/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/001006.MBX T R O U B L E D C O M P A N Y R E P O R T E R Friday, October 6, 2000, Vol. 4, No. 196 Headlines AGRO PACIFIC: Posts Loss of $3.89 Million and Continues CCAA Restructuring ALLIED PRODUCTS: Case Summary and 20 Largest Unsecured Creditors BENEFIT LIFE: Texas Department of Insurance Places Firm into Receivership BOLIDEN APIRSA: Commences Spanish 'Suspension de Pagos' Proceeding CAMBIOR, INC.: President Cignac Intends to Complete Asset Sale By 2001 CLARIDGE HOTEL: Casino Commission to Ponder Icahn's $77MM Bid on Oct. 26 CONOR PACIFIC: $11M Debt Owed to Royal Bank Purchased by 157692 Canada CROWN NORTHCORP: Undergoes Restructuring and Concentrates on Loan Servicing DICKINSON THEATRES: Judge Robinson Grants Motion To Continue Operations DIMAC CORPORATION: Preparing For Emergence from Chapter 11 DOBSON COMMUNICATIONS: 13% Preferred Stock Dividend Payable on November 1 DYNEX CAPITAL: California Investment Fund Signs $90MM Letter of Intent FRUIT OF THE LOOM: Louisiana Employees Can File Class Proof of Claim GENESIS/MULTICARE: Houlihan Retained Under Modified Terms to Placate UST GLOBAL TISSUE: Asks Court to Fix November Claims Bar Date HERCULES, INC.: Moodys Cuts Debt Ratings Noting Weak Operating Environment ICG COMMUNICATIONS: Shareholders File Class Action Lawsuit JITNEY JUNGLE: Monthly Results Show $8.1MM Loss on $132.6MM of Sales KAISER GROUP: Extends Exchange Offer to October 12, 2000 LENOX HEALTHCARE: Obtains Extension of Exclusive Period through Sept. 29 LOEWEN GROUP: Repudiates Unprofitable D.C. Jewish Funeral Service Agreement NATIONAL FINANCE: Mortgage Lender Says It'll Reopen Within Six Months NEW VALLEY: States Sue for $8.6M of Unclaimed Pre-Petition Money Orders OWENS CORNING: Files for Chapter 11 Protection in Wilmington, Delaware PNC MORTGAGE: S&P Assigns Preliminary Ratings To $1.076 Bln Mortgage Certs SAFETY-KLEEN: Seeks To Employ Zevnik Horton As Special Insurance Counsel SUN HEALTHCARE: Andy Turner Faces Disloyalty and Conspiracy Accusations VENCOR, INC.: Stipulation With Terminated Employee For Relief From Stay WARNACO GROUP: Moody's Lowers Sr Implied Rating To B1 With Negative Outlook * BOOK REVIEW: DEBTORS AND CREDITORS IN AMERICA: Insolvency, Imprisonment for Debt, and Bankruptcy 1607-1900 ********* AGRO PACIFIC: Posts Loss of $3.89 Million and Continues CCAA Restructuring -------------------------------------------------------------------------- The financial statements for the third quarter ended July 31, 2000, reflect the company's continuing restructuring process under the Companies' Creditors Arrangement Act (CCAA). Agro Pacific recorded a $3.89-million loss, or 51 cents per share, for the nine-month period, although the loss for the third quarter($0.82-million) was significantly reduced from that experienced in the second quarter ($1.67-million). Sales were $27.79-million for the quarter compared with $28.36-million in 1999. The sale of the crop products division to Terralink Horticulture Inc., a company established by Triwest Capital Partners Inc. of Calgary, Alta., was approved by the Supreme Court of British Columbia on Sept. 22, 2000, and is due to close Oct. 2, 2000. Terralink proposes to continue supplying fertilizer, seed and other crop products from Coast Agri Fertilizer in Abbotsford; Richardson Seed in Burnaby; and South Valley Sales in Oliver and Keremeos. The proceeds of sale will fully repay the operating line debt to National Bank of Canada and significantly reduce the term debt to Bank of Montreal. The next phase of the restructuring plan is a process which will result in new ownership of the feed division, either through its sale or by way of fresh investment in Agro Pacific. The objectives of the board are to ensure the continued operation of the mill as a supplier of quality livestock, poultry and fish feed to producers in the Fraser Valley and elsewhere in British Columbia, and to maximize the return to the various stakeholders. Expressions of interest from a number of parties are being evaluated and it is hoped that a viable proposal will be settled upon by early November, 2000. ALLIED PRODUCTS: Case Summary and 20 Largest Unsecured Creditors ---------------------------------------------------------------- Debtor: Allied Products Corporation 1355 East 93rd Street Chicago, IL 60619 Type of Business: Manufacturing of large metal-stamping presses Chapter 11 Petition Date: October 2, 2000 Court: Northern District of Illinois Bankruptcy Case No.: 00-28798 Judge: Eugene R. Wedoff Debtor's Counsel: Melanie Rovner Cohen, Esq. Altheimer & Gray 10 South Wacker Drive Suite 4000 Chicago, IL 60606-7482 (312) 715-4000 Total Assets: $ 137,485,000 Total Debts : $ 61,423,000 20 Largest Unsecured Creditors: High Production Technology LLC 368 West Elm Street Wauseon, OH 43567 (419) 335-9230 Trade Debt $ 3,467,830 Unico Incorporated 3725 Nicholson Road Franksville, WI 53126 (262) 886-5678 Trade Debt $ 1,138,170 Ray Hedding/Kim Kolb Daimler Chrysler Corp. 800 Chrysler Drive Auburn Hills, MI 48326 (248) 576-2955 Chargebacks $ 593,423 Belding Walbridge 1275 Aurora Lane Aurora, IL 60504 (630) 906-6860 Trade Debt $ 538,294 Automatic Feed Company 476 East Riverview Napoleon, OH 43545 (419) 592-0050 Trade Debt $ 489,795 Henry W. Coz 10 South Street Box 282 Grafton, MA 01519 Deferred (508) 839-9741 compensation $ 450,000 Ingersoll Milling 707 Fulton Avenue Rockford, IL 61103 (815) 987-6422 Trade Debt $ 392,710 Whittman-Hart L.P. 311 S. Wacker Drive Chicago, IL 60606-6618 Computer (312) 922-9200 consulting $ 310,305 Oilgear Company 2300 South 51 Street Milwaukee, WI 53219 (414) 328-5341 Trade Debt $ 276,325 Horsburg & Scott Company 5114 Hamilton Avenue Cleveland, OH 44114 (216) 431-3900 Trade Debt $ 272,250 Ritter Engineering Co. 4838 W. 128th Place Alsip, IL 60803 (708) 371-2100 Trade Debt $ 263,599 BWX Technologies Inc. Trade Debt $ 241,133 Cook County Collector Property taxes $ 237,212 A.M. Castle & Co. Trade Debt $ 222,383 Industrial Noise Control Trade Debt $ 217,549 Mary Alice Wheelcon Judgement debt $ 210,988 Bantec Automation Trade Debt $ 207,742 Crescent Electric Supply Co. Trade Debt $ 186,177 David R. Rubenstein Legal Services $ 184,174 Collier, Shannon & Scott Legal Services $ 181,462 BENEFIT LIFE: Texas Department of Insurance Places Firm into Receivership ------------------------------------------------------------------------- Standard & Poor's today revised its financial strength rating on Benefit Life Insurance Co. to 'R' from triple-'Cpi' following an announcement by the Texas Department of Insurance that the company has been placed in court-ordered receivership. Judge Jon Wisser of the 353rd District Court in Austin issued the order and appointed Insurance Commissioner Jose Montemayor as permanent receiver of Benefit Life. Judge Wisser entered the receivership order in response to a petition filed by the state's Office of the Attorney General on behalf of TDI. The state's receivership petition alleged that Benefit Life's liabilities exceeded its assets by $2 million. The company's policyholders are protected by the Texas Life, Accident, Health and Hospital Service Guaranty Association up to the dollar limits specified by Texas law -- $200,000 per person for health insurance claims, $300,000 for life insurance death benefits and $100,000 for annuities and life insurance cash values. In assigning its 'CCCpi' rating, Standard and Poor's cited the company's weak capitalization and liquidity levels, an irregular pattern of operating earnings, high geographic and product line concentration, as well as a risky investment portfolio. An insurer rated 'R' is under regulatory supervision owing to its financial condition. During the pendency of the regulatory supervision, the regulators may have the power to favor one class of obligations over others or pay some obligations and not others. The rating does not apply to insurers subject only to nonfinancial actions such as market conduct violations. BOLIDEN APIRSA: Commences Spanish 'Suspension de Pagos' Proceeding ------------------------------------------------------------------ Boliden Apirsa SL, The Globe and Mail reports, filed for 'suspension de pagos', a Spanish equivalent of a bankruptcy protection under Chapter 11 of the U.S. Bankruptcy Code. The troubled Spanish mine, subsidiary of metal producer Boliden Ltd., needs $26.3 million to continue operations on its third mining pit. Boliden, based in Toronto and Stockholm, won't provide Apirsa the money, which is a policy 'consistent with [Boliden's] recently announced capital management program.' The program intends to lessen production costs that has rocketed sky high. Apirsa will continue to mine its second pit until the October completion, and would cease operations unless it finds a buyer. 'The necessary capital expense to go into pit three . . . that will take around a year of stripping and around $30- million in costs to get there,' said Petter Traaholt, Toronto-based executive vice-president and chief financial officer at Boliden. CAMBIOR, INC.: President Cignac Intends to Complete Asset Sale By 2001 ---------------------------------------------------------------------- Cambior Inc.'s President, Reuters reports, announced that the company will have the completion of its asset sale by the end of next year, "All will be targeted for completion by 2001." The gold mining company in Montreal races to reduce its $225 million of debt. "There's no final offer on the table at this stage and with everything that I've lived through in the last 12 months, until there's a firm offer on the table, it's not worth talking about," President Louis Cignac told reporters at a Denver-based gold industry show. After obtaining a one-month extension from its creditors to submit its restructuring plan, it will reduce its debt to $85 million after the sale. CLARIDGE HOTEL: Casino Commission to Ponder Icahn's $77MM Bid on Oct. 26 ------------------------------------------------------------------------ Park Place Entertainment Corp. (NYSE:PPE), Reuters reports, bids $ 77 million to acquire the bankrupt Claridge Hotel and Casino in Atlantic City. Billionaire Carl Icahn, which owns Park Place, also has 42 percent stake on Claridge. Icahn's attorney, Michael Viscount, Jr., Esq., has dismissed the bid before, for the purchase will violate a New Jersey law prohibiting any casino operator from controlling too much of the industry. The New Jersey Casino Control Commission has set a hearing dated on Oct. 26 to consider Park Place's bid for Claridge. CONOR PACIFIC: $11M Debt Owed to Royal Bank Purchased by 157692 Canada ---------------------------------------------------------------------- Conor Pacific Environmental Technologies, Inc., announced that 157692 Canada Inc., a private company, has now completed the purchase of approximately $11 million of outstanding indebtedness owed by Conor Pacific to the Royal Bank of Canada and Royal Bank Ventures Inc. Terms of the purchase were not disclosed. 157692 advised that funding for the purchase of the royal Bank Indebtedness was provided by Van Maren Financial, certain officers and directors and private investors. 157692 is controlled by certain directors and officers of Conor Pacific. Conor Pacific is currently in default of a number of provisions ofthe Royal Bank Indebtedness. 157692 has agreed to forbear principal and interest for the 60-day period expiring October 31, 2000. During this period, Conor Pacific will attempt to reach a settlement or compromise with its unsecured creditors regarding outstanding indebtedness. 157692 has advised that it will consider extending the forbearance period if substantial progress has been made by Conor Pacific in dealing with these matters. The continuing business of Conor Pacific's subsidiaries, including Conor Pacific Development Inc., Precision Sampling, EFW, Conor Pacific Construction Limited Partnership and the Cayman companies will not be affected and will not be required to restructure any of their arrangements with creditors, lenders or suppliers. 157692 has advised that its present intention is to recover a portion of the Royal Bank Indebtedness out of asset sales and thereafter to convert a portion of the Royal Bank Indebtedness to equity in Conor Pacific. Accordingly, Conor Pacific has begun negotiations with some of its major unsecured creditors in an attempt to settle its outstanding debt obligations. Conor Pacific believes this is the only way value can be preserved for the benefit of all stakeholders. Bob Nowack, Conor Pacific's Chairman and Chief Executive Officer, stated: "The purchase of the Royal Bank Indebtedness by 157692 has provided Conor Pacific with time to restructure its business. After a careful analysis, Conor Pacific has concluded that considerable value is locked up in the separate business units which has not been reflected in the overall enterprise value. In addition, the combination of the consulting operations with other business units has resulted in significant overhead expenses being incurred, which are now in the process of being eliminated on a going forward basis through the restructuring process. Consequently, Conor Pacific is exiting the consulting business. Conor Pacific's future business direction will focus on "real estate revitalization" (sometimes referred to as "Brownfield development"), site remediation contracting, drilling and technologies. The consulting assets are in the process of being sold along with the company's Cayman interests. The proceeds from these sales will be used to reduce indebtedness." The restructuring plan has a clear objective. When complete, ConorPacific wants to emerge from the process with a clean balance sheet. Each remaining Conor subsidiary will be focused and operate on a stand-alone basis. Conor Pacific is a provider of strategic and technical environmental solutions. From offices across North America, we integrate technical expertise, innovative technologies and business and risk management solutions to add the greatest possible sustainable and economic value to clients. CROWN NORTHCORP: Undergoes Restructuring and Concentrates on Loan Servicing --------------------------------------------------------------------------- Crown NorthCorp Inc. (OTCBB:ASET) announces a series of moves to restructure its operations and concentrate its business on specialized loan servicing activities. The moves follow the recent decision of Lehman Brothers Holdings, which was the company's largest customer, to consolidate all of its servicing relationships in another company. As part of the restructuring, members of senior management have resigned but are providing assistance to Crown through a transitional period. The company has also implemented certain other staff reductions and closed certain offices. Going forward, Crown will operate through a servicing center in Austin, Texas and an administrative office in Columbus. Ronald E. Roark will now serve as chairman and chief executive officer of Crown. In announcing the restructuring, Roark said, "The steps the company is undertaking are designed to properly size the company to serve its clients and to maximize the value of our loan servicing personnel and systems. We believe this restructuring positions Crown to continue to provide the specialized loan servicing for which it is known and to be ready to provide expanded services as market or economic conditions warrant." DICKINSON THEATRES: Judge Robinson Grants Motion To Continue Operations ----------------------------------------------------------------------- Bankruptcy Judge Julie Robinson gave her blessing to troubled Dickinson Theatres, which recently filed for Chapter 11, to continue its operations, The Kansas City Star reports. One of the motions that was included in the approval was to free up money to pay workers and "critical vendors." Attorney Paul Hoffman states that Judge Robinson, granted motions that was vital for the company to operate, such as film distributors, concession suppliers and utilities. Mission Bank will provide the company DIP financing, if the motion will be granted by Judge Robinson. DIMAC CORPORATION: Preparing For Emergence from Chapter 11 ---------------------------------------------------------- DIMAC Corporation announced that it has filed its Disclosure Statement and Plan of Reorganization with the U.S. Bankruptcy Court in Wilmington, Delaware, setting the stage for the Company to formally emerge from Chapter 11. DIMAC and its subsidiaries filed voluntary petitions for reorganization under Chapter 11 on April 6, 2000, and hope to emerge from Chapter 11 by the end of the year. Robert "Kam" Kamerschen, Chairman and Chief Executive Officer, commented: "In April we voluntarily filed for Chapter 11 protection in order to reorganize DIMAC's capital structure and operations to facilitate the continued implementation of our revitalization plan. "We have reached an important milestone in the recovery and revitalization of the Company with the filing of our Plan of Reorganization. For this we have our associates, our customers and our vendors to thank for continuing to support us during this period. "Over the past five months, we have enhanced the management team by hiring key individuals to lead our businesses, taken advantage of opportunities to consolidate operations, as well as improve profitability and the long-term prospects for the Company. We made difficult, but necessary, decisions to streamline the organization by deciding to place five of our non-core businesses for sale, allowing the management team to focus on the four remaining business units (DIMAC Direct, DMW Worldwide, MBS/Multimode and Palm Coast Data), which fit strategically with our clear and compelling vision. By recruiting key personnel to manage DIMAC at both the holding company and subsidiary levels, we have solidified top-level leadership. Further, our new organization will benefit from a 'keiretsu' effect, through agreements recently signed with new partners. "When we emerge, we not only will have significantly reduced the Company's debt level but also improved our capital structure in a way that allows for the Company's future growth. We will have also improved the operating structure and practices of the business -- and effectively transformed it - - into a healthier concern going forward. With this stronger balance sheet, the Company will be well positioned to be a leader in the direct response marketing services industry, which is a healthy climate for growth." The Plan of Reorganization provides for an additional line of credit to be extended to the Company by its lenders in the form of an eighteen-month term loan, which will provide sufficient liquidity when the Company emerges from Chapter 11. Upon confirmation, and after the sale of the non-core businesses, the Company's total indebtedness will be reduced from approximately $391 million to $107 million, subject to adjustment for the actual proceeds of the sale of selected business units. Annual cash interest expense will be lowered from over $39 million to approximately $9 million. DIMAC Corporation provides a comprehensive range of integrated and insightful direct response marketing solutions, which are supported by creative strategy/agency services, database strategy/management services and production services and products. DOBSON COMMUNICATIONS: 13% Preferred Stock Dividend Payable on November 1 ------------------------------------------------------------------------- Dobson Communications Corporation (Nasdaq:DCEL)declared an in-kind dividend on its outstanding 13% Senior Exchangeable Preferred Stock. The dividend will be payable on November 1, 2000 to holders of record at the close of business on October 15, 2000. Holders of shares of 13% Senior Exchangeable Preferred Stock will receive 0.03322 additional shares of 13% Senior Exchangeable Preferred Stock for each share held on the record date. The dividend covers the period August 1, 2000 through October 31, 2000. The dividends have an annual rate of 13% on the $1,000 per share liquidation preference value of the preferred stock. Dobson Communications is a leading provider of cellular phone services to rural markets in the United States. Headquartered in Oklahoma City, the rapidly growing Company owns or manages wireless operations in 18 states. For the year ended December 31, 1999, Dobson reported total revenues of $359.3 million; EBITDA of $137.9 million; and a net loss of $127.6 million, which included a loss from discontinued operations and extraordinary expense. DYNEX CAPITAL: California Investment Fund Signs $90MM Letter of Intent ---------------------------------------------------------------------- California Investment Fund, LLC (CIF), a private real estate company headquartered in San Diego, California, announced that it has signed a letter of intent with Dynex Capital, Inc. (NYSE: DX), a Virginia-based mortgage lending institution, with respect to CIF's proposed acquisition of 100% of the equity of Dynex for a purchase price of $90 million in cash. CIF currently owns 572,178 shares of the common stock of Dynex, approximately 5% of the outstanding shares. The letter of intent provides for a three-week period of exclusivity during which Dynex will not directly or indirectly engage in or facilitate discussions or negotiations with any third party concerning an alternative acquisition transaction. During this period, CIF will also use its best efforts to obtain necessary financing commitments on terms reasonably satisfactory to CIF to consummate the acquisition. Consummation of the proposed transaction is subject to execution of a definitive merger agreement and to a number of customary conditions. In connection with the execution of the letter of intent, CIF amended its Schedule 13D. Additional information regarding the letter of intent can be found in such amended Schedule 13D. In the September 27, 2000, edition of the Troubled Company Reporter, we reported that Dynex Capital, Inc., may follow the path of other finance firms filing for bankruptcy. At that time, President Thomas H. Potts said "the company has short-term credit obligations, and even though we're not in default, we're still on a very short fuse." California Investment Fund, LLC is a real estate investment company that is a subsidiary of First Commercial Corporation. First Commercial, a private real estate investment company based in San Diego, California, is focused on the acquisition of whole loans and whole loan portfolios secured by commercial real estate. Founded in 1993 by Michael and Richard Kelly, First Commercial Corporation specializes in the commercial real estate secondary market. Dynex Capital, Inc. is a financial services company that elects to be treated as a real estate investment trust (REIT) for federal income tax purposes. FRUIT OF THE LOOM: Louisiana Employees Can File Class Proof of Claim -------------------------------------------------------------------- Fruit of the Loom's Martin Mills subsidiary owned four manufacturing facilities in Louisiana towns of St. Martinville, Abbeville, Jeanrette and Port Barre. 4,960 employees that were terminated from these facilities filed lawsuits claiming they were owed vacation benefits, penalty wages, interest and attorney's fees. Fruit of the Loom distributed $701,943.41 to the affected employees and held this was sufficient. In the summer of 1999, Starlet Augustine, et al., Jill Broussard, et al., Mary Boutte, et al., and Nedra Andrus, et al., initiated four separate class action suits against Martin Mills. The Plaintiffs' attorneys engaged in discovery and asserted that their clients' cases were meritorious and stood a considerable chance of success in Court. On October 12, 1999, Fruit of the Loom settled all claims for $7,429,500. The settlement agreement was signed by class attorney Patrick Wartelle, Esq., of Roy, Bivins, Judice & Henke, FTL attorney Howard Shapiro, Esq., of McCalla, Thompson, Pyburn & Hymowitz, and mediator Ronald J. Sholes, Esq., of Adams & Reese. Fruit of the Loom agreed to post a security bond on or before December 1, 1999 in the amount specified. On November 22, 1999, Judge Charles Porter certified the class for settlement purposes. Fruit of the Loom filed for bankruptcy on December 29, 1999. Fruit of the Loom did not admit to liability but settled to avoid costly and protracted litigation. Robert S. Goldman, Esq., of Phillips, Goldman & Spence, asks the Court for an order allowing the plaintiffs to file a class proof of claim pursuant to Rule 7023 of the Federal Rules of Bankruptcy Procedure. The claims will be filed by Mr. Wartelle, as class counsel. Receiving no objection to the request, Judge Walsh granted the Motion in all respects. (Fruit of the Loom Bankruptcy News, Issue No. 13; Bankruptcy Creditors' Service, Inc., 609/392-0900) GENESIS/MULTICARE: Houlihan Retained Under Modified Terms to Placate UST ------------------------------------------------------------------------ Judge Walsh authorized the employment and retention of Houlihan Lockey Howard & Zukin, Financial Advisors, Inc., as Financial Advisors to the Official Committee of Unsecured Creditors of Genesis Health Ventures, Inc., nunc pro tunc to July 11, 2000. With respect to Houlihan Lokey's fees and expenses, Judge Walsh entertained the query made by the United States Trustee and makes it clear that notwithstanding anything contrary contained in the Retention Letter, the fees and expenses will be subject to the Court's approval in accordance with the applicable provisions of the Bankruptcy Code and Bankruptcy Rules. Judge Walsh authorized the Transaction Fee, provided that in the event of an objection, the appropriateness of such fee will be determined by the Court de novo. In the event the Debtors pay Houlihan Lokey any fees that are subsequently not approved by the Court, Houlihan Lokey will have to promptly any such fees to the Debtors. The Debtors are also authorized to provide indemnification to Houlihan subject to certain conditions, but Judge Walsh makes it clear that such indemnification is for any claim arising from or in connection with the financial advisory services described in the Retention Agreement, but not for other services unless such services are approved by the Court. The court order also expressly specifies that such indemnification is not for any claim or expense arising from Houlihan Lokey's gross negligence or willful misconduct, or any claim settled prior to a judicial determination of such gross negligence or willful misconduct. Moreover, such indemnification during the Debtors' chapter 11 cases is subject to prior application by Houlihan and subject to the Court's approval. Judge Walsh also makes it clear that the language in the order will not set a precedent concerning any other financial advisor's engagement in these cases or others. (Genesis/Multicare Bankruptcy News, Issue No. 5; Bankruptcy Creditors' Service, Inc., 609/392-0900) GLOBAL TISSUE: Asks Court to Fix November Claims Bar Date --------------------------------------------------------- Global Tissue LLC, by and through its counsel, Saul, Ewing, Remick & Saul LLP seeks entry of an order establishing November 6, 2000 at 4:00 PM as the last day by which all creditors of the debtor must file a proof of claim in the debtor's chapter 11 case. On September 5, 2000, as previously reported in the Troubled Company Reporter, the Bankruptcy Court, District of Delaware entered an order approving the sale of substantially all of the debtor's assets to American Tissue Mills of Tennessee, LLC and such sale closed on September 25, 2000. As the sale of the debtor's assets to ATM has been completed, the debtor anticipates that its case will move promptly toward a successful conclusion through a liquidating plan of reorganization. HERCULES, INC.: Moodys Cuts Debt Ratings Noting Weak Operating Environment -------------------------------------------------------------------------- Moody's Investors Service downgraded the long term debt ratings of Hercules Incorporated (senior unsecured at Ba1) due to continuing weakness in the company's financial profile, as a result of a difficult operating environment, and delays in completing planned asset sales. Moody's believes that despite significant efforts by management to improve its financial profile over the past year, the company will be unable to reduce debt and improve debt protection measurements to investment grade levels within the next two years. Ratings downgraded: A) Hercules Incorporated - senior unsecured debt, term loan and revolving credit facilities to Ba1 from Baa3; - junior subordinated debentures at Ba3 from Ba2; - senior unsecured shelf to (P)Ba1 from (P)Baa3 B) Hercules Trust I - preferred Stock to "ba3" from "ba2" C) Hercules Trust II - preferred Stock to "ba3" from "ba2" D) Hercules Trust VI - preferred Stock to "ba3" from "ba2" E) Hercules Trust III - preferred Stock to (P)"ba3" from (P)"ba2" F) Hercules Trust IV - preferred Stock to (P)"ba3" from (P)"ba2" Ratings issued: A) Hercules Incorporated - senior implied rating at Ba1; - senior unsecured issuer rating at Ba1 Hercules Ba1 senior unsecured debt ratings are supported by the company's leading positions in paper and water treatment chemicals and specialty resins, which until recently have generated among the highest margins in the specialty chemicals industry. In 1999 and 2000, operating performance has been adversely impacted by aggressive price competition in water treatment chemicals and related services, customer consolidation in the paper industry and a weak Euro. While operating performance is not likely to deteriorate further, continuing weakness in the Euro and consolidation in the paper industry will limit improvement in the financial profile over the near-term. Hercules' balance sheet remains stressed due to debt incurred in the acquisition of BetzDearborn in 1998 and operating performance that has remained well below previously anticipated levels. While the company has been able to generate over $165 million of synergies from the acquisition, these savings have failed to offset declines in operating profits due to the adverse business environment. Furthermore, the divestiture of businesses, announced earlier this year, will likely take longer than initially expected. Hercules has already received proceeds from the partial sale of the food gums business and will likely complete the sale of the hydrocarbon resins business to Eastman chemical before year-end. These divestitures will enable the company to reduce debt by over $550 million by year-end. In addition, the company has recently reduced its dividend by roughly $80 million to increase free-cash flow. The divestiture of FiberVisions has been delayed due to a difficult operating environment and the startup of new production capacity. Several smaller business divestitures, previously part of the resins business, will likely occur over the next 6-12 months. However, proceeds from the smaller divestitures will not significantly improve the credit profile. The combination of a weak operating environment and delays in reducing debt through asset divestitures will leave the company credit profile stressed over the near- to intermediate term. While Hercules has not violated the covenants in its credit agreement, management is in the process of renegotiating their bank agreement to provide more financial flexibility. The Ba1 ratings on Hercules senior unsecured debt anticipate that these bonds will remain pari passu with the credit facilities. If significant changes to the terms of the credit facility are made that would materially impact existing bondholders, we would notch the senior unsecured ratings accordingly. As a result of the reduction in debt from asset sales and the loss of earnings from divested businesses, we anticipate that interest coverage will remain above 1.5 times (1.7 times excluding goodwill amortization) and that cash flow from operations as a percentage of total debt (including preferred securities) will rise above 10%. Hercules will benefit from the lower capex required to support the remaining businesses, increasing free cash flow as a percentage of total debt (including preferred securities) to over 5%. The outlook on the ratings is stable. The recent investment by in Hercules stock by International Specialty Products (Ba1) raises the level of event risk at Hercules over the next 12 - 18 months. However, the potential sale of Hercules may not necessarily exert negative pressure on the ratings due to the number of higher rated chemical companies that would be interested in acquiring the company, or one of its business units. Hercules Inc., headquartered in Wilmington, Delaware, is a manufacturer of specialty chemicals for a variety of markets worldwide. The company reported sales of $3.2 billion in the year ending December 31, 1999. ICG COMMUNICATIONS: Shareholders File Class Action Lawsuit ---------------------------------------------------------- Weinstein Kitchenoff Scarlato & Goldman Ltd. announces that a class action lawsuit has been commenced on behalf of investors who purchased shares of the common stock of ICG Communications, Inc. (Nasdaq: ICGX) between December 20, 1999 and September 18, 2000. The action was filed in the United States District Court for the District of Colorado against ICGX, its former Chairman and CEO, J. Shelby Bryan, and its former president, John Kane. Plaintiff alleges that defendants violated the federal securities laws by issuing materially false and misleading statements about the state of ICGX's business, specifically regarding ICGX's customer service record, and the impact undisclosed customer service problems would have on ICGX's future results and ability to raise capital. Plaintiff further alleges that the price of ICGX's common stock was artificially inflated during the Class Period by the false and misleading statements. If you are interested in learning more about the action or the role of a Lead Plaintiff, please contact Paul Scarlato, Esquire or Mark Goldman, Esquire toll free at (888) 545-7201 or by e-mail at pscarlato@wksg.com or msgoldman@wksg.com. JITNEY JUNGLE: Monthly Results Show $8.1MM Loss on $132.6MM of Sales -------------------------------------------------------------------- For the monthly period ended August 12, 2000 (Period 8), Jitney Jungle (Jackson, MS) showed a loss of $8.1 million on sales of $132.6. From the report, this week's edition of F&D Reports' Scrambled Eggs publication reports, it appears the Company is receiving credit terms from approximately $26.6 million of trade vendors, of which we estimate $20 million to $24 million are from vendors in the Company's Secured Trade Program. The next payment on Allowed Reclamation Claims to participants in the Program is the 12.5% payment due in early November, which the Company expects to make on a timely basis. During Period 8, the Company reported its excess availability ranged from a low of $2.4 million to a high of $13.5 million, F&D adds. KAISER GROUP: Extends Exchange Offer to October 12, 2000 -------------------------------------------------------- Kaiser Government Programs, Inc., a subsidiary of Kaiser Group International, Inc. (OTC Bulletin Board: KSRG), announced that it has extended to 5:00 p.m. eastern time on Thursday, October 12, 2000 the expiration date of its exchange offer of guarantee rights for put rights relating to Kaiser Group International, Inc.'s $125 million, 12% Senior Subordinated Notes due 2003. Kaiser Group filed for bankruptcy protection under Chapter 11 in the District of Delaware on June 9. The company listed assets amounting to $82 million and debts of $146 million. Headquartered in Fairfax, Virginia, Kaiser Group International is one of the United States' leading providers of engineering, project management, construction management, and program management services. Its more than 3,000 employees, located in 30 offices around the world, serve the market areas of transit and transportation; alumina/aluminum and mining/minerals; facilities and water/wastewater; iron and steel; and microelectronics and clean technology. Kaiser Group International, Inc., the parent company of Kaiser Engineers, reported gross revenue of more than $870 million for the 12 months ended December 31, 1999. All references to Kaiser indicate Kaiser Group International, Inc. and any of its subsidiaries. LENOX HEALTHCARE: Obtains Extension of Exclusive Period through Sept. 29 ------------------------------------------------------------------------ By order entered on September 13, 2000, the US Bankruptcy Court for the District of Delaware entered an order further extending the exclusive periods during which the debtors may file one or more reorganization plans and solicit acceptances of such plans. The plan proposal period is extended througth and including September 29, 2000. The Solicitation period is extended through and including November 30, 2000. LOEWEN GROUP: Repudiates Unprofitable D.C. Jewish Funeral Service Agreement --------------------------------------------------------------------------- Loewen Group International, Inc., entered into an agreement with Jewish Funeral Practices Committee of Greater Washington in 1998 under which the Debtors agreed to provide funerals and related goods and services for Jewish congregations and their members in the Washington, D.C. area. Under the Agreement, LGII collects $895 when it performs a religious or funeral service and $725 when no service is performed or a body is transported to a non-Loewen funeral director. Services are provided by Ives-Pearson Funeral Homes in Falls Church and Arlington, Virginia; Takoma Funeral Home in Washington, D.C.; and Jefferson Funeral Home in Alexandria, Virginia. The $895 package includes pick-up within a 40-mile radius of the Washington Beltway, securing a death certificate, refrigeration as required, an all- pine rectangular casket, 24-hour access for ritual washing, a muslin shroud, a custom table, use of chapel facilities, transportation to the funeral and burial site, all customary paperwork, a guest register and acknowledgment cards, and one shiva candle. The Agreement is up for renewal this year, increasing the service fees to $939 and $761. LGII concludes thhat the burden of continued performance under the JFPCGW Agreement exceeds the benefits to the Debtors' estates. LGII says that its costs exceed revenues, cost-cutting is impossible, and LGII projects future losses under the Agreement. Accordingly, the Debtors sought and obtained authority from Judge Walsh, pursuant to 11 U.S.C. Sec. 365, to reject the JFPCGW Agreement in all respects without further delay. (Loewen Bankruptcy News, Issue No. 27; Bankruptcy Creditors' Service, Inc., 609/392-0900) NATIONAL FINANCE: Mortgage Lender Says It'll Reopen Within Six Months --------------------------------------------------------------------- President Tony Fisher of National Finance Corp., has been negotiating with possible investors to provide them with financing to reopen in 6 months, The Tribune Business News reports. National Finance, which recently filed a motion to dismiss an involuntary Chapter 7, will use the money to restart operations and pay its $15 million of debt. Although during press time, no specifics were mentioned as to who were the potential investors that would likely help the struggling mortgage lender. NEW VALLEY: States Sue for $8.6M of Unclaimed Pre-Petition Money Orders ----------------------------------------------------------------------- Pennsylvania and 42 other states filed suit to force the former issuer of Western Union money orders to return $8.6 million in uncashed money orders, State Treasurer Barbara Hafer announced. "Money orders are frequently used by people who are unable to open bank accounts or are sending money to relatives in distant places," Hafer said. "When the money orders go uncashed, the company issuing them has an obligation to return the money to the purchaser or payee." The lawsuit was filed in U.S. Bankruptcy Court in New Jersey, against New Valley Corp. of Miami, FL. It alleges New Valley Corp. failed to notify more than 31,000 purchasers or payees of $8.6 million in unclaimed money orders prior to the company's restructuring in a bankruptcy case in Nov. 1991. The Federal Bankruptcy Code requires the corporation to make a reasonably diligent effort to ascertain the identity of persons to whom it owed money, and to give them notice of their claim. Although New Valley has records with information regarding the senders and the recipients, the company made no effort whatsoever to determine who was entitled to the unclaimed money transfers, Hafer charged. And in a general notice to all creditors, New Valley made no mention whatsoever of the $8.6 million unclaimed money transfers, Hafer added. Property that remains unclaimed for seven years is deemed unclaimed property under state law and should be returned to the states. Because New Valley never served actual notice of the bankruptcy upon the parties entitled to unpaid money transfers, it should pay either the money order payee or purchaser, or the states so they can find the owners, Hafer noted. The bankruptcy does not free the company from its obligations, the lawsuit claimed. "We are asking the Bankruptcy Court to rule that New Valley Corporation remains obligated to pay the sum due on the money transfers," Hafer said. "Our ultimate goal is to return the money to the 31,000 individuals to whom it belongs." OWENS CORNING: Files for Chapter 11 Protection in Wilmington, Delaware ---------------------------------------------------------------------- Debtor: OWENS CORNING, et al. One Owens Corning Parkway Toledo, Ohio 43659 Type of Business: Owens Corning, a global company incorporated in Delaware in 1938, serves consumers and industrial customers with building materials systems and composites systems. Owens Corning products are used in such varied applications as residential remodeling and repair, commercial improvement, new residential and commercial construction, building construction, and automotive, telecommunications, marine, aerospace, energy, appliance, packaging and electronics manufacturing. Chapter 11 Petition Date: October 5, 2000 Court: District of Delaware Bankruptcy Case No.: 00-03837 Judge: Mary F. Walrath Debtor's Counsel: Mark S. Chehi Skadden,Arps,Slate,Meagher & Flom One Rodney Square, P.O. Box 636 Wilmington, DE 19899-0636 (302) 651-3000 Total Assets: $ 6.988 Billion Total Debts : $ 5.710 Billion This morning, Bankruptcy Creditors' Service, Inc., announced publication of OWENS CORNING BANKRUPTCY NEWS. Pick-up a free copy of the first issue of the newsletter, providing additional details about Owen Corning's chapter 11 filings, at http://bankrupt.com/owenscorning.txt PNC MORTGAGE: S&P Assigns Preliminary Ratings To $1.076 Bln Mortgage Certs -------------------------------------------------------------------------- Standard & Poor's today assigned its preliminary ratings to PNC Mortgage Acceptance Corp.'s $1.076 billion commercial mortgage pass-through certificates series 2000-C2. The preliminary ratings are based on information as of Oct. 4, 2000. Subsequent information may result in the assignment of final ratings that differ from the preliminary ratings. The preliminary ratings reflect the credit support provided by the subordinate classes of certificates, the liquidity provided by the trustee, the economics of the underlying loans, and the geographic and property type diversity of the loans. Standard & Poor's analysis determined that, on a weighted average basis, the pool has a debt service coverage ratio of 1.30 times, a beginning loan-to-value ratio (LTV) of 87.0%, and an ending LTV of 76.3%. A copy of Standard & Poor's complete presale report for this transaction is available on RatingsDirect, Standard & Poor's Web-based credit analysis system, at www.ratingsdirect.com. The report is also available on Standard & Poor's Ratings Services Web site at www.standardandpoors.com/ratings. Under Presale Reports, select Structured Finance, then Commercial Mortgage- Backed Securities, Standard & Poor's said.--CreditWire PRELIMINARY RATINGS ASSIGNED Class Rating Amount ($000s) A-1 AAA 200,612 A-2 AAA 620,057 X(1)(2) AAA 1,076,288 B AA 43,052 C A 48,433 D A- 13,453 E(2) BBB+ 13,454 F(2) BBB 18,835 G(2) BBB- 16,144 H(2) BB+ 18,836 J(2) BB 29,597 K(2) BB- 8,073 L(2) B+ 8,072 M(2) B 10,763 N(2) B- 5,381 (2) N/A 21,526 (1) Interest only. (2) Privately placed in accordance with rule 144A of the Securities Act of 1933. SAFETY-KLEEN: Seeks To Employ Zevnik Horton As Special Insurance Counsel ------------------------------------------------------------------------ Safety-Kleen Corp. applies to retain, pursuant to 11 U.S.C Secs. 327(e) and 329, Zevnik, Horton, Guibord, McGovern, Palmer & Fognani, L.L.P., as special insurance litigation counsel to represent the Company in connection with: (a) Recovery efforts related to the insurance recovery project for non- product-liability environmental, toxic tort and similar or related claims, losses and liabilities; and (b) Recovery efforts related to the insurance recovery project for product liability toxic tort and similar or related claims, losses and liabilities, including: (1) analysis and advice in connection with SKC's solvent-related product liability suits, claims and losses, and (2) efforts to collect from various insurance carriers sums owed to SKC under various insurance contracts as a result of sums paid or incurred by SKC in connection with product liability toxic tort and similar or related claims, losses and liabilities. Gregory M. Cork, Esq., a member of Zevnik Horton, leads the engagement from the Firm's Washington, D.C., office. For the Solvent Product Liability Insurance Recovery Project, Zevnik Horton will seek compensation for the services of each attorney and paraprofessional acting on behalf of the Debtors in these chapter 11 cases at their customary hourly rates: Paul A. Zevnik $350 Jonathan L. Osborne $300 Michael John Miguel $275 John W. Roberts $275 James Schad $150 E. Tracy Brown $150 However, should settlement efforts with certain American International Group member insurance carriers, including The Insurance Company of the State of Pennsylvania, concerning certain product liability toxic tort litigation be unsuccessful, or should SKC otherwise determine that the insurance recovery aspects of the Solvent Product Liability Insurance Recovery Project may be resolved only through litigation and should SKC further determine that it prefers a contingent or risk-based fee arrangement, rather than a fee arrangement based solely on hours expended, then, upon commencement of said litigation and election by SKC, in conjunction with the solvent product liability insurance recovery project (i) Zevnik Horton will expect payment only for its expenses and disbursements, and (ii) legal fees will be payable only in the event SKC receives a solvent-related product liability insurance recovery in which case the contingent fee percentage of "recoveries" is 12.5%. In connection with the Environmental Insurance Recovery Project, legal fees are payable only in the event SKC receives an environmental insurance recovery in which case the contingent fee percentage of "recoveries" is 6.25%. Anticipating resistance to the contingency fee arrangements by the United States Trustee or some other party-in-interest, David S. Kurtz, Esq., and J. Gregory St. Clair, Esq., of Skadden, Arps, Slate, Meagher & Flom LLP, remind the Court that Section 328 of the Bankruptcy Code provides that a debtor-in-possession may employ a professional person "on any reasonable terms and conditions of employment, including on a retainer, on an hourly basis, or on a contingent fee basis." Messrs. Kurtz and St. Clair direct Judge Walsh's attention to In re Malcon Developers, Inc., 138 B.R. 677 (Bankr. N.D.N.Y. 1992) (permissibility of contingent fee arrangements is "clearly and unambiguously spelled out" by Bankruptcy Code Sec. 328(a)); In re Benassi, 72 B.R. 44, 47 (D. Minn. 1987) (noting that section 328(a) reflects Congressional policy of enabling debtors to obtain competent and efficient representation). As bankruptcy courts have frequently recognized, Messrs. Kurtz and St. Clair continue, contingent fee arrangements are particularly appropriate where it is necessary for the professional to bear the risk of an adverse result, and where it is unlikely that any professionals would be willing to be retained in the absence of a contingent fee arrangement. See Malcon Developers at 680 (noting that where attorney assumed significant financial risk in order to represent debtor, contingent fee was appropriate). In addition, where a contingent fee arrangement is approved in advance as fair and reasonable, it is not necessary that the court perform a quantum meruit or lodestar analysis prior to awarding the professional its fees. See, e.g., In re Ross, 94 B.R. 210 (M.D. Ga. 1988) (holding that bankruptcy court erred in denying attorney contingent fees based on fact that litigation concluded more quickly then expected; noting that reasonableness of contingent fee is determined as of the time of retention). (Safety-Kleen Bankruptcy News, Issue No. 7; Bankruptcy Creditors' Service, Inc., 609/392-0900) SUN HEALTHCARE: Andy Turner Faces Disloyalty and Conspiracy Accusations ----------------------------------------------------------------------- Former Chairman and founder, Andrew Turner currently faces disloyalty and conspiracy accusations from Sun Healthcare Group, The Associated Press reports. Sun pleaded the bankruptcy judge for Turner not to use former Sun employees to man his new therapeutic company, EduraCare LLC. Sun also wants Turner and other employees now working in EduraCare to give back workpay they got during the forming of EduraCare. Turner, which got his resignation approved last Aug., conspired with corporate officers of Sundance Rehabilitation Corp., a Sun Healthcare subsidiary. The complaint named the executives as president David Kniess of Plano, Texas; a vice president, Tom Mack of Avon, Conn.; and another vice president, Gary McGuire of Castle Rock, Colo. Sun Healthcare filed for bankruptcy protection under Chapter 11 last year. VENCOR, INC.: Stipulation With Terminated Employee For Relief From Stay ----------------------------------------------------------------------- The Debtors consent to modification of the automatic stay to permit Pauletta Lawson to continue prosecution of her lawsuit entitled Pauletta Lawson v. Vencor Hospital California, Inc. et al., (Case No. BC 140757), pending before the Superior Court of the State of California for the County of Los Angeles seeking damages for alleged wrongful termination and breach of contract. With respect to Defendant Vencor, the modification of stay is limited to the purpose and effect of liquidating Ms. Lawson's claims and not for the purpose of enforcing a judgment or collection, if any. (Vencor Bankruptcy News, Issue No. 16; Bankruptcy Creditors' Service, Inc., 609/392-0900) WARNACO GROUP: Moody's Lowers Sr Implied Rating To B1 With Negative Outlook --------------------------------------------------------------------------- Moody's Investors Service lowered the senior implied rating of The Warnaco Group, Inc. to B1 from Ba2. In addition, Moody's withdrew the Ba2 rating on the company's $600 million guaranteed unsecured revolving credit facility due 2002, which the company's management has stated will become part of a $2.56 billion secured financing facility. The rating outlook is negative. The affected ratings are: a) The Warnaco Group Inc. -- Senior Implied Rating to B1 from Ba2; -- Senior Unsecured Issuer Rating to B2 from Ba3. b) Designer Holdings, Ltd. -- $120 million issue of 6% Convertible Subordinated Debentures due 2016, to Caa1 from B2. c) Designer Finance Trust -- $120 million issue of 6% Convertible Trust Preferred Securities due 2016, to "caa1" from "b2". Moody's downgrade follows the company's press release of September 29, 2000, which includes a revised earnings outlook for the fiscal year 2000, as well as anticipated third quarter after-tax charges. Headquartered in New York, The Warnaco Group is a major designer, manufacturer, and marketer of women's intimate apparel, menswear and accessories and designer jeans and jeans related sportswear for men, women, juniors and children under a variety of brand names. * BOOK REVIEW: DEBTORS AND CREDITORS IN AMERICA: Insolvency, Imprisonment for Debt, and Bankruptcy 1607-1900 ------------------------------------------------------------------------- Author: Peter J. Coleman Publisher: Beard Books Softcover: 303 Pages List Price: $34.95 Order a copy today from Amazon.com at http://www.amazon.com/exec/obidos/ASIN/189312214X/internetbankrupt Review by Susan Pannell Suppose that, three hundred or so years ago, you were in urgent need of a pig. But you couldn't afford the pig, so you purchased it one credit. (Yes, there was credit in the woodsy days of this country; it wasn't strictly a cash and barter economy.) Some tie later, the pig having served the purpose for which it was intended and hence being no longer recoverable, and you not being the winner of the lottery you'd relied upon to pay your debt, the creditor seeks satisfaction. He could proceed against you in a couple of different ways, but either way, assuming you still hadn't won that lottery, you went to jail. And there you rotted, unless you had the means to buy your way out, in which case you wouldn't be there in the first place. In a notorious perversion of logic, a debtor, like any prisoner, was expected to feed and clothe himself while incarcerated. A pauper's grave--the so-called potter's field--awaited the debtor who died in prison. It could have been worse: under ancient Roman law, creditors were entitled to chunks of your actual body and--sorry, Will Shakespeare there was no penalty for hacking off a disproportionate slice. What changed this nefarious system? Not sentiment (at least not primarily), but hard economic facts. For one thing, it was an ineffective arrangement. The creditor derived malicious satisfaction from watching his debtor fade away in prison, but that didn't satisfy the debt. For another thing, the colonies suffered a chronic people shortage. They needed laborers and militiamen. Society couldn't afford to lose the prisoner's labor or his ability to shoulder a musket and defend against Indian attacks. Nor could society afford to support the innocent wife and children "perishing with Hunger & Cold" (here's where sentiment entered into the equation). The system began to be modified in various ways. For some categories of debtors, commonly single men who owed little, some colonies substituted indentured service for imprisonment. Another modification, applicable to petty debts, provided a release from prison and immunity from rearrest if the debtor swore he was impoverished--presumably a more effective deterrent centuries ago when there was true shame associated with being a deadbeat. A third modification put clothing, furniture, eating utensils, and tools beyond the reach of attachment. None of this was of any help to the larger defaulters, the businessmen, and it was for their benefit (economic necessity, again) that colonial bankruptcy laws began to evolve. Interestingly, the colonies preferred voluntary proceedings, giving the right of action to the insolvent, in contrast to English bankruptcy practice, which sided with the creditor. Development of bankruptcy relief was by no means smooth as, predictably, many stern and rockbound colonists took a moral stance against it. Complicating matters was the requirement that, until the Revolution, a debtor relief law, like any colonial legislation, had to be approved by the Crown, in this case the Board of Trade. The author provides a painstaking region-by-region analysis of the development of bankruptcy law, and sums up all the history in a concluding chapter. Peter J. Coleman, J.D., Ph.D., is Emeritus Professor of History University of Illinois at Chicago ********* Bond pricing, appearing in each Monday's edition of the TCR, is provided by DLS Capital Partners in Dallas, Texas. A list of Meetings, Conferences and Seminars appears in each Wednesday's edition of the TCR. Submissions about insolvency-related conferences are encouraged. Send announcements to conferences@bankrupt.com. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles available from Amazon.com -- go to http://www.amazon.com/exec/obidos/ASIN/189312214X/internetbankrupt-- or through your local bookstore. For copies of court documents filed in the District of Delaware, please contact Vito at Parcels, Inc., at 302-658-9911. For bankruptcy documents filed in cases pending outside the District of Delaware, contact Ken Troubh at Nationwide Research & Consulting at 207/791-2852. ********* 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 is a daily newsletter, co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ, and Beard Group, Inc., Washington, DC. Debra Brennan, Yvonne L. Metzler, Ronald Ladia, Zenar Andal, and Grace Samson, Editors. Copyright 2000. All rights reserved. ISSN 1520-9474. 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 subscription rate is $575 for six months delivered via e-mail. 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