/raid1/www/Hosts/bankrupt/TCREUR

/raid1/www/Hosts/bankrupt/TCREUR_Public/001003.mbx T R O U B L E D C O M P A N Y R E P O R T E R E U R O P E Tuesday, October 3, 2000, Vol. 1, No. 104 Headlines B E L G I U M LERNOUT & HAUSPIE: Private Investors Rush Options LOUIS DE POORTERE: Dryon/Lano Pair Finalize Offer LOUIS DE POORTERE: Candidates to Run as Bid Closes TEGELGIGANT: Court Declares Floor Products Firm Insolvent C Z E C H R E P U B L I C CZECH RAILWAYS: Management Approves Asset Sale to Pay Debts H-SYSTEM: Bankrupt Construction Firm Assets Freeze MASO HROZNETIN: Bankrupt Meat Processor Selects Buyer TRANSGAS: Losses Mounting Daily; Loss of Up to Kc 7 Billion VITKOVICE: Posts Eight-Month Loss in 2000 Kc 467 Million F R A N C E ORANGINA: Up for Sale for FFr5 Billion G E R M A N Y DILLING: Usinor to Sell 48.75 Percent Stake GIGABELL: Troubles Raise Doubts on Neuer Markt GIGABELL AG: Saunalahti to Take Majority Stake SAARSTAHL: Usinor to Sale Stakes H U N G A R Y BELAPATFALVA CEMENT: Owners to Close Cement Factory L I T H U A N I A ZEMES UKIO: Consortium Starts Talks on Privatization N E T H E R L A N D S ATAG: Unions to Court for Former Staff P O L A N D BLACHOWNIA GROUP: Gets Rid of Bankrupt Subsidiaries R U S S I A MEDIA-MOST: Charge with Fraud over Assets Switch S L O V A K I A (S L O V A K R E P U B L I C) SLOVAK TELEVISION: In the Red Despite State Subsidies S P A I N JOTSA: Asks to Extend Time in its Outstanding Liabilities RTVE: To Restructure Pta800 Billion Debt U N I T E D K I N G D O M BATESON & PAYNE: Liquidation Proceedings BURTS CONSTRUCTION: Liquidation Proceedings EKAL SYSTEMS: Liquidation Proceedings EQUITABLE LIFE: Disappointing Bids Suggest Situation Even Worse EUROPEAN RETAIL: Liquidation Proceedings FREESERVE: Losses Double to 17.81 Million Pounds INTEGRATED CONTRACTS: Liquidation Proceedings GENEVA ENGINEERING: Workers Fear for Jobs LINDRIDGE DEVELOPMENTS: Liquidation Proceedings PROFESSIONAL FINANCIAL: Liquidation Proceedings SC INTERNATIONAL: Liquidation Proceedings SETSUPER LTD: Liquidation Proceedings TEI FUND: Liquidation Proceedings ============= B E L G I U M ============= LERNOUT & HAUSPIE: Private Investors Rush Options ------------------------------------------------- Following a press report, a great number of investors yesterday inundated their banks and brokers with questions about option strategies for the ailing shares of Lernout & Hauspie (LHSP), the Belgian speech technology company. The majority of shareholders wanted to write put options, but experts suggest alternatives such as the purchase of call options. Most banks or professional option specialists do not do risky and complex transactions such as writing put options, especially since there could be a chance that LHSP will be declared insolvent, De Financieel Ekonomische Tijd & World Reporter reported earlier last week. LOUIS DE POORTERE: Dryon/Lano Pair Finalize Offer ------------------------------------------------- L'Echo & World Reporter noted earlier last week that the Louis De Poortere (LDP) Belgian textiles group, which has made almost 500 workers unemployed this summer, is expected to be concluded. The firm's trustees have demanded that offers handed in be accompanied by bank documents serving as guarantees. The joint offer filed by Pascal Dryon and Pierre Lano will include a document from the creditor banks backing the project. However, as Pascal Dryon admits, there remain numerous obstacles that need to be cleared. One such obstacle is the matter of the ownership of the LDP commercial brand, which for certain markets in neighboring countries was allegedly transferred before the bankruptcy to Balsan/Chateauroux, the outgoing majority shareholder of LDP. LOUIS DE POORTERE: Candidates to Run as Bid Closes -------------------------------------------------- Failed Belgian textile producer Louis De Poortere (LDP) has yet to find a buyer, Le Soir & World Reporter reported earlier last week. However, trade union sources claim that two candidates are currently in the running, namely the Domo group -- which is mainly interested in LDP's "weaving" division -- and a duo consisting of Pascal Dryon and Pierre Lano. Meanwhile, Desseaux Spinning, the Mouscron-based mill that went into receivership in mid-September, has confirmed that it will re-launch its activities in a few days' time under the supervision of its receivers. This strategy, which enables 60 of the company's 170 workers to remain in employment while a buyer is found, has the approval of the trade unions. TEGELGIGANT: Court Declares Floor Products Firm Insolvent --------------------------------------------------------- The court of commerce in Turnhout has declared Tegelgigant in Hoogstraten insolvent, De Financieel Ekonomische Tijd & World Reporter reported earlier last week. Thirty staff will lose their jobs. Tegelgigant sells floor and wall tiles and natural stone. Its sister companies, natural stone processor Lapillus Production and tile retailer Lapillus Collection also became insolvent. =========================== C Z E C H R E P U B L I C ============================ CZECH RAILWAYS: Management Approves Asset Sale to Pay Debts ----------------------------------------------------------- Czech Railways management has approved the sale of Kc 2.45 bln in assets to cover a part of its over Kc 40 bln in accumulated debts, Czech A.M. reported earlier last week. The move requires cabinet approval. H-SYSTEM: Bankrupt Construction Firm Assets Freeze -------------------------------------------------- A court blocked the assets of bankrupt H-System, including those of its owner Petr Smetka, at the request of state prosecutor Boris Pavel. He says that the land registry informed his office that Smetka (in custody since June) has attempted to transfer some of his real estate, Czech A.M. reported earlier last week. H-System clients claim the construction firm swindled them out of some Kc 1.5 bln. MASO HROZNETIN: Bankrupt Meat Processor Selects Buyer --------------------------------------------------- The bankruptcy administrator for meat processor Maso Hroznetin, which went bankrupt in June, has selected a buyer, Czech A.M. reported earlier last week. The unnamed party has until the end of the month to pay the yet unspecified purchase price. TRANSGAS: Losses Mounting Daily; Loss of Up to Kc 7 Billion ----------------------------------------------------------- State-owned monopoly natural gas importer Transgas says it is currently losing Kc 0.70 per m3, which may result in a total 2000 loss of up to Kc 7 bln and hurt the concern prior to privatization, Czech A.M. noted earlier last week. The Industry Ministry is reportedly preparing to hike prices for household consumers by up to 35 percent in January instead of the original 10 percent. VITKOVICE: Posts Eight-Month Loss in 2000 Kc 467 Million -------------------------------------------------------- Czech A.M. noted earlier last week that Vitkovice decreased its eight-month loss in 2000 by Kc 467 mln y/y to Kc 933 mln on sales of Kc 9 bln. The figures include government assistance for the steelworks through Osinek. =========== F R A N C E =========== ORANGINA: Up for Sale for FFr5 Billion -------------------------------------- Cadbury Schweppes, the UK food and drinks group, confirmed that it was in preliminary talks with French wines and spirits group Pernod Ricard about buying its soft drinks business Orangina and other unnamed non-alcoholic drinks brands, Financial Times reported earlier last week. The confirmation followed reports that Pernod Ricard was in the final stages of negotiating a FFr5bn ($670m) sale of Orangina, its soft drinks business, to Cadbury Schweppes of the UK. The future of Orangina has looked uncertain since last November's decision by the French government to veto its planned sale to Coca-Cola of the U.S. for FFr5bn, on the grounds that the transaction would have given the U.S. company a quasi monopoly in some segments of the French soft drinks market. It was thought that Schweppes had not yet made a formal offer, but bankers believed this was only a matter of days. Patrick Ricard, Pernod Ricard chairman, said the group intended to be "one of the engines of the global restructuring of the drinks industry". ============= G E R M A N Y ============= DILLING: Usinor to Sell 48.75 Percent Stake ------------------------------------------- Usinor, the French steel producer, is ready to sell its 48.75 percent stake in German toughened steel producer Dilling. The group said that it is open to all offers, but that no discussions were underway. Through the sale of Dilling, the French group would also withdraw completely from Saarstahl, another small German steel producer, Les Echos & World Reporter reported earlier last week. Since being declared insolvent in 1993, Saarstahl has been supported by the local state, which has opposed Usinor's planned restructuring. Dilling and Saarstahl are linked by cross-held stakes. Loss-making for several years, Dilling represented an FFr11m loss in Usinor's interim accounts. Producing steel used by oil explorers, Dilling has suffered in recent years from the drop in the price of crude oil and an end to exploration works. GIGABELL: Troubles Raise Doubts on Neuer Markt ---------------------------------------------- The potential collapse of Gigabell, the Neuer Markt Internet services firm that filed for protection from its creditors, could force bankers, investors and Deutsche BArse itself to ask serious questions about the Neuer Markt, according to bankers in Frankfurt, the Financial News noted earlier last week. Gigabell, which at one point had fallen 92 percent from its share price high, will become the first Neuer Markt company to go bankrupt since the Neuer Markt was launched four years ago, if it fails to come up with a financial rescue package in the next few weeks. The company says it will be unfortunate not to find funding, but the talk in Frankfurt is that Gigabell could need a miracle to avoid going bust. Gigabell's woes come just a week after Infomatec, a Neuer Markt software firm, was dumped by its two brokers, WestLB Panmure and Sal Oppenheim, over a collapse in its sales forecasts. It avoided being delisted at the last moment when two other brokers took it on. Andreas Schmitz, a managing director in corporate finance at HSBC Trinkhaus, which took Gigabell public last year, played down talk of a crisis, but admitted that Gigabell could have serious repercussions. In July, PricewaterhouseCoopers put out a report identifying eight Internet stocks, among them Gigabell, that were facing the very real prospect of failure within two years. At the beginning of the year, the technology team at Goldman Sachs warned that the Neuer Markt was far from reaching maturity and that companies would come under far greater scrutiny from investors this year. GIGABELL AG: Saunalahti to Take Majority Stake ---------------------------------------------- The Finnish data and telecommunications group Saunalahti Oyj has signed an agreement to acquire a majority stake in troubled German Internet and telecommunications operator Gigabell AG. Gigabell, listed on the Neuer Markt, landed in financial trouble after heavy investing, Nordic Business Report noted earlier last week. The agreement with Saunalahti will come into force if Gigabell's main creditors agree to certain arrangements regarding some of Gigabell's debts. The board of Saunalahti recently proposed to change the name of the group to Jippii Group. SAARSTAHL: Usinor to Sale Stakes --------------------------------- Les Echos & World Reporter noted earlier last week that Usinor, the French steel producer would withdraw completely from Saarstahl, a small German steel producer. Since being declared insolvent in 1993, Saarstahl has been supported by the local state, which has opposed Usinor's planned restructuring. ============= H U N G A R Y ============= BELAPATFALVA CEMENT: Owners to Close Cement Factory --------------------------------------------------- Hungary A.M. reported earlier last week that the consortium of German Heidelberger Cement, Schwenk, and the Swiss Holderbank Holding, which own a cement factory in Belapatfalva, northeast Hungary, will close the factory because of unprofitable production. This decision means that 300 workers will lose their jobs. The factory produced 1 million tons of cement annually but could sell only 25 percent in the previous years because of the cheap cement coming from Romania to the Hungarian market. ================= L I T H U A N I A ================= ZEMES UKIO: Consortium Starts Talks on Privatization ---------------------------------------------------- BNS & Euromoney reported earlier last week that the Lithuanian State Property Fund and a consortium comprising Poland`s Pekao SA and Italy`s UniCredito Italiano began a new round of talks on the privatization of Lithuania`s Zemes Ukio bankas [Agricultural Bank, or LZUB]. Officials have provided no comments on the likely outcome of the negotiations and how much time this round of talks might take. BNS has information that representatives of the SPF and potential investors will continue discussing a draft agreement. The state is selling a 76.01 percent stake in LZUB, the country`s second largest state-owned bank. According to information that has not been officially confirmed, the Polish and Italian banks` initial offer amounted to around 100 million litas (USD 25 mln). ===================== N E T H E R L A N D S ===================== ATAG: Unions to Court for Former Staff -------------------------------------- Dutch unions FNV, CNV and De Unie are again presenting the redundancy plan of the liquidated kitchen division of Dutch consumer goods group Atag to legal authorities, after the president of the court in the Dutch town of Zutphen recently concluded that Atag is not responsible for its former staff. The ailing company sold its kitchen division to Dutch kitchen group Etna earlier this year. As a result 170 employees have lost their jobs. The unions demanded financial compensation, but the judge ruled in September that the redundancy plan agreed upon by Atag and the unions years ago was not applicable. The unions now hope to win their case at the magistrates' court, Het Financieele Dagblad & World Reporter noted earlier last week. =========== P O L A N D =========== BLACHOWNIA GROUP: Gets Rid of Bankrupt Subsidiaries --------------------------------------------------- Tarpol and Poltar, the bankruptcies of which strained the financial condition of the whole Blachownia group a few months ago, are to be sold, Polish News Bulletin reported last week. Following a tender, performed on 15 September, Tarpol was bought by Rutgers from Brzeg Dolny, whereas Petro Karbo Chem from Gliwice became the new owner of Poltar. The German-controlled investors need to estimate the financial needs of their new acquisitions and the transaction has yet to be approved by a judge commissioner. =========== R U S S I A =========== MEDIA-MOST: Charge with Fraud over Assets Switch ------------------------------------------------ The Independent News reported earlier last week that Russian prosecutors have opened a criminal embezzlement case against the heads of companies belonging to Russia's biggest independent media group. At issue is the future of Media-MOST, a conglomerate headed by Vladimir Gusinsky that includes a radio station, newspapers and NTV, the only non-government television network. The prosecutors are accusing the heads of Media-MOST of fraud on the basis that they are transferring abroad assets that are collateral for a loan of $473m (pounds 312m) made to the company by Gazprom, the State gas company. Media-MOST says the charges are "absurd". Mr Gusinsky and Media-MOST, while admitting the loan, claim they are the victims of crude blackmail by the Kremlin to bring NTV under its control. Vasiliy Kolmogorov, the deputy prosecutor general, said the fraud charges were made because Media-MOST shares used as security for the loan had been moved into offshore funds. He said Mr Gusinsky was being summoned to answer questions. President Vladimir Putin has distanced his office from the struggle over Media-MOST, saying it is a purely commercial dispute. He has denied having prior knowledge of a raid by masked and armed tax police on Media-MOST offices earlier this year, according to the Independent News. ================================================ S L O V A K I A (S L O V A K R E P U B L I C) ================================================ SLOVAK TELEVISION: In the Red Despite State Subsidies ----------------------------------------------------- Slovak Television (STV) has been in the red since 1996; last year it posted losses of Sk315 million, up by Sk100 million year-on- year, despite a state subsidy of Sk272 million, STV head Milan Materak has told CTK. In comparison, Czech Television (CT) ended last year with net profits of Kc100.615 million without a single crown in subsidies. Materak said that STV's losses were due to high prices of telecommunication services that cost the company Sk379 million last year. STV owes some Sk650 million to telecoms company Slovenske telekomunikacie (ST), which has failed to explain why the price of telecoms services more than doubled, Czech News Agency reported last week. STV registers 290,000 defaulters, while 363,000 Slovaks are exempt from license fees, primarily pensioners and people living on social benefits. Hence, STV has demanded that the fees be raised from the standing Sk75 a month to Sk120, to at least reflect inflation. "I can't perceive the ten lines concerning media in the government's policy statement as a state media policy," said Materak. On the other hand, several members of the STV board decided that the current management was also to blame for the financial collapse of the television. They have proposed that Materak should be removed. The board will deal with the proposal on October 3. Slovak media experts said that STV was failing to fulfill the role of a public television due to the lack of finances and was broadcasting in an emergency regime. Private TV Markiza covers most of the Slovak television market, while the two STV channels report ratings of some 20 percent each. ========= S P A I N ========= JOTSA: Asks to Extend Time in its Outstanding Liabilities --------------------------------------------------------- The board of Jotsa, the Spanish construction company currently in the hands of the Nueva Rumasa holding, has been given until 1 October by its creditors to come up with a solution to its outstanding liabilities. If the guarantors do not agree to extend the period of its suspension of payments, the company could technically be declared bankrupt by the end of the year. Representatives of the works committee met with members of the new management board. The board informed the workers of four new works if the creditors, which include Conascop and Deutsche Bank, agree to extend their ultimatum. Jotsa has liabilities of almost Pta15bn and has reduced its workforce to 85. However, management believes the company can be saved from bankruptcy if the deadline is extended to the end of October. Sources in the sector claim that Conascop would be prepared to write off 40 percent of the debt payable over three years, Gaceta de los Negocios & World Reporter reported earlier last week. RTVE: To Restructure Pta800 Billion Debt ---------------------------------------- El Pais & World Reporter noted earlier last week that Spanish treasury minister Cristobal Montoro said state broadcasting company RTVE will remain a public service despite its transfer to the Spanish state industrial holding company and that the government has no plans to privatize it. He explained that the government would present an economic plan next year to modify the financing system for RTVE. The objective is to restructure the company's Pta800bn debt but in the meantime the government acknowledges that there will be an imbalance between expenditure and revenues. =========================== U N I T E D K I N G D O M =========================== BATESON & PAYNE: Liquidation Proceedings ----------------------------------------- Company Name: Bateson & Payne (Life & Pens Cons) Ltd Company No: 929179 Com. Business: Life & Pension Co Appointed on: 04/09/00 Type: Creditors Appointed by: Creditors and Members Liquidators: Nicholas J Millar IPno: 7899 Timothy J Bramston 8278 Firm Name: Kingston Smith & Partners Address: Devonshire House 60 Goswell Road City Postcode: London EC1M 7AD BURTS CONSTRUCTION: Liquidation Proceedings -------------------------------------------- Company Name: Burts Construction Ltd Company No: 01985902 Com. Business: Builders and Property Developers Appointed on: 04/09/00 Type: Members Appointed by: Members Liquidators: Derek Anthony Jeal IPno: 1856 Firm Name: Hardman & Jeal Address: Parkway House 1 Pityme Business Centre St Minver City Postcode: Cornwall PL47 6PH EKAL SYSTEMS: Liquidation Proceedings -------------------------------------- Company Name: Ekal Systems Ltd Company No: 2740453 Com. Business: Software Consultancy/Supply Appointed on: 04/09/00 Type: Creditors Appointed by: Creditors and Members Liquidators: Gordon Craig IPno: 7983 Firm Name: Begbies Traynor Address: 1 Winckley Court Chapel Street City Postcode: Preston PR1 8BU EQUITABLE LIFE: Disappointing Bids Suggest Situation Even Worse --------------------------------------------------------------- Only three or four companies have submitted bids for Equitable Life, the mutual life assurer forced to put itself up for sale after a defeat in the House of Lords over pension rights, Financial Times reported earlier last week. This suggests the mutual's financial situation might be worse than initially thought and analysts' estimates of a 4bn ($5.8bn) to 5bn pound price could prove optimistic. Fifteen companies asked for the sales memorandum, which did not include all financial details. Prudential and CGNU, the UK's two largest life assurers, have offered to buy Equitable, as has Aegon, the Dutch group that owns Scottish Equitable. GE Capital, the financial services arm of General Electric, the U.S. conglomerate, does not want the whole company, but would be interested in a break-up that involved financial restructuring. Allianz, the German insurer, has not submitted a bid. Axa, the French insurer, also expressed initial interest but said it did not like auctions, FT said. A number of buyers are believed to have been deterred from making an offer by the extent of its liabilities. The House of Lords decision in July, that Equitable acted unlawfully in reducing final bonus payments to 90,000 holders of guaranteed annuity policies, has left the life assurer with obligations of 1.5bn pounds. Equitable has filled the shortfall by withholding from all policyholders the growth in their final bonuses that would have accrued this year between January and July, according to Financial Times. EUROPEAN RETAIL: Liquidation Proceedings ----------------------------------------- Company Name: European Retail Solutions Ltd Company No: 3672779 Com. Business: Provision of Management Services Appointed on: 04/09/00 Type: Members Appointed by: Members Liquidators: Colin I Vickers IPno: 8953 John W Powell 7888 Firm Name: Levy Gee Address: Southfield House 11 Liverpool Gardens City Postcode: Worthing BN11 1RY FREESERVE: Losses Double to 17.81 Million Pounds ----------------------------------------------- Net News reported earlier last week that losses at Freeserve, Britain's biggest Internet service provider, doubled to 17.81m pounds in the first quarter. But company executives dismissed the extra losses as partly the result of one-off marketing spend, and said they were still on target to meet their growth goals. Turnover at Freeserve rose fourfold to hit 14.6m pounds over the 16 weeks to August 19 compared with a 12-week period the year before. The company saw its shares rise to 900p in the summer after it revealed it was in talks with Germany's T-Online about a possible merger. Freeserve has been criticized by analysts who believe it should concentrate more on content to compete harder with Yahoo! and others rather than worrying about access. Some analysts believe that the firm's share price will remain depressed unless another bidder comes along. France's Wanadoo Internet service is apparently one European rival that might be interested in breaking into the British market, according to Net News. INTEGRATED CONTRACTS: Liquidation Proceedings ---------------------------------------------- Company Name: Integrated Contracts Ltd Previous Name: Jordan Windows Ltd Company No: 3132550 Com. Business: Specialist Refurbishers Appointed on: 04/09/00 Type: Creditors Appointed by: Creditors and Members Liquidators: Ian W Kings IPno: 7232 Firm Name: Jennings Johnson Address: 19 Borough Road City Postcode: Sunderland SR1 1LA GENEVA ENGINEERING: Workers Fear for Jobs ----------------------------------------- Workers at a Midlands precision engineer stand to lose their jobs after the firm failed and a High Court order was granted to keep creditors at bay. Attempts are underway to find a buyer for Worcestershire-based Geneva Engineering (UK) Ltd before existing customers pull the plug on their contracts. Birmingham-based insolvency specialists from Kroll Buchler Phillips were appointed after bosses were granted an administration order at the city's High Court, Evening Mail reported earlier last week. The 1.5 million pounds annual sales Pershore company, which carries out high precision deep hole boring, drilling and machining for the oil, gas and aviation industries, hit trouble when a major contract fell through. Now its 25-strong highly skilled workforce is anxiously awaiting further news on the company's future. Gurpal Johal, Kroll Buchler Phillips partner, said the loss of one contract had been "significant" while there had been delays in starting others which had caused cash flow difficulties, Evening Mail said. LINDRIDGE DEVELOPMENTS: Liquidation Proceedings ------------------------------------------------ Company Name: Lindridge Developments Ltd Company No: 2708167 Com. Business: Building Contractors Appointed on: 04/09/00 Type: Creditors Appointed by: Creditors and Members Liquidators: Martin T Coyne IPno: 6575 Firm Name: Poppleton & Appleby Address: 141 Great Charles Street City Postcode: Birmingham B3 3LG PROFESSIONAL FINANCIAL: Liquidation Proceedings ------------------------------------------------ Company Name: Professional Financial Consulting Ltd Company No: SC131036 Com. Business: Financial Advisers Appointed on: 04/09/00 Type: Members Appointed by: Members Liquidators: William L Young IPno: Firm Name: Ritsons Address: 28 High Street City Postcode: Nairn IV12 4AU SC INTERNATIONAL: Liquidation Proceedings ------------------------------------------ Company Name: SC International Services Ireland Ltd Company No: IR Com. Business: Appointed on: 04/09/00 Type: Members Appointed by: Members Liquidators: M Sargent IPno: Firm Name: Brennan Governey & Co Address: Kildress House Pembroke House Pembroke Row City Postcode: Dublin 2 SETSUPER LTD: Liquidation Proceedings -------------------------------------- Company Name: Setsuper Ltd Company No: 3446847 Com. Business: Business/Management Consult Appointed on: 04/09/00 Type: Creditors Appointed by: Creditors and Members Liquidators: Simon Thornton IPno: 9031 Firm Name: Houghton Stone Address: The Conifers Filton Road City Postcode: Bristol BS16 1QG TEI FUND: Liquidation Proceedings ---------------------------------- Company Name: TEI Fund Plc Company No: IR Com. Business: Appointed on: 04/09/00 Type: Members Appointed by: Members Liquidators: Jim Hamilton IPno: Firm Name: BDO Simpson Xavier Address: Simpson Xavier Court 20 Merchants Quay City Postcode: Dublin 8 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 -- Europe is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Trenton, NJ USA, and Beard Group, Inc., Washington, DC USA. Lexy Mueller, Mercy Villacastin and Cristina Pernites Editors. Copyright 2000. All rights reserved. ISSN 1529-2754. 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 Europe subscription rate is $575 per half-year, 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 * * *