TCR_Public/000728.MBX T R O U B L E D   C O M P A N Y   R E P O R T E R

   Friday, July 28, 2000, Vol. 4, No. 147


AMERISERVE FOOD: Grand Jury To Look Into DLJ's Performance
BAAN: Invensys Saves Baan From Bankruptcy
BARNEYS: Questrom Leaves For JC Penney
BRIGHT OPTIONS: No Longer an Option
CARBON COUNTY: Moodys Upgrades Rating From Ca To B3

CITY BREWING: Brewery Defaults $450,000 in Loans
CRIIMI MAE: Outlines Stock Exchange Agreement
CROWN VANTAGE: Letter of Intent to Sell Substantially All Assets
DAEWOO GROUP: Foreign creditors sell unsec.debt at 60%
ECHO BAY:  Moody's Lowers Ratings From Caa1 To Caa3

EIEIHOME.COM: Purcahser in Default of Payment Terms of Note
FMI FORWARDING:  Case Summary and 13 Largest Unsecured Creditors
HARNISCHFEGER: Beloit Applies To Employ Central Collections
HYUNDAI ELECTRONICS: Entangled in Lawsuit

HYUNDAI ENG'G & CONST: To Seek 2.2T won To Repay Debt
HYUNDAI ENG'G & CONST: To Swap Iraqi Receivable For Cash
HYUNDAI GROUP: Facing Crisis If Loans Called In
MARINER: Transfer of Medicare Provider Agreement
MCA FINANCIAL: MCA Financial Bankruptcy Plan Moves Forward

MKPP, LLC:  Case Summary and 20 Largest Unsecured Creditors
MOSSIMO INC: Involuntary Bankruptcy Petition Settled
NATIONAL HEALTH: Files Proposed Third Amended Joint Plan
RECYCLING INDUSTRIES: Plan Provides Nine Units to Operate
RITE AID: Owes $5 Billion; Overstated Earning By $1.6 Billion

RJW LUMBER: Reorganization Failed
SONY CORP: Plans To Tap Domestic Bond Market For 300 Billion Yen
SUNSHINE MINING:  Notes Extended To July 28, 2000
TOYSMART: Wants Better Offer
TRI-VALLEY: $50mm in Surplus Tomatoes

Bond pricing for week of July 24, 2000


AMERISERVE FOOD: Grand Jury To Look Into DLJ's Performance
According to an article in The Wall Street Journal on July 27,
2000, Donaldson, Lufkin & Jenrette Inc.'s woes over AmeriServe
Food Distribution Inc.'s Chapter 11 bankruptcy intensified, as a
federal grand jury looks into the case.

DLJ said in a Securities and Exchange Commission filing yesterday
that the U.S. Attorney's Office for the Eastern District of New
York has issued a grand jury subpoena requesting information on
the case. The U.S. Attorney's move comes after an informal
investigation by the Securities and Exchange Commission was
launched in May. DLJ, New York, said it and its affiliates are
cooperating with the requests for information.

Bondholders are pursuing DLJ for allegedly failing to properly
disclose AmeriServe's troubles when the firm underwrote $200
million of AmeriServe junk bonds in September 1999. Along with
being AmeriServe's longtime underwriter, DLJ had warrants giving
it a stake of about 30% in the company, and two DLJ managing
directors sat on AmeriServe's board through last December.

A report completed last month by a court-appointed examiner found
that AmeriServe was in financial trouble and having problems with
suppliers and customers months before the bond issue. Bond buyers
weren't told about the supplier and customer trouble. The report
appeared to back DLJ's insistence that it didn't know about
AmeriServe's problems with a crucial customer, Burger King Corp.,
a unit of Britain's Diageo PLC, but the report indicates this may
have been the result of poor due diligence on DLJ's part.

AmeriServe, Addison, Texas, is a large distributor to fast-food

DLJ noted Wednesday that "no claim has been brought against DLJ
or its affiliates to date."

In the filing, DLJ also said it remains a defendant in a
longstanding case involving Askin Capital Management, a $600
million hedge fund that was wiped out when interest rates rose in
1994. The only remaining claims in that case and a related one,
both currently pending in the U.S. District Court for the
Southern District of New York, are for allegedly "aiding and
abetting common- law fraud" and for "breach of contract," DLJ
said. DLJ said it "intends to defend itself vigorously against
all of the allegations."

BAAN: Invensys Saves Baan From Bankruptcy
Britain's Invensys agreed yesterday to take control of the Dutch
software firm, Baan Company NV, under less stringent conditions
and spare it from bankruptcy, according to a newswire report.
Invensys said it had launched a four-point plan to save the
Amsterdam-based company and would take immediate management
control of the firm in a deal worth $762 million euros ($715
million). The British industrial controls group announced its
plans to buy Baan on May 31 and said it would honor its bid for
Baan even though shareholders representing only 75 percent of
Baan shares had accepted its 2.85 euro per share offer.
Previously, Invensys had insisted that it control 95 percent of
the stock. It revised that condition yesterday to 50 percent plus
one share. Invensys will also acquire all the assets and
liabilities of Baan. (ABI 27-July-00)

BARNEYS: Questrom Leaves For JC Penney
Barneys New York, Inc. announced today that Allen Questrom will
resign as President and Chief Executive Officer effective
September 15, 2000.  He will continue in his role as Chairman of
Barneys' Board of Directors.  With Barneys now re-energized,
Questrom is leaving to become the Chief Executive Officer of
J.C. Penney Company, Inc.

Mr. Questrom will lead the process to select his successor from
among a short list of potential candidates.  The other members of
the search committee are directors David A. Strumwasser, a
principal of Whippoorwill Associates, and Douglas P. Teitelbaum,
managing principal of Bay Harbour, and Vice Chairman Robert J.
Tarr, Jr., former Chief Executive Officer of Neiman Marcus Group

Whippoorwill and Bay Harbour together control over 80% of
Barneys' common shares.  

Barneys New York is a luxury retailer with flagship stores in New
York City, Beverly Hills and Chicago.  In addition, the Company
operates five regional full price stores, eight outlet stores and
two semi-annual warehouse sale events. The Company also maintains
corporate offices in New York City, and an administrative and
distribution center in Lyndhurst, New Jersey and has 1,400

BRIGHT OPTIONS: No Longer an Option
----------------------------------- was a company that tried to take advantage of
the deregulated electricity market, hoping customers would go to
the site and comparison shop for their utility provider. It had
planned a national rollout, starting with the deregulated
electricity market in Pennsylvania, with planned service in

But the funding didn't come through and BrightOptions has filed
for Chapter 11 bankruptcy protection, has disconnected the phone
and has numerous creditors to pay off.

In the case of BrightOptions, the company went out of business
before it even really got off the ground. The company launched
late last year but closed its doors in April and filed for
bankruptcy June 12. According to the online bankruptcy filing at
the Eastern District of Virginia, BrightOptions shut down with
assets of under $100,000, and liabilities between $500,000 and $1

CARBON COUNTY: Moodys Upgrades Rating From Ca To B3
Moody's Investors Service upgraded the rating on Carbon County of
Utah's 7.5% Pollution Control Revenue Bonds due 2010 to B3 from
Ca. The upgrade reflects the change in the guarantor of the notes
from Laidlaw Inc., whose senior unsecured issuer rating is Ca, to
Allied Waste Industries, Inc, whose senior unsecured issuer
rating is B3.

Allied Waste Industries, Inc., based in Scottsdale, Arizona, is
the holding company of Allied Waste North America, Inc., a
vertically integrated, non-hazardous solid waste management
company providing collections, transfers, processing and disposal

CITY BREWING: Brewery Defaults $450,000 in Loans
Company counsel, Bill Shepherd says that the Board of Supervisors
unanimously voted that City Brewing Co. is in default on a
$450,000 loan after missing two monthly interest payments, The
Associated Press reports.   Attorney Shepherd adds, "Now the
whole amount is due plus interest and penalties."  The chairman
of the board, James Ehrsam describes City Brewing as "sinking
ship.  Everybody can see it sinking, and they're trying to get
their money."  The loan default will be taken up by the city
council to be resolved, relates La Crosse Mayor John Medinger.

CRIIMI MAE: Outlines Stock Exchange Agreement
CRIIMI MAE Inc. (NYSE: CMM) ("CRIIMI MAE" or the "Company") and
the holder of its Series D Cumulative Convertible Preferred
Stock, par value $ 0.01 per share (the "Series D Preferred
Stock") entered into a Preferred Stock Exchange Agreement
providing for the exchange on July 26, 2000 (the "Share
Exchange") of 100,000 shares of Series D Preferred Stock,
representing all outstanding shares of Series D Preferred Stock,
for 100,000 shares of Series E Cumulative Convertible Preferred
Stock, par value $0.01 per share (the "Series E Preferred

The principal purpose of the Share Exchange was to eliminate the
July 31, 2000 mandatory conversion date for the Series D
Preferred Stock and extend it to the second anniversary of the
effective date of the Company's Third Amended Joint Plan of
Reorganization (the "Plan").  If the mandatory conversion date
had not been eliminated, the 100,000 shares of Series D Preferred
Stock would have converted into approximately 7.4 million
additional shares of CRIIMI MAE common stock, resulting in
substantial dilution to existing common shareholders.   As
previously announced, in February 2000, the Company issued
103,000 shares of Series E Preferred Stock in exchange for
103,000 shares of Series C Cumulative Convertible Preferred Stock
(representing all outstanding shares of such series of preferred
stock) for the principal purpose of eliminating and extending a
mandatory conversion date.

The Preferred Stock Exchange Agreement (including exhibits
thereto) will be filed as an exhibit to a Current Report on Form
8-K with the Securities and Exchange Commission (the "SEC").  
Reference is made to the Preferred Stock Exchange Agreement
(including exhibits thereto) for a complete description of
the current relative rights and preferences of the Series E
Preferred Stock and certain modified conversion and dividend
rights contemplated to take effect upon the effective date of the

Since filing for protection under Chapter 11 of the U.S.
Bankruptcy Code on October 5, 1998, CRIIMI MAE has suspended its
loan origination, loan securitization and CMBS acquisition
businesses.  The Company continues to own a substantial portfolio
of subordinated CMBS and, through its servicing affiliate,
acts as a servicer for commercial mortgage loans.

CROWN VANTAGE: Letter of Intent to Sell Substantially All Assets
Crown Vantage Inc. (OTC Bulletin Board: CVANQ) and its wholly
owned subsidiary Crown Paper Co. announced today that Crown Paper
has signed a Letter of Intent with Crown Acquisition Corporation
("CAC") for the sale to CAC or its designee (the "Purchaser") of
substantially all of the assets of Crown Paper.

The consideration for the acquisition of the assets to be
purchased is $375.9 million in cash, the assumption of
approximately $39 million of industrial development bonds, an
option to purchase at the closing 10% of the equity of the
Purchaser at the same price and on terms consistent with that
being paid by CAC's co-investors in the Purchaser, and seven year
warrants to purchase 5% of the equity of the Purchaser at an
exercise price of three times the price being paid by such co-
investors. In addition, if the Purchaser subsequently sells
certain assets above a threshold level, under certain specific
conditions, Crown Paper will be entitled to share in the proceeds
of any such sale. The Purchaser has also agreed to assume certain
liabilities of Crown Paper arising after the filing of the
Chapter 11 case.

The equity investors in the Purchaser will include the principals
of NLK Consultants Inc. and institutional investors. NLK
Consultants Inc. is a company that provides a full range of
consulting, engineering, marketing research and strategic
analysis services to the pulp and paper industry worldwide.
Bob Olah, CEO of Crown Vantage and Crown Paper, commented:
"Notwithstanding the highly leveraged situation that the company
has operated in since the spin-off in 1995, and the cyclical
nature of our businesses, we have worked hard to turn the company
around. While we have made progress, this transaction provides a
significant amount of new capital that will help us realize the
full potential of our asset base. We believe this transaction
will put us in a strong position to deliver superior products and
better services to our customers. We look forward to partnering
with CAC and commencing this new era at Crown Paper."
George Don, Principal of CAC, commented: "We are excited to have
the opportunity to make such a significant investment into Crown
Paper and work with management and employees to realize the full
potential of this company. We believe the additional capital and
the operating initiatives that are currently being put in place
by Bob and his team, mark a transition point for Crown Paper's
growth and development."

The acquisition, which would occur as a sale of assets under
section 363 of the Bankruptcy Code, is subject to, among other
things, the negotiation and execution of a definitive asset
purchase agreement, due diligence and financing. The sale is also
subject to the receipt of higher or better offers and to
Bankruptcy Court approval. The United States Bankruptcy Court for
the Northern District of California has set a hearing date of
August 17, 2000 for approval of bidding procedures and a topping
fee to be paid to the Purchaser in the event that a higher or
better offer is ultimately consummated with another purchaser.
The Bankruptcy Court has also set a hearing date of September 21,
2000 for approval of the sale.

The boards of directors of Crown Vantage and of Crown Paper and
the Official Committee of Unsecured Creditors have approved the
signing of the Letter of Intent, subject to the bidding
procedures set forth above.

Rothschild Inc., is the financial advisor to Crown Vantage and
Crown Paper in the transaction.

Crown Vantage is one of the world's leading manufacturers of
value-added papers for printing, publishing and specialty
packaging. With nine mills internationally, the Company has
capacity to manufacturer more than 750,000 tons of specialty
papers per year. The Company's diverse products are tailored for
the special needs of target markets. End users include specialty
magazines and catalogs, financial printing and corporate
communications, packaging and product labels, coffee filters and
disposable medical garments -- and hundreds more. For more
information, visit .

DAEWOO GROUP: Foreign creditors sell unsec.debt at 60%
Foreign creditors of the Daewoo Group have agreed to sell
nearly all unsecured debt at a 60 percent discount,
clearing a major obstacle to the restructuring of the
insolvent conglomerate, officials said Tuesday.

Daewoo's restructuring committee said cash buyout
applications from foreign creditors amounted to 3.92
billion dollars, or 92 percent of 4.27 billion dollars of
foreign debt eligible for the sale to a state-run company.
The buyout applications met a July 21 deadline, committee
head Oh Ho-Keun said in a statement.

"With the successful completion of cash buyout
applications, the restructrucing of Daewoo will be speeded
up," he said, adding that the applications surpassed the
minimum amount required for Daewoo's debt restructuring.

State-run Korea Asset Management Corp. will purchase the
unsecured foreign debt at 39-40 percent of face value over
the next eight weeks, he said.  Foreign creditors applied
to sell 3.09 billion dollars of unsecured debt owed
by Daewoo Corp, 92.5 million dollars by Daewoo Motor, 411.3
million dollars by Daewoo Electronics, 288.6 million
dollars by Daewoo Heavy Industries Co. Ltd, and 35.5
million dollars by Daewoo Telecom.

They also agreed to sell 83.30 million dollars of secured
loans to the government, bringing to four billion dollars
the total secured and unsecured debt they applied to sell.
The committee promised to accept more buyout applications
from foreign creditors until August 4.

Daewoo was once the country's second largest conglomerate.
Since it collapsed in August last year with 80 billion
dollars in total debts, the government has put 12 Daewoo
companies under a debt workout program.  But the program
had been delayed by disputes between domestic and foreign
creditors over how to write off Daewoo's foreign debt.

The two sides reached an agreement in February, which has
been approved by more than 90 percent of the group's
foreign creditors.  Committee officials said the "positive"
response from foreign creditors came after Ford Motor Co.
was selected last month as the sole bidder for Daewoo
Motor, with a non-binding offer of 6.9 billion dollars.

The auction of Daewoo Motor was a crucial part of the
breakup of the Daewoo Group.  Creditors of Daewoo Corp.,
the group's biggest borrower, agreed last week to split the
company into three entities. They also agreed to swap their
loans for equity stakes.  (Agence France Presse  25-Jul-

ECHO BAY:  Moody's Lowers Ratings From Caa1 To Caa3
Moody's Investors Service downgraded its ratings for Echo Bay
Mines Ltd. The downgrades consider Echo Bay's history of
operating losses, negative equity under U.S. GAAP, relatively
high cash operating costs, and depleting mines and short reserve
life. Moody's lowered its rating for Echo Bay's 11% junior
subordinated deferrable interest debentures due 2027 (capital
securities) to C from Caa2. Echo Bay's senior implied and senior
unsecured issuer ratings were both lowered to Caa3 from Caa1. The
rating outlook remains negative.

Echo Bay has deferred interest payments on its capital securities
for 5 consecutive semi-annual periods. Unless gold prices
improve, the company is likely to continue deferring interest on
the capital securities over the next 5 semi-annual interest
periods, the maximum allowed by the indenture. And without an
increase in Echo Bay's realized gold price, Moody's believes
there is a high probability the company will have to restructure
the capital securities at the conclusion of the interest deferral
period as its cash flow will be inadequate to service $11 million
of annual interest.

Echo Bay has recorded operating and net losses for the last five
years. As a result, shareholders' equity, using U.S. GAAP, was
negative $26 million as of March 31, 2000. Cash flow from
operating activities less capital expenditures has also been
negative for the last five years, despite the company's moves to
conserve cash while it waits for gold prices to improve. Echo
Bay's comparatively high cash operating costs, approximately $220
per ounce, are partly responsible for its poor results. Its cash
costs will be
lower in 2000 due to a lower strip ratio at the Round Mountain
mine and temporarily higher gold and silver grades at the
McCoy/Cove mine.

Unless additional reserves are identified, two of Echo Bay's four
operating mines, Kettle River and McCoy/Cove, will close within
the next two years, reducing production and income and requiring
expenditures for mine closure and reclamation. As a two-mine
company producing around 420,000 ounces of gold a year at current
prices, Echo Bay's revenue would be $120 million, which cannot
support the $100 million of debt represented by the capital
securities. In addition, the 2027 maturity of the capital
securities is well beyond the life of Echo Bay's developed
reserves. Proven and probable reserves at Echo Bay's largest
mine, 50%-owned Round Mountain, indicate a mine life of about 10
years while the recently restarted high-cost Lupin mine has less
than four years of proven and probable reserves, although the
Lupin deposit and the Ulu satellite deposit are both open at

Echo Bay's short reserve life and lack of attractive development
properties hurt the company in other ways. Most importantly, it
limits the ability of the company to issue equity, enter into
long-term hedges, raise new debt, or attract an acquiror. The
dilemma for Echo Bay is that its undeveloped properties are
marginal at today's spot gold price and would require significant
capital to develop. A change in Echo Bay's prospects is therefore
highly dependent on higher gold prices, a development that
creditors should not rely on in Moody's opinion.

Headquartered in Englewood, Colorado, Echo Bay Mines Ltd. had
sales of $210 million in 1999.

EIEIHOME.COM: Purcahser in Default of Payment Terms of Note
According to a CCN Disclosure on July 27, 2000, Inc.
(the "Company") announced that the purchaser of the Canadian
subsidiary, Inc. (Ontario) on July 10, 2000, is in
default of the payment terms of the promissory note in the
principal amount of $718,850. The purchaser was to have paid to
the Company a minimum of $65,350 by July 21, 2000. In accordance
with the terms of the promissory note, the Company has issued a
notice of default and based upon the continuing default the full
amount of the promissory note plus interest and expenses is now
due and payable. As security for the promissory note, the Company
received limited guarantees from two principals of the purchaser
and Inc. (Ontario) secured by a pledge of certain
securities from the principals of the purchaser and a general
security agreement covering all of the assets of
Inc. (Ontario).

With the continuing default, the Company has served a Notice of
Intention to Enforce its security. Pursuant to the Bankruptcy and
Insolvency Act, the purchasers and the guarantors have a period
of ten days to make full and complete payment to the Company. If
full payment is not received by August 7, 2000, then the Company
intends to take all available steps within their power to realize
on their security.

Management of the Company expressed the hope that the matter
could be settled in an orderly manner. However, the Company is
prepared to take whatever steps are necessary in order to
mitigate its losses in this matter. There is no assurance that
any proceeds realized from the security will be adequate payment
for the amount of the promissory note. Inc. is a Delaware company whose shares are quoted
on the OTC Bulletin Board under the symbol "EIEI".

FMI FORWARDING:  Case Summary and 13 Largest Unsecured Creditors
Debtor:  FMI Forwarding Co., Inc.
          39 Broadway, 29th Floor
          New York, NY 10006

Type of Business:  Air and ocean freight transcription

Chapter 11 Petition Date:  July 24, 2000

Court:  Southern District of New York

Bankrupt Case No.:  00-41815

Judge:  Cornelius Blackshear

Debtor's counsel:  Jeffrey A. Schreiber
                    Schreiber & Associates, P.C.
                    99 Rosewood Drive, Suite 230
                    Danvers, MA 01923
                    Tel.: (978) 762-0100

Total Assets:  $ 1,174,679
Total Debt:    $ 4,641,537

13 Largest Unsecured Creditors

Air Sea International      Trade Debt      $ 3,646

A. Pillet & Cie            Trade Debt      $ 3,032

Absolute Cargo             Trade Debt      $ 2,528

Air Canada                 Trade Debt      $ 2,124

ACF Logistics              Trade Debt      $ 1,979

Airborne Express           Trade Debt        $ 835

Air Canada                 Trade Debt        $ 648

Aero Mexico                Trade Debt        $ 524

A Towing Co., Inc.         Trade Debt        $ 325

Air Mer International      Trade Debt        $ 283

Air France                 Trade Debt        $ 221

Access Delivery Service    Trade Debt        $ 140

Accelerated Courier, Inc.  Trade Debt        $ 104

HARNISCHFEGER: Beloit Applies To Employ Central Collections
Beloit tells the Court that the collection of outstanding
accounts receivable will bring a substantial sum of cash, but the
company no longer has a collection department because
substantially all of its assets have been sold and its operations
have terminated. Therefore, Beloit seeks the Court's authority to
employ and retain Central Collections Corporation as Collection

Beloit believes it is less expensive and burdensome for Central
Collections to service these claims than for Beloit to hire new
employees for this purpose.

Beloit intends to refer approximately $2.5 million in accounts
receivable to Central Collections and anticipates that Central
Collections can collect approximately $500,000 to $1 million.

Beloit desires to pay Central Collections a contingency fee so
that Beloit will only pay Central Collections when money is
collected. Pursuant to the terms of the Agreement, Central
Collections will be paid upon the collection of accounts
receivable: a 20% contingent fee for all accounts collected
without legal assistance; and a 45% contingent fee for all claims
collected with legal assistance.

Beloit will be responsible for all court costs, non-contingent
suit fees and other legal disbursements charged by attorneys.
Central Collections will be responsible for all legal fees
incurred. If a claim is disputed, an additional non-contingent
fee of 5% may be charged by the attorneys involved, and any such
charges will be paid by Beloit over and above the contigent fee
charged by Central Collection. If a debtor files a counterclaim,
Beloit will be responsible for the payment of all fees and costs
to defend such action over and above any collection fees due
Central Collections.

If it is necessary for Central Collections to travel to an
account debtor to resolve the account, Central Collections will
be reimbursed for reasonable travel expense.

Should machinery or kind be accepted in settlement of debt,
Central Collections will be paid half of the appropriate category

Central Collections will be authorized, without further Court
approval, to settle any dispute where the cost ot Beloit is less
than the greater of $20,000 or 50% of the accounts receivable.

Beloit proposes to reimburse Central Collections fees and
expenses out of the proceeds of the accounts receivable
collected, without need for further application or further order
of the Court.

Beloit tells the Court that the compensation arrangement proposed
is customary practice.

Beloit remarks that Central Collections is highly regarded for
its collection and recovery services. Central Collections has
acted as collection agent for Child World, Inc., involving $5
million in accounts receivable and Gartner Distributions
involving $3.5 million in accounts receivable. Beloit believes
that Central Collections is well-qualified for the job and is a
disinterested person. (Harnischfeger Bankruptcy News Issue 25;
Bankruptcy Creditors' Service Inc.)

HYUNDAI ELECTRONICS: Entangled in Lawsuit
In yet another humiliation of Korea's largest -- Hyundai
Business Group, two of the core sister-subsidiaries became
entangled in a lawsuit over loan repayment.

Hyundai Heavy Industries (HHI) announced Tuesday it plans
to file a lawsuit in a civil court against another
subsidiary, Hyundai Electronics, to return a loan
repayment, which HHI claimed to have paid in place of
Hyundai Electronics.

HHI said Tuesday that Hyundai Electronics borrowed a total
of US$220 million loan from a Canada-based CIBC on the
collateral of shares of Hyundai Investment Trust (HITC).
HHI went on to say that when the loan matured on July 24,

Hyundai Electronics demanded that HHI pay off the loan as
HHI extended a repayment guarantee for the loan. HHI said
that it remitted the full amount of the loan Monday. (The
Digital Chosun 26-July-2000)

HYUNDAI ENG'G & CONST: To Seek 2.2T won To Repay Debt
Hyundai Engineering & Construction Co., Korea's largest
contractor, plans to raise as much as 2.24 trillion won ($2
billion) to repay existing debt, of which 1.1 trillion won
is due in the latter half of this year, the Korea Economic
Daily reported citing the company.

The plan includes the sale of buildings and real estate
worth about 482.8 billion won and an offer of asset-backed
securities worth 200 billion won, the paper said. Hyundai
is also in negotiations to retrieve about $850 million owed
by its Iraq construction project, KED said.

Korea Management & Consulting Credit Rating Corp. this week
lowered Hyundai Engineering's rating to below investment
grade, reflecting concerns about the slow pace of
restructuring at the nation's biggest industrial group.
(Bloomberg, Korea Economic Daily 26-July-2000)

HYUNDAI ENG'G & CONST: To Swap Iraqi Receivable For Cash
Hyundai Engineering & Construction, a key affiliate of
Hyundai Group that is the center of speculation for its
alleged grave cash flow situation, has agreed in principle
to sell European banks $850 million in payment it has
failed to receive from Iraq for construction work, Hyundai
officials said yesterday.

The bonds will be sold at a discount and the group is
expected to retrieve 80-90 percent of the bonds, they said,
relieving a major choke on its liquidity situation.

"The agreement was made last month," a Hyundai official
said. "The discount rate is fixed at 10-20 percent so at
least 80 percent of the outstanding sum will likely be

The officials said that the retrieved portion will be paid
in installments with the first to be received by August at
the earliest.  They said that at present, the two sides are
fine-tuning the discount rates so that everything may be
settled in a couple of months.

The Hyundai Construction officials expect that with the
lifting of an embargo on Iraq coming closer to reality, the
discount rates would be smaller, raising prospects of
retrieving a bigger portion of the outstanding sum.

They also said that Hyundai Construction has been in
contact with Iraqi officials through its branch office in
Baghdad and as a result received an affirmative response as
to the earliest possible settlement of the issue.

Iraqis are in a position to put a priority on the
settlement of overdue payment as soon as they can gain
foreign currency from oil exports, once the U.N. sanctions
are lifted.

Hyundai officials said that they received a written
statement about Iraq's intention to that effect. Hyundai
also won favorable rulings from U.S. and British courts.
(The Korea Times  24-July-2000)

HYUNDAI GROUP: Facing Crisis If Loans Called In
South Korea's largest conglomerate, the Hyundai group,
could face a debt crisis if financial institutions continue
to call in loans at the current rate, the group's main
creditor bank said yesterday.

"It will take time for Hyundai to carry out self-rescue
efforts, including the sale of real estate and securities,"
Korea Exchange Bank (KEB) vice president Lee Yun-Soo told
journalists.  "Second-tier financial institutions should
give Hyundai more time instead of collecting loans en
masse. I hope they should behave reasonably as it is true
that Hyundai would face difficulties if they call on loans
to Hyundai all at once."

On Monday alone, financial institutions called on loans
worth 130 billion won (US$116 million) from the group's
construction arm, Hyundai Engineering and Construction.
The Hyundai group had to hurriedly raise 100 billion won
and the KEB alone had to extend the maturity of some 16
billion won worth of credit including loans and commercial

The KEB urged Hyundai to speed up corporate restructuring
including the spin-offs of its non-core units and the
settlement of its troubled financial trust company, Lee
said. However, he stressed that Hyundai Engineering and
Construction would have little problem meeting some 100
billion won of debt which will mature by the end of this

The Hyundai group informed the KEB of its plan to raise
another 880 billion won in cash through sell-offs of real
estate and other assets on top of sales of 600 billion won
already announced, he said.  Finance and Economy Minister
Lee Hun-Jai added his voice to efforts to ease rekindled
market anxieties over Hyundai.

"There are no signs that Hyundai group's cashflow condition
is becoming worse, rather it is improving," he said.

He dismissed the possibility of Hyundai Engineering and
Construction being placed under a "workout" rescue program
by its creditor banks or court receivership.  The call in
of Hyundai loans came amid increasing concerns over tight
liquidity faced by Hyundai and the slow pace of
restructuring of the conglomerate.

A senior official of an investment trust company, who asked
not to be named, said the appeal from the KEB not to call
in loans to Hyundai would fall on deaf ears.

"If somebody shouts 'fire' in a cinema, you don't bother to
check whether there is a real fire there but rush to get to
an exit first," he said. "Hyundai and the KEB must come up
with concrete measures to improve the situation. Otherwise,
the situation will get worse."

South Korea's major ratings agency Korea Management and
Credit Ratings on Monday downgraded Hyundai Engineering and
Construction and Hyundai's Korea Industrial Development to
a speculative level and also lowered the ratings of other
Hyundai units.

Both Hyundai units were rated BB-plus, down one notch from
their previous level of BBB-minus. Other Hyundai units were
also downgraded but continued to hold investment grade
ratings. Parent Hyundai was downgraded to BBB-plus from A-
minus. The group rejected the ratings downgrades as unfair.

"We have absolutely no problems with cash flow," Hyundai
Engineering and Construction president Kim Yun-Kyu said.
(Business Day Thailand, AFP 26-July-2000)

MARINER: Transfer of Medicare Provider Agreement
Pursuant to the Settlement Agreement between certain Mariner
Post-Acute Network, Inc. debtors and Senior Housing Properties
Entities, sixteen Retained Medicare Facilities, healthcare
facilities which participate in the Medicare program will be
transferred to certain SNH Entities. Each of these Retained
Medicare Facility has been operated by AMS Properties, Inc. or
GCI Healthcare Centers, Inc.

To effectuate an orderly mechanism for the transfer of Medicare
Provider Agreement and related provider number pertaining to each
Retained Medicare Facility, the Debtors, the SNH Entities and the
United States Department of Health and Human Services enter into
an agreement under which AMS or GCIHCC will assume each
respective Medicare Provider Agreement and provider number, which
will automatically be assigned to the SNH Entity or its
designated Retained Medicare Facility operator following the
closing under the Settlement Agreement pursuant to 42 CFR 489.18.
The Agreement also provides that such assumption and assignment
will be effective on the effective date of licensure of an SNH
Entity to operate the Retained Medicare Facility and the
simultaneous relinquishment by AMS or GCIHCC of its license.

Judge Walrath Granted the parties' request.
(Mariner Bankruptcy News Issue 7; Bankruptcy Creditors' Service

MCA FINANCIAL: MCA Financial Bankruptcy Plan Moves Forward
A proposed bankruptcy plan for MCA Financial Corp. took another
step forward when U.S. Bankruptcy Judge Steven Rhodes approved
the Disclsoure Statement.

Pursuant to the liquidation plan, MCA's unpaid claims may top
$180 million, and the extent to whether creditors see any money
depends on lawsuits MCA's crisis managers have filed against the
company's former owners, officers and auditors.

MCA's creditors are now voting on the plan, said MCA attorney
Robert Diehl Jr., a partner at Bodman, Longley & Dahling L.L.P.
Creditor ballots are due Aug. 14, and a hearing before Rhodes on
final approval or rejection of the plan is set for Aug. 21.

MCA, a former Southfield mortgage banker and property manager,
abruptly closed Jan. 22, 1999, after heavy losses and a cutoff in
financing from its banks. (Crain's Detroit Business 24-july-00)

MKPP, LLC:  Case Summary and 20 Largest Unsecured Creditors
Debtor:  MKPP, LLC
          c/o Fischbein Badillo et al.
          909 Third Avenue
          New York, NY 10022

Chapter 11 Petition Date: July 26, 2000

Court:  Southern District of New York

Bankrupt Case No.:  00-13424

Debtor's Counsel:  Robert Grossman Schuyler Carroll
                    Olshan Grundman Frome Rosenzweig & Wolosky
                    505 Park Avenue
                    New York, NY 10022
                    Tel.: (212) 753-7200

Total Assets:  $ 6,750,000
Total Debts:   $ 1,512,300

6 Largest Unsecured Creditors

Philips International Group Inc.
417 Fifth Avenue, 3rd Floor
New York, NY 10016                        $ 306,250

Care Realty Corp.
200 East 69th Street
New York, NY 10021                        $ 301,250

Fishbein Badillo                           $ 23,000

ATC Associates Inc.                        $ 15,000

Sukenik, Segal & Graff P.C.                $ 12,000

Tannenbaum Helpern                          $ 2,800

MOSSIMO INC: Involuntary Bankruptcy Petition Settled
Mossimo, Inc. (OTCBB:MGXO.OB) announced that on July 25, 2000,
the United States Bankruptcy Court dismissed the involuntary
bankruptcy petition filed against the Company on May 16, 2000.
Founder and President Mossimo Giannulli commented, "We are
pleased to have this issue resolved and we can now fully
concentrate our energies on growing our business with the Target
Corporation (NYSE:TGT). We want to thank them for their support
during this process and look forward to capitalizing on the
opportunities that lie ahead." Founded in 1987, Mossimo, Inc. is
a designer of men's and women's sportswear. (Business Wire 7/26)

NATIONAL HEALTH: Files Proposed Third Amended Joint Plan
National Health & Safety Corporation (OTC Bulletin Board: NHLT)
announced that it has filed a Third Amended Disclosure Statement
With Respect to the Third Amended Joint Plan of Reorganization
for approval by the Bankruptcy Court and consideration by its
Creditors and Stockholders.

For some time National Health & Safety Corp. ("the Company") and
MedSmart Healthcare Network, Inc. together with KJE, Ltd. (the
Companies "Co-Proponents") have experienced delays in the Court's
approval of a Plan that would lead to the Reorganization of the
Company. During this time the Co-Proponents have implemented
changes to their businesses. The Company and the Co-Proponents
have entered into an in-depth reevaluation and renegotiation of
terms that would lead to a successful restructuring of the
Company. A key component was the realization of the value that
NHLT is a fully reporting public Corporation. The results of
these considerations are outlined below.

Under this current amended Plan, the Debtor has focused on
reacquiring POWERx, now that MedSmart Healthcare Network, Inc.
has completed the technological development of the support
systems for POWERx and is now positioned to begin implementation
of new Marketing programs. Under the Plan, MedSmart (including
POWERx) would become a wholly owned subsidiary of the Reorganized
Debtor. The existing owners of MedSmart will receive stock in the
reorganized Debtor in exchange for contributing MedSmart to the
Debtor. In addition, KJE will contribute approximately
$600,000.00 in working capital to the Debtor in exchange for
stock in the Reorganized Debtor. Current shareholders will no
longer be subject to a 10-for-1 reverse split.

MedSmart has greatly improved, streamlined and further developed
POWERx. In short, MedSmart has, at a cost of approximately $1.4
million, turned POWERx into a turnkey Internet eCommerce
business-to-business and business-to-consumer service provider.
MedSmart has also established in Dallas, Texas a new state-of-
the-art customer service facility equipped and furnished for 16
customer service representatives. The Company believes that this
joining of resources and technology produces the basis for an
exciting and dynamic reorganization. The economics are extremely
compelling. POWERx is well positioned for a major Market Launch.
Under this proposed Plan of Reorganization the Unsecured
Creditors will receive Series A Equity Units in exchange for
their claims. Each creditor will receive one Equity Unit for each
$1.00 allowed claim. Each Equity Unit consists of one (1) share
of Preferred Stock and one (1) Class A Warrant. Each share of the
Preferred Stock is convertible into five (5) shares of Common
Stock. The Class A warrant can be exercised (at $1.00) for a
share of Common Stock and an additional Class B Warrant for
another share of Common Stock (at $1.50). Details are included in
the Disclosure Statement.

After this proposed reorganization, the Reorganized Debtor will
have a restructured balance sheet taking it from its current
stockholder's deficiency of approximately $4.5 million (as set
forth in the Debtor's most recent 10KSB) to a post-reorganization
positive net book value of approximately $2.4 million, while
carrying essentially no debt. This represents a net positive
change of approximately $6.9 million.

The Court has set a hearing for August 21, 2000 to review the
Disclosure Statement describing this most recent proposal. Upon
approval of this Disclosure Statement and its Related Plan of
Reorganization, the Company will then be permitted to distribute
and solicit acceptances of the PLAN by its creditors and

The Management of the Company believes that this Plan represents
a viable business opportunity for all interested parties and an
exciting future for National Health & Safety Corp.
For further information please visit the Company's web sites at

RECYCLING INDUSTRIES: Plan Provides Nine Units to Operate
American Metal Market reports on July 19, 2000, that Recycling
Industries Inc. has developed a reorganization plan under which
its remaining nine units will operate under new ownership by debt
holders, including managers who sold their yards to Recycling
Industries in the first place.

The plan is expected to be filed in the U.S. Bankruptcy Court,
Denver.   Some details of the plan were given by Daniel Dienst,
managing director of financial restructuring at CIBC World
Markets, who said that he helped develop the plan with the
cooperation of bondholders; trade creditors, senior lenders
and former owners, whose sales agreements called for payment in
cash as well as preferred stock.

Dienst predicted that the company would emerge with a good
balance sheet and new equity, adding that "the focus is on
strategy, not survival." Even after divestitures, Recycling.
Industries managed to hang on to. "some crown jewels,"
he said.

The reorganized company--Dienst said it was undecided if it would
still be called Recycling Industries--would give the debt-ridden
operation, a clean slate. General Electric Capital Corp., on
behalf of lending Institutions, is owed about $ 120 million;
bondholders about $ 110 million; and the unsecured or trade
creditors from $ 10 million to $ 15 million. Dienst said that
those were ballpark calculations.

Essentially in charge of day-to-day operations since being hired
in August 1997 is Harold "Skip" Rouster, vice president and chief
operating officer, although Dienst said that the future role of
Rouster had not been decided. Rouster is the former vice
president of operations for David J. Joseph Co., Cincinnati, and
in his 22 years there he oversaw operations of all Joseph
processing plants.

When it sought court protection from creditors nearly 18 months
ago, Recycling Industries said that it had 42 collection and
processing sites in 12 states. A number of them have been sold or

There are some similarities to the case of Philip Services Corp.,
Hamilton, Ontario, which earlier this year was reconstructed
smaller company owned largely by lenders.

In both cases, the companies' dramatic growth in two to three
years saddled them with extensive debt service. Successful
operations would have been possible only in optimal market
conditions, which did not prevail, various trade sources said.

RITE AID: Owes $5 Billion; Overstated Earning By $1.6 Billion
According to an article in Fortune (14-Aug-00)Rite Aid CEO Bob
Miller admitted he might not have taken his job had he known how
dire the company's situation actually was.

An audit just found that Rite Aid overstated earnings for 1998
and 1999 by a stunning $ 1.6 billion. It lost $ 259 million (on
continuing operations) in the first quarter on $ 3.4 billion in
revenues, and owes about $ 5 billion to various creditors.

Worse, Rite Aid now faces SEC investigations into its accounting,
along with shareholder lawsuits from investors who've watched the
stock plunge from $ 50 in January 1999 to just $ 5 in late July.
The kicker? Rite Aid just got booted from the S&P 500.

According to the article, the company insists that it is not
heading for a Chapter 11.

RJW LUMBER: Reorganization Failed
The Press Democrat reports that RJW Lumber Co. was not able to
save its company from closing its operations. RJW Lumber was
given to the receivership of Susan Uecker, who personally went to
the plant and locked it. There would be a hearing on August 18 in
U.S. bankruptcy court in Santa Rosa to settle unclear issues
regarding the closure.

The lumber company, which is based in Healdsburg, filed for
Chapter 11 bankruptcy petition in September 1998. In the filing,
the company_s net sales for 1996 and 1997 was $12 million. A
profit of $41,331 was recorded in 1996 and $395,513 loss in 1997.
Two months after, RJW submitted a reorganization plan to buy its
lumber from United Pacific Forest Products, construct engineered
trusses for houses and buildings, and sell the trusses to Golden
State Lumber. Evidently, the plan did not work out. After months
of reorganizing, the Office of the U.S. Trustee of the Bankruptcy
Court filed notice to stop the Chapter 11 reorganization and
start Chapter 11 liquidation.

Idaco Lumber, the primary company of RJW Lumber, was founded in
the early 1950s. In 1969, Boise Cascade purchased Idaco and sold
it to BMC West in 1987. Rick Browning and James Plumley,
president and vice president of RJW Lumber respectively, bought
BMC in May 1990.

SONY CORP: Plans To Tap Domestic Bond Market For 300 Billion Yen
Sony Corp., one of the 15 worst-performing stocks on the
Nikkei 225 index this year, is hoping its debt gets a
kinder reception from investors.

The world's No. 2 electronics maker plans to tap the
domestic bond market for as much as 300 billion yen ($2.76
billion) to ramp up production of chips for its PlayStation
2 game console to keep pace with demand and repay debt.

"Sony has a high name value, and a decent credit rating, so
anything they issue would tend to make for a good buy,"
said Yousuke Miyake, senior portfolio manager at Nissay
Asset Management Co.

With the Bank of Japan expected to soon raise interest
rates from the near-zero level of the past 17 months, Sony
could lock in low rates and retire some more expensive debt
if it acted now.  "A rate hike by the BOJ would help widen
corporate bond spreads, which are looking very tight right
now," said Tim Kerans, a bond analyst at Barclays Capital.

Some analysts say that even if the central bank raises
rates, Sony's name and credit rating are strong enough to
ensure that investors snap up any bonds it sells. If the
bank raises rates, corporate debt may underperform
government bonds though Sony's bonds may pay a big enough
coupon to offset that.

The company needs to raise funds to expand digital
broadcasting, mobile equipment production and microchip
production and offset start-up costs for the PlayStation 2.
Sony's stock is down 32 percent in 2000 compared with the
13 percent slide by both the Nikkei and the Topix index of
all shares on the Tokyo Stock Exchange first section. The
shares closed Tuesday at 10,450 yen, down 40 yen.

By contrast, Sony's No. 7 warrant bonds, maturing Aug. 23,
2005, have outpaced government debt of similar maturity.
This month, the yield on the bonds narrowed to within 28
basis points, or 0.28 percentage point, of five-year
Japanese government bonds, the slimmest spread since they
were issued. The yield has dropped 23 basis points since
mid-April and was recently at 1.36 percent.

Spreads may widen after a rate increase as corporations
face tighter credit conditions, forcing them to pay a
higher premium on their bonds over government debt, Mr.
Kerans said. Other analysts, though, say they expect Sony
bonds to sell well.

"Sony doesn't issue a lot of bonds, so investors looking to
diversify their bond portfolios will be attracted to this
issue," said Xinyi Lu, chief strategist at Tokai Bank Ltd.
"There aren't many issuers like Sony out there."

A bond issued by Sony should perform relatively well
compared to other corporate bonds due to its high credit
rating and name value, Mr. Lu said. That means even if the
central bank raises rates, Sony debt has a good chance of
giving investors a positive return.  Sony has not said what
maturity or type of debt it may sell.

Japan Rating & Investment Information Inc. rates Sony bonds
AA-plus. Moody's Investors Service Inc. rates them Aa3.
Sony sold $1.5 billion in five-year global bonds in March
1998 through Goldman Sachs Group Inc., J.P. Morgan & Co.
and Merrill Lynch & Co. It sold 80 billion yen in eight-
year domestic straight bonds in September 1993 and 300
billion yen in domestic convertible bonds in February 1990
through Nomura Securities Co.

The company this week is expected to report a loss for the
second quarter as it takes a one-time charge of as much as
$950 million to write off marketing costs for its
entertainment business.  (Herald International Tribune,
Bloomberg 26-July-2000)

SUNSHINE MINING:  Notes Extended To July 28, 2000
Sunshine Mining and Refining Company (OTCBB:SSCF) announced that
a meeting of the Noteholders of the 8% Senior Exchangeable Notes
of Sunshine Precious Metals Inc. (the Eurobonds) was convened.  
At the meeting, a motion was made and passed to further extend
the maturity date and interest payment date of the Eurobonds from
July 21 to July 28, 2000. The meeting has been adjourned until
July 28, 2000. As previously announced, Sunshine is continuing
negotiations with the Noteholders and holders of its other debt
securities regarding a comprehensive restructuring of the
Company's balance sheet.

TOYSMART: Wants Better Offer
---------------------------- on Wednesday withdrew from auction a controversial
packet of customer information it had hoped to sell to pay off
its debts, saying it had yet to receive a good enough offer.

The company, majority-owned by Walt Disney Co., closed down in
May and in June filed for protection under Chapter 11 of U.S.
bankruptcy law. It then solicited bids for its assets, including
about 250,000 customer names, addresses and credit card numbers.

The attempted sale drew a lawsuit from the Federal Trade
Commission. That suit was settled earlier this month, allowing
the Waltham-based company to sell the data under certain
restrictions. But 38 states, led by Massachusetts, said
the settlement didn't go far enough to protect consumers, and on
Tuesday filed legal papers to block it.

On Wednesday, U.S. Bankruptcy Judge Carol Kenner granted's request to withdraw the information from auction.
So far, the highest offer for the information had come from
Disney, which offered $50,000 for the information and promised to
destroy it.

Lawyers representing Massachusetts, as well as Texas and New
York, who are also contesting the FTC settlement, said in court
Wednesday that the sale of the information even if the buyer were
to agree to destroy the information would establish a dangerous

"The proposal by Disney to purchase the list, even if it destroys
the list, gets to the right solution in the wrong way," said
Pamela Kogat, a lawyer with the Massachusetts Attorney General's

Judge Kenner granted's request to withdraw the items
from auction for the time being, but strongly indicated she felt
the states had a strong case in contesting's
settlement with the FTC.

"Had the debtor not withdrawn the sale today, I would have
sustained the attorneys general's objections," Judge Kenner said.
She said the FTC settlement was unlikely to be approved, in part
because it is contingent on still existing in one
year an unlikely scenario given that it now has just four
employees, who are managing its disassembly.

Wednesday's hearing, where some of's other assets
were auctioned off even as the matter of the consumer data was
postponed, drew a phalanx of lawyers representing bidders, public
interest groups, the states and the FTC. Many believe the case
will set precedents in an area of the law that is so far
uncharted _ whether dot-coms can be held to promises about
keeping customer data private after they go bankrupt. attorney Harry Murphy said he tried to get Disney to
increase its $50,000 offer for the data, but the company
declined. Another company, Digital Research Inc. of Kennebunk,
Maine, offered $15,000 for the data. The market research firm
said it would also auction off's Internet domain
name, which is for sale, and use some of the proceeds to fund
Internet privacy studies.

It is Disney which perhaps finds itself in the most unusual
position in the increasingly complex tale of's
demise. Disney, through a subsidiary, is's majority
owner, but it is also a creditor. Its attorneys say Disney is
being generous to offer $50,000 for information it intends to
destroy. But now it is being asked by the estate of its own
subsidiary to pay more.

TRI-VALLEY: $50mm in Surplus Tomatoes
With 450,000 tons of tomatoes in danger of being plowed into the
soil, Central Valley growers have asked the U.S. Department of
Agriculture to buy as much as $50 million worth of canned

The surplus tomatoes are the result of Tri Valley Growers' filing
Chapter 11 bankruptcy July 10, leaving many of the co-op's
members with ripening tomatoes and no processor to take them.

The purchase would provide fiscal relief to growers and secure
jobs at California's canneries, according to John Welty,
executive vice president of the California Tomato Growers

Tri Valley might need to find a third party, such as a food
company that would then contract with the co-op, to bid on a
government purchase.

Growers were informed this week by the co-op that it will process
300,000 tons of tomatoes and pay $30.90 per ton.

Based on those figures, the co-op will pay $29.36 million less to
tomato growers than it would during a typical season.

Bond pricing for week of July 24, 2000
DLS Capital Partners, Inc.
Following are indicated prices for selected issues:

Acme Metal 10 7/8 '07                      13 - 15 (f)
Advantica 11 1/2 '08                       67 - 69
Asia Pulp & Paper 11 3/4 '05               67 - 69
Conseco 9 '06                              66 - 67
E & S Holdings 10 3/8 '06                  40 - 43
Fruit of the Loom 6 1/2 '03                50 - 52 (f)
Genesis Health 9 3/4 '05                    9 - 11 (f)
Globalstar 11 1/4 '04                      25 - 27
GST Telecom 13 1/4 '07                     48 - 51 (f)
Iridium 14 '05                              4 - 5 (f)
Loewen 7.20 '03                            33 - 35 (f)
Paging Network 10 1/8 '07                  38 - 40 (f)
Revlon 8 5/8 '08                           51 - 53
Service Merchandise 9 '04                   7 - 9 (f)
Trump Atlantic 11 1/4 '06                  71 - 73
TWA 11 3/8 '06                             38 - 40


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

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