TCR_Public/000509.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, May 9, 2000, Vol. 4, No. 91


CODON PHARMACEUTICALS: Entry of Confirmation Order
CONSECO: Conseco Announces Asset Sale and Financing Plan
DAEWOO GROUP: Decision Time for Daewoo Bankers
DAEWOO MOTOR: Ford pledges to outbid GM  

DAEWOO SECURITIES: KDB agrees with Gov't to take over
FAMILY GOLF: Secures Commitment for $15 Million DIP Financing
GENCOR INDUSTRIES: Asks Court to Dismiss Petition

HOME HEALTH: Seeks Extension of Time To Assume/Reject Leases
INTEGRATED HEALTH: Motion To Extend Time To Assume/Reject Leases
JITNEY JUNGLE: Announces Store Closings
KEY PLASTICS: Reports Fiscal Year 1999 Results
MARINER POST-ACUTE: Committee Taps Weil, Gotshal

MCA: Ready to Settle, But Disputes Linger Over Bankruptcy Filing
PAGENET: Warns It Could Run Out of Cash
PARAGON TRADE: Announces Significant Improvements in Quarter
PARAGON TRADE: Names Michael Riordan as New CEO

PENNCORP FINANCIAL: Order Authorizes Employ of KPMG LLP
PIXELON CORP: Creditors File for Bankruptcy
PLAINWELL INC: Moody's Lowers Debt Ratings
PRIMARY HEALTH: Auction Saves Hospitals
PRIME RETAIL: Shortchanged AppNet Inc. After Failure of Plans

PRINCETON HOSPITAL: Sold To Morningstar For $4.2 M
ROBERDS INC: Seeks Extension of Exclusivity
ROBERDS INC: To Liquidate, Closes All Stores
SOUTHERN PACIFIC: S&P Lowers Ratings on 1997-2 Certificates
STONE & WEBSTER: Staggered By Cash Flow Problems, Seeks Buyer

SUNSHINE MINING: Struggles to Retain Company
THIS END UP: Plans To Go Out of Business

Meetings, Conferences and Seminars


Canadian Airlines, the financially struggling carrier recently
purchased by Air Canada, said here today that its first-quarter
loss had more than doubled from the period a year earlier despite
cutting unprofitable routes to reduce costs.

The airline, which is working under federal protection from
creditors to revamp 3.5 billion Canadian dollars ($2.37 billion)
of debt and aircraft leases, said it lost 255.9 million Canadian
dollars ($173 million), or $3.55 a share. A year earlier, the
company lost 107.8 million Canadian dollars, or 2.39 Canadian
dollars a share.  

Sales fell to 669 million Canadian dollars ($452 million) from
703.5 million Canadian dollars. The results included 80.4 million
Canadian dollars in special costs related to the revamping plan.

A vote on the plan by creditors is scheduled on May 26, the
airline said.

CODON PHARMACEUTICALS: Entry of Confirmation Order
The US Bankruptcy Court for the District of Delaware entered an
order confirming the second amended liquidating Chapter 11 plans
of Oncor, Inc. and Codon Pharmaceuticals, Inc.  The Effective
Date of the plans occurred on April 7, 2000.

CONSECO: Conseco Announces Asset Sale and Financing Plan
Conseco, Inc. (NYSE:CNC) announced on May 5, 2000 that it has
signed a commitment letter for sale of certain assets to Lehman
Brothers Bank, FSB and affiliates. Pursuant to this transaction,
Lehman Brothers will purchase approximately $1.5 billion of loans
from Conseco Finance, with up to$500 million of the proceeds of
such sale available to repay intercompany indebtedness owed to
Conseco, Inc. This transaction is subject to customary conditions
and is expected to close in the near future.

David V. Harkins, Chairman and Chief Executive Officer of
Conseco, stated, "we are very pleased to announce this loan sale
with Lehman Brothers. This plan provides significant liquidity at
both the holding company and finance company levels. We believe
that these arrangements will provide the company with the
necessary liquidity to pursue its previously announced strategy
of selling Conseco Finance and refocusing on its core insurance

Headquartered in Carmel, Ind., Conseco is one of middle America's
leading sources for insurance, investment and lending products.
Through its subsidiaries and a nationwide network of
distributors, Conseco helps 13 million customers step up to a
better, more secure future.

DAEWOO GROUP: Decision time for Daewoo bankers
The debt restructuring at Korea's giant Daewoo Group will
take a significant step forward in the next few days, but a
neat resolution of the tens of billions of dollars owed to
creditors may still prove elusive, bankers say.

Some 200 foreign lenders will soon receive a complicated
buyout proposal, offering them an average of 40 cents for
each dollar they lent to any of the main four Daewoo Group
companies. The four separate deals involve between $4
billion and $5 billion of the unsecured debt of Daewoo
Corp, Daewoo Heavy Industries Co., Daewoo Motor Co., and
Daewoo Electronics Co.

The foreign creditors will have 30 days from the time they
receive the offer in which to decide whether to join the
buyout, which was hammered out by three banks heading their
steering committee: HSBC Holdings PLC, Chase Manhattan Bank
and Bank of Tokyo-Mitsubishi Ltd. Those banks will soon
begin a roadshow aimed at convincing other creditors to
support the deal.

The Daewoo restructuring is by all accounts the world's
largest. Estimates of the group's total indebtedness range
from $45 billion to more than $70 billion; it is one
indication of the messiness of the situation that nobody
knows for sure.

"Nobody is happy," says a member of the steering committee.
"But it is economically more rational than any other
alternative. There is no way to get anything sweeter."

The situation is a reminder of how little leverage banks
have with their largest borrowers, particularly when the
bankers' own interests are diverse.

The proposal will go into effect only if an overwhelmingly
large share of the holders of the debt approve; the
complicated formula requires the support of essentially 90%
of the value of the debt for each Daewoo company, after
making some deductions. Moreover, the deals are on a
company-by-company basis.

For example, creditors of Daewoo Corp., which accounts for
more than $3.5 billion of the total that Daewoo Group owes
the foreigners, are being offered less than 30 cents on the
dollar. And the plan could be approved and go into effect
for some of the Daewoo companies while being rejected for

Bankers grumble that part of the problem is that with
Korea's April elections out of the way, the government
feels little urgency to encourage a speedy settlement. But
the larger problem, as many bankers themselves concede, is
the lack of unity among the foreign creditors.

The banks differ widely in their interests and in their
circumstances. Some have given loans on the basis of
specific collateral to group companies that were better
endowed, while other banks lent without any security.

Banks with weaker claims have argued, unsuccessfully, that
the settlement should be on a consolidated basis, while
those with stronger claims have resisted.  Banks' exposure
to Daewoo also varies widely. Chase Manhattan Bank has
already written off much of its hundreds of millions of
dollars in loans to Daewoo, and most of HSBC's total Korea
exposure of HK$19 billion (US$2.44 billion) as of year-end
1999 is related to Daewoo. Other banks have lent far less.

"The only way to really have an impact is through
collective action, and that isn't about to happen," says
the member of the steering committee. "They can make us
accept this ridiculous offer because they know that."

If creditors elect not to go along with the settlement,
they can pursue their claims through the courts or join the
Korean bank creditors' workout, an alternative that
involves suspending claims for at least five years and
extending new money.  That's not exactly appealing --
bankers estimate the liquidation value of Daewoo Corp. is
pennies. But members of the steering committee suggest that
some Daewoo Corp. creditors may balk, nonetheless.

"A lot of banks may decide not to take it," says the
representative of one European bank on the steering
committee. "When you are talking about only accepting 30
cents, there isn't a lot of downside."

Daewoo isn't the only stumbling block for the foreign banks
in Korea as they struggle to put the Asian financial crisis
behind them. Many foreign banks lent to leasing
subsidiaries of Korean banks, and those foreign banks say
the Korean banks are now attempting to walk away from the
debts of majority-owned leasing companies. That is
particularly frustrating because generally, banks have
higher expectations when they lend to financial
institutions than to nonfinancial companies. (The Asian
Wall Street Journal  04-May-2000)

DAEWOO MOTOR: Ford pledges to outbid GM  
Escalating competition with General Motors for the control
of Daewoo Motor, Ford Motor yesterday reiterated its
determination to buy the ailing Korean automaker in a press
conference in Seoul.

Wayne Booker, vice chairman of Ford Motor, said that Daewoo
Motor is indispensable to Ford as "the engine for growth"
in Asia and Eastern Europe.

"Ford intends to expand Daewoo's sales both in Korea and
internationally, while promoting its separate Korean
identity," said Booker in a press conference at the Westin
Chosun in downtown Seoul.

He stressed that Ford is strongly committed to protecting
the interests of Daewoo's workers and parts suppliers and
transferring cutting-edge automobile technologies to the
Korean firm.  But he refused to reveal the price and other
takeover terms in the Daewoo bidding, raising questions
over Ford's real intentions to buy the automaker. He also
hinted at a possible alliance with Korean firms in the
Daewoo bidding, but declined to elaborate.

Booker, who also directed Ford's unsuccessful drive to buy
Kia Motors in 1998, met the Daewoo Group's chief
restructuring planner Oh Ho-keun, officials of the Korea
Development Bank, a creditor bank of Daewoo Motor, and
Financial Supervisory Commission officials to explain
Ford's acquisition plan.

Earlier on Monday, Rudy Schlais, head of GM's Asia-Pacific
operations, said in a news conference in Seoul that GM is
the best partner for Daewoo Motor.  The top GM and Ford
executives are in Seoul to attend the Korea Import Motor
Show 2000, which opened to the public yesterday for a one-
week run.

An official from the Korea Automobile Importers and
Distributors Association (KAIDA) said that the show
organizers are worried that the competition for Daewoo
Motor may overshadow the motor show. (The Korea Herald  05-

DAEWOO SECURITIES: KDB agrees with Gov't to take over
Korea Development Bank (KDB) reached an agreement with the
Financial Supervisory Commission to buy a controlling stake
in Daewoo Securities Co. yesterday, a bank official said.

"KDB has decided to take over Daewoo Securities in line
with its long-term management strategy," the official said.

The agreement calls for the state-run bank to acquire a 25
percent stake in Daewoo Securities through the purchase of
Daewoo's 30.98 million shares unsold in a recent rights
offering, becoming the largest shareholder.

Details of the agreement, including takeover price, were
not disclosed. However, the official added that the bank
plans to call a board-of-directors meeting this month to
approve the deal.

KDB will make efforts to put the nation's largest
securities company back on track as early as possible,
while it will seek to form partnerships with foreign
brokerage houses or investment banks, he said.

The state-run bank will also put professional managers at
the helm of Daewoo Securities, giving them maximum autonomy
to develop Daewoo into an international securities company,
he said.   The acquisition of Daewoo Securities is also
expected to help KDB strengthen its plans to meet diverse
needs of corporate customers and bolster the bank's
competitiveness, the official added.

In addition, he expected the takeover to serve as a
catalyst for easing financial market instability stemming
from the ailing investment trust industry.  After acquiring
Daewoo Securities in September last year and separating it
from the failed Daewoo Group, creditor banks had been
seeking to sell the securities company to normalize its
operations. (The Korea Herald  05-May-2000)

According to an article in the Chicago Tribune on May 7, 2000
Excelsior-Henderson Motorcycle Manufacturing Co., announced in
March that it had reached a financing agreement with a group of
anonymous investors known as E.H. Partners. Dave Hanlon, co-
founder and co-chief executive of Excelsior-Henderson, said the
company will file a reorganization plan in bankruptcy court as
soon as late spring or early summer.

The owners of the company have been trying to sell their deluxe
model Super X, at $18,000.   Dave Hanlon, owner, reportedly said
E-H ran out of money for marketing and distribution; and bringing
the Super X to production had cost $100 million.

With the company almost out of money and only a trickle coming in
from sales, operations halted last winter.  By the time
Excelsior-Henderson sold its first bike last summer, Harley was
preparing to roll out a much-improved Softail line.

While there may still be an opportunity for Excelsior-Henderson
to make some money with its Super X, it does appear to be a tough

FAMILY GOLF: Secures Commitment for $15 Million DIP Financing
Family Golf Centers, Inc. (NASDAQ:NM FGCI) announced on May 8,
2000 that it has obtained a commitment for a $15 million DIP
credit facility from its existing working capital lender, Chase
Manhattan Bank, subject to the entry of an interim order by the
bankruptcy court. The company said that it believes that the DIP
facility would ensure that it has the capital necessary to
continue normal, day to day operations including the delivery of
post-petition goods and services.

The company said that given the amount of liquidity that will be
available under the DIP facility, the company believes that the
chapter 11 filing should have little impact on customers and
employees. The company has received the court's approval to pay
employee salaries, wages and benefits without interruption.
Dominic Chang, Chairman and CEO said "Our decision to file for
bankruptcy protection has been a difficult one. Operating under
chapter 11 protection should afford us the time to restructure
our heavy debt load. The $15 million DIP financing gives us the
funding we need to restock our pro-shops with merchandise and
purchase new range balls and mats in time for our peak golf
season. We are hopeful that we will emerge from this
reorganization as a healthier albeit smaller company."

Family Golf Centers is an operator of golf centers in North
America. The company's golf centers provide a wide variety of
practice and play opportunities, including facilities for
driving, chipping, putting, pitching and sand play and typically
offer full-line pro shops, golf lessons and other amenities such
as miniature golf and snack bars. The company also operates
sports and family entertainment facilities, including ice rinks
and Family Sports Supercenters. Currently, the company owns,
operates and has under construction 111 golf facilities and 19
ice rink and family entertainment facilities in 23 states and
three Canadian provinces.

GENCOR INDUSTRIES: Asks Court to Dismiss Petition
Gencor Industries Inc., which manufactures heavy equipment used
in highway construction and other industries, has asked a
Delaware court to dismiss a petition which creditors filed last
month forcing the company into involuntary bankruptcy, reports
The Orlando Sentinel.

These creditors are also part of a New York lawsuit claiming that
the company defaulted on $107 million in loans.

Debtor: Havana Potatoes of New York Corp.
        454 A Row D
        New York Terminal
        Bronx, New York 10474

        Mailing Add:
        c/o P. Perez
        25 Christopher Place
        Saddle River, NJ 07458

Petition Date: April 5, 2000   Chapter 11

Court: Southern District of New York

Bankruptcy Case No.: 00-41221

Judge: Jeffry H. Galet

Debtor's Counsel: Norma E. Ortiz
                  Ortiz & Ortiz, LLP
                  127 Livingston Street
                  Brooklyn, New York 11201
                  Tel: 718-522-1117
                  Fax: 718-596-1302
Total Assets: $ 1 million above
Total Debts:  $ 1 million above

HOME HEALTH: Seeks Extension of Time To Assume/Reject Leases
The debtors, Home Health Corporation of America, inc., et al.,
seek a court order further extending the time within which the
debtors may assume or reject unexpired leases of nonresidential
real property.  The debtors are parties to a great many unexpired
leases of nonresidential real property.  The leases pertain to
commercial premises used by the debtors for sales, storage,
patient visitation, and executive and administrative offices in
various states around the country.  The debtors have been
reviewing and analyzing their leases to determine whether they
are profitable locations, and their respective economic values
from the debtors' reorganization perspective.  The debtors will
not be able to make reasoned decisions by the current deadline of
May 15, 2000.  The debtors seek an additional 90-day extension to
further analyze the leases.

INTEGRATED HEALTH: Motion To Extend Time To Assume/Reject Leases
Integrated Health Services, Inc., and certain subsidiaries and
affiliates, as debtors and debtors in possession, sought and
obtained an extension of the time during which they must decide
whether to assume, assume and assign, or reject their leases and
subleases through October 2, 2000, pursuant to 11 U.S.C. Sec.
365(d)(4), without prejudice to their right to seek further

The Debtors are parties to more than 1,567 unexpired non-
residential real property leases or sub-leases.  Of these:

-- approximately 228 are in connection with the Debtors' long-
term care facilities;

-- approximately 209 are utilized in connection with Symphony, a
provider of contract services and mobile diagnostics services;

-- approximately another 1,130 Unexpired Leases relate to RoTech,
which supplies home respiratory services.

The Debtors tell Judge Walrath that, considering the sheer number
of leases, the complex and unique arrangements many of the leases
involve, and the fact that these leases cover properties
nationwide, and are subject to different state laws, the Debtors
are unable to make informed decision for the assumption or
rejection of leases within the 60-day period since commencement
of the chapter 11 cases, as governed by section 365(d)(4) of the
Bankruptcy Code.

However, as the leases are integral to the Debtors' operation of
long-term care health services, which require specifically
tailored facilities, and are valuable assets to the Debtors'
estates, the Debtors do not want the leases to be "deemed
rejected" under section 365(d)(4) of the Bankruptcy Code
because they are not assumed. Nor do the Debtors want to assume
the leases in order to avoid rejection because this would result
in substantive administrative expenses.

The Debtors also remind the Court that any inadvertent or forced
closure of a long-term care facility would adversely affect the
health and welfare of the facility's residents.  

The Debtors note that the requested extension of period, while in
the best interests of the estates, will not prejudice the lessors
because any lessor may request the court to fix an earlier date
by which the Debtors must assume or reject its lease.

Additionally, the Company discloses that it owns 71 geriatric
care facilities with 8,565 licensed beds, leases 219 geriatric  
care facilities with 25,449 licensed beds and manages 76
geriatric  care  facilities  with 9,878 licensed beds. The leases
for the leased facilities have terms of 4 to 25 years, expiring
on various dates between 2000 and 2023.  The leases generally can
be renewed and the Company generally has a right of first  
refusal to purchase  the  leased  facility.  The Company is
obligated with respect to many of the leased facilities to pay
additional rent in an amount equal to a specified percentage of
the amount by which the facility's gross revenues  exceed  a  
specified amount (generally based on the facility's  
gross  revenues  during  its  first  year of operation). The
Company leases its headquarters in Sparks, Maryland under a four
year synthetic lease, expiring in July 2003.

JITNEY JUNGLE: Announces Store Closings
Jitney Jungle Stores of America, Inc. announced the closing of
the following 5 stores at the end of business on Saturday May 6,
300 West Bankhead Street, New Albany, MS., 2548 Government Blvd.,
Mobile, AL., 111 Race Track Road, Ft. Walton Beach, FL., 1435
Grand Caillou Road, Houma, LA., and 127 Northshore Blvd.,
Slidell, LA.  These closures are part of the company's previously
announced plan to close low volume, underperforming stores as
part of its ongoing effort to emerge from bankruptcy

Jitney probably will close or sell a few more stores, but the
Jackson, MS. based company will not pull out from any more urban
areas, said Ron Johnson, chief executive officer and president of
Jitney Jungle Stores of America, Inc.

Johnson also said that Jitney's financial makeover had progressed
more quickly than planned, and the company could emerge from
bankruptcy as soon as midsummer.  "We're into discussions with
our creditors as to potentially what the structure might look
like that would allow us to exit bankruptcy." Johnson added.

Jitney Jungle Stores of America currently operates 142 grocery
stores, 43 gas stations and 10 liquor stores located in
Mississippi, Alabama, Louisiana and Florida.

KEY PLASTICS: Reports Fiscal Year 1999 Results
Key Plastics L.L.C. -- one of the world's leaders in the
automotive plastics industry - today reported results for its
fiscal year ended December 31, 1999. Fiscal 1999 sales rose to
$550.4 million from last year's sales of $371.5 million, a $178.9
million increase that included a $99.0 million increase resulting
from the acquisition of the Turin, Italy-based Foggini Group of
companies in late March 1999.  Key recorded a net loss for 1999
of $66.8 million, compared to a net loss of $3.2 million in 1998.  
This net loss included non-manufacturing charges to operations of
$71.1 million, including amortization of goodwill of $7.0
million, interest and other non-operating expenditures of $
42.2 million, and a one-time impairment of long-lived assets
charge of $21.9 million.  The impairment charge stemmed from
under-performance in five of the company's 35 worldwide

An EBITDA contribution of $62.8 million was achieved by the
Company's 30 performing facilities on their $487.5 million in
sales, or a EBITDA margin of 12.9 percent, whereas Key's five
under-performing facilities generated an EBITDA loss of $20.6
million on sales of $98.3 million, or an EBITDA loss of 21.0

During 1999, Key Plastics acquired $42.1 million in land,
buildings, and equipment, as well as $19.9 million in tooling
assets to handle newly awarded business for 1999, 2000 and
beyond.  Capital spending to facilitate new programs, a difficult
integration of the extremely large Foggini Group of companies,
coupled with the Company's five under-performing facilities
during 1999, severely inhibited the cash flow of Key Plastics,
forcing it to renegotiate with its secured bank group during
November and December 1999.  In March 2000, the Company was
unable to pay it senior subordinated note holders a $4.6 million
interest payment required at the time.  As a result of these
liquidity issues, on March 23, 2000, Key filed a voluntary
petition for reorganization under Chapter 11 of the United States
Bankruptcy Code in the United States Bankruptcy Court for the
Eastern District of Michigan, Southern Division.  The Company has
received court approved financing of $301 million including its
pre-petition secured loans.  In addition, Key has retained the
services of investment banking professionals who have helped in
the preparation of an information memorandum designated to
attract potential investors for a sale or other restructuring
transaction, which would replace the current secured bank
facilities and change the ownership structure of Key Plastics.  
The information memoranda have been distributed and, according to
Benoit, a significant amount of interest has been exhibited.

Commenting on the results, Key Plastics' Chief Executive Officer,
David C. Benoit said:  "Although currently in Chapter 11, Key
Plastics remains a viable organization and is positioned to
become a stronger force in the global automotive segment.  Most
importantly, we have taken significant steps to improve
performance.  These steps include personnel changes, as well as
the closing of under-performing facilities in the UK.  
Concurrently, we are targeting areas for cost and quality
improvements and returning to our core strengths and
competencies.  Key Plastics has responded to its losses in the
United Kingdom by closing one of its three facilities during
1999.  In addition, at the end of March 2000, a decision was made
to close the remaining two UK plants by the summer of 2000."

Benoit continued:  " ....In just the last five years, the Company
has grown from nine facilities in the United States and Mexico to
the 32 remaining facilities in eight countries, doubling its
sales in the process."

Key Plastics designs and manufactures highly engineered precision
plastics components and subsystems, including interior trim such
as driver information, audio and HVAC components; underhood
components including pressurized bottles and mass air flow
housings, and exterior ornamentation including door handles
and fuel filler door.  The Company's World Headquarters and
Technical Center is located in Novi, Michigan.  Key's Novi
Headquarters and Plymouth, Michigan Test and Validation
Laboratory are ISO9001 certified.  All of its manufacturing
facilities are QS9000 certified.

MARINER POST-ACUTE: Committee Taps Weil, Gotshal
The Statutory Committee of Unsecured Creditors of Mariner Post-
Acute Network, Inc., and its direct and indirect wholly-owned
subsidiaries sought and obtained Judge Walrath's permission to
employ New York-based Weil, Gotshal & Manges LLP, as its lead
counsel in the MPAN cases, nunc pro tunc to February 1, 2000,
pursuant to 11 U.S. Secs. 328(a), 504 and 1103.  

Speficically, Weil Gotshal will:

(a) consult with the Committee, the Debtors and the U.S. Trustee
concerning the administration of these cases;

(b) review, analyze and respond to pleadings filed by the
Debtors  with the Court, and, with local Committee counsel,
participate in hearings on such pleadings;

(c) investigate the acts, conduct, assets, liabilities and
financial condition of the Debtors, the operation of the Debtors'
businesses and the desirability of continuance of, or proposals
to restructure, such businesses, and any matters relevant to
these cases in the event and to the extent required by the

(d) take all necessary action to protect the rights and
interests of the Committee, including, but not limited to, the
negotiation and preparation of documents relating to a chapter 11
plan, disclosure statement and confirmation of such plan;

(e) represent the Committee in the exercise of its powers and
duties under the Bankruptcy Code and in connection with these
chapter 11 cases; and

(f) perform all other necessary legal services in connection
with these chapter 11 cases.

Deryck A. Palmer, Esq., and Marc D. Puntus, Esq., lead the
engagement.  Weil Gotshal agrees to bill for its services at its
customary hourly rates:

Partners and counsel            $260 to $650 per hour
Associates                      $155 to $355 per hour
Paralegals                       $75 to $125 per hour

Mr. Palmer discloses that Weil Gotshal has client relationships
with BNY, Fidelity, Merrill Lyncy, and SunAmerica in matters
unrelated to the Debtors' chapter 11 cases.  Additionally, Weil
Gotshal has many connections with other parties-in-interest and
professionals employed and retained in the Debtors' cases in
other bankruptcy and non-bankruptcy matters.  Mr. Palmer is
confident that none of these relationships or connections cause
his firm to not be disinterested as defined at 11 U.S.C. Sec.
101(14).  (Mariner Bankruptcy News Issue 4; Bankruptcy Creditors'
Services, Inc.)

MCA: Ready to Settle, But Disputes Linger Over Bankruptcy Filing
According to a report on May 1, 2000 in Crain's Detroit Business
the state-appointed conservator of MCA Financial Corp. and the
bank group that once funded the bankrupt Southfield mortgage-
maker are ready to settle their legal differences.

But like just about everything else surrounding MCA, the deal is
complicated and faces opposition from other interested parties.

Conservator B.N. Bahadur and the bank group filed a motion in
U.S. Bankruptcy Court March 27 to settle their disputes. Under
the deal, MCA properties would be turned over to a joint venture
of the bank group and the city of Detroit to be sold. MCA would
get 40 percent of proceeds of houses for which mortgages had been
pledged as collateral to more than one MCA investor. MCA would
get 25 percent of proceeds on houses for which the actual owner
appeared to be an MCA-related company.  

The motion contains a blank page marked ''Exhibit A'' where the
list of properties to be covered by the agreement will be once
the deal is approved.

And that's only one of the problems found with the proposal by an
Ann Arbor investment adviser who once, to his everlasting regret,
recommended MCA bonds to clients.

Sigma Pool Management Inc., set up by Ann Arbor-based Sigma
Financial Corp., filed a formal objection to the agreement,
calling it "highly inappropriate for the court to approve a sale
of assets that are not even identified."

And disposing of homes would strip MCA of its few remaining
assets, the objection stated. "The proposed agreement is in
reality a partial Chapter 11," the objection said. "It is a plan
that resolves the claims and rights of the bank group."

A hearing is set for May 1.

The lingering MCA bankruptcy case is only one action of many in
the aftermath of MCA's failure. Bahadur has funding to continue
to oversee MCA's remaining assets through May 31, with proceeds
being raised through payoffs of mortgages and real-estate sales.

The holders of MCA's directors and officers insurance coverage,
Federal Insurance Co. and Great American Insurance Co., have
filed suit to declare their policies void.

The suit, filed last month against MCA and 21 of its former
officers and directors, alleges that "MCA, its officers and
directors, knowingly and with intent to defraud" filed insurance
applications that "contained false information, concealed
material facts for the purpose of misleading Federal" into
issuing the $5 million policy.

Federal argues MCA filed false statements of ownership and failed
to disclose MCA's deteriorating financial position in 1998.

Once a huge mortgage originator and rental-property manager, MCA
abruptly closed Jan. 22, 1999, after several months of financial
losses. That created chaos for thousands of renters and home

The state Financial Institutions Bureau seized MCA Jan. 28, 1999,
appointing Bahadur conservator. He placed MCA in bankruptcy Feb.
10, 1999.

Bahadur said MCA's losses will likely top $80 million, mostly
among the banks and private investors who once funded MCA
mortgages and property-rehabilitation projects.

Since then, lawsuits have alleged that MCA had pledged the same
collateral to multiple investors, provided false financial
statements, failed to properly manage escrow accounts, got
inflated appraisals on properties and gave overly high mortgages
on them to draw credit from banks.

Those lawsuits are:

*A federal class action suit filed by a private MCA investor
alleging federal and state securities fraud.

*A federal civil suit filed by Southfield-based Sterling Bank &
Trust that said it lost $24 million in its dealings with MCA,
which included purchasing allegedly bogus mortgages and land
contracts and acting as trustee on investor pools.

*A federal suit filed by seven MCA bond investors alleging
securities fraud.

*A federal suit filed by investors against Sterling Bank.

*A federal suit filed by Bahadur against MCA's officers that
alleges multiple pledging of collateral.

*An Oakland County Circuit Court suit against MCA's officers
filed by the bank group, led by Chase Bank of Texas, alleging
fraud and breach of fiduciary duty.

PAGENET: Warns It Could Run Out of Cash
Paging Network Inc. says it might not have enough money to
operate through the third quarter and might have to file for
bankruptcy or cut back operations.

In its annual report released Thursday, the paging company
indicated it lost $299 million last year, nearly double its $162
million loss in 1998, and is in default on all of its U.S. debt.

The Addison-based company had delayed filing its year-end
financial results by more than a month, citing reorganization

PageNet said in the filing it might have to reduce operations or
file for Chapter 11 bankruptcy protection from creditors in order
to restructure debt and complete its proposed merger with Arch
Communications Group Inc. of Westborough, Mass. - a deal that
would convert PageNet's creditors into shareholders.

"We have every intention to proceed with the merger," Arch
spokesman Bob Lougee told The Dallas Morning News. "We obviously
were aware of the numbers."

The company said it has about $55 million in cash, $5 million
more than it had in November.

Faced with competition from other wireless devices, PageNet and
other paging companies have tried to focus on higher-margin
devices that can send and receive data and messages.

According to the annual report, PageNet lost 11 percent of its
customers and is continuing to lose them. Revenue fell 3 percent
last year, to $931.8 million, the company said.

PageNet said it is cutting costs and has eliminated 700 jobs,
leaving it with 4,300 employees at the end of 1999.

In trading this morning, PageNet shares fell 3 cents to $1.25 on
the Nasdaq Stock Market.

PARAGON TRADE: Announces Significant Improvements in Quarter
Paragon Trade Brands, Inc. (OTC Bulletin Board: PGTR) announced
significantly improved operating results for the first quarter
ended March 26, 2000.

Net sales for the quarter totaled $129.1 million, an increase of
2.0 percent from $126.6 million in the first quarter of 1999.  
EBITDA (earnings before interest, taxes, depreciation,
amortization, bankruptcy costs and share of subsidiary earnings)
more than tripled to $10.2 million in the first quarter, up from
$2.7 million in 1999.  First quarter EBITDA nearly equaled
Paragon's EBITDA for all of 1999, which was $13.3 million.  
EBITDA improvement resulted primarily from enhanced manufacturing
efficiencies, as the Company reduced waste levels and improved
capacity utilization, and reduced SG&A expenditures.  An
operating profit of $3.7 million was reported for the first
quarter compared to an operating loss of $5.7 million for the
first quarter of 1999.

On January 28, 2000, Paragon emerged from Chapter 11 whereupon
all pre- petition obligations were discharged and an investor
group led by Wellspring Capital Management LLC acquired
approximately 97 percent of the Company's newly issued common

Alan Cyron, Executive Vice President and Chief Financial Officer,
said, "This has been a breakout quarter for us.  Our cash flow,
as represented by EBITDA, increased significantly from 1999
quarterly levels and provides the liquidity to grow the Company.   
Additionally, since the end of the quarter, we have repaid all
borrowings under our $95 million bank facility and are on a
solid financial footing for the future.  "We are excited by the
prospects of our business and several store brand programs we
have developed with our retail partners.  The growth and consumer
acceptance we have seen with the White Cloud brand at Wal-Mart
has been outstanding.  In addition, I am pleased to report that
during the quarter we introduced 'Cottontails' an exclusive store
brand at Ahold USA, Inc. stores, which include Stop & Shop, Tops,
Giant Food Stores and BI-LO.  These and other store brand
programs in diapers and training pants will drive our anticipated
growth throughout 2000 and into the future," Cyron said.

Paragon Trade Brands is the leading manufacturer of store brand
infant disposable diapers in the United States and Canada.  
Paragon manufactures a line of premium and economy diapers,
training pants, feminine care and adult incontinence products,
which are distributed through mass merchandisers, grocery
and other food stores, warehouse clubs, toy stores and drug
stores that market the products under their own store brand
names.  Through its international joint ventures, Paragon is also
a leading supplier of infant disposable diapers and other
absorbent personal care products in Mexico, Argentina, Brazil and

PARAGON TRADE: Names Michael Riordan as New CEO
Paragon Trade Brands, Inc. (OTC Bulletin Board: PGTR) announced
today that Michael T. Riordan has joined the company as President
and Chief Executive Officer.

Riordan, 49, is the former Chairman and CEO of Fort Howard
Corporation and succeeds Bobby V. Abraham.

Paxson Communications Corporation (AMEX:PAX) announced a first
tier of ten Joint Sales Agreements, including six with NBC Owned
and Operated stations, out of the 72 stations in the Paxson
station group. In these joint sales relationships, NBC stations
provide local news and programming, sales and sales marketing for
the local PAX TV stations. In addition to the seven JSA
agreements already in progress, Paxson and NBC are implementing
three new JSA agreements in the Dallas, Hartford, and Raleigh-
Fayetteville markets. These stations join Providence, Washington,
D.C., Miami, Knoxville, Greenville, NC, Cedar Rapids, and
Shreveport, LA totaling ten JSA Agreements. Additionally, NBC
reached an understanding with four of its major NBC affiliate
groups, Gannett, Hearst-Argyle, Post-Newsweek, and A.H. Belo to
develop JSA agreements with PAX stations in their markets. These
groups represent JSA opportunities for sixteen Paxson stations
and it is expected that agreements will be completed in these
markets in the short term.

PENNCORP FINANCIAL: Order Authorizes Employ of KPMG LLP
By order entered on February 28, 2000, the US Bankruptcy Court,
District of Delaware authorized the debtor, Penncorp Fianncial
Group, Inc. to employ KPMG LLP as its accountants under a general

PIXELON CORP: Creditors File for Bankruptcy
Creditors of Pixelon Corp., filed a petition in federal
bankruptcy court in Santa Ana, listing at least four creditors
who say Pixelon owes them more than $1 million.  If successful,
the Chapter 7 involuntary petition would force Pixelon to sell
its properties to pay debts.  

Pixelon said it will contest the petition.

Pixelon was founded in 1996 by David Kim Stanley.  He was on the
run from Virginia after swindling $1.25 million from members of
his fathers church. Under the name Michael Fenne, he created
software that allowed video to be played over the Internet.  But
after spending about $11 million on a lavish party in Las Vegas,
Stanley was ousted by the company's board. Stanley turned himself
in to authorities last month. He is in jail until he pays back
the money that he owes his victims.

Michael Kinney, the attorney who represents Pixelons creditors,
said the company Stanley left behind isn't much better at paying
the bills. Pixelon has racked up debts to electricians,
consultants and interior designers, Kinney said.

Pixelon's current chairman and chief executive, Paul Ward, said
he hasn't seen a copy of the petition yet, but he will fight it.

"Were not bankrupt," he said.  "Ill get it dismissed."

PLAINWELL INC: Moody's Lowers Debt Ratings
Moody's Investors Service lowered the debt ratings of Plainwell
Inc. (senior subordinated notes to Ca). Moody's said that the
rating actions were prompted by our expectation of continuing
weak operating performance at the company due to sharply rising
raw material costs and lagging product prices, and our concerns
about liquidity. The ratings for the Plainwell, Inc notes reflect
our expectation of the probability that there could be a
significant loss in principal.

Ratings lowered:

Plainwell Inc. -

Senior secured LOC Facility to Caa1 from B1 and withdrawn
Senior Secured Revolving Credit Facility to Caa1 from B1 and
Issuer Rating to Caa2 from B2
Senior Implied to Caa2 from B2
Sr Subordinated Notes to Ca from B3

Moody's noted that the company, a producer of both tissue
products and premium coated and uncoated papers, has been
severely affected by rising input prices, both in recycled fiber
and virgin pulp. These increases in raw material costs have not
been offset by product price increases, leading to negative cash
from operations. Moody's is concerned that while some price
relief is now occurring, cash generation will continue to be
weak, and may not be sufficient to cover interest expense and
fund capital expenditures. We are also concerned that available
liquidity, which is very limited, may not be sufficient to fund
continued operating losses.

The revised ratings reflect Moody's view that the value of the
plant, either as a going concern or as asset sales may be
insufficient to cover the outstanding amount of debt. We believe
that the senior subordinated notes may suffer a material loss in
face value.

Plainwell, Inc. headquartered in Minneapolis, is a producer and
maker of private label consumer tissue products and premium

PRIMARY HEALTH: Auction Saves Hospitals
A nine-minute auction last week saved two full-service community
hospitals from extinction, capping months of anger, angst and

Primary Health Systems, as expected, accepted the $12 million bid
of University Hospitals Health System to buy and operate St.
Michael Hospital in Cleveland's Slavic Village neighborhood and
Mt. Sinai Medical Center-East in Richmond Heights.  

PHS also accepted the $52.7 million bid of the Cleveland Clinic
to acquire the Mt. Sinai Integrated Medical Campus in Beachwood.

UH has agreed to operate both facilities within its sprawling
system as acute-care hospitals, complete with emergency rooms and
inpatient operating rooms.

General Counsel James McMonagle said UH would begin contacting
current and recently departed employees of both hospitals as
early as today.

"We accomplished what we wanted to for the right reasons,"
McMonagle said. "These will remain community hospitals."

Lake Hospital System, whose bid for just Mt. Sinai-East was
viewed by some as a threat to UH's offer to keep both hospitals
open, offered $1.1 million but declined to increase its bid.

The auction followed more than five hours of waiting in a 10th-
floor conference room in the law offices of PHS's Delaware
bankruptcy counsel.

PRIME RETAIL: Shortchanged AppNet Inc. After Failure of Plans
The Washington Post reports on May 1, 2000 that Prime Retail
Inc., the Baltimore owner of outlet malls, recently shortchanged
AppNet Inc. after its plan to create an online outlet mall fell

Prime Retail's venture,, was announced in October.  
AppNet was signed up to build an electronic marketplace for
retailers that have stores at Prime Retail's 51 malls, including
facilities in Williamsburg, Hagerstown and Queenstown, Md.

In early March, opened its first online store,
Etienne Aigner. By then, however, eOutlet was forced to sell
assets at deep discounts.

Unable to find a buyer for eOutlets, even at a big markdown,
Prime Retail pulled the plug April 12. It shut down the online
operation, dismissed 70 employees and announced a $ 13 million

AppNet took a $ 3.5 million hit from the lost business. The
Bethesda company was Prime Retail's prime contractor for the
project. The 40 people assigned to eOutlets were building the
World Wide Web site and the elaborate infrastructure needed to
back it up, and developing the online marketing program.

Prime Retail's financial problems were so bad that its stock has
dropped to $ 1.62 1/2 a share on the New York Stock Exchange. A
year ago, it was trading at about $ 9.81 1/4 a share.

The company's auditors recently warned that the company may not
survive and analysts are predicting that Prime Retail will seek
to reorganize under Chapter 11 of the federal bankruptcy code.
With slim prospects for collecting what Prime Retail owes, AppNet
took a write-off for the debt, which wiped out three-quarters of
the company's "cash earnings" for the first quarter of the year.  

PRINCETON HOSPITAL: Sold To Morningstar For $4.2 M
Morningstar Healthcare LLC of Little Rock, Arkansas, beat out
Eatonville's Lakeside Alternatives Inc. with a $4.2 million bid
to become the new owner of Princeton, the hospital which filed
for Chapter 11 bankruptcy protection in January 1999 and abruptly
closed its doors six months later.

According to Greg Groeller, staff of The Orlando Sentinel that
should Morningstar fail to produce the money until May 16,
Princeton will be acquired by Lakeside Alternatives Inc., a local
nonprofit organization who lost it's bid to Morningstar

ROBERDS INC: Seeks Extension of Exclusivity
The debtor, Roberds, Inc. filed a motion for order extending the
debtors' exclusive periods to file and to solicit acceptances of
a plan of reorganization.

The debtor requests that the periods be extended for ninety days
each, so that the Exclusive Plan Period extends through and
including August 18, 2000, and the Exclusive Solicitation Period
extends through and including October 17, 2000.

The debtor believes that within the next ninety days, the debtor
will file a plan of reorganization and disclosure statement.

ROBERDS INC: To Liquidate, Closes All Stores
May 2, 2000 -- Roberds Inc., which has been operating under
Chapter 11 protection from creditors, announced last week that it
is closing all of its stores to conduct an inventory to prepare
for liquidation.  It expects to have a going-out-of-business sale
within three months.

SOUTHERN PACIFIC: S&P Lowers Ratings on 1997-2 Certificates
Standard & Poor's has lowered its rating on Southern Pacific
Secured Assets Corp. (SPSAC) series 1997-2, class B-1F
certificates to single-'D' from double-'C'.

The rating action reflects the certificates having reached
default status. The issue's April 2000 distribution reported a
US$76,931 principal write-down of the class B-1F certificate
principal balance. Realized losses to the secured residential
mortgage collateral fully depleted loss protection for the class
B-1F certificates, leading to the writedown. The losses
permanently eroded approximately US$76,931 of class B-1F's
certificate principal balance. On March 21 2000, Standard &
Poor's issued a press release that warned of class B-1F's
increased vulnerability to default.

Monthly losses to the collateral backing SPSAC series 1997-2 are
first absorbed by excess interest. Should monthly losses exceed
monthly excess interest, the difference is directed to reduce
overcollateralization. Classes senior to the class B-1A and class
B-1F certificates are further protected from losses by the
subordination of junior classes. The issue is collateralized by
two separate loan groups: group one (adjustable rate), and group
two (fixed rate). Class B-1A is the most junior class in group

Class B-1F is the most junior class in group two.

Class B-1F is backed by a pool of fixed-rate subprime residential
home equity loans. Approximately 44% of the initial pool balance
was secured by mortgage loans to below 'A-' quality borrowers,
and approximately 70% was secured by cash-out refinancings. The
pool has realized losses at a faster pace than initially
anticipated, severely stressing the loss protection supporting
the group two certificates. The effect of losses on the class B-
1F certificates is especially pronounced because the class is
supported solely by excess interest cash flow and
overcollateralization. Approximately 13% of the group two
collateral balance is presently in foreclosure or REO.

Mortgage collateral backing SPSAC series 1997-2 certificates is
serviced by Advanta Mortgage Corp. USA, a company on Standard &
Poor's approved servicer list. The seller, Southern Pacific
Funding Corp., is now defunct, Standard & Poor's said.

STONE & WEBSTER: Staggered By Cash Flow Problems, Seeks Buyer
According to a report in The Boston Globe on May 1, 2000, a cost
overrun has pushed Stone & Webster Inc. into a liquidity crisis
and has prompted the engineering and construction firm to begin
talks with potential buyers for most of its assets, the company
said yesterday.

The revelations seemed to mark an end to a turnaround campaign by
Kerner Smith, chief executive of the Boston-based company who had
vowed to restore its profitability amid fierce competition. Stone
& Webster built many of New England's nuclear power plants and
more recently has won contracts to build gas-fired generating
stations.   But in recent months, Stone & Webster has also
reported financial setbacks, and in a news release yesterday the
company disclosed what it called an unanticipated cost overrun at
a key project it would not name. As a result, the company expects
to set aside $27.5 million and to restate its 1999 results.  

In its release, Stone & Webster still reported net income of $7.2
million for the three months ended March 31, compared with a loss
of $58.7 million for the same period a year ago. Revenue was $414
million, from $255 million a year ago.

But because of the overrun, plus its previously known problems,
Stone & Webster said it is experiencing liquidity problems and is
in talks for additional loans or a potential sale of most of its

The company would not name potential buyers.  Morrison Knudsen
had previously considered the firm as a takeover candidate.

Stone & Webster also said it has begun talks to extend certain
payments. If no agreements are struck, Stone & Webster said, its
accountants have indicated that the company's ability to continue
as a going concern will be in doubt. The company employs about
7,000 people worldwide, 1,700 of whom are in New England. The
company might also default on certain loans.

SUNSHINE MINING: Struggles to Retain Company
Sunshine Mining and Refining Co.'s top official acknowledged the
company's financial troubles in a frank letter to shareholders
last week.

The company's dilemma is three-fold, Chairman and CEO  John Simko

About $ 27 million in debt was due in March, and Sunshine has no
means to pay it. The company is running out of cash. Also, it no
longer meets the criteria for continued listing on the New York
Stock Exchange.

The Boise company employs about 260 workers at the Sunshine Mine
near Kellogg, Idaho. Creditors have extended the deadline for the
debt payment until May 24 to give the company time to negotiate
an agreement.

"We are hoping to preserve the company," Simko wrote to
shareholders. At this point, that could mean converting the debt
to stock in an amount that would give the bondholders control of
Sunshine, he said. Sunshine is also in discussions with
noteholders of another $ 15 million in notes due in 2002.

Reaching an agreement with bondholders is closely tied to
Sunshine's ability to retain its New York Stock Exchange listing.

"We have to work out a restructuring plan with bondholders. The
plan has to meet the New York Stock Exchange requirements for the
company to stay listed," Simko said Monday.

THIS END UP: Plans To Go Out of Business
This End Up, which pioneered crate-style furniture 26 years ago,
plans to go out of business.

The company will ask a U.S. Bankruptcy Court judge Monday to
allow liquidation sales at its 69 remaining stores.

"This is the only option for us," said Bryan Peery, recently
named president of the company, based in Richmond.
This End Up had planned an auction Thursday to sell all or part
of the chain, but the sale was canceled when no viable advance
bids were made.

Along with seeking permission for going-out-of-business sales,
the company will ask the judge to allow the auctioning of leases
at its stores and a retention program to keep needed employees
until the company shuts down.

If the judge approves the company's plans, liquidation sales
would begin next week and last three to five weeks, Peery said.

Not all employees would receive a severance package, he said.
Those who are offered severance must stay until the firm lets
them go in order to collect the money.

The chain is still talking to other companies, including rival
Cargo Furniture, about buying parts of This End Up.

"We're not interested in buying the entire company but we are
looking at the segments and pieces inside the segments," said
Jeff Lambert, spokesman for the 25-store Cargo chain.

Peery said This End Up will continue pursuing options.

"Anything is possible," he said. "But it will be difficult."

When the privately held company filed for Chapter 11 bankruptcy
in February, it listed assets of $59 million and liabilities of
$75 million. The bankruptcy filing resulted from mounting
distribution problems that caused sales and cash flow to slump as
customers waited months for delivery of couches or chairs.

At the time, the company had 2,000 employees and 137 stores in 25
states. It operated four manufacturing plants and nine
distribution centers.

Meetings, Conferences and Seminars
May 15, 2000
      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
      52nd Annual Meeting of the New England Region
         Colony Hotel, Kinnebunkport, Maine
            Contact: 1-617-742-1500 or

June 8-11, 2000
      7th Annual Central States Bankruptcy Workshop
         Grand Traverse Resort, Traverse City, Michigan
            Contact: 1-703-739-0800
June 14-17, 2000
      16th Annual Bankruptcy & Restructuring Conference
         Swissotel, Chicago, Illinois
            Contact: 1-541-858-1665 or

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

July 13-16, 2000
      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

August 3-5, 2000
      Fundamentals of Bankruptcy Law
         Seaport Hotel and Conference Center,
         Boston, Massachusetts
            Contact: 1-800-CLE-NEWS

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

August 14-15, 2000
      Advanced Education Workshop
         Loews Vanderbilt Plaza, Nashville, Tennessee
            Contact: 1-312-822-9700 or
August 17-19, 2000
      Banking and Commercial Lending Law -- 2000
         Somewhere in San Francisco, California
            Contact: 1-800-CLE-NEWS

September 7-8, 2000
      Conference on Revised Article 9 of the
      Uniform Commercial Code
         Somewhere in New York, New York
            Contact: 1-800-CLE-NEWS

September 12-17, 2000
         Doubletree Resort, Montery, California
            Contact: 1-803-252-5646 or

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

September 21-22, 2000
      3rd Annual Conference on Corporate Reorganizations
         The Regal Knickerbocker Hotel, Chicago, Illinois
            Contact: 1-903-592-5169 or   

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

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

November 2-6, 2000
      Annual Conference
         Hyatt Regency, Baltimore, Maryland
            Contact: 312-822-9700 or

November 27-28, 2000
      Third Annual Conference on Distressed Investing
         The Plaza Hotel, New York, New York
            Contact: 1-903-592-5169 or   
November 30-December 2, 2000
      Winter Leadership Conference
         Camelback Inn, Scottsdale, Arizona
            Contact: 1-703-739-0800

February 22-24, 2001
      Real Estate Defaults, Workouts, and Reorganizations
         Walt Disney World, Orlando, Florida
            Contact: 1-800-CLE-NEWS

The Meetings, Conferences and Seminars column appears
in the TCR each Tuesday.  Submissions via e-mail to 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
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contained herein is obtained from sources believed to be
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