/raid1/www/Hosts/bankrupt/TCREUR_Public/000801.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
E U R O P E
Tuesday, August 1, 2000, Vol. 1, No. 60
Headlines
C Z E C H R E P U B L I C
ALIACHEM: Agrofert And Unipetrol Try to Derail Rival Bid
CESKA NEZAVISLA(CNTS): Sustains Kc588m Loss in 1999
ENTS: Posts Kc 588 mln loss in FY99
INVESTICNI A POSTOVNI: Interview with Administrator Petr Stanek
NOVA HUT: Revised Loss Totals Kc 4.6 bln
VALCOVNY PLECHU: Posts Ke 23.7 mln H1 loss
E S T O N I A
AS TALLINN VESI: EBRD To Decide About Placing Eur 32.5 Mln
G E R M A N Y
PHILIPP HOLZMANN AG: Cost-Cutting Measures to Take Effect
L I T H U A N I A
LIETVOS DUJOS: Ministry Sows Confusion over Choice of Advisors
P O L A N D
ROLIMPEX S.A.: Losses zl. 54 million this year
U N I T E D K I N G D O M
AIRLINES AIR SPARES LTD: Notice of creditors meeting
ASHGOLD GB LTD: Notice of creditors meeting
BENCHMARK JOINERY LTD: Notice of creditors meeting
CARE AIR CONDITIONING LTD: Notice of creditors meeting
CARLTON LOGISTICS LTD: Notice of creditors meeting
COG ENGINEERING (WALES) LTD: Notice of creditors meeting
COG PIPEWORK SERVICES LTD: Notice of creditors meeting
COMPUTER SYSTEMS INTERNATIONAL LTD: Notice of creditors meeting
COUNTRY HOUSE FURNITURE LTD: Notice of creditors meeting
EQUITABLE LIFE: Prudential Hires Advisors on Possible Acquisition
F E D SECURITY SERVICES LTD: Notice of creditors meeting
FASHION INTERNATIONAL (LONDON) LTD: Notice of creditors meeting
GELTRUN LTD: Notice of creditors meeting
H L WILLIAMS & SONS LTD: Notice of creditors meeting
ISOTHERM (UK) LTD: Notice of creditors meeting
LAWRENCE MOTORS (CLWYD) LTD: Notice of creditors meeting
LIVERPOOL 8 TRAIN: Notice of creditors meeting
MASTERVIEW WINDOWS LTD: Notice of creditors meeting
MILLENIUM DOME: Tories Angry at 'Backdoor Deal' over Dome Sale
MOYARGET DEVELOPMENTS LTD: Notice of creditors meeting
POWAMATE LTD: Notice of creditors meeting
QUEST METALS LTD: Notice of creditors meeting
RHM: Tomkin Offloads for ?1.1bn
REGALWOOD FURNITURE (UK) LTD: Notice of creditors meeting
SELLAFIELD: Troubled Nuclear Reprocessing Plant Back in The Dock
STAFFSON ENGINEERING LTD: Notice of creditors meeting
TAFFS TAVERNS LTD: Notice of creditors meeting
UNITED NEWS: Hollick Faces Revolt Over ITV Sale to Granada
VERSAILLES: Virgin Islands Court Clears the Way for Pay-out
WIDNES METALS & ALLOYS LTD: Notice of creditors meeting
WILLIAM GIBBS & CO (BIRMINGHAM) LTD: Notice of creditors meeting
WOODMATCH MACHINERY LTD: Notice of creditors meeting
===========================
C Z E C H R E P U B L I C
============================
ALIACHEM: Agrofert And Unipetrol Try to Derail Rival Bid
------------------
Prague Business Journal July 24, 2000
State-owned refinery Unipetrol will team up with private chemical
group Agrofert Holding to bid for control of the struggling
AliaChem chemical and processing company, according to Agrofert
CEO Andrej Babis.
That joint effort is aimed at de-railing a rival bid for the core
assets of the failed Chemapol Group, hived off to form AliaChem a
year ago, from the state workout bank, Konsolidacni Banka.
The Chemapol trustee, Alexander Vacek, has been auctioning off
assets since the once-mighty conglomerate entered bankruptcy in
January of 1999, and has given potential buyers until July 31 to
present their offers for AliaChem. Chemapol subsidiary C.H.Chem
is a 49.25% shareholder in AliaChem, which is being offered in a
non-public tender being organized by Atlantik Corporate Finance.
Agrofert will bid along with Czech blue chip Unipetrol, Agrofert
and Agrofert's subsidiary, tar distiller Deza, according to
Babis.
"Unipetrol and Agrofert are the best two chemical companies in
this country, but I'm worried we don't have much chance against
Konsolidacni Banka," said Babis. He accused Konsolidacni of
having a conflict of interest in the bidding, as it is the
largest creditor to troubled AliaChem.
Konsolidacni spokesman Jiri Pekarek confirmed that the bank was
getting ready to submit its offer for AliaChem as soon as it
receives the Cabinet's go-ahead. This issue is on the
government's agenda for this Wednesday.
AliaChem has been struggling since its establishment in 1998,
when it was formed from four chemical companies: Synthesia, Fatra
Napajedla, Technoplast and Moravske Chemicke Zavody Ostrava. In
1998 the company posted a loss of Kc 1.86 billion on revenues of
Kc 11.4 billion, which improved in 1999 to Kc 694 million on Kc
9.5 billion in turnover.
Since its launch, the company has been fighting off bankruptcy
threats and eventually was included in the government's
industrial revitalization program, being overseen by
Konsolidacni's daughter company, Revitalization Agency and
managed by consultants from Lazard Freres and Latona Associates.
Although the agency was supposed to play an active role in
AliaChem's restructuring, it now appears that Konsolidacni Banka
has total control over the process, a source close to
Konsolidacni conceded. Konsolidacni's purchase would grant it
more control over AliaChem, at the expense of Revitalization
Agency.
In late 1998 one of Chemapol's shareholders, Radim Masny, in fact
unsuccessfully presented an initiative to take over AliaChem and
fold it into a new company, Unichem.
At the beginning of this year, Hungarian chemical group
Borsodchem took over the Moravske Chemicke operations of AliaChem
through a joint venture in which the Hungarians have a 97.5%
stake. Agrofert was in fact trying to seize that same AliaChem
unit, after it bought Deza, which is technologically linked to
it.
But Babis said that the resurrected initiative came from tar
distiller Deza, which Agrofert purchased last year.
"I know that I said that I wasn't interested [in AliaChem], but
Deza's managers convinced me," said Babis. "So Deza is really
going to be the investor on our side."
Deza's Alan Robson confirmed the company was interested, and said
it had already done its due diligence work in AliaChem.
He explained that Agrofert and Unipetrol would use its mutually
owned company, Agrobohemia, for the acquisition. Agrobohemia's
share capital should also be increased from its current Kc 101
million by an injection from Agrofert's Deza, and presumably
Unipetrol.
CESKA NEZAVISLA(CNTS): Sustains Kc588m Loss in 1999
----------------------------------
CTK July 28,2000
Having lost its say in Nova, commercially the most successful
Czech television, Ceska nezavisla televizni spolecnost (CNTS)
posted a Kc588m loss in 1999 against Kc965.9m profit in 1998, the
daily Lidove noviny (LN) writes today.
According to information published in the Obchodni vestnik
commercial bulletin, CNTS fell in the red after a stormy parting
in the middle of 1999 with the CET 21 company, the owner of the
licence for television broadcasting of TV Nova.
Simultaneously, the company stopped operating as a service
organisation for Nova and lost revenues from advertising, LN
writes.
High expenditures, exceeding revenues twice, contributed to the
loss because part of the expenditures for buildings or equipment
cannot be cut quickly. Also the costs of legal disputes with CET
21 have burdened the company's budget, LN explains.
There is one more difference between last year and the year 1998,
the daily writes, namely the fact that the CNTS's auditor, the
Arthur Andersen company, made no reservation in its auditor's
report for 1998 while last year there was a reservation,
concludes the daily.
ENTS: Posts Kc 588 mln loss in FY99
-------------
Czech A.M. July 28, 2000
Former TV Nova service provider ENTS posted a 1999 loss of some
Kc 588 mln. A dispute between ENTS and Nova license holder CET 21
resulted in severed activities with the station and lost
advertising revenue.
INVESTICNI A POSTOVNI: Interview with Administrator Petr Stanek
------------------------------------
Prague Business Journal July 24, 2000
When Petr Stanek stormed into the headquarters of one of the
country's most influential financial institutions, Investicni a
Postovni Banka, on Friday, June 19, he helped lay bare the
biggest banking collapse ever in the Czech Republic. Entering the
IPB lion's den with members of a black-clad anti-terrorist squad,
Stanek took over the bank and secured as much as possible.
During the weekend that followed, Stanek and lawyers from Norton
Rose launched negotiations with IPB's upcoming buyer,
Ceskoslovenska Obchodni Banka. The result was a CSOB promise to
pay at least Kc 3 billion for control of the bank's assets, which
once totaled Kc 323 billion.
As the forced administrator, he assumed the statutory
representation of IPB, the share-holding company, which is now
just a shell. All of the bank's assets have been folded into
CSOB, and existing shareholders are hoping to eventually get paid
at least something for their shares in IPB.
Sitting in an office that was until recently occupied by the
bank's former CEO, Jan Klacek, and using his leftover business
cards, Stanek is still unaccustomed to media attention and
refused to be photographed. But at the end of June, he sat down
with Prague Business Journal News Editor Hana Lesenarova to
discuss the stormy days of the forced administration and what has
followed.
Q: When did you find out you were going to be the forced
administrator for IPB?
A: I received a phone call from [the head of banking supervision
of the Czech National Bank] Pavel Racocha only on Thursday night,
before the Friday forced administration. He asked me if I could
take the job, and I wasn't against it. From the beginning of this
year I was working for Raiffeisen, and before that I was working
for the CNB, in its methodology department. Before that I worked
at GE Capital, and before that on the forced administration of
Agrobanka. So they didn't really have much choice, because there
really weren't so many people who had experience with this. See,
the forced administrator of Agrobanka, Jiri Klumpar, had two
assistants, Pavel Kracmar and me; and they both stayed at GE, so
I was the only one left.
Q: What was your reaction? Were you surprised?
A: Well, actually, when I was leaving the Czech National Bank I
told them that if something was going on with IPB they should
give me a call. On Thursday night, then, I had to come to the CNB
office and then to the government's office, where I had to wait.
I basically had a whole night to prepare.
Q: Do you have any kind of the legal protection or immunity of a
forced administrator, as you may be facing similar police
scrutiny to what Klumpar faced recently over Agrobanka, when even
his house was searched?
A: No, I don't have any immunity, everybody is undergoing the
same risks. I actually did receive a call from Klumpar [in this
context], but it was rather a friendly one. But as for the
contracts that I've signed, I don't have anything to be ashamed
of.
Q: And what were you doing on Friday before coming into the bank?
A: I was reading the CNB's supervision report, as well as the
bank's statures and list of staff.
Q: Did you have a hard time getting into the bank?
A: I arrived at the reception office [of IPB] with 19 assistants
from CNB to pass on the decision of the forced administration to
the statutory boards, and then we just wanted to go to the office
of General Manager Klacek. The security guards had no choice but
to let us in at that point. Compared to this, the forced
administration of Agrobanka took a lot longer, because CNB
representatives went to all of the bank's branches.
After we came, I called them all - that is, some people from the
board of directors and supervisory board - into a room. But not
all of them were there. Libor Prochazka wasn't there, as at this
point he was no longer on the board of directors, and not yet on
the supervisory board. He left the bank officially on May 31. And
Nomura's Randall Dillard left before it was over. And all of
Friday afternoon I was dealing with operational issues, such as
liquidity and especially with all those phone calls, because
shareholders and depositors started calling up.
I don't remember when I left on Friday night. That weekend I
slept only about an hour.
Q: Did you know ahead of time that you were only going to be
there for a short time?
A: We agreed with the Czech National Bank that it had to be the
shortest time possible, and I wouldn't have let myself be forced
into anything more.
Q: What were all the kinds of things that needed to get done over
the weekend?
A: I called up the auditor [Ernst & Young] on Saturday about
whether or not he had the audit, because I needed its statement.
I needed to know whether the bank's books were fine. And I ended
up negotiating with the auditor for two days. I asked them
whether they would be capable of finishing the audit by the end
of June. And they said no. So they finally gave me this one-page
statement in which they said they were unable to complete the
audit.
At the same time I received an offer from CSOB on Friday, saying
that they were interested in negotiating since the statutory
boards changed [the forced administrator assumed their duties]. I
was surprised that nobody else reacted to the situation.
Q: So there was no interest from UniCredito and Allianz?
A: No, nobody else got in touch with us besides them. If [the
others] were really seriously interested I'm sure they would
probably have gotten in touch with us.
Q: When did you start talking with CSOB?
A: I only requested the meeting with [CSOB's CEO] Jan Kavanek
when I knew from the auditor that the audit had fallen through.
At this stage the negotiations were up to me because I was the
statutory body.
Q: During that weekend you also purchased IPB Group Holding,
which was in the process of securing control over some of the
bank's lucrative assets [such as IPB Pojist'ovna] from law firm
Burns & Schwarz. How did that go?
A: It was quite simple. I got the information that it was missing
from the bank's control and that it was necessary to get it back.
I didn't know what was or what wasn't part of the holding that
was the risk.
Q: Advisers from Rothschild and Consilium who were negotiating on
behalf of CSOB said that there were no disputes, no obstacles
besides a lack of sleep. Did you have the same impression?
A: There were definitely some disagreements. Over price. That was
a fundamental conflict, because I didn't agree with their
proposal. [Editor's note: He declined to elaborate.] There was a
problem with the technical solution of their functioning in IPB
because they weren't prepared. They took over the bank so that
the bank would be capable of paying out the clients, but I was
interested in what else would be going on with IPB. Because there
are also tax liabilities there, there was an issue of reporting
to CNB, to the Prague Stock Exchange . and they couldn't answer
those questions. So this is why they had to accept my proposal.
It was rather aggressive [the proposal to get the auditors'
evaluated price plus Kc 3 billion].. But there was no extra time,
either the partner is ready or not.
But I have no reason to be ashamed of what I have signed.
Q: What are those tax liabilities?
A: These are withholding taxes, VAT, from real estate . because
tax liabilities are not transferable. And these kinds of issues
will be affected by the final price paid by CSOB.
Q: You're now in a stage of selecting the evaluating company. Is
it going to be an auditing company or a court assessor?
A: It's going to be a tender for an international firm, but
what's sure is that this firm will have to have a contract with a
court assessor.
Q: How long are you going to stay here in the bank?
A: Well, the audit should take six to nine months. And I'm going
to stay here until it's paid for. And now my goal is to maximize
the value.
Since this interview, Stanek has made several trips to London to
organize a tender for an auditor to evaluate IPB's assets, and he
had made a choice as of last week, according to a source from
CSOB. Stanek, however, would not say who the auditor would be.
NOVA HUT: Revised Loss Totals Kc 4.6 bln
---------------
Czech A.M. Mlada Fronta 11 July 28, 2000
A controlling audit at Nova Hut carried out by Arthur Andersen,
at the request of creditor banks, showed a Kc 1.7 bln increase in
the steelworks' 1999 loss compared to the original audit
completed two months ago. The revised loss totals Kc 4.6 bln.
Without providing details, Mlada Fronta writes that the state -
in light of the new results - can now cancel a troublesome
contract with the firm Petrc¡le.
VALCOVNY PLECHU: Posts Ke 23.7 mln H1 loss
---------------------
Czech A.M. July 28, 2000
Rolling mill Valcovny Plechu Frydek-M¡stek reported a first half
loss of Ke 23.7 mln, compared to a Kc 210.7 mln loss for the same
period last year (Hospodaoske Noviny B2).
=============
E S T O N I A
=============
AS TALLINN VESI: EBRD To Decide About Placing Eur 32.5 Mln
---------------------------------
BNS & EURO MONEY July 28,2000
The board of directors of the European Bank for Reconstruction
and Development (EBRD) will on Sept. 5 decide about lending 22.5
million euros to AS Tallinna Vesi (Tallinn Water) and investing
10 million euros in the company's owners' equity.
Under the EBRD plan, 15.5 million euros of the loan money would
be used to refinance an earlier loan by the city's water utility
that was taken with the government's guarantee, to which seven
million euros would be added.
EBRD wishes to replace the state guaranteed loan with a longer-
term corporate loan to make the water utility more attractive for
potential buyers.
=============
G E R M A N Y
=============
PHILIPP HOLZMANN AG: Cost-Cutting Measures to Take Effect
-----------------------
Die Welt & World Reporter July 28, 2000
Restructuring at Philipp Holzmann AG, the debt-ridden German
construction giant, is proving to be more difficult than
expected. Chairman Konrad Hinrichs is not satisfied with progress
and is planning to speed up cost savings. Operating profit in the
first six months undershot the target figure of DM54m. Between
January and April 2000 the company made losses; only in June did
it again manage to show a profit.
For Hinrichs, this means that cost-cutting measures are at last
beginning to take effect. He is also confident that, in spite of
the poor start, Holzmann will make profit this year in the region
of DM52m.
He admitted, however, that the company's foreign subsidiaries, in
particular the US subsidiary Jones, would have to supply the
lion's share (DM50m) of this year's profit. After accumulating
debt of DM6.6bn by the end of 1999, Holzmann was saved from
bankruptcy at the last minute by a low-interest loan of DM150m
from the German government, which also stood as guarantor on a
further DM100m.
The company must make savings this year of DM157m. DM120m has
already been achieved in the first six months.
=================
L I T H U A N I A
=================
LIETVOS DUJOS: Ministry Sows Confusion over Choice of Advisors
-------------------------------------------
BNS & EURO MONEY July 28,2000
A consortium led by PricewaterhouseCoopers (PcW), in talks with
Lithuania to become the adviser on the privatization of Lietuvos
Dujos [Lithuanian Gas], has voiced surprise at the government's
decision to simultaneously negotiate with a consortium led by the
Dutch bank ABN Amro.
"We are very surprised. We have reached an agreement in principle
in the talks with the commission (in charge of the gas company's
adviser tender), which only had to be approved by the
government," Audrone Mazeikaite, a PcW spokeswoman, told BNS on
Thursday.
She added that they were planning to meet Lithuanian Deputy
Economy Minister Vytenis Junevicius, head of the tender
commission, later in the day and ask for explanation.
Richard Kent, an ABN Amro representative, confirmed to BNS that
the consortium had been in talks with the commission. "We have
completed talks on the deal, and now it is up to the government
to choose (between the two bidders)." Kent did not comment on the
government's decision to negotiate with the two consortia
simultaneously.
The PcW consortium, the runner-up in the adviser tender, was
invited for talks after negotiations with the French bank BNP
Paribas fell through last week.
At the same time, Lithuanian Deputy Economy Minister Vytenis
Junevicius, head of the commission, was holding talks with
members of the ABN Amro consortium, which was third on the bidder
list.
On Thursday, the daily Lietuvos Rytas quoted Junevicius as saying
that it had been a mistake to allow PcW to participate in the
tender because the group's original financial offer did not meet
terms of the tender, under the Law on Public Procurement.
The PcW bid contained a certain condition, and the deputy
minister, who did not expect that the consortium would agree to
scrap it and who was pressed for time, invited ABN Amro
representatives to negotiate, according to the report.
The PcW spokeswoman said, however, that the PcW bid complied with
the tender requirements in all respects and that there were no
additional conditions.
As the talks got underway, the ABN Amro's financial and technical
offers turned out to be better than those made by PcW, the daily
wrote. The ABN Amro consortium includes the auditor's company
KPMG, the lawyers' firm Lideika, Petrauskas, Valiunas & Partners,
and Bridge Invest.
Junevicius said things were complicated, in terms of ethics. As
both consortia have improved their offers, the official believes
that holding a Dutch auction, where the price is lowered
gradually from the highest price, would be the best option in
this situation.
"I'm at loss," Junevicius told Lietuvos Rytas, adding that he
would seriously consider stepping down as deputy economy
minister.
The commission is expected to announce its decision regarding the
adviser on Friday.
===========
P O L A N D
===========
ROLIMPEX S.A.: Losses zl. 54 million this year
---------------------------------------
Poland A.M. Gazeta Wyborcza, Reuters July 28, 2000
The Treasury Ministry will sell a 24.4% stake of Rolimpex S.A.
worth zl. 40.5 million to U.S.-based stock feed producer Central
Soya Rolpol Holding.
Central Soya promised neither to change the name of Rolimpex nor
delist the company from the Warsaw Stock Exchange (WSE) for five
years.
Additionally, the American firm intends to buy a 25% stake
belonging to entities associated with the capital group of
Rolimpex. Rolimpex-Investment Fund holds 10% of that stake and
15% is in the hands of Rolimpex-Pracownicy. After finalizing the
transaction, the Treasury will hold only 5% of Rolimpex shares as
privatization reserves.
The company needs a strong investor since it is in serious
financial difficulties. The losses of the capital group amounted
to zl. 54 million this year. (Gazeta Wyborcza, page 30, Reuters)
===========================
U N I T E D K I N G D O M
===========================
AIRLINES AIR SPARES LTD: Notice of creditors meeting
------------------------------
Company Name: Airlines Air Spares Ltd
IA 1986 Section: 98
Creditors Meeting Time: 11.00 am
Meeting date: 27/07/00
Meeting address: Plumtree Court
Meeting City Code: London EC4A 4HT
Authorised by: N Townsend Director 11/07/00
Last day for proxy: 26/07/00
Proxy address: Plumtree Court London EC4A 4HT
Liquidators:
Firm Name: PricewaterhouseCoopers
Address: Plumtree Court London EC4A 4HT
ASHGOLD GB LTD: Notice of creditors meeting
---------------------------------
Company Name: Ashgold GB Ltd
IA 1986 Section: 98
Creditors Meeting Time: 10.00 am
Meeting date: 27/07/00
Meeting address: 4 Dancastle Court 14 Arcadia Avenue
Meeting City Code: London N3 2HS
Authorised by: A Ade-Kunle Director 13/07/00
Liquidators:
Firm Name: Valentine & Co
Address: 4 Dancastle Court 14 Arcadia Avenue London N3 2HS
BENCHMARK JOINERY LTD: Notice of creditors meeting
---------------------------
Company Name: Benchmark Joinery Ltd
IA 1986 Section: 98
Creditors Meeting Time: 11.15 am
Meeting date: 27/07/00
Meeting address: The Old Exchange 234 Southchurch Road
Meeting City Code: Southend-on-Sea SS1 2EG
Authorised by: R Sentinella Director 11/07/00
Last day for proxy: 26/07/00
Proxy address: The Old Exchange 234 Southchurch Road
Southend-on-Sea SS1 2EG
Liquidators: David P Hudson
Firm Name: Begbies Traynor
Address: The Old Exchange 234 Southchurch Road Southend-on-
Sea SS1 2EG
CARE AIR CONDITIONING LTD: Notice of creditors meeting
-------------------------
Company Name: Care Air Conditioning Ltd
IA 1986 Section: 98
Creditors Meeting Time: 11.30 am
Meeting date: 27/07/00
Meeting address: 12 Portland Street
Meeting City Code: Southampton SO14 7EB
Authorised by: R Smith Director 11/07/00
Liquidators: Paul Barrett
Firm Name: Radfords
Address: 12 Portland Street Southampton SO14 7EB
CARLTON LOGISTICS LTD: Notice of creditors meeting
------------------------------------
Company Name: Carlton Logistics Ltd
IA 1986 Section: 98
Creditors Meeting Time: 10.30 am
Meeting date: 27/07/00
Meeting address: 49 Duke Street
Meeting City Code: Darlington DL3 7SD
Authorised by: P Marley Director 10/07/00
Last day for proxy: 26/07/00
Proxy address: 49 Duke Street Darlington DL3 7SD
Liquidators:
Firm Name: Armstrong Watson & Wood
Address: 49 Duke Street Darlington DL3 7SD
COG ENGINEERING (WALES) LTD: Notice of creditors meeting
-----------------------------
Company Name: Cog Engineering (Wales) Ltd
IA 1986 Section: 98
Creditors Meeting Time: 12.00 pm
Meeting date: 27/07/00
Meeting address: 21 St Andrews Crescent
Meeting City Code: Cardiff CF10 3DB
Authorised by: M Richards Director 30/06/00
Liquidators:
Firm Name: Doyle Davies
Address: 21 St Andrews Crescent Cardiff CF1 3DB
COG PIPEWORK SERVICES LTD: Notice of creditors meeting
--------------------------------------------
Company Name: Cog Pipework Services Ltd
IA 1986 Section: 98
Creditors Meeting Time: 12.00 pm
Meeting date: 27/07/00
Meeting address: 21 St Andrews Crescent
Meeting City Code: Cardiff CF10 3DB
Authorised by: M Richards Director 30/06/00
Liquidators:
Firm Name: Doyle Davies
Address: 21 St Andrews Crescent Cardiff CF1 3DB
COMPUTER SYSTEMS INTERNATIONAL LTD: Notice of creditors meeting
---------------------------------
Company Name: Computer Systems International Ltd
IA 1986 Section: 98
Creditors Meeting Time: 01.00 pm
Meeting date: 27/07/00
Meeting address: The Gatwick Hilton Hotel Gatwick Airport
Meeting City Code: Crawley
Authorised by: K Lawrence Director 10/07/00
Last day for proxy: 26/07/00
Proxy address: 16-17 Boundary Road Hove BN3 4EF
Liquidators: Ken Touhey
Firm Name: Morley & Scott
Address: 16-17 Boundary Road Hove BN3 4EF
COUNTRY HOUSE FURNITURE LTD: Notice of creditors meeting
-------------------------------
Company Name: Country House Furniture Ltd
IA 1986 Section: 98
Creditors Meeting Time: 11.00 am
Meeting date: 27/07/00
Meeting address: Windsor House Barnett Way
Meeting City Code: Barnwood GL4 3RT
Authorised by: N S Bell Director 04/07/00
Last day for proxy: 26/07/00
Proxy address: Windsor House Barnett Way Barnwood GL4 3RT
Liquidators:
Firm Name: Hazelwoods
Address: Windsor House Barnett Way Barnwood GL4 3RT
EQUITABLE LIFE: Prudential Hires Advisors on Possible Acquisition
---------------------------
BBC News July 27,2000
The UK's biggest life assurance company, Prudential, has begun
looking into a possible ?5bn bid for Equitable Life.
Prudential has appointed advisers to assess the feasibility of
buying Equitable, the mutual life assurer which put itself up for
sale last week after the High Court ruled it must honour pension
bonus guarantees totalling about ?1.5bn.
Abbey National, Barclays and Halifax are also known to be
interested in expanding their life and pensions operations.
Prudential chief executive Jonathan Bloomer said: "In some ways
you would be surprised if Prudential were not looking at
Equitable."
He was speaking to journalists after releasing strong first-half
figures and announcing that Prudential has signed an agreement to
run the Trades Union Congress stakeholder pensions scheme.
The government-backed low-cost top-up pensions will be available
to up to 6 million TUC members.
Prudential reported a 14% increase in profits in the half-year
ending 30 June to ?425m, driven by strong performances from its
US and Asian businesses.
This was at the higher end of analysts' expectations.
The group, which floated a minority stake in its online bank Egg
last month, will hope its shares respond as they have been
underperforming the wider UK market by some 16% this year.
The dividend was up 6.5% at 8.2 pence a share.
F E D SECURITY SERVICES LTD: Notice of creditors meeting
--------------------------------------------
Company Name: F E D Security Services Ltd
IA 1986 Section: 98
Creditors Meeting Time: 10.45 am
Meeting date: 27/07/00
Meeting address: 9 Bond Court
Meeting City Code: Leeds LS1 2SN
Authorised by: S Hardcastle Director 13/07/00
Last day for proxy: 26/07/00
Proxy address: 9 Bond Court Leeds LS1 2SN
Liquidators:
Firm Name: PricewaterhouseCoopers
Address: 9 Bond Court Leeds LS1 2SN
FASHION INTERNATIONAL (LONDON) LTD: Notice of creditors meeting
----------------------------------
Company Name: Fashion International (London) Ltd
IA 1986 Section: 98
Creditors Meeting Time: 11.00 am
Meeting date: 27/07/00
Meeting address: 221-223 Chingford Mount Road
Meeting City Code: London E4 8LP
Authorised by: M Gruywal Director 12/07/00
Liquidators:
Firm Name: A Segal & Co
Address: 221-223 Chingford Mount Road London E4 8LP
GELTRUN LTD: Notice of creditors meeting
--------------------------
Company Name: Geltrun Ltd
IA 1986 Section: 98
Creditors Meeting Time: 12.30 pm
Meeting date: 27/07/00
Meeting address: Molly Malones Pub 115 Kew Road
Meeting City Code: Richmond TW9 2PN
Authorised by: C G Dodson Director 13/07/00
Liquidators: Rina Rohilla
Firm Name: Richmond Partnership
Address: 82-86 Sheen Road Richmond TW9 1UF
H L WILLIAMS & SONS LTD: Notice of creditors meeting
------------------------
Company Name: H L Williams & Sons Ltd
IA 1986 Section: 98
Creditors Meeting Time: 03.00 pm
Meeting date: 27/07/00
Meeting address: Lichfield Place 435 Lichfield Road
Meeting City Code: Birmingham B6 7SS
Authorised by: H L Williams Chairman 13/07/00
Liquidators:
Firm Name: Casson Beckman & Partners
Address: Lichfield Place 435 Lichfield Road Birmingham B6
7SS
ISOTHERM (UK) LTD: Notice of creditors meeting
--------------------
Company Name: Isotherm (UK) Ltd
IA 1986 Section: 98
Creditors Meeting Time: 03.30 pm
Meeting date: 27/07/00
Meeting address: Goffs Park Hotel Goffs Park Road
Meeting City Code: Crawley RH11 8AX
Authorised by: N Cole Director 17/07/00
Last day for proxy: 26/07/00
Proxy address: 5-6 The Courtyard East Park Crawley RH10 6AG
Liquidators: Malcolm P Fillmore
Firm Name: Benedict Mackenzie
Address: 5-6 The Courtyard East Park Crawley RH10 6AG
LAWRENCE MOTORS (CLWYD) LTD: Notice of creditors meeting
----------------------------
Company Name: Lawrence Motors (Clwyd) Ltd
IA 1986 Section: 98
Creditors Meeting Time: 11.45 am
Meeting date: 27/07/00
Meeting address: Irish Square Upper Denbigh Road
Meeting City Code: St Asaph LL17 0RN
Authorised by: P A Lawrence Director 06/07/00
Liquidators:
Firm Name: Royce Peeling Green
Address: Irish Square Upper Denbigh Road St Asaph LL17 0RN
LIVERPOOL 8 TRAIN: Notice of creditors meeting
-------------------------------------
Company Name: Liverpool 8 Train & Manage Consult Ltd
IA 1986 Section: 98
Creditors Meeting Time: 02.00 pm
Meeting date: 27/07/00
Meeting address: 49A Allerton Road
Meeting City Code: Liverpool L18 2DA
Authorised by: P M Sonko Director 18/07/00
Liquidators: Martin H Linton
Firm Name: Leigh & Co
Address: Regency House 871 High Road London N12 8QA
MASTERVIEW WINDOWS LTD: Notice of creditors meeting
------------------------
Company Name: Masterview Windows Ltd
IA 1986 Section: 98
Creditors Meeting Time: 11.30 am
Meeting date: 27/07/00
Meeting address: Holiday Inn Express Blackbrook Business Park
Meeting City Code: Taunton
Authorised by: A R Turner Director 13/07/00
Last day for proxy: 26/07/00
Proxy address: Kensington House 33 Imperial Square Cheltenham
GL50 1QZ
Liquidators:
Firm Name: Findley James
Address: Kensington House 33 Imperial Square Cheltenham GL50
1QZ
MILLENIUM DOME: Tories Angry at 'Backdoor Deal' over Dome Sale
------------------------------------
The Express & World Reporter July 28, 2000
LABOUR faced a growing outcry last night as ministers sold the
Millennium Dome to a Japanese bank and pledged to use half the
money raised to save the crippled attraction from closing early.
Lord Falconer of Thoroton told peers that GBP53million from the
forecast GBP105million proceeds of the sale would go directly
into the coffers of the Dome's cash-strapped operator the New
Millennium Experience Company.
Most of the rest of the money from the sale to Dome Europe - a
consortium headed by Japanese bank Nomura - will go to urban
regeneration agency English Partnerships.
Dome Europe will run the Greenwich site as an "urban
entertainment resort", promising to create "an electrifying
entertainment experience that people will want to visit again and
again".
The new contents of the Dome will feature interactive technology
including taking visitors into the world of the Beatles' film
Yellow Submarine. The company intends to celebrate the richness
of European culture and will group the Dome's contents into three
areas.
A zone called Tapestry of Life will be a showcase for all Europe
offers today. Celebrate Tradition will highlight Europe's past
seen through its art, history and culture. Imagine the Future
will feature the innovations, gadgets and science of tomorrow.
Examples of attractions include Badlands, an area offering a
series of virtual reality games, and Play Europe - an indoor
adventure garden of dazzling flora and fauna, dancing fountains,
sculpted hedges, mazes and grottos.
There will also be the chance to take a virtual reality tour of
art galleries such as the Louvre in Paris, home to the Mona Lisa.
The Tories last night insisted all money from the sale - revealed
in the Sunday Express three weeks ago - should go to English
Partnerships, which cleaned up the polluted Greenwich site in
South-east London.
Tory environment spokesman Archie Norman said ministers were
using a backdoor deal" to channel more money into their own
failed project.
NMEC has already received top-up grants from the Millennium
Commission of GBP60million in February and GBP29million in May -
on top of the original grant of GBP449million.
Lord Falconer revealed the Commission has now promised to look
favourably on any request from NMEC to borrow money against the
GBP53million it will receive once the Dome is sold in January.
Commission insiders last night said that given the Dome's cash-
flow problems a request for a "secured loan" was likely.
Mr Norman said: "Hidden in the terms of this sale is, in direct
contradiction of a promise by the Prime Minister, a subsidy from
the taxpayer to keep this failed project staggering on. It is a
subsidy to preserve the pride and vanity of Labour ministers.
Instead of an originally expected GBP85million, English
Partnerships is now expected to receive less than GBP45million.
It is clear the Dome is insolvent and being bailed out through a
backdoor deal.
"But Lord Falconer insisted splitting the cash from the sale
between NMEC and English Partnerships offered a "fair settlement"
for all involved. Dome boss Pierre-Yves Gerbeau said the deal
showed the Dome had become a viable venture. "Today's
announcement will safeguard the jobs of the people here who have
worked so hard to turn the Dome into a success," he said.
MOYARGET DEVELOPMENTS LTD: Notice of creditors meeting
-------------------------
Company Name: Moyarget Developments Ltd
IA 1986 Section: 67
Creditors Meeting Time: 03.00 pm
Meeting date: 27/07/00
Meeting address: 33 Albyn Place
Meeting City Code: Aberdeen AB10 1YL
Authorised by: T C MacLennan Joint Receiver
Last day for proxy: 26/07/00
Proxy address: 33 Albyn Place Aberdeen AB10 1YL
Liquidators:
Firm Name: Scott Oswald
Address: 33 Albyn Place Aberdeen AB10 1YL
POWAMATE LTD: Notice of creditors meeting
-----------------------------
Company Name: Powamate Ltd
IA 1986 Section: 98
Creditors Meeting Time: 03.00 pm
Meeting date: 27/07/00
Meeting address: The Earl of Doncaster Hotel
Meeting City Code: Bennetthorpe DN2 6AD
Authorised by: T P Rosenfield Director 07/07/00
Last day for proxy: 26/07/00
Proxy address: The Manor House 260 Eccleshall Road South
Sheffield S11 9AT
Liquidators: Tracy A Taylor
Firm Name: BDO Stoy Hayward
Address: The Manor House 260 Eccleshall Road South Sheffield
S11 9AT
QUEST METALS LTD: Notice of creditors meeting
---------------------------
Company Name: Quest Metals Ltd
IA 1986 Section: 98
Creditors Meeting Time: 11.00 am
Meeting date: 27/07/00
Meeting address: 1 & 2 Raymond Buildings Grays Inn
Meeting City Code: London WC1R 5BZ
Authorised by: N French Director 13/07/00
Liquidators:
Firm Name: BN Jackson Norton
Address: 1 & 2 Raymond Buildings Grays Inn London WC1R 5BZ
RHM: Tomkin Offloads for ?1.1bn
---------------------
GUARDIAN UNLIMITED July 22,2000
Rank Hovis McDougall, the maker of Hovis bread, Bisto gravy and
Mr Kipling cakes, was sold yesterday to a private equity group
for ?1.1bn after long and tortuous negotiations by its owner, the
former conglomerate Tomkins.
In one the largest transactions of its kind, Doughty Hanson, a
venture capital firm, is now expected to fatten up RHM for
flotation within the next three to five years.
As a result of the sale, which raised less than the company had
hoped, Tomkins will return around ?700m to its shareholders. It
will be left with its core US-based automotive engineering and
construction businesses which are expected to be expanded through
acquisition.
Nigel Doughty of Doughty Hanson pledged to build RHM into a
leading European food company. "We now intend to build on RHM's
stable of long-established brands with market-leading positions
by both growing the business organically and making acquisitions
to expand in Europe".
The RHM stable already includes McDougalls flour and Cadbury
Cakes, and 95% of all British households are estimated to have
bought at least one branded product manufactured by RHM.
The deal is one of the largest buyouts arranged by a private
company. Doughty Hanson also includes PowderJect Pharmaceuticals
which makes needleless injection equipment.
Tomkins shares rose 5p to 217p even though the sale price fell
short of the amount hoped for by many investors.
Nick Hyslop, analyst at Dresdner Kleinwort Benson, said he was
not enthusiastic about immediate prospects for the business even
though it had shrugged off its conglomerate status.
"It leaves Tomkins with two businesses in the US at a time when
it is not a very exciting place to be with economic slowdown on
the way."
Tomkins is shedding its conglomerate tag and this disposal comes
just three weeks after Greg Hutchings announced he was
relinquishing his role as executive chairman of Tomkins while
continuing as chief executive.
Institutional investors, concerned at a sliding share price and
his inability to make a quick sale, had put pressure on Mr
Hutchings to end his dual role.
Doughty Hanson will provide ?200m from its funds for the
transaction with debt financing the balance. It has been talking
to Tomkins for nearly a year, over which time the price has been
depleted by a slowing in volumes and the cost of opening new
facilities.
Sales from Tomkins' food division, of which RHM is by far the
largest part, fell from ?962.9m for the first half of the fiscal
year, to October 1998, to ?925.5m 12 months later.
But margins, sales and profits in the core engineering businesses
were ahead of expectations in that first half of the financial
year on the back of strong US markets.
Various rivals expressed interests in buying parts of RHM, such
as the Centuria-branded foods but Tomkins was reluctant to split
up the company for fear of being left with the least attractive
assets, such as milling and baking.
RHM has some strong brand names with powerful market positions
and solid cash flows but they are not considered high-growth.
Tomkins has brought new blood into the business, with David
Newlands, former General Electric Company finance director,
taking over as chairman.
REGALWOOD FURNITURE (UK) LTD: Notice of creditors meeting
---------------------------
Company Name: Regalwood Furniture (UK) Ltd
IA 1986 Section: 98
Creditors Meeting Time: 10.30 am
Meeting date: 27/07/00
Meeting address: Jarvis Clayton Lodge Hotel Clayton Road
Meeting City Code: Newcastle-u-Lyme
Authorised by: H Shaw Director 04/07/00
Last day for proxy: 26/07/00
Proxy address: The Old Mill 9 Soar Lane Leicester LE3 5DE
Liquidators:
Firm Name: HKM Harlow Khandhia Mistry
Address: The Old Mill 9 Soar Lane Leicester LE3 5DE
SELLAFIELD: Troubled Nuclear Reprocessing Plant Back in The Dock
----------------------
BBC NEWS July 29,2000
The troubled Sellafield nuclear reprocessing plant is to be
prosecuted by the Health and Safety Executive for the second time
this year.
Sellafield's owner, British Nuclear Fuels Ltd, (BNFL) has been
summoned to appear before magistrates at Whitehaven on 24 August,
for allegedly failing to improve its management of sealed
radioactive sources.
It is the second time this year that the Cumbrian plant has been
prosecuted by the HSE.
The sealed source is a piece of equipment which safely contains a
known and usually small quantity of radioactivity.
It is used to test and calibrate other equipment which detects or
measures radioactivity.
The sources are usually encased in metal or plastic, and there
are around 3,500 sources in 180 Sealed Source Stores on the
Sellafield site.
The Nuclear Installations Inspectorate (NII) served a notice on
BNFL in March saying it had to improve their management of the
sources.
But it alleges that the company has not done this.
The Health and Safety Executive alleges that some of the sealed
sources at Sellafield have gone missing while others are not
properly registered.
A BNFL spokesman said: "We will consider the charges to be
brought by the HSE and following appropriate legal advice will
plead accordingly."
In June Whitehaven magistrates fined the company ?40,000 and
ordered it to pay ?35,000 costs after it admitted breaching
safety regulations.
There was also a high-level management shake-up at BNFL after a
damning report by the NII which threw up serious concerns over a
lack of a safety culture at the plant, following disclosures that
some data had been falsified.
STAFFSON ENGINEERING LTD: Notice of creditors meeting
------------------------
Company Name: Staffson Engineering Ltd
IA 1986 Section: 98
Creditors Meeting Time: 10.30 am
Meeting date: 27/07/00
Meeting address: Elsworth House 94 Alfred Gelder Street
Meeting City Code: Hull HU1 2SW
Authorised by: D Dearing Director 03/07/00
Liquidators:
Firm Name: BKR Haines Watts
Address: Elsworth House 94 Alfred Gelder Street Hull HU1 2SW
TAFFS TAVERNS LTD: Notice of creditors meeting
-------------------
Company Name: Taffs Taverns Ltd
IA 1986 Section: 98
Creditors Meeting Time: 11.00 am
Meeting date: 27/07/00
Meeting address: Britannia Buildings 46 Fenwick Street
Meeting City Code: Liverpool L2 7NA
Authorised by: A Hughes Director 13/07/00
Liquidators:
Firm Name: Rooney Associates
Address: Britannia Buildings 46 Fenwick Street Liverpool L2
7NA
UNITED NEWS: Hollick Faces Revolt Over ITV Sale to Granada
---------------------------------------
NEWS NOW July 31,2000
LORD HOLLICK's United News & Media is facing a revolt from
investors angered over the terms of United's ?1.8 billion sale of
its three ITV franchises to
Granada Media.
Leading institutional shareholders, including Mercury Asset
Management, made their feelings known to Lord Hollick, United's
chief executive, at a meeting soon after the deal was announced
on Friday. The peer had spoken of raising up to ?2 billion from
the sale of the franchises. In the event, the deal agreed with
Granada is for ?500 million in cash and ?1.25 billion in new
Granada shares. United aims to distribute the shares to its
shareholders, but retains the option of taking the payment in
cash.
United's share price dropped by 12 per cent on Friday on news of
the deal, although the fall may have partly reflected
disappointment that Granada had decided not to go ahead with a
hostile bid for the entire company.
Lord Hollick insisted that United shareholders had received "full
value" from the disposal. Charles Allen, chairman of Granada
Media, said he believed that an agreed deal was in the interests
of both sets of shareholders. Granada's share price rose 30p to
615p on news of the deal despite the plans to issue more than 213
million new Granada shares.
It is not clear what action is open to United's institutional
shareholders.
Attention will now focus on Carlton Communications, which is
expected to buy one of the three ITV franchises Granada has
bought from United - HTV, the ITV company for Wales and the West.
There will also be speculation that Carlton could also try to buy
Scottish Media, to try to even up its side of what will be the
Granada-Carlton duopoly that runs ITV.
The United disposal could affect the careers of several senior
broadcasting players, such as Malcolm Wall, who ran United's ITV
franchises. Mr Wall could lose his job as Meridian and Anglia are
absorbed into Granada Media under the chief executive, Steve
Morrison.
Mr Wall could, however, become a candidate for the job of chief
executive of the ITV Network, a position vacant since Richard
Eyre left in January to join Pearson Television, now part of the
RTL Group.
The deal could also have an impact on the future of Clive Jones,
chief executive of Carlton Television. Greg Dyke, the BBC
Director-General, wants to put Mr Jones in charge of sport,
including rights negotiations, at the Corporation. The job is
being looked after on a caretaker basis by Richard Sambrook,
deputy head of BBC News.
Mr Jones, it is believed, was awaiting the outcome of the planned
Carlton-United merger, which was effectively blocked by Stephen
Byers, the Trade and Industry Secretary. If the deal had gone
ahead he might have been made redundant.
VERSAILLES: Virgin Islands Court Clears the Way for Pay-out
---------------------
FINANCIAL TIMES July 28,2000
A British Virgin Islands court has opened the way for a pay-out
to the group of wealthy individuals who lost ?23m when
Versailles, the FTSE 250 trade finance group, collapsed in
January.
The court has appointed a liquidator to take charge of a BVI
company that held the money on behalf of the investors. They
financed transactions by Versailles in exchange for generous
interest payments.
Michael Moseley, one of the two investors who brought the case,
said the ruling could help reveal more about what happened at
Versailles, which went bust after the discovery of massive
accounting irregularities.
"All I want is an independent liquidator who will take note of
what's put in front of him and pursue it," Mr Moseley said.
Mr Moseley and other investors said they would like to know more
about how the malpractice at the group went undetected for years.
PwC, the group's receiver, estimates it booked ?69m of false
transactions. It has issued a writ alleging conspiracy to defraud
against Frederick Clough, finance director.
The BVI company, Trading Partners, acted as a channel for money
from the investor group, which consisted largely of friends and
acquaintances attracted by Versailles' rapid growth and stock
market success. Mr Moseley's court action came after many of his
fellow investors claimed they were having trouble discovering who
owned and controlled Trading Partners, which is estimated to
contain funds of about ?1.3m.
The BVI requires little public disclosure from offshore
companies. They are not required to disclose shareholders,
directors or beneficial owners.
The ruling came after a dispute between the two investors who
brought the case, and Carl Cushnie, Versailles chief executive,
who opposed their action and made an unsuccessful attempt to
strike it out.
The court appointed a compromise candidate as liquidator after Mr
Cushnie disputed Mr Moseley's choice, and proposed an alternative
backed by the majority of the investor group. Keith Oliver, Mr
Cushnie's solicitor, said he was "entirely happy" with the
compromise, as the case could otherwise have become prolonged.
"The vast majority [of the investors] wish simply for the funds
to be distributed to them," he said.
Mr Oliver said Mr Cushnie's intervention was an attempt to
reflect the majority wishes of creditors, as opposed to an effort
to suppress investigation into Versailles.
"Mr Cushnie will co-operate in every respect with any enquiry,"
Mr Oliver said. "He's the largest single loser in this. It's not
in his interests to stand in the way of any investigation."
WIDNES METALS & ALLOYS LTD: Notice of creditors meeting
-------------------------
Company Name: Widnes Metals & Alloys Ltd
IA 1986 Section: 98
Creditors Meeting Time: 12.00 pm
Meeting date: 27/07/00
Meeting address: The Village & Hotel & Leisure Club Fallows
Way
Meeting City Code: Wiston L35 1RZ
Authorised by: D Durbin Director 06/07/00
Liquidators:
Firm Name: Poppleton & Appleby
Address: 93 Queen Street Sheffield S1 1WF
WILLIAM GIBBS & CO (BIRMINGHAM) LTD: Notice of creditors meeting
-----------------------------------
Company Name: William Gibbs & Co (Birmingham) Ltd
IA 1986 Section: 98
Creditors Meeting Time: 11.00 am
Meeting date: 27/07/00
Meeting address: Lichfield Place 435 Lichfield Road
Meeting City Code: Birmingham B6 7SS
Authorised by: A F Groom Chairman 11/07/00
Liquidators:
Firm Name: Casson Beckman & Partners
Address: Lichfield Place 435 Lichfield Road Birmingham B6
7SS
WOODMATCH MACHINERY LTD: Notice of creditors meeting
-------------------------
Company Name: Woodmatch Machinery Ltd
IA 1986 Section: 98
Creditors Meeting Time: 11.00 am
Meeting date: 27/07/00
Meeting address: Wendover Hotel Monton Road
Meeting City Code: Eccles
Authorised by: C Tweedale Director 03/07/00
Last day for proxy: 26/07/00
Proxy address: River Place City Road East Manchester M15 4PG
Liquidators:
Firm Name: Harrisons
Address: River Place City Road East Manchester M15 4PG
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 -- Europe is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Trenton, NJ
USA, and Beard Group, Inc., Washington, DC USA. Lexy Mueller,
Mercy Villacastin and Cristina Pernites Editors.
Copyright 2000. All rights reserved. ISSN 1529-2754.
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 Europe subscription rate is $575 per half-year, 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 * * *