TCR_Public/001017.MBX              T R O U B L E D   C O M P A N Y   R E P O R T E R

                Tuesday, October 17, 2000, Vol. 4, No. 203
  
                                Headlines

919 FEE ASSOCIATES: Chapter 11 Plan Confirmed & Ready for Consummation
AIR CANADA: CBRS Reaffirms BB Unsecured Debenture Rating & Negative Outlook
AMERICAN ECO: Taps Rabin Brothers as Auctioneers
AMERICAN METROCOMM: Creditors' Committee Names Professionals
AMERISERVE FOOD: Outlines Road to Confirmation by Late November

AMERISERVE: Chicago & Mexican Assets Fetch $17,500,000 for Estate
AUTORESEARCH LABORATORIES: Case Summary and 20 Largest Unsecured Creditors
BOB AND JEAN'S: Case Summary and 19 Largest Unsecured Creditors
BREED TECHNOLOGIES: Management Shake-Up Follows Filing of Chapter 11 Plan
CAMBEX CORPORATION: Delivers Registration Statement for 50.3% of Shares

CELLNET DATA: Schlumberger Debates Ownership of BCN Royalty Payments
CENTER MUTUAL: S&P Assigns BBpi Financial Strength Rating to Insurer
COSTILLA ENERGY: Advises Court & Creditors that Plan Took Effect on Oct. 1
DENBURY RESOURCES: Appoints 60% Shareholder as New Director
FREDERICK'S OF HOLLYWOOD: Proposes $865,000 Key Employee Incentive Plan

GLOBALSTAR TELECOMMUNICATIONS: Partners Agree to Purchase Equity for $56MM
GOLDEN STAR: Appealing American Stock Exchange's Decision to Delist Shares
GRAEME LIMITED: Court Approves Disclosure Statement for One-Penny Plan
HASBRO, INC.: Moody's Lowers Long & Short Term Rating To Baa1 & Prime-2
HMKR, INC.: Court Fixes October 27 as Deadline for Filing Proofs of Claim

IGI, INC.: Completes Sale of Poultry Vaccine Business for $14,800,000
IGI, INC.: Discloses Director & Officer Changes
KAISER GROUP: Subsidiary Announces Exchange Offer Extended to Oct. 27, 2000
LAIDLAW, INC.: Extends Solicitation Deadline to 5:00 p.m. Tomorrow
LANGSTON CORPORATION: Employs Berwind Financial as Investment Banker

LIVENT, INC.: Confirmation Hearing on 3rd Amended Plan Set for Nov. 15
LUMBER INSURANCE: A.M. Best Downgrades Financial Strength Rating To B
NATIONAL BOSTON MEDICAL: Claims Bar Date Set at November 20, 2000
ORIX CREDIT: Fitch Affirms BBB+ & F2 Long And Short Term Debt Ratings
OUTBOARD MARINE: Moody's Junks Ratings on Unsecured Note Issues

PACER TECHNOLOGY: Shareholders Will Convene for Annual Meeting on Nov. 21
PRECISION AUTO: Announces Completion of Refinancing and Year-End Results
PSA, INC.: Selects Finley, Colmer and Company as Financial Advisor
RIVER'S EDGE: Case Summary
RIVERWOOD INTERNATIONAL: Sells Latin American Subsidiary to Pay Down Debts

SCOUR, INC.: Web Host Faces $250 Billion of Video Pirating Claims
SHOWSCAN ENTERTAINMENT: Seeks To Extend Lease Decision Period to January 12
SMALLWORLDWIDE PLC: 98% of Shareholders Tender Shares to GE Power Systems
STROUDS, INC.: U.S. Trustee Will Conduct Meeting of Creditors on Nov. 3
STROUDS, INC.: Delaware Court Gives Nod to $50M DIP Financing Agreement

TITANIUM METALS: Ratifies New Four-Year Collective Bargaining Agreement
US WOOD: Obtains Extension of 365(d)(4) Deadline to January 27
WASTE MANAGEMENT: Names Bradley Holcomb as VP & Chief Procurement Officer
WHX CORP: Tinkers with the Terms of Senior Noteholder Solicitation
WSR CORPORATION: Asks for Extension of Exclusive Period through January 8

XEROX CORP.: Fitch Downgrades Sr Debt Rating To BBB- & On Watch Negative

                                *********


919 FEE ASSOCIATES: Chapter 11 Plan Confirmed & Ready for Consummation
----------------------------------------------------------------------
919 Fee Associates LP and 919 Third Avenue Associates LP, debtors filed
voluntary petitions for relief under Chapter 11 on July 28, 2000.
The US Bankruptcy Court, Southern District of New York entered an order on
October 3, 2000 approving the Disclosure Statement and the debtors'
solicitation of votes with respect to the plan. The Confirmation Hearing
was held on October 3, 2000, and the plan was confirmed. On the Effective
Date, the aggregate amount of $11,178,763 that is reserved in the Escrow
Account to fund the payment of allowed general unsecured claims shall be
reserved from the cash collateral account in order to pay all allowed
administrative expenses, allowed priority tax claims, allowed priority
claims and allowed general unsecured claims.


AIR CANADA: CBRS Reaffirms BB Unsecured Debenture Rating & Negative Outlook
---------------------------------------------------------------------------
CBRS has reaffirmed the rating on Air Canada's (AC) Unsecured Debentures at
BB. The Company is in the process of integrating Canadian Airlines
International (CAI), acquired last year at a cost of approximately $3
billion, consisting primarily of debt. The acquisition has left AC with a
much weaker credit profile and this is expected to be the case for the
next couple of years. As a result of the integration of CAI, AC now
controls over 80% of domestic traffic. The Company will be in a position to
double its cash flow and service its enormous debt load more comfortably.
The Company recently warned of a second half earnings' shortfall, due to
higher fuel, labour and integration costs, (a significant portion of which
were one-time expenses) as well as foregone revenues associated with the
threat of a pilots' strike. Therefore, given the potential of weaker
operating results coupled with AC's vulnerable financial condition, the
Rating Outlook is revised to Negative from Stable.

Corporate Profile Air Canada, combined with CAI is the world's 11 th
largest airline, with major hubs in Toronto, Montreal and Vancouver,
serving over 200 destinations on 5 continents with a fleet of over 370
aircraft. The Company is an original member of The Star Alliance, the
world's most comprehensive airline partnership.

Credit Strengths
  
    a) Competitive position: dominant domestic market share and growing
        high-margin transborder operations

    b) Cash flow expected to double by 2001, aided by CAI contribution and
        shift from domestic to transborder and international capacity

    c) Synergies to be extracted from CAI conservatively projected

    d) Workforce stability given recent settlements

    e) Relatively light fleet requirements

    f) New T2 hub at Toronto's Pearson airport to solidify stranglehold on
        Canadian market by 2003

Credit Risks

    a) One of the weakest balance sheets of all North American carriers

    b) Very high leverage, even by historical standards, exacerbated by the
        CAI merger and new accounting conventions

    c) Rising unit fuel and labour costs

    d) Potential pressure on transborder yields with entry of America West
        into Toronto and SouthWest Air into Buffalo, NY

    e) A quasi-monopolistic domestic market position resulting in more
        government scrutiny and the additional burden of allaying public
        opinion


AMERICAN ECO: Taps Rabin Brothers as Auctioneers
------------------------------------------------
American Eco Holding Corp., et al. seeks court authority to retain Rabin
Brothers Auctioneers as Auctioneer to the debtors.  The debtors ask the
Honorable Sue L. Robinson for authority to employ and retain Rabin Brothers
Auctioneers in association with Capital Recovery Group as their auctioneer
and sales consultant to sell certain assets of debtor Turner Group, Inc.,
which includes CA Turner Construction Company and Lake Charles Construction
Company and authorization to sell certain assets at public auction
including excess or obsolete furniture, equipment and vehicles no longer
necessary to the operation of the debtors' businesses. The auctioneer has
agreed to pay the debtors a guaranteed price of $260,000. The auctioneer
will receive 10% of gross auction sales, and a 10% buyer's premium charged
to each buyer of any asset. The auctioneer shall retain the first $35,000
above the guaranteed amount as reimbursement for its auction costs.


AMERICAN METROCOMM: Creditors' Committee Names Professionals
------------------------------------------------------------
The Official Committee of Unsecured Creditors of American Metrocomm
Corporation, et al. seeks court authority to retain Arthur Andersen LLP as
financial advisors tot he Committee with the US Bankruptcy Court, Delaware.

The firm will render the following professional services inter alia:

    -- Analyze and assist in developing and preparing business plans and
        financial projections;

    -- Assist the Committee is assessing strategic options;

    -- Analyze potential preference payments, fraudulent conveyances and
        other causes of action;

    -- Analyze and assist in the development and the negotiation of the plan
        of reorganization;

    -- Analyze the documents necessary for the confirmation of a plan in
        this proceeding, including the disclosure statement, liquidation
        analysis and business plan model;

    -- Advise and asset the Committee in reviewing plan provisions with a
        focus on maximizing potential credit recoveries;

    -- Render expert testimony, if necessary, on behalf of the Committee;

    -- Advise and assist on reorganization tax issues;

    -- Attend, when necessary, court hearings;

    -- Perform any other services that the Committee or their counsel deem
        necessary.

The firm will charge its customary hourly rates, which range as follows:

                   Partner/Principal             $420-$600
                   Director/Manager              $330-$490
                   Senior Associate              $230-$310
                   Associate                     $170-$220
                   Analyst                       $120-$150

The Committee also seeks appointment of Young Conaway Stargatt & Taylor,
LLP as counsel to the Committee effective August 30, 2000. The firm will
provide legal advice to the Committee with respect to its powers and
duties, and will assist the Committee in evaluating the various pleadings,
investigating the conduct of the debtor, and assisting the committee in
evaluating any plan of reorganization. The firm will appear in court on
behalf of the committee.

The firm will charge its customary hourly rates for its services. They
range from $250 per hour to $315 per hour.


AMERISERVE FOOD: Outlines Road to Confirmation by Late November
---------------------------------------------------------------
AmeriServe Food Distribution, Inc. announces that the United States
Bankruptcy Court in Wilmington, Del., has approved an extension of the
maturity date of the DIP financing facility to and including October 30,
2000. The court also authorized further DIP financing extensions past
October 30, 2000, that are agreed to in the future by AmeriServe and its
DIP lenders.

In addition, the Bankruptcy Court approved the bidding procedures and
protections in connection with the sale to McLane Company. The Court has
set the following initial schedule for the Plan of Reorganization filed by
AmeriServe in connection with the sale to McLane Company:

    October 16, 2000  --   Hearing to Approve Plan of Reorganization
                           Disclosure Statement and Solicitation
                           Procedures

    October 26, 2000  --   Auction Date (if other bidders for AmeriServe)

    November 17, 2000 --   Hearing to Approve Assumption/Assignment/
                           Rejection of Executory Contracts and Leases

    November 28, 2000 --   Hearing to Approve Plan of Reorganization
                           Confirmation
                           Hearing to Approve Sale to McLane (or higher and
                           better bidder)
                           Hearing to Resolve Administrative Claims

AmeriServe, headquartered in Addison, Texas, a suburb of Dallas, is one
of the nation's largest distributors specializing in chain restaurants,
serving leading quick service systems such as KFC, Long John Silver's,
Pizza Hut and Taco Bell.


AMERISERVE: Chicago & Mexican Assets Fetch $17,500,000 for Estate
-----------------------------------------------------------------
AmeriServe Food Distribution, Inc. has signed an agreement to sell the
assets of Chicago Consolidated Corporation to Consolidated Distribution
Corporation for approximately $12,500,000 (subject to certain adjustments
relating to inventory levels). CCC is AmeriServe's redistribution company.

In a separate transaction, AmeriServe and CCC signed an agreement to sell
the stock of PFS de Mexico S.A. de C.V. and Servicios AmeriServe, S.A. de
C.V. to Pacific Star, S.A. de C.V. and Pacific Star Holding, S.A. de C.V.
for approximately $5,000,000 (subject to certain adjustments relating to
working capital). PFS de Mexico and Servicios AmeriServe are AmeriServe's
distribution companies in Mexico.

"These transactions are another positive step forward in AmeriServe's
ongoing efforts to maximize value to our creditors, while continuing to
serve our customers and employees well," said Ron Rittenmeyer, AmeriServe's
President and Chief Executive Officer. Both the CCC asset sale and the
Mexican stock sales are subject to, among other conditions, U.S. Bankruptcy
Court approval.

AmeriServe, headquartered in Addison, Texas, a suburb of Dallas, is one of
the nation's largest distributors specializing in chain restaurants,
serving leading quick service systems such as KFC, Long John Silver's,
Pizza Hut and Taco Bell.


AUTORESEARCH LABORATORIES: Case Summary and 20 Largest Unsecured Creditors
--------------------------------------------------------------------------
Debtor: Autoresearch Laboratories, Incorporated
         6735 S. Old Harlem Avenue
         Chicago, IL 60638

Type of Business: Commercial testing laboratory, mainly for automotive
                   industry products.

Chapter 11 Petition Date: October 10, 2000

Court: Northern District of Illinois - Eastern Division

Bankruptcy Case No.: 00-29573

Judge: John D. Schwartz

Debtor's Counsel: James P. Wognum, Esq.
                   122 S. Michigan Ave., Suite 1290
                   Chicago, IL 60603
                   (312) 427-5427

Total Assets: $ 4,016,011
Total Debts : $ 3,292,169

20 Largest Unsecured Creditors:

ETMC Carnegie Mellon
  University                     Trade Debt-reference oil          $ 141,359

Dana Corporation                Trade Debt-axles                  $ 111,669

John Baudino                    Deferred Salary     $ 92,084

Comed                           Utility Service                    $ 79,011

Mosbeck Industrial Equipment    Trade Debt                         $ 61,423

F.J. Blatz                      Trade Debt-consultant              $ 47,619

Castle Engineering Co.          Trade Debt                         $ 37,312

Test Engineering, Inc.          Trade Debt-test parts              $ 33,538

Nicor                           Utility                            $ 31,899

Specified Fuels                 Trade Debt-test fuel               $ 28,399

Amoco Oil Co.                   Trade Debt-test                    $ 26,230

Village of Bedford Park         Utility                            $ 22,506

Merrill Lynch                   Employee Healthcare
                                  funding                           $ 22,220

Bearcat Leasing Corp.           Equipment lessor                   $ 21,733

N.M.M.A.                        Trade Debt-test regist.            $ 18,058

Amstein & Lehr                  Legal Services                     $ 15,255

Darns & Moore                   Trade Debt                         $ 13,990

Richard A. Sholts               Trade Debt                         $ 13,800

McDermott, Will & Emery         Legal services                     $ 13,776

Distinctive Business
  Products                       Equipment lessor                   $ 10,919


BOB AND JEAN'S: Case Summary and 19 Largest Unsecured Creditors
---------------------------------------------------------------
Debtor: Bob and Jean's, Inc., D/B/A St. Croix Custom Cruises
         3045 Hunter Drive
         Medina, Minnesota 55340

Type of Business: St. Croix Custom Cruises operates charted and public boat
                   cruise services including food and liquor operations in
                   Tampa, Florida and Prescott, Wisconsin.

Chapter 11 Petition Date: October 6, 2000

Court: District of Minnesota

Bankruptcy Case No.: 00-34084

Judge: Chief Judge Gregory F. Kishel

Debtor's Counsel: Steven H. Silton, Esq.
                   821 Marquette Avenue
                   Suite 901
                   Minneapolis MN 55402
                   (612) 359-6142

Total Assets: $1,629,614.37
Total Debts : $1,202,258.61

19 Largest Unsecured Creditors:

MBNA                              Credit Card Purchases         $ 19,133

Bank of America                   Credit Card Purchases          $ 8,510

Universal Card                    Credit Card Purchases          $ 8,452

Chase                             Credit Card Purchases          $ 6,668

US West Dex                                                      $ 6,195

First Card                        Credit Card Purchases          $ 6,104

Florida Dept. Rev/Sales Tax                                      $ 5,843

Choice                            Credit Card Purchases          $ 5,305

Visa                              Credit Card Purchases          $ 4,850

Wisconsin Dept. of Revenue                                       $ 4,000

MBNA                              Credit Card Purchases          $ 3,963

Advanta                           Credit Card Purchases          $ 3,672

GTE Advertising                                                  $ 3,259

A-1 Printers                                                     $ 3,000

Hubbard's Marina                                                 $ 2,224

AT&T Universal Card               Credit Card Purchases          $ 1,073

Island Oasis                                                     $ 1,055

Emily Sherry                      Wages                            $ 964

Florida Suncoast Tourism                                           $ 900


BREED TECHNOLOGIES: Management Shake-Up Follows Filing of Chapter 11 Plan
-------------------------------------------------------------------------
Breed Technologies, Inc., one of the world's largest automotive occupant
restraint suppliers, intends to file an amended Plan of Reorganization in
connection with its pending Chapter 11 bankruptcy proceeding, which
provides for an internal restructuring of its business and a nearly one
billion dollar reduction in the company's outstanding debt.

The company also announced that John Riess, a member of Breed's Board of
Directors and the former Chairman of the Board and Chief Executive Officer
of Gates Rubber Company, has been named the company's Chief Executive
Officer replacing Johnnie Cordell Breed.

In commenting on the proposed plan Riess stated, "This filing is the
beginning of the end of a long, extensive process to find a solution to
Breed's financial difficulties." Breed had previously filed a proposed
plan, which provided for either an internal restructuring or a sale to a
third party. Riess noted that, "While Breed's Board of Directors considered
a number of options, including the sale of the business to several
interested third parties, it was ultimately determined that continuing as a
`stand-alone' enterprise with substantially reduced debt is in the best
interests of Breed, its customers, its creditors and its employees." The
company did not comment further on the specifics of the Plan stating that
the entire document will be available for review when it is filed with the
United States Bankruptcy Court in Delaware within the next few days.

The company further announced that its Vice Chairman, President and Chief
Operating Officer, Charles J. Speranzella, Jr., will be leaving the
company. The Board of Directors and Mr. Riess have requested that Mr.
Speranzella remain with the company for a period of transition. "Chuck's
experience and familiarity with Breed's business and its customers will be
invaluable to making a smooth transition," said Mr. Riess, who added that
no additional management changes are foreseen for the immediate future.

The company expects that once the adequacy of the Disclosure Statement
which accompanies the Plan of Reorganization is approved by the Bankruptcy
Court, which is expected to take place in the mid-October, it will take
approximately two months for the bankruptcy process to be completed.


CAMBEX CORPORATION: Delivers Registration Statement for 50.3% of Shares
-----------------------------------------------------------------------
Cambex Corporation has announced the sale, by certain of its
securityholders, of shares of common stock that may constitute up to
50.3% of the company's issued and outstanding common stock as of August 31,
2000. The company will not receive any proceeds from the sale of the shares
of common stock by the selling securityholders. However, it will receive
the sale price of any common stock that it sells to Thumberland Limited
under a common stock purchase agreement, or upon the exercise for cash of
the warrants exercisable for shares of common stock held by other selling
securityholders, including warrants it issued to Thumberland. Cambex will
pay the costs of registering the shares, including legal fees.
The selling securityholders may offer shares of the common stock on the
OTC Bulletin Board in negotiated transactions or otherwise, or by a
combination of these methods. The selling securityholders may sell the
shares through broker-dealers who may receive compensation from the selling
shareholders in the form of discounts or commissions.


CELLNET DATA: Schlumberger Debates Ownership of BCN Royalty Payments
--------------------------------------------------------------------
Cellnet Data Systems, Inc., et al., the surviving debtor under the amended
and restated joint consolidated liquidating plan of reorganization of
CellNet Data Systems, Inc. and its subsidiaries confirmed by the Bankruptcy
Court, District of Delaware on August 16, 2000 replies to the "Response of
Schlumberger to CellNet's Motion to Determine Ownership of BCN Royalties."

According to the debtor, Schlumberger misstates the issues and
mischaracterizes the operative documents that determine those issues.
Schlumberger faults CellNet for purportedly trying "to create an ambiguity
in the documents" when, in fact, Cell Net has squarely contended that the
key document, a Letter of Amendment of March 24, is wholly unambiguous.

Schlumberger states that its right to receive royalty payments is
inextricably linked to the ownership of the technology and cannot be
separated. CellNet states that the court should consider evidence outside
of the four corners of the contracts between the parties.

The debtor states that Schlumberger excluded the BCN Assets and Liabilities
from the Asset Purchase Agreement, and it believed that it was escaping any
obligation to license the technology it was buying to BCN. The Court
disagreed, entering an order decreeing that the sale was not free and clear
of BCN's rights, but rather BCN maintained its rights to use the technology
even after the sale. On March 24, Schlumberger excluded the BCN Assets and
liabilities from the purchase agreement. However, the debtor argues,
Schlumberger didn't condition its relinquishment of the BCN royalties on a
favorable ruling by the court and did not reclaim the royalties in
subsequent amendments negotiated between the parties. Thus, the debtor
concludes, the royalties remain with CellNet as contracted. The debtor
further states that Schlumberger believed that the BCN joint venture was
likely to prove unprofitable, and that Schlumberger walked away from the
BCN Assets and Liabilities in part because it had relations with Bechtel,
BCN's parent, in other arenas and that it did not want to harm those
relations by ongoing disagreements with Bechtel over the joint venture.
Finally, CellNet states that its representative s told Schlumberger that
CellNet would endeavor to realize value for the BCN assets and liabilities,
including the royalty rights, from Bechtel or others if Schlumberger
excluded them from its purchase.


CENTER MUTUAL: S&P Assigns BBpi Financial Strength Rating to Insurer
--------------------------------------------------------------------
Standard & Poor's today assigned its double-'Bpi' financial strength rating
to Center Mutual Insurance Co. (Center Mutual; NAIC: 34606).

The rating reflects weak operating performance and limited capitalization.
Partially offsetting factors include healthy premium growth in the last
five years and good product-line diversification.

    -- The company, founded in Rugby, North Dakota in 1917, is licensed in
        three states and operates in North Dakota (81%) and South Dakota
        (19%). Writing through an independent agency system, Center Mutual's
        product lines consist of private passenger auto liability (33%),
        auto physical damage (30%), homeowners' multi-peril (15%),
        farmowners' multi-peril (11%), and allied (3%).

Major Rating Factors:

    -- Operating performance, as measured by Standard & Poor's earnings
        adequacy model, is weak at year-end 1999. The company averaged a net
        income of $110,000 from 1995 through 1999. Return on revenue
        (excluding realized capital gains) averaged negative 1.64% over the
        same period.

    -- The combined ratio in 1999 was 107.1%, a slight increase from 106.9%
        in the prior year. Reserves were increased slightly over the past
        two years, but not enough to significantly affect these figures.

    -- Capitalization, although relatively strong for the current level of
        premium volume, is a limiting factor when the company's geographic
        diversification is considered. Changes in local-market regulation
        and large storms have the potential to severely affect the $5.1
        million in surplus.

    -- Net premiums written have been relatively stable in the last three
        years, with only slight fluctuations from the current level of $9.3
        million. Combined growth since 1995 is a healthy 22%.


COSTILLA ENERGY: Advises Court & Creditors that Plan Took Effect on Oct. 1
--------------------------------------------------------------------------
The plan of reorganization of Costilla Energy, Inc. as restated to reflect
all amendments and modifications dated September 15, 2000 was confirmed by
the Honorable Ronald King by order dated and entered on September 15, 2000.
The Effective Date of the plan is October 1, 2000.  Debtor's counsel is
Henry J. Kaim, Esq., at Sheinfeld Maley & Kay PC.


DENBURY RESOURCES: Appoints 60% Shareholder as New Director
-----------------------------------------------------------
On October 4, 2000, the Board of Directors of Denbury Resources Inc.,
elected Ms. Carrie Wheeler, age 29, of San Francisco, California to the
Board of Directors to fill a vacancy created by the resignation of Mr.
David Stanton with a term expiring at the next annual general meeting of
the shareholders in May, 2001.

Ms. Wheeler is a principal with the Texas Pacific Group which owns
approximately 60% of the company's issued and outstanding common stock.


FREDERICK'S OF HOLLYWOOD: Proposes $865,000 Key Employee Incentive Plan
-----------------------------------------------------------------------
Frederick's of Hollywood, Inc. and its subsidiaries seek court authority to
implement an employee incentive plan. A hearing will be held on October 26,
2000 at 10:00 AM, Courtroom 1568, Los Angeles, Calif.

The debtors have identified 24 employees who are critical to their
operations and reorganization. The key employees are highly qualified, have
developed essential relationships with vendors, and bring unique expertise
in the critical areas of merchandising, marketing, financial management and
other key functional areas. The debtors state that they need to implement
the Employee Incentive Plan to encourage their key employees to remain with
the company, especially during the upcoming peak selling seasons.

Under the Employee Incentive Plan each key employee is eligible to receive
a stay bonus equal to between 10 and 50 percent of that employee's annual
base salary. If all possible stay bonuses are paid, the total under the
plan for current employees will total approximately $865,000. The employee
incentive program will be funded pursuant to a plan of reorganization or
sale. No stay bonuses will be paid if the debtors cannot successfully
confirm a plan of reorganization or sell their assets. The debtors claim
that without the employee incentive plan, many of the debtors' key
employees will resign, thereby hampering the debtors' operations and the
reorganization.


GLOBALSTAR TELECOMMUNICATIONS: Partners Agree to Purchase Equity for $56MM
--------------------------------------------------------------------------
Globalstar Telecommunications Limited entered into subscription agreements
dated September 22, 2000 with five of its founding partners, Loral Space &
Communications Ltd., Vodafone plc, Qualcomm Incorporated, Elsacom N.V. and
TE.SA.M. (a France Telecom/Alcatel partnership), under which the partners
agreed to purchase an aggregate of 5,246,208 shares of GTL common stock for
$56.2 million. Of this amount, Loral, the managing general partner of
Globalstar, L.P., agreed to purchase 1,120,187 shares for $12 million.

The share purchases are based on a price of $10.7125 per share, the average
of the high and low prices of GTL common stock for the ten trading days
ending September 21, 2000. The transaction, which was subject to customary
closing conditions, was expected to close by September 29, 2000.

GTL will use the proceeds of the sale to purchase ordinary partnership
interests in Globalstar, which, in turn, will use the proceeds for general
corporate purposes including capital expenditures, operations (including
marketing and distribution of phones and services) and interest expense.

GTL has also completed the first take down of shares under its purchase
agreement with Bear, Stearns International Limited dated September 18,
2000. On September 22, 2000, GTL sold 1,000,000 shares of common stock to
Bear Stearns for $9,293,000.


GOLDEN STAR: Appealing American Stock Exchange's Decision to Delist Shares
--------------------------------------------------------------------------
Golden Star Resources Ltd. has filed an appeal against the American Stock
Exchange's intention to remove the company's shares from listing on the
Exchange. The appeal process is expected to take some time and during this
period the company's shares will continue to be listed and traded on the
Exchange. Trading on the Toronto Stock Exchange should not be affected by
the determination made by the American Stock Exchange. Golden Star will
also utilize the appeal period to review the alternatives available to the
company in the event that the appeal is unsuccessful and an alternative
listing forum in the United States is required.

The decision of the Exchange to de-list the company's shares is in strict
compliance with the Exchange's guidelines and is based on several factors
including Golden Star's greater than five year history of negative earnings
and the low price at which the company's shares are currently trading.
Golden Star's appeal of the Exchange's decision will focus on the negative
impact that recent low gold prices have had on these tests and the positive
impact that continuing operations at Bogoso coupled with the impact of the
planned acquisition of the Prestea gold concession may have on the
company's earnings and share price.


GRAEME LIMITED: Court Approves Disclosure Statement for One-Penny Plan
----------------------------------------------------------------------
After a hearing on September 19, 2000, the court entered an order approving
the Disclosure statement of the First Amended Plan of Liquidation of the
Official Committee of Unsecured Creditors for Semi-Tech Group , of the
Official Committee of Unsecured creditors of Graeme Limited, Semi-Tech
Corporation and ISTM Investments (Barbados) Inc. The Confirmation Hearing
shall commence on November 9, 2000 at 10:00 AM, before the Honorable Burton
R. Lifland, US Bankruptcy Court, Southern District of New York.

Attorneys for the Official Committee of Unsecured Creditors for the Semi-
Tech Group debtors are Milbank, Tweed, Hadley & McCloy LLP.

The plan sets forth how claims against and equity interests in the Semi-
Tech Group will be treated following the liquidation of the assets under
Chapter 11. The plan is premised upon effecting a liquidation of the assets
of the Semi-Tech Group. The plan provides that holders of Allowed Class 3
Unsecured Claims will receive a pro rata Distribution of the Available
Cash, which is currently projected to be at least $6 million and which, at
a minimum must be at least $4 million. The debtor estimates and aggregate
amount of $584,000,000 in unsecured claims. The amount each claimant will
receive is dependent on the success of causes of actions against third
parties. In addition the plan provides for the establishment of a
litigation limited liability company into which the debtors' and their
estates will contribute all of their causes of actions.


HASBRO, INC.: Moody's Lowers Long & Short Term Rating To Baa1 & Prime-2
---------------------------------------------------------------------
Moody's lowered the long-term and short-term ratings of Hasbro Inc. to Baa1
and Prime-2 from A2 and Prime-1, respectively. The outlook is negative.
This concludes a review that was initiated on August 3, 2000. The downgrade
followed the company's announcement that second half results will be below
expectations and that restructuring charges will be necessary to lower
costs in the business. Results are being negatively affected by soft U.S.
sales of Pokemon toys and Star Wars products, a shortage of electronic
components needed for certain of its products, and losses at its
interactive unit.

The negative outlook reflects the uncertainties surrounding the company's
final restructuring plans and the resolution of losses in its interactive
businesses. In addition, Moody's has concerns that a generally soft retail
environment could affect toys sales during the holiday season. Moody's said
that the company's ratios for the year 2000 will be weak for the current
rating level. Therefore, further ratings pressure could result either from
any additional negative news this year, or failure to show improvement in
results and financial strength in 2001.

The following ratings were downgraded:

    a) Senior Unsecured debt rating to Baa1 from A2

    b) Prospective rating for subordinated debt to (P)Baa2 from (P)A3

    c) Rating of the company for short-term debt to Prime-2 from Prime-1

Moody's pointed out that the company's risk profile was raised when
management decided earlier this year to adopt a more aggressive financial
posture through the acceleration of share repurchases in a debt-financed
Modified Dutch Auction Tender Offer. Leverage has risen in recent years due
to a number of acquisitions. At the same time, the company had become
increasingly dependent on more volatile sources of revenue, including
products related to the success of various hit movies. Furthermore,
softness for certain products at retail and problems with sourcing chips
are contributing to the pressure on this year's result, which is heavily
weighted to the second half. In Moody's view, the toy industry has
experienced a fundamental shift in the predictability of earnings due to
changing play patterns, the increasing appeal of interactive toys, and the
greater correlation of certain sales with the less certain success of
movies, books and other entertainment industry ventures.

Hasbro's restructuring plan will reduce the cost base and attempt to focus
on more core products that have longer and more consistent life-cycles.
Moody's noted Hasbro's diversified portfolio of toy, game and lifestyle
products with leading global market positions. At the same time, the
company faces the challenge of responding to rapidly changing play patterns
and a resulting shift away from traditional toys. Hasbro has made good
progress in developing an array of interactive products, including those
that leverage its leading positions in games, but while it has good
content, its execution of an interactive strategy has not been successful.
The evolution of the industry into technology and entertainment-oriented
products also changes the scope of competition and the company's business
risk profile.

Hasbro's business is seasonal, with the greatest sales and cash collections
occurring in the second half of the calendar year. Because the company has
several very large customers, there is also a high degree of concentration
risk, some of it with retailers who have recently faced significant
challenges. Although the company halted ongoing share repurchases after its
August earnings warning, its retained cash flow for the year will be
significantly impaired by lower earnings and earlier share buybacks.

Hasbro, Inc. headquartered in Pawtucket, Rhode Island, is a worldwide
leader in children's and family leisure time and entertainment products and
services, including the design, manufacture and marketing of games and toys
ranging from traditional to high-tech.


HMKR, INC.: Court Fixes October 27 as Deadline for Filing Proofs of Claim
-------------------------------------------------------------------------
On October 2, 1999, HMKR, Inc., f/k/a Homemaker Industries, Inc. filed a
voluntary petition for relief under Chapter 11 of title 11 of the US Code
with the US Bankruptcy Court, Southern District of New York.

By order of the court, October 27, 2000 is set as the Bar Date, the last
date by which all entities who hold claims against the debtor which arose
prior to the Filing Date are permitted to file proofs of claim or interest
(with certain defined exceptions).

The debtors are represented by Alec P. Ostrow and Walter Benzija of Salomon
Green & Ostrow, PC. Counsel to the Creditors' Committee is Alan Halperin
and Christopher Battaglia of Halperin & Associates.


IGI, INC.: Completes Sale of Poultry Vaccine Business for $14,800,000
---------------------------------------------------------------------
On September 15, 2000, the IGI, Inc. consummated the sale of the assets
associated with its Poultry Vaccine Business to Lohmann Animal Health
International, a Georgia general partnership. The Vineland Sale was
effected pursuant to an Asset Purchase Agreement dated June 19, 2000
between the two companies.

The buyer, formerly known as "Vineland International," is a general
partnership, the general partners of which are Avian Health GmbH, a German
limited liability company with principal offices in Visbek-Recterfeld,
Germany, and Vineland Laboratories Inc., a Delaware corporation, which is a
wholly-owned subsidiary of Avian Health GmbH. Avian Health GmbH is an
affiliate of Lohmann & Co. AG, a German company with principal offices in
Cuxhaven, Germany. Avian Health GmbH and the other companies that are part
of the Lohmann Group are generally engaged in the production of avian
vaccines and in other avian and animal businesses.

In exchange for receipt of the Poultry Assets, Lohmann Animal Health
assumed liabilities of the Poultry Business in the aggregate equal to
$2,300,000 and paid the company cash in the amount of $12,500,000. A
portion of the cash purchase price equal to $500,000 was paid directly into
an escrow fund maintained by Key Trust Company, N.A., under an Escrow
Agreement dated September 15, 2000 between the company, the buyer and the
escrow agent, to secure potential liability for any downward adjustments to
the purchase price under the Vineland Agreement as a result of a decrease
in the net working capital of the Poultry Business between March 31, 2000
and September 15, 2000, the date of the consummation of the Vineland Sale
and indemnification obligations of the company.


IGI, INC.: Discloses Director & Officer Changes
-----------------------------------------------
On September 12, 2000, IGI's Board of Directors elected Earl R. Lewis to
fill the vacancy on the Board as a result of the resignation of Paul D.
Paganucci. Mr. Lewis currently is the President and Chief Executive Officer
of Thermo Instrument Systems, Inc.

Also, on September 12, 2000, the company's Board of Directors appointed
Robert E. McDaniel as its interim Chief Executive Officer. Mr. McDaniel
joined the company in 1998 as Vice President and General Counsel and was
promoted to the position of Executive Vice President in 1999. Prior to
joining IGI, Mr. McDaniel was General Counsel of Presstek, Inc. He had
previously been in private practice as an office and an officer and
shareholder at the law firm of Devine, Millimet & Branch, P.A., where Mr.
McDaniel represented public companies, institutions and individuals. Before
going into private law practice, Mr. McDaniel served as an attorney at the
U.S. Department of Justice in the United States Attorney's Office for the
District of Columbia.

Earlier, on September 5, 2000, IGI announced that it appointed John Ambrose
as President and Chief Operating Officer of the company. Mr. Ambrose is a
35-year veteran of the pharmaceutical and healthcare industries who began
his career with Eli Lily and has held positions at Upjohn, Medserv and
Fresenius Medical Care. Mr. Ambrose's most recent position was Vice
President of Sales and Marketing at Digitrace Care Services of Boston,
Massachusetts. Mr. Ambrose succeeds Paul Woitach who resigned.

On July 13, 2000, IGI announced that it appointed Domenic N. Golato as
Senior Vice President and Chief Financial Officer of the company. Mr.
Golato was formerly the Vice President and Chief Financial Officer of
IVC, Inc., a publicly traded manufacturer of vitamins and nutritional
products. Prior to that he was the Vice President and Chief Financial
Officer of RF Power Products, Inc., a publicly traded manufacturer in the
semi-conductor and flat panel industries. Mr. Golato succeeds Manfred
Hanuschek, who resigned for personal and family reasons.

Effective September 15, 2000, Mr. Golato also assumed the positions of
Treasurer and Chief Accounting Officer. Mr. Golato succeeds Charles
Carroll in these positions. Mr. Carroll resigned for personal and family
reasons.

In addition, on September 5, 2000, the company announced that it had
shifted the responsibilities of two Senior Vice Presidents, promoting James
Wehrmeyer to the position of President, IGI Petcare division and Rajiv
Mathur to the position of President, IGI Consumer Products and Cosmetics
division.


KAISER GROUP: Subsidiary Announces Exchange Offer Extended to Oct. 27, 2000
---------------------------------------------------------------------------
Kaiser Government Programs, Inc., a subsidiary of Kaiser Group
International, Inc. (OTC Bulletin Board: KSRG), announced that it has
extended to 5:00 p.m. eastern time on Friday, October 27, 2000 the
expiration date of its exchange offer of guarantee rights for put rights
relating to Kaiser Group International, Inc.'s $125 million, 12% Senior
Subordinated Notes due 2003.


LAIDLAW, INC.: Extends Solicitation Deadline to 5:00 p.m. Tomorrow
------------------------------------------------------------------
Laidlaw Inc. (NYSE: LDW; TSE: LDM) says that it is further extending the
expiration date of the consent solicitations relating to its debentures and
notes, previously scheduled to expire on Friday, October 13, 2000, to 5:00
p.m., New York City time, Wednesday, October 18, 2000.

Laidlaw has also announced that definitive documentation for the secured
financing facilities for certain of its subsidiaries, and the subrogation
agreement between Laidlaw and certain financial institutions is expected to
be available by the end of the day Monday, October 16, 2000 in the Investor
Information section on the company's website at http://www.laidlaw.com.

If approved by the bondholders, the financing arrangements would provide
the following:

     -  A revolving line of credit in an amount up to $150 million with a
        letter of credit sub-facility in an amount up to $50 million from a
        group of financial institutions led by Canadian Imperial Bank of
        Commerce.

     -  A revolving line of credit in an amount up to $125 million with a
        letter of credit sub-facility in an amount up to $25 million for
        Greyhound Lines, Inc. from Foothill Capital Corporation.

Stephen Cooper, Laidlaw's vice chairman and chief restructuring officer
indicated,

    "The consent solicitation process has resulted in a very positive
response from the bondholders. As required by the solicitation, we are
extending the expiration date to provide the bondholders access to the
financing documents for at least 48 hours. Bondholders who have not yet
submitted their consent materials are encouraged to do so. In particular,
holders of debentures under the 1991 indenture, which were originally
issued by Scott's Hospitality Inc., should submit their materials
immediately," added Mr. Cooper.

Laidlaw is soliciting consents from its bondholders to waive compliance
with certain provisions of the indentures relating to the incurrence of
secured indebtedness, thus allowing these financing facilities to be put in
place.

The terms and conditions of the consent solicitations and the financing
facilities are set forth in the definitive documentation available on the
Laidlaw Web site and are described in the consent solicitation statements
and related documents. The consent solicitation statements, dated September
18, 2000, have been previously delivered to Laidlaw's bondholders.

Identified below are the securities and their related CUSIP numbers to
which the consent solicitations relate.

                Security                                       CUSIP
                --------                                       -----
    (x) 10.95% Debentures, Series A Due 2001                 810197-AA-1
    (x) 8.50% Debentures, Series B Due 2002                  810197-AB-9
        7.70% Debentures Due 2002                            50730K-AA-5
        7.05% Debentures Due 2003                            50730K-AB-3
        7.875% Debentures Due 2005                           50730K-AG-2
        8.25% Debentures Due 2023                            50730K-AD-9
        8.75% Debentures Due 2025                            50730K-AH-0
        5.75% Exchangeable Notes Due 2000 of
               Laidlaw One, Inc.                             507307-10-6
        6.65% Debentures Due 2004                            50730K-AK-3
        6.50% Debentures Due 2005                            50730K-AM-9
        7.65% Debentures Due 2006                            50730K-AP-2
        6.70% Debentures Due 2008                            50730K-AN-7
        6.72% Debentures Due 2027                            50730K-AL-1

           (x) Issued as Scott's Hospitality Inc.

Laidlaw Inc. is a holding company for North America's largest providers
of school and intercity bus transportation, municipal transit, patient
transportation and emergency department management services.


LANGSTON CORPORATION: Employs Berwind Financial as Investment Banker
--------------------------------------------------------------------
The Langston Corporation seeks court authority (District of Delaware) to
employ Berwind Financial, LP to serve as the investment banker for the
debtor.

The professional services that Berwind will render to the debtor shall
include, but not be limited to, the following:

    a) Providing investment banking services with regard to any potential
        transactions involving the debtor, whether by way of a
        recapitalization, merger, consolidation, negotiated purchase or
        otherwise;

    b) Locating a purchaser of the debtor's assets or stock;

    c) Negotiating the terms of a sale of the debtor's assets or stock -
        from the letter of intent tot he definitive purchase agreement;

    d) Attempting to arrange the financing required for the restructuring
        and recapitalization of the debtor;

    e) Assisting the debtor's other professionals in consummating a
        transaction; and

    f) Performing all other investment banking services for the debtor which
        may be necessary and proper.

Compensation will be payable to Berwind as follows: An initial fee of
$10,00, a monthly fee of $5,000 beginning on October, 2000, plus
reimbursement of expenses.


LIVENT, INC.: Confirmation Hearing on 3rd Amended Plan Set for Nov. 15
----------------------------------------------------------------------
The US bankruptcy Court for the Southern District of New York entered an
order dated September 29, 2000 approving the amended Disclosure statement
for the Third Amended Joint Plan of Reorganization with respect to Livent
(US) Inc., et al. other than Livent Inc. A hearing will be held before the
Honorable Arthur J. Gonzalez, US Bankruptcy Judge, at the US Bankruptcy
Court, Alexander Hamilton US Custom House, One Bowling Green, New York on
November 15, 2000 at 2:OO PM.


LUMBER INSURANCE: A.M. Best Downgrades Financial Strength Rating To B
---------------------------------------------------------------------
A.M. Best Co. has downgraded the financial strength ratings of the Lumber
Insurance Companies, Framingham, MA, to B (Fair) from B++ (Very Good).

The downgrade reflects the group's weakened capitalization driven by
deteriorating operating performance. Since 1997, the group's operating
results have been plagued by substantial underwriting losses due to
continued price competition, severe weather related losses, adverse loss
reserve development from prior accident years' and operational
inefficiencies. Reserve strengthening over the past several years in the
general liability, workers' compensation and automobile liability lines
added to the group's poor underwriting results.

In an effort to improve operating results, management sold the renewal
rights on two of its worst performing operations, Midwest lumber and
franchised automobile business, effective July 1, 2000. However, because of
significant underpricing, reserves for both books of business have
continued to develop adversely through the first three quarters of 2000. As
a result, the group's surplus declined from $97 million in 1997 to $40
million as of September 30, 2000.

Management has implemented a number of initiatives designed to enhance
capital. These initiatives include withdrawing from unprofitable businesses
and markets, implementing double digit rate increases on its core lines of
business, and tightening underwriting standards. Also,
management has been successful in improving operating efficiencies and
reducing overall expenses through consolidating and streamlining billing,
underwriting and claims processes and reducing headcount. However, the
group will not realize the full benefits of its rate increases and
expense savings until 2001. In an effort to stabilize its balance sheet,
management is in the process of negotiating various reinsurance agreements
ranging from loss portfolio transfers to increased utilization of quota
share reinsurance for 2000 and beyond. These actions should reduce the
strain in the intermediate term on the group's capital position. However, a
failure to execute these plans, or a continuation of poor operating
performance, may result in further downward ratings adjustments.


NATIONAL BOSTON MEDICAL: Claims Bar Date Set at November 20, 2000
-----------------------------------------------------------------
The US Bankruptcy Court for the District of Massachusetts established
November 20, 2000 at 12:00 noon as the last day for filing proofs of claim
against National Boston Medical, Inc., a Nevada corporation, National
Boston Medical, Inc., a Delaware Corporation and Bontempi Instruments Plus,
Inc. for any and all claims incurred before August 21, 2000.


ORIX CREDIT: Fitch Affirms BBB+ & F2 Long And Short Term Debt Ratings
---------------------------------------------------------------------
ORIX Credit Alliance, Inc.'s (Credit Alliance) long- and short-term debt
ratings are affirmed at 'BBB+' and 'F2', respectively, by Fitch. The long-
term Outlook has been revised from Stable to Negative. Credit Alliance's
ratings reflect the company's good risk-adjusted capitalization,
appropriate funding strategy, and long operating history with consistent
performance. Additionally, the ratings consider the covenant protection
provided by the company's bank facilities and private placement loan
agreements. Rating concerns center on Credit Alliance's weakening asset
quality and profitability measures, its size relative to key competitors,
the heightened competitive environment in the commercial finance industry,
and exposure to economically cyclical industries. Approximately $2.1
billion of securities are affected by this rating action.

Credit Alliance announced today that it has changed its name to ORIX
Financial Services, Inc. (OFS). OFS will serve as holding company to its
three business groups: Equipment Finance, Business Credit, and the newly
formed Structured Finance group.

Historical underpinnings of the Credit Alliance ratings have been the
company's conservative management, steady operating performance, and well-
defined business model. However, in recent years, these strengths have been
challenged by the increasingly competitive landscape within the commercial
finance industry, resulting in weakening asset quality and reduced
profitability. In an effort to regain operating momentum and improve its
competitive position within the industry, Credit Alliance has made several
significant changes over the past 18 months. During this period, the
company consolidated its distribution network, re-assessed its commitment
to several industries and businesses, and appointed a new chief executive
officer. Credit Alliance will focus on diversifying the business as well as
improving the company's market position in its core market over the near-
term. As part of this strategy, the company will strive to diversify its
receivable base by investing in additional equipment types/industries;
develop a structured finance business that will focus on larger
transactions; establish a syndication capability; extend its asset
management expertise; and emphasize higher margin direct originations.
Nevertheless, continued weakness in asset quality and profitability
measures coupled with execution risk related to the company's
aforementioned near-term strategic objectives has caused Credit Alliance's
Rating Outlook to be revised from Stable to Negative.

In recent years, Credit Alliance's asset quality measures have steadily
weakened due to recessions in several of the cyclical industries it
finances as well as a problem small-ticket leasing portfolio purchased from
Bankvest Capital Corp. Credit quality was also negatively impacted by the
company's 1999 branch consolidation, which required significant management
attention. Annualized net chargeoffs remain manageable and represented
0.59% of average owned net receivables for the quarter ended June 30, 2000.
However, non-performing receivables, defined as non-accruing receivables
plus repossessed assets, as a percentage of owned net receivables stood at
4.19% at June 30, 2000, its highest level in five years. While management
is focused on reducing non-performing assets, and has intensified its
efforts with respect to managing repossessed inventory, Fitch believes it
will take some time for problem receivables to work their way through the
portfolio and likely result in somewhat higher chargeoffs over the near-
term. Additionally, given Credit Alliance's middle-market customer
orientation and historical experience, Fitch believes the company's asset
quality measures would likely decline further under a more stressful
economic environment.

From an operating perspective, Credit Alliance continues to report modest
results, particularly relative to many of its competitors. Net income
totaled $34.1 million for the fiscal year ended March 31, 2000, an 11.9%
decline compared to fiscal 1999's results. Profitability, measured as
return on average managed assets, declined for the fourth consecutive year
and totaled 1.06% in fiscal 2000. Driving the company's operating results
were continued margin compression driven by heightened competitive
pressures and rising funding costs; increased credit costs; and additional
restructuring charges associated with the fiscal 1999 branch network
consolidation. While the company maintains a solid long-term operating
record, Fitch believes Credit Alliance will be challenged to reverse
profitability trends in a meaningful manner over the near-term as
heightened industry competition continues to constrict both receivable
growth and margins in its core business.

Credit Alliance remains well capitalized on a risk-adjusted basis.
Nevertheless, in recent years, the company's receivable growth has outpaced
internal capital formation, causing leverage to steadily rise. At June 30,
2000, leverage, defined as total debt divided by equity, stood at
approximately 5.94 times (x), a level Fitch views as acceptable for the
assigned rating category.

Established in 1963 and headquartered in Secaucus, New Jersey, Credit
Alliance is a commercial finance company focused on providing equipment
financing and leasing, asset-based lending, structured financing and
insurance for middle market companies in the U.S. and Canada.


OUTBOARD MARINE: Moody's Junks Ratings on Unsecured Note Issues
---------------------------------------------------------------
Moody's Investors Service lowered the following debt and corporate ratings
of Outboard Marine Corporation:

    a) $160 million 10.75% Guaranteed (by four of its operating subs.)
        Senior Unsecured Notes, due 2008, to Caa1 from B3;

    b) $65.2 million 9.125% Senior Unsecured Sinking Fund Debentures, due
        2017, to Caa1 from B3;

    c) $5 million Medium Term Notes, due 2001, to Caa1 from B3;

    d) $150 million Senior Secured Revolving Credit Facility, as amended,
        due 12/31/01, Tranche A to B2 from B1 and Tranche B to B3

    e) Outboard Marine's senior implied rating was also lowered to B3 from
        B2 and

    f) the unsecured issuer rating was lowered to Caa2 from Caa1.

In addition, the ratings outlook has been changed to negative.

The lower ratings address concern for the company's ability to continue to
finance its working capital needs and operations and reflect Outboard's
continued high leverage and insufficient debt coverage due to its weak
operating performance. The B2 rating on Tranche A of the amended bank
facility reflects the benefits of the collateral package which include a
priority security interest in all of the assets of Outboard and the
guarantees of four operating subsidiaries. The B3 rating on the sponsor
funded Tranche B reflects its security interest in the same collateral
package, but its priority is subordinated to that of the other lenders. The
Caa1 ratings on the unsecured obligations reflect their effective
subordination to the secured credit facility.

However, the ratings also reflect the significant equity contributions
($105 million in preferred stock and warrants) subordinated debt ($15
million) and the recent $45 million in revolving credit support made by
Quantum Industrial Partners LDC, an investment affiliate of Soros Fund
Management, over the last 12 months (this is in addition to the initial
investment of $277 million made in 1997); the continued strong market for
the company's boat products and its well recognized brand names. The
negative outlook reflects the risk that Outboard may not be able to regain
its lost share of the engine market, resulting from its manufacturing and
vendor problems; the risk that a downturn in the economy could further
depress sales; the risk that the company will not be able to get its
product to the dealers for a third selling season and the possibility that
its modest liquidity may hinder its ability to build inventory into fiscal
2001.

Total revenues for the six months ended June 30, 2000 showed a minimal
decline to $566 million. Boat sales (48% of total sales) increased 14% from
the same period in 1999, while engine sales (52% of the total) dropped 11%.
The company reports that new boat designs have resulted in improved sales
and maintained operating margins of approximately 2%. Engine sales
experienced a 4% market share decline (32% to 28%) due to manufacturing
problems stemming from the FY 1999 FICHT engine start-up problems and the
FY 2000 supplier issues. As reported by the company, its strategy to
outsource the manufacturing of certain engine parts in an attempt to reduce
costs, resulted in major production delays in the early part of 2000,
excess costs and lost sales of 14,000 units. For the six months ended June
30, 2000 Outboard's gross profit margin was 16% versus 22% in 1999 and the
reported operating loss was $35.8 million versus an operating profit of
$37.1 million in the prior year.

During the first six months of 2000, Outboard needed to rely on $100
million in additional sponsor contributions to support negative operating
performance (EBITDA of a negative $8.8 million), interest expense of $17.9
million, net CAPEX of $12.5 million and short term working capital needs of
$33.7 million. The $85 million in equity infusions in the form of warrants
and preferred stock, along with a $15 million subordinated loan and a $20
million preferred stock purchase in July 2000, have allowed the company to
meet its financial obligations to date. The additional sponsor support in
the form of $45 million in revolving credit availability is expected to
provide Outboard with some liquidity relief. However, debt coverage is
expected to remain negative for the next several quarters, putting further
pressure on the company's liquidity and its ability to meet financial
covenants in fiscal 2001. The restricted cash on hand, which is required
under the 10.75% Senior Unsecured Note Indenture to fund one year's
interest on these notes and all senior debt, was $22.7 million as of
September 30, 2000. This reserve account is available to Outboard for
interest payments, if on quarterly basis excess cash (as defined under the
indenture) is less than the required senior interest expense for the up
coming quarter. The company has made its required sinking fund payments
under the 9.125% Senior Unsecured Debentures through April 2004.

Outboard has experienced turnover in the senior management team put in
place at the time of the 1997 purchase and recently hired a new
President/CEO/COO to focus on the supplier and manufacturing problems.
However, without improvements in the manufacturing process, reductions in
the added costs and a return to historical engine sales volume, it is
likely the company could continue to show losses and negative cashflow into
fiscal 2001. In addition, the company will need to have sufficient
liquidity available during the first quarter of fiscal 2001, when it needs
to build inventory for the second and third quarter peak selling seasons.

The company's $150 million revolving line of credit was recently amended
via the Tenth Amendment (signed 10/10/2000), which eliminates certain
financial covenants through December 2000 and should allow the company to
more regularly have availability of the full $150 million. The credit
facility has now been structured with a $105 million Tranche A, supported
by a borrowing base and funded by the existing lenders; and a $45 million
Tranche B to be funded with additional support from the sponsor, Quantum.
Tranche B shares in the security interest in all assets of Outboard and the
subsidiary guarantees, but pursuant to an agreement between Quantum and the
lenders, its collateral position is subordinated to that of the Tranche A
lenders. Current outstandings under the credit facility are $97.5 million,
consisting of $51.4 million in loans and $46.1 million in letters of
credit. The additional $45 million provided by Quantum brings the total
amount of support provided to Outboard in fiscal 2000 to $165 million. The
company has reported that affiliates of the sponsor and Soros Fund
Management may give consideration to purchasing its 10 3/4% and 9 1/8%
senior notes if the price is deemed advantageous. Outboard has also
mentioned it may need to review strategic alternatives or asset sales to
meet its financing requirements.

Based in Waukegan, Illinois, Outboard Marine Corporation is a leading
manufacturer and marketer of marine engines, boats and accessories under
the brand names of Johnson, Evinrude, Chris-Craft, Four Winns, Stratos,
Lowe and Princecraft.


PACER TECHNOLOGY: Shareholders Will Convene for Annual Meeting on Nov. 21
-------------------------------------------------------------------------
The annual meeting of shareholders of Pacer Technology will be held at the
Hilton Hotel, Ontario Airport, 700 North Haven Avenue, Ontario, California,
at 9:00 A.M. Pacific Time, on Tuesday, November 21, 2000, for the following
purposes:

    1. To elect the following nominees to serve as directors of the company
       for a term of one year or until their successors are elected and
       qualify: Ellis T. Gravette Jr., Carl E. Hathaway, John G. Hockin II,
       W. T. Nightingale, III, and Larry K. Reynolds.

    2. To approve an Amendment of the Articles of Incorporation to
       effectuate one of the following alternative reverse stock splits of
       Pacer's outstanding shares: (i) a 1-for-3 reverse stock split; (ii) a
       1-for-4 reverse stock split; or (iii) a 1-for-5 reverse stock split,
       with the Board of Directors having the authority to determine which
       of these reverse stock splits to effectuate.

All shareholders of record as of the close of business on September 25,
2000 will be entitled to notice of and to vote at the annual meeting.


PRECISION AUTO: Announces Completion of Refinancing and Year-End Results
------------------------------------------------------------------------
Precision Auto Care, Inc. (Nasdaq: PACI) announced for the fiscal year
ending June 30, 2000, a loss of $18.4 million, or $2.96 per share, compared
with a loss of $21.0 million, or $3.43 per share, for the prior year.  For
the quarter ending June 30, 2000, the Company incurred a loss of $14.2
million, or $2.26 per share, compared to a loss of $10.1 million, or $1.64
per share for comparable quarter in 1999.  Included in this loss are
special charges of $7.0 million for impairment of goodwill and $4.0 million
related to the sale of certain assets.

The Company's CEO, Louis M. Brown Jr. stated "the prior fiscal year was
significantly impacted by write-offs associated with the Company's sales of
businesses. These actions coupled with the restructuring efforts currently
underway are designed to position the Company to focus on its core auto
care and franchising businesses and improve operating results."

Brown also stated "the Company has been successful in completing a
refinancing of its Senior Debt and negotiated extensions of its board debt
totaling $5.5 million for 12 months.  The refinancing and extensions will
enable the Company to pursue its restructuring and profit improvement
objectives."

Although the Company has refinanced its Senior Debt and negotiated
extensions of other debt, in the event that the Company is unable to
accomplish its strategic objectives or is otherwise unable to generate
revenues sufficient to cover operating expenses, the Company would not be  
able to sustain operations at the current level. This would require the  
Company to further reduce expenses and liquidate certain assets.

Precision Auto Care, Inc. is the world's largest franchisor of auto care
centers, with 564 operating centers as of October 12, 1999.  The Company
franchises and operates Precision Tune Auto Care, Precision Auto Wash, and
Precision Lube Express centers around the world, and offers a vertically
integrated organization with manufacturing and distribution subsidiaries.


PSA, INC.: Selects Finley, Colmer and Company as Financial Advisor
------------------------------------------------------------------
PSA Inc., ETS Payphones, Inc. and ETS Vending, Inc. seek court authority to
employ Finley, Colmer and Company as financial advisor to the debtors and
their affiliates.

Finley will render the following services to the debtors:

    -- Advise and assist the debtors' management in organizing resources and
        activities in order to manage the Chapter 11 case, with a goal of
        developing a confirmable plan of reorganization.

    -- Advise and assist the debtors' management, as necessary, in
        connection with the preparation of certain required financial
        information, including reports required to be filed with the US
        Trustee, operating reports, business plans, and other financial
        analysis relating to the debtors' financial and business operations;

    -- Advise and assist the debtors' management in financial and related
        matters respecting negotiations on matters related to confirmation
        of a plan of reorganization and any proposed DIP or exit financing;

    -- Assist in the development of detailed business and cash flow plans
        and models to be used in an overall restructuring of the debtors'
        balance sheet;

    -- Evaluate the debtors' plans for overhead reductions and assist in
        developing supplemental expense reduction or cash conservation
        programs as deemed necessary;

    -- Render expert testimony and litigation support services, as
        requested, regarding the feasibility of a plan of reorganization and
        other matters, as requested by the debtors' ;management or counsel;

    -- Advise and assist the debtors in assessing the value of various
        assets, business units and security interests;

    -- Advise and assist the debtors in the sale of any assets and/or
        business units.

The firm is seeking approval of a $100,00 retainer. Thereafter, the firm
will bill according to current hourly rates of advisors expected to be most
active in the case:

                   Marcus A. Watson               $325
                   Peter Colmer                   $325
                   Jim Jennings                   $150
                   Jim Sullivan                   $150
                   David Haddon                   $110


RIVER'S EDGE: Case Summary
---------------------------
Debtor: River's Edge Development, L.L.C.
         6157 North Northwest Highway
         Chicago, IL 60631

Chapter 11 Petition Date: October 12, 2000

Court: Northern District of Illinois

Bankruptcy Case No.: 00-30021

Judge: Robert E. Ginsberg

Debtor's Counsel: Jeffrey K. Gutman, Esq.
                   Heldrich, Gutman & Associates
                   401B N. Lincoln Avenue
                   Chicago, IL 60618
                   (773) 472-4500

Total Assets: $ 2,484,250
Total Debts : $    97,829


RIVERWOOD INTERNATIONAL: Sells Latin American Subsidiary to Pay Down Debts
--------------------------------------------------------------------------
On October 3, 2000, Riverwood International Corporation, along with its
joint venture partner, Cia Suzano de Papel e Celulose, completed the sale
of the jointly-held subsidiary Igaras Papeis e Embalagens S.A. to Klabin
Argentina S.A., a subsidiary of Industrias Klabin de Papei e Celulose S.A.,
for $510 million, including the assumption of $112 million of debt.
In connection with this transaction, the company entered into an amendment
dated September 12, 2000, effective October 3, 2000, to its credit
agreement dated March 20, 1996. Under the amendment, the company applied
$120 million and $25 million of the sale proceeds to its 2001 and 2002 term
loan maturities, respectively; and applied the remaining portion of the
proceeds ($48 million) to the company's revolving credit facility. In
addition, certain of the financial covenants included in the credit
agreement were amended.


SCOUR, INC.: Web Host Faces $250 Billion of Video Pirating Claims
------------------------------------------------------------------
Internet entertainment concern Scour, Inc., Reuters reports, which filed
for Chapter 11 in Central District of California listing $4 million of
debt, could face a whopping $250 billion of liability from pending
litigation.  Company spokesman for Scour, Inc., Dawn Rusalov said, that the
company listed only $1.2 million in assets.  Scour uses its Web site for
consumers who wants to swap video and audio files online.  The companies
that are included in the lawsuit are worried that the company includes
pirated copies of the videos they offer.  Scour recently laid off 12 of its
70 employees.


SHOWSCAN ENTERTAINMENT: Seeks To Extend Lease Decision Period to January 12
---------------------------------------------------------------------------
The debtor, Showscan Entertainment, Inc. has filed a motion seeking a court
order extending the time to assume or reject unexpired leases of
non-residential real property to January 12, 2001. This is the debtor's
first request for an extension of the Section 365(d)(4) deadline. The
debtor is represented by Ian S. Landsberg of the firm Liner Yankelevitz
Sunshine & Regenstreif LLP.

The debtor is party to four unexpired leases consisting of an office and
commercial building and two storage facilities. The debtor is a provider of
movie-based motion simulation attractions. That is, the attractions combine
a short action film with multi-channel sound systems and synchronized seat
movement to create the perception of an immersive entertainment experience.

The debtors state that it is premature to determine the assumption or
rejection of its leases.


SMALLWORLDWIDE PLC: 98% of Shareholders Tender Shares to GE Power Systems
-------------------------------------------------------------------------
General Electric Company reports that the initial offer period of its
tender offer (being made by its wholly owned subsidiary, GE Power Systems
Equities, Inc.) to purchase all of the outstanding ordinary shares and
American depositary shares representing ordinary shares (collectively,
"shares") of Smallworldwide plc expired at 9:30 a.m., New York City time
and 2:30 p.m., London time, on October 2, 2000. The 90% minimum tender
condition has been satisfied and the tender offer has been declared
unconditional in all respects.

The subsequent offer period commenced October 3, 2000, and will expire at
9:30 a.m., New York City time and 2:30 p.m. London time, on Tuesday,
October 31, 2000, unless otherwise extended. Remaining outstanding shares
tendered during the subsequent offer period may not be withdrawn, and
shares properly tendered during the subsequent offer period will be
immediately accepted and paid for promptly.

As of 9:30 a.m., New York City time and 2:30 p.m., London time, on October
2, 2000, 7,809,753 shares had been tendered pursuant to the offer and not
withdrawn (including shares tendered through notice of guaranteed
delivery), which constitutes approximately 98% of the total number of
Smallworld's outstanding shares. These shares include shares tendered by
certain of Smallworld's officers and directors who, prior to the
commencement of the offer, had irrevocably committed to tender or procure
the tender of an aggregate of 1,113,700 shares (or approximately 14% of the
outstanding shares). Payment for accepted shares will be made promptly.


STROUDS, INC.: U.S. Trustee Will Conduct Meeting of Creditors on Nov. 3
-----------------------------------------------------------------------
Strouds, Inc. filed a Chapter 11 case in the US Bankruptcy Court, district
of Delaware on September 7, 2000. Attorneys for the debtors are Bennett J.
Murphy of Hennigan, Bennett & Dorman, Los Angeles, Calif. and David B.
Stratton of Pepper Hamilton LLP.

A meeting of creditors is set for November 3, 2000 at 9:00 AM, 844 King
Street, Room 2313, Wilmington, DE 19801.


STROUDS, INC.: Delaware Court Gives Nod to $50M DIP Financing Agreement
-----------------------------------------------------------------------
Strouds, Inc., announced that it received final Court approval of its $50
Million Debtor-in-Possession (DIP) financing agreement.

Under the terms of the DIP agreement, The CIT Group/Business Credit and
Foothill Capital Corporation will provide $50 million in financing to fund
Strouds' operations during its voluntary restructuring under Chapter 11.

"The DIP financing agreement will provide adequate financial resources to
fund our post-petition vendor and employee obligations and other operating
requirements as Strouds moves forward in its restructuring," said John P.
Brincko of Brincko Associates, Inc., the Company's financial restructuring
advisors. "With our final DIP financing in place, as a result of the
efforts of CIT and Foothill and the support of the vendor community and our
employees, Strouds will be well-positioned to fund its operations and to
provide its customers with a full selection of merchandise for the upcoming
holiday season and beyond. We are greatly encouraged by the support of our
vendor community and appreciate the many vendors who are now shipping to us
on improved terms.

Their recent cooperation and support have already contributed to
improvements in our business."

The Company filed Chapter 11 petitions in the U.S. Bankruptcy Court for the
District of Delaware in Wilmington on September 7, 2000.

Strouds, Inc., the Linen Experts(R), is a specialty retailer of bed, bath,
tabletop and other home textile products. The Company currently operates 60
stores in five states and also markets its home products through its web
sites, www.linenexperts.com and www.strouds.com.


TITANIUM METALS: Ratifies New Four-Year Collective Bargaining Agreement
-----------------------------------------------------------------------
Titanium Metals Corporation reports that the hourly workers at its
Henderson, Nevada plant have ratified a new, four year collective
bargaining agreement. The new contract, which was effective October 2,
2000, provides for modest increases in wages and pensions over its term.
The agreement covers approximately 300 production and maintenance workers
at the Nevada facility who are represented by the United Steel Workers of
America (Local 4856).

Titanium Metals Corporation, headquartered in Denver, Colorado, is a
leading worldwide integrated producer of titanium metal products.


US WOOD: Obtains Extension of 365(d)(4) Deadline to January 27
--------------------------------------------------------------
The US Bankruptcy Court, District of Delaware, entered an order on
September 27, 2000 granting the motion of US Wood Products, Inc. to assume
or reject unexpired leases of nonresidential real property.

The debtor's time to assume or reject each of the Unexpired Leases is
extended to January 27, 2001.


WASTE MANAGEMENT: Names Bradley Holcomb as VP & Chief Procurement Officer
-------------------------------------------------------------------------
Waste Management Inc. (NYSE:WMI) announces the appointment of Bradley J.
Holcomb as vice president and chief procurement officer.

Mr. Holcomb will direct Waste Management's procurement activities with
responsibility for developing and implementing a company-wide procurement
process to optimize the company's purchasing activities. He will report to
Chuck Williams, senior vice president, operations.

"Procurement is an area where we believe the Company has significant
opportunities," said Williams. "Most purchasing has been done at a local
level in the past, which does not leverage the buying power of the total
business. Brad's experience and knowledge in procurement should bring real
value to Waste Management."

Mr. Holcomb joins Waste Management from American Precision Industries Inc.,
where he was vice president, supply chain management and chief procurement
officer. During his tenure, he reorganized the company's supply chain
business processes and implemented "best practices." Prior to American
Precision Industries Inc., Mr. Holcomb was vice president, global
procurement and materials management for Praxair Inc. At Praxair, he was
responsible for the complete remake of the organization's global sourcing.

From 1976 to 1996, Mr. Holcomb worked for Eastman Kodak Company where he
held various positions including general manager, product development, and
director, supplier relationship management -- corporate purchasing.
Mr. Holcomb earned a bachelor's degree in engineering science and a
master's degree in industrial engineering from Arizona State University in
Tempe, Ariz. He also holds a master's degree in chemical engineering from
the University of Rochester in Rochester, N.Y. Mr. Holcomb and his wife,
Suzanne, have two children.

Waste Management Inc. is its industry's leading provider of comprehensive
waste management services. Based in Houston, the Company serves municipal,
commercial, industrial and residential customers throughout North America.


WHX CORP: Tinkers with the Terms of Senior Noteholder Solicitation
------------------------------------------------------------------
WHX Corporation reports that its consent solicitation relating to its
10-1/2% Senior Notes due 2005 was further amended to provide for additional
limitations on certain actions to be taken by WHX, including without
limitation, amending certain covenants to further restrict WHX's ability to
make restricted payments, incur additional indebtedness or utilize proceeds
from asset sales. The expiration date for the consent solicitation remained
October 4, 2000.

WHX commenced soliciting consents from holders of its Notes to amendments
of certain covenants and other provisions of the indenture governing the
Notes on September 18, 2000. The detailed terms and conditions of the
consent solicitation are contained in the consent solicitation statement
dated September 18, 2000, in Supplement No.1 dated September 29, 2000 and
in Supplement No. 2 dated October 3, 2000. Information agent for the
consent solicitation is Innisfree M&A, Incorporated, and Donaldson, Lufkin
& Jenrette is acting as Solicitation Agent for the solicitation.

WHX is a holding company that has been structured to invest in and/or
acquire a diverse group of businesses on a decentralized basis. WHX's
primary businesses currently are Handy & Harman, a diversified
manufacturing company whose strategic business segments encompass, among
others, specialty wire, tubing, and fasteners, and precious metals plating
and fabrication, and WPC, a vertically integrated manufacturer of
value-added and flat rolled steel products. WHX's other businesses include
Unimast Incorporated, a leading manufacturer of steel framing and other
products for commercial and residential construction and WHX Entertainment
Corp., a co-owner of a racetrack and video lottery facility located in
Wheeling, West Virginia.


WSR CORPORATION: Asks for Extension of Exclusive Period through January 8
-------------------------------------------------------------------------
WSR Corporation, R&S/Strauss, Inc., National Automotive Stores, Inc. and
National Auto Stores Corp., debtors, filed a motion to extend exclusive
periods in which to file a Chapter 11 plan and solicit acceptances thereto
by ninety days. A hearing to consider the motion will take place on
November 1, 2000 at 3:00 PM before the Honorable Mary F. Walrath, US
Bankruptcy Court, District of Delaware.

The debtors' exclusive period to propose a plan or plans under the
Bankruptcy Code is scheduled to expire on October 9, 2000 and the related
solicitation period is scheduled to expire on December 8, 2000. The debtors
seek extensions through January 8, 2000 and March 9, 2001, respectively.

The requested extensions are necessary to afford the debtors sufficient
time to resolve or seek resolution by the court of the failure of R&S Parts
and Service, LLC and SBCG, LLC as purchasers of substantially all of the
debtor's operating assets to make required payments for those assets under
a certain promissory note executed in connection with the sale of the
assets and file, solicit votes with respect to and confirm their plan.

AS partial payment for the assets, the purchaser executed a promissory note
in favor of R&S in the principal amount of approximately $4.8 million. The
purchaser failed to make the first payment on the note asserting a right to
setoff its payment obligation. The debtors so far have been unable to
resolve the dispute (The purchaser has refused to turn over $1.6 million).

An agreement with respect to settlement of environmental claims is
currently pending before the court, and the debtors and their professionals
continue to reconcile claims of creditors. For all of the foregoing
reasons, the debtors request that the court approve the extension of
exclusivity.


XEROX CORP.: Fitch Downgrades Sr Debt Rating To BBB- & On Watch Negative
------------------------------------------------------------------------
Fitch has downgraded Xerox Corp. (Xerox) and its subsidiaries' senior debt
rating to 'BBB-' from 'A-' and the company's U.S. commercial paper (CP)
program to 'F3' from 'F2'. The rating actions reflect the company's
decreasing financial performance, uncertainties surrounding the company's
business model and operating strategy going forward, and the potential for
reduced liquidity. The ratings are placed on Rating Watch Negative.

In addition to Xerox Corp., ratings affected are: Xerox Credit Corp. and
Xerox Capital (Europe) plc's rated senior debt, Xerox Corp.'s $7.0 billion
CP program, which is shared with Xerox Credit Corp. and Xerox Capital
(Europe) plc, and Xerox Capital de Mexico, S.A. de C.V.'s $200 million U.S.
CP program.

Xerox recently indicated that it will report a financial loss for the third
quarter, due to declining sales, strong competition and pricing pressures,
unfavorable currency exchange rates, and additional investments for its
internal operations. As a result of continuing weakened financial results,
the company has announced that asset dispositions, major cost reductions,
and other measures will be taken in order to realign the company's business
model. Although the company's recently announced reduction in its dividend
results in annual cash flow savings of approximately $400 million relieving
some liquidity pressures, given current market conditions Xerox has
accessed its $7.0 billion committed revolving credit agreement in support
of the CP program. The company's revolver expires in Oct. 2002 and Xerox is
currently in compliance with all covenants. However, based on indicated
third quarter financial results, there will be less cushion for the
company's tangible net worth covenant.

Credit statistics for the first half of 2000 ending June 30, 2000, show
Xerox's leverage, measured by total debt (including the financing segment)
to the latest twelve months EBITDA, increasing to 6.5 times (x) compared to
4.6x at Dec. 31, 1999. Similarly, Xerox's core leverage (defined as core
non-financing debt divided by core EBITDA) also increased for the twelve-
month period to more than 2.0x from 1.5x at year-end 1999. The company's
total leverage has been steadily increasing since 1997. For the same time
period, Xerox's interest coverage ratio (including the financing segment)
declined to 3.1x from 4.2x at Dec. 31, 1999. Due to worsening financial
results anticipated for the third quarter, further pressure will be put on
the company's overall and core credit protection measures. Fitch believes
that credit protection measures will continue to be challenged for the next
few quarters, despite the benefits of some asset dispositions, the
resultant cash flow savings from the dividend cut, and some anticipated
cost savings.

Xerox Corp. develops, manufactures, and markets document processing
equipment and provides document facilities management services worldwide.

                                *********

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                               *********

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

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