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/raid1/www/Hosts/bankrupt/TCR_Public/990713.MBX T R O U B L E D C O M P A N Y R E P O R T E R Tuesday, July 13, 1999, Vol. 3, No. 132 Headlines ADVANCED GAMING: Expects To Issue New Shares At Month End ADVANCED MEDICAL: Assets Sold, Result: Advanced Biosensor, Inc ADVANCED MEDICAL: Order of Confirmation ALTA GOLD: Motion Seeks Termination of Mining the Blue Dike AMGAM ASSOCIATES: Order Approves Disclosure Statement AMNEX,INC: Needs Time to File Schedules and Statements AQUAGENIX INC: Announces It has Filed for Chapter 11 BRAMBURY ASSOCIATES: Order Approving Disclosure Statement BUSTER BROWN: Kleinert's Completes Purchase CHATCOM INC: Significant Change In Results Of Operation Expected COMMERCIAL FINANCIAL SERVICES: Seeks To Extend Exclusivity CONXUS COMMUNICATIONS: Order Authorizes Financing DAKOTA MINING: Announces Bankruptcy Proceedings FLORIDA COAST: Stone Container Opposes DIP GANTOS INC: Beneficial Ownership Of 6.87% Common Stock Noted GRAND UNION: Company Shows Profit In Fiscal 1999 ICF KAISER: Possibility Of Repurchase & Exchange For Notes LAMONTS APPAREL: Annual Meeting Postponed, Quorum Lowered LIVENT (US) INC: Order To Show Cause LONG JOHN SILVER'S: Approval of Disclosures Statement MCGINNIS PARTNERS: Seeks Approval Of Stipulation and Agreement NEW WORLD COFFEE: Trust Owns 10.8% Of Common Stock NORD RESOURCES: Annual Meeting Slated For August NU KOTE: Late Filing & Plans Calling For Cancelled Equity ONEITA INDUSTRIES: Order Approves Bidding Procedures OPHTHALMIC IMAGING: Rejects Premier's Proposal PAGE AMERICA: Taps Covey & Assoc. As Special Counsel PARAGON TRADE: Wants Court OK For Competing Investment Proposals PEMEX FINANCE: S&P Rates $1B Notes Ser 1999-B `BBB' PENN TRAFFIC: Company Issuing Six-Year Warrants PERK DEVELOPMENT: Order Approving Disclosure STATEMENT RENAISSANCE COSMETICS: Committee Taps Saul, Ewing, Remick & Saul SGL CARBON: Committee of Unsecured Creditors Seeks To Modify Stay SIRENA APPAREL: Class Action Commences STARTER CORP: Seeks To Reject Licensing Agreement STARTER CORP: Seeks To Reject License Agreement With USTA THE COSMETIC CENTER: Order Extends Period To Assume/Reject Leases UNITED COMPANIES FINANCIAL: Objection To Relief From Stay Meetings, Conferences and Seminars ********** ADVANCED GAMING: Expects To Issue New Shares At Month End --------------------------------------------------------- Advanced Gaming Technology, Inc. announced that the company's plan of reorganization was confirmed on June 29, 1999 by the U. S. Bankruptcy Court in the District of Las Vegas. The company anticipates that the effective date of the plan will be July 29, 1999. Advanced Gaming Technology had filed for reorganization under Chapter 11 of the U S Bankruptcy Code on August 26, 1998. The plan authorizes the company to issue 25 million shares of new common stock. Approximately 18 million of the new shares will be issued on the effective date. A "disputed claims reserve" of approximately 7 million shares will be established to allow for disputed claims that might subsequently be approved by final order of the Court. Unsecured creditors holding allowed claims will be issued 1.88 shares of new common stock for each $1 of allowed claim. Based on current estimates the company expects shareholders of record on July 29, 1999 to receive 1 share of new common stock in exchange for each 66 shares currently owned. Approximately 115 million shares of the company's common stock are outstanding at this time. The new common stock will continue to trade under the symbol "AGTI" on the OTC Bulletin Board. ADVANCED MEDICAL: Assets Sold, Result: Advanced Biosensor, Inc --------------------------------------------------------------- On March 23, 1999, Advanced Medical Products Inc., after reporting that for the quarter ended December 31, 1998 had net losses of $373,173 (of which $130,000 was the result of their distributor in Europe, Kontron Instruments Ltd. filing for Administrative Receivership), filed a motion with the Federal Bankruptcy Court, District of South Carolina, for an order authorizing the sale of all assets, including equipment, inventory, and accounts receivable, outside the ordinary course of business, free and clear of all liens and encumbrances and other interests. Biosensor Corporation, owner of Carolina Medical, Inc., who owns 55.3% of the common stock of Advanced Medical Products, Inc., proposed to purchase the assets and assume all of the secured debt, employee and commission liabilities, and all customer warranty and service liabilities of Advanced Medical Products. In addition, Biosensor proposed to make a payment of $68,000 toward administrative expenses and the amount owed by Advanced Medical to outside unsecured creditors. If it was the successful bidder on the assets, Biosensor and its affiliates agreed not to participate in distribution of payments toward unsecured claims. Biosensor's unsecured claims exceed unsecured claims by all non- affiliated creditors combined. Biosensor had been funding the losses incurred by Advanced Medical Products, Inc. and indicated its inability to continue doing so. Advanced Medical Products, Inc. continued to operate as debtor-in-possession, pending sale of the assets. Emergent Asset Based Lending, L.L.C., Advanced Medical's principle secured lender whose loan agreement has been in default since December, agreed to continue to lend against receivables and inventory based on Biosensor's guarantee of the debt. As of March 22, 1999, $ 253,446 was borrowed by Advanced Medical under this agreement. On May 3, 1999, the United State Bankruptcy Court for the District of South Carolina entered an order approving the Disclosure Statement filed on March 23, 1999, fixing June 11, 1999 as the last day for filing ballots accepting or rejecting the Plan of Reorganization, and setting June 21, 1999 as the date of the hearing on the confirmation of the Plan. On May 11, 1999, pursuant to a court order entered on May 10, 1999 in the Federal Bankruptcy Court for the District of South Carolina, Advanced Medical Products, Inc. sold all assets, including equipment, inventory, and accounts receivable, outside the ordinary course of business, free and clear of all liens and encumbrances and other interests. As outlined above, Biosensor Corporation then purchased the assets and assumed all of the secured debt, employee and commission liabilities, and all customer warranty and service liabilities of Advanced Medical Products, Inc. In addition, Biosensor made a payment of $68,000 for certain priority claims and administrative expenses, and for distribution to outside unsecured creditors. Biosensor and its subsidiaries, as agreed, did not participate in distribution of payments toward unsecured claims, although their claims exceeded unsecured claims by all non-affiliated creditors combined. The assets and liabilities of Advanced Medical will be consolidated with the operating assets and liabilities of Biosensor, and the assets and liabilities of Diagnostic Monitoring purchased by Biosensor from Cardiac Science Inc. on December 31, 1998. This consolidation will result in Advanced Biosensor, Inc., a new wholly owned subsidiary of Biosensor, which also agreed to assume Advanced Medical's lease obligations and to continue to operate the business at the present Columbia, SC location. At a hearing held on June 21, 1999 the Plan of Reorganization, as amended, was confirmed. The Plan had previously been approved by all classes of creditors. On June 28, 1999 the United State Bankruptcy Court for the District of South Carolina entered an order confirming the Plan of Reorganization. Advanced Medical Products Inc. reported net sales of $575,779, and $1,945,509 for the quarter and nine months ended March 31, 1999, which represents a 6.5% decrease and 18% increase from sales of $616,092 and $1,645,896 in the comparable periods of fiscal 1998. Net losses for the quarter and nine months ended March 31, 1999 were $34,262 and $482,997 respectively compared to losses of $46,435 and $255,273 for the same periods last year. ADVANCED MEDICAL: Order of Confirmation --------------------------------------- The US Bankruptcy Court for the District of South Carolina entered an order on June 29, 1999 confirming the plan of reorganization, as amended, of Advanced Medical Products, inc., debtor. ALTA GOLD: Motion Seeks Termination of Mining the Blue Dike ----------------------------------------------------------- Mitchell W. Fanning, Danell L. Fanning, Jeffry T. Jones and Jeremy M. Jones, dba Babe Mines seek entry of a temporary restraining order and for a preliminary injunction. According tot the plaintiffs, the debtor, ALTA Gold Co. Is mining the Blue Dike ore body without setting aside any money to pay for the gold that it is taking. According to Babe Mines, if the extralateral rights of Babe Mines are confirmed in this case, ALTA has no means by which to repay the amounts owed for past mining. The plaintiffs say that by mining the Babe claim, the debtor is destroying the evidence which Babe Mines will need to establish its claim to extralateral rights. "The value of Babe Mines' interest from the Babe claim and extralateral rights appurtenant thereto should be worth millions." AMGAM ASSOCIATES: Order Approves Disclosure Statement ----------------------------------------------------- By order dated June 28, 1999, the US Bankruptcy Court for the Southern District of Mississippi, Biloxi Division entered an order determining that the Second Amended Disclosure statement of AMGAM Associates and American Gaming & Resorts of Mississippi contains "adequate information." A hearing on confirmation of the plan will b be held in Courtroom 705, Hale Boggs Federal Building, 501 Magazine Street, New Orleans, Louisiana on Friday July 23, 1999 at 11:00 AM. The basic structure of the plan is to adopt the settlement negotiated by the debtors, the Committees, AGEL, Shamrock and IGT , to take the revenues generated for the estates from liquidation of all the assets of the estates and to distribute them to holders of Allowed Claims under the Plan formula. AS the claims in both the AMGAM and AGRM cases now stand, there would be no funds available for distribution to unsecured creditors unless challenges are made to large secured claims, and those claims were either litigated to final judgment or settled. Secured Claims asserted are as follows: Shamrock/AGEL - $44 million Shamrock, assignee of Ship Mortgage, LP - $2.1 million A.K. Leasing - $750,000 IGT - approx. $2.1 million Joint plan of liquidation: The plan shall be funded from available estate assets and from assets and Moines being made available as a result of a settlement of all disputes in the AmGam and AGRM cases between and among various of the plan proponents including all adversary proceedings and all contested matters. Treatment of Impaired Classes: Class 3 - Claims of Holders of Allowed Secured claimants in the AMGAM estate. Class 4 - Claims of Allowed Secured Claimants in the AGRM estate other than Ship Mortgage, LP Class 3 and Class 4 Claim Holders shall be Paid in cash in full by the liquidating trustee from the sale proceeds relating to their particular asset, or if not sold abandoned in full satisfaction of the claim. Class 5A: Allowed Claim of $1.4 Million for IGT. $1.7 Million is a Class 7 claim and is an allowed unsecured claim. Class 5B: Allowed Claims of AGEL and Shamrock The class 5B claim shall be paid in accordance with the plan and is in full and complete satisfaction of the AGEL and Shamrock Claims and ownership interest. Class 6A and 6B: Convenience Claims - Holders shall receive cash in the amount of the allowed claim up to $250. Class 7 - Allowed Unsecured Claimants of AMGAM - Holders shall receive a Pro Rata share o f Distribution Fund A. Class 8 - Allowed Unsecured Claimants of AGRM Pro Rata Share of Distribution Fund B. Class 9 - Allowed Claims of all Tort Claimants in both cases. Allowed Tort Claimants in both the AMGAM and AGRM estates shall be paid nothing pursuant tot he plan. Class 10 - Allowed claims of Eugene McCarlie and Douglas McCarlie. Pro rata distribution after the holders of allowed claims in classes 1-8 are paid in full. The Liquidating Trustee shall distribute Initial Barge Proceeds and Barge Proceeds pursuant to a schedule delineated in the plan. AMNEX,INC: Needs Time to File Schedules and Statements ------------------------------------------------------ The debtors, AMNEX, Inc. and American Network Exchange, Inc. D/b/a AMNEX, a/k/a AMNEX Acquisition Corp., seek an order extending the time to file their Schedules and Statements through and including August 30, 1999. American Network Exchange Inc. has shut down its operations and is conducting an orderly liquidation of its assets. The debtor is now operating with a reduced staff of nine people who are conducting the wind-down. In light of the debtors' limited personnel and resources, the debtors have not been able to devote the extensive time necessary to prepare their schedules and statement. The debtors have over 1,000 creditors. Consequently the debtors need additional time to file their schedules and statements and request that the court grant the extension through August 30, 1999. AQUAGENIX INC: Announces It has Filed for Chapter 11 ---------------------------------------------------- Aquagenix, Inc. (OTC BB:AQUX) announced Monday that it has filed for protection and reorganization under Chapter 11 of the Federal Bankruptcy Code. The company's California operation has had significant losses and continues to be a cash drain. In 1998 the company reported revenues of $ 16 million with a loss of $ 13 million. Onetime charges accounted for $ 9 million of that loss and led to a $ 4.1 million shareholders deficiency as of December 31, 1998. Results have improved for the first quarter of 1999 and the company plans to continue its lake management operations in Florida. The company reported an operating profit of $ 52,000 compared to an operating loss of $4.7 million in the same period of 1998. "Even with this turnaround in our core aquatic business, it's necessary that we restructure our debt. This reorganization will free up the resources needed to service our customers in Florida," said Aquagenix President Russell Thompson. Aquagenix, Inc. is a leading aquatic vegetation management company providing services to government, commercial and industrial sites, golf courses and private customers. BRAMBURY ASSOCIATES: Order Approving Disclosure Statement --------------------------------------------------------- On June 28, 1999, the US Bankruptcy court for the Western District of New York entered an order approving the disclosure statement of Perk Development Corporation and Brambury Associates, debtors. The hearing to consider confirmation of the plan shall be held on July 29, 1999 at 11:00 AM a t the US Bankruptcy, Room 1550, 100 State Street, Rochester, New York 14614. The plan treats the debtors as consolidated entities. The plan is one of orderly liquidation as set forth in the Purchase Order and in the plan. On or about February 28, 1999, shortly after the closing with the purchaser, the debtors ceased all business operations. Following the sale, the debtors received or held net sale proceeds of $2,932,726. The sum of $131,000 was paid to A&L Holding in satisfaction of its secured claim. The sum of $500,000 was escrowed for the Committee. The debtors also received the sum of $61,012 in respect of post- closing real estate taxes. The debtors estimate that as of June 30, 1999 the available cash remaining after the payment of accrued and unpaid allowed administrative claims will be approximately $2.8 million. The IRS has filed a proof of claim in Perk's case which asserts a $1.5 million secured claim, a $631,868 priority claim and a $82,475 unsecured claim. The NYS Dept of Taxation and Finance has filed a proof of claim in both Perk's and Brambury's cases which asserts a $1.35 million secured claim and a priority claim of $2.24 million. The NYS Depth Of Labor, Unemployment Insurance Division has filed a proof of claim in Perk's case which asserts a priority claim of $919,113. For unemployment insurance. FFCA was paid $446,273 and the Partial Cure Assignment of $500,000 was placed into an escrow account in the name of the Committee. This is pursuant to a Compromise Order providing that the Partial Cure assignment shall be exclusively available of holders of non-priority unsecured claims only if all Administrative Claims are paid in full and the Bankruptcy Court, after a notice and a hearing approves such allocation. Treatment of Classes Under the Plan: Class 1 - Priority Claims - Unimpaired. Class 2 - Allowed Reclamation Claims - Unimpaired. Class 3 - Allowed Secured Claims. Impaired. The IRS shall be deemed to have an allowed secured claim of $1.5 million and the NYSDTF shall be deemed to have an allowed secured claim of $1.356 million. Holders shall be paid pro rata as provided in the plan. Class 4 - Allowed Tax Claims. The IRS shall be deemed to have an allowed Class 4 claim of $631,868. The NYSDTF shall be deemed to have a Class 4 claim of $2.24 million The NYSDL-UID shall be deemed to have a Class 4 claim of $905,000. Holders shall be paid, pro rata, on account of such claims 50% of the net recoveries of the assigned causes of action as provided in the plan. Class 5 - General Unsecured Claims. Impaired. Holders will receive, in cash an amount equal to its pro rata distribution of the sum of $500,000. Holders will also share Pro rata in 50% of the net Recoveries of the assigned causes of action. Class 6 - Equity Interests. Holders shall not receive or retain any property or money under the plan. BUSTER BROWN: Kleinert's Completes Purchase ------------------------------------------- Kleinert's Inc. has completed its previously announced purchase of Buster Brown, bringing with it yet another blow to the once formidable presence of the textile company in Chattanooga. At one time the employer of 600 people here, Buster Brown Apparel has seen its work force reduced drastically over the years. The new owners, based out of Plymouth Meeting, Pa., have added to the cut, eliminating between 30 and 40 jobs here. Buster Brown Apparel Inc., meanwhile, will close its remaining four facilities in southwestern Virginia and a plant in Honduras in Central America. Those closings will idle as many as 1,500 workers over the next three months. Kleinert's, a 130-year-old company which has emerged as one of the nation's leading producers of children's wear, has agreed to retain 40 of the nearly 100 employees who remained with the local operations. Those employees in the design and merchandising group will relocate to a new office facility leased in the Osborne Office Center at the Osborne Office Park adjacent to Eastgate Town Center. Eleven other Buster Brown employees will remain in sales offices in New York and Dallas. Buster Brown's East Chattanooga plant, which was originally built in 1904 and was expanded several times since then, was not part of Kleinert's purchase and has been put up for sale by the previous owners. The other plants also were not a part of the acquisition. The vacant, aging local plant includes 367,382 square feet and is valued at $1.3 million, according to the Hamilton County Assessor of Property's Office. The crux of Kleinert's purchase is the Buster Brown brand name, trademarks and the few employees it is adding to its own work force of nearly 1,700. "I have spent years looking at various business opportunities to combine with our organization and I can tell you that nothing comes close to the acquisition of Buster Brown Apparel," said Jack Brier, Kleinert's chairman and chief executive officer. Earlier this year, Buster Brown shut down a local 100-employee fabric plant, which ended almost a century of manufacturing in Chattanooga. It then asked remaining employees to pursue jobs elsewhere, and finally started alternating workweek schedules in which employees would work a week and then take a week off. Since then, some of them left for other jobs. Buster Brown had been entered and emerged from bankruptcy twice in its history, the final time coming two years ago. At its peak, annual sales of the company approached $175 million, but had dropped to about $76 million recently. "The past two years have been difficult, but the brand has survived like a champion," said Mr. Brier. "One of the most exciting aspects of the acquisition is the incredible vitality of the Buster Brown Apparel brand. According to Mr. Brier, Kleinert's plans are to "continue to improve the value of the Buster Brown line. The brand will also be more fashion forward than it has previously to keep pace with the growing sophistication of today's kids. Kleinert's has production facilities in Gastonia, N.C. and Elba, Ala. Along with plants in Honduras, Mexico and Asia. Distribution, general and administrative functions will be performed in the existing 400,000-square-foot facility in Elba, Ala. The majority of the layoffs in Chattanooga are to those in administrative roles. Steve Clark, the president and CEO of Buster Brown, is among those not being retained by Kleinert's as is Bruce Rice, the former CEO of the company, who had remained on in an administrative capacity. CHATCOM INC: Significant Change In Results Of Operation Expected ---------------------------------------------------------------- ChatCom, Inc. advised the SEC that it has been under extreme financial stress and has been seeking additional financing. It has further stated that due to the company's financial constraints it has been unable to hire a Chief Financial Officer to replace its prior Chief Financial Officer (who resigned during the prior fiscal year) or to budget sufficient funds to have its independent certified public accountants assist the company in the preparation of its audited financial statements for the year ended March 31, 1999. For this reason its reporting will be delayed. The company anticipates a significant change in results of operations from the fiscal year ended March 31, 1998 will be reflected in the earnings statement to be included in its annual report. ChatCom indicates that revenues for fiscal 1999 will decline to approximately $3,007,000 from approximately $9,103,000 for fiscal 1998 due in part to the company's reduction in the scope of its operations, including sales and marketing activities. The net loss for fiscal 1999 will decline to approximately $2,855,000 from approximately $7,773,000 in fiscal 1998 due in part to the company's reduced sales of products as well as the overall reduction in the scope of its operations. COMMERCIAL FINANCIAL SERVICES: Seeks To Extend Exclusivity ---------------------------------------------------------- The debtors, Commercial Financial Services, Inc. and CF/SPC NGU, Inc. request that the court enter an order extending the periods within which each of the debtors has the exclusive right to file a plan of reorganization and solicit acceptances of a plan. The debtors seek an extension extending the exclusive periods for filing a plan of reorganization through and including September 30, 1999. The debtors request that the court enter an order extending the debtors' exclusive period to solicit acceptances of a plan of reorganization through and including December 1, 1999. The debtors state that the daily exigencies of the debtors' operations have temporarily drawn the attention of the debtors away from plan formulation. The debtors also claim that they are engaged in consensus-building negotiations that could be undermined by the expiration of exclusivity. CONXUS COMMUNICATIONS: Order Authorizes Financing ------------------------------------------------- The US Bankruptcy Court for the District of Delaware entered an order on July 1, 1999 authorizing the debtors, Conxus Communications, Inc., and its affiliates to obtain post -petition financing and for the Guarantors to guarantee the payment of such obligations up to an aggregate amount not to exceed $17, 000,000 from Motorola, Inc. By and through its Messaging Systems Products Group. DAKOTA MINING: Announces Bankruptcy Proceedings ----------------------------------------------- Dakota Mining Corporation ("Dakota") announced that its Board of Directors authorized the filing of assignments in Bankruptcy pursuant to the Bankruptcy and Insolvency Act (Canada). A Trustee in Bankruptcy will commence the bankruptcy proceedings on July 9, 1999. In addition, Dakota Mining Corporation announced the resignation of its directors. Prior to this action and throughout the past year, the Company has attempted to work out arrangements with its principal secured creditors and to solicit new financing to facilitate the startup of its mining operations. Also, attempts have been made at asset sales and merger. The Company's efforts were unsuccessful. The debt is secured by charges over the assets at the Company's mines held in subsidiaries in South Dakota, Alaska and Idaho. The amount of such secured debt in total amounts to approximately US $20 million The Company does not expect that its subsidiaries will continue operating the properties and reclamation of the various mine sites is likely. FLORIDA COAST: Stone Container Opposes DIP ------------------------------------------ Stone Container Corporation states that it is generally not at odds with the Ad Hoc Committee of Noteholders. Stone states that it is clear that the noteholders' proposed financing is little more than a thinly veiled attempt to terminate exclusivity. It is Stone's understanding that the debtors, Florida Coast Paper Holding Co., LLC and its affiliates will oppose the Noteholders' financing motion and Stone concurs in the opposition. Stone objects to the financing motion because the Noteholders are seeking to prime the junior liens and security interests granted to Stone. Further, the size of the Noteholders' proposed financing facility must take into account that the debtors will have to repay the $800,000, already loaned by Stone if the Noteholders' Financing Motion is granted. The Stone DIP order s provide that the liens, security interests and priority claims granted Stone shall not be modified, altered or impaired by any other financing. Stone is granted a superpriority administrative expense claim over any and all claims and costs of administration. Further, the Loan and Security Agreement and the Second Loan and Security agreement between Stone and the debtors provide that any "impairment" of the Stone DIP orders is an event of default and it is an event of default for an administrative priority claim to be granted which is senior to or on parity with the superpriority administrative claim granted to Stone. If the notheolders' financing is approved, the noteholders receive a priming lien and/or a superpriority administrative expense claim, a default will be triggered requiring immediate repayment of Stone. Stone requests that the court deny the motion of the Noteholders. GANTOS INC: Beneficial Ownership Of 6.87% Common Stock Noted ------------------------------------------------------------ Beneficial ownership of 5.44%, or 446,210 shares of common stock of Gantos Inc., is owned by Elliott Associates, L.P., a Delaware limited partnership. Elliott's total of 446,210 shares consists of 67,085 shares of common stock held outright and warrants to purchase an additional 379,125 shares of common stock. Westgate International, L.P., a Cayman Islands limited partnership, owns 112,000 shares of the company stock, or 1.43%. Martley International, Inc., a Delaware corporation shares voting and dispositive power with Westgate International over the shares, which aggregate a total of 112,000 shares of common stock, the 1.43% cited. Persons filing the recent statement of ownership are Elliott Associates, L.P., a Delaware limited partnership, and its wholly-owned subsidiaries, Westgate International, L.P., a Cayman Islands limited partnership, and Martley International, Inc., a Delaware corporation. Paul E. Singer and Braxton Associates, L.P., a Delaware limited partnership, which is controlled by Singer, are the general partners of Elliott. Hambledon, Inc., a Cayman Islands corporation, is the sole general partner of Westgate. Martley is the investment manager for Westgate. Martley expressly disclaims equitable ownership of and pecuniary interest in any common stock. GRAND UNION: Company Shows Profit In Fiscal 1999 ------------------------------------------------ The Grand Union Company, a Delaware corporation, is engaged in the retail food business. Grand Union operated 217 stores in six northeastern states averaging approximately 27,500 gross square feet per store as of April 3, 1999. The company's common stock has been listed on the Nasdaq National Market since October 1, 1998. The successor company, post reorganization, reports net profit of $114.4 on revenues of $2,286.3 for fiscal year 1999. In the same fiscal period last year the company reported net losses of $304.0 on revenues of $2,266.8. ICF KAISER: Possibility Of Repurchase & Exchange For Notes ---------------------------------------------------------- On June 30, 1999, ICF Kaiser International, Inc. announced it had finalized the sale of its Consulting Group. The company sold 90 percent of the Consulting Group to the Group's management and CM Equity Partners, L.P. for $64 million in cash plus $6.6 million of interest-bearing notes. The parent company, ICF Kaiser International, Inc., retains the 10 percent balance of ownership in the new and independent consulting company, ICF Consulting Group, Inc. In the near future, ICF Kaiser plans to announce a name and ticker-symbol change that will reflect the 85-year history of Kaiser Engineers. "The sale of the Consulting Group allows us to focus on providing engineering and project, construction, and program management services throughout the world in the core areas of transit and transportation; alumina/aluminum and mining/minerals; facilities engineering and management, including wastewater treatment; iron and steel; and microelectronics and clean technology," said James J. Maiwurm, Chairman and CEO of ICF Kaiser. "We have decades of experience and a reputation for excellence in each of these areas." The company continues to build its project backlog. Recently announced contract wins include: a $19 million contract as part of a joint venture to provide construction management services for the construction of the $1 billion Oporto light rail transit project in Portugal; a contract to provide construction management and site services for the final, $60 million phase of the MOS 12 expansion project at a Motorola semiconductor facility in Arizona; an extension of the company's General Engineering Consultant contract, which is estimated to have a value in the range of $20 to $25 million per year, for the Metropolitan Atlanta Regional Transit Authority as part of a joint venture; a $4.5-million contract to provide engineering and construction management services for the construction of a 1.2 million tonne per year compact flat production steel plant in Egypt; and a 12- month extension - worth up to $7.5 million - to the company's contract to serve as the Florida Department of Transportation's Technical Services Consultant for the design phase of the Miami Intermodal Center, which will serve as a hub for various modes of transportation at the Miami airport. In addition to its engineering and construction business, ICF Kaiser International Inc. continues to own a 50% ownership interest in Kaiser-Hill Company, LLC, the entity that serves as the integrating management contractor at the U.S. Department of Energy's Rocky Flats Technology Site near Denver, Colorado. ICF Kaiser has taken steps to significantly reduce its cost structure. These reductions are in response to the company's recent divestitures of its EFM and Consulting Groups and the need to align its overhead structure with its new revenue base. "We are becoming a more disciplined organization with a clear corporate mission and a dramatically streamlined overhead structure," said Maiwurm. "As previously disclosed, management believes it is necessary for the company to realign its capital structure in order to become more competitive," Maiwurm continued. "With the sale of the Consulting Group completed, we can focus on how to best use the available cash proceeds in transactions that reduce the company's debt load. We are actively exploring the possibility of a repurchase for cash and an exchange of a combination of new debt and equity for some or all of the company's outstanding notes." Pending the results of preliminary discussions with representatives of holders of the company's Senior Subordinated Notes due 2003, the company does not plan to make the interest payment due on June 30, 1999 under the terms of its Senior Notes due 2003 and Senior Subordinated Notes due 2003. The failure to pay such interest does not constitute a default under the Indentures governing the notes until the failure to pay continues for 30 days. If the company proceeds with an exchange of equity for some of its outstanding notes, the issuance of additional shares of capital stock will likely be subject to approval of the company's shareholders. That issue and other matters may be on the agenda for the company's 1999 annual meeting of shareholders, planned to be held later this summer. LAMONTS APPAREL: Annual Meeting Postponed, Quorum Lowered --------------------------------------------------------- Lamonts Apparel, Inc., a Delaware corporation, recently gave notice that its annual meeting of stockholders has been postponed from July 9, 1999. The 1999 annual meeting will now be held on July 16, 1999 at 4:00 P.M. local time at the offices of the company, 12413 Willows Road N.E., Kirkland, Washington. The record date for the 1999 annual meeting remains the close of business on May 17, 1999 and the purposes for which the 1999 annual meeting is being held remain the same as those listed in the company's notice of annual meeting dated June 4, 1999, namely the election of directors for the coming year, an amendment to the company's Certificate of Incorporation and certain amendments to the company's Stock Option Plan. The Board of Directors of Lamonts Apparel postponed the 1999 annual meeting in order to enhance the likelihood that a quorum will be present. The 1999 Proxy Statement indicated that a quorum for the conduct of business at the 1999 annual meeting was a majority of the outstanding shares of the company's common stock entitled to vote at the 1999 annual meeting, represented either in person or by proxy. The Board believes that this level of representation may not be attained. In order to maximize the ability of stockholders of the company to conduct business at the 1999 annual meeting in accordance with the meeting notice, the Board has also amended the company's bylaws so that, solely for the purposes of the 1999 annual meeting, a quorum will be the minimum permitted by Delaware law, namely one-third of the outstanding shares of the company's common stock entitled to vote at the 1999 annual meeting. LIVENT (US) INC: Order To Show Cause ------------------------------------ Upon the motion of the debtors for an order authorizing and approving an agreement by and between Pola Jones (Fosse) Ltd. And Livent International Inc. To grant the rights to produce the musical Fosse in the UK, the court finds that an order to show cause scheduling a hearing to consider the motion is necessary. The debtors have entered into an agreement with Pola Jones (Fosse) Ltd. Which grants PJF the rights to stage two productions of the musical. One such production is to be based in the West End of London and the other is a touring production which will stage the musical in various locations throughout the UK, including Great Britain and the Irish Republic. The debtors seek to proceed by order to show cause because, under the agreement, PJF has a limited time in which to build an produce the first paid performance of the musical. In order to produce the musical properly and in accordance with the agreement, PJF must begin production as soon as possible. LONG JOHN SILVER'S: Approval of Disclosures Statement ---------------------------------------------------- The US Bankruptcy Court for the District of Delaware entered an order on June 29, 1999 approving the Disclosure Statement of Long John Silver's Restaurants, Inc., et al., debtors. On August 18, 1999 a hearing will commence before the Honorable Mary F. Walrath, US Bankruptcy Judge, at the US Bankruptcy Court for the District of Delaware, US Courthouse, 824 Market Street, Marine Midland Plaza, 6th Floor, Wilmington, Delaware 19801 to consider confirmation of the plan. MCGINNIS PARTNERS: Seeks Approval Of Stipulation and Agreement -------------------------------------------------------------- The debtors, McGinnis Partners Focus Fund, LP seek court approval of the stipulation and agreement between the Creditors Committee, the Investors Committee and the debtors. The Stipulation and Agreement provides for certain limitations on the debtors' duties and obligations and the assumption by the Investors Committee of the duty to investigate certain claims and causes of action. The Investors Committee has the exclusive right to conduct the investigation of litigation claims., and the Investors Committee may be given the authority to prosecute Litigation Claims and to hire professionals to act as counsel in these cases. The Committees intend to file the plan providing for the elements of this Stipulation and Agreement. The debtors will, upon written request of the committees, withdraw the joint plan of reorganization of Focus and global and the plan of reorganization of Russia (the "debtors plans"),a long with the accompanying disclosure statements. NEW WORLD COFFEE: Trust Owns 10.8% Of Common Stock -------------------------------------------------- Donald F. Conway, as Trustee for the Manhattan Bagel Unsecured Creditors Trust has reported that 2,173,913 shares, or 10.8%, of the common stock of New World Coffee Manhattan Bagel Inc. are owned by the Trust. The Trust is the direct beneficial owner of the 2,173,913 shares of common stock. The Trustee is the indirect beneficial owner of the same 2,173,913 shares of common stock by virtue of his position as trustee with the right to vote and dispose of the shares. NORD RESOURCES: Annual Meeting Slated For August ------------------------------------------------ August is the target month for the 1999 annual meeting of shareholders of Nord Resources Corporation, in New York. Shareholders will be considering and voting upon the election of seven directors for a one year term; approval of the sale of the corporation's 50% ownership interest in the Sierra Rutile titanium dioxide mine in Sierra Leone to an affiliate of MIL S.A.R.L.; and to transact such other business as may come before the meeting. The close of business on July 8, 1999 was fixed as the record date for the determination of shareholders entitled to notice and to vote at the meeting. Proxy solicitations with an August date specific will be directed to shareholders by the company. NU KOTE: Late Filing & Plans Calling For Cancelled Equity ---------------------------------------------------------------- Nu Kote Holding Inc, and six wholly owned United States operating subsidiaries filed voluntary petitions under Chapter 11 of the Bankruptcy Code on November 6, 1998. All of the bankruptcy proceedings relating to the company and its subsidiaries were filed in the United States Bankruptcy Court for the Middle District of Tennessee, Nashville Division. The company has filed a no action letter request with the SEC asking for certain reporting relief from the reports the company is or would be required to file with the Commission. The company is requesting to be allowed to file the necessary forms for the year ended March 31, 1999 accompanied by unaudited financial statements. Because the Bankruptcy Court unexpectedly disqualified PricewaterhouseCoopers LLP, Nu Kote's auditor for many years, the company believes that the preparation and filing of its forms accompanied by audited financial statements would constitute an unreasonable effort and expense for it in its present circumstances. It appears, according to information relayed to the company from the Commission, that it will be at least another month before the Commission completes its review of the company's letter. Nu Kote's bankruptcy proceedings relate to all of its assets and operations in the United States, but do not include the company's international subsidiaries. The company and its secured lenders have each filed their plans of reorganization. Pursuant to both plans, the existing equity of Nu Kote will be canceled. As a result, the current stockholders will have no interest in the company upon the completion of the reorganization. ONEITA INDUSTRIES: Order Approves Bidding Procedures ---------------------------------------------------- The US Bankruptcy Court for the District of Delaware entered an order on June 29, 1999 approving the bidding procedures to govern the submissions of higher and better offers to purchase in bulk at a n action sale all of the debtor's remaining furniture, fixtures, equipment, machinery, forklifts and trucks located at its leased offices and its manufacturing and distribution facilities which is not specifically excluded from the sale and approving a break up fee to be paid to Consolidated Auctioneers & Liquidators, Inc. Under certain conditions. A hearing to consider approval of the sale shall take place on July 19, 1999 at 2:00 PM. The auction will take place at the offices of Moses & Singer LLP at 10:00 AM on July 16, 1999. The first permissible bid must exceed the purchase price set forth in the Bulk Sale Agreement by a minimum of 5%. Each subsequent bid must be in excess of the then highest bid by at least one percent of the then highest bid or by at least $50,000 whichever is less. OPHTHALMIC IMAGING: Rejects Premier's Proposal ---------------------------------------------- Ophthalmic Imaging Systems recently announced that the proposal it had received from Premier Laser Systems, Inc. to acquire the balance of approximately 49% of its shares not currently owned by Premier had been rejected by a unanimous vote of its Board of Directors. The Premier non-binding proposal offered $0.85 worth of Premier Class A common stock for each outstanding share of Ophthalmic Imaging Systems; subject to a number of conditions, including that Premier's share value would be at least $2.00 per share for the measurement period. Steven R. Verdooner, President of Ophthalmic Imaging Systems, stated, "We have been working closely with Premier for some time, and we see a number of potential synergies and other benefits that might come from a combination of the companies. While our Board of Directors concluded that this offer was not adequate, we plan to continue discussions with Premier and are in the process of engaging a financial advisor to assist us in any further negotiations." Ophthalmic Imaging Systems is the leading provider of ophthalmic digital imaging systems. The company designs, develops, manufactures and markets digital imaging and image enhancement systems and analysis software. With over a decade in the ophthalmic imaging business, Ophthalmic Imaging Systems has consistently been the first to introduce new technology and features. The company offers customer support through a worldwide network of service technicians. Premier Laser Systems, Inc, with 2,131,758 shares of Ophthalmic Imaging's common stock is beneficial owner of 51.3% of the outstanding shares of common stock based on 4,155,428 shares of common stock reported as of April 14.1999. PAGE AMERICA: Taps Covey & Assoc. As Special Counsel ---------------------------------------------------- The debtors, Page America Group, Inc., et al. Seek entry of an order authorizing the debtors to retain Covey & Associates, PC as special counsel to represent the debtor in connection with the Papa v. Nynex Law Suit. For the most part, the debtor states that the services of the firm will be billed at an hourly rate of $275. per hour. PARAGON TRADE: Wants Court OK For Competing Investment Proposals ---------------------------------------------------------------- On June 11, 1999 Paragon Trade filed a motion with the bankruptcy court seeking approval of bidding procedures, an expense reimbursement, and a termination fee relating to a proposed investment by Wellspring Capital Management LLC, to acquire the company as part of reorganization. The bidding procedures provide for the consideration of competing investment proposals from other interested parties. The company intends to simultaneously prepare and file a stand-alone plan of reorganization so that the plan process and the company's emergence from Chapter 11 will not be delayed in the event that the Wellspring Proposal is not consummated, or a higher or otherwise better alternative transaction is not approved or accepted. On June 22, 1999, Paragon Trade, in conjunction with the New York Stock Exchange, announced that trading in the common stock of the company would be suspended prior to opening of trading on July 8, 1999, or such earlier date as the company commences trading in another securities marketplace, information is received that the company does not meet the listing requirements of the other securities marketplace; or the company makes a material adverse news announcement. The company intends to apply to list its shares by the National Quotation Bureau and on the OTC Bulletin Board. Paragon's common stock was valued at $2.125 per share at December 31, 1998, however, the company's stock closed at $1.8125 per share on June 11, 1999. PEMEX FINANCE: S&P Rates $1B Notes Ser 1999-B `BBB' -------------------------------------------------- Standard & Poor's--July 9, 1999--Standard & Poor's assigned its preliminary triple-`B' rating to Pemex Finance Ltd.'s $1 billion note series 1999-B. In addition, Standard & Poor's affirmed its triple-`B' rating on the uninsured tranches of the company's 1998 and 1999-A series notes. The preliminary rating is based on information as of July 8, 1999. Subsequent information may result in the assignment of a final rating that differs from the preliminary rating. This is the third issuance in a $5 billion program that was rated in December 1998. With the proposed transaction, total program issuance to date will be $3.6 billion. It is expected that one of the three tranches will be the beneficiary of a financial guarantee insurance policy issued by MBIA and will therefore be rated triple-`A'. The issued notes will be unsecured senior obligations of Pemex Finance Ltd., with interest and principal payable quarterly. The triple-`B' rating on the $5 billion program is based on: -- The ability of Petroleos Mexicanos (Pemex) to produce, and PMI Internacional S.A. de C.V. to export, an amount of Maya crude oil, or if unavailable, other crude oil, to generate sufficient receivables to pay debt service on up to $5.0 billion of debt over the next 30 years. -- A sufficient level of overcollateralization, which, on average, is expected to be 3.8 times (x) debt service, given a stress case of a $5 billion note amortizing over 15 years, and 3x debt service, given a stress case of a $5 billion note amortizing over 10 years. -- The availability of a liquidity facility to cover debt service for the next scheduled payment date. -- The structural enhancements in place to mitigate sovereign risk, including the assignment of receivables generated from the sale of Maya crude oil to Pemex Finance. In addition, the heavy and sour quality of Maya crude oil makes redirection to alternative (non-designated) customers difficult, as most of the refining capacity for this type of crude is located in the United States, Canada, and Aruba. Before closing, the designated customers signed agreements acknowledging the assignment and agreeing to make any future payments directly to an offshore collection account. -- The expectation that, in the event of heightened sovereign financial stress, including the possible but unlikely event of default, the government would be less likely to interfere with the service of this obligation than with other Pemex obligations not benefiting from a supporting structure. This assessment reflects Pemex's timely service of its debt secured by future oil receivable sales in the early 1980s, even as other Pemex obligations were included in the rescheduling of public sector debt. Indeed, in a number of past instances of financial stress, the Mexican government has utilized oil exports or oil export revenues as collateral for sizable emergency external credits. As a result, Standard & Poor's believes that, in a possible future situation of financial stress, the government would be likely to protect the value of this financing option by according it de facto seniority. The implicit priority accorded to this debt is also supported by the importance of oil industry revenues to the government's fiscal performance. The triple-`B' rating is constrained by: -- The size of the program. The debt service coverage, given a fully utilized program, results in a relatively high percentage of U.S. dollars remaining offshore compared with similarly structured transactions. This could increase the government's incentive to interfere with debt service payments during a period of financial stress; -- The ownership structure of Pemex. Pemex is a decentralized public entity wholly owned by Mexico (double-`B' foreign currency rating). Pemex has little autonomy, and is treated as an integral part of the public sector, from both a financial and operational perspective. -- Pemex's inconsistent track record in the area of exploration and reserve replacement. At current reserve and production levels, Maya crude oil, the product least likely to be redirected, could be depleted in less than 30 years. Pemex is obligated to sell to Pemex Finance receivables generated from the sale of other grades of crude oil if exports of Maya crude oil fall to less than 450,000 barrels per day. However, sales of these other grades of crude oil may more easily be redirected to customers other than designated customers. -- The limited ability and willingness of designated customers to make payments directly into the offshore collection account. Although about 10% of Pemex's customers are either rated below investment grade or are unrated, the risk of nonpayment by these customers is mitigated by Pemex's conservative credit policies and the excellent payment history of its designated customer base over the past five years. PENN TRAFFIC: Company Issuing Six-Year Warrants ----------------------------------------------- In connection with the effectiveness of The Joint Plan of Reorganization of The Penn Traffic Company and certain of its subsidiaries, the company will be issuing six-year warrants to purchase 1,000,000 shares of common stock, par value $.01 per share. The Warrants will be exercisable immediately upon their date of issuance, and will have an initial exercise price of $18.30 per share, subject to certain adjustments and anti-dilution protections briefly discussed below and more fully set forth in the form of the Warrant Agreement, dated as of June 29, 1999, between the company and Harris Trust and Savings Bank upon effectiveness of the Plan. (See below). The Warrants may be exercised in whole or in part, at any time and from time to time until the sixth anniversary of their date of issuance. The Warrants will cease to be exercisable, terminate and become void on the expiration date, and all rights under the Warrants and the Warrant Agreement will cease at that time. Under the Warrant Agreement, the exercise price, the number of shares covered by each Warrant and the number of Warrants outstanding are subject to adjustment from time to time as a result of the company, among other things, declaring a dividend on shares of common stock payable in shares of any class of capital stock of the company, stock splits, issuing any shares of capital stock in a reclassification of shares of the common stock, fixing a record date for the issuance of rights, options, or warrants to all holders of common stock at an exercise price that is less than the then current market price for the common stock, fixing a record date for the making of a dividend or distribution to all holders of common stock of any evidences of indebtedness or assets or subscription rights or warrants, or consummating a tender offer for or otherwise repurchasing or redeeming common stock. The warrant agent for the Warrants is Harris Trust and Savings Bank. The foregoing is only a summary of significant terms and provisions of the Warrants and is qualified in its entirety by reference to the Warrant Agreement, a full-text copy of which is available at http://www.sec.gov/cgi-bin/srch-edgar?0000950142-99- 000512 via the Internet. PERK DEVELOPMENT: Order Approving Disclosure STATEMENT ------------------------------------------------------ On June 28, 1999, the US Bankruptcy court for the Western District of New York entered an order approving the disclosure statement of Perk Development Corporation and Brambury Associates, debtors. The hearing to consider confirmation of the plan shall be held on July 29, 1999 at 11:00 AM a t the US Bankruptcy , Room 1550, 100 State Street, Rochester, New York 14614. The plan treats the debtors as consolidated entities. The plan is one of orderly liquidation as set forth in the Purchase Order and in the plan. On or about February 28, 1999, shortly after the closing with the purchaser, the debtors ceased all business operations. Following the sale, the debtors received or held net sale proceeds of $2,932,726. The sum of $131,000 was paid to A&L Holding in satisfaction of its secured claim. The sum of $500,000 was escrowed for the Committee. The debtors also received the sum of $61,012 in respect of post- closing real estate taxes. The debtors estimate that as of June 30, 1999 the available cash remaining after the payment of accrued and unpaid allowed administrative claims will be approximately $2.8 million. The IRS has filed a proof of claim in Perk's case which asserts a $1.5 million secured claim, a $631,868 priority claim and a $82,475 unsecured claim. The NYS Dept of Taxation and Finance has filed a proof of claim in both Perk's and Brambury's cases which asserts a $1.35 million secured claim and a priority claim of $2.24 million. The NYS Dept. Of Labor, Unemployment Insurance Division has filed a proof of claim in Perk's case which asserts a priority claim of $919,113. For unemployment insurance. FFCA was paid $446,273 and the Partial Cure Assignment of $500,000 was placed into an escrow account in the name of the Committee. This is pursuant to a Compromise Order providing that the Partial Cure assignment shall be exclusively available of holders of non-priority unsecured claims only if all Administrative Claims are paid in full and the Bankruptcy Court, after a notice and a hearing approves such allocation. Treatment of Classes Under the Plan: Class 1 - Priority Claims - Unimpaired. Class 2 - Allowed Reclamation Claims - Unimpaired. Class 3 - Allowed Secured Claims. Impaired. The IRS shall be deemed to have an allowed secured claim of $1.5 million and the NYSDTF shall be deemed to have an allowed secured claim of $1.356 million. Holders shall be paid pro rata as provided in the plan. Class 4 - Allowed Tax Claims. The IRS shall be deemed to have an allowed Class 4 claim of $631,868. The NYSDTF shall be deemed to have a Class 4 claim of $2.24 million The NYSDL-UID shall be deemed to have a Class 4 claim of $905,000. Holders shall be paid, pro rata, on account of such claims 50% of the net recoveries of the assigned causes of action as provided in the plan. Class 5 - General Unsecured Claims. Impaired. Holders will receive, in cash an amount equal to its pro rata distribution of the sum of $500,000. Holders will also share Pro rata in 50% of the net Recoveries of the assigned causes of action. Class 6 - Equity Interests. Holders shall not receive or retain any property or money under the plan. RENAISSANCE COSMETICS: Committee Taps Saul, Ewing, Remick & Saul ---------------------------------------------------------------- The Official Committee of Unsecured Creditors of Renaissance Cosmetics, Inc. et al. Seeks authority to retain and employ Saul, Ewing, Remick & Saul LLP as Delaware counsel for the committee. The Committee is also seeking authority to retain Kronish, Lieb as its primary counsel. The standard d hourly rates payable to Saul Ewing ranges from $105 per hour for a paralegal to $295 per hour for a partner. The firm will provide the following services: To provide legal advice with respect to the Committee's powers and duties in these cases; The preparation on behalf of the Committee of all necessary applications, answers, order and other legal papers; The representation of the committee in any and all matters involving contests with the debtors, alleged secured creditors and other third parties; The negotiation of a consensual plan or plans of reorganization; and To perform all other legal services for the Committee which may be necessary and proper in these proceedings. SGL CARBON: Committee of Unsecured Creditors Seeks To Modify Stay ----------------------------------------------------------------- The Official Committee of Unsecured Creditors seeks an order modifying the automatic stay so as to permit a single trial of civil antitrust claims against the debtor. On May 4, 1999, SGL Carbon Aktiengesellschaft (SGL AG) and its Chairman, Robert Koehler, agreed to plead guilty to criminal charges that they participated in a conspiracy to fix the price and allocate the volume of graphite electrodes sold in the US and elsewhere. All parties, including the debtor recognize that a resolution of the civil antitrust claims is necessary before the conclusion of the civil antitrust claims. The Committee believes that it is in the interest of all parties for the court to order a limited modification of the automatic stay to permit a single trail in the Philadelphia District Court that will enable this court to fix the value of all antitrust claims against the debtor in a prompt and efficient manner. SIRENA APPAREL: Class Action Commences -------------------------------------- Counsel for Class Plaintiff, Barrack, Rodos & Bacine, today issued the following: A class action has been commenced in the United States District Court for the Central District of California on behalf of all persons who purchased the common stock of The Sirena Apparel Group, Inc. (Nasdaq: SIRN SIRNQ)(`Sirena` or the `Company`) between November 12, 1998, and June 7, 1999, inclusive (the `Class Period`). The complaint charges Sirena and principal officers and directors, Newman, Gerhart and Arbetman, with violations of the Securities Exchange Act of 1934. The complaint alleges that beginning in November 1998, defendants made false and misleading statements about Sirena's operations and earnings. More particularly, plaintiff alleges that Sirena filed false financial statements for the 1st, 2nd and 3rd quarters of fiscal 1999. On June 7, 1999, Sirena announced that there were accounting irregularities at the Company and that Sirena would have to restate its financial results for the first three quarters of fiscal 1999. The Company announced it would be taking materials charges which would include the writedown of inventory and the writeoff of certain deferred expenses. The Company also announced the termination of defendants Newman and Gerhart, the CEO/Chairman and CFO, respectively. As a result of the false public statements and financials, Sirena stock traded as high as $9 during the class period. After the June 7, 1999 announcement, the stock fell to as low as $1.875 per share. Subsequently, Sirena filed a petition for bankruptcy and its stock is being delisted from the Nasdaq Stock Market. During the Class Period, but before the truth was revealed on June 7, 1999, defendant Arbetman, the President and Vice Chairman, sold 47,000 shares of Sirena stock (90% of his actual stock). The plaintiff seeks to recover damages on behalf of all purchasers of Sirena common stock during the Class Period. He is represented by the law firm of Barrack, Rodos & Bacine, which has extensive experience in prosecuting investor class actions involving financial fraud. Barrack, Rodos & Bacine has prosecuted securities, antitrust and consumer class actions for over 20 years. The firm has offices in Philadelphia, San Diego, New York, Boston and New Jersey and has been designated lead counsel by federal and state courts across the country in large, complex cases. For more information about Barrack, Rodos & Bacine, please visit their website at www.barrack.com. STARTER CORP: Seeks To Reject Licensing Agreement -------------------------------------------------- The debtors, Starter Corporation, et al., seek to reject a certain Licensing Agency Agreement with SoundView Licensing, Inc. that provided for SVL to act as a non-exclusive licensing agent for Starter, and to be paid a commission on the royalty payments received from licenses. That entered into a contract with Starter through the assistance of SVL. Since Starter intends to sell all or substantially all of their assets, Starter seeks to reject the agreement. STARTER CORP: Seeks To Reject License Agreement With USTA --------------------------------------------------------- Starter Corporation seeks an order authorizing the rejection of the License Agreement with the USTA, Inc. Starter and the United States Tennis Association, Inc. Entered into a License Agreement for licensing of USTA names, symbols, logos, artwork, copyrights, trade dress and trademarks of USTA in connection with certain merchandise. Under the Agreement, Starter agreed to pay USTA royalties on the sale of the merchandise bearing its Marks. Since the debtors intend to sell all or substantially all of their assets, Starter seeks to reject the Agreement. THE COSMETIC CENTER: Order Extends Period To Assume/Reject Leases ----------------------------------------------------------------- The time within which the debtor, The Cosmetic Center, inc. May assume or reject unexpired leases of stores going out of business is extended through and including August 15, 1999. The time within which the debtor may assume or reject the leases of the operating stores is extended through and included September 30, 1999. UNITED COMPANIES FINANCIAL: Objection To Relief From Stay --------------------------------------------------------- United Companies Lending Corporation, one of the debtors, opposes the motion of The West Group for relief from the automatic stay. West Group seeks to lift the automatic stay to allow it to terminate certain contracts for use of computer software used for the purpose of legal research to the debtors. The contracts are for a one year period ending November 19, 1999. The debtor claims that the automatic stay should not be lifted as the West Group has not established sufficient cause pursuant to previous case law. Meetings, Conferences and Seminars ---------------------------------- July 15-18, 1999 AMERICAN BANRKUTPCY INSTITUTE Northeast Bankruptcy Conference Mount Washington Hotel & Resort Bretton Woods, New Hampshire Contact: 1-703-739-0800 August 4-7, 1999 AMERICAN BANRKUTPCY INSTITUTE Southeast Bankruptcy Workshop The Ritz-Carlton, Amelia Island, Florida Contact: 1-703-739-0800 August 26-28, 1999 AMERICAN LAW INSTITUTE - AMERICAN BAR ASSOCIATION COMMITTEE ON CONTINUING PROFESSIONAL EDUCATION Real Estate Defaults, Workouts and Reorganizations San Francisco, California Contact: 1-800-CLE-NEWS August 29-September 1, 1999 NATIONAL ASSOCIATION OF BANKRUPTCY TRUSTEES 1999 Convention Grove Park Inn, Asheville, North Carolina Contact: 1-803-252-5646 or info@nabt.com September 13-15, 1999 STATES' ASSOCIATION OF BANKRUPTCY ATTORNEYS 8th Annual States' Taxation & Bankruptcy Conference Hotel Santa Fe, Santa Fe, New Mexico Contact: 1-505-827-0728 September 16-18, 1999 AMERICAN BANRKUTPCY INSTITUTE Southwest Bankruptcy Conference The Hotel Loretto, Santa Fe, New Mexico Contact: 1-703-739-0800 September 24-25, 1999 VIRGINIA CONTINUING LEGAL EDUCATION 14th Annual Mid-Atlantic Institute on Bankruptcy and Reorganization Practice Boar's Head Inn, Charlottesville, Virginia Contact: 1-800-979-8253 September 27-28, 1999 RENAISSANCE AMERICAN CONFERENCES & BEARD GROUP, INC. Conference on Corporate Reorganizations Regal Knickerbocker Hotel, Chicago, Illinois Contact: 1-903-592-5169 or ram@ballistic.com October 6-9, 1999 NATIONAL CONFERENCE OF BANKRUPTCY JUDGES 73rd Annual Meeting San Francisco Marriott, San Francisco, California Contact: 1-803-957-6225 October 22-26, 1999 TURNAROUND MANAGEMENT ASSOCIATION 1999 Annual Conference The Fairmont--Atop Nob Hill, San Francisco, CA Contact: 1-312-822-9700 or ljfialkoff@turnaround.org November 29-30, 1999 RENAISSANCE AMERICAN CONFERENCES & BEARD GROUP, INC. Distressed Investing '99 The Plaza Hotel, New York, New York Contact: 1-903-592-5169 or ram@ballistic.com December 2-4, 1999 AMERICAN BANRKUTPCY INSTITUTE Winter Leadership Conference La Quinta Resort & Club, La Quinta, California Contact: 1-703-739-0800 ********** The Meetings, Conferences and Seminars column appears in the TCR each Tuesday. Submissions via e-mail to conferences@bankrupt.com are encouraged. 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