/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/990818.MBX T R O U B L E D C O M P A N Y R E P O R T E R Wednesday, August 18, 1999, Vol. 3, No. 159 Headlines ALTA GOLD: Results For Second Quarter AMERICAN BANKNOTE: To Issue Delayed Revised Financial Statements AMERICAN TRACK SYSTEMS: Meeting of Creditors CELLPRO: Sale of European Operations CFI MORTGAGE: Engages New Auditor Firm With Court Approval CHS ELECTRONICS: Posts $89M Loss, Hires Investment Banker CLARIDGE HOTEL AND CASINO: Files Chapter 11 COHO ENERGY: Reports Financial and Operating Results CRESCENT AIRWAYS: Confirmation Hearing Postponed CRIIMI MAE: Second Quarter Results CROWN BOOKS: Seeks Extension To Assume/Reject Leases EATON'S: Shares Marked Down to Penny Stock Status EQUITEX: Subsidiary Completes Acquisition Of Victoria Precision FIRSTPLUS FINANCIAL: Compromise With GACC FIRSTPLUS FINANCIAL: Hearing on Motion to Extend Exclusivity FWT, INC: Hearing to Employ Ernst & Young GREATE BAY CASINO: Second Quarter Results GUNTHER INTERNATIONAL: Sales Up -Losses Down INTERLINE RESOURCES: Uncertainty Regarding Note Obligation IRIDIUM LLC: $800 Million Senior Secured Credit Facility Expires LEVITZ FUNRITURE: Twelfth Amendment to DIP LEVITZ: Fifth Motion To Extend Time To Assume/Reject Leases LOEWEN: Seeks to Pay Pre-Petition Tax Bill LOEWEN: Seeks to Reject Sales Agreement With Duff Enterprises LONG JOHN SILVER'S: Extension of Time To Assume/Reject Leases MCA: Execution of Sub-Servicing Agreement NATIONAL ENERGY GROUP: Results For Second Quarter NATIONSWAY: Support For Employee Retention Program NEXTWAVE: Judge's Order Stops Nextel from Acquiring Licenses PENN TRAFFIC: 44% Of Common Stock Owned By Investment Firms PITTSBURGH PENGUINS: Financing Through August PLANET HOLLYWOOD: Sells 20% Equity Interest In Joint Venture SANTA BARABARA AEROSPACE: Grounded By Bankruptcy SANTA FE GAMING: Announces Increase in Revenues And Cash Flow SHOE CORP: Order Authorizes and Approves Sale TELEPAD CORP: Committee Supports Trustee THE COSMETIC CENTER: Proposes Auction of Leasehold Interests UNITED PETROLEUM: Seeks Extension of Exclusive Periods WESTMORELAND COAL: Reports Second Quarter Loss ********** ALTA GOLD: Results For Second Quarter ------------------------------------- Alta Gold Co. (OTC BB:ALTAQ) announces results for the second quarter and six months ended June 30, 1999. For the second quarter of 1999, the Company reported a net loss of $2,149,000 ($ 0.06/share) from revenue of $ 7,058,000. For the second quarter of 1998, net income totaled $ 114,000 ($0.00/share) from revenue of $ 3,221,000. For the six months ended June 30, 1999, the Company reported a net loss of $2,119,000 ($ 0.06/share) from revenue of $ 13,730,000. For the six months ended June 30, 1998, net income totaled $ 480,000 ($ 0.01/share) from revenue of $6,845,000. Revenue more than doubled in both the second quarter and six months ended June 30, 1999, as compared to comparable prior-year periods, primarily as the result of gold production from Olinghouse. However, the Company ended up losing money in 1999 as the result of multiple factors, including: 1) interest and associated costs incurred on the Company's debt; 2) the lower than expected rate of gold production at Olinghouse due to continuing production problems; 3) the greater than expected decrease in gold production from Griffon; 4) the higher than expected cost of producing gold at Olinghouse; 5) the deterioration in the price of gold; and 6) costs incurred in regard to the Company's bankruptcy proceedings. On Aug. 4, 1999, as the result of having received an offer from a potential investor to buy an interest in Olinghouse, the Company filed a conditional motion to dismiss its Chapter 11 bankruptcy proceeding. The Bankruptcy Court established Aug. 31, 1999 as the date on which a hearing on the conditional motion to dismiss will be held. Since the Company's April 14, 1999 filing, the Company's operations have not improved and its liquidity has continued to deteriorate to the point where, on Aug. 6, 1999, the Company temporarily suspended all mining, crushing and milling operations at Olinghouse in order to preserve its liquidity on a short-term basis. The Company believes that the only source of additional capital which may be available to the Company given the Company's current financial condition is from a sale of an interest in Olinghouse. In the event that the Company does not consummate a sale or obtain financing from other sources within a very short period of time, the Company's ability to continue operating is in doubt. AMERICAN BANKNOTE: To Issue Delayed Revised Financial Statements ---------------------------------------------------------------- American Banknote Corporation, on March 26, 1999, filed statements with the SEC in connection with its financial statements for the year ended December 31, 1998, and on May 18, 1999, filed further information in regard to financial statement filing for the quarter ended March 31, 1999. American Banknote stated that its former wholly-owned subsidiary, American Bank Note Holographics, Inc., which was sold July 20, 1998 in a public offering of American Bank Note Holographics' shares, had announced that its financial statements for each of the first three quarters of 1998 and for each of the years ended December 31, 1997 and December 31, 1996 will require restatement. The company stated in the filings that it believed that, based upon the above, any restatement of American Bank Note Holographics' results would result in a reduction in its previously reported operating income in 1996, 1997 and 1998. The company has not filed its financial statement information for the year ended December 31, 1998 or for the quarter ended March 31, 1999, and will not file for the quarterly period ended June 30, 1999 in the near future. The company explains it expects to file revised consolidated financial statements of the company after the issuance by American Bank Note Holographics of revised financial statements. AMERICAN TRACK SYSTEMS: Meeting of Creditors --------------------------------------------- The rescheduled meeting of creditors in the case of American Track Systems International, Inc. will be held September 13, 1999 at 10:00 AM in Room 2313, US Courthouse, 844 King Street, Wilmington. CELLPRO: Sale of European Operations ------------------------------------ CPX Corp. (OTC BB: CPRO), formerly known as CellPro, Incorporated, announced the consummation of the sale of its European subsidiaries to Mr. Robert Vandervelde, Mrs. Sylvie Bacq and Mrs. Godelieve Boucque, pursuant to three separate purchase agreements, and related transactions. The Company will receive gross proceeds of $ 370,030 in consideration from such transactions. In addition, the Company announced the settlement of its outstanding claim, in an undisclosed amount, against Lyon and Lyon, which included a compromise of certain intercompany accounts. The Company also announced its intention to make the final distribution of funds to equity holders pursuant to the amended plan of reorganization filed by the Company with the United States Bankruptcy Court for the Western District of Washington and approved and confirmed on May 21, 1999. The distribution in the amount of $.10 per share is anticipated to be made on September 30, 1999 to shareholders of record on September 10, 1999, subject to the receipt of the proceeds from the sale of the European subsidiaries. As previously announced, on June 18, 1999 the Company made the first distribution of funds to shareholders in the amount of $ 0.21 per share. CFI MORTGAGE: Engages New Auditor Firm With Court Approval ---------------------------------------------------------- CFI Mortgage Inc. has engaged Weinick Sanders Leventhal & Co., LLP, certified public accountants with offices in New York, New York, as its independent auditor to certify the company's financial statements for the year ended Dec. 31, 1998. The company has received approval of the engagement as required, by the Bankruptcy Court. CFI previously reported the resignation of the accountant who certified its financial statements for the year ended Dec. 31, 1997. CHS ELECTRONICS: Posts $89M Loss, Hires Investment Banker --------------------------------------------------------- Herald Business reports that CHS Electronics reports an $89 million second-quarter net loss, a 23 percent drop in profit margins and the technical default on three loans, CHS Electronics of Miami said Monday it will hire an investment banking firm to evaluate its options. Although the hiring of an outsider advisor sometimes leads to the sale or breakup of a company, CHS said there is "no assurance" that the step will result in any action. But there's little argument that the computer distributor is sending a distress call. In CHS' second quarter, the company lost $14 million to restructuring, added $24 million to its bad debt reserves, mainly for its Latin American customers, and created a $20.7 million reserve for money owed by an unnamed affiliate. Additionally, revenue rose 32 percent to $2.3 billion for the quarter, but gross profit was flat at $114.6 million as gross profit margins fell to 4.9 percent from 6.4 percent a year ago. CHS blamed that on lower prices for data storage devices and price wars in Germany and the United Kingdom. CHS has hired a turnaround specialist for the new job of chief operating officer. Mark E. Keough, 44, who turned around the distribution operations of Wesco International after spending time as a partner at McKinsey & Co., has already joined what analysts say will be a difficult task. The company said it has signed an agreement to sell its Sun Microsystems distribution business in Germany, Austria, Denmark and Sweden to an unidentified buyer for $50 million -- $38 million to CHS, $12 million to minority shareholders. CHS expects to reap a pre-tax profit of $32 million on the deal. CHS shares lost 50 cents Monday, dropping to $3.37 1/2, well below the stock's 52-week high of $19.75 on Jan. 8. 2nd qtr. ended June 30 1999 1998 Revenue $2.3 billion $1.8 billion Net income (loss) ($89.2 mil.) $5.5 mil. Per share ($1.55) 10 cents. CLARIDGE HOTEL AND CASINO: Files Chapter 11 ------------------------------------------- The Claridge Hotel and Casino Corporation, operator of the Claridge Casino Hotel here, announced today that it filed a voluntary petition for Chapter 11 protection in the US Bankruptcy Court for the District of New Jersey in Camden, NJ. This action had been previously indicated in the Claridge's announcement of July 27, 1999 and is intended to facilitate a financial restructuring. The Claridge Hotel and Casino Corporation, through its subsidiary, The Claridge at Park Place, Incorporated, operates the Claridge Casino Hotel in Atlantic City. The casino hotel opened in July 1981 and has 59,000 square feet of casino gaming space. The Claridge Hotel and Casino Corporation is a closely- held public corporation. Its Corporate Bonds are publicly traded on the New York Stock Exchange under the symbol CLAR02. COHO ENERGY: Reports Financial and Operating Results ---------------------------------------------------- Coho Energy Inc. (OTC BB:COHO) reported financial and operating results for the six and three month periods ended June 30, 1999. Since February 1999, following the failure of the Hicks, Muse, Tate & Furst $250 million financing agreements, which are the subject of pending litigation, the Company has been working to restructure its financial obligations which defaulted after the Hicks Muse withdrawal. Currently the Company remains in default under the terms of its $ 240 million bank credit facility and its $150 million senior notes. On July 30, 1999, the bank group reduced the over advance amount from $ 89.6 million to $ 69.6 million as a result of another borrowing base redetermination. The Company has been actively working with both groups to reach an agreement on a restructuring of the debt instruments and has not yet finalized an agreement that is satisfactory to all parties. The Company cannot provide assurances that a negotiated transaction can be completed; any negotiated arrangements may require the protections afforded by the bankruptcy courts. The defaulted financial obligations together with a decline in oil prices have had an adverse effect on the operations and financial results of the Company. For the three months ended June 30, 1999, the Company reported a loss of $ 10.1 million, ($ 0.40 per share) as compared with a loss of $ 41.6 million ($ 1.63 per share) in the same period of 1998. For the six month period in 1999 the Company's loss was $ 19.1 million as compared with a loss of $ 63.9 million for the same six month period in 1998. The 1998 losses are primarily attributable to non cash ceiling test writedowns. The default interest rate on both debt instruments has resulted in higher interest costs than a year ago and costs associated with the restructuring and penalties on past due state taxes have further impacted the financial results. Coho Energy Inc. is a Dallas based independent oil and gas producer focusing on exploitation of underdeveloped oil properties in Oklahoma and Mississippi. CRESCENT AIRWAYS: Confirmation Hearing Postponed ------------------------------------------------ The confirmation hearing of the chapter 11 plan of the consolidated estates of Crescent Airways Corp., Dooley Helicopters, Inc., and Crescent Airways, Inc. is rescheduled and will be held on September 7, 1999 at 2:00 PM in courtroom 103, US Bankruptcy Court, Federal Building, 121 Spring Street, Gainesville, Georgia 30501. CRIIMI MAE: Second Quarter Results ---------------------------------- CRIIMI MAE Inc. (NYSE: CMM), the commercial mortgage company that filed to reorganize under Chapter 11 of the U.S. Bankruptcy Code on October 5, 1998, reported results for the three and six months ended June 30, 1999. Results for the quarter, as compared to the corresponding prior year's quarter, included a higher net interest margin under both generally accepted accounting principles (GAAP) and on a tax basis. However, the company reported a net loss under GAAP and decreased tax basis income for the quarter ended June 30, 1999 as compared to 1998. Tax basis income decreased primarily due to reorganization costs when compared to 1998. The decline in GAAP basis earnings this quarter versus 1998's second quarter is attributed to reorganization costs and an unrealized loss of $10.9 million related to the company's exposure on unsecuritized originated mortgage loans from its mortgage warehouse facilities. In addition, prior year second quarter results included a gain of $29 million from the resecuritization of commercial mortgage-backed securities (CMBS). CRIIMI MAE's shareholders' equity decreased to approximately $281 million ($4.24 per fully diluted share) at quarter end, from approximately $313 million ($4.83 per fully diluted share) at March 31, 1999. The decrease in shareholders' equity during the quarter primarily resulted from an aggregate $29.6 million decrease in the fair value of the company's CMBS and insured mortgage securities, as well as a net loss of $2.0 million. The net interest margin increased approximately $735,000 under GAAP and approximately $2 million on a tax basis for the second quarter of 1999 compared to the second quarter of 1998. The increases in net interest margin were primarily due to an increase in CRIIMI MAE's holdings of subordinated CMBS and securitized mortgage loans. Under GAAP, the net loss for the three months ended June 30, 1999 was $2.0 million compared to net income available to common shareholders for last year's second quarter of approximately $43.4 million. On a per share basis, the second quarter's net loss was four cents per diluted and per basic share. This compares to last year's net income of 85 cents per diluted share and 92 cents per basic share. For the first six months of 1999, net income available to common shareholders was approximately $11.4 million or 20 cents per diluted share and 21 cents per basic share compared to approximately $55.7 million or $1.16 per diluted share and $1.23 per basic share for the first half of 1998. Tax basis income available to common shareholders for the second quarter was approximately $11.9 million compared to approximately $22.4 million for last year's second quarter. On a per share basis, tax basis income for the quarter was 22 cents compared to 47 cents for last year's second quarter. For the first six months of 1999, tax basis income was approximately $31.5 million compared to approximately $37.4 million for the first half of 1998. The per share figure for the first half of 1999 was 59 cents compared to 81 cents for the first half of 1998. Reorganization costs totaled $8.7 million for the quarter and $10.7 million for the first half of 1999, and decreased earnings from equity investments. Aggregate GAAP unrealized losses of $33 million related to the unsecuritized mortgage loans were realized for both GAAP and tax purposes in August 1999 upon the sale of all but three loans in one of the warehouse facilities. Since filing for Chapter 11 protection, CRIIMI MAE has suspended its subordinated CMBS acquisition, origination and securitization programs. The company, however, continues to hold a substantial portfolio of subordinated CMBS and, through its servicing affiliate, acts as a servicer for its own as well as third party securitizations. CROWN BOOKS: Seeks Extension To Assume/Reject Leases ---------------------------------------------------- The debtors, Crown Books Corporation and its debtor affiliates seek an extension of time within which they must elect to assume or reject their unexpired leases of non-residential real property. A hearing will be held on August 26, 1999. The debtors are tenants under approximately 95 unexpired nonresidential real property leases. The leases relate to the debtors' retail stores and corporate office. The debtors believe that additional time will permit further dialogue with the Committee and their creditors and thereby enhance the prospects for the confirmation of a consensual plan of reorganization. Particularly in light of the fact that the debtors have already filed the plan, contemplating assumption of the leases, the debtors seek the extra time to discuss and review their conclusions with respect to the leases. The extension sought would be for a period up to and including November 12, 1999. EATON'S: Shares Marked Down to Penny Stock Status ------------------------------------------------- Shares of T. Eaton Co., Canada's oldest department store chain, were marked down to penny stock status Monday after the company said an unnamed suitor decided against buying a large number of its stores. "Unfortunately, the buyer withdrew from the process late on Friday notifying us that it was not prepared to go forward with the proposed transaction," said Brent Ballantyne, Eaton's chief executive and chairman, in a press release. The news pushed the shares down C$1.25 at the open Monday to a record low of 60 Canadian cents on the Toronto Stock Exchange, but by mid-morning the shares had recovered to 73 Canadian cents, down C$1.12. In May the 130-year old chain of 61 stores said it would put itself up for auction in light of mounting losses. Five of the stores are scheduled to be closed next spring. Rumored buyers included Sears Canada Inc. and Cincinnati-based Federated Department Stores Inc. , owner of Bloomingdales and Macy's. Earlier this month the company said it had secured an additional C$35 million in additional credit financing to appease concerned suppliers. But Eaton's said it has now closed its warehouse and will not be receiving merchandise until further notice. Discussions with suitors have shifted to discussions with lenders and key landlords, "with a view to involving the major stakeholders in the significant decisions that will need to be made," said Hap Stephen, Eaton's chief financial officer.($1- $1.48 Canadian) EQUITEX: Subsidiary Completes Acquisition Of Victoria Precision --------------------------------------------------------------- Effective July 27, 1999, Equitex Inc.'s majority owned subsidiary, VP Sports, Inc., completed an acquisition in which Victoria Precision, Inc., a corporation incorporated under the laws of the Province of Quebec, merged with and into a wholly- owned subsidiary of VP, 9066-8609 Quebec Inc., a corporation incorporated under the laws of the Province of Quebec. VP acquired all of the capital stock of Victoria from its existing stockholders, 141982 Canada Inc., a corporation incorporated under the laws of Canada, and Mr. Philip Stanimir. Total consideration paid was $6,000,000 CDN resulting in ownership of all of the assets, liabilities and business operations of Victoria, and the rights to a four-year international consulting and non-compete agreement with PS Consulting Inc. of which Philip Stanimir is a principal. Of the purchase price, $4,700,000 CDN was paid in cash at closing with the remaining $1,300,000 paid in the form of a promissory note bearing interest at 6% per annum payable in equal installments at 6 and 12 months following the closing. VP utilized cash on hand for payment of the $4,700,000 CDN cash payment. The merger consideration was determined as a result of arms' length negotiation between VP and Victoria and no relationship existed between the companies prior to this transaction. Victoria is a Canadian manufacturer and distributor of a broad range of bicycles and tricycles. FIRSTPLUS FINANCIAL: Compromise With GACC ----------------------------------------- On July 29, 1999, the US Bankruptcy Court for the Northern District of Texas, Dallas Division, entered an agreed order authorizing the compromise of controversy with German American Capital Corporation (GACC) and related entities. The order approves a compromise between FirstPlus Financial, Inc., FirstPlus Special Funding Corp., German American Capital Corporation and certain parties related to GACC. FIRSTPLUS FINANCIAL: Hearing on Motion to Extend Exclusivity ------------------------------------------------------------ The debtor, FirstPlus Financial, Inc. seeks to extend exclusivity to secure acceptance of its plan for ninety days, until December 1, 1999. The debtor states that this is a large and complex case involving a significant amount of allegedly secured debt and a large amount of unsecured claims. The case has a very active Creditors' Committee. The requested extension will provide the debtor with additional time to continue negotitations with all creditors. A hearing on the motion of FirstPlus Financial Inc.'s motion to extend exclusivity has been set for August 31, 1999 at 10:30 AM, US Bankruptcy Court, 1100 Commerce, Dallas, Texas 75242. FWT, INC: Hearing to Employ Ernst & Young ----------------------------------------- A hearing on the application of the debtor, FWT, Inc. to employ Ernst & Young LLP as accountants and financial advisors to the debtor has been scheduled on the 25th day of August, 1999 at 9:30 AM in the US Bankruptcy Court for the Northern District of Texas, Fort Worth Division, 501 W. Tenth Street, Fort Worth, Texas 76102. GREATE BAY CASINO: Second Quarter Results ----------------------------------------- Greate Bay Casino Corporation (OTC Bulletin Board: GEAAQ) reported a net loss from operations of $459,000 for the second quarter of 1999 compared to net income from operations of $1.1 million for the second quarter of 1998. Net revenues for the second quarter of 1999 amounted to $1.9 million compared to net revenues of $2.1 million for the second quarter of 1998. For the six months ended June 30, 1999, the Company reported a net loss from operations of $634,000 on net revenues of $4.1 million compared to net income from operations of $2.5 million on net revenues of $4.6 million for the comparable six months of 1998. Net income from all sources amounted to $83.2 million ($16.03 per share) for the second quarter of 1999, and $81.1 million ($15.64 per share) for the six months ended June 30, 1999 due to a one time non-cash credit of $86 million resulting from elimination of the Company's negative equity in Pratt Casino Corporation and its subsidiaries when Pratt Casino Corporation and its subsidiaries filed for protection under Chapter 11 of the United States Bankruptcy Code on May 25, 1999 as part of a prenegotiated plan of reorganization. The terms of the plan of reorganization, when consummated, eliminate ownership or operating control of these entities by Greate Bay. Greate Bay reported a net loss from all sources of $2.2 million ($.42 per share) for the second quarter of 1998 and net income from all sources of $88,000 ($.02 per share) for the six months ended June 30, 1998, which included $854,000 and $3.7 million, respectively, attributable to equity in the earnings of GB Holdings, Inc. (Holdings) whose primary subsidiary, Greate Bay Hotel and Casino, Inc. (GBHC), owns the Sands(R) Hotel & Casino in Atlantic City, New Jersey and $744,000 and $1.9 million, respectively, representing management fees earned from the Sands. Holdings and GBHC filed for relief under Chapter 11 of the United States Bankruptcy Code in January 1998. After completion of the Pratt Casino Corporation reorganization, the Company's remaining operations will consist primarily of Advanced Casino Systems Corporation, a computer software company which licenses casino information technology systems to the Sands and to Hollywood Casino Corporation, as well as to non- affiliated casino companies. GUNTHER INTERNATIONAL: Sales Up -Losses Down -------------------------------------------- Figures for the quarter ended June 30, 1999, for Gunther International Ltd. indicate total sales for the three months were $5.7 million, an increase of 38% over the comparable period of the prior year when total sales were 4.1 million. Net loss for the three months ended June 30, 1999 was $59,476 as compared to a net loss of $1.3 million in the same quarter of 1998. INTERLINE RESOURCES: Uncertainty Regarding Note Obligation ---------------------------------------------------------- Interline Resources Corporation, a Utah corporation, is engaged in two areas of business, each operating as separate subsidiaries: Interline Hydrocarbon Inc., a Wyoming corporation, which commercializes the company's used oil refining technology; and Interline Energy Services, Inc., a Wyoming corporation, which manages the company's oil and gas operations located in Wyoming. The company has invested substantial resources commercializing a used oil refining technology and has signed license agreements with companies in England, South Korea, Dubia, Australia and Spain. The company's first used oil refinery was constructed in Salt Lake City, Utah in 1996. Its oil and gas operations consist of natural gas gathering, natural gas processing, transportation and oil well production all located in Wyoming. Revenues increased $135,687, or 17.22%, to $923,750 for the three months ended June 30, 1999 as compared to $788,063 for the three months ended June 30, 1998. Net loss for the quarter ended June 30, 1999 was $191,086 as compared to net loss in the same quarter of 1998 of $298,597. For the six months ended June 30, 1999 the company's net loss on revenues $1,740,684 was $395,488, while in the same six month period in 1998 net loss on revenues of $1,685,633 was $680,681. Since September 26, 1997 the company as operated as a debtor-in- possession. As of July 29, 1999, the company was current on all interest payments due to its major creditor under the new trust agreement. On September 22, 1999, the company is obligated to pay this major creditor $812,000 which consists of principal of $750,000 and interest of $62,000 under the new trust deed note due its major creditor. As of July 29, 1999, the company indicated it is not in a position to pay this major creditor the $812,000 due September 22,1999. If the company is unable to receive cash from the marketing of its refining technology or raise additional financing through the sale of equity, sale of debt or assets, then the company could be forced to cease operations and liquidate the assets of the company. IRIDIUM LLC: $800 Million Senior Secured Credit Facility Expires ---------------------------------------------------------------- Iridium LLC'S waiver of its customer and revenue covenants under its $800 million Senior Secured Credit Facility has expired. An event of default has occurred under the Secured Credit Facility as well as its $750 million Guaranteed Credit Facility. Iridium LLC is continuing to consider options for restructuring its capital structure. Iridium LLC became the world's first global satellite phone and paging company on November 1, 1998. Its network of 66-low earth orbiting satellites, combined with existing terrestrial cellular systems, enables customers to communicate around the globe. Iridium World Communications, Ltd. is the public investment vehicle of Iridium LLC. Iridium is a registered trademark and service mark of Iridium IP LLC. LEVITZ FUNRITURE: Twelfth Amendment to DIP ------------------------------------------ Tinkering with the way payments to the DIP Lenders are applied to outstanding borrowings, the Debtors ask the Court to approve a 12th Amendment to the DIP Credit Agreement arranged by Deutsche Bank Alex Brown (formerly known as BT Commercial Corporation) providing that, in the event the Excess Availability is greater than or equal to $18,000,000 for 5 business days and no Event of Default exists, then payments will be applied to the Overadvance Term Loan. Further, in the event that Excess Availability exceeds $12,000,000, Levitz may reborrow a portion of the Overadvance Term Loan. Additionally, the 12th Amendment modifies the Borrowing Base available to the Debtors under the DIP Facility, making it equal to the sum of: (1) the Fixed Asset Sublimit (which may be a negative number), plus (2) 85% of Eligible Accounts Receivable, plus (3) 75% of Eligible Inventory (now subject to adjustment based on appraisals by the DIP Lenders), plus (4) the Overadvance Term Loan; less (5) accrued Professional Fees. The DIP Lenders agree to these modifications at no additional charge to the Debtors' estates. (Levitz Bankruptcy News Issue 35; Bankruptcy Creditors' Services Inc.) LEVITZ: Fifth Motion To Extend Time To Assume/Reject Leases ----------------------------------------------------------- With many of their Landlords, in conjunction with the Bulk Sale and Sale-Leaseback Transactions, the Debtors entered into Stipulations fixing agreed deadlines by which Levitz must decide whether to assume, assume and assign or reject their non- residential real property leases of specific properties. With respect to those Landlords who did not enter into Stipulations, the Debtors ask the Court to extend the time within which to make decisions to October 29, 1999. The Debtors indicate that, as these cases move toward confirmation of a plan, the Debtors may decide to close certain stores and move to new locations in order to realize maximum value from their real estate. These decisions will be made before confirmation, but the Debtors want the maximum level of flexibility up to the last minute. (Levitz Bankruptcy News Issue 35; Bankruptcy Creditors' Services Inc.) LOEWEN: Seeks to Pay Pre-Petition Tax Bill ------------------------------------------ The Debtors tell the Court that they owe approximately $5,000,000 on account of pre-petition real estate taxes. Rather than litigating with dozens of taxing authorities about assessment dates, tax status dates, due dates, payment dates, and the like to draw the distinction between pre-petition and post-petition real estate tax obligations, the Debtors would prefer to simply pay those priority claims and avoid the conversations altogether. The Debtors note that real estate taxes, if left unpaid, will give rise to liens against the Debtors' property. The Debtors believe that the benefit of paying their real estate tax obligations far outweighs the administrative burdens that non-payment will bring. Accordingly, following the model established in In re Levitz Furniture, Inc., Case No. 97-1842 (JJF) (Bankr. D. Del. Jan. 21, 1998), the Debtors ask the Court to grant them the authority, in their sole discretion, to pay up to $5,000,000 on account of pre- petition real estate tax claims. (LOEWEN Bankruptcy News Issue 8; Bankruptcy Creditors' Services, Inc.) LOEWEN: Seeks to Reject Sales Agreement With Duff Enterprises ------------------------------------------------------------- In 1994, Duff Enterprises, Inc., entered into a cemetery merchandise sales program agreement with Loewen. Duff's operates the Oak Ridge Memorial Park in Oak Ridge, Tennessee, which is owned by a non-profit entity. The Sales Agreement calls for Loewen to provide its at-need and pre-need merchandising expertise in exchange for a 42% cut of gross sales revenues, provided, however, that Duff would receive no less than $319,000 (58% of $550,000) each year. Sales at Oak Ridge are disappointing. In one of the past five years, the minimum payment payable to Duff was greater than total sales. The Sales Agreement is not economically beneficial to the Debtors. The Debtors do not believe that sales will improve to a point where the Sales Agreement yields a benefit. Accordingly, pursuant to 11 U.S.C. Sec. 365, the Debtors seek the Court's authority to reject the Sales Agreement without further delay. The Debtors note that they are parties to a separate 1996 Construction Agreement with Duff governing Loewen's construction of mausoleum and lawn crypt facilities at Oak Ridge. The Debtors make it clear that, by this Motion, they do not seek to reject the Construction Agreement. (LOEWEN Bankruptcy News Issue 8; Bankruptcy Creditors' Services, Inc.) LONG JOHN SILVER'S: Extension of Time To Assume/Reject Leases ------------------------------------------------------------- The debtors, Long John Silver's Restaurants, Inc., et al. seek an extension of time within which the debtors must assume or reject unexpired leases of nonresidential real property. The debtors seek an extension to the earlier of the Effective Date of the Plan or September 20, 1999. A hearing to consider the motion will be held on August 18, 1999 at 9:30 PM before the Honorable Mary F. Walrath, US Bankruptcy Court, Wilmington. The debtors are lessees under approximately 408 nonresidential real property leases, which the debtors have not moved to assume or reject. The debtors have entered into a stock purchase agreement with GRG Inc., a company formed by A&W Restaurants and its equity sponsor, Grotech Capital. The stock purchase agreement provides for the purchaser, subject to court approval and confirmation of plan of reorganization, to purchase 100% of the newly issued capital stock of the company, as reorganized pursuant to a plan of reorganization. The purchaser will pay a base purchase price of $227.5 million in cash for the stock. The purchaser can reject up to 50 leases pursuant to the agreement. A closing of the agreement must take place by September 15, 1999. The debtor estimates that the Effective Date of the plan will occur on or about September 8, 1999. A hearing to consider confirmation of the plan is set for August 18, 1999. In the event that the plan is not confirmed, the debtors provide for an extension through September 20, 1999 to allow for amendments to the plan. MCA: Execution of Sub-Servicing Agreement ----------------------------------------- The debtor, Mortgage Corporation of America, (MCA) entered into a Subservicing Agreement with Enterprise Financial Services, Inc. The servicer will sub-service certain non-related land contracts/mortgage loans. NATIONAL ENERGY GROUP: Results For Second Quarter ------------------------------------------------- National Energy Group, Inc. (OTC Bulletin Board: NEGXQ) announces results for the second quarter ended June 30, 1999. Revenues for the three months ended June 30, 1999 were $9.3 million, down 11% from $10.5 million in 1998, due principally to the decline in natural gas production, combined with a decline in natural gas prices from 1998. The decline in oil production was offset by the increase in oil prices. The average price received by the Company for crude oil for the second quarter of 1999 was $16.14 per barrel, a 25% increase from the average price of $12.90 per barrel received for the comparable period in 1998. The average price received for natural gas of $1.93 per Mcf for the second quarter of 1999 was 10% less than the average price of $2.14 per Mcf received in 1998. The Company's oil and natural gas production totaled 4.1 Bcfe for the second quarter of 1999, a decline of 16% compared to 4.9 Bcfe for the second quarter of 1998. Crude oil production decreased 13% during the second quarter of 1999 to 291 Mbls, compared to 335 Mbls in 1998. The reduction in oil production is primarily the result of natural decline which was partially offset by the successful drilling and completion of the State Lease #2102 well at the Company's East Bayou Sorrel area, which came on line in October of 1998. Natural gas production decreased 17% during the second quarter of 1999 to 2.4 Bcf compared to 2.9 Bcf in 1998. The decline in gas production is primarily due to natural decline as well as flush production during the second quarter of 1998 at the Company's East Texas and Arkoma properties since the Company had limited activities in these areas during 1999. The Company reported net income for the three months ended June 30, 1999 of $1.3 million, or $.03 per share compared with a net loss of $29.0 million, or $.72 per share for 1998. The results for the second quarter of 1999 include net reorganization costs of approximately $.4 million related to the Chapter 11 proceeding. Revenues for the six months ended June 30, 1999 totaled $16.6 million, a decrease of 21% from $21.1 million in 1998. The decline in revenue was due to the decline in oil and natural gas production, as well as the lower commodity prices received during 1999. The average price received by the Company for crude oil for the six months ended June 30, 1999 was $13.48 per barrel, a 1% decline from the average price of $13.67 per barrel received for the comparable period in 1998. The Company reported net income for the six months ended June 30, 1999 of $.1 million, ($.00 per share), compared with a net loss of $58.0 million ($1.44 per share) for 1998. The results for 1999 include net reorganization costs of $.9 million related to the Chapter 11 proceeding. The loss for 1998 includes noncash write-downs of the Company's oil and natural gas properties aggregating $51.3 million in accordance with the full cost method of accounting. At June 30, 1999, the Company was in violation of certain covenants under its secured credit facility. In addition, due to the non-payment of interest due December 2, 1998, the Company's Senior Notes were also in default at June 30, 1999. On December 4, 1998, certain of the holders of the Senior Notes of National Energy Group, Inc. filed an Involuntary Petition for an Order for Relief under Chapter 11 of Title 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Northern District of Texas, Dallas Division, due to non- payment of interest due December 2, 1998, after expiration of a 30-day grace period. On December 23, 1998, the Company filed, in the Bankruptcy Court, an Answer to and Motion to Dismiss the pending Involuntary Petition. On August 4, 1999, the Company and the creditor's committee appeared before the Bankruptcy Court and announced agreement on a process for marketing the Company and/or its assets. The Court entered an order which provided that the Company and the Committee would engage CIBC World Markets Corp. ("CIBC") to solicit bids for sale of the Company and/or its assets. NATIONSWAY: Support For Employee Retention Program -------------------------------------------------- In reply to the Committee's objection to the employee retention program, Nationsway Transport Service, Inc., the debtor estimates that without the retention program it will lose at least ninety percent of its employees. The debtors point out the significance of retaining employees in the information services and account receivable collection departments. Contrary to the Committee's suggesstion, the debtors state that they have not retained any unnecessary employees in any department. The debtors submit that all of the facts amply demonstrate that the retention program will contribute to the maximization of the value of the estate assets and the minimization of the claims and expenses against the estate. If the program is not approved, the estates will suffer. NEXTWAVE: Judge's Order Stops Nextel from Acquiring Licenses ------------------------------------------------------------ U.S. Bankruptcy Judge Adlai Hardin (E.D.N.Y.) issued a temporary restraining order and an injunction on Friday to stop Reston,Va.- based Nextel Communications Inc. from acquiring wireless licenses from NextWave Telecom Inc., which is in bankruptcy, according to Reuters. Nextel announced last week that the Federal Communications Commission (FCC) and the U.S. Department of Justice authorized it to obtain many of the wireless licenses NextWave bought at an auction in 1997. "PCS spectrum licenses are subject to the exclusive jurisdiction of this court and cannot and will not be conveyed to or by any party without prior court approval upon proper application," Hardin said in his decision, after NextWave, Hawthorne, N.Y. requested the injunction. A spokesman for NextWave said that under current FCC regulations, a large publicly traded company can't own or control the type of spectrum licenses the FCC awarded NextWave two years ago. NextWave bid $4.7 billion for the licenses, but like other top bidders, has serious debt issues. (ABI 17-Aug-99) PENN TRAFFIC: 44% Of Common Stock Owned By Investment Firms ----------------------------------------------------------- The following companies and persons beneficially own 8,980,928 shares of common stock of Penn Traffic Company, representing 44.67% of the outstanding shares of common stock of the company: George Soros, Stanley F. Druckenmiller, Satellite Asset Management, L.P., Satellite Fund Management LLC, and Soros Fund Management LLC. Satellite Asset Management, L.P., and Satellite fund Management LLC hold sole voting and dispositive power over the 8,980,928 shares. Gabriel Nechamkin, Lief D. Rosenblatt and Mark Sonnino benificially own 9,000,928 shares of common stock in the company, representing 44.72% of the shares of common stock outstanding. Their sole voting and sole dispositive power exists over 20,000 of the shares, while shared voting and dispositive power may be exerted over 8,980,928 such shares. The issuance of shares was in connection with the consummation of the Plan of Reorganization of Penn Traffic Co., and as a consequence of their holdings the entities and persons cited are deemed to be the beneficial owners of more than 5% of the outstanding shares of the company. The filing statement relates to the shares held for the accounts of Quantum Partners LDC, a Cayman Islands exempted limited duration company, and Quota Fund N.V., a Netherlands Antilles corporation. The business of Satellite Fund Management LLC is managed through a Management Committee comprised of Mr. Soros, Mr. Druckenmiller and Mr. Gary Gladstein. Satellite Fund Management LLC, a Delaware limited liability company, has its principal office in New York. Its principal business is to serve, pursuant to contract, as the principal investment manager to several foreign investment companies. Mr. Soros, as Chairman of Satellite Fund Management LLC, has the ability to direct the investment decisions of that management firm and as such may be deemed to have investment discretion over the securities held for the accounts of the firms clients. Mr. Druckenmiller, as Lead Portfolio Manager of Satellite Fund Management LLC, has the ability to direct the investment decisions of the firm and and may also, therefore, be deemed to have investment discretion over the securities held for the accounts of the firms client. Satellite Fund Management LLC serves as principal investment manager to Quantum Partners and Quota, and as such, has been granted investment discretion over portfolio investments, including the shares, held for the accounts of Quantum Partners and Quota. Satellite Fund Management LLC, on behalf of Quantum Partners and Quota, has granted investment discretion over certain investments, including the shares, of Quantum Partners and Quota to Satellite LP, pursuant to investment management contracts between Quantum Partners and Satellite LP and between Quota and Satellite LP. None of Satellite Fund Management LLC, Mr. Soros and Mr. Druckenmiller currently exercises voting or dispositive power over the shares held for the accounts of Quantum Partners and Quota. Satellite LP is an investment advisory firm organized as a Delaware limited partnership. Satellite LLC, a Delaware limited liability company, is the general partner of Satellite LP. Each of Satellite LP and Satellite LLC has its principal office in New York. Satellite LP's principal business is to serve, pursuant to contract, as the principal investment manager to several private investment companies. Satellite LLC's principal business is to serve as general partner of Satellite LP. Mr. Sonnino, Mr. Rosenblatt and Mr. Nechamkin are Managing Members of Satellite LLC and as such, may be deemed to have investment discretion over the shares held for the accounts of Quantum Partners and Quota. PITTSBURGH PENGUINS: Financing Through August --------------------------------------------- A line of credit with Societe General, a French bank, expires on Friday, but the Pittsburgh Penguins reportedly can borrow enough before then to avoid a shutdown if Mario Lemieux's investor group does not complete the purchase, attorney James Walsh, who represents the team, said. The Pittsburgh Post-Gazette reported that because the team has access to funding through the end of the month, there is less pressure on Lemieux to finalize his deal this week. The Allegheny County Regional Asset District Board is scheduled to vote tonight on whether to allocate sales tax revenue to help the city and the county pay $16 million in Civic Arena bond debt. One of the final aspects of Lemieux's plan hinges on this. Commissioner Bob Cranmer said on Aug. 4 that he would not support an earlier agreement by the Public Auditorium Authority to have the city and county take over the debt service payments owed by the team and SMG, which operates the Civic Arena. Also, questions linger as to whether Lemieux has secured the $50 million in private investment needed to take over the team; a list circulated to prospective investors showed $51.53 million in commitments but showed $5 million coming from a party "to be announced." (ABI 17-Aug-99) PLANET HOLLYWOOD: Sells 20% Equity Interest In Joint Venture ------------------------------------------------------------ On August 5, 1999, Planet Hollywood International, Inc., through its subsidiary corporations, sold its twenty percent equity interest in the joint venture which was formed to develop the OFFICIAL ALL STAR HOTEL in New York City. In the fall of 1997, the company acquired its interest in the joint venture with Vornado Realty Trust. The joint venture acquired the Hotel Pennsylvania, a 1,700-room hotel including approximately 400,000 square feet of rentable retail space, opposite New York City's Madison Square Garden. The hotel was to be renovated and renamed the OFFICIAL ALL STAR HOTEL. The joint venture had also entered into a ten-year license agreement with the company relating to the use of the OFFICIAL ALL STAR name, logo and certain other intellectual property rights. The terms of the sale include the termination of the license agreement and Vornado Realty Trust paying Planet Hollywood International Inc. approximately $18 million in cash. The book value of the company's interest in the joint venture at the time of the sale was approximately $12 million. SANTA BARABARA AEROSPACE: Grounded By Bankruptcy ------------------------------------------------ Santa Barbara Aerospace Inc., a San Bernadine, Calif., aircraft refurbishment company, filed for chapter 11 protection on Aug. 6 and laid off about 230 employees, The Business Press reported. The company, which operates out of San Bernadine International Airport, cited claims of more than $16 million in its emergency bankruptcy filing. Canadian-based carrier WestJet Airline Ltd. filed a $10 million lawsuit against the company, alleging negligence, breach of contract and fraud in connection with the repair work on one of its aircraft. The IRS and California's Employment Development Department were also named in the filing as creditors, with claims of $1.7 million and $150,000, respectively. Inland Valley Development Agency, which operates the airport, is owed $500,000 for rent on four hangars, and has been negotiating with Santa Barbara Aerospace officials for nearly a year to monitor its stability. The agency was prepared to file an unlawful detainer because of the company's repeated failure to pay $43,000 in monthly rent. (ABI 17-Aug-99) SANTA FE GAMING: Announces Increase in Revenues And Cash Flow -------------------------------------------------------------- Santa Fe Gaming Corporation, a diversified gaming company headquartered in Las Vegas, announced today the results of its operations for the quarter ended June 30, 1999. Santa Fe Gaming reported total revenues, less promotional allowances, for the quarter ended June 30, 1999 of $32.3 million, an 11.8% increase over the prior year quarter. Earnings before interest, taxes, depreciation, amortization, rents, corporate expense and reorganization and certain legal expenses ("EBITDA") increased by 5.5% to $7.7 million compared to $7.3 million for the prior year quarter. Santa Fe Gaming reported total revenues, less promotional allowances, for the nine months ended June 30, 1999 of $94.7 million, an 11.5% increase over the prior year period. EBITDA increased by 18.9% to $24.6 million compared to $20.7 million for the prior year period. The increases in revenues and EBITDA for both the three and nine month periods are attributed to improved operating performances at both the Santa Fe Hotel and Casino in Northwest Las Vegas (the "Santa Fe") and the Pioneer Hotel and Gambling Hall in Laughlin (the "Pioneer"). The Santa Fe posted record revenues for the third consecutive quarter. Total revenues, less promotional allowances, were $20.9 million in the current quarter, an increase of 14.1% over the prior year quarter. Santa Fe's EBITDA rose by 10.4% to $5.8 million from $5.2 million for the prior year quarter, representing an operating margin (EBITDA margin) of approximately 27.6% for the current year quarter. In the current nine month period, the Santa Fe posted total revenues, less promotional allowances, of $59.9 million, an increase of 12.2% over the prior year period. Santa Fe's EBITDA rose by 13.4% to $17.4 million from $15.4 million for the prior year period, representing an operating margin of approximately 29.0% for the current year period. The Pioneer reported improved quarterly revenues and operating income as compared to the same period in the prior year for the fourth consecutive quarter. Total revenues, less promotional allowances, increased by 8.9% over the prior year quarter to $11.3 million. EBITDA was unchanged at $2.1 million in the current quarter compared to the prior year quarter. In the current nine month period, the Pioneer increased total revenue, less promotional allowances, by 10.8% over the prior year period to $34.1 million. EBITDA grew by 29.2% to $6.9 million from $5.4 million for the prior year period. Operating income rose to $2.2 million from a loss of $400,000 for the prior year period. The Company reported a net loss of $6.1 million or $ 0.99 per common share in the current quarter compared to a net loss of $4.4 million or 0.71 per common share in the same period last year. The net loss for the fiscal 1999 nine month period was $12.9 million or $2.08 per common share compared to a net loss of $13.5 million or $2.18 per common share in the same period last year. SHOE CORP: Order Authorizes and Approves Sale --------------------------------------------- The debtors, Shoe Corporation of America, Inc., SCOA License, Inc., SCOA Leasing Corporation, were granted authorization and approval of the sale of certain assets to Gottschalks, Inc. TELEPAD CORP: Committee Supports Trustee ---------------------------------------- In light of the recent resignations of all of the officers and directors of the debtor, Telepad Corporation, and the condition of the debtor's business, the Official Committee of Unsecured Creditors of Telepad Corporation believe that the appointment of a trustee or responsible person is warranted. However, the Committee is not entirely clear whether that person should be a Chapter 11 or Chapter 7 trustee. The Committee understands and is encouraged that the purported secured creditors and L&E are currently discussing ways in which the L&E litigation may be resolved and the debtor may be reorganized through a plan process. THE COSMETIC CENTER: Proposes Auction of Leasehold Interests ------------------------------------------------------------ The debtor, The Cosmetic Center, Inc. seeks court authorization and scheduling of an auction on September 23, 1999 at 11:00 AM for the sale of the debtor's leasehold interests in certain non- residential real properties. The debtor has approximately 125 leasehold interests in non-residential real properties. There are 124 store leases and 1 lease related to a warehouse. UNITED PETROLEUM: Seeks Extension of Exclusive Periods ------------------------------------------------------ The debtor, United Petroleum Corporation, seeks an extension of the exclusive periods in which to file a Chapter 11 plan and to solicit acceptances thereof. A hearing will be held at 3:00 PM on August 24, 1999. The debtor has already obtained approval of its Disclosure statement and remains confident that it will succeed in its request that the court confirm the plan at the confirmation hearing scheduled to occur shortly in the court. The debtor seeks this releif only out of an abundance of caution, in order to preserve its exclusive rights in case matters do not proceed on the timetable presently anticipated. The debtor seeks to extend its exclusive period to file a Chapter 11 plan to and including September 13, 1999; and the debtor seeks to extend its exclusive period to solicit acceptances of a Chapter 11 plan to and including November 12, 1999. WESTMORELAND COAL: Reports Second Quarter Loss ---------------------------------------------- Westmoreland Coal Company (Amex: WLB) reported that the effect of a number of unplanned events contributed to a net loss of $4.2 million for the second quarter ended June 30, 1999. The Company had expected a decrease in second quarter revenues because of a major customer's scheduled outage which temporarily reduced coal sales at Westmoreland Resources, Inc. and a continued reduction in coal tonnage throughput at Dominion Terminal Associates. The negative effect of these variances were compounded by unplanned events which included the recognition of charges of approximately $0.5 million related to the recent proxy contest, a charge of approximately $0.8 million for a decline in the value of black lung trust fund investments due to the decline in the bond market, and the recognition of approximately $0.6 million of additional workers' compensation expenses incurred by the Company's bonding company during the bankruptcy. Heritage cost was also higher as the Company recognized expenses related to Combined Benefit Fund obligations beginning in April of 1999. Net income was $46.1 million for the comparable period in 1998 and included the significant one-time positive effect of restructuring Westmoreland Energy Inc.'s (WEI) Rensselaer Project power purchase contract. The Company does not expect any significant financial impact in future quarters from the bankruptcy, the proxy contest, the Rensselaer transaction or the customer scheduled outage which is now complete; however, other unplanned or one-time events could occur. Net loss applicable to common shareholders was $4.9 million after deduction of $0.7 million for unpaid quarterly preferred dividends for the second quarter of 1999 compared to income of $35.0 million for the same period in 1998. Accumulated but unpaid preferred dividends were reduced from $22.0 million to $11.9 million as of June 1999, and quarterly dividend accruals from $1.2 million to $0.7 million, as a result of the repurchase of 1,052,631 depositary shares through the tender offer completed in April. The Company currently has 1,247,369 depositary shares outstanding, each representing one-quarter of a share of preferred stock. Payment of preferred stock dividends are subject to restrictions under Delaware law. Shareholders' equity and cash were also reduced by $20 million, the cost of repurchasing the depositary shares in the tender offer. Consolidated cash and cash equivalents at June 30, 1999 totaled $32.6 million and shareholders' equity totaled $10.5 million. The Company intends to conduct a second tender offer for additional preferred shares in the near term which could further reduce shareholders' equity and cash by as much as another $11.4 million if fully subscribed. Net income was $8.3 million for the first half of 1999 and included increased equity in earnings from WEI as a result of the sale of its remaining interest in the Rensselaer Project in the first quarter. Net income for the comparable period in 1998 was $38.3 million and included increased equity in earnings from WEI resulting from the restructuring of the Rensselaer Project power purchase contract. ********** in the TCR each Tuesday. Submissions via e-mail to conferences@bankrupt.com are encouraged. Bond pricing, appearing in each Friday edition of the TCR, is provided by DLS Capital Partners, Dallas, Texas. S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter, co- published by Bankruptcy Creditors' Service, Inc., Princeton, NJ, and Beard Group, Inc., Washington, DC. Debra Brennan, Yvonne L. Metzler and Lexy Mueller, Editors. Copyright 1999. All rights reserved. ISSN 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR subscription rate is $575 for six months delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each. For subscription information, contact Christopher Beard at 301/951-6400. * * * End of Transmission * * *