/raid1/www/Hosts/bankrupt/TCR_Public/070714.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
Saturday, July 14, 2007, Vol. 11, No. 165
Headlines
AMP'D MOBILE: Files Schedules of Assets and Liabilities
DANA CORP: Posts $5 Million Net Loss in May 2007
SAINT VINCENTS: Files May 2007 Monthly Operating Report
TOWER AUTOMOTIVE: Posts $4.9 Million Net Loss in May 2007
*********
AMP'D MOBILE: Files Schedules of Assets and Liabilities
-------------------------------------------------------
A. Real Property $0
B. Personal Property
B.1 Cash on Hand/Petty Cash 2,625
B.2 Financial Accounts
Silicon Valley/Bank of America, 21,063,465
includes L/Cs for Verizon
aggregating $11,178,765
B.3 Security Deposits
ADT Security Services 1,773
American Express as of Sept. 2006 3,761
American Express as of Oct. 2006 10,753
Billsoft 1,000
Board of Equalization 3,100
Coldwell Bankers Residential Brokerage 11,800
Commission Junction 10,000
Djalil Abadi 7,351
DSCI 5,000
Gateway Colorado Properties 8,320
LA Department of Water & Power 10,050
Taxi Inc. 47,437
The Gas Company 300
West Side Medical Park 51,000
West Side Medical Park LLC 1925 52,000
West Side Medical Park LLC 1901 36,000
West Side Medical Park LLC Addtl 120,000
B.13 Stock and Interests 356,778
B.16 Accounts Receivable 15,869,945
B.25 Automobiles 241,409
B.28 Office Equipment and Supplies 2,718,036
B.30 Inventory 6,971,726
TOTAL SCHEDULED ASSETS $47,603,629
============
C. Property Claimed as Exempt Not Applicable
D. Secured Claims
Kings Road Investments, Ltd. $30,323,300
General Electric Unknown
IOS Capital Unknown
NCR Corporation Unknown
E. Unsecured Claims
Wages
Adderton, Tyler 40,144
Swanson, Susan 17,692
Brown, Greg 8,022
Cadieux, Joe 6,988
Berryhill, Clay 6,892
Hunter, Adrian 3,846
Clintworth, Tyler 3,811
Shakya, Viren 2,596
Towle, Lindsay 2,542
Brown, Geoff 1,220
Taxes
State of California 647,466
State of Florida 421,641
State of Illinois 387,676
State of Massachusetts 109,079
State of New Jersey 150,483
State of New York 104,276
State of Pensylvania 114,532
State of Tennessee 100,286
State of Texas 467,869
Others 1,073,158
Additional Taxes due May 2207 3,200,000
F. Unsecured Non-Priority Claims
American Wireless 1,922,907
Apex Systems Inc. 543,972
Asurion Insurance Service 2,606,734
BCGI Boston Communications Grp 2,175,572
Best Buy 8,042,761
Brightpoint North America 990,341
Celluphone USA LLC 2,315,632
Circuit City 586,364
Client Logic 1,707,555
Deloitte & Touche, LLP 430,013
DUB Publishing Inc 556,167
Endless Wireless Group Inc 1,079,745
ESPN Enterprises 345,000
Forward Mobilty LLC 1,262,572
Horizon Media Inc 10,797,942
InPhonic Inc 499,542
Link2Cell 428,841
Mobile Technology Partners LLC 497,516
Moderati 728,258
Mosaic Sales Solutions US 832,532
Motorola Inc 16,499,649
Mr. Prepaid Inc 595,703
MTV Networks 1,388,015
NCR Corporation 497,628
Ninja Mobile Inc 353,920
North American Wireless Solution 504,559
Novana Inc 363,644
OpSource 800,514
OSG Billing 484,074
Perfect Connection LLC 1,044,577
Printing Management Associates 1,340,802
Professional Bull Riders Inc 492,500
Qualcomm Inc 1,440,363
Qualiy Technology Services NJ 304,944
Screenvision Cinema Network 394,990
Sento Corporation 1,778,229
SFX Marketing 2,100,000
Sitel Operating Corp 1,760,100
Taxi Inc 4,523,981
Telus 421,685
UMG Recordings Inc 353,466
Valuetech Outsourcing LLC 695,926
Verizon Wireless 34,856,619
Wireless Channel Services Inc. 619,051
Wireless Toyz Franchise LLL 388,809
Young America Corporation 795,258
Zuffa LLC 733,750
Others 13,503,601
TOTAL SCHEDULED LIABILITIES $164,569,842
=============
Headquartered in Los Angeles, Calif., Amp'd Mobile Inc. aka
Amp'D Mobile LLC -- http://www.ampd.com/-- is a mobile virtual
network operator that provides voice, text and entertainment
content to subscribers who contract for cellular telephone
service. The company filed for chapter 11 protection on June 1,
2007 (Bankr. D. Del. Case No. 07-10739). Steven M. Yoder, Esq.,
Eric M. Sutty, Esq. and Mary E. Augustine, Esq. at The Bayard
Firm represent the Debtor in its restructuring efforts. When it
sought bankruptcy, Amp'D Mobile listed total assets of between
$1 million to $100 million and estimated debts of more than
$100 million.
The Debtor's exclusive period to file a plan expires on
Sept. 29, 2007. (Amp'd Mobile Bankruptcy News, Issue No. 8;
Bankruptcy Creditors'Service Inc. http://bankrupt.com/newsstand/
or 215/945-7000)
DANA CORP: Posts $5 Million Net Loss in May 2007
------------------------------------------------
Dana Corporation
Condensed Balance Sheet
As of May 31, 2007
ASEETS
CURRENT ASSETS
Cash and cash equivalents $1,060,000,000
Accounts receivable
Trade 1,371,000,000
Other 286,000,000
Inventories 768,000,000
Assets of discontinued operations 192,000,000
Other current assets 141,000,000
---------------
Total current assets 3,818,000,000
Investments and other assets 999,000,000
Investments in equity affiliates 420,000,000
Property, plant and equipment, net 1,736,000,000
---------------
TOTAL ASSETS $6,973,000,000
===============
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Debtor-in-posession financing $900,000,000
Notes payable 48,000,000
Accounts payable 1,117,000,000
Liabilities of discontinued operations 122,000,000
Other accrued liabilities 773,000,000
---------------
Total current liabilities 2,960,000,000
Liabilities subject to compromise 4,323,000,000
Deferred employee benefits
& other noncurrent benefits 418,000,000
Long-term debt 13,000,000
Minority interest in consolidated subsidiaries 99,000,000
---------------
Total liabilities 7,813,000,000
Shareholders' deficit (840,000,000)
---------------
TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIT $6,973,000,000
===============
Dana Corporation
Condensed Statement of Operations
For the month ending May 31, 2007
Net sales $806,000,000
Costs and expenses
Cost of sales 751,000,000
Selling, general & admin expenses 32,000,000
Realignment charges 6,000,000
Other income, net 8,000,000
---------------
Income (loss) from operations 25,000,000
Interest expense 8,000,000
Reorganization items, net 10,000,000
---------------
Income (loss) before income taxes 7,000,000
Income tax expense 10,000,000
Minority interest expense 1,000,000
Equity in earnings of affiliates 10,000,000
---------------
Income (loss) from continuing operations 6,000,000
Loss from discontinued operations (1,000,000)
---------------
Net income (loss) $5,000,000
===============
Dana Corporation
Condensed Statement of Cash Flows
For the month Ending May 31, 2007
OPERATING ACTIVITIES
Net income $5,000,000
Depreciation and amortization 23,000,000
Loss on sale of businesses 0
Non-cash portion of U.K. pension charge 0
Increase in working capital 41,000,000
Unremitted equity in earnings of affiliates (10,000,000)
Other (12,000,000)
---------------
Net cash flows used for operating activities 47,000,000
INVESTING ACTIVITIES
Purchases of property, plant and equipment (18,000,000)
Proceeds from sale of assets 0
Other 5,000,000
---------------
Net cash flows provided by (used for) investing (13,000,000)
FINANCING ACTIVITIES
Net change in short-term debt (47,000,000)
Proceeds from DIP Credit Agreement 0
---------------
Net cash flows provided by (used for) financing (47,000,000)
Net increase (decrease) in cash
and cash equivalents (13,000,000)
---------------
Cash and cash equivalents, beginning of period 1,073,000,000
Cash and cash equivalents, end of period $1,060,000,000
===============
About Dana Corp.
Toledo, Ohio-based Dana Corp. -- http://www.dana.com/-- designs
and manufactures products for every major vehicle producer in the
world, and supplies drivetrain, chassis, structural, and engine
technologies to those companies. Dana employs 46,000 people in
28 countries. Dana is focused on being an essential partner to
automotive, commercial, and off-highway vehicle customers, which
collectively produce more than 60 million vehicles annually.
The company and its affiliates filed for chapter 11 protection on
Mar. 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354). As of Sept. 30,
2005, the Debtors listed $7,900,000,000 in total assets and
$6,800,000,000 in total debts.
Corinne Ball, Esq., and Richard H. Engman, Esq., at Jones Day, in
Manhattan and Heather Lennox, Esq., Jeffrey B. Ellman, Esq.,
Carl E. Black, Esq., and Ryan T. Routh, Esq., at Jones Day in
Cleveland, Ohio, represent the Debtors. Henry S. Miller at
Miller Buckfire & Co., LLC, serves as the Debtors' financial
advisor and investment banker. Ted Stenger from AlixPartners
serves as Dana's Chief Restructuring Officer.
Thomas Moers Mayer, Esq., at Kramer Levin Naftalis & Frankel LLP,
represents the Official Committee of Unsecured Creditors. Fried,
Frank, Harris, Shriver & Jacobson, LLP serves as counsel to the
Official Committee of Equity Security Holders. Stahl Cowen
Crowley, LLC serves as counsel to the Official Committee of
Non-Union Retirees.
The Debtors' exclusive period to file a plan expires on Sept. 3,
2007. They have until Nov. 2, 2007, to solicit acceptances of
that plan. (Dana Corporation Bankruptcy News, Issue No. 46;
Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/
or 215/945-7000).
SAINT VINCENTS: Files May 2007 Monthly Operating Report
-------------------------------------------------------
SVCMC Debtors
Unaudited Consolidated Balance Sheet
As of May 31, 2007
ASSETS
Cash & Cash Equivalents $6,172,236
Investments -
Patients Accounts Receivable, less allowance
for doubtful accounts 60,749,970
Accounts Receivable 39,797,690
Other Current Assets 21,444,199
Assets Held for Sale 11,134,618
--------------
Total Current Assets 139,298,713
Depreciation Reserve Funds & Collaterized Assets 7,430,806
Assets Designated for Self-Insurance
Investments at Market 48,839,475
Assets whose use is limited -
Investments at Market 63,645,493
Other Non-Current Assets 15,970,135
Land, Buildings & Equipment, net of
Accumulated Depreciation 117,012,835
--------------
Total Assets $392,197,457
==============
LIABILITIES AND NET ASSETS
Liabilities Not Subject to Compromise:
Long-term Debt $91,324,892
Long-term Debt (GE) 92,852,842
Accounts Payables & Accrued Expenses 125,917,218
Accrued Salaries & Payroll Taxes Withheld 37,341,068
Estimated Retroactive Payables 85,038,152
Other Non-current Liabilities 59,351,061
-------------
Total Liabilities Not Subject to Compromise 491,825,233
Liabilities Subject to Compromise:
Liabilities Subject to Compromise 454,886,760
--------------
Total Liabilities Subject to Compromise 454,886,760
--------------
Total Liabilities 946,711,993
Net Assets:
Unrestricted (613,714,878)
Temporarily Restricted 34,464,213
Permanently Restricted 24,726,129
--------------
Total Net Assets (554,524,536)
--------------
Total Liabilities & Net Assets $392,187,457
==============
SVCMC Debtors
Unaudited Consolidated Income Statement
From May 1 to 31, 2007
Operating Revenue
Inpatient $30,299,944
Outpatient 21,443,594
--------------
Patient Service Revenue 51,743,538
--------------
Less Provision for Bad Debt 2,153,407
--------------
Net Patient Service Revenue 49,590,131
--------------
Pool Revenue 1,498,655
Capitation 7,379,065
Other 8,762,469
--------------
Total Operating Revenue 67,230,320
Operating Expenses:
Salaries and Wages 25,275,772
Fringe Benefits 7,142,969
Supplies and Other 33,657,834
Insurance 1,823,122
--------------
Total Direct Operating Costs 67,899,697
Salaries and Wages 0
Fringe Benefits 0
Supplies and Other 0
--------------
Total Corporate Allocated 1,743,997
--------------
Total Operating Expense 69,643,694
--------------
Interest 1,533,811
Depreciation 1,576,529
--------------
Operating Gain (Loss) Before
Non-Recurring and/or Unusual Items (5,523,714)
Non-Recurring and/or Unusual Items:
Discontinued Operations (St. Mary's) 0
St. Mary's Op Pac Rate Adjustment 0
ZBEC/HFE Recoveries 0
Restructuring & Bankruptcy Related Costs (2,495,893)
Estimated Close-out of St. Mary's 0
Hanys Investment Income (SFS INS) 0
Prior Period Ambulance Revenue 0
Transfer of Equity Foundation 0
--------------
Total Non-Recurring and/or Unusual Items (2,495,893)
--------------
Operating Gain (Loss) After
Non-Recurring and/or Unusual Items (8,019,607)
--------------
Non-Operating Revenue 8,446,044
Change in Temporary Restricted Net Assets (216,357)
--------------
Change in Net Assets $210,080
--------------
EBITDA $2,413,374
==============
SVCMC Debtors
Unaudited Statement of Cash Flows
From May 1 to 31, 2007
Cash Flows from Operation Activities:
Changes in Net Assets $210,080
Adjustments to Reconcile Changes in Net Assets
to Net Cash Provided by Operating Activities:
Depreciation & Amortization 1,576,529
Change in Unrealized Gains & Losses (1,768,639)
Change in Patient's Accounts Receivable (2,017,872)
Change in Accounts Receivables, Other (517,714)
Change in Prepaid Expenses & Other (1,081,562)
Change in Other Non-Current Assets (650,090)
Change in Accounts Payable &
Accrued Exp-Prepetition -
Change in Accounts Payable &
Accrued Exp-Postpetition (3,451,855)
Change in Accrued Salaries & P/R Taxes (96,623)
Change in Est. Retro rec/pay
from/to third parties 1,541,250
Change in Est. Liability for self-insurance 0
Change in Other Non-Current Liabilities 1,786,122
--------------
Net Cash Provided by Operating Activities (4,470,374)
Cash flows From Investment Activities:
Sale of Investments, Net (34,675)
Sale of Assets Whose Use is Limited (1,460,734)
Acquisition/Sale of Land, Building,
& Equipment (1,610,236)
--------------
Net Cash Provided by Investing Activities (3,105,645)
Cash flows From Financing Activities:
Proceeds/Repayment From/of Working Capital Loa 0
Proceed from issuance of Long-term debt 0
Repayment of Long-term debt (2,073,078)
--------------
Net Cash (Used) in Financing Activities (2,073,078)
Net Increase (Decrease)
in Cash & Cash Equivalents (9,649,097)
Cash & Cash Equivalents at Beginning of Month 15,820,333
--------------
Cash & Cash Equivalents at End of the Month $6,171,236
==============
About Saint Vincents
Based in New York City, Saint Vincents Catholic Medical Centers of
New York -- http://www.svcmc.org/-- the healthcare provider in
New York State, operates hospitals, health centers, nursing homes
and a home health agency. The hospital group consists of seven
hospitals located throughout Brooklyn, Queens, Manhattan, and
Staten Island, along with four nursing homes and a home health
care agency.
The company and six of its affiliates filed for chapter 11
protection on July 5, 2005 (Bankr. S.D.N.Y. Case No. 05-14945
through 05-14951). Gary Ravert, Esq., and Stephen B. Selbst,
Esq., at McDermott Will & Emery, LLP, filed the Debtors' chapter
11 cases. On Sept. 12, 2005, John J. Rapisardi, Esq., at Weil,
Gotshal & Manges LLP took over representing the Debtors in their
restructuring efforts. Martin G. Bunin, Esq., at Thelen Reid &
Priest LLP, represents the Official Committee of Unsecured
Creditors. As of Apr. 30, 2005, the Debtors listed $972 million
in total assets and $1 billion in total debts.
The Debtors filed their Chapter 11 Plan of Reorganization
accompanying a disclosure statement explaining that Plan on
Feb. 9, 2007. On June 1, 2007, the Debtors filed an Amended Plan
& Disclosure Statement.
(Saint Vincent Bankruptcy News, Issue No. 58 Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/
or 215/945-7000)
TOWER AUTOMOTIVE: Posts $4.9 Million Net Loss in May 2007
---------------------------------------------------------
Tower Automotive, Inc. and Subsidiaries
Unaudited Consolidated Balance Sheets
As of May 31, 2007
(In Thousands)
CURRENT ASSETS:
Cash and cash equivalents $2,648
Accounts receivable 126,042
Inventories 43,292
Prepaid tooling and other 22,920
----------
TOTAL CURRENT ASSETS 194,902
Property, plant and equipment, net 448,720
Investment in and advances to affiliates 794,092
Other assets, net 18,966
----------
TOTAL ASSETS $1,456,680
==========
CURRENT LIABILITIES NOT SUBJECT TO COMPROMISE:
Current maturities of long-term -
Current maturities of DIP borrowings $660,000
Accounts payable 108,857
Accrued liabilities 96,135
----------
TOTAL CURRENT LIABILITIES 864,992
----------
Liabilities subject to compromise: 1,297,941
Non-Current Liabilities Not Subject to Compromise:
Long-term debt, net of current maturities 84,751
Other noncurrent liabilities 32,172
----------
TOTAL LIABILITIES 2,279,856
----------
STOCKHOLDERS' DEFICIT: (823,176)
----------
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT: $1,456,680
==========
Tower Automotive, Inc. and Subsidiaries
Unaudited Statement of Operations
May 1 to 31, 2007
(In Thousands)
Revenues $98,527
Cost of sales 86,433
----------
Gross profit 12,094
Selling, general and administrative expenses 5,595
Restructuring and asset impairment charges, net (135)
Other operating income 379
----------
Operating income 6,255
Interest expense 9,812
Interest income (44)
Intercompany interest (income)/expense (2,746)
Chapter 11 and related reorganization items 3,664
----------
Income (loss) before provision for income taxes (4,431)
Provision (benefit) for income taxes 458
----------
Income (loss) before equity in earnings (4,889)
Equity in earnings of joint ventures, net of tax (27)
----------
Net loss ($4,916)
==========
Tower Automotive, Inc. and Subsidiaries
Unaudited Statement of Cash Flows
May 1 to 31, 2007
(In Thousands)
OPERATING ACTIVITIES:
Net loss ($4,916)
Adjustments required to reconcile net loss to net
Cash provided by (used in) operating activities:
Chapter 11 and related reorganization items 2,364
Restructuring and asset impairment, net 1,263
Depreciation 6,483
Equity in earnings of joint ventures, net 27
Change in working capital (498)
----------
Net cash provided by operating activities 4,723
INVESTING ACTIVITIES:
Cash disbursed for purchase of property,
plant and equipment (1,536)
----------
Net cash used for investing activities (1,536)
----------
FINANCING ACTIVITIES:
Proceeds from non-Debtor in possession borrowings -
Repayments of non-Debtor in possession borrowings -
Borrowings from DIP credit facility 48,500
Repayments of borrowings from DIP credit facility (50,000)
----------
Net cash provided by (used in) financing
activities (1,500)
----------
Net change in cash and cash equivalents: 1,687
----------
Cash and Cash Equivalents, beginning of period 961
Cash and Cash Equivalents, end of period $2,648
==========
About Tower Automotive
Headquartered in Grand Rapids, Michigan, Tower Automotive Inc.
-- http://www.towerautomotive.com/-- (OTC Bulletin Board: TWRAQ)
is a global designer and producer of vehicle structural components
and assemblies used by every major automotive original equipment
manufacturer, including BMW, DaimlerChrysler, Fiat, Ford, GM,
Honda, Hyundai/Kia, Nissan, Toyota, Volkswagen and Volvo.
Products include body structures and assemblies, lower vehicle
frames and structures, chassis modules and systems, and suspension
components. The company has operations in Korea, Spain and
Brazil.
The company and 25 of its debtor-affiliates filed voluntary
chapter 11 petitions on Feb. 2, 2005 (Bankr. S.D.N.Y. Case No.
05-10576 through 05-10601). James H.M. Sprayregen, Esq., Ryan
B. Bennett, Esq., Anup Sathy, Esq., Jason D. Horwitz, Esq., and
Ross M. Kwasteniet, Esq., at Kirkland & Ellis, LLP, represent
the Debtors in their restructuring efforts. Ira S. Dizengoff,
Esq., at Akin Gump Strauss Hauer & Feld LLP, represents the
Official Committee of Unsecured Creditors. When the Debtors
filed for protection from their creditors, they listed
$787,948,000 in total assets and $1,306,949,000 in total
debts.
On May 1, 2007, the Debtors filed their Chapter 11 Plan of
reorganization and Disclosure Statement explaining that plan. On
June 4, 2007, the Debtors submitted an Amended Plan and Disclosure
Statement. The Court approved the adequacy if the Amended
Disclosure Statement on June 5, 2007. The Court confirmed the
Debtors' Plan on July 11, 2007. (Tower Automotive Bankruptcy
News, Issue No. 67; Bankruptcy Creditors' Service, Inc.,
http://bankrupt.com/newsstand/or 215/945-7000).
*********
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*********
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
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