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T R O U B L E D   C O M P A N Y   R E P O R T E R
     
     Wednesday, April 28, 1999, Vol. 3, No. 82

                   Headlines

ADVANCED MEDICAL: Order Authorizes Post-Petition Financing
ATLAS CORP: Court Grants Extension
BISCAYNE APPAREL: Bar Date Set For May 24, 1999
CAI WIRELESS: Executes Merger With MCI WorldCom
CORDEX PETROLEUM: Committee Taps Brownstein Hyatt

DOWNTOWN ATHLETIC: Averts Bankruptcy
INTERACTIVE NETWORK: Finalizes Settlement
LIBERTY HOUSE: Hearing on Disclosure Statement
MOIIBUS: To Become Wholly Owned Subsidiary of TransGlobe
MONTGOMERY WARD: Will Pay $2M To Amend DIP Again

PHILIP SERVICES: Executes Lock-Up Agreement With Lenders
POLYMET: Will Not Contest Court's Decision on Leases
SANTA FE GAMING: Annual Meeting Set For April 30
SCOOP INC: Announces Signing of Acquisition Agreement
SOLO SERVE: Announces Sale of Remaining Assets

TELEGROUP: Bar Date Set
TIGER PETROLEUM: Alleged "Ponzi" Scheme Drains Millions
TRINITY ENERGY: Launches Recapitalization Bid
UMBRO: Business Restructured and Sold
WASTEMASTERS: Stock Symbol Changed
WILSHIRE FINANCIAL: Confirmation Order Entered April 12

                   *********

ADVANCED MEDICAL: Order Authorizes Post-Petition Financing
----------------------------------------------------------
The US Bankruptcy Court for the district of South Carolina
entered an order authorizing the debtor to obtain post-
petition credit through April 28, 1999 in accordance with
the debtor's budget.  The final hearing is continued until
April 28, 1999 at 9:00 AM.  The debtor is authorized to
borrow money and seek other financial accommodations from
Emergent Asset Based Lending LLC.  Bernard Klawans is
granted a second priority lien on post-petition inventory
and accounts and the debtor is authorized to obtain post-
petition credit from BioSensor Corporation in the form of
loan advances not to exceed $100,000 in the aggregate.

ATLAS CORP: Court Grants Extension
----------------------------------
In the case of Atlas Corporation, Atlas Gold Mining Inc.,
and Atlas Precious Metals Inc., the US Bankruptcy Court for
the district of Colorado has ent4ered an order providing
that the debtors may assume or reject nonresidential real
property leases, including mineral leases, unpatented lode
and millsite claims and mining permits through and
including the hearing on confirmation of their plans of
reorganization.


BISCAYNE APPAREL: Bar Date Set For May 24, 1999
-----------------------------------------------
By order of the Bankruptcy Court for the Southern Dist5rict
of New York, May 24, 1999 has been fixed as the last date
by which all entities who hold claims against Biscayne
Apparel, Inc., and M&L International, Inc. which arose
prior to the filing Date are permitted to file proofs of
claim or interest.


CAI WIRELESS: Executes Merger With MCI WorldCom
-----------------------------------------------
CAI Wireless Systems, Inc. (OTC BB: CWSS)("CAI") announced
that it has executed a definitive Agreement and Plan of
Merger with MCI WorldCom, Inc. providing for CAI
shareholders to receive $28 per share in cash. The  
transaction is subject to customary conditions, including
receipt of required regulatory approvals. A letter of
intent with respect to the transaction was previously
announced on April 16, 1999 at $24 per share. In connection
with the transaction, CAI has granted MCI WorldCom an
option to acquire 6,090,481 shares under certain
circumstances. CAI received an unsolicited offer to be
acquired  at $28 per share during its exclusive dealing
period with MCI WorldCom. As a condition to the agreement
with MCI WorldCom, CAI has committed not to entertain other
offers.

CAI has been seeking a strategic partner since its
emergence from bankruptcy in October 1998. Based in Albany,
NY, CAI currently operates six analog-based MMDS
subscription video systems in New York City, Rochester
and Albany, NY;  Philadelphia, PA; Washington, DC, and
Norfolk/Virginia Beach, VA. CAI also owns a portfolio of
MMDS channel rights in eight additional markets, including
Long  Island, Buffalo and Syracuse, NY, Providence, RI,
Hartford, CT, Boston, MA, Baltimore, MD and Pittsburgh, PA.
In addition, CAI owns approximately 94% of CS  Wireless
Systems, Inc., an MMDS operator based in Plano, TX.


CORDEX PETROLEUM: Committee Taps Brownstein Hyatt
-------------------------------------------------
The Official Unsecured Creditors' Committee of Cordex
Petroleum Inc. seeks to employ the law firm of Brownstein
Byatt Farber & Strickland as its general counsel in this
chapter 11 case.

The firm will advise the committee regarding its powers and
duties; will assist the Committee in its investigation of
the debtor and the debtors' business, including
transactions involving Bankers Trust and Gener, SA; will
advise the Committee with respect to any plan of
reorganization; will assist the committee in applying for
the appointment of a trustee or examiner; and will review
all applications and motions.

The debtor has agreed to provide a security retainer of
$10,000 to the firm.


DOWNTOWN ATHLETIC: Averts Bankruptcy
------------------------------------
The Journal of Commerce reports on April 26, 1999, that                    
The Downtown Athletic Club, a longtime gathering spot for
the trade and maritime industries, took a "giant stride"
toward resolving its bankruptcy and rescuing its operations
last week, officials said.

Officials said the club virtually ended its 14-month
bankruptcy battle with its mortgage holder, 18 West Debt
Acquisition LLP, which agreed last week to accept a $9.85
million settlement payment funded by a Connecticut real
estate  investment firm.

"This is a historic day in the history of the Downtown
Athletic Club," said club President William J. Dockery in a
statement released last week.  Under the rescue plan, the
upper half of the club would be turned into a  
hotel.  Creditors of the club, which is home to college
football's Heisman Trophy, could not be reached for
comment.

The 69-year-old club was on the verge of being auctioned
before getting a last-minute reprieve earlier this month,
club officials said. That's when the U.S. District Court
for the Southern District of New York upheld its appeal and
ruled that the Bankruptcy Court should consider its  
reorganization plan. (Journal Commerce-04/26/99)


INTERACTIVE NETWORK: Finalizes Settlement
-----------------------------------------
Bruce Bauer, Chairman and CEO of Interactive Network, Inc.
(Nasdaq:INNN), announced today that on April 22, 1999, the
US Bankruptcy Court's order confirming its plan of  
reorganization had become non-appealable and final.

The Company further announced that today, April 26, 1999,
the Settlement Agreement with TCI, NBC, Sprint, and
Motorola was completed. The results are as  follows:

-- The $38.4 million in principal and accrued interest of
the Company's notes were converted by TCI, NBC, Sprint, and
Motorola (noteholders) at $5.00 per share into 7,814,588
shares of Interactive Network, Inc. common stock.

-- The return of clear title of Interactive Network's
patent portfolio and other assets to the Company.

-- The noteholders paid $10 million plus accrued interest
to Interactive Network. The Company has allocated a
substantial portion to pay its creditors and to form a
reserve account for the claims of creditors it is
disputing.


LIBERTY HOUSE: Hearing on Disclosure Statement
----------------------------------------------
A plan of reorganization under Chapter 11 and a Disclosure
Statement was filed by Bank of American NT&SA and the
Institutional Lenders of the Debtor, Liberty House, Inc. on
April 13, 1999.

The hearing to consider the motion for approval of the
Disclosure Statement will be held at the courtroom of the
Honorable Lloyd King, US Bankruptcy Court, 1132 Bishop
street, 3rd floor, Honolulu, Hawaii 96813, on May 26, 1999
at 9:30 AM.  The deadline for filing written objections to
the motion is May 19, 1999.


MOIIBUS: To Become Wholly Owned Subsidiary of TransGlobe
--------------------------------------------------------
TransGlobe Energy Corporation and Moiibus Resource
Corporation announced that the shareholders of Moiibus
approved by the requisite majority the Plan of Arrangement
whereby Moiibus would become a wholly-owned  subsidiary of
TransGlobe. There were no dissenting shareholders. In
addition  TransGlobe has received the acceptance of The
Toronto and Alberta Stock  Exchanges for the listing of its
shares to be issued to Moiibus shareholders.  The proposed
arrangement will be submitted to the Court of Queen's Bench
of  Alberta on April 27, 1999. If the Court's approval is
granted, the companies  anticipate that the Plan of
Arrangement will become effective on April 28,  1999,
whereby the holders of Moiibus' common shares will acquire
5,409,912  common shares of TransGlobe (0.615 common shares
of TransGlobe for each one  common share of Moiibus).
TransGlobe's issued and outstanding shares will  increase
from 23.3 million to 28.8 million upon completion of the
Plan of  Arrangement. Completion is subject to the
receipt of closing documents and the  satisfaction of other
customary closing conditions, all of which are expected  to
be delivered by April 28, 1999 and, conditional on the Plan
of Arrangement  being effective, de-list Moiibus'
shares.


MONTGOMERY WARD: Will Pay $2M To Amend DIP Again
------------------------------------------------
Montgomery Ward & Co. is seeking court authorization to
again amend its $1 billion debtor-in-possession financing
facility with a group of lenders led by General Electric
Capital Corp. to increase availability under the facility.
The increased availability would be through the
provision of a $200 million subordinated Tranche B Facility
from GE Capital and an extension of the term of the loan
from July 7 through March 31, 2000. As reported, the
retailer obtained an amendment easing covenants to the DIP
facility earlier this year. At that time, it paid a $1.4
million amendment fee for the lowering of the DIP
agreement's minimum acceptable EBITDA levels for specified
quarters in fiscal years 1998 and 1999. While the maximum
amount available under the DIP facility will remain at $1
billion under the latest amendment and GE Capital's
commitment (excluding the Tranche B Facility) will remain
at $300 million, the retailer asserted in an April 15
motion that the Tranche B Facility will provide additional
assurance to its vendors and suppliers and enable it to
receive favorable trade credit. (The Daily Bankruptcy
Review and ABI Copyright c April 27, 1999)


PHILIP SERVICES: Executes Lock-Up Agreement With Lenders
--------------------------------------------------------    
Philip Services Corp. (TSE:PHV.) (ME:PHV.) Monday announced
that it has executed a lock-up agreement with its
syndicated lenders. The lock-up agreement, which provides
the framework for the Company's financial reorganization,
is supported by lenders representing over 75 percent of the
outstanding syndicated secured debt, including senior bank
lenders, as well as Carl Icahn of High River Limited
Partnership and Foothill Partners III, L.P.

"Finalizing the lock-up agreement is a significant step
towards our financial reorganization and reflects the
support of our lenders in Philip, our businesses and our
future," said Allen Fracassi, interim Chief Executive  
Officer. "It supports a pre-packaged plan of reorganization
that protects the fundamentals of our business -- our
employees, our clients, and our ongoing trade suppliers. It
reflects the efforts and commitment of our lenders, our  
advisors and our management team to develop a plan that
will see Philip emerge as a strong, viable and highly
competitive corporation."

Under the terms of the executed lock-up agreement, the
Company's lenders will convert approximately US$1.02
billion of secured debt into US$300 million of senior
secured debt, US$100 million in convertible secured payment
in-kind notes and 90 percent of the common shares of the
restructured company. Up to 10 percent of the remaining
equity will be distributed among existing shareholders,
less any amounts required to settle outstanding claims. The
payment in-kind notes are convertible into 25 percent of
the equity of the restructured company. Both the senior
secured debt and the convertible secured payment in-kind
notes have a term of five years.

Philip and its lending syndicate have reached an agreement
whereby Philip will have access to proceeds from a previous
sale of assets of approximately US$68.5 million, as well as
access to future asset sale proceeds of up to US$24.5  
million. When the Company files its pre-packaged plan of
reorganization it will have access to US$100 million in DIP
financing to support its  ongoing working capital
requirements. Philip expects to file its pre-packaged  plan
of reorganization in June and emerge from the restructuring
process within  90 days after filing.

Under the pre-packaged plan of reorganization its
employees, clients and ongoing trade suppliers will be
unimpaired and paid in the normal course of  
business throughout the restructuring process.

Philip Services is an integrated metals recovery and
industrial services company with operations throughout the
United States, Canada and Europe. Philip provides
diversified metals services, together with by-product
management, utilities management and industrial outsourcing
services, to all major industry sectors.


POLYMET: Will Not Contest Court's Decision on Leases
----------------------------------------------------
PolyMet Mining Corporation (Vancouver: POM) has determined
that an appeal of the Bankruptcy Court's decision
is not in  the best interest of the company's shareholders.  
On April 20, 1999, the U.S. Bankruptcy Court for the
District of Arizona denied Arimetco's second motion for an
Order authorizing the assignment of its four State of
Minnesota Metallic  Minerals Leases to PolyMet.

The decision and its timing are fortuitous for PolyMet.  
Had PolyMet taken assignment of the leases, the Company
would have assumed the past unfulfilled and future
obligations of Arimetco and acquisition cost amounting to
some $6 million.  Because of the current state of the
equities markets, management elected not to request that
Arimetco appeal the decision.  Instead, PolyMet  
will focus all of its financial and management resources on
the aggressive program slated for the NorthMet Project in
1999.  No funds will be diverted from NorthMet at this
critical time, and work at NorthMet will progress  
according to plan.

The principal Arimetco state lease requires the lessee to
obtain a "qualified partner" (a major company) by June 28,
1999.  Both Arimetco and PolyMet argued that the qualified
partner requirement was unrealistic and that the deadline  
should be extended.  The State was unwilling to compromise
on the qualified partner requirement and the Court was
unwilling to extend the deadline.  As there were no other
bidders for these leases in the Bankruptcy Court, the State  
is left with a bankrupt lessee.

Because of the proximity of NorthMet to the Arimetco leases
and PolyMet's good metallurgical progress to date, PolyMet
will monitor the status of these lands and be prepared to
react should those leases be offered for competitive bid in  
the future.


SANTA FE GAMING: Annual Meeting Set For April 30
------------------------------------------------
The 1999 Annual Meeting of the Stockholders of Santa Fe
Gaming Corporation, a Nevada corporation , will be held at
the Pioneer Hotel and Gambling Hall, 2200 South Casino
Drive, Laughlin, Nevada 89028, on Friday, April
30, 1999, commencing at 10:00 a.m. (Pacific Daylight
Savings Time) for the following purposes:

For Common Stockholders:

1.  To elect two directors, to Class III to serve until the
2002 Annual Meeting of Stockholders and to elect one
director to Class II to serve until the 2001 Annual Meeting
of Stockholders, and until their successors are elected and
qualified;

2.  To consider and act upon a proposal to ratify the
selection of the Company's public accountants; and

For holders of Exchangeable Redeemable Preferred Stock:

1.  To elect two special directors ("Special Directors"),
one to Class I to serve a one-year term until the 2000
Annual Meeting of Stockholders and one to Class II to serve
until the 2001 Annual Meeting of Stockholders or
as otherwise provided.


SCOOP INC: Announces Signing of Acquisition Agreement
-----------------------------------------------------
Scoop, Inc. (OTCBB:SCPI) announced the signing of a
definitive acquisition agreement with InfiniCom AB,
pursuant to which Scoop, Inc. will issue shares to
InfiniCom AB  which will result in InfiniCom AB owning
91.7% of the total shares outstanding, in exchange for 100%
of the voting shares of 24STORE.com Limited, a wholly-
owned subsidiary of InfiniCom AB. The acquisition is
subject to the approval of the U.S. Bankruptcy Court for
the Central District of California. If the acquisition is
approved, existing shareholders of Scoop, Inc. will retain
8.3% of the shares outstanding. In conjunction with the
merger, Scoop, Inc. will change its name to 24STORE.com
Inc.

With 1998 sales of more than $63 million (compared with $6
million 1997), 24STORE.com Limited is one of Europe's
largest and fastest growing e-retailers.


SGL CARBON: Allowed to Proceed with Chapter 11 Case
---------------------------------------------------
Charlotte, N.C-based SGL CARBON Corp. announced yesterday
that the U.S. District Court for the District of Delaware
ruled in SGL's favor on Friday, denying a motion to dismiss
its pending chapter 11 case that had been filed by on Jan.
12 by the company's chapter 11 creditors' committee,
according to a newswire report. In his ruling, Judge Joseph
J. Farnan stated that SGL's chapter 11 filing on Dec. 16
"was consistent with, rather than an abuse of, the
purposes of the Bankruptcy Code." SGl CARBON manufactures,
markets and ditributes carbon and graphite products.
(ABI 27-Apr-99)


SOLO SERVE: Announces Sale of Remaining Assets
----------------------------------------------
Solo Serve Corporation announced today that it had
completed liquidation of all of its inventory and that it
had sold certain of its leases.  Those leases not sold or
assigned have been rejected in accordance with applicable
provisions of the United States Bankruptcy Code.   The
Company's only assets remaining unsold consist of office
equipment, furniture and computers; warehouse equipment and
fixtures; store fixtures; and other miscellaneous assets.
These remaining items will be sold at auction at the
Company's headquarters on Wednesday and Thursday, April 29
and 30th, 1999, beginning at 10:00 a.m. each day.  The
Company's headquarters are located at 1610 Cornerway
Boulevard, San Antonio.  

The United States Bankruptcy Court for the Western District
of Texas, Judge Ronald King presiding, today entered an
order granting the Company's Motion to Terminate
Registration of Securities, and the Company expects to
promptly file  a Form 15 with the Securities and Exchange
Commission, the effect of which will  be to relieve the
Company of the ongoing expense, including legal, audit and  
other miscellaneous costs, associated with the
obligation to make periodic  filings under the Securities
and Exchange Act of 1934.  Deregistration of the Company's
common stock will be effective 90 days after filing of the
Form 15;  however, the Company is relieved of the
obligation to file periodic reports  effective upon the
filing of the Form 15. It is expected that the Company's  
common stock will no longer be available for trading on the
NASDAQ Bulletin  Board as a result of filing of the Form
15.

The Company is presently engaged in resolving disputed
claims in the bankruptcy court, a process which is expected
to take at least sixty to ninety days.   After resolution
of disputed claims and after payment of
administrative claims  and other priority claims, the
Company intends to distribute any remaining  funds to
unsecured creditors.  No assurance can presently be given
as to the  timing or amount of distributions, if any, to
unsecured creditors.  The interests of holders of the
Company's common and preferred stock will be  afforded no
value in connection with the liquidation of the Company's
assets.


TELEGROUP: Bar Date Set
-----------------------
The US Bankruptcy Court for the District of New Jersey
entered an order requiring all creditors or entities that
assert claims against Telegrou0p, Inc., debtor, to file
proofs of claim on or before 4:00 PM, ET on June 15, 1999.


TIGER PETROLEUM: Alleged "Ponzi" Scheme Drains Millions
-------------------------------------------------------
The founder of Tulsa, Okla.-based Tiger Petroleum Co.,
which filed for chapter 7 earlier this month, has been
accused of running a "Ponzi" scheme that defrauded hundreds
of investors out of millions of dollars, according to The
Tulsa (Okla.) World. The oil and gas company, which
owes more than $10 million to 688 creditors, is also
accused of filing a bad-faith bankruptcy petition to
protect an estate, referred to by one judge as a "criminal
enterprise," from legal action. The company's founder,
Arthur J. King, allegedly sold unregistered securities in
false gas-and oil-drilling projects to investors, and
subsequently committed suicide after destroying
incriminating documents and files. Court records show that
one-third of King's oil and gas wells were located in Ohio
and had little value. In the alleged scheme, King used
money from new investors in his false drilling programs to
pay his limited partners. A hearing is scheduled for
Friday before U.S. Bankruptcy Judge Terrence L. Michael.
(ABI 27-Apr-99)


TRINITY ENERGY: Launches Recapitalization Bid
---------------------------------------------
Trinity Energy Resources, Inc., (TRGC), formerly Trinity
Gas Corporation, has launched a comprehensive
recapitalization effort in order to meet its strategic and
operational business objectives. The announcement was made
by Michael L. Wallace, Trinity Energy Resources,
Inc., (Trinity) president.  According to Wallace, "A
Private Rights Offering is now available to existing,
eligible shareholders, and a Private Placement  
Memorandum (PPM) has been issued which offers the
opportunity for qualified investors to obtain preferred
stock.

"A timely and successful recapitalization effort," Wallace
said, "will allow the company to take advantage of the
numerous potentially profitable opportunities currently
available to us."

Wallace, who is currently traveling across the U.S. to meet
with existing and potential investors and investment
banking firms in cities such as Boston, Chicago, Denver,
Casper, WY., St. Louis, Baton Rouge, and Wichita, KA., said  
information regarding the Rights Offering has been mailed
to eligible shareholders.

In addition, Wallace said, "The PPM offers qualified
investors the opportunity to purchase stock at $10 per
share, with a minimum subscription of 2,500  
shares.  Each share of preferred stock will receive a
dividend of 7% per annum, paid quarterly in arrears, and a
redemption bonus of 5% at the end of 12 months.  The
investor has the possibility of earning a 12% on his
investment in 12 months; however, the investor will have
the right, at any time after the initial 90 days, to
convert all or part of the preferred shares to common stock
at a ration of 40 shares of common stock for one share of
preferred stock," he explained.

Earlier, Trinity, one of a consortium of three independent
energy companies, signed a convention agreement with the
Republic of Chad which provides for the granting of an
Exploration Permit "H" covering about 108-million acres.  
The consortium will explore for oil and gas over the next
11 years, and plans to spend approximately $59 million on
exploration activities during that period.

Wallace recently announced the proposed opening of
Trinity's first international office location targeted for
sometime in June in N'djamena, Republic of Chad.

Trinity Gas Corporation emerged from Chapter 11 bankruptcy
in the last quarter of 1998, and is now under the direction
of new executive management and board  of directors.  The
renaming of the corporation was authorized at a
shareholders' meeting and proxy vote March 17, 1999.


UMBRO: Business Restructured and Sold
-------------------------------------
Umbro International Inc., the major global soccer apparel
and equipment company that has been undergoing a  
financial turnaround since early 1998, has sold Umbro
Europe Holdings Ltd. and the worldwide Umbro business to an
affiliate of Doughty Hanson & Co., a private
investment group in London, for approximately $145 million
in cash with other considerations, Chief Executive Lawrence
J. Ramaekers announced today.

Umbro is one of the leading marketers and suppliers of
branded and licensed soccer products and leisure wear
throughout the world and a major sponsor of  
professional and national soccer teams, including
Manchester United, Ajax in The Netherlands, Flamengo in
Brazil and the national teams of England, Scotland
and Norway.

Ramaekers, a principal of Jay Alix & Associates, a firm
that specializes in large international corporate
turnarounds, was brought in as CEO of Umbro in  
February 1998 with an assignment to restructure the
business and improve the company's profitability.

"Umbro had a great soccer brand and sponsored some of the
world's best teams and star players.  But the company
expanded and marketed too aggressively.  It  
ran out of cash and fell into default on its debt," said
Ramaekers.  "We had to get control of spending, develop a
workout plan, renegotiate with the company's  creditors,
close manufacturing facilities and license the
marketing of products  in key areas of the world.

"After successfully turning the business around," he said,
"we hired Salomon Smith Barney to explore strategic
alternatives, which ultimately led to our choosing Doughty
Hanson as the most appropriate buyer.  The turnaround and
sale will mean that the company's creditors will be paid in
full, the lenders will  be paid in full and the
stockholders will receive value for their investment.

"I am confident that the combination of existing and new
management, coupled with Doughty Hanson's financial
backing, will ensure a successful future for  
the Umbro business."

Umbro Holdings has subsidiaries in the U.K., Germany,
France and Hong Kong and has licensing agreements in 52
additional countries.  It had revenues of some $400 million
in 1998.

Umbro International, based in Greenville, SC, has changed
its name back to Stone Manufacturing Company, the company's
name when it was founded as a family business in 1933.  The
company will continue to manufacture men's underwear,  
the business it was in before purchasing the worldwide
interests of Umbro in 1992.

Ramaekers said he soon would be stepping down as CEO of
Stone Manufacturing in order to lead another corporate
turnaround assignment as a principal of the JA&A firm,
which specializes in returning financially troubled
companies to profitability.  He previously has led
turnarounds at National Car Rental System, Inc., Medical
Resources Inc., Cardinal Industries, Inc. and AM  
International.  


WASTEMASTERS: Stock Symbol Changed
----------------------------------
WasteMasters, Inc. (Nasdaq: WASTE) announced that the
Nasdaq has changed the stock trading symbol from  
WAST to WASTE because the Company has not timely filed its
Annual Form 10-K for the calendar year ending December 31,
1998.  The Company has delayed filing the Form 10-K because
its auditors and attorneys are completing parts of the form  
to include certain significant events which may have a
material effect on the Company, some of which occurred
after the end of the calendar year.  These events include
acquisition activity, sale of certain non-core assets, and  
substantial litigation, including the dismissal of an
involuntary petition seeking bankruptcy of the Company
which was filed against the Company by purported creditors,
which events have previously been announced.  The
Company has been informed by its auditors and attorneys
that the Form 10-K should be completed and filed within two
weeks.  At the Company's request,Nasdaq has set a hearing
for May 13, 1999, regarding compliance and continuation of
listing on  the Nasdaq Small Cap Market.


WILSHIRE FINANCIAL: Confirmation Order Entered April 12
-------------------------------------------------------
On March 3, 1999, Wilshire Financial Services Group Inc.
filed a voluntary case under Chapter 11.  On March 4, 1999,
the debtor filed its prepackaged plan of reorganization
under Chapter 11.  On April 12, 1999, the US Bankruptcy
Court for the District of Delaware entered an order
confirming the plan.

                   *********
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