/raid1/www/Hosts/bankrupt/TCREUR_Public/020610.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, June 10, 2002, Vol. 3, No. 113

                             Headlines

* F R A N C E *

ACE INDUSTRY: Strasbourg Court Orders Liquidation, Says Report
GENSET SA: Announces Change in Management Team

* G E R M A N Y *

GERLING KONZERN: Reinsurance Partner Hard to Find, Say Observers
HERLITZ AG: To End Insolvency in Mid-July With EUR80 MM Debt-Load
INTERSHOP COMMUNICATIONS: Stockholders Ratify Management Strategy
KIRCHGRUPPE: Court Extends Right to 40% Axel Stake Until August
KIRCHMEDIA: Post-Insolvency Firm to Focus on Trading, Free-TV
KPNQWEST NV: German Affiliate Seeks Protection From Creditors
MOBILCOM AG: CEO Makes Payment on Controversial Deal With Wife
MUHL PRODUCT: Moving from Neuer Market to Deutsche Borse
TELESENSKSCL AG: Hints Insolvency Looms, But Will Not Cut Jobs

* N E T H E R L A N D S *

KPNQWEST NV: Management Buy-Outs Seen for Five Subsidiaries
KPNQWEST NV: Staff at Critical Belgium Unit Refuse to Leave Post
KPNQWEST NV: Lehman Brothers Wants Eastern European Properties
KPNQWEST NV: Trustees, Clients & Suppliers Preserve Network
UNITED PAN-EUROPE: Senior Noteholders Agree to Waive Defaults

* P O L A N D *

ELEKTRIM SA: Arbital Tribunal Will Resolve DeTe Mobil Dispute
NETIA HOLDINGS: Netia Telekom Creditors to Meet & Vote on June 24

* R U S S I A *

SIBUR: Seeking Nod on Plans to Get Loan & Tinker with Capital

* S W E D E N *

SONG NETWORKS: Scandic Hotels Signs SEK 30MM Data Comm. Agreement

* S W I T Z E R L A N D *

ABB LTD: Wins US$26 Million Contract in South Africa
ABB LTD: Secures US$115MM Contract in Mexico
ABB LTD: ABB Releases Annual Sustainability Report

* U N I T E D   K I N G D O M *

BIOCOMPATIBLES INTERNATIONAL: AGM & Board Changes Set for June 27
KINGFISHER PLC: Shareholders to Rally Behind Castorama Takeover
MARCONI PLC: Supplies Radio System to Russian Transport Operator
PORTAL COMPANY: Members Vote to Commence Voluntary Liquidation
THUS PLC: Top Executives Get Maximum Bonus Despite Share Slide


===========
F R A N C E
===========


ACE INDUSTRY: Strasbourg Court Orders Liquidation, Says Report
--------------------------------------------------------------
ACE Industry, formerly known as Information Reality, was ordered
liquidated on last Monday by the Court of Bankruptcy in
Strasbourg, says AFX News.

The commercial court also appointed Me Fabienne Jenner, who was
charged with the fate of the company's four subsidiaries: CGV,
Info Techlog, Soleos and Info Industry.

According to the report, the company had been under "legal
rectification" since December, before the court ordered the
liquidation.  Alsatian company Electronic Woerth reportedly owns
the insolvent firm, which subcontracts electronic components.

The liquidator's plan for the company is still murky.  The report
says Mr. Jenner have already accepted the plan of Soleos to keep
60 of its 150 workers in SAS Future Telecom.  This particular
subsidiary operates as an alternative telecom in 10 French
cities.

As for CGV, which offers cable services, the capital was turned
over to former director Toni Fasciglione and to the Eurocapital,
the report says.  This unit employs 60 workers in Strasbourg.

Techlog Information, on the other hand, is now owned by a private
individual, the report says.  This subsidiary employs 350 workers
in Toulouse.  The report did not state the line of business of
this unit.

Meanwhile, more than a hundred workers employed at the company's
Gundershoffen unit staged Wednesday last week a protest rally in
front of the council of the prud' men of Haguenau to denounce
"the deficiency of social plan" before their dismissal and to
claim damages, a trade union source told AFX News.


GENSET SA: Announces Change in Management Team
----------------------------------------------
Genset S.A., has made several changes in its management team:

      * Hiroaki Tanaka, Ph.D., has been appointed Vice-President
        of Bioinformatics, replacing Robert Abarbanel, M.D.,
        Ph.D., Chief Information Officer & Chief Technology
        Officer. He will be leading the team of around 70
        specialists supporting Genset's R&D activities.

      * Hiroaki Tanaka joined Genset in France in 1995. Since
        1998, he has been in charge of the bioinformatics group
        that has been at the forefront of the development of
        numerous high performance applications that are Thursday
        essential tools in genetic analysis.

      * Hiroaki Tanaka is a graduate of Ecole Polytechnique
        (Palaiseau, France) and a recipient of a Ph.D. degree in
        Fundamental Pharmacology from the University of Paris XI.

      * John Lucas, Ph.D., has been appointed Vice President,
        Intellectual Property. John Lucas joined Genset in March
        2000 as a patent attorney in the Intellectual Property
        Department. In November 2000 he was promoted to Director,
        Worldwide Intellectual Property.  Prior to joining Genset,
        Mr. Lucas worked as a patent agent with Human Genome
        Sciences, and was a patent examiner with the U.S. Patent
        and Trademark Office in Washington, D.C. John Lucas
        received his law degree (J.D.) from George Washington
        University (Washington, D.C.) and his Ph.D. degree in
        molecular genetics from Ohio State University.  He was
        also a post-doctoral fellow at the National Institutes of
        Health, National Cancer Institute in Bethesda, MD.

      * Denis Ravel, Ph.D., Director of Pharmaceutical Development
        of Genset, has been appointed Head of the San Diego
        Research Center, replacing John Ford, Ph.D., Vice
        President of Biopharmaceuticals. He will be leading the
        scientific team developing Famoxin and other candidate
        drugs in the field of metabolic diseases.  Prior to
        joining Genset in March 2001, Denis Ravel was Head of the
        Metabolism Department of the privately held, French
        pharmaceutical company, Servier, where he spent nearly 15
        years working on the screening and development of several
        new anti-diabetic and anti-obesity agents.

      * Malcolm Bates, Ph.D., has been appointed General Counsel
        replacing Jonathan Burnham, who is returning to Canada. He
        joined the Company in June 2001 as Legal Director. From
        1993 to 2001, he worked in private practice in London
        specializing in the biotechnology and pharmaceutical
        sectors, most recently with the law firm of Taylor Joynson
        Garrett.  His practice included mergers and acquisitions,
        IPOs, commercial agreements, patent licensing and patent
        litigation.  A Solicitor of England and Wales, he received
        a B.Sc. degree from the University of Durham and a Ph.D.
        degree in molecular biology from Imperial College of
        Science and Technology University of London.

Marc Vasseur is Genset's newly appointed Chairman and CEO.  He
said: "We believe that the transition to the new team will be a
smooth one as a result of the internal promotion of key personnel
who have an in-depth knowledge of the Company, its team and its
programs. It is my distinct pleasure to welcome Hiroaki, John,
Denis and Malcolm to our management team. All of them have
extensive experience and valuable expertise in their respective
fields. I am pleased to have such a solid and dedicated team."

Genset is a genomics-based biotechnology company focused on
generating a pipeline of drug targets and drug candidates in the
areas of CNS and metabolic disorders. Genset has successfully
used its integrated technology platform and association studies
approach to identify and characterize drug targets and drug
response markers in the fields of CNS, metabolic and other
diseases.

Building upon the expertise accumulated in various alliances with
pharmaceutical partners and its portfolio of genomic patents,
Genset discovers and validates novel drug targets and candidates
for its own account.

Its teams have already discovered and launched the development of
a lead protein candidate in the metabolism field named Famoxin,
and are continuing their research with a view to discovering and
developing other drugs.

Genset's news releases are available on the Company's Web site at
http://www.genxy.com GENSET is listed on the Paris Bourse and on
the NASDAQ.



=============
G E R M A N Y
=============


GERLING KONZERN: Reinsurance Partner Hard to Find, Say Observers
----------------------------------------------------------------
Insurance group Gerling, the fifth largest in Germany, will not
let go of its losing reinsurance arm Gerling Konzern Globale
Ruckversicherungs AG no matter what.

Speaking at the group's results conference recently, CEO Heinrich
Focke vowed to make the unit profitable again, but with the help
of another investor.

"We are seeking a strategic partner for our reinsurance
business," German daily Handelsblatt quoted Mr. Focke as saying.

The chief says the investor will be offered a minority stake in
the unit in exchange for his cash.  In addition, the partner will
also be given the opportunity to do business with it.

Industry observers believe, however, that the search would be
difficult.  They say unless potential investors are offered a
controlling stake, the company can't expect any takers.  In
addition, there's also a growing perception that Deutsche Bank
and Rolf Gerling, the main shareholders, are in disagreement as
to what to do with the unit.

Reports have surfaced that Mr. Gerling is not willing, under any
circumstances, to consider dismantling the group, while the bank
has been saying that it is open to any options.  Mr. Gerling owns
65.5% of the unit, while Deutsche Bank holds the rest.

The reinsurance unit absorbed losses of EUR583 million, due to a
spate of claims related to the September 11 terrorist attacks on
the U.S.  This caused the group to incur losses of EUR563 million
compared with a profit of EUR169 million in 2000.

The bank and Mr. Gerling injected EUR700 million into the unit to
prevent the aggravation of its already severe financial
difficulties.

Time is ticking and the pressure is on for the group to find the
new partner for the reinsurance business.  According to the
report, the subsidiary is in danger of losing clients and skilled
personnel if the uncertainty of its future continues.

"[In addition], contracts between primary insurers and reinsurers
come up for renewal in early autumn, and without a new source of
capital, the company won't be in a position to take on the kind
of volume of new business that it would like, and thus it won't
be able to take optimum advantage of the strong rise in
reinsurance premiums," the paper said.


HERLITZ AG: To End Insolvency in Mid-July With EUR80 MM Debt-Load
-----------------------------------------------------------------
Stationery producer Herlitz AG will exit from insolvency as early
as mid-July, as creditors are reportedly amenable to the recovery
plan prepared by its insolvency administrator.

According to Borsen-Zeitung, creditor banks will waive roughly
EUR40 million of loans and will takeover "superfluous properties"
of the company.  The paper says remaining debts will total about
EUR80 million when the firm leaves the court.

Troubled Company Reporter-Europe said recently that Herlitz'
debts amount to EUR400 million, of which EUR300 million is
owed to a banking consortium led by Bayerische Hypo-und
Vereinsbank.

The company expects to turn in a profit this year, largely due to
cost-savings, which will partly be the result of the court's
decision to relieve the company of wage and interest payments for
two months.  The company targets a turnover of EUR411 million,
the report says.

Herlitz reported losses of roughly EUR52 million in 2001 and
filed for bankruptcy on April 2 before the district court in
Charlottenburg.  Peter Leonhardt of the law firm Leonhardt &
Partner is handling the company's insolvency procedure.

The company included in its petition subsidiary, Herlitz PBS.
Herlitz FOP in the brandenburgischen Peitz, which employs
approximately 750 workers, and its Czech subsidiary were not
affected by the parent's insolvency.

Banks granted the company EUR15 million in emergency loan after
submitting its petition.


INTERSHOP COMMUNICATIONS: Stockholders Ratify Management Strategy
-----------------------------------------------------------------
Stockholders of Intershop Communications AG, a leading provider
of e-commerce software for enterprises, voted Thursday strongly
in favor of the resolutions presented by the Executive Management
Board and the Supervisory Board.

Stephan Schambach, Chief Executive Officer, highlighted the
strategic measures Intershop has implemented: "In order to return
the Company to profitability, Intershop began 2002 with the
implementation of key strategic initiatives, including a new
management team, a simplified Company structure, an expanded
product portfolio, a global enterprise sales program, and -- as
previously announced -- the realignment of our cost structure and
the size of our workforce with expected business activity."

The core resolutions approved at Intershop's fourth annual
stockholders' meeting since its initial public offering in 1998
included formally approving the actions of the members of the
Executive Management Board (Vorstand) and the Supervisory Board
(Aufsichtsrat), electing the members of the Supervisory Board,
authorizing the transfer of domicile from Hamburg, Germany, to
Jena, Germany, adjusting authorized capitals I and II, and
extending the authorization to purchase or sell the Company's own
stock.

All resolutions were accepted by at least 98% of the capital
represented at the meeting.

Approximately 500 stockholders attended the annual stockholders'
meeting held at the CCH convention center in Hamburg, Germany.
About 28% of common stock was represented at the meeting.

Parts of the meeting were broadcast live on the Internet in
German and English, and a replay of the meeting will be available
at http://www.intershop.comfor the next four weeks.

Intershop Communications AG is a leading provider of e-commerce
solutions for enterprises who want to automate marketing,
procurement and sales using Internet technology.

The Intershop Enfinity e-commerce platform, combined with proven,
flexible industry and cross-industry solutions, enables companies
to manage multiple business units from a single e-commerce
platform, optimize their business relationships, improve business
efficiencies and cut costs to increase profit margins.

By streamlining business processes, companies get higher return
on investment (ROI) at a lower total cost of ownership (TCO),
increasing the lifetime value of customers and partners.
Intershop has more than 2,000 customers worldwide in retail,
high-tech and manufacturing, media, telecommunications and
financial services.

More information about Intershop can be found on the Web at
http://www.intershop.com

Contact Information:

Klaus F. Gruendel
Investor Relations
Intershop Communications AG
Telephone: +49-40-23709-128,
Fax: +49-40-23709-111
Email: k.gruendel@intershop.com


KIRCHGRUPPE: Court Extends Right to 40% Axel Stake Until August
---------------------------------------------------------------
A regional court in Munich has reportedly ruled that
KirchGruppe's 40% stake in Axel Springer can't be touched by
Deutsche Bank until August 30, says Handelsblatt.

The bank, which holds the stake as collateral to secure repayment
of a EUR720 million loan, wants to auction the stake in the open
market.  The German media giant failed to repay the Deutsche loan
even after a 30-day waiver.

The court reportedly ruled that Kirch can no longer challenge the
bank's ownership of the stake, but must wait until August 30 to
enforce its remedies as a secured creditor.

According to Handlesblatt, the so-called Formula One banks --
Bayerische Landesbank, Lehman Brothers and JP Morgan Chase --
have already blessed Deutsche Bank's bidding process.  These
three banks hold a secondary lien on the stake by virtue of a
EUR1.6 billion loan, which Kirch used to acquire its 58% stake in
SLEC, the holding company of the Formula One racing tournament.
This secondary lien means that they could veto any action by
Deutsche Bank to dispose of the collateral.

Analysts say the 40% stake in Europe's most profitable publisher
could fetch as much EUR800 million in the marketplace.


KIRCHMEDIA: Post-Insolvency Firm to Focus on Trading, Free-TV
-------------------------------------------------------------
The KirchMedia that will emerge from insolvency will be 40%
leaner, according to Handelsblatt, which was apprised last week
by a source privy to the plan being considered by the firm's
administrators.

The German daily says some 66% of the old KirchMedia will be
ceded to a new entity that will focus on its core operations of
film rights trading and its majority stake in listed TV network
ProSiebenSat.1, Germany's largest free-TV group.

NDF Neue Deutsche, production firm PlazamediaFilmgesellschaft and
sport channel DSF have been identified as initial candidates for
disposal.  Decisions about which assets to retain in the
restructured group will depend on the units' capacity to generate
revenues, the report says.

There's also a proposal to create a separate company that will
handle KirchMedia's sports rights trading activities, the area in
which the group had been most expansive in its last months before
insolvency.  Advisers are accordingly thinking of paring down the
sports rights business to the profitable big events such as the
soccer World Cup or the Olympic games.

UBS Warburg, hired to find a buyer for the rescued company or
companies, has reportedly received 55 offers.  They reportedly
include big Hollywood studios, financial investors and European
media groups.  The selection process is set to get underway at
the end of June, the paper says.

The paper says a major obstacle to an agreement will likely be
the valuation of KirchMedia's film library, Europe's largest.  In
its last available balance sheet, the company valued the asset
EUR3 billion.  It is expected that buyers would try to cut this
amount substantially.

"If the library fails to fetch a good price, it will come as a
blow to KirchMedia's creditor-banks, since the group used the
library as collateral against its loans," Handelsblatt said.

Top honchos Wolfgang van Betteray and Hans-Joachim Ziems, and
insolvency administrator Michael Jaffe are expected to make the
plan public in two weeks, when formal insolvency proceedings will
begin.


KPNQWEST NV: German Affiliate Seeks Protection From Creditors
-------------------------------------------------------------
The collapse of KPNQwest's European network is accelerating.  Its
Germany subsidiary sought creditor protection late last week from
a court in Darmstadt, says Frankfurter Allgemeine Zeitung.

Ulrich Bert was appointed interim administrator of the unit that
employs 145 staff.  It is expected to continue business
operations.  At December 2000, the company listed "long-lived"
assets of EUR388 million for the German unit.  It also generated
revenues of EUR35 million from the unit during said fiscal year.

According to the company's Web site, its German unit consists of
three interconnected sub-rings totaling 3,400 kilometers in
length and connects over sixteen cities throughout Germany.

The three sub-rings achieve sufficient coverage and availability
on the route between Amsterdam and Munich.  Sub-ring A connects
Hamburg, Bremen, Hanover, Magdeburg and Berlin.  The segment
between Hanover and Magdeburg is shared with sub-ring B.

Sub-ring B connects Hanover, Dusseldorf, Cologne, Bonn,
Frankfurt, Nurnberg, Leipzig and Magdeburg. The Hanover/Magdeburg
segment is shared with sub-ring A. The Frankfurt/Nurnberg segment
is shared with sub-ring C. The Dusseldorf/Frankfurt segment is
shared with EuroRing 1.

Sub-ring C connects Mannheim, Karlsruhe, Strasbourg in France,
Stuttgart and Munich. The Frankfurt/Nurnberg segment is shared
with sub-ring B and the segment Frankfurt/Strasbourg is shared
with EuroRing 1.


MOBILCOM AG: CEO Makes Payment on Controversial Deal With Wife
--------------------------------------------------------------
MobilCom CEO Gerhard Schmid was reportedly able to make the
EUR68.4 million obligation of the company to his wife in an
infamous deal that the supervisory board recently labeled as
unethical.

According Suddeutsche Zeitung, the deadline lapsed last week.  A
special independent audit commissioned by the board and conducted
by BDO found that Mr. Schmid had failed to inform his chief
financial officer about the transaction, acted without due care
and overpaid for the stock.

The investigation, which looked into Mr. Schmid's decision to buy
an option on the 3.6 million shares held by his wife's company,
also concluded that the payment of EUR68 million was made before
there was a proper contract for the deal.

MobilCom's woes do not revolve around this controversy, though.
The company must find EUR4.7 billion between now and July to pay
its creditor banks.  France Telecom, which has been at odds with
the chief over investment strategy, said it will only pitch in
money if Mr. Schmid resigns.

The company will be forced into insolvency if it fails to meet
this bank-debt, the report says.


MUHL PRODUCT: Moving from Neuer Market to Deutsche Borse
--------------------------------------------------------
Effective at the next possible opportunity, Muhl AG will switch
from the Neuer Markt to the second-segment of the three statutory
market segments of the Deutsche Borse AG.  The board of directors
has made the necessary application for this change.

According to the Troubled Company Reporter - Europe, German
building service provider filed for insolvency in Erfurt on March
28 after defaulting on an interest payment.  Creditors,
reportedly, are owed EUR250.  EUR50 million of that is owed to a
consortium of German banks led by Bayerische Landesbank
Girozentrale and WestLB under a syndicated three-year Revolving
Credit Agreement dated February 13, 2001.

The company operates in Eastern Germany serving approximately
100,000 clients. It booked EUR700 million in sales revenue last
year.


TELESENSKSCL AG: Hints Insolvency Looms, But Will Not Cut Jobs
--------------------------------------------------------------
No layoff will be implemented should TelesensKSCL AG be forced
into bankruptcy, Corporate Relations Manager Sandra Wagner told
The Scotsman last week.

"The operational business is running as usual to guarantee
income. . . .  Insolvency proceedings would only affect the
holding company, and won't affect the subsidiaries in Scotland
and Moscow," she told the paper.

The company, headquartered in Cologne, Germany, is inching closer
to insolvency after the Royal Bank of Scotland prevented Scottish
subsidiary TelesensKSCL Ltd. from transferring money to the
parent company.  In a letter dated May 31, the bank said Scottish
subsidiaries had insufficient loan securities in favor of the
bank; hence the money transfer was prejudicial.  The lender is a
former shareholder and a long-term banker of the company.

TelesensKSCL, a telephone-billing firm, was formed two years ago
when Germany's Telesens paid GBP135 million to takeover
Edinburgh-based KSCL.  At the time, the company cut 360 jobs from
its group workforce of 1,100. Around 90 people were made
redundant in Edinburgh.

The company currently employs 360 workers at Edinburgh Park.  Ms.
Wagner says "[n]obody is speaking of job losses" at the moment.

TelesensKSCL warned last week that it did not have sufficient
funds to cover its liabilities, and its board was taking all
available measures to avoid insolvency proceedings.

In March, the company lowered its projected revenue target for
the year from EUR85 million to EUR75 million.  Last month, the
company announced that it had sold its Billing Components
activities to senior staff through a management buyout.  The
effectivity of the deal was antedated to January 1, 2002.  The
company received an initial EUR1.25 million out of the sale and
will further participate in a positive trading-volume with
Billing Components software.

With the sale of the Billing Components unit and as part of the
overall restructuring plan, TelesensKSCL said then that it will
focus on its core-competence, namely, the development and
implementation of billing solutions for tier 1 and tier 2
telecommunication companies.

Shares of the company were delisted Friday from the Neuer Markt
and will start trading at the Regulated Market today.



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N E T H E R L A N D S
=====================


KPNQWEST NV: Management Buy-Outs Seen for Five Subsidiaries
-----------------------------------------------------------
KPNQwest subsidiaries in Portugal, Italy, Finland, Austria and
Estonia will likely be sold to their respective management teams
in the coming days, a source told the Financial Times late last
week.

With the exception of Sweden, which has ruled out a management
buyout, management of the five affiliates are considering keeping
the company as a going concern and transforming them into
Internet service providers.

"You will begin to see some rapid management buy-outs. . . .
Many of those businesses are still solvent," the unnamed source
told the paper in an interview.

The paper says these units will either use the parent's 25,000-km
network after the sale or will use services from other operators
to remain in business.

Meanwhile, the paper has learned that Royal KPN NV, the erstwhile
parent and founder of KPNQwest, is spending EUR500,000 a day to
keep the latter's network up in the wake of its bankruptcy.
Royal KPN apparently owes KPNQwest money.  The exact amount is
unknown, but one press report quotes a Royal KPN spokes person
saying the amount is much less than EUR23 million.

Royal KPN committed short-term financing so that the network will
continue operating, while customers look for alternative data
carriers.


KPNQWEST NV: Staff at Critical Belgium Unit Refuse to Leave Post
----------------------------------------------------------------
More than 300 staff members previously working at the Belgium
operations center of KPNQwest have blockaded themselves in and
stocked up provisions for who knows how long, the Telegraph
reports.

These workers, who were fired by administrators after the company
filed for bankruptcy two weeks ago, say they are working unpaid
shifts to prevent a likely Web catastrophe.  They maintain that
if unmanned, the center in Hoeilaart, south east of Brussels will
quickly degrade, causing serious problems to the company's
100,000 business customers.

"If we leave, then in three to five days there will be the
largest Internet slowdown in European history.  The Ebone network
failing would be like four lanes of the M25 being closed," Graham
Kinsey, who previously worked at the center, told the Telegraph

"The administrators have just driven off in their BMW M5s and
they are threatening to send in the police to force us to leave.
But the Belgian union officials have told us that if the police
come we should just lie on the floor, Greenpeace style, and they
will not intervene," Mr. Kinsey said.

Experts agree with the workers.  A degradation or collapse of the
Ebone and KPNQwest networks could cause serious Internet
problems, particularly at key bottlenecks.  Some have estimated
that these networks carry between one-third and one-half of
Internet traffic in Europe.  The company's infrastructure spans
25,000 km and 60 European cities.

The report says the firm's insolvency administrators, under
orders by creditor banks, are negotiating with potential buyers
for its "non-critical" assets.  They are also closing down
facilities to save money, especially after banks froze most of
its deposits.

At the moment, AT&T is the only one believed to be ready to
takeover the business.  Management has yet to update the news
outfits about progress in the talks.

Expected to suffer from a network collapse, if it happens, are
IBM, Microsoft, Cable & Wireless Cap Gemini, and Ernst & Young,
says the Telegraph.  Troubled Company Reporter-Europe have also
previously said that Nokia, Dell and Hewlett-Packard may also be
vulnerable.


KPNQWEST NV: Lehman Brothers Wants Eastern European Properties
--------------------------------------------------------------
Lehman Brothers Holdings Inc. is allegedly eyeing the eastern
European assets of KPNQwest, which was valued at EUR100 million
before the company filed for insolvency.

Citing The Wall Street Journal, AFX News said the potential buyer
has been closely watching the assets for weeks now.  Following
KPNQwest's bankruptcy filing, these properties are expected to
only fetch US$50 million.


KPNQWEST NV: Trustees, Clients & Suppliers Preserve Network
-----------------------------------------------------------
The Trustees of KPNQwest NV announced Thursday a plan to keep the
KPNQwest network operating in a groundbreaking alliance with its
customers and suppliers.

This plan is intended to provide sufficient time for customers,
if necessary, to move to alternate providers, while
simultaneously maximizing the proceeds from the sale of the
business as a going concern (in whole or in part).

The goal of the plan is to maintain the network through June, and
if possible and necessary, through July. The proposals rely on
the substantial support of all parties, including customers,
suppliers and employees.

In order to ensure that the network is operating during this
period, the Trustees are asking for all outstanding amounts due
from customers to be paid in full.

Should inadequate funding be received prior to commencement of
the plan at the close of business on Monday June 10, the network
will be shut down, and all payments received will be reimbursed
in full.

Customers who do not settle their accounts will have their
service terminated, since the company needs to focus on reducing
costs while continuing to provide services for the customers who
do participate in the plan.

By collecting these outstanding amounts due, the Trustees believe
that there will be sufficient liquidity to fund the operations of
the business throughout June and, if possible and necessary,
through July, provided suppliers continue their current support
for the company during this crucial period.


UNITED PAN-EUROPE: Senior Noteholders Agree to Waive Defaults
-------------------------------------------------------------
Further to the announcements on February 1, 2002, and March 4,
2002, regarding United Pan-Europe Communications N.V.'s (UPC)
proposed recapitalization, UPC confirmed on Friday, May 31, that
bank lenders and UnitedGlobalCom (UGC) have extended until June
17, 2002 the waivers of the defaults arising as a result of UPC's
decision not to make interest payments under its outstanding
Senior Notes.

The terms of the waivers are unchanged from those announced on
March 4, 2002.

The extension of the waiver period has been agreed in light of
the progress that has been made in the negotiations between UGC
and an ad-hoc committee representing the holders of UPC's
outstanding Senior Notes and Senior Discount Notes.

An announcement regarding the details of the recapitalisation
plan will be made upon agreement of the terms of such plan.

United Pan-Europe Communications N.V. is one of the leading
broadband communications and entertainment companies in Europe.
Through its broadband networks, UPC provides television, Internet
access, telephony and programming services.

UPC's shares are traded on Euronext Amsterdam Exchange (UPC) and
in the United States on the Over The Counter Bulletin Board
(UPCOY). UPC is majority owned by UnitedGlobalCom, Inc. (NASDAQ:
UCOMA).

For further information, visit http://www.upccorp.comor contact:

Claire Appleby
Director of Investor Relations
Telephone: + 44 (0) 207 647 8233
Email: ir@upccorp.com

Bert Holtkamp
Director of Corporate Communications
Telephone: + 31 (0) 20 778 9447/+ 31 (0) 655 38 0594
Email: corpcomms@upccorp.com

Richard Stables
Lazard Citigate
Telephone: + 44 (0) 20 7588 2721

Jim Millstein
Lazard Citigate
Telephone: + 1 212 632 6000

First Financial
Carina Hamaker
Telephone: + 31 (0) 20 575 40 10

Toby Moore
Citigate Dewe Rogerson
Telephone: + 44 (0) 20 7638 9571

Doug McRae
JP Morgan Chase
Telephone: + 1 415 371 4352

Andrea Salvato
JP Morgan Chase
Telephone: + 44 (0) 20 7325 6460



===========
P O L A N D
===========


ELEKTRIM SA: Arbital Tribunal Will Resolve DeTe Mobil Dispute
-------------------------------------------------------------
The Management Board of Elektrim S.A. was informed that on May
30, 2002, the Arbitral Tribunal in Vienna made a partial decision
in the arbitration proceeding of DeTe Mobil versus Elektrim S.A.
and Elektrim Telekomunikacja Sp. z o.o., file SCH- 4750, relating
to the transfer by Elektrim S.A. of shares in Polska Telefonia
Cyfrowa Sp. z o.o. to Elektrim Telekomunikacja Sp. z o.o.

In the decision, the Tribunal holds that:

1. The decision in respect of jurisdiction over Elektrim
    Telekomunikacja Sp. z o.o. is postponed until the decision on
    the merits;

2. It has jurisdiction over non-contractual claims raised by DeTe
    Mobil;

3. The decision on the costs of these proceedings will be made in
    the final award.

It is evident from the justification to the decision that the
Tribunal has rejected the arguments raised by DeTe Mobil that the
Tribunal has jurisdiction over Elektrim Telekomunikacja Sp. z
o.o. while it recognized it has jurisdiction over non-contractual
claims, in accordance with DeTe Mobil's position.



NETIA HOLDINGS: Netia Telekom Creditors to Meet & Vote on June 24
-----------------------------------------------------------------
Netia Holdings S.A., Poland's largest alternative fixed-line
telecommunications services provider, Thursday announced that the
Polish court has convened a Creditors' Meeting of Netia Telekom
S.A., one of its subsidiaries, to be held on June 24, 2002 in
Warsaw, for the purpose of voting on the approval of the
arrangement proceedings of Netia Telekom S.A.

As previously announced, arrangement proceedings were opened in
Poland for Netia Holdings S.A. and two of its subsidiaries, Netia
Telekom S.A. and Netia South Sp. z o.o., all in connection with
the Company's ongoing restructuring.

Contact Information:

Netia Holdings
Anna Kuchnio
Investor Relations
Telephone: +48-22-330-2061

Jeff Zelkowitz
Taylor Rafferty, London
Telephone: +44-(0)20-7936-0400

Andrew Saunders
Taylor Rafferty, New York
Telephone: 212-889-4350



===========
R U S S I A
===========


SIBUR: Seeking Nod on Plans to Get Loan & Tinker with Capital
-------------------------------------------------------------
SIBUR President Dmitry Mazepin announced last week that he will
ask creditors to allow the company to get external loans and be
able to work on the company's share capital before the
Arbitration Court of the Yamalo-Nenets Autonomous Area will
consider its receivership on July 4, 2002.

According to RosBusinessConsulting, the hearing next month is
related to the company's appeal on the move by creditors on April
15 to put the petrochemical group in receivership. The creditor
committee appointed Mikhail Fomenkov as the group's receiver.

Last month, Siber International Ltd. transferred its 24.8% stake
in Hungarian petrochemical firm BorsodChem Rt to Milford Holdings
Ltd., an Ireland-based acquisition unit of Russian energy giant
OAO Gazprom.

Citing Budapest Business Journal, TCR-Europe said the move was
believed to be part of SIBUR's plan to repay debts owed to
Gazprom, which instituted bankruptcy proceedings against it early
this year.

In a February report, TCR-Europe bared that SIBUR owes Gazprom
some US$800 million in loans and other debts. An examination of
the company's books following the insolvency petition showed it
had also incurred several unexpected obligations with other
firms.



===========
S W E D E N
===========


SONG NETWORKS: Scandic Hotels Signs SEK 30MM Data Comm. Agreement
-----------------------------------------------------------------
Song Networks AB, the Swedish subsidiary of Song Networks Holding
AB, has signed an agreement with Scandic Hotels regarding supply
of data communications. The value of the agreement is
approximately SEK 30 million over 3.5 years.

The solution covers 136 of Scandic Hotels' hotels and offices in
the Nordic and Baltic countries. The agreement is Song Networks'
largest agreement on data communications in Sweden.

Scandic Hotels, one of Song Network's major telephony customers,
has chosen to increase the collaboration by investing in a new
data network (WAN - Wide Area Network) which improves the
communication between the 136 hotels and offices covered by the
agreement.

One of the requirements of the procurement was that the supplier
had to be able to take on the overall commitment for data
communications. The solution which the hotel group has bought is
based on Song Networks' IP/VPN service, which is supplied via
Song's own Nordic broadband network and which provides the
customer with high capacity, availability and security in its
data communications.

The agreement includes an option to increase the number of
services, e.g. with SoHo Services (VPN with secure connection for
staff who wish to reach Scandic Hotels' network from home or
while traveling). The data network also supports other services
such as video-conferencing.

"Following evaluation and tests we found Song Networks' solution
to be the best for our needs. The solution is based on modern
technology, which also gives us the possibility of rapid
introduction of new services," says Finn Are Rosvoll, IT Manager
of Scandic Hotels AB.

"We are naturally very pleased and proud that Scandic Hotels is
choosing to increase its commitment to us. This once again shows
that the big investment we have made in our own backbone fibre
and access network in the Nordic countries is an investment which
has made it possible for us to meet the stringent requirements
which are now made of a datacom and telecom operator," says Peter
Lovgren, Managing Director of Song Networks AB.

Formerly Tele1 Europe, Song Networks is a rapidly expanding data
and telecommunications operator with activities in Sweden,
Denmark, Finland and Norway.

The Company provides comprehensive solutions for data, Internet,
hosting and voice, to businesses in the Nordic region. Song
Networks is currently the only pan Nordic operator investing in
local access networks with broadband capacity.

The Company has built local access networks in the largest cities
in the Nordic region. The access networks, which are linked by a
long-distance network is one of the fastest data and internet
super-highways in Europe, with an initial capacity for customers
of up to one gigabit.

The Company was founded in 1995 in Sweden and has approximately
1,000 employees. The head office is located in Stockholm and
there are an additional 34 offices located in the Nordic region.
For further information, please visit our website at
http://www.songnetworks.net

Scandic Hotels is the Nordic countries' leading hotel chain, with
141 hotels in 9 countries, and is owned by Hilton International.

Hilton International currently runs over 380 hotels in over 60
countries, and is part of the London-based Hilton Group plc,
which together with Hilton Hotels Corporation, based in Beverly
Hills, markets the Hilton brand, the world's best-known hotel
brand.

Together they offer over 2,400 hotels all over the world.
Further information can be found at http://www.hilton.comand
http://www.scandic-hotels.comor by contacting:

Peter Lovgren
Managing Director
Song Networks AB
Telephone: +46 8 5631 06 56
Mobile: +46 701 810 656
Email: peter.lovgren@songnetworks.se

Jenny Moquist
Investor Relation Manager
Song Networks Holding AB
Telephone: +46 8 5631 0219
Mobile: +46 701 810 219
Email: jenny.moquist@songnetworks.net

Finn Are Rosvoll
IT Manager
Scandic Hotels AB
Telephone: +46 8 517 352 14
Mobile: +46 709 735 214
Email: far@scandic-hotels.com



=====================
S W I T Z E R L A N D
=====================

ABB LTD: Wins US$26 Million Contract in South Africa
----------------------------------------------------
ABB -- http://www.abb.com-- the global power and automation
technology group, said Thursday it has won a US$26 million order
to supply electrical and control equipment for an aluminium
smelter in South Africa which is being expanded by the BHP
Billiton mining group.

"ABB was chosen for the contract because we are a leader in very
large high current rectifiers. With more than 80 years experience
and about 1,500 rectifiers all over the world, we have the
expertise to provide reliable and efficient service in short
delivery time, which is exactly what we'll give to Billiton,"
said Dinesh Paliwal, executive vice president and head of ABB's
Industries division.

The contract involves the design, manufacture, installation and
commissioning of the equipment, including a 132 kV gas-insulated
substation, a 330 kA transformer /rectifier group, harmonic
filtering units and the complete automation and control system.

Harmonics refers to a distortion of electrical current, which
may cause electrical equipment to overheat and even fail. A
rectifier is a device for converting AC voltage into DC voltage.

BHP Billiton's expansion of its smelter in Richard's Bay near
Durban will increase the output of aluminium from the plant by
130,000 tons per year. Work has commenced on site and the project
is scheduled for completion in October 2004.

ABB is a global leader in power and automation technologies that
enable utility and industry customers to improve performance
while lowering environmental impact. ABB has 152,000 employees in
more than 100 countries.


ABB LTD: Secures US$115MM Contract in Mexico
---------------------------------------------
ABB won a US$115 million contract from Mexico's national power
company, Comision Federal de Electricidad, to build a 242-
kilometer high-voltage power transmission system to strengthen
the connection between the country's largest hydroelectric plant
at Manuel Moreno and the national power grid.

According to the group's statement Thursday, this is the fourth
large transmission project ABB has been awarded in Mexico since
the end of 2000. "ABB's strong local presence and broad range of
capabilities in power transmission systems enable us to provide
CFE with the right solution delivered both rapidly and cost
effectively," said Richard Siudek, executive vice president and
head of ABB's Utilities division.

Working with Mexico-based consortium partner Techint, ABB will
construct the first 242 kilometers of overhead transmission line
between Manuel Moreno and the Juile substation, including
advanced fiber optic links and integrated control systems, and
will build a new substation at Cerro Del Oro.

The new transmission system is scheduled to start operations at
the end of 2003.

The contract is part of an overall US$ 269 million plan by CFE to
develop Mexico's electrical infrastructure to meet the country's
steadily increasing energy needs.

The plan involves building around 600 kilometers of 400-kilovolt
overhead transmission line to improve the link between the 1,500-
megawatt hydroelectric plant at Manuel Moreno, in the
southeastern state of Chiapas, and Tecali, close to the city of
Puebla, in the more heavily populated and industrialized central
region.


ABB LTD: ABB Releases Annual Sustainability Report
--------------------------------------------------
ABB, the global power and automation technology group, today
reported on its sustainability performance in 2001, using for the
first time the 'triple-bottom-line' approach to present its
economic, environmental and social achievements.

"Sustainability is at the heart of our business. With our power
and automation technology products and solutions, we help our
customers use less energy, cut their consumption of raw materials
and reduce waste," said ABB president and CEO Jorgen Centerman.
"Sustainability helps improve our competitiveness."

ABB is aiming to raise its sustainability performance in four
ways: by improving its economic achievements, extending its
Environmental Management Systems, implementing its new social
policy, and supporting electrification projects to promote
economic development.

The environmental management standard ISO 14001 has now been
implemented in 98 percent of ABB's 550 manufacturing and service
sites worldwide. Environmental Product Declarations, detailing
the eco-efficiency of ABB products and services, help customers
benchmark their environmental performance against competition.

ABB said it is well ahead of its target, set in 1999, to reduce
greenhouse gas emissions from its own activities by a rate of 1%
per year over five years.

In 2001, ABB launched its social policy, conducting 45
stakeholder dialogue sessions in 34 countries to test it and seek
ways to implement it and measure its performance.

ABB launched an "Access to Electricity" program in 2001, which
aims to provide sustainable electricity supplies to people in
remote areas.

During 2002, new group-wide guidelines for occupational health
and safety will be implemented at all ABB sites. The guidelines
include a "zero-target" policy for serious and fatal incidents,
as well as improved reporting procedures.

ABB continues to score well in sustainability indexes. ABB topped
its industry group in the Dow Jones Sustainability Index for the
third consecutive year in 2001, and is rated by the Tata
Electrical Research Institute among the top five corporate
environmental performers in India.

ABB also led the General Industrial category of the Business in
the Environment Index for the second year running.

The "triple bottom line" framework used in the ABB Sustainability
Report has been guided by the Global Reporting Initiative, an
organization funded by, among others, the United Nations and the
U.S. Environmental Protection Agency.



===========================
U N I T E D   K I N G D O M
===========================



BIOCOMPATIBLES INTERNATIONAL: AGM & Board Changes Set for June 27
-----------------------------------------------------------------
The Annual General Meeting of Biocompatibles International plc
will take place on June 27, 2002 at Dresdner Kleinwort
Wasserstein, 20 Fenchurch Street, London EC3P 3DB, the health
care product manufacturer announced Wednesday.

The notice regarding this meeting has now been sent out to
shareholders.

Professor William Bonfield and Michael Redmond have each
indicated their intention to retire as non-executive directors of
the Company with effect from the close of the 2002 Annual General
Meeting.  Professor William Bonfield will continue to provide
advice to the Company as Chairman of the Scientific Advisory
Panel.

"On behalf of Biocompatibles, I would like to express our
gratitude to Prof. Bonfield and Mr. Redmond for their service to
the Company," said Sir Richard Needham, Chairman of the Board.
"Their contributions over the years have been exceptionally
valuable to our business."

Biocompatibles International plc is focused on the application of
Phosphorylcholine (PC) Technology in medical devices and
biomaterials to improve patient quality of life.

Biocompatibles has synthesised PC, which occurs naturally in the
human cell membrane, and has incorporated it into a novel range
of polymers.

Patented PC TechnologyTM reduces the body's response to foreign
materials and has demonstrated potential as a carrier for
therapeutic agents.

PC Technology has been successfully commercialized in a broad
range of products, including the BiodivYsio(R) line of
cardiovascular stents which has been acquired by Abbott
Laboratories and the Proclear(R) family of soft contact lenses,
now owned by The Cooper Companies, Inc.  Biocompatibles' sales of
PC Technology products exceeded GBP40m in 2001.  Further
information is available at http://www.biocompatibles.co.uk.

For inquiries, contact:

Biocompatibles International plc
Crispin Simon, Chief Executive
Telephone: + 44 (0)1252 732 732

Financial Dynamics
David Yates
Melanie Toyne-Sewell
Telephone: + 44 (0) 20 7831 3113


KINGFISHER PLC: Shareholders to Rally Behind Castorama Takeover
---------------------------------------------------------------
Shareholders of Kingfisher were not expected Friday to block the
company's GBP3.2 billion hostile bid for partly owned French Do-
it-yourself retailer Castorama, said the Independent last week.

The paper said the takeover plan, which will be partly financed
by a GBP2 billion rights issue, was not expected to get
resistance during the shareholders meeting.

Success of the bid will depend on French merchant bank Rothschild
et Cie, which was appointed recently by a Paris court to
determine whether or not the EUR67-a-share offer of Kingfisher is
fair.

The bank's role is crucial to the outcome because of a 1998
agreement inked when Kingfisher bought 555 of Castorama. That
deal called for outside arbitration of any future offer
Kingfisher made for the remaining shares.  The bank's opinion is
due July 7, says the Independent.

A week before the release of the report, the company and
Castorama will be given advance copies and can comment on it.
They can also lobby Rothschild while it studies the fairness of
the offer.

Should the bank set a higher price, Kingfisher has three months
to decide either to increase its offer or walk away, says the
report.

Meanwhile, according to the same report, Castorama CEO Jean-
Hugues Loyez has intensified his attack on the bid, taking out
advertisements in French newspapers last week and criticizing the
inadequacy of the offer.

Kingfisher is being advised by Goldman Sachs Group Inc., along
with BNP Paribas SA, UBS Warburg, Credit Suisse First Boston and
Lazard Freres.  BNP Paribas, Deutsche Bank AG and UBS are
arranging the financing, says Bloomberg.

Castorama has hired Credit Lyonnais SA to work alongside Merrill
Lynch & Co. to advise on the bid, the news outfit adds.


MARCONI PLC: Supplies Radio System to Russian Transport Operator
----------------------------------------------------------------
SvyazTransneft Tlc, Russia's state-owned oil transportation
operator, will modernize its radio communications system with
Marconi's ELETTRA TETRA (TErrestrial Trunked RAdio) radio system.
The first of the communication links, supplied through Marconi's
Russian partner BERMOS, will be deployed along a 800 km stretch
of Transneft's new Baltic Pipeline System (BPS) from Primorsk to
Yoroslav, including a site in Saint Petersburg, and a second
order has recently been signed for the Samara region.

Svyaz Transneft has decided to implement Marconi's latest
innovative digital TETRA technology which will handle both voice
and data transmission and operates in the 410-430 MHz band.

It is especially suitable for the severe weather conditions in
the Baltic region in which Svyaz Transneft operates. Handsets
will be used by field engineers and workers involved in the
maintenance of the pipeline infrastructure, in conditions where
the necessity to be in contact with fleet and to know their exact
position in an emergency is a major safety issue.

The TETRA system is extremely resilient and reliable under severe
conditions. The users will be linked to one of the 21 radio base
stations on the Primorsk to Yoroslav section and a further four
base stations in the Samara region. Marconi is also supplying the
switching, despatching and the network management systems for
both projects.

"Safety of our staff and an advanced integrated equipment
platform for voice and data is of the highest importance to us on
this project," said Alexy Dubinin from Svyaz Transneft. "That is
why we chose TETRA technology for our future communication needs.
We wanted reassurance that the system would be 100 percent
effective and reliable and Marconi has shown us many examples of
the successful operation of its ELETTRA system in similar
environments."

"Marconi has gained considerable expertise in tough projects such
as this pipeline-oriented professional radio system," said
Luciano Maciotta, EVP - Marconi Private Mobile Networks. "We
understand what our customer needs in terms of safety, resilience
and technical support. We have developed highly sophisticated
systems in the past for customers with similar requirements, such
as the gas pipeline utility (Gazprom). Marconi is today supplying
the latest digital communications technology and the systems we
are building for Transneft will help it to meet the growing
demand for oil transportation within and beyond the Russian
Federation."

Marconi plc is a global telecommunications equipment and
solutions company headquartered in London. The company's core
business is the provision of innovative and reliable optical
networks, broadband routing and switching and broadband access
technologies and services.

The company's customer base includes many of the world's largest
telecommunications operators. The company is listed on both the
London Stock Exchange and NASDAQ under the symbol MONI.


PORTAL COMPANY: Members Vote to Commence Voluntary Liquidation
--------------------------------------------------------------
Notice is hereby given that an Extraordinary general Meeting of
the Members of The Portal Company Limited, was duly convened and
held at Kleinwort Benson House, West Centre, St. Helier, Jersey
on May 7, 2002, and the following Special Resolution was duly
passed:

      "That the Company be placed in voluntary liquidation and
      that Mr Anthony Christian Pickford and Mr David Ian Clark of
      Chandlers Accountants, Anson Court, La Route des Camps, St.
      Martin, Guernsey, be appointed as Joint Liquidators."

All persons having claims against the Company are required to
submit details thereof to the Liquidator before the June 14,
2002, and all person indebted to the said Company are required to
settle with the Liquidator by the above-mentioned date.

The liquidators can be reached at:

AC Pickford
Anson Court
La Route des Camps
St. Martin
Guernsey GY1 3TF


THUS PLC: Top Executives Get Maximum Bonus Despite Share Slide
--------------------------------------------------------------
Despite the company's evident struggle to remain afloat, Thus
Group Plc still praised management for its "outstanding
performance" and awarded top executives maximum bonus, says
Bloomberg.

CEO Bill Allan got a 67% boost to his salary, which reached
GBP447,233 in 2001, buoyed by his GBP178,500 bonus.  CFO John
Maguire's salary reached GBP320,873, five times higher than his
last payout.  Executive directors Philip Male and James Reid also
received the maximum bonus, the report says.

According to the company's annual report, the directors were
promised bonuses of up to 40% of their salary if the unprofitable
company reached expectations.

"[Higher payments are] reserved for exceptional business
performance, [measured by revenue and earnings before interest,
taxes, depreciation and amortization]," Bloomberg quoted the
disclosure.

The company said in April that revenues rose 17% to GBP268.4
million in fiscal 2001, giving EBITDA of GBP3.1 million.

Just like its telecoms rival, Thus has struggled with the slump
in demand for telecom services as the UK economy slowed down.  In
March, the company, based in Glasgow, Scotland, used proceeds
from a GBP269 million share sale, backed by founder ScottishPower
Plc, to pay off debts.

Thus' shares, which have lost 72% of their value this year, fell
last week as much as 8.6% or 1.25 pence, to a record 13.25p,
valuing the company at GBP195.6 million, the report says.

                             *********

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. Kimberly MacAdam,
Larri-Nil Veloso, Jean Claire A. Dy and Maria Lourdes Reyes,
Editors.

Copyright 2002.  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 US$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 US$25 each. For subscription information,
contact Christopher Beard at 240/629-3300.


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