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/raid1/www/Hosts/bankrupt/TCR_Public/981021.MBXT R O U B L E D C O M P A N Y R E P O R T E R Wednesday, October 21, 1998, Vol. 2, No. 206 Headlines AHERF: Postpones Hearing on University Sale AMERICAN DIXIE: Converts Case to Chapter 7 BOSTON CHICKEN: Seeks Approval For Employee Retention Plan BUILDERS TRANSPORT: Joint Motion To Fix Bar Date CAJUN ELECTRIC: Judge Prohibits Lowering Rates EXCALIBUR FINANCIAL: Seeks Approval of Compromise FIRST AMERICAN RAILWAYS: Florida Fun-Train Thinks It Can't FRETTER: Order Approves Hilco Settlement GEOTEK COMMUNICATIONS: Soliciting Bids For 900 MHz Licenses HAYES CORPORATION: Announces New Chairman of the Board HOMELAND HOLDING: Reports Third Quarter Loss IKON OFFICE SOLUTIONS: Class Action Lawsuit Filed LIBERTY HOUSE: Committee Responds To Exclusivity Request MERCURY FINANCE: Securities Claimants Sue Directors ORANGE COUNTY: Goldman Sachs Agrees To Pay $4.8 Million PARAGON TRADE: Seeks Sealed Pleading PEGASUS GOLD: Committee Supports Joint Plan PEREGRINE: Creditors Recommend Settlement ROBOMATIX TECHNOLOGIES: Transfers Controlling Interest SUN TELEVISION: Closing 29 Stores Nationally SUNBEAM: Re-Stated Audit of 1997 Shows Loss SUNBEAM: Stock Rises 33% WESTMORELAND COAL: Reaches Deal With Creditors WHEELED ELECTRIC POWER: Files For Chapter 11 Protection ************* AHERF: Postpones Hearing on University Sale ------------------------------------------- U.S. Bankruptcy Judge M. Bruce McCullough Monday postponed until Nov. 5, 1998, a hearing to approve the sale of Allegheny University of the Health Sciences to Tenet Healthcare Corp. (NYSE:THC). The university of health sciences is an integral part of eight Philadelphia area hospitals that Tenet plans to acquire from the Allegheny Health, Research and Education Foundation (AHERF). Meanwhile, Tenet continues to seek a viable academic institution to administer and manage the university since Drexel University backed out last week. Tenet reiterated that its ability to acquire the eight hospitals from AHERF is contingent on finding an acceptable academic institution to manage the university of health sciences. AMERICAN DIXIE: Converts Case to Chapter 7 ------------------------------------------ American Dixie Group Inc., a nine-year-old customer engineering and manufacturing firm that filed chapter 11 in early September, has converted its case to chapter 7, according to Capital District Business Review. When the Albany, N.Y.-based company proposed to sell some of its assets to a Massachusetts firm for $150,000, creditors voiced their objectives, and there were no higher bidders at an Oct. 8 auction. As a result, Bankruptcy Judge Robert Littlefield Jr. agreed to convert the case to chapter 7. So all of the company's assets, valued at just $57,022, will be liquidated in order to pay creditors. The value of outstanding contracts has not yet been quantified. The liquidation is expected to raise only a fraction of the $1.06 million American Dixie owes to some 200 creditors. Michael O'Connor of O'Connor, O'Connor, Mayberger & First P.C. was appointed trustee to take control of the assets and negotiate a sale for the best possible terms. (ABI 20- Oct-98) BOSTON CHICKEN: Seeks Approval For Employee Retention Plan ---------------------------------------------------------- Boston Chicken is seeking court authorization to assume a retention bonus plan for key employees whose departure would "dramatically" impact the chain's ability to return to profitability. The restaurant chain asserts that, as with many large Chapter 11 cases, it is necessary to provide incentives to certain levels of management in order to convince them to remain with the company. Maximum potential retention bonuses range from 200% of bonus for store general managers to 100% for the vice president of operations and from 50% of annual salary for the division president to 20% of annual salary for the managers. BUILDERS TRANSPORT: Joint Motion To Fix Bar Date ------------------------------------------------ Builders Transport, Inc. and its affiliated debtors and the Official Committee of Creditors Holding Unsecured Claims are seeking an order fixing November 30, 1998 as the last day for filing proofs of claim and requests for the allowance of administrative expenses accruing or incurred on or before October 31, 1998. The Committee and the debtors both expect that the claims by the equipment lessors or lenders may be substantial and may have some impact on the ultimate distributions in the bankruptcy cases. Accordingly, it is necessary and appropriate to set a bar date for administrative expense claims. CAJUN ELECTRIC: Judge Prohibits Lowering Rates ---------------------------------------------- A U.S. Bankruptcy Court judge has prohibited members of the Louisiana Public Service Commission from lowering electric rates charged by Cajun Electric Power Cooperative Inc., the company reported Thursday. Ralph Mabey, a court-appointed trustee overseeing Cajun's bankruptcy proceedings, sought the court action on the grounds that a rate case filed by the PSC was a violation of bankruptcy court jurisdiction and that lowering rates could disrupt efforts to get a ruling on Cajun's reorganization plan. Two bidders are pursuing a purchase of Cajun's assets out of bankruptcy. It has been in bankruptcy since December 1994. EXCALIBUR FINANCIAL: Seeks Approval of Compromise ------------------------------------------------- Excalibur Financial Services, LP, PBC Servicing Corporation and Rapid Acceptance Corporation, debtors, are seeking court approval of the compromise and settlement among the debtors and Credit Suisse First Boston Mortgage Capital LLC ("First Boston"). The Settlement Agreement provides that Excalibur shall transfer to Norwest Bank, as custodian for First Boston, and release all of Excalibur's right title and interest in and to all automobile, motorcycle and other motor vehicle loans and finance contracts, related collateral and repossessed vehicles currently held by First Boston, Norwest or Exalibur. First Boston shall pay Excalibur the sum of $1,050,000 as the settlement payment. First Boston will retain an unsecured deficiency claim against Excalibur in the amount of $5 million, but will agree to vote such claim in favor of a Chapter 11 plan to be proposed by Excalibur that discharges such claim for no or nominal distribution to First Boston. The debtors state that if the court does not approve the Settlement Agreement, protracted litigation will most likely occur, and the debtors believe that in addition to ending the litigation, the agreement of First Boston to approve the settlement will pave the way for confirmation of a plan of reorganization. FIRST AMERICAN RAILWAYS: Florida Fun-Train Thinks It Can't ---------------------------------------------------------- Nineteen days after the Florida Fun-Train ceased operations, the victim of low ridership, its parent company sought relief from creditors in U.S. Bankruptcy Court in Fort Lauderdale. Hollywood-based First American Railways filed for Chapter 7, which leads to liquidation of a company's assets, on Oct. 6. "There's just no financing there right now to be able to reorganize," said Chad Pugatch, a Fort Lauderdale lawyer representing the railroad operator. First American Railways grounded its Florida Fun-Train and laid off all but a handful of its 75 employees last month, 11 months after launching the rail service between Hollywood and Orlando, and Tampa and Orlando. The company said it was unable to finance its monthly operating cash flow deficit. First American reported losing $9.9 million on revenues of $507,726 in the first half of this year. (Sun Sentinel Ft. Lauderdale - 10/20/98) FRETTER: Order Approves Hilco Settlement ---------------------------------------- On October 8, 1998 the court entered an order in the case of Fretter, Inc. et al., finding that the terms of the final term sheet executed by the Hilco Settling Parties, are in the best interests of the debtors' estates. The debtor is authorized to enter into the Hilco Settlment. Effective on the Hilco Effective Date and payment of the $1.3 million in cash to Hilco, each Hilco party releases acquits and discharges each and every other Hilco Settling Party from claims arising out of the Fretter case. All claims of Hilco against Fretter shall be deemed withdrawn. GEOTEK COMMUNICATIONS: Soliciting Bids For 900 MHz Licenses ----------------------------------------------------------- Geotek Communications, Inc. announced that it is soliciting bids for the sale of all of its 900 MHz licenses as part of its plan to pursue the orderly wind- down of its operations. Geotek currently holds 188 major Trading Area licenses ("MTA") and 3 Designated Filing Area ("DFA") licenses across over 40 U.S. markets, including 19 out of the top 20 MTA markets. Geotek will seek Bankruptcy Court approval for the sale of these licenses, and for a proposed bidding process, which will include the procedures for the submission of offers, and bid deposit requirements. Geotek's license holdings represent over 18% of the entire 900 MHz trunked SMR frequency band. On a per pop basis, coverage is expected to exceed 200 million pops. The Company's substantial spectrum can be configured to cover a range of markets, depending on the frequency blocks purchased. Some examples of potential multiple-market "footprints" which can be configured from the purchase of specific frequency blocks of Geotek spectrum are: Cities Frequency Blocks New York - Philadelphia - Washington, D.C. G, H, K, L Boston - Charlotte H, L Boston - New York H, L Washington, D.C. - Richmond H, L, N Jacksonville - Miami A, M Chicago - Milwaukee I, L San Antonio - Houston H, P Atlanta - Birmingham I, J Portland - Seattle - Spokane A, G, R Chicago - Cincinnati H, J Dallas - Houston L Tulsa - Oklahoma City A, C, L HAYES CORPORATION: Announces New Chairman of the Board ------------------------------------------------------ Hayes Corporation (Nasdaq: HAYZQ) announced that Ron Howard, currently Vice Chairman and Chief Executive Officer of Hayes, has been named Chairman of the Board of Directors, succeeding Dennis Hayes. Mr. Hayes will remain a Director of the Company. HOMELAND HOLDING: Reports Third Quarter Loss -------------------------------------------- Homeland Holding Corp. reported Friday a third-quarter loss, but officials were upbeat because operating earnings increased 29 percent. Third-quarter net loss, before amortization of excess reorganization value, was $347,000 compared with $196,000 in third quarter 1997. That's a loss of 7 cents a share vs. 4 cents a share a year ago for the regional grocery store chain holding company. For the first nine months, ending Sept. 12, the company had net income of $970,000, or 20 cents a share, vs. $1.835 million, or 39 cents a share, a year ago. Those numbers are excluding amortization of excess reorganization value, which brings the 1998 year-to-date loss to $8.8 million vs. $8.3 million a year ago. In 1996, the company entered a pre-arranged reorganizational bankruptcy, emerging 60 days later with the company owned primarily by bondholders. The company has elected to write-off the reorganizational expenses in an accelerated three-year period. "In our business, the real key is cash flow," President and Chief Executive David B. Clark said. The earnings before interest, taxes, depreciation and amortization in the third quarter were $4.3 million, up from $3.3 million a year ago. Year-to-date, the amount was $14.9 million vs. $14.5 million a year ago. The company's third-quarter net loss was a result of several things, Clark said. A year ago, the company had a tax credit. This quarter, it incurred a tax charge, he said. And, because of four new stores, the company's amount of depreciation increased. The company's same-store sales declined 1.4 percent in the third quarter, blamed on greater competitive promotional spending and competitive store openings. "Total sales for the company are up, and that provides more cash flow," Clark said. "We are ahead of our plans as to where we are right now and where we thought we would be." (Daily Oklahoman; 10/17/98) IKON OFFICE SOLUTIONS: Class Action Lawsuit Filed ------------------------------------------------- Keller Rohrback L.L.P. announced that on October 16, 1998, a class action lawsuit was filed in the United States District Court for the Eastern District of Pennsylvania on behalf of a class (the "Class") consisting of all persons who purchased the common and conversion preferred stock of IKON Office Solutions Inc. ("IKON")(NYSE:IKN) between June 19, 1997 through Aug. 13, 1998, inclusive (the "Class Period"). The Complaint charges IKON and certain of its officers with disseminating numerous announcements concerning IKON's reported financial results which were materially false and misleading because they failed to disclose that the company's internal financial controls were inadequate and insufficient resulting in the failure to timely and accurately report lease default and accounts receivable reserves. The Complaint alleges that the defendants' false statements artificially inflated the price of IKON stock. LIBERTY HOUSE: Committee Responds To Exclusivity Request -------------------------------------------------------- The Official Committee of Unsecured Creditors of Liberty House, Inc. responds to the motion of the debtors seeking an extension of exclusivity. The Committee believes that the debtor's prospects for rehabilitation will not necessarily be enhanced by an overextended stay in Chapter 11. The Committee states that negotiations have not yet progressed far enough to determine whether a consensual plan can be negotiated prior to the termination of the present exclusivity period. The Committee reserves the right to take a further position at the time of the hearing on this motion dependent upon circumstances that develop between now and November 2, 1998. MERCURY FINANCE: Securities Claimants Sue Directors --------------------------------------------------- The official committee of Mercury's securities claimants sued the subprime auto lender's directors and certain creditors charging that they have used Mercury's records and caused its business to be operated in furtherance of their interests and in violation of their fiduciary duties as directors and persons in control, respectively, of Mercury. Actions of these creditors or those from whom the creditors acquired their claims undertaken in the one-year period before the petition date, resulted in a more than $300 million reduction in the principal amount of claims, according to the complaint. The complaint contends that the creditor claimants became Mercury insiders as a result of a July, 1997 forbearance agreement. Also during this period, the creditor claimants are believed to have received over $70 million from Mercury as interest on their claims which they should not have received, according to the complaint. (Federal Filings 20-Oct-98) ORANGE COUNTY: Goldman Sachs Agrees To Pay $4.8 Million ------------------------------------------------------- According to a Reuters: Financial newswire report of October 19, 1998, Goldman Sachs & Co. will pay $4.8 million to settle a lawsuit filed by an Orange County agency that claimed the firm failed to warn it of the risky investment strategy that plunged the county into bankruptcy in 1994, the agency said Monday. The Orange County Transportation Authority, or OCTA, said it had reached an agreement in principle to settle the lawsuit it filed against the Wall Street investment firm in 1996. An official with Goldman was not immediately available to comment. A spokesman for OCTA said the agreement, which was approved by the authority's board last Thursday and must still be approved by a federal judge, would also settle Goldman's counter lawsuits against both the authority and the county. OCTA sued Goldman, which underwrote the authority's debt, alleging the firm failed to warn it of the risks associated with the county's investment pool. The authority also accused the firm of breaching its fiduciary duties and negligence. Orange County filed for bankruptcy protection Dec. 6, 1994, after the pool sustained losses of more than $1.6 billion on risky investments. The county emerged from bankruptcy in June 1996. OCTA, which provides bus and other transportation services and funds local freeway construction, said it had deposited about $1 billion in the pool and lost more than $225 million when the pool crashed. Earlier this year, the authority lost its lawsuit against Goldman in Los Angeles Superior Court and had been preparing to appeal the decision. But Goldman also filed a counter lawsuit against OCTA, claiming that it should not have been held responsible for providing investment advice to the authority. The settlement is the latest in a string of agreements reached over the past 12 months to wrap up the massive litigation spawned by the bankruptcy. The county has so far recovered more than $730 million from related legal actions, mainly civil lawsuits against former financial and legal advisers. Merrill Lynch and Co. Inc. agreed in June to pay more than $430 million to settle the county's lawsuit, one of the most closely watched cases to emerge from the financial debacle. PARAGON TRADE: Seeks Sealed Pleading ------------------------------------ The debtor, Paragon Trade Brands, Inc. requests that the court seal the response of the Procter & Gamble Company tot he debtor's fourth motion for an order extending tits exclusive periods. The pleading disclosed PTB's confidential commercial information that is of an extremely sensitive nature. Counsel immediately notified Procter & Gamble, and the creditor filed a withdrawal of the response. However, the pleading remains a part of the public record and PTB requests that the court seal the pleading and remove it from the public record until such time as the information contained therein is no lo9nger of a commercially sensitive nature. According to the debtor P&G does not object to this request. PEGASUS GOLD: Committee Supports Joint Plan ------------------------------------------- The Official Committee of Unsecured Creditors of Pegasus Gold Corporation, Pegasus Gold, Inc., Beal Mountain Mining, Inc., Black Pine Mining, Inc., Diamond Hill Mining, Inc., Florida Canyon Mining, Inc., Pangea Explorations, Inc., Pangea Gold Corporation, Pangea International Holdings Corporation, Pangea Mineral Inc., Pangea Resources Explorations, Inc., Pegasus Gold Finance Corporation, Pegasus Gold Financing , LLC, Pegasus Gold International, Inc., Pegasus Gold Montana Mining, Inc., POV Corporation, Montana Tunnels Mining, Inc. and Zortman Mining, Inc., supports confirmation of the pending Second Amended Joint Plan of Reorganization of Diamond Hill Mining, Inc., Florida Canyon Mining, Inc., Montana Tunnels Mining, Inc. and Pegasus Gold International, Inc. (the "Newco Plan") The committee approves the plan and recommends that eligible holders of unsecured claims vote in favor of the Newco Plan. PEREGRINE INC: Creditors Recommend Settlement --------------------------------------------- Peregrine Inc.'s creditors' committee said Tuesday it has recommended a settlement under which the auto supplier's major customer, General Motors Corp. , would fund up to $20 million for payments of trade suppliers' claims that were frozen by Peregrine. The committee warned that if a moratorium on creditors' lawsuits against Peregrine were not honored through the deadline for acceptance of the settlement, the company could need to file for relief under Chapter 11 bankruptcy protection and Canadian law. That could leave the creditors with less than they would receive under the settlement. If the settlement proposal were approved by 90 percent of the creditors, it would clear an out-of-court reorganization plan for Southfield, Mich.-based Peregrine, the informal unsecured creditors' committee said in a statement. Creditors have until Nov. 27 to approve the proposed settlement, the committee said. Peregrine was spun off from GM two years ago and is fighting to survive, having announced this summer it will close two plants, sell a third and ask creditors for a moratorium on $85 million in debts. Peregrine has five other plants in Oshawa, Ontario, and Warren and Battle Creek, Mich. The unsecured trade creditors were owed money at the time of the announcement of Peregrine's sale last spring to Jay Alix-led Peregrine Acquisition Inc, the commitee said. Alix, a turnaround specialist, has said he hopes to complete Peregrine's reorganization and return it to profitability next year. Under the plan, the trade suppliers would receive about one-third of the frozen debt owed them. Peregrine Inc. has been paying for goods and services received after April 24 in the ordinary course of business, the committee said. "It is in the best interest of trade creditors to accept the plan," the committee said in a letter to affected creditors, adding that creditors would not receive "any siginificant dividend outside the context of the settlement." (Reuters:Financial-10/20/98) ROBOMATIX TECHNOLOGIES: Transfers Controlling Interest ------------------------------------------------------ Robomatix Technologies Ltd. (OTC Bulletin Board: RBMXF) today reported that Heinrich Manderman, the Company's principal shareholder, has transferred a controlling interest in the Company to the Focus Capital Group Ltd., and Avikam Leef. Pursuant to the agreement between the parties, Heinrich Manderman transferred 1,266,725 ordinary shares of the Company to Focus Capital in consideration of a nominal cash payment. In addition, Mr. Manderman provided Focus Capital with an irrevocable proxy to vote his remaining shares of the Company for a five-year period commencing as of the date of the agreement. The agreement between the parties also contains certain provisions typically found in shareholder agreements. Focus Capital intends to attempt to bring the Company to financial health through restructuring, agreements with creditors and efforts to raise additional capital. Focus Capital Group Ltd., a private merchant banking firm located in Savyon, Israel, was founded in 1988 by its chairman, Mr. Meir Arnon. Focus Capital engages in a variety of private equity investments and mergers and acquisitions, including restructuring and turnaround transactions. Focus Capital has acquired companies such as Molett, Ofek, Pargod, Gambit, Zion Textile and recently, Cubital Ltd. Robomatix Technologies Ltd. of Ra'anana, Israel, through its subsidiary, Associative Computing Ltd., is engaged in the development of a massively parallel associative semiconductor chip for high-speed computing. The Company also provides service for product lines of advanced industrial automation systems that use laser-based robotics components and on-line quality assurance systems based on electro-optical vision components. SUN TELEVISION: Closing 29 Stores Nationally -------------------------------------------- According to the Cincinnati Enquirer, on October 10, 1998, Sun Television and Appliances formally began liquidating six of its area stores. The electronics and appliance chain will close six of its seven area stores and 29 stores nationally in an effort to raise capital to pay down debt. Sun, which filed for bankruptcy protection in September, will continue operating 30 smaller stores, including one in Hamilton. Gordon Brothers Retail Partners, in Boston, is handling the liquidation. Elizabeth Wicks, spokeswoman, said sales at stores in Eastgate, Colerain Township, Westwood, Florence, Alexandria and Fields-Ertel will continue until all merchandise is sold. "Typically, these sales don't go on for months," she said. "It's more a matter of weeks or maybe eight weeks." Area bankruptcy lawyers said there is no reason shoppers shouldn't take advantage of the Sun sales, as long as they leave the store with the merchandise. In past area bankruptcies, shoppers ordered furniture before stores abruptly closed and never received the merchandise or a full refund. SUNBEAM: Re-Stated Audit of 1997 Shows Loss ------------------------------------------- The Wall Street Journal reports on October 20, 1998 that the re-stated numbers will show that Sunbeam actually had a small operating loss in 1997, while 1996 showed a moderate operating profit. According to the article, Sunbeam is expected to disclose that its banks extended waivers on financial covenants on its loans through the end of the first quarter of 1999, to give the company an additional three months of breathing room. Evidently Sunbeam's 1997 results were inflated significantly by an inappropriately large restructuring charge recorded in 1996 as p[art of Al Dunlap's plan to shutter or sell underperforming facilities and lay off thousands of workers. That restructuring charge, which amounted to $337.6 million pretax, was far bigger than generally accepted accounting principles allow and will be slashed in the restatement, resulting in a narrower net loss for 1996 than that originally reported. SUNBEAM: Stock Rises 33% ------------------------ Shares of Delray Beach-based Sunbeam Corp. surged 33 percent on the New York Stock Exchange as analysts said a restatement of results by the troubled appliance maker will help to put an accounting controversy behind it. Sunbeam stock rose $1.63 to $6.50. (Sun-Sentinel Ft. Lauderdale; 10/20/98) WESTMORELAND COAL: Reaches Deal With Creditors ---------------------------------------------- Westmoreland Coal Co. reached an agreement with its creditors Thursday that will bring the Colorado Springs- based company out of bankruptcy and enable it to pay the benefits it owes retired mine workers. The agreement involves the 144-year-old company, its shareholders, three funds that provide pension and health-care benefits to retired mine workers and the United Mine Workers of America, the union that administers some of the funds. Westmoreland has until Oct. 30 to decide, along with the other parties, exactly how the settlement will play out. The parties can reach a contractual agreement that will kick in when the bankruptcy case is dismissed. Or they can submit a plan of reorganization for the company to the court, a spokesperson for the company said. Under the terms of the agreement: Westmoreland will pay creditors for all undisputed claims, plus interest. That amounts to about $34.7 million. The biggest of those claims are from the benefit funds. Westmoreland also pledged to pay future payments to two of the funds; obligations to the third fund, a pension fund, will be determined through arbitration. Westmoreland will set up a $12 million secured note that can be used to pay the funds if the company can't. Shareholders will keep their stake in the company. The company said it will hold a special shareholders meeting no later than March 31 at which shareholders will be invited to nominate people to the board of directors and submit other proposals. Westmoreland shareholders have seen the company's common stock drop from $6 a share in 1995 to Thursday's $1.75 close. During the first quarter of 1999, Westmoreland will spend $20 million of its cash to buy back at least 1 million shares of the 2.3 million shares of outstanding preferred stock. During the bankruptcy, holders of preferred stock hadn't received dividends. Westmoreland won't push for legislation that would challenge the 1992 Coal Industry Retiree Health Benefits Act. That's a big win for the union. Coal companies are fighting to alter or eliminate the act, which guarantees lifetime medical coverage to retirees. Westmoreland would benefit, however, from rulings in the industry's favor that are decided in other companies' lawsuits. Westmoreland landed in bankruptcy court in December 1996 because it couldn't make its $20 million-a-year payment to the mine worker benefit funds. Since then, there has been "exceptional improvement" in Westmoreland's overall financial picture, according to documents. Also, the company argued that a recent decision in the bankruptcy case of Sunnyside Coal Co., handed down in the 10th circuit U.S. Court of Appeals in Denver, means retiree benefit funds can't claim future payments - as they had of Westmoreland during its bankruptcy. (Gazette; 10/16/98) WHEELED ELECTRIC POWER: Files For Chapter 11 Protection ------------------------------------------------------- Wheeled Electric Power Co. ("WEPCO"), an independent energy marketer based in Uniondale, N.Y., filed for chapter 11 Friday in Wilmington, Del. In August, Wepco stopped selling electricity to a small portion of Orange & Rockland Utilities Inc.'s service base due to mounting losses. At the time, the company said it planned to focus on competing in the retail power markets of Massachusetts, Rhode Island, and Pennsylvania beginning Jan. 1. According to the chapter 11 petition, the company has estimated assets and liabilities of $1 million to $50 million each, and more than 50 creditors. Wepco's largest unsecured creditor is Cinergy Services Corp. of Cincinnati with a $936,984 claim. (The Daily Bankruptcy Review and ABI Copyright c October 20, 1998) ************* The Meetings, Conferences and Seminars column appears in the TCR each Tuesday. 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. 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