TCR_Public/000525.MBX T R O U B L E D   C O M P A N Y   R E P O R T E R

    Thursday, May 25, 2000, Vol. 4, No. 103


AVIATION SALES:  $1.6M Loss In First Quarter
BRADLEES: Announces First Quarter Results
BRAZOS SPORTSWEAR: Order Extends Exclusivity
CAMBIOR: Announces Closing of Sale of Zinc Mines
CHS ELECTRONICS: Order Setting Hearing for Disclosure Statement

COLORADO CASINOS: Ferro To Acquire Troubled Casino
EXCELSIOR HENDERSON: Announces Disclosure Statement Approval
FRUIT OF THE LOOM: Motion To Sell Gitano Fashion Assets
GLOBAL OCEAN CARRIERS: Seek 30 Days To File Schedules

GULF STATES STEEL: Files Reorganization Plan
HOME HEALTH: Order Extends Time to Assume/Reject Leases
HVIDE MARINE: Alleged Improper Payments
KITTY HAWK: Nasdaq Removes Common Stock From Listing

LOIS/USA: Seeks to Extend Exclusivity
OXFORD HEALTH: Paid Off Remaining Balance
PARACELSUS HEALTHCARE: Confirms NYSE Delisting Notification
SHOE CORPORATION: Seeks to Establish Bar Date
SMITH CORONA: Announces Asset Purchase Agreement

SMITH CORONA: Case Summary and 20 Largest Unsecured Creditors
STAFFMARK: Announces Sale to Stephens Group This Summer
STAR NEWCO: Bar Date for Filing Proofs of Claim
STONE & WEBSTER: Class Action Lawsuit
SUCCESS MULTIMEDIA: Entry of Order of Confirmation of Plan

VENTAS: Shareholders Reelect Board of Directors
VISIONAMERICA: Files 1999 Form 10-K and Results of Operations


AVIATION SALES:  $1.6M Loss In First Quarter
According to the Broward Daily Business Review on May 18,
Aviation Sales Co., which provides aircraft maintenance, parts
repair and leasing, expects a net loss of $ 1.6 million this
first-quarter and a revenue of $ 186 million. The company also
said that aside from the late filing of their standard quarterly
report they are also short about $ 280 million to a
group of senior lenders and violated loan covenants.

BRADLEES: Announces First Quarter Results
Bradlees, Inc. (NASDAQ:BRAD) announced a reduced net loss for the
13-week first quarter ended April 29, 2000 compared with the
first quarter of 1999 despite a sales shortfall for the quarter
primarily attributable to unseasonably cold and rainy weather.

The Company reported a net loss of $23.5 million, or $2.36 per
share, compared with a net loss of $24.4 million, or $2.39 per
share, in the prior-year period. The loss before interest and the
cumulative effect of an accounting change was reduced to $16.1
million from $17.0 million in the prior year. The quarter
reflected the successful disposition of the Company 's previously
closed Peabody, MA store lease and the related $2.7 million gain
resulting from the early termination of the associated lease
obligation. In addition, the Company's SG & A expenses included a
$1.9 million credit associated with the elimination of certain
benefit liabilities.

BRAZOS SPORTSWEAR: Order Extends Exclusivity
By order entered on April 14, 2000, the US Bankruptcy Court for
the District of Delaware further extended the exclusive periods
during which the debtors may file a plan or plans of liquidation
and solicit acceptances for such plans.  The plan proposal period
is extended through and including May 15, 2000.  The solicitation
period is extended through and including July 14, 2000.

CAMBIOR: Announces Closing of Sale of Zinc Mines
Cambior Inc. announces today the closing of the sale of the
Bouchard-Hebert and Langlois zinc mines, located in northwestern
Quebec, to Breakwater Resources Ltd. with an effective date of
May 1st, 2000.

An amount of $45 million will be allocated to the partial
repayment of the credit facility.  Consequently, Cambior's total
debt due to its creditors will be reduced from $225 million to
$167 million, including the $13 million payment made after the
closing of the Glamis Gold and Jipangu transactions.  In
addition, the obligation to pay $75 million before June 30, 2000
will be partially met with these payments to creditors totaling
$58 million, leaving a balance of $17 million to be paid before
June 30, 2000.  Cambior's cash position, after giving effect to
the above debt repayment, will be approximately $10 million.

The evaluation process and preparation of offers by third parties
for each of Cambior's other non-gold assets are well underway.
Certain transactions are at an advanced stage of negotiation and
should be announced at the beginning of June 2000.  While there
can be no assurance to that effect, Cambior is confident to meet
its financial obligations.

Assuming the success of this strategy, Cambior will focus on gold
mining in the future, having retained all of its core gold
assets, and will be better able to develop its gold properties
and participate in the consolidation process expected in the gold
sector, to the greater benefit of its shareholders.

Cambior Inc. is a diversified international gold producer with
operations, development projects and exploration activities
throughout the Americas. Cambior's shares trade on the Toronto
and American (AMEX) stock exchanges under the symbol "CBJ".

CHS ELECTRONICS: Order Setting Hearing for Disclosure Statement
By order entered on the 12th day of May, 2000, the Honorable
Robert A. Mark set June 8, 2000 at 2:00 PM as the date for a
Disclosure Hearing in the case of CHS Electronics, Inc., debtor.

The hearing will be held in the US Bankruptcy Court for the
Southern district of Florida.  The deadline for objections to the
Disclosure statement is June 5, 2000.

The plan provides for the liquidation and the distribution of the
debtor's assets to creditors in two ways.  First, the plan
provides for the sale of the debtor's European assets to a non-
affiliated entity, Europa ITApS, a Danish corporation, pursuant
to the Stock Purchase Agreement and a Letter Agreement entered
into by the debtor, Europa, the holders.  Some or all of the
European assets may be sold to an entity other than Europa.  The
Excepted assets shall be transferred to the Trust and the
proceeds from the liquidation of the Excepted Assets shall be
distributed to creditors.

The European Assets represent a very substantial portion of the
debtor's total assets.  In exchange for the transfer of the
European assets, the debtor will receive 20% of the fully diluted
Europa Common Stock, Europa Thirty Month Notes and Europa
Preferred stock.  All of the foregoing consideration transferred
by Europa in exchange for the European Assets shall be
distributed to Creditor s under this plan.  If another entity is
approved by the court to purchase all or some of the European
Assets, the consideration of such sale will be distributed to
creditors under the plan.  

The plan provides for distributions only to claimholders.  There
will not b e a distribution to holders of subordinated securities
claims or interest holders and the latter's interests shall be

COLORADO CASINOS: Ferro To Acquire Troubled Casino
The Denver Post reports on May 18, 2000 that an Illinois gambling
mogul wants to buy Cripple Creek's largest and smallest casinos,
both of which are mired in Chapter11 bankruptcy reorganization.

Peter A. Ferro, CEO of Empress Entertainment, which sold
itslucrative Empress Casinos in Joliet, Ill., and Hammond, Ind.,
for$ 600 million last December, wants to acquire Colorado
CasinoResorts Inc., the owner of Cripple Creek's largest casino,
DoubleEagle Hotel and Casino and a smaller casino, Creekers Inc.

Ferro has been busy as well, buying the debt of
unsecuredcreditors who invested in Colorado Casino Resorts Inc.
That gaveFerro the leverage to kill a proposed reorganization
plan filed -and later withdrawn - by Colorado Casino Resorts Inc.
in April.

Digital Entertainment Network, the pioneering company, founded a
little more than a year ago, that had plans in merging the
Internet with television and produce original music, sports
and comedy programming has run out of money, ceasing operations
and laying off its 150 employees. Employees were also told that
the company can no longer pay them and probably file for
bankruptcy and not to reopen.

EXCELSIOR HENDERSON: Announces Disclosure Statement Approval
Excelsior-Henderson Motorcycle Manufacturing Company announced
the Bankruptcy Court had approved the disclosure statement to be
distributed to creditors in connection with its proposed plan of
reorganization. The plan of reorganization is the product of
intensive efforts by the Company to design a strategy that would
enable the Company to reorganize and obtain the required
additional equity funding to preserve the future of the Company.
As previously announced, the proposed plan describes how the
various secured and unsecured creditors will be paid, and also
describes that the Company's current stockholders will neither
retain nor obtain an equity interest in the Company going
forward. The Company did not receive a proposal from any buyer
which provided for continued participation of the Company's
equity holders.

The approved disclosure statement also reflects the agreement
reached with the State of Minnesota regarding a loan made by the
Minnesota Agricultural and Economic Development Authority. If the
plan is confirmed, the Authority will receive full principal
payments over a period not to exceed nine years. As previously
announced, other secured creditors will receive restructured
notes. Unsecured creditors will receive, among other things, a
pro rata distribution of cash and the right to receive an annuity
stream of certain royalties based on the Company's gross sales,
subject to a maximum amount. These payments will only partially
satisfy unsecured claims. Under the plan, E.H. Partners will
contribute or cause to be contributed a substantial capital
infusion in exchange for the issued and outstanding equity of the
Company upon the effective date.

The Company encountered a difficult situation in November 1999
when the preferred stockholders investment group did not fund an
expected commitment set forth in a letter of intent. Shortly
thereafter, in December 1999, the Company sought protection from
creditors in an effort to reorganize and secure the needed equity
investment to continue the operations of the Company.

The summary of the proposed plan of reorganization set forth
above is brief and is qualified in its entirety to the full text
of the disclosure statement and the proposed plan of
reorganization. This press release is for information
only and is not an offer to sell any securities nor is it a
solicitation of acceptance of the plan. Solicitation of
acceptance of the plan is being made only pursuant to the
disclosure statement approved by the Bankruptcy Court.

FRUIT OF THE LOOM: Motion To Sell Gitano Fashion Assets
Gitano Fashions Ltd, marketed its assets to 40 prospective
purchasers.  Those efforts yielded two bona fide offers, the
highest and best being an offer from One Step Up Inc.

Subject to higher and better offers, One Step is prepared to pay
$2,500,000 in cash plus an additional amount based on actual
inventory counts:

(A) $42.00 per first quality finished unit for 109,000 units;

(B) $42.00 per discontinued or irregular unit up to 60,000 units
provided that no more than 10,000 are irregular; plus

(C) $33.00 per unit of discontinued or irregular units in excess
of 60,000 units

A representative from a nationally known accounting firm will
supervise the inventory assessment.  Gitano will deliver the
inventory to One Step FOB at the distribution center in
Harlingen, Texas.

Accordingly, by this Motion, the Debtors ask Judge Walsh,
pursuant to 11 U.S.C. Secs. 105(a), 363(b), 363(f), 365(a), and
1146(c), to:

(1) approve a May 16, 2000, asset purchase agreement with One
Step Up Inc.;

(2) authorize the sale of Gitano's assets free and clear of
liens, claims and encumbrances; and

(3) authorize the assumption and assignment of relevant
executory contracts.  

The Debtors indicate that Gitano will help One Step with
distribution and related services.  

To assure the Court that the highest and best price is obtained
for the Gitano Assets, One Step agrees to subject its offer to a
competitive bidding process.  In the event that One Step's offer
is upset by a competing bidder, One Step is entitled to receive a
$500,000 Breakup Fee.  (Fruit of the Loom Bankruptcy News Issue
6; Bankruptcy Creditors' Services Inc.)

GLOBAL OCEAN CARRIERS: Seek 30 Days To File Schedules
The debtors, Global Ocean Carriers Limited, et al seek n
additional thirty days, to and including June 14, 2000 to file
schedules of assets and liabilities and statements of financial
affairs, subject to a permanent waiver in conjunction with entry
of a confirmation order.

The debtors state that are not seeking a Bar Date, and will seek
to resolve any claim disputes which might arise without court
intervention and without the filing of any proofs of claim.  Thus
enforcement of the requirement to file all schedules and
statement would be duplicative and unnecessary.

The debtors filed a proposed disclosure statement and plan of
reorganization on the petition Date.  The hearing on confirmation
has been rescheduled for June 5, 2000.

GULF STATES STEEL: Files Reorganization Plan
Gulf States Steel officials said the company's financial
reorganization plan could bring it out of bankruptcy in late

The plan was filed Monday with U.S. Bankruptcy Judge James
"Jamie" Sledge.  The reorganization plan requires the company to
obtain an 85 percent federal loan guarantee of $130 million that
will be provided by the Bank of America and a group of other

It also requires the company to obtain a $75 million revolving
loan to replace existing operating loans.

Gulf States blamed foreign steel imports for going into Chapter
11 bankruptcy July 1, 1999.

Attorney Mark Parry has asked Sledge to schedule a hearing on
June 19 concerning the company's disclosure statement, which
contains information about the condition of the company and
describes the reorganization plan.

The plan could change before that hearing, he said.

He said bond holders and unsecured creditors have not come to an
agreement as to how much of the money owed them must be paid.

HOME HEALTH: Order Extends Time to Assume/Reject Leases
By order of the Us Bankruptcy Court, District of Delaware, the
debtor, Home Health Corporation of America, Inc., et al. is
granted an additional 90 days or until August 14, 2000 to assume
or reject unexpired leases.

HVIDE MARINE: Alleged Improper Payments
A federal investigation into alleged improper payments to union
boss Walter J. "Buster" Browne caps a string of problems for
Hvide Marine Inc., a Port Everglades-based business that used to
be a Wall Street darling.

By last September, the company was so deeply in debt that it was
forced to seek protection from creditors under Chapter 11
reorganization in federal bankruptcy court. It emerged from
bankruptcy in December, but remained financially troubled.

Last month, Hvide named its third chief executive in less than a
year: Gerhard Kurz, 60, the recently retired president of Mobil
Shipping and Transportation Co., a Mobil Oil-affiliate.

Kurz already faces serious challenges. He must find a way to pre-
pay banks $60 million in principal by Jan. 1 to keep Hvide in
compliance with terms from loans. And now, he must contend with
charges that the company improperly paid out $ 60,000 to Browne
when his union could organize employees at the company.

The Las Vegas Review-Journal, Las Vegas, NV reports on May 18,
2000 that a state hearings officer Wednesday indefinitely delayed
scheduling a revocation hearing for David Ferradino, whose
Interstate Mortgage Group has been insolvent since November.

Bryan Nix, the hearings officer, wanted assurances that District
Judge Lee Gates didn't object to revocation of Ferradino's
license. Gates approved a receivership for the failed mortgage

Nix also said he wanted to give Ferradino time to negotiate a
deal for the sale of Iron Mountain Ranch, 530 acres of raw land
in northwest Las Vegas that Interstate financed.

Joseph Long, a deputy attorney general who represents the
Financial Institutions Division, urged Nix to set a hearing for
July 17. Long said two months was long enough for Ferradino to
negotiate the sale of Iron Mountain Ranch.

KITTY HAWK: Nasdaq Removes Common Stock From Listing
According to a report in the The Fort Worth Star-Telegram on May
17, 2000, Kitty Hawk said that the Nasdaq Stock Market has
removed its common stock from being listed on the National Market
System, effective May 10. The Nasdaq delisted the stock after
Kitty Hawk said it would be unable to comply with reporting  and
other listing requirements of the National Market System for the
foreseeable future. The company's common stock is trading over
the counter under the symbol KTTY.UX.

LOIS/USA: Seeks to Extend Exclusivity
Lois/USA Inc. and its debtor affiliates seek an order extending
the exclusive periods within which they may file a Chapter 11
plan and solicit acceptances thereto.

The collection of the accounts receivables has been a very
complex process due to concern among the account debtors with
respect to potential liability to third-party media entities.  In
addition, there are 2,000 creditors and proofs of claims are
still being docketed.  The Committee is seeking $40 million in
damages in an action against the lenders.  The outcome of this
action will have a significant impact on the debtors' plan and
the ultimate recovery by general unsecured creditors.

The debtors seek the entry of an order further extending the
debtors' exclusive period for filing a Chapter 11 plan through
and including August 31, 2000 and an extension of the debtor's
exclusive period for obtaining acceptances of any such plan
through October 31, 2000.

OXFORD HEALTH: Paid Off Remaining Balance
Oxford Health Plans Inc. said it has paid off the remaining $131
million balance of its bank term loan three years before its due
date.  Under the 1998 term-loan agreement, this pre-payment
included a premium of 2.5%, bringing the total payment to $134.3
million. As part of a previously announced initiative, Oxford
received dividend and surplus-note repayments from its New York
health maintenance organization subsidiary totaling $128 million
during the current quarter.  Last month, Oxford posted strong
first-quarter earnings. Net income was $28.8 million, or 34 cents
a share, nine times the $3.2 million, or 4 cents a share, the
company posted for the same quarter in 1999 (BestWire, April 26,

PARACELSUS HEALTHCARE: Confirms NYSE Delisting Notification
The New York Stock Exchange informed Paracelsus Healthcare
Corporation (NYSE: PLS) that the Exchange decided to suspend
further trading of the common stock of Paracelsus and plans to
apply to the SEC to delist the issue.  Among the reasons cited by
the Exchange were that the trading price of the stock was
abnormally low and that the Company had fallen below certain of
the Exchange's continued listing criteria.

Paracelsus is exploring alternative public trading markets for
its stock.

Paracelsus Healthcare Corporation was founded in 1981 and is
headquartered in Houston, Texas.  Including a hospital
partnership, Paracelsus presently owns the stock of hospital
corporations that own or operate 10 hospitals in seven
states with a total of 1,287 beds.

SHOE CORPORATION: Seeks to Establish Bar Date
The debtor, Shoe Corporation of America, Inc. seeks to have the
court approve a procedure for its former employees to file claims
that arise from or relate to the Stay Bonus and Severance Plan
and fixing July 17, 2000 as the date by which Stay Bonus and
Severance Claims must be filed with the court.

SMITH CORONA: Announces Asset Purchase Agreement
Smith Corona Corp. (OTC:SCCO) announced it has signed an asset
purchase agreement with Carolina Wholesale Office Machine Co.
Inc., a leading wholesale distributor of office equipment and
supplies based in Charlotte, N.C.

The agreement calls for Carolina to purchase the company's
inventory, accounts receivable, intellectual property, equipment,
dies and molds, and certain contracts and licenses.

Under the agreement, Carolina would pay cash for these assets at
specified percentages of each category's value as of the
transaction closing date. Smith Corona currently estimates the
proceeds from the sale to be approximately $6 million, pending a
closing date in mid to late July. The asset purchase agreement is
subject to Court approval and will be subject to an overbid
as well.

"We are pleased that Smith Corona's business will continue under
the auspices of a respected office machine distributor," stated
Martin D. Wilson, newly appointed president and chief executive
officer of Smith Corona. "We believe that the asset purchase
agreement represents our best course of action to realize the
value of Smith Corona's assets for the benefit of the company's

"Carolina Wholesale is excited over the opportunity to continue
the Smith Corona name, products and service. Current plans are to
organize Smith Corona as a separate operating entity with a
strong focus on the core typewriter and supplies products,"
stated Larry Huneycutt, president of Carolina Wholesale.

Smith Corona intends to facilitate the sale and to resolve long-
term operating issues by seeking protection under Chapter 11 of
the U.S. Bankruptcy Code. The company filed its voluntary
petition this morning at the U.S. Bankruptcy Court in the
District of Delaware in Wilmington.

Smith Corona confirmed that it has reached an agreement with its
lender, Congress Financial Corp., to amend the existing credit
agreement as debtor-in-possession (DIP) financing. Management
believes the enhanced financing, which is subject to Court
approval, combined with cash from operations will be adequate to
support the company's needs through the proposed sale

Earlier this year, Smith Corona issued a statement that it would
consider all strategic options in light of a downturn in
performance. In its second quarter financial report issued Feb.
14, the company announced the retention of Deloitte & Touche to
consult with Smith Corona management. Since that time, the
company has explored a variety of business opportunities of which
the asset purchase sale to Carolina Wholesale currently provides
the greatest opportunity for satisfying creditor claims.

"Despite tremendous efforts over the past five years, it became
clear that Smith Corona could no longer continue to operate as a
stand-alone business," Wilson stated. "The new product sales that
would have alleviated our financial constraints did not
materialize. Typewriter and supplies and accessories sales
continue, but at reduced market share. The voluntary filing under
Chapter 11 offers the best opportunity to complete an asset sale
and maximize creditor recovery."

Smith Corona will continue to receive and fill customer orders.
The company fully expects a smooth transition of its business to
Carolina Wholesale. Equipment manuals, utility disks, parts and
service will continue to be provided by Enterprise Service
Technologies Inc. in Cortland, N.Y. Additional contact
information is available on the company's Web site at or by calling 800/448-1018.

Smith Corona undertook a Chapter 11 reorganization that began on
July 5, 1995, and ended successfully on Feb. 28, 1997, when the
company emerged with a new capital structure. In the years that
followed, Smith Corona continually streamlined its organization
as it began the transition from a manufacturing to a sales and
marketing organization. The company stopped manufacturing in
November 1997 and subsequently obtained its products from third-
party sources.

The current Smith Corona product line includes seven models of
electronic typewriters and supporting supplies and accessories.
To augment the shrinking typewriter market, the company
introduced a number of new office products ranging from wireless
telephony products and fax machines to inkjet replacement
cartridges and headsets.

Smith Corona's common stock traded on Nasdaq under the symbol
SCCO until April 27. Since that time, the stock has been
available on the over-the-counter bulletin board, most recently
at a price of $0.34 per share, with 3,220,180 shares outstanding
among 450 holders. Smith Corona has annual revenues of
approximately $30 million and 43 employees at sites in Cortland,
N.Y., and San Diego, Calif., Amsterdam, The Netherlands, and San
Juan, Puerto Rico.

SMITH CORONA: Case Summary and 20 Largest Unsecured Creditors
Debtor: Smith Corona Corporation
        842 Bennie Road
        Cortland, NY 13045

Type of Business: A century-old reputation as a provider of
typewriters, supplies and various office products. In 1997, it
ceased manufacturing and has since been transitioning to a sales
and marketing organization.  Debtor sources products from
suppliers in North America, the Pacific Rim, and Europe.

Petition Date: May 23, 2000   Chapter 11

Court: District of Delaware

Bankruptcy Case No.: 00-02065

Judge: Mary F. Walrath

Debtor's Counsel: Robert S. Brady
                  Young, Conaway, Stargatt & Taylor
                  1100 North Market Street
                  PO Box 391
                  Wilmington, DE 19899-0391
                  (302) 571-6690

Total Assets: $ 12,351,186
Total Debts:  $ 14,379,991

20 Largest Unsecured Creditors

Pension Benefit Guaranty
PO Box 64480
Baltimore, MD
21264-4480                 Pension            $ 4,600,653

US Assemblies San
Diego Inc.
PO Box 200059
Pittsburgh, PA             Misc. charges
15251-0059                 Product            $ 1,578,323

Blue Cross/Blue
Shield of CNY
344 So. Warren St.
PO Box 4809
Syracuse, NY               Medical Ins
13221-4809                 Medical Claims       $ 316,220

Internal Revenue
ATTN: Elizabeth
409 Silverside Road
Wilmington, DE             
19809                      Tax Note             $ 149,251

7125 Sandburg Rd
Minneapolis, MN
55427                      Misc services        $ 135,875

Kace Electronics
Asia Incorporated
Bldg. CA-3, Dewey
Subic Bay Freeport
Zone, Philippines          Product              $ 109,841

Kedcom Co. LTD
22 Dowha-Dong
South Korea                Product               $ 77,335

New York
Hazardous Waste
Remedial Fund
New York State
Dept. of Law
Protection Bureau
The Capital
Albany, NY 12224
ATTN: Maureen F.
Leary                      Stipulation           $ 67,070

Delaware Secretary
of State
State of Delaware
Division of
PO Box 74072
Baltimore, MD
21274-4072                 Franchise tax         $ 60,000

Chase Design
PO Box 49
Skaneateles, NY
13152                      Services              $ 50,902

Business Machines
North Castle Drive
Armonk, NY
License Ref.
Number: L932453            License               $ 50,333

Lucent Technologies
Luxent Technologies
Bank of America
PO Box 100410
Atlanta, GA
30384-0410                 License               $ 39,794

Enterprise Service
839 Route 13 South
PO Box 589
Cortland, NY
13045                      Repair Service        $ 38,627

Wolf Group
111 West 40th Street
New York, NY
10018                      Service               $ 20,540

PO Box 660586
Dallas, TX                 Freight               $ 16,386

ATE Logistics Co.
510 Plaza Drive
Suite 2290
Atlanta, GA                Freight               $ 16,177

Municipal Revenue
Collection Center
PO Box 195387
San Juan
Puerto Rico
00919-5387                 Tax                   $ 15,763

State Treasurer
Capital Station
Austin, TX
78744-0100                 Tax                   $ 15,726

Marwick LLP
American Int'l Plaza
250 Munoz Rivera
San Juan, Hato Ray
Puerto Rico
00918                      Service               $ 15,700

The Connection
Group, Inc.
5639 Dyer Street
Dallas, TX 75206           Commissions           $ 10,963

STAFFMARK: Announces Sale to Stephens Group This Summer
The Arkansas Democrat-Gazette reports on May 18, 2000 that
StaffMark's headquarters in Fayetteville faces an uncertain
future after the announcement that the company is selling its
commercial services division to Stephens Group Inc. of Little
Rock for $196 million in cash and putting all but one of its
other divisions up for sale.  After the sales are complete,
StaffMark will change its name to Edgewater Technologies Inc. and
move its headquarters to Boston, said Clete Brewer, StaffMark's
chief executive.

STAR NEWCO: Bar Date for Filing Proofs of Claim
On May 9, 2000, the Honorable Mary F. Walrath, US bankruptcy
Judge for the District of Delaware, entered an order fixing June
30, 2000 at 4:00 PM as the deadline for all persons and entities
to file proofs of claim against Star Newco, Inc., debtor.

STONE & WEBSTER: Class Action Lawsuit
The Law Firm of Cauley & Geller, LLP announces that it has filed
a class action in the United States District Court for the
District of Massachusetts on behalf of all individuals and
institutional investors that purchased the common stock of Stone
& Webster, Incorporated ("S&W" or the "Company") (NYSE:SW)
between April 27, 1999 and April 28, 2000, inclusive (the "Class

The complaint charges that the Company and certain of its
officers and directors violated the federal securities laws by
providing materially false and misleading information about the
Company's financial condition, revenues, income and earnings per
share.  Specifically, the financial statements of the Company
made during the Class Period, all of which were implicitly and/or
expressly prepared in conformity with generally accepted
accounting principles (GAAP), were materially false and
misleading because the Company materially overstated its
revenues, income and earnings. As a result of these false and
misleading statements the Company's stock traded at artificially
inflated prices during the class period. When the truth about the
Company was revealed, the price of the stock dropped

Cauley & Geller, LLP has substantial experience representing
investors in securities fraud class action lawsuits such as this.
The firm has offices in Arkansas, California and Florida, but
represents shareholders from throughout the nation. If you have
any questions about how you may be able to recover for your
losses, or if you would like to consider serving as one of the
lead plaintiffs in this lawsuit, you must take appropriate action
by July 7, 2000. You are encouraged to call or e-mail the Firm or
visit the Firm's website at   

SUCCESS MULTIMEDIA: Entry of Order of Confirmation of Plan
On May 4, 2000, the US Bankruptcy Court for the Southern District
of New York entered an order confirming the first amended
liquidating plan of Success Multimedia Enterprises, Inc., and its
debtor affiliates.

VENTAS: Shareholders Reelect Board of Directors
Ventas, Inc. (NYSE:VTR) announced that shareholders at
its annual meeting on May 23, 2000 approved all of the Company's
proposals, including the reelection of the following six
directors: Walter F. Beran, Debra A. Cafaro, Douglas Crocker II,
Ronald G. Geary, W. Bruce Lunsford and R. Gene Smith.

Speaking at the meeting, Debra A. Cafaro, President and CEO,
outlined the status of the Company's negotiations in the
bankruptcy of its primary tenant, Vencor, Inc. (OTCBB:VCRI).

"We remain committed to working toward a consensual global
restructuring of Vencor that is fair and balanced and is based on
the September 1999 agreement among Ventas and Vencor's creditors.
A fair deal requires Vencor to be healthy when it emerges from
bankruptcy," Cafaro said.

Additionally, the Company today stated that it has entered into a
tax stipulation agreement (the "Agreement") with Vencor, which
provides for the proceeds of certain federal, state and local tax
refunds received by either company on or after September 13,
1999, to be held by the recipient of such refunds in segregated
interest bearing accounts. As the Company previously reported,
certain refunds have been the subject of dispute between the
Company and Vencor. Included in the Agreement is a federal income
tax refund of approximately $26.6 million received by the Company
out of the filing of its 1998 tax return, which is a refund of
taxes paid by the Company in prior years.

The Agreement, which is subject to approval by the bankruptcy
court, contains notice provisions relating to the withdrawal of
funds by either party from the segregated accounts. Each party
reserves all rights and claims regarding the amounts covered by
the Agreement.

Ventas, Inc. is a real estate company whose properties include 45
hospitals, 218 nursing centers and eight personal care facilities
operating in 36 states.

VISIONAMERICA: Files 1999 Form 10-K and Results of Operations
VisionAmerica Incorporated (Nasdaq/NM:VSNAE) announced that it
has filed its Form 10-K for the year ended December 31, 1999. The
Company also reported net losses of $31,502,000, or ($3.44) per
share (diluted), for the fourth quarter of 1999, compared to net
losses of $425,000, or ($0.05) per share (diluted), for the
fourth quarter of 1998. Net losses for the year ended December
31, 1999 were $33,105,000, or ($3.67) per share (diluted),
compared to net earnings of $1,214,000, or $0.14 per share
(diluted), for the year ended December 31, 1998.

Losses from continuing operations were $28,265,000, or ($3.09)
per share (diluted), on revenues of $10,720,000 for the fourth
quarter of 1999, compared to net earnings from continuing
operations of $489,000, or $0.05 per share (diluted), on revenues
of $13,934,000 for the fourth quarter of 1998. Losses from
continuing operations were$28,827,000, or ($3.20) per share
(diluted), on revenues of$57,101,000 for the year ended December
31, 1999, compared to net earnings from continuing operations of
$1,661,000, or $0.19 per share (diluted), on revenues of
$53,987,000 for the year ended December 31, 1998.

As recently reported, the Company has just completed a
comprehensive review and evaluation of substantially all
operating units. This assessment of the Company's operating units
resulted in an impairment adjustment to physician practice
management assets of $19.2 million in the fourth quarter of 1999,
and the initiation of a divestiture plan. Indicative of the
deterioration at the impaired centers, revenues declined by
approximately $3.4 million or 23% in the fourth quarter of 1999
versus the same period in 1998, and more dramatically, by
$5.7 million or 35% from the third quarter of 1999.

In addition to the impairment charge, other factors contributing
to the decline in results for the year ended December 31, 1999 in
relation to 1998 are as follows. The provision for doubtful
accounts increased approximately $2.6 million reflecting a
deterioration in the aging of accounts receivable. Center
profit margins as a percentage of revenues declined from 21.8% in
1998 to 10% in 1999 reflecting an increase in the allowance for
contractual adjustments, the operational deterioration of certain
centers as noted above, and the start-up costs of the Company's
1999 refractive surgery initiative. During the year, general and
administrative expenses increased approximately $2.8 million due
primarily to increased spending on the development and
implementation of new information systems and increased
professional fees incurred in conjunction with the Company's
operational and administrative difficulties.

As previously disclosed, the Company is in default of certain
covenants of its credit agreement with its senior lenders. As a
result of these defaults and other factors that could affect the
Company's ability to attain sustained profitability, the 1999
audit opinion contains a going concern explanatory paragraph.



S U B S C R I P T I O N   I N F O R M A T I O N

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Copyright 2000.  All rights reserved.  ISSN 1520-9474.

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