TCR_Public/010403.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, April 3, 2001, Vol. 5, No. 65

                            Headlines

ADVANCED RADIO: Plans to File For Bankruptcy Protection
ADVANCED RADIO: Nasdaq Halts Trading & Asks For More Information
ARMSTRONG HOLDINGS: Exclusive Period Extended To October 5
AVADO BRANDS: All Debt Ratings Suffer Downgrades
AZTECH TECNOLOGY: Posts $46.3 Million Net Loss For FY 2000

CMS ENERGY: Fitch Rates $350 Million Senior Notes at BB+
CONSUMERS PACKAGING: Names Graeme Eadie as New CFO
CSC LTD: Steelworkers React To Order Denying Insurance Payments
CYBEX INTERNATIONAL: Talking to Banks about Covenant Waivers
DATAWATCH CORPORATION: Receives Nasdaq Delisting Notice

DELTA FINANCIAL: Publishes Fourth Quarter and Year-End Results
DOANE PET: Posts Net Losses For Fourth Quarter and FY 2000
ECOSCIENCE: Files Prepackaged Chapter 11 Plan in W.D. Texas
FINOVA GROUP: Moves To Establish Interim Compensation Protocol
FOSTER WHEELER: Moody's Lowers Long-Term Ratings To Ba3

FUTURELINK: Reports Fourth Quarter and Fiscal 2000 Losses
GENESIS HEALTH: ElderTrust Transactions Closed
HARNISCHFEGER: Debtors Grab the Rabbi Trusts' Assets
HOMELAND: Falls Short Of Nasdaq's Bid Price Requirement
IMPERIAL SUGAR: U.S. Trustee Appoints Official Equity Committee

INTEGRATED HEALTH: Settles Haring Cylinder's Reclamation Claim
JCC HOLDING: New Orleans Casino Owner Emerges From Bankruptcy
KATY INDUSTRIES: Posts Losses & Suspends Dividend Payments
KEY PLASTICS: Michigan Court Confirms Plan of Reorganization
LAROCHE INDUSTRIES: Court Approves Amended Disclosure Statement

LASON INC.: Delays Filing Of Form 10-K For Year-End 2000
LEINER HEALTH: Lenders Agree to Waive Defaults through April 12
LOEWEN: Assumes Limited Obligations In Sale Of Canadian Assets
LTV: Records $139MM Charge Related to Trico Steel Investment
MICROAGE INC.: Files Chapter 11 Plan in Phoenix

MID-CAL EXPRESS: Files for Chapter 7 Bankruptcy Protection
MISSISSIPPI CHEMICAL: Senior Debt Ratings Dip to Low-B Levels
OZBURN-HESSEY: Files Chapter 11 Petition in M.D. Tennessee
NORTHPOINT COMMUNICATIONS: Lays Off Over Seven Hundred Employees
NORTHPOINT: California PUC Blocks Move To Shut Down Network

PACIFIC AEROSPACE: Intends To Downsize & Restructure Operations
PENN TREATY: A.M. Best Cuts Financial Rating To B- From B++
PENTAIR: Weak Market & Financial Results Trigger Ratings Cuts
PLANETGOOD TECHNOLOGIES: Court Establishes Bidding Procedures
POPE & TALBOT: Moody's Cuts Senior Unsecured Debt Rating To Ba3

RESPONSE ONCOLOGY: Files Chapter 11 Petition in W. D. Tennessee
SIGHT RESOURCES: Continues to Explore Strategic Alternatives
SOFTECH INC.: Adverse Q3 2001 Results Will Affect Nasdaq Listing
STAMPEDE WORLDWIDE: Suspends Technology Operations
SWANK INC.: Nasdaq Looks To Delist Shares

US INDUSTRIES: Moody's Debt Ratings Fall to Low-B Levels
VERSATA INC.: Nasdaq Trading Halt Pending Additional Information
VISIONAMERICA: Files Chapter 11 Petition in W.D. Tennessee
WINSTAR: Asensio & Co. Sees a Perfect Short in this Situation
WORLD ACCESS: Defers $2.6 Million Senior Note Interest Payment

                            *********

ADVANCED RADIO: Plans to File For Bankruptcy Protection
-------------------------------------------------------
Advanced Radio Telecom Corp. (ART) (Nasdaq:ARTT) disclosed that
it intends to file a petition for protection under Chapter 11 of
the bankruptcy laws.

The Company noted that, due to the continuing distressed capital
markets, it has been unable to complete any of the financing
alternatives it had been pursuing. The Company plans to
immediately layoff approximately 90 percent of its almost 200
employees. The Company intends to attempt to provide service to
its current customers for approximately thirty days to enable
them to transition to other service providers.


ADVANCED RADIO: Nasdaq Halts Trading & Asks For More Information
----------------------------------------------------------------
The Nasdaq Stock Market(R) announced that the trading halt
status in Advanced Radio Telecom Corp. (Nasdaq: ARTT) was
changed to "additional information requested" from the company.
Trading in the company had been halted on March 29, 2001 at 5:25
p.m. Eastern Time for News Pending at a last sale price of 9/32.
Trading will remain halted until Advanced Radio Telecom Corp.
has fully satisfied Nasdaq's request for additional information.


ARMSTRONG HOLDINGS: Exclusive Period Extended To October 5
----------------------------------------------------------
Nitram Liquidators, Inc., Armstrong World Industries, Inc., and
Desseaux Corporation of North American, the Debtors, through
Mark D. Collins and Deborah E. Spivack of the Wilmington
Delaware firm of Richards Layton & Finger PA, asked Judge Farnan
for an extension of the time period during which only the
Debtors may present a plan and solicit acceptances of that plan
for a period of six months, to October 5, 2001, and November 4,
2001, respectively.

The Bankruptcy Code provides for an initial period of 120 days
after the commencement of a Chapter 11 case during which a
debtor has the exclusive right to file a plan or plans. If a
plan is filed within that period, the debtor has an initial
period of 180 days after the commencement of its Chapter 11 case
to solicit acceptances of the plan, during which time competing
plans may not be filed. The present exclusivity period with
respect to the Debtors would expire on April 5, 2001, and June
4, 2001, respectively. Where the statutory periods prove to be
an unrealistic time frame, the Bankruptcy Court may extend a
debtor's exclusivity period for cause shown. The Debtors
suggested this is particularly true in asbestos-relating Chapter
11 cases, citing Johns Manville, National Gypsum, and Celotex
Corporation as examples.

In these Chapter 11 proceedings, which Mr. Collins characterizes
as "large and complex", the Debtors told Judge Farnan that there
has been good faith progress towards rehabilitation and
development of a consensual plan of reorganization, and assured
Judge Farnan that the Debtors are not using the exclusive
periods to pressure creditors into accepting an otherwise
unacceptable plan. Further, the Debtors are generally making all
required postpetition payments as they become due, and are
effectively managing their businesses and preserving the value
of these bankruptcy estates.

The Debtors urged that the period of time for which an extension
is requested is reasonable when compared to the extensions
granted by this and other courts in large reorganization cases,
drawing Judge Farnan's attention to the 8-1/2 month extension in
Vencor, Inc., the ten month extension in APS Holding Corp., and
the two years of extensions in Montgomery Ward Holdings
Corporation. In the instant cases, the Debtors rank among the
500 largest publicly-held companies in the United States, own
and operate 50 manufacturing plants in 15 countries, and have
tens of thousands of claims.

The Debtors urged that the maintenance of the highest value and
viability of the assets of these estates and their businesses
require the continuation of the stabilization process instituted
by the Debtors immediately after the commencement of these
cases. By granting this Motion and ensuring that the Chapter 11
process will not be disrupted at this early stage by the
competing interests of the factions in these cases, the Court
will permit the Debtors to preserve and maximize the value of
their assets for the benefit of all of their creditor
constituencies.

          The Asbestos Committee Reserves Its Position

Through William P. Bowden, Christopher S. Sontchi, and Matthew
G. Zaleski, III, of the Wilmington firm of Ashby & Geddes,
joined by Elihu Inselbuch of Caplin & Drysdale Chartered of New
York, and Peter Van N. Lockwood of Caplin in Washington, the
Official Committee of Asbestos Claimants did not object to the
granting of the requested relief; however, the Committee advised
the Debtors and Judge Farnan that this absence of objection
should not be deemed to be or constitute any agreement with the
Debtors' asserted factual bases in support of the requested
extension, any recognition of the legal theories alleged to
justify the requested relief, or any limitation on the
Committee's right to object to any further request in the
future.

                    Judge Farnan's Ruling

In light of the Committee's stated position and in the absence
of any objections, Judge Farnan granted the requested relief and
extended the time during which the Debtors have the exclusive
right to file a plan to and including October 5, 2001, and the
time during which the Debtors have the exclusive right to
solicit acceptances of a plan to and including November 4, 2001.
Judge Farnan expressly held that this extension is without
prejudice to the Debtors' right to request further extensions of
the exclusivity periods in the future. (Armstrong Bankruptcy
News, Issue No. 5; Bankruptcy Creditors' Service, Inc., 609/392-
0900)


AVADO BRANDS: All Debt Ratings Suffer Downgrades
------------------------------------------------
Moody's Investors Service downgraded all ratings of Avado
Brands, Inc. The rating outlook is negative. Ratings lowered are
as follows:

      -- $97.0 million senior secured revolving credit facility
         to B3 from B2,

      -- $116.5 million 9.75% senior unsecured notes (2006) to
         Caa2 from Caa1,

      -- $100.0 million 11.75% senior subordinated notes (2009)
         to Ca from Caa3,

      -- $73.0 million 7% convertible preferred TECONS (2027)
         issued by Avado Financing I to "c" from "ca",

      -- Senior implied rating to Caa1 from B3, and

      -- Issuer rating to Caa3 from Caa2.

Moody's relates that the rating action was prompted by its
revised expectation of the company's liquidity position over the
next four quarters. While the company's publicly-disclosed
operating projections provide for payment of all obligations
going forward, there is virtually no cushion to absorb any
adverse events outside of plan, Moody's states.

If the company fails to achieve revenue or cash flow targets or
if it cannot sell assets as now contemplated, Moody's anticipate
that the company will not be able to meet its minimum
obligations.

The negative outlook considers Moody's opinion that the
enterprise value of the company will continue to decrease, and
potential recovery for debtholders will decline, unless the
company makes tangible progress over the short term in reversing
declines at Don Pablos and Canyon Cafe.

The outlook also reflects Moody's belief that, given the likely
level of free cash flow from operations over the next year, the
company must meet its goal of disposing certain real estate and
other non-productive assets in a timely manner.

Moody's also says that the company will face substantial
challenges in conserving enough cash for the June 2001 and
December 2001 bond interest payments while simultaneously
reducing the revolving credit facility by $30 million.

Avado Brands, Inc is located in Madison, Georgia. The company
operates 131 Don Pablos Mexican themed restaurants, 74 Hops
micro-breweries, 33 McCormick & Schmick's seafood restaurants,
and 14 Canyon Cafe Southwestern themed restaurants.


AZTECH TECNOLOGY: Posts $46.3 Million Net Loss For FY 2000
----------------------------------------------------------
Aztec Technology Partners, Inc. (Nasdaq: AZTC), a leading
provider of e-Solutions and e-Integration products and services,
reported a net loss of $25.0 million, or $1.09 a share, in the
fourth quarter of 2000 compared to a net loss of $41.1 million,
or $1.85 a share in the same period of 1999. For the full year,
Aztec reported a net loss $46.3 million, or $2.04 a share,
compared to a net loss of $73.8 million, or $3.34 a share, for
full year 1999.

Earnings before interest, taxes, depreciation, and amortization
(EBITDA) in the fourth quarter of 2000 were ($5.1) million
compared to $.4 million in the fourth quarter of 1999, excluding
write-downs of intangible assets and restructuring charges.
EBITDA for the fourth quarter of 2000 of ($3.4) million relates
to businesses closed or sold during the quarter. Full-year
EBITDA was ($5.9) million in 2000 versus $9.5 million for
calendar 1999. EBITDA of ($3.1) million for full-year 2000
relates to businesses closed or sold during the year. Revenue
for the fourth quarter and full year 2000 were $60.5 million and
$290.8 million, respectively, compared to $85.7 million and
$361.6 million in the corresponding periods of 1999.

The company is in discussions with its bank lenders to extend
the April 30 maturity date and otherwise restructure its credit
facility. There can be no assurance that the company will reach
an agreement with its bank lenders. With regard to the full year
2000 results, Aztec said that its independent accountants,
PricewaterhouseCoopers, LLP, had issued a going concern
qualification in its audit opinion.

Aztec has recently terminated its efforts to sell its remaining
voice-and- data and e-Integration businesses because of
transaction and other business factors, and also postponed any
transaction regarding Blueflame, Inc., its e- Solutions
subsidiary because of market conditions.

Ira Cohen, Aztec president and chief operating officer, said,
"We determined that shareholders' interests would be best served
by halting further efforts on our divestiture strategy. Current
market conditions, characterized by depressed values, made it
highly unlikely that any of the planned transactions would
create value for our shareholders. Consequently, the best way to
create value for our shareholders in the current economic
climate is to grow these businesses and strengthen their market
position. We are pleased with the progress we have made on this
objective during the first quarter of 2001."

Aztec Technology Partners is a single-source provider of e-
Solutions and e-Integration products and services for middle
market and Fortune 1000 companies across a broad range of
industries. Aztec helps clients throughout the U.S. gain
competitive advantages by exploiting the power of intranet,
Internet and extranet technologies. Further information on Aztec
is available at www.aztectech.com.


CMS ENERGY: Fitch Rates $350 Million Senior Notes at BB+
--------------------------------------------------------
Fitch has assigned a rating of `BB+` to CMS Energy's (CMS) $350
million of senior notes due 2001. Proceeds from the offering
will be used to reduce $250 million of outstanding bank debt and
the balance for general corporate purposes.

The new senior notes rank equally with other senior debt of CMS
(senior notes, general term notes, and CMS X-TRAS Pass Thru
Trust I notes), all rated `BB+' by Fitch.

The Rating Outlook for CMS remains Negative, reflecting the
company's high parent company and consolidated leverage and weak
consolidated financial measures relative to the current rating
category.

However, Fitch notes that CMS has taken actions to stabilize its
financial condition, notably the sale of new common shares in
October 2000 and February 2001 with total proceeds of
approximately $600 million all used to reduce parent debt.

Parent company debt of CMS Energy at year end 2000 was $3.7
billion, versus approximately $4.1 billion at the end of the
third quarter of 2000.

CMS Energy is an international energy company. The majority of
the group's cash flow is derived from its subsidiaries engaged
in electric and natural gas utility operations (Consumers
Energy); natural gas pipelines and storage (CMS Panhandle); oil
and gas exploration and production.


CONSUMERS PACKAGING: Names Graeme Eadie as New CFO
--------------------------------------------------
Brent Ballantyne, Chief Executive Officer and Chief
Restructuring Officer of Consumers Packaging Inc., (TSE: CGC.TO)
announced the appointment of Graeme Eadie as Chief Financial
Officer. Mr. Eadie replaces Dale Buckwalter, who continues as
Chief Financial Officer of Anchor Glass Container Corporation,
the company's 58%-owned subsidiary, headquartered in Tampa,
Florida.

Mr. Eadie, who was formerly Executive Vice President and Chief
Financial Officer of Dylex Limited and President of The Cadillac
Fairview Corporation, has extensive experience in financial and
operating management and corporate restructurings.

Mr. Eadie has extensive experience in financial and operating
management and corporate restructurings. From 1979 to 1995 he
was with Cadillac Fairview Corporation Limited, where he held a
number of senior-level positions, including Vice President
Finance, Sr. Vice President Finance and Development, and
Executive Vice President and Chief Financial Officer, before
becoming President and Chief Operating Officer.

While President of Cadillac Fairview, Mr. Eadie was in charge of
the financial restructuring that took place under CCAA. He was
also responsible for numerous financings, including property
mortgages, private mortgage bonds, public mortgage bonds, and
banklines of credit in both the U.S. and Canada.

Mr. Eadie's skills in restructuring companies were called upon
again in 1995 when he joined Dylex Limited as Executive Vice
President and Chief Financial Officer. At Dylex, he implemented
a new capital structure program to increase the company's
financial strength and liquidity.

Consumers Packaging Inc. manufactures and sells glass containers
for the food and beverage industry. The company supplies
approximately 85% of the glass containers used by the Canadian
juice, food, beer, wine and liquor industries and also exports
to the United States. The majority of Consumers' glass
containers are produced to customer specifications and sold
through long-term contracts.


CSC LTD: Steelworkers React To Order Denying Insurance Payments
---------------------------------------------------------------
The United Steelworkers of America (USWA) condemned the conduct
of a group of lenders for steel-maker CSC, Ltd. to stop weekly
insurance premium payments and supplemental unemployment
benefits for the company's 1,074 active and 260 retired
steelworkers.

A federal bankruptcy judge in Youngstown upheld the lenders'
request. Judge William T. Bodoh of the U.S. Bankruptcy Court for
the Northern District of Ohio issued the decision, saying,
"Reluctantly, the court must overrule the motion of the debtor
for emergency use of cash collateral." As a result of the
decision, benefits for affected CSC employees and retirees will
terminate Sunday, Apr. 1.

Attorneys for CSC, the USWA and the company's unsecured
creditors tried to convince the bankruptcy court to allow the
company to pay for coverage through Apr. 13, which is the date
that CSC's lenders have set for the mill to be sold intact or in
pieces. CSC's lenders had objected to the payment of about
$500,000, an amount which would have continued health care
benefits coverage and supplemental unemployment benefits for the
laid off steelworkers, retirees and their families for a two
week period.

Dave McCall, Director, USWA District 1, representing Ohio union
members, reacted to the news by directing anger at the banks who
refused to recognize the toll that the court's decision would
impose upon steelworker families. "The lenders have steered this
company and its steelworkers to the brink, never looking at the
devastation being forced on the lives of those who created the
wealth for Wall Street and the financiers."

McCall warned the CSC lenders, "Steelworkers and their families
will not accept the banks' legal maneuvers and high-priced
lawyers who are forcing unforgiving hardship on our active and
retired members who were put into this situation by the failed
trade policies of our government."

John Kubilis, USWA Local 2243 President, representing the
steelworkers at CSC, said, "We are disappointed by the court
ruling and especially the conduct of the lenders. We had every
reason to expect continuation of the CSC insurance payments
until we could exhaust the search for a buyer who could restart
the mill." He adds, "The immediate impact will be devastating.
This escalates the crisis."

The local union president says he is leading a small group of
steelworkers from CSC to meet with Ohio and Pennsylvania
congressional legislators in Washington, D.C. today, Tuesday, to
seek expedited assistance on the pending application for Trade
Adjustment Assistance. "We're also going to urge Congress to
pass legislation that addresses the steel crisis that pushed CSC
into bankruptcy and our steelworkers into joblessness."

CSC Ltd. filed for bankruptcy protection on Jan. 12, 2001 and
ceased steel-making operations on Mar. 23. All but about 20
steelworkers are currently laid off at CSC, which employed 1,400
before bankruptcy.

Michael Locker, president of Locker Associates Inc. in New York,
has been retained by the USWA to study the CSC facility to
assist determining how to keep the mill intact and save as many
jobs as possible. But Locker told the Tribune Chronicle of
Warren, OH on Friday, that this couldn't be done in the given
two-week deadline. "The banks are totally wrong in their
analysis of the value of these assets and the future use of
these assets," he said.

First Union National Bank is the lead bank for the lenders in
the bankruptcy action. Other CSC lenders include Fleet Business
Credit Corp., Patriarch Partners, FINOVA, LaSalle Bank, and
National City Bank.


CYBEX INTERNATIONAL: Talking to Banks about Covenant Waivers
------------------------------------------------------------
Cybex International, Inc. (AMEX: CYB), a leading exercise
equipment manufacturer, reported results for the fourth quarter
and year ended December 31, 2000.

The Company reported a fourth quarter net loss, prior to
nonrecurring charges, of $4,874,000 or $0.56 per diluted share,
compared to net income of $2,934,000, or $0.34 per diluted
share, for the same period last year. For the twelve months
ended December 31, 2000, the Company reported a net loss, prior
to nonrecurring charges, of $4,346,000, or $0.50 per diluted
share, compared to net income of $4,002,000, or $0.46 per
diluted share, for the prior year. Cybex also announced that for
the first quarter 2001, sales will be lower than in the first
quarter 2000; however, the Company was profitable for the first
two months of 2001 and expects to be profitable in its first
quarter ending March 31, 2001.

Net sales for the fourth quarter 2000 were $27,481,000, compared
with $39,824,000 for the comparable 1999 period. The net loss
for the fourth quarter 2000 was $19,094,000 or $2.19 per diluted
share, compared to net income of $2,934,000, or $0.34 per
diluted share, for the same prior year period. The fourth
quarter 2000 results include after-tax nonrecurring charges of
$14,220,000, or $1.63 per diluted share. On a pre-tax basis, the
nonrecurring charges equal $22,288,000 and include a $2,545,000
charge relating to its December 2000 workforce reduction, a
$16,912,000 charge relating to goodwill impairment from the
Company's Tectrix acquisition, and a $2,831,000 charge relating
to a settlement under a license agreement. Further, in addition
to such nonrecurring charges, the Company incurred unusual pre-
tax charges of approximately $5,300,000 during the fourth
quarter arising from bad debt, sales adjustments and product
improvements that are not expected to recur.

For the year ended December 31, 2000, net sales were
$125,293,000, compared with net sales of $129,168,000 for 1999.
The net loss for 2000 was $20,577,000, or $2.36 per diluted
share, compared to net income of $4,002,000, or $0.46 per
diluted share, for 1999. The 2000 results include after-tax
nonrecurring charges of $16,231,000, or $1.86 per diluted share.
On a pre-tax basis, the twelve month nonrecurring charges equal
$25,440,000 and include the fourth quarter charges discussed
above and second quarter pre-tax charges of $3,152,000
consisting of $2,352,000 for the relocation of the Company's
Irvine, California plant and $800,000 to write off internal use
software that will not be utilized in the future.

In response to a softening in sales, the Company during the
fourth quarter adopted its previously announced restructuring
plan to streamline operations, improve efficiencies and reduce
costs. As anticipated, the Company has experienced lower sales,
primarily due to tightened credit standards adopted as part of
its restructuring plan and to economic conditions, both
generally and in the Company's business segment. The Company
expects that sales will continue at a reduced level throughout
2001; however, significant cost reductions have been achieved in
the first quarter of 2001 which should continue throughout the
year.

John Aglialoro, Chairman and acting Chief Executive Officer,
stated: "Cybex has responded forcefully to a challenging market.
We have taken steps to make the Company a more efficient,
streamlined operation. These steps have already resulted in
significant cost reductions which resulted in profitability for
the first two months of 2001 and is expected to result in
profitability in the first quarter of 2001, notwithstanding
significantly lower sales levels. For the balance of 2001, our
cost structure will remain at this reduced level and we will
focus on growing sales from their present levels."

Mr. Aglialoro continued: "We are actively investigating new
profit centers in the leasing and service areas. In addition, we
have a focused product development effort which includes four
new treadmill models, a new full-body stepper and new strength
lines, all scheduled for introduction in the fourth quarter of
2001. We remain confident of the vitality of Cybex and its
prospects for the future."

Due to the Company's fourth quarter results, the Company failed
as of December 31, 2000 to meet certain financial covenants
contained in its credit facility and, unless these financial
covenants are amended, the Company will continue to fail to meet
such covenants throughout 2001. All required principal and
interest payments under the facility have been made on a timely
basis. Cybex is negotiating with the banks for the waiver of the
existing technical defaults, readjustment of the financial
covenants and availability of further cash advances under the
revolving loan portion of the credit facility. The Company is
also investigating alternate funding sources. There is no
assurance such negotiations will be successful or that such
alternate funding will be available.

Cybex International, Inc. is a leading manufacturer of premium
exercise equipment for consumer and commercial use. Cybex and
the Cybex Institute, a training and research facility, are
dedicated to improving human performance based on an
understanding of the diverse goals and needs of individuals of
varying physical capabilities. Cybex designs and engineers each
of its products and programs to reflect the natural movement of
the human body, allowing for variation in training and assisting
each unique user - from the professional athlete to the
rehabilitation patient - to improve their daily human
performance. For more information on Cybex and its product line,
please visit the Company's web site at www.eCybex.com.


DATAWATCH CORPORATION: Receives Nasdaq Delisting Notice
-------------------------------------------------------
Datawatch Corporation, a leading provider of enterprise
reporting solutions, data transformation software tools and
service management software, received a notification from Nasdaq
that the Company's common stock failed to comply with the $1.00
minimum bid price requirement for continued listing on The
Nasdaq National Market as set forth in marketplace Rule
4450(a)(5), and that its common stock is, therefore, subject to
delisting from The Nasdaq National Market.

The Company requested and has been granted an oral hearing with
the Nasdaq Listing Qualifications Panel to be held on Thursday,
May 10, 2001. The delisting of the Company's common stock has
been stayed pending the outcome of the hearing. Presently,
shares of the Company's common stock are trading below the $1.00
minimum bid price and, as such, there can be no assurance that
the panel will grant the Company's request for continued
listing. In the event that the Company's shares are delisted
from The National Market System the Company will attempt to have
its common stock traded on the NASD OTC Bulletin Board.

Bruce R. Gardner, President and CEO, commented: "Presently, the
Company is in compliance with all other continued listing
requirements except the minimum bid price. The Company is
working with its outside advisors to review alternatives
intended to bring its stock price into compliance."

                    About Datawatch

Datawatch Corporation, is a leading provider of business
intelligence/enterprise reporting, data transformation and
support center solutions that help organizations increase
productivity, reduce costs and gain competitive advantage.
Datawatch products are used in more than 20,000 companies,
institutions and government agencies worldwide.

Datawatch works with VARs, integrators, consultants and
independent software vendors who sell and support Datawatch
products. In addition, Datawatch works with OEM customers who
embed Datawatch components and technologies in their own
solutions. The corporate address for Datawatch is 175 Cabot
Street, Suite 503, Lowell, MA 01854-3633; telephone (978) 441-
2200, fax (978) 441-1114; http://www.datawatch.com.


DELTA FINANCIAL: Publishes Fourth Quarter and Year-End Results
--------------------------------------------------------------
Delta Financial Corporation (NYSE: DFC) announced results for
the fourth quarter and year ended December 31, 2000.

The Company reported a net loss of $36.5 million, or $2.29 per
share (basic and diluted), for the quarter ended December 31,
2000, compared to net income of $2.8 million, or $0.18 per share
(basic and diluted), for the quarter ended December 31, 1999.
The loss for the quarter was primarily the result of non-
recurring charges primarily associated with (i) the complete
write-off of the Company's mortgage servicing rights and other
ancillary service fees, (ii) costs associated with the Company's
Net Interest Margin securitization in the fourth quarter of
2000, and (iii) the write-down of the Company's goodwill
relating to its 1997 purchase of Fidelity Mortgage Inc.

The net charge for non-recurring items for the fourth quarter of
2000 totaled $37.6 million on an after tax basis, or $2.36 per
share. This non-recurring charge primarily reflects an after tax
$32.8 million non-cash charge resulting from the complete write-
off of the Company's capitalized mortgage servicing rights and
other ancillary service fees, based upon the Company's
realization, in connection with the bidding process that led to
its agreement to transfer servicing to Ocwen Financial
Corporation in January 2001, that it could not sell its existing
seasoned loan servicing portfolio for a premium. Following three
consecutive quarters of selling its mortgage servicing rights on
newly issued securitizations (beginning in the second quarter of
2000) for a cash premium, the Company was left with a more
seasoned, and therefore costlier, servicing portfolio requiring
significant cash outlays for monthly delinquency and servicing
advances, which adversely impacted the overall value of the
remaining loan portfolio. By transferring servicing and, along
with it, the responsibility for making advances, the Company
expects to save approximately $5.5 million of annual capital
charges, in addition to the significant cash outlays associated
with making such advances.

For the year ended December 31, 2000, the Company reported a net
loss of $49.4 million, or $3.10 per share (basic and diluted),
compared to net income of $4.7 million, or $0.30 per share, for
the year ended December 31, 1999 (which included an after-tax,
one-time, non-cash charge of $0.47 per share, resulting from a
global settlement entered into by the Company with state
regulatory agencies in September 1999, later joined by various
federal agencies in March 2000).

"As anticipated, 2000 proved to be another challenging year for
Delta and the home equity sector. Although the past year's
results are disappointing, we took certain steps in the second
half of 2000 to reduce expenses and increase gross margins,
including reducing our workforce and the salaries of senior
management and other personnel" said Hugh Miller, President and
Chief Executive Officer. "Our operational expenses declined by
$2.7 million from the fourth quarter of 1999 to the fourth
quarter of 2000. Although we anticipate net losses for the first
six months of 2001 as we continue to implement our corporate
restructuring plan - relating primarily to (i) additional
expenses we expect to incur in connection with the transfer of
servicing to Ocwen, (ii) the previously announced restructuring
of the Company's Secured Senior Notes due 2004, and (iii) a
previously announced forward commitment to sell certain residual
certificates in the second quarter of 2001 - the steps taken in
2000 and early 2001, lay the groundwork for our goal of
returning to profitability in the second half of 2001."

The weighted average fully-diluted number of common shares
outstanding was 15.9 million for the three months ended December
31, 2000 and December 31, 1999. For the year ended December 31,
2000, the weighted average fully-diluted number of common shares
outstanding was 15.9 million compared to 15.5 million shares for
the year ended December 31, 1999. The increase in the weighted
average fully-diluted number of common shares outstanding for
the year ended December 31, 2000 compared with the same period
in 1999 is mainly the result of an additional 525,000 shares
issued in the third quarter of 1999 as part of the Company's
settlement with various state and federal regulatory agencies.

During the fourth quarter, the Company completed a $115 million
securitization - its fourth securitization in 2000 - utilizing a
senior subordinate structure, which included a surety wrap
credit enhancement on the AAA rated securities. The Company sold
its rights to service the securitization to a third party, as it
had done in its previous two quarters, for a cash purchase price
and also sold an interest-only certificate for cash. In
addition, the Company sold $47 million of mortgage loans on a
servicing-released basis for an aggregate cash premium of 4.7%.
In total, the Company received net cash proceeds from its fourth
quarter securitization and whole loan sales (after
securitization costs and hedge-related expenses) of $6.3
million, or 3.9% of the total amount of mortgages sold.

"Subject to market conditions, we plan to continue to use a
combination of securitizations and whole loan sales to maximize
cash proceeds," said Mr. Miller. "We have been able to receive
favorable cash premium levels the past two quarters by selling
interest-only certificates and our mortgage servicing rights for
cash when securitizing and by selling whole loans."

Loan originations for the fourth quarter of 2000 were $185
million compared to $198 million reported in the third of 2000
and $292 million reported in the fourth quarter of 1999. For the
year, loan originations and purchases decreased to $933 million
in 2000 compared to $1.47 billion in 1999. The decrease in
origination volume was not unexpected as the Company spent much
of its efforts in 2000 trying to improve the Company's cash
flow. Part of this process included closing its correspondent
division in the second quarter of 2000.

For the fourth quarter of 2000, broker and retail originations
represented 68% and 32% of total production, respectively
compared to 69% and 30%, respectively, in the third quarter of
2000 and 60% and 24%, respectively, in fourth quarter of 1999.
For the third quarter of 2000 and the fourth quarter of 1999,
the Company's correspondent production represented 1% and 16% of
total production, respectively. For the year 2000, broker and
retail originations and correspondent purchases represented 65%,
28% and 7%, respectively, compared to 60%, 22% and 18%,
respectively, in 1999.

The Company's loan servicing portfolio decreased to $3.3 billion
at December 31, 2000 from $3.6 billion at December 31, 1999. The
decrease in the servicing portfolio is primarily the result of
the Company selling its servicing rights associated with each of
its second, third and fourth quarter 2000 securitizations in
exchange for a cash premium for those servicing rights.

Loans delinquent 30 to 59 days increased to 7.2% of the loan
servicing portfolio at December 31, 2000 compared to 5.7% at
December 31, 1999. Loans delinquent 60 days or more increased to
5.4% of the loan servicing portfolio at December 31, 2000
compared to 3.8% at December 31, 1999. All delinquency
statistics are reported on a contractual basis. Loans in
foreclosure increased to 6.2% of the loan servicing portfolio at
December 31, 2000 compared to 5.1% at December 31, 1999.
Annualized charge-offs as a percentage of the average servicing
portfolio increased to 0.79% for the twelve months ended
December 31, 2000 compared to 0.44% for the twelve months ended
December 31, 1999. The increase in delinquencies and losses was
not unexpected, reflecting further portfolio seasoning,
exacerbated by the Company's selling servicing rights (of newly
originated and, consequently, better performing loans) each of
the last three quarters.

"In the first quarter of 2001, we entered into two transactions
that we believe will significantly improve the long-term cash
flow dynamics and profitability of the Company," said Mr.
Miller. "First, we entered into an agreement to transfer
servicing to Ocwen, which eliminates the negative cash flow
associated with making monthly delinquency and servicing related
advances. At the same time, this improves profitability as we
will no longer bear the high costs of servicing a seasoned
portfolio, nor will we incur the additional capital charges
associated with making advances. Second, we reached agreement
with the holders of the majority of our approximately $150
million of 9.5% Senior Secured Notes to restructure, and
ultimately extinguish the Senior Secured Notes. If successful,
this transaction will not only eliminate the financial burden of
$14 million of annual interest payments on the bonds, it will
remove the uncertainty surrounding the repayment of the $150
million Senior Secured Note. Also in the first quarter, the
Company entered into a forward purchase agreement to sell 5 of
its residual certificates during the second quarter of 2001 for
a cash purchase price to provide working capital for the
Company. These residuals certificates are being sold for a
significant discount to the Company's book value for such
certificates."

Mr. Miller concluded, "We expect to take significant one-time
charges over the next two quarters in connection with these
transactions, which will result in net losses for each of these
quarters and a decline in our net worth. In accordance with our
business plan, our goal is to return to profitability and
achieve positive cash flow by the fourth quarter of 2001."

Founded in 1982, Delta Financial Corporation is a Woodbury, NY-
based specialty consumer finance company engaged in originating,
selling and servicing non-conforming home equity loans. Delta's
loans are primarily secured by first mortgages on one- to four-
family residential properties. The Company originates home
equity loans primarily in 27 states. Loans are originated
through a network of approximately 1,500 brokers and the
Company's Fidelity Mortgage retail offices. Prior to July 1,
2000, loans were also purchased through a network of
approximately 120 correspondents. Since 1991, Delta Financial
has sold approximately $6.5 billion of its mortgages through 28
AAA rated securitizations. At December 31, 2000, the Company's
servicing portfolio was approximately $3.3 billion.


DOANE PET: Posts Net Losses For Fourth Quarter and FY 2000
----------------------------------------------------------
Doane Pet Care Company reported a net loss of $9.5 million for
its fourth quarter ended December 30, 2000 on net sales of
$251.0 million, compared to net income of $9.5 million on net
sales of $205.1 million for the 1999 fourth quarter. The 2000
fourth quarter was unfavorably impacted by $19.6 million of non-
recurring charges primarily relating to the closure of certain
inefficient manufacturing facilities.

The Company also reported a net loss of $4.9 million for its
fiscal year ended December 30, 2000 on net sales of $891.9
million, compared to net income of $21.4 million on net sales of
$770.6 million for the 1999 full year. Full year 2000 results
included non-recurring charges of $28.6 million. In addition to
the fourth quarter charge of $19.6 million, the Company
incurred: a $4.6 million charge on a foreign currency forward
contract that was established to hedge the currency risk
associated with the A/S Arovit Petfood acquisition in May 2000;
a $1.4 million charge for costs related to an unconsummated
acquisition; and a $3.0 million charge for the closure of
certain inefficient manufacturing facilities. The Company
announced the closing of seven inefficient manufacturing
facilities in the last two years in an effort to improve long-
term financial performance.

The Company said that results for the current fourth quarter and
fiscal year were not comparable to the reported results for the
same fiscal 1999 periods due to the Company's acquisition of
Arovit in the second quarter of 2000 and the non-recurring
charges discussed above. In addition, comparative results were
significantly impacted by the non-cash mark-to-market fair value
accounting for the Company's commodity derivative instruments
under SFAS 133.

Although the Company experienced solid volume growth from its
major customers, it endured a challenging fourth quarter due to
a number of factors including: (i) the unprecedented high
natural gas costs; (ii) the weak Euro currency translation; and
(iii) higher commodity costs which resulted from price pressure
on proteins throughout the world after the publicity surrounding
BSE ("mad cow disease") in Europe. In addition to these external
factors, the Company's wet pet food plant located in
Pennsylvania incurred losses due to operational issues stemming
from its capacity expansion and associated technological
improvements.

Net sales in the fourth quarter of 2000 increased 22.4% to
$251.0 million from $205.1 million in the comparable 1999
period. Net sales for the fiscal year ended December 30, 2000
increased 15.7% to $891.9 million from $770.6 million in the
comparable 1999 period. Excluding net sales of Arovit for the
fourth quarter and full year 2000, net sales increased 3.5% and
2.6%, respectively, over the comparable 1999 periods. Net sales
growth in the fourth quarter and full year 2000 was somewhat
mitigated by competitive pressures including the launch in the
first quarter of 2000 of a major national brand into mass
merchandise, grocery and club retailers that was previously sold
only through select specialty channels.

Adjusted EBITDA (earnings before net interest expense, income
taxes, depreciation, amortization, the cumulative effect of a
change in accounting principle, and non-recurring charges) was
$27.5 million for the fourth quarter ended December 30, 2000,
compared to $32.2 million in the same 1999 period. Adjusted
EBITDA for the full year 2000 increased to $110.5 million from
$108.9 million in the comparable 1999 period. The full year
increase is partially due to the favorable operating results of
Arovit since the purchase date in May 2000, mitigated by the
external factors discussed above as well as higher business
development expenses associated with the introduction of new
products. The Company's operating results and resulting EBITDA
have also been affected by the volatility resulting from the
non-cash mark-to-market accounting adjustments for its commodity
derivative instruments. The non-cash accounting treatment
resulted in a $5.7 million and a $2.4 million reduction to cost
of goods sold for the 2000 and 1999 fourth quarter,
respectively. For the full year 2000, the accounting resulted in
a $9.0 million reduction to cost of goods sold, compared to a
$1.3 million increase in cost of goods sold for the comparable
1999 period.

In March 2001, the Company refinanced $25.0 million of its
existing senior credit facility loans with loans from
shareholders of its parent, Doane Pet Care Enterprises, Inc.
These loans will be used to pay down the senior credit facility;
and therefore, will permanently reduce the revolving commitment
under the senior credit facility from $100.0 million to $75.0
million.

In connection with the refinancing, the Company also amended its
senior credit facility. The amendment waived the financial
covenant requirements for the year ended December 30, 2000 and
reduced the financial covenant requirements for the two years
ended December 31, 2002. Without the amendment, the Company
would not have been in compliance with the requirements of the
December 30, 2000 financial covenants tests. The amendment also
contained certain other provisions regarding fees, limitations
on investments and capital spending and a $15.0 million
reduction in the revolving commitments until certain financial
performance tests are achieved.

                    CEO Comments & Outlook

Doug Cahill, President & CEO of Doane, said, "It was a difficult
year for Doane and the entire Pet Food Industry. We have taken
several steps to improve our performance in 2001 and beyond - as
is evident from the plant closing charges we recorded this past
year. These actions will allow us to rebalance our system and
enable our 26 remaining U.S. plant network to operate more
efficiently and better service our customers' growing pet food
needs. The unprecedented spike in natural gas prices in 2000
(which cost us an additional $3.4 million in 2000 over 1999)
appears to be coming down, albeit slowly. Moreover, the dramatic
commodity price spike resulting from the mad cow disease scare
in Europe seems to be settling down, and the pet food market as
a whole continues to show solid growth. In fact, we posted a
record January in terms of volume sold in North America. We also
began implementing a much needed price increase in late
February.

Despite a challenging year, we still maintain a quite strong
market position as the second largest industry producer by
volume. Our lenders have shown support, as evidenced by approval
of the amendment to our current credit facilities, allowing us
the time needed to get through this challenging period. In
addition, our shareholders have provided us with a $25.0 million
loan to offset the corresponding reduction in our credit
availability resulting from the amendment to our credit
facility.

With our leading market position, more efficient operations,
improving market conditions, and solid customer relationships,
we look forward to reporting healthier results in the second
quarter of 2001 and beyond."

                    About The Company

Doane Pet Care Company, based in Brentwood, Tennessee, is a
leading manufacturer of dry pet food in the United States and
the largest global provider of private label pet food, producing
store brands for retail customers, regional company branded pet
food, and products for national branded pet food companies.
Doane manufactures a full range of pet food products for dogs
and cats, including dry, wet, and semi-moist pet foods, soft
treats and dog biscuits.


ECOSCIENCE: Files Prepackaged Chapter 11 Plan in W.D. Texas
-----------------------------------------------------------
EcoScience Corporation (OTCBB: ECSC) reached an agreement with
its senior and subordinated lenders concerning the terms of a
comprehensive financial restructuring of the company's debt.

To implement the restructuring agreed to with the Lenders,
EcoScience filed a voluntary petition for relief under the
reorganization provisions of the United States Bankruptcy Code.
Contemporaneous with the filing of the petition for relief,
EcoScience filed its pre-packaged plan of reorganization.

During its reorganization, EcoScience will continue to operate
through its subsidiaries, including its principal operating
subsidiary Village Farms, L.P. EcoScience expects to continue
its day-to-day business activities without interruption.

"We view our agreement with the Lenders and the reorganization
case intended to implement the agreement as an opportunity to
fully focus on the Company's long-term success," said Michael
DeGiglio, EcoScience President and Chief Executive Officer.
"During our restructuring process, we fully expect to deliver
all of our pending orders."

The agreement between EcoScience and its senior lender provides
that the holder of the senior debt will receive an amended and
restated promissory note along with Common Stock of the
reorganized company. The plan of reorganization also will
provide that the remainder of the new Common Stock of
reorganized EcoScience will be issued to the subordinated lender
and certain management. As a condition of the approximate
$70,000,000 of debt forgiveness, all of the currently issued and
outstanding shares of Common Stock of EcoScience will be
eliminated without consideration.

"We are confident that the Company will emerge from the
reorganization case swiftly and with this reduced debt level
will be more efficient and more concentrated on customer
satisfaction and better able to provide our customers high
quality products and services," said DeGiglio. "The
restructuring and performance initiatives the company has
undertaken and implemented, and this reorganization process,
have been difficult, but the Company now is in a stronger
position than it has been for many years. As a result of these
events and a stronger balance sheet, we are optimistic about the
future."

EcoScience is represented by Nathan Sommers Lippman Jacobs &
Gorman and the Lenders are represented by Holland and Hart and
McGinnis Lochridge & Kilgore, L.L.P. The reorganization case was
filed in the United States Bankruptcy Court for the Western
District of Texas, San Antonio Division.

EcoScience is the leading domestic producer, marketer, and
distributor of high quality greenhouse grown tomatoes and uses
advanced and environmentally sound technology to provide
customers with nutritious, safe, better tasting and more
appealing fresh produce. The Company markets its premium
beefsteak and cluster on-the-vine tomatoes under the Village
Farms(R) and Home Choice(TM) brand names.


FINOVA GROUP: Moves To Establish Interim Compensation Protocol
--------------------------------------------------------------
The FINOVA Group, Inc. sought an order, pursuant to 11 U.S.C.
Secs. 105(a) and 331, establishing an orderly, regular process
for payment of compensation and reimbursement to attorneys and
other professionals whose services are authorized and who will
be required to file applications for allowance of compensation
and reimbursement of expenses. FINOVA pointed the Court to other
large Chapter 11 case such as In re Sun Healthcare Group, Inc.,
et al., Case No. 99-3657 (MFW) (Bankr. D. Del. February 6, 2001)
in which identical protocols are routinely approved.

FINOVA anticipates that it will retain a number of professionals
in the course of its chapter 11 restructuring. Moreover, one or
more statutory committees will likely retain counsel and
possibly other professionals.

FINOVA envisions that on or before the 25th day of each calendar
month, each professional that seeks interim compensation will
file an application pursuant to section 331. The application
will be sent to FINOVA, its two law firms, the U.S. Trustee,
counsel for any official committee and counsel for FINOVA's
prepetition lenders. Each party will have twenty days after
service of the application to object.

FINOVA also requested that the members of any official committee
be permitted to obtain reimbursement for reasonable out-of-
pocket expenses incurred in connection with their membership.
Members will submit statements of expenses and supporting
vouchers to committee counsel. FINOVA will issue reimbursement
checks within twenty days after receipt.

FINOVA's Chapter 11 proceedings are large and involve more than
$11.378 billion in consolidated liabilities. The procedures
allow professionals to receive 80% of requested fees. FINOVA
believes that this compensation protocol will reduce the
administrative burden imposed on the Court and enable parties in
interest to monitor more closely professional fee costs. (Finova
Bankruptcy News, Issue No. 3; Bankruptcy Creditors' Service,
Inc., 609/392-0900)


FOSTER WHEELER: Moody's Lowers Long-Term Ratings To Ba3
-------------------------------------------------------
Moody's Investors Service cut the long-term debt ratings of
Foster Wheeler Corporation (FWC) to Ba3 from Baa3. The rating
action reflects the company's slower-than-anticipated new
business generation, the resultant low cash flow generation, and
continued weakened debtholder protection measures, Moody's says.

According to Moody's, FWC's leverage remains elevated as a
result of the financial impact of the Robbins waste-to-energy
facility and sub-par earnings generation.

The rating agency noted that although the power equipment
business could perform better than plan during 2001, the
dominant E&C businesses have the potential to post flat results
compared to last year.

In addition, while new business awards are nominally on the
rise, the backlog is only modestly improving. Moody's expressed
concern that the world markets could soon soften, similar to the
weakening conditions in the United States, lengthening the
recovery of business development and credit metrics.

The rating outlook is negative and incorporates FWC's
competitive environment, which is characterized by low levels of
new project opportunities globally, severe price competition,
smaller advanced payments, and greater working capital
requirements, Moody's discloses.

In addition, Moody's expects that FWC's cash flows will not
materially improve until late 2001 or early 2002. Consequently,
the company's leverage and adjusted leverage will remain high
over the near-term.

Ratings lowered are:

Foster Wheeler Corporation:

      -- senior, unsecured debentures to Ba3 from Baa3,
         guaranteed by material subsidiaries;

      -- IRBs to B1 from Ba1;

      -- junior subordinated debentures to B2 from Ba2;

For securities issued under 415 shelf registration:

      -- senior debt securities to (P)Ba3 from (P)Baa3,

      -- senior subordinated debt securities to (P)B2 from
         (P)Ba2,

      -- junior subordinated debt securities to (P)B2 from
         (P)Ba2,

      -- preferred securities to (P)"b2" from (P)"ba2"; and

      -- long-term debt rating for bank revolving credit
         facilities, guaranteed by material subsidiaries, to Ba3
         from Baa3.

FW Capital Trust I:

      -- for preferred securities guaranteed by Foster Wheeler
         Corporation to "b2" from "ba2", and

      -- for preferred securities, guaranteed by Foster Wheeler
         Corporation, issued under 415 shelf registration to
         (P)"b2" from (P)"ba2".

FW Capital Trust II:

      -- for preferred securities, guaranteed by Foster Wheeler
         Corporation, issued under 415 shelf registration to
         (P)"b2" from (P)"ba2".


FUTURELINK: Reports Fourth Quarter and Fiscal 2000 Losses
----------------------------------------------------------
FutureLink Corp. (Nasdaq: FTRL), a leading provider of
integrated solutions, hosted application services and one of the
first application infrastructure companies to provide software
as a service, reported its financial and operating results for
the fourth quarter and full year ended December 31, 2000.

Revenue for the fourth quarter ended December 31, 2000, was
$34.6 million, compared with $8.6 million for the fourth quarter
of 1999 and $35.1 million for the third quarter of 2000. Net
loss for the quarter was $205.1 million or $2.92 per share,
compared with a loss of $13.8 million, or $0.38 per share, in
the same period of 1999, and with a third quarter 2000 net loss
of $29.7 million, or $0.43 per share.

Howard Taylor, who joined FutureLink as President and CEO in
December 2000, commented, "We have redirected our strategic
course for 2001 and are now concentrating on the core strengths
of our business, which include information technology
consulting, server-based computing, information security,
systems integration and application delivery. We continue to
offer ASP services which, in 2000, represented 4% of revenue."

"New management has taken several steps to realign our core
business in light of continued growth opportunities in
information technology and the slow rate of growth in the ASP
marketplace. These steps include investing in our core business
of IT professional services and reducing ASP and other staff
costs to improve our margins and build a stable foundation for
FutureLink. We believe these actions will positively impact our
2001 results. However, our work in this area is not done.
Further changes to this business are inevitable in order to
drive us to profitability," said Taylor.

FutureLink reported that its present cash position and liquidity
will not carry it through 2001. Accordingly, the company's
independent auditors will modify their report to describe the
going concern uncertainty. To address its liquidity position,
the company is evaluating additional measures to reduce the
level of cash used in its operations and to raise additional
capital. These may include eliminating certain unprofitable
lines of business and selling one or more business
lines/divisions. FutureLink cannot provide assurances that it
will be successful in reducing its operating losses or in
obtaining additional capital.

                    Fourth Quarter Results

For the fourth quarter ended December 31, 2000, the company
reported total revenue of $34.6 million, compared with total
revenue of $8.6 million for the same period last year. Total
fourth quarter revenue includes $25.2 million of revenue related
to the resale of hardware and software to FutureLink customers,
compared with $5.2 million of such revenue for the same period
of 1999. Total services revenue for the quarter, including ASP
revenue, was $9.4 million, compared with services revenue of
$3.4 million for the fourth quarter of 1999. Services revenue
for the fourth quarter of 2000 includes a total of $1.8 million
of ASP revenue.

Cost of goods sold for the fourth quarter of 2000, which
reflects costs of hardware and software purchased for resale to
customers, was $20.1 million, or 79% of the revenue generated
from such sales, compared with cost of goods sold of $5.7
million, or 110% of revenue, for the same period of 1999. Cost
of service delivery for the fourth quarter of 2000 was $9.8
million, or 104% of service delivery revenue, compared with
service delivery costs of $5.1 million, or 150% of service
delivery revenue, for the same period of 1999.

Selling, general and administrative expenses for the fourth
quarter of 2000 totaled $20.6 million, or 60% of total revenue,
compared with $6.0 million or 70% of revenue for the fourth
quarter of 1999.

As a result of changing market conditions and other factors, the
company recently evaluated the recoverability of the goodwill
recorded on its books resulting from its seven acquisitions in
1999 and 2000. Under the requirements of SFAS No. 121, the
company determined that the goodwill was impaired and,
accordingly, recorded a charge to reduce goodwill by $170
million in the fourth quarter.

For the quarter ended December 31, 2000, FutureLink reported
EBITDA of negative $15.4 million and a net loss of $205.1
million, or a negative $2.92 per share, compared to EBITDA of
negative $8.2 million and a net loss of $13.8 million, or a
negative $0.38 per share, for the same period last year.
Included in the net loss for the fourth quarter ended December
31, 2000 were non-cash charges of $18.9 million for depreciation
and amortization and $170 million related to a write-down of
goodwill. Loss per share for the fourth quarter, excluding
goodwill amortization and the write-down of goodwill, was $0.28.

                    Results for Fiscal 2000

For the year ended December 31, 2000, the company reported total
revenue of $125.9 million compared with total revenue of $13.6
million for last year. Revenue for 2000 includes $91.2 million
of revenue related to the resale of hardware and software to
FutureLink customers, compared with $6.7 million of such revenue
for 1999. Total services revenue for 2000, including ASP
revenue, was $34.7 million, compared with services revenue of
$6.9 million for 1999. Services revenue for 2000 includes a
total of $5.4 million of ASP revenue.

Cost of goods sold for 2000 was $75.1 million, or 82% of the
revenue generated from the company's sales of hardware and
software, compared with cost of goods sold of $7.0 million, or
104% of revenue, for 1999. Cost of service delivery for 2000 was
$27.3 million, or 79% of service delivery revenue, compared with
service delivery costs of $10.5 million, or 154% of service
delivery revenue, for 1999.

Selling, general and administrative expenses for 2000 totaled
$72.0 million, or 57% of total revenue, compared with $12.6
million or 93% of revenue for 1999.

For the year ended December 31, 2000, FutureLink reported EBITDA
of negative $45.8 million and a net loss of $286.5 million, or
negative $4.48 per share, compared to EBITDA of negative $16.6
million and a net loss of $35.7 million, or negative $2.50 per
share, for 1999. Included in the net loss for the year ended
December 31, 2000 were non-cash charges of $66.3 million for
depreciation and amortization and $170 million related to the
fourth quarter write-down of goodwill. Loss per share for the
year, excluding goodwill amortization and the write-down of
goodwill, was $0.93.

                    Cash Management

In November 2000, the company entered into two related
receivables-based credit facilities with a financial
institution, for up to $25 million. The company's level of
tangible net worth has been below the amount required under
these facilities. The company has obtained waivers from the
lender relating to such noncompliance until the next monthly
measurement date of April 30, 2001. In order to comply with the
covenant as of the next monthly measurement date of April 30,
2001, FutureLink will need to raise the necessary capital,
obtain additional waivers from the lender or reach an agreement
with the lender to modify the covenant to an achievable level.
The company cannot provide assurances that it can achieve any of
these measures.

Because the company's aggregate cash balances are below $10
million, pursuant to the terms of the credit facilities, all
collections on the company's receivables are being deposited
directly into the lender's lock box. These collections are then
applied to reduce the company's outstanding borrowings on the
facilities. The company's capacity to borrow fluctuates daily
based on that day's level of eligible accounts receivable and
the level of outstanding borrowings.

                    Nasdaq Notice

The company has received a notice from Nasdaq that its common
stock has not maintained a minimum bid price of $1.00 over a
period of 30 consecutive trading days. As a result, Nasdaq has
provided the company with 90 calendar days, until June 25, 2001,
to regain compliance with this requirement. If the company is
unable to demonstrate compliance with the requirement on or
before June 25, 2001, Nasdaq will provide the company with
written notification that its securities will be delisted, a
determination which may be appealed by the company at that time.

                    The Business

"Despite challenges facing the company, we currently have a
strong revenue base and continue to target EBITDA breakeven by
the end of the fourth quarter of 2001," said Taylor.

                    About FutureLink

FutureLink Corp. is a leading provider of integrated solutions,
hosted application services and one of the first application
infrastructure companies to provide software as a service. One
of the largest and most experienced application service
providers (ASPs) of hosted server-based solutions worldwide, the
company offers a full range of professional services that meet
business-critical application and infrastructure needs. With
FutureLink's offerings, customers can precisely manage IT costs
and avoid expensive and complicated maintenance and support
concerns.

FutureLink delivers its products and services in partnership
with leading technology companies worldwide including Microsoft,
Citrix Systems, Inc., Compaq, EMC Corporation, Cisco Systems,
Great Plains, Onyx and others. A founding member of the ASP
Industry Consortium, the company markets its offerings through a
network of channel partners throughout the United States,
Canada, and the United Kingdom. For more information on the
company and its solutions, contact FutureLink toll-free at (877)
216-6001; e-mail: sales@futurelink.net or visit the FutureLink
website at www.futurelink.net.


GENESIS HEALTH: ElderTrust Transactions Closed
----------------------------------------------
ElderTrust (NYSE:ETT), an equity healthcare REIT, announced that
it has successfully completed the previously announced
transactions with Genesis Health Ventures, Inc. (OTC:GHVIE.OB)
and The Multicare Companies.

Concurrent with the completion of these transactions, ElderTrust
also finalized the extension of its Bank Credit facility
maturity date to August 30, 2002.

"The completion of these agreements . . . marks the end of a
year-long effort to address our transactions with these
financially troubled customers," said D. Lee McCreary, Jr.,
ElderTrust's President and Chief Executive Officer. Mr. McCreary
added, "Let me also take this time to thank the many people
involved in completing these transactions; people whose efforts
and dedication to reaching a successful resolution of many
difficult issues is the real story behind today's achievement."

The Company is continuing to renegotiate with the holders of the
two mortgage notes that have been in default.

ElderTrust is a real estate investment trust that invests in
real estate properties used in the healthcare services industry,
principally along the East Coast of the United States. Since
commencing operations in January 1998, the Company has acquired
direct and indirect interests in 32 buildings and has loans
outstanding of $15 million, net of allowance, in construction
and term financing on five additional healthcare facilities.
(Genesis/Multicare Bankruptcy News, Issue No. 8; Bankruptcy
Creditors' Service, Inc., 609/392-0900)


HARNISCHFEGER: Debtors Grab the Rabbi Trusts' Assets
----------------------------------------------------
A Rabbi Trust is a trust that is established to hold the assets
of a Non-Qualified Deferred Compensation Plan. Both the
Harnischfeger Industries, Inc. Rabbi Trust and the Joy Rabbi
Trust authorize the return of such trust's assets to the
Debtors.

Section 5.5 of the HII Rabbi Trust states that if HII becomes
insolvent, then the trustee shall suspend further distributions
pending " . . . other direction from a court of competent
jurisdiction. . . ." Section 4 of the Joy Rabbi Trust states if
Joy becomes bankrupt the trustee shall pay the assets of the
trust to Joy.

The corpus of the Rabbi Trust must be returned to the Debtors'
estates. Under section 541 of the Bankruptcy Code, the corpus of
the Rabbi Trust is property of the Debtors' estate. Pursuant to
section 542 of the Bankruptcy Code, the corpus of the Rabbi
Trust should be turned over to the Debtors. Section II(A)(5)(b)
of the Debtors' Joint Plan deals with how Beneficiaries of the
Rabbi Trust will be treated.

Accordingly, Harnischfeger Industries, Inc. and Joy Technologies
Inc. asked the Court to require (A) Firstar Trust Company, as
successor trustee, to transfer the corpus of the Harnischfeger
Industries Deferred Compensation Trust dated as of October 9,
1995 (the HII Rabbi Trust to HII and (B) Chase Manhattan Bank,
as trustee, to transfer the Corpus of the Agreement of Trust
dated as of December 24, 1986 (the Joy Rabbi Trust) to Joy.
(Harnischfeger Bankruptcy News, Issue No. 39; Bankruptcy
Creditors' Service, Inc., 609/392-0900)


HOMELAND: Falls Short Of Nasdaq's Bid Price Requirement
-------------------------------------------------------
Homeland Holding Corporation (Nasdaq/NM:HMLD), announced that it
has received notice from Nasdaq that, in addition to the
previously discussed market value of public float deficiency
under which the Company's stock is subject to delisting, the
Company also does not comply with the bid price requirement, as
set forth in Nasdaq Marketplace Rule 4450 (a)(5). Homeland has
requested a hearing before a Nasdaq Listing Qualifications Panel
to review the Staff Determination regarding both requirements,
which has been scheduled for April 19, 2001. There is no
assurance that the Panel will change the Staff Determination,
and, if not, the Company expects that trading in its common
stock would move to the OTC Bulletin Board.

Homeland Stores, Inc. is a leading supermarket chain in
Oklahoma, southern Kansas, and the Texas panhandle region,
operating a total of 78 stores. The Company operates in four
distinct marketplaces: Oklahoma City, Oklahoma; Tulsa, Oklahoma;
Amarillo, Texas; and certain rural areas of Oklahoma, Kansas and
Texas.


IMPERIAL SUGAR: U.S. Trustee Appoints Official Equity Committee
---------------------------------------------------------------
Frederic J. Baker, Senior Assistant United States Trustee for
Patricia A. Staiano, US Trustee, appointed the following persons
to the Committee of Equity Security Holders in the Imperial
Sugar Company's bankruptcy cases:

      Dimensional Fund Advisers
      Attn: Lawrence Spieth, Regional Director
      10 S. Wacker Drive
      Chicago, IL 60606
      Phone: (312)382-5370
      Fax: (312)382-5375;

      Robert Glassman
      3265 W. Figarden Drive
      Fresno, CA 93711
      Phone: (559)448-8000 ext. 114
      Fax: (559)448-8022;

      Old Kent Bank, Trustee
      Attn: John G Grzybek, Vice President
      111 Lyon NW, Grand Rapids, MI 49503
      Phone: (616)653-3323
      Fax: (616)771-5836

      Dennis Arnie, c/o Arnie & Company,
      5100 Westheimer, Suite 490
      Houston, TX 77059
      Phone: (713)840-1634
      Fax: (713)840-1628

(Imperial Sugar Bankruptcy News, Issue No. 4; Bankruptcy
Creditors' Service, Inc., 609/392-0900)


INTEGRATED HEALTH: Settles Haring Cylinder's Reclamation Claim
--------------------------------------------------------------
In the ordinary course of their businesses, Integrated Health
Services, Inc. purchased and received certain products from
Haring Cylinder Company for use in their healthcare facilities.
The Debtors purchased products from Haring prior to the Filing
Date on ordinary terms where the invoice for the product would
be due within 30 days of the invoice date.

On or about February 11, 2000, Haring served certain reclamation
demands on the Debtors seeking, pursuant to applicable state law
and section 546(c) of the Bankruptcy Code, the segregation and
return of certain products sold by Haring to the Debtors within
the ten day period prior to the Debtors' chapter 11 Filing Date
of February 2.

Based upon analysis of the Reclamation Demands with the
assistance of their advisors, the Debtors have concluded that
Haring has a valid and timely reclamation claim in the amount of
$73,909.82 pursuant to applicable state law and section 546(c)
of the Bankruptcy Code.

The parties desire to enter into a Stipulation and Order
providing for the allowance and satisfaction of Haring's
reclamation claim. In this regard, the parties agreed and
stipulated and sought the Court's approval that,

      (1) Pursuant to section 546(c)(2)(A) of the Bankruptcy
Code, the Reclamation Demands will be denied;

      (2) In lieu of reclamation, Haring is granted an allowed
administrative expense claim in the amount of $73,909.82
pursuant to sections 503(b) and 546(c) of the Bankruptcy Code,
payable in 6 equal monthly installments of $12,318.00, with the
first installment to be made within 10 days of the Court's
approval of this Stipulation and Order, and each subsequent
installment to be made on or before the 10th day of the next
succeeding month until Haring's allowed reclamation claim has
been satisfied in full;

      (3) Haring agrees to supply products to the Debtors in
accordance with the Terms, i.e., payment is due within 30 days
of the date of invoice;

      (4) Except as specifically set forth, nothing contained in
this Stipulation and Order will be deemed a waiver or release by
the Debtors or Haring of any other rights, claims or defenses
between the Parties;

      (5) Nothing contained in this Stipulation and Order will be
construed or deemed to be an assumption of any executory
contract pursuant to section 365 of the Bankruptcy Code.
(Integrated Health Bankruptcy News, Issue No. 15; Bankruptcy
Creditors' Service, Inc., 609/392-0900)


JCC HOLDING: New Orleans Casino Owner Emerges From Bankruptcy
-------------------------------------------------------------
JCC Holding Company and its subsidiaries including Jazz Casino
Company, LLC, owner of Harrah's New Orleans Casino, emerged from
bankruptcy Thursday, March 29.

Documents were completed and signed in New Orleans by the
parties involved in the negotiations, including representatives
from Jazz Casino Company, LLC, the casino owner, Harrah's
Entertainment, Inc., Harrah's New Orleans Management Company,
the Louisiana Gaming Control Board, the City of New Orleans, the
banks and the bondholders.

With this action, the casino has now obtained all governmental
and regulatory approvals, the amended casino operating contract
with the State of Louisiana and the amended lease with the City
of New Orleans are now in effect.

The revised casino contract guarantees the state a $50 million
annual minimum payment from April 1, 2001 through March 31,
2002, and $60 million per year thereafter. The tax rate on gross
gaming revenue is 21.5%. Changes to the contract also ease
restrictions on the casino's food service and hotel operations.

Jazz Casino Company, LLC, a subsidiary of JCC Holding Company,
has the exclusive license to own and operate the only land-based
casino in Orleans Parish. Harrah's New Orleans Management
Company, a subsidiary of Harrah's Entertainment has the contract
with Jazz Casino Company to manage the casino. The casino
directly employs approximately 3,000 people earning wages,
benefits and tips of over $100 million annually. The 100,000
square foot casino is located at Canal Street at the Mississippi
River in downtown New Orleans and is adjacent to the French
Quarter, the Aquarium of the Americas and the Ernest N. Morial
Convention Center.


KATY INDUSTRIES: Posts Losses & Suspends Dividend Payments
----------------------------------------------------------
Katy Industries, Inc. (NYSE: KT) reported a net loss for the
fourth quarter of 2000 of ($2,275,000) or ($.28) per diluted
share, compared to net income of $4,459,000, or $.49 per diluted
share, in the fourth quarter of 1999. Fourth quarter results of
2000 include unusual charges totaling ($706,000) after-tax, or
($.08) per share, while the same period results of 1999 include
unusual income of $2,238,000 after-tax, or $.22 per diluted
share.

For the full year 2000, the Company reported a net loss of
($5,458,000) or ($.65) per diluted share, compared to net income
of $10,455,000, or $1.21 per diluted share, in 1999. The year
2000 results include unusual charges totaling ($3,237,000)
after-tax, or ($.39) per share, while 1999's results include
unusual income of $1,848,000 after-tax, or $.18 per diluted
share.

Katy indicated that it expects a loss for the first quarter of
2001 from its continuing segments which is estimated to be in
the range of ($.20) to ($.30) per share, excluding unusual
charges.

Katy also announced that the Board had determined to suspend
payments of quarterly dividends and that the Company has
obtained waivers from its existing bank lenders for compliance
with certain financial covenants through June 30, 2001.

Katy further announced that it has entered into a definitive
agreement with an affiliate of Kohlberg Investors IV, L.P. an
affiliate of Kohlberg & Co. L.L.C.  for a recapitalization of
Katy. Under the agreement, the Kohlberg affiliate would commence
a tender offer for up to 2,500,000 shares of Katy common stock
at a price of $8.00 per share and would purchase at least
400,000 shares of newly issued convertible preferred stock at
$100 per share for not less than $40,000,000. Proceeds from the
newly issued convertible preferred stock would principally be
used to reduce Katy's existing debt and would also be used to
partially redeem a third party's preferred interest in a Katy
subsidiary.

Each preferred share would be convertible into 12.5 shares of
common stock. The common stock underlying the preferred,
together with the common stock to be purchased in the tender
offer, would represent a majority of the outstanding common
stock after giving effect to the conversion of the preferred.
The Kohlberg affiliate has obtained a commitment letter from
Deutsche Banc Alex. Brown to provide Katy up to $150 million of
senior secured term and revolving loans to refinance the balance
of the Company's existing debt.

Completion of the transaction is subject to a number of
conditions, including affirmative vote of Katy's shareholders to
authorize the convertible preferred stock and to elect six
Kohlberg designees as directors of the Company, who will then
represent a majority of the Board, and completion of the sale of
an operating subsidiary pursuant to an existing letter of
intent.

Shareholder approval of the transaction will be the subject of a
proxy statement expected to be mailed to Katy shareholders in
April for a shareholders' meeting to be held in May, 2001. The
tender offer will not be commenced until the proxy statement is
mailed.

Mr. Robert M. Baratta, Katy's Chief Executive Officer,
commented: "This transaction will increase Katy's financial
strength. Shareholders will have the opportunity to tender
shares in the tender offer at a substantial premium over our
recent market price. Through the shares they keep, they will
also be able to participate in the future of a financially
stronger Katy."

Katy Industries, Inc. is a diversified corporation with
interests primarily in Electrical/Electronics and Maintenance
Products.

Kohlberg is a private merchant banking firm with offices in New
York and California. Founded in 1987, Kohlberg has completed
more than 70 acquisitions and recapitalization transactions in a
variety of industries.


KEY PLASTICS: Michigan Court Confirms Plan of Reorganization
------------------------------------------------------------
Key Plastics, LLC announced that the U.S. Bankruptcy Court in
Detroit has approved Key's plan of reorganization. The Court's
order allows the Company to continue operations and emerge from
Chapter 11 protection under the new ownership of Dallas-based
Carlyle Management Group. Key expects to close on the purchase
by CMG and emerge from Chapter 11 by April 30, 2001.

"This latest development is a culmination of the hard work and
support of our employees, customers and suppliers," said David
C. Benoit, Key Plastics Chief Executive Officer. "By all
accounts, it has been a challenging year and fiercely long
journey. Key Plastics' management team looks forward to working
collaboratively with the new ownership on a seamless
transition."

Benoit continued: "I, along with our management team, praise our
employees and partners worldwide for the hard work required to
facilitate the Company's transformation. All of us at Key
Plastics value the relationships we have maintained with our
customers and suppliers throughout this reformation process. We
especially thank our customers for standing by us as we now
conclude this difficult chapter in our Company's history."

Going forward, Key Plastics will be under the new leadership of
CMG's Chief Executive Officer, B. Edward Ewing, who also will
become the new CEO of Key post-closing.

Commenting on the development, Ewing said: "It is important to
note that one of our key objectives when evaluating this
opportunity was identifying a company that has a fundamentally
sound business and good people. This is a business that has a
leading market share in a number of its key products, a fact we
hope to leverage in the future. Once we close the acquisition,
an orderly transition is planned which should result in minimal
disruption to our customers and employees. CMG will bring
financial discipline and managerial support, which will enable
Key Plastics to achieve its overall financial and strategic
goals. I would like to acknowledge Key's customers for the
support they have given this enterprise and I look forward to a
mutually beneficial relationship going forward. In addition, we
commend the creditor group for their support during the
bankruptcy process. Supported by our employees and suppliers,
Key Plastics will continue to serve its customers by producing
the industry's highest quality plastic systems and components.
Our primary objective with Key Plastics, as with all of our
companies, is for our employees, customers and shareholders to
say we are a great management team."

CMG focuses on acquiring and managing turnaround and special
situation investment opportunities. The principals of CMG have
extensive operations and investment experience in the
automotive, aerospace, defense and heavy manufacturing
industries. CMG is part of The Carlyle Group, one of the largest
private equity firms in the world managing over $13.5 billion of
capital.

Key Plastics is a global manufacturer of highly engineered
precision plastic components and subsystems to the automotive
industry with revenues of approximately $550 million.
Headquartered in Novi, Michigan, the company has 19 facilities
in North America and 13 in Europe (located in 7 countries) and
employs 6,500 individuals globally.


LAROCHE INDUSTRIES: Court Approves Amended Disclosure Statement
---------------------------------------------------------------
LaRoche Industries Inc. announced that the Bankruptcy Court for
the District of Delaware, in which its Chapter 11 case is
pending, has approved an amended Disclosure Statement filed by
LaRoche and LaRoche Fortier Inc. on March 30, 2001.

As a part of that approval, the Bankruptcy Court set a
confirmation hearing to consider approval of an amended Joint
Plan of Reorganization for May 22, 2001. LaRoche also announced
that the major creditor constituencies, including LaRoche's
secured creditors and the Official Committee of Unsecured
Creditors, have indicated their support for confirmation of the
amended Joint Plan of Reorganization.

LaRoche Industries is a global manufacturer of chlor-alkali
chemical products and provider of industrial ammonia products
and services, with operations in the United States, Germany and
France.


LASON INC.: Delays Filing Of Form 10-K For Year-End 2000
--------------------------------------------------------
Lason, Inc. (OTCBB:LSON) said it is filing with the Securities
and Exchange Commission (SEC), under Rule 12b-25, a notification
of late filing of its Form 10-K for the year ended December 31,
2000.

Due to the ongoing evaluation of past financial statements, as
stated in the Company's Form 8-K filed with the SEC on March 26,
2001, the Company will not be in a position to timely file its
Form 10-K for the year ended December 31, 2000. The Company does
not know, at this time, when the Form 10-K will be completed and
filed.

                    About the Company

LASON is a leading provider of integrated information management
services, transforming data into effective business
communication, through capturing, transforming and activating
critical documents. LASON has operations in the United States,
Canada, Mexico, India, Mauritius and the Caribbean. The company
currently has over 85 multi-functional imaging centers and
operates over 60 facility management sites located on customers'
premises. LASON is available on the World Wide Web at
http://www.lason.com/.


LEINER HEALTH: Lenders Agree to Waive Defaults through April 12
---------------------------------------------------------------
Leiner Health Products Inc. has reached an agreement with its
lenders to extend its previously announced waiver letter from
March 30 to April 12, 2001.

As previously announced, Leiner entered into a waiver letter
with its lenders on February 14, 2001 under which the lenders
agreed to waive events of default under its amended credit
agreement for a limited time period. The waiver was originally
scheduled to terminate on March 30, 2001. The current waiver
extension will allow additional time for the Company to develop
a preliminary business plan and review that with the lenders.
"We appreciate our banking partners' willingness to recognize
our reengineering action as the priority as we continue to work
together to develop a revised business plan," said CEO Mr.
Robert Kaminski.

Commenting on recent progress, Mr. Kaminski said, "The
aggressive reengineering of our operations is well underway and
will begin to show significant results beginning in the April -
June quarter. The closure of the Company's Kalamazoo Facility
and the elimination of 289 positions is behind us. When the
Company's Largo Facility closes on April 14, an additional 222
positions will be eliminated."

Leiner Health Products Inc., headquartered in Carson,
California, is one of America's leading vitamin, mineral,
nutritional supplement and OTC pharmaceutical manufacturers. The
Company markets more than 500 products under several brand
names, including YourLife(R) and Pharmacist Formula(R). For more
information about Leiner Health Products, visit www.leiner.com.


LOEWEN: Assumes Limited Obligations In Sale Of Canadian Assets
--------------------------------------------------------------
In connection with the proposed sale by certain of The Loewen
Group, Inc.'s Canadian affiliates of funeral home and cemetery
businesses and related assets at six locations in Montreal,
Quebec, the Debtors sought and obtained the Court's authority,
pursuant to section 363 of the Bankruptcy Code, for TLGI to
enter into certain limited obligations by entering into a
Purchase Agreement among the Selling Canadian Debtors, TLGI and
the Purchaser.

The Canadian Debtors including the Selling Canadian Debtors
(Paperman & Sons, Inc., 170535 Canada Inc. and 3144569 Canada
Inc.) have determined that the value of the funeral home and
cemetery businesses would be maximized if the 6 Canadian Sale
Locations were sold for a purchase price of $15,000,000
(Canadian) to 3811557 Canada Inc. (the Purchaser), a Canadian
corporation owned by the previous owners of the Canadian Sale
Locations (the Paperman Family).

As part of this sizable transaction, TLGI would be required to
enter into the limited obligations of transferring Funds,
processing Employee Benefit Claims and entering into a CNC
noncompetition covenant, pursuant to an Asset Purchase
Agreement. Specifically, with respect to these limited
obligations of TLGI, the Asset Purchase Agreement provide that:

      -- Certain Canadian pension funds and retirement plans
relating to the Selling Canadian Debtors' current and former
employees will be transferred by TLGI to the Purchaser.

      -- Certain employee benefits to be paid on account of pre-
sale claims will be processed by TLGI.

      -- TLGI, its successors, subsidiaries and affiliates will
not directly or indirectly engage in the Jewish funeral,
mortuary, cemetery or burial businesses within a 50-mile radius
of 3888 Jean Talon West, Montreal, Quebec (the CNC Region).

The Asset Purchase Agreement also provides, among other things,
that:

      * The Purchaser will not receive title to any cash
(excluding cash related to preneed funeral contracts), certain
software and software licenses, certain contracts, certain
corporate and tax records, any accounts receivable owing to the
Canadian Sale Locations by TLGI or any, of its affiliates or
subsidiaries or rights to certain insurance policies.

      * Transferable licenses relating to the Canadian Sale
Locations and the right to the "Paperman" name will be
transferred to the Purchaser.

The Debtors believe that TLGI's assumption of the limited
obligations set forth in the Purchase Agreement is a reasonable
accommodation to permit this significant sale transaction to go
forward.

First, the Funds are held in trust for the benefit of current
and former employees at the Canadian Sale Locations and,
accordingly, are not property of any Debtor's estate, the
Debtors represent. The Benefit Claims, the Debtors said, are
ordinary course obligations relating to the Selling Canadian
Debtors' operations at the Canadian Sale Locations and are
limited to pre-sale claims arising out of those operations. The
Benefit Claims will be processed by TLGI and paid by TLGI's
insurer. The Debtors told Judge Walsh that the transfer of the
Funds and the processing of the Benefit Claims are obligations
TLGI would be required to satisfy in connection with any sale of
a business in Canada by law or under the terms of the health
benefit and retirement benefit plans. With respect to the
noncompetition covenant, none of the Debtors have or anticipate
having any intention under their business plan or otherwise to
open a new Jewish funeral, mortuary, cemetery or burial facility
in the CNC Region. Accordingly, the restriction against opening
such a location, while technically limiting the future
operations of the Debtors, will have no practical effect on the
Debtors' operations, the Debtors told the Judge.

The offer by the Purchaser, the Debtors believe, was the best
and highest offer. The Paperman Family founded the businesses
conducted at the Canadian Sale Locations and has managed the
businesses since the Canadian Debtors acquired the locations.
The Debtors noted that the value of the businesses is tied
directly to the unique position the Paperman Family enjoys in
the community the Canadian Sale Locations serve. Accordingly,
the Debtors expect that the sale price in a sale of the Canadian
Sale Locations to any other entity would necessarily be
substantially lower than the Purchase Price given the
significant loss of business that would be expected if the
Paperman Family were not involved in the management of the
locations.

         The Sale Locations and Selling Canadian Debtors are:

    Location Selling               Canadian Debtor
    ----------------               ---------------
    Jewish Funeral Service         Paperman & Sons, Inc.
    Montreal, Quebec

    Four unsubdivided parts of     170535 Canada Inc.
    Original lot 297 on the
    Official cadastre of
    Ste-Genevieve parish

    All unsold plots of sections   170535 Canada Inc.
    known as "Gan Shalom" and
    "Slumber Haven"

    3888 Jean-Talon Street West    3144569 Canada Inc.
    Montreal, Quebec

    7150-56 de Nancy Street        3144569 Canada Inc.
    Montreal, Quebec

    7154A de Nancy Street          3144569 Canada Inc.
    Montreal, Quebec

(Loewen Bankruptcy News, Issue No. 36; Bankruptcy Creditors'
Service, Inc., 609/392-0900)


LTV: Records $139MM Charge Related to Trico Steel Investment
------------------------------------------------------------
The LTV Corporation (OTC Bulletin Board: LTVCQ) related that as
a result of events subsequent to the closing of fiscal year
2000, the Company has recorded a charge of $139 million related
to the writedown of its investment in Trico Steel Company L.L.C.

The charge is included in LTV's financial statements filed as
part of its Form 10-K Annual Report for 2000. LTV holds a 50%
interest in Trico. Trico recently ceased operations and filed
for protection under Chapter 11 of the U.S. Bankruptcy Code. As
a result of the Trico writedown, LTV will no longer recognize
its share of Trico's operating losses beyond December 31, 2000.

LTV also has recorded a charge in the fourth quarter of 2000 of
$10 million for uncollectable receivables due from two unrelated
steel processing companies that filed for bankruptcy in 2001.
The Trico charge and receivables writedowns were not included in
LTV's March 6, 2001 fourth quarter financial press release.

The LTV Corporation is a manufacturing company with interests in
steel and metal fabrication. LTV's Integrated Steel segment is a
leading producer of high-quality, value-added flat rolled steel,
and a major supplier to the transportation, appliance,
electrical equipment and service center industries. LTV's Metal
Fabrication segment consists of LTV Copperweld, the largest
producer of tubular and bimetallic products in North America and
VP Buildings, a leading producer of pre-engineered metal
buildings for low-rise commercial applications.


MICROAGE INC.: Files Chapter 11 Plan in Phoenix
-----------------------------------------------
MicroAge Inc. filed its Disclosure Statement and Plan of
Reorganization Friday with the U.S. Bankruptcy Court for the
District of Arizona in Phoenix.

MicroAge and certain subsidiaries filed voluntary petitions for
reorganization under Chapter 11 of the Bankruptcy Code on April
13, 2000.

The Plan outlines the formal sale of remaining businesses and
assets in order to maximize return to creditors. The company
recently announced the sale of assets for two of its primary
subsidiaries, MicroAge Technology Services, L.L.C., and MicroAge
Teleservices, L.L.C., to outside parties.

On Dec. 21, 2000, MicroAge announced the sale of assets of
MicroAge Technology Services to CompuCom Inc.; the transaction
included the transfer of client relationships, physical assets
and associates employed by the company.

Previously on Nov. 21, 2000, MicroAge announced the sale of
MicroAge Teleservices to UPS Telecommunications Inc., a
subsidiary of United Parcel Service, which also included the
transfer of customer relationships, physical assets and
employees.

The company initially filed for Chapter 11 protection in April
2000 and has remained in operation, serving clients and
customers, since that time. The company will continue to operate
while pursuing buyers for the remaining business units. Primary
businesses include Pinacor, a voice and data communications
distributor.

"MicroAge associates have worked diligently since the company
filed its voluntary Chapter 11 case in order to maintain as much
value as possible," said MicroAge Chairman and Chief Executive
Officer Jeffrey D. McKeever.

"With the sale of assets already completed and those proposed
under the Plan, in our judgment, this course of action reflects
the best potential for recovery to our creditors. In addition,
under new ownership, MicroAge businesses will be able to
continue to serve their customers and preserve employment."

The company expects to complete the legal review and approval
process before the end of June 2001.

                    About MicroAge Inc.

MicroAge Inc., delivers technology to businesses through one-on-
one relationships supported via electronic commerce and the
Internet. The corporation is comprised of information technology
companies that deliver technology solutions through ISO 9001-
certified, multi-vendor integration services and distributed
computing solutions to organizations and computer resellers.


MID-CAL EXPRESS: Files for Chapter 7 Bankruptcy Protection
----------------------------------------------------------
Prime Companies, Inc. (OTCBB:PRMC) reports that its wholly owned
subsidiary Mid-Cal Express, Inc., which discontinued its
trucking operations at the end of 1998, has filed for bankruptcy
protection under chapter VII and is being liquidated.

The business operations of Mid-Cal Express, Inc. were sold by
Mid-Cal at the end of 1998 to US Trucking in exchange for
400,000 shares of US Trucking common stock. At the time of the
transaction the shares were traded on the OTC Bulletin Board by
the symbol USTK and were valued at approximately $1.3 million.

In early 1999 these shares were pledged as collateral to the
Credit Managers Association of Southern California under an
agreement whereby CMA would collect the outstanding Mid-Cal
receivables, sell the USTK shares over an extended period of
time, and disburse the funds to the Mid-Cal trade creditors,
which accounts payable amounted to approximately $900,000. CMA
diligently worked to collect the receivables and paid
approximately $125,000 to the creditors. However, US Trucking
and its affiliates have recently filed for bankruptcy
protection, and the value of the collateral has declined to
approximately $20,000. The value attributed to the USTK shares
on the company's balance sheet at Dec. 31, 2000 was $76,000, and
we recorded a loss of $1,224,000 for the year ended Dec. 31,
2000 due to a permanent decline in the value of the USTK shares.

The filing of the bankruptcy petition by Mid-Cal eliminates
approximately $700,000 of Mid-Cal liabilities that are on
Prime's consolidated balance sheet as of Dec. 31, 2000, and it
expects to record a non-recurring gain of approximately $700,000
for our first quarter ended March 31, 2001.

Due to the positive financial significance of this event to its
balance sheet and shareholders' equity, the company has filed
Form NT with the Securities and Exchange Commission, indicating
that it will file its year 2000 financials by April 14. This
slight delay will enable it to include information about the
Mid-Cal petition in the subsequent events narrative section of
its financial statements.

                    About Prime Companies Inc.

Prime Companies, Inc., through its wholly owned subsidiaries,
currently provides telecommunications services to both
commercial and consumer customers throughout the U.S., with its
primary focus on the California market. The services offered
include prepaid telecommunications, interconnect, paging and
voicemail services. The Company intends through its wholly owned
subsidiary LMDS Communications, Inc. to provide LMDS (Local
Multipoint Distribution Services) to various markets. LMDS is
the broadband wireless technology used to deliver voice, data,
Internet and video conferencing in the 28 GHz and higher
Spectrum.


MISSISSIPPI CHEMICAL: Senior Debt Ratings Dip to Low-B Levels
-------------------------------------------------------------
Approximately $200 million of debt securities were affected,
after Moody's Investors Service lowered the ratings of
Mississippi Chemical Corporation's $200 million guaranteed
senior notes, due 2017 (holders may elect to have the notes
repaid in 2007) to B3 from Ba2.

The senior implied rating is lowered to B2 from Ba2, and the
senior unsecured issuer rating is lowered to B3 from Ba2. The
rating outlook is negative.

Accordingly, the rating action and negative rating outlook is
due to the company's operating losses in fiscal year ended June
2000 and through the second quarter ended December 2000, the
uncertain outlook for a sustained recovery from low prices and
margins of its cyclical nitrogen fertilizer products, the
significant impact of higher natural gas prices on the company,
and the anticipated continuing volatility of natural gas prices.
Natural gas is the primary raw material used in the production
of ammonia, which is the base product for the production of its
other nitrogen products.

In addition, the ratings continue to reflect anticipated future
competition from low cost international suppliers of nitrogen
products that have access to lower cost natural gas, the
potential for future write-downs of some of the company's
nitrogen assets (goodwill represents 43% of book equity), and
exposure to agricultural crop patterns and economics, low
commodity prices, and a likely decline in domestic fertilizer
volumes in 2001 due to high fertilizer prices.

The B3 rating of the senior notes reflects the effective
subordination of the notes to a $200 million senior secured
revolving credit facility, maturing November 2002, that is
secured by a first priority security interest in substantially
all assets, and is subject to a borrowing base. The senior notes
are therefore one notch below the senior implied rating.
As of December 31, 2000 the company had $67.5 million available
and $111.4 million outstanding under the credit facility.
Seasonal peak borrowings occur in the winter through early
spring as fertilizer inventory is built for the spring planting
season.

The fourth quarter ending June represents the company's
strongest quarter due to Spring season fertilizer sales. Based
on the currently expected outlook for nitrogen prices and
natural gas prices, the company anticipates that the fourth
quarter ending June 2001 will result in higher EBIT and EBITDA
results than the same period in 2000.

For the LTM ended 12/31/00 Debt/EBITDA was 15x, interest was
$29MM compared with an operating loss of $25MM, and
EBITDA/Interest was .8x.

Mississippi Chemical Corporation, based in Yazoo City,
Mississippi, primarily produces nitrogen fertilizer products
(ammonia, ammonium nitrate, urea, UAN solutions, and nitric
acid), and also sells phosphates and potash.


OZBURN-HESSEY: Files Chapter 11 Petition in M.D. Tennessee
----------------------------------------------------------
Ozburn-Hessey Moving Company filed for chapter 11 bankruptcy
protection in the U.S. Bankruptcy Court for the Middle District
of Tennessee on March 27, 2001. Ozburn-Hessey Moving Company has
been engaged in providing residential and corporate moving and
storage services on a local, intrastate and interstate basis for
nearly 50 years. The company also provided freight, distribution
and logistical services. (ABI World, March 30, 2001)


NORTHPOINT COMMUNICATIONS: Lays Off Over Seven Hundred Employees
----------------------------------------------------------------
NorthPoint Communications, Inc. (OTC Bulletin Board: NPNTQ) laid
off approximately seven hundred employees company wide effective
immediately. Approximately two hundred-eighty employees remain
with the company. Earlier in the week, NorthPoint Communications
announced that it shut down its DSL network because of its
inability to continue funding operations.

In conjunction with this layoff, senior executives leaving the
company include Michael Malaga, Chairman of the Board of
Directors, Elizabeth Fetter, President and CEO, Shellye
Archambeau, Chief Marketing Officer, Michael Glinsky, Chief
Financial Officer and Michael Makleve, Chief Operating Officer.
Michael Parks, Chief Technology Officer, will remain with the
company.

NorthPoint Communications is operating under Chapter 11 of the
US Bankruptcy Code and is in the process of liquidating its
assets. On March 22, 2001, NorthPoint agreed to sell
substantially all of its assets to AT&T. The sale is expected to
close in 30-60 days.


NORTHPOINT: California PUC Blocks Move To Shut Down Network
-----------------------------------------------------------
The California Public Utilities Commission (CPUC) granted an
emergency motion filed by the California ISP Association (CISPA)
to block NorthPoint Communications from summarily canceling the
Internet access of 40,000 California Internet users.

"The PUC took a dramatic last-minute step to defend the
interests of California consumers. Now, smaller Internet service
providers have more time to bail NorthPoint's customers out,
prevent a rolling blackout for Internet access, and prevent a
further narrowing of consumer choice," said Andrew Ulmer, an
attorney for MBV Law, who argued the case before the
Commissioners.

This action came on the heels of announcements by NorthPoint
Communications that it was filing for bankruptcy. The high-speed
Internet access company had already shut down its Digital
Subscriber Line network stage-by-stage in California. 40,000
Internet customers in California, and 60,000 more in other
states had no way of knowing when, or if their Internet access
would be cut off.

The restraining order CISPA sought extends NorthPoint's
operations for at least 30 days to avoid massive service
disruptions and allow ISPs and their customers to migrate to
other DSL providers.


PACIFIC AEROSPACE: Intends To Downsize & Restructure Operations
---------------------------------------------------------------
Pacific Aerospace & Electronics, Inc. (Nasdaq: PCTH), a
diversified manufacturing company specializing in metal and
ceramic components and assemblies, announced that it is putting
in place an aggressive plan to restructure its operations.

The Company plans to shrink its aerospace businesses through
downsizing and divestiture of non-core, low-margin and
unprofitable business units. The plan is intended to streamline
the Company's operations and permit the Company to focus its
attention and resources on growing its profitable technology-
based electronics businesses.

The plan includes consolidation of manufacturing operations at
the Company's Wenatchee site in order to achieve cost reductions
and management efficiencies. The plan also calls for cost
reductions, including work force reductions, at some of PA&E's
aerospace business units. In addition, the Company plans to sell
or shut down some of its under-performing aerospace related
operations. The Company has been troubled financially since late
1998 when the commercial airplane industry suffered a downturn
at approximately the same time that the Company incurred high-
cost, high-yield debt to finance the acquisition of its European
Aerospace Group. The Company has previously announced that its
European Aerospace Group is for sale, and the Company has
recently closed an unprofitable foundry in Tacoma, Washington.

In addition to these actions, the Company is in the process of
downsizing the U.S. Aerospace Group's Engineering & Fabrication
Division by closing its fabrication facilities in Sedro-Woolley,
Washington and selling assets related to the fabrication
business. The downsizing of the fabrication operations began in
March 2001 and is expected to be complete by summer. The Company
will continue to strengthen its core electronics, engineering,
and aerospace machining operations and to support those
operations with value-added work.

As part of the plan, the Company has taken non-cash charges
totaling $37.2 million in the third quarter to recognize
impairment losses and income tax expense related to under-
performing assets.

*** This $37.2 million charge will nearly wipe-out shareholder
*** equity on the company's balance sheet.

For the third quarter of fiscal 2001, the Company reported net
sales of $27.1 million, and a net loss, including the non-cash
charges, of $46.3 million, or ($1.32) per diluted share. For the
first nine months of fiscal 2001, the Company's net sales were
$82.2 million and its net loss was $53.5 million, or ($1.57) per
diluted share.

Included in the net loss for the third quarter was a $25.0
million non-cash charge to reduce the goodwill associated with
the Company's European Aerospace Group in anticipation of a loss
on the sale of the group. The Company is actively pursuing the
sale of the group, and the Company's goal is to close a sale on
or around May 31, 2001. Also included in the third quarter net
loss was approximately $7.4 million in impairment losses related
to other assets sold or proposed to be sold in the restructuring
process. The Company also wrote off deferred tax assets in the
amount of $4.8 million. Without taking into account these non-
cash charges, the third quarter net loss increased $7.4 million
in comparison to the same quarter last year. Approximately $3.4
million of that amount was due to operational losses in the
Company's U.S. Aerospace Group and resulted primarily from
competitive pricing pressures; reduced or delayed demand related
to customers' inventory management programs, which resulted in
reduced revenues and increased production inefficiencies; front-
end costs on new products and programs; and lower demand for
heavy trucking products driven by higher fuel prices and a
cyclical decline in the transportation market.

Don Wright, Chairman and CEO of PA&E said, "Over the last year,
we have determined that our heavy debt load and our non-
performing divisions are the primary reasons for the financial
problems facing the Company. The decision to downsize and
restructure the Company's operations was difficult to make, as
it impacts many people, but it is a necessary business decision
that is intended to help solve excess capacity issues and stop
the continued deterioration of performance and losses at certain
divisions in our aerospace businesses. On the bright side, the
Company's core technology businesses have shown stable and
steady improvement. It is our strategy to leverage our
profitable electronic component capabilities and core
engineering and materials science competencies further into
markets that we know and with customers to whom we currently
provide high-level quality and technology product solutions.
While we still face a number of significant challenges, we are
confident that this is the right direction for Pacific Aerospace
& Electronics. Finally, I want to thank our employees,
shareholders, customers, and vendors for their patience, loyalty
and support of PA&E during the past several months."

Pacific Aerospace & Electronics Inc. is an international
engineering and manufacturing company specializing in
technically demanding component designs and assemblies for
global leaders in the aerospace, defense, electronics, medical,
telecommunications, energy and transportation industries. The
Company utilizes specialized manufacturing techniques, advanced
materials science, process engineering and proprietary
technologies and processes to its competitive advantage. Pacific
Aerospace & Electronics has approximately 1,000 employees
worldwide and is organized into three operational groups -- U.S.
Aerospace, U.S. Electronics and European Aerospace. More
information may be obtained by contacting the company directly
or by visiting its Web site at www.pcth.com.


PENN TREATY: A.M. Best Cuts Financial Rating To B- From B++
-----------------------------------------------------------
Business Wire, 30-Mar-2001

A.M. Best Co., the world's oldest and most authoritative
insurance rating and information source, has downgraded the
group financial strength rating of Penn Treaty Network America
Insurance Company (PTNA), American Network Insurance Company and
American Independent Network Insurance Company of New York from
B++ (Very Good) to B- (Fair) and placed the rating under review
with negative implications.

The companies are subsidiaries of publicly traded Penn Treaty
American Corporation (Penn Treaty), Allentown, Pennsylvania.
The downgrade to a vulnerable rating reflects the lead insurance
company's (PTNA) poor 2000 statutory operating results and
current weak capitalization position.

Based on previous communications with the company, these results
were well below A.M. Best's expectations. During the second
quarter of 2001, the parent organization will be attempting to
raise a significant amount of capital to ensure future
compliance of regulatory capital requirements.

Given current market conditions, A.M. Best believes this will
not be an easy task. PTNA has been heavily utilizing financial
reinsurance to support its expansion efforts in recent years.
PTNA has shown significant premium growth in its core, capital
intensive, long-term care business for many years, causing it
continued statutory strain and increasing reserve requirements.
In addition, recently the organization has found it necessary to
raise rates significantly on its in-force block of long-term
care business. These actions make the organization subject to
considerable regulatory and consumeristic scrutiny.

The rating will remain under review while A.M. Best reviews
PTNA's year-end statutory results (which have yet to be filed)
and until, the parent company has completed its capital raising
efforts.

Should Penn Treaty be unable to raise the necessary capital
needed to support its book of business in a timely manner, or if
the year-end 2000 statutory financials are worse than expected,
another rating downgrade will occur.

A.M. Best Co., established in 1899, is the world's oldest and
most authoritative insurance rating and information source.


PENTAIR: Weak Market & Financial Results Trigger Ratings Cuts
-------------------------------------------------------------
Moody's Investors Service has downgraded the senior, unsecured
long-term and short-term debt ratings of Pentair, Inc.  to Baa3
and Prime-3, respectively.

According to Moody's, the rating actions incorporate the impact
of below par financial performance in the Tool business segment
during 2000 and its belief that the company will be further
challenged in the near-term as end markets weaken.

As a result, debtholder protection measures have not improved as
the company originally planned. In addition, leverage remains
elevated and debt reduction in the near-term will be limited to
net proceeds from asset sales, Moody's says.

The rating agency noted that meaningful free cash flow
development will probably not occur until the latter half of
2001. Moody's recognizes that management has plans to turn the
Tools operations around, but cautioned that successful execution
could be challenged by continued softness in Pentair's markets.

The ratings action is also said to reflect moderate growth
opportunities in Pentair's Enclosure and Water Technology
businesses during 2001. The rating outlook is stable and
predicated on the company's ability to achieve operational
improvements in Tools and meaningful debt reduction from
improving cash flows, augmented by asset disposition.

Moody's added that the company's recent weak financial
performance required Pentair to amend its bank revolving credit
facilities. As a result, pricing on borrowings was increased,
and going forward, the company has agreed to provide guarantees
of the bank facilities by its domestic subsidiaries.

It is expected that the guarantees will become effective May 1,
2001. Since bondholders will not be guaranteed on a pari passu
basis, structural subordination of the bonds to the bank credit
facilities will be created.

Moody's indicated that, although the bank creditors would
benefit from a first call on the cash flow of Pentair's domestic
subsidiaries, the distinction did not warrant a rating
differential for the senior, unsecured notes.

Ratings lowered:

        * senior, unsecured notes and bank revolving credit
          facilities to Baa3 from Baa2;

        * senior, unsecured debt securities issued pursuant to a
          415 shelf registration to (P)Baa3 from (P)Baa2;

        * and short-term debt rating to Prime-3 from Prime-2.

Pentair, Inc., located in St. Paul, MN, is a global, diversified
manufacturer serving the professional tools and equipment, water
and fluid technologies, and electrical and electronic enclosures
markets.


PLANETGOOD TECHNOLOGIES: Court Establishes Bidding Procedures
-------------------------------------------------------------
PlanetGood Technologies, Inc. (OTCBB:PGPG) said that the U.S.
Bankruptcy Court for the Southern District of Indiana has
established bidding procedures for interested parties that want
to place a bid for the assets of the Company.

The U.S. Bankruptcy Court held a hearing on March 29, 2001 where
the following bidding procedures were adopted: any competing
offers must be at least $50,000 higher than the offer from
TechInvest, LLC; subsequent bids shall be in increments of at
least $5,000; all bidders are required to deposit the same
amount of earnest money as required of TechInvest, LLC. The
court has also granted TechInvest, LLC the right to match any
higher and better competing offer for the assets.

In February, the Company and its subsidiary filed voluntary
petitions with U.S. Bankruptcy Court for the Southern District
of Indiana under chapter 11 of the U.S. Bankruptcy Code. In the
time since the filing the Company has continued to seek
additional funding or a buyer to purchase the on-going
operations and assets of the Company. The U.S. Bankruptcy Court
has received and accepted an offer from TechInvest, LLC to
purchase the Assets of the company for $390,000 and has set a
sale hearing date of April 24, 2001. All interested parties have
until that date to submit additional offers to purchase the
assets of the company or to submit a plan for the company's
reorganization.

The offer from TechInvest, LLC to purchase the assets of
PlanetGood was filed with U.S. Bankruptcy Court on March 29,
2001. TechInvest's offer to purchase includes all physical and
intellectual property of PlanetGood Technologies and its
subsidiary, including but not limited to: copyrights,
trademarks, patentable concepts & ideas, product formulae, trade
secrets, know-how, technology and selected contracts. During the
time period leading up to the hearing the Company will continue
to actively look for additional individuals or organizations to
place competing bids or to fund the Company with a plan for
reorganization.


POPE & TALBOT: Moody's Cuts Senior Unsecured Debt Rating To Ba3
---------------------------------------------------------------
Moody's Investors Service confirmed Pope & Talbot, Inc.'s Ba2
senior implied rating. At the same time, the rating agency
downgraded the company's senior unsecured debt and issuer
ratings to Ba3 from Ba2.

The ratings actions, Moody's says, were prompted by the increase
in senior secured bank debt which is expected to occur following
the acquisition of Norske Skog Canada's Mackenzie pulp mill
(located in British Columbia, Canada).

The ratings continue to reflect the higher degree of volatility
in pricing of the company's core products of pulp and lumber,
and the resultant volatility in the company's earnings and cash
generation, according to Moody's.

Ratings confirmed are:

      -- Senior implied rating - Ba2

Ratings downgraded are:

      -- Senior unsecured debentures - to Ba3 from Ba2

      -- Senior unsecured issuer rating - to Ba3 from Ba2

Oregon-based Pope & Talbot, Inc. is a producer of pulp and wood
products with manufacturing facilities in U.S. and Canada.


RESPONSE ONCOLOGY: Files Chapter 11 Petition in W. D. Tennessee
---------------------------------------------------------------
Response Oncology, Inc. (OTC Bulletin Board: ROIX) and its
wholly owned subsidiaries (Response Oncology Management of South
Florida, Inc., Response Oncology of Fort Lauderdale, Inc. and
Response Oncology of Tamarac, Inc.) filed on March 29, 2001
voluntary petitions for relief under Chapter 11 of the United
States Bankruptcy Code in the United States Bankruptcy Court for
the Western District of Tennessee. The Company also announced
that the filing of its annual report on Form 10-K will be
delayed until on or about April 17, 2001.

The Company will continue to service its patients, affiliated
physicians and customers while developing a plan to reorganize
its capital structure and strengthen its financial condition.

Response Oncology, Inc. is a comprehensive cancer management
company. The Company provides advanced cancer treatment services
through outpatient facilities known as IMPACT Centers under the
direction of practicing oncologists; compounds and dispenses
pharmaceuticals to certain medical oncology practices for a fee;
owns the assets of and manages the nonmedical aspects of
oncology practices; and conducts clinical research on behalf of
pharmaceutical manufacturers. Approximately 300 medical
oncologists are affiliated with the Company through these
programs.


SIGHT RESOURCES: Continues to Explore Strategic Alternatives
------------------------------------------------------------
Sight Resource Corporation (OTC: VISN), a leading provider of
primary eye care products, services, and managed vision care
programs, announced financial results for its fourth quarter and
twelve months ended December 30, 2000.

Revenue for the fourth quarter of 2000 was $13.3 million
compared to $15.5 million for the fourth quarter of 1999. EBITDA
(earnings before interest, taxes, depreciation and amortization)
for the fourth quarter of 2000 was negative $1.5 million
compared to negative $2.0 million for the fourth quarter of
1999. The net loss in the fourth quarter was $2.8 million or
($0.31) per basic and diluted share versus net loss of $3.3
million or ($0.34) per basic and diluted share in the fourth
quarter of 1999. Comparable stores sales in the fourth quarter
were down 12% versus last year. In the fourth quarter, sales in
the New England business were less than last year by
approximately $825,000 due to difficulties experienced by the
Company's largest managed care plan customer in New England.

For the twelve-month period ended December 30, 2000, Sight
Resource Corporation reported revenue of $64.2 million compared
to $67.0 million for the period ended December 25, 1999. EBITDA,
before the reserve for the non-operating note receivable in the
third quarter, was $874,000 for the twelve month period ending
December 30, 2000 compared to $1.9 million for the twelve month
period ended December 25, 1999. The net loss for the twelve
month period ended December 30, 2000 was $5.0 million, or
($0.55) per basic and diluted share, compared to a net loss of
$2.9 million, or ($0.30) per basic and diluted share, for the
period ended December 25, 1999. Year to date results include the
operations of Kent Optical, acquired effective April 1, 1999.
The year to date period ended December 30, 2000 was 53 weeks and
the year to date period ended December 25, 1999 was 52 weeks.
Comparable store sales in the twelve months were down 6.7% after
adjusting for the extra week in 2000. The Company operated 122
vision centers as of December 30, 2000 as compared to 130 vision
centers as of December 25, 1999.

Commenting on the fourth quarter, Bill Sullivan, President and
Chief Executive Officer, stated, "We remain disappointed with
our sales results and have initiated new and integrated
marketing programs to boost sales. Gross profit remains good and
expense reduction programs have produced results but not to the
levels required to achieve profitability. The Company has
prudently reduced inventories and managed accounts receivable
with improved collections. We will continue to focus on growing
top line revenue and managing costs."

UBS PaineWebber has terminated its previously announced
engagement by the Company. However, the Company is continuing to
pursue strategic alternatives. The Company was in violation of
certain of its bank covenants at December 30, 2000. The Company
and the bank entered into a Third Modification Agreement that
amended the terms of prior agreements to, among other things,
waive the Company's default, adjust or delete certain covenants,
and extend the maturity date of the loans to December 31, 2002.
In addition, the Third Modification Agreement requires that the
Company obtain an equity financing of at least $1 million on or
before May 31, 2001.

Sight Resource Corporation is one of the country's leading
providers of primary eye care products and services including
managed vision care programs, operating 122 primary eye care
centers in the U.S. The Company provides a full range of
eyewear, contact lenses, prescription and non-prescription sun
wear, and a complete line of accessories through an integrated
network of opticians, optometrists, and ophthalmologists
affiliated with its primary eye care chains: Cambridge Eye
Doctors in Massachusetts and New Hampshire, E.B. Brown Opticians
in Ohio an Pennsylvania, Eyeglass Emporium in Indiana, Kent
Optical in Michigan, Shawnee Optical in Pennsylvania and Ohio,
Vision Plaza in Louisiana and Mississippi, and Vision World in
Rhode Island.


SOFTECH INC.: Adverse Q3 2001 Results Will Affect Nasdaq Listing
----------------------------------------------------------------
SofTech, Inc. (Nasdaq:SOFTC - news) announced that the agreement
to sell its Computer Aided Manufacturing ("CAM") business to an
undisclosed third party was terminated due to the inability of
the third party to get the financing required to close on the
business during the period of exclusivity. The Letter of Intent
("LOI") was described in the Company's Form 10-Q filing on
January 16, 2001.

SofTech's decision to sell this operating unit has not changed,
however, it is expected that the process to complete the sale
will take several months. Since announcing the signing of the
LOI we have been contacted by numerous parties that expressed an
interest in getting additional information about the business.
The LOI prevented us from seeking alternative buyers, however,
now that the period of exclusivity has ended we will look at
alternatives to maximize shareholder value.

The Company also announced that based on preliminary results for
its third quarter ended February 28, 2001, revenue was between
$2.5 and $2.8 million and the loss for the quarter was between
$1.5 and $2.0 million. This revenue was well below the levels
expected.

"Our inability to complete the sale of the CAM business before
the end of the third quarter together with the expected loss
will result in an additional NASDAQ SmallCap listing deficiency
when the Form 10-Q is filed on or about April 16, 2001," said
Joe Mullaney, Vice President and CFO. "We expect to report
tangible net assets of less than the $2.0 million required to
maintain our listing on this market."

The Board of Directors had authorized a reverse split as a means
of correcting for the existing listing deficiency of the bid
price of less than $1.00. This plan was detailed in a press
release on March 6, 2001. A preliminary proxy has been filed
with the Securities and Exchange Commission by the Company.
Given the expectation that the Company will fail to meet the
minimum tangible net asset requirement when its third quarter
results are filed, the plans for a reverse split have been put
on hold while a determination is made as to whether the Nasdaq
will provide the Company with additional time to comply with the
other requirements.

The Company has requested that the Nasdaq provide an additional
120 days of contingent listing on the Nasdaq Smallcap market in
order to allow for the sale of the AMT Division to be completed
which the Company believes will correct for its listing
deficiencies. However, in the event whereby this request is
denied, the Company expects that its shares will be listed on
the Over the Counter market.

                    The Company's Plan Going Forward

Although we do not expect to complete the sale of our CAM
business for several months we have begun the difficult process
of restructuring the business anticipating the completion of
this sale. It is obvious that our decentralized, multi-office
approach has failed to consistently produce the license revenue
required to generate positive cash flow every quarter. Over the
next quarter we expect to reduce our operating expenses by
focusing our operations around one central location in
Massachusetts. We are actively pursuing subtenants for our
facilities in Indianapolis, Indiana and Grand Rapids, Michigan
and staff reductions in those offices have been internally
announced. Our goal is to reduce our quarterly fixed cash
expenses to approximately $2.0 million after the sale of the CAM
business. This level of expenditure will allow us to continue to
aggressively develop our DesignGateway technology, enhance our
Cadra technology for our loyal users and market our MICRO CADAM
migration strategy throughout the North American, European and
Japanese marketplaces. We believe this cash expenditure goal can
be achieved for Q1 of fiscal 2002 which begins on June 1, 2001.
At that level of cash expenditures, we believe the core CAD
business can be cash flow positive on a consistent basis.
Achieving consistent positive cash flow will allow us to
continue to pursue the DesignGateway and MICRO CADAM
opportunities while we wait for the target customers to make
their buying decisions. The current cloudy economic environment
has certainly slowed capital spending in general and we believe
this has negatively impacted our ability to attract potential
customers. The reorganization will allow us to wait out this
"recession-like" atmosphere while generating positive cash flow.

This plan has the overwhelming support of our lender and largest
shareholder, Greenleaf Capital. Greenleaf has been a strong
believer in our solutions and is fully behind our plan.

                    Business Outlook

Once completed, we believe the sale of our CAM business will
provide the necessary liquidity to allow us to pursue the
DesignGateway and MICRO CADAM opportunities while continuing to
provide our Cadra users with valued enhancements. While we are
very disappointed with our inability to maintain the Nasdaq
listing requirements during these tumultuous times for the
financial markets thereby jeopardizing our near 20 year listing
on this Exchange, moving to the Over the Counter Market is not
expected to have any impact whatsoever on our operations. We
have the capital available to realize our opportunities.

Our level of debt, our inconsistent profitability, the capital
spending slowdown, the general malaise in the CAD software
market and our split focus on CAD and CAM require the actions
enumerated above. The circumstances demand that we focus our
resources on our greatest opportunities totally dedicated to the
CAD market.

At our earliest opportunity we will seek to get back on the
NASDAQ market after we have met the listing standards. However,
all of our energies must now be directed at successfully
implementing our business plan.

                    About SofTech

SofTech was formed in 1969 and its stock has been publicly
listed since 1981. SofTech provides world-class productivity
solutions to solve real-world problems for the design through
manufacturing marketplace. SofTech operates offices throughout
North America and Europe and has distribution in Asia. The
SofTech software family includes Cadra(TM), DesignGateway(TM),
Prospector(TM), ToolDesigner(TM), ExpertCAD(TM), and
ExpertCAM(TM).

Cadra and all SofTech product names are registered trademarks of
SofTech, Inc. Names of products from other vendors mentioned in
this document may be trademarks or registered trademarks of
their respective owners.


STAMPEDE WORLDWIDE: Suspends Technology Operations
--------------------------------------------------
Stampede Worldwide, Inc., (OTC Bulletin Board: STPW),
(http://www.stampedeinc.com)announced Friday that its
technology operations are suspended.  These operations consisted
of Internet solutions, information technology training, flexible
staffing, focusing on the tech market sector and sales of
computer hardware, software and peripherals on the Internet and
through a mail order catalog.

John V. Whitman, Jr., Stampede's president, said: "Our
technology operations have not met our expectations. With the
downturn in the tech sector, the softening of demand for
Internet solutions and computer equipment delays encountered in
finalizing contracts and our difficulty in marketing our
training curriculum, it makes sense to reduce expenses by
suspending our technology related operations."

Stampede Worldwide, Inc. is engaged in the ongoing business of
commercial Web offset printing through its Chronicle Commercial
Printing subsidiary.

The company also owns four subsidiaries which were engaged in
the technology sector: Stampede Network.com Inc., Spiderscape,
Inc., i-Academy, Inc. and Stampede Quest.


SWANK INC.: Nasdaq Looks To Delist Shares
-----------------------------------------
Swank, Inc. (Nasdaq: SNKI) received notice from Nasdaq
indicating that Swank was not in compliance with Nasdaq's $1
minimum bid price requirement for continued listing of its
shares of Common Stock on the Nasdaq SmallCap Market. The
Company has been granted a hearing before a Nasdaq Listing
Qualifications Panel on May 10, 2001 to review the potential
delisting of its Common Stock.

There is no assurance that the Qualifications Panel will grant
the Company's request for continued listing on the Nasdaq
SmallCap Market. Regardless of the outcome, however, Swank
expects its Common Stock will continue to be publicly traded. If
the Common Stock is not traded on the Nasdaq SmallCap Market,
the Company expects it would be traded in the over- the-counter
market.

Swank manufactures and markets men's and women's jewelry, belts
and personal leather goods. The Company distributes its products
to retail outlets throughout the United States and in numerous
foreign countries. These products, which are known throughout
the world, are distributed under the names "Kenneth Cole",
"DKNY", "Claiborne", "Tommy Hilfiger", "Guess?", "Anne Klein",
"Anne Klein II", "Geoffrey Beene", "John Henry ", "Pierre
Cardin", "Colours by Alexander Julian", and "Swank". Swank also
manufactures jewelry and leather items for distribution under
private labels.


US INDUSTRIES: Moody's Debt Ratings Fall to Low-B Levels
--------------------------------------------------------
Moody's Investors Service lowered the long-term and short-term
debt ratings of U.S. Industries, Inc. (USI) to Ba2 and Not
Prime, respectively, and is continuing to review the Ba2 long-
term debt rating for possible downgrade.

According to Moody's, the review will focus on the company's
ability to successfully access the bank loan and high yield debt
market as part of a planned restructuring of its capital
structure.

The downgrades reflect Moody's belief that debtholder protection
measures have worsened during the last six months due to
increasing debt levels and earnings shortfalls, and that a
challenging operating environment will continue in the near-
term.

As reported, the company recently revised its earnings estimates
downward for its 2001 fiscal year, prolonging any material
improvement in credit metrics.

In addition, the rating agency noted that debt levels will
increase as a result of USI's plans to re-acquire the 75% of
Rexair, Inc., that it does not currently own.

Rexair's operating contribution should marginally improve USI's
consolidated earnings and cash flow despite incorporating higher
debt service costs, Moody's relates.

The company also announced that it would suspend its quarterly
dividend and refinance its existing bank debt through an offer
of new secured bank debt and senior subordinated securities.

Moody's commented that the refinancing and suspension of
dividends would improve USI's liquidity position, however, the
company's core operations continue to underperform, its end
markets remain soft, and financial markets are volatile.

Ratings downgraded:

U.S. Industries, Inc., USI American Holdings, Inc., and USI
Global Corp. as co-obligors:

      -- senior long term debt rating for notes, guaranteed by
         USI Atlantic Corp. to Ba2 from Baa3;

      -- senior unsecured debt securities and senior subordinated
         securities issued pursuant to 415 shelf registration,
         guaranteed by USI Atlantic Corp. to (P)Ba2 from (P)Baa3
         and to (P)B1 from (P)Ba2, respectively;

      -- bank revolving credit facility, guaranteed by USI
         Atlantic Corp. to Ba2 from Baa3 and short-term debt
         rating, guaranteed by USI Atlantic Corp. to Not Prime
         from Prime-3.

Based in Iselin, NJ, U.S. Industries, Inc. is an industrial
management company with three principal divisions: USI Bath and
Plumbing Products, Lighting Corporation of America, and USI
Hardware and Tools.


VERSATA INC.: Nasdaq Trading Halt Pending Additional Information
----------------------------------------------------------------
The Nasdaq Stock Market(SM) announced that trading was halted in
Versata, Inc. (Nasdaq: VATA) Friday at 12:23 p.m., Eastern Time,
for "additional information requested" from the company at a
last sale price of 9/32. Trading will remain halted until
Versata, Inc. has fully satisfied Nasdaq's request for
additional information.


VISIONAMERICA: Files Chapter 11 Petition in W.D. Tennessee
----------------------------------------------------------
VisionAmerica Incorporated announced that on March 30, 2001, the
Company and 23 of its direct and indirect subsidiaries filed
voluntary petitions under Chapter 11 of Title 11 of the United
States Code in the United States Bankruptcy Court for the
Western District of Tennessee, Western Division.

The Chapter 11 Cases have been assigned to Judge William Houston
Brown and designated as Case No. 01-24615-B. The Chapter 11
cases are being administered jointly. Each of the Debtors
continues to operate its business and manage its property as
debtor-in-possession pursuant to section 1107 and 1108 of the
Bankruptcy code. No trustee or examiner has been appointed in
the Chapter 11 Cases.

VisionAmerica Incorporated is an eye care company that provides
facilities and services to ophthalmologists and optometrists in
an integrated system of primary, medical, and surgical eye care.
The Company was founded on and advocates the principle of
cooperative professional relationships between optometrists and
ophthalmologists in patient care and practice building
activities.


WINSTAR: Asensio & Co. Sees a Perfect Short in this Situation
-------------------------------------------------------------
The following was issued by Asensio & Company, Inc.:

SGC Advisory Services Inc. issued a press release concerning
Winstar Communications, Inc. (NASD Symbol: WCII $2-9/32). SGC's
president is a former Winstar executive. SGC and its president
"maintain an interest" Winstar stock. In the release SGC opined
that, "the likely departure of short sellers may create a
possible short squeeze." First, there has been no shortage of
buying opportunities for any buyers, short or long. Since first
trading under $3 per share seven trading days ago, Winstar stock
has traded over 65 million shares. This volume traded almost
entirely below $3 per share. Second, Winstar's secured bank debt
is trading at prices lower than those in our March 19, 2001
research report. This high ranking debt is clearly discounting a
large bankruptcy risk and low asset recoverability. The press
release did not contain any financial information explaining how
Winstar will survive.

Winstar's secured bank debt traded Thursday below the 70 price
level. Winstar's secured bank debt indicates a total value for
all of Winstar's assets of less than $900 million. Winstar has
total debt, liabilities and preferred obligations of
approximately $6.5 billion. This results in an implied negative
common shareholder value of approximately $5.6 billion. We
believe that Winstar's stock price will be more affected by its
negative shareholder's value and debt crisis than by any short-
seller buying.

Asensio & Company, Inc. is a New York-based institutional
investment bank specializing in corporate valuations and equity
research. Asensio & Company also specializes in investigating
stock promotions and publishing research on companies it
identifies as grossly overvalued, as defined. A complete
documented history of Asensio's published work with securities
transactions, and the firm's definition of gross overvaluation,
is available on the Internet at http://www.asensio.com.Asensio
& Company has shorted and is short shares of Winstar's common
stock and is actively engaged in short selling and advises its
clients on securities it believes to be overvalued. Short
selling involves a risk not associated with the purchase of
stock including, including but not limited to, unlimited loss
and stock borrowing risks. Additional information available upon
request.

Asensio & Company, Inc. is a member of the National Association
of Securities Dealers, CRD number 31742


WORLD ACCESS: Defers $2.6 Million Senior Note Interest Payment
--------------------------------------------------------------
World Access (Nasdaq: WAXS) announced that the holders of a
majority in principal amount of its 13.25% Senior Notes that
previously granted the Company a waiver of its obligation to
complete the tender for approximately $161.4 million aggregate
principal amount of the Senior Notes have elected to withdraw
that waiver. As previously announced, World Access has retained
UBS Warburg to explore alternatives to restructure the Company's
debt obligations, including the Senior Notes and the 4.5%
Convertible Subordinated Notes issued by its subsidiary, WA
Telcom Products Co., Inc., and identify additional sources of
capital. The Company announced that, while exploring these
restructuring alternatives, the scheduled April 2, 2001 interest
payment of $2.6 million on the Notes, will not be paid on April
2. The scheduled interest payment is subject to a 30-day grace
period that will expire on May 2, 2001.

World Access, Inc. also announced that its Board of Directors
has approved the completion of its tender offer for all of the
outstanding shares of TelDaFax AG. As previously reported,
together with shares of TelDaFax separately purchased in
September 2000, the Company will own 70.11% of TelDaFax's
outstanding shares upon completion of the tender offer. The
Company expects to close the transaction on April 2, 2001.

                    About World Access

World Access is focused on being a leading provider of bundled
voice, data and Internet services to small- to medium-sized
business customers located throughout Europe. In order to
accelerate its progress toward a leadership position in Europe,
World Access is acting as a consolidator for the highly
fragmented retail telecom services market, with the objective of
amassing a substantial and fully integrated business customer
base. To date, the Company has acquired several strategic
assets, including Facilicom International, which operates a Pan-
European long distance network and carries traffic for carrier
customers, NETnet, with retail sales operations in 9 European
countries, and WorldxChange, with retail accounts in the US and
Europe. World Access, branding as NETnet, offers services
throughout Europe, including long distance, internet access and
mobile services. The Company provides end-to- end international
communication services over an advanced asynchronous transfer
mode internal network that includes gateway and tandem switches,
an extensive fiber network encompassing tens of millions of
circuit miles and satellite facilities. For additional
information regarding World Access, please refer to the
Company's website at www.waxs.com.

                            *********

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 are
available at your local bookstore or through Amazon.com. Go to
http://www.bankrupt.com/books/to order any title today.

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 USA, and Beard
Group, Inc., Washington, DC USA. Debra Brennan, Yvonne L.
Metzler, Larri-Nil Veloso, Aileen Quijano and Peter A. Chapman,
Editors.

Copyright 2001.  All rights reserved.  ISSN: 1520-9474.

This material is copyrighted and any commercial use, resale or
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                      *** End of Transmission ***