/raid1/www/Hosts/bankrupt/TCR_Public/981106.MBX
T R O U B L E D C O M P A N Y R E P O R T E R
Friday, November 6, 1998, Vol. 2, No. 218
Headlines
2CONNECT EXPRESS: Effective Date Set
APPAREL TECHNOLOGIES: First Fidelity Denies Allegations
BONNEVILLE PACIFIC: Reports Emergence to SEC
BRUNO'S: Seeks Approval to Sell 15.09 Acres
CELLPRO INC: Biotech Firm Seeks Chapter 11 In Seattle
CRAY COMPUTER: Where Is It Now?
CRIIMI MAE: Securities Fraud Lawsuit Filed
DAYTON MINING: Banking and Legal Update
ERLY INDUSTRIES: Gets Okay To Hire New CEO
FIRST MERCHANTS CORP: Stock Distributed Pursuant to Split
FRETTER INC: Seeks Extension of Exclusive Period
GREATE BAY: Taps Special Counsel
HARRAH'S JAZZ: Creditors Receiving Money
KENETECH WINDPOWER: Plan Confirmation Hearing
KIA MOTORS: Creditor Banks Accept Hyundai's Bid
KOO KOO ROO: Merger Completed
LIBERTY HOUSE: Exclusivity Extended With a Catch
MANHATTAN BAGEL: Franchisee Opens in Tel Aviv
MEGO MORTGAGE: Sovereign Bancorp Reports Stock Ownership
OLYMPIA & YORK: Court Approves $75 Million Sale of Building
PEGASUS GOLD: Court To Rule On Plan Confirmation Dec. 7
SCOTT CABLE COMMUNICATIONS: Disclosure Statement Hearing
SCWEITZER INC: Sale of Assets Begins
SOUTHERN PACIFIC FUNDING: Engages CIBC Oppenheimer
TAL WIRELESS: Plans To Liquidate Assets
DLS CAPITAL PARTNERS: Bond Pricing For Week of November 2
*********
2CONNECT EXPRESS: Effective Date Set
------------------------------------
October 27, 1998 is the Effective Date pursuant to the
Order of Confirmation of the plan of reorganization entered
on October 16, 1998.
APPAREL TECHNOLOGIES: First Fidelity Denies Allegations
--------------------------------------------------------
First Fidelity Capital Inc. Wednesday issued the following
statement. "Apparel Technologies Inc. (OTC BB:APTX)
announced yesterday that they filed for protection from
creditors under Chapter 7 of the U.S. Bankruptcy Code.
"Contrary to the allegations which have been made by the
sole remaining director, Mr. Samuel S. Guzik, in that
announcement, neither First Fidelity Capital (FFC) nor its
president, Mads Ulrich, has breached any obligation to APTX
or violated any securities laws. As the outstanding
litigation among the parties proceeds, FFC looks forward to
the opportunity to prove the spurious nature of these
allegations.
"FFC believes that the fact that the other directors of
APTX and its former CEO, Kathy Van Ness, have all resigned,
leaving Mr. Guzik as the sole remaining director and acting
CEO, demonstrates the degree of support that Mr. Guzik's
self-serving conduct and ill-founded litigation against
FFC, Mr. Ulrich and others have received from the other
elected officials and managers of the company.
"We look forward to further investigation by the bankruptcy
trustee into preferential payments and other financial
benefits received by Mr.Guzik from APTX, as well as other
causes of action which APTX may pursue against Mr. Guzik,
and will cooperate with the trustee in such actions in an
effort to make some recovery from Mr. Guzik for the losses
suffered by APTX shareholders during his tenure.
"FFC acknowledges the many calls from shareholders, ex-
employees and creditors of APTX and assures that all calls
will be responded to."
BONNEVILLE PACIFIC: Reports Emergence to SEC
--------------------------------------------
Bonneville Pacific Corporation reports to the SEC that on
November 2, 1998, the Company emerged from bankruptcy as
its confirmed Plan became Effective. On the Effective
Date of the Plan, the Company's Chapter 11 Bankruptcy
Trustee (Roger G. Segal), to the extent consistent with
the Plan, turned control of the Company over to new Board
of Directors. On November 2, 1998, the following persons
became directors of the Company: James W. Bernard (Chairman
of the Board), Ralph F. Cox, Michael R. Devitt, Harold E.
Dittmer, Michael D. Fowler, Harold H. Robinson, Steven H.
Stepanek. On November 2,1998, the new Board of Directors
appointed the following persons as officers of the Company:
Chairman of the Board - James W. Bernard, President - Clark
M. Mower, Secretary - Steven H. Stepanek, and Treasurer -
R. Stephen Blackham.
On November 2, 1998, the company's Plan became effective
and the Company emerged from bankruptcy, subject to the
completion of the actions required by the Plan, and to the
extent consistent with the Plan, the Trustee turned over
control of the Company to the new Board of Directors.
The Plan specifically provided for the reverse split of the
Company's common stock on a 1- for-4 basis. The reverse
split was effective at the beginning of business on
Tuesday, November 3, 1998. As a result of the reverse
split, the Company obtained a new CUSIP number for its
common stock. The new CUSIP number is 098904 20 4, and
such CUSIP number will be effective for transactions
occurring from and after November 3, 1998. (Copyright
States News Service 11/04/98)
BRUNO'S: Seeks Approval to Sell 15.09 Acres
-------------------------------------------
PWS Holding Corporation, Bruno's Inc., et al., debtors
seek authorization to sell 15.09 acres of partly
undeveloped real property located in Franklin, Tennessee
and assume, assign and sell Bruno's interest, as lessor,
in a lease relating to such property.
Gaylord Cole has agreed to pay $25,000 as a deposit and
$2,075,000 at closing, subject to certain adjustments.
The debtors have exited the Tennessee market through the
consummation of a sale transaction with Albertson's Inc.
and do not intend to open any new stores in that market.
The debtors continued ownership of the Franklin Parcel is
inconsistent with their core supermarket operations. The
debtors are not in the business of holding properties for
investment purposes. By selling the Franklin Parcel to
Gaylord Cole, the debtors will generate cash to devote to
the operation of their core supermarket business.
CELLPRO INC: Biotech Firm Seeks Chapter 11 In Seattle
-----------------------------------------------------
Making good on a promise made in September, biotechnology
company CellPro Inc. has filed for chapter 11 in the U.S.
Bankruptcy Court in Seattle. The chapter 11 filing occurred
Oct. 28. CellPro, which develops cell selection systems,
had been beleaguered by litigation involving alleged patent
infringement while developing its technology. The
company plans to sell its intangible assets for $3 million
to Irvine, Calif.-based Nexell Therapeutics Inc., a
majority owned subsidiary of VIMRx Pharmaceuticals Inc.,
subject to court approval. (The Daily Bankruptcy Review and
ABI Copyright c November 5, 1998)
CRAY COMPUTER: Where Is It Now?
-------------------------------
It's been 4 years since Cray Computer Corp. crashed in
bankruptcy, eliminating more than 300 local jobs and ending
the dream of a revolutionary new supercomputer from Seymour
Cray.
Cray Computer was more than another local employer. It was
a point of civic pride: Cray, the father of the
supercomputer industry, had chosen Colorado
Springs for his company.
But the company ran out time and money before it could
finish and sell its Cray-3 and Cray-4 machines.
Wonder what happened to those who'd been at the helm?
Cray went on to start his fourth company, SRC Computers
Inc., in Colorado Springs. He died two years ago. SRC
still is in business but has been very secretive about its
technology. Terry Willkom, Cray Computer president and
chief operating officer, and Bill Skolout, Cray Computer
chief financial officer, haven't strayed far.
For a while, Willkom worked with Cray at SRC, then ran the
company after Cray's death. Willkom now is vice president
of manufacturing for Heska Corp., a Fort Collins company
that develops and sells health products for dogs, cats
and horses. Skolout works there too, as chief financial
officer.
Meanwhile, the Cray Computer bankruptcy grinds on. Most of
the creditors have been paid; they received about 90 cents
on the dollar. Shareholders lost everything.
CRIIMI MAE: Securities Fraud Lawsuit Filed
------------------------------------------
The Law Offices of Steven E. Cauley, P.A. announced that a
securities fraud class action lawsuit was filed
on Nov. 4, 1998 in the United States District Court, on
behalf of all persons who purchased or otherwise acquired
the common stock of Criimi Mae Inc. (NYSE:CMM), between
Feb. 20, 1998 and Oct. 5, 1998 inclusive.
The complaint charges certain officers and directors of the
Company during the relevant time period with violations of
Sections 10(b) and20(a) of the Securities Exchange Act of
1934. The complaint alleges that defendants issued a
series of materially false and misleading statements
concerning the Company's assets, earnings and capital
position. Because of the issuance of a series of
false and misleading statements, the price of CMM common
stock was artificially inflated during the Class Period.
DAYTON MINING: Banking and Legal Update
---------------------------------------
Dayton Mining(TSE:DAY.)(AMEX:DAY)is pleased to announce
that its banking syndicate has agreed to continue to waive
existing defaults until Nov. 30, 1998, thus extending the
waiver that expired Oct. 19,1998.
During the time of this waiver Dayton will be negotiating a
restructuring and extension of the loan repayment terms.
The current bank loan outstanding is US$17.9 million of
which $12.9 million is cash collateralized.
On Oct. 27, 1998, the Second Judicial District Court of the
State of Nevada entered its order granting the motion of
Dayton Mining Corporation to quash service of process on
Dayton Mining Corporation. Dayton's motion asserted that
the Second Judicial District Court does not have
jurisdiction over Dayton Mining Corporation for the claims
asserted by Medinah Energy Inc. against Dayton Mining
Corporation. The Court Order stated the "plaintiff
[Medinah] has failed to provide competent evidence of
essential facts establishing a prime facie showing of
jurisdiction" and "therefore, jurisdiction here has no
basis in law or fact." This decision may be appealed by
Medinah to the Nevada Supreme Court. Actions are still
underway in Nevada by Medinah Energy Inc. against
Dayton Mining (US) Inc. and in British Columbia by Medinah
Energy Inc. against Dayton Mining Corporation and Dayton
Mining(US) Inc.
Dayton Mining Corporation holds a 100 percent interest in
the Andacollo Gold Mine located in central Chile, and
trades on both the American Stock Exchange (AMEX) and
Toronto Stock Exchange (TSE) under the trading symbol DAY.
ERLY INDUSTRIES: Gets Okay To Hire New CEO
------------------------------------------
Executive VP Erly Industries Inc. has received court
approval for the nominations of Nanette Kelley as president
and chief executive and Mike Boudloche as executive vice
president. The court concluded that matters of compensation
for the executives "will be addressed by further order of
the court." Erly had requested permission to pay Kelley,
who also was elected chairman of Erly's Chemonics
Industries Inc. subsidiary, $10,000 per month plus an
additional $10,000 accrued monthly and paid after Erly's
reorganization plan is confirmed. Creditor and bankrupt
subsidiary American Rice Inc. objected to her retention,
arguing that Kelley's services weren't necessary.
(The Daily Bankruptcy Review and ABI Copyright c November
5, 1998)
FIRST MERCHANTS CORP: Stock Distributed Pursuant to Split
---------------------------------------------------------
First Merchants Corporation reports to the SEC that on
August 11, 1998, the Board of Directors of First Merchants
Corporation authorized a 3-for-2 split of the Corporation's
common stock. One additional share of common stock for
each two shares held by the reporting person on the record
date, October 16, 1998, was distributed October 23, 1998.
Fractional shares were distributed in cash. The options
previously reported were also adjusted to reflect the stock
split.
FRETTER INC: Seeks Extension of Exclusive Period
------------------------------------------------
The debtors, Fretter, Inc., et al., are seeking an order
extending the exclusive period to solicit acceptances to a
joint plan of liquidation of the debtors and the Official
Committee of Unsecured Creditors of Fretter, Inc. The
debtors request such extension through and including
January 31, 1999. The debtors state that granting the
extension will not harm the debtors' creditors or expose
them to additional risks.
GREATE BAY: Taps Special Counsel
--------------------------------
Greate Bay Hotel and Casino, Inc., GB Holdings, Inc. and
GB Property Funding Corp. seek authorization to employ
Marks, O'Neill, Reilly, O'Brien & Courtney PC and Dominic
V. Caruso, Esq. as special counsel.
The debtor requires the services of special counsel in
connection with postpetition personal injury and other
defense matters, legal services related to the debtor's
alternative dispute resolution procedure for resolution of
prepetition personal injury and product liability claims.
HARRAH'S JAZZ: Creditors Receiving Money
----------------------------------------
All of the regulatory agencies have given their approval
for the Harrah's casino, a bankruptcy court gave its
blessing, final contracts were signed and it was announced
that construction will resume this month on the shuttered
Canal Street casino building. But Wednesday, Harrah's began
to follow through on one of the most crucial parts of the
restructuring plan. Checks are now being handed out to the
casino's creditors for money left owing for years on the
project.
KENETECH WINDPOWER: Plan Confirmation Hearing
---------------------------------------------
Kenetech Windpower, Inc., debtor and the Official Unsecured
Creditors' Committee jointly filed the first amended plan
of reorganization. Subsequently, the court entered its
order authorizing and approving the adequacy of the amended
disclosure statement. A hearing to consider confirmation
of the plan will be held on January 6, 1999 at 2:00 p.m. in
Courtroom 201, 1300 Clay Street, Oakland, California 94612.
Any objection to confirmation of the plan must be filed
with the court and received by no later than December 7,
1998. (The Wall Street Journal 05-Nov-98)
KIA MOTORS: Creditor Banks Accept Hyundai's Bid
-----------------------------------------------
Creditor banks of South Korea's bankrupt Kia Motors Corp.
and its affiliate Asia Motors Co. decided Thursday to
accept Hyundai Motor Co.'s bid to take over the debt-
stricken companies, the Korea Development Bank (KDB) said.
The decision was made at a meeting of the 28 creditor banks
held at the main office of KDB, one of Kia's major creditor
banks.
While agreeing to accept Hyundai's demand of debt write-
offs, the creditors decided to ask Hyundai to lower its
demands of debt write-offs to 7.17 trillion won from 7.3
trillion won (5.5 billion dollars) out of Kia's total debts
estimated at 9,079 billion won (6.98billion dollars).
Hyundai, the country's largest auto maker, won the third
international auction for Kia and Asia Motors last month
after requesting the least amount of debt write-offs.
With a green light issued for the takeover, Hyundai will
take procedural steps to complete the acquisition in March
next year. (Kyodo News - 11/05/98)
KOO KOO ROO: Merger Completed
-----------------------------
KOO KOO ROO ENTERPRISES, INC. (NASDAQ: KKRE), formally
known as Family Restaurants, Inc. announced today the
consummation of the merger of Koo Koo Roo, Inc. and Family
Restaurants, Inc. The merger was approved at the Koo Koo
Roo, Inc. special meeting of shareholders held today in
Irvine, California.
Related to the merger, trading in Koo Koo Roo, Inc. common
stock on the NASDAQ National Market (NASDAQ: KKRO) has been
terminated, and trading will commence on Monday, November
2, 1998 in shares of Koo Koo Roo Enterprise, Inc.'s
common stock on the NASDAQ National Market (NASDAQ: KKRE).
Kevin Relyea, Chairman, President and CEO of the newly
merged companies, announced the appointment of Gayle A.
DeBrosse as President of the Koo Koo Roo restaurant
division. DeBrosse, a 16 year restaurant industry veteran,
was most recently a Senior Vice President at Family
Restaurants, Inc.
The new entity operates 313 restaurants nationwide,
including 39 Koo Koo Roo California Kitchen restaurants, 14
Hamburger Hamlet restaurants, and 260 full-service Mexican
restaurants, primarily operating under the Chi-Chi's, El
Torito, and Casa Gallardo concepts. In addition, Koo Koo
Roo Enterprises, Inc. licenses 23 restaurants outside the
United States.
A stock dividend was declared whereby 121.9558185 shares of
the company's common stock, par value $.01 per share were
distributed for each share of Registrant Common Stock
outstanding immediately prior to the Merger. Merger Sub, an
indirect wholly owned subsidiary of the Registrant,
was merged with and into Koo Koo Roo and each outstanding
share of common stock, $.01 par value, of Koo Koo Roo was
converted into the right to receive one share of Registrant
Common Stock.
LIBERTY HOUSE: Exclusivity Extended With a Catch
------------------------------------------------
The court has approved Liberty House Inc.'s request for an
extension to file a reorganization plan and solicit
acceptances through Feb. 28 and April 30, respectively,
provided the plan is consensual. The agreement resolves a
conflict with Liberty House's prepetition lenders, who not
only filed an objection to the retailer's extension request
but also urged the court to terminate exclusivity so they
could propose a plan. Effective March 1, exclusivity will
be "forever terminated in all respects," and any party in
interest in the case can file a plan, according to the
agreed order signed by the court. The court also ordered
Liberty House to provide more information to the lenders,
creditors' committee, and JMB Realty Corp. (Federal Filings
Inc. 05-Nov-98)
MANHATTAN BAGEL: Franchisee Opens in Tel Aviv
---------------------------------------------
Manhattan Bagel Company, Inc.(Nasdaq: BGLSQ) announced that
a franchisee has opened the chain's first store overseas in
the Tel Aviv suburb Herzlia Pituach, considered the
"Silicon Valley" of Israel.
A second franchised Manhattan Bagel unit is planned for the
diamond district of Ramat Gan. Construction is expected to
begin in November.
The Herzlia Pituach unit, which makes Manhattan Bagel the
first major American bagel store chain to penetrate the
Israeli market, is the first under an agreement with master
franchisor International Management Ventures, Inc. (IMV).
Based in West Palm Beach, Fla., IMV plans to open a minimum
of 15 Manhattan Bagel locations in Israel over the next
five years. Until now there were no nationwide bagel
chains in Israel.
In addition to opening Manhattan Bagel stores, IMV and its
Israeli affiliate, MBI International Retail Group Ltd.,
plan to develop a nationwide wholesale network. Targets
for the wholesale operation will include Israeli
supermarket chains, which would retail Manhattan Bagel
bagels and cheese spreads through in-store Manhattan Bagel
shops or branded cases.
MEGO MORTGAGE: Sovereign Bancorp Reports Stock Ownership
--------------------------------------------------------
As of October 16, 1998, Sovereign Bancorp, Inc. was deemed
to have acquired beneficial ownership of 6,666,667 shares
of MEGO Common Stock issuable upon conversion of
10,000 shares of MEGO Series A Convertible Preferred Stock
(the "MEGO Convertible Preferred Stock") owned by
Sovereign, which shares are convertible at any time on or
after December 15, 1998. Sovereign reports to the SEC
beneficial ownership of 13,333,334 shares or 15.6% of the
class.
OLYMPIA & YORK: Court Approves $75 Million Sale of Building
-----------------------------------------------------------
The court has approved the $75 million sale of Olympia &
York Maiden Lane Co.'s property in New York City to
stalking horse bidder Amtrust Realty Corp. The 43-story
office building at 59 Maiden Lane was sold to Amtrust
Realty Trust on Oct. 28, after there were no competing
bids. On Aug. 28, the company and affiliate Olympia
& York Maiden Lane Finance Corp. filed a prepackaged plan
of reorganization premised on the sale of the building.
Amtrust agreed to purchase the property on an "as is and
where is" basis for $75 million in cash, subject to higher
and better bids. Two objections have been filed thus far.
The confirmation hearing has been adjourned until Nov. 24.
(Federal Filings Inc. 05-Nov-98)
PEGASUS GOLD: Court To Rule On Plan Confirmation Dec. 7
-------------------------------------------------------
The court is expected to issue a ruling on confirmation
of Pegasus Gold Inc.'s joint liquidating plan, and a plan
of reorganization for four subsidiaries, on Dec. 7.
Meanwhile, confirmation hearings, which began last month,
are scheduled to continue on Nov. 12, 13, 19, and 20 for
evidence related to the liquidating plan. After hearing
final arguments on Dec. 3 and 4, the judge plans to rule
from the bench. The reorganization plan, or "Newco plan,"
proposes to create a new entity comprised of the company's
operating mines and incorporates an intercompany settlement
as well as a settlement with the bank group that gives the
lenders a majority of the new common stock. A separate
settlement, which gives holders of the 6.25% convertible
subordinated notes, warrants, and a call option
on the Newco common stock, helped win the support of the
official creditors' committee for the plans. The court has
indicated that it will consider the proposed plans, the
various settlements, and the property transfer request
together. (Federal Filings Inc. 05-Nov-98)
SCOTT CABLE COMMUNICATIONS: Disclosure Statement Hearing
--------------------------------------------------------
A hearing will be held on November 23, 1998 at 9:00 am in
the U.S. Bankruptcy Court for the District of Connecticut,
Bridgeport Division, 915 Lafayette Boulevard, Bridgeport,
Connecticut 06604 before the Honorable Alan H.W. Shiff, at
which hearing the debtor will seek an order approving the
Diwsclosure statement and the Solicitation procedures and
confirming the plan.
The plan contemplates the sale of substantially all of the
debtor's assets pursuant to an Asset Purcha3e Agreement
dated as of July 1, 1998 between the debtor and InterLink
Communications Partners, LLP for $165 million or to a
higher or better bidder approved by the Bankruptcy Court.
(The Wall Street Journal 05-Nov-98)
SCWEITZER INC: Sale of Assets Begins
------------------------------------
On Tuesday the sale of Schweitzer Inc. and Pack River
Ltd.'s assets began when Stimson Lumber Co. finalized its
purchase of 2,000 acres for $1.8 million, The Spokesman-
Review reported. This is the first sale of property on
Baldy Mountain pursuant to a creditors' plan recently
approved by the bankruptcy court and district court.
Proceeds from the sale will go towards repaying creditors
of Sandpoint, Idaho-based Schweitzer, according to Ford
Elsaesser of Elsaesser, Jarzabek, Anderson & Marks, who is
the court-appointed receiver for Schweitzer and Pack River.
Schweitzer owners Jean Brown and Bobby Hugenin tried to
stop the sale of their property, but a bankruptcy appellate
panel overturned the stay of the Baldy Mountain sale on
Monday. The ski resort is some $28 million in debt, with
$22.5 million of that owed to U.S. Bank, which has
guaranteed funds for this year's ski season. Elsaesser said
that this is the first payout to creditors since the
bankruptcy filing and that it should "make it a relatively
simple process to sell the ski resort." Harbor Properties
of Seattle offered last year to buy Schweitzer Mountain
Resort for $18 million. Elsaesser said Harbor is still the
most probable buyer, although other parties have expressed
interest in the property. (ABI 05-Nov-98)
SOUTHERN PACIFIC FUNDING: Engages CIBC Oppenheimer
---------------------------------------------------
Southern Pacific Funding Corp. (OTC BB:SFCFQ) announced
today that the company has engaged CIBC Oppenheimer Corp.
to act as financial advisor for the company and the
Official Committee of Unsecured Creditors in connection
with a proposed sale of Southern Pacific Mortgage Limited,
the company's wholly owned United Kingdom subsidiary.
Southern Pacific Mortgage Limited has continued operations
since Southern Pacific Funding Corp. filed a Chapter 11
petition on Oct. 1,1998. The engagement of CIBC
Oppenheimer is subject to bankruptcy court approval.
Under the terms of the engagement, CIBC Oppenheimer will
assist the company and the committee in analyzing and
reviewing the financial condition and operations
of Southern Pacific Mortgage Limited and will advise the
company and the committee with respect to the sale of SPML,
including analyzing and negotiating offers and a final sale
transaction. CIBC Oppenheimer provides a complete range of
investment and corporate banking and capital markets
services worldwide, with a global network in 32 cities.
William E. Cherry, managing director of Southern Pacific
Mortgage Limited, said, "The management of SPML will work
with Southern Pacific Funding Corporation, the Creditors'
Committee and CIBC Oppenheimer to maximize the value of
SPML and complete this transition period. We look forward
to working with new ownership in continuing to provide fair
products and quality service to the U.K. marketplace."
Southern Pacific Mortgage Limited was formed in October
1996 as a start-up company to originate sub-prime mortgages
in the United King domand has grown to more than 60
employees who handle loan origination and servicing.
SPML's loan origination volume in calendar 1997 was
approximately (pound)82 million and in 1998, SPML expects
to increase its loan origination more than 50 percent above
1997 volume to approximately (pound)125-130 million.
SPML completed a whole loan sale in September 1997 and in
March 1998 completed a securitization of(pound)60 million.
E. James Hedemark, chief executive officer of Southern
Pacific Funding Corp., said, "We are working with the
Creditors' Committee to maximize the realization value of
assets for the creditors of the company. We look
forward to working with CIBC Oppenheimer in the sale of
SPML."
Southern Pacific Funding Corp. is based in Lake Oswego,
Oregon. Prior to its Chapter 11 filing, Southern Pacific
Funding Corp. was a specialty finance company that
originated, purchased and sold home equity loans made to
borrowers whose needs were not met by traditional financial
institutions. Southern Pacific Funding Corp. and its
subsidiaries originated loans throughout the United States
and the United Kingdom through diversified origination
channels.
TAL WIRELESS: Plans To Liquidate Assets
---------------------------------------
On October 6, 1997 Tal Wireless Networks, Inc. filed a
voluntary petition for protection under Chapter 11 of the
Federal Bankruptcy Laws in the United States Bankruptcy
Court, Northern District of California, San Jose Division
pursuant to which the company's existing directors will
continue in possession but subject to the supervision and
orders of the Bankruptcy Court." "The Company plans
to liquidate assets and review the claims of its various
creditors. It is unclear at this time whether there will
be any funds available for distribution to shareholders.
Once this information has been determined, the Company may
file a Plan of Reorganization with the Bankruptcy
Court."(Copyright States News Service, 11/04/98)
DLS CAPITAL PARTNERS: Bond Pricing For Week of November 2
---------------------------------------------------------
Following are indicated prices for selected issues:
Acme Metal 10 7/8 '07 18 - 21 (f)
Amer Pad & Paper 13 '05 47 - 49
Amer Telecasting 0/14 1/2 '04 23 - 25
Asia Pulp & Paper 11 3/4 '05 76 - 78
Boston Chicken 7 3/4 '05 8 - 9 (f)
Brazos 10 1/2 '07 23 - 27
Brunos 10 1/2 '05 12 - 15
Cityscape 12 3/4 '04 17 - 19 (f)
E & S Holdings 10 3/8 '06 33 - 36
Globalstar 11 1/4 '04 67 - 69
Hills 12 1/2 '03 35 - 36
Liggett 11 1/2 '99 72 - 74
Mobilemedia 9 3/8 '07 12 - 15 (f)
Penn Traffic 9 5/8 '05 15 - 17
Planet Hollywood 12 '05 46 - 50
Royal Oak 12 3/4 '06 44 - 47
Samsonite 10 3/4 '08 72 - 74
Service Merchandise 9 '04 47 - 48
Sunbeam 0 '18 12 1/2 - 13 1/2
Zenith 6 1/4 '11 72 - 74
***********
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,
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Information contained herein is obtained from sources
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