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/raid1/www/Hosts/bankrupt/TCR_Public/990512.MBX T R O U B L E D C O M P A N Y R E P O R T E R=20 =20 Wednesday, May 12, 1999, Vol. 3, No. 91 =20 Headlines ACME METALS: Seeks Extension of Exclusivity ALADDIN: Partners Pump $25 Million Into Resort Project ALBATRONICS: May Face Imminent Liquidation BRADLEES: Chairman to be Inducted into CPA Hall of Fame=20 BRUSH CREEK: Approves Merger, Issues Reverse Split CHERNIN SHOES: Seeks Chapter 11 Protection CODON: Seeks Time to Assume/Reject HQ Lease CONCORD ENERGY: Order Approves Special Accountant CRESCENT PUBLIC: Amnex Announces Bankruptcy DOW CORNING: Objections To Plan Continue FPA MEDICAL: Disregard Tuesday's Trustee-Related News FULCRUM DIRECT: Seeks Interim and Final Financing GOLDEN BOOKS: Reports Improved First Quarter=20 GREATE BAY: Reports First Quarter Results HOME PLACE: Disclosure Statement Wins Court Approval HUNGARIAN TELEPHONE: Announces Revised Structure =20 INTERACTIVE NETWORK INC.: Settles Debt to NBC JINRO COORS: Coors Co. Bidding for Jinro=20 JUMBOSPORTS: Bondholders' Limited Objection To Settlement LONG JOHN: Seeks Extension of Exclusivity MAXICARE: Reports First Quarter 1999 Results MEDPARTNERS: Pacific Physicians Offers Acquisition MESA AIR: Merger Vote June 8, 1999 NU-KOTE: Seeks Approval of Key Employee Retention=20 PITTSBURGH PENGUINS: Penguins Not Dead Yet =20 PLASTIC TRIM: Plan and Disclosure Statement SOLO SERVE: Seeks To Terminate Registration of Securities STARBOARD INDUSTRIES: Plan and Disclosure Statement THORN APPLE: Objects To Ford's Motion to Compel Assumption UDC HOMES: Jury Rules In Favor of Arthur Andersen VALU FOOD: Delays Exit from Chapter 11 WESTMORELAND COAL CO.: Stockholder Revolt? WESTMORELAND COAL: ISS Recommends A Vote =20 ********* ACME METALS: Seeks Extension of Exclusivity ------------------------------------------- The debtors, Acme Metals Incorporated and its debtor=20 affiliates seek an extension of the debtors' exclusive=20 periods within which to file a plan of reorganization and=20 solicit acceptances thereto. The debtors seek to extend=20 the Exclusive Proposal Periods and exclusive Solicitation=20 Periods for approximately 90 days, to and including July=20 26, 1999 and September 24, 1999, respectively. The debtors=20 have been advised that the Acme and Alpha Tube Committees=20 have consented to this request.=20 The debtors assert that these cases are large and complex,=20 consisting of six separate debtors, several hundred=20 creditors, and various manufacturing facilities and sales=20 offices throughout the United States. The debtors have current pre-petition liabilities estimated=20 at $38.5 million and outstanding long term debt of over=20 $400 million. The are date in this case has been set for=20 June 1, 1999. The debtors' management has implemented=20 aggressive cost cutting measures and the debtors' operation=20 have shown marked improvements. The debtors argue that=20 they have resolved adequate protection issues with two=20 important secured creditors and they believe they will soon=20 present tot he court adequate protection stipulations with=20 respect ot all other secured creditors. ALADDIN: Partners Pump $25 Million Into Resort Project ------------------------------------------------------- The Las Vegas Review-Journal reports on May 3, 1999 that=20 partners in the $1.3 billion Aladdin resort have pumped $25=20 million into the construction project to pull it out of=20 default and raise its net worth to $100 million. =20 Accounting changes forced a decline in the project's net=20 worth, placing it in default of its bonds. But the recent=20 cash infusion of cash by The Sommer Family Trust and London=20 Clubs International have remedied the situation, according=20 to a recent filing with the federal Securities and Exchange=20 Commission. The family trust owns 72 percent of the=20 project. London Clubs has 22 percent and Aladdin Gaming's=20 senior management holds the remaining 3 percent. =20 The project will require an additional infusion of $33=20 million before its scheduled second-quarter 2000 opening to=20 maintain its $100 million net worth. Meanwhile, work=20 schedules recently returned to normal at the project, which=20 was plagued by the death of a construction worker who was=20 crushed by a floor collapse. "We wanted to make sure along=20 with all of the government entities and the contract that=20 this was not (a project) that was putting anyone at risk,"=20 said Aladdin Gaming President and Chief Executive Officer=20 Richard Goeglein. The Aladdin's hotel tower is at the 33- story level and has six floors to be constructed. ALBATRONICS: May Face Imminent Liquidation ------------------------------------------ =20 The South China Morning Post reports on May 11, 1999 that =20 consumer electronics-maker Albatronics (Far East) announced=20 a $194.54 million net loss for the first three months of=20 the year and warned it might face imminent liquidation. The company said it was facing severe cash-flow problems=20 and was having difficulties meeting its financial=20 obligations. The board believed the company might have to=20 be liquidated "within a short period of time" if: Customers and suppliers did not continue to support the=20 group; Majority shareholder, Nam Tai Electronics, and key=20 creditors and bankers could not agree on debt=20 restructuring; or: Any of the parties proceeded with legal=20 action against the group. The firm's accounts were=20 prepared on a liquidation basis, with all long-term assets=20 written down to their net realisable value. It recorded=20 $153.23 million in exceptional losses due to provisions for=20 inventories and severance payments, and write-down of=20 interests in associated companies, plant and machinery, and=20 property. Turnover was $282.99 million, compared with $526.15 million=20 in the first three months of last year when it made a net=20 profit of $5.71 million. The company last month averted=20 the immediate threat of liquidation after reaching an=20 agreement to restructure about $600 million in debt. BRADLEES: Chairman to be Inducted into CPA Hall of Fame=20 ------------------------------------------------------- =20 Peter Thorner, Chairman and CEO of Bradlees, Inc., has been=20 named to the American Institute of Certified Public=20 Accountants (AICPA) Hall of Fame. He will be formally=20 inducted in a ceremony to take place May 21 in Puerto Rico.=20 The AICPA has 140,000 members working in business and=20 industry. The AICPA Hall of Fame honors outstanding CPAs in business=20 and industry who have pioneered revolutionary changes=20 within financial management in the last decade and=20 recognizes the expanded responsibilities CPAs have assumed=20 in business and industry. Hall of Fame members are selected=20 for their demonstrated leadership, vision, team building=20 and a commitment to implementing technological change to=20 add value for customers and shareholders. Thorner and his management team at Bradlees have engineered=20 a turnaround that has led the company out of Chapter 11=20 bankruptcy protection and increased sales, profitability=20 and customer service levels. Under his direction, the =20 company has focused on three core product lines - basic and=20 casual apparel, home furnishings and selected hardlines=20 merchandise. The company has also reintroduced lower opening prices,=20 reinstituted the layaway plan and retooled marketing=20 programs and circulars that emphasized item values and=20 price-point offerings. In addition, two innovative=20 merchandising programs have been established -- "Certified=20 Value" and "WOW!" -- which have received an enthusiastic=20 response from customers. Thorner also significantly reduced overhead while improving=20 operating efficiencies and implemented a new merchandising=20 management system, a new mainframe computer system, and an=20 internet accounts payable inquiry system. Bradlees fiscal 1998 EBITDA (a measure of operating=20 earnings) was $32.4 million, an improvement of $6.8 million=20 or 27% over fiscal 1997. This was achieved on top of an $81=20 million EBITDA turnaround in fiscal 1997 over fiscal =20 1996. Comparable store sales increased 3.5% in fiscal 1998,=20 the first positive annual comparable store sales=20 performance in five years. Bradlees (NASDAQ:BRAD) is a regional discount retailer with=20 102 stores in seven Northeastern states and annual total=20 sales of $1.4 billion. General information about Bradlees,=20 including corporate background and press releases, =20 is available on the internet at http:/www.bradlees.com BRUSH CREEK: Approves Merger, Issues Reverse Split -------------------------------------------------- On March 1, 1999 Brush Creek Mining & Development Co., Inc.=20 issued 3,730,861 fully paid shares of the company's common=20 stock to Jefferson A. Bootes. Each share had a par value=20 of $ .001. On the same date Mr. Bootes was appointed=20 President and Secretary of Brush Creek Mining & Development=20 Co., Inc. On April 12, 1999 the Board of Directors of=20 Brush Creek Mining & Development Co., Inc. and J.A.B.=20 International Trading Co. entered into an agreement whereby=20 J.A.B. will be merged with Brush Creek Mining & Development=20 Co., Inc. Stockholders who, in the aggregate, own a=20 majority of the issued and outstanding capital stock of=20 J.A.B. will receive one share of Brush Creek Mining &=20 Development common stock for each share of J.A.B. The=20 merger is being planned under one or more transactions to=20 effect a tax-free transition. A full-text copy of the=20 merger agreement is available free at:=20 http://www.sec.gov/cgi-bin/srch-edgar?0000950170-99-000746 On April 13, 1999 Brush Creek Mining & Development Co.,=20 Inc. effected a one-for-twelve reverse stock split of the=20 company's common stock. Prior to the split the company had=20 a total of 10 million authorized shares of common=20 stock with a par value of $ .001 per share. After the=20 split the company still had authorized 10 million shares of=20 common stock having a par value of $ .001 per share. The=20 company issued one share of common stock for each=20 twelve shares of common stock held and outstanding=20 immediately prior to the effective date of the split. =20 Fractional shares, as a result of the split, were rounded=20 up to the nearest whole share. No cash payment was made=20 for fractional shares and no approval of the company's=20 stockholders was required for the reverse split. CHERNIN SHOES: Seeks Chapter 11 Protection ------------------------------------------ Chernin Shoes Inc. sought Chapter 11 bankruptcy=20 protection from its creditors Monday after an out-of-court=20 restructuring plan with its largest creditors failed to=20 provide enough financial relief. (The Chicago Tribune=20 reports) The filing was made with unofficial support of the =20 Chicago-based footwear retailer's creditors and=20 suppliers, an attorney representing Chernin's said.=20 Chernin's officials did not disclose whether eight of its=20 full-service locations or four outlets will be closed. CODON: Seeks Time to Assume/Reject HQ Lease ------------------------------------------- The debtors, Codon Pharmaceuticals, Inc. and Oncor, Inc.=20 seek an extension of the time to assume or reject an=20 unexpired lease of nonresidential real property. The lease covers non-residential real property located in=20 Gaithersburg, Maryland, relating to the corporate offices=20 of the debtors. The debtor seeks an extension for an additional 60 days,=20 through and including June 28, 1999. The debtor is not yet in a position to determine whether to=20 assume or reject the lease. Specifically, the debtor has=20 not determined whether it is in the best interests of=20 creditors to propose a standalone plan of reorganization or=20 a plan which contemplates the sale of all or part of the=20 estates' assets. =20 CONCORD ENERGY: Order Approves Special Accountant ------------------------------------------------- By order of the US Bankruptcy Court for the Western=20 District of Texas, San Antonio Division, the debtors,=20 Concord Energy Incorporated and Knight Equipment &=20 Manufacturing Corporation, are authorized to employ Scott=20 Kalish as special accountant to the debtors. CRESCENT PUBLIC: Amnex Announces Bankruptcy ------------------------------------------- AMNEX, Inc. announced that a Petition under Chapter 11 of=20 the Federal Bankruptcy Code was filed late yesterday by a=20 subsidiary of the Company, Crescent Public Communications=20 Inc. The Company and American Network Exchange, =20 Inc. ("ANEI"), a subsidiary, filed Petitions under Chapter=20 11 on May 5, 1999. The Company believes that Jackson National Life Insurance=20 Company, Crescent's primary lender, may challenge the=20 filing of the Chapter 11 Petition by Crescent. The Company=20 believes that this filing is proper and is bringing an =20 action before the Bankruptcy Court for a declaration=20 confirming the validity of this filing. During the last two weeks intensive negotiations have been=20 conducted among the Company, its principal stockholders,=20 existing lenders and prospective lenders and investors in=20 an effort to obtain ongoing financing. The negotiations=20 have not been successful and the Company has been unable to=20 obtain the financing necessary to enable it to continue its=20 operations and those of ANEI and Crescent outside of the=20 protection of the Bankruptcy Court. Accordingly, on May 5, 1999 each of the Company and ANEI=20 filed, and late yesterday Crescent filed, a petition=20 seeking protection under the reorganization provisions of=20 Chapter 11 of the Federal Bankruptcy Code. The Company is=20 exploring opportunities for possible debtor in possession=20 financing to enable the Company, ANEI and Crescent to=20 continue operations for a period of time. During that=20 period the Company may seek purchasers for portions of its =20 business on a going concern basis and otherwise seek to=20 maximize values. There is no assurance that these efforts=20 will be successful. In the event that the Company is=20 unable to obtain debtor in possession financing so as to=20 enable it to continue operations, the Company will have no=20 choice other than to liquidate on as orderly a basis as=20 possible. DOW CORNING: Objections To Plan Continue ---------------------------------------- The amended reorganization plan filed jointly by Dow=20 Corning Corp. and the tort claimants' committee has come=20 under attack from a number of parties including the=20 official committees of unsecured creditors and physician=20 creditors, the U.S. and the foreign claimants. The=20 creditors' committee, or the commercial committee, has=20 asserted that the plan was "formulated and proposed in an=20 inequitable, unconscionable and impermissible manner, and=20 contains inequitable, unconscionable and impermissible=20 terms and conditions." The confirmation hearing is set for=20 June 28. Claimants have until May 14 to vote on the plan. (The Daily Bankruptcy Review and ABI Copyright c May 11,=20 1999) FPA MEDICAL: Disregard Tuesday's Trustee-Related News ----------------------------------------------------- TCR subscribers should disregard the news appearing in=20 yesterday's TCR concerning appointment of BBK CEO B.N.=20 Bahadur Named as Trustee of FPA Medical Management Inc. BBK, Ltd. said the newswire release announcing that erroneous=20 news was sent inadvertently and apologizes for any=20 inconvenience this may have caused.=20 =A0=20 FULCRUM DIRECT: Seeks Interim and Final Financing ------------------------------------------------- By order of the US Bankruptcy Court for the District of=20 Delaware, the debtors, Fulcrum Direct, Inc., Fulcrum West=20 LLC and Equipment Bond Purchaser, Inc., are authorized to=20 extend the DIP financing facility made available by IBJ=20 Schroder Business Credit Corporation, increasing the=20 aggregate amount of post-petition advances currently =20 authorized and continuing to grant the lender first lien=20 and senior security interests and superpriority claims. If=20 no objections are filed, this interim sixth extension order=20 will become the final sixth extension order. The total=20 budget for April 1999 provides a total of $338,000. GOLDEN BOOKS: Reports Improved First Quarter=20 -------------------------------------------- =20 Golden Books Family Entertainment, Inc. reported a first=20 quarter operating loss before depreciation and amortization=20 of assets (EBITDA) of $2.7 million, compared with an EBITDA =20 loss of $13.0 million in the first quarter of 1998.=20 Revenues of $34.8 million declined by $11.7 million=20 compared to $46.5 million in 1998. Richard E. Snyder, Chairman and Chief Executive Officer of=20 the Company, said, "Our first quarter results demonstrate=20 that we have brought our costs under control. In addition,=20 we have applied a disciplined approach to the elimination=20 of sales below acceptable margin rates. We remain firmly=20 committed to Golden Books' turnaround." Revenues While revenues decreased in all three of the Company's=20 operating segments due to the factors described below, the=20 Company believes that the overall revenue decline is=20 partially attributable to the impact of its February 26,=20 1999 reorganization filing under Chapter 11 of the United=20 States Bankruptcy Code. Consumer Products revenues decreased $7.2 million (19.9%)=20 to $29.0 million for the three months ended March 27, 1999=20 compared to $36.2 million for the three months ended March=20 28, 1998. Children's Publishing revenues decreased $8.3 =20 million to $25.6 million for the three months March 27,=20 1999 compared to $33.9 million for the three months ending=20 March 28, 1998. This decrease was partially offset by the=20 $1 million improvement in Adult Publishing revenues for the=20 same time period (the Adult Publishing business was sold in=20 April 1999). The decline in Children's Publishing revenue=20 is mainly attributable to the Company's strategic focus on=20 changing the product mix towards more profitable=20 product. Additionally, the Company experienced decreased=20 sales related to key license products, reduced purchases=20 by certain mass retailers (mainly Target, Toys R Us, and=20 Caldor) and an overall decrease in the bookclub business.=20 These decreases were partially offset by a price increase=20 on certain product lines in January 1999. Entertainment revenues decreased $3.2 million (45.7%) to=20 $3.8 million for the three months ended March 27, 1999=20 compared to $7.0 million for the three months ended March=20 28, 1998. The decline is mainly attributable to: (i) a $2.2=20 million decrease in television related revenues (as the=20 three months ended March 28, 1998 included significant=20 revenues for the USA broadcasting rights for Lassie and=20 (ii) a $1.7 million decline in Home Video revenues=20 resulting from the timing of the recognition of revenues=20 on the sale of Christmas Classic videos. These declines=20 were partially offset by improved merchandising sales. Commercial Products revenues decreased $1.3 million (39.4%)=20 to $2.0 million for the three months ended March 27, 1999=20 compared to $3.3 million for the three months ended March=20 28, 1999. Gross Profit Total gross profit increased $0.8 million (8.4%) to $10.3=20 million for the three months ended March 27, 1999, from=20 $9.5 million for the three months ended March 28, 1998. As=20 a percentage of revenues, total gross profit margin =20 increased to 29.6% for the three months ended March 27,=20 1999 from 20.4% for the three months ended March 28, 1998.=20 The increase was primarily attributable to improved gross=20 profit in the Consumer Products Segment, partially offset=20 by gross profit in the Entertainment Segment as more fully=20 described below. GREATE BAY: Reports First Quarter Results ----------------------------------------- =20 Greate Bay Casino Corporation (OTC Bulletin Board: GEAAQ)=20 reports a net loss of $2 million, or $.39 per share, for=20 the first quarter of 1999 compared to net income of $2.3 =20 million, or $.44 per share, for the first quarter of 1998. =20 Net revenues for the first quarter of 1999 amounted to $2.2=20 million compared to net revenues of $2.5 million for the=20 first quarter of 1998. Net income reported for 1998 included $2.9 million=20 attributable to equity in the earnings of GB Holdings, Inc.=20 (Holdings) whose primary subsidiary, Greate Bay Hotel and=20 Casino, Inc. (GBHC), owns the Sands(R) Hotel & Casino in=20 Atlantic City, New Jersey and $1.2 million representing=20 management fees earned from the Sands. Holdings and GBHC=20 filed for relief under Chapter 11 of the United =20 States Bankruptcy Code in January 1998. As a result of an agreement entered into with Holdings and=20 GBHC on June 27, 1998 and approved by the Bankruptcy Court=20 on July 7, 1998, the Company no longer controls the=20 management and operation of the Sands and does not=20 expect to have any ownership or operating control of=20 Holdings and GBHC after their reorganization under Chapter=20 11. Consequently, Greate Bay's investment in Holdings=20 together with certain amounts due from GBHC were=20 revalued to a zero basis on July 1, 1998. Subsequent to=20 June 30, 1998, GBCC has accounted for its investment in=20 Holdings under the cost method of accounting. The GBHC bankruptcy filing created a default and=20 acceleration of the 11 5/8%, $85 million Senior Notes=20 issued by the Company's wholly-owned subsidiary, PRT =20 Funding Corp. ("PRT"). Greate Bay's subsidiary, Pratt=20 Casino Corporation ("PCC"), guarantor of the Senior Notes,=20 and PRT have reached an agreement with substantially all of=20 the PRT noteholders for a restructuring of the Senior =20 Notes. The successful completion of the restructuring is=20 subject to the approval of New Jersey gaming regulatory=20 authorities and the consummation of a pre-negotiated plan=20 of reorganization by PCC and PRT. After completion of the PCC/PRT restructuring, the=20 Company's remaining operations will consist primarily of=20 Advanced Casino Systems Corporation, a computer software=20 company which licenses casino information technology=20 systems to the Sands and to Hollywood Casino Corporation,=20 as well as to non-affiliated casino companies. HOME PLACE: Disclosure Statement Wins Court Approval ---------------------------------------------------- HomePlace Stores Inc. won court approval of the disclosure=20 statement related to its plan of reorganization. The U.S.=20 Bankruptcy Court in Wilmington, Del., has scheduled the=20 confirmation hearing for June 3. The plan is premised on=20 the merger of HomePlace with Waccamaw Corp., which is=20 expected to close in early June. (The Daily Bankruptcy=20 Review and ABI Copyright c May 11, 1999)=20 HUNGARIAN TELEPHONE: Announces Revised Structure =20 ------------------------------------------------ Hungarian Telephone and Cable Corp. (AMEX:HTC) announced=20 today that it has reached agreement with the following=20 parties to revise its capital structure: Postabank Rt., its=20 largest creditor; Citizens Utilities Company ) (NYSE: CZN)=20 and Tele Danmark A/S (NYSE:TLD), its largest shareholders;=20 and the Danish Investment Fund for Central and Eastern=20 Europe. Postabank has purchased 2,428,572 shares, Citizens has=20 purchased 1,600, 000 shares, Tele Danmark has purchased=20 1,571,429 shares and the Danish Investment Fund for Central=20 and Eastern Europe has purchase 1,285,714 shares of=20 Hungarian Telephone's Common Stock for a total of $74.3=20 million. The proceeds from such funds plus a 10 year=20 unsecured note of $25 million will be used to pay off =20 Hungarian Telephone's Credit Facility with Postabank and=20 all HTCC's cash payment obligations to Citizens. The=20 remaining balance on the Postabank Credit Facility will be=20 paid off with a new $135 million Bridge Loan from=20 Postabank. Commenting on the recapitalization, Ole Bertram, Hungarian=20 Telephone's Chief Executive Officer, said: "This=20 refinancing structure leaves Hungarian Telephone=20 in a really healthy financial position. We are now in a=20 position where we can aggressively implement our strategies=20 and continue developing our Company. I do hope that the=20 market recognizes what our large financial backers have =20 recognized, the value of an investment in Hungarian=20 Telephone's future." Hungarian Telephone and Cable Corp. is a provider of=20 telephone, ISDN, Internet and other telecommunications=20 services in five defined operating regions of the=20 Republic of Hungary. The Company operates nearly 190,000=20 lines serving over 680,000 people through four Hungarian=20 subsidiaries which have been granted 25-year=20 telecommunications concessions by the Hungarian government.=20 These concessions are exclusive through 2002. INTERACTIVE NETWORK INC.: Settles Debt to NBC --------------------------------------------- The National Broadcasting Company, Inc. has received=20 1,902,279 shares of common stock in Interactive Network,=20 Inc., the San Jose, Ca. based cable and pay television=20 company. The shares were issued in response to a=20 Settlement Agreement between the parties. Under the=20 agreement Interactive Network Inc. agreed to file Chapter=20 11 bankruptcy proceedings, which commenced last September=20 14, 1998. The Court confirmed Interactive's reorganization=20 plan on April 12, 1999. Under the terms of the plan NBC,=20 and certain other creditors, would receive newly issued=20 shares of common stock. In return NBC, and the others=20 (Tele-Communications, Inc. and it's holding company and=20 affiliates, together with Sprint and Motorola) pledged=20 to surrender all promissory notes in exchange for the=20 shares and to release all security interest in=20 Interactive's assets. With the acquisition of the=20 settlement shares NBC is the "beneficial owner"=20 of 3,645,575 shares of common stock representing 9.4% of=20 the outstanding shares of common stock of Interactive=20 Network Inc. NBC has announced it's intention to hold the=20 shares as an investment, in the ordinary course of=20 business, with no intention of attempting a change of=20 control of Interactive. JINRO COORS: Coors Co. Bidding for Jinro=20 ---------------------------------------- =20 The Denver Post reports on May 8, 1999 that Coors Brewing=20 Co. and Belgium's Interbrew NV are among the companies=20 bidding for Jinro Coors Co., an insolvent South Korean=20 brewer that accounts for a sixth of the nation's $3=20 billion-a-year beer market. In originally setting up Jinro Coors, the Colorado brewer=20 invested $22 million in the Korean beer venture in 1992 for=20 a 33 percent stake. When Jinro Ltd., the Korean-based majority owner,=20 encountered financial difficulties, it filtered down to the=20 brewing venture. Those difficulties, in turn, led Coors=20 Brewing to dissolve its relationship with Jinro Coors in=20 late 1997. Coors Brewing has tried to recoup some of its original=20 investment in the Korean brewer but has been largely=20 unsuccessful. Despite its problems with Jinro Coors, Coors Brewing=20 believes it is the best company to take over the Korean=20 beer operation, said Jon Goldman, spokesman for the Golden=20 brewer. "Obviously, we know the plant, since we brought technology=20 over to build it," Goldman said. "We feel we're in the best=20 position to operate Jinro Coors successfully in the=20 future." Lotte Group of Korea also has bid for Jinro Coors, said Ko=20 Sung Ho, a spokesman for Lotte, a soft drink company. Jinro=20 Coors' debt amounted to 762 billion won ($635 million) at=20 the end of 1998, exceeding assets by 196 billion won. Jinro Coors' creditors will choose an exclusive negotiator=20 by the middle of next month. Coors, the No. 3 U.S. brewer, and Interbrew are eager to=20 forge an agreement with Jinro Coors as the country's=20 economy begins to rebound, prompting consumers to spend=20 more on everything from automobiles to food and beverages. As the economy contracted last year, beer sales fell by a=20 record 17 percent through June. Now, foreign investment is=20 on the rise - it gained for a second month in April - and=20 the economy is expected to expand by 3.8 percent this =20 year. Bloomberg News and Denver Post business writer Jeff=20 Leib contributed to this report. JUMBOSPORTS: Bondholders' Limited Objection To Settlement --------------------------------------------------------- The Official Committee of 4.25% Subordinated Convertible=20 Debentures (the "Bondholders Committee") files a limited=20 objection to the debtor's motion for authority to enter=20 into a settlement agreement with GE Capital Business Asset=20 Financing ("GE"). The proposed terms of the settlement are summarized as=20 follows: GE will have an allowed secured claim on certain personal=20 property located at 14 stores in an amount equal to=20 $301,000. GE will have a general unsecured claim in an amount equal=20 tot he total amount of its claim less the amount of=20 $301,000. Jumbo will make adequate protection payments to GE in the=20 sum of $500 per month. GE will accept as plan treatment of its allowed secured=20 claim, a promissory note equal to the balance of its=20 allowed secured claim with interest at 8% per annum,=20 providing for a security interest in its current=20 collateral, equal monthly payments amortized over 18 months=20 from the effective date. The Bondholders Committee objects to the plan treatment for=20 GE in the proposed settlement. The Bondholders cannot=20 determine whether such plan treatment for GE is in the best=20 interest of the estate because the treatment is proposed in=20 a vacuum. Also, the bondholders cannot ascertain whether=20 the proposed plan treatment accelerates or decelerates the=20 maturity of the note, whether the agreed treatment is in=20 the best interests of the estate and its creditors. In=20 addition, the terms of the settlement appear to modify the=20 claims allowance procedures by requiring GE to file its=20 proof of claim for an unsecured claim within 30 days from=20 the entry of an order approving the settlement and any=20 objections thereto within 60 days thereafter. LONG JOHN: Seeks Extension of Exclusivity ----------------------------------------- The debtors, Long John Silver's Restaurants, Inc., et al.=20 seek an extension of exclusive periods in which to file a=20 plan of reorganization and solicit acceptances thereto. The debtors seek an extension of the periods during which=20 only the debtor may file a plan and solicit acceptances=20 thereof to and including June 30, 1999 and August 31, 1999=20 respectively. A hearing to consider the motion will be=20 held on May 19, 1999. The debtors recently entered into a Stock Purchase=20 Agreement with GRG Inc. pursuant to which GRG is to acquire=20 100% of the outstanding shares of the debtors. The debtors=20 have been working diligently of file a plan and disclosure=20 statement prior to June 30, 1999 as required by the=20 purchaser. Extending the exclusive periods will enable the=20 debtors to complete the drafting of a plan and disclosure=20 statement and to confirm such a plan in a stable=20 environment. The debtors have been selling excess real property, and=20 expect the sale of certain properties to generate at least=20 $10 million of the debtors estates. The debtors have=20 reviewed and reconciled many of the 2,767 claims it has=20 received. This effort has not been completed, and the=20 additional time for exclusivity will afford the debtors=20 enough time to complete the process. The debtors obtained=20 approval of a global reclamation claim program, and the=20 debtors have expended considerable efforts analyzing=20 numerous complex tax issues. The debtors' primary goal has=20 been the development and implementation of a reorganization=20 strategy. And the debtor seeks this extension to complete=20 the drafting of a plan of reorganization and disclosure=20 statement and to confirm such plan. MAXICARE: Reports First Quarter 1999 Results -------------------------------------------- =20 Maxicare Health Plans, Inc. (NASDAQ/NM:MAXI) reported first=20 quarter financial results for the three months ended March=20 31, 1999. Maxicare announced that the Company's premium=20 revenues for its core operations increased by $18 million=20 or 11.5% as a result of premium rate increases in all lines=20 of business, and enrollment growth in the Medicaid and=20 Medicare lines of business primarily generated by the=20 California and Indiana health plans. Last year, Maxicare implemented a strategic restructuring=20 program to exit unprofitable markets by asset sales or plan=20 closings and concentrate on its health care businesses in=20 California, Indiana and Louisiana. These three states have=20 generated virtually all of Maxicare's membership growth in=20 recent years.=20 Premium revenues for the first quarter of 1999 decreased by=20 $5.5 million to $174.0 million, a decrease of 3.1% as=20 compared to 1998. This decrease was a result of a $23.3=20 million decrease in premium revenues related to the=20 Company's non-core operations which have been divested as=20 of March 31, 1999, except for the North Carolina Medicaid=20 line of business, which is anticipated to continue =20 through mid 1999. The Company reported a net loss of $7.7 million or $.43 per=20 share for the first quarter of 1999, which included an $8.5=20 million charge for loss contracts and management settlement=20 costs and $4.1 million of other income as compared to a =20 net loss of $2.7 million or $.15 per share for the=20 comparable quarter a year ago.=20 In the first quarter of 1999, the Company incurred charges=20 of $3.0 million for loss contracts associated with=20 Maxicare's previously announced decision to exit its=20 healthcare operations in North and South Carolina and a=20 $5.5 million charge for management settlement costs. The=20 $5.5 million charge related to a settlement with the=20 Company's Chief Executive Officer, Peter J. Ratican=20 pursuant to which Mr. Ratican has agreed to retire as=20 President and CEO of the Company and agreed not to seek re- election to the Board of Directors. Ratican agreed to remain in his position as Chairman,=20 President and CEO until June 30, 1999. In addition, Elwood=20 I. Kleaver, Jr., a member of the Company's Board of=20 Directors agreed to become Interim Chief Operating Officer=20 to assist during the period of transition. Commercial premiums for the first quarter of 1999 decreased=20 $17.1 million to $101.9 million as compared to $119.0=20 million for 1998.=20 Medicaid premiums for the first quarter of 1999 increased=20 $4.2 million to $52.5 million as compared to $48.3 million=20 for 1998.=20 Medicare premiums for the first quarter of 1999 increased=20 $7.3 million to $19.6 million as compared to 1998 as a=20 result of premium rate increases and membership growth in=20 both the California and Indiana health plans.=20 Investment income for the first quarter of 1999 decreased=20 by $.6 million to $.9 million as compared to 1998 due to=20 lower cash and investment balances as well as lower=20 investment yields. Other Income includes the recognition of $4.1 million=20 related to a settlement reached by the Company in=20 connection with the operation of a Medicaid managed =20 care program from 1986 through 1989. On March 26, 1999, the=20 United States Bankruptcy Court approved the settlement and=20 the order became final on April 19, 1999. Pursuant to the=20 settlement agreement the Company received the settlement=20 funds in early May 1999. Health care expenses for the first quarter of 1999 were=20 $163.1 million as compared to $169.1 million for 1998.=20 Marketing, general and administrative ("M,G&A") expenses=20 for the first quarter of 1999 decreased $.4 million to=20 $15.0 million as compared to $15.4 million for 1998.=20 Maxicare is a managed health care company with operations=20 in California, Indiana, and Louisiana which currently have=20 approximately 479,000 members. The Company also offers=20 various employee benefit packages through its subsidiaries =20 Maxicare Life and Health Insurance Company and=20 HealthAmerica Corporation. MEDPARTNERS: Pacific Physicians Offers Acquisition -------------------------------------------------- Pacific Physicians Alliance Medical Group Inc. (Pacific=20 Physicians) announced that it has made an offer to Paladin=20 Investment Banking to buy out certain equity positions of =20 MedManagement Acquisitions Corp. (MAC) coincident to its=20 venture capital financing and repurchase of assets from=20 MedPartners Inc. (NYSE:MDM). Pacific Physicians aims first to acquire the shares held by=20 MAC founders and Paladin, leaving the doctors and venture=20 fund as sole shareholders, and to then buy out the venture=20 fund with the proceeds from the sale of the company's real=20 estate, ultimately leaving the doctors as majority=20 shareholders and keeping the Paladin-selected management=20 team in place. Currently, MAC is positioned to acquire MedPartners Inc.'s=20 medical practice assets and, under its plan, the doctors=20 would only have a minority interest in the business. Pacific Physicians was formed April 13 by doctors, who are=20 and continue to be part of Southern California Medical=20 Corporation, for the primary purpose of enabling them to=20 buy back their medical practices from MedPartners. The=20 group is open to expansion of its membership and hopes to=20 include all physicians currently employed by MedPartners. On March 11, MedPartners' California subsidiary,=20 MedPartners Provider Network, was placed into Chapter 11=20 bankruptcy by the California Department of Corporations,=20 and settlement with the State is expected in mid-May. Pacific Physicians' doctors presently work at 22 sites=20 located throughout Los Angeles County, Orange County, and=20 the Inland Empire. For more information about Pacific=20 Physicians, contact them via their operational consultants, =20 Maryann Ricardo, The Ricardo Group Inc. at 310/515-7999 or=20 by e-mail at TRGHealth@aol.com. MESA AIR: Merger Vote June 8, 1999 ----------------------------------- Mesa Air and CCAIR are proposing a merger in which CCAIR=20 will become a wholly owned subsidiary of Mesa Air. The=20 stockholder meetings of both companies will be held=20 separately on June 8, 1999. Mesa Air and its subsidiaries=20 is an independently owned regional airline serving 108=20 cities in 28 states, the District of Columbia, Toronto,=20 Canada, and Guaymas and Hermasillo, Mexico. The airline=20 operates a fleet of 112 aircraft and has approximately=20 1,000 daily departures. Mesa Air's airline operations are=20 conducted by two regional airlines, Mesa Airlines, Inc., a=20 wholly owned subsidiary of Mesa Air, operating as America=20 West Express, and as US Airways Express, both in conjuction=20 with American West Airlines, Inc. and US Airways, Inc. =20 Mesa Airlines, Inc. also operates an independent=20 division, Mesa Airlines, from a hub in Albuquerque, New=20 Mexico. Additionally, Air Midwest, Inc., a wholly owned=20 subsidiary of Mesa Air, operates under arrangement with US=20 Airways and flies as US Airways Express. CCAIR is a regional air carrier based in Charlotte, NC and=20 operates regularly scheduled passenger service to 25 cities=20 in Florida, Georgia, Kentucky, Ohio, North Carolina, South=20 Carolina, Virginia and West Virginia. The airline currently=20 has 1,463 departures weekly with a fleet of 26=20 turboprop aircraft. If approved the merger agreement calls=20 for CCAIR stockholders to receive betwwen .435 and .6214 of=20 Mesa Air's common stock for each share of CCAIR common=20 stock held. The maximum number of shares of Mesa Air=20 Group, Inc. to be issued to CCAIR stockholders would be=20 5,571,283. This figure represents approximately 16.4% of=20 Mesa Air's outstanding common stock after the merger. For=20 holders of Mesa Air stock their shares will remain=20 unchanged by the merger. NU-KOTE: Seeks Approval of Key Employee Retention=20 ------------------------------------------------- The debtors, Nu-Kote Holding, Inc. and its affiliates seek=20 court approval of key employee retention agreements. The=20 agreements provide incentive for seven key employees.. The=20 company reviews the contributions fo this seven person=20 senior maagement team. The debtors are concerned that=20 there be an incentive to stay particularly sicne the court=20 denied the extension for exclusivity and the lenders served=20 a notice of cliam accusing officers and directors of=20 breaches of fiduciary duty, good faith and corporate waste=20 and management. The total cost of the proposed retention=20 payments is $737,500. PITTSBURGH PENGUINS: Penguins Not Dead Yet =20 ------------------------------------------ Interactive Sports reports on May 10, 1999 that the=20 National Hockey League's threat this week to fold the =20 Pittsburgh Penguins finally got the attention of=20 United States Bankruptcy Court Judge Bernard Markovitz.=20 The Judge, bending to a league decree that the team was=20 toast by the last day of May 1999 if Bankruptcy Court did=20 not resolve the matter, scheduled an emergency hearing for=20 Tuesday to see if a reorganization plan centered by retired=20 superstar Mario Lemieux could both save the financially=20 dysfunctional franchise and keep it in the Steel City. Other than Lemieux, the only other potential buyer is=20 Broadcast.com founder Mark Cuban. Judge Markovitz will=20 scrutinize the league's filing and has the option of =20 dispatching it for a vote by creditors, according to a=20 Penguin's lawyer. The Judge could also ask for a vote on=20 the Lemieux workout plan. Markovitz scheduled the hearing Tuesday in large part to=20 accommodate the NHL. League officials said they could not=20 wait until the next hearing date, June 24, 1999, to=20 determine the fate of the faltering franchise.=20 The financial picture for the Pens remains grim as ever.=20 The franchise is estimated to be worth some $125 million,=20 but outstanding debts, secured and unsecured, come to more=20 than that amount (ISWire Hockey News: May 6, 1999). The=20 team is estimating it will lose $10 million this year=20 alone, even though the team has advanced to the Eastern=20 Conference Semifinals now underway against the Toronto=20 Maple Leafs. The Penguins can't operate in Pittsburgh next year unless=20 the Bankruptcy Court accepts Lemieux's plan, said an NHL=20 official this week. There is no money there to operate it. Even if Lemieux gets the green light in Bankruptcy Court,=20 he still has to re-negotiate an expensive and life- threatening lease with Spectacor Management Group Inc. The=20 lease there for the Pens costs $7 million each year. PLASTIC TRIM: Plan and Disclosure Statement ------------------------------------------- The debtor, Plastic Trim, Inc. submits a Combined Plan of=20 Reorganization and Disclosure Statement. The effectiveness=20 of the plan is contingent upon the closing of the=20 transaction between Newco and JPE (the parent company of=20 Plastic Trim). Newco shall purchase and acquire certain of=20 the common shares and preferred shares of the capital stock=20 of JPE; Newco shall make certain loans to JPE or arrange=20 for loans to be made to JPE and/or the debtor; JPE shall=20 pay, or loan or otherwise distribute tot he debtor, any and=20 all amounts sufficient to enable the debtor to consummate=20 this plan, and a similar plan of reorganization of=20 Starboard; and JPE shall consummate the sale of Industrial=20 an Automotive Fasteners, Inc., which is a wholly-owned=20 subsidiary of JPE. Classification and Treatment of Claims and Interests: Class 1 - Allowed Secured Claim of Comerica Bank for itself=20 and as agent bank for NBD Bank, National Bank of Canada,=20 Harris Trust and Savings Bank and Bank One, Dayton, NA=20 (Prepetition lenders). The allowed secured claim of the=20 pre-petition lenders shall be paid an satisfied on the=20 Effective Date at a discount. The amount of the discount=20 shall be not less than $12 million, nor more than $14.5=20 million, of the allowed claim of the pre-petition lenders,=20 which discounted amount shall constitute the settlement=20 amount. AS of February 3, 1999, exclusive of certain fees=20 and interest the debtor's total indebtedness to the pre- petition lenders was $85,689,624. The Allowed Secured Claim=20 of the pre-petition lenders is impaired. Class 2 - Allowed Secured Claims of Other Secured Creditors=20 - Each of the other secured creditors is unimpaired and the=20 allowed secured claim of each of the other secured=20 creditors shall be assumed pursuant to its terms, with any=20 existing default to be promptly cured. Class 3 - Allowed Unsecured Claims - Unsecured Creditors of=20 the debtor holding allowed claims shall be paid a cash=20 distribution equal to 30% of their respective allowed=20 claims. Holders of allowed unsecured claims are impaired. Class 4 - Interest. The interest of the equity security=20 holder shall not receive any distribution under the plan. SOLO SERVE: Seeks To Terminate Registration of Securities --------------------------------------------------------- The debtor, Solo Serve Corporation, seeks to terminate=20 registration of its securities. Solo Serve has less than=20 300 holders of shares of its common stock (par value $.01),=20 and creditors would benefit from having the stock de-listed=20 as it would save significant funds of the estate necessary=20 in the preparation of reports with the SEC. STARBOARD INDUSTRIES: Plan and Disclosure Statement --------------------------------------------------- The debtor, Starboard Industries, Inc. submits a Combined=20 Plan of Reorganization and Disclosure Statement. The=20 effectiveness of the plan is contingent upon the closing of=20 the transaction between Newco and JPE (the parent company=20 of Plastic Trim). Newco shall purchase and acquire certain=20 of the common shares and preferred shares of the capital=20 stock of JPE; Newco shall make certain loans to JPE or=20 arrange for loans to be made to JPE and/or the debtor; JPE=20 shall pay, or loan or otherwise distribute to the debtor,=20 any and all amounts sufficient to enable the debtor to=20 consummate this plan, and a similar plan of reorganization=20 of Plastic Trim; and JPE shall consummate the sale of=20 Industrial and Automotive Fasteners, Inc., which is a=20 wholly-owned subsidiary of JPE. Classification and Treatment of Claims and Interests: Class 1 - Allowed Secured Claim of Comerica Bank for itself=20 and as agent bank for NBD Bank, National Bank of Canada,=20 Harris Trust and Savings Bank and Bank One, Dayton, NA=20 (Prepetition lenders). The allowed secured claim of the=20 pre-petition lenders shall be paid an satisfied on the=20 Effective Date at a discount. The amount of the discount=20 shall be not less than $12 million, nor more than $14.5=20 million, of the allowed claim of the pre-petition lenders,=20 which discounted amount shall constitute the settlement=20 amount. AS of February 3, 1999, exclusive of certain fees=20 and interest the debtor's total indebtedness to the pre- petition lenders was $85,689,624. The Allowed Secured Claim=20 of the pre-petition lenders is impaired. Class 2 - Allowed Secured Claims of Other Secured Creditors=20 - Each of the other secured creditors is unimpaired and the=20 allowed secured claim of each of the other secured=20 creditors shall be assumed pursuant to its terms, with any=20 existing default to be promptly cured. Class 3 - Allowed Unsecured Claims - Unsecured Creditors of=20 the debtor holding allowed claims shall be paid a cash=20 distribution equal to 30% of their respective allowed=20 claims. Holders of allowed unsecured claims are impaired. Class 4 - Interest. The interest of the equity security=20 holder shall not receive any distribution under the plan. THORN APPLE: Objects To Ford's Motion to Compel Assumption ---------------------------------------------------------- The debtors, Thorn Apple Valley, Inc., et al., object to=20 the Ford Motor Credit Corporation's motion to compel=20 assumption or rejection of unexpired personal property=20 leases. The leases involved cover 87 cars and trucks. The=20 debtors state that it is too early to compel such a=20 decision, and that FMCC has identified no prejudice to it=20 by waiting until confirmation of a plan. The debtors state=20 that an ill-informed decision now could either subject the=20 estate to an administrative expense claim of almost $2=20 million plus a cure payment of $164,000 or deprive the=20 debtor of the use of property that is important to its=20 reorganization efforts. UDC HOMES: Jury Rules In Favor of Arthur Andersen ------------------------------------------------- =20 Arthur Andersen LLP was vindicated yesterday with a jury=20 verdict delivered by a Maricopa County (Arizona) jury=20 following a six-month trial of a securities fraud class=20 action lawsuit. The lawsuit was filed in 1995 on behalf of=20 stockholders of UDC Homes Inc., a nationally recognized=20 homebuilder based in Phoenix, Arizona. "We are grateful the jury ruled that Arthur Andersen acted=20 properly. We stood by our client's financial reporting and=20 our audit services from the beginning and our resolve has=20 been recognized and rewarded," said Jack Henry, the Arthur =20 Andersen Managing Partner in Phoenix, Arizona. The class=20 action claimed general damages of approximately $95 million=20 and punitive damages in excess of $1 billion. The jury=20 delivered a resounding defeat to the class action=20 plaintiffs and their lawyers in finding for Arthur Andersen=20 on all counts. "We are proud of the service we provide all our clients=20 including UDC Homes. We always stand behind what we do and,=20 in this particular case, we vigorously defended the UDC=20 Homes financial statements and our audit work," said Henry, =20 also Chairman of the Arizona Chamber of Commerce. UDC Homes Inc. was a leading national homebuilder with=20 aggregate profits in excess of $190 million in the years=20 prior to the 1989-1990 recession. The company had a highly=20 leveraged capital structure. In 1994, with sharply =20 increasing interest rates, its stock plummeted from $10 to=20 one dollar per share. In May 1995, the company voluntarily=20 filed for bankruptcy as part of a plan to sell the company=20 to DMB Homes of Phoenix, Arizona. The class action =20 litigation was filed immediately after the company filed=20 bankruptcy. The previous auditor, Coopers & Lybrand, and=20 the UDC Homes Board of Directors were also named. Arthur Andersen's lead trial counsel, Marshall B. Grossman=20 of the Los Angeles law firm of Alshuler, Grossman, Stein &=20 Kahan, stated, "This lawsuit is an example of what is wrong=20 with the unchecked class action litigation which is =20 taxing our courts today. The lawsuit was filed by a=20 professional class action plaintiff, with career class=20 action lawyers and their paid experts. Fortunately, the=20 jury saw through it all. Hopefully, this vote against =20 frivolous class action litigation will discourage others=20 from embarking on a similar path." =20 VALU FOOD: Delays Exit from Chapter 11 -------------------------------------- Baltimore-based Valu Food Inc. was expected to emerge from=20 bankruptcy by now, but President Louis Denrich has pushed=20 the timetable back by at least three months, The Baltimore Business Journal reported. Value Food, a 10-store chain of=20 supermarkets, filed chapter 11 in November with assets and=20 liabilities of between $10 and $99 million each. Just=20 before the bankruptcy filing, the company closed seven=20 stores. Valu Food owes $3.5 million to its 20 largest=20 creditors but has not yet filed a plan with the court.=20 Denrich said last week at a grocery store equipment trade=20 show that the company is "doing much better" and that it=20 will submit a plan "shortly-hopefully by the end of summer=20 or early fall." (ABI 11-May-99) WESTMORELAND COAL CO.: Stockholder Revolt? ------------------------------------------ Members of the Westmoreland Committee to Enhance Share=20 Value have mounted a campaign to urge shareholders in=20 Westmoreland Coal Co. to oust the current management. With=20 a website established to disseminate their message the=20 committee has only until June 12, 1999 to secure sufficient=20 shareholder votes to remove present CEO, President and=20 Chairman of the Board Chris Seglem. Citing the most recent=20 two-year bankruptcy as the second of two bankruptcies filed=20 by the company during the six years of Mr. Seglem's=20 term, and claiming other irresponsible acts on the part of=20 management, the committee is soliciting support to remove=20 targeted members of the Board. WESTMORELAND COAL: ISS Recommends A Vote ---------------------------------------- Westmoreland Coal Company (Amex: WLB) reported today that=20 Institutional Shareholder Services ("ISS"), the country's=20 leading independent provider of proxy voting and corporate=20 governance services, has recommended that Westmoreland=20 shareholders support management's slate of director=20 nominees at the Company's special meeting to be held on May =20 12, 1999.=20 According to Westmoreland, ISS believes "the dissident plan=20 to sell the IPPs carries a high degree of risk," that=20 "there is a significant degree of uncertainty over how much=20 consideration the (UMWA Retiree Health & Benefit) Funds=20 would demand in return", and that "the Funds are likely to=20 be guarded in their negotiations with the dissident group=20 based on the attempt to liquidate the Company in =20 bankruptcy". According to ISS, these factors raise serious=20 uncertainty about residual amounts shareholders might=20 receive under the dissident plan. Westmoreland reported that in supporting management's slate=20 of directors, ISS concluded that management negotiations in=20 bankruptcy avoided liquidation and provided the opportunity=20 to restructure the Company.=20 ********* The Meetings, Conferences and Seminars column appears in=20 the TCR each Tuesday. Submissions via e-mail to=20 conferences@bankrupt.com are encouraged. Bond pricing,=20 appearing in each Friday edition of the TCR,=20 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 =20 Troubled Company Reporter is a daily newsletter, co- published by Bankruptcy Creditors' Service, Inc.,=20 Princeton, NJ, and Beard Group, Inc., Washington, DC. =20 Debra Brennan and Lexy Mueller, Editors. Copyright 1999. =20 All rights reserved. ISSN 1520-9474. =20 This material is copyrighted and any commercial use, resale=20 or publication in any form (including e-mail forwarding,=20 electronic re-mailing and photocopying) is strictly=20 prohibited without prior written permission of the=20 publishers. =20 Information contained herein is obtained from sources=20 believed to be reliable, but is not guaranteed. =20 =20 The TCR subscription rate is $575 for six months delivered=20 via e-mail. Additional e-mail subscriptions for members of=20 the same firm for the term of the initial subscription or=20 balance thereof are $25 each. For subscription=20 information, contact Christopher Beard at 301/951-6400. =20 =20 * * * End of Transmission * * *