TCRAP_Public/990303.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      

      Wednesday, March 3, 1999, Vol. 2, No. 43

                    Headlines


* C H I N A   &   H O N G   K O N G *

BANK OF CHINA: S&P cuts ratings
BANK OF COMMUNICATIONS: S&P cuts ratings
CHINA CONSTRUCTION BANK: S&P cuts ratings
CHINA INTERNATIONAL: S&P cuts ratings
GUANGDONG ENTERPRISES: GDE debt payout clouded

INDUSTRIAL & COMMERCE BANK: S&P cuts ratings
PEREGRINE INVESTMENTS: Peregrine probe eyes FSA expert
SING TAO HOLDINGS: SFC considers offer waiver in bid
WHIMSY ENTERTAINMENT: Stock exchange to examine closure


* I N D O N E S I A *

PT ASTRA INTERNATIONAL: Can't make all creditors happy
PT BANK TABUNGAN NEGARAL: Bank in default


* J A P A N *

JAPAN LEASING: Unit makes new start under GE Capital
NIKKO SECURITIES: Counterparty ratings are lowered
NIPPON CREDIT: Solicits financial adviser for sale


* K O R E A *

DONGAH LIFE: Six companies to be sold off in April
DOOWON LIFE: Six companies to be sold off in April
HANDUK LIFE: Six companies to be sold off in April
JOSUN LIFE: Six companies to be sold off in April
KOOKMIN LIFE: Six companies to be sold off in April

PACIFIC LIFE: Six companies to be sold off in April
SEMO COMPANY: Semo in court receivership


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

DAVAO UNION: Two cement firms plan rights offer
HI CEMENT: Two cement firms plan rights offer
SERG'S PRODUCTS: Creditors seek dismissal of debt relief


* S I N G A P O R E *

OVERSEAS-CHINESE: Takes extra $4b hit for bad debts


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

BANK OF CHINA: S&P cuts ratings
-------------------------------
The Asian Wall Street Journal Reported that S&P has cut the
foreign-currency counterparty credit, certificate of
deposit, and debt ratings on five Chinese financial
institutions. The move reflects concerns that China's
operating environments for financial institutions will
become increasingly difficult as the result of the
country's slowing economy and corporate restructuring
efforts.

Bank of China's counterparty credit and senior unsecured
debt were lowered from BBB to BBB-.


BANK OF COMMUNICATIONS: S&P cuts ratings
----------------------------------------
The Asian Wall Street Journal Reported that S&P has cut the
foreign-currency counterparty credit, certificate of
deposit, and debt ratings on five Chinese financial
institutions. The move reflects concerns that China's
operating environments for financial institutions will
become increasingly difficult as the result of the
country's slowing economy and corporate restructuring
efforts.

Bank of Communications' counterparty credit and senior
unsecured debt were lowered from BBB to BB+.


CHINA CONSTRUCTION BANK: S&P cuts ratings
-----------------------------------------
The Asian Wall Street Journal Reported that S&P has cut the
foreign-currency counterparty credit, certificate of
deposit, and debt ratings on five Chinese financial
institutions. The move reflects concerns that China's
operating environments for financial institutions will
become increasingly difficult as the result of the
country's slowing economy and corporate restructuring
efforts.

China Construction Bank's counterparty credit rating was
lowered from BBB to BBB-.


CHINA INTERNATIONAL: S&P cuts ratings
-------------------------------------
The Asian Wall Street Journal Reported that S&P has cut the
foreign-currency counterparty credit, certificate of
deposit, and debt ratings on five Chinese financial
institutions. The move reflects concerns that China's
operating environments for financial institutions will
become increasingly difficult as the result of the
country's slowing economy and corporate restructuring
efforts.

China International Trust & Investment Corporation's
(CITIC) counterparty rating and senior unsecured debt were
lowered from BBB to BB+. CITIC's commercial paper was also
lowered to B from A-2.


GUANGDONG ENTERPRISES: GDE debt payout clouded
----------------------------------------------
According to the South China Morning Post, in a meeting
yesterday with more than 250 representatives of creditor
banks and trustees of GDE's outstanding bonds and notes,
Guangdong executive vice-governor Wang Qishan failed to
dispel fears that creditors of GDE will face cuts in loan
principal repayments.

The meeting was held to offer preliminary details of GDE's
long-awaited asset-restructuring plan and other updated
financial information.

When asked whether a haircut would be unfair to creditor
banks, he said fairness to all is most perfect but it does
not exist. It was too early to tell whether there would be
a haircut as the restructuring team was still in the
process of determining the asset composition of GDE group
companies.

With Beijing's resolve to reform its financial system and
move into line with international practice, there is
growing prospect of a haircut, which would be common
practice internationally, but for a firm like GDE, banks
have lent on the basis of their government connections.

Mr Wang said the treatment of foreign debts was pursuant to
a framework laid down by President Jiang Zemin in 1997 and
was not in fact a new policy. He said there was a starting
point for every reform and it was difficult to say whether
it was fair or not.

Officials repeated their pledge to pump money into GDE to
keep the ailing group. However creditor banks were
disappointed and frustrated. They complained about the slow
progress since the last creditors' meeting in January and
the lack of information given for them to assess the
viability of the rescue plan.

GDE was found to have a negative net worth of $13.17
billion as of September and total debt of $22.5 billion as
of January 21.

It was only able to repay $253 million interest from
December 16 to February 5 with an injection of $246 million
from the Guangdong government.

Mr Wang dismissed as untrue a report that the central
government was to set aside four billion yuan to help bail
out GDE. What it got from the central government was that
it would be able to obtain approval from the State
Administration of Foreign Exchange for any foreign exchange
to repay interest on foreign debts.

Mr Wang said the decision to save GDE was based on a number
of factors, and in handling the case of GDE, the Guangdong
government had placed greater consideration on the impact
of the stability of the market and in Hong Kong than in the
case of Guangdong International Trust and Investment Corp.

Assets identified for possible injection into GDE include
Dongjiang River water supply to Hong Kong, which has
projected revenue of 2.73 billion yuan this year. Others
include minority stakes in Shaoguan Power Plant D. Shantou
Bay Bridge, Humen Bridge, the Huizhou section of the
Guangzhou-Shantou Highway, Qinglian Highway, Huaji Highway,
Yuehui Highway and Bridge and Huiguang Highway and Bridge.

The identified assets are expected to be ultimately
injected from GDE into GDI through the firm taking over
part of GDE's debts and issuing new shares to the parent, a
source familiar with the restructuring plan said.

Sources said GDE would not merge with Guangnan as this
would defeat the purpose of streamlining their operations
with a clear business focus.

None of the potential asset injection targets are in line
with Guangnan's businesses.

Market observers wondered whether Guangnan's creditor banks
would eventually need to face a cut in loan principal
repayments or see the firm go bust, if it did not receive
injections to return it into positive net worth position.

Guangnan, 56.9 per cent held by GDE, showed a negative net
worth of $1.28 billion as of September. It plunged into a
loss of $3.29 billion, after booking exceptional items of
$3.4 billion that included $2.28 billion in provisions for
bad and doubtful debts.

According to the Hong Kong Standard, Guangdong Enterprises
(Holdings) and its subsidiaries financial problems
triggered a massive $18.8 billion loss in the nine months
to Sept 30 last year, leading to liabilities
outstripping assets by $13.2 billion. The loss was due
mostly to exceptionals arising from provisions for bad and
doubtful accounts and a write down of assets.

GDE group disclosed it has total liabilities of $31.87
billion, outstripping its total assets of $19.38 billion.

Gldman Sachs said despite the huge losses, sound core
businesses, asset injections from its parent and a solid
restructuring plan would help the group overcome its
current woes. The optimism was cautiously shared by a
banker who attended yesterday's meeting.

The group's total debts as of Jan 21 this year stood at
$22.5 billion, most of which were unsecured.

>From December 16 last year up to February 5, the group had
a net operating cash low of $25 million. It made interest
payments of $253 million and received $246 million from the
Guangdong government to help it in meeting its cash
flow needs.

The group's advisers proposed a revamp of GDE's
organizational structure with Guangnan Holdings focusing on
its core businesses and Guangdong Investment concentrating
on infrastructure, utilities, property and hotels.

Macau's Nam Yue would also be merged into the GDE group.

Guangnan's losses due to exceptional items resulted from a
significant write down of bad and doubtful debts and
provisions for the diminution in value of certain
investments.

Guangnan will focus on its core businesses of food
manufacturing, processing, distribution and trading as well
as supermarkets while exiting its non-core business units
of investments in farming and processing projects, entrepot
trading and securities. Further management changes at
Guangnan will definitely take place.


INDUSTRIAL & COMMERCE BANK: S&P cuts ratings
--------------------------------------------
The Asian Wall Street Journal Reported that S&P has cut the
foreign-currency counterparty credit, certificate of
deposit, and debt ratings on five Chinese financial
institutions. The move reflects concerns that China's
operating environments for financial institutions will
become increasingly difficult as the result of the
country's slowing economy and corporate restructuring
efforts.

Industrial & Commerce Bank of China's counterparty rating
was lowered from BBB to BBB-.


PEREGRINE INVESTMENTS: Peregrine probe eyes FSA expert
------------------------------------------------------
According to the South China Morning Post, the government
plans to hire an independent inspector from Britain's
Financial Services Authority (FSA) to conduct a limited
investigation into the collapse of Peregrine Investments
Holdings, and the announcement would be made later this
week.

Sources said the investigation would focus on the bank's
disclosure of information, directors' responsibilities and
its internal control system. It would also probe for
malpractice in the extension of the huge loan to PT Steady
Safe.

A government spokesman said the investigation was likely to
have limited scope, indicating the government's acceptance
of recommendations made by chairman of Securities and
Futures Commission.


SING TAO HOLDINGS: SFC considers offer waiver in bid
----------------------------------------------------
According to the South China Morning Post, trading in Sing
Tao shares was suspended yesterday following reports of the
$265 million offer for Ms Aw's entire 50.04 per cent stake.
The offer was made by a consortium comprising Mr Zell and
the Dublin-based funds China Enterprise Development Fund
(CEDF) and Investment Co of China (ICC).

Sources said the consortium was seeking a waiver from
launching a general offer for the rest of Sing Tao's shares
as the purchase would breach the 35 per cent takeover
threshold.

The Securities and Futures Commission is considering the
matter. A key factor in its decision would be whether the
parties were deemed to be acting in concert.

Rival bidder Lazard Asia Investment Management, a France-
based investment fund, yesterday maintained its interest in
Sing Tao. It made a $1.25 general offer.

The Hong Kong Standard reported that Sing Tao Holdings will
seek information from Sally Aw Sian and her lawyer, and
Hong Kong Sunrise and its lawyer regarding press reports
that ICC and US financier Sam Zell are joining Hong Kong
Sunrise to buy a stake.


WHIMSY ENTERTAINMENT: Stock exchange to examine closure
-------------------------------------------------------
According to the South China Morning Post, the stock
exchange is looking into Whimsy Entertainment's decision to
close a subsidiary. Whimsy said yesterday it was putting
Whimsy Co., an operator of indoor game centres, into
voluntary liquidation. Liabilities stood at $46 million
against net tangible assets of $56 million on December 31.
The Cyberworld games centres and 12 mainland outlets will
be retained.

According to the Hong Kong Standard, Whimsy Entertainment
yesterday issued a statement saying it had voluntarily
wound up its subsidiary Whimsy Company Ltd. (WCL) to avoid
further loss.

For the nine months to Dec 31, WCL's net liabilities
totalled $46 million. Unaudited losses made up 80 per cent
of the group's aggregate losses. Net tangible assets stood
at $56 million at the end of 1998.

It said the group would have adequate working capital to
finance its operations after the winding up.

The firm said the group has assets of sufficient value and
still maintains a sufficient level of operation to warrant
the continued listing of shares on the stock exchange.

It also engages in manufacturing and assembly of car axles
and automotive parts through a Shenyang joint venture.

It said it was now exploring possibilities to operate
indoor arcades in Hong Kong under more commercially
efficient and viable terms.


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

PT ASTRA INTERNATIONAL: Can't make all creditors happy
------------------------------------------------------
The Asian Wall Street Journal reported that the chief
executive officer of PT Astra International, an Indonesian
conglomerate in the automotive and agro-industry sectors,
has announced that Astra is abandoning plans to secure a
debt restructuring plan acceptable to all of its creditors,
and instead hopes to produce a plan that two thirds will
agree to by April 21.

Astra had announced last October that its business has
fallen so much that it had stopped paying interest on about
$1.4 billion in loans. Astra has a total of $2 billion in
foreign debt obligations plus about 2 trillion rupiah in
local currency debt.

Astra has reportedly encountered difficulties with many
creditors, particularly its Japanese creditor banks (which
account for the majority of Astra's bank debts) in
constructing a restructuring plan.  Astra is now invoking
provisions of Indonesia's new bankruptcy law which allows a
restructuring plan if agreed to by half of the creditors
representing at least two thirds of the total debt.

Astra was once Indonesia's most profitable and well managed
conglomerates and suffered greatly when the rupiah's 1997
plunge against the dollar made it impossible for it to
service its foreign debt. Astra's automobiles sales, once
one of its main revenue generators, were off 85 percent in
1998, and expected to drop further this year.  


PT BANK TABUNGAN NEGARAL: Bank in default
-----------------------------------------
The Asian Wall Street Journal reported that the state owned
PT Bank Tabungan Negaral was in default in paying
bondholders of PT Panca Wiratama.  

This situation arose after the bondholders of PT Panca
Wiratama decided in early January that the guarantor of
Panca Wiratama bonds had to take over the company's
obligations after it failed to fulfill them. PT Bank
Tabungan Negaral is the guarantor of the bonds and missed
two deadlines for payments totaling 92.64 billion rupiah.  
According to PT Bank Niaga, the custodian of the
bondholders, PT Bank Tabungan Negaral must also pay a
8.28 million rupiah penalty per day for everyday the bond
payments are late.


=========
J A P A N  
=========

JAPAN LEASING: Unit makes new start under GE Capital
----------------------------------------------------
GE Capital Corp. of the United States said Tuesday it has
completed the acquisition of the leasing business of Japan
Leasing Corp. and the acquired section has started
operation as a new company.

The entity retains the name of Japan Leasing and has taken
over about 800 of the Japanese company's 1,000-person
workforce, it said.

Japan Leasing went bankrupt last September in the wake of
the collapse of its parent company, the Long-Term Credit
Bank of Japan (LTCB), which was nationalized last October.

The Connecticut-based GE Capital acquired the leasing
business section of Japan Leasing for about 800 billion
yen, which industry watchers said made it the largest
takeover of a Japanese company.

The real estate business of Japan Leasing, which GE Capital
did not buy, is being evaluated by a Tokyo-based business
consulting company, Corporate Direction, industry sources
said.

The consulting firm will help seeking a sponsor for
rehabilitation of the business, the sources said.
(Kyodo News 01-Mar-1999)


NIKKO SECURITIES: Counterparty ratings are lowered
--------------------------------------------------
The Asian Wall Street Journal reported that the Standard &
Poor's Rating Group has downgraded the long-term
counterparty rating of Nikko Sercurities Company from BBB+
to BBB-. Additionally, the short-term counterparty ratings
for both Nikko and its European subsidiary (Nikko Europe
PLC) were cut from A-2 to A-3.  

This move reportedly reflects Nikko's poor performance and
the limited prospects of a turnaround in the near term.


NIPPON CREDIT: Solicits financial adviser for sale
--------------------------------------------------
Nippon Credit Bank will publicly select a financial adviser
to guide its future sale to the private sector, the failed
Japanese long-term credit bank said Monday.

The bank, which was declared insolvent and placed under
temporary state control last December, said it wants a
financial adviser to ensure transparency and fairness in
the selection of a receiver institution and other relevant
procedures.

The bank will announce its choice on March 19, it said.

The financial adviser must be based in Tokyo and have
expertise in Japanese and foreign financial systems, as
well as mergers and acquisitions deals involving financial
institutions, NCB said.

Long-Term Credit Bank of Japan, another bank under
temporary state control, has chosen Goldman, Sachs and Co.
of the United States as its financial adviser. (Jiji Press
English News 01-Mar-1999)


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

DONGAH LIFE: Six companies to be sold off in April
--------------------------------------------------
The Korea Herald reported that the Financial Supervisor
Commission (FSC) plans to select lead managers for the
takeover of six life insurance companies that have been
proclaimed nonviable in order to conclude negotiations for
the sale of the firms before the end of April. The article
stated that seven or eight foreign life insurance companies
have show interests in taking over these Korea firms.

Dongah Life Insurance Company (an affiliate of the Dong Ah
Group) has an insurance payment reserve ratio of minus 20
percent. A negative insurance payment reserve ratio means
that liabilities of an insurance company exceed its total
assets.


DOOWON LIFE: Six companies to be sold off in April
--------------------------------------------------
The Korea Herald reported that the Financial Supervisor
Commission (FSC) plans to select lead managers for the
takeover of six life insurance companies that have been
proclaimed nonviable in order to conclude negotiations for
the sale of the firms before the end of April. The article
stated that seven or eight foreign life insurance companies
have show interests in taking over these Korea firms.

Doowon Life Insurance has an insurance payment reserve
ratio of minus 33.7 percent. A negative insurance payment
reserve ratio means that liabilities of an insurance
company exceed its total assets.


HANDUK LIFE: Six companies to be sold off in April
--------------------------------------------------
The Korea Herald reported that the Financial Supervisor
Commission (FSC) plans to select lead managers for the
takeover of six life insurance companies that have been
proclaimed nonviable in order to conclude negotiations for
the sale of the firms before the end of April. The article
stated that seven or eight foreign life insurance companies
have show interests in taking over these Korea firms.

Handuk Life Insurance has an insurance payment reserve
ratio of minus 17.3 percent. A negative insurance payment
reserve ratio means that liabilities of an insurance
company exceed its total assets.


JOSUN LIFE: Six companies to be sold off in April
-------------------------------------------------
The Korea Herald reported that the Financial Supervisor
Commission (FSC) plans to select lead managers for the
takeover of six life insurance companies that have been
proclaimed nonviable in order to conclude negotiations for
the sale of the firms before the end of April. The article
stated that seven or eight foreign life insurance companies
have show interests in taking over these Korea firms.

Josun Life Insurance, (which is based in Taegu) has an
insurance payment reserve ratio of minus 19 percent.
A negative insurance payment reserve ratio means that
liabilities of an insurance company exceed its total
assets.


KOOKMIN LIFE: Six companies to be sold off in April
---------------------------------------------------
The Korea Herald reported that the Financial Supervisor
Commission (FSC) plans to select lead managers for the
takeover of six life insurance companies that have been
proclaimed nonviable in order to conclude negotiations for
the sale of the firms before the end of April. The article
stated that seven or eight foreign life insurance companies
have show interests in taking over these Korea firms.

Kookmin Life Insurance has an insurance payment reserve
ratio of minus 19.9 percent. A negative insurance payment
reserve ratio means that liabilities of an insurance
company exceed its total assets.


PACIFIC LIFE: Six companies to be sold off in April
---------------------------------------------------
The Korea Herald reported that the Financial Supervisor
Commission (FSC) plans to select lead managers for the
takeover of six life insurance companies that have been
proclaimed nonviable in order to conclude negotiations for
the sale of the firms before the end of April. The article
stated that seven or eight foreign life insurance companies
have show interests in taking over these Korea firms.

Pacific Life Insurance has an insurance payment reserve
ratio of minus 17.6 percent. A negative insurance payment
reserve ratio means that liabilities of an insurance
company exceed its total assets.


SEMO COMPANY: Semo in court receivership
----------------------------------------
The Korea Herald reported that the Inchon District Court
approved receivership for Semo Company, the operator of a
cruise business on the Han River, which flows through
Seoul. This approval means that Semo's ten-year management
rehabilitation plan can begin, with the precondition that
all debt repayment schedules are met.

Semo was established in 1979 and is diversified in the
health food, cosmetics, electric and electronics,
shipbuilding, construction, and automotive business
sectors.


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

DAVAO UNION: Two cement firms plan rights offer
-----------------------------------------------
Two cement firms under the Phinma Group -- Davao Union
Cement Corp. and HI Cement Corp. -- plan to raise a total
of 3.7 billion Philippine pesos (PhP) through two separate
rights offers to pay off debts.

A BusinessWorld source from a local brokerage house said
yesterday both companies have already approved their
respective fund-raising activity.

Applications for the rights offer are pending approval at
the Securities and Exchange Commission.

Phinma officials were unavailable for comment.

According to the source, HI Cement is raising a total of
PhP1.5 billion while Davao Union's rights offer is expected
to generate PhP2.2 billion. Under the terms of HI Cement's
rights issue, the source said 2,000 shares of the company
will be offered for every 1,000 common shares priced at
PhP1 per share.

Davao Union, on the other hand, will be offering a maximum
of 1,800 shares for every 1,000 common shares held also at
PhP1 per share.

"Proceeds of the rights offer will be used to refinance a
portion of their outstanding debts which were incurred in
the past to finance various projects as well as their
capital expenditure requirements," the source said.


HI CEMENT: Two cement firms plan rights offer
---------------------------------------------
Two cement firms under the Phinma Group -- Davao Union
Cement Corp. and HI Cement Corp. -- plan to raise a total
of 3.7 billion Philippine pesos (PhP) through two separate
rights offers to pay off debts.

A BusinessWorld source from a local brokerage house said
yesterday both companies have already approved their
respective fund-raising activity.

Applications for the rights offer are pending approval at
the Securities and Exchange Commission.

Phinma officials were unavailable for comment.

According to the source, HI Cement is raising a total of
PhP1.5 billion while Davao Union's rights offer is expected
to generate PhP2.2 billion. Under the terms of HI Cement's
rights issue, the source said 2,000 shares of the company
will be offered for every 1,000 common shares priced at
PhP1 per share.

Davao Union, on the other hand, will be offering a maximum
of 1,800 shares for every 1,000 common shares held also at
PhP1 per share.

"Proceeds of the rights offer will be used to refinance a
portion of their outstanding debts which were incurred in
the past to finance various projects as well as their
capital expenditure requirements," the source said.


SERG'S PRODUCTS: Creditors seek dismissal of debt relief
--------------------------------------------------------
Five creditor-banks of chocolate maker Serg's Products,  
Inc. have joined forces to ask the Securities and Exchange
Commission (SEC) to dismiss the firm's petition for the
suspension of debt payments.

Included in the group are: PDCP Bank, First Metro
Investment Corp., Development Bank of the Philippines,
Solidbank Corp., and Metropolitan Bank & Trust Co.

In their motion, they criticized Serg's petition for debt
relief as "defective" in both form and substance.

For one, they said Serg's failed to follow the proper
procedure in filing debt relief petitions. Contrary to SEC
procedures, Serg's did not submit all the required
documents including a list of its equity and security
holder as well as certification from the Bureau of Internal
Revenue on the firm's tax liability.

The creditors added that Serg's committed "gross
misrepresentation" when it included in the list of assets
properties owned by a third party.

Serg's filed its debt relief petition with the SEC October
of last year.

In response, the SEC granted the chocolate maker a
temporary moratorium on its debt payments. (BusinessWorld
02-Mar-1999)


=================
S I N G A P O R E
=================

OVERSEAS-CHINESE: Takes extra $4b hit for bad debts
---------------------------------------------------
Singapore's Oversea-Chinese Banking Corp (OCBC) added
S$938.2 million (about HK$4.21 billion) to its provisions
in 1998 and warned bad debts will escalate this year.

Winston Tan, OCBC head of corporate services, said
yesterday: "We expect non-performing loans to peak in the
second half of this year, but we are managing it as best we
can."

Alex Au Siu-kee, OCBC's new chief executive, has taken the
unorthodox step of hiring the Australian arm of
international accountants KPMG to help manage the bank's
substantial bad debt portfolio.

OCBC's provisions accumulated over the years for non-
performing loans and doubtful assets amount to S$2.26
billion, representing 56 per cent of the bank's non-
performing loans.

The S$938.2 million provision for the bank's 1998 accounts
came on top of S$569.32 million in 1997. Non-performing
loans (NPLs) rose to S$4.06 billion from S$1.85 billion,
OCBC said.

Attributable profit after provisioning and tax slumped 26.8
per cent from S$581 million to S$425.3 million.
(South China Morning Post 02-Mar-1999)


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., Princeton, NJ USA, and Beard Group, Inc., Washington,
DC USA.  Debra Brennan and Lexy Mueller, Editors.

Copyright 1999.  All rights reserved.  ISSN: 1520-9482.  

This material is copyrighted and any commercial use,
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