/raid1/www/Hosts/bankrupt/TCR_Public/080315.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, March 15, 2008, Vol. 12, No. 64
Headlines
CALPINE CORP: Records $142MM Net Income for Month Ended Dec. 31
NEWPOWER HOLDINGS: Files Operating Report for Dec. 31 to Jan. 31
POPE & TALBOT: Incurs $199,527,000 Net Loss in December 2007
REUNION INDUSTRIES: Files January 2008 Monthly Operating Report
TWEETER HOME: Posts $665,942 Net Loss for Month Ended Aug. 31
TWEETER HOME: Posts $806,270 Net Loss for Month Ended Sept. 30
*********
CALPINE CORP: Records $142MM Net Income for Month Ended Dec. 31
---------------------------------------------------------------
Calpine Corporation
Consolidated Condensed Balance Sheet
As of December 31, 2007
ASSETS
Current asset
Cash and cash equivalents $1,915,000,000
Accounts receivable, net 878,000,000
Accounts receivable, related party 226,000,000
Inventories 114,000,000
Margin deposits and other prepaid expense 452,000,000
Restricted cash, current 422,000,000
Current derivative assets 231,000,000
Assets held for sale 195,000,000
Other current assets 98,000,000
--------------
Total current assets 4,531,000,000
Property, plant and equipment, net 12,292,000,000
Restricted cash, net of current portion 159,000,000
Investments 260,000,000
Long-term derivative assets 222,000,000
Other assets 1,018,000,000
--------------
Total assets $18,482,000,000
==============
LIABILITIES AND STOCKHOLDERS' DEFICIT
Current liabilities:
Accounts payable $642,000,000
Accrued interest payable 324,000,000
Debt, current 1,710,000,000
Current derivative liabilities 306,000,000
Income taxes payable 51,000,000
Other current liabilities 571,000,000
--------------
Total current liabilities 3,604,000,000
Debt, net of current portion 9,946,000,000
Deferred income taxes, net of current portion 38,000,000
Long-term derivative liabilities 510,000,000
Long-term liabilities 245,000,000
Total liabilities not subject to compromise 14,343,000,000
Liabilities subject to compromise 8,788,000,000
Minority interests 3,000,000
Stockholders' equity (deficit):
Common stock 1,000,000
Additional paid-in capital 3,263,000,000
Additional paid-in capital, loaned shares -
Additional paid-in capital, returnable shares -
Accumulated deficit (7,685,000,000)
Accumulated other comprehensive loss (231,000,000)
--------------
Total stockholders' deficit (4,652,000,000)
Total liabilities and stockholders' deficit $18,482,000,000
==============
Calpine Corporation
Consolidated Condensed Statement of Operations
For the period ending December 31, 2007
Operating revenues $666,000,000
Cost of revenue:
Fuel and purchased energy expenses 480,000,000
Plant operating expense 58,000,000
Depreciation and amortization 36,000,000
Operating plant impairments 44,000,000
Other cost of revenue 13,000,000
------------
Gross profit 35,000,000
Sales, general and administrative expense 13,000,000
Other operating expenses 16,000,000
------------
Income from operations 6,000,000
Interest expense 613,000,000
Interest (income) (4,000,000)
Other (income) expense, net 7,000,000
------------
Loss before reorganization items & income taxes (610,000,000)
Reorganization items (60,000,000)
------------
Loss before income taxes (550,000,000)
Provision (benefit) for income taxes (692,000,000)
------------
Net income $142,000,000
============
Based in San Jose, California, Calpine Corporation (OTC Pink
Sheets: CPNLQ) -- http://www.calpine.com/-- supplies customers
and communities with electricity from clean, efficient, natural
gas-fired and geothermal power plants. Calpine owns, leases and
operates integrated systems of plants in 21 U.S. states and in
three Canadian provinces. Its customized products and services
include wholesale and retail electricity, gas turbine components
and services, energy management and a wide range of power plant
engineering, construction and maintenance and operational
services.
The company and its affiliates filed for chapter 11 protection on
Dec. 20, 2005 (Bankr. S.D.N.Y. Lead Case No. 05-60200). Richard
M. Cieri, Esq., Matthew A. Cantor, Esq., Edward Sassower, Esq.,
and Robert G. Burns, Esq., Kirkland & Ellis LLP represent the
Debtors in their restructuring efforts. Michael S. Stamer, Esq.,
at Akin Gump Strauss Hauer & Feld LLP, represents the Official
Committee of Unsecured Creditors. As of Aug. 31, 2007, the
Debtors disclosed total assets of $18,467,000,000, total
liabilities not subject to compromise of $11,207,000,000, total
liabilities subject to compromise of $15,354,000,000 and
stockholders' deficit of $8,102,000,000.
On Feb. 3, 2006, two more affiliates, Geysers Power Company, LLC,
and Silverado Geothermal Resources, Inc., filed voluntary chapter
11 petitions (Bankr. S.D.N.Y. Case Nos. 06-10197 and 06-10198).
On Sept. 20, 2007, Santa Rosa Energy Center, LLC, another
affiliate, also filed a voluntary chapter 11 petition (Bankr.
S.D.N.Y. Case No. 07-12967).
On June 20, 2007, the Debtors filed their Chapter 11 Plan and
Disclosure Statement. On Aug. 27, 2007, the Debtors filed their
Amended Plan and Disclosure Statement. Calpine filed a Second
Amended Plan on Sept. 19, 2007 and on Sept. 24, 2007, filed a
Third Amended Plan. On Sept. 25, 2007, the Court approved the
adequacy of the Debtors' Disclosure Statement and entered a
written order on September 26. On Dec. 19, 2007, the Court
confirmed the Debtors' Plan. The Amended Plan was deemed
effective as of January 31, 2008.
NEWPOWER HOLDINGS: Files Operating Report for Dec. 31 to Jan. 31
----------------------------------------------------------------
(Louie)
NewPower Holdings Inc. and its debtor-affiliates filed its monthly
operating report for the period from Dec. 31, 2007, to Jan. 1,
2008, with the U.S. Bankruptcy Court for the Northern District of
Georgia, Newnan Division.
The Debtors reported an opening cash balance of $1,555 and a
closing cash balance of $1,420.
A full-text copy of NewPower Holdings Inc. and its debtor-
affiliates' monthly operating report for the period from Dec. 31,
2007, to Jan. 1, 2008, is available at no charge at
http://researcharchives.com/t/s?2925
NewPower Holdings Inc. (Pink Sheets: NWPWQ) and its debtor-
affiliates filed for chapter 11 protection on June 11, 2002
(Bankr. N.D. Ga. 02-10836). Paul K. Ferdinands, Esq., at King &
Spalding and William M. Goldman, Esq., at Sidley Austin Brown &
Wood LLP represent the Debtors. When the Debtors filed for
chapter 11 protection, they reported $231,837,000 in assets and
$87,936,000 in debts.
On Aug. 15, 2003, the U.S. Bankruptcy Court for the Northern
District of Georgia, Newnan Division, confirmed the Second Amended
Chapter 11 Plan with respect to NewPower Holdings, Inc., and TNPC
Holdings, Inc., a wholly owned subsidiary. That Plan became
effective on Oct. 9, 2003, with respect to the company and TNPC.
On Feb. 28, 2003, the Bankruptcy Court confirmed The New
Power Company's Plan, and that Plan has been effective as of
March 11, 2003 with respect to New Power. The New Power Company
is a wholly owned subsidiary of the company.
POPE & TALBOT: Incurs $199,527,000 Net Loss in December 2007
------------------------------------------------------------
Pope & Talbot, Inc., et al.
Unaudited Balance Sheet
As of December 31, 2007
ASSETS
Current Assets
Cash & cash equivalents $8,892,000
Restricted cash 1,892,000
Accounts receivable 102,056,000
Inventories
Raw materials 53,878,000
Finished products 29,301,000
Prepaid expenses and other 32,670,000
Assets held for sale 205,076,000
------------
Total current assets 433,765,000
Properties
Plant and equipment 0
Accumulated depreciation 0
Net property, plant & equipment 0
Land and timber cutting rights 0
------------
Total properties 0
Other Assets
Deferred tax charge 0
Deferred debt issue cots 1,781,000
Deferred charges and other 6,815,000
------------
Total other assets 8,596,000
------------
TOTAL ASSETS $442,361,000
============
LIABILITIES & EQUITY
Liabilities Not Subject to Compromise:
Current Liabilities
Current portion of long-term debt $246,803,000
Accounts payable 21,412,000
Accrued payroll and related taxes 14,048,000
Income taxes payable 1,159,000
Current portion reforestation 0
Other accrued liabilities 3,655,000
------------
Total current liabilities 287,077,000
Long-Term Liabilities
Deferred income tax liability, net 0
Pension and post-retirement benefits 0
Reforestation 419,000
Other long-term liabilities 0
------------
Total long-term liabilities 419,000
Liabilities Subject to Compromise 314,297,000
Stockholders Equity (deficit)
Common stock 17,208,000
Additional paid-in capital 67,044,000
Retained earnings (deficit) (256,841,000)
Common stock held in treasury, at cost (12,319,000)
Accumulated other comprehensive income 25,476,000
------------
Total stockholders' equity (deficit) (159,432,000)
------------
TOTAL LIABILITIES & EQUITY (DEFICIT) $442,361,000
============
Pope & Talbot, Inc., et al.
Unaudited Statement of Operations
For the Month Ended December 31, 2007
Revenues
Pulp $50,552,000
Wood Products 10,056,000
------------
Total 60,608,000
Cost of Sales
Pulp 50,292,000
Wood Products 13,346,000
Loss on impairment of assets 188,516,000
Compensation related to timber take-back 0
------------
Total 252,154,000
Selling, General and Administrative
Pulp 696,000
Wood Products 155,000
Corporate 2,030,000
------------
Total 2,881,000
Operating income (loss) (194,427,000)
Interest expense and amortization of debt costs (5,607,000)
Interest income 14,000
Foreign exchange 2,039,000
------------
Income (loss) before reorganization items & (197,981,000)
taxes
Reorganization items (10,260,000)
------------
Income (loss) before taxes (208,241,000)
Income tax provision (benefit) (8,714,000)
------------
Net Income (Loss) ($199,527,000)
============
Pope & Talbot, Inc., et al.
Statement of Cash Receipts and Disbursements
For the Period November 19 - December 31, 2007
Cash - Beginning of Period $10,292,323
RECEIPTS
Accounts receivable 75,898,076
Other (GST refund and interest income) 2,320,995
Transfers (from DIP accounts) 0
------------
Total Receipts 78,219,071
DISBURSEMENTS
Net payroll (9,680,605)
Payroll taxes (8,345,281)
Property & other taxes & lumber duties (1,594,413)
Raw material & operating supplies (31,360,235)
Utilities/energy (8,466,860)
Freight (9,755,005)
Maintenance material & contract services (3,704,225)
Lease payment (881,313)
Insurance (452,042)
Interest & finance costs on revolver (468,714)
Other (8,096,031)
Professional fees (181,891)
Bankruptcy-related disbursements (3,008,682)
------------
Total Disbursements (85,995,297)
------------
Net cash flow (7,776,226)
------------
Cash - End of Period $2,516,097
============
About Pope & Talbot
Based in Portland, Oregon, Pope & Talbot Inc. (Other OTC:
PTBT.PK) -- http://www.poptal.com/-- is a pulp and wood products
business. Pope & Talbot was founded in 1849 and produces market
pulp and softwood lumber at mills in the US and Canada. Markets
for the company's products include the US, Europe, Canada, South
America and the Pacific Rim.
The company and its U.S. and Canadian subsidiaries applied for
protection under the Companies' Creditors Arrangement Act of
Canada on Oct. 28, 2007. The Debtors' CCAA Stay expired
on Jan. 16, 2008.
The company and fourteen of its debtor-affiliates filed for
Chapter 11 protection on Nov. 19, 2007 (Bankr. D. Del. Lead Case
No. 07-11738). Shearman & Sterling LLP is the Debtor's bankruptcy
counsel, while Laura Davis Jones, Esq. at Pachulski, Stang, Ziehl
& Jones L.L.P. represents the Debtors as bankruptcy co-counsel.
The Official Committee of Unsecured Creditors selected Fried,
Frank, Harris, Shriver & Jacobson LLP as its bankruptcy counsel.
When the Debtors filed for bankruptcy, they listed total assets of
$681,960,000 and total debts of $601,090,000.
The Debtors' exclusive period to file a plan expires on March 18,
2008.
Pope & Talbot Pulp Sales Europe, LLC, a subsidiary, on Nov. 21,
2007, filed an application for relief under Belgian bankruptcy
laws in the commercial court in Brussels. If the Belgian court
grants Pope & Talbot Europe's application, it is expected it will
be liquidated through the bankruptcy proceeding.
(Pope & Talbot Bankruptcy News, Issue No. 16; Bankruptcy
Creditors' Service Inc., http://bankrupt.com/newsstand/or
215/945-7000).
REUNION INDUSTRIES: Files January 2008 Monthly Operating Report
---------------------------------------------------------------
(Louie)
Reunion Industries Inc. filed with the Bankruptcy Court and United
States Trustee its monthly operating report for January 2008.
As of Jan. 31, 2008, the Debtor had $45,318,000 in total assets,
$67,933,000 in total liabilities, and $22,615,000 in total
stockholders' deficit.
For the month ended Jan. 31, 2008, the Debtor did not had any
revenue and incurred a net loss of $118,000.
For the month ended Jan. 31, 2008, the beginning cash balance was
$509,238 and the ending cash balance was $455,178.
A full-text copy of the company's January 2008 report is
available for free at http://researcharchives.com/t/s?2926
About Reunion Industries
Headquartered in Pittsburgh, Pennsylvania, Reunion Industries
Inc. owns and operates industrial manufacturing operations that
design and manufacture engineered, high quality products for
specific customer requirements. These products include large
diameter seamless pressure vessels, manufactured by its CP
Industries division, and hydraulic and pneumatic cylinders,
manufactured by its Hanna Cylinders division. In addition,
the Debtor has a 65% interest in Shanghai Klemp Metal Products
Co., Ltd., a Chinese company located in Shanghai, China.
Shanghai Klemp manufactures metal bar grating.
Reunion Industries filed for Chapter 11 protection on Nov. 26,
2007 (Bankr. D. Conn. Case No.: 07-50727). Two Reunion Industries
stockholders, Charles E. Bradley, Sr. Family, L.P., and John Grier
Poole Family, L.P., filed separate Chapter 11 petitions on the
same day (Bankr. D. Conn. Case Nos. 07-50725 and 07-50726). Carol
A. Felicetta, Esq. at Reid and Riege, P.C. represents the Debtors
in their restructuring efforts.
TWEETER HOME: Posts $665,942 Net Loss for Month Ended Aug. 31
-------------------------------------------------------------
Tweeter Home Entertainment Group, Inc., et al.
Consolidated Balance Sheet
As of August 31, 2007
Assets
Current Assets:
Cash and Cash Equivalents $4,401,251
Accounts Receivable 0
Inventory 0
Deferred Tax Assets 0
Prepaid Expenses and Other Current Assets 2,300,447
--------------
Total Current Assets 6,701,699
Property and Equipment 0
Long-Term Investments 0
Intangible Assets, Net 0
Other Assets 0
Goodwill 0
--------------
Total Assets $6,701,699
==============
Liabilities and Owners' Equity
Liabilities Not Subject to Compromise (Postpetition):
Current Portion of Long-Term Debt 0
Total Accounts Payable $2,934,187
--------------
Total Postpetition Liabilities 2,934,187
Liabilities Subject to Compromise (Prepetition):
Deferred Compensation 0
Accrued Expenses 0
Customer Deposits 0
Prepetition Accounts Payable 32,536,235
--------------
Total Prepetition Liabilities 32,536,235
Secured Bank Debt 0
Other Long-Term Liabilities:
Accrued Income Taxes 951,185
Long-Term Restructuring and Discontinued
Store Reserve 0
Rent-Related Accruals 0
--------------
Total Other Long-Term Liabilities 951,185
--------------
Total Liabilities 36,421,607
Total Stockholder's Equity (29,719,908)
--------------
Total Liabilities and Stockholder's Equity $6,701,699
==============
Tweeter Home Entertainment Group, Inc., et al.
Consolidated Statement of Operations
For the Month Ended August 31, 2007
Revenue $0
Cost of Goods Sold 0
--------------
Gross Profit 0
--------------
Total Operating Expenses 0
Operating Income 0
Other Income (Expense) 665,942
Loss on Transaction 0
--------------
Earnings Before Tax (665,942)
Taxes 0
--------------
Net Income ($665,942)
==============
Tweeter Home Entertainment Group, Inc., et al.
Schedule of Cash Receipts and Disbursements
For the Month Ended August 31, 2007
Cash, Beginning of Month $0
Total Receipts 0
Total Disbursements 0
--------------
Net Cash Flow 0
--------------
Cash, End of Month $0
==============
About Tweeter Home
Based in Canton, Mass., Tweeter Home Entertainment Group Inc.
-- http://www.tweeter.com/-- retails mid-to high-end audio and
video consumer electronics products. Tweeter and seven of its
affiliates filed for chapter 11 Protection on June 11, 2007
(Bankr. D. Del. Case Nos. 07-10787 through 07-10796). Gregg M.
Galardi, Esq., Mark L. Desgrosseilliers, Esq., and Sarah E.
Pierce, Esq., at Skadden, Arps, Slate, Meagher & Flom, LLP,
represent the Debtors. Kurtzman Carson Consultants LLC acts as
the Debtors' claims and noticing agent.
Bruce Grohsgal, Esq., William P. Weintraub, Esq., and Rachel Lowy
Werkheiser, Esq., at Pachulski Stang Ziehl & Jones LLP; and Scott
L. Hazan, Esq., Lorenzo Marinuzzi, Esq., and Todd M. Goren, Esq.,
at Otterbourg, Steindler, Houston & Rosen, P.C., represent the
Official Committee of Unsecured Creditors.
As of Dec. 21, 2006, Tweeter had total assets of $258,573,353 and
total debts of $190,417,285. The Court expects the Debtors to
file a plan of reorganization on June 5, 2008. (Tweeter
Bankruptcy News, Issue No. 18, Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000).
TWEETER HOME: Posts $806,270 Net Loss for Month Ended Sept. 30
--------------------------------------------------------------
Tweeter Home Entertainment Group, Inc., et al.
Consolidated Balance Sheet
As of September 30, 2007
Assets
Current Assets:
Cash and Cash Equivalents $6,229,113
Accounts Receivable 0
Inventory 0
Deferred Tax Assets 0
Prepaid Expenses and Other Current Assets 2,300,447
--------------
Total Current Assets 8,529,560
Property and Equipment 0
Long-Term Investments 0
Intangible Assets, Net 0
Other Assets 0
Goodwill 0
--------------
Total Assets $8,529,560
==============
Liabilities and Owners' Equity
Liabilities Not Subject to Compromise (Postpetition):
Current Portion of Long-Term Debt 0
Escrow $2,812,000
Total Accounts Payable 2,756,319
--------------
Total Postpetition Liabilities 5,568,319
Liabilities Subject to Compromise (Prepetition):
Deferred Compensation 0
Accrued Expenses 0
Customer Deposits 0
Prepetition Accounts Payable 32,536,235
--------------
Total Prepetition Liabilities 32,536,235
Secured Bank Debt 0
Other Long-Term Liabilities:
Accrued Income Taxes 951,185
Long-Term Restructuring and Discontinued
Store Reserve 0
Rent-Related Accruals 0
--------------
Total Other Long-Term Liabilities 951,185
--------------
Total Liabilities 39,055,738
Total Stockholder's Equity (30,526,178)
--------------
Total Liabilities and Stockholder's Equity $8,529,560
==============
Tweeter Home Entertainment Group, Inc., et al.
Consolidated Statement of Operations
For the Month Ended September 30, 2007
Revenue $0
Cost of Goods Sold 0
--------------
Gross Profit 0
--------------
Total Operating Expenses 0
Operating Income 0
Other Income (Expense) 806,270
Loss on Transaction 0
--------------
Earnings Before Tax (806,270)
Taxes 0
--------------
Net Income ($806,270)
==============
Tweeter Home Entertainment Group, Inc., et al.
Schedule of Cash Receipts and Disbursements
For the Month Ended September 30, 2007
Cash, Beginning of Month $0
Total Receipts 0
Total Disbursements 0
--------------
Net Cash Flow 0
--------------
Cash, End of Month $0
==============
About Tweeter Home
Based in Canton, Mass., Tweeter Home Entertainment Group Inc.
-- http://www.tweeter.com/-- retails mid-to high-end audio and
video consumer electronics products. Tweeter and seven of its
affiliates filed for chapter 11 Protection on June 11, 2007
(Bankr. D. Del. Case Nos. 07-10787 through 07-10796). Gregg M.
Galardi, Esq., Mark L. Desgrosseilliers, Esq., and Sarah E.
Pierce, Esq., at Skadden, Arps, Slate, Meagher & Flom, LLP,
represent the Debtors. Kurtzman Carson Consultants LLC acts as
the Debtors' claims and noticing agent.
Bruce Grohsgal, Esq., William P. Weintraub, Esq., and Rachel Lowy
Werkheiser, Esq., at Pachulski Stang Ziehl & Jones LLP; and Scott
L. Hazan, Esq., Lorenzo Marinuzzi, Esq., and Todd M. Goren, Esq.,
at Otterbourg, Steindler, Houston & Rosen, P.C., represent the
Official Committee of Unsecured Creditors.
As of Dec. 21, 2006, Tweeter had total assets of $258,573,353 and
total debts of $190,417,285. The Court expects the Debtors to
file a plan of reorganization on June 5, 2008. (Tweeter
Bankruptcy News, Issue No. 18, Bankruptcy Creditors' Service,
Inc., http://bankrupt.com/newsstand/or 215/945-7000).
*********
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*********
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