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/raid1/www/Hosts/bankrupt/TCR_Public/990210.MBXT R O U B L E D C O M P A N Y R E P O R T E R Tuesday, February 9, 1999, Vol. 3, No. 27 Headlines AL TECH: Seeks To Hire Real Estate Appraiser ALPHANET TELECOM: Files Assignment in Bankruptcy ATLAS CORP: Order Directs Joint Administration BENNETT FUNDING: Mastermind Testifies In His Own Defense BRUNO'S: Seeks Approval of Sale of Georgia Property CALDOR: Wal-Mart Bids On Stores CFS: To Sell Overseas Unit CONTINENTAL INVESTMENT: Independent Directors Appointed ENSEC INTERNATIONAL: Changes Accounting Firms FIRST MERCHANTS CORP: Annual Meeting of Shareholders FORCENERGY: Equity Investment Terminated FULCRUM DIRECT: Seeks Extension of Exclusive Periods JUMBOSPORTS: Court Approves Special Counsel LIVENT: Judge Approves Access To Final $11.5 Million LONG JOHN: Seeks Authority To Enter Distribution Agreement MOBILE ENERGY: Seeks Authority For Contract With EJ Hodder NU-KOTE: PricewaterhouseCoopers Named Special Accountants NU-KOTE: Applies to Hire Real Estate Broker OKURA & CO: Joint Motion For Exclusivity Extension OMEGA ENVIRONMENTAL: Hearing Set for Sale of Assets ONE STOP: Cellexis Objects To Disclosure Statement PERK DEVELOPMENT: On Re-Entering Upstate NY Market PHP HEALTHCARE: Employment of Arthur Andersen Approved PRIMESTAR: Commences Tender Offer and Solicitation PROVENCE RESTAURANT: Files Chapter 11 RESURGENCE PROPERTIES: Board Approves Liquidating Dividends SCOTT CABLE: IRS Fighting For Sale Proceeds SERVICE MERCHANDISE: To Close Up To 134 Stores SYQUEST TECHNOLOGY: Hearing Scheduled For Asset Sale THE CARE GROUP INC: Order Confirms Plan ********* AL TECH: Seeks To Hire Real Estate Appraiser -------------------------------------------- The debtor, AL Tech Specialty Steel Corporation is seeking a court order approving the employment of GAR Associates Inc. as real estate appraiser for the debtor for the purpose of preparing an appraisal in connection with a proceeding for reduction of the debtor's tax assessment on its industrial facility located in Dunkirk, New York, which is comprised of thirteen tax parcels of improved real property. The purpose of the appraisal is to help substantiate the debtor's assertion that the property has been overvalued by the City of Dunkirk for assessment purposes. The debtor and GAR have agreed to a flat fee of $11,000. ALPHANET TELECOM: Files Assignment in Bankruptcy ------------------------------------------------ AlphaNet Telecom Inc. (TSE:FAX) announced that it has filed an assignment in bankruptcy under the Bankruptcy and Insolvency Act. PricewaterhouseCoopers Inc. has been appointed Trustee. This decision reflects the fact that the corporation has been unable to secure the necessary financing to enable it to continue its operations. The need for additional financing had been identified in a November 4, 1998 press release. The corporation also announced on December 8, 1998 that it had engaged external financial advisors to support and supplement management's ongoing efforts to attract strategic and/or financial partners and examine other financing alternatives. The Directors have concluded that all possibilities for achieving financing and strategic solutions in the time available have been exhausted. In light of this assignment, the corporation's Directors have resigned. The corporation also announced that, subject to finalizing standard terms and conditions, it has accepted an offer to purchase its hospitality business unit, AlphaNet Hospitality Systems Inc. The corporation's Board of Directors concluded that acceptance of this offer is in the best interests of the corporation. The Board also determined that the proceeds of the sale would not be sufficient to fund the continued operations of the corporation. ATLAS CORP: Order Directs Joint Administration ---------------------------------------------- Judge Donald E. Cordova entered an order on February 2, 1999 directing the cases of Atlas Corporation, Atlas Gold Mining, Inc. and Atlas Precious Metals, Inc. to be jointly administered for administrative purposes only. The substantive rights of creditors of the estates will not be affected. BENNETT FUNDING: Mastermind Testifies In His Own Defense -------------------------------------------------------- Patrick R. Bennett, who is allegedly the mastermind behind one of the largest U.S. Ponzi schemes, testified in his own defense and tried to portray himself as unsophisticated in dealing with complicated business transactions, The Wall Street Journal reported. Bennett is the former CFO of Bennett Funding Group Inc., a Syracuse, N.Y., office equipmentleasing firm that cheated investors out of more than $700 million and filed for bankruptcy protection in 1996. Bennett said he did not finish college and has little knowledge of accounting principles. Bennett tried to shift the blame to other company officers, including a former vice president, who pleaded guilty to fraud charges and testified against Bennett. He is accused of using his business to defraud investors by allegedly selling the same lease contracts to more than one investor, selling fictitious leases and selling leases that had been pledged to banks and other financial institutions. He also allegedly overstated company profits and removed troubled assets from the company's books. (ABI 09-Feb-99) BRUNO'S: Seeks Approval of Sale of Georgia Property --------------------------------------------------- The debtors, PWS Holding Corporation, Bruno's, Inc., et al., seek authorization to sell the debtors' interest in a 4.476 acre tract of real property located in Thomaston, Georgia and the improvements. The proposed purchaser is Five Forks LLC, and the purchase price is $1,075,000. The debtors do not own the property. SSS Enterprises, a debtor, owns 50% of PM Associates (non-debtor), which, in turn, owns the Thomaston Property. While the debtors do not believe that they need court approval for the sale, the Title Company issuing the policy is requiring bankruptcy court approval as a condition to the sale. CALDOR: Wal-Mart Bids On Stores ------------------------------- Wal-Mart Stores Inc. Monday bid about $75 million to buy 13 stores that discount retailer Caldor Corp. plans to sell as part of its bankruptcy liquidation. Caldor said last month that it's going out of business, shutting its 145 discount stores and cutting about 20,000 jobs. It will auction its properties Feb. 22 in Manhattan. Kohl's Corp., a department store chain, last week said it agreed to acquire the rights to 33 Caldor stores in New York, Connecticut and New Jersey. CFS: To Sell Overseas Unit -------------------------- Commercial Financial Services Inc. is asking the court to approve the sale of its London-based unit CFS International Ltd. to Olympia Capital ASA of Norway for a total consideration of $5.74 million, subject to better offers. An auction on CFS International, if competing bids have come in, is scheduled for today. Meanwhile, the court approved CFS' rejection of an option agreement with Oral Roberts University, which granted the religious institution an option to compel CFS to buy certain property in Tulsa for $120 million, subject to adjustments. It is the second time in as many encounters with Oral Roberts University that CFS has prevailed. The university recently lost its bid to obtain $430,000 of the $2.9 million in escrowed funds in the case to pay prepetition workers and contractors. (The Daily Bankruptcy Review and ABI Copyright c February 9, 1999) CONTINENTAL INVESTMENT: Independent Directors Appointed ------------------------------------------------------ Continental Investment Corporation (OTC Bulletin Board: CICG) announced on February 8, 1999 that on January 28, 1999 United States District Judge A. Joe Fish issued a preliminary injunction in a case brought by CICG's three independent directors and a major shareholder. Finding that the Plaintiffs in the case had shown a substantial likelihood of success on their claims that the defendants had violated the federal securities laws by among other things, soliciting proxies without disseminating a proxy statement, the Court voided the purported election of replacement directors at an October 15, 1998 shareholders meeting and re-installed Jerry B. Morris, Martin G. Blahitka and Robert D. Luna as directors of CICG. The Court also enjoined former CICG Chairman R. Dale Sterritt, and those acting in concert with him, pending trial, from purporting to act as directors of CICG or from causing CICG to take any action. In addition, the Court sterilized the voting rights of Sterritt and those acting in concert with him unless and until certain legally mandated disclosures are made. Sterritt's attempted replacement of the independent director was sparked by their decision to investigate allegations of improprieties lodged against Sterritt and others by CICG shareholders, and their decision to suspend Sterritt as CICG's chairman, pending that investigation. These and related matters, including an involuntary bankruptcy filed against CICG are currently the subject of a number of lawsuits, mostly in the Dallas federal courts. The three independent directors, who now constitute the Board of Directors of CICG, issued the following statement: "We are very pleased by the Court's action. We intend to complete our investigation into allegations of wrongdoing by Mr. Sterritt, and others, and to take whatever actions are appropriate to safeguard and advance the interests of CICG and its shareholders. At the same time, we have a business to run. We intend to do our very best to build both the business of CICG and the confidence of its shareholders." ENSEC INTERNATIONAL: Changes Accounting Firms --------------------------------------------- On January 27, 1999, Ensec International, Inc. appointed the accounting firm of Rothstein, Kass & Company, P.C. of New York, New York, as principal independent accountants for the fiscal year ended December 31, 1998 to replace Grant Thornton, LLP who were dismissed as principal independent accountants effective with such appointment. The company's Board of Directors approved the decision to dismiss Grant Thornton,LLP and appoint Rothstein, Kass & Company, P.C. During the two most recent fiscal years and interim period subsequent through January 26, 1999, there have been no disagreements with Grant Thornton, LLP on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure or any other reportable events. Grant Thornton, LLP's report on the financial statements for the past two years contained no adverse opinion or disclaimer of opinion and was not qualified or modified as to uncertainty, audit scope or accounting principles, except that their report dated April 8, 1998 in the Registrant's Form 10-KSB for the fiscal year ended December 31, 1997 was qualified expressing substantial doubt about the Registrant's ability to continue as a going concern. By letter, Grant Thornton LLP agrees with the statements made by Ensec International, Inc. FIRST MERCHANTS CORP: Annual Meeting of Shareholders ---------------------------------------------------- The annual meeting of the shareholders of First Merchants Corporation will be held at the Horizon Convention Center, 401 South High Street, Muncie, Indiana 47305, on Wednesday, April 14, 1999, at 3:30 p.m. for the following purposes: ** To elect four directors, to hold office for a term of three years and until their successors are duly elected and qualified. ** To act on a proposal to approve the First Merchants Corporation 1999 Long-Term Equity Incentive Plan. ** To act on a proposal to approve the First Merchants Corporation 1999 Employee Stock Purchase Plan. ** To act on a proposal to amend First Merchants Corporation's Articles of Incorporation to increase the number of shares of common stock which the Corporation is authorized to issue from 20,000,000 shares to 50,000,000 shares. ** To ratify the appointment of the firm of Olive LLP as independent public accountants for 1999. ** To transact such other business as may properly come before the meeting. A complete text copy of the Preliminary Proxy Statement is available via the Internet at http://www.sec.gov/Archives/edgar/data/0001047469-99- 003129.txt FORCENERGY: Equity Investment Terminated ---------------------------------------- On January 22, 1999, Forcenergy Inc announced by press release that it is no longer engaged in discussions with Madison Dearborn Partners, Inc. and Oaktree Capital Management, L.L.C. concerning the issuance of preferred stock pursuant to a Stock Purchase Agreement, dated November 12, 1998, among the Forcenergy and the Purchasers named therein. Forcenergy previously announced by press release on December 31,1998 that Forcenergy had not met all of the conditions to the closing and that the Purchasers were not obligated and did not intend to make an equity investment in Forcenergy on the terms previously disclosed. Forcenergy was unable to reach terms under which Madison Dearborn Partners, Inc. and Oaktree Capital Management, L.L.C. would be willing to move forward with an investment in Forcenergy. The Stock Purchase Agreement was terminated by Madison Dearborn Partners, Inc. and Oaktree Capital Management, L.L.C. by letter to Forcenergy dated January 21, 1999. Forcenergy is currently evaluating other alternatives to reduce debt, strengthen its balance sheet and position the company to capitalize on opportunities within its existing asset base. FULCRUM DIRECT: Seeks Extension of Exclusive Periods ---------------------------------------------------- Fulcrum Direct, Inc., debtor and its debtor affiliates seek an order granting an extension of their exclusive period within which they may file a plan or plans of reorganization through and including April 30, 1999 and an extension of the exclusive period within which they may solicit acceptances of any such plan through and including June 30, 1999. The debtors submits that the current deadline period does not afford Fulcrum a realistic opportunity to formulate a comprehensive plan of liquidation. Until Fulcrum has had an opportunity to completely analyze and pursue all potential causes of action against third parties, it is not able to fully assess the recoveries that will be available to the estates and, accordingly is not in a position to formulate a plan of liquidation. JUMBOSPORTS: Court Approves Special Counsel ------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, entered an order on January 29, 1999 authorizing the employment of Barnett, Bolt, Kirkwood & Long, PA as special counsel for the debtor, JumboSports, Inc. for the purpose of: Compensation matters, including the preparation of employment agreements and the rendering of legal advice to the debtor's senior management and the Compensation Committee of the debtor's Board of Directors. Contract review, including the review of such vendor agreements and other contracts as requested from time to time by debtor's general counsel Certain litigation in Florida against the Tampa Bay Devil Rays, Ltd. and Naimoli Baseball Enterprises, Inc. and Legal advice on retail issues as requested. LIVENT: Judge Approves Access To Final $11.5 Million ---------------------------------------------------- On Monday, the US Bankruptcy Court allowed the debtor, Livent Inc. access to the final $11.5 million of the loan pledged by the New York investment firm Angelo Gordon & Co. in December. Unsecured creditors of Toronto-based Livent had expressed concern about repayment terms of the loan, which according to court documents including giving the lender the right to foreclose with five days notice without a court hearing. Livent, which filed for bankruptcy protection in the United States and Canada in November amid turmoil about its founders' accounting practices, has already received approval for the loan's terms from Canadian court officials. "It (Monday's ruling) allows the company to proceed with its reorganization," spokesman Jim Badenhausen said. Livent was given access to the initial $13.5 million from the loan when the U.S. Bankruptcy Court for the Southern District of New York granted interim approval to the financing agreement on Dec. 3. LONG JOHN: Seeks Authority To Enter Distribution Agreement ---------------------------------------------------------- The debtor, Long John Silver's Restaurants, Inc. et al., seek authorization to enter into a New Distribution Agreement with AmeriServe. AmeriServe provides Common Products, Special Products and Seafood Products to the debtor. The debtor enters a contract with a vendor and AmeriServe will purchase from the vendor all Special Products and Common Products in volumes sufficient to keep the inventory levels of such products in each of AmeriServe's warehouses servicing the debtor. AmeriServe shall determine, based on past usage the appropriate minimum inventory level. After AmeriServe has the inventory, restaurants order their deliveries of inventory. The agreement also provides for a "Seafood Stockpile," whereby AmeriServe may be required to purchase from Long John Silver's excess inventory, not to exceed $15 million. The parties agree to purchase prices of the merchandise between themselves. The parties have a longstanding relationship and they have engaged in extensive negotiations for terms which the debtor deems beneficial to the bankrupt estate. MOBILE ENERGY: Seeks Authority For Contract With EJ Hodder ---------------------------------------------------------- The debtors, Mobile Energy Services Company, LLC and Mobile Energy Services Holdings, Inc. seek authority to assume an executory contract with E.J. Hodder & Associates, Inc. pursuant to which the debtors receive coal necessary to operate their business. Mobile Energy purchases approximately $350,000 worth of coal from Hodder per month. The coal contract is currently below available market rates, and according to the debtors it is in the best interest of the estates to enter the contract immediately. NU-KOTE: PricewaterhouseCoopers Named Special Accountants --------------------------------------------------------- The Bankruptcy Court for the Middle District of Tennessee, Nashville Division entered an order approving the employment and retention of PricewaterhouseCoopers LLP as special accountants for the debtor. NU-KOTE: Applies to Hire Real Estate Broker ------------------------------------------- Nu-Kote Holding, Inc. and its affiliates applied to employ and retain CB Richard Ellis Inc. as real estate broker for the debtors. The firm will evaluate, negotiate an obtain certain opportunities for the debtors to maximize the use of their resources and real property through refinancing, alternative financing, purchase, sale, investment sale, leaseback, and/or lease opportunities. A schedule of commissions due the broker upon completion of a sale or re- negotiation of a lease is attached to the application. OKURA & CO: Joint Motion For Exclusivity Extension -------------------------------------------------- The debtor, Okura & Co. (America), Inc. together with the Official Unsecured Creditors Committee of the debtor seek entry of an order further extending the exclusive period to file a plan of reorganization from February 18, 1999 through and including April 19, 1999 and further extending the exclusive right to solicit acceptances to the plan from April 19, 1999 through and including June 18, 1999, and modifying exclusivity such that the debtor and/or the Committee are the only parties entitled to file a plan of reorganization and to solicit acceptances thereto. OMEGA ENVIRONMENTAL: Hearing Set for Sale of Assets ---------------------------------------------------- Omega Environmental, Inc., seeks court authority to sell substantially all of the assets of its Petroleum Services Division operations in Dallas, Texas, to Ten Hoeve Bros. Inc. The hearing is set for February 26, 1999 at 9:30 AM in Room 407, Park Place Building, 1200 Sixth Avenue, Seattle, Washington 98101. ONE STOP: Cellexis Objects To Disclosure Statement -------------------------------------------------- Cellexis International, Inc. objects to the approval of the First Amended Disclosure Statement filed by One-Stop Wireless of America, Inc., Pre-Paid Cellular Inc., (Canada) and Pre-Paid Cellular Inc. (Nevada). Cellexis, a creditor and interested party states that the Disclosure Statement fails to disclose the affiliations of David Chadwick, an insider of the debtor and PhoneXchange. Cellexis states that Chadwick enjoyed total control over the affairs of the debtor, and that he is also a principal of C:\NET Solutions, Inc., an affiliate of PhoneXchange. The Disclosure Statement fails to disclose the compensation to be paid to Chadwick, as the proposed president of the successor to the debtors, and the Disclosure Statement states that PhoneXchange is to acquire debtors' furniture, fixtures, equipment and cash assets without payment of any consideration to the estate. Cellexis also states that the Disclosure Statement fails to provide adequate disclosure concerning the value of the Avoidance and Other Claims and the estimated value of the Management Claims. Further, Cellexis argues that the Mower firm would have a conflict of interest in pursuing Management Claims as it is counsel of record in the representation of various individuals in the pursuit of claims against the debtors, against the former and current management of the e debtors, and against related entities of the debtors. Cellexis also states that the liquidation analysis is false and misleading, providing no basis for the value of fixed assets at $400,000. And the creditor states that in many instances, which Cellexis enumerates, the Disclosure Statement is misleading in describing the events leading to the Chapter 11. PERK DEVELOPMENT: On Re-Entering Upstate NY Market -------------------------------------------------- Perkins Family Restaurants, L.P. Perkins Family Restaurants announced that it will soon decide how to best re-enter the upstate New York market. Perkins is withdrawing as a result of the purchase by Denny's (a subsidiary of Advantica Restaurant Group) of 30 restaurants in the bankruptcy auction sale of the assets of its former franchisee, Perk Development Corporation. Denny's was the successful bidder after Perkins determined that the bidding had reached a level that, when combined with the other obligations being assumed and the necessary extensive remodeling and deferred maintenance expenses, exceeded the amount that Perkins could pay and still generate an acceptable financial return. "While we feel a loss because Perk had been part of the Perkins system for over 25 years, there will be no material impact on Perkins Family Restaurants' 1998 financial statements as a result of these restaurants going out of the system, other than a non-cash write-down of intangibles in the approximate amount of $700,000. With our continued success in attracting new franchisees to our system, we expect to easily replace the approximately $1,900,000 in royalties that Perkins earned from Perk in 1998," said Steven R. McClellan, Executive Vice President and CFO. Perkins Family Restaurants will own or franchise 466 restaurants in 35 states and Canada after these 30 restaurants are closed and expects to open an additional 40 company-owned and franchised Perkins Family Restaurants in 1999. PHP HEALTHCARE: Employment of Arthur Andersen Approved ------------------------------------------------------ The US Bankruptcy Court for the District of Delaware approved the application of the Official Committee of Unsecured Creditors of PHP Healthcare Corporation authorizing the Committee to employ and retain the firm of Arthur Andersen LLP, nunc pro tunc to December 8, 1998. PRIMESTAR: Commences Tender Offer and Solicitation -------------------------------------------------- On February 1, 1999, Primestar, Inc. commenced a tender offer and a solicitation of consents from certain holders of its 12-1/4% Senior Subordinated Discount Notes due 2007 and its 10-7/8% Senior Subordinated Notes due 2007 to certain proposed amendments to the indentures governing the Notes. The purpose of the tender offer and consent solicitation is to facilitate the fulfillment of one or more closing conditions to the Asset Purchase Agreement, dated as of January 22, 1999 , among the Registrant, PRIMESTAR Partners, L.P., a Delaware limited partnership and wholly owned subsidiary of the Registrant, PRIMESTAR MDU, Inc., a wholly owned subsidiary of the Registrant, certain stockholders of the Registrant and Hughes Electronics Corporation, as set forth in the Offer to Purchase and Solicitation of Consents, dated February 1, 1999, sent by the company to the holders of the Notes. PROVENCE RESTAURANT: Files Chapter 11 ------------------------------------- Provence restaurant in Washington has filed for chapter 11 protection, with assets and liabilities each of $1 million, The Washington Business Journal reported. Last year its well-known owners Yannick Cam and Savino Recine severed their relationship; Cam is not involved with the restaurant any more, and Recine said he could not comment pending the case. Both were partners at two other high-profile D.C. restaurants but in June they abruptly ended their relationship and split their holdings. (ABI 09-Feb-99) RESURGENCE PROPERTIES: Board Approves Liquidating Dividends ----------------------------------------------------------- Resurgence Properties Inc. (OTC Bulletin Board: RPIA) announced today that the Board of Directors approved the sixth and final in a series of liquidating dividends on its Common Stock of $.07 per share to shareholders of record as of February 15, 1999. The dividend will be paid on February 25, 1999. After the payment of this dividend, total distributions will be $9.02 per share. In addition, since the Company has disposed of all of its properties, the Board of Directors approved that the Company proceed with the filing of Articles of Dissolution and to take such further action as may be required to complete the dissolution of the Corporation. Resurgence has been engaged in diversified real estate activities and 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. On September 26, 1997, Resurgence announced that the shareholders approved a plan of complete liquidation and dissolution. Resurgence is managed and administered by Wexford Management LLC. SOURCE Resurgence Properties Inc. SCOTT CABLE: IRS Fighting For Sale Proceeds ------------------------------------------- The Internal Revenue Service and Scott Cable Communications Inc. will do battle again in court today, this time over whether the cable company can distribute proceeds of its $165 million sale to InterLink Communications Partners LLLP to both its lenders and its payment-in-kind noteholders. Scott Cable filed a motion Jan. 22 to make payment to Finova Capital Corp. and to the 15% senior PIK noteholders in order to stop interest from accruing on those loans. Scott Cable wants to distribute $58.4 million to Finova and $67.3 million to the senior noteholders. The government, which estimates Scott Cable realized about $156 million from the InterLink sale after associated costs, argues that Scott Cable does not have enough money in its coffers to do that. Once the top creditors were paid, just $30.3 million would remain in the estate for distribution to the remaining creditors -- not enough to cover federal and state tax liability of $37.4 million, according to the government's Jan. 28 objection. (The Daily Bankruptcy Review and ABI Copyright c February 9, 1999) SERVICE MERCHANDISE: To Close Up To 134 Stores ---------------------------------------------- The nation's largest catalog showroom retailer, Service Merchandise Company, Inc., said Tuesday it will shrink operations and close up to 134 underperforming stores over the next four months -- or nearly 40 percent of its total. It was not immediately known how many employees would be affected. A company spokesman was not available for comment. Facing stiff competition from other discounters, the Tenn.- based operator, also the country's second-largest mass market jewelry retailer, has seen its share price plummet from $4.87 in October to 44 cents last month. In New York Stock Exchange trading Tuesday morning, its shares were down 6 cents at 75 cents. Over the next several months, Service Merchandise will run inventory clearance sales at affected locations and intends to develop and implement a business plan to reduce its cost structure and improve profitability. "This action is an important step in the company's out-of- court restructuring," according to Chief Executive Officer Bettina M. Whyte in a statement. "These sales will serve to reduce bank debt and allow the company to refocus its energies on its remaining 213 stores and on refining its niche in fine jewelry, gifts and home products." Last month, the company secured a 30-month, $750 million financing commitment to repay its existing bank facility. It was the first step in an out-of-court restructuring designed to stabilize the company. SYQUEST TECHNOLOGY: Hearing Scheduled For Asset Sale ---------------------------------------------------- On January 21, 1999, Syquest Technology Inc.'s Common Stock was delisted from the Nasdaq National Market for failure to maintain the minimum listing requirements of the Nasdaq National Market. The company's Common Stock had been suspended from trading since November 2, 1998. On January 11, 1999, the company entered into an agreement with Iomega Corporation for the sale of substantially all of Registrant's assets to Iomega. A hearing has been scheduled for February 24, 1999, at 9:00 am at 1300 Clay Street, Oakland, California to authorize the company to proceed with the sale to Iomega. A copy of the court's order authorizing and approving the sale is available via the Internet at: http://www.sec.gov/Archives/edgar/data/0000935836-99- 000040.txt THE CARE GROUP INC: Order Confirms Plan --------------------------------------- On February 2, 1999, the U.S. Bankruptcy Court for the Western District of Texas entered an order confirming the amended Chapter 11 plan by The Care Group, Inc. and its affiliated debtors. ********* 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 in each Friday edition of the TCR, is provided 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 1999. 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 * * *