the government issued warnings on
Friday to both union members and top management of the four carmakers.

"We must act strictly according to law in dealing with illegal conducts by
interest groups, even if this is an election season," Prime Minister Park
Tae-joon said at an emergency meeting of cabinet ministers late last week.

Three of South Korea's car manufacturers - Hyundai, Daewoo and Kia - held
partial strikes on Thursday to protest the government's plan to sell off
bankrupt Daewoo Motor to a foreign company.  The Labor Ministry has labeled
the strike as illegal.  (The Korea Herald  10-April-2000)

SAMSUNG MOTORS: No court settlement reached
-------------------------------------------
Samsung Motor creditors and Samsung Corp failed to reach a
settlement through court mediation on the outstanding payment of Samsung
Motor debt incurred from the loan of the sales division from Samsung Corp
Friday.  The two sides will hold another meeting at the Pusan District
Court's
bankruptcy division Tuesday.  (Asia Pulse  10-April-2000)

WOOPONG MUTUAL SAVINGS AND FINANCE: FSS suspends operations
-----------------------------------------------------------
With clients of Woopoong Mutual Savings and Finance withdrawing a total of
W7 billion and W18 billion on April 6 and 7 respectively, the Financial
Supervisory Service (FSS), fearing that the firm would declare bankruptcy,
demanded that Woopong suspend its operations April 8.

The run on the medium-sized firm, which has capital of W15.4 billion and had
client deposits of W181.1 billion, occurred after a failed attempt to take
advantage of a slump in the Kosdaq to sell short on a large amount of
shares.

As part of a strategy to make money from filling client demand for shares of
Kosdaq-registered firm Sungdo ENG, Woopoong ordered Daewoo Securities to
sell 340,000 shares of Kosdaq-registered firm Sungdo ENG on March 29, before
it had even acquired the shares. Woopoong had not foreseen any problems in
being able to snap up the shares at a low price and filling client orders.

After placing the sell orders, however, the price of Sungdo shares hit their
upward daily limit for several consecutive days, depleting their
availability and preventing Woopoong from making its planned purchases. As a
result, on March 1, the end of the three-day period for filling purchase
orders, Woopoong was unable to fill orders for 126,000 shares.

Officials from the FSS and the Korea Deposit Insurance Corp. (KDIC) will be
sent in to seize all Woopoong assets this week. The FSS said the KDIC would
reimburse the principle and interest on all guaranteed deposits at Woopoong
in the next three months. (Digital Chosun  09-April-2000)


===============
M A L A Y S I A
===============

LEADER UNIVERSAL HLDGS: To dispose, not rehab, subsidiary
---------------------------------------------------------
Leader Universal Holdings Bhd said it will not restructure unit Incab
Industries Ltd and will instead dispose of the company.

Leader Universal said in a statement to the Kuala Lumpur Stock Exchange,
however, that Incab has been ordered to prepare and present a rehabilitation
scheme to State Bank of India within eight weeks from the date of
declaration.

The State Bank of India will then take six weeks to study the scheme and
make its recommendations to the Board for Industrial and Financial
Reconstruction of India (BIFR).
Leader said last week that Incab had been declared a 'sick' company by BIFR
in accordance with provisions of the Sick Industrial Companies Act, 1985.

Leader said Incab's status will have no material operational impact on the
group as Leader has sufficient financial resources to meet any financial
obligations.
(AFX News Limited  10-April-2000)

TIME ENGINEERING BHD: SingTel tie-up adds to NTT pressure
---------------------------------------------------------
The potential Time Engineering Bhd-Singapore Telecommunications Ltd tie-up
will put pressure on the Malaysian Government to accept Nippon Telegraph and
Telephone Corp's (NTT) offer to acquire between 15 and 20 per cent of the
company, industry sources said.

Telekom's share price fell 90 sen to RM14.50 last Friday following the
formal announcement by SingTel that it is seeking a 14.5 per cent stake in
Time Engineering and a 20 per cent share in Time dotCom and Time Online
respectively and analysts fear that this is merely the tip of the iceberg.

"Of course investors would be worried. The partnership takes Time dotCom
from cash-strapped wannabe without proper operational capabilities or
management focus, in the communications industry, to a formidable second
player," an analyst said.

Time Telekom was beset with problems almost right from the outset of its
inception, when the Government reversed a decision to allow it equal access
to Telekom Malaysia's network in 1995 as was promised in its licence.  This
meant it had to connect its own subscribers to its fibre optic
network and the prohibitively high cost of "last mile" connections meant
that it had to be very selective as to where it connected. This also meant
focusing on the high-usage business and commercial sectors.

Then in 1996, the Government decided to rationalise the
telecommunications sector down to three players and Time Telekom was one of
the companies that was to be "rationalised out of the picture."  However, it
was far from happy with the offers received for its network
from the three "anchor telecommunications companies". A fight about how the
companies were to be valued fairly, coupled with intense lobbying from
telecommunications companies not slated to survive and their formidable
foreign partners lead to the Government halting the forced rationalisation
of the sector.

Last year, Time Telekom's parent company Time Engineering was forced to seek
court protection from creditors to whom it owed RM4.5 billion and went under
the Corporate Debt Restructuring Committee (CDRC) to have its debts
restructured.

The CDRC received several bids to take over Time Telekom from local and
foreign operators, but Renong executive chairman Tan Sri Halim Saad was less
than amused with the bids which he said were at "firesale prices."

Halim decided to "roll up his sleeves" to turn around his company, and part
of the strategy involved bringing in a foreign strategic partner and making
an initial public offering of Time dotCom the company set up to take over
the group's telecommunications concerns from Time Telekom.

An analyst pointed out: "With Singtel's deep pockets and tight management
capability in the picture, Time is now going to give Telekom a run for its
money."

An investment banker agreed: "Telekom Malaysia is afraid they are going to
suck international traffic into Singapore by lowering Time dotCom's
international tariffs, and the only way to compete with that is to lower
tariffs in return.  However, since there has been no tariff rebalancing, and
international and long-distance tariffs are still used to subsidise local
access, this will put even more pressure on Telekom's bottom line."

It is believed that NTT has completed its long, painstaking "Japanese-style"
due dilligence process and has already put in an offer for a stake of 15 to
20 per cent in Telekom Malaysia to Khazanah Nasional Bhd at an undisclosed
price.
It is now waiting for a reply from the Malaysian side.

One analyst pointed out: "The fall in Telekom Malaysia's share price on
Friday is just the tip of the iceberg if the NTT deal doesn't happen. What
started off as being something attractive has now become imperative. The
offer will have a time-frame. If Telekom's share price continues to fall, it
will become less and less attractive to the Japanese. If Telekom accepts the
NTT offer, it will be linking up with one of the largest global players in
the telecommunications industry," said one industry observer.

In addition, NTT's most valuable asset is its cellular phone company
NTT-Docomo, which, said an analyst, is reputed to be the best cellular
company in the world and is one of the forerunners in third-generation
cellular technology.

"Telekom Malaysia's major weak point is its loss-making cellular operations.
Once NTT comes in, there is no doubt that it will be bringing its vast
expertise to turn around the incumbent's cellular division," he said.

On whether Telekom would need to take over Celcom to achieve a critical mass
of cellular subscribers, the analyst said: "It is not really necessary.
Telekom has sufficient frequency and bandwidth on its own. It just needs to
learn how to make the best use of it."
(Business Times  10-April-2000)


=====================
P H I L I P P I N E S
=====================

PHILIPPINE NAT.BANK: Keppel, 3 others keen on 76% stake?
--------------------------------------------------------
The Department of Finance said it wants to fast-track the privatization of
Philippine National Bank (PNB) as four firms have already expressed interest
to buy the 76% stakes of the National Government and Lucio Tan, the bank's
biggest shareholder.

While declining to name the interested investors, Finance Secretary Jose T.
Pardo nonetheless said these include a Canadian bank, a Singaporean bank, a
US-based bank and one local bank.  A ranking industry official identified
the Singaporean bank as Keppel Bank.

"They are looking at PNB, in addition to their existing interest in
Equitable PCIBank," the official said.

Earlier reports quoting a ranking official at the Social Security System
(SSS) said Keppel Bank was eyeing the state pension fund's 7.5% stake in
Equitable PCI Bank, but Keppel officially denied this.

The ranking source also identified the American "bank" Mr. Pardo named as a
"non-bank" American investment group which is also interested in acquiring a
"substantial stake" in PNB.As for the local bank, Metropolitan Bank and
Trust Company president Antonio Abacan categorically denied having any
interest in participating in the PNB sale.Buying the bank is "not in our
plan," he said. (Business World   10-April-2000)

RIGHT TRACK CORP.: Under investigation for tax credit scam
----------------------------------------------------------
A company owned by BW Resources Corp. shareholder Dante Tan allegedly
defrauded the government by using questionable tax credit certificates in
paying customs duties for imported tires worth $3.5 million, according to
sources at the Department of Finance and the Bureau of Customs.

The payments were made shortly before President Estrada assumed office in
1998.  The sources told the Inquirer that Tan's Right Track Corp., exclusive
distributor of Gajah Tunggal radial tires from Malaysia, paid customs duties
with the tax credit certificates of nonexistent textile firms.

“That is new information. But we will definitely look into these reports,”
said Alberto Salanga, director of the One-Stop Shop-Tax Credit and Drawback
Center (OSS-TCDC). “We will assign Task Force 156 to probe deeper into these
allegations.”

The center's investigation of Tan, president of Right Track Corp., is on top
of the probe to be conducted by the Department of Justice.  The Securities
and Exchange Commission has asked the Department of Justice to indict Tan, a
friend of Mr. Estrada and a contributor to his 1998 presidential campaign,
for price manipulation of BW Resources shares.

Aside from Tan, the incorporators of Right Track Corp. are Teresita Tan,
Peter Uy, Rajesh Gagoomal and Naraindas Gagoomal, according to data from the
SEC.  The sources said the “ghost” textile companies obtained tax debit
memorandums from the OSS-TCDC between January and June 1998 to import a huge
volume of radial tires on behalf of Tan's trading firm.

The tax credit certificates were signed by then Finance Undersecretary
Antonio Belicena.  Among the fictitious claimant firms were Spintex
International, which belongs to Nippon East, and the Chingkoe Group.

The Chingkoe Group of textile and garments companies has been implicated in
the multibillion-peso tax credit scam involving two petroleum companies, 18
garment firms and several former finance department officials, including
Belicena.

“These textile firms ordered Gajah Tunggal tires from Malaysia. Would Right
Track Corp. allow other companies to import volumes of tires directly from
their supplier in Malaysia when they are supposedly the exclusive
distributor?” the source from the customs bureau said.

“What business would textiles companies have in importing radial tires in
bulk? Definitely, there was connivance with Right Track Corp. and these
textile firms with tax credit certificates,” he said.

The incorporators of the Chingkoe Group were among those charged last week
with “selling” fraudulently acquired tax credit certificates to Pilipinas
Shell Petroleum Corp. and Petron Corp.  The oil companies allegedly used the
Chingkoe Group's tax credit certificates to pay tariffs at heavily
discounted rates.

Under the country's tax laws, certain export companies are allowed to obtain
tax credits for duties they pay on imported materials used to make goods for
export. The companies can sell the tax credit certificates to other
companies.  But many of the companies allegedly applied for tax credits that
were grossly larger than the value of their business operations.

A source at the Department of Finance confirmed that Spintex was part of the
Chingkoe Group.  As for Nippon East, it is said that the OSS-TCDC has yet to
identify and pin down who the people behind the nonexistent textile firm.

Records showed that Nippon East had tax credit claims amounting to P64
million despite its relatively short corporate life. It existed only from
October 1997 to March 1998.  Other Chingkoe Group textile firms, whose tax
credit certificates were reportedly used by Right Track Corp., were Fiber
Technology Corp. All Star Spinning Inc. and Express Colour Industries Inc.

Other tax credit certificate holders, which imported for Right Track Corp.,
were Texasia Inc., Integrated Multi-cotton and Filipino Way Industries,
according to documents provided by the source from the finance department.

Nippon East had an initial capitalization of only P125,000 when it was
incorporated in 1997 during the Asian crisis. The source from the customs
bureau, however, said Nippon East imported as much as $1.4 million worth of
Gahaj Tunggal tires on behalf of Right Track.

The source from the finance department told the Inquirer that Nippon East
had P64 million worth of accumulated tax credit certificates. That amount
could have easily been used by the firm for its tire importations, the
source said. (Philippine Daily Inquirer  10-April-2000)

UNIWIDE SALES: Proposes to settle P49M fee with Mandaue
-------------------------------------------------------
Uniwide Sales is eyeing an out-of-court settlement of its P49-million
obligation to the City, Mayor Thadeo Z. Ouano said yesterday.

He said he expects the negotiation between the City Government and Uniwide
Sales to begin next week. He added that he met firm officials last week to
discuss the possibility of a settlement.  Uniwide Sales owes the city P49
million in rental fees for a 15-hectare lot at the Mandaue north reclamation
area.

Ouano said the City Government has already filed a civil case to collect the
rental fees. The case is still pending with the Regional Trial Court Branch
28.

“I hope we can come up with positive results during the negotiation (aron
mahuman na kining problemaha), (so that this problem will be solved),” Ouano
said.

The firm began building a big warehouse mall there in 1996, which would have
been the biggest in Asia and would have competed with SM City, Ayala
Business Park and the Gaisano chain of department stores.  However, Uniwide
was hit by the Asian currency crisis in 1997, which led the government to
put the company under the receivership of the Securities and Exchange
Commission (SEC).

Uniwide Sales has a standing loan obligation in the amount of P1.8 billion
with the Social Security System (SSS).
Ouano said that while he could not blame Uniwide Sales for its failure to
comply with the memorandum of agreement it signed with the City Government
regarding the lease, it is now time for the firm to decide if it still wants
to push through with the project.

Even if Uniwide Sales will give up the undertaking, it still has to pay the
City P49 million, because the agreement has not been terminated up to now.
Ouano pointed out that the unifinished building that Uniwide had constructed
is still at the reclamation.  He said he is confident that other investors
will come in, even though Uniwide will give up the mall project.

The owners of Gaisano Main store are now renting a few hectares of land
which s adjacent to the area occupied by Uniwide Sales. (Sun Star Daily
09-April-2000)


===============
T H A I L A N D
===============

BANGKOK BANK: Soponpanich clan vows no outside control
------------------------------------------------------
The Soponpanich family has vowed to remain in control of Bangkok Bank (BBL),
even after raising capital by allowing foreign investors to purchase new
bank stocks.

Kosit Panpiemras, BBL President, said BBL has issued a policy that blocks
foreign shareholders from taking part in policy and decision making, as is
the case with some major commercial banks.

Last week Siam Commercial Bank (SCB) and Thai Farmers Bank (TFB) both
disclosed after shareholders meetings that they had agreed to raise the
ceiling on foreign ownership to 48-49 percent. In addition, both banks
permitted foreign bankers to hold executive positions, a practice previously
unheard of among Thai banks.

"Though we need capital funding from overseas, we have planned to
disseminate new shares so that no specific group of foreign subscribers hold
a big lump," said Kosit.

In the past, BBL has been successful in formatting new share distribution
structures, so that the Sophonpanich clan retained control.  Nonetheless,
Kosit admitted that BBL is in a period of reorganizing its business
structure, shifting towards "internationalization", but stressed, "this
doesn't mean being steered by foreign investors. The change is merely for
banking competition purpose."

Meanwhile, a source at BBL revealed that the bank has been hiring foreign
financial planners to advise on managing bad loans, adding that the bank had
made a strong commitment to reduce its bad loans to 30 percent by year-end.
The source also said that BBL is striving to upgrade its risk management
division to boost earnings from interest.

As for capital raising issues, last week BBL shareholders approved a plan to
raise 40 billion baht in new capital. The new share issue will help the bank
speed up efforts to restructure problem loans, which stood at nearly 40
percent of total loans at the end of last year.

For now, the tentative plan calls for the bank to issue 1.55 billion
ordinary shares to the general public and existing shareholders in addition
to 1.66 million preferred shares through private placement.

Although BBL has not disclosed details of share distribution, a BBL
executive said the bank would limit strategic partners to 10 percent share
slices, adding that the formation would free the bank from the pressure of
being directed by foreign partners.  BBL needs to set full provisions
against problem loans by the end of this year, under central bank
regulations.

As of the end of last year, the bank said it had set aside 166 billion baht
or 83.5 percent of the required total, and needed a further 33 billion baht
to meet requirements.
(Business Day  10-April-2000)

MASS COMMUN.OF THAILAND: Readies final privatisation plan
---------------------------------------------------------
A final privatisation plan for the Mass Communication Organisation of
Thailand, operator of TV Channel 9, will be submitted to its board of
directors for approval by the end of this month, according the agency's
director-general Sorajak Kasemsuvan.

Sorajak said the MCOT was well on its way to privatisation, which would be
completed by the end of this year. To achieve privatisation, the
organisation will transform its legal status to a holding company, made
possible by the corporatisation law.  It will then form joint ventures with
strategic investors to run its different media businesses.

The MCOT, however, needed strategic partners rather than interested
investors to strengthen its competitiveness, he said.  Under its
privatisation plan, the agency would become the group's holding company.  It
would hold a maximum 49 per cent stake in its subsidiaries and the rest
would go to interested investors.

This proposal should be approved by the organisation's board of directors by
the end of this month, he said.
Sorajak said the agency would not invest fresh money in its subsidiaries,
but convert assets into equity instead.
However, Sorajak could not disclose the number of MCOT's subsidiaries,
saying he was waiting for approval by the board of directors.

He said during the transfers to joint venture companies he would take
responsibility for marketing, production, and media areas.  Currently, the
organisation has four businesses in the media sector, including television
channel 9, radio, cable television, and the Thai News Agency. It generated
income of Bt1.53 billion and net profit of Bt497.8 million in fiscal year
1999 (October 1998-September).

The organisation transferred profits to the government of Bt300 million last
year. However, it will have to comply with a constitutional requirement that
it allocate its equipment to facilitate establishment of community media.
The frequency allocation body, under Article 40 of the Constitution,
requires 20 per cent of media to be community-based.

Sorajak said the agency planned to develop new technology for the group,
because media technology would change from analog to digital. The MCOT must
prepare for new technology, he said.  ]Meanwhile, the group was developing
policies related to education and entertainment.  He said the organisation
would concentrate on three groups: government, private business and
consumers. (The Nation   10-April-2000)

THAI PETROCHEM.INDUS.: Proposes co-manager under rehab
------------------------------------------------------
Thai Petrochemical Industry (TPI) said Ernst & Young would be its
co-manager, if Thailand's largest insolvent company is allowed by the court
to write its own rehabilitation plan.

Though TPI, the country's largest chemicals producer, was ruled insolvent
last month, the Bankruptcy Court delayed choosing a temporary manager for
the company. TPI proposed keeping the reigns in conjunction with an
international auditing firm.

A committee of creditors proposed Ferrier Hodgeson, adviser to Bangkok Bank
in its talks with TPI.  TPI, delinquent on US$3.5 billion of debt, said
putting the company in the hands of a creditors' representative would lead
to liquidation just as business was picking up because of rising chemicals
prices and economic recovery. Creditors said letting current management stay
could jeopardize debt payment and limit new opportunities.

The company will hold a meeting to lobby lenders in favor of its venture
with Ernst & Young on April 10, said Assistant Vice President Patchaneeya
Sukcharoen.  TPI earlier said it would choose one international accounting
firm to provide an independent body during its rehabilitation. It said it
considered Arthur Andersen-LLC, Ernst Young, PricewaterhouseCoopers, Grant
Thornton LLP and Deloitte Touche Tohmatsu. (Business Day  10-April-2000)


S U B S C R I P T I O N  I N F O R M A T I O N

Troubled Company Reporter -- Asia Pacific is a daily newsletter co-published
by Bankruptcy Creditors’ Service, Inc., Trenton, NJ USA, and Beard Group,
Inc., Washington, DC USA. Darryl Henning, Managing Editor, James Philip P.
Jover and Cristina Pernites, Editors.

Copyright 2000.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or publication
in any form (including e-mail forwarding, electronic re-mailing and
photocopying) is strictly prohibited without prior written permission of the
publishers.  Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

The TCR -- Asia Pacific subscription rate is $575 for 6 months delivered via
e-mail. Additional e-mail subscriptions for members of the same firm for the
term of the initial subscription or balance thereof are $25 each. For
subscription information, contact Christopher Beard at 301/951-6400.

                             *** End of Transmission ***