TCR_Public/010406.MBX          T R O U B L E D   C O M P A N Y   R E P O R T E R

              Friday, April 6, 2001, Vol. 5, No. 68

                            Headlines

AMERICAN AIRCARRIERS: Has Until April 27 To Decide On Leases
AMSOURCE LLC: New Hampshire Court Orders Auction Of Assets
ARMSTRONG: Hires Kirkland & Ellis for Asbestos Litigation
ARMSTRONG: Asbestos Claimants Tap Ashby & Geddes As Counsel
ARVINMERITOR: Fitch Cuts Senior Unsecured Debt Rating To BBB-

BIG V HOLDINGS: Seeks To Extend Exclusive Period To May 21
BIO-PLEXUS: Files Voluntary Chapter 11 Petition in Connecticut
BRIDGE INFORMATION: Provides Online Charting Services to Fineco
BURST.COM: Reducing Senior Management & Staff By 75%
BUSYBOX.COM: Nasdaq Delists Shares, Now Trading on OTCBB

CENTENNIAL COAL: Plan Declared Effective On March 14
CHIQUITA BRANDS: May File For Chapter 11 Bankruptcy Protection
CONVERGENT COMMUNICATIONS: Unable To Secure New Funding
CROWN VANTAGE: Selling St. Francisville Mill & Other Assets
CURTIS INTERNATIONAL: Shares Subject To Nasdaq Delisting

CYTOGENIX: Taps Mann Frankfort As New Independent Accountants
DIGITAL BROADBAND: Connecticut Telephone Acquires Local Assets
FINOVA GROUP: US Trustee Appoints Unsecured Creditors' Committee
FRIEDE GOLDMAN: May File For Bankruptcy Protection
GENESIS HEALTH: Rule 9027 Removal Period Extended To Sept. 17

HARNISCHFEGER: Beloit, Georgia-Pacific & Nekoosa Settle Claims
HIH/GREAT STATES: Standard & Poor's Assigns Insurer R Rating
iENTERTAINMENT NETWORK: Securities Knocked Off Nasdaq List
ILLINOIS ENVIRONMENTAL: S&P Assigns R Rating to Insurer
IMPERIAL HOME: Emerges From Chapter 11 Bankruptcy

IMPERIAL SUGAR: Equity Committee Objects To Disclosure Statement
INTEGRATED HEALTH: Rejecting Arlington, Texas Lease
LOEWEN: Purchaser Backs-Away from Melwood Property
LUCENT TECHNOLOGIES: Says Rumors of Bankruptcy Are "Baseless"
NORTHPOINT: INYC Provides Safeguard Program For Former Customers

OWENS CORNING: Executives Receive Bonuses Amounting To $4.3 Mil
PROMEDCO MANAGEMENT: Files Chapter 11 Petition in N.D. Texas
PSINET INC: Raises $287 Million From PTS Sale To GTCR-Led Group
RAYTHEON COMPANY: Moody's Downgrades Bond Ratings To Low-B's
RHYTHMS NETCONNECTIONS: Debt Ratings Down To Junk Levels

SERVICE MERCHANDISE: Exclusive Period Extended To January 2002
SILVERLEAF: Interest Payment Default Causes Severe Rating Cuts
STELLEX TECHNOLOGIES: Asks To Extend Exclusive Period To June 11
TRANS WORLD: Ricky Martin Enterprises Demands Contract Payment
TRANS WORLD: Judge Denies Motions To Stay Asset Sale To American

VISTA EYECARE: FY 2000 Reorganization Costs Pegged At $120 Mil
VITAL LIVING: Recurring Net Losses Raise Going Concern Doubts
WESTMORELAND: Raises $25MM From Sale Of Three Power Projects
WINE.COM: Internet Wine Seller Lays Off Two-Thirds Of Staff
WOMEN.COM: Fails To Comply With Nasdaq Listing Requirement

WORLD KITCHEN: Implements Restructuring Program To Reduce Costs
WORLDTEX INC.: Intends to Pay Trade Creditors on Ordinary Terms
WSMI: Buys IPP Canadian Division As Part of Reorganization Plan
XEROX CORP.: Selling Nordic Lease Receivables For $370 Million

BOOK REVIEW: The Global Bankers

                            *********

AMERICAN AIRCARRIERS: Has Until April 27 To Decide On Leases
------------------------------------------------------------
By order entered on March 21, 2001, American Aircarriers
Support, Inc., et al., obtained an extension of the time period
within which they may assume or reject unexpired leases of
nonresidential real property.

The time in which the debtors may assume or reject the leases is
enlarged from February 27, 2001 through and including April 27,
2001.


AMSOURCE LLC: New Hampshire Court Orders Auction Of Assets
----------------------------------------------------------
The United States Bankruptcy Court in Manchester, New Hampshire,
issued an order on March 27, 2001, requested by the Trustee,
Michael Askenaizer, stating that the assets of the Amsource,
LLC, Bottled Water Company be liquidated at auction.

Paul McInnis, Inc., Auctioneer, of North Hampton, New Hampshire,
was hired by the Trustee to conduct the auction.

"We will liquidate all the assets of the company at public
auction," said Paul McInnis, President of the auction company.

"This offering represents an excellent opportunity to buy the
assets of this company individually or as a package."

Amsource was a private label bottler supplying spring water in
5-gallon cooler jugs and 1-gallon jugs to supermarkets across
the Northeast. The bottling equipment is set up for high
capacity and is located in a 67,000+/- sq. ft. building in
Claremont, New Hampshire. The 5-gallon line is rated at 1,200
bottles an hour and the 1-gallon line is rated at 100 bottles
per minute. A brand new 300 bpm filler is also available.

The International Bottled Water Association projects the U.S.
demand for bottled water to increase at an annual compounded
growth rate of 7.9% over the next several years, resulting in a
total annual consumption in excess of 6 billion gallons.
There is a water supply contract with Pristine Mountain Springs
of Stockbridge, Vermont, which can be extended until the year
2049 that will be sold as well.

The auction is scheduled for May 1st. The assets can be viewed
on-line at www.paulmcinnis.com or by calling the Auctioneer's
office for more information at (603) 964-1301.


ARMSTRONG WORLD: Hires Kirkland & Ellis for Asbestos Litigation
---------------------------------------------------------------
Walter T. Gangl, an authorized officer of Armstrong World
Industries, Inc., asked Judge Farnan to authorize the retention
of Kirkland & Ellis as its special counsel for asbestos
litigation, nunc pro tunc to the Petition Date. The Debtors did
not explain their reason for the retroactive application.

Mr. Gangl told Judge Farnan that it is necessary to retain the
services of Kirkland & Ellis to:

      (a) Give analysis and advice regarding formulating and
implementing the Debtors' litigation strategy for resolving
alleged asbestos-related claims;

      (b) Give analysis, advice and litigation concerning the
Debtors' alleged asbestos-related liability; and

      (c) Assist the Debtors' general bankruptcy counsel in
connection with litigation relating to the Debtors' plan and any
competing plans arising out of alleged asbestos liability.

If approved, Kirkland & Ellis will be entitled to compensation
based on the firm's hourly rates in effect at the time the
services are rendered. Kirkland & Ellis' customary hourly rates
are:

      Partners            $295 to $655
      Associates          $155 to $415
      Paraprofessionals   $ 45 to $190

These rates are subject to change from time to time based on
economic factors, changes in seniority and other reasons.

Kenneth N. Bass, a member of Kirkland & Ellis, assured Judge
Farnan that the firm does not hold or represent any interest
materially adverse to the Debtors, their creditors, or other
parties-in-interest in matters upon which the firm is to be
engaged. However, in the interest of full disclosure, Kenneth
Bass disclosed that the firm has or has had relationships with
certain entities, although Mr. Bass said that none of these
engagements or relationships relate to the Debtors' Chapter 11
cases:

      (i) The firm has provided professional services to certain
companies that are identified as creditors, underwriters,
lenders, and vendors of the Debtors and parties to license
agreements with the Debtors.

     (ii) The firm has in the past worked with, continues to work
with, and has mutual clients with certain law firms and
accounting firms who may have provided services to parties in
interest in these chapter 11 cases;

    (iii) The firm represents a number of other clients alleged
to have asbestos-related liability. These clients include The
Babcock & Wilcox Company, W.R. Grace Co., and USG Corporation or
its subsidiary.

Mr. Bass assured Judge Farnan that none of these entities are
creditors of the Debtors. However, Mr. Bass admitted that it is
possible that these clients and other companies with alleged
asbestos related liability would assert claims for indemnity
from the Debtors in these bankruptcy proceeding. In addition,
Mr. Bass allowed that it is possible that the Debtors could have
claims against the Center for Claims Resolution, or vice versa,
of which one or more Kirkland & Ellis clients is or has been a
member. The Debtors have agreed that Kirkland & Ellis will not
represent them in connection with any such clients. Kirkland &
Ellis has also agreed that it would not represent a party
adverse to the Debtors that was pursuing such a claim;

     (iv) The firm represents Brown & Williamson Tobacco
Corporation in litigation relating to asbestos and tobacco in a
number of cases. Mr. Bass disclosed that there is a possibility
that future litigation could be brought in which Brown &
Williamson and Armstrong could be co- defendants or could be
adverse to one another. In the event of any adversity between
Armstrong and Brown & Williamson in any future litigation, the
Debtors have agreed that Kirkland & Ellis cannot represent them
with regard to any claims against Brown & Williamson. Kirkland &
Ellis also agreed that it will not represent Brown & Williamson
with regard to any specific claim of the Debtors against Brown &
Williamson. However, the Debtors have agreed that Kirkland &
Ellis will continue to represent Brown & Williamson on all other
issues.

      (v) The firm represented Glide as local counsel in
connection with its purchase of certain assets from the Debtors
in 2000. Kirkland & Ellis' role was to transfer Armstrong, LLC,
a subsidiary of the Debtors, to Armacell Holdings, Inc. Kirkland
& Ellis was also counsel in connection with certain financing of
the transaction. Mr. Bass disclosed that it possible that
parties to these transactions will have claims against the
Debtors. Kirkland & Ellis agreed that it would not represent any
party to the transactions in connection with the Debtors.

     (vi) Kirkland & Ellis represents Centurion Wireless
Technologies in negotiations with the Debtors over the purchase
of antenna modules for use in ceiling tiles, and in negotiations
over a joint distribution agreement. The Debtors have agreed
that Kirkland & Ellis may continue to represent Centurion for
the limited purpose of such negotiations. Kirkland & Ellis has
also agreed that it will not represent Centurion for any other
purpose in relation to its business dealing with the Debtors.

Kirkland & Ellis assured Judge Farnan that it will periodically
review its files during the pendency of these cases. When
relevant facts or relationships are discovered, the firm told
Judge Farnan that it will promptly inform the court of such
facts or relationships.

Kirkland & Ellis will continue to provide professional services
to entities or persons that may be creditors, insurers, or
parties to license agreements with the debtors in matters that
do not relate to, or have any direct connection with these
cases.

                The United States Trustee Objects

Patricia A. Staiano, the United States Trustee for Region 3,
through Frank J. Perch, III, of Philadelphia, objected to the
employment by the estate of the firm of Kirkland & Ellis, saying
only that it appears that proposed special counsel did not
represent the debtors prior to the commencement of these cases,
and leaving the debtors "to their burden".

               The Asbestos Committee says "Enough!"

Through Matthew G. Zaleski, III, William P. Bowden, and Gregory
A. Taylor of the Wilmington firm of Ashby & Geddes, the Official
Committee of Asbestos Claimants pointed out that the Debtors
have sought to employ almost two dozen law firms and other
professionals. "Simply stated --enough!", the Committee told
Judge Farnan.

The Committee pointed out that some of the specific services to
be performed by Kirkland & Ellis, as for example, provision of
analysis and advice regarding formulating and implementing the
Debtors' litigation strategy for resolving alleged asbestos-
related claims, are also to be performed by other professionals
already retained by the Debtors, such as Church & Houff PA, and
Dickstein, Shapiro, Morin & Oshinsky. The Committee therefore
objected to the excessive cost and duplication involved in
employment of the Kirkland & Ellis firm, and asked that the
Application be denied. (Armstrong Bankruptcy News, Issue No. 5;
Bankruptcy Creditors' Service, Inc., 609/392-0900)


ARMSTRONG: Asbestos Claimants Tap Ashby & Geddes As Counsel
-----------------------------------------------------------
The Official Committee of asbestos claimants in Armstrong World
Industries' Chapter 11 case seeks to retain Ashby & Geddes as
Delaware counsel.

The firm will render the following legal advice:

      * Provide legal advice regarding the court rules and
practices applicable to the asbestos claimants' committee's
powers and duties as an official committee.

      * Provide legal advice regarding the rules and practices of
this court applicable to any disclosure statement and plan filed
in this case and with respect tot the process for approving or
disproving disclosure statements and confirming or denying
confirmation of a plan;

      * Prepare and review applications, motions, complaints,
answers, orders, agreements and other legal papers filed on
behalf of the Asbestos Claimants' Committee for compliance with
the rules and practices of the court'

      * Appear in court to present necessary motions,
applications and pleadings and otherwise protecting the
interests of the Asbestos Claimants' Committee and asbestos-
related personal injury creditors of the debtors;

      * Investigating, instituting and prosecuting causes of
action on behalf of the Asbestos Claimants' Committee and/or the
debtors' estates;

The Asbestos Claimants' Committee is also seeking to retain the
law firm of Caplin & Drysdale, Chartered as its national
counsel.

The hourly rates applicable to the attorneys proposed to
represent the Committee range from $155 to $325 per hour.

The Asbestos Claimants Committee also seeks approval to employ
and retain L. Tersigni Consulting PC as accountant and financial
advisor.

The services that Tersigni will perform for the Committee
include, but are not limited to the following:

      * Development of oversight methods and procedures so as to
enable the Committee to fulfill its responsibilities to monitor
the debtors' financial affairs;

      * Interpretation and analysis of financial materials,
including accounting, tax statistical, financial and economic
data, regarding the debtor and other relevant parties;

      * Analysis and advice regarding additional accounting,
financial, valuation and related issues that may arise in the
course of these proceedings.

Tersigni will be compensated on an hourly basis. Mr. Tersigni's
hourly rate is $395, while the other professionals that Tersigni
will employ will be paid on an hourly basis ranging from $75 per
hour for paraprofessionals to $395 per hour.


ARVINMERITOR: Fitch Cuts Senior Unsecured Debt Rating To BBB-
-------------------------------------------------------------
Fitch lowered the ratings on ArvinMeritor Inc.'s (ARM) senior
unsecured debt to `BBB-` from `BBB', capital securities to `BB+'
from `BBB-`, and the commercial paper program to `F3' from `F2'.
The rating actions reflect the depth and ongoing uncertainty of
the falloff in the truck market, which is worse than what ARM's
management or Fitch had earlier anticipated.

Coupled with the soft markets on the light vehicle side, both
original and aftermarket, ARM's free cash flow generation is not
expected to materialize at a level earlier assumed for
anticipated debt reduction.

Moreover, earlier outlook for possible asset sales for greater
financial flexibility looks dimmer at this point given the
difficulties in the sector environment. However, the rating
outlook is stable.

Total debt which at Dec. 31, 2000, was $1.8 billion (including
$64 million of mandatorily redeemable preferred securities
issued by Arvin Capital I, a subsidiary trust) is not expected
to show meaningful improvement for the fiscal quarter ended
March 31, 2001, nor by fiscal year-end at Sept. 30, 2001, due to
limited free cash flow availability.

Debt/EBITDA was 2.7 times (x) at Dec. 31, 2000, and is now
expected to increase to above 3x by fiscal year-end. Also,
EBITDA/interest coverage which at Dec. 31, 2000, was 4.8x is now
expected to weaken to below 4x coverage by fiscal year-end.
These measures have weakened from the time of the merger due
primarily to earnings shortfalls in the heavy truck segments and
aftermarkets and are expected to weaken further through the rest
of this year before stabilizing in the following year.

While the revised market outlook combined with ARM's financial
profile coming out of the merger warrant the current rating
action, Fitch believes that the merger was a strategically sound
move which ultimately supports the fundamentals of the combined
company.

Complementary product lines and cross-selling activities for
enhanced revenue opportunities, along with well targeted
operating and cost synergies that are progressing along in the
hands of a management team with a good track record of merger
integration, bode well for management's eventual goal of 10%
operating margin.

ArvinMeritor, Inc., headquartered in Troy, MI, is a global
supplier of various automotive products such as exhaust systems,
axles, brakes, suspension and ride control systems, door and
roof systems, and filters, serving both the original equipment
(OE) and replacement aftermarkets. ARM was formed in July 2000
through the merger of Arvin Industries, Inc. and Meritor
Automotive, Inc.


BIG V HOLDINGS: Seeks To Extend Exclusive Period To May 21
----------------------------------------------------------
Big V Holdings Corp., et al. sought court approval of an
extension of exclusive periods during which only the debtors may
file a plan of reorganization and solicit acceptances thereof.

Specifically, the debtors requested an extension of such
exclusive periods through and including May 21, 2001 and July
19, 2001, respectively, without prejudice to the right to
request a further extension of such periods.

The debtors have spent a significant portion of the initial
exclusive period engaged in resolving non-core matters and
without the assistance of their current bankruptcy counsel.

The debtors have retained The Blackstone Group, LP as financial
advisor and have sought to retain Willkie Farr & Gallagher and
Young Conaway Stargatt & Taylor LLP as bankruptcy counsel. The
debtors submit that by the sheer size and complexity of the
cases cause exists for the extension of exclusivity.

This is the debtors' first request for an extension of
exclusivity. The debtors claimed that a viable plan is a
reasonable probability in the case. However, the extent to which
there will be consideration available for distribution to
parties in interest is not yet determined.


BIO-PLEXUS: Files Voluntary Chapter 11 Petition in Connecticut
--------------------------------------------------------------
As previously reported and anticipated, Bio-Plexus, Inc. (OTCBB:
BPLX), a leader in the design, manufacture and marketing of
safety medical needles and other products, filed a voluntary
petition for relief under Chapter 11 of the United States
Bankruptcy Code with the United States Bankruptcy Court for the
District of Connecticut in Hartford, Connecticut. During the
reorganization process, Bio-Plexus expects to continue operating
in a normal manner while it reorganizes its capital structure
and seeks to attract additional financing.

Bio-Plexus has previously reached an agreement in principle with
its principal lender, Appaloosa Management LP, to recapitalize
the Company with the goal of raising up to $10 million in new
equity and debt financing.

John S. Metz, President and Chief Executive Officer of Bio-
Plexus, commented, "The Company's decision to file a voluntary
petition under Chapter 11 of the United States Bankruptcy Code
was based on the fact that the Company believes this action will
be the quickest and most efficient way to restructure its
balance sheet and raise the necessary capital for future growth.
We are moving forward with this Restructuring Plan as quickly as
we can, and we hope to have it completed by the end of the
second quarter."

Bio-Plexus, Inc., designs, develops, manufactures and holds U.S.
and international patents on safety medical needles and other
products under the PUNCTUR-GUARD(R), DROP-IT(R), and PUNCTUR-
GUARD REVOLUTION(TM) brand names. For independent evaluations of
the PUNCTUR-GUARD(R) blood collection needle, refer to the
Centers for Disease Control (MMWR, January 1997) and ECRI
(Health Devices, June 1998 and October 1999) studies. Accidental
needlesticks number about one million per year in the United
States and can result in the transmission of deadly diseases
including HIV and Hepatitis B and C.


BRIDGE INFORMATION: Provides Online Charting Services to Fineco
---------------------------------------------------------------
Bridge Information Systems, Inc. (BRIDGE(R)), one of the world's
leading providers of financial information services, and Fineco
The New Bank, the largest electronic broker in Italy and the
third largest in Europe in traded volumes, announced an
agreement which will enable Fineco to display intraday charts on
more than 25,000 stocks and historical charts on the main
indexes.

Fineco will now use the Bridge Internet Toolkit to provide
its customers with the following:

      -- Historical charts (1,3,6, and 12 months)

      -- Intraday charts (with lines, bars and candlesticks)

      -- Ability to insert technical analysis studies and
         indicators

      -- Ability to draw comparative charts.

Fineco's use of the Bridge Internet Toolkit for intraday
charts is an extension of an agreement formed last year whereby
BRIDGE provided Fineco with the technology and financial
information for its Power Trader Channel, a dynamic information
system, which offers a global view of Italian and international
markets on the Internet.

"The advanced Bridge Internet Toolkit module provides Fineco
with a strategic development which demonstrates our devotion to
meeting the requirements of our customers," said Alessandro
Foti, Fineco's Chief Executive Officer. "Through BRIDGE, we
continue to bring robust Internet content and applications to
Fineco customers in a cost-effective and efficient manner."

"The Bridge Internet Toolkit is a unique financial Internet
application that allows Fineco's customers to execute real-time
investment decisions with state-of-the-art online financial
tools," said Emilio Tommasi, Deputy Managing Director EMEA for
BRIDGE. "With BRIDGE's seamless combination of technology,
content and network infrastructure, we are able to meet our
customer's sophisticated requirements efficiently and at the
same time, enable them to capitalize on the opportunities in the
Internet space."

"We are excited about enhancing our existing relationship
with Italy's largest electronic broker, Fineco," said Anna
Branch, Director, Bridge Internet Solutions, Europe, the Middle
East and Africa. "This agreement strengthens Bridge Internet
Solution's position as a leader in providing financial
institutions across Europe, with the most comprehensive
financial website building tools available."

Bridge now provides Internet solutions to over 100 major
clients globally including the top five online brokerages in
North America. Bridge Internet Solutions include the delivery
and display of financial data and services over the Internet,
the creation and maintenance of information, Web Design, Web
Hosting and Network services. Local language capabilities and
innovative investment tools such as research-on-demand are part
of the BRIDGE solution.

                    About Fineco The New Bank

Fineco -- http://www.fineco.it-- is the leading brand for
banking, trading and financial planning through the Internet,
featuring a high-interest current account, a direct access to
international markets and the personalized advice of expert
financial planners. Fineco offers an unparalleled mix of
advantages at no cost, such as 5% interest on current account
(the average is about 1.8%), free ATM and credit card (normally
charged at about 25 Euro / year), all typical banking services
through the web. Fineco also features an incredibly fast order
execution: 97% of market orders are executed within 3 seconds
and over 16% of all orders of the Italian Stock Exchange are
executed by Fineco. Along with realtime quotes, news, charts,
comments, technical analysis and other information, Fineco
sports a free streaming quote service which is designed for most
active traders. For medium and long-term investments, Fineco
provides the advice of expert financial planners, available
online through a service called My Financial Planner. Fineco is
therefore able to provide a customer with full asset allocation
and superior convenience.

Fineco is a part of the BIPOP-CARIRE Group. It is the first
e-broker in Italy and the third in terms of traded volumes in
Europe, with a network of more than 1.000 financial planners and
100 Fineco Points in Italy within 2001. (Bridge Bankruptcy News,
Issue No. 5; Bankruptcy Creditors' Service, Inc., 609/392-0900)


BURST.COM: Reducing Senior Management & Staff By 75%
---------------------------------------------------
Burst.com announced a restructuring of its senior management and
an overall 75% reduction in headcount. The moves underscore the
company's decision to abandon its software marketing and media
hosting lines of business in favor of a patent licensing
strategy, according to Richard Lang, Chairman and CEO.

In response to Burst.com's more narrow operating strategy, both
senior management and staff reductions have been effected.
Stepping down from their day-to-day posts, but remaining as
advisors, are Doug Glen, former President and CEO, John Lukrich,
former CFO, Edward Davis, former Vice President, Secretary, and
General Counsel, and Thomas Koshy, former President of
International Operations. Replacing Mr. Glen as CEO is Richard
Lang, Chairman and co-founder of Burst.com. Mr. Glen also
resigned his seat on the Board of Directors. Replacing Mr.
Lukrich as CFO is Jeff Wilson, currently the company's
Controller. Eleven other positions have been eliminated,
reducing total headcount to five.

                        About Burst.com

Burst.com, headquartered in San Francisco, is the developer of
Faster- Than-Real-Time(R) and Burst-Enabled(TM) video and audio
delivery software. Burst.com's Burstware(R) provides high-
quality delivery of full-motion video and CD-quality audio over
IP-based networks. The company has built an international patent
portfolio covering bursting, video delivery scheduling and rapid
casting. Burstware(R) and Faster-Than-Real-Time(R) are
registered trademarks of Burst.com, and Burst-Enabled(TM) is a
trademark of Burst.com. More information about Burst.com is
available at www.burst.com.


BUSYBOX.COM: Nasdaq Delists Shares, Now Trading on OTCBB
--------------------------------------------------------
busybox.com inc. (Nasdaq:BUSY)(Nasdaq:BUSYW), on March 28, 2001,
received notification from The Nasdaq Stock Market that Nasdaq
has determined to delist the Company's common stock from The
Nasdaq SmallCap Market at the opening of business on April 5,
2001, due to its failure to maintain a minimum bid price of
$1.00 as required by Marketplace Rule 4310(c)(4).

The Company's common stock and warrants will trade on the OTC
Bulletin Board ("OTCBB") effective April 5, 2001, under the
symbols "BUSY" and "BUSYW," respectively. The OTCBB is a
regulated quotation service that displays real-time quotes, last
sale prices, and volume information in over-the-counter equity
securities.

                    About busybox.com inc.

Founded in 1995, Busybox is a Los Angeles-based company that
develops, distributes and sells digital imagery over the
Internet, as well as on videotape and CD-ROM. The Company's
preeminent product, the BusyboxPro professional product suite,
offers thousands of stock video images and allows customers the
ability to immediately buy and download stock cinematography
online, royalty-free. BusyboxPro, launched in July 2000,
features affordable pricing and establishes a new benchmark in
the digital video market by giving customers unrestricted use of
the digital video and cinematography in commercials, broadcasts,
presentations, corporate videos, multimedia and Web
applications. Recently announced new products include 18
royalty-free video footage CD collections. For more product
information, visit http://www.busyboxpro.comor visit Busybox's
corporate Web site at http://www.busybox.com.


CENTENNIAL COAL: Plan Declared Effective On March 14
----------------------------------------------------
On October 17, 2000, an order confirming the second amended
joint plan of reorganization of Centennial Coal, Inc. and its
affiliated debtors was entered by the Honorable Peter J. Walsh,
U.S. Bankruptcy Court, District of Delaware. The Effective Date,
as defined in the plan, occurred on March 14, 2001.


CHIQUITA BRANDS: May File For Chapter 11 Bankruptcy Protection
--------------------------------------------------------------
Chiquita Brands International Inc.'s independent auditor Ernst &
Young LLP has raised substantial doubt about the company's
ability to continue, according to Dow Jones. The auditor also
said that the company might be headed toward a chapter 11
filing.

Chiquita Tuesday filed its annual report for 2000 with the
Securities and Exchange Commission. In the report, Ernst & Young
cited the company's efforts to restructure its debt, which
resulted in a failure to make a January interest payment on its
9.63% senior notes due in 2004.

The Cincinnati-based company, which had anticipated the opinion,
said that it was forced to restructure $862 million in publicly
held senior notes and subordinated debentures due to a long-
standing banana trade dispute in Europe and the continued
weakness of major European currencies against the U.S. dollar.
The company said that if it reaches an agreement with debt
holders, the restructuring plan would likely be presented for
judicial approval under chapter 11. (ABI World, April 4, 2001)


CONVERGENT COMMUNICATIONS: Unable To Secure New Funding
-------------------------------------------------------
Convergent Communications, Inc. (Nasdaq: CONV) has been unable
to secure new financing, although it continues to seek funding
for its $60 to $70 million cash shortfall. Additionally, the
company will terminate its secured working-capital credit
facility with Foothill Capital as a result of the company's
ineligibility to borrow under the facility, and in an effort to
save costs associated with the non-use of this facility.

Deteriorating conditions in the capital markets and the
continued devaluation in the telecom sector are making it
increasingly less likely that the company will be able to secure
the financing necessary to continue operations at present
levels. The company continues to evaluate and pursue all other
viable options at this time.

Convergent Communications, Inc. also announced the resignations
of Clifford G. Rudolph and Richard G. Tomlinson from the
company's Board of Directors. Both stated that they felt they
could not continue to contribute to the company in light of the
company's current funding situation.

Additionally, the company reported that it has not regained
compliance with the Nasdaq SmallCap listing requirements. As a
result, the company anticipates that it will be delisted from
Nasdaq SmallCap in the very near future.


CROWN VANTAGE: Selling St. Francisville Mill & Other Assets
-----------------------------------------------------------
Crown Vantage Inc. (OTC Bulletin Board: CVANQ) and its wholly
owned subsidiary Crown Paper Co. have filed a motion with the
United States Bankruptcy Court in Oakland, California seeking
approval of a sale of their integrated mill located in St.
Francisville, Louisiana and certain related assets to either CV
Paper LLC, a newly formed entity created by certain of Crown's
existing bank lenders, or to any party with a higher or better
offer.

The terms of the proposed sale to CV Paper contemplate that the
consideration for the acquisition of the assets to be purchased
include $85 million in cash to satisfy in full all outstanding
amounts under its Debtor-in-Possession loan facility, the
extinguishment of $147 million in outstanding creditor claims,
the issuance of certain subordinated notes in the aggregate
principal amount of $27 million, approximately $3.9 million in
deferred cash payments dedicated to the payment of tax claims
against the estate and $10 million to fund retiree medical
expenses on a modified basis for the next 10 years. The proposed
agreement with CV Paper also provides that CV Paper will provide
$15 million in cash and approximately $6 million in a one-year
note to fund a chapter 11 plan, in exchange for certain
guaranteed distributions under the plan. In addition, CV Paper
would agree to assume certain Crown liabilities.

The proposed sale to CV Paper, structured as a sale of assets
under Section 363 of the Bankruptcy Code, is subject to the
receipt of higher and better offers, to Bankruptcy Court
approval and certain other customary conditions. Pursuant to an
order of the Bankruptcy Court, any competing offers must be
submitted prior to April 20, 2001. A hearing before the
Bankruptcy Court is scheduled for April 27, 2001, which hearing
may be adjourned from time to time by the Bankruptcy Court.

Crown Vantage and Crown Paper filed for Chapter 11 on March 15,
2000. Pursuant to the Bankruptcy Code, they have continued to
manage and possess all of their properties not otherwise sold or
abandoned.

Crown Vantage is a leading manufacturer of value-added papers
for printing, publishing and specialty packaging. The Company's
diverse products are tailored for the special needs of target
markets. End users include specialty magazines and catalogs,
financial printing and corporate communications, packaging and
product labels and coffer filters. For more information, visit
www.crownvantage.com .


CURTIS INTERNATIONAL: Shares Subject To Nasdaq Delisting
--------------------------------------------------------
Curtis International Ltd. received a Nasdaq Staff Determination,
dated March 28, 2001, which indicates that the Company fails to
comply with the minimum bid price requirement of $1.00 per share
for continued listing on the Nasdaq SmallCap Market set forth in
Marketplace Rule 4310(C)(4), and that its common stock is,
therefore, subject to delisting from the Nasdaq SmallCap Market.

The Company has requested an oral hearing before a Nasdaq
Listing Qualifications Panel to review the Staff Determination.
There can be no assurance the Panel will grant the Company's
request for continued listing. If the Panel fails to grant the
Company's request for continued listing, the Company's common
stock will be eligible to trade on the OTC Bulletin Board.


CYTOGENIX: Taps Mann Frankfort As New Independent Accountants
-------------------------------------------------------------
On March 23, 2001, CytoGenix, Inc. engaged Mann Frankfort Stein
& Lipp of Houston, Texas as its principal independent
accountants to audit the Company's financial statements. On the
same date, the Company advised Harrie Marie Pollok Operhall, A
Professional Corporation, of Houston, Texas that it would no
longer serve as the Company's independent accountant. The
Company's Board of Directors approved the engagement of Mann
Frankfort and the termination of HMPO on March 23, 2001.

Harrie Marie Pollok Operhall had included an explanatory
paragraph with respect to substantial doubt about the Company's
ability to continue as a going concern in the Company's
financial statements as of and for the years ended December 31,
1999 and 1998 and from inception on February 10, 1995 through
December 31, 1999, and in the unaudited financial statements for
the quarters ended March 31, June 30 and September 30, 2000.


DIGITAL BROADBAND: Connecticut Telephone Acquires Local Assets
--------------------------------------------------------------
Connecticut Telephone, which exclusively serves the state with a
comprehensive suite of telecommunications services, expanded
into the facilities-based broadband Internet access market by
purchasing the Connecticut network assets of Digital Broadband
Communications' (DBC).

DBC, which had operated in nine states, filed for bankruptcy
protection on December 27, 2000, shortly after deploying its
Connecticut network.

The acquisition will make Connecticut Telephone a substantial
force in Connecticut's broadband market by expanding its service
offering to include DSL (digital service line), frame-relay, and
ATM services on its own network.

Connecticut Telephone is purchasing an end-to-end Cisco network,
ensuring the highest quality service to its customers, and
avoiding many difficult system integration issues faced by other
providers.

The company plans to bundle DSL services with its current
offering of local and long distance phone, cellular and other
services to provide better value to its customers, offering them
the convenience of using a single provider and the benefits of
bundled discounts.

"This is a win-win for the state of Connecticut and Connecticut
Telephone," said David Epstein, the company's President and CEO.
"Not only are we going to significantly expand the availability
of broadband services to businesses and consumers in the state
of Connecticut, we are doing it in an extremely cost effective
and time efficient manner." Epstein anticipates offering
facilities based broadband service by mid summer. "Telecom
companies have spent a lot of money building out their DSL
networks, and it's taking them too long to recoup the costs.
This opportunity has allowed us to get to market quickly with a
best-of-class network at a fraction of the cost."

"At a time when other companies are being forced to abandon
their DSL investments, we are acquiring our own network for
several reasons," said Epstein. "There are immense benefits for
companies who buy high-speed Internet access and these reasons
have not changed." These benefits include the fact that:

     --  Connecticut Telephone's High speed "always-on"
         connectivity provides significant efficiencies for tasks
         ranging from using email and web surfing to supply chain
         procurement.

     --  Implementing a virtual private network over Connecticut
         Telephone's broadband network allows businesses to
         realize the substantial productivity gains offered by
         telecommuting and the interconnection of branch offices.

     --  The network is a robust Cisco platform that can be used
         by organizations to take advantage of technical
         innovations such as IP Telephony, fax-over-IP, and
         streaming media.

In addition Epstein said: "Our Connecticut only focus allows us
to concentrate on our customers like no other provider. This
focus will allow our skilled team to achieve an enhanced level
of service."

"Connecticut's commercial, governmental and educational
institutions are increasingly recognizing the importance of
high-speed Internet access and continue to seek out the best
value from a provider," said Epstein. "This acquisition allows
us to provide both -- the highest quality DSL service with the
best value for our customers, all from a company that has been
based in (and focused solely on) Connecticut for 17 years."

                Creating Jobs in Connecticut

"One of the big benefits of this deal is the ability to bring
more jobs to Connecticut," said Rust Muirhead, Connecticut
Telephone's VP of Business Development. "We have already begun
to hire former DBC employees who were laid off following the
company's bankruptcy filing."

                  Terms of the Agreement

Through the acquisition, Connecticut Telephone acquired all of
DBC's Connecticut assets, their network operation center and
other related equipment. The purchase results in Connecticut
Telephone's co-location in 47 SNET central offices serving over
2 million people, approximately 70% of the state's population.
Specific terms of the deal were undisclosed.

                About Connecticut Telephone

Founded in 1985, Connecticut Telephone is Connecticut's largest
independent telecommunications service provider and its only
facility based provider focused solely on the state of
Connecticut. It currently provides local phone, long distance,
cellular, paging and Internet access services to over 110,000
business and residential customers in Connecticut.


FINOVA GROUP: US Trustee Appoints Unsecured Creditors' Committee
----------------------------------------------------------------
Pursuant to 11 U.S.C. Sec. 1102(a)(1), the United States Trustee
for Region 3 appointed these creditors to serve on an 11-member
Official Committee of Unsecured Creditors in the FINOVA Group
Inc., chapter 11 cases:

      Jed A. Hart
      c/o Angelo Gordon & Co.
      245 Park Avenue, 26th Floor
      New York, NY 10167
      (212) 692-2003

      Raymond G. Kennedy
      c/o Pacific Investment Management Co.
      540 Newport Center Drive, Suite 360
      Newport Beach, CA 92660
      (949) 720-6235

      Matthew Barrett & Kenneth Liang
      c/o Oaktree Capital Management LLC
      333 S. Grand Avenue, 28th Floor
      Los Angeles, CA 90071
      (213) 830-6407

      Bradley Takahashi
      c/o Franklin Mutual Advisers LLC
      51 John F. Kennedy Parkway
      Short Hills, NJ 07078
      (973) 912-2152

      Keith M. Kitagawa
      c/o Metropolitan West Asset Management
      11766 Wilshire Blvd. Suite 1580
      Los Angeles, CA 90025
      (310) 966-8900

      Ronald Goldstein
      c/o Appaloosa Management LP
      26 Main Street
      Chatham, NJ 07928
      (973) 701-7000

      Craig T. Moore
      c/o Chase Manhattan Bank
      380 Madison Avenue
      New York, NY 10017
      (212) 622-4874

      Henry Y. Yu
      c/o Bank of America
      335 Madison Avenue, 5th Floor
      New York, NY 10017
      (212) 503-7211

      Peter Nathanial
      c/o Citibank
      599 Lexington Avenue
      New York, NY 10043
      (212) 559-8263

      Max Volmar
      c/o Bank of New York
      101 Barclay Street 21 W
      New York, NY 10286
      (212) 815-4575

      James I. McGinley
      c/o Wilmington Trust Company
      1100 North Market Street
      Wilmington, DE 19890
      (212) 415-0522

Frank J. Perch, III, Esq., is the attorney for the Office of the
United States Trustee assigned to the Finova Group Inc., Chapter
11 cases. (Finova Bankruptcy News, Issue No. 4; Bankruptcy
Creditors' Service, Inc., 609/392-0900)


FRIEDE GOLDMAN: May File For Bankruptcy Protection
--------------------------------------------------
Shares of Friede Goldman Halter Inc., which makes offshore
equipment for the energy industry, plummeted after the company
said it may have to seek bankruptcy protection, according to the
Reuters. The company said if it couldn't renegotiate its credit
and raise more capital it may not be able to meet its
obligations in the ordinary course of business and may need to
seek bankruptcy protection. Friede Goldman said that its
financial woes stem from cost overruns on a number of oilrigs it
is building and disclosed it was carrying $107.7 million in
overdue debt.

The Gulfport, Miss.-based company said costs for two rigs it is
constructing for closely-held Petrodrill IV and Petrodrill V
would run some $121 million more than it expected. It also has
been hit with delays and cost overruns for two rigs it was
building for Norway's Ocean Rig. The company reached an
agreement for completion of those rigs last month. (ABI World,
April 4, 2001)


GENESIS HEALTH: Rule 9027 Removal Period Extended To Sept. 17
-------------------------------------------------------------
Genesis Health Ventures, Inc. & The Multicare Companies, Inc.
sought and obtained the Court's authority, pursuant to Fed. R.
Bankr. P. 9006(b), further extending the time within which to
file notices of removal of the Civil Actions and Proceedings
under Fed. R. Bankr. P. 9027(a) until the earlier of (1)
September 17, 2001, or (2) 30 days after the conclusion of the
confirmation hearing in these chapter 11 cases.

The Debtors told the Court that they are continuing to review
their records to determine whether they should remove any of the
claims or civil causes of action pending in state or federal
court to which they might be a party.

In addition, they are currently in the process of negotiating
and exploring the possibility of implementing an alternative
dispute resolution procedure to assist in the resolution of the
1,000 claims against them, including the Civil Actions and
Proceedings. To the extent they are unable to resolve any of the
Civil Actions and Proceedings through the ADR Procedure, their
ability to remove such Civil Actions and Proceedings may be
critically intertwined with their proper defense of many of the
Civil Actions and Proceedings, the Debtors observe.

In light of the circumstance, the Debtors believe that the
requested extension will provide sufficient additional time to
allow them to consider, and make decisions concerning, the
removal of the Civil Actions and Proceedings. (Genesis/Multicare
Bankruptcy News, Issue No. 8; Bankruptcy Creditors' Service,
Inc., 609/392-0900)


HARNISCHFEGER: Beloit, Georgia-Pacific & Nekoosa Settle Claims
--------------------------------------------------------------
Beloit Corporation asked the Court to approve the stipulation
between the Debtor and Georgia-Pacific Corporation and Nekoosa
Papers, Inc.

On or about February 28, 2000, GP filed Claim No. 9580 against
the Debtor in the amount of $6,754,369 for amounts allegedly
owed to GP relating to certain warranty, back-charge and breach
of contract claims allegedly arising from work performed by the
Debtor and the Debtor scheduled certain claims related to the GP
Claim. A portion of the GP Claim is comprised of certain third
party lien claims in the aggregate amount of $1,791,172
allegedly arising as a result of the Debtor's failure to pay
certain sub-contractors that performed work on the Debtor's
behalf and for the benefit of GP and/or Nekoosa.

On or about April 12, 1999, GP received an alleged preferential
payment from the Debtor in the amount of $850,000. The Debtor's
books and records indicate that GP allegedly owes the Debtor
approximately $4,010,199 for work performed by the Debtor and
for the benefit of GP and/or Nekoosa.

GP and Nekoosa filed a Motion for Relief from the Automatic Stay
to Permit Setoffs relating to the Lien Claims. GP and Nekoosa
also filed an Objection to Confirmation of the Harnischfeger
Industries, Inc. Debtors' Proposed Third Amended Joint Plan of
Reorganization.

The Debtor objected to the GP Claim and the Lien Claims inn
their (i) Fifty-Sixth Omnibus Objection to Claims and (ii)
Seventy-Seventh Omnibus Objection to Claims.

By way of a letter agreement, the Debtor, GP and Nekoosa agreed
to waive each other of the respective claims in full and
complete satisfaction of the GP Claim, the Lien Claims, the
Preference, the Debtor's Claim, the Motion for Relief, the
Objection to Confirmation and the Objections to Claims.

In a Motion, the Debtor sought the Court's approval of the
Settlement and Stipulation which provides that:

      (1) GP will:

          (a) satisfy the Lien Claims, an the Debtor's behalf,
              within fifteen days of the Bankruptcy Court's entry
              of an order approving this Stipulation and

          (b) indemnify and hold the Debtor and its affiliates
              harmless from and against any and all obligations
              of the Debtor arising under the Lien Claims;

      (2) GP and Nekoosa each waives its rights to make demand
for payment under either the GP Claim or the Liens Claims except
for those obligations set forth in the Settlement;

      (3) The Debtor waives its right to make a demand for
payment under either the GP Claim or the Liens Claims except for
those obligations set forth in the settlement;

      (4) Claim Nos. 9580, s4249, s4250, s4251, s4252, s4253 and
s4254 filed by GP or scheduled by the Debtor shall be expunged
in the Debtor's case for all purposes;

      (5) The Objection to Confirmation and the Motion for Relief
shall be immediately withdrawn, with prejudice, upon the
Bankruptcy Court's entry of an order approving the Stipulation.
(Harnischfeger Bankruptcy News, Issue No. 39; Bankruptcy
Creditors' Service, Inc., 609/392-0900)


HIH/GREAT STATES: Standard & Poor's Assigns Insurer R Rating
------------------------------------------------------------
Standard & Poor's assigned its 'R' financial strength ratings on
HIH America Compensation & Liability Insurance Co. (HIH) and
Great States Insurance Co. (Great States). Both are members of
the HIH Insurance group of companies.

HIH and Great States are being conserved because they are
insolvent and are unable to comply with California's minimum
capital and surplus requirements. California Department of
Insurance (CDI) examiners found an independent actuarial study
showed the two California companies needed to increase their
liabilities for workers' compensation losses and loss adjustment
expenses by a combined $81 million. This increase, combined with
the existence of uncollectable intercompany receivables, made
the two California companies insolvent. Officers of the CDI
Conservation and Liquidation Office served seizure orders on the
companies. Conservation orders were requested on March 30 from
the San Francisco Superior Court.

HIH and Great States are both California-domiciled companies
with main corporate headquarters in San Francisco.

An insurer rated 'R' is under regulatory supervision owing to
its financial condition. During the pendency of the regulatory
supervision, the regulators may have the power to favor one
class of obligations over others or pay some obligations and not
others. The rating does not apply to insurers subject only to
nonfinancial actions such as market conduct violations, Standard
& Poor's said.


iENTERTAINMENT NETWORK: Securities Knocked Off Nasdaq List
----------------------------------------------------------
iEntertainment Network, Inc. (NASDAQ: IENT) was notified by
Nasdaq of the decision to delist the company's securities from
The Nasdaq SmallCap Market at the opening of business on April
5, 2001.

The decision by Nasdaq to delist the company's securities was
based on Marketplace Rule 4310(C)(8)(B) and results from the
failure to maintain a $1.00 minimum bid price for the common
stock of iEntertainment Network.

Upon delisting from Nasdaq, iEntertainment Network anticipates
that the common stock will be quoted on the Over The Counter
Bulletin Board (OTCBB).

iEntertainment Network, Inc. (NASDAQ: IENT), founded in 1994 and
located in Research Triangle Park, NC, is a leading provider of
online entertainment media solutions, tools and content for
ISP's portals, communities and e-commerce sites. iEntertainment
Network currently serves both English and Spanish language
audiences. The Company operates multiple online entertainment
properties for key partners including AT&T WorldNet(R) Service's
GameHub.net (http://www.gamehub.net),EarthLink's Games Arena
(http://www.thegamesarena.com),Juno Online
(http://juno.ient.com),and theglobe.com
(http://www.theglobe.ient.com).iEntertainment Network has
strategic relationships with AT&T (NYSE: T), EarthLink (NASDAQ:
ELNK), as well as other content and service providers. For more
information, call (919) 678-8301 or visit our website at
(http://www.ient.com).AT&T WorldNet is a registered service
mark of AT&T.


ILLINOIS ENVIRONMENTAL: S&P Assigns R Rating to Insurer
-------------------------------------------------------
Standard & Poor's assigned its 'R' financial strength rating on
the Illinois Environmental Service Workers Compensation Trust
(Environmental) after learning that the Circuit Court of Cook
County, Ill., has granted Illinois Insurance Director Nathaniel
Shapo's petition to place Environmental into liquidation.

An Illinois group workers' compensation self-insurance pool,
Environmental was placed under an order of liquidation on March
22, 2001, based on the Department of Insurance's findings that
the pool was insolvent by at least $3 million.

Environmental was organized in November 1991 under the Illinois
Workers Compensation Act to administer a program of group self-
insurance for worker compensation loss exposures for members of
the Illinois Association of Environmental Service Companies.

As of Dec. 31, 1999, Environmental reported earned premiums of
$1.4 million and a net loss of approximately $950,000.

The Illinois Workers Compensation Act also establishes a group
workers compensation pool insolvency fund, which can be
activated whenever the Director of Insurance shall determine
that the compensation or medical services provided by the Act
may be unpaid by reason of default of an insolvent group pool.

An insurer rated 'R' is under regulatory supervision owing to
its financial condition. During the pendency of the regulatory
supervision, the regulators may have the power to favor one
class of obligations over others or pay some obligations and not
others.

The rating does not apply to insurers subject only to
nonfinancial actions such as market conduct violations, Standard
& Poor's said.


IMPERIAL HOME: Emerges From Chapter 11 Bankruptcy
-------------------------------------------------
Imperial Home Decor Group, Inc. (IHDG) has consummated its plan
of reorganization and officially emerged from chapter 11. The
company's emergence from chapter 11 follows the U.S. Bankruptcy
Court's confirmation of the company's amended plan of
reorganization on March 16, 2001.

All material distributions of cash and securities called for by
the reorganization plan have taken place. The company's pre-
petition bank lenders have received more than 90% of the common
stock of the company, as well as $25 million in medium-term
notes. The company said it has also obtained agreements
providing up to $75 million in new financing facilities through
a bank-lender group led by Bank of America.

"Now that chapter 11 is behind us, we will be focused
exclusively on maintaining and strengthening our position as the
leader in the residential wallcoverings industry," said Douglas
R. Kelly, chairman and chief executive officer.

Kelly added, "Our customers, employees, creditors, vendors and
lenders have all helped to make this happen. They know there is
unrecognized potential in the residential wallcoverings
industry, which we as the industry leader can realize."

Kelly identified three areas in which the company - the world's
largest designer, manufacturer and distributor of residential
wallcoverings - is now focusing in order to make its mark in the
wallcoverings industry. These are product innovation,
technological innovation and brand marketing.

As a fashion-based consumer products company, IHDG is able to
use its vertical integration to reach consumers in all market
segments, from "do-it-yourself" to interior designers. IHDG has
launched exciting new licensed collections under the Imperial
brand name from Raymond Waites, Eddie Bauer and Disney, as well
as fabulous collections under the Katzenbach & Warren, Albert
Van Luit and Sterling Prints brand names. Other new products,
such as Instant Stencils, tile stickers and window decals, are
scheduled for launch at the retail level in select home centers
and mass markets.

In its new web site, to be unveiled in late spring, IHDG will
provide new ways for consumers to view wallcoverings, design
interiors, learn about installation and removal, and locate
retailers and installers. As with many industries, technology
has the ability to improve transactions in the wallcoverings
marketplace. IHDG will use technological innovations to help
alter consumer behavior in shopping for wallcoverings. These
innovations include a cutting-edge voice response technology
system that lets retailers check inventory, get pricing or place
an order at any time. Both these innovations will increase the
speed with which wallcoverings can be selected, ordered and
delivered.

Imperial Brand will be center of marketing strategy
IHDG will focus on developing the Imperial brand as an identity
that underlies both the company's own designs and its licensed
products. The company has taken steps to reduce the number of
brand names it has, in order to focus on the Imperial name, an
almost 100-year-old brand. The Imperial brand will be positioned
to represent superior product in all aspects: design, production
and materials. The company's strategy will continue to position
Katzenbach & Warren, Albert Van Luit and Sterling Prints brand
names in the interior design markets.

Imperial Home Decor Group is the world's largest designer,
manufacturer and distributor of residential wallcovering
products. IHDG also markets commercial wallcoverings and is a
premier supplier of vinyl for pool liners through the Vernon
Plastics operating division. Headquartered in Cleveland, Ohio,
IHDG supplies home centers, national chains, independent
dealers, mass merchants, design showrooms and specialty shops.
Product lines include the Imperial, Katzenbach & Warren, Albert
Van Luit, Sterling Prints, Imperial Fine Interiors, Sunworthy
and Colorfields brand names. The company was created in 1998
through the merger of Imperial Wallcoverings and Borden
Decorative Products. In 2000, Imperial Home Decor Group had net
sales in excess of $363 million.


IMPERIAL SUGAR: Equity Committee Objects To Disclosure Statement
----------------------------------------------------------------
On the Petition Date, Imperial Sugar Company filed a pre-
packaged reorganization plan with a Disclosure Statement. The
Committee complained that this plan proposes to:

      (a) Distribute just 2% of the reorganized Debtors' equity
securities to existing equity holders, effecting a 98% dilution;

      (b) Distribute warrants to existing equity holders to
purchase approximately 10% of the reorganized Debtors' equity on
terms which have not been disclosed; and

      (c) Provide existing management with the option to purchase
approximately 10% of the reorganized Debtors' equity, also on
terms that are not disclosed.

Ian Connor Bifferato, at Bifferato, Bifferato & Gentilotti in
Delaware, notified Judge Robinson of the Equity Committee's
objection to the Disclosure Statement in support of the Debtors'
joint reorganization plan, and requested that the Court refuse
to approve the statement as it fails to meet the statutory
standard of adequate information.

Mr. Connor contended that the Disclosure Statement omits
critical financial information necessary for the Equity
Committee and its constituents to make an informed judgment
about the Plan and thus does not contain adequate disclosure as
required by bankruptcy law. Specifically, the Disclosure
Statement lacks the following critical information:

      (a) Financial projections indicating the reorganized
Debtors' financial prospects and reorganization value;

      (b) A liquidation analysis;

      (c) Terms of the stock option to be issued to existing
management under the Plan; and

      (d) Terms of the warrants to be issued to existing security
holders under the Plan.

The Equity Committee believes that these deficiencies in the
Plan render the Disclosure Statement inadequate. The lack of any
meaningful financial information regarding the reorganized
Debtors, the lack of a liquidation analysis, and the absence of
disclosure regarding the securities to be distributed under the
plan make it impossible for the Equity Committee to meaningfully
discharge its duty to advise those it represents of the
Committee's determinations as to any plan formulated.

Mr. Bifferato intimated to Judge Robinson that the Equity
Committee supports a continuance of the Disclosure Statement
hearing of at least 30 days in order to address the issues
raised by the Equity Committee. Further, in order to discharge
its fiduciary duty to review and comment on the Disclosure
Statement, the Equity Committee requested that it be granted
until 10 days after the filing of any revised disclosure
statement to file objections to it. (Imperial Sugar Bankruptcy
News, Issue No. 4; Bankruptcy Creditors' Service, Inc., 609/392-
0900)


INTEGRATED HEALTH: Rejecting Arlington, Texas Lease
---------------------------------------------------
Integrated Health Services, Inc. asked the Court, pursuant to
Sections 105 and 365 of the Bankruptcy Code and Rule 6006 of the
Bankruptcy Rules, to authorize IHS- Oakwood to reject a Lease
with the landlord (Hacienda Care I, L.P.) related to real
property and improvements pertaining to a long-term care nursing
Facility located at 301 West Randol Road, Arlington, Texas
because IHS Management's review shows that the Facility loses
approximately $447,954 per year and, accordingly, the Facility
and the Lease are of no value to the Debtors' estates.

The Facility's earings before interest, taxes, depreciation,
amortization and rent (EBITDAR) total approximately $11,022. The
annual base rent under the Sublease is $458,967. Based upon
this, the Facility's annual earnings before interest, taxes,
depreciation and amortization (EBITDA) is approximately negative
$447,954.

The Debtors have concluded that the Facility and the Lease are
of no value to the Debtors' estates and are in fact a source of
significant losses. The Debtors submitted that rejecting the
Lease is in the best interest of their estates and creditors,
and is an exercise of sound business judgment.

The Debtors requested that the Rejection Deadline be thirty days
from the date of the notice of entry of the order granting the
motion. (Integrated Health Bankruptcy News, Issue No. 15;
Bankruptcy Creditors' Service, Inc., 609/392-0900)


LOEWEN: Purchaser Backs-Away from Melwood Property
--------------------------------------------------
Subsequent to the entry of the Sale Order, The Loewen Group,
Inc. Debtors and the Purchaser found that, contrary to the
parties' original belief, the Debtors would not be able to
reconstruct their books and records concerning the Melwood
Property in a manner sufficient to facilitate the purchase and
sale of the Melwood Property, because improvements there,
including a building containing vital documents, had been
destroyed by fire on April 28, 2000, and certain personal
property had either been stolen or become unusable.

The Purchaser and the Original Selling Debtors agreed that it
was necessary to amend the Purchase Agreement to remove the
Melwood Property, the Stolen Property and the property that had
become unusable (the Destroyed Property) from the proposed sale
and reduce the purchase price from $3,300,000 to $2,275,000.

On February 28, 2001, to effectuate these changes to the
purchase and sale transaction, the Original Selling Debtors and
the Purchaser executed a First Amendment to Asset Purchase
Agreement.

The Sale Locations under the Amended Purchase Agreement are:

      * Gregg L. Mason Funeral Home (No. 3210)
        10936 NE 6th Avenue, Miami, FL 33161-7134

      * Hollabaugh - Spindle Funeral Home (No. 3295)
        1553 Wooddale Blvd., Baton Rouge, LA 70806

      * Gethsemane Cemetery, Inc. (Cemetery) (No. 5521)
        800 Mobile Street, Mobile, AL 36617

      * Gethsemane North (Cemetery) (No. 5587)
        739 Shelton Beach Rd., Eight Mile, AL 36613

      * Paradise Gardens (Cemetery) (No. 5742)
        184 Minnis Road, Edmondson, AR 72332

      * Southern Memorial Gardens (Cemetery) (No. 5645)
        3012 Blount Road, Baton Rouge, LA 70807

      * Crescent Hill Memorial Gardens (Cemetery) (No. 5611)
        2603 Two Notch Road, Columbia, SC 29204

      * Cedar Hill Memorial Park (Cemetery) (No. 5700)
        8301 Business Hwy. 287, Mansfield, TX 76063

The Selling Debtors are:

      Bess - Kolski Combs, Inc.
      Loewen Louisiana Holdings, Inc.
      Gethsemane Cemetery North, Inc.
      Easter Arkansas Memorial Gardens, Inc.
      Cemetery Management Corp.
      Crescent Hill Memorial Gardens
      Cedar Hill Memorial Cemetery Association

Thus, the Debtors seek authority to sell the Sale Locations
under the Amended Purchase Agreement (with the Melwood Property
removed) and the related assets, specifically excluding the
Stolen Property and the Destroyed Property, pursuant to the
terms of the Amended Purchase Agreement. (Loewen Bankruptcy
News, Issue No. 36; Bankruptcy Creditors' Service, Inc.,
609/392-0900)


LUCENT TECHNOLOGIES: Says Rumors of Bankruptcy Are "Baseless"
-------------------------------------------------------------
In response to inquiries, Lucent Technologies (NYSE: LU) issued
the following statement:

"Let me be very clear, our $6.5 billion lines of credit provide
the financial resources and the financial flexibility to execute
our turnaround plan," said Lucent Technologies Chief Financial
Officer Deborah Hopkins. "We are already seeing positive impacts
from our comprehensive restructuring program.

"The rumors that Lucent is filing for bankruptcy are baseless
and irresponsible. We will report, in detail, on the progress we
are making when we issue our results for the second fiscal
quarter of 2001 later this month."


NORTHPOINT: INYC Provides Safeguard Program For Former Customers
----------------------------------------------------------------
INYC, one of the nation's leading broadband solutions provider,
has established a safeguard program for former customers of
NorthPoint Communications Group (NPNT).

NorthPoint recently filed for Chapter 11 bankruptcy protection,
leaving tens of thousands of businesses across the US without
high-speed Internet access.

Under the safeguard program, INYC, in conjunction with Network
Access Solutions (Nasdaq:NASC), one of the nation's leading
broadband data services CLECs will quickly and efficiently
reestablish DSL service to NorthPoint business customers via a
CLEC-to-CLEC transfer process. This process reduces several of
the installation intervals and allows former NorthPoint
customers to altogether skip the new installation process.

"INYC understands how important high speed broadband Internet
access is to businesses and we want to assure customers that we
are here to serve them" said Steven Bruno, Vice President of
INYC. "INYC has continuingly received some of the highest
ratings in the areas of customer service and technical support
and we look forward to offering this high level of service to
former NorthPoint business customers."

Businesses may receive more information about INYC's Safeguard
Program by calling a special toll free number at 1-877-Go4-INYC
(1-877-464-4692) or visiting www.inyc.com

                      About INYC

INYC (www.inyc.com) is one of the nations fastest growing
premier broadband solutions providers with its headquarters in
New York City. The company provides high-speed Internet
connectivity services to small/medium size businesses as well as
consumers in 27 major markets across the US. In its pursuit to
deliver a greater value to its subscribers, INYC offers one-
stop, turn-key solutions for a wide array of Internet needs
including: VPN (Virtual Private Networks), Collocation Services,
Dedicated Servers, Website Development, Web Hosting and E-
commerce Solutions. By standing behind its core values and
beliefs, INYC is committed to doing an exceptional job serving
its customers by providing unsurpassed customer service and
satisfaction.


OWENS CORNING: Executives Receive Bonuses Amounting To $4.3 Mil
---------------------------------------------------------------
Although Owens Corning filed for bankruptcy in October, the
company's top five executives received bonuses totaling $4.3
million, according to the Associated Press. Company spokesman
Gregg Bronk said that the bonuses were down 30 percent from
1999. Chief executive Glen Hiner received a bonus of $2 million.
The second-highest bonus went to Domenico Cecere, former chief
operating officer, though he left the company earlier this year.
He received $715,000. Maura Abeln Smith, who is in charge of the
company's restructuring, got a bonus of $705,000, while David
Brown, executive vice president and chief operating officer,
received a bonus of $425,000. Finance Chief Michael Thaman was
paid a bonus of $405,000.

Owens Corning, which makes building products including
insulation and roofing materials, lost about $478 million on
sales of $4.9 billion last year due to asbestos liability
expenses. The Toledo-based Owens Corning has paid or agreed to
pay $5 billion in asbestos claims. It faces about $2 billion
more in asbestos payouts even though it stopped selling
insulation that contained asbestos more than 25 years ago. (ABI
World, April 4, 2001)


PROMEDCO MANAGEMENT: Files Chapter 11 Petition in N.D. Texas
------------------------------------------------------------
ProMedCo Management Company (OTC Bulletin Board:PMCO) filed a
voluntary petition for reorganization under Chapter 11 of the
United States Bankruptcy Code. The petition was filed in the
United States Bankruptcy Court for the Northern District of
Texas, Ft. Worth Division.

The Company stated that the filing was being made pursuant to an
agreement with its lending banks, which have agreed to provide a
post-petition lending facility. While the Company expects to
file a plan of reorganization within the near future, it is
uncertain whether such plan will provide for any recovery by the
holders of the Company's common stock.

The Company also announced that it has entered into an agreement
to sell its Champaign, Illinois, subsidiary to an affiliate of
the medical group with which the subsidiary has a long-term
service agreement. The closing of the sale is subject to the
approval of the Bankruptcy Court.

ProMedCo, headquartered in Fort Worth, Texas, is a medical
services company that coordinates and manages the delivery of a
wide variety of healthcare services in non-urban communities.


PSINET INC: Raises $287 Million From PTS Sale To GTCR-Led Group
---------------------------------------------------------------
PSINet Inc. (NASDAQ:PSIX) completed the sale of PSINet
Transaction Solutions ("PTS") to an investment group led by GTCR
Golder Rauner, LLC.

Net cash proceeds to PSINet were approximately $277 million,
with an additional $10 million placed in escrow to cover
subsequent adjustments. PTS is a leading worldwide provider of
e-commerce data communications that transports point-of-sale
transactions.

For financial reporting purposes, PTS will be treated as a
discontinued operation, and PSINet will have a loss on disposal
of approximately $340 million.

As previously announced, even with the proceeds from the PTS
sale, the Company's current cash resources, and any cash
generated by additional asset sales, are not expected to be
sufficient to meet the Company's anticipated cash needs absent
successful implementation of one or more financial or strategic
alternatives currently under consideration by the Company, and
the Company cannot provide any assurance that, even if any such
alternatives are implemented, it will not run out of cash.

Headquartered in Ashburn, Virginia, PSINet is the Internet Super
Carrier offering global e-commerce infrastructure, end-to-end IT
solutions and a full suite of retail and wholesale Internet
services through wholly-owned PSINet subsidiaries.
Services are provided on PSINet-owned and operated fiber,
satellite, web hosting and switching facilities, providing
direct access in more than 900 metropolitan areas in 27
countries on five continents.


RAYTHEON COMPANY: Moody's Downgrades Bond Ratings To Low-B's
------------------------------------------------------------
Giant aerospace and major defense company Raytheon Company has a
lot of holes to cover these days.

After consistently coming up with low operating and cash-flow
performance, Moody's Investors Service lowered a significant
number of the company's bond ratings.

Ratings downgraded are:

      -- Raytheon Company's senior debt rating to Baa3 from Baa2;

      -- the rating on its bank facilities to Baa3 from Baa2;

      -- the ratings on its shelf registration: (P)Baa3 from
         (P)Baa2 for senior debt, to (P)Ba2 from (P)Baa3 for
         subordinated debt; and to (P)" ba2" from (P) "baa3" for
         preferred stock;

      -- its short-term debt rating to Prime-3 from Prime-2.

Moody's outlined the following problems of the company as the
reasons for the downgrade:

      (1) Limited progress in reducing its high outstanding debt
          levels, primarily due to past acquisitions.

      (2) The potential material impact on its cash-flow from
          ongoing financial obligations related to its sale of
          Raytheon Engineers and Constructors (RE&C) to the
          financially-troubled Washington Group International,
          Inc.

Moody's said shortly after the company acquired Hughes and Texas
Instruments, Raytheon experienced significant operating
difficulties that precluded its ability to reduce the
significant debt burden that was part of the acquisition.

Compounding this problem is a major strain on the company's
cash-flow in the event that: (a) Raytheon reassumes
responsibility for certain contracts that WGI has ceased to
perform, (b) WGI claims for price adjustments for the purchase
of RE&C, and (c) the company is caught still holding guarantees,
surety bonds, and letters of credit to a number of ongoing
projects of RE&C when they mature.

WGI has recently said that it might seek protection from
creditors under Chapter 11 of the U.S. Bankruptcy Code. Raytheon
estimates its potential exposure to the RE&C issue to range
between $0 and $450 million.

Meanwhile, Moody's says that the "slower-than-anticipated
improvements in certain defense programs, significant
development costs related to new aircraft programs, and losses
in its commercial electronic unit" will continue to stifle
Raytheon's cash-flow.

Raytheon Company, based in Lexington, Massachusetts, is a major
player in the aerospace/defense business.


RHYTHMS NETCONNECTIONS: Debt Ratings Down To Junk Levels
--------------------------------------------------------
The ratings of Rhythms NetConnections, Inc. have fallen anew
after its recent financial performance failed to meet the
expectations of Moody's Investors Service.

The rating agency says it is concerned that the company lacks
the liquidity to sustain its capital needs in the intermediate
term. Hence, the outlook is negative.

Rhythms recently reported debts amounting to $832 million and
preferred stock obligations of approximately $450 million.

In comparison, the company said in its December 31, 2000 report
that it has an asset of $505 million in unrestricted cash and
investments, and $257 million in capital assets.

Despite this, Rhythms believes that it still has enough money to
fund its business plan until January 2002. This is because the
company can lean on its equity partners and sponsors like Hicks,
Muse, Tate & Furst, Microsoft, WorldCom, and QWest.

But Moody's said that the public debt and equity markets do not
represent a viable funding source for Rhythms. The rating agency
believes the company's sponsors will no longer provide
additional capital due to considerable risks.

Approximately $1.3 billion debt and preferred securities were
affected by the recent downgrades. They are the following:

      -- $300 million 14% senior notes due 2010, to Ca from Caa1

      -- $325 million 12.75% senior notes due 2009, to Ca from
         Caa1

      -- $290 million discount notes due 2008, to Ca from Caa1.

      -- $169 million 6.75% Cum. Conv. Preferred Stock, to "c"
         from "ca"

Rhythms NetConnections is based in Englewood, Colorado.


SERVICE MERCHANDISE: Exclusive Period Extended To January 2002
--------------------------------------------------------------
Fleet Retail Finance Inc., as Collateral Agent and
Administrative Agent for certain Lenders under the DIP Credit
Agreement, lent its support to Service Merchandise Company,
Inc.'s request for an extension of the exclusive right to file
and solicit acceptances to a chapter 11 plan of reorganization,
telling Judge Paine:

"Since the date of the DIP Credit Agreement, to the Agent's
knowledge, the Debtors have been in material compliance with
their obligations to the Agent and the Lenders under the DIP
Credit Agreement and associated loan documents.

"The Agent's business is primarily that of a lender to
retailers. Based upon experiences with other of the Agent's
customers and its general knowledge of the retail business, the
current economic climate for retailers is not as strong as in
previous years. Competitive pressures, consumer spending and
trade credit are all issues which are heightened for a retailer
in the current economy. In fact, certain of the Agent's
customers have for those and other reasons found it necessary to
seek bankruptcy court protection and/or to liquidate. It would
be beneficial to the Debtors if they could seek to emerge from
these bankruptcy proceedings at a time when economics were
improved.

"Since the DIP Credit Agreement became effective, the Debtors
have undertaken initiatives with the consent of the Agent and
the Lenders to restructure its business and to reduce costs.
These initiatives include the termination of certain less
profitable business, the real estate subleasing described in the
Debtors' motions and the reduction of payroll expense.

"Based upon a review of (a) the Debtors' results of operations
for fiscal year 2000 and (b) the Debtors' projections for fiscal
year 2001, assuming such are attained, the Debtors would appear
to have sufficient Excess Availability in fiscal year 2001 to
continue to meet their projected expense during that period.

"Based upon the foregoing facts and circumstances that exist in
these chapter 11 cases to date, the Agent supports the Debtor's
request for an extension of the exclusive right to file a plan
of reorganization through January 31, 2002 and to solicit
acceptances thereto through April 1, 2002."

                              * * *

Service Merchandise Company, Inc. (OTCBB: SVCDQ) announced that
it has received Court approval to extend the period in which the
Company has the exclusive right to file or advance a plan of
reorganization in its Chapter 11 cases. The Court's order
extended the exclusivity period to file the Company's plan to
January 31, 2002, and further extended the Company's exclusive
right to solicit acceptances of its plan to April 1, 2002.

Chairman and Chief Executive Officer Sam Cusano said, "While we
are extremely pleased that our fiscal 2000 continuing EBITDAR
performance of $44.9 million exceeded our 2000 Business Plan
forecasts, we believe the extension of exclusivity will provide
the Company with the time necessary to become even stronger."

He noted that the Company has presented its preliminary 2001
Business Plan to its lenders and creditors committee earlier
this month and will present its formal 2001 Business Plan to
vendors and other major constituents in March. "The 2001
Business Plan should be the final step in the strategic
reorganization announced at the outset of the Company's Chapter
11 restructuring, and will provide the framework for its plan of
reorganization," Mr. Cusano said.

"We are extremely pleased that the Court approved our extension
of exclusivity without opposition from any creditors. The
extension should allow Service Merchandise to maximize its value
for its creditors," Mr. Cusano said. "With the continued hard
work and dedication of our associates and the cooperation of our
suppliers and lenders, we expect to negotiate a consensual debt
to equity plan with our Creditors Committee this fall and to
emerge from Chapter 11 following the 2001 Holiday season."

In other action, the Company also received approval to enter
into the previously announced three-year $35 million committed
unsecured vendor line of credit with CIT Commercial Services, a
division of CIT, enhancing Service Merchandise's vendor
relationships and strong liquidity position. (Service
Merchandise Bankruptcy News, Issue No. 17; Bankruptcy Creditors'
Service, Inc., 609/392-0900)


SILVERLEAF: Interest Payment Default Causes Severe Rating Cuts
--------------------------------------------------------------
Silverleaf Resorts, Inc. plunges even further on the rating
scale after it failed to meet an interest payment recently.

Moody's Investors Service undertook a severe cut on the
company's ratings when it failed to pay the interest of its $75
million senior subordinated notes. The company was scheduled to
make the payment last April 1.

The following notes suffered downgrades:

      -- $75 million senior subordinated notes, due 2008; down to
         C from Ca

      -- senior implied rating, down to Ca from Caa2

      -- senior unsecured issuer, down to C from Caa3

Silverleaf Resorts, Inc. is a developer, owner and operator of
vacation resorts based in Dallas, Texas.


STELLEX TECHNOLOGIES: Asks To Extend Exclusive Period To June 11
----------------------------------------------------------------
Stellex Technologies, Inc., et al. sought court authority to
extend the exclusive periods in which the debtors may file a
Chapter 11 plan or plans and solicit acceptances thereto.

The debtors sought entry of an order granting an extension of
their exclusive period within which they may file a Chapter 11
plan or plans through and including June 11, 2001 and the
exclusive period within which they may solicit acceptances of
any such plan through and including August 10, 2001.

The debtors have spent time and effort formulating and
implementing a strategy for the sale of substantially all of the
debtors' assets. The debtors are in the process of selling their
Aerostructures Assets. The hearing to consider the sale of the
Aeorostructure Assets will be conducted on April 23, 2001.

Currently, the draft plan provides for the orderly liquidation
of the debtors' assets and the distribution of sale proceeds and
other miscellaneous assets to creditors. Since the
Aerostructures sale process has not concluded, the debtors are
also considering and analyzing a possible stand-alone plan for
the Aerostructures segment. Since the sale of the Aerostructures
business is still ongoing, the debtors are not in a position
to finalize the plan and disclosure Statement. In the event a
sale is not consummated, the debtors will need additional time
to draft and negotiate a plan providing for the reorganization
of the Aerostructures business. An extension is also necessary
to afford the debtors an opportunity to review and evaluate
claims to be filed by the April 12 Bar Date.


TRANS WORLD: Ricky Martin Enterprises Demands Contract Payment
--------------------------------------------------------------
Latin singer Ricky Martin, whose Ricky Martin Enterprises agreed
to provide promotional services to Trans World Airlines, has
demanded a $195,964 default contract with the bankrupt airline
now that it has been purchased by AMR Corp.'s American Airlines,
according to Dow Jones. The singer's contract with TWA will be
transferred as part of the deal between the bankrupt airline and
American. Martin had agreed to provide promotional services
valued at up to $1 million in exchange for up to $1 million of
TWA air transportation services. A hearing to discuss the matter
is scheduled today (Friday) before the U.S. Bankruptcy Court in
Wilmington, Del. Although Ricky Martin Enterprises claims that
it's owed at least $195,964 worth of tickets, TWA said in a
notice that the value of the tickets was unknown. Unless
objected to, the cure amount would be considered zero. Ricky
Martin Enterprises says that while the contract isn't set to
expire until Dec. 1, 2002, the contractual default should be
cured within 12 months. (ABI World, April 4, 2001)


TRANS WORLD: Judge Denies Motions To Stay Asset Sale To American
----------------------------------------------------------------
The judge presiding over Trans World Airlines Inc.'s bankruptcy
proceedings denied motions to stay the sale of the carrier's
assets to AMR Corp., according to Dow Jones. Financier Carl
Icahn had threatened a contract interference lawsuit against AMR
Corp.'s American Airlines in connection with a discount-ticket
deal between TWA and an Icahn-led entity. American Airlines has
refused to assume the 1993 ticket agreement as part of its
court-approved purchase of TWA. Judge Peter Walsh affirmed that
the pending sale complied with bankruptcy laws and that a stay
order would put TWA at risk of liquidation. The judge said he
didn't find any evidence demonstrating that objecting parties
would be better off if a stay order were issued. (ABI World,
April 4, 2001)


VISTA EYECARE: FY 2000 Reorganization Costs Pegged At $120 Mil
--------------------------------------------------------------
Vista Eyecare Inc. said its results for fiscal 2000, ended Dec.
30, will include $120 million in reorganization charges,
although it is still completing its financial statements,
according to a non-timely Form 10-K filed Monday with the
Securities and Exchange Commission. In its filing, the bankrupt
Lawrenceville, Ga.-based eye care retailer said it will file its
annual report with the SEC within 15 days after its filing
deadline. (ABI World, April 4, 2001)


VITAL LIVING: Recurring Net Losses Raise Going Concern Doubts
-------------------------------------------------------------
Wagner Noble and Company, of Charlotte, North Carolina, auditors
for Vital Living Products Inc. has issued a letter to the Board
of Directors of that Company, together with its stockholders.
Within the letter concerning recent auditing of financial
statements for Vital Living Products the auditors make the
statement: "..... the Company has suffered recurring losses from
operations and has a net capital deficiency that raise
substantial doubt about its ability to continue as a going
concern."

Loss from operations increased to $722,456 in 2000 from $431,572
in 1999. Expense items contributing to this loss included
payroll costs of $389,017 up 11% from $351,961 in 1999; sales
and marketing costs for the PurTest(R) line totaling $256,326 in
2000, down 16% from $304,936 in 1999; and professional fees,
primarily associated with the filing of a registration statement
on Form 10-SB to register the company's common stock under the
Securities Exchange Act of 1934 and the exploration of
additional financing sources which were $216,712 in 2000, up
from $91,161 in 1999. Vital Living Products anticipates
incurring a relatively high level of professional fees
associated with becoming a public reporting company and
continued exploration of additional financing sources.

Net loss for 2000 was $793,761, compared to a net loss of
$795,119 in 1999. Net loss was impacted by an increase in loss
from operations which was $722,456 in 2000 compared to $431,572
in 1999 mitigated by a decrease in interest expense from
$369,951 in 1999 to $77,329 in 2000. Interest expense was
reduced as a result of the elimination during 1999 of debt owed
to C. Wilbur Peters, Chairman of the board. On June 30, 1999 Mr.
Peters forgave approximately $2,150,000 of debt to him and on
November 5, 1999 Mr. Peters released and discharged the balance
due on the $3,035,529 promissory note to him in exchange for the
issuanance of 31,290 shares of company Series B, Class B
preferred stock to Mr. Peters.

Revenues from operations for 2000 decreased 15% to $1,658,035
from $1,947,021 in 1999. The decrease in operating revenues was
primarily the result of a 21% decrease in sales of the
PurTest(R) line of products, which fell from $1,196,090 in 1999
to $950,621 in 2000. Sales of PurTest(R) products declined
principally because in the third quarter of 1999 the company had
a large initial PurTest(R) order from a national chain store of
$362,261, whereas in 2000 it did not receive any similar orders.
Reorders for PurTest(R) products from existing customers rose to
approximately $800,000 in 2000 from approximately $650,000 in
1999. Revenues from the sales and service of water treatment
equipment increased 4.4% from $411,563 in 1999 to $429,847 in
2000. Due chiefly to a shift in focus and resources toward
development of the PurTest(R) line of products, revenues from
water vending and misting operations decreased 18% from $339,367
in 1999 to $277,569 in 2000.

Primarily as a result of the decrease in sales of PurTest(R)
products in 2000, gross margin decreased to 28% from 32% in
1999.

                 About Vital Living Products, Inc.

Vital Living Products, Inc., was incorporated in North Carolina
in January 1990. On December 23, 1991 the Company merged into a
Delaware corporation bearing the same name as a result of which
the Company became a Delaware corporation.

Vital does business under the name American Water Service and
sells a variety of water treatment and testing products and
services, including home water test kits, water treatment
equipment and high purity drinking water vended from machines
placed at retail locations.

The company began as a manufacturer and distributor of two
proprietary drinking water programs: The Drinking Water
Machine(TM) and The Raindrop Shoppe(TM). The Drinking Water
Machine(TM) was the first in-store water bottling program for
grocery stores. The Raindrop Shoppe(TM) provided consumers with
an in-store water vending program.

In 1995 Vital began developing a line of home water test kits
designed to enable consumers to test the safety and quality of
their home's tap water. In late 1996 it launched the first of
its PurTest(R) line of home water testing products, the
PurTest(R) Bacteria test kit. By the fall of 1997 Vital had a
comprehensive home water test kit product line on the market.
Since then, because the company believes the continued
development of its PurTest(R) line of products offers the best
opportunity to grow its business, PurTest(R) has been the
company's primary focus.


WESTMORELAND: Raises $25MM From Sale Of Three Power Projects
------------------------------------------------------------
Westmoreland Coal Company (AMEX: WLB) has completed the sale of
three Virginia power project entities that are 30%-owned by its
wholly owned subsidiary, Westmoreland Energy, Inc., to Dominion
Virginia Power, a subsidiary of Dominion (NYSE: D). The projects
include three 70 MW stoker-coal cogeneration power projects
located in Altavista, Hopewell and Southampton, Virginia.

Proceeds to Westmoreland are approximately $25 million. Dominion
Virginia Power has assumed the projects' contracts and debts.
The price received for the sale was significantly greater than
Westmoreland's share of the projected discounted cash flows
under the existing power supply contracts for the facilities.

Due to the long service lives originally adopted for
depreciation purposes at these projects, the remaining carrying
values of the Virginia Projects exceeded the sales prices, which
necessitated a writedown of approximately $4.6 million in their
carrying value in 2000.

"We are very pleased that the sale of the projects was completed
on a timely basis. The proceeds will directly support
implementation of our tax advantaged plan for expansion and
growth through the acquisition and development of
environmentally attractive, low-cost fuel and power projects,
such as our purchase of the Montana Power Company and Knife
River Corporation coal businesses which we expect to close in
the near future," commented Christopher K. Seglem, Westmoreland
Coal Company Chairman, President and CEO.

Westmoreland Coal Company, headquartered in Colorado Springs, is
the oldest independent coal company in the United States.
Currently, Westmoreland is in the process of acquiring Montana
Power Company's coal business including operations in Montana
and Texas, and the coal operations of Knife River Corporation,
including active coal mines in North Dakota and Montana and
certain rights to the Gascoyne Mine reserves in North Dakota.
The company also recently announced that it is pursuing the
development of a 500MW lignite-fired power project in North
Dakota. The Company's existing operations include Powder River
Basin coal mining through its 80%-owned subsidiary, Westmoreland
Resources, Inc., and interests in four independent power
projects held by its wholly owned subsidiary, Westmoreland
Energy, Inc. The Company also holds a 20% interest in Dominion
Terminal Associates, a coal shipping and terminal facility in
Newport News, Virginia.


WINE.COM: Internet Wine Seller Lays Off Two-Thirds Of Staff
-----------------------------------------------------------
Internet wine seller Wine.com laid off two-thirds of its staff
as it tries to win support for a restructuring plan to save it
from bankruptcy, according to the Associated Press. The layoffs
are the second downsizing by Wine.com in three months. This
round eliminated 160 jobs in Napa and San Francisco. The
company, one of the oldest online retailers, laid off 75 workers
in January, saying the cuts were to eliminate duplications from
its August 2000 merger with rival WineShopper.com. The company
said that while Internet sales of wine are growing, consumers
are not using the technology as quickly as many investors had
hoped. (ABI World, April 4, 2001)


WOMEN.COM: Fails To Comply With Nasdaq Listing Requirement
----------------------------------------------------------
Women.com Networks, Inc. (Nasdaq:WOMN), a leading Internet
destination for women, received a Nasdaq Staff Determination
letter dated March 29, 2001, notifying the company it has not
met the minimum bid price requirement for continued listing set
forth in Marketplace Rule 4310(c)(8)(B).

The notice of non-compliance subjects Women.com securities to
delisting from The Nasdaq National Market, effective April 6,
2001. However, Women.com has requested a hearing before a Nasdaq
Listing Qualifications Panel to review the Staff Determination
and the company's securities will continue to be listed on the
Nasdaq Stock Market until the panel reaches a decision. There
can be no assurance the panel will grant the company's request
for continued listing.

The notice follows a prior Nasdaq warning on December 28, 2000,
that the company's common stock failed to maintain a minimum bid
price of $1.00 during the previous 30 consecutive trading days.
At that time, a 90-day grace period was afforded the company to
demonstrate its ability to comply with the requirement.

On February 5, Women.com and iVillage Inc. (Nasdaq:IVIL),
announced that the companies had signed a definitive agreement
for iVillage Inc. to acquire all outstanding shares of
Women.com, creating the world's largest and most comprehensive
destination for women on the Web.

                     About Women.com

Among the top 50 most visited Internet properties, Women.com
(Nasdaq:WOMN), is a leading women's Internet network offering
programming, community, shopping and personalized services that
are relevant, interesting and immediate to women online. Uniting
some of the most highly read magazine titles in the world, such
as Cosmopolitan, Good Housekeeping, Redbook and Prevention,
Women.com incorporates its assets into a network that is 200,000
pages deep and 18 topical channels wide. Women.com offers expert
advice, in-depth information and unique services and tools to
assist visitors in every area of their lives, from health to
home, parenting to career. Founded in 1992, Women.com is
headquartered in San Mateo, California, with major operations in
New York City and offices in other U.S. locations. The Hearst
Corporation currently holds a 46 percent equity position in
Women.com Networks, Inc. Other major shareholders include The
Walt Disney Company, Rodale and Torstar Corporation.


WORLD KITCHEN: Implements Restructuring Program To Reduce Costs
---------------------------------------------------------------
WKI Holding Company, Inc., which operates as World Kitchen,
Inc., announced a company-wide restructuring program to improve
its cost structure and released preliminary sales and income
results for the year 2000.

The Company also said that it has deferred filing its Annual
Report on Form 10-K for 2000 until no later than April 15, 2001
due to ongoing discussions of an amendment of its senior credit
facility.

"While World Kitchen made good progress in many aspects of its
business during 2000, we need to take additional actions to
improve results," said Steven G. Lamb, President and Chief
Executive Officer of the company since January 2001. "We have
many strengths to build upon, starting with great brands, great
products, and talented, dedicated people. The new restructuring
program will help us to improve performance and achieve the
World Kitchen goal of leading the housewares industry by
delighting our customers, shareholders and financial
stakeholders with product innovation and supply chain
excellence. Completing the process of putting the long-term
financing plan in place will be another significant step
forward."

As a result of the ongoing bank negotiations, WKI Holding
Company, Inc. has notified the U.S. Securities and Exchange
Commission that it intends to file its Annual Report on Form 10-
K for the year 2000 promptly following resolution of the bank
discussions, but in any event no later than April 15, 2001.

                Restructuring Program Overview

In 2000, the Company recorded a pre-tax expense of $20.1 million
to write down inventories to estimated market value as part of
an overall effort to increase cash flow and reduce warehousing
costs. The Company discontinued a significant number of its
product stock-keeping units (SKUs) and reduced the selling price
of associated SKUs.

In addition, in the fourth quarter of 2000 the Company made the
decision to close 30 unprofitable Company-operated factory
stores at various locations throughout the U.S. The cost of
these closures is included in the Company's 2000 results. This
decision is expected to positively impact future operating
results.

On March 28, 2001 the WKI Board of Directors approved a plan to
restructure several aspects of the Company's manufacturing and
distribution operations, a measure that will result in a
restructuring charge of approximately $35 million, which is
expected to be incurred during the first half of 2001. It is
also likely that additional restructuring actions and charges
will be taken in 2001 as the Company completes its
transformation.

The current program includes three major components:

      --  Exit from manufacturing at the Martinsburg, West
Virginia facility for the CorningWare and Visions product lines
by the end of the first quarter 2002. "This was a difficult
decision, but a necessary one in order to consolidate our
manufacturing footprint and lower production costs," Mr. Lamb
said. "We're as committed as ever to our strong CorningWare and
Visions brands and are evaluating several alternative sources
which will enable us to continue providing our customers with
the excellent products and services they have come to expect
from these brands."

       --  Consolidation of distribution operations at
Waynesboro, Virginia into World Kitchen's existing distribution
centers at Monee, Illinois and Greencastle, Pennsylvania.
Waynesboro is expected to cease operations during the first
quarter of 2002.

      --  Significant restructuring of metal bakeware
manufacturing at Massillon, Ohio to reduce costs. "We expect the
local plant management team and local union leadership will
collaborate to successfully develop a restructuring plan to meet
the Company's objectives. If such a plan is not achieved we will
have to take additional action," said Lamb.

Management is continuing to evaluate the necessity of additional
restructuring measures on top of the measures described above.
In addition to the restructuring, Mr. Lamb said the Company has
already acted in 2001 to create a Business Unit Structure. The
structure is designed to enhance customer focus and customer
service, and enable greater accountability for business results.

                    Credit Facility Update

The Company first reported in November 2000 that there was a
likelihood it would not be in compliance at December 31, 2000
with the financial covenants in its senior credit facility.

Based on the Company's results of operations for the year 2000,
the Company is in violation of two covenants as of December 31,
2000. These covenants are standard industry measures of
profitability and debt.

The Company has been negotiating with the administrative agent
for its lenders for waivers of such defaults and an amendment of
the senior credit facility. A meeting of the banks and other
financial institutions providing the senior credit facility is
scheduled for early April. World Kitchen expects that these
negotiations will be finalized prior to April 15, 2001.

Borden Inc., an affiliate of the Company, initially issued a
credit line of $40 million to World Kitchen in August 2000 and
has recently provided a short-term extension of the maturity
date of the credit line while the Company concludes negotiations
on an amendment of its senior credit facility.

              2000 Preliminary Operating Results

On a preliminary basis the Company reported 2000 net sales of
$827.6 million, compared to $633.5 million in 1999. On a pro
forma basis 2000 net sales were $813.5 million, compared to 1999
net sales of $818.6 million (assuming the late-1999 acquisitions
of EKCO Group, Inc. and General Housewares Corporation had
occurred on January 1, 1999 and excluding the commercial
tableware and cleaning lines, which the Company exited in 1999
and 2000, respectively).

The pro forma net sales decline of $5.1 million was due to
operational start up issues at a new distribution center in
Monee, Illinois in the third and fourth quarters of 2000 and
weaker economic conditions in the fourth quarter of 2000.
Offsetting some of the sales shortfall were the successful
introduction of the Pyrex Storage Deluxe product line and strong
sales gains for OXO brand products, fueled by the successful
introduction of new lines of kitchen tool, hardware and cutlery
products. Sales gains for World Kitchen products were also
achieved outside the United States, especially in Asia and
Canada. The Company launched more than 75 new products during
the course of 2000, which are expected to have a positive impact
on 2001 performance.

Net loss was $150.1 million in 2000, compared to a net loss of
$34.5 million in 1999. The net figures include 2000 interest and
income tax expenses of $75.0 million and $51.5 million,
respectively, versus 1999 interest expense of $48.1 million and
income tax benefit of $47.3 million.
In addition, the 2000 results included higher than normal
distribution costs primarily relating to operational
inefficiencies associated with the start up of its Monee
distribution center. Also, selling, general and administrative
expenses increased year over year primarily as a result of the
Company's continued investment in new product development.
EBITDA (Earnings Before Interest, Taxes, Depreciation and
Amortization) was $25.1 million in 2000 versus $7.4 million in
1999. Year 2000 EBITDA includes inventory-related costs of $20.1
million primarily related to closeout programs, $9.0 million in
unusual freight and manufacturing-related costs and $26.6
million for integration-related expenses. 1999 EBITDA includes
$69.0 million for restructuring and $9.2 million in integration-
related expenses.

World Kitchen's principal products are glass, glass ceramic and
metal cookware, bakeware, tabletop products and cutlery sold
under well-known brands including CorningWare, Pyrex, Corelle,
Visions, Revere, EKCO, Baker's Secret, Chicago Cutlery, Regent
Sheffield, OXO and Grilla Gear. World Kitchen has been an
affiliate of Borden, Inc. and a member of the Borden Family of
Companies since April 1998.

World Kitchen currently employs approximately 5,200 people and
has major manufacturing and distribution operations in the
United States, Canada, United Kingdom, South America and Asia-
Pacific regions. Additional information can be found at:
www.worldkitchen.com.


WORLDTEX INC.: Intends to Pay Trade Creditors on Ordinary Terms
---------------------------------------------------------------
Worldtex, Inc. (OTC Bulletin Board: WTXI) said it would pay its
trade creditors on ordinary terms during the pendency of its
Chapter 11 bankruptcy case. Worldtex said that it had received
Bankruptcy Court approval to pay amounts due to Worldtex's trade
creditors arising prior to the filing of its Chapter 11
bankruptcy case, which ordinarily would be stayed during the
pendency of the bankruptcy proceedings. Amounts payable to trade
creditors arising after commencement of the Chapter 11 case will
also be paid as they come due.

In addition, the Bankruptcy Court gave final approval of the
Company's debtor in possession loan agreement, which provides
financing during pendency of the Chapter 11 case, and scheduled
a hearing for May 30, 2001, to consider the disclosure statement
relating to Worldtex's plan of reorganization.

Barry D. Setzer, Chairman of Worldtex, said: "We are pleased
that we will be able to continue our normal business operations
and pay our trade creditors on customary terms while we
implement our capital restructuring under the Bankruptcy Code.
In addition, given the schedule currently contemplated by the
Bankruptcy Court, we expect to complete our reorganization by
early this summer."

Consummation of Worldtex's Chapter 11 plan of reorganization
requires, among other things, arranging a new credit facility to
be available upon emergence from Chapter 11 and Bankruptcy Court
approval of the plan and the disclosure statement describing the
plan. No assurances can be given that the plan will be
consummated. This press release is not an offer with respect to
any securities or solicitation of acceptances of a Chapter 11
plan. Such an offer or solicitation will be made in compliance
with all applicable securities laws and provisions of the
Bankruptcy Code.

Worldtex is a market leader in the covered elastic yarn and
narrow elastic fabric markets throughout the Americas and
Europe. Worldtex supplies a broad range of component products to
the apparel, textile, home furnishings and specialty end-use
markets.


WSMI: Buys IPP Canadian Division As Part of Reorganization Plan
---------------------------------------------------------------
WSMI.com (NASDAQ:WDSM) (CDNX:YWH) has acquired the Canadian
division of the Internet Program Providers (IPP) USA, as a part
of its reorganization effort.

WSMI.com has also obtained temporary protection to give the
company time to put the new plan into effect.

As part of its reorganization, WSMI has put into effect a
protection plan under the Bankruptcy and Insolvency Act, which
was agreed to by the WSMI board members on April 2, 2000. This
plan allows the Company to focus on its new course of business
outlined in this release while at the same time negotiating with
its creditors to create a payment schedule that is mutually
agreed upon. WSMI is completely confident that the terms to be
negotiated will be met and the feasibility of the business
remains completely intact.

To consolidate its new direction, WSMI.com has acquired the
Canadian division of IPP, an Internet program content provider
syndication company, in exchange for 6,000,000 WSMI.com common
shares. The deal is based on a 7-year exclusive distribution
agreement with an option to extend the relationship with mutual
consent.

IPP (Internet Program Provider), a Nevada Corporation, is a
marketing and distribution company, syndicating originally
created websites on an exclusive basis to local television and
radio stations in the United States and Canada. IPP does not
produce the websites or the program content in them, and
therefore does not have the high production costs associated
with such production.

IPP has a distribution agreement with a related company,
Infotainment Online, which is in the business of developing,
creating and producing these websites and the proprietary
program content contained in them.

"Since mass viewership of the websites is key to their financial
success, we are pleased to have WSMI.com as our Internet
distributor in Canada. This will enhance the potential revenue
streams for all concerned", said Alvin Cooperman CEO and Co-
Chairman of Infotainment Online.

As with quality television programs, these websites are
constructed and produced with all the bells and whistles,
interactive capabilities, information and proprietary
entertainment program content, video and audio streaming, and e-
commerce attributes, which are costly to launch. In order to
insure financial success these sites must rely on on-air
promotion and publicity that the television station guarantees.

The IPP business model provides local television stations an
exclusive right to these national network quality websites
within their scope of business, in exchange for shared revenues
for local and national advertising, and a guarantee of on-the-
air promotion for the websites in the form of a fifteen-second
trivia game, which sends the viewers to the websites for prizes
when answering the question on one of the websites.

"In today's global economy, Canada is a very important segment
of the North American market and I'm delighted to have
qualitative Canadian representation to help maximize the true
financial potential of our unique marketing plan", stated Joe
Indelli, President and Director of Internet Program Providers
U.S.A.

Television station management understands the IPP syndication
model that has proven successful with programs like 'Oprah',
'Seinfeld', 'Friends', 'Wheel of Fortune' and many other
syndicated shows.

"The Canadian television industry is no stranger to the benefits
and needs of syndicated media. Most of the current prime time
programs that are successful in the Canadian market are acquired
on a syndicated basis," stated Christopher Bradshaw, CEO of
WSMI. "We believe that we can fulfill this need through our
partners who are pioneers in the syndication model and through
harnessing the power of the Internet and leverage that medium
into the fifty plus years of the television industry."

                    About: IPP

IPP's plan offers local television stations, a much needed
opportunity to increase their revenue potential and to replace
eroded profit centers, by offering participation in the
websites' e-commerce and subscription revenues, in addition to
local and national advertising opportunities. The effect of this
combination of Internet and Television programming 'one-two
punch' opens the door to increased television and website viewer
ship.

IPP offers to the local television station six national network
quality websites per year for a period of three years, for a
total of eighteen websites, with management teams of extensive
television production experience. These sites are licensed
exclusively to the local station in their coverage area.

                    About: The Reorganization

WSMI's current debt outstanding is $3.1 million dollars (CDN)
with a majority of that debt owed to senior management of the
company and to Sun Micro Systems totaling $2.35 million dollars
in aggregate. This debt is not in a distressed situation and is
being negotiated. The balance of the debt is money owing to
suppliers, which has been accrued over the last eight months.
WSMI will settle its current and going forward debt through a
number of options that it has including profits from its new
business, the selling of its interests in other companies and
financing the Company through an equity offering.

WSMI in its reorganization efforts has maintained full reporting
status with the Canadian Venture Exchange and has retained all
of its senior management and directorship as it moves forward.
All of the financial submissions required by the Exchange are
current and will be maintained.

                    About: The New WSMI

WSMI is an Internet Program Content Distributor offering
Internet entertainment programs to local Television and Radio
Station's Internet sites on a syndicated basis.

WSMI markets, distributes and syndicates program content on an
exclusive basis, to the local Internet sites of television (and
radio) stations in Canada.

The Company has developed a unique marketing plan through which
it offers local Internet sites the ability to license National
quality entertainment Internet content to supplement their local
production of Internet programming.

The programming content is made available on a revenue sharing
basis and a commitment by the local television station for a
guaranteed amount of promotional spots to promote the Internet
site.


XEROX CORP.: Selling Nordic Lease Receivables For $370 Million
--------------------------------------------------------------
Xerox Corporation (NYSE:XRX) disclosed an agreement with a
financing partner to provide on-going, exclusive equipment
financing to Xerox customers in Denmark, Sweden, Finland and
Norway.

Xerox is selling its existing portfolio of lease receivables for
these countries to the partner for approximately $370 million in
cash with $285 million received today.

"This announcement is the first important step in the company's
plan to transition customer equipment financing to third-party
vendors," said Paul A. Allaire, chairman and chief executive
officer. "The combination of exiting equipment financing, asset
sales and operational cash improvements is at the core of
restoring the financial strength of Xerox."

Allaire also confirmed that the completion of this transaction
raises Xerox's current worldwide cash balance to approximately
$3.1 billion available to meet financial obligations.

In October of last year, Xerox announced its plan to move to
third-party equipment financing as part of its turnaround plan.
Over time, this is expected to remove as much as $11 billion in
equipment financing-related debt from the Xerox balance sheet.
The company also confirmed that negotiations continue with
several potential vendors in other countries, including the
United States, to complete this transition.

"This partnership both enhances Xerox's liquidity and guarantees
that Xerox's Nordic customers continue to receive the financing
services they require when purchasing any of Xerox's wide range
of innovative products," said Barry D. Romeril, Xerox chief
financial officer. "Our financing partner's purchase of Xerox's
Nordic lease receivables for essentially full value exemplifies
the quality of Xerox's existing portfolio. The landmark
agreement is a clear indication of the company's progress in
executing on one of the key elements of our turnaround
strategy."

The long-term agreement includes the transfer of up to 20
administrative employees who will help ensure the seamless
transition of financing operations.


BOOK REVIEW: The Global Bankers
-------------------------------
Author: Roy C. Smith
Publisher: Beard Books
Soft cover: 405 pages
List Price: $34.95
Review by Gail Owens Hoelscher

Place your order with Amazon.com for immediate delivery at
http://amazon.com/exec/obidos/ASIN/1587980223/internetbankrupt/

The Global Bankers is a fascinating book that examines global
banking activities as they were carried out on the eve of the
1990s from its three major centers: New York, London, and Tokyo.
The author, Roy C. Smith, says his goal in writing the book was
to "identify who all these busy people are who practice global
banking today and what it is that they do."  He is one of those
busy people himself, having been a partner at Goldman, Sachs
before moving to academia.

First published in 1989, The Global Bankers discusses the
banking systems of the U.S., Europe, and Tokyo separately, but
always underscoring their interconnectedness. Mr. Smith traces
the international development of the markets and highlights the
principal distinctions and most important and topical features
of each.

Throughout the book, Mr. Smith introduces terms and definitions
for the reader new to the field, but never in a condescending
way. (He includes a useful glossary as well.) The introduction
looks at the global banking system from the point of view of a
fictitious but astute U.S. businessman who discovers how the
globalization of banking has extended the range of opportunities
available to him. "George" learns all about merchant banks,
banques d'affaires, clearing banks, junk bonds, and
collateralized mortgage obligations. The greater part of the
book is made up of four sections entitled "The
Internationalization of American Finance," "Crusades in European
Finance," "The Floating World of Japanese Finance," with a final
chapter called "Looking to the Millenium."

Mr. Smith shows how the initial impetus to the tremendous growth
of financial assets and instruments of the late 20th century was
the burgeoning balance-of-payment deficits incurred by the U.S.
after World War II. Once the U.S. halted sales of gold reserves
to foreign dollar-holders and the fixed-rate foreign-exchange
system was abandoned for a floating system, financial
deregulation occurred in many countries, and financial resources
flowed to attractive opportunities worldwide. The next big
challenge took the form of high oil prices, and in 1979 the U.S.
Federal Reserve instituted money-supply controls, with
consequential high interest rates and acute volatility in the
markets for financial instruments and foreign exchange. The
1980s heralded the era of the institutional investor/trader, a
financial boom, and then October 19, 1987, when markets crashed
in New York, London, Frankfurt, Zurich, Sydney, Tokyo, and Hong
Kong. Much of the chapter on the U.S. is devoted to these
events.

Mr. Smith also examines innovative developments in European
finance during this same period, beginning with the rise of the
Eurobond market and including the free-market reconstruction of
the London Stock Exchange and the surprising resurgence of
pragmatic capitalism in socialist-leaning Europe. He then
attempts to demystify the financial customs of the Japanese, and
stresses the interdependence of the U.S. and Japan.

Mr. Smith closes by identifying some trends and "megatrends,"
and with some predictions and admonitions for the subsequent
decade, the 1990s. He was right on target with some of these,
and some go far toward explaining what is happening in the
markets right now.

Roy C. Smith is a professor of entrepreneurship, finance, and
international business at New York University. Prior to 1987, he
was a General Partner of Goldman, Sachs & Co.

                            *********

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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Information contained herein is obtained from sources believed
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