/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/980806.MBXT R O U B L E D C O M P A N Y R E P O R T E R Thursday, August 6, 1998, Vol. 2, No. 153 Headlines ACDC INC: Filed For Chapter 11 Bankruptcy Protection ALLIANCE ENTERTAINMENT: Concord Wins Exclusivity Extension BARRY'S JEWELERS: Seeks to Reject Headquarters Lease BOSTON CHICKEN: Former CEO Sells Stock EQUIPMENT BOND PURCHASER: Files Chapter 11 FPA MEDICAL MANAGEMENT: Case Summary & 20 Largest Creditors FPA MEDICAL: NASDAQ To Commence Delisting Process FULCRUM DIRECT: Case Summary & 20 Largest Creditors FULCRUM WEST: Case Summary & 20 Largest Creditors GARDEN CITY CASINO: Files Chapter 11 GRAND UNION: Court Confirms Plan HOLLYWOOD ENTERTAINMENT: Acquires 11 Stores in Albany area INTERNATIONAL META: Disclosure Statement LIBERTY HOUSE: Motion for New DIP Financing LIBERTY HOUSE: Reconsideration of Special Counsel PEGASUS GOLD: Objections to Disclosure Statement PIONEER OIL & GAS: Plan Confirmed By Court PORTACOM WIRELESS: Consummates Sale of Stock RESURGENCE PROPERTIES: Announces Second Quarter Results REUTER MANUFACTURING: Reports Second Quarter Net Loss SSE TELECOM: Announces Third Quarter Results SCORE BOARD: Asset Sale to Oxxford Express or High Bidder TECHNIMAR INDUSTRIES: Files Chapter 11 TOY BIZ: Reports Second Quarter Financials ********* ACDC INC: Filed For Chapter 11 Bankruptcy Protection ---------------------------------------------------- ACDC Inc., a Milford-based manufacturer and worldwide distributor of ventilation dampers, filed for Chapter 11 bankruptcy protection Wednesday, though it hopes to emerge from its reorganization. A turnaround specialist working with the 28-employee company blamed rapid overseas expansion and thin margins for the move to seek protection from creditors. "We got involved in the case in January in an attempt to reorganize the company informally," said Leonard Eppel, the turnaround specialist. "In April, we called a creditors' meeting with the unsecured creditors in Ohio." He said a turnaround committee was formed to develop a proposal for the settlement of debt over a period of time, but two of the creditors rejected it and filed lawsuits. ACDC listed preliminary assets of $3.3 million and liabilities of about $6.5 million. The secured lender, Provident Bank, is owed an estimated $800,000. Unsecured creditors are owed about $3.4 million. ACDC's problems began two years ago, when the domestic market for dampers softened and it decided to seek business abroad. It succeeded in finding customers in Korea and Indonesia - more than it could handle. Sales rose to $7.8 million in 1997 from $3.6 million in 1996, and ACDC began hiring to meet orders. But it was bidding its projects on tight margins, and when some orders fell through or payments were delayed, ACDC didn't have the capital to cover the loss. Economic problems in the Far East exacerbated the problem. Meanwhile, ACDC's rapid expansion created management problems. Mr. Eppel said ACDC intends to emerge from Chapter 11, and ship products on a cash-on-delivery or short-return basis. It also is shifting more business to the domestic market.(Cincinnati Enquirer - 07/30/98) ALLIANCE ENTERTAINMENT: Concord Wins Exclusivity Extension ---------------------------------------------------------- Alliance Entertainment Corp.'s Concord Records Inc. unit won an extension of its exclusive periods to file a reorganization plan and solicit acceptances to Sept. 30 and Nov. 30, respectively. In seeking the 60-day extension, Alliance said it is optimistic that negotiations to sell the jazz record label will soon be completed, and the company has received expressions of interest from several potential buyers. Alliance said Concord has begun preparing a plan, however, the subsidiary's major creditor constituencies have not had a full opportunity to negotiate plan issues due to the potential impact of the parent company's plan. (The Daily Bankruptcy Review Copyright c August 5, 1998;ABI 05-Aug-98) BARRY'S JEWELERS: Seeks to Reject Headquarters Lease ---------------------------------------------------- Barry's Jewelers, Inc., debtor, has determined to cease operations at its former headquarters and to reject the Headquarters Lease. Barry's believes that the Headquarters Lease is significantly above market, and in any event, the debtor has recently relocated its headquarters to a less expensive location in Austin, Texas. The debtor and El Monte Partnership, lessor under the lease have agreed to the rejection of the lease effective August 15, 1998. BOSTON CHICKEN: Former CEO Sells Stock -------------------------------------- Washington, DC, Aug. 04, 1998 (States) -- Saad Nadhir, former CEO of Boston Chicken, Inc. of Golden, Colo., reported on July 29, 1998, the proposed sale of 274,886 shares on July 20, 1998, for $586,424 through Goldman, Sachs & Co. (States SEC - 08/04/98) EQUIPMENT BOND PURCHASER: Files Chapter 11 ------------------------------------------ Equipment Bond Purchaser, Inc. filed a Chapter 11 petition in the District of Delaware on July 30, 1998. The debtor's address is 4231 Fulcrum way NE Rio Ranco, New Mexico The debtor is an affiliate of Fulcrum Direct, Inc. FPA MEDICAL MANAGEMENT: Case Summary & 20 Largest Creditors ----------------------------------------------------------- Debtor: FPA Medical Management Inc. 3636 Nobel Drive, Suite 200 San Diego, California 92122 Type of business: National physician practice management company which acquires, organizes and manages primary care physician practice networks and provides contract management services to hospital-based emergency departments. Court: District of Delaware Case No.: 98-1596 Filed: 07/19/98 Chapter: 11 Debtor's Counsel: Gregg M. Galardi Skadden Arps, Slate, Meagher & Flom LLP One Rodney Square, PO Box 636 Wilmington, Delaware 19899-0636 (302) 651-3000 Total Assets: $46,318,720 Total Liabilities: $345,567,192 Unsecured Debt securities held by more than 500 holders: $80,500,000 No. of shares of common stock 47,549,187 Note: There are 90 affiliated debtors listed in the petition. 20 Largest Unsecured Creditors: Name Amount ---- ------ First Union National Bank $75,000,000 Lehman Commercial Paper, Inc. BankBoston, NA Commercial Loan Funding Trust 1' Van Kampen American Capital Prime Rate Income Trust The Mitsubishi Trust and Banking corporation Suntrust Bank, Central Florida, NA Imperial Bank IndoSuez Capital Funding II Limited The Royal Bank of Scotland Allied Irish Banks, PLC The Long Term Credit Bank of Japan, LTD. NATEXIS Banque-BPCE Octagon Credit Investors Loan Portfolio The Sanwa Bank Limited LA Branch Van Kampen CLO1 Limited Merrill Lynch Prime Rate Portfolio Merrill Lynch Senior Floating Rate Fund Inc. Optimal Computers $4,084,134 Debt Strategies Fund, Inc. FPA MEDICAL: NASDAQ To Commence Delisting Process ------------------------------------------------- FPA Medical Management, Inc. (Nasdaq: FPAMQ) announced it has been informed by Nasdaq that Nasdaq intends to commence the delisting process for FPA's common stock based on the Company's failure to comply with the criteria for continued listing on the Nasdaq National Market. As previously announced, on July 19, 1998, FPA and its subsidiaries filed petitions to reorganize under Chapter 11 of the federal Bankruptcy Code, along with a term sheet for a plan of reorganization endorsed by its senior creditors that calls for, among other things, the cancellation of FPA common stock. This information was also included in the Company's Form 8-K filed with the Securities and Exchange Commission on July 22, 1998. The Company has stated that it intends to file its disclosure statement and a formal plan of reorganization with the U.S. Bankruptcy Court in Wilmington, Delaware by September 30, 1998. A hearing for Court approval of the plan is scheduled for December 9, 1998 On July 2, 1998, the Company disclosed that Nasdaq had informed it that because it had not met Nasdaq's minimum bid listing requirements, it was subject to delisting effective September 30, 1998 if the Company did not meet Nasdaq listing requirements during the 90-day watch period. The current Nasdaq process which came in response to the Company's Chapter 11 filing on July 19, 1998 could result in delisting as early as August 10, 1998. FULCRUM DIRECT: Case Summary & 20 Largest Creditors -------------------------------------------------- Debtor: Fulcrum Direct Inc. 4231 Fulcrum Way NE Rio Rancho, New Mexico 87124-8447 Type of business: Retail Clothing - Catalogue Sales Court: District of Delaware Case No.: 98-1767 Filed: 07/30/98 Chapter: 11 Debtor's Counsel: Young Conaway Stargatt & Taylor 11th Floor Rodney Square North Wilmington Delaware 19801 (302) 571-6000. Kirkland & Ellis 153 E. 53rd Street New York, NY 10022 (212) 446-4800 20 Largest Unsecured Creditors: Name Nature Amount ---- ------ ------ Quad-Graphics, Inc. Trade $1,423,875 Bulkley Dunton Resource Trade $600,632 AT&T Trade $455,633 World Color Press Trade $405,663 Fortune Footwear Trade $402,660 Hambrecht & Quist LLC Trade $370,000 Color Control, Inc. Trade $358,113 CMS Trade $337,861 Gould Paper Corporation Trade $363,057 Bowne of Los Angeles, Inc. Trade $259,448 UPS Trade $213,239 Inter-Tel Leasing Inc. Trade $193,186 Alen Communications Trade $181,206 Quebecor Perry Printing Co. Trade $163,712 Lervlian Trade $162,742 Guild Inc. Trade $150,608 Concept Apparel Trade $138,852 Arthur R. Johnson, Inc. Trade $113,893 McCann-Erickson, inc. Trade $110,713 Sanderson Temps Trade $106,064 FULCRUM WEST: Case Summary & 20 Largest Creditors -------------------------------------------------- Debtor: Fulcrum West LLC 333 Hatch Drive Foster City, California 94404 Type of business: Retail Clothing - Catalogue Sales Court: District of Delaware Case No.: 98-1768 Filed: 07/30/98 Chapter: 11 Debtor's Counsel: Young Conaway Stargatt & Taylor LLP 11th Floor Rodney Square North Wilmington, Delaware 19801 Bridgeport, CT 06605-0186 (302) 571-6600 Kirkland & Ellis 153 E. 53rd Street New York, New York 10022 (212)446-4800 Affiliate: Fulcrum Direct, Inc. 20 Largest Unsecured Creditors: Name Nature Amount ---- ------ ------ Comamerica Trade $65,731 WiltelNonel Trade $39,259 Midstate Hyc LP Trade $27,112 Voil MGMT AAA Prudential Trade $25,626 NTFC Capital Corporation Trade $16,463 Manpower Trade $15,983 Blue Cross of California Trade $13,647 Third Horizon Group LP Trade $10,968 Federal Express Trade $10,968 Salepoint, Inc. Trade $10,174 Data General Trade $7,614 State Board of Equalization Trade $6,283 MCI Trade $5,634 PG&E Em Trade $4,507 Vanguard Cleaning Systems Trade $4,556 Precision Data Products Trade $3,483 Advanta Business Services Trade $2,559 The Printers Trade $2,365 PIP Printing Trade $2,340 Gerber Garment Technology Trade $2,348 GARDEN CITY CASINO: Files Chapter 11 ------------------------------------ Owners of the Garden City Casino in San Jose, Calif., filed chapter 11 on Friday to prevent the landlord from confiscating millions in unpaid rent, according to The San Jose Mercury News. The filing followed the seizure of about $900,000. Attorneys for the casino asked Bankruptcy Judge Marilyn Morgan to protect the club by assuring that $1 million loaned from the owner's development company not be seized; she agreed. The landlord filed a suit in May 1997 contending that the club owed more than $3.6 million in unpaid rent, property taxes and other expenses. During the past year the parties have been in negotiations to combine ownership of the club and real estate, but the landlord ended the discussions and instead acted on a year-old writ to seize $1.3 million toward the unpaid rent. The club feared it would go out of business if it did not prevent further seizures. (ABI 05-Aug-98) GRAND UNION: Court Confirms Plan -------------------------------- The Grand Union Company announced that the U.S. Bankruptcy Court in Newark, New Jersey, has confirmed its voluntary, prepackaged plan of reorganization. As a result, the Company anticipates that it will complete its restructuring and emerge from Chapter 11 on or about August 17. J. Wayne Harris, Chairman of the Board and Chief Executive Officer, said, "As a result of the restructuring, we will now have an appropriate capital structure and the necessary financial resources to support Grand Union's profitable growth through an aggressive business strategy. Our management team is eager to move ahead with its business plan which seeks to capitalize on our Company's valuable consumer recognition, excellent store locations and other assets to enhance the value of the Company over the long term." Grand Union's restructuring plan received overwhelming approval from the Company's senior noteholders and preferred stockholders in a solicitation completed on June 22, 1998. In connection with the restructuring, Grand Union has entered into an agreement with UBS AG, Stamford Branch, and Lehman Commercial Paper Inc., for a $300 million credit facility. Grand Union currently operates 222 retail food stores in six Northeastern states. HOLLYWOOD ENTERTAINMENT: Acquires 11 Stores in Albany area ---------------------------------------------------------- Hollywood Entertainment Corp. acquired 11 stores in the Albany, N.Y.,area from NYS Entertainment L.P., a former Blockbuster franchisee, the company announced. Hollywood was the highest bidder in a July 15 bankruptcy court auction related to NYS's chapter 11 case. The acquisition was finalized on August 3 and the stores are being converted to Hollywood Video’s specifications. (ABI 05-Aug-98) INTERNATIONAL META: Disclosure Statement ---------------------------------------- International Meta Systems, Inc., debtor is a publicly held Delaware corporation engaged in the business of developing various design components, libraries, macros and other tools to be licensed for use in the design of microprocessors by various licensees. The plan was filed jointly by International Meta Systems, Inc. and IPIQ Corporation. The classification of the claims and equity interests under the plan are summarized as follows: Class 1: All allowed administrative Claims, other than IPIQ Class 2: IPIQ Administrative Claims Class 3:Allowed Priority Claims: a) Non-terminated personnel - Will receive a portion of the IPIQ Reserved Common stock b) Terminated personnel and c) All other priority claims - Fully satisfied by payment by IPIQ of all allowed claims in full on a monthly basis over a 24 month period. Class 4: Trade Claims - 70% payment by IPIQ of the allowed claims of such holders in equal quarterly installments without interest over two years. Class 5: Amerscan/Promissory Notes/Subscriber Debt Claims- IPIQ reserved common stock shall be distributed pro rata to the holders of claims in this class. Class 6: Allowed Equity Interests represented by ownership of the debtor's stock. No distributions however, Class 6 claimants will retain their stock, which shall be the stock in the post petition debtor which will in turn own all assets of the debtor other than the Acquired Assets. Holders of Claims in Classes 1 and 6 are unimpaired. Holders of Claims in Classes 2,3,4 and 5 are impaired. LIBERTY HOUSE: Motion for New DIP Financing ------------------------------------------- Judd D. Malkin, Neil G. Bluhm, H. rigel Barber, Peter B. Foreman, Burton E. Blazov and Steven E. Plonsker (collectively the "Liberty House Board") seek authority to obtain post petition credit int the amount of up to $50 million from GECC to replace the DIP financing facility promised but never delivered by a group of Liberty House's lenders. LIBERTY HOUSE: Reconsideration of Special Counsel ------------------------------------------------- The "Incumbent Board" of Liberty House, Inc., composed of Judd D. Malkin, Neil G. Bluhm, H. Rigel Barber, Peter B. Foreman, Burton E. Glazov, and Steven E. Plonsker and JMB Realty Corporation move for reconsideration of the court's order authorizing the employment and retention of Cleary, Gottlieb, Steen & Hamilton as special counsel to the "putative board of directors" of Liberty House, Inc. JMB and its affiliates are the beneficial owners of all of the outstanding common and preferred stock of Liberty House. The Incumbent Board is the board of directors of Liberty House duly elected by JMB. There is a "live and active controversy" as to whether the Incumbent Board or the Banks' Board is the true and legitimate board of Liberty House. The objection states that the firm's retention was authorized with a reasonable opportunity for the Movants to be heard. The Incumbent Board and JMB request that the court reconsider and vacate its order authroizing the retention of Cleary Gottlieb. The Movants state that the retention motion, packaged a s a routinge "no Hearing Require" motion raised a host of serious disinterestedness and conflict issues. PEGASUS GOLD: Objections to Disclosure Statement ----------------------------------------------- The Gros Ventre and Assiniboine Tribes and the Fort Belknap Community Council object to the Disclosure Statement of Diamond Hill Mining, Inc., Florida Canyon Mining, Inc., Montana Tunnels Mining, Inc. and Pegasus Gold International, Inc., debtors. The objections are based on the fact that the Disclosure Statement does not reflect Pegasus Gold International Inc.'s liabilities as the corporate successor to Pegasus Gold Company. The Disclosure Statement does not disclose the effect of the reorganization plan on property and creditors of Pegasus Gold Company. Further, the objection states that creditors of Pegasus Gold Comp[any have sufficient stake in the property of the company to be parties in interest in the Pegasus gold International Inc. reorganization with the ability to object and vote on the reorganization plan. The United States of America also filed an objection to the Disclosure Statement on behalf of the EPA, the Bureau of Land Management and the US Forest Service. The United States is also concerned that the PGII Plan will affect the property of PGC. If the PGII Plan is confirmed, PGC's rights to operate the proponents' mines and mining interests and to sell the stock and assets of the proponents would be stripped from PGC. Further, valuable property of PGC needed to conduct administrative functions and to operate the Diamond Hill and Montana Tunnels Mines would be transferred under the plan to the applicable proponent. PIONEER OIL & GAS: Plan Confirmed By Court ------------------------------------------ Pioneer Oil and Gas (OTC Bulletin Board: PIOLQ) announced today that the Chapter 11 Plan of Reorganization was approved by the necessary votes of the creditors and the plan was confirmed by the Court. Speaking of the confirmation, Don J. Colton, President of Pioneer stated, "We see a bright future for Pioneer now that our legal battles with Unocal and Mobil have been resolved. We can get back to concentrating on exploring for and developing gas and oil properties. The Company's emphasis will be on gas production, particularly coalbed methane, throughout the Rocky Mountains. Gas prices are now at a ten year high and we feel that coalbed methane with its low risk, high reward potential is an exciting way to generate good cash flow for the Company as it emerges from Chapter 11." PORTACOM WIRELESS: Consummates Sale of Stock --------------------------------------------- PortaCom Wireless, Inc., consummated the sale to the Issuer, VDC Corp.,Ltd., of 2,000,000 common shares and warrant to purchase, at an exercise price of $4.00 per share, an additional 4,000,000 Metromedia China Corp. ("MCC") (formerly Metromedia Asia Corp. "MAC"). In consideration for the sale of such assets and subject to certain adjustment features, PortaCom received 5,300,000 newly issued shares of common stock and the right to utilize a maximum of $3,000,000 in cash (the "Cash") to satisfy claims made against PortaCom in its bankruptcy proceedings. On 06-08-98, the Issuer, the Reporting Person and Klehr, Harrison, Harvey, Branzburg and Ellers, LLPentered into an escrow agreement whereby the Issuer delivered to the escrow agent the common shares which are to be held by the escrow agent until distribution of the common shares is made to PortaCom's creditors and stockholders in satisfaction of the Claims. On 06-08-98, PortaCom and MCC entered into an agreement whereby PortaCom acknowledged and agreed that MCC holds a valid, perfected, first-priority replacement lien on 50% of the common shares. On 06-08-98, PortaCom and the Issuer entered into an agreement whereby the Issuer agreed to pay PortaCom an amount, either in cash or in additional common shares, according to a predetermined formula based upon the market price of the common shares and MAC common shares. (States SEC - 08/04/98) RESURGENCE PROPERTIES: Announces Second Quarter Results ----------------------------------------------------------- Resurgence Properties Inc. (Nasdaq: RPIA) announced today that net assets in liquidation (total assets less total liabilities) at June 30, 1998 was approximately $7,307,000 ($.73 per share). On July 23, 1998 the Company sold its last remaining significant asset, Cross Creek Business Center for net proceeds of approximately $12,000,000 of which approximately $4,410,000 was applied toward the full repayment of the mortgage loan. On July 27, 1998 the Board of Directors declared the fifth liquidating dividend of $.65 per share to common shareholders of record as of August 6, 1998 and approved the redemption of all of the Series I Preferred Stock (300,000 shares) at $1.00 per share plus all undeclared and unpaid dividends thereon. The dividend and preferred stock redemption will be paid on August 14, 1998. After the payment of the fifth liquidating dividend, total dividends paid to Common Shareholders during 1997 and 1998 will be $8.95 per share. The Company currently has one asset remaining which it is trying to sell. Assuming the sale of such asset and satisfaction of its obligations, the Company anticipates making a final liquidating distribution to shareholders in January 1999. On September 26, 1997, the Shareholders of the Company approved a plan of complete liquidation and dissolution of the Company. The amount and timing of any further liquidating distributions will depend upon a variety of factors including, but not limited to, the actual proceeds from the sale of the Company's remaining asset, the ultimate settlement amounts of the Company's liabilities and obligations, actual costs incurred in connection with carrying out the Plan, including management fees and administrative costs during the liquidation period, and the timing of the liquidation and dissolution. Resurgence was engaged in diversified real estate activities including the ownership, operation and management of retail, office, industrial/warehouse and multi-family real estate located throughout the United States, and investments in mortgage loans. Resurgence was formed as a result of the consummation of the Chapter 11 reorganization of Liberte Investors (f/k/a Lomas and Nettleton Mortgage Investors) on April 7, 1994. Pursuant to the reorganization, Liberte transferred most of its assets to Resurgence. Resurgence is managed and administered by Wexford Management LLC. REUTER MANUFACTURING: Reports Second Quarter Net Loss ----------------------------------------------------- Reuter Manufacturing, Inc. (OTC Bulletin Board: RTMF) announced that it will report a net loss of $574,753 on sales of $3,046,450 for the second quarter of 1998, compared to net income of $4,246,524 on sales of $5,713,985 during the same period in 1997. The net income reported for the second quarter of 1997 included an extraordinary gain of $3,431,052 resulting from the retirement of debt with Sanwa Business Credit Corporation announced in April 1997. The Company will report a net loss of $1,013,706 on sales of $6,704,570 for the six months ended June 30, 1998, compared with net income of $4,895,393 on sales of $10,731,410 for the same period in 1997. The net income for the six months ended June 30, 1997 included an extraordinary gain of $3,431,052. "The expected disappointment in the second quarter sales and net loss was due to continued schedule softness from several of our contract medical customers and the finalization of production for one of the Company's industrial customers. We took corrective action to reduce overhead in April, and again in June," said Michael J. Tate, President and CEO. "We also reduced our direct labor work force to match capacity with demand." He added, "The level of sales we experienced during the first six months of the year is expected to remain relatively consistent for the remainder of 1998, due to the continuing softness in medical product volume and a several months delay in the introduction of a new product by a large engine customer. Our strong efforts to attract industrial and cryogenic product volume may result in some improvement toward the end of 1998. Due to the slow volume and its impact on cash, we are exploring additional cash conservation and generation actions." SSE TELECOM: Announces Third Quarter Results -------------------------------------------- SSE Telecom Inc. (Nasdaq/NMS:SSET) Wednesday announced that for the third quarter ended June 27, 1998, the company reported a net loss of $5,989,000. This compares with a net loss of $3,939,000, for the same period last year. Revenue for the quarter was $6,160,000 compared with $9,790,000 for the third quarter of fiscal 1997. For the nine months ended June 27, 1998, the net loss was $2,551,000, compared with a net loss of $2,617,000 last year. Revenue was $29,592,000 compared with $33,252,000 for the same period in fiscal 1997. "The third-quarter loss is in line with previously announced estimates for the quarter and is consistent with our plan to refocus on the company's strengths in the satellite transceiver and modem market. We have upgraded management, sales, operations and product development capabilities with the recent hiring of seasoned Satcom professionals and are in the process of consolidating manufacturing facilities and processes," said Lee Blachowicz, president and chief executive officer. At June 27, 1998, SSE reported working capital of $13,804,000, a current ratio of 2.2-to-1, long-term debt and capital lease obligations of $2,829,000 and stockholders' equity of $16,328,000. SSE currently owns approximately 218,000 common shares of EchoStar Communications Corp. (Nasdaq:DISH), which are valued on the company's balance sheet at approximately $5.3 million. On July 16, 1998 the company reported it had reacquired ownership of CTSI, a former subsidiary that had been held in trust since 1989. As a result of this transaction, SSE will receive approximately $5.8 million in cash, pre- tax, which will be reflected in the company's fourth- quarter financials. SSE Telecom is a leading satellite earth station component and system manufacturer. To date, more than 35,000 of SSE's transceivers or modems have been installed in satellite earth stations in more than 110 countries worldwide. SCORE BOARD: Asset Sale to Oxxford Express or High Bidder --------------------------------------------------------- The Score Board Inc., a marketer and licensor of sports and entertainment-related memorabilia, announced that a hearing has been scheduled for August 20 for the sale of substantially all of the company's assets, including inventory, certain executory contracts, fixtures, furniture, equipment, trademarks and tradenames, mailing lists and other miscellaneous assets, according to a newswire report. The Cherry Hill, N.J., company expects to sell these assets to Oxxford Express Inc. for $2.4 million, which is higher than the highest bid of $1.75 million at the company's unsuccessful June 23 bankruptcy court auction. Oxxford also would assume the expense of paying all sums due on athlete and other license contracts, and a break-up fee of $75,000 would be paid to Oxxford if a higher bidder surfaces on August 20. Score Board filed chapter 11 in March. The company's proposed sale has the support of Congress Financial Corp., its secured lender, and its Unsecured Creditors' Committee. (ABI 05-Aug-98) TECHNIMAR INDUSTRIES: Files Chapter 11 -------------------------------------- Technimar Industries of St. Paul, Minn., announced that it filed chapter 11 on Friday, prior to completing a $35 million synthetic granite factory on the Iron Range, according to the Associated Press. The Minneapolis police pension fund, which has provided the company with more than $16 million, and the city of Cohasset are listed as the largest creditors. Acting CEO Douglass Coy said that a sale of the company is pending, but he did not name the buyer. (ABI 05-Aug-98) TOY BIZ: Reports Second Quarter Financials ------------------------------------------ Toy Biz, Inc. (NYSE: TBZ) reported financial results for the second quarter ended June 30, 1998. Second quarter net sales in 1998 were $48.7 million with net income of $2.1 million, or $0.08 per share, compared to net sales of $34.5 million and a net loss of $5.3 million, or $0.19 per share in the second quarter a year ago. For the six months ended June 30, 1998, net sales were $91.3 million with net income of $3.2 million or $0.11 per share, compared to net sales of $68.9 million and net loss of $4.8 million, or $0.17 per share a year ago. Joseph Ahearn, President and CEO of Toy Biz, commented that: "We are quite pleased with our second quarter net sales, which continue to reflect ToyBiz's marketing and sales initiatives begun in 1997." Mr. Ahearn continued, "Although our Marvel action figure products continued to be hampered both domestically and internationally by Marvel's bankruptcy during the second quarter, we intend to begin the demanding process of rebuilding this segment of the Company's business following the resolution of the bankruptcy." Mr. Ahearn also commented on the recent decision by the U.S. District Court which approved ToyBiz's modified plan of reorganization for Marvel on July 31, 1998 with, "After long and complicated proceedings, we are very pleased to have achieved approval of a global plan to settle the Marvel bankruptcy matter. We have been committed for some time, to reaching a mutually agreeable resolution for the creditors and stockholders of Marvel." ********* A calendar of Meetings, Conferences and Seminars column appears each Tuesday in the TCR. Submissions via e-mail to conferences@bankrupt.com are encouraged. Bond pricing, appearing each Friday, is supplied by DLS Capital Partners, Dallas, Texas. 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., Princeton, NJ, and Beard Group, Inc., Washington, DC. Debra Brennan and Lexy Mueller, Editors. Copyright 1998. 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. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each. For subscription information, contact Christopher Beard at 301/951-6400. * * * End of Transmission * * *