---

               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
   
                     Friday, June 30, 2000, Vol. 3, No. 127

                                  Headlines



* A U S T R A L I A *

GREYHOUND PIONEER: Placed into Receivership, Bidders Reduce Offers
THESPOT: Cash is Gone, Financing Impossible, and Assets Being Sold

* C H I N A   &   H O N G  K O N G *

GKC HOLDINGS: Creditors Have Option of Taking Cash or Stock in Asiarails
GUANGDONG ENTERPRISES: Reaches Agreement in Principle on Restructuring Deal
HAINAN INTERNATIONAL: Defaults on 14.5 Billion Yen Bond Issue
KEL HOLDINGS: Creditors Vote to Accept Scheme of Arrangement
PAM & FRANK: Trading Halted Pending Announcement on Winding-Up

* I N D O N E S I A *

PT TRI POLYTA: Only 70% of Bondholders Approve Restructuring Deal
PT CHANDRA ASRI: Marubeni & IBRA Agree on Debt Restructuring Plan

* J A P A N *

SOGO: In Talks with Mitsokoshi for Sale of Flagship Store
TAISHO LIFE: Capital Infusion to Boost Solvency Ratio to 355%

* K O R E A *

DAEWOO GROUP: Creditors Agree to Sell Commercial Paper to KAMCO at Discount
DAEWOO MOTOR: Ford Takes the Lead in Bidding for Bankruptcy Auto Maker
HYUNDAI GROUP: Plan to Spin-Off Automaking Subsidiary Withdrawn
SEOUL BANK: Management Shake-Up To Pave The Way For Sale

* M A L A Y S I A *

DATAPREP HOLDINGS : Asks for Government Help to Resolve RM64m Debt
LIEN HOE: Looks for Implementation of Restructuring Scheme in November
PUNCAK VISTA: Defaults Under Term Loans, Guarantee & Revolver Continue
TECHNOLOGY RESOURCES: Look for Plan to Pay US$345M Eurobonds in Two Weeks

* T H A I L A N D *

ADVANCE PAINT: Creditors Reject Restructuring Plan
EMC PUBLIC: Reports on Debt Rehab Progress -- Hurry Up and Wait
SIAM CITY: Bank Expected to Go on Auction Block Again
THAI PETROCHEMICAL: Bankruptcy Court Approves Plans for Two Subsidiaries


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


GREYHOUND PIONEER: Placed into Receivership, Bidders Reduce Offers
------------------------------------------------------------------
A takeover of embattled Australian coach company, Greyhound Pioneer,
is looking less attractive at 27 June 2000. Pioneer on 22 June 2000 was
placed in the receivership of Ferrier Hodgson.

DD Travel Club reduced its bid from $A35 million to $A26 million for Greyhound
Pioneer, after it was placed into receivership on June 22, 2000.  Greg Mooney
at Ferrier Hodgson, appointed as the Receiver, will continue to court bidders
for the Australian coach company.  McCaffery's Holdings says that it will
submit a new offer after the Receiver determines Greyhound's financial
condition. Nowra Coaches Pty Ltd. is still kicking the tires.  


THESPOT: Cash is Gone, Financing Impossible, and Assets Being Sold
------------------------------------------------------------------
E-commerce retailer TheSpot (http://www.thespot.com.au)has burned-up A$12  
million and is out of cash.  On-line for just over a year, TheSpot developed a
handful of click-and-mortar stores under the BeautySpot, ToySpot and
HealthSpot names. Next week, press reports say, TheSpot will cease to exist.
With financial terms still sketchy, reports say that retailer David Jones will
acquire TheSpot's fulfilment and technical assets. David Jones is expected to
dump the brand names. David Jones chief executive Peter Wilkinson said the
department store chain would use the technology behind TheSpot's beauty,
health and toy sites to take its "bricks and mortar" business online.
TheSpot's demise follows a trail of failed attempts to obtain financing from
f2 Investments, Amazon.com and New Zealand e-tailer Flying Pig.  


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


GKC HOLDINGS: Creditors Have Option of Taking Cash or Stock in Asiarails
--------------------------------------------------------------------------
In an agreement between Asiarails Holdings and GKC Holdings, Asiarails agreed
to swap one of its shares for every 25 shares in GKC. GKC creditors, in turn,
have the option of taking shares in Asiarails or receiving cash. If
shareholders and creditors of kitchen materials seller GKC approve the deal,
the takeover will be effective in early August. GKC would then begin winding-
up proceedings, and its main-board listing would be taken over by Asiarails.
Shares in GKC have been suspended from trading since 1998 because of failed
debts and alleged fraud by management.


GUANGDONG ENTERPRISES: Reaches Agreement in Principle on Restructuring Deal
---------------------------------------------------------------------------
Guangdong Enterprises (Holdings) expects to finalise a deal with more than 120
creditor banks this summer in what will be the latest chapter in its struggle
to restructure US$5.95 billion worth of liabilities. GDE chairman Wu Jiesi,
speaking after Guangdong Investment's (GDI) shareholders meeting yesterday,
told reporters: "We have reached a consensus with our creditors on the major
terms of the restructuring plan, and are hammering out final details." Press
reports suggest that debt repayment will be stretched-out over a 5-year
period.  Documentation of the deal is underway.


HAINAN INTERNATIONAL: Defaults on 14.5 Billion Yen Bond Issue
-------------------------------------------------------------
Hainan International Trust & Investment (Hitic), an investment company owned
by Hainan province, failed to make the latest interest payment due on its 14.5
billion yen (HK$1.07 billion) bond issue.  

"As of Tuesday, the interest had not been paid," Hu Rongxui of Hainan
confirmed, adding that "under the covenants of the Samurai bonds, we have up
to 14 days from the due date to make good the payment."  The missed payment
was "a technical problem", Jin Liqun, vice-minister at China's Ministry of
Finance, told Japan's Nikkei English News. He said the payment "will be made
soon". He was not available to say what the technicality was. Hitic's bonds
are rated B+ by the Japan Credit Rating Agency and indicate a low level of
capacity to honour the financial commitment on the obligation.

The firm is one of the biggest investors in Hainan province, and was set up as
a conduit between the government and the world's financial markets, Hong Kong
Imail relates. It also helped to channel government funds into projects which
were deemed crucial to the economy.


KEL HOLDINGS: Creditors Vote to Accept Scheme of Arrangement
------------------------------------------------------------
KEL Holdings Limited announced voting results of the various creditors'
meetings of the Company and its two subsidiaries convened to consider and to
approve the schemes of arrangement proposed to be made between the Company and
its two subsidiaries and their respective several creditors under Section 166
of the Companies Ordinance, Chapter 32 of the Laws of Hong Kong.  

The requisite majority of votes from the creditors UDL Kenworth Group Limited,
UDL Kenworth Engineering Limited and KEL Holdings Limited accepted the
Company's plan.  The Company will now seek to obtain conditional sanction from
the Court of First Instance of the High Court of the Hong Kong Special
Administrative Region for its approved schemes of arrangement in the coming
court hearing scheduled on 11th July 2000.

Depending on the length or scope of the court hearings for conditional
sanction, the expected date of such conditional sanction being granted will be
on or around 18th July 2000. The conditional sanction to be sought from the
Court for the above approved schemes of arrangement is intended to become
unconditional upon the fulfilment of certain conditions including, among other
things, approval of the restructuring proposal by the shareholders of the
Company at the coming special general meeting scheduled to be held on 19th
July 2000.


PAM & FRANK: Trading Halted Pending Announcement on Winding-Up
--------------------------------------------------------------
At the request of Pam & Frank International Holdings Limited, trading in its
shares was suspended at 10:00 a.m. yesterday pending an announcement in
relation to the outcome of the court hearing in respect of the petition for
winding up of the Company by Li Mei Trading Company.  


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


PT TRI POLYTA: Only 70% of Bondholders Approve Restructuring Deal
-----------------------------------------------------------------
Bondholders of PT Tri Polyta Indonesia agreed to debt restructuring proposal
by a 70% margin, but the Company must achieve unanimous approval before the
debt restructuring take effect.

Tri Polyta president Iman Sucipto Umar is hopeful that he can obtain unanimous
consent by September.  The debt restructuring proposes to extend the maturity
date on US$185 million of bonds from 2003 to 2005 and reduce the coupon rate
from 11-3/8% to 9% for a two-year period.  
The proposal also offers a 15% equity stake if the Company doesn't repay all
principal by 2005.

Tri Polyta booked a net loss of Rp 128 billion in the first quarter this year.
In 1999, Tri Polyta booked a net income of Rp 22.3 billion, as compared to a
net loss of Rp 589.7 billion the previous year. No interest payments have been
made on the bonds during the past year.  


PT CHANDRA ASRI: Marubeni & IBRA Agree on Debt Restructuring Plan
--------------------------------------------------------------------------
Marubeni Corp., The Asian Wall Street Journal reports, said it has signed a
memorandum of understanding with the Indonesian Bank Restructuring Agency on a
debt-restructuring plan for PT Chandra Asri Petrochemical Center, in which the
two parties are creditors.  Under the agreement, IBRA will take an 80% stake
in Chandra Asri by converting all of its $460 million investment to equity,
while Marubeni will take a 20% stake by converting $100 million , part of its
investment, to equity. Marubeni expects to be repaid the remainder of its
investment over the next 12 years, it said.



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


SOGO: In Talks with Mitsokoshi for Sale of Flagship Store
---------------------------------------------------------
Ailing Japanese retailer Sogo is in talks with rival Mitsukoshi, the South
China Morning Post reports, to sell its flagship department store in Osaka,
and has announced plans to close or sell seven Japanese stores and seek buyers
for another 12 stores across Asia.  This news follows reports earlier this
week that the retailer has asked 73 financial institutions, including Shinsei
Bank and its biggest creditor, Industrial Bank of Japan, to forgive debts
totalling 639 billion yen.



TAISHO LIFE: Capital Infusion to Boost Solvency Ratio to 355%
-------------------------------------------------------------
Taisho Life Insurance disclosed that is plans to raise 4.5 billion yen by
selling more new equity to its biggest shareholder, Tokyo-based investment
firm Claremont Capital Holding.  In March, Taisho's solvency margin ratio
slipped to 67.7%.  It rose to 135% after a capital infusion in June. This
latest capital increase should boost Taisho's solvency margin -- a key measure
of ability to pay claims -- 355%.  
  
Taisho Life president Kiyoshi Hosokawa expressed hope that Japanese insurance
regulators will back down once the ratio exceeds 200%.


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


DAEWOO GROUP: Creditors Agree to Sell Commercial Paper to KAMCO at Discount
---------------------------------------------------------------------------
The Korea Herald reports that all 38 financial institutions owning a combined
4 trillion won ($3.58 billion) worth of secured commercial paper issued by
units of the failed Daewoo Group agreed to sell their holdings to Korea Asset
Management Corp. (KAMCO), according to a statement by the Financial
Supervisory Service.

"All the financial institutions applied to sell their secured Daewoo CP
holdings at 80.3% of book value," an FSS official said. "Several investment
trust companies holding large amounts of Daewoo CPs insisted on a 100 percent
repayment, but they finally gave in to a government policy."

The financial institutions, the Herald explains, hold the Daewoo CPs as
collateral for emergency loans extended to the now-dismantled conglomerate in
July last year. With the recovery ratio set at 80.3 percent, the creditors
face a combined loss of about 800 billion won.

With the applications for Daewoo CP sale complete, the state-run KAMCO will
soon convene a meeting of its management committee soon to determine the
method for purchase of Daewoo CPs and its procedures, the official said.
However, he added that the state-run asset management company will not be able
to buy the Daewoo CPs at one time because its financial conditions are not
good. A total of 3.2 trillion won is needed to purchase the Daewoo's short-
term debt instruments from the creditors. KAMCO said it will phase in the
purchase of the Daewoo CPs between July and October, while cash-strapped
creditors will be given the preemptive right to sell their CP holdings. In
July, KAMCO plans to buy 1.5 trillion won worth of Daewoo CPs held by
investment trust companies except for Korea Investment Trust & Securities. and
Daehan Investment Trust & Securities, which have received public funds, it
said. KAMCO said it will purchase 560 billion won worth of Daewoo CPs from the
holding institutions each month between August and October.


DAEWOO MOTOR: Ford Takes the Lead in Bidding for Bankruptcy Auto Maker
----------------------------------------------------------------------
Ford Motor Co. is the lead bidder for Daewoo Motor Co., offering more than $5
billion for the Korean auto maker and topping bids submitted by rivals General
Motors Corp. and Fiat SpA and Hyundai Motor Co. and DaimlerChrysler AG.

Chairman of the Daewoo restructuring committee, Oh Ho Gen, made the official
announcement that Ford Motor Co. won the sole right to negotiate to buy Daewoo
Motor Co.  He declined to offer any comparison of the competitive bids, but a
member of the Committee talking to Yonhap indicated that Ford had won
''highest marks in various aspects, such as bidding prices, technology
transfer and employment security.''

General Motors tells reports for Bloomberg that it is still in the game and
the pendulum may swing away from Ford's favor by September.  

Korea's Maeil Business Newspaper, citing people in the industry, reported
DaimlerChrysler-Hyundai submitted a letter to the auction bureau at about
10:30 p.m. Wednesday, questioning the fairness of how creditors evaluated the
bids. The letter said Samil Accounting Co., which advised the committee, has
ties to Ford adviser PricewaterhouseCoopers, the newspaper reported. Othmar
Stein, a DaimlerChrysler spokesman in Stuttgart, declined to confirm for
Bloomberg that such a letter was sent. Steve Silber, a PricewaterhouseCoopers
spokesman, confirmed for Bloomberg that the Korean firm is a member of its
organization but declined to comment on the reports of DaimlerChrysler's
letter.


HYUNDAI GROUP: Plan to Spin-Off Automaking Subsidiary Withdrawn
---------------------------------------------------------------
The International Herald Tribune reports that the stop-and-go effort to
restructure Hyundai Group lurched in a surprising direction this week as the
South Korean conglomerate retreated from a plan to separate its automaking
subsidiary as an independent entity.  The reversal, the Tribune says,
reflected the continuing influence held by the founder of the group, Chung Ju
Yung, 84, despite his decision last month to resign his title of honorary
chairman. Authorities had demanded his resignation, and the dissolving of many
of the close links among Hyundai's key subsidiaries, as part of an effort to
install professional outside management and shore up the finances of the
troubled group.

Mr. Chung ''owns 9.1 percent of the shares of Hyundai Motor Co. and still
influences the management of the Hyundai group,'' said Oh Sung Don, vice
director of the Fair Trade Commission's department, which is responsible for
tracking the ownership of the conglomerates, known as chaebol. As a result
Hyundai's restructuring office abandoned the plan to formally separate the
automotive division. Hyundai officials said they knew the Fair Trade
Commission would not approve the plan as long as it believed that Mr. Chung
wielded influence behind the scenes.

The moves may be part of a feud involving one of Mr Chung's sons, who publicly
rejected calls by his father to relinquish company positions several times in
past months, the Sydney Morning Herald speculates. They also cast doubt on
pledges by Hyundai to end the practice of supporting weak affiliates through
cross-shareholdings.  

"If Chung Ju Yung retains shares in Hyundai Motor, it will blur transparency
and would not be a true separation from the Hyundai Group," says Mr Mark
Barclay, an auto analyst at Samsung Securities.


SEOUL BANK: Management Shake-Up To Pave The Way For Sale
--------------------------------------------------------
Seoul Bank, one of South Korea's top three lenders, is shaking up its
management team in preparation for a sale, most probably to an international
bank, by the end of next year, the South China Morning Post reports.  The
Korean bank's new president, a former Deutsche Bank executive, said he was
bringing in a former Citibank manager and a Korea Development Bank official to
help reorganise the state-run bank so that the lender would be an attractive
offering for sale next year.

"It's like trying to turn a tube radio into a very good transistor radio,"
Kang Chung-won said. "The circuits and control system need to change. The
hierarchy has to be fixed. I don't think Korean banks have done a very good
job at this so far."

Two to three potential buyers, including a United States bank, had approached
the commercial lender, but Seoul Bank had not yet started negotiations with
any of them, Mr Kang said. For the moment, the bank is focusing on putting in
place a new operational and management structure. To replenish its capital
resources, Seoul Bank planned to issue US$300 million in global depository
receipts in Europe and the US early next year, Mr Kang said.  Much of the
advice on the reorganisation will come from Europe's giant, Deutsche Bank,
which the government retained in April as an adviser after a two-year search
to find a buyer failed. HSBC Holdings performed a due diligence on Seoul Bank
and negotiated with the government, only to withdraw its bid after nine months
when the two sides failed to reach an agreement over the terms.

Next month, three Deutsche Bank executives will join Seoul Bank for one year.
They will head the retail, small to mid-sized companies and corporate credit
risk management division and train Seoul Bank employees on international risk
management.  Other management changes include the appointment of H.D. Chang, a
former Citibank manager, as chief operating officer. David Warner, a director
at state-controlled Korea Development Bank, will join as the chief financial
officer. A new chief credit officer will join from Seoul Securities.



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


DATAPREP HOLDINGS : Asks for Government Help to Resolve RM64m Debt
------------------------------------------------------------------
DATAPREP Holdings Bhd, controlled by the elder son of Malaysian Prime Minister
Mahathir Mohamad, is seeking help from the government to push a plan to repay
RM64 million of debt, Business Times reports.  The software firm, headed by
chairman and chief executive Mirzan Mahathir, is seeking arbitration from the
Corporate Debt Restructuring Committee (CDRC), a state-owned mediator of debt
disputes. The move comes five months after the company unveiled its own debt
plan. The CDRC helps to keep such spats from ending up in court.

The step could bolster Dataprep's efforts to win approval from creditors for a
plan unveiled in January, BT says. The plan aims to help the company, hurt by
the 1998 recession and rising competition, out of its financial predicament.
With the exception of fiscal 1999, it has lost money every year since 1996.

Dataprep's debt plan reportedly includes halving its shares outstanding and
selling 40 million new shares as well as 15.1 million new warrants to closely-
held VXL Holdings Sdn to raise RM53 million. The proposal also includes a debt
waiver of 30 per cent of the principal amount of unsecured debt as of Dec 31,
1999. The company also wants all accrued interest, penalty charges and future
interest waived. In March, the Company told the Securities Commission that it
had deferred submitting its debt plan to the regulator as it hadn't received
approval from creditor banks. The company said it would submit the proposal by
July 13.


  
LIEN HOE: Looks for Implementation of Restructuring Scheme in November
----------------------------------------------------------------------
After two difficult years, The Star Online says, things are looking up for
Lien Hoe Corp Bhd and a turnaround is said to be in sight next year. Its
managing director Chan Wah Long said that although the property-based group
was expecting to report a pre-tax loss for the financial year ended Dec 31,
2000, it would be able to pare down the losses by 20% to 30%, thanks to rising
rental income from its properties and lower interest costs.

According to Chan, the group's restructuring scheme, which has received the
Securities Commission (SC) approval, would help reduce its RM260mil in
borrowings by RM60mil when implemented in November. The Lien Hoe restructuring
scheme involves a capital reduction and share consolidation exercise, the
acquisition of two property companies, a restricted offer for sale, debt
restructuring and a rights issue of warrants. The capital reduction entails
shrinking the group's existing share capital from RM270mil to RM202.6mil by
cancelling 25 sen from each RM1 share to 75 sen. The 270.15 million 75 sen
shares will then be consolidated in the proportion of four shares of 75 sen
each into three RM1 shares.

"We expect to reduce our borrowings by another RM50mil by the end of 2001. As
such, our loans would stand at RM150mil by next year,'' Chan tells The Star
Online.The group is "quite comfortable'' with this level of borrowings as Lien
Hoe would have more buildings and a rental income of about RM40mil to service
its debts by then.


PUNCAK VISTA: Defaults Under Term Loans, Guarantee & Revolver Continue
----------------------------------------------------------------------
Puncak Vista Sdn Bhd, an unit of United Engineers Malaysia Bhd (UEM), is still
in default on payment of principal and interest under a RM363 million
syndicated term loan and convertible bank guarantee facility, and on its RM30
million revolving credit facility. UEM tells the Kuala Lampur Stock Exchange
that Puncak Vista had fully drawn its term loan facility and a total of
RM6.115mil of its revolving credit facility as of end-May.



TECHNOLOGY RESOURCES: Look for Plan to Pay US$345M Eurobonds in Two Weeks
-------------------------------------------------------------------------
Technology Resources Industries Bhd (TRI) expects to reach an agreement on how
to repay US$375 million owed to holders of its euro-convertible bonds, which
have been in default since October.  Executive director Wan Aishah Wan Hamid
says TRI should be able to finalise its debt restructuring within the "next
two weeks," according to a report circulated by The Edge.

Last month, the group successfully restructured a RM1.75 billion multi-
structure facility for its wholly-owned unit, Celcom (Malaysia) Sdn Bhd.  The
expiry date of the multi-purpose loan was rolled back by a further 20 months
from 2002 to 2004, to facilitate Celcom's "cash flow and capex (capital
expenditure)" requirements, which should not be confused with the eurobonds.  
What is left to be restructured for TRI is the US$375 million eurobonds that
were issued in 1994 to mainly finance the acquisition of Celcom.  For this,
analysts tell The Edge, expect a combination scheme that includes staggered
repayments, new shares as well as loan stocks.


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


ADVANCE PAINT: Creditors Reject Restructuring Plan
--------------------------------------------------
Advance Paint & Chemical (Thailand) announces that creditors have rejected its
restructuring plan. The company will continue negotiations with foreign
investors and creditors, and if that takes another year or so, that's just
fine, the Company suggests.


EMC PUBLIC: Reports on Debt Rehab Progress -- Hurry Up and Wait
---------------------------------------------------------------
EMC Public Company Limited president & CEO Slib Soongswang reported to the
Stock Exchange of Thailand on the company's progress in a rehabilitation plan.
The financial institution creditor have passed resolutions accepting the
Rehabilitation plan of company's group. The financial institution creditor and
the board of company's group have then signed the term and condition of the
restructuring process. EMC is to submit the Rehabilitation plan to the
Reorganizing Debtors' Business Operations, according to the Bankruptcy Act
within 30 days, to execute the plan afterward. Hence, the company will inform
the progress and the schedule of the Rehabilitation plan to the SET once
entering in the process later on.



SIAM CITY: Bank Expected to Go on Auction Block Again
-----------------------------------------------------
Siam City Bank will soon be put on auction again, says Supachai Pisitvanich,
deputy chairman of the Financial Institutions Development Fund in an interview
with a reporter for the Bangkok Post.  He said the Fund's board agreed the
seized bank should be sold quickly. Otherwise, its equity would gradually be
eroded, resulting in great losses for the Fund, its major shareholder.  

Earlier attempts at an agreement to sell SCIB to the US-based Newbridge
investment group failed. Three Thai groups have since expressed interest. The
Thai parties include the Nirundorn Group and a group headed by Thamnoon
Wanglee, president of Thai Airways International.  The Fund is now considering
alternatives, including loss compensation and separation of good and bad
assets, to be made available to prospective bidders. A decision on the process
is expected by the end of July.


THAI PETROCHEMICAL: Bankruptcy Court Approves Plans for Two Subsidiaries
------------------------------------------------------------------------
The Central Bankruptcy Court approved business rehabilitation plans for TPI
Oil Co and Thai ABS Co., two TPI Group subsidiaries, with combined debts of
25.4 billion baht. The requests for plan approval were jointly filed by Thai
Petrochemical Industry Plc, their parent firm, and Effective Planner Co, the
planner of TPI's business rehabilitation plan.  TPI Oil Co owes 5.95 billion
baht to 185 creditors. Of the amount, 3.13 billion baht was lent by its parent
company. Thai ABS Co owes 162 creditors a total of 11.03 billion baht, of
which 2.35 billion was lent
by the parent firm.



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 * * *