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             T R O U B L E D   C O M P A N Y   R E P O R T E R

               Wednesday, September 27, 2000, Vol. 4, No. 189

                                Headlines

AHT CORPORATION: BioShield Tech to Purchase AHT Assets for $15.5 Million
ANDERSON & SONS: Case Summary and 17 Largest Unsecured Creditors
ASSET SECURITIZATION: Fitch Downgrades Mortgage Certificates to BB-
BARNEYS NEW YORK: Total & Comparable Store Sales Climb and Losses Narrow
BORDEN CHEMICALS: PVC Resin Producer Expects Third Quarter Losses

BUSINESSMALL.COM: Employee Files Involuntary Petition Against Call Center
CHAMPION ENTERPRISES: Moody's Downgrades Debt Ratings as Leverage Increases
CHECKERS DRIVE-IN: COO David Miller Resigns to Purchase 28 Kentucky Units
CHECKERS DRIVE-IN: Two Directors Bid Farewell, Wishes Management Success
DYERSBURG CORPORATION: Case Summary and 20 Largest Unsecured Creditors

DYNEX CAPITAL: Suspends Dividend Payments; Shareholders Meet on Nov. 14
FASTCOMM COMMUNICATIONS: Zanett Completes $3.5 Million Private Placement
FRUIT OF THE LOOM: Retains Alston & Bird as Environmental Counsel
GENESIS/MULTICARE: River Street Bondholders Obtain Adequate Protection
GLOBAL TISSUE: American Tissue Buys Tennessee Assets

HARNISCHFEGER INDUSTRIES: Gives Status Report Regarding Reclamation Claims
HARVARD INDUSTRIES: Trading Under $5 per Share, Nasdaq Delists Common Stock
HARVEY ELECTRONICS: Sales Far Exceed Projections and Losses Narrow
INOTEK TECHNOLOGIES: David L. White Increases Equity Stake to 39%
LAKE SHORE MOTORS: Atlas Partners Brings Trustee $3.5MM Stalking Horse Bid

LAIDLAW, INC.: $550 Million Financing Announcement Sends Shares Up, Up, Up
LAIDLAW, INC.: Stephen Cooper Says a Free-Fall Filing Would be "Crazy"
LIVING.COM: Agrees with Texas Attorney General Not to Sell Customer List
MIADORA, INC.: Online Jewelry Retail Shuts Down
NATIONAL FINANCE: Two More Creditors Lend Support to Involuntary Filing

NUEVO ENERGY: Moody's Assigns B1 Rating To $150 Mln of 9.375% Sr Sub Notes
ORBCOMM GLOBAL: Bankruptcy Court Approves $4M DIP Financing from Teleglobe
PRISON REALTY: REIT Will Pay Dividend in Preferred Stock
RAYTECH CORPORATION: 3 Conditions to Effective Date Need to be Satisfied
SAFETY-KLEEN: Fourth Circuit Directs that Pinewood Landfill Should Close

SEMI-TECH: Confirmation Hearing on Liquidation Plan Scheduled for Nov. 9
STAGE STORES: Texas Court Extends Exclusive Period through March 31, 2001
STROUDS, INC.: Nasdaq Stock Market Notifies Company Common to be Delisted
STROUDS, INC.: John Brincko Hired as Interim President & CEO
VIDEO UPDATE: Video Retailer Closes Ten Stores Amid Chapter 11 Proceedings

WEST STATES: Case Summary and Largest Unsecured Creditor

* Meetings, Conferences and Seminars

                               *********

AHT CORPORATION: BioShield Tech to Purchase AHT Assets for $15.5 Million
------------------------------------------------------------------------
BioShield Technologies, Inc., (Nasdaq: BSTI) announced that it has
reached an agreement to acquire substantially all of the assets of AHT
Corporation (Nasdaq: AHTC) for approximately $12 million in cash and $3.5
million in restricted BioShield common stock. This new agreement was
reached after BioShield filed its answer and counterclaim in the pending
litigation between the parties.

As a part of the asset purchase transaction, AHT's pending suit has been
stayed and will be dismissed once the proposed asset sale to BioShield is
approved by the Bankruptcy court handling AHT's Chapter 11 case. In the
event that the Court receives a higher bid for the AHT assets than the
offer from BioShield and the assets are not purchased by BioShield, the
pending suit will be dismissed and BioShield will receive a break-up fee.
The parties' agreement provides for interim financing for AHT from
BioShield of up to $ 1.5 million to be credited against the asset purchase
price, contemplates payment in full of AHT's creditors and payment of
approximately $ 0.10 per share in a combination of cash and BioShield
common stock to AHT's shareholders.

According to Timothy Moses, Chairman and CEO of BioShield, "This
transaction allows BioShield to acquire the assets of AHT in a way that
provides a positive outcome for AHT's employees, creditors and
shareholders. It also allows the parties to resolve the pending litigation
and overcome AHT management's apparent inability to capitalize on its
technology. We are excited about the opportunities the acquisition of AHT
creates when combined with our eMD healthcare division."


ANDERSON & SONS: Case Summary and 17 Largest Unsecured Creditors
----------------------------------------------------------------
Debtor: Anderson & Sons Trucking Company, Inc.
         2401 E. 5th Street
         Reno, NV 89512

Chapter 11 Petition Date: September 22, 2000

Court: District of Nevada

Bankruptcy Case No.: 00-32778

Judge: Gregg W. Zive

Debtor's Counsel: Stephen R. Harris, Esq.
                   Belding, Harris & Petroni, Ltd.
                   417 West Plumb Lane
                   Reno, Nevada 89509

Total Assets: $ 1 Million Above
Total Debts : $ 1 Million Above

17 Largest Unsecured Creditors:

Berry-Hinckley Industries          Goods/Services        $ 147,604

Dorine Anderson                    Money loaned          $ 117,096

Joseph E. Kennedy                  Money loaned           $ 80,000

MCI Worldcom                       Goods/Services         $ 35,200

Crescent Trucklines                Goods/Services         $ 35,019

Star Insurance Co.                 Goods/Services         $ 34,334

Canyon State Oil Co., Inc.         Goods/Services         $ 32,917

Hurley Dedicated Services          Goods/Services         $ 31,192

Navistar Financial Corp.           Goods/Services         $ 28,692

CVA                                Goods/Services         $ 28,500

Estate of Reeder/California
  Motor Xpress                      Money loaned           $ 25,000

Reliance Towing                    Goods/Services         $ 23,933

Budget Car & Truck Rental          Goods/Services         $ 22,911

Southern California Fleet          Goods/Services         $ 22,500

Christopher Equipment Lease        Goods/Services         $ 20,900

Mergenthaler Transfer              Goods/Services         $ 19,947

Knight Transportation              Goods/Services         $ 19,232


ASSET SECURITIZATION: Fitch Downgrades Mortgage Certificates to BB-
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Asset Securitization Corporation's commercial mortgage pass-through
certificates, series 1996-MD VI $35.8 million class B-1 and $1,000 class B-
1H are downgraded to 'BB-' from 'BB' by Fitch. In addition, the $44.8
million class A-4 certificates are affirmed at 'A'; the $22.4 million class
A-5 at 'A-'; the $49.2 million class A-6 at 'BBB'; and the $71.6 million
class A-7 at 'BBB-'. The $52.0 million class A-1A, $333.5 million class A-
1B, $172.0 million class A-1C, $35.8 million class A-2, $35.8 million class
A-3 and interest only classes CS-1, CS-2 and CS-3 are not rated by Fitch.
The rating actions follow Fitch's annual review of the transaction, which
closed in Dec. of 1996.

The downgrades are primarily attributable to the deteriorating performance
of the Horizon II (Horizon) loan collateral and the current financial
difficulties of the borrower, Prime Retail (Prime). The overall borrower
concentration of Prime is 51% of the pool by outstanding balance. On Sept.
8, 2000, Prime stated in a press release that a senior mortgage and
corporate mezzanine loan to be provided by Lehman Brothers Holdings would
not close on the anticipated date of Sept. 30 and if unable to close the
loans, the Company 'will consider all alternatives, including seeking
protection in bankruptcy court.'

The certificates are collateralized by five mortgage loans on 37 assets.
The properties consist of 20 factory outlet centers (51% by principal
balance), 16 hotels (45%), and one mixed-use development (4%). The
properties are located in 20 states, with significant concentrations in
Texas (21%), California (12%) and Florida (9%). As of the Sept. 2000
distribution date, the pool's aggregate certificate balance has decreased
by 4.7%, to $852.9 million from $895.2 million at closing. No loans have
paid off since closing.

As part of its review, Fitch analyzed the performance of each loan. Despite
the Horizon loan's deteriorating performance, the overall financial
performance of the pool has improved since closing. The overall Fitch
stressed weighted average debt service coverage ratio (DSCR) for the
trailing 12 months (TTM) ended 6/30/00 increased to 2.06 times (x) from
2.02x as of 6/30/99 and 1.69x at closing.

Prime Retail II is the largest loan, representing 40% of the pool. The loan
is currently collateralized by 15 factory outlets concentrated in nine
states. Adjusted net cash flow (NCF) for TTM 6/30/00 has declined by 7%
from TTM 6/30/99 but still shows an increase of 12% from closing. The
corresponding stressed DSCR, based on a 10.09% hypothetical mortgage
constant, is at 1.72x compared to 1.83x for the prior year and 1.66x at
closing. Average occupancy has declined slightly to 91% as of 6/30/00 from
93% for the prior year. Average store sales for the year-ended 12/31/99
were $229 per square foot (psf), a decrease of 4% from the prior year.
Certain properties in the pool have been adversely affected by new
competition in the market. To date, Prime has added approximately 500,000
square feet to nine of their centers and have drawn the entire $40 million
from the expansion escrow funded at closing.

The Horizon loan, representing 11% of the pool, is collateralized by five
factory outlets, which are located in three states. Adjusted NCF for TTM
6/30/00 has declined by 16% from TTM 6/30/99 and 15% from closing. The
corresponding stressed DSCR, based on a 10.09% hypothetical mortgage
constant, is at 1.35x compared to 1.57x for the prior year and 1.56x at
closing. Average occupancy, at 92%, is down slightly from 94% for the
previous year. Average store sales for the year-ended 12/31/99 are $229
psf, representing an increase of 4% over the prior year.

The MHP II loan, representing 30% of the pool, is collateralized by four
full-service hotels, which are located in three states. Adjusted TTM 6/00
NCF has increased 10% from TTM 6/30/99 and 28% from closing. The stressed
DSCR, using a 10.48% constant, is at 2.45x, compared to 2.18x for the prior
year and 1.80x at closing. Revenue per available room (RevPAR) in 1999
increased 6% from 1998 and 26% since origination. The New Orleans property,
which was fully renovated in 1998, contributed significantly to the
increased performance.

The Columbia Sussex II loan, representing 15% of the pool, is
collateralized by 12 full service hotels concentrated in eight states.
Fitch's adjusted NCF for TTM 6/30/00 has remained flat from TTM 6/30/99 but
has increased over 52% since closing. The stressed DSCR, using a 10.48%
constant, is at 2.64x compared to 2.52x for the prior year and 1.60x at
closing. RevPAR for 1999 increased 4% from 1998 and 37% from origination.
The improved overall performance is primarily due to the strong performance
of the two largest hotels in the pool, which are located in proximity to
New York City.

The Palmer Square loan, representing 4% of the aggregate pool's principal
balance, is secured by a mortgage encumbering parcels of land and six
buildings comprising a full service hotel, three mixed-use office and
retail buildings, and two parking facilities. The development is located in
Princeton, New Jersey. The adjusted NCF for TTM 6/30/00 increased 19% from
TTM 6/30/99 and 40% from closing. Fitch's stressed DSCR, based on a
hypothetical 9.8% mortgage constant, is at 2.61x compared to 2.15x for the
prior year and 1.79x at closing. The hotel portion's TTM 6/30/00 RevPAR
increased 4% from TTM 6/30/99 and 35% from closing. Occupancy remains
strong for the retail and office portions at 98% and 100%, respectively, as
of June 2000.

Fitch will continue to monitor this transaction, as surveillance is
ongoing.


BARNEYS NEW YORK: Total & Comparable Store Sales Climb and Losses Narrow
------------------------------------------------------------------------
Barneys New York reports that net sales for the three months ended July 29,
2000 were $84.3 million compared to $77.9 million a year ago, an increase
of 8.1%. The sales increase was primarily driven by comparable store sales
growth of 11.1%. The company's net loss for the three months ended July 29,
2000 was $3.6 million compared to a net loss of $7.0 million for the three
months ended July 31, 1999.

Net sales for the six months ended July 29, 2000 were $180.9 million
compared to $163.8 million a year ago, an increase of 10.4%. The company's
net loss for the six months ended July 29, 2000 was $4.5 million compared
to a net loss of $10.8 million for the six months ended July 31, 1999.

The company believes that it will have sufficient liquidity for the balance
of fiscal 2000. However, should there be a material deviation from
anticipated revenues, the company might be required to seek alternative
sources of financing or reduce expenditures. There can be no assurance that
alternative financing could be obtained, or if obtained, that it would be
on terms acceptable to the company.


BORDEN CHEMICALS: PVC Resin Producer Expects Third Quarter Losses
-----------------------------------------------------------------
Borden Chemicals and Plastics Limited Partnership (NYSE:BCU) announced that
it expects to report a loss from continuing operations for the third
quarter of 2000, which ends September 30.

The producer of polyvinyl chloride (PVC) resins said three major factors
are driving a substantial decline in results when compared to the first two
quarters of the year:

           * lower sales volumes,
           * declining PVC resin prices, and
           * sharp increases in the cost of natural gas.

The Partnership estimated a loss of between $8 million to $10 million, or
22 cents per unit and 27 cents per unit, for the third quarter. Analyst
estimates for the Partnership were a profit of $0.10 per unit for the
quarter.

"Demand for PVC resins dropped sharply in the third quarter as converters
and processors decreased inventory levels built in the first half of the
year," said Mark J. Schneider, president and chief executive officer. "This
contributed to a drop in resin prices each month of the quarter. Lower
sales volumes caused the Partnership to reduce production rates to control
inventory levels, resulting in further margin erosion. We have seen demand
increase in September. However, it will not be enough to make up for the
weakness in the first part of the quarter."

Schneider said that the average cost of key raw materials was flat to
slightly higher since June, except for natural gas, which continued its
rise to unprecedented price levels. In addition to impacting the
Partnership's basic energy costs, natural gas is used as a major feedstock
for a portion of its PVC production. Schneider noted that the Partnership
had significantly reduced its overall exposure to rising natural gas prices
as a result of exiting its non-PVC operations, as announced in June.

Looking ahead to the fourth quarter of 2000, Schneider stated that the
volume and pricing pressure being experienced by the industry is expected
to continue into the fourth quarter of 2000. In addition, natural gas
future prices for the fourth quarter continue to exceed $5.00 per mmBTU,
significantly impacting earnings performance. Schneider also referenced the
continued general economic uncertainty, as well as the historical slowdown
in demand for PVC resins toward the end of the year.

"We are actively evaluating various production alternatives to more cost
effectively supply feedstock to our PVC operations in the face of
historically elevated natural gas prices," Schneider said.

Borden Chemicals and Plastics Limited Partnership produces polyvinyl
chloride resins and intermediate raw materials at facilities located in
Geismar and Addis, La., and Illiopolis, Ill. BCP Management, Inc., a wholly
owned subsidiary of Borden, Inc., has a 2 percent interest and serves as
general partner. Publicly traded units account for the remaining 98 percent
ownership.


BUSINESSMALL.COM: Employee Files Involuntary Petition Against Call Center
-------------------------------------------------------------------------
Faced with an involuntary bankruptcy petition, 150 workers of the
distressed online call center, BusinessMall.com have been told not to
report for days now.  "I'm tired of being jerked around by them," said
Sherri Huggett, who has been fishing her kids' school lunch money from a
kitchen change jar.  "I'm out of quarters and down to just the dimes,
nickels and pennies."

Business didn't start this way at all before everything came falling down.
Businessmall.com sent out $5 million to remodel former Levitz Furniture
store in Clearwater. It was then unable to turn things around to finish the
project.  Defaults on its notes followed, triggering the involuntary
petition filed by a former employee.  The company continues to protest the
involuntary petition.  No hearing date has been announced.


CHAMPION ENTERPRISES: Moody's Downgrades Debt Ratings as Leverage Increases
---------------------------------------------------------------------------
Moody's Investors Service downgraded Champion Enterprises, Inc.'s ratings
as follows:

    (1) The senior implied rating to Ba2 from Baa3

    (2) The rating on the $200 million of 7.625% senior notes, due 2009, to
         Ba3 from Baa3

    (3) The rating on the $100 million secured revolving credit facility to
         Ba2 from Baa3

    (4) The issuer rating to Ba3 from Baa3

Moody's Investors Service assigned the following shelf ratings to
Champion's $400 million shelf:

    (1) (P) Ba3 rating to proposed senior notes

    (2) (P) B1 rating to proposed senior subordinated notes

    (3) (P) "b2" rating to proposed preferred notes

The downgrades and negative outlook reflect the current difficulties
challenging the company and the manufactured housing industry; excess
inventory has created very competitive markets at both the wholesale and
retail levels, rising interest rates have adversely affected demand and
consequently depressed the absorption rate of excess inventory, the
availability of credit to consumers has been tightened, a shortage of floor
plan financing, and an increased percentage of repossessions that, in turn,
compete with sales of new homes, have heightened Moody's concerns for the
industry's fundamentals.

The ratings also reflect Champion's weakening credit measures as
demonstrated by declining coverages and a weakened balance sheet, its
significant contingent liabilities ($560 million as of July 1, 2000) in
connection with repurchase commitments to providers of floor plan
financing, and Moody's concern regarding the resignation of the CFO. In
addition Moody's believes that there may be impairment charges to goodwill
in the future in connection with the closing of a number of Champions'
retail centers. Champion plans on closing 41 retail centers by year-end,
representing approximately 14% of total centers. At July 1, 2000, Champion
had $472 million of goodwill (40% of total assets) resulting largely from
the acquisition of retail centers. Goodwill currently exceeds book equity
of $448 million.

In addition Conseco, Champion's major floor plan lender has notified the
company it would like to reduce its exposure to Champion due to customer
concentration issues. Moody's believes that it may be difficult for the
company to find cost competitive replacement financing due to the current
industry environment.

The one notch differential on the senior notes from the bank facility
reflects the possible effective subordination that may result should
Champion provide collateral to secure its credit facility in the future.
Champion has a $100 million revolver with PNC Bank as agent, which matures
May 2003. Champion's currently has no direct borrowings under its facility
but it does have $33 million of L/C's outstanding. In addition, if Champion
can not find replacement financing to take out Conseco, it may need to draw
down on its revolver.

The ratings also reflect Champion's announcement that it will incur a net
loss for its third quarter ending September 2000 of approximately $3.8
million to $4.7 million on an after-tax basis. This loss includes a $7.3
million pre-tax restructuring charge consisting of $2.8 million for plant
closing costs, $3.0 million for retail closing costs, and $1.5 million to
consolidate development operations. Excluding the restructuring charge and
a $2.5 million gain in the third quarter, operating margins should drop
significantly in manufacturing to approximately 3.0% from 5.3% 3rd quarter
1999 and in retail to 1.0% from 6.6%. Fourth quarter is not expected to
compare favorably to the prior year or to this year's third quarter.
Through the first two quarters ending July 1, 2000, Champion had net income
of $4.1 million.

As Champion goes into its slowest quarters, the 4th and 1st quarters, it
may continue to be unprofitable, which will add more pressure to an already
difficult business environment. Champion has developed a plan to take cost
out of the business, and this plan is underway with plant closings,
headcount reductions, closings of retail centers, inventory reduction, and
other actions.

The company's total debt is $386 million on equity of $448 million at July
1, 2000.  Leverage has increased, with debt equal to 3.6 times LTM EBITDA
at the end of 2nd quarter ending July 1, 2000 compared to 2.7 times EBITDA
for the fiscal year ended January 1, 2000 (before loss from an independent
retailer bankruptcy). The debt-to-capitalization at July 1, 2000 is 46%.
EBITA/interest continued to drop to 2 times for six months ended June 30,
2000 from 5.1 times for the fiscal year ended January 1, 2000 (before loss
from an independent retailer bankruptcy).

Champion Enterprises, Inc., headquartered in Auburn Hills, MI, is the
manufactured housing industry's leading manufacturer and produced 1.5
million homes since the company was founded. Champion homes are sold
through its company-owned retail stores and by over 1,000 locations that
have joined the Alliance of Champions retail distribution network.


CHECKERS DRIVE-IN: COO David Miller Resigns to Purchase 28 Kentucky Units
-------------------------------------------------------------------------
Checkers Drive-In Restaurants, Inc. (Nasdaq: CHKR) announced that David
D. Miller, Chief Operating Officer, and an 11-year veteran of the Checkers
brand, has resigned from the Company to pursue the purchase of 28 Rally's
restaurants in the Louisville and Lexington, Kentucky markets.  Mr. Miller
earned the right to pursue the purchase of the restaurants when he outbid
other interested parties.  Michelle Crawford, Rally's Regional Vice
President for the Louisville and Lexington markets and a long time resident
of Louisville, Kentucky, will join Miller as an operating partner of the
new franchised restaurants when the transaction closes.

David D. Miller commented:  "Operating my own restaurants has been a life
long dream.  I am excited about becoming a franchisee and think this is a
fantastic opportunity for my family and I.  When Dan Dorsch arrived as the
new President and CEO of Checkers Drive-In Restaurants late in December, I
did not think I was going to get along with him.  In fact, I told him you
expect too much, too fast.  But after a very intense nine months of working
with Dan and learning how his changes in the culture gets to the core of
motivating people, I am ready to use some of that same style operating my
own restaurants."

Miller continued:  "Michelle Crawford, a 13 year veteran of Rally's
Hamburgers (R), will also exit the company to join me as Operating Partner.
Michelle has been the Regional Vice-President of Operations for the
Louisville and Lexington, Kentucky markets for the past three years.  
Previously Michelle worked her way up the Rally's chain, beginning as a
store employee in Louisville.  Now she'll be a part owner in the stores she
has helped to build over the years."

Daniel J. Dorsch, President & Chief Executive Officer commented:  "I see
this as a great opportunity for all the parties involved.  Dave will
fulfill his dream of restaurant ownership and we get to keep his knowledge
and operating experience in our system.  Dave and Michelle should make a
strong team as franchisee operators with almost 25 years of combined
experience between them operating our brands."  Dorsch continued:  "In
recent weeks we have reorganized company operations under a new Vice
President,  Adam Noyes, in a planned step to condense redundant positions
no longer needed with the sale of over 200 Company operated restaurants to
franchisees.  We have achieved a great deal in the last nine months but we
can still do more.  Right now, we are acting on 'phase two' of our plans to
restructure this Company to be in a better position to capitalize on
growth.  We spent several months restructuring the Company's debt, now we
are turning our focus to improving the growth, profitability, and culture
of the Company.  Our franchise partners are also focusing their efforts in
the same direction."


CHECKERS DRIVE-IN: Two Directors Bid Farewell, Wishes Management Success
------------------------------------------------------------------------
Checkers Drive-In Restaurants, Inc. (Nasdaq: CHKR) announced that Andrew F.
Puzder and C. Thomas Thompson have resigned from the Board of Directors of
the Company and the respective committees on which they serve.  Both
directors expressed their strong support for the Company, its strategic
plan and the current management team, but indicated a need to focus their
full time efforts on their respective principal positions.  Mr. Puzder was
recently appointed President and Chief Executive Officer of CKE
Restaurants, Inc. and Mr. Thompson, who recently resigned as President and
Chief Executive Officer of CKE Restaurants, Inc., is the owner/operator of
24 Carl's Jr. restaurants.

Mr. Puzder and Mr. Thompson jointly stated, "Unfortunately other priorities
prevent us from remaining members of the Board at this time.  We wish
Checkers and the management team nothing but success."  Daniel Dorsch,
Chief Executive Officer of the Company stated, "The Board is grateful for
the contributions of both Tom and Andy and wishes them well in their future
endeavors."


DYERSBURG CORPORATION: Case Summary and 20 Largest Unsecured Creditors
----------------------------------------------------------------------
Debtor: Dyersburg Corporation
         15720 John J. Delaney Drive
         Suite 445
         Charlotte, NC 28277

Type of Business: Manufacturer of knit fleece, jersey and stretch fabrics
                   sold principally to domestic producers.

Chapter 11 Petition Date: September 25, 2000

Court: District of Delaware

Bankruptcy Case No.: 00-03747

Debtor's Counselor: Michael E. Wiles, Esq.
                     Debevoise & Pilmpton
                     875 Third Avenue
                     New York, NY 10022

                     Laura Davis Jones, Esq.
                     Pachuksli, Stang, Ziehl, Young & Jones PC
                     919 North Market Street, Suite 1600
                     Wilmington, DE 19801

Total Assets: $ 314,913,580
Total Debts : $ 234,789,463

20 Largest Unsecured Creditors:

State Street Bank & Trust Co.
Michael Hopkins
225 Asylum St.
23rd Floor
Hartford, CT 06103              Indenture Trustee-Senior
(860) 244-1820                   Subordinated Notes        $ 125,000,000

Dystar LP Pine Brook III
Cindy Moss
9844-A Southern Pine Blv
Charlotte, NC 28273
(800) 439-7827                  Trade Credit                   $ 844,893

Wellman, Inc.
Dave Lambert
Cedar Creek Rd & Highway 53
Fayetteville, NC
(916) 323-3535                  Trade Credit                   $ 829,616

Unifi, Inc.
Greg Drabik
7201 West Friendly Ave
Greensboro, NC 27410
(336)316-5615                   Trade Credit                   $ 784,872

Suntrust Bank
Daniel J. Wolf
55 Park Place, Suite 800
Atlanta, GA 30303-2531
(404) 588-7249                  Trade Credit                   $ 733,248

Carolina Mills, Inc.
618 N Carolina Ave
Maiden, NC 28650-1170
(828) 428-9911                  Trade Credit                   $ 672,120

TNS Mills, Inc.
Jack Mulligan III
856 South Pleasantburg Drive
Greenville, SC 29607
(864) 242-1293                  Trade Credit                   $ 661,168

Ciba Specialty
  Chemicals Corp
Jan Gregory
Consumer Care Chemicals
4090 Premier Drive
High Point, NC 27261-2444
(800) 221-1018                  Trade Credit                   $ 559,017

BASF Corp.
Kim Hinceman
3000 Continental Drive North
Mount Olive, NC 07828-1234
(800) 526-1072                 Trade Credit                    $ 550,593

Carolina Power & Light Co.
Darrell Penny
P.O Box 2041
Raleigh, NC 27602
(800) 452-2777                  Utilities                      $ 519,396

E.I. Dupont De Nemours
Bob Novotny
1007 S. Market St.
Wilmington, DE 19880-0019
(302) 892-7215                  Trade Credit                   $ 432,588

BF Goodrich Textile
  Chemicals
Maxwell Chambers
8309 Wilkinson Blvd
Charlotte, NC 28214
(800) 545-1067                  Trade Credit                   $ 432,588


Duke Solutions, Inc.
Varrie Bolden
10777 Westheimer Road
Suite 650
Houston, TX 77042
(713) 260-7166                  Utilities                      $ 422,114

Dyersburg Electric System
Jimmy Williamson
211 E. Court
Dyersburg, TN 38024
(901) 286-4600                  Utilities                      $ 351,486

Texturing Services, Inc.
Doug Stanley
2900 Vance Street Ext
Reidsville, NC 27220
(336) 342-9085                  Trade Credit                   $ 297,608

Southern Graphics Ic.
Jeff Weaver
3091 Directors Row
Memphis, TN 38131
(901) 345-5566                  Trade Credit                   $ 282,663

Titan Technology Partners
Bryant Gregory
6101 Carnegie Blvd.
Suite 520
Charlotte, NC 28209
(704) 556-0150                  Trade Credit                   $ 268,990

Harcros Chemicals Inc.          Trade Credit                   $ 247,295

Parkdale Mills Inc.             Trade Credit                   $ 242,192

ACME Southern, Inc.             Trade Credit                   $ 233,081


DYNEX CAPITAL: Suspends Dividend Payments; Shareholders Meet on Nov. 14
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Dynex Capital, Inc., (NYSE: DX) announced that it will not declare a third
quarter dividend on its Series A, Series B and Series C preferred stock.  
Dividends on the preferred stock are cumulative and the Company is not
permitted to pay any dividends on its common stock until the cumulative
preferred dividends have been declared and paid in full. The preferred
stock dividends are current through the July 31, 1999 payment date. The
Company also announced that it will not pay a dividend on its common stock
for the quarter.

Separately, the Company reported that it received a request from several
holders of its preferred stock to call a special meeting of the holders of
its Series A, Series B and Series C preferred stock for the purpose of
electing two additional directors to the Company's Board of Directors as
provided in the Company's Articles of Incorporation, as amended. As
provided for in its Articles of Incorporation, the Company will hold a
special meeting of the preferred stockholders in order to elect the two
additional members to its Board of Directors.

In the June 5, 2000, edition of the Troubled Company Reporter, we reported
that Dynex Capital, Inc., may follow the path of other finance firms filing
for bankruptcy.  At that time, President Thomas H. Potts said "the company
has short-term credit obligations, and even though we're not in default,
we're still on a very short fuse."

The Company has set a tentative special meeting date of November 14, 2000.
The record date for voting by the preferred stockholders on the election of
the two directors has been set as of October 13, 2000, and proxy
information is anticipated to be mailed to the preferred stockholders on or
about October 20, 2000.

Dynex Capital, Inc. is a financial services company that elects to be
treated as a real estate investment trust (REIT) for federal income tax
purposes.


FASTCOMM COMMUNICATIONS: Zanett Completes $3.5 Million Private Placement
------------------------------------------------------------------------
On September 8, 2000, FastComm Communications Corp. completed a Private
Placement of $3,500,000 of its securities with a group of accredited
investors represented by Zanett Securities Corporation, New York, New York,
acting as placement agent. The offering consisted of 3,500 units, each unit
consisting of (i) a prepaid common stock purchase warrant, which entitles
the holder thereof to acquire such number of shares of the company's common
stock, par value $.01 per share, as is equal to one thousand dollars
($1,000) divided by the exercise price set forth in the prepaid warrants,
and (ii) an additional warrant, to acquire shares of common stock. In
addition, the company granted to the purchasers an option to purchase an
additional 3,500 units on the same terms and conditions and with such
changes as are detailed below, exercisable during the period starting on
February 1, 2001 and ending on November 1, 2001.

Contemporaneous with the execution and delivery of the Securities
Agreement, the parties entered into a Registration Rights Agreement, under
which the company agreed to provide certain registration rights to the
owners of the Warrant Shares and the Placement Warrants under the
Securities Act and the rules and regulations promulgated thereunder, and
applicable state securities laws.

The exercise price of the Prepaid Warrants equals the lower of the fixed
exercise price and the variable exercise price, each in effect as of the
date, and subject to adjustment provided in the Warrant. The "Fixed
Exercise Price" means $2.00 and will be subject to adjustment as provided
in the Warrant. The "Variable Exercise Price" means, as of any date of
determination, the average of the lowest five (5) Closing Bid Prices for
the ten (10) consecutive trading day period ending on the trading day
immediately preceding the date of determination, provided, however, in no
event shall the Variable Exercise Price exceed the Closing Bid Price on the
date of determination (subject to equitable adjustment for any stock
splits, stock dividends, reclassifications or similar events during such
ten (10) day period), and shall be subject to adjustment.

Each Incentive Stock Purchase Warrant allows the holder thereof to purchase
one-half of a share of the company's common stock for each share purchased
by exercise of the Prepaid Warrants at an exercise price of 125% of the
Exercise Price of the corresponding Prepaid Warrant. The Incentive Warrants
are exercisable for a period of five years and carry with them other
customary terms and conditions including anti-dilution protection.

Zanett acted as placement agent for the offering and received a placement
agent fee equal to ten percent (10%) of the purchase price of the sale
of units and warrants to purchase up to 437,500 shares of the company's
common stock for an exercise price of $2.50 per share. The warrants are
exercisable for a period of five years. In addition, Zanett was reimbursed
certain costs and expenses of the offering.


FRUIT OF THE LOOM: Retains Alston & Bird as Environmental Counsel
-----------------------------------------------------------------
Fruit of the Loom, Inc., requests Judge Walsh's permission to employ Alston
and Bird LLP as special environmental counsel. The filing does not disclose
details, but Fruit of the Loom faces an environmental issue on a property
at 398 Kelly Creek Road, Rabun Gap, Georgia.

Norman L. Pernick Esq., on behalf of Debtor, concedes that Alston and Bird
does not fit the traditional description of a "disinterested party."
Alston and Bird currently represents the Staple Cotton Cooperative
Association and Gold Kist Inc. in connection with certain unsecured claims
against Fruit of the Loom. Mr. Pernick, of Saul Ewing, asserts that the
matters are unrelated to the Fruit of the Loom proceedings. He relies on
Section 327(e), which does not embody the "disinterestedness" standard.
Further, Alston and Bird gives assurances that a "firewall" separates
professionals involved in the Fruit of the Loom matter and those of Staple
Cotton and Gold Kist. None of the lawyers involved in either matter will
represent Fruit of the Loom.

Fruit of the Loom, Staple Cotton and Gold Kist executed conflict waivers in
connection with Alston and Bird's representation of Debtor in the Rabun Gap
matter. Alston and Bird requests the Court's approval of the conflict
waivers.

James S. Stokes, Esq., an attorney with Alston and Bird, asserts that no
one at the firm holds any interest adverse to Fruit of the Loom or its
estate. He corroborates Mr. Pernick claiming that conflicts of interest are
waived and firewalls are established.  (Fruit of the Loom Bankruptcy News,
Issue No. 12; Bankruptcy Creditors' Service, Inc., 609/392-0900)


GENESIS/MULTICARE: River Street Bondholders Obtain Adequate Protection
----------------------------------------------------------------------
By way of a Stipulation approved by the Court, River Street Associates, a
Genesis Health Ventures, Inc., debtor-affiliate, agrees to provide adequate
protection to First Union National Bank (as successor to First Fidelity
Bank, N.A.), as indenture trustee for the Luzerne County Industrial
Development Authority First Mortgage Revenue Refunding Bonds, Series of
1992 (River Street Associates Project).

As of the Petition Date, River Street was indebted on the Bonds in the
principal amount of $2.43 million plus accrued interest, fees and costs.
The Debtor agrees that the Trustee's security interests in the Bond
Collateral have been duly perfected and are in all respects valid and
enforceable. Permitting the Trustee to foreclose on its security interests
would cause cessation or, at a minimum, disruption of the Debtor as a
going concern, would eliminate or significantly decrease the likelihood of
a successful reorganization, and would not be in the best interests of the
Debtor, its estate or its creditors,

Accordingly, the Debtor agrees to make adequate protection payments in an
amount equal to nondefault interest payments on the outstanding
Indebtedness as stated in the Bond Documents on a timely basis and in the
manner required by the Bond Documents. Such payments shall be applied and
paid over to the Trustee for the benefit of the holders of the Bonds in
accordance with the terms of the Bond Documents. The Debtor is authorized
to use Cash Collateral provided that this does not include any cash on
deposit with the Trustee. However, to the extent the Trustee wishes to
distribute cash on deposit with the Trustee to Bondholders on account of
principal, the Trustee shall obtain either the consent of the Debtor or an
appropriate order from the Court.

In addition, the Debtor shall pay all post-petition real estate taxes,
maintain adequate insurance and comply with all other reasonable
requirements of the Bond Documents.

                               Background

In or about 1992, the Luzerne County Industrial Devetopment Authority
authorized the issuance of $3,915,000 of 8.75% First Mortgage Revenue
Refunding Bonds (River Street Associates), Series 1992, due June 15, 2007,
pursuant to a certain Trust Indenture, dated as of June 1, 1992 between
the Authority and First Union's predecessor, First Fidelity Bank, National
Association, as indenture trustee.

Simultaneous with its issuance of the Bonds, the Authority loaned the
proceeds of the bonds to the Debtor pursuant to an Installment Sale
Agreement dated as of June 1, 1992 between the Authority and the Debtor,
which the Authority immediately thereafter assigned to the Trustee.

As security for payment of all amounts due under the Bonds, the Debtor
granted the Trustee a mortgage on the Debtor's facility and a security
interest and liens on, among other things, all of the Debtor's revenues
including its accounts receivable and any and all proceeds, rents,
products, and profits thereof (the Bond Collateral).

The Stipulation and Order also provides for similar terms as that between
Dover and First Union. (Genesis/Multicare Bankruptcy News, Issue No. 4;
Bankruptcy Creditors' Service, Inc., 609/392-0900)


GLOBAL TISSUE: American Tissue Buys Tennessee Assets
----------------------------------------------------
American Tissue Inc., the fourth largest tissue manufacturer in the United
States, announced that the Company and its affiliates have purchased the
assets of Global Tissue LLC, located in Memphis, Tennessee.  The
acquisition of the Global assets will bring the affiliated groups' United
States tissue production to 450,000 tpy.

Mehdi Gabayzadeh, President and Chief Executive Officer of the Company,
said that the continued growth and integration of the tissue business is
part of the Company's strategic strength plan.  In addition, it provides
access to significant converting capacity in the Southeastern part of the
U.S., which includes many of the Company's major customers.

This much needed capacity will allow the Company to greatly increase its
service capabilities and it expects that its affiliate will have various
converting lines in operation within days.  It is an excellent strategic
fit and will strengthen the tissue segment of the Company's business in
this fast growing market.

Founded in 1982, with headquarters in Hauppauge, New York, American Tissue
Inc. has quickly become one of the country's largest manufacturers and
distributors of consumer private label paper products as well as a major
supplier of commercial and industrial paper products for the away from home
market.  The Company has domestic facilities located strategically from
coast to coast as well as facilities in Mexico.  Additional information on
American Tissue Inc. can be found on its website at  
http://www.americantissue.com.


HARNISCHFEGER INDUSTRIES: Gives Status Report Regarding Reclamation Claims
--------------------------------------------------------------------------
Harnischfeger Industries, Inc., reports that it has sifted through hundreds
of reclamation demands presented by creditors and has compiled three lists:
(i) reclamation claims that will be treated as valid, (ii) reclamation
claims that require additional information, and (iii) reclamation claims
that are untimely.  Additionally, the Debtors sought and obtained a
Reclamation Procedures Order: (A) establishing procedure for treatment of
valid reclamation claims, and (B) prohibiting third parties from
interfering with delivery of Debtors' goods.

The Debtors report that, as authorized, they have paid the valid
reclamation claims in the amount of: (i) $1,799,869 with respect to Joy
Technologies Inc.; (ii) $432,843 with respect to Harnischfeger
Corporation; (iii) $51,167 with respect to Horsburgh & Scott Company.

The Debtors sought and obtained the Court's authority to clarify that the
unpaid valid reclamation claims are allowed as administrative claims
against the respective Debtors. These are: (i) $374,473 with respect to
Beloit Corporation; (ii) $150,856 with respect to Princeton Paper Company
LLC; (iii) $833,245 with respect to Joy Technologies Inc.; (iv) $15,246
with respect to American Alloy Company; (v) $326,258 with respect to
Harnischfeger Corporation; and (vi) $45,964 with respect to the Horsburgh
& Scott Company. (Harnischfeger Bankruptcy News, Issue No. 27; Bankruptcy
Creditors' Service, Inc., 609/392-0900)


HARVARD INDUSTRIES: Trading Under $5 per Share, Nasdaq Delists Common Stock
---------------------------------------------------------------------------
Harvard Industries, Inc. has been notified that the Nasdaq Stock Market has
delisted the company's commmon stock effective at the opening of business
on September 14, 2000 for failure to meet the minimum share bid price of
$5.00 per share. The company remains a reporting company under the
Securities and Exchange Commission's rules. Trading in the company's common
stock will now be conducted in the over-the-counter market and, on
application by broker-dealers, will be eligible for quotation on the OTC
Bulletin Board.  The OTC Bulletin Board is a regulated quotation service
that displays real-time quotes and last-sale price and volume information
in over-the-counter (OTC) equity securities.

Mr. Roger Pollazzi, Chairman and Chief Executive Officer of Harvard,
stated: "We will not let the delisting distract us from our primary
corporate goal of building value for our stockholders."


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

The company is currently developing a fully interactive, e-commerce ready
website. The company indicates this website will enable it to sell its
products and custom installation services to customers through the Internet
in its traditional market in the Metropolitan New York area. The company
plans to launch this new website in October 2000.

For the third fiscal quarter ended July 29, 2000, net sales totaled
$7,943,896, an increase of approximately $3,083,000 or 63.6% from the same
period last year. For the nine months ended July 29, 2000, net sales
totaled $26,382,426, an increase of approximately $10,081,000 or 62% from
the same period last year. The company's nine-month sales for fiscal 2000
of $26.4 million have far exceeded full year fiscal 1999 sales of $21.4
million.

While net income for the third fiscal quarter came in at a loss of $4,054
it was considerably reduced from the same period of 1999 when net loss was
$524,824. For the nine month period ended July 2000 the company reported a
net gain of $621,410, as compared to the same period 1999 result of a net
$310,710 loss.


INOTEK TECHNOLOGIES: David L. White Increases Equity Stake to 39%
-----------------------------------------------------------------
David L. White, currently a director of Inotek Technologies Corporation,
beneficially owns 1,795,525 shares of the common stock of the company,
representing 39.0% of the outstanding common stock of the company. Mr.
White holds sole voting and dispositive powers over the stock held.

On various dates throughout August 2000, Mr. White purchased, with personal
funds, an aggregate of 285,500 shares of Inotek common stock at an average
price of $0.80 per share.

At the 2000 annual meeting of stockholders of the company, Mr. White
intends to nominate from the floor of the meeting three nominees to the
Board of Directors, in place of certain of the company's nominees. Such
nomination, in the opinion of Mr. White, will cause the Board to be more
reflective of the ownership of the company and the Board of Directors will
be more involved in the company's day to day activities.

Mr. White has indicated he does not presently have any other specific plans
or proposals which relate to or would result in any extraordinary corporate
transaction, such as a merger, reorganization or liquidation, involving the
company or any of its subsidiaries. He indicates no present plans for any
of the following: a sale or transfer of a material amount of assets of the
company or any of its subsidiaries; any change in the present
capitalization or dividend policy of the company; changes in the company's
charter, bylaws or instruments or other actions which may impede the
acquisition of control of the company by any person; or any action similar
to any of those enumerated above; but reserves the right to propose or
undertake or participate in any of the foregoing actions in the future.


LAKE SHORE MOTORS: Atlas Partners Brings Trustee $3.5MM Stalking Horse Bid
--------------------------------------------------------------------------
The Honorable Eugene R. Wedoff will conduct an auction in open court on
Nov. 2 in the U.S. Bankruptcy Court for the Northern District of Illinois,
Eastern Division, for the sale of property located at 3434 North Ashland
Avenue, Chicago, Illinois, owned by Lake Shore Motors, Inc., dba Lake Shore
Mazda (Bankr. Case No. 00 B 12869).  

Chapter 11 trustee Alex D. Moglia has a $3.5 million stalking horse bid in
hand from Thunderbird Properties, LLC.  Competing bids, due by October 31,
2000, must provide for a purchase price that is not less than $3,675,000
and be accompanied by a $350,000 deposit.  Bidding at the auction will be
in $10,000 increments.  

Contact Biff Ruttenberg or Michael Small at Atlas Partners, LLC, 55 East
Monroe Street, Suite 1890, Chicago, Illinois 60603, Telephone (312) 755-
2546; Fax (312) 516-5710 for further information about the auction process
and relevant sale procedures. Mark L. Prager, Esq., Michael J. Small, Esq.,
and Jill L. Uylaki, Esq., at Foley & Lardner in Chicago serve as counsel to
the Chapter 11 Trustee.  

Atlas indicates that the Mazda dealership has closed and there are two
creditors whose liens are secured by the Real Estate: LaSalle Bank, N.A.
and the SBA.  There are numerous unsecured creditors.  Lake Shore's secured
debt is approximately $2.1 million.  With spirited bidding at the auction,
Atlas sees that unsecured creditors could wind up with a 100% payout.  


LAIDLAW, INC.: $550 Million Financing Announcement Sends Shares Up, Up, Up
--------------------------------------------------------------------------
After announcing $550 million in new financing this week, shares of the
troubled transportation company, Laidlaw, Inc. skyrocketed for two
consecutive days, The Canadian Press reports.  Company investors bought and
sold almost 3.2 million shares on the Toronto stock exchange.  The company
traded on a $20 margin before the financial misfortune.  Two years of
accumulated debt, amounting to $3 billion after acquiring its ambulance
services in Canada and the U.S., that operates hospital wards and 44% of
troubled South Carolina landfill owner, Safety-Kleen.  Laidlaw had
difficulties reducing its debt by selling its assets, during the Safety-
Kleen scandal in March.


LAIDLAW, INC.: Stephen Cooper Says a Free-Fall Filing Would be "Crazy"
---------------------------------------------------------------------
Stephen Cooper, Laidlaw's vice chairman and chief restructuring officer
and managing partner of Zolfo Cooper LLC, a New York-based consulting firm
specializing in restructurings and reorganizations, hosted a conference
call with the bondholders to discuss the company's current liquidity and
capital structure issues and why the company views the secured financing
facilities as substantially preferable to other available alternatives.

Mr. Cooper related that he came to Laidlaw in mid-July.  Fromt the day he
arrived, he has heard two questions: (A) when will Laidlaw file for
bankruptcy and (B) will Laidlaw file for chapter 11 or CCAA protection or
both.  As he looked at Laidlaw more closely each day, he became convinced
that a free-fall bankruptcy would be "crazy" at this juncture.  For 2000,
Laidlaw projects $550 to $600 million in EBITDA and $255 to $275 million in
free cash flows; for 2001, Laidlaw projects $575 million in EBITDA and $330
million in free cash flow.  Bankruptcy filings by Laidlaw's operating
companies would significantly impair

Laidlaw intends to work with its banks and bondholders closely to preserve
value and to complete an out of court restructuring that delivers 100% of
enterprise value to those creditor constituencies.  

Richard M. Cieri, Esq., at Jones, Day, Reavis & Pogue leads Laidlaw's legal
team.  The Informal Steering Committee, comprised of holders of notes under
the 1992 and 1997 indentures, is represented by Debevoise & Plimpton in the
United States and McCarthy Tetrault in Canada on the legal front and by
Eric Siegert at Houlihan Lokey Howard & Zulkin, providing the Committee
with financial advice.  

A replay of yesterday's conference is available shortly by dialing 800-558-
5253 toll-free and providing confirmation number 16444674.


LIVING.COM: Agrees with Texas Attorney General Not to Sell Customer List
------------------------------------------------------------------------
The Associated Press reports that bankrupt furniture retailer Living.com
reached a settlement with the Attorney General in Texas not to sell the
customer lists and consumers info. Awaiting the Bankruptcy Court's approval
it'll also settle a pending lawsuit filed by the state regarding the list
sale. Attorney General John Cornyn said from the start of the bankruptcy
filing, that the said sale was illegal. If settled, the court will appoint
a trustee to handle destroying the list.  Customers of the defunct retailer
will have a say on whether they'd be included on the sale of the list,
without the credit card, bank account or social security numbers.

Having more than 1,000 creditors, Living.com filed for bankruptcy
protection last month in Texas. The furniture e-tailer listed assets
between $1,000,001 and $10 million and debts between $10,000,001 and $50
million.


MIADORA, INC.: Online Jewelry Retail Shuts Down
-----------------------------------------------
Online jewelry seller Miadora, Inc., has shut down, The Wall Street Journal
reports, marking another high-profile dot-com failure. The company's Web
site at http://www.miadora.composts a message saying that the company "is  
no longer in business." Miadora, the Journal notes, acquired rival
Jewelry.com earlier this year and raised $20 million in a mezzanine round
of funding in April.


NATIONAL FINANCE: Two More Creditors Lend Support to Involuntary Filing
-----------------------------------------------------------------------
Two more creditors joined an involuntary bankruptcy proceeding against
National Finance Corp., the Halfmoon, N.Y., lender that closed its doors in
December, according to the Times Union. Fleet National Bank of Boston and
Nationwide Insurance Co. of Gainesville, Fla., have both filed petitions in
bankruptcy court to join in the bankruptcy filed against NFC last month.
Nationwide Insurance claims it is owed $2,604 by NFC.

It could not immediately be determined how much Fleet claims it is owed.
Rochester, N.Y., attorney Christopher Schueller, who is representing the
bank, could not be reached for comment.

SFX Sports Group Inc. of New York City, First American Credco of Poway,
Calif., and First American Flood Data Services of Austin, Texas, were the
original creditors to file against NFC, claiming they are owed more than
600,000. NFC employed telemarketers to sell mortgage loans to consumers
nationally, including people with spotty credit histories.

The company, which had been experiencing financial troubles, failed to find
a buyer and shut down a few days before Christmas. NFC also has been
granted an extension in its response deadline in the matter. The date,
which originally was Aug. 31, has been pushed back to Oct. 3.  
(ABI 22-Sep-00)


NUEVO ENERGY: Moody's Assigns B1 Rating To $150 Mln of 9.375% Sr Sub Notes
--------------------------------------------------------------------------
Moody's Investors Service assigned a B1 rating to Nuevo Energy's $150
million of 9.375% senior subordinated notes due 2010, and confirmed B1
senior subordinated ratings on $257 million of 9.50%'s due 2008 and $2.4
million of 9.50%'s due 2006, and a "b2" rating on Nuevo Financing I's $115
million of preferred stock (TECONS). Moody's does not rate a $410 million
secured bank revolver. Note proceeds will retire about $110 million of
secured revolver debt under the existing $300 million borrowing base, and
pre-fund capital expenditures. Pro-forma, the borrowing base will be
undrawn and will be reduced by the banks to around $200 million due to the
higher level of notes outstanding. The senior implied rating is Ba2 and the
senior unsecured issuer rating is Ba3. The outlook is stable.

The ratings are supported by a durable reserve life on proven developed
(PD) reserves of ten years, somewhat reduced downside price risk on
production due to a four year supply contract with Tosco Corporation (Baa2
senior unsecured rating) that effectively sets the price discount on
Nuevo's California production at 72% of West Texas Intermediate prices
(WTI), relatively low geological risk in its sizable California drilling
inventory, good scale and concentration of reserves contributing to Nuevo's
unit economics relative to that region, and diversification of reserves and
production by basins and geologic trends within California.

Still, while Nuevo has a long reserve life and relatively low geologic risk
in its California drilling and exploitation inventory, these benefits are
somewhat diluted by relatively high economic risk due to high unit
production costs and the deep discount to WTI that widens further during
price weakness. Nuevo's drilling inventory, reserve values and volumes, and
cash flows are very price sensitive. Its cost structure and price
sensitivity reduce its relative debt capacity and require a relatively low
debt burden on PD reserves and a relatively low unit interest and dividend
burden on production. Nuevo's cash flow cover of minimum reserve
replacement capex was deeply negative in the last price trough, but durable
production and the current capital and liquidity structure satisfactorily
cover $13.50/boe of unit production, G&A, interest, TECON dividends, and
reserve replacement costs relative to the Ba2 rating.

Overall, the ratings are restrained by an 87% concentration of production
in California with high unit operating costs and deep price discount to
WTI, by negative coverage of $13.50/boe in combined unit operating,
funding, and reserve replacement costs during price troughs, by rising
sequential quarterly debt levels during 2000, by some drilling delays and
disappointments in California, by declining quarterly production since 3Q99
(amounting to a 10% reduction in volume), by rising unit production costs,
and by potential event risk in the event Nuevo moves to establish a major
new core area of operations in a fashion that increases pro-forma leverage
on proven developed reserves. Nuevo's secondary recovery costs are energy
intensive, adding to economic risk, and have been impacted by currently
high natural gas and electricity prices.

Also, at a time when acquisitions and divestitures activity could pick-up
when commodity prices moderate and backwardation is reduced, Nuevo's
capacity to fund acquisitions without incurring increased leverage is
restrained by cash flows that are currently substantially reduced by hedges
that are far below current robust spot prices and by an indefinite delay in
Nuevo's plans to monetize its California real estate holdings. In addition,
price upside is further restrained by price sharing agreements with the
prior owners of Nuevo's Point Pedernales reserves in California and its
Congo reserves.

Moody's also observes that Nuevo bought back over $44 million of common
equity between August 1999 and June 2000. Cash flow available to fund
reserve growth is also restrained by Nuevo's need to fund about $250
million of capex needed to bring booked proven developed non-producing
(PDNP) and proven undeveloped reserves (PUD) to production, 73% of which
will be spent within three years. In later years, an estimated additional
$153 million of capex will be spent on plugging and abandonment costs.

During the last long oil price trough, Nuevo's liquidity was bolstered by
divesting its East Texas natural gas reserves for $192 million and by long-
lived reserves that moderate the impact on production of periods of under-
investment in reserve replacement capex. The current hedging was put in
place later in the trough when markets moved into contango. While the hedge
structure places a floor under cash flow, it also substantially postpones
Nuevo's realization of the subsequent price recovery.

Without the benefit of the Tosco contract or any hedging, Moody's estimates
that Nuevo would need benchmark West Texas Intermediate (WTI) prices in the
range of $22.50/barrel in order for its cash flow (weighted to California
heavy oil) to cover its $13.50/boe leveraged full-cycle cost structure.
With the Tosco contract, Nuevo reports that it is able to average a 72%
discount to WTI, implying that Nuevo would need about $18.50/barrel WTI in
order to break-even on full-cycle costs.

During 2Q00, production declined to 4.797mmboe, down 2.5% from 1Q00, 10%
from 3Q99, and 4.6% from 2Q99. Production costs rose to $7.14/boe, G&A
declined to $1.57/boe, interest plus TECON dividends rose to $2.12/boe, and
three-year average all-sources finding and development costs declined to
$2.81/boe.

At 6/30/00, total debt ($364 million) plus TECONS ($115 million) totaled a
moderate $2.31/boe on proven developed reserves. Total debt, plus TECONS,
plus over $400 million of pending capex for development of PDNP and PUD
reserves and for plugging and abandonment costs totaled a somewhat more
burdened $3.03/boe on total proven reserves. On June 30, 2000, total debt
plus TECONS to total book capital was a high 68%.

Over a price cycle, Nuevo's unhedged California oil production sells at a
discount ranging from a low of about 52% to a high of about 80% of WTI, and
averages about 65% of WTI through the cycle. Nuevo's lowest annual average
discount was about 60%. And reflecting high operating leverage, from price
peak to trough, Nuevo's SECPV10 declined 78% from $1.359 billion on
12/31/96 reserves of 252mmboe to $300 million on 12/31/98 reserves of
257mmboe, before rising to $1.245 billion on 12/31/99 reserves of 289mmboe.

Large portions of Nuevo's reserves can migrate in and out of the proven
category during the price cycle as the economic limit of long-lived
reserves is impacted by prices. Nevertheless, the market value of these
reserves is far more stable than indicated by SECPV10 values since they
would be sold into more stable long-term price expectations, whereas
SECPV10 values are calculated using a flat price from realized prices at a
calendar or fiscal year-end.

Nuevo's California heavy oil concentration mandates a low debt per barrel
of reserves. As configured, Moody's does not expect Nuevo to have an
ability to internally reduce debt, or fund growth capex, from internal
funds unless WTI is above $20/barrel. Prospects for prices comfortably
above this level look favorable over the next year.

The 1999 $61 million acquisition of 33.7mmboe of onshore and offshore
California reserves from Texaco intensified Nuevo's holdings, especially in
the Cymric field, added about 5,000 barrels/day of production, and
augmented the firm's drilling inventory. However, a very high 59% of the
purchased reserves was in the PUD category and required about $40 million
of added capex to bring to production. The fully loaded unit cost of this
acquisition approximated $3/boe.

Nuevo Energy Company is headquartered in Houston, Texas. About 87% of
production is generated in California, 3% along the U.S. Gulf Coast, and
10% offshore West Africa.


ORBCOMM GLOBAL: Bankruptcy Court Approves $4M DIP Financing from Teleglobe
--------------------------------------------------------------------------
Orbcomm Global L.P. won bankruptcy court approval to borrow up to $4
million from an affiliate of majority owner Teleglobe Inc. pending an Oct.
10 final hearing on its full $17 million debtor-in-possession loan. Citing
a "critical" need for the financing, the satellite manufacturer said in a
motion filed last week that it anticipates negative cash flows for at least
the next several quarters, despite "substantial" efforts to cut costs and
expenses. During the last few months, Orbcomm Global and certain
subsidiaries reduced their head count dramatically, including a nearly 40%
cut across their businesses in early to mid-August alone, according to the
motion.  (ABI 25-Sep-00)


PRISON REALTY: REIT Will Pay Dividend in Preferred Stock
--------------------------------------------------------
Prison Realty Trust, Inc. (NYSE:PZN) announced on Friday, September 22,
2000 it issued the previously-announced dividend for common stockholders of
record on September 14, 2000.

The dividend, payable in shares of Prison Realty's Series B Cumulative
Convertible Preferred Stock, is in connection with Prison Realty's election
to be taxed and qualify as a real estate investment trust, or REIT, for
federal income tax purposes with respect to its 1999 taxable year.

Prison Realty reiterated today that the shares of the Series B Preferred
Stock will be convertible, at the option of the holder, into shares of
Prison Realty's common stock during two separate conversion periods:  (i)
from Monday, October 2, 2000 to Friday, October 13, 2000; and (ii) from
Thursday, December 7, 2000 to Monday, December 20, 2000, at a conversion
price based on the average closing price of Prison Realty's common stock on
the NYSE during the 10 trading days prior to the first day of each
applicable conversion period.

In addition, pursuant to the Articles Supplementary to Prison Realty's
Charter filed with the state of Maryland, Prison Realty announced that the
conversion price used to determine the number of shares of Prison Realty's
common stock issuable upon conversion of the Series B Preferred Stock would
be not less than $1.00.  The floor on the conversion price is designed to
establish a reasonable limit on the number of shares of common stock
issuable upon conversion of the Series B Preferred Stock.

Each share of Series B Preferred Stock will be convertible into such
number of shares of Prison Realty common stock equal to the quotient
obtained by dividing $24.46 (the stated price of each share of Series B
Preferred Stock) by the average closing price of Prison Realty's common
stock established for the conversion period.  By way of example only, if
the average closing price of Prison Realty 's common stock on the NYSE
during the 10 trading days prior to the first day of the applicable
conversion period is $1.50 per share, each share of Series B Preferred
Stock will be convertible into 16.3 shares of Prison Realty common stock.  
In the event that the average closing price during the 10 day trading
period is less than $1.00 per share, then the number of shares of common
stock issuable upon conversion shall be computed on the basis of such $1.00
per share floor price.

On September 12, 2000, the Company announced shareholder approval of the
merger of Prison Realty with its primary tenant Corrections Corporation of
America.  The merger is expected to close on or before September 30, 2000.  
The companies operating under the "Corrections Corporation of America" name
provide detention and corrections services to governmental agencies.  The
companies are the industry leader in private sector corrections with
approximately 70,000 beds in 77 facilities under contract or under
development and ownership of 50 facilities in the United States, Puerto
Rico and the United Kingdom.  The companies' full range of services
following the merger include design, construction, ownership, renovation
and management of new or existing jails and prisons, as well as long
distance inmate transportation services.


RAYTECH CORPORATION: 3 Conditions to Effective Date Need to be Satisfied
------------------------------------------------------------------------
As previously reported, on March 10, 1989, Raytech Corporation filed a
voluntary petition for relief under Chapter 11 of Title 11 of the United
States Code with the United States Bankruptcy Court for the District of
Connecticut. Since the petition date, the company has operated its business
as debtor in possession in accordance with the provisions of the Bankruptcy
Code.

On August 31, 2000, the Bankruptcy Court entered an Order Confirming
Raytech Corporation's Second Amended Plan of Reorganization. The
"effective date of the plan," as used in the Bankruptcy Code, shall not
occur until the satisfaction of certain conditions precedent. The Plan was
proposed jointly by Raytech, the Official Committee of Unsecured Creditors,
the Guardian ad litem for Future Claimants, the Connecticut Department of
Environmental Protection and the United States Environmental Protection
Agency and the Official Committee of Equity Holders in an agreement signed
in October 1998 providing for the basic terms of a consensual plan of
reorganization.

As previously reported, Orders of various courts have held the company
liable as a successor to Raymark Industries, Inc. for asbestos-related
personal injury claims and environmental claims of the Governments
amounting to an estimated $7.2 billion in total liabilities.

The Plan is based on a settlement providing for an exchange of allowed API
Claims estimated to be $6.76 billion and allowed Environmental Claims of
$432 million for 90% of the common stock of Raytech with existing equity
holders in the company retaining 10% of the common stock in the company. In
accordance with the Plan, all present and future API Claims will be assumed
and resolved by an independently administered claims trust. On the
Effective Date, a channeling injunction ordered by the Bankruptcy Court
under Section 24(g) of the Bankruptcy Code will permanently and forever
stay, enjoin and restrain any asbestos-related claims against the company,
thereby channeling such claims to the PI Trust for resolution.

The Plan provides for the classification and treatment of all claims and
equity interests and on the Effective Date the rights afforded and the
treatment of all claims and equity interests in the Plan shall be in
exchange for and in complete satisfaction, discharge and release of all
claims and equity interests against Raytech.

The total assets of the company July 2000 month-end of $235.5 million
consist of investments in subsidiaries of $93 million and a deferred tax
asset of $141 million. The total liabilities as of that date consist of
liabilities subject to compromise of $7.2 billion offset by negative equity
of $7.0 billion.

The Effective Date of the Confirmation Order is subject to the following
conditions precedent: (a) The Bankruptcy Court and United States District
Court shall have entered an order or orders establishing the asbestos
personal injury permanent channeling injunction and the claims trading
injunction, (b) the enabling agreement of the PI Trust is signed and in
effect and (c) certain favorable rulings have been obtained from the
Internal Revenue Service concerning the Plan or in lieu thereof opinions of
counsel. The date of fulfillment of the referenced conditions and the
Effective Date are unknown at this time.


SAFETY-KLEEN: Fourth Circuit Directs that Pinewood Landfill Should Close
------------------------------------------------------------------------
Safety-Kleen Corp. on Friday lost its federal appeals court bid to continue
operating a landfill near Lake Marion, SC while it challenges state closure
of the operation. The ruling by the 4th U.S. Circuit Court of Appeals in
Richmond, Va., poses a potentially financial blow to Safety-Kleen and a
victory for environmentalists in their long efforts to close the site. The
Pinewood landfill will close on Monday, the state Department of Health and
Environmental Control said. Safety-Kleen is responsible for future cleanup
at the site -- estimated at $130 million. (New Generation Research, Inc.
25-Sep-00)


SEMI-TECH: Confirmation Hearing on Liquidation Plan Scheduled for Nov. 9
------------------------------------------------------------------------
The U.S. Bankruptcy Court approved the Disclosure Statement, related to the
First Amended Plan of Liquidation, for Semi-Tech Corp. and filed by the
Company's official committee of unsecured creditors. The Court further
scheduled a November 9th hearing to consider confirming the related Plan of
Liquidation., which was filed with the Court on September 18th. The Company
has been operating under Chapter 11 protection since September 7, 1999.
(New Generation Research, Inc., 25-Sep-00)

Canadian-based company along with two of its subsidiaries, filed for
protection from creditors under Chapter 11 of the United States Bankruptcy
laws on September 7, 1999. Semi-Tech's petition was filed in the United
States Bankruptcy Court for the Southern District of New York shortly after
two of its affiliates, Graeme Limited and ISTM Investments (Barbados) Inc.,
filed similar petitions.


STAGE STORES: Texas Court Extends Exclusive Period through March 31, 2001
-------------------------------------------------------------------------
Stage Stores Inc. announced that the U.S. Bankruptcy Court for the Southern
District of Texas approved the Company's request to extend its exclusive
period during which to file a plan of reorganization through March 31,
2001.

Jack Wiesner, chairman of the board of directors, commented, "The extension
of the exclusivity period through March 31, 2001 will allow the Company to
continue to develop and implement its restructuring plan."

Stage Stores Inc. brings nationally recognized brand name apparel,
accessories, cosmetics and footwear for the entire family to small towns
and communities throughout the United States. The company currently
operates stores under the Stage, Bealls and Palais Royal names.


STROUDS, INC.: Nasdaq Stock Market Notifies Company Common to be Delisted
-------------------------------------------------------------------------
Strouds, Inc. announced that the Nasdaq Stock Market has notified it that
Nasdaq will delist the Company's common stock from the Nasdaq National
Market at the opening of business on October 3, 2000.

Nasdaq told the Company that it took this action because the Company no
longer met the criteria for continued listing and as a consequence of the
Company's voluntary Chapter 11 filing on September 7, 2000.

The Company is hopeful that trading in the common stock may resume on an
alternate exchange or market, although there can be no assurance that any
such trading will develop. Strouds said that shareholders seeking to trade
in the common stock should consult their financial advisors.

The Company filed its voluntary petition for reorganization under Chapter
11 in the U.S. Bankruptcy Court for the District of Delaware in Wilmington.
Strouds, Inc., the Linen Experts(R), is a specialty retailer of bed, bath,
tabletop and other home textile products. The Company currently operates 70
stores in five states and also markets its home products through its web
sites, www.linenexperts.com and www.strouds.com.


STROUDS, INC.: John Brincko Hired as Interim President & CEO
------------------------------------------------------------
Strouds, Inc., in a key step in its reorganization process, announced that
it has placed Chairman and Chief Executive Officer Charles R. Chinni on
paid administrative leave, by mutual agreement, effective immediately,
pending review of the status of his employment contract and the status of
his relationship with the Company in light of its voluntary restructuring
under Chapter 11.

The Company also announced the appointment of turnaround specialist John P.
Brincko as Interim President and Chief Executive Officer with
responsibility for the direction and operation of the business, and the
return of founder Wilfred C. "Bill" Stroud, Jr. as Acting Chairman of the
Board.

Mr. Brincko, principal of Brincko Associates, Inc., the turnaround and
corporate renewal firm which Strouds retained as financial restructuring
advisors, brings extensive turnaround and restructuring experience in the
retail industry. He is assisted by Brincko associates Thomas S. Paccioretti
and Thora Thoroddsen.

Mr. Stroud, who with his wife Joyce opened the first Strouds store in
Pasadena, Calif. in 1979, retired as Chairman in February 1999, and has
since served as Chairman Emeritus.

The Company also announced the reinstatement of Gary Van Wagner as Chief
Financial Officer, succeeding Thomas W. Hanlon, who was appointed interim
CFO on July 6, 2000.

"Given the serious issues Strouds faces as we move forward with our
reorganization initiatives, we believe the Company will best be served by a
leadership team with extensive experience in retail restructuring," the
Strouds Board of Directors stated. "With the combination of Bill Stroud's
industry knowledge and John Brincko's expertise at running the day-to-day
operations of the Company, we have the highest degree of confidence that
Strouds can fulfill its restructuring initiatives."

The Company filed its voluntary Chapter 11 petition in the U.S. Bankruptcy
Court for the District of Delaware in Wilmington on September 7, 2000.
Strouds has received a commitment for up to $50 million in debtor-in-
possession (DIP) financing from The CIT Group/Business Credit and Foothill
Capital Corporation to fund its operations during the restructuring. The
final hearing on the DIP agreement is scheduled October 5, 2000.

Strouds, Inc., the Linen Experts(R), is a specialty retailer of bed, bath,
tabletop and other home textile products. The Company currently operates 70
stores in five states and also markets its home products through its web
sites, www.linenexperts.com and www.strouds.com.


VIDEO UPDATE: Video Retailer Closes Ten Stores Amid Chapter 11 Proceedings
--------------------------------------------------------------------------
Already in Chapter 11 proceedings, Video Update, Inc. (OTCBB:VUPDA),
announces the closure of seven of its estimated 16 Metroplex rental stores
and three in Tarrant County, The Fort Worth Star-Telegram reports. North
Richland Hills and Fort Worth stores was included in the closure, together
with two stores in Lewisville and one each in Flower Mound and Coppell.
Company officers did not comment when called.

The video retailer filed for bankruptcy protection in U.S. Bankruptcy Court
in Wilmington, Del. It listed $129.4 million in assets and $210.3 million
in debts.


WEST STATES: Case Summary and Largest Unsecured Creditor
--------------------------------------------------------
Debtor: West States MGT Serv Ltd
         4129 West Cheyenne Avenue
         Suite A
         N. Las Vegas, NV 89032

Chapter 11 Petition Date:  September 22, 2000

Court: District of Nevada

Bankruptcy Case No.: 00-32759

Judge: Gregg W. Zive

Debtor's Counsel: Jefrey H. Hartman, Esq.
                   Hartman & Armstrong, Ltd.
                   427 West Plumb Lane
                   Reno, Nevada 89509

Total Assets: $ 1 Million Above
Total Debts : $ 1 Million Above

Largest Unsecured Creditor:

Wesley Adams
4129 W. Cheyenne Avenue
Suite A
N. Las Vegas, NV 89032                                 $ 700,000


* Meetings, Conferences and Seminars
------------------------------------
October 17-18, 2000
    INTERNATIONAL WOMEN'S INSOLVENCY
    AND RESTRUCTURING CONFEDERATION
       Annual Fall Conference
          Somewhere in Boston, Massachusetts
             Contact: bostwick@sherin.com
  
November 2-6, 2000
    TURNAROUND MANAGEMENT ASSOCIATION
       Annual Conference
          Hyatt Regency, Baltimore, Maryland
             Contact: 312-822-9700 or info@turnaround.org

November 13-14, 2000
    FULCRUM INFORMATION SERVICES, INC.
       The 2nd Annual Lending To & Investing In
       Troubled Health Care Companies
          Loews New York Hote, New York, New York
             Contact: 1-800-869-4302 or www.fulcruminfo.com

November 16-20, 2000
    COMMERCIAL LAW LEAGUE OF AMERICA
       80th Annual New York Conference
          Marriott World Trade Center, New York City
             Contact: CLLAmember@aol.com

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

January 9-14, 2001
    LAW EDUCATION INSTITUTE, INC.
       National CLE Conference on Bankruptcy Law
          Marriott, Vail, Colorado
             Contact: 1-800-926-5895 or www.lawedinstitute.com
    
February 22-23, 2001
    ALI-ABA
       Commercial Real Estate Defaults, Workouts,
       and Reorganizations
          Wyndham Palace Resort, Orlando
          (Walt Disney World), Florida
             Contact: 1-800-CLE-NEWS

February 25-28, 2001
     NORTON INSTITUTES ON BANKRUPTCY LAW
        Norton Bankruptcy Litigation Institute I
           Marriot Hotel, Park City, Utah
              Contact: 770-535-7722 or Nortoninst@aol.com

February 28-March 3, 2001
    TURNAROUND MANAGEMENT ASSOCIATION
       Spring Meeting
          Hotel del Coronado, San Diego, CA
             Contact: 312-822-9700 or info@turnaround.org

March 28-30, 2001
    RENAISSANCE AMERICAN MANAGEMENT & BEARD GROUP, INC.
       Healthcare Restructurings 2001
          The Regal Knickerbocker Hotel, Chicago, Illinois
             Contact: 1-903-592-5169 or ram@ballistic.com   

March 29-April 1, 2001
    NORTON INSTITUTES ON BANKRUPTCY LAW
       Norton Bankruptcy Litigation Institute II
          Flamingo Hilton; Las Vegas, Nevada
             Contact: 1-770-535-7722 or Nortoninst@aol.com

April 19-21, 2001
    ALI-ABA
       Fundamentals of Bankruptcy Law
          Some Hotel in San Francisco, California
             Contact: 1-800-CLE-NEWS

June 28-July 1, 2001
     NORTON INSTITUTES ON BANKRUPTCY LAW
        Western Mountains, Advanced Bankruptcy Law
           Jackson Lake Lodge, Jackson Hole, Wyoming
              Contact:  770-535-7722 or Nortoninst@aol.com

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 Wednesday.  Submissions via e-mail to
conferences@bankrupt.com are encouraged.  

                               *********

Bond pricing, appearing in each Monday's edition of the TCR, is provided by
DLS Capital Partners in Dallas, Texas.

A list of Meetings, Conferences and Seminars appears in each Wednesday's
edition of the TCR. Submissions about insolvency-related conferences are
encouraged. Send announcements to conferences@bankrupt.com.

Each Friday's edition of the TCR includes a review about a book of interest
to troubled company professionals. All titles available from Amazon.com --
go to http://www.amazon.com/exec/obidos/ASIN/189312214X/internetbankrupt--  
or through your local bookstore.

For copies of court documents filed in the District of Delaware, please
contact Vito at Parcels, Inc., at 302-658-9911. For bankruptcy documents
filed in cases pending outside the District of Delaware, contact Ken Troubh
at Nationwide Research & Consulting at 207/791-2852.


                               *********

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, Ronald Ladia, Zenar Andal, and Grace
Samson, 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 * * *