/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/000711.MBXT R O U B L E D C O M P A N Y R E P O R T E R Tuesday, July 11, 2000, Vol. 4, No. 134 Headlines ACCESSAIR: Judge Extends Credit Line, Sets New Court Date AMTRAK: New Service Guarantee For Riders, Bonuses For Workers AUREAL INC: Seeks To Extend Exclusivity AUTOINFO INC: Approval of First Amended Disclosure Statement AVOCA: Settlement Agreement With Raytheon ETM ENTERTAINMENT: Files Chapter 7 Liquidation FREEWWWEBB: Court Enters Order To Show Cause FRUIT OF THE LOOM: Motion To Pay Emergence Bonus to Bookshester FRUIT OF THE LOOM: Pro Player Sold; Not Stadium Name Rights GEMCOR: Emerges From Bankruptcy, Recalls Employees GENESIS/MULTICARE: Motion To Employ Willkie Farr as Lead Counsel GRAND UNION: Possible Seeking a Buyer HARNISCHFEGER: Taps Norris Beggs As Real Estate Broker HOME HEALTH: Seeks Extension To Assume/Reject Leases LIBERTY SEAFOOD: Files for Chapter 11 Bankruptcy Protection LOEWEN: Third Motion For Extension of Exclusivity MASTER GRAPHICS: Files Chapter 11 Together With Operating Unit MEDICAL TECHNOLOGY: Announces Amendment of Loan Agreement MEDSHARES: Winters Steps Down As Part of Agreement With Lender MONET GROUP: Liz Claiborne Offers $39.5 Million MOSSIMO INC.: Secures a $4.5M Loan To Continue Operations PATHMARK STORES: Won't Make Prepackaged Bankruptcy Before July 7 PITTSBURGH BREWERY: Future Seems Vague PIXELON: Two Investors Sue Former Officials and Backers PRECISION PROBES: Involuntary Case Summary PRISON REALTY: Crants Steps Down As Vice Chairman SAFETY KLEEN: Applies To Employ Skadden Arps as Counsel SHAPE INC: Files For Bankruptcy Protection SILVER CINEMAS: Committee Taps Chanin Capital SUNSHINE MINING: Notes Extended to July 14, 2000 TOYSMART: FTC Prepares Challenge to Prevent Sale of Consumer Data UNITED OUTDOOR: Files Chapter 11, Closes Some Stores UNITED SURPLUS: Case Summary and 20 Largest Unsecured Creditors Meetings, Conferences and Seminars ********* ACCESSAIR: Judge Extends Credit Line, Sets New Court Date --------------------------------------------------------- AccessAir, the start-up airline which filed for protection from creditors under Chapter 11 of the U.S. Bankruptcy Code on Nov. 29, 1999 has been granted extension of its credit line to $4 million by Judge Russell Hill. Attorney Michael Pankow said that it was enough money to keep the airline operating "for a long time." It's "more than we foresee needing for the time being," he added. Top executives have been given more time to reach an agreement with its creditors. Hill scheduled an Aug. 16 hearing on an amended disclosure statement, which was part of the reorganization plan the airline filed in May in U.S. Bankruptcy Court. Assistant U.S. trustee, Jim Snyder, withdrew a motion to force the airline to liquidate its assets, saying that the reorganization plan appeared feasible but he had some concerns with repayment of debts. AMTRAK: New Service Guarantee For Riders, Bonuses For Workers ------------------------------------------------------------- Amtrak officials have announced a new unconditional customer- satisfaction program by providing those passengers who believe they didn't receive a safe, comfortable and enjoyable trip, a certificate good for future Amtrak travel of equal cost under the national passenger railroad's new program. Moreover, 25,000 employees will be given intensive training with special emphasis on people who have the most contact with the public. Besides the guarantee for the riders and incentives for workers, Amtrak will soon offer a railroad version of a frequent-flier program and replace its 29-year-old "pointless arrow" logo with one featuring three parallel lines winding their way to a horizon. Railroad officials said the guarantee is good business and good public relations. The company needs to counter a reputation of being "tired, worn out and complacent," said Amtrak President George Warrington. AUREAL INC: Seeks To Extend Exclusivity --------------------------------------- The debtor, Aureal, Inc. d/b/a Silo.com filed a motion seeking a court order extending the time within which the debtor maintains the exclusive right to file a plan of reorganization, for a period of 120 days through and including December 1, 2000. Additionally, the debtor requests that the court extend the time within which the debtors maintain the exclusive right to solicit acceptances on any such plan for a period of 120 days through and including January 30, 2001. The debtor has taken steps necessary to market and sell substantially all of its assets. After Conexant withdrew from the process, the debtor moved quickly to finalize a letter of intent with Guillemot. The debtor has also received at least two other expressions of interest. The debtor anticipates that the closing of the sale transaction will occur in August. The debtor states that its case is large and complex. The debtor has not yet had the opportunity to investigate its claims against third parties or the claims filed against the debtor. The debtor has not yet prepared a plan of reorganization or even had meaningful substantive discussions with the Committee regarding the nature of such a plan. AUTOINFO INC: Approval of First Amended Disclosure Statement ------------------------------------------------------------ AutoInfo, Inc. (OTCBB:AUTO) announced that it has received the approval of its First Amended Disclosure Statement, As Amended, by Order of the Bankruptcy Court dated July 6, 2000. AutoInfo will proceed to solicit votes concerning its First Amended Plan of Reorganization, As Amended. The Plan of Reorganization provides for the issuance of approximately 9,540,000 shares of Common Stock, or approximately 35% of the proposed outstanding Common Stock of Reorganized AutoInfo, to its existing creditors. Existing shareholders who hold approximately 7,757,000 shares of Common Stock, will constitute approximately 28% of the proposed outstanding Common Stock of Reorganized AutoInfo. On Thursday, June 22, 2000, AutoInfo announced that it had entered into an agreement to acquire Sunteck Transport Co., Inc., a full service third party transportation logistics provider, and it's wholly owned subsidiary, Ubidfreight.com, in exchange, upon closing, for 10 million shares of Reorganized AutoInfo's Common Stock. Sunteck's holdings will constitute approximately 37% of the outstanding Common Stock of Reorganized AutoInfo. The consummation of the merger is contingent upon, among other things, the acceptance of the First Amended Plan of Reorganization, As Amended, by AutoInfo's unsecured creditor class; the entry of an order confirming the First Amended Plan of Reorganization, As Amended and the securing of a firm commitment by October 20, 2000 for a financing resulting in gross proceeds to AutoInfo of at least $2.0 million. The proceeds of the financing are intended for the development and implementation of- Ubidfreight.com - an e-commerce business-to-business application which will provide an interactive freight auction, matching available freight (shippers) and available cargo space (truckers and other carriers). Harry Wachtel, President and sole shareholder of Sunteck, has the right to waive the financing contingency and to consummate the merger. No commitments for financing, either permanent or preliminary, have been received by AutoInfo. For the year ended December 31, 1999, Sunteck's revenues were approximately $ 3.5 million and both pre-tax profit and shareholder's equity was approximately $ 41,000. Sunteck has developed a business plan, which focuses on expanding its revenue base by adding additional in house salespeople and sales agents in strategic markets. Sunteck currently has eight employees and processes 350 - 500 orders per month generating monthly revenues between $200,000 - 350,000. William Wunderlich, President and Chief Financial Officer of AutoInfo stated, "now that we have received the approval of the Bankruptcy Court of our First Amended Disclosure Statement, As Amended, which includes the Sunteck transaction, we can move expeditiously to the confirmation of our First Amended Reorganization Plan, As Amended" Mr. Wunderlich added. "We will finalize our business plan and begin to seek out potential investors enabling us to consummate the merger." All documents on file in this case, Case No. 00-10368, including the Merger Agreement, the First Amended Disclosure Statement, As Amended and the First Amended Plan of Reorganization, As Amended, can be viewed on the Bankruptcy Court's Internet site as follows: http://ecf.nysb.uscourts.gov/index.html.Interested parties are urged to review the documents on file on the Bankruptcy Court's Internet site. A hearing to confirm the Company's First Amended Plan of Reorganization, As Amended, is scheduled to be held before the Honorable Adlai S. Hardin, Jr., United States Bankruptcy Judge, in Room 520 of the United States Bankruptcy Court, 300 Quarropas Street, White Plains, New York 10601, at 11:00 o'clock a.m. on August 1, 2000. AVOCA: Settlement Agreement With Raytheon ----------------------------------------- Debtors Avoca Natural Gas Storage, ET Avoca Company, NGC Storage, Inc. and JMC Avoca, Inc. seek court approval of a Mutual Release Agreement between the debtors and Raytheon Engineers & Constructors, Inc. Raytheon filed a proof of claim asserting a general unsecured claim against the debtors' estates in the amount of $121,052,967. In April, 1999, Raytheon and US Generating Company, now known as PG&E Generating Company, an upstream affiliate of debtor JMCAvoca Inc., entered into a settlement agreement resolving Raytheon's claims against PG&E Gen and certain other upstream affiliates. As part of that settlement agreement, Raytheon agreed to enter into Mutual Release Agreements with the debtors. The debtors believe that the Mutual Release Agreements rare fair, reasonable, and in the best interest of the estate. Raytheon will waive a general unsecured claim in excess of $121 million. This will increase the recovery of other unsecured creditors and will be accomplished at no cost to the estate. Raytheon's waiver of its claims against the debtors is a predicate to the settlement, pursuant to which the upstreams will pay $4 million to be distributed to the remaining unsecured creditors. ETM ENTERTAINMENT: Files Chapter 7 Liquidation ---------------------------------------------- The Los Angeles Times reports on July 1, 2000 that the ticketing business firm, ETM Entertainment Network Inc., ended its operations and filed for Chapter 7 liquidation. Company executives failed in raising additional finances caused ETM's fall. The company announced in June that it was turning over business contracts to its largest rival in the industry, Ticketmaster Corp. The highest peak of ETM was when Pearl Jam used its system during the boycott of Ticketmaster. Los Angeles Dodgers then transferred to ETM ending its 14-year knot with Ticketmaster. After talking to ETM's general counsel, Bennet Kelley confirmed that the company is indeed filing for Chapter 7 bankruptcy liquidation. FREEWWWEBB: Court Enters Order To Show Cause -------------------------------------------- Upon the motion of UUNET Technologies, Inc. and WorldCom Technologies, Inc. f/k/a WorldCom, Inc., its affiliates and subsidiaries for adequate assurance of payment for post-petition services or, in the alternative, relief from stay to terminate services, the Bankruptcy Court for the Southern District of New York entered an order for counsel to SmartWorld Technologies, LLC; SmartWorld Communications, Inc.; Freewwweb, LLC; Juno Online Services, Inc.; and the Office of the United States Trustee for the Southern District of New York that all parties in interest show cause, at a hearing to be held before the Honorable Cornelius Blackshear, United States Bankruptcy Judge, in Room 601 of the United States Bankruptcy Court, One Bowling Green, New York, New York, on July 12, 2000, at 2 p.m., or as soon thereafter as counsel can be heard, why the Court should not enter an order granting the Motion. FRUIT OF THE LOOM: Motion To Pay Emergence Bonus to Bookshester --------------------------------------------------------------- Fruit of the Loom requests permission to pay Mr. Bookshester $1,000,000 if a plan of reorganization is confirmed prior to March 31, 2001. If a plan is approved after this date, Fruit of the Loom proposes to pay Mr. Bookshester $800,000. Payment of the Emergence Bonus is conditioned on his continued employment as CFO on the Effective Date of the Plan. If Mr. Bookchester voluntarily resigns or is terminated for cause, he will not be entitled to receive any Emergence Bonus. The Debtors remind Judge Walsh that he approved the Key Employee Retention Plan on March 27, 2000. The KERP included bonuses for Tier I employees once Fruit of the Loom emerges from bankruptcy. It did not include emergence bonuses for the chief executive officer or chief financial officer. When the KERP was approved, Fruit of the Loom did not have a permanent CEO or CFO, but was actively seeking both. The positions were purposely excluded from the plan to preserve negotiating flexibility in employment negotiation. The Debtors argue that it is reasonable to expect that a CEO and CFO would demand an emergence bonus under similar conditions. Fruit of the Loom states that the promise of an emergence bonus provides several benefits. It is a financial incentive to Mr. Bookshester to remain as CEO and work towards emergence from bankruptcy. It will provide him with a benefit already promised to other Tier I employees. Herbert Mines & Assoc. conducted an extensive and costly CEO search. Candidates, HM&A said time and again during the search process, tend to shun firms in bankruptcy. The labor market in the U.S. is currently tight. The loss of Mr. Bookshester, the Debtors are convinced, would trigger other employee departures and jeopardize the Debtors' ability to complete a timely reorganization. (Fruit of the Loom Bankruptcy News Issue 8; Bankruptcy Creditors' Service Inc.) FRUIT OF THE LOOM: Pro Player Sold; Not Stadium Name Rights ----------------------------------------------------------- Miami-based Perry Ellis International, an apparel company, bought the Pro Player trademark from Fruit of the Loom Ltd. in bankruptcy court this week for an undisclosed amount, but the deal did not include the naming rights for the stadium. Dolphins owner Wayne Huizenga regained the naming rights in an agreement with Fruit of the Loom in April, but Huizenga Holdings spokesman Ron Castell said Friday that his firm is still searching for a new sponsor. "The stadium will still be called Pro Player Stadium until we can find another company to buy the naming rights," Castell said. Fruit of the Loom was in the fourth year of a 10-year, $20 million sponsorship deal when it filed for Chapter 11 bankruptcy in December. GEMCOR: Emerges From Bankruptcy, Recalls Employees --------------------------------------------------- The Buffalo News reports on July 4, 2000 that after a nine-month struggle in bankruptcy, airline machine maker Gemcor emerges from Chapter 11. Suffering from a decline in the aerospace industry and having $ 2 million unpaid bills Gemcor filed for bankruptcy protection last fall. The company is calling back laid-off workers. Bankruptcy Court Judge Michael Kaplan approved the reorganization plan to restructure $ 5.5 million in debt. According to the approved plan, creditors will receive 52 cents on the dollar for 10 years. Orrin Tobbe who is acting as Gemcor's temporary COO, is president of Results Unlimited, a management firm in Amherst. GENESIS/MULTICARE: Motion To Employ Willkie Farr as Lead Counsel ----------------------------------------------------------------- The Multicare Debtors seek the Court's approval to employ Willkie Farr & Gallagher as its attorneys under a general retainer. Multicare retained WF&G in February 2000, to render services with regard to financial restructuring and in connection with the filing of Multicare's chapter 11 cases. The Debtors have selected WF&G because of its extensive experience and knowledge and its familiarity with the Debtors' operations and businesses. Subject to the allocation of assignments between co-counsel and special counsel, WF&G may be requested to advise and represent the Debtors, and prepare documents in the areas of corporate finance, securities, tax, real estate, employee benefits, business and commercial litigation, debt restructuring, bankruptcy and, if requested, asset dispositions, as well as take necessary actions to protect and preserve the Debtors' estates, including prosecution and defense actions, make negotiations and prepare motions, applications, and other papers in connection with the chapter 11 cases. As the Debtors are applying to the court for retaining a number of professionals, the Debtors assure that the Multicare management will seek to minimize duplication of services. WF&G submits to the Court that the firm has represented Michael Targoff, a member of WF&G from 1970 to 1980 and currently a director of GHV, in personal business ventures. However, WF&G has not represented and will not represent Mr. Targoff in connection with any matters related to the Debtors' cases. In addition, WF&G currently represents Bank of America Securities, LLC, an affiliate of Bank of America, one of Multicare's prepetition secured lenders, but WF&G submits that the firm has not and will not represent BOAS in connection with any matters related to the Debtors and these cases. The Debtors and WF&G believe that WF&G will be a disinterested person and the terms agreed between Multicare and WF&G for the Debtors' retention of WF&G will be appropriate. (Genesis/Multicare Bankruptcy News Issue 2; Bankruptcy Creditors' Service Inc.) GRAND UNION: Possible Seeking a Buyer ------------------------------------- The Star Ledger reports on July 4, 2000 that the sixth-largest grocery chain, based in Wayne, N.J., is seeking for a buyer. Financially threatened Grand Union Co. hired the services of Merrily Lynch & Co. and Alvarez & Marsal Inc., two distressed consulting firms, to help with its current situation. The hiring of the bankers and consultants was part of an agreement with the company's creditors. The grocery firm was told to submit a proposed business plan by Sept. 1 to cover the balance of fiscal year 2001, which began April 2, and fiscal year 2002. According to the company's annual report, stock prices are in their lowest slump in the past six months and the company is exploring ways "which may include asset sales, store closings or a sale of the company." And with this new agreement, creditors fees will reach almost $5 million by November. HARNISCHFEGER: Taps Norris Beggs As Real Estate Broker ------------------------------------------------------ The Debtors sought and obtained authority to employ Norris, Beggs & Simpson as Real Estate Brokers in these chapter 11 cases. Specifically, on a non-exclusive basis, Norris Beggs will market and attempt to sell Rader Companies' 24,680 square-foot, 2-story office building located on 3.4 acres of land in the PROPCO Industrial Park at 6005 Northeast 82nd Avenue in Portland, Oregon. Norris Beggs will collect a 6% commission on the first $500,000 of the the ultimate sales price and 5% of all amounts over $500,000. J. Clayton Hering, President for Norris Beggs, assures the Court that he and his firm are disinterested within the meaning of 11 U.S.C. Sec. 101(14). (Harnischfeger Bankruptcy News Issue 24; Bankruptcy Creditors' Service Inc.) HOME HEALTH: Seeks Extension To Assume/Reject Leases ---------------------------------------------------- The debtors, Home Health Corporation of America, Inc., et al. seek an extension of time within which the debtors may assume or reject unexpired leases of nonresidential real property. A hearing will be held on August 3, 2000 at 9:30 AM. The debtors are a party to a great many leases covering commercial premises used by the debtors for sales, storage, patient visitation, and executive and administrative offices in various states around the country. The debtors continue to review and analyze their leases to determine whether they are profitable locations and their respective economic values from the perspective of the debtors' reorganization and restructuring efforts. The debtors have rejected a number of leases and are considering the others. The debtors need more time to analyze the leases. In addition, the debtors are consulting with their principal creditor constituencies, and are in the process of developing the framework of a plan of reorganization which is consistent with their vision of the future of these businesses. LIBERTY SEAFOOD: Files for Chapter 11 Bankruptcy Protection ----------------------------------------------------------- The Daily News reports on July 6, 2000 that Liberty Seafood Inc., the island seafood wholesaler, has filed for Chapter 11 Bankruptcy Protection in the U.S. Bankruptcy Court in Galveston, listing assets at $25 million and liabilities at approximately $25 million. According to company officials, its slide into bankruptcy began with the September 1999 fire at its Galveston facility. Since then, Liberty has been locked in a legal feud with its insurance carriers, which have not paid the full amount of claims. LOEWEN: Third Motion For Extension of Exclusivity ------------------------------------------------- Despite all of the restructuring initiatives implemented in an effort to restore profitability to their businesses, the Debtors say it was impossible to file a plan of reorganization by June 30, 2000. More time is needed to restructure their core businesses, the Debtors tell Judge Walsh. Accordingly, the Debtors sought and obtained an extension of their exclusive period during which to file a plan of reorganization through December 31, 2000, and an extension of their exclusive period during which to solicit acceptances of that plan through February 28, 2001. The Debtors observe that the current six-month extension, together with the previously granted nine-month extension for Loewen, is only a fraction of extensions that cases of comparable size and complexity have been granted. In re Montgomery Ward Holding Corp., the exclusive period was extended for approximately 21 months; In re Edison Bros. Stores, Inc., the period was also extended for approximately 21 months; In re Trans World Airlines, Inc., the extension was for approximately 20 months; In re Federated Dep't Stores, Inc., for approximately two years; and In re Phar-Mor, Inc. for approximately three years. The extension is further justified, the Debtors assert, considering the progress that they have made with respect to restructuring and the efforts in restoring to profitability of their business, which put them now in a position for the stages of formulating, negotiating and consummating a plan or plans of reorganization. The Debtors believe that their core businesses can be restructured to operate profitably. The Debtors tell the Court they have made significant developments in: (A) Management Changes Since the Petition Date, the Debtors have significantly restructured their management team. On December 1, 1999, Robert Lundgren retired from his positions as President and Chief Executive Officer and was replaced by Paul Houston, who at the time was a member of the board of directors of TLGI. Since the Petition Date, the Debtors also have retained, among other management hires, a new Chief Financial Officer (Michael Cornelissen) and a new Senior Vice President for Human Services (Gordon Orlikow). In addition, at the request of the Creditors' Committee, the Debtors added two members to the TLGI Board who have significant experience in retail restructurings. As described below, the Debtors also have continued the process of reorganizing their operational management structure in connection with the implementation of their strategic business plan. (B) Asset Dispositions The Debtors have undertaken significant efforts to sell assets that either are underperforming financially or are not anticipated to be part of the Debtors' core business operations going forward. In this regard, the Debtors are in the process of offering for sale approximately 371 of their funeral home and cemetery locations pursuant to the asset disposition program approved by this Court in January 2000. The Debtors and their advisors have sent approximately 1,600 introductory letters and approximately 600 information packages to interested parties in connection with the Disposition Program. The Debtors anticipate that a substantial number of sale transactions under the program will be consummated or, if required under the bidding procedures approved by the Court, submitted to the Court for approval within the coming months. (C) Claims Process In the past few months, the Debtors have continued to make significant progress in the claims reconciliation process in these cases. As of March 31, 2000, the Debtors, working through 13 separate claims reconciliation teams, completed their initial reconciliation of the more than 16,000 scheduled and filed claims pending against the Debtors' estates. The Debtors have filed omnibus motions seeking disallowance of approximately 2,000 of those claims, and the Court has entered orders approving the disallowance of approximately 1,000 claims in respect of those motions. The Debtors anticipate that they will file a substantial number of additional omnibus claims objection motions in the next several months. Additionally, to expedite further the resolution of disputed claims in these cases, the Debtors have implemented the claims settlement program approved by the Court in December 1999 and the alternative dispute resolution procedures approved by the Court in February 2000. (D) Corporate Consolidation Initiative The U.S. Debtors, in coordination with the Canadian Applicants, are conducting a thorough analysis of the steps that will be necessary or appropriate under applicable corporate and tax law, as well as state, provincial and local regulations unique to the Debtors' industries, to effectuate the corporate restructuring required in connection with the Debtors' reorganization. This process will be particularly challenging for the Debtors, in light of the nearly 1,000 separate entities involved in these chapter 11 cases and the Canadian Cases and the extensive state, provincial and local regulations that govern the Debtors' funeral home and cemetery businesses. As part of the corporate consolidation planning initiative, representatives of the Debtors are meeting with regulators from key jurisdictions to describe their corporate consolidation plans with respect to those jurisdictions. (E) Information Systems Improvements The Debtors are engaged in a comprehensive upgrade of their information systems. The Debtors believe that this upgrade is essential to their ability to assess more accurately their financial and operational results and, ultimately, to achieve better financial performance. (F) Perfection Issues Under the Collateral Trust Agreement In April 2000, the Debtors were advised by the Creditors' Committee that there is uncertainty as to the secured status of certain indebtedness under the Collateral Trust Agreement to which TLGI, LGII and certain of the other Debtors are parties. The indebtedness at issue has an aggregate outstanding principal amount of approximately $1.1 billion and thus comprises about half of the outstanding indebtedness under the CTA. Since learning of this development, the Debtors have commenced a thorough investigation of the factual and legal issues regarding the secured status of this indebtedness. In light of the dollar amounts involved, recoveries by large creditor constituencies in these chapter 11 cases could be affected significantly by the resolution of this matter. The most significant accomplishment in their restructuring process, however, was the formulation of the Strategic Business Plan. That Strategic Business Plan, the Debtors tell Judge Walsh, demonstrates that their core businesses can be restructured to operate profitably. The Strategic Business Plan also points-out five critical issues facing the Debtors. The Debtors relate the steps they intend to take to address these five critical issues: (1) Dysfunctional Management Structure The Debtors' preexisting management structure was characterized by duplication of roles and lack of clear accountability. The dysfunctional management structure contributed to excessive general and administrative costs. To address this problem, the Debtors are implementing a comprehensive reorganization of their management structure. The Debtors believe that this reorganization will result in millions of dollars of cost savings per year. (2) Uneconomic Preneed Selling Practices The Debtors' poor financial performance in recent years resulted in part from the sale of uneconomic preneed insurance products to boost revenues, with little consideration of the effects on cash flow and long-term economics. To address this problem, the Debtors have restructured their preneed product offerings and commission structure to facilitate the sale of profitable, financially sound products. In connection with this restructuring, the Debtors also are undertaking to utilize better the products of their affiliated insurance companies. (3) Inefficient Home Office Administration The Debtors also suffered from inefficiencies in home office administration resulting from, among other things, the duplication of functions performed at their headquarters and in the field and unnecessarily complicated administrative processes. To address this problem, the Debtors are reorganizing their home office functions, upgrading their information systems and streamlining their home office administrative processes. Due in part to these efforts and the restructuring of operational management described above, the Debtors' general and administrative expenses for the first quarter of the year 2000 were reduced by nearly one-third, as compared to the first quarter of 1999. (4) No Geographic Rationale For Existing Locations The Debtors' historical acquisitions were not geographically or operationally integrated. In addition, the Debtors' existing corporate structure is unnecessarily complex and costly, and some of the Debtors' locations are either marginally profitable or unprofitable. To address these issues, the Debtors began by undertaking an asset-by-asset review based on, among other factors, location, financial performance and regulatory environment. After completing this review, they sought and obtained authority from the Court to commence the Disposition Program, by which the Debtors are offering for sale approximately 371 properties, or about 25% of their locations. The Debtors also are in the process of attempting to sell approximately 54 other non-core properties. (5) No Platform for Future Growth The Debtors also suffered in recent years from their failure to respond quickly to changing needs in the at-need and preneed components of their businesses and, more generally, from sales goals that overshadowed the Debtors' customer focus. The Debtors intend to respond to these issues by implementing the initiatives described above and, in addition, by instilling a customer-driven focus. During the six-month extension sought by this Motion, the Debtors say that they intend to focus their efforts and attention on: * completing their assessment of the value of their estates, in light of the strategic business plan, and presenting their conclusions to the Creditors' Committee and other constituencies; * facilitating intercreditor negotiations among the holders of the various classes of debt under the CTA and resolving the uncertainty discussed above regarding the secured status of $1.1 billion of the debt under the CTA; * responding to the ongoing audit, and claims asserted against the estates, by the Internal Revenue Service; * negotiating resolutions of, or asserting appropriate objections to, the claims of former owners of their properties; * investigating possible preference, fraudulent conveyance and other avoidance causes of action; and * developing action plans with respect to affiliates that, for a variety of reasons, are not wholly owned. While Loewen tells Judge Walsh that they are in a position to commence the process of negotiating a plan of reorganization., they make it clear that they may be seeking further extensions of the Exclusive Periods to permit the plan of reorganization process to run its course. (Loewen Bankruptcy News Issue 24; Bankruptcy Creditors' Service Inc.) MASTER GRAPHICS: Files Chapter 11 Together With Operating Unit -------------------------------------------------------------- Master Graphics, Inc. (OTCBB: MAGR) announced on July 10, 2000 that the Company and its wholly-owned subsidiary, Premier Graphics, Inc., have filed voluntary petitions to reorganize under Chapter 11 of the Bankruptcy Code with the U.S. Bankruptcy Court in Wilmington, Delaware in order to complete a debt restructuring of the Company. The Company said that it expects to complete discussions within the month with the majority holders of the Company's 11 1/2% Senior Notes due 2005 in the principal amount of $130 million to convert substantially all of the bond debt into substantially all of the future equity of the Company. In connection with such debt to equity conversion, the Company also intends to develop and implement a program of stock grants and other employee incentives to compensate continuing management and key employees going-forward. Concurrently, the Company said that it expects to finalize an agreement with its prepetition lenders, led by General Electric Capital Corporation to provide liquidity for purchases of inventory and raw materials, to continue servicing customers in the ordinary course of business and for other general corporate purposes, pending completion of debtor-in-possession financing discussions. The Company is engaged in discussions to provide debtor-in- possession financing to fund on-going operating needs through the completion of its restructuring. Michael Bemis, chief executive officer and chairman of the board of directors of Master Graphics, said "Our customers should expect to receive the same high quality products and service for which each of our divisions have become known. The Company's employees will continue to be paid without interruption including any accrued wages and expense reimbursements. Although federal law prohibits the payment of prefiling debt without a court order, the Company will pay vendors for goods and services received after the filing in the ordinary course of business. We appreciate the continuing support that our vendors have demonstrated and now they have the comfort of knowing the law gives a super-priority status to bills for goods and services received after the filing." Mr. Bemis said that the filing was necessitated by the Company's heavy debt burden and operational inefficiencies attributable to the lack of integration of the business units acquired since 1997. Master Graphics has approximately $205 million in debt, most of which was accumulated to finance the acquisition of the Company's 18 operating units. Mr. Bemis, who was appointed chairman of the board on February 7, 2000 and chief executive officer on June 9, 2000, said that the Chapter 11 process provided the best means to maximize valuation of the Company for its various stakeholders. The Company said that it expects the Delaware bankruptcy court to consider first day orders seeking appropriate relief regarding employees, customers, vendors, use of cash, cash management and other customary initial matters at a first day hearing scheduled for July 10, 2000 in Wilmington. Master Graphics provides high-quality, general commercial printing products to numerous customers throughout the United States. The Cordova, Tennessee-based company employs approximately 1,900 employees and operates 23 facilities in 14 states. MEDICAL TECHNOLOGY: Announces Amendment of Loan Agreement --------------------------------------------------------- Medical Technology Systems, Inc. (OTC:MSYS) announced that it has executed an amended loan agreement with its lender. Although monthly payments had remained current throughout the past year, the Company had been in discussions with SouthTrust Bank regarding modifications to the loan agreement and a waiver of certain defaults that occurred. The Company is now in compliance with the amended loan agreement and has preserved the favorable 7.5% fixed rate of interest through the maturity of the loan in 2006. Todd Siegel, President & C.E.O., commented, "We are pleased to have modified the loan amendment with our lender and bring the Company into compliance with its terms. The divestiture of two non-performing businesses in fiscal 2000 at times provided many challenges. Although the businesses were sold on terms favorable to the Company, the process required difficult negotiations with our lender to accomplish our goals and ultimately satisfy the provisions of our loan agreement. We can now put those issues behind us and continue to concentrate on the significant opportunities that our core business, MTS Packaging Systems, Inc., provides." Medical Technology Systems, Inc., through its wholly owned subsidiary, MTS Packaging Systems, Inc.(TM), manufactures and sells proprietary packaging systems for use by pharmacies that dispense prescription medications to nursing homes and assisted living facilities. The Company's unique compliance packages are rapidly gaining acceptance as the low cost system of choice for improving patient medication compliance. MEDSHARES: Winters Steps Down As Part of Agreement With Lender -------------------------------------------------------------- According to an article in the Commercial Appeal, on July 8, 2000, Stephen Winters, founder of Medshares Inc., the troubled home health care conglomerate now in Chapter 11 bankruptcy proceedings, has stepped down as part of an agreement with a key lender. Also leaving the company are Darcy Winters, his wife and a senior vice president, and Paul Winters, his brother and an executive vice president. Medshares, which also is known as Meridian Corp., was founded by Winters in 1984. He helped grow the firm into one of the largest home health care businesses in the United States with about 14,000 employees at one time. In a more than 400-page reorganization plan filed in U.S. Bankruptcy Court in Memphis on May 1, the companies revealed a plethora of problems, including several lawsuits, liens on several properties and combined operating losses of $ 130.9 million from 1997 to 1999. The companies reported sales of $ 120.7 million in 1997, with a loss of $ 3 million. In 1998, sales were $ 170 million, with a loss of $ 47.9 million, and in 1999, sales were $ 370 million with a loss of $ 80 million. In addition, the companies owe the Internal Revenue Service between $ 33 million and $ 54 million, mostly for back payroll taxes. MONET GROUP: Liz Claiborne Offers $39.5 Million ----------------------------------------------- Liz Claiborne Inc. (NYSE: LIZ) announced that it received bankruptcy court approval on Friday July 7, 2000 to acquire the majority of the assets of Monet Group, Inc. for a total purchase price of approximately $39.5 million, including the value of debt assumed. Monet filed for bankruptcy protection on May 11, 2000. Consummation of the transaction is subject to review under the provisions of the Hart-Scott-Rodino Act and other customary closing conditions and is expected to close in late-July. Monet is a leading designer and marketer of branded fashion jewelry sold through department stores (approximately 60% of 1999 sales), popular-priced merchandisers (approximately 15% of 1999 sales) and internationally (approximately 25% of 1999 sales) under the Monet, Monet Pearl, Monet Signature, Monet(2, Trifari and Marvella brands. Monet is expected to profitably generate annual sales of approximately $75 million in 2000. Commenting on the announcement, Paul R. Charron, chairman and chief executive officer of Liz Claiborne Inc., said: "The acquisition of Monet with its world-renowned fashion jewelry brands and diversified distribution will strengthen Liz Claiborne's position as a leader in the fashion jewelry market. Our expanded jewelry portfolio will allow us to address the needs of our consumers with both classic and modern styling through multiple brands across a variety of distribution channels. Monet currently generates 25% of its sales through its well-established international infrastructure in Europe, Asia and Latin America which gives Liz Claiborne Inc. a significant entree to the international fashion jewelry and accessories market." Commenting from the Monet Group, Inc., Robert B. Mang, Chairman of the Board, said: "The acquisition by Liz Claiborne Inc. of Monet creates an outstanding strategic fit. Monet welcomes the chance to significantly grow its brands and market position under Liz Claiborne's strong marketing, merchandising and operational expertise." Liz Claiborne Inc. designs and markets an extensive range of women's and men's fashion apparel and accessories appropriate to wearing occasions ranging from casual to dressy. The Company also markets fragrances for women and men. Liz Claiborne Inc.'s brands include Claiborne, Crazy Horse, Curve, Dana Buchman, Elisabeth, Emma James, First Issue, Laundry by Shelli Segal, Liz Claiborne, Lucky Brand, Russ, Sigrid Olsen and Villager. In addition, Liz Claiborne Inc. holds the exclusive, long-term license to produce and sell men's and women's collections of DKNY(R) Jeans and DKNY(R) Active in the Western Hemisphere, as well as CITY DKNY(R) better women's sportswear. The Company also has the exclusive license to produce and sell women's sportswear under the Kenneth Cole New York, Unlisted.com and Reaction Kenneth Cole brand names. MOSSIMO INC.: Secures a $4.5M Loan To Continue Operations --------------------------------------------------------- The Los Angeles Times reports on July 4, 2000 that Mossimo Inc. has lined up a $4.5-million loan and plans to use part of the proceeds to pay a trio of Los Angeles-area creditors that sought to force it into bankruptcy liquidation, until a critical licensing deal with Target Stores takes effect next year, said Peter Gilhuly, company attorney. Mossimo agreed to pay a total of $336,000 to three companies that had filed the involuntary bankruptcy petition--Pacific Apparel Resources Inc., Caeco Enterprises Inc. and Wilmar Concepts. The total includes payments of $58,000 to Pacific for fabric and $125,000 to Caeco for finished goods that were ordered but had not been received by Mossimo. Mossimo filed a petition in federal Bankruptcy Court in Santa Ana seeking to dismiss the involuntary bankruptcy. A hearing is scheduled for July 25. PATHMARK STORES: Won't Make Prepackaged Bankruptcy Before July 7 ---------------------------------------------- According to a report in the Star-Ledger on July 4, 2000, Pathmark Stores Inc., which was forced to file for bankruptcy protection due to a strenuous debt of $1.5 billion, announced it won't file its prepackaged Chapter 11 bankruptcy filing until after July 7, the deadline for bondholders to approve its reorganization plan. Bondholders will swap $1 billion worth of debt for equity stakes in the company. Pathmark will have $600 million in debt left. PITTSBURGH BREWERY: Future Seems Vague -------------------------------------- The AP reports on July 4, 2000 that Pittsburgh Brewing, the city's flagship brewery, which makes Iron City and IC Light Beers, is in trouble for the second time in five years. Suppliers are demanding payment on delivery; state tax officials have filed a $187,000 lien against the brewery on allegations of unpaid beer taxes; very low beer consumption in recent months and week-long shutdowns have been reported to be common at the plant. It has lost four key managers in recent years as well as a contract to make Samuel Adams beer annually for The Boston Beer Co. There have been talks about mergers with Independence Brewing, Capital and Red Bell Brewing, but none ever materialized. Finding a financial partner proved to be a very tough job for Pittsburgh Brewing. In 1995, Pittsburgh Brewing almost fell into bankruptcy had it not been for Brewery President Joseph Piccirilli and other investors who helped rescue the brewery. PIXELON: Two Investors Sue Former Officials and Backers -------------------------------------------------------- According to an article in The Los Angeles Times on July 8, 2000, two investors have sued former officials and backers of Pixelon Corp., saying they withheld critical information about the troubled San Juan Capistrano start-up to raise money through a private placement. The latest suit was filed June 30 in U.S. District Court in Louisville, Ky., by two Kentucky men who bought 150,000 shares in Pixelon's private offering. They allege that Pixelon and Advanced Equities, the Chicago investment firm that handled the offering, omitted or misstated information important to their decision to invest. The lawsuit asks for $ 800,000 in damages. It also seeks class- action status. PRECISION PROBES: Involuntary Case Summary ------------------------------------------ Alleged Debtor: Precision Probes, Inc. 739 Thimble Shoals Blvd. Building 300 Suite 300 Newport News, VA 23606 Involuntary Petition Date: June 27, 2000 Case Number: 00-02893 Chapter: 11 Court: Eastern District of Virginia Judge: David H. Adams Petitioners' Counsel: Frances H. Hampton Joseph W. Hood, Jr. 2809 S. LynnHaven Road Suite 100 Virginia Beach, VA 23452-6700 (757) 340-5800 Petitioner: Donald R. Beard Failure to pay consulting fees and associated expenses owed pursuant to management. $ 149,534 PRISON REALTY: Crants Steps Down As Vice Chairman -------------------------------------------------- Doctor R. Crants, Vice Chairman and member of Nashville-based Prison Realty's Trust board, will leave the prison firm that he helped mold as the world's largest private owner and operator of prisons. Now that the deal with Pacific Life was called off, together with Crants leaving his post, Prison Realty will now merge with sister company Correction Corporation of America on Sept. 15. The restructuring requires approval from shareholders which is expected late this year. Prison Realty awarded Crants $600,000 for CCA stock he bought from his son and Prison Realty President D. Robert Crants III and former COO Michael Devlin. SAFETY KLEEN: Applies To Employ Skadden Arps as Counsel ------------------------------------------------------- The Debtors sought and obtained Judge Walsh's permission to employ Skadden, Arps, Slate, Meagher & Flom (Illinois) and its affiliated law practice entities as its reorganization counsel to prosecute these chapter 11 cases, pursuant to 11 U.S.C. Sec. 327(a). David S. Kurtz, Esq., leads the engagement from Skadden's Chicago office, assisted by J. Gregory St. Clair, Esq., Felicia Gerber Perlman, Esq. & Lawrence V. Gelber, Esq. Gregg M. Galardi, Esq., in Skadden's Wilmington office, obviates the Debtors need to employ separate local counsel. Specifically, Skadden will: (a) advise the Debtors with respect to their powers and duties as debtors and debtors-in-possession in the continued management and operation of their businesses and properties; (b) attend meetings and negotiate with representatives of creditors and other parties in interest and advise and consult on the conduct of the case, including all of the legal and administrative requirements of operating in Chapter 11; (c) take all necessary action to protect and preserve the Debtors' estates, including the prosecution of actions on their behalf, the defense of any actions commenced against those estates, negotiations concerning all litigation in which the Debtors may be involved and objections to claims filed against the estates; (d) prepare on behalf of the Debtors all motions;, applications, answers, orders, reports and papers necessary to the administration of the estates; (e) negotiate and prepare on the Debtors, behalf plan(s) of reorganization, disclosure statement(s) and all related agreements and/or documents and take any necessary action on behalf of the Debtors to obtain confirmation of such plan(s); (f) advise the Debtors in connection with any sale of assets; (g) appear before this Court, any appellate courts, and the U.S. Trustee, and protect the interests of the Debtors' estates before such courts and the U.S. Trustee; and (h) perform all other necessary legal services and provide all other necessary legal advice to the Debtors in connection with these Chapter 11 Cases, Under an Engagement Agreement dated as of March 13, 2000, Safety- Kleen retained Skadden, Arps to, among other things, advise them regarding their financial and operational restructuring efforts and to represent the Debtors as debtors-in-possession if Chapter 11 cases were commenced. In the one-year period prior to the Petition Date, Skadden received $1,422,736 for services rendered in contemplation of or in connection with these cases. For services rendered in these chapter 11 cases, Skadden will bill using its bundled rate structure at hourly rates: Partners $390 to $600 Special Counsel and Counsel $375 Associates $180 to $360 Legal Assistants and Support Staff $65 to $135 Mr. Kurtz' time is billed at $540 per hour. Mr. Kurtz discloses that Skadden represents many of the Debtors' creditors and other parties-in-interest in the Debtors' chapter 11 cases. Mr. Kurtz assures the Court that Skadden is disinterested within the meaning of 11 U.S.C. Sec. 101(14) and certainly does not hold any interest materially adverse to the interest of the estates or of any class of creditors or equity security holders, for any reason. Every relationship or connection Skadden has with one of the Debtors' creditors or another party-in-interest is in a matter wholly unrelated to Safety-Kleen's restructuring. (Safety-Kleen Bankruptcy News Issue 4; Bankruptcy Creditors' Service Inc.) SHAPE INC: Files For Bankruptcy Protection ------------------------------------------ According to an article in Plastics News on July 3, 2000 Shape Inc. of Kennebunk, Maine, filed for bankruptcy protection June 9, due to difficulty paying its loans and vendor obligations. Peter Ciriello, Shape president and chief executive officer, blamed dramatically higher resin prices, competition from Southeast Asia and a heavy debt load. This marks the second time since 1988 that the company has filed for protection. Shape's court filing listed assets of about $22 million and debts of $37.5 million including about $7 million of unsecured debt. LaSalle Business Credit Inc. provides working capital, and five banks hold fixed assets. Shape Inc. is the sole operating unit of Shape Global Technology Inc. SILVER CINEMAS: Committee Taps Chanin Capital --------------------------------------------- The Official Committee of Unsecured Creditors of Silver Cinemas International, et al. seeks an order authorizing the retention and employment of Chanin Capital Partners as financial advisors. The firm will provide the following services: Analysis of the debtors' operations, business strategy, and competition en each of its relevant markets as well as an analysis of the industry dynamics affecting the debtors; Analysis, recommendation and consultation regarding any proposed dispositions of assets of the debtors; Analysis of the debtors' financial condition, business plans, operating forecasts, management, and the prospects for its future performance; Analysis of the DIP financing and proposed operational changes; Analysis, recommendation, and consultation regarding the debtor's proposed non-ordinary course expenditures through the period of the bankruptcy case; Analysis of the plan and Disclosure Statement including a review of the adequacy of the Disclosure Statement, evaluation of the feasibility of the plan, analysis of the proposed capital structure, assessment of corporate strategy and other issues significant to the reorganization; Assist the Committee in developing, evaluating, structuring and negotiating the terms and conditions of a Chapter 11 plan for the debtor, including the value of the securities, if any, that may be issued to the Committee under any such Chapter 11 plan. The firm will be paid a monthly advisory fee of $100,000 for the first four months following Chanin's retention; $75,000 for each of months five, six and seven of Chanin's retention; $50,000 for each month thereafter. The fee will be $100,000 for each of the two months preceding the date that a final order confirms the plan. SUNSHINE MINING: Notes Extended to July 14, 2000 ------------------------------------------------- According to a report in The Idaho Statesman, Sunshine Mining and Refining Company (NYSE:SSC) announced that a meeting with Noteholders of the 8 percent Senior Exchangeable Notes of Sunshine Precious Metals Inc. (the Eurobonds) was held. During the meeting, a motion was passed to extend the maturity date and interest payment date of the Eurobonds from June 30 to July 14, 2000. According to recent announcements, Sunshine is under bargaining terms with its Noteholders and other debt security holders with regards to an extensive restructuring program of the company's balance sheet. TOYSMART: FTC Prepares Challenge to Prevent Sale of Consumer Data ----------------------------------------------------------------- In Washington, the Federal Trade Commission (FTC) voted Friday to go to court against a troubled e-commerce firm that is seeking to sell data about its customers despite a guarantee "never" to share such information, The Wall Street Journal reported. The agency voted unanimously to seek a preliminary injunction in federal court today against Toysmart.com Inc., which filed for chapter 11 last month, to prevent the Web retailer from selling the names, addresses and buying habits of thousands of consumers who used the site before the company stopped taking orders last month. Toysmart, a Waltham, Mass., Web-based toy retailer that is majority owned by Walt Disney Co. (DIS), promised customers on its Web site that their data will "never" be shared with another company. But last month, its database was offered for sale in an advertisement in The Wall Street Journal. Settlement talks with the company broke off Friday, but government lawyers said a final attempt to settle the case would be made today. If legal action is taken and is successful, the case could set a precedent against such data sales when they contradict earlier company policies. The FTC's commissioners accepted a recommendation that the agency seek to block the sale in federal court unless Toysmart agrees to tight restrictions on the transaction. The injunction would be sought on grounds that Toysmart engaged in deception, an unfair trade practice, when it promised consumers in its privacy policy that personal information they submitted would be kept confidential. The agency was encouraged to intervene in the case by TRUSTe, an e-commerce industry privacy- seal program that earlier certified Toysmart's compliance with privacy guidelines. The group is expected to oppose the data sale at a July 26 bankruptcy-court hearing. (ABI 10-Jul-00) UNITED OUTDOOR: Files Chapter 11, Closes Some Stores ---------------------------------------------------- The Star Tribune reports on July 8, 2000 that Fridley-based United Outdoor Stores has filed a petition with the U.S. Bankruptcy Court seeking protection from creditors. The filing gives United Outdoor some breathing space to reorganize its finances and close stores in Coon Rapids, Minnetonka, Eagan, Burnsville, Maplewood and St. Cloud. But company President Benjamin Rischall said that stores in Fridley, Roseville and St. Paul will remain open despite the filing. "Generally speaking, all the stores were performing fairly well, but we thought we'd pull back to three stores and then rebuild," he said. "Usually the winter business would subsidize the summers, but with the past three winters being so mild we just found ourselves getting deeper into debt," Rischall said. "We've also had a lot of increased competition in our area -- it's just a smaller pie of customers divided up even further," he added. UNITED SURPLUS: Case Summary and 20 Largest Unsecured Creditors --------------------------------------------------------------- Debtor: United Surplus Stores, Inc. 785- 3rd Avenue, NE Fridley, MN 55421 Type of Business: Retailer of outerwear and sporting goods. Chapter 11 Petition Date: July 7, 2000 Court: District of Minnesota Bankruptcy Case No.: 00-43112 Judge: Robert J. Kressel Debtor's Counsel: Richard C. Salmen Felhaber, Larson, Fenlon & Vogt, PA 601 Second Ave. South, Suite 4200 Minneapolis, MN 55402 Total Assets: $ 2,865,343 Total Debts: $ 4,578,694 20 Largest Unsecured Creditors Columbia Sportswear Co. Trade Debt $ 108,874 Slumberjack Trade Debt $ 67,564 Coleman Outdoor Products Trade Debt $ 55,604 Lee Company Trade Debt $ 47,784 Rave Sports Trade Debt $ 47,553 Old Town Canoe Trade Debt $ 39,270 Kelty Pack, Inc. Trade Debt $ 38,431 Vasque Shoe Company Trade Debt $ 35,776 Cascade Designs, Inc. Trade Debt $ 34,269 Deckers Outdoors Corp. Trade Debt $ 31,481 Levi Strauss Credit Trade Debt $ 27,371 Salomon North America, Inc. Trade Debt $ 24,208 Pacific Trail Trade Debt $ 23,899 Cerf Brothers Bag Co. Trade Debt $ 22,624 Hi Tec Sports USA, Inc. Trade Debt $ 22,023 Minneapolis Star & Tribune Trade Debt $ 18,000 Boy Scouts of America Trade Debt $ 14,541 M. Fine & Sons Mfg. Co., Inc. Trade Debt $ 13,996 Stearns Mfg. Co. Trade Debt $ 13,763 Avid Outdoor Trade Debt $ 13,416 Meetings, Conferences and Seminars ---------------------------------- July 13-16, 2000 AMERICAN BANKRUPTCY INSTITUTE 7th Annual Northeast Bankruptcy Conference Doubletree Hotel, Newport, Rhode Island Contact: 1-703-739-0800 July 21-24, 2000 National Association of Chapter 13 Trustees Annual Seminar Adams Mark Hotel, St. Louis, Missouri Contact: 1-800-445-8629 or info@nactt.com August 3-5, 2000 ALI-ABA Fundamentals of Bankruptcy Law Seaport Hotel and Conference Center, Boston, Massachusetts Contact: 1-800-CLE-NEWS August 9-12, 2000 AMERICAN BANKRUPTCY INSTITUTE 5th Annual Southeast Bankruptcy Workshop Hyatt Regency, Hilton Head Island, South Carolina Contact: 1-703-739-0800 August 14-15, 2000 TURNAROUND MANAGEMENT ASSOCIATION Advanced Education Workshop Loews Vanderbilt Plaza, Nashville, Tennessee Contact: 1-312-822-9700 or info@turnaround.org August 17-19, 2000 ALI-ABA Banking and Commercial Lending Law -- 2000 Renaissance Stanford Court San Francisco, California Contact: 1-800-CLE-NEWS September 7-8, 2000 ALI-ABA and The American Law Institute Conference on Revised Article 9 of the Uniform Commercial Code Hilton New York Hotel, New York, New York Contact: 1-800-CLE-NEWS September 12-17, 2000 NATIONAL ASSOCIATION OF BANKRUPTCY TRUSTEES Convention Doubletree Resort, Montery, California Contact: 1-803-252-5646 or info@nabt.com September 15-16, 2000 AMERICAN BANKRUPTCY INSTITUTE Views From the Bench 2000 Georgetown University Law Center, Washington, D.C. Contact: 1-703-739-0800 September 21-22, 2000 RENAISSANCE AMERICAN MANAGEMENT & BEARD GROUP, INC. 3rd Annual Conference on Corporate Reorganizations The Regal Knickerbocker Hotel, Chicago, Illinois Contact: 1-903-592-5169 or ram@ballistic.com September 21-23, 2000 AMERICAN BANKRUPTCY INSTITUTE Litigation Skills Symposium Emory University School of Law, Atlanta, Georgia Contact: 1-703-739-0800 September 21-24, 2000 AMERICAN BANKRUPTCY INSTITUTE 8th Annual Southwest Bankruptcy Conference The Four Seasons, Las Vegas, Nevada Contact: 1-703-739-0800 November 2-6, 2000 TURNAROUND MANAGEMENT ASSOCIATION Annual Conference Hyatt Regency, Baltimore, Maryland Contact: 312-822-9700 or info@turnaround.org November 27-28, 2000 RENAISSANCE AMERICAN MANAGEMENT & BEARD GROUP, INC. Third Annual Conference on Distressed Investing The Plaza Hotel, New York, New York Contact: 1-903-592-5169 or ram@ballistic.com November 30-December 2, 2000 AMERICAN BANKRUPTCY INSTITUTE Winter Leadership Conference Camelback Inn, Scottsdale, Arizona Contact: 1-703-739-0800 February 22-24, 2001 ALI-ABA Real Estate Defaults, Workouts, and Reorganizations Wyndham Palace Resort, Orlando (Walt Disney World), Florida Contact: 1-800-CLE-NEWS July 26-28, 2001 ALI-ABA Chapter 11 Business Reorganizations Hotel Loretto, Santa Fe, New Mexico Contact: 1-800-CLE-NEWS The Meetings, Conferences and Seminars column appears in the TCR each Tuesday. Submissions via e-mail to conferences@bankrupt.com are encouraged. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter, co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ, and Beard Group, Inc., Washington, DC. Debra Brennan, Yvonne L. Metzler, Edem Alfeche and Ronald Ladia, Editors. Copyright 2000. All rights reserved. ISSN 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR subscription rate is $575 for six months delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each. For subscription information, contact Christopher Beard at 301/951-6400. * * * End of Transmission * * *