/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/001009.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 Monday, October 9, 2000, Vol. 1, No. 108 Headlines B E L G I U M LERNAUT & HAUSPIE: Shareholders Seeks Lawsuit Status LOUIS DE POORTERE: Last Bank Approves of Dryon-Lano Offer C Z E C H R E P U B L I C MASOKOMBINAT MARTINOV: Prospective Solution Takes Over G E R M A N Y PHILIPP HOLZMANN: Needs Capital, Awaits Government Aid L I T H U A N I A LIETUVOS ENERGIJA: 15 Western Firms Show Interest in Sell-off N O R W A Y AKER FONDS: Unknown Investor to Guarantee Debts R O M A N I A TAROM: Loss-Making State Airline Sell-Off May Start Next Month R U S S I A KANCHANARSKY GOK: Goes to Reorganization MEDIA-MOST: Sberbank Seeks Early Repayment of Debts MEDIA MOST: European Holding Express Interest MIR SPACE: Space Station Waits Russian Space Agency's Decision S L O V A K I A (S L O V A K R E P U B L I C) VSZ: U.S. Steel Buys Troubled Steel Maker Stock Before Takeover S P A I N BOLIDEN APIRSA: Files for Suspension of Payments XFERA: Alba to Up Stake and Assume 35.6 Billion Pesetas Debt U N I T E D K I N G D O M AIG HYPERION: Liquidation Proceedings AMBIENT: Posts Interim Pre-Tax Loss of 5.09 Million Pounds AYDON PROPERTIES: Liquidation Proceedings BODDINGTON GROUP: Liquidation Proceedings CORBRIDGE PROPERTIES: Liquidation Proceedings DAEWOO UK: Borrows 1.5 Million Pounds to Pay Wages EQUIPEVER LTD: Liquidation Proceedings FASTRACK: Interim Results Show a Loss of 1.64 Million Pounds G R MCWILLIAM: Liquidation Proceedings MARINE TRADE: Liquidation Proceedings NXT: Reports Full-Year Pre-Tax Losses of 20.01 Million Pounds NXT: Audio Equipment Firm Posts Year Loss NEICO INVESTMENT: Liquidation Proceedings POWERNET TELECOM: Telecom Runs Out of Cash RJB MINING: Coal Miner Lifted on Hopes of Imminent Bid RTS NETWORKS: Posts Maiden Pre-Tax Loss of 4.98 Million Pounds REYNOLDS IND: Liquidation Proceedings WEATHERLEY LTD: Liquidation Proceedings ============= B E L G I U M ============= LERNAUT & HAUSPIE: Shareholders Seeks Lawsuit Status ----------------------------------------------------- Shareholders seeking lead-plaintiff status in a pending securities fraud lawsuit against Lernout & Hauspie Speech Products N.V. have a week to file papers with the court, Berman DeValerio & Pease LLP said. The lawsuit, which was filed in the U.S. District Court for the District of Massachusetts as Civil Action No. 00-11589 PBS, seeks damages on behalf of anyone who purchased Lernout & Hauspie common stock between December 28, 1999 and August 7, 2000. The complaint alleges that Lernout & Hauspie illegally misled investors about its business and financial results by overstating and inventing sales in Korea. After the truth about the exaggerated and fictitious Korean sales was revealed, the complaint says, the price of the company's shares fell as low as $26-3/4 per share. On September 21, Lernout & Hauspie announced in a news release that the US Securities and Exchange Commission (SEC) had opened an investigation into its prior financial statements. The European stock market Easdaq announced a separate investigation on September 26. LOUIS DE POORTERE: Last Bank Approves of Dryon-Lano Offer --------------------------------------------------------- The joint offer of Pascal Dryon and Pierre Lano for Belgian carpet manufacturer Louis de Poortere (LDP) has now won the approval of the last of the consortium of banks, De Standaard reported yesterday. Pascale Dryon and Pierre Lano want to pay a combined BFr730m for the liquidated company, plus BFr30m for outplacement of staff who cannot be employed again. Pascal Dryon wants to take over the weaving mill and keep 250 out of 270 jobs. Pierre Lano wants to acquire the knotted carpet division, which he intends to move to the Belgian town of Stasegem, while keeping 60 out of 160 jobs. The offer by the other takeover candidate, Belgian textiles group Domo, amounts to Br0.5bn and involves a smaller number of jobs. The Belgian trading court will evaluate the Dryon-Lano file. =========================== C Z E C H R E P U B L I C ============================ MASOKOMBINAT MARTINOV: Prospective Solution Takes Over ------------------------------------------------------ CTK and Euromoney reported yesterday that Prospective Solution (PS), which provides economic consulting, has been a new majority owner of Masokombinat Martinov (MM), the second largest domestic meat producer since early September. Having bought the Martima company, PS got control of some 87 percent of shares in MM. PS will focus on financial stabilization of MM and will cut both staff and costs, boost sales, reduce idle assets, and separate activities unrelated to the main line of business, PS spokeswoman Eva Kijonkova said. MM, which is one of the major food producers in North Moravia and Silesia, controls some 7.5 pct of the Czech market and last year sold 28,500 tons of meat products, up by 7.5 pct yr/yr. Its largest domestic customers are Makro, Euronova, Penny Market and Kaufland. Since 1995 Masokombinat Martinov's majority owner has been the Martima company, controlled by MM's management and staff. ============= G E R M A N Y ============= PHILIPP HOLZMANN: Needs Capital, Awaits Government Aid ------------------------------------------------------- Troubled German construction group Philipp Holzmann will need a fresh injection of funds from its creditor banks in November, as, according to sources, the company's existing credit line of over DM1bn will run out next month, Suddeutsche Zeitung & World Reporter reported yesterday. Holzmann will then require between DM450m and DM500m in new credit. Banking sources in Frankfurt say that talks are taking place. The general mood seems to be one of optimism, as Holzmann's current chairman Konrad Hinrichs enjoys the confidence of the banks. The sudden shortfall in credit has been created by a change in Philipp Holzmann's restructuring plan, involving the transfer of property projects (asset deals) from Holzmann to its creditors. The company is also still waiting for the release of DM250m in government aid, which must first be given the green light by Brussels. ================= L I T H U A N I A ================= LIETUVOS ENERGIJA: 15 Western Firms Show Interest in Sell-off -------------------------------------------------------------- BNS & Euromoney reported that 15 Western energy companies have expressed their interest in the upcoming privatization of the Lithuanian national power utility Lietuvos Energija [Lithuanian Energy], an official said. The companies include RWE Energy, Electrabel, Electricite de France, Tractebel Electricity & Gas Europe, AES Horizons, Cinergy Global Power, E.ON Energy, NRG Energy, Vattenfall, Union Fenosa, Fortum Power & Heat, ELYO, EnBW International, Iberdrola and TNG Holding, Deputy Finance Minister Vytenis Junevicius told BNS. Lithuania has announced plans to sell two electricity distribution network operators and two thermal power facilities after Lietuvos Energija`s restructuring. The government is likely to offer at least 51 percent of shares in the spin-off companies to strategic investors. =========== N O R W A Y =========== AKER FONDS: Unknown Investor to Guarantee Debts ------------------------------------------------- A petition for winding up Aker Fonds, the Norwegian investment consultancy, was withdrawn. An unknown investor has agreed to guarantee large parts of debts of NKr10.7m owed to SCH Active Investments, the Swedish investment company. SCH decided to withdraw its petition, seven minutes after a legal hearing was supposed to start in Oslo. SCH was claiming outstanding income after Aker Fonds sold shares in Daltek, the Swedish IT consultancy, on behalf of SCH. Despite the guarantee presented by Birger Nilsen, lawyer for SCH, Tarjei Stensaasen, the lawyer for Aker Fonds, claimed the information was unknown to him and a game by one of the many parties involved. After SCH withdrew the petition, the court of probate and bankruptcy dismissed the case. The petition was the third within three months, Dagens Naeringsliv & World Reporter noted yesterday. ============= R O M A N I A ============= TAROM: Loss-Making State Airline Sell-Off May Start Next Month -------------------------------------------------------------- Reuters noted earlier this week that a senior Romanian official said the sell-off of loss-making state airline Tarom may get under way next month, but analysts said the move could be ill- timed. "We may announce the potential clients for Tarom by next month. Our advisers have done their job and the government has approved the privatization strategy," a cabinet official said. The Romanian office of ABN AMRO Bank, hired by the Transport Ministry as a consultant, announced last month that the ministry would sell up to 54.2 percent of Tarom "by means of a capital increase and/or sale of existing shares". It said Romanian nationals would own 51 percent of the shares, to preserve the airline's flag carrier status. "I'm confident that the deal will be successful," the cabinet official, who requested anonymity, told Reuters. "Tarom has big potential and we expect substantial revenues from its privatisation." But analysts said that strategic investors are likely to be scared off by Romania's precarious economic situation and uncertainties about general elections on November 26, which are likely to be won by the leftists. Tarom's privatization began in 1992 but has been marred by delays and red tape. Recent reports in the local media quoted Tarom General Manager Gheorghe Racaru as saying the airline was still in the red. He gave no figures for the size of the losses. Latest data show the airline employs 2,970 staff. The press has pointed to provisions that appear to give the Transport Ministry wide latitude in choosing potential partners and whether to continue talks. =========== R U S S I A =========== KANCHANARSKY GOK: Goes to Reorganization ----------------------------------------- Skrin Issuer reported yesterday that UGMK press-service has denied allegations about the bankruptcy of Kanchanarsky GOK "Vanadii". Press-media announced the bankruptcy. The company is under external management while the company reorganizes. The plan of external management is aimed at reducing costs and losses, and accumulating funds to settle accounts with creditors. MEDIA-MOST: Sberbank Seeks Early Repayment of Debts ---------------------------------------------------- The Media-MOST holding has received a notice from the Savings Bank of the Russian Federation (Sberbank) with a proposal to advise it of a decision about an early repayment of debts amounting to $51.4 million. Prime-Tass reports that according to the original timetable, the credit was to be repaid in 2003. The fourth-tranche internal loan bonds, which mature in May 2003, serve as a security for the credit. The amount of pledged securities at face value by far exceeds that of the credit and interest. Dmitry Ostalsky, chief of Media- MOST press service, said in a PRIME-TASS interview Sberbank might lose interest that would have been paid to it under the terms of the agreement. MEDIA MOST: European Holding Express Interest --------------------------------------------- The head of gas giant Gazprom, Rem Vyakhirev, said that a European media holding has shown interest in purchasing Media- MOST, Itar-Tass reported earlier this week. The chairman of the Gazprom board told TASS that Gazprom remains determined to purchase Media-MOST holding, which has debts to Gazprom and to resell it. He said the next installment of the debt is due to be repaid in spring. Vyakhirev said Gazprom chiefs prefer to sell the entire Media-MOST holding instead of splitting it into parts. MIR SPACE: Space Station Waits Russian Space Agency's Decision --------------------------------------------------------------- Reuters reported earlier this week a top Russian minister said that a council of designers had recommended downing the aging Mir space station in the Pacific Ocean. The national space authority still must make the final decision. "This decision was taken by chief designers several days ago," Deputy Prime Minister Ilya Klebanov told reporters accompanying President Vladimir Putin on a visit to India. "The final decision is still to be made by the Russian Space Agency." The corporation running Mir said the station risked crashing to earth if no funding was found for it quickly. Klebanov said he might be in a position to provide more details about the final decision within 10 days. Mir, he said, had outlived its scientific usefulness compared to the International Space Station, spearheaded by the United States. "In the past three years it has mainly been used as a testing ground for the International Space Station and we see no way to provide research programs for it," he said. "If the decision is made, Mir will be downed in a pre-arranged location in the Pacific Ocean, quite a safe place." ================================================ S L O V A K I A (S L O V A K R E P U B L I C) ================================================ VSZ: U.S. Steel Buys Troubled Steel Maker Stock Before Takeover ---------------------------------------------------------------- Reuters reports American steel mill U.S. Steel says it has bought between 13 and 14 percent in troubled Slovak steel maker VSZ ahead of its expected takeover of the Slovak firm's core business next week. On October 12, a general shareholders' meeting of VSZ will vote on whether to approve U.S. Steel's takeover of the mill's main steel making operations. U.S. Steel has offered an up-front payment of $60 million for VSZ's steel operations and has pledged to assume debts of $325 million, pay tax arrears and invest $700 million into the steel plant. It has also said it will pay VSZ shareholders $25-75 million by 2003. Last month, VSZ said Bank Austria held 23.15 percent in VSZ, while the state-owned oil pipeline administrator Transpetrol held another 21.24 percent and VSZ trade union-controlled Hutnik 10.63 percent. The three shareholders are expected to approve the takeover deal, along with U.S. Steel and several other smaller state-run stockowners. The takeover of VSZ's core activities, which are now held in the special purpose holding company Steel Kosice, has been discussed since VSZ failed to repay a $35 million syndicated loan in 1998, according to a Reuters report. ========= S P A I N ========= BOLIDEN APIRSA: Files for Suspension of Payments ------------------------------------------------- Market News Publishing reported earlier this week that Boliden Apirsa, S.L. (Apirsa), has decided not to complete the current phase of the mine plan for its Los Frailes mine - the mining out of pit 2, but cannot proceed with the next phase - the pushback for pit 3. In order to preserve assets, to pay creditors in an orderly manner and to ensure that operations at Los Frailes continues until the planned completion of pit 2 in October 2001, Apirsa has filed a court application for commencement of "suspension de pagos" proceedings (the equivalent of Canadian CCAA and United States Chapter 11 proceedings). Boliden is considering the effect of these actions on the carrying value of its investment in Apirsa. However, operations at Los Frailes will cease upon completion of pit 2. In that event, the revenues that Apirsa anticipates it will generate by completing pit 2, together with the "suspension de pagos" proceedings, should permit Apirsa to wind down operations at Los Frailes in an orderly manner, pay its creditors and reach appropriate agreements with its employees, suppliers and customers. Apirsa intends to fulfill all of its obligations to the Spanish governmental authorities with respect to environmental matters, including completing the decommissioning and final closure of the former tailings dam. The pit 3 pushback would require the expenditure of $26.3 million before any revenues are generated from mining pit 3. Apirsa does not have the financial resources to undertake such an expenditure, nor does it have the ability to borrow the required funds. Apirsa has been incurring significant operating losses at Los Frailes since operations recommenced in the second quarter of 1999, including an operating loss of $19.2 million during the first half of 2000. Consistent with its recently announced capital management program, Boliden has advised Apirsa that it is not prepared to make any further investments in Apirsa, including financing the pit 3 pushback. XFERA: Alba to Up Stake and Assume 35.6 Billion Pesetas Debt ------------------------------------------------------------- Reuters reported that Spanish financial holding company Corporacion Financiera Alba said it would acquire 7.1 percent of Xfera, a consortium that earlier this year won a UMTS mobile phone licence in Spain. Alba said it would buy the shares on offer in a capital increase by Xfera, which includes French conglomerate Vivendi and Finnish telecoms operator Sonera. The new stake would add to an indirect stake in Xfera that Alba holds through its shares in construction company ACS. In total, Alba said it would have 11 percent of Xfera. Alba said it would invest 30 billion pesetas ($158 million) in Xfera over the next three years and assume 35.6 billion pesetas worth of debt. Alba has agreed to swap its 2.7 percent stake in Airtel, a Spanish mobile company, which also won a Spanish Universal Mobile Telecommunications System licence this year -- for shares in British mobile giant Vodafone. =========================== U N I T E D K I N G D O M =========================== AIG HYPERION: Liquidation Proceedings -------------------------------------- Company Name: AIG Hyperion Euribor ABS Fund Plc Company No: IR Com. Business: Appointed on: 07/09/00 Type: Members Appointed by: Members Liquidators: Sean Power IPno: Address: 21 Marlborough Road Donnybrook City Postcode: Dublin 4 AMBIENT: Posts Interim Pre-Tax Loss of 5.09 Million Pounds ----------------------------------------------------------- The Times noted yesterday that electronic media company Ambient announced an interim pre-tax loss of 5.09 million pounds. There is no dividend. AYDON PROPERTIES: Liquidation Proceedings -------------------------------------- Company Name: Aydon Properties Ltd Company No: 2338628 Com. Business: Development/Sale Real Estate Appointed on: 07/09/00 Type: Members Appointed by: Members Liquidators: Malcolm E Fergusson IPno: 6766 David M Walker 3606 Firm Name: BKR Haines Watts Address: Park House Park Square West City Postcode: Leeds LS1 2PS BODDINGTON GROUP: Liquidation Proceedings ------------------------------------------ Company Name: Boddington Group Ltd -The Previous Name: Bodding Breweries Plc Company No: 22516 Com. Business: Management Activities/Holding Co Appointed on: 07/09/00 Type: Members Appointed by: Members Liquidators: D J Power IPno: 6006 C C MacMillan 6000 Firm Name: BDO Stoy Hayward Address: 3rd Floor Peter House St Peter's Square City Postcode: Manchester M1 5AB CORBRIDGE PROPERTIES: Liquidation Proceedings ---------------------------------------------- Company Name: Corbridge Properties Ltd Company No: 2873845 Com. Business: Property Development Appointed on: 07/09/00 Type: Members Appointed by: Members Liquidators: Malcolm E Fergusson IPno: 6766 David M Walker 3606 Firm Name: BKR Haines Watts Address: Park House Park Square West City Postcode: Leeds LS1 2PS DAEWOO UK: Borrows 1.5 Million Pounds to Pay Wages --------------------------------------------------- The Times reports Daewoo, the troubled Korean carmaker, was forced to borrow 1.5 million pounds from one of its associate companies to pay wages at its research and development arm in Worthing, West Sussex. The company is today holding a meeting with creditors to try to secure funds to pay back the loan, made by one of its European car dealership firms, and to ensure the wages bill for October is met. Some 500 staff at Worthing have waited a week for their September salaries. The group said it would meet out-of-pocket expenses but gave no indication as to how it would finance the move. EQUIPEVER LTD: Liquidation Proceedings --------------------------------------- Company Name: Equipever Ltd Company No: 2957898 Com. Business: Non-Trading Appointed on: 07/09/00 Type: Members Appointed by: Members Liquidators: H C Brunt IPno: 5592 Firm Name: HLB Kidsons Address: Bank House 8 Cherry Street City Postcode: Birmingham B2 5AD FASTRACK: Interim Results Show a Loss of 1.64 Million Pounds ------------------------------------------------------------- Fastrack, the overnight parcels delivery service, reports interim results to June show a loss of 1.64 million pounds, more than analysts were expecting for the full year, Citywire noted yesterday. Chairman Andy Ducker said that while sales were up 4.6 percent, costs soared 11.5 percent. Fastrack has made a loss in four of the past five years and the deficit at this stage last time was 669,000 pounds. Ducker called the latest setback 'disappointing,' especially for those who took part in a chunky 20-for-39 rights issue at 8.5p in June. The issue was taken up for 65 percent of the shares on offer. Ducker pointed to high fixed costs that had to be carried by a network running well below capacity. Sales in July and August continued to be below expectations and a recovery in early September was stalled by the fuel crisis. 'These factors have put considerable pressure on the group's cash resources,' he added. G R MCWILLIAM: Liquidation Proceedings --------------------------------------- Company Name: G R McWilliam Ltd Company No: SC Appointed on: 07/09/00 Type: Creditors Appointed by: Creditors Liquidators: T M Burton IPno: 8224 Firm Name: Ernst & Young Address: George House 50 George Square City Postcode: Glasgow G2 1RR MARINE TRADE: Liquidation Proceedings -------------------------------------- Company Name: Marine Trade Publications Ltd Company No: 3834299 Com. Business: Publishing Appointed on: 07/09/00 Type: Creditors Appointed by: Creditors and Members Liquidators: David J Stringer IPno: 6535 Firm Name: Stringer & Co Address: 5 Bassett Wood Drive City Postcode: Southampton SO16 3PT NXT: Reports Full-Year Pre-Tax Losses of 20.01 Million Pounds -------------------------------------------------------------- Electronic equipment company NXT reported full-year pre-tax losses of 20.01 million pounds. There is no dividend, The Times reported. NXT: Audio Equipment Firm Posts Year Loss ----------------------------------------- Reuters noted yesterday that British audio equipment firm NXT Plc reported a small rise in full-year operating loss. The company made an operating loss of 11.53 million pounds for the year to June 30 on turnover of 12.98 million, including discontinued operations. "The risks that I have previously highlighted relating to NXT as an IP-based high technology business will always be with us, but with the accelerated advancement of our technologies I view the company's prospects with increasing confidence," Chairman Farad Azima said in a statement. NEICO INVESTMENT: Liquidation Proceedings ------------------------------------------ Company Name: Neico Investment Ltd Company No: IR Appointed on: 07/09/00 Type: Members Appointed by: Members Liquidators: Paul Venn IPno: Address: Route des Landes Vale City Postcode: Guernsey GY3 5JJ POWERNET TELECOM: Telecom Runs Out of Cash ------------------------------------------ Powernet Telecom, a Manchester-based telecommunications provider, has called in administrators after running out of cash to pay its 90 staff, The Daily Telegraph reported earlier this week. The administrators, Arthur Andersen, said they would maintain "the business for sale as a going concern". Simon Allport, one of the administrators, said: "Powernet Telecom has been unsuccessful in raising the new finances it had been seeking to support its operations." The company was led by chief executive Ian Carey, who was disqualified as a director in May 1999 in relation to another company, Call Free Directories, partly because that company had not paid all its taxes. It is understood Mr Carey successfully obtained a dispensation to continue acting as a Powernet Telecom director. Powernet Telecom acted as a reseller of mobile phones and an Internet service provider. It also advertised for people to act as "distributors" to market its Internet service. In return, they were offered a share of call revenues generated by those they had recruited. Powernet Telecom executives could not be reached for comment. RJB MINING: Coal Miner Lifted on Hopes of Imminent Bid ------------------------------------------------------ Reuters has noted that shares in Britain's biggest coal miner, RJB Mining Plc, closed nearly 14 percent higher as hopes rose again of an imminent bid from U.S. conglomerate Renco. The loss- making coal miner closed 7-1/2 pence up at 62p as industry sources confirmed that an agreed deal between both parties could come as early as within a fortnight. Sources told Reuters that both Renco and RJB have recently completed due diligence and the meetings have been up to the satisfaction of both parties. Industry observers expected privately-owned Renco to offer around 75 pence per share for RJB, which bought the bulk of Britain's coal mines at privatization in 1994. At this price, RJB would be valued at around 109 million pounds ($159 million). RJB, which declined to comment, had announced a loss of 10.2 million pounds for the first half of the year despite firmer coal prices, and in August it said it was in talks with an unnamed bidder. The European Commission is still considering whether to approve a 75 million pound subsidy from the British government intended to save 3,000 jobs at two of RJB's collieries. In the meantime, RJB has to shoulder the cost of keeping open the Ellington pit -- the last in northeast England and Clipstone in Nottinghamshire, central England. Sources said that both parties have sought unofficial blessing from UK authorities on continuation of subsidies and smooth transfer of mining licenses. They said Renco would continue to honor all mining contracts. RTS NETWORKS: Posts Maiden Pre-Tax Loss of 4.98 Million Pounds --------------------------------------------------------------- The Times noted yesterday that Internet technology company RTS NetWorks Group reported maiden pre-tax losses for the seven months to June 30 of 4.98 million pounds. There is no dividend. REYNOLDS IND: Liquidation Proceedings -------------------------------------- Company Name: Reynolds Ind & Commercial Roofing Ltd Company No: IR Appointed on: 07/09/00 Type: Members Appointed by: Creditors Liquidators: Edward Walsh IPno: Firm Name: Edward Walsh & Co Address: 10 Taney Crescent City Postcode: Dublin 14 WEATHERLEY LTD: Liquidation Proceedings ---------------------------------------- Company Name: Weatherley Ltd Company No: IR Appointed on: 07/09/00 Type: Members Appointed by: Members Liquidators: William G O'Riordan IPno: 5981 Firm Name: PricewaterhouseCoopers Address: Wilton Place 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 * * *