/raid1/www/Hosts/bankrupt/TCR_Public/990120.MBX
T R O U B L E D C O M P A N Y R E P O R T E R
Wednesday, January 20, 1999, Vol. 3, No. 13
Headlines
ACME METALS: Seeks Extension of Exclusive Periods
ALL-AMERICAN: Executes New Contract For On-Line Gourmet
AMF BOWLING: Stock Ownership Reported
APOGEE ENTERPRISES: Files Quarterly Report With SEC
AUSTRALIS MEDIA: Court Asked To Convert/Dismiss Case
BUCHANAN INDUSTRIES: Auction Sales
COLUMBIA/HCA: Government Joins Whistleblower Suit
COUNTRY STAR: Stock Ownership Reported
DISCOVERY ZONE: First Quarter Results
EAGLE CAPITAL: Creditors Win Bid For Chapter 11 Trustee
EUROWEB INT'L: Files Registration Statement With SEC
GUNTHER INT'L: Annual Report For Fiscal Year Ended March 31
JUMBOSPORTS: Preliminary Agreement with DIP Lender
LANXIDE CORP: Files Chapter 7
MEDICAL RESOURCES: Stock Ownership Reported
MEGO MORTGAGE: 1999 Annual Meeting of Stockholders
MESA AIR GROUP: Files Annual Report With SEC
NORCROSS FOOTWEAR: Notice of Bar Date
ORANGE COUNTY: Bankruptcy-Related Case Settles
PHILIP SERVICES: Icahn Rejects Agreement With Lenders
SUN TELEVISION: Court Okays Sun TV $20M Sale
SUN TELEVISION: Seeks To Set Bar Date of March 15
TMCI ELECTRONICS: In Default Under Secured Loan Obligations
UNITED PETROLEUM: Files Chapter 11
VANGUARD AIRLINES: Stock Ownership Reported
WESTERN DIGITAL: Additional Shares Under Stock Option Plan
*********
ACME METALS: Seeks Extension of Exclusive Periods
-------------------------------------------------
Acme Metals Incorporated and its affiliated debtors seek an
order extending the debtors' exclusive periods within which
to file a plan of reorganization and solicit acceptances
thereto.
The debtors request the entry of an order extending their
respective Exclusive Plan Periods and Exclusive
Solicitation Periods for approximately 155 days, to and
including June 30, 1999 and August 30, 1999 respectively.
The debtor has been through intensive and difficult
negotiations involving the Acme Debtors, Alpha Tube, BABC,
the Creditors' Committee, and ultimately the objecting
group of Alpha Tube trade creditors. Eventually there was
a consensual resolution of post-petition financing, cash
management and reclamation matters. The Acme Debtors were
also engaged in negotiations with the largest secured
creditors constituency, representing approximately $200
million principal amount of debt secured by the fixed
assets of Acme Steel and by pledges of the capital stock of
all of Acme's subsidiaries. Those negotiations were
successfully concluded and the consensual resolution of
adequate protection issues with that group of secured
creditors was approved by the court.
The Acme Debtors believe they will shortly be in a position
to present consensual adequate protection stipulations to
the court with respect to all of their other secured debt
constituencies.
Beddows & Company has been engaged to perform an
independent diagnostic report on Acme Steel's current
performance and future prospects. The report should be
available in late January.
This is the debtors' first request for such an extension of
exclusivity, and the debtors believe that while much of the
time since filing the case has been spent in negotiating
the financing for ongoing operations, it is in the best
interest of the parties at this point to allow the debtors
a meaningful opportunity to complete the negotiations of a
plan of reorganization.
ALL-AMERICAN: Executes New Contract For On-Line Gourmet
-------------------------------------------------------
All-American Food Group (Nasdaq BB:AAFGQ) announced Tuesday
that its recently announced on-line Internet gourmet retail
store has secured an exclusive distribution contract with a
noted French producer of gourmet foods.
The French company, Etablissement Agricole Limited
Responsabilite (EARL), located in Cabas, France, produces a
high quality line of fine prepared foods, including foie
gras, confits, duck in fruit, a line of pates and special
order holiday delicacies. Up to now, these products have
only been available in France, and will now be available
worldwide through AAFG's Internet web site, presently under
construction, www.thegourmetpage.com.
www.thegourmetpage.com was developed by AAFG as a key
element in its strategy to successfully emerge from its
Chapter 11 proceeding with a strong base in imported and
gourmet foods, using e-commerce to supplement its
traditional bagel and gourmet soup business. The company
previously executed a $3 million to $5 million contract for
the import of frozen Brazilian lobster tails, and
projects that its Internet store, www.thegourmetpage.com,
will be ready to accept orders before the end of February.
AMF BOWLING: Stock Ownership Reported
-------------------------------------
In a filing with the SEC on Form 4, Statement of Changes in
Beneficial Ownership, Terence M. O'Toole, a managing
director of Goldman, Sachs & Co is the reporting person.
The Goldman Sachs Group, L.P. is the general partner of
and owns a 99% interest in Goldman Sachs. Goldman Sachs and
GS Group may be deemed to own beneficially and indirectly
in the aggregate 29,966,593 shares of Common Stock, par value
$.01 per share, of AMF Bowling, Inc. through certain
investment partnerships (the "Limited Partnerships") of
which affiliates of Goldman Sachs and GS Group are the
general partner, managing general partner or managing
partner. Goldman Sachs is the investment manager of
one or more of the Limited Partnerships. GS Group owns
beneficially and directly immediately exercisable warrants
to purchase 870,000 shares of Common Stock. The
Reporting Person disclaims beneficial ownership of the
securities reported herein except to the extent of his
pecuniary interest therein.
AMF Bowling, Inc. Zero Coupon Convertible Debentures due
2018 are convertible at any time prior to maturity into
shares of Common Stock at a conversion rate of 8.6734
shares per $1,000 principal amount at maturity.
On November 12, 1998, the Limited Partnerships entered
into an agreement(the "Debenture and Note Purchase
Agreement") with certain other investors, pursuant to
which the parties thereto agreed to make open market
purchases of the Company's Debentures and 12 1/4% Senior
Subordinated Discount Notes due 2006 (the "Notes") from
time to time for their respective accounts in agreed-
upon proportions. The Debenture & Note Purchase Agreement
provides that each party thereto may terminate its
participation in such open market purchases by
providing written notice of such termination to the other
parties thereto. There can be no assurance that the Limited
Partnerships or any of the other parties to
the Debenture & Note Purchase Agreement will acquire any
additional Debentures thereunder or, if such securities
are acquired, the amount of securities so acquired.
Accordingly, on December 10, 1998, December 11, 1998,
December 14, 1998 and December 15, 1998, the Limited
Partnerships purchased $50,322,000, $83,871,000,
$88,903,000 and $119,978,000, respectively, in principal
amount of Debentures, which are convertible into 436,463,
727,447, 771,091 and 1,040,617 shares of Common Stock,
respectively.
Goldman Sachs and GS Group may be deemed to own
beneficially and indirectly in the aggregate 3,607,760
shares of Common Stock by reason of the ownership by
the Limited Partnerships of $415,957,000 principal amount
in Debentures.
APOGEE ENTERPRISES: Files Quarterly Report With SEC
---------------------------------------------------
Apogee Enterprises Inc. filed a quarterly report with the
SEC for the quarter ended November 28, 1998.
Third quarter net earnings of $7.3 million, were $17.7
million higher than last year's loss of $10.4 million.
Revenues of $236.0 million for the quarter were relatively
flat as compared to revenues of $235.0 a year ago.
Year-to-date net earnings increased to $20.3 million, from
$6.0 million in the prior year.
Revenues for the first nine months increased 2%, to $720.0
million, compared to $704.9 million a year ago.
AUSTRALIS MEDIA: Court Asked To Convert/Dismiss Case
----------------------------------------------------
Alleging that Australis Holdings has failed to carry out
its fiduciary obligations to effect a "proper" Chapter 11
case, the U.S. Trustee acting in the case is seeking either
conversion to a Chapter 7 case or dismissal of the case.
As additional grounds for conversion or dismissal of the
case, the trustee cited Australis Holdings' failure to
attend the meeting of creditors held pursuant to section
341(a) of the Bankruptcy Code. The meeting was initially
scheduled for May 28 but was rescheduled, at Australis
Holdings' request, four times with a final date of Dec. 17.
Not only did the company fail to appear at the Dec. 17
meeting, but it also failed to communicate its inability to
attend to the trustee, the motion states. (Federal Filings
Inc. 19-Jan-99)
BUCHANAN INDUSTRIES: Auction Sales
----------------------------------
Buchanan Industries, Inc. published a notice in The Wall
Street Journal on Tuesday, January 19, 1999 announcing
bankruptcy auction sales. The sale location is U.S.
Bankruptcy Court, 1100 Laurel Street, Columbia, South
Carolina on February 4, 1999 at 9:30 am.
The property being sold is improved real property in
Dalton, Georgia (a carpet manufacturing facility) and
improved real property (a warehouse) in Elkhart, Indiana.
COLUMBIA/HCA: Government Joins Whistleblower Suit
-------------------------------------------------
The U.S. Justice Department intends to join in a
lawsuit against Columbia/HCA Healthcare by a former
employee who says the largest U.S. hospital chain
systematically defrauded Medicare and other
government health insurance programs of millions of
dollars.
The Justice Department action is the second time it has
joined in a so-called whistleblower lawsuit against the
Nashville, Tenn.-based company, which is also the subject
of a criminal fraud investigation.
The latest whistleblower suit is related to criminal fraud
charges against four midlevel Columbia/HCA executives and
fleshes out government accusations that Columbia/HCA
shifted costs from its hospital business to its home
health-care business to get around Medicare rules that
limit reimbursement for hospital stays. The practices
existed throughout the company, the lawsuit said.
"Columbia's fraudulent home office cost reporting practices
have infected the cost reports of virtually every health
care facility that has belonged to the Columbia chain,"
according to the lawsuit, filed in U.S. District Court
and unsealed Wednesday.
The suit, filed in April 1997 and under seal since then,
involved more than 100 Columbia/HCA hospitals, the Justice
Department said. It also accuses Columbia/HCA of paying
Olsten, the nation's largest home health care provider,
inflated fees to manage home health facilities in an effort
to get the government to pay some of Columbia's cost of
acquiring Olsten home health agencies.
The improper shifting of costs to inflate Medicare
reimbursement was made even though Columbia/HCA outside
consultants warned the company against doing
so, the lawsuit says. Columbia/HCA managers "have ignored
or rejected such advice and warnings due to undue
pressure... by Columbia/HCA's upper management
to meet stringent profitability objectives to achieve bonus
pay," the lawsuit says.
The lawsuit names Columbia/HCA and five of its Florida
hospitals as defendants and cites more than $9 million in
overpayments allegedly made to it by Medicare for the
elderly and other government health insurance programs.
"The violations involve claims for reimbursement... since
at least 1986 which defendants knew were false, exaggerated
and/or ineligible," the lawsuit says.
The five hospitals named as defendants include Fawcett
Memorial Hospital, the Port Charlotte, Fla., facility at
the center of the case against the indicted executives.
Fawcett and the four other hospitals named as defendants
were all once owned by Basic American Medical, which
Columbia/HCA acquired in a $170 million stock swap in 1992.
The lawsuit also names as a defendant all hospitals owned
by Columbia prior to its $7.6 billion acquisition of HCA-
Hospital Corporation of America in 1994.
The lawsuit, brought by former Columbia/HCA employee John
Schilling, shows that the government is continuing to mount
its case against Columbia/HCA even as the company's
chairman, Thomas Frist Jr., expresses hope of settling
charges against the company by early spring of next year.
The company's stock, now trading around 25, has lost more
than 40 percent of its value since the federal
investigation became public in March 1997, falling
from a high of 44 7/8 in February of that year.
Investors, however, are unlikely to punish the stock on
news of the government joining Schilling's lawsuit. Many
details in the lawsuit had already been revealed through an
affidavit filed by FBI Special Agent Joe Ford and unsealed
in 1997.
Investors already figure that Columbia/HCA will pay fines
as high as $1 billion, and want the company to settle to
eliminate the scandal as a factor weighing down the
company's stock price, analysts said.
In July, four midlevel Columbia/HCA executives were
indicted on charges of conspiring to overbill the
government Medicare insurance for the elderly on
behalf Columbia's Fawcett Memorial Hospital in the
southwest Florida town of Port Charlotte.
The lawsuit also says Columbia/HCA overbilled Medicare
through its arrangements with the nation's largest home
health provider, Olsten.
"Columbia purchased several Florida home health agencies
from Olsten at artificially low prices and paid Olsten
inflated fees to manage the home health agencies," the
Justice Department said.
The arrangement was originally laid out in the court
affidavit filed by Ford. Unsealed in February, the
affidavit says Columbia, beginning in 1994, purchased home
health agencies from Olsten for less than it paid for such
businesses elsewhere. Columbia then paid Olsten's
management subsidiary inflated to run them and collected
reimbursement from Medicare, the affidavit says.
(Copyright 1998 - Journal Record - 12/31/98
COUNTRY STAR: Stock Ownership Reported
--------------------------------------
Dan Rubin, President, Chief Executive Officer and Director
of Country Star Restaurants, Inc. is the reporting person of
a Schedule 13D filed with the SEC relating to the common
stock, $.01 par value per share of Country Star
Restaurants, Inc.
Rubin reports beneficial ownership of 26,884 shares or
19.6% of the class. In February 1998, the company and Rubin
entered into a Loan and Security Agreement and related
documents, under which Rubin was issued a Convertible Note
by the Issuer. Rubin sold 7,116 shares of Common Stock on
December 31, 1998 for $18.25 per share on the open market.
DISCOVERY ZONE: First Quarter Results
-------------------------------------
Discovery Zone, Inc. filed its Quarterly Report for the
quarter ended September 30, 1998 with the SEC.
Comparable store revenues during the third quarter of 1998
were down 6.3% as compared to a decline of 15.5% during the
third quarter of 1997, a decline of 5.3% in the second
quarter of 1998, and an increase of 4% in the
first quarter of 1998. During the first nine months of
1998, comparable store revenues declined 2% , compared to a
17% decline in comparable store revenues in
the first nine months of 1997.
The Company had revenue of $28.4 million during the third
quarter of 1998, a decrease of 9.4% from revenue of $31.3
million during the third quarter of 1997. Discovery Zone
had revenue of $98.6 million during the first nine months
of 1998, a decrease of 3.9% from revenue of $102.6 million
during the first nine months of 1997.
For the nine months ended September 30, 1998, the company
reported a net loss of $43.339 Million. Discovery Zone
reported negative EBITDA for the first nine months of 1998
of $14.7 million, before reorganization items and non-cash
GAAP rent adjustments which were affected by Fresh Start
Accounting and $15.9 million after such adjustments,
compared to negative EBITDA of $6.8 million before such
adjustments, and $5.9 million after such adjustments, in
the comparable prior year period.
On March 31, 1998, the Company entered into a $10.0 million
Senior Secured Revolving Credit Facility with Foothill
Capital Corporation.
EAGLE CAPITAL: Creditors Win Bid For Chapter 11 Trustee
-------------------------------------------------------
After hearing charges of gross mismanagement and self-
dealing on the part of Eagle Capital's board, the court
ordered the immediate appointment of a Chapter 11 trustee
in the case. "The Board members are apparently attempting
to exploit the bankruptcy process to get value for
themselves and the other holders of partnership interest in
the Debtor notwithstanding that they are 'out of the
money,'" asserted secured creditor Heller Financial Inc.
Citing the distrust that it and the other secured and
unsecured creditors have of Eagle's board, Heller said that
the company's performance during the bankruptcy case has
been "dismal" and the company has "no chance" of
successfully reorganizing. Eagle stopped originating
residential mortgage loans after filing for Chapter 11 in
November, and has been engaged in servicing existing loans.
(Federal Filings Inc. 19-Jan-99)
EUROWEB INT'L: Files Registration Statement With SEC
----------------------------------------------------
EUROWEB INTERNATIONAL CORP. filed a proposed
prospectus with the SEC relating to the offering
of 1,806,666 shares of Common Stock of EuroWeb
International Corp. of which 866,666 shares may be
offered for sale by certain stockholders of the Company
and to 940,000 shares issuable upon exercise of
warrants and/or options to purchase shares of Common Stock
issued to certain private placement purchasers and
consultants to the Company.
GUNTHER INT'L: Annual Report For Fiscal Year Ended March 31
-----------------------------------------------------------
Gunther International Ltd. filed its annual report with the
SEC for the fiscal year ended March 31, 1998.
In anticipation of substantial sales increases in fiscal
1998, the Company committed funds to increasing its
production and service capacity. During fiscal 1998, order
levels were insufficient to fully absorb these cost
increases and to provide the necessary cash flow to fund
operating needs. In addition, the Company experienced
additional production inefficiencies due to
uncertain parts deliveries and high levels of overtime
needed to complete contracted orders. As a result of the
foregoing, the Company realized a net loss of $2,632,000
for fiscal 1998 as compared to a net loss of $1,335,000 for
fiscal 1997.
Systems sales for fiscal year 1998 decreased $86,000, or
1%, from fiscal year 1997. At March 31, 1998 system order
backlog, consisting of total contract price less revenue
recognized to date for all signed orders on hand,
was $4,437,000 as compared to $3,276,000 at March 31, 1997.
During the fiscal year ended March 31, 1998, the Company
had a positive cash flow from operations of $894,000,
compared to a positive cash flow from operations of
$149,000 for the fiscal year ended March 31, 1997 and a
negative cash flow from operations of $655,000 for the
fiscal year ended March 31, 1996.
JUMBOSPORTS: Preliminary Agreement with DIP Lender
--------------------------------------------------
JumboSports Inc., Tampa, Fla., announced that it has
reached a preliminary agreement with Foothill Capital Corp.
on the terms of a debtor-in-possession (DIP) financing
agreement, which is subject to execution of definitive
documents by both parties and the bankruptcy court's
approval, according to a newswire report. The operator of
59 sporting goods superstores in 23 states expects the DIP
facility to enable the company to pay off its existing
credit facility, buy inventory and support anticipated
capital needs during the chapter 11 reorganization. (ABI
19-Jan-99)
LANXIDE CORP: Files Chapter 7
-----------------------------
Lanxide Corp. said Friday that it has filed chapter 7 in
the District of Delaware, according to Reuters. Earlier in
the month, the company laid off workers and ceased
operations because of a lack of sufficient funds. As of
Sept. 30, the company listed $2.5 million in assets and
$12.1 million in liabilities. (ABI 19-Jan-99)
MEDICAL RESOURCES: Stock Ownership Reported
--------------------------------------------
The Statement on Schedule 13D, dated August 17, 1998, as
heretofore amended by Schedule 13 D/A, Amendment No. 2
dated October 15, 1998, which was filed on behalf of TJS
Partners, L.P., TJS Management, L.P., TJS Corporation and
Thomas J. Salvatore, with regard to their respective
beneficial ownership of shares of Common Stock, $0.01 par
value of Medical Resources Inc., a Delaware corporation.
TJS Partners, L.P.; TJS Management, L.P.; TJS Corporation
and Thomas J. Salvatore each report beneficial ownership of
1,304,042 shares or 14.2% of the class of the Common Stock.
MEGO MORTGAGE: 1999 Annual Meeting of Stockholders
--------------------------------------------------
The 1999 Annual Meeting of Stockholders of Mego Mortgage
Corporation will be held at 10:00 a.m., Eastern Standard
Time, on Tuesday, February 16, 1999 at the offices of King
& Spalding, 191 Peachtree Street, Atlanta, Georgia 30303.
The meeting is set for the following purposes:
(1) To elect six directors to serve until the next annual
meeting of stockholders or until their successors have been
duly elected and qualified;
(2)To amend the certificate of incorporation of the Company
to reflect a name change to Altiva Financial Corporation;
(3)To amend the certificate of incorporation of the
Company to reflect a reverse stock split;
(4) To vote on a proposal to adopt and approve the Mego
Mortgage Corporation 1999 Incentive Stock Plan; and
The board of directors has fixed the close of business on
December 18,1998 as the record date for determining those
stockholders entitled to notice of, and to vote at, the
annual meeting.
MESA AIR GROUP: Files Annual Report With SEC
--------------------------------------------
Mesa Air Group, Inc. filed its annual report for the fiscal
year ended September 30, 1998.
Operating revenues decreased by $87.4 million (17.1%) for
fiscal year ended September 30, 1998, compared to the prior
fiscal year. This decrease was primarily attributable to
the termination of Mesa's United Express operations on
the west coast and Denver, Colorado in April and May, 1998.
This represents a 24.1% decrease in passengers, partially
offset by an 8.5% increase in average fares.
Flight Operations expense decreased by 7.8 percent to
$167.6 million (7.3 cent) per ASM) for the 1998 fiscal
year, from $181.7 million (7.3(cent) per ASM) for
the comparable period in 1997. Fuel costs decreased by
$16.7 million during the current period as compared to the
prior period, primarily as a result of operating fewer
aircraft in 1998.
Mesa's cash, cash equivalents and marketable securities as
of September 30, 1998 were $35.6 million, representing a
decrease of $21.6 million over the prior year.
On March 1, 1998, Mesa's $20 million secured line of credit
expired by its terms and the bank declined to renew it.
Mesa has $2.4 million in restricted cash to secure letters
of credit for various airports under this line of credit at
September 30, 1998.
Mesa has significant lease obligations and debt payments on
existing aircraft.At September 30, 1998, Mesa had 86
aircraft with debt balances with maturities through
December 2011.
NORCROSS FOOTWEAR: Notice of Bar Date
-------------------------------------
Norcross Footwear, Inc. and DBI, Inc., debtors, published a
notice of Bar Date to file claims in The Wall Street
Journal, Tuesday, January 19, 1999. The Bar Date is
February 15, 1999.
ORANGE COUNTY: Bankruptcy-Related Case Settles
----------------------------------------------
Los Angeles-based Leifer Capital Inc., a financial adviser
for $1.125 billion in Orange County, Calif., municipal
securities, has agreed to settle Securities and Exchange
Commission charges and to cease and desist from further
securities law violations following charges involving the
firm's work on seven note deals in July and August 1994,
according to Reuters. The SEC said the firm's principals
neither admitted nor denied the charges but agreed to
cooperate in a continuing investigation of the municipal
securities in question. No financial penalties were
assessed against Leifer Capital either. The SEC charged
that in drafting documents designed to help inform
investors about securities, the firm omitted certain key
details about the Orange County investment pool's risky
strategy. The pool lost $1.16 billion because of a "wrong-
way, speculative bet" on interest rates, leading to the
country's filing chapter 9 in December 1994. (ABI 19-Jan-
99)
PHILIP SERVICES: Icahn Rejects Agreement With Lenders
-----------------------------------------------------
Financier Carl Icahn, the largest single creditor of Philip
Services Corp., has rejected the Canadian company's
agreement with another group of lenders to restructure the
company's debt, The Wall Street Journal reported yesterday.
Icahn also made a bid to gain control of the company by
offering to buy out other creditors' debt for 50 percent of
its face value. Philip, a metals recycling and industrial
services company in Hamilton, Ontario, needs agreements
from holders of thirty-three percent of its debt in order
to finalize a restructuring plan. The company has $1.1
billion in debt associated with a number of acquisitions in
recent years. Icahn holds $238 million, or about 20 percent
of the company debt, with Foothill Partners III, an
investment unit of Wells Fargo & Co. His rejection of the
plan pits him against a rival group of lenders led
by the Canadian Imperial Bank of Commerce. That group last
week agreed with the company on a plan that would
restructure the terms of half of the debt and exchange the
other half for 90 percent of Philip's equity. In a Jan. 14
letter to 82 holders of Philip's debt and filed with the
Securities and Exchange Commission, however, Icahn said it
would be disastrous to leave that much debt on the
company's balance sheet. He said the company would have $36
million of annual cash interest costs under the rival
group's plan, which is more than the $31 million Philip
projects for 1999 earnings before interest, taxes,
depreciation and amortization (EBITDA). A Moody's Investors
Service analyst said it will be a fight between the two
lenders groups, but believes that they will come to an
agreement in the end rather than liquidate the company.
(ABI 19-Jan-98)
SUN TELEVISION: Court Okays Sun TV $20M Sale
--------------------------------------------
The court has approved Sun Television's sale of 11 company-
owned properties and six leases to MTB Corp. for about $20
million after one of the leases was removed from the
initial package for disposal at a later time. Otherwise,
the sale to MTB was approved with only minor modifications.
Sale of the lease that was removed has been rescheduled.
The sale to MTB included two store properties and one
unimproved land parcel in Columbus, Ohio; one store and
land parcel each in St. Clairsville, Youngstown, Ontario,
Warren, Cuyahoga Falls, Canton and an unimproved land
parcel in Chillicothe, Ohio; and one property and land
parcel in Erie, Pa. (Federal Filings Inc. 19-Jan-99)
SUN TELEVISION: Seeks To Set Bar Date of March 15
-----------------------------------------
Sun TV and Appliances, Inc., and its parent company, Sun
Television and Appliances, Inc. debtors seek a court order
establishing March 15, 1999 as the last date for all
creditors and certain interest holders to file proofs of
claim in these Chapter 11 cases.
TMCI ELECTRONICS: In Default Under Secured Loan Obligations
-----------------------------------------------------------
TMCI Electronics, Inc. ("TMCI") (Nasdaq: TMEI), announced
today that it has been notified by its primary lender,
Fleet Capital Corporation, that it is in default under its
secured loan obligations. TMCI and Fleet have agreed to a
temporary suspension of the lender's right to foreclose.
TMCI is in active negotiations with a number of potential
acquirors and sources of financing.
TMCI Electronics, Inc., located in San Jose, California, is
a contract manufacturer of custom designed fabricated
products, a manufacturer of cable and harness, a provider
of value-added turnkey assembly services, a manufacturer of
metal stamping products, and an electronic part
distributor, which are sold to original equipment
manufacturers (OEMs) of computers, telecommunications,
semiconductor testing, medical testing equipment, and other
related markets. The common stock of the Company is listed
on the Nasdaq Small Cap Market under the symbol TMEI.
UNITED PETROLEUM: Files Chapter 11
----------------------------------
United Petroleum Corp., Knoxville, Tenn., announced that it
filed for chapter 11 protection on Friday to reorganize the
company and keep it moving forward as a going concern,
according to a newswire report. The chapter 11 petition
includes only the parent company and neither of its
subsidiaries, Calibur Systems Inc. or Jackson-United
Petroleum. United's management does not expect the filing
to affect either subsidiary in any way. The company expects
to file its reorganization plan within the week. The plan
would reduce the company's debt level and restructure its
balance sheet by converting some of its secured debt, all
its debentures and all of its preferred stock to common
stock. All the holders of United's secured debt and a
majority of the company's debentures and preferred stock
holders have preliminarily approved the plan. (ABI 19-Jan-
99)
VANGUARD AIRLINES: Stock Ownership Reported
-------------------------------------------
A Schedule 13D was filed with the SEC relating to the
common stock, $0.001 par value of Vanguard Airlines, Inc.,
a Delaware corporation. The Hambrecht 1980 Revocable Trust
reports beneficial ownership of 27,737,734 shares or
30.2% of the class and William R Hambrecht reports
48,049,911 shares or 50.6% of the class.
WESTERN DIGITAL: Additional Shares Under Stock Option Plan
----------------------------------------------------------
Western Digital Corporation filed a proposed Registration
Statement on Form S-8 with the SEC to register an
additional 10,000,000 shares of common stock, par value
$0.01 per share, of Western Digital Corporation, a
Delaware corporation, issuable under the Company's Amended
and Restated Employee Stock Option Plan.
*********
S U B S C R I P T I O N I N F O R M A T I O N
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