TCR_Public/000321.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, March 21, 2000, Vol. 4, No. 56  
                            
                  Headlines

AMERICAN MOBILE SATELLITE: Maryland Trust Reports Holdings
AMERICAN SKIING: Reports Quarter Results
ANKER COAL GROUP: Struth Joins Team as CFO and Treasurer
COLORADO GREENHOUSE: Order Authorizes Post-Petition Financing
CORAM RESOURCE: Seeks Order Extending Exclusivity

CREDIT SUISSE: Moody's Confirms Ratings
DAEWOO INTERNATIONAL: Case Summary and Largest Creditors
DAEWOO INTERNATIONAL: Files Chapter 11 in New York
DATAPOINT: Reports Year-End Results
ECHO SPRINGS: Case Summary

FASTCOMM COMMUNICATIONS: Reports Quarter Results
FRONTIER INSURANCE: S&P Lowers Rtgs; Credit Watch Negative
GOLDEN OCEAN: Committee Taps Chanin and American Marine Advisors
GRAHAM FIELD: Commitment Letter From Congress Financial
GRAND COURT: Files Petition For Bankruptcy Reorganization

HARVEY ELECTRONICS: Quarter Sales Increase 54%
HURRICANE HYDROCARBONS: Agreement Reached on Cash Consideration
INTEGRATED HEALTH: Committee Taps Klehr Harrison as Local Counsel
IRIDIUM: Announces Termination of Commercial Service
IRIDIUM: Merit Studios Announces Bid

JAPAN ENERGY CORP.: To post 70B Yen special loss for FY99
JUMBOSPORTS: Seeks To Sell Real Property in Clearwater, Fla
JUMBOSPORTS: Seeks To Sell Real Property in Glen Allen, Va
LEASING SOLUTIONS: Exclusive Plan Filing Period Extended
LOEHMANN'S: To File Proposed Plan

NATIONAL ENERGY GROUP: Files Joint Disclosure Statement
NEWCOR: Reports 25% Increase In Sales; Net Loss Up
NEXUS TELOCATION SYSTEMS: Soros Fund Mgt Reports Stock Ownership
OWENS CORNING: Acquisitions Lead to Sales Growth
PHYSICIANS RESOURCE: Board Members Resign

PRIMARY HEALTH: Objection To Asset Sale
ROBERDS: Court Approves Retention of Deloitte & Touche
SABRATEK: Order Authorizes Zolfo Coooper
SUNTERRA CORP.: DCR Downgrades Ratings
TELEGROUP INC: Court Confirms Plan

TRANSTEXAS GAS: Emerges from Chapter 11
TULTEX: Files Financial Statements
WESTMORELAND COAL: Year End Net Income of $8.6 Million
WINSTAR COMMUNICATIONS: Moody's Assigns B3 To Senior Notes

Meetings, Conferences and Seminars

                  *********

AMERICAN MOBILE SATELLITE: Maryland Trust Reports Holdings
----------------------------------------------------------
Noah A. Samara as trustee of XM Ventures, a Maryland trust, holds
4,094,244 shares of the common stock of American Mobile Satellite
Corporation, representing an 8.44% ownership of the outstanding
common stock of the company.  The Trust holds sole power to vote
or dispose of the shares.

On January 6, 2000, the Trust sold 25,000 shares of common stock
of the company in a market transaction at a price of $19.0000 per
share (inclusive of commissions). On February 9, 2000, the Trust
sold an additional 660,000 shares of common stock of American
Mobile Satellite in a market transaction at a price of $21.7817
per share (inclusive of commissions). Again, on February 10,
2000, the Trust sold an aggregate of 1,000,000 shares of
common stock of the company in two market transactions at a price
of $21.8083 per share (inclusive of commissions). On March 10,
2000, the Trust sold 1,000,000 shares of common stock of the
company in a market transaction at a price of $40.1047 per share
(inclusive of commissions).

The reported purpose of the above transactions was to provide
liquidity for the Trust.


AMERICAN SKIING: Reports Quarter Results
----------------------------------------
For the quarter ended January 30, 2000, American Skiing Company
had revenues of $126,627 on which it experienced a net loss of
$15,124.  In the six months ended that same date revenues were
$149,982 and the net loss $43,078.

For comparison, the same quarter and six months of 1999 saw
revenues of $109,505, net loss of $10,779; revenues of $134,301
and net loss of $31,047, respectively.

The company's liquidity is significantly affected by its high
leverage.  As a result of its leveraged position, American Skiing
will have significant cash requirements to service interest and
principal payments on its debt.  Consequently, cash availability
for working capital needs, capital expenditures and acquisitions
is limited, outside of the availability under the Senior Credit
Facility. Furthermore, the Senior Credit Facility and the
Indenture each contain significant restrictions on
the ability of the company and its subsidiaries to obtain
additional sources of capital and may affect its liquidity.  
These restrictions include restrictions on the sale of assets,
restrictions on the incurrence of additional indebtedness and
restrictions on the issuance of preferred stock.


ANKER COAL GROUP: Struth Joins Team as CFO and Treasurer
--------------------------------------------------------
David D. Struth has joined Anker Coal Group, Inc. as its
Treasurer and Chief Financial Officer. For the past 15 years, Mr.
Struth held various accounting and tax positions with Herr-Voss
Industries, Inc. (formerly known as Salem Corporation) located in
Pittsburgh, Pennsylvania. Most recently he served as Corporate
Controller and Secretary, and was responsible for accounting and
finance matters, external reporting, and tax planning and
compliance for Herr-Voss Industries and its subsidiaries.
Several of the subsidiaries of Herr-Voss Industries were engaged
in the design, engineering and manufacture of coal processing and
underground mining equipment.

Mr. Struth graduated from Indiana University of Pennsylvania in
1983 with a Bachelor of Science in Business Administration. He
also graduated magna cum laude with a Master of Science in
Taxation from the Graduate School of Business at Robert Morris
College in 1988.

Anker Coal Group, Inc. and its subsidiaries produce and sell coal
used principally for electric generation and steel production in
the eastern United States.


COLORADO GREENHOUSE: Order Authorizes Post-Petition Financing
-----------------------------------------------------------------
The US Bankruptcy Court for the District of Colorado entered an
order on March 7, 2000 authorizing the debtors to obtain post-
petition financing.  The debtors are authorized to pay the
lenders a closing fee of $20,000.  

By separate order the court authorized the employee severance and
retention program.


CORAM RESOURCE: Seeks Order Extending Exclusivity
-------------------------------------------------
Coram Resource Network, Inc. and Coram Independent Practice
Association, Inc. seek court authority to extend for a period of
120 days, the debtors' exclusive periods in which to file a plan
or plans of reorganization and to solicit acceptances thereof.

The debtors seek an extension from March 12, 2000through and
including July 10, 2000 to file a plan, and provided a plan or
plans are filed within such time, the debtors request that the
solicitation periods be extended for an additional period of up
to 120 days from May 10, 2000 through and including September 7,
2000.

The Bar Date for filing proofs of claim does not expire until
March 22, 2000.  The debtors cannot accurately quantify the full
extent of the estates' respective liabilities until all claims
have been filed.  The debtors will need time after the bar date
in order to evaluate the merits of each individual claim. The
ultimate determination of the debtors' relative liability to all
classes of claimants will have significant impact on the
specifics of any plan to be proposed by the debtors.

Particularly, R-Net is not in a position to quantify its full
liability to a class of claimants until after the Bar Date has
passed.

Although the debtors are liquidating rather than reorganizing,
the debtors need additional time to prepare their proposed plan
or plans.


CREDIT SUISSE: Moody's Confirms Ratings
---------------------------------------
Moody's Investors Service confirmed the ratings of three tranches
of Credit Suisse First Boston Mortgage Securities Corp.,
Commercial Mortgage Pass-Through Certificates, Series 1997-C1.
The securities had been on review for possible downgrade since
April 20, 1999.

The ratings confirmed include:

Credit Suisse First Boston Mortgage Securities Corp., Commercial
Mortgage Pass-Through Certificates, Series 1997-C1, Class H,
currently rated B2.

Credit Suisse First Boston Mortgage Securities Corp., Commercial
Mortgage Pass-Through Certificates, Series 1997-C1, Class I,
currently rated B3.

Credit Suisse First Boston Mortgage Securities Corp., Commercial
Mortgage Pass-Through Certificates, Series 1997-C1, Class J,
currently rated Caa2.


DAEWOO INTERNATIONAL: Case Summary and Largest Creditors
--------------------------------------------------------
Debtor: Daewoo Int'l(America) Corp.
        85 Challenger Road
        Ridgefield Park, NJ 07660-2114

Type of Business: Involves trade-related activities, including
the importing, exporting, financing and wholesale and general
distribution of goods in North America and overseas. The Debtor
is a wholly-owned subsidiary  of Daewoo Corporation, a company
formed under the laws of The Republic of Korea(the "Parent").

Petition Date: March 17, 2000   Chapter 11

Court: Southern District of New York

Bankruptcy Case No.: 00-11050

Judge: Burton R. Lifland

Debtor's Counsel: Albert Togut
                  Togut, Segal & Segal LLP
                  One Penn Plaza
                  Suite 3335
                  New York, NY 10119
                  (212) 594-5000
                  Fax:(212) 967-4258
                  Email: kmclain@teamtogut.com

Total Assets: $ 789,885,000
Total Debts:  $ 789,714,000

20 Largest Unsecured Creditors

Chase Manhattan Bank
270 Park Avenue, 18th Floor
New York, NY 10017
Mr. Jojoon Chaey           Short Term
(212) 270-3287             Loan          $ 127,000,000

Credit Suisse
12 East 49th St.
New York, NY 10017         Short Term
(212) 238-507              Loan           $ 95,000,000

Bank of Tokyo Mitsubishi
1251 Avenue of the Americas
New York, NY 100020
Mr Paul Kazuo Okura        Short Term
(212) 782-4397             Loan           $ 49,000,000

Korea Exchange Bank
460 Park Avenue, 14th Flr  
New York, NY 10022
Mr Ha Seouup Bang          Short Term     
(212) 838-4949             Loan           $ 43,400,000

Seoul Bank
280 Park Avenue, West Bldg,
24th Floor                 
New York, NY 10017
Mr Byung Ro Ahn            Short Term
(212) 687-6160             Loan           $ 33,902,792

Hanvit Bank
245 Park Avenue, 41st Flr
New York, NY 10022
Mr Kyung Juk Suh           Short Term
(212) 949-1900             Loan           $ 31,840,877

Shinhan Bank
800 Third Avenue
New York, NY 10022
Mr Hyo Jin Ahn             Short Term
(212) 371-8000             Loan           $ 30,985,494

Cho Hung Bank
320 Park Avenue, 27th Flr
New York, NY 10022
Mr Sun Hong Kim            Short Term
(212) 935-3500             Loan           $ 27,000,000

Koram Bank
3435 Wilshire Blvd., #2430
Los Angeles, CA 90010
Mr Kyong-Pyo Shu           Short Term
(213) 389-880              Loan           $ 19,700,000

Union Bank of California
350 California St., 7th Flr
San Francisco, CA 94104
Ms Donna L Sepers          Short Term
(415) 765-3307             Loan           $ 19,200,000

Banca Commerciale Italiana
One William Street
New York, NY 10004
Mr Antonio DiMaggio        Short Term
(212) 607-3862             Loan           $ 18,000,000

Comerica Bank
500 Woodward Avenue
Detroit, MI 48226
Mr Do Youn Choo            Short Term
(313) 222-7251             Loan           $ 11,500,000

Bank of Hawaii
45 Broadway, 5th Flr
New York, NY 10006
Mr Dan Docheff             Short Term
(212) 898-9186             Loan           $ 10,000,000

Bank of New York
CPO Box 4906
Seoul, Korea               Short Term
Mr C. W. Chung             Loan           $ 10,000,000

Abu Dhabi Int'l Bank
1020 19th St., NW Suite 500
Washington, DC 20036
Mr Nagy S Kolta            Short Term
(202) 842-7957             Loan            $ 8,400,000

Oversea-Chinese Baning Corp
Two World Financial Center
225 Liberty St
New York, NY 10281
Mr Robert W Ng             Short Term
(212) 587-0101             Loan            $ 8,000,000

Korea First Bank
410 Park Avenue, 8th Flr
New York, NY 10022
Mr Jin Bae Kim             Short Term
(212) 593-2525             Loan            $ 8,000,000

Industrial Bank of Korea
16 West 32nd Street
New York, NY 10001
Mr Sun Kyu Kim             Short Term
(212) 268-6363             Loan            $ 7,000,000

Yasuda Trust & Banking Co
666 Fifth Avenue, Suite 801
New York, NY 10103
Mr Tomohito Kameshita      Short Term
(212) 373-5704             Loan            $ 4,000,000

California Cho Hung Bank
3000 West Olympic Blvd.
Los Angeles, CA 90006
Mr Don-Keon Sohn           Short Term
(213) 380-8300             Loan            $ 4,000,000


DAEWOO INTERNATIONAL: Files Chapter 11 in New York
--------------------------------------------------
Daewoo International (America) Corp. announced last week that it
filed for chapter 11 protection in the Southern District of New
York, according to a newswire report. President H.K. Jhun said,
"We have been engaged in global restructuring efforts involving
various Daewoo companies since last fall. The vast majority of
our creditors support these efforts...Two small bank creditors,
however, have chosen to take legal action to secure preferential
treatment that is fundamentally inconsistent with a global
restructuring. The chapter 11 filing was commenced to preserve
the integrity of the the global restructuring through protection
afforded by the Bankruptcy Code and to confirm a reorganization
plan." The filing is not expected to have any significant impact
on business operations. In late January, the company announced
that it had reached a non-binding agreement in principle with the
Steering Committee of Foreign Lenders of Daewoo Group of
Companies (comprised of nine banks) under which an offer will be
made to purchase for cash certain outstanding indebtedness of
Daewoo companies, including Daewoo International (America), held
by non-Korean lenders. The company is a wholly owned subsidiary
of parent Daewoo Corp. By the middle of last year the parent and
its major affiliates owned more than $44 billion in funded debt
to creditors inside and outside of Korea. Togut, Segal & Segal,
New York City, filed the chapter 11 on behalf of the company.
(ABI 20-Mar-2000)


DATAPOINT: Reports Year-End Results
-----------------------------------
At July 31, 1999 and for the year then ended, Datapoint
Corporation  experienced a net loss of $7,549 and it had a
working capital deficiency of $19,533 and a net capital
deficiency of $72,128 which raised substantial doubt about its
ability to continue as a going concern.  For the six month period
ended January 29, 2000, the company experienced a net loss of
$4,416 and it has a working capital deficiency of $24,581 and a
net capital deficiency of $76,712.  The company's ability to
continue operations will depend on the availability of sufficient
cash resources to meet its obligations in the near term.  Without
the successful consummation of the announced sale of the European
Operations, and positive cash flow, if any, from future
operations, there can be no assurances that the company's
operations will continue.

The European Operations represents 96% of the company's total
revenue during 1999 and 98% of the company's total revenue for
the quarter and six months ended January 29, 2000. Excluding the
European Operations, the company's consolidated revenue and
operating loss were $540 thousand and $1.4 million respectively,
for the quarter ended January 29, 2000 and $1.l million and $3.2
million, respectively, for the first six months of fiscal
2000.

Under the terms of the proposed sale to CallCentric, the European
Operations will be purchased for $49.5 million cash, subject to
adjustment in the event that the aggregate shareholders' deficit
of the European Operations is more than $10.0 million.  Under the
CallCentric Letter of Intent, the company granted CallCentric an
eight week period of exclusivity to conduct due diligence and
negotiate the purchase of the European Operations.  Consummation
of the sale of the European Operations will require either (i)
the consent of both a majority of the holders of the
common stock,  par value $.25 per share, of the company and two-
thirds of the holders of the company's  8-7/8% Convertible
Subordinated Debentures  or (ii) should the company file for
protection under the United States Bankruptcy Code, approval of
the Bankruptcy Court.

Since December 1, 1999 Datapoint has been in default of its
interest payment obligation on its Debentures due June 1, 2006
which were issued pursuant to the Indenture of the company, dated
June 1, 1981.  The company has had informal discussions with
certain of the large holders of Debentures concerning such
default.  According to the Indenture the trustee or holders of
more than 25% of the outstanding Debentures may accelerate
the debt due pursuant to the Debentures.

If the proposed sale of the company's European Operations is not
consummated as intended, management plans to continue
restructuring efforts as necessary in the future which may
include the reduction of personnel, closure of facilities,
disposal of subsidiaries, or the discontinuance of product lines.


ECHO SPRINGS: Case Summary
--------------------------
Debtor: Echo Springs Water Co., Inc.
        321 Fifth Avenue, 4th Floor
        New York, NY 10016

Type of Business: Bottled and distributed spring water

Petition Date: March 17, 2000   Chapter 11

Court: Southern District of New York

Bankruptcy Case No.: 00-11064

Debtor's Counsel: Harold S. Berzow
                  Finkel Goldstein Berzow Ronsenbloom
                  & Nash, LLP
                  26 Broadway, Suite 711
                  New York, NY 10004
                  (212) 344-2929
                  Fax:(212) 422-6836
                  Email:finkgold@aol.com

Total Assets: $ 1,656,595
Total Debts:  $ 2,288,321

20 Largest Unsecured Creditors

Estate of Fred Kessner
69 Spring Street
Ramsey, NJ 07446           Loan         $ 1,199,960

Demon Group
580 Oakdale Street
Staten Island
NY 10312                   Loan           $ 351,771

Frank Cassata              Trade debt     $ 168,500
Crystal springs, Inc.      Trade debt      $ 58,000
John L. Huyck              Loan            $ 54,739
Elise Alexander Trust      Loan            $ 40,166
Citrin Cooperman
& Co., LLP                 Trade Debt      $ 38,000
William Ramires
C/O McElroy                Trade Debt      $ 25,000
River Terminal
Development                Trade Debt      $ 20,051
Sliski Service
Co., Inc.                  Trade Debt      $ 12,500
Ryder Truck
Rental, Inc.               Trade Debt       $ 7,325
Burke Supply Systems       Trade Debt       $ 7,301
Mendon Leasing Corp.       Trade Debt       $ 5,074
Penske Truck
Leasing Cor.               Trade Debt       $ 4,120
Portole Packaging Inc.     Trade Debt       $ 2,821
John M. & Susan Wheeler    Trade Debt       $ 2,700
United Rentals             Trade Debt       $ 2,644
Cigna Healthcare           Trade Debt       $ 2,510
A.C.S. Inc.                Trade Debt       $ 2,260
VideoJet Systems Int's     Trade Debt       $ 2,169



FASTCOMM COMMUNICATIONS: Reports Quarter Results
------------------------------------------------
Fastcomm Communications Corporation, during the quarter ended
January 29, 2000, experienced a net loss of $1,437,826 on
revenues of $1,175,418.  In the same quarter of 1999 net loss was
$1,247,528 on revenues of $1,701,812.

During the nine months ended January 29, 2000, the company's net
loss was $3,468,076 on revenues of $4,491,526.  In the nine
months ended January 30, 1999 net loss was $4,751,475 on revenues
of $4,037,161.

The company has changed its organizational structure and reduced
headcount. As a result, year to date spending levels have
declined. Further, legal and professional fees have declined
sharply from that of the previous fiscal year.

On November 17, 1999 the company initiated an accelerated warrant
conversion program designed to raise capital to finance working
capital and product expansion plans. Under the terms and
conditions of this program, current warrant holders were offered
either (a) a discount in the exercise price of 20% or (b) a
discount in the exercise price of 10% and the issuance of a new
warrant that will be exercisable for one-half a share of
common stock at an exercise price of $2.50 per share.  This
program terminated on December 10, 1999. 852,898 warrants were
exercised under Option A and 1,708,027 warrants were exercised
under Option B. The company issued 854,014 warrants to those
electing Option B. This program generated $3,049,000 in cash for
Fastcomm.

The company anticipates that it may require additional funding to
meet operating requirements, future expansion and research and
development expenses. It is anticipated that such funding will be
generated by way of additional placements of equity, through
research and development arrangements funded by third parties, by
asset based lending facilities and through the exercise of in the
money stock options and warrants. The company can give no
assurance as to whether it will be able to conclude
such financing arrangements, or that, if concluded, they will be
on terms favorable to the company.

There can be no assurance that the required increased sales and
improved operating efficiencies necessary to return to
profitability will materialize, or if they do, the company will
be able to raise sufficient funding to finance its working
capital needs.


FRONTIER INSURANCE: S&P Lowers Rtgs; Credit Watch Negative
----------------------------------------------------------
Standard & Poor's placed its ratings on Frontier Insurance Group
Inc. (Frontier) and related entities on CreditWatch with negative
implications. At the same time, Standard & Poor's lowered its
counterparty credit rating on Frontier to single-'B'-plus from
double-'B'-plus.

In addition, Standard & Poor's lowered its preferred stock rating
on Frontier Financing Trust to triple-'C'-plus from single-'B'-
plus.

Standard & Poor's also lowered its counterparty credit and
financial strength ratings on Frontier's operating subsidiaries
(see list) to double-'B'-plus from triple-'B'-plus.

The rating actions follow the release of Frontier's fourth-
quarter financial results, which were substantially below
Standard & Poor's expectations. The actions also reflect the
group's weakened capitalization, coupled with weak earning levels
and challenges to the group's competitive position. Standard &
Poor's placed the ratings on CreditWatch because of concerns
regarding future profitability, capitalization, and financial
leverage.


GOLDEN OCEAN: Committee Taps Chanin and American Marine Advisors
----------------------------------------------------------------
The Official Committee of Unsecured Creditors of Golden Ocean
Group Limited, et al. filed an application for authorization to
employ Chanin and Company LLC and American Marine Advisors as
financial and industry advisors.  The committee anticipates that
the professionals will provide the following services:

Analysis and recommendations concerning the debtors' operations,
business strategy and competition in the relevant markets, as
well as the industry dynamices affecting the debtors'

Analysis and recommendations concerning the debtors' financial
condition , business plans, operating forecasts, management and
the prospects for future performance;

Assistance in developing, evaluating, structuring and negotiating
the terms and conditions of a plan of reorganization, financing,
or other transaction including the value of any debtor or equity
securities that may be issued by one or more of the debtors;

Assistance in developing, evaluating, structuring and negotiating
the terms and conditions of a plan of reorganization, financing,
or other transaction including the value of any debtor or equity
securities that may be issued by one or more of the debtors;

Analysis of potential sales, divestitures or other disposition of
all or part of the debtors' asserts;

Raising new financing and/or refinancing for existing obligations
of the debtors and their subsidiaries, including with respect to
vessels that are currently owned by, contracted with or to-be-
delivered to any of the debtors' subsidiaries;

Contacting qualified investors or purchasers for the debtors;

Assistance in negotiating the financial aspects of vessel
financings, the obligations or any investment in or purchase of
the debtors' assets to the extent that the committee is requested
or deems it necessary to participate in such negotiations.

Chanin/AMA is to be compensated by a flat fee of $125,000 for the
first month of the engagement, $100,000 for the second month, and
$75,000 per month for each month thereafter.  There are also
additional fees for a plan term sheet and secured senior
financing and junior financing.  The professionals will also
receive a transaction fee of $1,000,000 if a transaction is
consummated due to the firms' efforts.


GRAHAM FIELD: Commitment Letter From Congress Financial
-----------------------------------------------------------------
The debtors, Graham-Field Health Products, Inc., filed a
commitment letter form Congress Financial Corporation confirming
its commitment to provide as secured revolving credit and letter
of credit facility to the debtors and certain of its subsidiaries
of up to a maximum amount of $35 million subject to the terms and
conditions set forth herein and in the Term Sheet.  The Credit
Facility is to be used to refinance the existing indebtedness of
the company.


GRAND COURT: Files Petition For Bankruptcy Reorganization
---------------------------------------------------------
Grand Court Lifestyles, Inc. (Nasdaq: GCLI) (the "Company"), a
fully integrated provider of both independent and assisted living
services for seniors, announced that it filed a voluntary
petition today with the U.S. Bankruptcy Court for the District of
New Jersey to reorganize under Chapter 11 of the U.S. Bankruptcy
Code.


HARVEY ELECTRONICS: Quarter Sales Increase 54%
---------------------------------------------
Harvey Electronics Inc. is a specialty retailer of high quality
audio/video consumer electronics and home theater products in the
Metropolitan New York area. Revenue from retail sales is
recognized at the time goods are delivered to the consumer or,
for certain installation services, when such  services are
performed and accepted by the customer.

On December 2, 1999, the company signed a letter of intent with
CoolAudio.com, Inc. to merge the two companies through the
issuance of the company's common stock. On February 7, 2000, the
company and CoolAudio  mutually agreed to terminate their
agreement in principle to merge, as the companies were unable to
conclude the negotiation of final terms of the proposed merger.

Sales for the first fiscal quarter ended January 29, 2000 totaled
$9,854,484, an increase of approximately $3,446,000 or 54% from
the same quarter last year when sales were $6,429,781. Net income
for the first quarter of fiscal 2000 increased to $440,382, as
compared to $330,670 for the same quarter last year.


HURRICANE HYDROCARBONS: Agreement Reached on Cash Consideration
---------------------------------------------------------------
Hurricane Hydrocarbons Ltd. and Central Asian Industrial
Investments N.V. ("CAII") announced that they have reached
agreement on the final determination of the amount of the Cash
Consideration to be paid by Hurricane for the acquisition of the
shares of OJSC Shymkentnefteorgsyntez ("ShNOS").

After taking into account the September 30, 1999 working capital
positions of Hurricane and ShNOS, the terms of Hurricane's debt
restructuring plan, Hurricane's private placement of equity and
subject to adjustment based on the possible future settlement of
disputed claims, the net amount of the Cash Consideration which
was originally set at US$57 million, has been established
at US$51 million.

The Cash Consideration of US$51 million, together with 33% of the
shares of Hurricane calculated after the acquisition, represents
the price to be paid to the shareholders of ShNOS for 100% of the
shares of ShNOS. If fewer than 100% of the shares are acquired,
the price will be reduced accordingly.

Hurricane and CAII expect the acquisition of ShNOS will close on
or about March 31, 2000 which will also be the date on which
Hurricane's Plan of Arrangement under the Companies' Creditors
Arrangement Act will be implemented.

Hurricane's shares trade on the Toronto Stock Exchange under the
symbol HHL.A and on the National Quotation Bureau (NQB) under the
symbol HHLFQ. The company's website can be accessed at
www.hurricane-hhl.com.


INTEGRATED HEALTH: Committee Taps Klehr Harrison as Local Counsel
-----------------------------------------------------------------
The Official Committee of Unsecured Creditors sought and obtained
Judge Walrath's permission to retain Klehr, Harrison, Harvey,
Branzburg & Ellers LLP as its local counsel, nunc pro tunc to
February 23, 2000.  Joanne B. Wills, Esq., and Steven K.
Kortanek, Esq., lead the engagement, billing, respectively, at
$350 and $240.00 per hour for their services.


IRIDIUM: Announces Termination of Commercial Service
----------------------------------------------------
Iridium LLC announced on Friday that it terminated the provision
of commercial service as of 11:59 p.m. EST on Friday, March 17,
2000.  The U.S. Bankruptcy Court for the Southern District of New
York approved use by the Company of its secured lenders' cash
collateral to commence the wind down of its operations and
the sale of its assets.

Motorola has advised Iridium that it intends to maintain the
Iridium satellite system for a limited period of time to allow
subscribers in remote locations to obtain alternative
communications.


IRIDIUM: Merit Studios Announces Bid
------------------------------------
On Sunday March 19, 2000, Chairman and CEO of Merit Studios,
Michael John, transmitted an e-mail to the Attorneys involved in
the Iridium Bankruptcy case. Merit on its behalf and Michael John
representing a group of private investors offered a new business
venture to save Iridium.

Based on Merit's WormHole Technology, the company believes to
have found an innovative way to use the satellite system of
Iridium to create an additional data transmission network to
supplement the Internet and data transmission in general.


JAPAN ENERGY CORP.: To post 70B Yen special loss for FY99
---------------------------------------------------------
Japan Energy Corp. (5014) will post a 70 billion yen
extraordinary loss for the year ending this month to cover
pension fund liabilities as well as lump-sum disposal of
unrealized losses on stockholdings in unprofitable
subsidiaries and other restructuring costs, company sources
said.

The leading oil refiner expects a 40 billion yen net loss,
compared with a 19.8 billion yen loss the year before.
The company will cancel its annual dividend for the first
time since listing in 1949. In fiscal 1998, it offered a 3
yen payout.  To prevent further financial deterioration,
the firm will reevaluate its land holdings at market value
and transfer 60% of an 80 billion yen evaluation profit, or
about 50 billion yen, to stockholders' equity.

The extraordinary loss will comprise 30 billion yen to
partly cover a 44 billion yen shortfall in retirement fund
reserves and a total of 40 billion yen on stock evaluation
as well as loan losses at subsidiaries and costs for
scrapping facilities at an oil-product retailer.

Japan Energy plans to integrate its refining and
distribution operations with those of Showa Shell Sekiyu KK
(5002) in new firms. Of the combined eight refineries, a
core four to six plants will be operated by a new jointly
owned company. (Nikkei  17-March-2000)


JUMBOSPORTS: Seeks To Sell Real Property in Clearwater, Fla
-----------------------------------------------------------
The debtors, JumboSports Inc. its debtor affiliate seek to sell
real property located at 13555 49th Street, Clearwater, Florida
for a total purchase price of $4 million.  

Any competing bidder must submit a bid no later than 5:00 PM,
March 24, 2000.  Any competing bid must start at $4.01 million
and all subsequent higher bids must be in incremental increases
of at least $10,000.


JUMBOSPORTS: Seeks To Sell Real Property in Glen Allen, Va
-----------------------------------------------------------------
The debtors, JumboSports Inc. its debtor affiliate seek to sell
real property located at 9880 W. Broad Street, Glen Allen,
Virginia for a total purchase price of $275,000 in cash and the
assumption of ann existing mortgage in the approximate sum of
$3.5 million held by Criimi Mae Services Limited Partnership.  


LEASING SOLUTIONS: Exclusive Plan Filing Period Extended
--------------------------------------------------------
Leasing Solutions Inc. (LSN) on Tuesday won a 21-day extension of
its exclusive period for filing a chapter 11 plan. According to
Robert Greenfield of Stutman Treister & Glatt PC, counsel for the
company, the U.S. Bankruptcy Court in San Jose extended the
period during which the company has the exclusive right to file a
plan through April 7. The court continued Tuesday's exclusivity
hearing to April 4, at which time it will consider the company's
request filed Feb. 23 for a two-month extension of the exclusive
periods in which to file and solicit acceptances to a plan. The
requested extension would extend the exclusive plan filing period
from March 14 to May 15, and the exclusive period for soliciting
votes to the plan from May 14 to July 13. (ABI 20-Mar-00)


LOEHMANN'S: To File Proposed Plan
---------------------------------
Loehmann's Inc. announced Friday that it intends to file a
reorganization plan with the Bankruptcy Court for the District of
Delaware within the next week, according to a newswire report.
Loehmann's, a leading specialty retailer of designer women's and
men's fashions at discounted prices, also will close an
additional 11 stores as part of its reorganization. Those stores
are located in Westbury, N.Y.; Greenbrook, N.J.; North Atlanta;
Virginia Beach and Richmond, Va.; San Antonio; St. Louis; Downers
Grove, Ill.; Brookfield, Wis.; and Fullerton and Palm Springs,
Calif. The reorganized company will operate 44 stores in 16
states. (ABI 20-Mar-2000)


NATIONAL ENERGY: Announces Filing of Joint Disclosure Statement
---------------------------------------------------------------
National Energy Group, Inc. (OTC Bulletin Board: NEGXQ) announces
the filing on March 14, 2000 of a Joint Disclosure Statement and
Plan of Reorganization (the "Plan") in the United States
Bankruptcy Court for the Northern District of Texas, Dallas
Division. In February 1999, the Company and its wholly owned
subsidiary, Boomer Marketing Company, were placed under the
protection of the Bankruptcy Court in a Chapter 11 proceeding.  
The Plan provides for (i) continuation of the Company's oil and
gas business operations; (ii) payment in full of all secured
claims, including the Arnos Corp. secured claim in the amount of
$25 million, plus interest as may be due; (iii) payment of a cash
sum not to exceed $10,000 to certain classes of claimants
involved in litigation with the Company if such class accepts the
Plan or, alternatively, if rejected by such class, cash in the
amount of 56.5% of any Allowed Claim in such class; (iv)
acquisition by Arnos Corp. of any Senior Notes, not otherwise
held by Arnos Corp., in consideration of a payment equal to 56.5%
of the face value of each such bond acquired, or, alternatively,
a pro rata share of the Cash which Senior Noteholders would
receive in a liquidation, plus a pro rata beneficial interest
in a Creditor's Trust consisting of certain causes of action, two
properties of the Company and $250,000 in cash; (v) payment of a
cash sum equal to 75% of any Allowed Claim to trade creditors;
(vi) retention by each of the preferred and common shareholder
equity interests; provided that both the preferred and common
equity interests may, at the option of Arnos Corp., be deemed
cancelled and reissued to holders in a form to be determined by
Arnos Corp.; (vii) purchase by Arnos Corp., or an affiliate of
Arnos Corp., of additionally issued shares of the reorganized
Company's common stock to the extent that Arnos Corp. or its
affiliate shall own up to 49% of all the issued and outstanding
Common Stock of the reorganized Company; and (viii) amendment to
the Senior Notes Indenture.

The Plan further proposes that the Company's existing officers
and directors shall continue as the officers and directors of the
reorganized Company until otherwise replaced as provided in the
Company's bylaws.  Neither the Company's Preferred shareholders,
nor the Company's Common shareholders are entitled to vote on the
Plan and have been deemed for all purposes to have rejected it in
its entirety.  A hearing in the Bankruptcy Court on the
Disclosure Statement is scheduled for April 20, 2000.

On February 28, 2000, the Official Unsecured Creditors Committee
filed a Joint Disclosure Statement and Plan of Reorganization
with the Bankruptcy Court which provides for (i) the possibility
of a limited continuation of the Company's oil and gas business
operations; (ii) the creation of a Creditors Trust to which will
be transferred substantially all of the cash and cash equivalents
remaining in the Company, the funds held in the Registry of
the Court from the auction of the Company's properties, and all
causes of action for the payment and primary benefit of certain
allowed administrative, tax, priority and miscellaneous secured
and unsecured creditors; and (iii) payment in full of the secured
claims.  The Committee Plan designates eight (8) classes of
claims and equity interests.  The Company's Senior Noteholders
are deemed to be Allowed Claims in the Committee's Plan and are
entitled to their pro rata share of the remaining proceeds in the
Creditors Trust after payment of the secured claims. Following
distribution of the Creditors Trust fund to the various
claimants, the Committee retains the right to sell the Company's
remaining assets or sell to third parties the rights of the
Senior Noteholders to retain between 49% and 95% of the
outstanding stock of the reorganized Company in the form of newly
issued Additional Common Stock.  In connection therewith, the
Senior Noteholders shall have the right to elect all members of
the Company's Board of Directors for a two (2) year term
following the effective date of the Committee's Plan.  The
Committee's Plan further provides that all of the Company's
Preferred Stock shall be converted into Common Stock at a
conversion price of $.25 per share, and the existing common and
preferred equity interests of the Company shall remain in
existence.  Neither the Company's Preferred shareholders, nor the
Company's Common shareholders are entitled to vote on the
Committee's Plan and have been deemed for all purposes to have
rejected it in its entirety.  A hearing in the Bankruptcy Court
on the Committee Disclosure Statement is scheduled for April 17,
2000.

The Plan, the Committee Plan and the Disclosure Statements
associated therewith are subject to amendment, and there is no
assurance that the Bankruptcy Court will approve either plan to
be circulated for voting among the classes entitled to vote under
the respective plans.  The foregoing generally summarizes the
respective plans, and interested parties are directed to review
in their entirety the Joint Disclosure Statements and Plans of
Reorganization filed with the Bankruptcy Court.

On November 16, 1999, the Bankruptcy Court had previously entered
an Order closing into an escrow with the Registry of the Court a
sale of substantially all of the Company's oil and gas properties
to Arnos Corp. for a purchase price of $96.25 million, subject to
(i) confirmation of a plan of reorganization or (ii) in the event
a plan of reorganization is not confirmed, a Bankruptcy Court
ordered closing of the sale.  Arnos Corp. is an affiliate of the
Company's Series D Preferred stockholder, affiliated with three
of the Company's seven directors, and the assignee of the
Company's Bank Credit Facility having a current outstanding
balance of $25 million.

National Energy Group, Inc. is a Dallas, Texas based independent
oil and gas exploration and production company.  The Company's
principal properties are located onshore in Texas, Louisiana,
Oklahoma, and offshore in the Gulf of Mexico.


NEWCOR: Reports 25% Increase In Sales; Net Loss Up
--------------------------------------------------
Newcor Inc. is organized into three operating segments: Precision
Machined Products, Rubber and Plastic and Special Machines. The
Precision Machined Products segment produces transmission,
powertrain and engine components and assemblies primarily for the
automotive, medium and heavy-duty truck, and agricultural vehicle
industries. The Rubber and Plastic segment produces cosmetic and
functional seals and boots and functional engine compartment
products primarily for the automotive industry. The Special
Machines segment designs and manufactures welding, assembly,
forming, heat treating and testing machinery and equipment for
the automotive, appliance and other industries.

The company recorded sales in 1999 of $258.5 million, an increase
of $52.3 million, or 25.4%, from fiscal 1998 sales of $206.2
million, however, net loss for 1999 was $11,580 as compared to
the net loss of $1,159 for 1998.

Newcor is highly leveraged as a result of its notes. The
company's ability to make scheduled principal payments of, or to
pay the interest on, or to refinance, its indebtedness (including
the notes) or to fund planned capital expenditures will depend on
its future performance, which, to a certain extent, is subject to
general economic, financial, competitive, legislative, regulatory
and other factors that are beyond its control.


NEXUS TELOCATION SYSTEMS: Soros Fund Mgt Reports Stock Ownership
----------------------------------------------------------------
Soros Fund Management LLC beneficially owns 2,945,000 shares of
the common stock of Nexus Telocation Systems Ltd. with sole
voting and dispositive powers.  This number represents 13.25% of
the outstanding shares of the common stock of the company.

George Soros and Stanley F. Druckenmiller share voting and
dispositive power over the same shares.

The shares are held for the account of QEG-NTS Holdings LLC, a
Delaware limited liability company. Soros Fund Management LLC, a
Delaware limited liability company, serves as principal
investment manager to Quantum Emerging Growth Partners C.V., a
Netherlands Antilles limited partnership and Quantum Partners
LDC, a Cayman Islands exempted limited duration company, each of
which owns 50% of the outstanding interest of QEG-NTS.  As
such, Soros Fund Management LLC has been granted investment
discretion over portfolio investments, including the shares, held
for the account of QEG-NTS.  Mr. Soros is the Chairman of Soros
Fund Management LLC.  Mr. Druckenmiller is the Lead Portfolio
Manager and a Member of the Management Committee of SFM LLC.


OWENS CORNING: Acquisitions Lead to Sales Growth
------------------------------------------------
Owens Corning has grown its sales from $3.4 billion in 1994 to
over $5.0 billion in 1999 and 1998. Acquisitions have been a
significant component of that growth.  Between 1994 and 1997, the
company completed 17 acquisitions for an aggregate purchase price
of over $1.2 billion.  These acquisitions have broadened the
products and services offered to home owners, home remodelers and
home builders to include siding, accessories and other home
exteriors products and have diversified the materials the
company utilizes  beyond fiber glass to include polymers such as
vinyl and styrene, and metal and stone.  During 1999 and 1998,
Owens Corning formed many alliances and partnerships to
complement its existing markets.

Net sales for the year ended December 31, 1999 were $5.048
billion, up slightly from $5.009 billion in 1998.  Net sales in
1997 were $4.373 billion. For the year ended December 31, 1999,
Owens Corning reported net income of $270 million, compared to a
net loss of $705 million for the year ended December 31, 1998 and
net income of $47 million for the year ended December 31, 1997.

The net loss in 1998 included a $1.415 billion pretax charge
($906 million after-tax) for asbestos litigation claims, a $243
million pretax charge ($171 million after-tax) for restructuring
and other actions and a $359 million pretax gain ($217 million
after-tax) from the sale of certain businesses.


PHYSICIANS RESOURCE: Board Members Resign
-----------------------------------------
Physicians Resource Group announced that David Meyer, M.D.,
Chairman of the Board, and John Shepherd, M.D. have resigned
as members of the Board of Directors of the Company.  Immediately
prior to their resignations, Drs.  Meyer and Shepherd chose
Michael W. Yeary, the Company's President/Chief Restructuring
Officer, to serve as a Director of the Company.

Mr. Yeary shall serve as the sole Director of the Company.  In
addition, PRG announced that Lucius E. Burch, III, David Dulaney,
M.D. and Mark Rosenberg had resigned their roles as senior
consultants to the Board of Directors.  "On behalf of the entire
Company, I want to express our appreciation for the leadership
and considerable accomplishments of these individuals over the
past 16 months," Michael Yeary said.

PRG is a debtor-in-possession in the United States Bankruptcy
Court of the Northern District of Texas and is a provider of
physician practice management services  that  provides  
management  services  to  eye  care practices  and operates  
ambulatory surgery centers.   



PRIMARY HEALTH: Objection To Asset Sale
---------------------------------------
University Hospitals Health System (UHHS) filed an objection
Friday in bankruptcy court to the planned sale of PHS assets to
the Cleveland Clinic, according to a newswire report. Claiming
that PHS and the clinic have "entered into an unholy alliance to
discourage competitive bidding" for the hospitals that are part
of PHS, University Hospitals has asked the court to open the
bidding process and put an immediate halt to any action that
would strip St. Michael Hospital and Mt. Sinai-East of their
current value. UHHS has offered $10 million for the purchase of
the two hospitals as long as they are fully operational. (ABI 20-
Mar-00)


ROBERDS: Court Approves Retention of Deloitte & Touche
------------------------------------------------------
By order entered on March 10, 2000, by the US Bankruptcy Court,
Southern District of Ohio, Western Division, the debtor, Roberds,
Inc. is authorized to retain Deloitte & Touche LLP as auditors,
accountants, real estate and tax consultants; and Deloittee
Consulting LLC as reorganization consultants for the debtor.


SABRATEK: Order Authorizes Zolfo Coooper
----------------------------------------
By order entered on March 7, 2000, the US Bankruptcy Court for
the District of Delaware authorized the statutory committee of
unsecured creditors to retain Zolfo Cooper, LLC as bankruptcy
consultants and special financial advisors.


SUNTERRA CORP.: DCR Downgrades Ratings
--------------------------------------
Duff & Phelps Credit Rating Co. (DCR) has downgraded the debt
ratings of Sunterra Corporation (NYSE: OWN) following the
company's release of 1999 fourth quarter results. The Company
reported revenue and earnings for the fourth quarter of 1999
(4Q'99) that were considerably lower than DCR's expectations and
OWN has also jeopardized its liquidity. The securities affected
by this downgrade include:

$140 million 9.25 percent Senior Notes due 2006
'B' (Single-B) from 'BB' (Double-B)
$200 million 9.75 percent Senior Subordinated Notes due 2007

'B-' (Single-B-Minus) from 'BB-' (Double-B-Minus)
$138 million 5.75 percent Convertible Subordinated Notes due 2007

'CCC' (Triple-C) from 'B+' (Single-B-Plus)

DCR also has withdrawn the 'BB+' (Double-B-Plus) rating of OWN's
$117.5 million senior secured bank facility rating as facility is
in the process of being replaced with a new $60 million facility.
Once details are finalized, DCR will review the covenants and
agreement.

The ratings remain on Rating Watch-Down, where they were placed
on January 21, 2000, following OWN's announcement that it would
record an after-tax charge ranging from $38-45 million relating
to delinquent receivables in 4Q'99. The charge has now been
confirmed at $43 million. In addition to this charge, the Company
recorded additional non-recurring after-tax charges of $12
million related to the writedown of certain noncore assets that
are now held for sale as well as certain costs associated with
terminated acquisitions and capitalized debt costs.

DCR is concerned with the Company's near-term liquidity as the
various charges have resulted in covenant violations in several
of OWN's credit facilities. The Company is presently negotiating
with its banks to seek waivers in order to maintain borrowing
capacity and is also pursuing additional financing sources. OWN
has agreed with Finova on a $25 million revolving mortgage
receivables line and a $100 million take-out facility for the
non-recourse sale of mortgages receivable.

Further, OWN's 4Q'99 actual performance was far worse than the
guidance that had been provided in late January. Hampering
operating results during the quarter were a 1.4 percent decline
in interval sales and substantially higher than expected
advertising, sales and marketing costs, which represented 53.7
percent of quarterly interval sales compared with 45.9 percent
during the first nine months of 1999 and 46.6 percent during
4Q'98. Leverage remains very high and there are limited prospects
for improvement in the near-term.

The Company is targeting the middle of April 2000 for the filing
of its 1999 results. DCR plans to meet with management shortly
thereafter to resolve the Rating Watch-Down status. DCR's review
will include, among other things, an evaluation of the Company's
action plans to obtain adequate liquidity to fund its operations,
as well as its strategies for rejuvenating its operating earnings
and reestablishing its credibility with the investment community.


TELEGROUP INC: Court Confirms Plan
----------------------------------
By order entered on March 9, 2000, the Honorable William F.
Tuohey, US Bankruptcy Court for the District of New Jersey
entered an order confirming the first amended Chapter 11
liquidating plan of reorganization of Telegroup, Inc.


TRANSTEXAS GAS: Emerges from Chapter 11
---------------------------------------
TransTexas Gas Corp. announced Friday that it has emerged from
bankruptcy protection and that it has amended its existing
debtor-in-possession credit agreement and revolving accounts
receivable credit facility, cancelled existing securities and
issued new securities, according to a newswire report. The
company explores, produces and transports natural gas and oil,
primarily in South Texas (ABI 20-Mar-00)


TULTEX: Files Financial Statements
----------------------------------
Tultex Corp. says it has more assets than debts, but a lawyer for
some creditors disagreed and predicted the bankrupt clothing
company will be unable to pay many of its debts, including those
to former workers.

The Martinsville-based company filed financial statements U.S.
Bankruptcy Court in Lynchburg for the first time since it entered
bankruptcy proceedings three months ago.  Tultex listed assets of
$427.4 million and debts of $338.7 million.

Company officials could not be reached Friday to explain why the
company appeared to be solvent and yet has been shut down for
liquidation purposes.

The company has probably inflated the stated value of some assets
to maximize the price it receives as it is broken up and sold,
said Roanoke bankruptcy lawyer Chip Magee, who is involved in the
case as lead lawyer for unsecured creditors.

Laid-off workers, who didn't get paid for unused vacation days,
won't be able to collect what they're owed until banks and
bondholders are paid in full, Magee said.

"There's going to be a substantial deficiency," Magee said.

The company has laid off more than 1,500 workers in the
Martinsville area since filing for Chapter 11 bankruptcy in
December.


WESTMORELAND COAL: Year End Net Income of $8.6 Million
------------------------------------------------------
Westmoreland Coal Company (Amex: WLB) reported net income from
continuing operations of $8.6 million for the full year ended
December 31, 1999 compared with net income from continuing
operations of $3.3 million for 1998.

Impacting 1999 results were an expected decrease in revenues that
resulted from reduced sales at Westmoreland Resources, Inc.
("WRI") because of an eight week scheduled maintenance outage at
a major customer's facility, anticipated losses at Dominion
Terminal Associates ("DTA") due to a full year of continued
decline in the export coal market, an expected reduction in
equity in earnings from Westmoreland Energy compared to 1998 due
to the sale of the Rensselaer Project, and expenses of almost $22
million connected with retiree medical obligations, or "heritage
costs."  Results for 1998 were negatively impacted by
approximately $10.0 million in reorganization fees, and a $12.2
million charge related to the company's investment in DTA.

Positively affecting net income from continuing operations was
the strong performance of the Company's remaining independent
power operations and significant interest income.  Equity in
earnings of independent power projects totaled over $34.0 million
and included a gain of approximately $17.0 million from the sale
of the Rensselaer project during the first quarter.  WRI produced
approximately 5.5 million tons of coal.

After recognition (for financial statement presentation purposes)
of $1.8 million for undeclared, unpaid preferred dividends, net
income applicable to common shareholders in 1999 was $6.9 million
or $0.97 per share compared to a net loss applicable to common
shareholders of $11.4 million, or $1.64 per share in 1998.  
Positively affecting the calculation of net income applicable to
common shareholders were the two tender offers for preferred
(depositary) shares conducted in 1999.  The tender offers
resulted in the retirement of 366,292 shares of preferred stock
(1,465,167 depositary shares), and a reduction of accumulated but
undeclared, unpaid preferred dividends from $20.8 million
immediately prior to the first offering to $8.9 million
immediately following the second offering, and a reduction of the
ongoing quarterly preferred dividends from $1.2 million to
$444,000.  Shareholders' equity was also reduced by $27.8 million
as a result of the two offerings.  As of December 31, 1999, the
Company had shareholders' equity of $3.1 million compared to
shareholders' equity of $21.8 million as of December 31, 1998.

Cash used in operating activities was $23.5 million in 1999
compared to cash provided of $55.9 million in 1998.  1999 was
impacted by the payment of pre-petition liabilities, catch-up
payments for retiree health benefits and the payment of
reorganization and proxy contest expenses.  In contrast, 1998
includes cash received from the Rensselaer restructuring at WEI
and from the termination of the salaried pension plan, and
reflects the deferral of health care benefit payments during
bankruptcy.  Cash used in financing activities in 1999 was
primarily for the purchase of preferred stock.  Consolidated cash
and cash equivalents as of December 31, 1999 totaled $20.1
million, including $12.1 million at WRI.  Cash at WRI, an 80%-
owned subsidiary, is available to the Company through dividends.  
The Company also had restricted cash, which was not classified as
cash or cash equivalents, of $14,896,000 at December 31, 1999.

The Company will hold its Annual Meeting of Shareholders
beginning at 10:00 a.m. on Friday, June 9, 2000 at the Antlers
Adam's Mark Hotel in Colorado Springs, Colorado.

Westmoreland expects to file its 1999 Form 10-K with the SEC on
or about March 23, 2000.  

Westmoreland Coal Company is a diversified energy company
headquartered in Colorado Springs, Colorado.  It is currently
engaged in western Powder River Basin coal mining through its
80%-owned subsidiary Westmoreland Resources, Inc. and independent
power production through its wholly owned subsidiary Westmoreland
Energy, Inc.  The Company also holds a 20% interest in Dominion
Terminal Associates, a coal shipping and terminal facility in
Newport News, Virginia.


WINSTAR COMMUNICATIONS: Moody's Assigns B3 To Senior Notes
----------------------------------------------------------
Moody's Investors Service has assigned a B3 rating to the
company's proposed senior notes due 2010, consisting of a $1.75
billion issue and a euro 250 million issue. Moody's has also
upgraded the senior implied rating from B3 to B2, and upgraded
the senior unsecured rating from Caa1 to B3. A rating of B2 has
been assigned to Winstar Communications II, Inc.'s proposed $1
billion senior secured credit facility. Finally Moody's has
assigned a "caa" rating to the various existing preferred stock
issues. The outlook is stable.

The upgrade of the senior implied rating recognizes the
improvements in the company's operations, and the growth and
increasing stability of its customer base, product set and
physical network. Additionally, junior capital raised through
financial and strategic partners and through the sale of network
capacity has created financing flexibility necessary to fund the
business plan over the next two years.

Still, the company faces several risks. Moody's is concerned
whether future developments in radio access can continue to match
the efficiency and capacity levels that are developed in other
communications access methods. Difficulties in negotiating
building access on reasonable terms will continue to restrict
growth potential. Business expansion areas, such as the company's
new European markets and Internet-based services have the
potential of drawing management and resources away from the core
operations. Additionally, leverage will remain high. Given the
rate of new market development we do not expect that cash flow
generation will be sufficient to generate a debt-to-EBITDA ratio
of five-times for approximately five years.

The difference between the credit facility rating of B2 and the
bonds at B3 reflects the structural differences and relative size
of the secured debt compared to the unsecured. The credit
facility will be issued by a subsidiary of Winstar's and
guaranteed by Winstar and the operating companies, supported by a
secured interest in the assets. The renegotiated vendor facility
also provides for purchase-money security interests and a second
position behind the credit facility (as an unsecured creditor)
relative to other assets and cash flow. In contrast, the bonds
are to be issued at the holding company without benefit of
support, making them clearly subordinated in terms of claim on
corporate assets and cash flows. While the relative size of the
committed debt senior to the bonds puts significant downward
pressure on the B3 bond rating, we expect that the company will
continue to attact additional junior capital. Therefore, although
the senior secured facilities could be fully utilized, we expect
that a significant portion of future funding needs will be met
with bonds and junior capital. This will result in a balance of
senior secured debt to total debt consistant with the single
rating notch difference between the senior implied B3 rating and
the senior unsecured B3 rating.

The new facilities and issuances are part of an effort to
simplify the capital structure, improve the liquidity of the
issues and improve the company's ability to access the capital
markets. The proceeds from the $2 billion proposed notes, the
$900 million convertible preferred from financial and strategic
partners and $600 million drawn from the new credit facility will
redeem $2.1 billion in existing bonds and vendor debt and $240
million in series "C" preferred stock. Approximately $900 million
will be available for operating needs. The company will have $400
million in credit facility and $1 billion in the Lucent vendor
facility as additional available liquidity. The vendor facility
provides for an expansion to $2 billion, however triggering
conditions make $1 billion of that effectively uncommitted, in
our view.

Winstar provides communications services to small and medium
sized businesses, using fixed-wireless radios to access the
customer's premises. While equipment manufacturers' development
of the point-to-multipoint radios have been much slower than
expected, Winstar has found good service demand for its point-to-
point radio services. Aggressive marketing which includes
discounts for multiple-service bundles and multi-year contracts
has accelerated customer growth and stability of the customer
base. Still, point-to-multipoint radios and future generation
radio improvements will be necessary to keep up with the growing
broadband demands of customers. Although optical fiber
construction into office building is far from pervasive, it
continues to increase. Other technologies such as laser
transmission through the air are at an early development stage,
but could be meaningful in the medium term.

It appears that point-to-multipoint radios are ready for scaled
commercial deployment, which will improve Winstar's already good
economics. Additionally, these radios should provide for higher
capacity, dynamic capacity allowing Winstar to provide higher
speed data services to a broader base of customers, for instance.
The point-to-point and point-to-multipoint radios provide the
company with operational flexibility in that they can be used in
a complimentary way within a market to best meet the needs of
that local situation.

With Winstar's increasing strength in selling, provisioning and
managing customers, we could imagine the company adopting various
access technologies that might be developed in the future,
although they are currently very focused on exploiting the
economic advantages of their 38 GHz radio spectrum.

It is clear that Winstar has dramatically improved its back
office and network management and operations over the last 18
months. This will be important in order to manage the customer
growth and the increasing complexity of the network. Over the
next couple of years, Winstar will accept delivery of national
long distance fiber from Williams Communications and local fiber
in 50 domestic markets and 10 international markets from
Metromedia Fiber Networks. Network traffic increases due to
market expansion and increased penetration, combined with
carrying more of the traffic on Winstar's own network, should
lead an acceleration in cash flow growth. While only about 35% of
the company's traffic currently travels over radio, approximately
60% of the new customers are accessed by radio due to growing
building access agreements, further network development and
improvements in targeting the sales force. We expect these
improving trends to continue.

Upon completion of the planned tender of several debt and
preferred issues, Moody's will withdraw the current ratings of
Caa1 on the senior notes and B3 on the senior secured notes.

Winstar Communications, Inc. provides communications services in
60 US markets and data services in 10 international markets,
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Meetings, Conferences and Seminars
----------------------------------
March 23-25, 2000
   SOUTHEASTERN BANKRUPTCY LAW INSTITUTE, INC.
      26th Annual Southeastern Bankruptcy Law Institute
         Marriott Marquis Hotel, Atlanta, Georgia
            Contact: 1-770-451-4448

March 23-25, 2000
   ALI-ABA
      Partnerships, LLCs, and LLPs -- Uniform Acts,
      Taxation, Drafting, Securities and Bankruptcy
         Doubletree Paradise Valley Hotel,
         Scottsdale, Arizona
            Contact: 1-800-CLE-NEWS

March 30-April 2, 2000
   NORTON INSTITUTES ON BANKRUPTCY LAW
      Norton Bankruptcy Litigation Institute II
         Flamingo Hilton Hotel, Las Vegas, Nevada
            Contact: 1-770-535-7722

April 3-4, 2000
   PRACTISING LAW INSTITUTE
      22nd Annual Current Developments in
      Bankruptcy and Reorganization Conference
         PLI Conference Center, New York, New York
            Contact: 1-800-260-4PLI

April 5-8, 2000
   TURNAROUND MANAGEMENT ASSOCIATION
      Spring Meeting
         The Pointe Hilton Squaw Peak Resort
         Phoenix, Arizona
            Contact: 1-312-822-9700 or info@turnaround.org
         
April 6-7, 2000
   ALI-ABA
      Commercial Securitization for Real Estate Lawyers
         Walt Disney World, Orlando, Florida
            Contact: 1-800-CLE-NEWS

April 10-11, 2000
   PRACTISING LAW INSTITUTE
      22nd Annual Current Developments in
      Bankruptcy and Reoorganization Conference
         Grand Hyatt Hotel, San Francisco, California
            Contact: 1-800-260-4PLI

April 27-30, 2000
   AMERICAN BANKRUPTCY INSTITUTE
      Annual Spring Meeting
         J.W. Marriott, Washington, D.C.
            Contact: 1-703-739-0800

May 4-5, 2000
   RENAISSANCE AMERICAN MANAGEMENT & BEARD GROUP, INC.
      Bankruptcy Sales & Acquisitions
         The Renaissance Stanford Court Hotel
         San Francisco, California
            Contact: 1-903-592-5169 or ram@ballistic.com   

May 15, 2000
   AMERICAN BANKRUPTCY INSTITUTE
      2nd Annual New York City Bankruptcy Conference
         Association of the Bar of the City of New York,
         New York, New York
            Contact: 1-703-739-0800

May 26-29, 2000
   COMMERCIAL LAW LEAGUE OF AMERICA
      52nd Annual Meeting of the New England Region
         Colony Hotel, Kinnebunkport, Maine
            Contact: 1-617-742-1500 or richard@landayleblang.com

June 8-11, 2000
   AMERICAN BANKRUPTCY INSTITUTE
      7th Annual Central States Bankruptcy Workshop
         Grand Traverse Resort, Traverse City, Michigan
            Contact: 1-703-739-0800
   
June 14-17, 2000
   ASSOCIATION OF INSOLVENCY & RESTRUCTURING ADVISORS
      16th Annual Bankruptcy and Restructuring Conference
         Swissotel, Chicago, Illinois
            Contact: 1-541-858-1665 or aira@ccountry.net

June 29-July 2, 2000
   NORTON INSTITUTES ON BANKRUPTCY LAW
      Western Mountains Bankruptcy Law Institute
         Jackson Lake Lodge, Jackson Hole, Wyoming
            Contact: 1-770-535-7722

July 13-16, 2000
   AMERICAN BANKRUPTCY INSTITUTE
      7th Annual Northeast Bankruptcy Conference
         Doubletree Hotel, Newport, Rhode Island
            Contact: 1-703-739-0800
            
July 21-24, 2000
   National Association of Chapter 13 Trustees
      Annual Seminar
         Adams Mark Hotel, St. Louis, Missouri
            Contact: 1-800-445-8629 or info@nactt.com

August 3-5, 2000
   ALI-ABA
      Fundamentals of Bankruptcy Law
         Somewhere in Boston, Massachusetts
            Contact: 1-800-CLE-NEWS

August 9-12, 2000
   AMERICAN BANKRUPTCY INSTITUTE
      5th Annual Southeast Bankruptcy Workshop
         Hyatt Regency, Hilton Head Island, South Carolina
            Contact: 1-703-739-0800

August 14-15, 2000
   TURNAROUND MANAGEMENT ASSOCIATION
      Advanced Education Workshop
         Loews Vanderbilt Plaza, Nashville, Tennessee
            Contact: 1-312-822-9700 or info@turnaround.org
         
September 12-17, 2000
   NATIONAL ASSOCIATION OF BANKRUPTCY TRUSTEES
      Convention
         Doubletree Resort, Montery, California
            Contact: 1-803-252-5646 or info@nabt.com

September 15-16, 2000
   AMERICAN BANKRUPTCY INSTITUTE
      Views From the Bench 2000
         Georgetown University Law Center, Washington, D.C.
            Contact: 1-703-739-0800

September 21-22, 2000
   RENAISSANCE AMERICAN MANAGEMENT & BEARD GROUP, INC.
      3rd Annual Conference on Corporate Reorganizations
         The Regal Knickerbocker Hotel, Chicago, Illinois
            Contact: 1-903-592-5169 or ram@ballistic.com   

September 21-23, 2000
   AMERICAN BANKRUPTCY INSTITUTE
      Litigation Skills Symposium
         Emory University School of Law, Atlanta, Georgia
            Contact: 1-703-739-0800

September 21-24, 2000
   AMERICAN BANKRUPTCY INSTITUTE
      8th Annual Southwest Bankruptcy Conference
         The Four Seasons, Las Vegas, Nevada
            Contact: 1-703-739-0800

November 2-6, 2000
   TURNAROUND MANAGEMENT ASSOCIATION
      Annual Conference
         Hyatt Regency, Baltimore, Maryland
            Contact: 312-822-9700 or info@turnaround.org

November 27-28, 2000
   RENAISSANCE AMERICAN MANAGEMENT & BEARD GROUP, INC.
      Third Annual Conference on Distressed Investing
         The Plaza Hotel, New York, New York
            Contact: 1-903-592-5169 or ram@ballistic.com   
   
November 30-December 2, 2000
   AMERICAN BANKRUPTCY INSTITUTE
      Winter Leadership Conference
         Camelback Inn, Scottsdale, Arizona
            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.  



                  *********

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., Trenton, NJ, and Beard
Group, Inc., Washington, DC. Debra Brennan, Yvonne L. Metzler,
Edem Alfeche and Ronald Ladia, Editors.

Copyright 2000.  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.

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