TCR_Public/020220.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

           Wednesday, February 20, 2002, Vol. 6, No. 36     

                          Headlines

AES CORP: S&P Places Low-B Ratings on CreditWatch Negative
ANC RENTAL: Seeks Approval of COO Ramaekers' Employment Pact
AMES DEPT: Court Fixes March 25 Bar Date for Proofs of Claim
AT HOME: Sells @Work Business to New Edge for $1.5 Million
BURLINGTON: Wrestles with Yanoor to Recoup Equipment & Inventory

CELLSTAR CORP: S&P Cuts Corporate Credit Rating to Default Level
CHIPPAC INC: Raises Additional $8.55MM in Over-Allotment Option
CHIQUITA BRANDS: Plan's Classification & Treatment of Claims
CLASSIC COMMS: Committee Taps Orrick Herrington as Lead Counsel
CROWN CRAFTS: Dec. Quarter's Net Sales Plunge 64.4% to $24 Mill.

ECHOSTAR: Sheffield Files FCC Complaint, Citing Irresponsibility
ENRON: Committee Wins Nod to Initiate Andersen Rule 2004 Exam
ENRON CORP: Denbury Sells Claim for Roughly 25% of Face Amount
ENVIRO-RECOVERY: Wants More Time to Answer Involuntary Petition
EXODUS: Sanrise Demands $2MM Payment for Postpetition Services

EVENFLO CO: Nonpayment of Senior Notes Drags Credit Rating to D
EVERGREEN INT'L: Market Concerns Prompt S&P to Revise Outlook
FIBERMARK INC: S&P Cuts Low-B Ratings over Weak Credit Measures
FLAG TELECOM: S&P Junks Rating on Financial Restructuring News
GS MORTGAGE: S&P Puts Low-B 1999-C1 Ratings on Watch Negative

GALEY & LORD: Files for Chapter 11 Reorganization in New York
GALEY & LORD: Voluntary Chapter 11 Case Summary
GAYLORD CONTAINER: Amends Tender Offer Solicitation Statement
GENESIS HEALTH: Has Until April 30 to File Claim Objections
GLOBAL CROSSING: Seeks Approval of Investments Proposal Protocol

GOLDMAN INDUSTRIAL: Case Summary & Largest Unsecured Creditors
HAYES LEMMERZ: KPMG Completes Financial Review & Restatements
HA-LO INDUSTRIES: Asks Court to Fix April 30 Claims Bar Date
HEALTHGATE DATA: Fails to Meet Nasdaq Listing Requirements
IT GROUP: Signing-Up Skadden Arps to Perform Legal Services

INTEGRATED HEALTH: Panel Gets Okay to Hire Bernstein as Counsel
INTERVOICE-BRITE: Expects to Violate Covenants Under Credit Pact
LORAL/QUALCOMM: Case Summary & 20 Largest Unsecured Creditors
MSU DEVISES: Must Raise $1.4MM After 10% Convertible Notes Issue
MAGNUM HUNTER: Sets Special Shareholders' Meeting for March 13

MCLEODUSA: Disclosure Statement Hearing Commences on February 28
MONTANA POWER: Northwestern Buys Transmission Business for $1BB
NQL INC: Chapter 11 Case Summary
NEENAH FOUNDRY: Bank Covenant Violations Spur S&P's Watch Action
NETZEE INC: Falls Below Nasdaq Minimum Market Value Requirement

NOVO NETWORKS: 2002 2nd Quarter Revenues Nosedive to $1.8 Mill.
OPEN PLAN SYSTEMS: Royce & Associates Reports 9.99% Equity Stake
PHARMACEUTICAL FORMULATIONS: Pursuing Recapitalization Plan
PHOENIX INT'L: Certain Shareholders Reselling Up to 126MM Shares
PILLOWTEX: Fieldcrest Wins Nod to Assume Tax Incentive Agreement

PSINET INC: Bar Date for Holding Entities Extended to April 5
SCIENT INC: Fails to Comply with Nasdaq Listing Requirement
SERVICE MERCHANDISE: Bringing-In Abacus as Wind-Down Advisors
TOWER AUTOMOTIVE: American Express Discloses 5.3% Equity Stake
TRUMP HOTELS: Says $1.7BB Debt Workout May be "Critical"

UNITED AIRLINES: Reaches Tentative Agreement with Mechanics
URANIUM RESOURCES: William D. Witter Reports 7.7% Equity Stake
WEIRTON STEEL: 2001 Fourth Quarter Net Loss Triples to $180MM
WESTERN WIRELESS: Jennison Assoc. Discloses 5.85% Equity Stake
WILD OATS MARKETS: Vanguard Explorer Posts 5.21% Equity Stake

WINSTAR COMMS: Shubert Wants to Hire Fox Rothschild as Counsel
WIZZARD SOFTWARE: Completes Recapitalization under Reorg. Plan

* Meetings, Conferences and Seminars

                          *********

AES CORP: S&P Places Low-B Ratings on CreditWatch Negative
----------------------------------------------------------
Standard & Poor's placed its double-'B' corporate credit and
senior unsecured debt ratings on The AES Corp., its single-'B'-
plus rating on AES' subordinated debt, and its single-'B' rating
on the company's trust preferred securities on CreditWatch with
negative implications. Standard & Poor's also placed its triple-
'B' rating on AES' subsidiary IPALCO Enterprises Inc. and its
triple-'B' rating on AES' affiliate Indianapolis Power & Light
Co., whose ratings are linked to AES, on CreditWatch with
negative implications.

At the same time, Standard & Poor's affirmed its triple-'B'-
minus rating on AES Gener S.A., its triple-'B'-minus rating on
affiliate Empresa Electrica Guacolda S.A., and its double-'B'-
minus rating on Eletropaulo Metropolitana Eletricidade de Sao
Paulo S.A. (Eletropaulo) have been affirmed, given expectations
that AES' ratings would not fall more than one notch (i.e.,
below double-'B'-minus). The ratings on CILCORP Inc., the direct
parent of Central Illinois Light Co., remain on CreditWatch with
developing implications pending CILCORP's and Central Illinois'
sale by AES.

The rating actions follow Tuesday's decision by Venezuela to
allow the Bolivar to float, resulting in extremely volatile
trading in the currency. The Bolivar fell 20% Wednesday, but
rebounded by 15% on Thursday. One of AES largest cash flow
generating businesses is C.A. La Electricidad De Caracas (EDC;
single-'B'/Watch Neg) in Venezuela. Substantial devaluation of
the Bolivar, which Standard & Poor's believes to be
significantly overvalued, could negatively affect distributions
from EDC. EDC benefits from a favorable tariff arrangement that
allows for adjustments based upon currency devaluation, but this
arrangement has yet to be tested in a free floating currency
environment.

AES is expecting to get $1.25 billion in cash distributions from
subsidiaries in 2002, as well as $300 million in project
financing proceeds to go along with $567 million in cash and
revolver availability. AES has cash needs of approximately $1.75
billion, including interest and construction and equity
commitments, in addition to $488 million in refinancing needs.
Standard & Poor's views AES's liquidity position as strained,
and pressure on cash distributions will put additional strain on
AES's liquidity.

Standard & Poor's does not believe that even the complete
elimination of cash flows from EDC in and of itself would result
in a credit crisis at AES. However, substantial diminution of
these distributions combined with the current capital market
environment could pressure the rating. Furthermore, Standard &
Poor's remains concerned about the economic environment in Latin
America as a whole, and the potential for continued negative
impacts on distributions from AES's businesses there. Standard &
Poor's expects to resolve the CreditWatch status over the next
two to three months as the impact on parent distributions
becomes clearer. Barring other problems, if distributions from
EDC appear to be stable, the rating will be affirmed. If
distributions from EDC appear to be substantially negatively
affected, a one-notch downgrade or negative outlook is possible.

DebtTraders reports that AES Corporation's 9.5% bonds due 2009
(AESCP2) are trading between 74 and 76. See
http://www.debttraders.com/price.cfm?dt_sec_ticker=AESCP2for  
real-time bond pricing.


ANC RENTAL: Seeks Approval of COO Ramaekers' Employment Pact
------------------------------------------------------------
ANC Rental Corporation and its debtor-affiliates ask the Court
to approve their employment agreement with Lawrence J.
Ramaekers, under which Mr. Ramaekers will serve as their
President and Chief Operating Officer from January 1, 2002
through September 30, 2003.

Bonnie Glantz Fatell, Esq., at Blank Rome Comisky & McCauley
LLP, in Wilmington Delaware, states that the Court's approval of
the agreement will increase the Debtors' likelihood in retaining
the services of Mr. Ramaekers.  The employment of Mr. Ramaekers
is justified by the sound business judgment rule as his services
are critical to the success of the Debtors' reorganization
efforts through the conclusion of these Chapter 11 cases and
beyond. The payments due to Mr. Ramaekers under the agreement,
meanwhile, are necessary costs and expenses of preserving the
Debtors' estates and should be accorded administrative expense
priority.

Mr. Ramaekers was hired, Ms. Fatell states, because of his
experience, skill and reputation in reorganizing companies. It
is expected that under his leadership the Debtors will be able
to improve their operations and successfully reorganize. Ms.
Fatell fears that if the Debtors were to lose the services of
Mr. Ramaekers because the employment agreement was not approved,
it would be difficult and expensive for the Debtors to attract
an equally qualified replacement given that they are in Chapter
11. Further, the search for such replacement would likely hinder
and delay the Debtors' reorganization efforts and their ordinary
business day operations.

"The loss of Mr. Ramaekers' services might lead to additional
employee loss as a result of, among others, the instability
created by such departure and the adverse effect that it will
have on the Debtors' operations and the morale of the employees.
The Debtors have already suffered significant amounts of
uncertainty due to changes in management prior to the Petition
Date," Ms. Fatell states, submitting that the Debtors are in the
belief that Mr. Ramaekers' will be able to curtail any
additional instability.

Mr. Ramaekers' employment is, among others, hinged on these
terms:

A. Employment Period: The Employment Period shall mean the
   period beginning on the Effective Date and ending on
   September 30, 2003, unless such employment is earlier
   terminated for any reason as provided in this agreement.

B. Position and Duties: During the Employment Period, the
   Executive shall serve as President and Chief Operating
   Officer of the Company and, as may be agreed to by
   the Executive from time to time, in appropriate positions
   in each subsidiary of the Company, with the duties,
   functions, responsibilities and authority customarily
   associated with such positions and shall report to the
   Board of Directors of the Company. During his term, the
   Executive shall not engage in any other business activities
   that will unreasonably interfere with the Executive's
   employment. But subject to prior approval of
   the Board, the Executive may serve as an officer or
   director of other non-competing companies and serve as a
   director or otherwise participate in educational, welfare,
   social, religious and civic organizations.

   During the Employment Period, the Executive's services
   shall be performed at those location where the Company
   conducts business throughout the United States as the needs
   and exigencies of the business of the Company from time to
   time reasonably require. The Executive, however, shall not
   be required to relocate his personal residence from the
   South Florida area.

C. Compensation:

   Monthly salary: the Executive shall receive a monthly
   salary of $150,000, payable in accordance with the
   Company's normal payroll practices for executives.

   Success Fee: The Board of Directors will award a success
   fee to the Executive based upon their good faith
   determination of the relative contribution of the Executive
   compared to the contributions of Brown Brothers Harriman
   and Jay Alix & Associates to the successful reorganization
   of the Company. To determine the Success Fee to be awarded
   to Executive, the Relative Contribution shall be multiplied
   by 50% times the sum of the success fee calculated using
   the formulas in the Brown Brothers Harriman Agreement plus
   the success fee calculated using the formula in the
   Jay Alix & Associates Agreement.

   *** Jay Alix's is slated to receive a $2,250,000 Success Fee
   *** if the Debtors confirm a Chapter 11 Plan of
   *** Reorganization that becomes effective, or complete one or
   *** more transactions that substantially transfers more than
   *** two-thirds of the pro forma revenues or operating assets
   *** of the Debtors' business to another entity.  There is no
   *** disclosure, to date, about what success fee Brown
   *** Brothers Harriman has negotiated.

   Benefits and Vacation. The Executive shall be entitled to
   participate in current and any benefits afforded by the
   Company to other executives including, among others, a
   four-week vacation.  Further, the Company will promptly
   reimburse Executive for all travel and other business
   expenses that Executive incurs in the course of the
   performance of his duties. The company shall pay for the
   reasonable fees and expenses of the Executive's counsel and
   other professionals in an amount not to exceed $10,000.

D. Termination of Employment:

   Death and Disability. In the event of the Executive's
   death during the employment period, the Executive's
   employment with the Company shall terminate automatically.
   The Company shall have the right to terminate the
   Executive's employment because of disability during the
   Employment Period. "Disability" means that the Executive
   has been unable, for a period of 90 consecutive days, or
   for periods aggregating 90 business days in any period of
   twelve months, to perform the Executive's duties under this
   Agreement, as a result of physical or mental illness or
   injury and a physician  selected by the Company or its
   insurers and reasonably acceptable to Executive has
   determined that the Executive's incapacity is total and
   permanent as defined in the Company's Long Term Disability
   Benefit Plan.

   Company's prerogative. The Company may also terminate the
   Executive's employment for Cause or without Cause. Cause
   means that the Executive shall have  been convicted of or
   pled no contest to a felony crime involving fraud,
   embezzlement or theft or other felony crime resulting in
   imprisonment; committed intentional, wrongful and material
   damage to property of the Company, and any such act shall
   have been materially harmful to the  Company; or committed
   intentional wrongful disclosure of secret processes or
   confidential information of the  Company and any such act
   shall have been materially harmful to the Company.

   Mr. Ramaekers' prerogative. The Executive may terminate his
   employment at any time during the Employment Period by
   giving not less than 60 days prior written notice to the
   Company, provided however, that the Executive may terminate
   his employment immediately and without notice upon either
   the occurrence of any of the events listed in Section D or
   the occurrence of an event constituting Good Reason.

D. Retention Fee. The Executive shall be entitled to receive a
   cash amount equal to $1,800,000  when the Company's
   plan of reorganization under Chapter 11 of the Bankruptcy
   Code is made effective, there is an Involuntary
   Termination of the Executive's employment, or more
   than 50% of the Company's, including any Debtor
   affiliate's assets are sold or disposed of in one or more
   transactions, or any other sale, merger, consolidation,
   disposition or similar transaction is closed involving the
   Company or any Debtor affiliate.  If none of the events
   above occur prior to June 30, 2003 then the Company shall
   pay the Executives a cash amount equal to the Completion
   Fee on June 30, 2003.

E. Indemnification. The Executive shall be entitled to
   indemnification to the fullest extent provided to other
   officers and directors of the Company in accordance with
   the Certificate of Incorporation, Articles and By-Laws of
   the Company, but in no less than the maximum extent
   permitted under Delaware law, and shall be covered by the
   Company's current directors and officers liability
   insurance.

F. Successors. The Agreement is personal to the Executive and,
   without the prior written consent of the Company, shall not
   be assignable by him. The Agreement shall inure
   to the benefit of and be enforceable by the Executive's
   legal representatives. The Agreement shall inure to the
   benefit of and be binding upon the Company and its
   successors and assignees. The Company's obligations will
   survive any termination or expiration of the Agreement. Any
   successor shall be required to assume and agree to the
   provisions of the Agreement in the same manner. Except when
   the Company removed the Executive for cause, the Company
   shall not assign the Agreement without the prior written
   consent of the Executive, whose consent shall not be
   unreasonably withheld. (ANC Rental Bankruptcy News, Issue No.
   8; Bankruptcy Creditors' Service, Inc., 609/392-0900)


AMES DEPT: Court Fixes March 25 Bar Date for Proofs of Claim
------------------------------------------------------------
The U.S. Bankruptcy Court for the District of New York
establishes March 25, 2002, as the deadline by which proofs of
claim against Ames Department Stores, Inc., and its debtor-
affiliates must be filed. The Court also approved the Debtors'
proposed proof of claim form; the proposed bar date notice and
proposed notice and publication procedures.

According to Martin J. Bienenstock, Esq., at Weil Gotshal &
Manges LLP, this Bar Date will enable the Debtors to conduct
their analysis of prepetition claims in a timely and efficient
manner.

Pursuant to the order, each person or entity that asserts a
"claim" against any of the Debtors that arose prior to August
20, 2001 must file an original, written proof of such claim
which substantially conforms to the Official Form No. 10 so as
to be received on or before the Bar Date by Donlin, Recano &
Co., Inc., either by mailing the original proof of claim to
United States Bankruptcy Court, Southern District of New York,
Ames Claims Docketing Center, Bowling Green Station, P.O. Box
103, New York, New York; or to the United States Bankruptcy
Court, Southern District of New York, Ames Claims Docketing
Center, One Bowling Green, Room 534, New York. The Debtors
request the Bar Date Order provide that the Ames Claims
Docketing Center will not accept proofs of claim sent by
facsimile or telecopy, and proofs of claim are deemed timely
filed only if such claims are actually received by the Ames
Claims Docketing Center on or before the Bar Date.

Pursuant to the Bar Date Order, the following persons or
entities are not required to file a proof of claim on or before
the Bar Date:

A. any person or entity that has already properly filed with the
      Clerk of the United States Bankruptcy Court for any of the
      Southern District of New York a proof of claim against the
      applicable Debtor or Debtors utilizing a claim form which
      substantially conforms to Official Form No. 10;

B. any person or entity whose claim is listed on the Debtors'
      Statement of Financial Affairs, Schedules of Assets and
      Liabilities, and Schedules of Executory Contracts; whose
      claim is not described as "disputed," "contingent," or
      "unliquidated"; whose claim is asserted against a specific
      Debtor; who does not dispute the specific Debtor
      identified on the Proof of Claim against which such
      person's or entity's claim is asserted; and who does not
      dispute the amount or nature of the claim for such person
      or entity as set forth in the Schedules;

C. any person having an administrative expense claim of any of
      the Debtors' chapter 11 cases;

D. any person or entity whose claim has been paid in full by any
      of the Debtors;

E. any current director or officer or current employee of any of
      the Debtors that has or may have claims against any of the
      Debtors for indemnification, contribution, subrogation, or
      reimbursement;

F. any Debtor having a claim against another Debtor;

G. any person or entity that holds a claim arising out of or
      based solely upon an equity interest in any of the
      Debtors;

H. any person or entity that holds a claim that has been allowed
      by an order of this Court entered on or before the Bar
      Date; and

I. any person or entity whose claim is limited exclusively to
      the repayment of principal, interest, and/or other
      applicable fees and charges on or under any bond or note
      issued by the Debtors pursuant to an indenture; provided,
      however, that

      a. the foregoing exclusion in this subparagraph shall not
         apply to the Indenture Trustee under the applicable
         indenture,

      b. each Indenture Trustee shall be required to file one
         proof of claim, on or before the Bar Date, on account
         of all of the Debt Claims on or under the applicable
         Debt Instruments on or before the Bar Date, and

      c. any holder of a Debt Claim wishing to assert a claim,
         other than a Debt Claim, arising out of or relating to
         a Debt Instrument shall be required to file a proof of
         claim on or before the Bar Date, unless another
         exception in this paragraph applies.

The Bar Date Order further provides any person or entity that
holds a claim arising from the rejection of an executory
contract or unexpired lease as to which the order authorizing
such rejection is dated on or before the date the court enters
the Bar Date Order must file a proof of claim based on such
rejection on or before the Bar Date. Any person or entity that
holds a claim arising from the rejection of an executory
contract or unexpired lease as to which the order authorizing
such rejection is dated after the date the Court enters the Bar
Date Order must file a proof of claim on or before such date as
the Court may fix in the applicable order authorizing the
rejection of such contract or lease. (AMES Bankruptcy News,
Issue No. 13; Bankruptcy Creditors' Service, Inc., 609/392-0900)


AT HOME: Sells @Work Business to New Edge for $1.5 Million
----------------------------------------------------------
New Edge Networks, a national enhanced data and broadband
communications service provider, announced that a federal
Bankruptcy Court judge has approved the company's purchase of
business customers and certain broadband access assets of
AtWork, the commercial access division of bankrupt AtHome Corp.,
(OTCBB:ATHMQ).

Judge Thomas E. Carlson of the U. S. Bankruptcy Court for the
Northern District of California in San Francisco approved the
purchase, which averts a service shutdown for most AtWork
customers. Under terms of the purchase agreement, New Edge
Networks will assume most existing AtWork customer contracts and
ownership of certain customer and network equipment necessary
for continuing uninterrupted high-speed Internet access.

New Edge Networks paid $1.5 million to acquire all affected
AtWork customers, related premises equipment, and network
routers that are installed in 33 Internet hub locations in major
cities around the country. The purchase represents about $18
million in new annual revenue for New Edge Networks.

"This transaction is a natural extension of our existing
broadband business," said Dan Moffat, president and CEO of New
Edge Networks. "Providing excellent business class broadband
service is something we do everyday and we are proud of the high
marks we consistently get from our customers in public forums.
In the past year, we've become operationally efficient at
migrating customers whose broadband carriers unfortunately went
out of business."

"This deal involved many parties and required unusual tenacity
and a will to win - traits essential to survive and prosper in
today's economy and telecom downturn," Moffat said. "We are very
pleased we were able to acquire these business assets and the
value they represent. Now we have an opportunity to demonstrate
our commitment to customer service as we immediately begin our
efforts to seamlessly migrate AtWork customers onto our
TransEdge service."

This purchase affects about 1,300 AtWork business customers in
26 metropolitan areas in 21 states. New Edge Networks will honor
current contract terms and prices. Affected AtWork customers
will not be required to place new orders or purchase new
equipment. New Edge Networks expects to contact all affected
customers within two weeks to confirm transfer of services.

"We are pleased to be able to provide our customers continuing
service with New Edge Networks while serving the interests of
the estate - a true win-win-win," said Hemant Vaidya, senior
vice president and general manager of AtWork.

In addition to the new revenue stream, the transaction provides
New Edge Networks enhanced Internet access capabilities and an
expanded metropolitan footprint for frame relay and T-1
services.

New Edge Networks owns and operates one of the largest multi-
service data communications networks in the United States. With
600 multi-service switches, New Edge is able to deliver frame
relay, ATM, and other advanced wide area network technologies to
hundreds of markets nationwide. The company offers frame relay
access and gateway products through agent programs and
complementary carrier agreements with Regional Bell Operating
Companies. In addition, New Edge provides DSL services in more
than 360 small and midsize cities in 29 states. The company
provides a wide variety of business class DSL solutions through
Internet Service Providers and its own retail channel under the
TransEdge brand. Total company revenue is almost equally split
between WAN and DSL services. Top-tier private venture firms,
global financial institutions and worldwide technology firms
provide financial backing to New Edge Networks. The company's
Web site is http://www.newedgenetworks.com Telephone: 1-360-
693-9009.


BURLINGTON: Wrestles with Yanoor to Recoup Equipment & Inventory
----------------------------------------------------------------
Burlington Industries, Inc., and its debtor-affiliates seek the
Court's intervention to recover certain assets of their
bankruptcy estate that are being wrongfully held by Yanoor
Corporation d/b/a Burlington Rug Corporation.

Shannon S. Frazier, Esq., at Richards, Layton & Finger, in
Wilmington, Delaware, explains that Yanoor acquired possession
of these assets as a result of an Asset Purchase Agreement.  
Yanoor purchased the assets of the Arkansas-based Tufted Rug
Busines4s from the Debtors.  Ms. Frazier states that to
facilitate Yanoor's assumption of the business, the Debtors
subleased certain equipment to Yanoor on an interim basis.  In
exchange for the subleased goods, Ms. Frazier says that Yanoor
agreed to either take over the lease payment obligations or
reimburse the Debtors for lease payments.  Ms. Frazier asserts
that Yanoor stopped reimbursing the Debtors for the monthly
lease payments in August 2001, and owes the Debtors over
$322,443 for lease expenses and for administrative services.

Ms. Frazier further reports that the Debtors have asked Yanoor
to turnover some of the subleased equipment so that the Debtors
can:

    (i) return the subleased equipment to the original lessor,
        thus eliminating the lease payment obligations; or,

   (ii) utilize the equipment elsewhere within the Debtors'
        business.

However, Yanoor has refused to turnover the equipment.  
Moreover, Ms. Frazier asserts, in violation of the agreement,
Yanoor has traded in or attempted to trade one-piece of
equipment -- specifically a 1998 Chevrolet Blazer, at a car
dealership in Monticello, Arkansas.

In addition, Ms. Frazier tells the Court that Yanoor has agreed
to allow the Debtors to temporarily store certain rug inventory
valued at $1,250,461 as of February 14, 2001, at one of the
warehouses associated with the Tufted Rug Business.  Ms. Frazier
relates that Burlington's attempted to retrieve the rugs but
Yanoor has refused to turn them over.  Yanoor agreed to store
these rugs at no cost yet began demanding for storage payments
at a monthly rate of $27,656.

Under an amendment to the Agreement, Ms. Frazier explains that
there are two categories of subleases for the leased equipment:

  (i) Accepted Leases - those that Yanoor considers necessary to
      conduct its ongoing operations.  Under this, Yanoor is
      contractually obligated to either assume expenses
      associated with the leases or to reimburse the Debtors.

(ii) Rejected Leases - those that Yanoor considers surplus and
      agreed to return the leased equipment to the Debtors, upon
      the Debtors' request.  Under this, Yanoor and the Debtors
      agreed to split the lease expenses as long as the
      equipment is in Yanoor's possession, whether or not Yanoor
      put the equipment to use.  The Debtors may recall, or
      demand turnover for such equipment if Yanoor has rejected
      the lease. Such rejection will constitute termination of
      Yanoor's contractual obligation to reimburse the Debtors
      50% of the lease expenses for the said equipment.

Ms. Frazier tells the Court that the leased equipment in
Yanoor's possession generates monthly lease expenses that Yanoor
has failed to reimburse.

According to the terms of the Lease Equipment Amendment, Ms.
Frazier explains, the Debtors sought to recall some of the
equipment, but Yanoor refused to return it.  "Moreover, the
leases for some of the Leased Equipment in Yanoor's possession
have expired," Ms. Frazier adds.  Ms. Frazier asserts that
because of Yanoor's refusal to return the leased equipments, the
Debtors have been unable to return it to the vendor from which
it is leased and so continues to incur expenses.  The return of
the Leased Equipment to the original lessors will allow the
Debtors to cease making payments currently in excess of $22,000
per month.  "These payments are draining valuable resources from
the bankruptcy estate and are impairing the Debtors' ability to
successfully reorganize and confirm a plan," Ms. Frazier notes.
Under the leases between the Debtors and the third-party
vendors, the Debtors are required to make monthly prospective
payments for the leased equipment.  Accordingly, Ms. Frazier
states that under the Leased Equipment Amendment, Yanoor agreed
to pay the Debtors on the first day of each month:

    (i) 100% of the lease expenses for the upcoming month for
        Lease Equipment with Accepted Leases; and,

   (ii) 50% of the lease expenses for the upcoming month for
        Leased Equipment with rejected leases.

The Debtors seek the turnover of all leased computer equipment
including mainframe hardware equipment, desktop personal
computers, laptop computers, printers, software, networking
hardware and software, modems, communication switches, and
routers which are all in Yanoor's possession.  Furthermore, the
Debtors seek the turnover of all leased motor vehicles in
Yanoor's possession:

  (i) 1998 Chevrolet Blazer, leased to the Debtors by GE Capital
      Fleet Services; and,

(ii) 1999 Dodge Caravan, leased to the Debtors by GE Capital
      Fleet Services.

The Debtors also seek the turnover of all forklifts and crown
lifts that are in Yanoor's possession:

    (i) 3 Drexel lifts, leased to the Debtors by Associates
        Leasing Inc.;

   (ii) 5 Hyster lifts, leased to the Debtors by Citicorp Dealer
        Finance;

  (iii) 2 Toyota lifts, leased to the Debtors by Associates
        Leasing Inc.; and,

   (iv) 14 Crown lifts, leased to the Debtors by Crown Credit
        Company.

Burlington also wants some leased scales returned:

  (i) 3 Allegany class III electronic scales, leased to the
      Debtors by CIT Lending; and,

(ii) 1 class II electronic scale, leased to the Debtors by CIT
      Lending.

Ms. Frazier advises that Yanoor was not required to make lease
payments to the Debtors until July 1, 2001 as the Debtors set
off the amount Yanoor owed the Debtors for administrative
services and lease payments against amounts the Debtors owed
Yanoor.  The Debtors did not receive the lease payment due from
Yanoor on July 1, 2001 until more than a month later when Yanoor
made a partial payment of $45,684 for lease expenses and
administrative services.  "The Debtors have received no payments
from Yanoor since August 3, 2001 thus, lease payments for August
to the present are due and owing," Ms. Frazier asserts.

Ms. Frazier tells Judge Newsome that as a result of the
disputes, the Debtors filed a complaint against Yanoor for
breach of contract wherein Yanoor counteracted with their own
complaint against the Debtors alleging breach of contract and
fraud.  Ms. Frazier asserts that Yanoor is in violation of the
automatic stay by refusing to return the Leased Equipment and
Rug Inventory of the Debtors.  Ms Frazier states that the
Debtors are entitled to entry of an injunction from Yanoor's
refusal to turnover the equipment, ordering Yanoor to
immediately return the Leased Equipment and Inventory and
further ordering Yanoor to pay for damages, including attorney's
fees and costs in pursuing this action.

Therefore, the Debtors ask the Court to:

  (i) hold Yanoor in civil contempt for violation of the
      automatic stay, enjoining Yanoor from its continued
      violation of the automatic stay and awarding the Debtors
      reasonable damages;

(ii) order Yanoor to immediately turnover the Leased Equipment
      and Inventory including the Leased Computer Equipment, the
      Leased Motor Vehicles, the Leased Fork and Crown lifts,
      the Leased Scales and the Rug Inventory; and,

(iii) grant the Debtors relief including attorney's fees, costs
      and interests. (Burlington Bankruptcy News, Issue No. 7;
      Bankruptcy Creditors' Service, Inc., 609/392-0900)   


CELLSTAR CORP: S&P Cuts Corporate Credit Rating to Default Level
----------------------------------------------------------------
Standard & Poor's said that it lowered its corporate credit
rating on CellStar Corp. to 'SD' (selective default) from 'CCC-'
and removed its ratings from CreditWatch, where they had been
placed with negative implications on Sept. 6, 2001.

The action reflects the recent completion of the exchange of the
Carrollton, Texas, company's convertible subordinated notes due
October 2002 for securities having a total value that is
materially less then the original issue, said credit analyst
Martha Toll-Reed.

At the same time, Standard & Poor's lowered its rating on the
subordinated debt to 'D' for the distributor of wireless
communications products. As of Aug. 31, 2001, total outstanding
debt was about $200 million.


CHIPPAC INC: Raises Additional $8.55MM in Over-Allotment Option
---------------------------------------------------------------
ChipPAC, Inc. (Nasdaq: CHPC), one of the world's largest and
most diversified providers of semiconductor assembly and test
services, said it has raised an additional $8.55 million as the
underwriters in the Company's recently completed $60-million
secondary offering have exercised their over-allotment option to
purchase an additional 1,425,600 shares at $6.

Total proceeds from the secondary offering were approximately
$68.55 million, with the sale of 11.426 million shares of the
company's common stock.  50 percent of the net proceeds will be
used to reduce bank debt, with the remainder being used to
address new business opportunities.  The transaction is
accretive to 2002 EPS.  The offering was increased from an
original 8 million shares due to strong demand.

The underwriting group included Credit Suisse First Boston,
Merrill Lynch and Thomas Weisel Partners.  A copy of the
prospectus may be obtained from these firms.

ChipPAC is a full-portfolio provider of semiconductor packaging
design, assembly, test and distribution services.  The company
combines a history of innovation and service with more than a
decade of experience satisfying some of the largest -- and most
demanding -- customers in the industry.  With advanced process
technology capabilities and a global manufacturing presence
spanning Korea, China, Malaysia and the United States, ChipPAC
has a reputation for providing dependable, high quality
packaging solutions. At September 30, 2001, the company listed a
working capital deficiency of $6 million. For more information,
visit the company's Web site at http://www.chippac.com


CHIQUITA BRANDS: Plan's Classification & Treatment of Claims
------------------------------------------------------------
Chiquita Brands International, Inc., proposes to classify the
claims into seven classes, which will be treated as:

Type of Claim        Projected Claim   Plan Treatment of Claim
-------------        ---------------   -----------------------
Administrative                  none   paid in full
Expense Claims

Priority Tax Claims       $3,100,000   paid in full

Class 1 - Other             $600,000   paid in full
Priority Claims

Class 2 - Secured         $2,400,000   paid in full
Claims

Class 3 - General        $24,300,000   paid in full
Unsecured Claims

Subclass 4A - Old       $863,500,000   Projected recovery: 87.4%
Senior Notes

Subclass 4B - Old        $95,900,000   Projected recovery: 46.5%
Subordinated Notes

Class 5 - Old              2,900,000   Projected recovery:
Preferred Stock               shares   $16,000,000

Class 6 - Old Common      78,000,000   Projected recovery:
Stock                         shares   $36,900,000

Class 7 - Other                  N/A   not entitled to receive
Securities Claims                      any distribution

Each holder of the Unsecured Claims will receive:

                          New          New Common        New
    Class                Notes           Stock         Warrants
    -----                -----         ----------      --------
Subclass 4A
  9-5/8% due 2004       $3,276        460 shares         none
  9-1/8% due 2004        3,224        452 shares         none
  10/1/4% due 2006       3,215        451 shares         none
  10% due 2009           3,171        445 shares         none

Subclass 4B
  7% convertible         none         360 shares         none
  Debentures due 2001

Class 5
  Series A               none          75 shares    1,257 shares
  Series B               none          95 shares    1,587 shares
  Series C               none          74 shares    1,248 shares

Class 6                 none           7 shares      118 shares

According to James H.M. Sprayregen, Esq., at Kirkland & Ellis,
in Chicago, Illinois, holders of Class 5 and 6 Stocks would
receive no distribution and would retain no property if the
reorganization value were distributed on an absolute priority
basis. However, Mr. Sprayregen says, the Pre-petition
Noteholders Committee agreed to vote for a Plan that allocates a
portion of distribution to the Class 5 and 6 Stocks.

On the other hand, if Class 5  or 6 rejects the plan, the Debtor
reserves the right to seek to have the Plan confirmed in which
the rejecting Class will each receive only 50% of the New
Warrants that it would have received if such Class has approved
the Plan.

The Voting Rights of each class are:

    Class                  Voting Rights
    -----                  -------------
   Class 1              not entitled to vote
   Class 2              not entitled to vote
   Class 3              not entitled to vote
   Class 4              entitled to vote
   Class 5              entitled to vote
   Class 6              entitled to vote
   Class 7              not entitled to vote

In addition, Mr. Sprayregen relates, the Plan offers a
management incentive program, to which:

    * Carl H. Lindler, the Chairman of the Board, will receive a
      restricted stock award of 800,000 shares of New Common
      Stock;

    * Steven G. Warshaw, the President and CEO, will receive a
      restricted stock award of 200,000 shares of New Common
      Stock; and

    * the new Board of Directors shall award stock options to
      management pursuant to the Debtor's 2002 Stock Option Plan
      for 5,925,926 shares, representing 10% of the New Common
      Stock on a fully diluted basis. (Chiquita Bankruptcy News,
      Issue No. 6; Bankruptcy Creditors' Service, Inc., 609/392-
      0900)   


CLASSIC COMMS: Committee Taps Orrick Herrington as Lead Counsel
---------------------------------------------------------------
The Committee of Unsecured Creditors of Classic Communications,
Inc.'s asks permission from the U.S. Bankruptcy Court for the
District of Delaware to retain and employ Orrick, Herrington &
Sutcliffe, LLP, nunc pro tunc from November 28, 2001, as their
attorneys.

The Committee selected Orrick as lead counsel on the fact that
the firm has considerable experience and knowledge in the field
of creditors' rights and business reorganizations under chapter
11, including litigation and corporate law matters. Orrick once
represented an informal committee of holders of Debtors'
publicly held debt securities, affording them an extensive
knowledge of Debtors and their businesses as well as their
capital structure, financing documents and other material
documents.

The professional services which Orrick is expected to render to
the Committee are:

    a) assist and advise the Committee in its consultations with
debtors regarding the administration of their reorganization
cases;

    b) represent the Committee at hearings in these cases and
communicate with the Committee regarding the issues raised, as
well as the decisions of the Court;

    c) assist and advise the Committee in its examination and
analysis of the conduct of Debtors' affairs and the reasons for
their Chapter 11 filings;

    d) review and analyze all applications, motions, orders,
statements of operations and schedules filed with the Court by
Debtors and other parties-in-interest in this proceeding, advise
the Committee as to their property, and take appropriate action;

    e) assist the Committee in preparing the applications,
motions and orders in support of positions taken by the
Committee, as well as preparing witnesses and reviewing
documents in this regard;

    f) apprise the Court of the Committee's analysis of Debtor's
operations;

    g) confer with the financial advisors and any other
professionals retained by the Committee, if any are selected and
approved, so as to advise the Committee and the Court more fully
of Debtors' operations;

    h) assist the Committee in its negotiations with Debtors and
other parties-in-interest concerning the terms of any proposed
plan of reorganization;

    i) assist the Committee in its consideration of any plan of
reorganization proposed by Debtors or other party-in-interest as
to whether it is in the best interest of creditors and is
feasible;

    j) assist the Committee with such other services as may
contribute to the confirmation of a plan of reorganization; and

    k) assist the Committee in performing such other services as
may be in the interest of creditors, including the commencement
and participation in appropriate litigation regarding the
estate.

Orrick intends to work closely with Walsh Monzack & Monaco, PA
so that there is no unnecessary duplication of services
performed or charged to Debtors' estates.

The Committee understands that Orrick will seek compensation
from the Debtors' estates at its regular hourly rates for
attorneys and paraprofessional and reimbursement of expenses
incurred on the Committee's behalf. Orrick professionals and
their respective rates are:

            Anthony Princi              $550 per hour
            Thomas L. Kent              $395 per hour
            Bradford Boyd               $200 per hour
            Jennifer Livingston         $255 per hour

In connection with its representation of the Pre-Petition
Informal Committee, Orrick was paid an initial $100,000 retainer
and receive another $130,000 for services rendered and expenses
incurred.

Classic Communications, Inc., a cable operator focused on non-
metropolitan markets in the United States, filed for Chapter 11
petition on November 13, 2001 along with its subsidiaries.
Brendan Linehan Shannon, Esq. at Young, Conaway, Stargatt &
Taylor represents the Debtors in their restructuring efforts.
When the Company filed for protection from its creditors, it
listed $711,346,000 in total assets and $641,869,000 in total
debts.


CROWN CRAFTS: Dec. Quarter's Net Sales Plunge 64.4% to $24 Mill.
----------------------------------------------------------------
The net sales of Crown Crafts, Inc., decreased $43.2 million, or
64.4%, to $23.9 million in the current year quarter compared to
$67.1 million in the prior year quarter. This was attributable
to a decrease of $19.1 million, or 100%, in bedroom products, a
$19.4 million, or 95.4%, decrease in throws and a decrease of
$4.7 million, or 16.9%, in sales of infant and juvenile
products. The decrease in bedroom products resulted from the
sale of the adult bedding and bath business effective
July 23, 2001, the phase out of the Studio bedding line during
fiscal 2001 and the sale of the Wovens division on November 14,
2000. The disposition of the Wovens division resulted in lower
sales of throws. Lower sales of infant and juvenile products
were due to changes in buying patterns by major retailers.

For the quarter ended December 30, 2001, gross profit as a
percentage of net sales increased to 22% from 17.5% for the
quarter ended December 31, 2000. The increased margin relates
primarily to changes in product mix as a result of the
divestments mentioned above. In addition, the Company incurred
lower manufacturing costs as a result of outsourcing.

For the nine months ended December 30, 2001, net sales decreased
$113.5 million, or 54.7%, to $93.9 million compared to $207.4
million in the prior year period. This was attributable to a
decrease of $54.3 million, or 73.1%, in bedroom products, a
$52.3 million decrease, or 95.3%, in throws and a decrease of
$6.8 million, or 8.7%, in sales of infant and juvenile products.
The decreases were caused by the same circumstances listed above
(see paragraph 1).

For the nine months ended December 30, 2001, gross profit as a
percentage of net sales increased to 21.8% from 12.7% for the
corresponding period ended December 31, 2000. The increased
margin relates primarily to changes in product mix as a result
of the divestments mentioned above. In addition, the Company
incurred lower manufacturing costs as a result of outsourcing.

Comprehensive income for the quarter ended December 30, 2001 was
$791, while the same period in 2000 saw a loss of $5,877.  In
the nine month periods the 2001 period saw a net income of
$25,133 and a net loss in the 2000 period of $28,140.

Crown Crafts, Inc. designs, markets and distributes infant &
juvenile consumer products including bedding, blankets, bibs,
bath and accessories, and luxury hand-woven home decor. Its
subsidiaries include Hamco, Inc. in Louisiana, Crown Crafts
Infant Products, Inc. in California, Churchill Weavers in
Kentucky and Burgundy Interamericana in Mexico. At July 01,
2001, the company's balance sheet showed a total shareholders'
equity deficit of over $20 million.


ECHOSTAR: Sheffield Files FCC Complaint, Citing Irresponsibility
----------------------------------------------------------------
Reverend Horace Sheffield III, the president of the Michigan
Chapter of the National Action Network (NAN) has filed a formal
FCC complaint via Email against EchoStar Communications and its
CEO, Charlie Ergen, citing EchoStar corporate irresponsibility
in not addressing NAN issues and violation of FCC rules and
regulations regarding access to public inspection files.

The text of the complaint:

     "Charlie Ergen, the CEO & Founder of EchoStar
Communications, is violating every tenet of corporate
responsibility by refusing to discuss the concerns of African
American leadership about the lack of positive programming on
the DISH Network for African Americans.

     "Ergen has violated FCC rules and regulations by refusing
to make the EchoStar/DISH Network public inspection file
available for our viewing in accord with FCC rules and
regulations when we visited EchoStar headquarters in Littleton,
Colorado last month (January 2002).

     "We would request that the FCC not renew nor grant any FCC
license for the purpose of satellite TV broadcasts until such
time as Ergen meets with us to resolve our concerns and issues.  
We further request that the FCC conduct a vigorous investigation
of EchoStar's refusal to allow us access to EchoStar's public
inspection file in accord with FCC rules and regulations.

     "We also request an immediate FCC investigation of EchoStar
Communications and Vivendi Universal which is a major funding
source for a proposed EchoStar acquisition of Hughes Electronics
the parent company of DirecTV.  Such an acquisition would be
against the public interest and lead to Ergen enjoying an
unfettered monopoly in satellite TV broadcasting thus
perpetuating the corporate irresponsibility."

EchoStar Communications, the #2 US direct broadcast satellite
(DBS) TV provider (behind DIRECTV), operates the DISH Network,
providing programming to nearly 6.5 million subscribers in the
continental US. Subsidiaries develop DBS hardware such as dishes
and integrated receivers and deliver video, audio, and data
services. EchoStar has teamed up with Gilat Satellite Networks
(a partner with Microsoft) and Colorado startup WildBlue to
develop satellite-based two-way broadband Internet access. CEO
Charles Ergen owns about 51% of the company but has more than
91% of the voting power. EchoStar has agreed to buy Hughes
Electronics, DIRECTV's parent. The company's Sept. 30, 2001,
balance sheet showed a total shareholders' equity deficit of
close to $1 billion.


ENRON: Committee Wins Nod to Initiate Andersen Rule 2004 Exam
-------------------------------------------------------------
Judge Gonzalez authorizes the Creditors' Committee in the
chapter 11 cases of Enron Corporation, and its debtor-affiliates
to issue subpoenas or other process to compel the production of
documents and the attendance of a corporate representative of
Andersen at oral examinations.

The Court also directs Andersen to produce on a rolling basis
all responsive documents within 20 days of issuance of a
subpoena, subject to any documents withheld under a claim of
privilege, at the offices of Milbank. Tweed, Hadley & McCloy LLP
located at 1 Chase Manhattan Plaza in New York, New York 10005.

Moreover, Judge Gonzalez orders Andersen to provide counsel for
the Creditors' Committee with a privilege log in accordance with
Rule 7026 of the Federal Rules of Bankruptcy Procedure within 30
days of the date of the issuance of a subpoena directed to such
entity.

The Court has these further instructions:

  (1) the corporate representative of Andersen is directed to
      submit to an oral examination upon reasonable notice, in
      no event less than 30 days from the date of issuance of a
      subpoena directed to such entity; and

  (2) the Creditors' Committee may video-tape any oral
      examinations of individuals representing Andersen. (Enron
      Bankruptcy News, Issue No. 13; Bankruptcy Creditors'
      Service, Inc., 609/392-0900)


ENRON CORP: Denbury Sells Claim for Roughly 25% of Face Amount
--------------------------------------------------------------
Denbury Resources Inc. (NYSE:DNR) (TSE:DNR) announced that on
Feb. 15, 2002 it sold its claim in bankruptcy against Enron
Corporation and its subsidiaries (NYSE:ENE) -- principally
against Enron North America -- for net proceeds of $9.2 million.
The claim relates primarily to natural gas hedges Denbury
purchased from Enron for 2002 and 2003 natural gas production
relating to the July 2001 Matrix Oil & Gas acquisition. Overall,
Denbury paid approximately $18.0 million for all of the hedges
relating to the Matrix acquisition. For this, Denbury received a
total of $21.9 million back in net cash receipts, including the
$9.2 million from this most recent transaction.

Denbury assigned its roughly $36 million of bankruptcy claims
against Enron relating to its derivative hedge assets and
certain unpaid natural gas sale receivables for approximately
$9.2 million.  As part of the transfer, Denbury made certain
representations and warranties typical for this type of
transaction.  Although Denbury does not anticipate any issues
relating to these representations, under certain conditions it
could result in a refund of certain amounts. The Company does
not anticipate that these refunds will be material, if any.

Denbury Resources Inc. -- http://www.denbury.com-- is a growing  
independent oil and gas company. The Company is the largest oil
and natural gas operator in Mississippi and holds key operating
acreage in the onshore Louisiana and offshore Gulf of Mexico
areas.  The Company increases the value of acquired properties
in its core areas through a combination of exploitation drilling
and proven engineering extraction practices.

DebtTraders reports that Enron Corp.'s 9.125% bonds due 2003
(ENRON2) are trading from 16 to 18.5. See
http://www.debttraders.com/price.cfm?dt_sec_ticker=ENRON2for  
real-time bond pricing.


ENVIRO-RECOVERY: Wants More Time to Answer Involuntary Petition
---------------------------------------------------------------
David Neitzke, by his attorney, Dennis P. Bartell, Esq., and as
a representative of the shareholders of Enviro-Recovery, moves
the Court to extend until March 31, 2002, the time for answering
the Involuntary Petition filed against Enviro-Recovery, Inc.

On January 25, 2002, involuntary petitions were filed against
both ERI and SWLCo. Three petitioning creditors are listed and
Neitzke is personally aware that two of said creditors have
claims that are subject to dispute.

With respect to ERI, the only listed petitioning creditor is
Martin Hardwood, Inc., owned and controlled by Neal Martin. The
nature of the alleged claim of Martin Hardwood is "advances".
Mr. Neitzke, as a director of ERI, is unaware of any advances
made to ERI, and he authorized no such advances. If there were
any advances made, they were for the purpose of utilizing said
entity as a petitioning creditor.

Mr. Neitzke asserts that ERI and SWLCo have valid defenses to
the involuntary petition. However, ERI and SWLCo are unlikely to
contest the petitions being controlled by Jeffrey Schwartz and
Bruce Nesmith. In view of the circuit court's determination of
Mr. Schwartz conflict of interest, Mr. Schwartz should not be
permitted to decide by electing not to contest an involuntary
petition orchestrated by the party with whom he acquired his
conflict.

As soon as the shareholders meeting for ERI is completed, the
shareholders will decide what action should be taken by the
companies and by whom. It is anticipated that the shareholders
will remove Messrs. Schwartz and Nesmith from their positions as
directors, and will authorize and direct Mr. Neitzke to contest
the involuntary petitions.

Unless the time to answer the involuntary petitions is extended,
the will of the shareholders might be impaired as a result of
the action or inaction of the parties whose interests have been
found to be in conflict with the best interest of the companies.


EXODUS: Sanrise Demands $2MM Payment for Postpetition Services
--------------------------------------------------------------
Sanrise Inc. requests that the Court enter an Order requiring
Exodus Communications, Inc., and its debtor-affiliates to
immediately pay $2,003,567 for post-petition services, plus the
amount of charges for January base capacity and variable usage
to be submitted at or prior to the hearing as an allowed
administrative expense claim, as adequate assurance of payment
or, alternatively, requiring advance deposit of future base
charges as adequate assurance of payment and conditioning the
automatic stay on continued and timely payment by Debtors.

According to Kimberly E.C. Lawson, Esq., at Werb & Sullivan in
Wilmington, Delaware, Sanrise is a global provider of data
recovery services and the largest managed services provider of
Exodus, providing service within every Exodus Internet data
center from Japan to London. Sanrise provides continuous
management and safeguard of mission critical information
representing over one petabyte (over 1 quadrillion bytes) of
data for over 400 Exodus customers worldwide.

On December 28, 2000, Ms. Lawson relates, Sanrise and Debtors
entered into an agreement under which Sanrise became the
outsource provider to Exodus of DataVault data backup and
restoration services for the benefit of an original base
believed to be more than 600 customers, providing use of 33
equipment installations and Sanrise software located at various
Exodus internet data centers worldwide. As of the date of this
Motion, the Debtors are obligated to pay Sanrise for post-
petition service rendered under the DataVault Agreement
amounting to a total of $2,003,567.

Ms. Lawson contends that Sanrise is entitled to allowance and
payment of an administrative expense claim in the amount of the
unpaid post-petition amounts for services rendered to the estate
by Sanrise under the DataVault Agreement. Sanrise has provided
services to Exodus after the commencement of the case and
Debtors ordered the services from Sanrise to fulfill their
obligation to provide its customers with the most widely used,
"mission critical," managed data storage and recovery service at
Exodus IDCs. The Debtors thereby incurred an actual and
necessary cost of preserving the estate.

Ms. Lawson tells the Court that the service provided by Sanrise
is a utility service because similar to telecommunications
services, data storage services are monthly recurring and
contain a base capacity charge and a per gigabyte variable use
charge. It is also similar to power, electricity, water and gas,
in that data storage capacity is a fungible commodity. In most
cases, in fact, data that is backed up is "vaulted", and the
storage capacity is thereby consumed by the estate, as with many
commodities provided by other utilities.

Ms. Lawson submits that to date, the Debtors have failed to
timely pay for such post petition storage services that have
been provided by Sanrise and rendered to the estate, or to
provide Sanrise with adequate assurance of future performance,
as required by 366(b) of the Code. Notwithstanding the failure
of Debtors to tender timely payment or provide adequate
assurance of future performance, Sanrise continues to provide
storage utility services to the estate on a monthly basis and as
a result, Sanrise's loss exposure increases progressively on a
monthly basis. Sanrise should not be required to continue to
bear this risk without compensation and appropriate assurance of
Exodus' future performance.

Sanrise requests that the Court order Exodus to immediately
tender payment for all unpaid post-petition charges for services
rendered by Sanrise in the total amount of $2,003,567 as of the
date of this Motion, together with charges for January base
capacity and variable usage charges to be submitted at or prior
to the hearing on this Motion. Additionally, Sanrise requests
that the Court order the Debtors to provide Sanrise with
adequate assurance of future payment by requiring Exodus to
deposit, monthly and in advance, the amount of charges for base
usage, on or before the first day of each month, with the
deposit for February being ordered to be deposited within five
days of the order granting this Motion.

Ms. Lawson states that each base usage amount so deposited will
be credited toward the total amount due for base and variable
use services rendered by Sanrise during the month for which the
deposit applies. Variable usage will also continue to be billed
by Sanrise and due and payable at the end of each month and be
payable without discount or charge within 30 days of invoice.

Ms. Lawson does not believe that 366(b) of the Code requires it
to seek the Court's permission or give notice of an intention to
discontinue services in the event that an appropriate order is
not entered as requested, or in the event Debtors fails to make
a payment or deposit that is ordered by the court. Sanrise,
nevertheless, notifies all parties in interest that Sanrise may,
at its discretion and without further notice, discontinue
providing storage services in the event that an appropriate
order is not entered as requested or in the event that Debtors
fail to make a payment or deposit that is ordered by the court.
(Exodus Bankruptcy News, Issue No. 13; Bankruptcy Creditors'
Service, Inc., 609/392-0900)


EVENFLO CO: Nonpayment of Senior Notes Drags Credit Rating to D
---------------------------------------------------------------
Standard & Poor's said that it lowered its corporate credit
rating on infant and juvenile products manufacturer Evenflo Co.
Inc., to 'D' from double-'C' as a result of the company's
decision not to pay its Feb. 15, 2002 interest payment on its
11-3/4% senior notes due 2006 in order to conserve cash and
provide greater liquidity to pay its trade creditors.

Total rated debt of Vandalia, Ohio-based Evenflo was $110
million.

"Evenflo's financial flexibility has been drastically limited by
its heavy debt burden, weak operating performance, and difficult
retail environment," commented Standard & Poor's credit analyst
Jean Stout.

DebtTraders reports that Evenflo Co. Inc.'s 11.750% bonds due
2006 (EVENFL1) trade between 9 and 12. See
http://www.debttraders.com/price.cfm?dt_sec_ticker=EVENFL1for  
real-time bond pricing.


EVERGREEN INT'L: Market Concerns Prompt S&P to Revise Outlook
-------------------------------------------------------------
Standard & Poor's said it revised the outlook on its corporate
credit rating for Evergreen International Aviation Inc., to
negative from stable due to continuing weak market conditions in
the commercial airfreight sector. McMinnville, Oregon-based
Evergreen is a provider of domestic and international air cargo
transport and aircraft-related services.

"The outlook revision stems from concerns that a continuing
slump in commercial airfreight markets, although offset in the
near term by profitable U.S. military business, will place
pressure on the financial profile," said Standard & Poor's
credit analyst Robert Schulz.

The single-'B'-plus corporate credit rating reflects the
cyclical and competitive nature of Evergreen's core airfreight
business and a significant, albeit reduced, debt burden,
partially offset by less volatile but profitable and growing
aviation ground logistics and aircraft maintenance and repair
businesses.

Evergreen derives the majority of its revenues and operating
profits from airfreight transportation conducted by subsidiary
Evergreen International Airlines with a fleet of B-747-100 and -
200 widebody freighters and smaller DC-9 freighter aircraft.
These are older technology aircraft, and while suitable for
airfreight transportation, some will require replacement over
time. The company also provides ground logistics services at a
number of airports, aircraft maintenance and repair services,
helicopter and small aircraft services, and aviation sales and
leasing. Evergreen provides air cargo services to military and
civil customers on the basis of all-in contracts based upon
blended costs for several carriers, or "ACMI" agreements, under
which the company provides aircraft, crew, maintenance, and
insurance while the customer provides fuel, marketing, freight
distribution, all ground handling and landing fees, and "block
space". Under block space contract Evergreen pays all operating
costs and is paid based upon revenue tons or block space prices.
Customer concentration has varied. Some past reliance on a
freight forwarder customer base from Asia to the U.S. was
considered a risk factor, but recently the military has become a
large customer.

The international airfreight industry is highly competitive, and
historically solid demand weakened significantly in 2001 after
record years in 1999-2000. The company's other businesses, while
aviation related, are less volatile and less capital intensive
and have a somewhat more variable cost structure.

The company's financial profile will likely remain constrained
by the weak market conditions, despite the current level of
military demand. If military charters ebb and are not offset by
a return of profitable commercial air cargo business, the
financial profile could be weakened and ratings lowered.


FIBERMARK INC: S&P Cuts Low-B Ratings over Weak Credit Measures
---------------------------------------------------------------
Standard & Poor's said that it was lowering its ratings on paper
manufacturer FiberMark Inc. to single-'B'-plus from double-'B'-
minus due to continuing subpar credit measures that have
persisted beyond expectations. The current outlook is negative.
The company's current debt stands at $344 million.

Standard & Poor's noted that the previous rating had
incorporated the anticipation of a significant increase in debt
following the company's acquisition of Decorative Specialties
Inc. in 2001. However, ongoing weakness in its industrial
markets is hampering recovery of FiberMark's credit measures to
appropriate double-'B'-minus levels.

"Credit measures had been expected to recover within two years,"
said Standard & Poor's credit analyst Pamela Rice. "However,
performance during the past year was much weaker than expected.
Moreover, anemic end market demand is likely to continue to
suppress earnings and prevent the expected improvement of
FiberMark's financial profile within this time frame." Standard
& Poor's said further that the ratings could be lowered again if
credit measures do not improve during the second half of 2002.

Standard & Poor's said that its ratings on FiberMark Inc.,
headquartered in Brattleboro, Vermont, continue to reflect the
company's below-average business position as a non-integrated
manufacturer of specialty paper and other fiber-based materials,
and its very aggressive financial profile.

FiberMark manufactures specialty papers such as pressboard and
latex-reinforced materials for file and book covers, saturated
tape base and binding materials, printed circuit board paper,
and filter papers. FiberMark's acquisition of DSI added
complementary, higher value-added products for the publishing
and office products industries. It has also provided economies
of scale and opportunities for operating cost reductions.
However, the benefits of this transaction have thus far been
masked by weak industrial market conditions.


FLAG TELECOM: S&P Junks Rating on Financial Restructuring News
--------------------------------------------------------------
Standard & Poor's said that it lowered its corporate credit
rating on global telecommunications network services provider
and independent carriers' carrier FLAG Telecom Holdings Ltd., to
triple-'C'-plus from single-'B'-plus following FLAG's
announcement that it was considering strategic and financial
alternatives. Standard & Poor's believes this could include a
balance sheet restructuring, and that FLAG could also violate a
covenant in its FLAG Atlantic credit facility during 2002. The
rating remains on CreditWatch with negative implications.

"Although FLAG appears to have adequate liquidity into 2003,
management has indicated that, if business conditions do not
improve, additional funding, a strategic partner, or a debt
restructuring could be necessary in 2003," credit analyst Greg
Zappin said.

"Cash flow generation in 2002 and 2003 is very difficult to
predict given sharply declining prices and lower demand levels
from FLAG's carrier customers. The impact of distressed assets
on the market could also have a negative impact on sub-sea
service fundamentals," Zappin added.

Bermuda-based FLAG had $1.3 billion of debt outstanding at year-
end 2001. The company had about $745 million of cash at Dec. 31,
2001, including about $321 million of restricted cash earmarked
for specific projects or commitments. In addition, the company
had about $200 million of availability on its various bank
facilities. Capital expenditures are expected to be between $475
million and $500 million in 2002, the majority of which will be
used to complete construction of its North Asia cable and make
outstanding payments on its Atlantic cable.


GS MORTGAGE: S&P Puts Low-B 1999-C1 Ratings on Watch Negative
-------------------------------------------------------------
Standard & Poor's placed its ratings on two classes of GS
Mortgage Securities Corp. II's commercial mortgage pass-through
certificates series 1999-C1 on CreditWatch with negative
implications.

At the same time, ratings are affirmed on eight classes of the
same series.

While overall operating performance for this mortgage pool has
improved since issuance, the CreditWatch placements reflect the
fact that the two lowest rated classes have experienced
decreased credit support due to the $3.2 million in losses
realized by the trust to date, as well as the potential for
additional losses associated with several loans in special
servicing and on the servicer's watchlist.

As of January 2002, the loan pool consisted of 299 fixed-rate
mortgage loans with an outstanding pool balance of $848.0
million. Retail (32% of the pool) and office (24%) predominate
in terms of property type composition. The pool is
geographically diverse, as it is spread throughout 49 states
with concentrations in Texas (12.5%) and California (10.5%).

The servicer, GMAC Commercial Mortgage Corp., has provided 2000
year-end net operating income (NOI) data for 89% of the loan
pool. In addition, GMACCM has provided partial year 2001 data
for 77% of the mortgage pool. Standard & Poor's calculates that
the weighted average debt service coverage ratio (DSCR) for
these loans has increased to 1.74 times, based on partial-year
2001 data, and to 1.60x based on 2000 year-end data, from 1.44x
at issuance. Standard & Poor's expects that, over the next year
or so, the currently weak economic conditions may cause the DSCR
to decline somewhat. However, any such declines have already
been factored into the current ratings.

The top 10 loans comprise 16.2% of the outstanding loan pool.
Several of these loans are exhibiting deteriorating operating
performance. The third-largest loan in the pool, known as the
Whitehall Hotel loan, is secured by a 221-room hotel in downtown
Chicago, Ill. The hotel's occupancy dropped to 55% as of Aug.
31, 2001 from 65% as of Dec. 31, 2000. Additionally, DSCR for
this loan has declined to 0.71x for the eight months ending Aug.
31, 2001 from 1.69x for the year ending Dec. 31, 2000. While
this loan (which had been 60 days delinquent) was brought
current in late December 2001, it still appears to be struggling
due to the downturn in the lodging industry. The fourth-largest
loan in the pool, known as the Roswell Town Center loan, is
secured by a 500,000 square foot (sq. ft.) retail center in
Roswell, Ga., and is 30-days delinquent. DSCR for this loan has
declined to 1.15x for the eight months ending Aug. 31, 2001 from
1.27x at issuance. Additionally, it is uncertain whether the
Kmart store, which occupies 24% of the space in the center, will
eventually be affected by the recent bankruptcy of the Kmart
Corp.

There are four other loans totaling $12.5 million, or 1.5% of
the mortgage pool, which are secured by properties that are 79%
to 100% leased to Kmart. The Kmart store in the Bishop, Calif.
property closed in July 2000, and the space is being sublet to
Vons Supermarkets. At this time, none of the Kmart leases for
the other three properties have been listed for rejection due to
the bankruptcy of the parent corporation.

There are 10 delinquent loans in this mortgage pool with a total
exposure, including advances of $41.5 million (4.9% of the
mortgage pool). Four of these loans are more than 60-days
delinquent, and another loan secured by a Best Western Hotel in
Phoenix, Ariz. went into REO in late November 2001.
Conversations with the special servicer, Lennar Partners Inc.
(Lennar), revealed that an appraisal reduction of $317,000 was
taken on one of these loans, known as The Salms Building loan,
in late December 2001. This loan is secured by a 17,500 sq. ft.
office building in Owensboro, Ky., which was vacated by its sole
tenant last year. Another one of these loans, which is secured
by a Sleep Inn in Phoenix, Ariz., has seen its DSCR decline to
0.27x for the 11 months ending Nov. 30, 2001 from 1.38x at
issuance. There are also five loans (including the Roswell Town
Center loan referenced above) that are 30-days delinquent. There
are an additional 21 loans that are current, but on the
watchlist with a total exposure, including advances, of $49.9
million (5.9% of the mortgage pool). These loans are on the
watchlist due primarily to low or declining DSCRs, or a decrease
in occupancy.

Based on discussions with GMACCM and Lennar, Standard & Poor's
stressed the various loans mentioned above as part of its
analysis. The potential losses and resultant credit levels
adequately support the rating actions.

           Ratings Placed On CreditWatch Negative

               GS Mortgage Securities Corp. II
     Commercial mortgage pass-through certificates 1999-C1

     Class        Rating

             To              From      Credit Support (%)

     G       B+/Watch Neg    B+        3.82%
     H       B-/Watch Neg    B-        3.04%

                    Ratings Affirmed

               GS Mortgage Securities Corp. II
      Commercial mortgage pass-through certificates 1999-C1

          Class    Rating    Credit Support (%)
          A-1      AAA       31.39%
          A-2      AAA       31.39%
          B        AA        26.40%
          C        A         21.15%
          D        BBB       14.33%
          E        BBB-      12.75%
          F        BB        7.24%
          X        AAA       N/A


GALEY & LORD: Files for Chapter 11 Reorganization in New York
-------------------------------------------------------------
Galey & Lord, Inc. (OTC Bulletin Board: GYLD) announced that it
and its U.S. operating subsidiaries filed voluntary petitions
for relief under Chapter 11 of the United States Bankruptcy Code
in the United States Bankruptcy Court for the Southern District
of New York.  The Company said that it elected to file for
reorganization because it offered the most viable way to
restructure its balance sheet and access new working capital
while ensuring an uninterrupted flow of product to its
customers.

Included in the filing are Galey & Lord Industries and Swift
Textiles Inc. The Company's international subsidiaries including
Klopman International have not filed for reorganization and will
not be affected.

The Company said that it has entered into a $100 million in
debtor-in-possession (DIP) financing agreement with its agent
bank Wachovia. This significant financing is designed to ensure
that the Company can continue to supply its customers with
products in a continuous manner, as well as grow the business
according to its strategy and meet overall market demand.

Galey & Lord said that the poor environment in retail,
exacerbated by the events of September 11, created an economic
climate that necessitated a restructuring of the Company's debt.

"Over the past two years, Galey & Lord has taken a number of
steps that have reduced its costs and rationalized its
production to the appropriate size.  As painful as these actions
were, they are now complete, and the Company does not
contemplate any additional plant closures. We are now taking
steps to resolve our financial challenges," said Arthur Wiener,
chairman and chief executive officer of Galey & Lord. "When this
action is successfully completed, the Company will have a strong
balance sheet that will enable it to pursue its strategic
goals."

The Company's operations will not be impacted by the
reorganization; they will continue to operate in the ordinary
course of business.  The Company said that it expects to receive
Court approval to pay employee wages, salaries and insurance
benefits in the normal course.

Galey & Lord is a leading global manufacturer of textiles for
sportswear, including cotton casuals, denim and corduroy, as
well as a major international manufacturer of workwear fabrics.
The Company also sells dyed and printed fabrics for use in home
fashions.

DebtTraders reports that Galey & Lord Inc.'s 9.125% bonds due
2008 (GNL1) are trading between 19 and 21. See
http://www.debttraders.com/price.cfm?dt_sec_ticker=GNL1for  
real-time bond pricing.


GALEY & LORD: Voluntary Chapter 11 Case Summary
-----------------------------------------------
Lead Debtor: Galey & Lord, Inc.
             980 Avenue of the Americas
             New York, NY 10018
             
Bankruptcy Case No.: 02-40445

Debtor affiliates filing separate chapter 11 petitions:

                  Entity                        Case No.
                  ------                        --------
     G&L Service Company, North America, Inc.   02-40450
     Galey & Lord Industries, Inc.              02-40446
     Galey & Lord Properties, Inc.              02-40448
     Swift Denim Properties, Inc.               02-40449
     Swift Denim Services, Inc.                 02-40451
     Swift Textiles, Inc.                       02-40447
     Greensboro Textile Administration LLC      02-40452
     Brighton Weaving LLC                       02-40453
     Flint Spinning LLC                         02-40454
     Society Hill Finishing LLC                 02-40455
     McDowell Weaving LLC                       02-40456

Type of Business: The Debtor is a Leading Global Manufacturer
                  Of Textiles for Sportwear, Including Cotton
                  Casuals, Denim, and Corduroy, as Well as a
                  Major International Manufacturer of Workwear
                  Fabrics. The Debtor also Manufactures Dyed
                  And Printed Fabrics for Use in Home Fashions.    

Chapter 11 Petition Date: February 19, 2002

Court: Southern District of New York

Judge: Allan L. Gropper

Debtors' Counsel: Joel H. Levitin, Esq.
                  Henry P. Baer, Jr., Esq.
                  Anna C. Palazzolo, Esq.
                  Dechert
                  30 Rockefeller Plaza
                  New York, NY 10012
                  (212) 698-3500
                   
Total Assets: $694,362,000

Total Debts: $715,093,000


GAYLORD CONTAINER: Amends Tender Offer Solicitation Statement
-------------------------------------------------------------
Gaylord Container Corporation, a Delaware corporation, has filed
an Amendment (No. 2) with the Securities & Exchange Commission
which amends and supplements the Solicitation/Recommendation
Statement filed with the Securities and Exchange Commission on
January 22, 2002.  The Statement relates to a tender offer by
Temple-Inland Acquisition Corporation, a Delaware corporation
and an indirect, wholly owned subsidiary of Temple-Inland Inc.,
a Delaware corporation, under which Purchaser is offering to
purchase all of the outstanding shares of Class A common stock,
par value $.0001 per share, of the Company, together with the
associated rights to purchase preferred stock pursuant to the
Rights Agreement at a price of $1.17 per share, net to the
seller in cash, without interest, upon the terms and subject to
the conditions set forth in the Offer to Purchase, dated January
22, 2002, and in the related Letter of Transmittal.

Item 8 of the Statement is being amended and supplemented by
adding the following after the last paragraph of the section
"Noteholder Litigation":

     "On February 6, 2002, the plaintiffs in the Litigation
filed a Motion for a Temporary Restraining Order requesting that
Parent:

     (1) be restrained from distributing an amount not in excess
of $3 million (inclusive of expenses) of the proceeds of the
tender offers for the Senior Notes as security against
plaintiffs' and plaintiffs' counsel's contested fee; and (

     2) be ordered to deposit $3 million (plus interest on the
amount of any such fee and expense award through the date of
payment) in an interest-bearing escrow account pending
resolution of an action for allowance of attorneys' fees and
reimbursement of expenses in the Litigation. Parent indicated
that it intends to vigorously contest plaintiffs' motion."

The firm makes brown paper packaging products used to hold food
and beverages, agricultural products, electronics, and other
goods. Gaylord produces containerboard and unbleached kraft
paper at its three mills in Arkansas, California, and Louisiana.
These products are then sent to one of Gaylord's 26 converting
facilities located throughout the US where they are converted
into corrugated boxes and sheets, multiwall bags, and retail
bags (grocery sacks). Deep in debt, Gaylord has agreed to be
bought by Temple-Inland (packaging and building products) for
$100 million in stock and the assumption of $686 million in
debt. At June 30, 2001, the company's balance sheet showed a
total shareholders' equity deficit of about $100 million.


GENESIS HEALTH: Has Until April 30 to File Claim Objections
-----------------------------------------------------------
Stephen G. Bresset, Esq., representing unsecured creditors
Waterview Resolution Corporation and Keystone Emergency unit,
objects to Genesis Health Ventures, Inc.'s request to enlarge
the time within which to raise objections to proof of claims.

Mr. Bresset explains to Judge Wizmur that the claimants object
to the Debtors' request because:

   -- The Debtor has had ample opportunity to determine whether
objections are appropriate;

   -- The balloting on the Debtors' plan of reorganization was
conducted with, and based on claims that may now be objected to
and may have materially altered the ultimate voting on the plan;

   -- No adequate basis exists to grant the relief sought; and

   -- The delay in the process of objections and the subject
request is prejudicial to the creditors, including this
objector.

Based on these reasons, Mr. Bresset asks that the Debtors'
motion be denied.

                        *   *   *

Considering this matter, Judge Wizmur rules that the Debtors
have demonstrated their need for an extension and grants the
Debtors an extension of time through and including April 30,
2002, without prejudice to their ability to seek further
extensions. (Genesis/Multicare Bankruptcy News, Issue NO. 20;
Bankruptcy Creditors' Service, Inc., 609/392-0900)


GLOBAL CROSSING: Seeks Approval of Investments Proposal Protocol
----------------------------------------------------------------
Harvey R. Miller, Esq., at Weil Gotshal & Manges LLP in New
York, tells the Court that Global Crossing Ltd., and its debtor-
affiliates  want to put an orderly process in place to test the
market and attract higher or better proposals for a
reorganization of Global Crossing's estates.  Mr. Miller advises
that The Blackstone Group, the Debtors' financial advisor, has
already started the process of contacting both strategic and
financial investors to determine whether an alternate investment
proposal will provide greater value to the Debtors' estates.

Mr. Miller points-out that the Hutchison-STT Proposal is
expressly subject to higher or better investment proposals
pursuant to the Investment Proposal Procedures.  The Debtors
believe that uniform Investment Proposal Procedures will promote
competitive bidding and, thereby, maximize the value of the
Debtors' estates.  The Investment Proposal Procedures balance a
process intended to provide interested parties time to prepare
alternative bids while at the same time keeping the Debtors on
track to timely emergence from chapter 11.

The proposed Investment Proposal Procedures provide in relevant
part:

A. Marketing Efforts: Blackstone has undertaken and will
     continue to undertake marketing efforts with respect to
     soliciting investment proposals for a restructuring of
     Global Crossing. Blackstone's efforts shall include
     preparing a informational memorandum with respect to Global
     Crossing, providing the informational memorandum to all
     persons that have expressed an interest in a transaction
     and contacting other logical strategic and financial
     investors that have in the past or may now have an interest
     in a transaction with Global Crossing.

B. Participation Requirements: In order to conduct due diligence
     for the purpose of submitting an investment proposal, each
     person other than the Investors must deliver to the Debtors
     an executed confidentiality agreement in form and substance
     satisfactory to the Debtors, a non-binding expression of
     interest reasonably acceptable to Blackstone and be deemed
     by Blackstone in their discretion to be reasonably likely
     to be able to consummate their proposed investment if
     selected as the Successful Investor within a time frame
     acceptable to the Debtors. After compliance with the
     foregoing procedures, the Debtors shall allow the Potential
     Investor to conduct due diligence with respect to their
     business as provided in the Investment Proposal Procedures.

C. Investment Proposal Deadline: The Debtors propose that the
     investment proposal deadline is April 23, 2002 at 3:00 p.m.
     prevailing Eastern Time. The Debtors may extend the
     Investment Proposal Deadline once or successively, but are
     not obligated to do so.

D. Investment Proposal Requirements: A "Qualified Investor" is a
     Potential Investor that complies with the requirements
     above, whose "Investment Proposal" the Debtors determine:

     a. provides for distributions to creditors of Global
          Crossing that, in the judgment of Global Crossing and
          its advisors, provides at least $10,000,000 in greater
          value than the value provided pursuant to the LOI
          after taking into account the Termination Fee to the
          Investors and a reasonable level of liquidity to be
          available to Reorganized Global Crossing on the
          closing date and

     b. is reasonably likely to be consummated if selected as
          the Successful Investment Proposal within a time frame
          acceptable to the Debtors and otherwise is at least as
          favorable, in the Debtors' judgment, as the Hutchison-
          STT Proposal.

     An Investment Proposal must offer to sponsor a transaction
     upon the terms and conditions set forth in the LOI, marked
     to show those amendments and modifications to the LOI,
     including price and terms or an alternative form of
     investment proposal, including price and terms, not less
     specific than the LOI. Blackstone, in its reasonable
     discretion, may require any Investment Proposal to be
     accompanied by a deposit in an amount Blackstone deems
     appropriate. An Investment Proposal that meets the
     foregoing requirements is a "Qualified Investment
     Proposal."

E. Participation in Auction: If at least one Qualified
     Investment Proposal, other than the LOI, has been received
     which the Debtors determine is higher or otherwise better
     than the Investors' proposal as set forth in the LOI, the
     Debtors shall conduct an auction. The Debtors propose that
     the Auction take place on May 13, 2002 at 10:00 a.m.
     prevailing Eastern Time, at the offices of Weil, Gotshal &
     Manges LLP, 767 Fifth Avenue, New York, New York 10153, or
     such later time or other place as the Debtors shall notify
     all Qualified Investors. Only Qualified Investors will be
     eligible to participate in the Auction. Blackstone will
     distribute a copy of each Qualified Investment Proposal to
     each Qualified Investor and the Debtors will file each
     Qualified Investment Proposal with the Court no later than
     thirteen days prior to the Auction. At least two business
     days prior to the Auction, each Qualified Investor who has
     submitted a Qualified Investment Proposal must inform the
     Debtors whether it intends to participate in the Auction.

F. Auction Procedures: Based upon the terms of the Qualified
     Investment Proposals received, the number of Qualified
     Investors participating in the Auction, and such other
     information as Global Crossing determines is relevant,
     Global Crossing, in its sole discretion, may conduct the
     Auction in the manner it determines will achieve the
     maximum value for all parties in interest. Within the
     parameters set forth, Global Crossing may adopt rules for
     bidding at the Auction that, in its business judgment, will
     best promote the goals of the process and that are not
     inconsistent with any of the provisions of the Investment
     Proposal Procedures, the LOI, the Bankruptcy Code or any
     order of the Bankruptcy Court entered in connection
     herewith. In addition, these rules shall apply at the
     Auction:

     a. the minimum initial overbid shall provide an aggregate
          return to Global Crossing's creditors of not less than
          $10,000,000 above the return to be provided pursuant
          to the LOI and any requisite payment in respect of the
          Termination Fee and the Expense Reimbursements unpaid
          and not objected to in accordance with the terms set
          forth herein,

     b. subsequent overbids must be in increments of at least
          $5,000,000,

     c. the Investors shall be entitled to credit the
          Termination Fee and any Expense Reimbursements which
          are unpaid and not objected to towards any Investment
          Proposal made by them at the Auction and

     d. the Debtors will, from time to time, in an open forum,
          advise Qualified Investors participating in the
          Auction of their determination as to the terms of the
          then highest or otherwise best Investment Proposal.

G. Successful Investment Proposal: As soon as is practicable
     after the conclusion of the Auction, the Debtors, in
     consultation with their financial advisors, the agent for
     the Debtors' prepetition lenders, the Creditors' Committee
     and the JPLs, shall:

     a. review each Qualified Investment Proposal on the basis
          of financial and contractual terms and the factors
          relevant to the investment process, including those
          factors affecting the speed and certainty of
          consummating the Qualified Investment Proposal and

     b. identify the highest or otherwise best offer and the
          bidder making such proposal. The Debtors will seek
          confirmation that such investor is the Successful
          Investor and that such proposal is the Successful
          Investment Proposal at a hearing to be held before the
          Court within five days of the conclusion of the
          Auction.

     The Debtors shall have accepted an Investment Proposal only
     when the Investment Proposal is declared the Successful
     Investment Proposal, the Successful Investment Proposal has
     been approved by the Court and definitive documentation has
     been executed in respect of the Successful Investment
     Proposal.

Within 5 days after the entry of the Investment Proposal
Procedures Order, the Debtors shall serve the Motion, by first-
class mail, postage prepaid, upon:

A. all entities known to have expressed an interest in a
     transaction with respect to the restructuring of Global
     Crossing during the past 12 months;

B. those parties entitled to notice pursuant to the Court's
     order dated January 28, 2002.

The Debtors also propose pursuant to Federal Rule of Bankruptcy
Procedure 2002(1) and 2002(d), that publication of a notice of
the Auction, in the international editions, to the extent
applicable, of The Wall Street Journal, Asia Wall Street
Journal, and The Financial Times, on the Mailing Date or as soon
as practicable thereafter, be deemed proper notice to any other
interested parties whose identities are unknown to the Debtors.
(Global Crossing Bankruptcy News, Issue No. 3; Bankruptcy
Creditors' Service, Inc., 609/392-0900)


GOLDMAN INDUSTRIAL: Case Summary & Largest Unsecured Creditors
--------------------------------------------------------------
Lead Debtor: Goldman Industrial Group, Inc.
             One Post Office Square
             Suite 4100
             Boston, MA 02109

Bankruptcy Case No.: 02-10467-MFW

Debtor affiliates filing separate chapter 11 petitions:

     Entity                                   Case No.
     ------                                   --------
     Fellows Corporation                      02-10468-MFW
     J & L Metrology Company, Inc.            02-10469-MFW
     Bryant Grinder Corporation               02-10470-MFW
     Bridgeport Machines, Inc.                02-10471-MFW
     Hill-Loma, Inc.                          02-10472-MFW
     Jones & Lamson Vermont Corp.             02-10473-MFW
     
Type of Business: The Debtors provide metalworking machinery to
                  manufacturers; marketing and selling    
                  original equipment primarily to the
                  aerospace, automotive, computer, defense,
                  medical, farm, construction, energy,
                  transportation and appliance industries.

Chapter 11 Petition Date: February 14, 2002

Court: District of Delaware

Judge: Mary F. Walrath

Debtors' Counsel: Victoria W. Counihan
                  Greenberg Traurig, LLP
                  1000 West Street, Suite 1540
                  Wilmington, Delaware, 19801
                  Tel: 302 661-7000

Estimated Assets: $0 to $50,000

Estimated Debts: $50 million to $100 million

Debtor's 20 Largest Unsecured Creditors:

Entity                      Nature Of Claim       Claim Amount
------                      ---------------       ------------
Brown Rudnick Freed &       Trade                    $407,676
   Gesmer
Jeff Keffer, Esq.
One Financial Center
Boston, MA 02111
Phone: 617/856-8200
Fax: 617/856-8201

Lake Contracting             Trade                   $164,908

Equity Office                Trade                    $74,128

Ricci Consultants            Trade                    $33,134

Creative Office Pavillion    Trade                    $26,577

Argus Management             Trade                    $19,183
   Corporation

Balance Scorecard            Trade                    $15,686

New England Financial        Trade                    $10,040

CFS Consulting, Inc.         Trade                     $9,088

American Express             Trade                     $7,984

InfoSystems Intergrated      Trade                     $7,031
   Inc.

Russell Reynolds Associates  Trade                     $5,088

McMahon Architects, Inc.     Trade                     $2,860

Linford E. Stiles            Trade                     $2,696
   Associates, L.L.C.

Staples Communications       Trade                     $2,298

Randall Straaton Inc.        Trade                     $1,955

Nutter McClennan & Fish      Trade                     $1,425

IKON Office Solutions        Trade                     $1,374

AT&T                         Trade                     $1,324

Purchase Power               Trade                     $1,110


HA-LO INDUSTRIES: Asks Court to Fix April 30 Claims Bar Date
------------------------------------------------------------
Ha-Lo Industries, Inc. together with its debtor-affiliates, asks
the U.S. Bankruptcy Court for the District of Delaware to
establish a bar date by which proofs of claim against the
Debtors must be filed.  The Debtors ask the Court to fix April
30, 2002 as the Pre-petition Claims Bar Date.

In the same Motion, the Debtors also ask the Court to approve
the manner and form of notice, which they will furnish to the
creditors for the Pre-petition Claims Bar date.

The Debtors assert that the Pre-petition Claims Bar Date will
provide their creditors ample time to prepare and file their
proofs of claim.

The Debtors also want the Court to provide an order stating that
any entity or individual required to file and serve a proof of
Claim but fails to do so on or before the Pre-Petition Claims
Bar Date will not be entitled to any distribution on account of
such Claim under any plan of reorganization and will receive no
further notices regarding such Claim.

The Debtors propose to give notice of the Pre-petition Claims
Bar Date to all known creditors, by first-class United States
mail within 5 business days after approving this Motion. A
notice will be published in the national and international
editions of The Wall Street Journal and the Chicago Tribune and
on their respective Web sites with a hyperlink Schedules.

HA-LO Industries, Inc. and subsidiaries Lee Wayne Corporation
and Starbelly.com, Inc., provide full service, innovative brand
marketing in the custom and promotional products industry. The
Company filed for Chapter 11 Petition on July 30, 2001. Adam G.
Landis, Eric Lopez Schnabel, Mary Caloway at Klett Rooney Lieber
& Schorling represent the Debtors in their restructuring
efforts.


HAYES LEMMERZ: KPMG Completes Financial Review & Restatements
-------------------------------------------------------------
Hayes Lemmerz International, Inc. (OTC Bulletin Board: HLMMQ),
said that it has completed its financial review of prior year
results and has instituted numerous changes in its management
and accounting processes, practices and policies.  The Company's
auditors, KPMG LLP, have also completed their audits of the
Company's restated financial statements for the 1999 and 2000
fiscal years and their review of the Company's unaudited
restated financial statements for the first quarter of fiscal
2001.

Hayes Lemmerz, a leading global supplier of automotive and
commercial highway wheels, brakes, powertrain, suspension,
structural and other lightweight components, announced last
September that it had discovered accounting errors in previously
reported results, and that it intended to restate results.  
Today, the Company has filed restated financial statements with
the Securities and Exchange Commission for fiscal 1999 and 2000
and the first quarter of fiscal 2001.  The Company expects to
file its quarterly reports on Form 10-Q for the second and third
fiscal quarters of fiscal 2001 in March 2002.

On December 5, 2001, Hayes Lemmerz, along with its U.S.
subsidiaries and one subsidiary in Mexico, filed for
reorganization under Chapter 11 of the U.S. Bankruptcy Code to
restructure their debt.  Since then, the Company and its
subsidiaries have continued to operate their businesses as
debtors-in- possession.  The Company has also received court
approval for $200 million of debtor-in-possession financing.

The revised financial statements cumulatively reduce previously
reported net income for the 1999 and 2000 fiscal years and the
first quarter of fiscal 2001 by $218.0 million.  These
adjustments will have only a minimal impact on current and
future cash resources, and EBITDA, an important measure of the
operating performance of the Company, will be reduced by $96.4
million of the total adjustments.  (EBITDA means net income
before interest, taxes, depreciation, amortization and asset
impairments and restructuring charges). The remainder of the
non-EBITDA adjustments relate primarily to asset impairment
losses, increases in deferred income tax valuation allowances
and restructuring charges.  Overall, the restated results are
closely in line with the estimated results that were announced
by the Company on December 13, 2001.

"The Company's Board of Directors has always expected and
required proper financial reporting.  Unfortunately, that view
was not properly reflected in the attitudes and actions of
certain former managers.  Our review of prior financial results
and events that led to the mis-statements has been thorough and
thoughtful.  Based on that review and other factors, we have
significantly changed senior management," said John S. Rodewig,
chairman of the Audit Committee of Hayes Lemmerz' Board of
Directors.

"An unwavering commitment by our management team to accurate
accounting is the single most important means to ensure accurate
and honest reporting," Mr. Rodewig continued.  "We now have a
management team that believes accurate reporting of results is
its highest priority.  Through the combination of our extensive
management changes and instituting stronger and more rigorous
accounting practices and procedures, I am confident that Hayes
Lemmerz will be able to accurately report its results going
forward."

The Audit Committee's recommendations to the Board -- all of
which have been adopted by the Board and are being implemented
by management of the Company -- include, among other things,
improving the quality and integrity of financial management,
realigning the Company's organizational structure so that plant
and business unit financial management report directly to the
Company's senior corporate financial management, and
strengthening its Code of Conduct.

Curtis J. Clawson, who became president and CEO of Hayes Lemmerz
on August 1, 2001, and was also subsequently named chairman,
said, "Our senior management team is wholly committed to
accurate and complete financial accounting.  That commitment
provides a strong foundation for accurate reporting.  I want
everyone associated with the Company, whether as employees,
investors, customers or vendors, to understand that our
strengthened accounting processes, practices and policies are
fortified by my absolute commitment to conducting our business
with integrity, and reporting results truthfully and
accurately."

Even while it addressed the accounting issues and its Chapter 11
filing, Hayes Lemmerz has taken significant strides forward
operationally, Mr. Clawson noted.  "We have continued to serve
our customers' needs, and to discuss new business opportunities.  
We have significantly reduced inefficiencies that hindered our
ability to meet customer needs and operate profitably.  We have
become leaner, more efficient and have assembled a strong
management team. With our $200 million of debtor-in-possession
financing, we have ample liquidity to meet all business needs.  
In short, we are in the midst of transforming Hayes Lemmerz so
that we can achieve our full potential as the industry leader."

Hayes Lemmerz International, Inc., is one of the world's leading
global suppliers of automotive and commercial highway wheels,
brakes, powertrain, suspension, structural and other lightweight
components.  The Company has 43 facilities and 2 joint ventures
and 14,000 employees worldwide.  Of the total, 22 plants in the
United States and one plant in Nuevo Laredo, Mexico, were
included in the Chapter 11 filings.  The company's stock is
traded Over the Counter (OTC) with the symbol HLMMQ.  More
information about the Company is available at
http://www.hayes-lemmerz.com

DebtTraders reports that Hayes Lemmerz Int'l Inc.'s 11.875%
bonds due 2006 (HAYES1) are trading between 53 and 55. See
http://www.debttraders.com/price.cfm?dt_sec_ticker=HAYES1for  
real-time bond pricing.


HEALTHGATE DATA: Fails to Meet Nasdaq Listing Requirements
----------------------------------------------------------
HealthGate Data Corp. (NASDAQ: HGAT), a market-leading provider
and electronic publisher of healthcare information for health-
related organizations, said that due to the market price of its
common stock, the company has received notice that it is not in
compliance with The Nasdaq National Market listing requirements.
Nasdaq is allowing HealthGate through May 15, 2002 to regain
compliance. If HealthGate is not in compliance with Nasdaq
National Market listing requirements on that date, Nasdaq staff
may notify HealthGate of a determination to delist the stock. If
an initial delisting decision is made by the staff, HealthGate
may appeal the decision as permitted by Nasdaq rules.

Nasdaq also stated that HealthGate may apply to transfer its
securities to The Nasdaq SmallCap Market before May 15, 2002 for
which a grace period is available through August 13, 2002 to
comply with the $1.00 minimum bid price requirement.

HealthGate will monitor its ability to regain compliance with
The Nasdaq National Market listing requirements and will make a
determination as to what steps to take as the May 15, 2002
compliance deadline approaches.

HealthGate Data Corp. (NASDAQ:HGAT) is a market-leading provider
and electronic publisher of healthcare information. HealthGate
offers customers the most comprehensive content repository of
healthcare information, unrivaled in its breadth and depth of
content. HealthGate's authoritative content is used by more than
600 hospitals in the U.S. to provide the capability to drive
down costs through more effective research and treatment,
regulatory compliance, and clinician and patient education. The
company's XML-based content can be delivered electronically
across virtually any technology used by its customers. Since
1999, HealthGate has become an integral part of operations in
approximately 12 percent of all hospitals in the United States.
Some of the most respected healthcare institutions in the world,
including Brigham and Women's Hospital, Swedish Medical Center,
and HCA now utilize the data provided by HealthGate. The
company's content repository is supported by a technology
infrastructure designed to enable HealthGate to rapidly develop
products and services for additional markets such as
pharmaceutical companies and payors (insurance companies,
governments, and self-insured organizations).


IT GROUP: Signing-Up Skadden Arps to Perform Legal Services
-----------------------------------------------------------
The IT Group, Inc., and its debtor-affiliates request entry of
an order under sections 327 (a) and 329 of the Bankruptcy Code
authorizing each of them to employ and retain Skadden Arps
Meagher & Flom LLP as their attorneys under a general retainer
to perform the legal services that will be necessary during
their chapter 11 cases.

According to James M. Redwine, the Debtors' Vice President and
Senior Corporate Counsel, prior to commencement of these chapter
11 cases, the Debtors sought the services of Skadden Arps with
respect to advice regarding restructuring matters in general and
preparation for the potential commencement and prosecution of
chapter 11 cases for the Debtors. Since December 12, 2001, the
Firm has performed extensive legal work for the Debtors in
connection with their ongoing restructuring efforts including
financing and divestiture strategies and creditor issues. As a
result of representing the Debtors on such matters, Skadden Arps
has acquired extensive knowledge of the Debtors and their
businesses and is uniquely familiar with the Debtors' capital
structure, corporate structure, financing documents and other
material agreements.

The Debtors believe that continued representation by their
prepetition restructuring and bankruptcy counsel, Skadden Arps,
is critical to the Debtors' efforts to restructure their
businesses because Skadden Arps has become extremely familiar
with the Debtors' businesses and legal and financial affairs
and, accordingly, is well-suited to guide the Debtors through
the chapter 11 process. Mr. Redwine relates that the Debtors
have selected Skadden Arps as their attorneys because of the
firm's prepetition experience with, and knowledge of, the
Debtors and their businesses, as well as its experience and
knowledge in the field of debtors' and creditors' rights and
business reorganizations under chapter 11 of the Bankruptcy
Code. The Debtors submit that continued representation of the
Debtors by Skadden Arps is critical to the success of the
Debtors' reorganization because Skadden Arps is uniquely
familiar with the Debtors' business and legal affairs.

Specifically, Skadden will:

A. advise the Debtors with respect to their powers and duties as
     debtors and debtors-in-possession in the continued
     management and operation of their businesses and
     properties;

B. attend meetings and negotiate with representatives of
     creditors and other parties in interest and advise and
     consult on the conduct of the chapter 11 cases, including
     all of the legal and administrative requirements of
     operating in chapter 11;

C. take all necessary action to protect and preserve the
     Debtors' estates, including the prosecution of actions on
     their behalf, the defense of any actions commenced against
     those estates, negotiations concerning all litigation in
     which the Debtors may be involved and objections to claims
     filed against the estates;

D. prepare on behalf of the Debtors all motions, applications,
     answers, orders, reports and papers necessary to the
     administration of the estates;

E. negotiate and prepare on the Debtors' behalf plan(s) of
     reorganization, disclosure statement and all related
     agreements and documents and take any necessary action on
     behalf of the Debtors to obtain confirmation of such
     plan(s);

F. advise the Debtors in connection with any sale of assets;

G. appear before this Court, any appellate courts, and the U.S.
     Trustee, and protect the interests of the Debtors' estates
     before such courts and the U.S. Trustee; and

H. perform all other necessary legal services and provide all
     other necessary legal advice to the Debtors in connection
     with these chapter 11 cases.

Gregg M. Galardi, Esq., a member of the firm of Skadden Arps
Slate Meagher & Flom LLP, submits that the members, counsel and
associates of the Firm do not have any connection with any of
the Debtors, their affiliates, their creditors or any other
party in interest, or their respective attorneys and
accountants; are "disinterested persons," as that term is
defined in section 101(14) of the Bankruptcy Code; and do not
hold or represent any interest adverse to the estates. Skadden
Arps currently represents, or has represented the following
entities or their affiliates on matters unrelated to the
Debtors:

A. Directors and Officers: E. Martin Gibson.

B. Prepetition Secured Lenders: Allstate Insurance Company;
     Angelo Gordon; Citibank; Credit Lyonnais; PNC Bank, N.A.;
     Royal Bank of Canada; Societe Generale; The Industrial Bank
     of Japan; The Mitsubishi Trust and Banking Corporation;
     Union Bank of California; Van Kampen Funds; Bank Polska
     Kasa Opieki SA; Citicorp USA, Inc.; Comerica Bank; Eaton
     Vance Management; Fleet Business Credit Corp; Fleet
     National Bank; Goldman Sachs Credit Partners; Keybank
     National Association; Merrill Lynch Asset Management L.P.;
     Merrill Lynch Senior Floating Rate Fund; The Bank of Nova
     Scotia.

C. Noteholders: ABN AMRO Inc.; AG Edwards & Son; Bank One Trust
     Company; Bankers Trust Company; Bear Stearns Security
     Corp.; Boston Safe Deposit and Trust Company; Brown
     Brothers Harriman & Co.; Charles Schwab & Co.; CIBC World
     Markets Corp; CS First Boston; Deutsche Banc Alex Brown;
     Fifth Third Bank; Fiduciary Trust Company International;
     First Union Bank; First Union National Bank; Janney
     Montgomery Scott; JP Morgan Chase & Co.; M&I Marshall &
     Illsley; Merrill Lynch Safekeeping; Northern Trust Company;
     State Street Bank & Trust Co.; Salomon Smith Barney; Wells
     Fargo Bank.

D. Bond Trustee: The Bank of New York; United States Trust
     Company.

E. Sureties: American International Group; CNA; Crum & Forster;
     National Union Fire Insurance Co. of Pittsburgh; Travelers
     Property & Casualty; The Insurance Company of Pennsylvania;
     National Fire Insurance Co. of Hartford; American Motorists
     Insurance Co.

F. Unsecured Creditors: Citibank; Science Applications
     International Corp.; United Rentals; URS/Dames & Moore;
     Xerox; AFCO Credit Bank of America Business Corporation;
     Caterpillar Financial Services; Chemical Waste Management;
     Harding Lawson Associates Group, Inc.; Hertz Equipment
     Rental; Marsh USA; NFT Inc.; Samsung Corp.; Sumitomo Heavy
     Industries Ltd. and URS Group, Inc.; Stone & Webster
     Engineering.

G. Significant Shareholders: Carlyle Group, Inc.; T. Rowe Price.

H. Underwriters: Salomon Smith Barney, Citigroup, Inc.;
     Donaldson, Lufkin & Jenrette; Credit Suisse First Boston.

I. Competition: ATC Group Services, Inc.; Washington Group
     International, Inc.

Mr. Galardi assures the Court that Skadden Arps' representation
of the above entities will not affect the firm's representation
of the Debtors in these cases and the Firm does not represent
the above entities in any matters adverse and/or related to the
Debtors in their chapter 11 cases.

Based upon the Engagement Agreement, Mr. Galardi states that
Skadden Arps and the Debtors have agreed that the Firm's bundled
rate structure will apply to these cases. Skadden Arps will also
continue to charge the Debtors for all other services provided
and for other charges and disbursements incurred in the
rendition of services. Presently, the hourly rates under the
bundled rate structure are:

      Partners                                $480-$695
      Counsel and Associates                  $230-$470
      Legal Assistants and Support Staff      $ 80-160

In connection with entry into the Engagement Agreement, Mr.
Galardi informs the Court that Skadden Arps was paid a $150,000
retainer for professional services and expenses charged by
Skadden Arps. In the ordinary course of business, the Debtors
paid in the aggregate the sum of $516,270 for services rendered
and as reimbursement for charges and disbursements incurred, all
of which was attributable to legal services performed and
charges and disbursements incurred in contemplation of or in
connection with these cases. In addition, prior to the Petition
Date, Skadden Arps drew the full amount of the Initial Retainer
to pay for fees and expenses incurred prior to the Petition Date
but that were unable to be billed specifically because such
amounts had not yet been processed through Skadden Arps billing
system. (IT Group Bankruptcy News, Issue No. 4; Bankruptcy
Creditors' Service, Inc., 609/392-0900)  


INTEGRATED HEALTH: Panel Gets Okay to Hire Bernstein as Counsel
---------------------------------------------------------------
The Official Committee of Unsecured Creditors in the Chapter 11
cases of Integrated Health Services, Inc., and its debtor-
affiliates obtained Court's approval to employ and retain
Bernstein Litowitz Berger & Grossmann LLP as special litigation
counsel for the Committee nunc pro tunc to January 14, 2002.

BLB&G is a law firm of approximately 30 attorneys, having its
principal offices at 1285 Avenue of the Americas, New York, New
York. BLB&G's attorneys have extensive experience, expertise and
knowledge in the field of director and officer liability for
breaches of fiduciary duties and have been successful in
securing recoveries in such matters, including in matters
brought in the Delaware Courts.

BLB&G has acted as lead counsel in many large fiduciary duty
litigations. BLB&G achieved recoveries in matters brought
against, inter alia, the officers and directors of: Cendant
Corporation, 3COM and Assisted Living Concepts, Inc.  In light
of BLB&G's experience, the Committee believes that BLB&G is
qualified to represent it as special litigation counsel in a
cost-effective, efficient and timely manner.

The Committee will look to BLB&G:

(a) to commence and pursue in all respects litigation
    prosecuting the Claims;

(b) to attend meetings and negotiate potential settlements;

(c) to appear, as appropriate, before this Court or any other
    court in connection with the prosecution of the Claims; and

(d) to perform all other necessary legal services in the IHS
    cases as is appropriate given the limited purpose and scope
    of BLB&G's retention.

The Committee's current co-counsel, Klehr, Harrison, Harvey,
Branzburg & Ellers LLP, will serve as local Delaware counsel for
the Committee in connection with pursuit of the Claims.

As described in the BLB&G Letter, BLB&G will be compensated on a
time charge basis at their normal hourly rates for all
professional services rendered through service of an answer in
any litigation commenced or a decision on a motion to dismiss in
such litigation. Thereafter, BLB&G will be entitled to receive
30% of any recovery received on the Claims (the Contingent Fee).
All fees previously paid to BLB&G shall be credited against the
Contingent Fee. In addition, BLB&G will be compensated all
reasonable costs and expenses in connection with prosecution of
the Claims.

All payments to BLB&G for fees and expenses shall be subject to
approval of the Court pursuant to the Court's Order and Secs.
330 and 331 of the Bankruptcy Code.

The Committee is informed that BLB&G's hourly rates range from
$210 for junior associates to $560 for senior partners, subject
to periodic adjustments.

Max W. Berger, a partner of BLB&G, submitted that neither he nor
any member or associate of BLG&G represented or was associated
with the Debtors, their creditors or any other party in
interest, except that (i) BLB&G maintained a banking
relationship with Citibank N.A., a creditor in the IHS cases,
(ii) BLB&G represented the Lead Plaintiff in a securities class
action pending in the United States District Court for the
Northern District of California, in which a public company,
McKesson HBOC, Inc. is one of the named defendants.  Mr. Berger
told the Court that neither McKesson Corporation or McKesson
HBOC, Inc., had any relationship with the Debtors' cases.  Mr.
Berger told the Court that "McKesson Drug Company" was a
creditor in the IHS cases but, BLB&G is unaware of any
relationship between McKesson Corporation and McKesson Drug
Company.

Mr. Berger also submitted that BLB&G held no interest adverse to
the Debtors or their estates as to the matters in which the firm
was to be employed, and he believed that BLB&G was a
"disinterested person" as that term is defined in Section
101(14) of the Bankruptcy Code. (Integrated Health Bankruptcy
News, Issue No. 29; Bankruptcy Creditors' Service, Inc.,
609/392-0900)   


INTERVOICE-BRITE: Expects to Violate Covenants Under Credit Pact
----------------------------------------------------------------
InterVoice-Brite (Nasdaq: INTV) announced that it has updated
its outlook for the fourth quarter of its fiscal 2002, which
ends February 28, 2002.  The Company anticipates that sales for
the quarter will be between $30 million and $40 million.  As
announced earlier, several strategic actions were begun during
the quarter, including decisions concerning organizational
structure, relocation of some operational elements, reduction of
certain elements of infrastructure and workforce, streamlining
product lines, and the closing of certain leased facilities.
Until these actions are completed, the Company will be unable to
estimate its net loss for the quarter, as such actions will
result in several non-recurring charges to operations, including
provisions for severance payments and related benefits, lease
losses, and asset impairments.  These one-time charges could
total between $20 million and $30 million during the quarter.

"This is a difficult quarter," said David Brandenburg, the
Company's Chairman and CEO.  "The global economy, a slow down in
the telecommunications equipment market and world events have
continued to slow the pace of converting sales opportunities
into booked orders, especially in our networks markets.  The
quarter's anticipated sales range also includes the impact of a
product return from one of our value added resellers.  Long
term, we feel very good about our prospects.  The return on
investment generated by our speech enabled enterprise products
are very attractive to our prospective and installed base of
customers, not to mention the improved user interface they can
offer to their customers.  Our networks products are generating
a large number of sales opportunities as they give network
service providers the opportunity to create new revenue streams
and reduce operating costs."

"The strategic actions we implemented this quarter are designed
to improve earnings and cash flow," continued Mr. Brandenburg.  
"We intend to continue to establish a leadership position in our
markets through well funded marketing programs, sales force
expansion and innovative products."

Once fourth quarter results are known, the Company may not be in
compliance with a financial covenant in its credit agreement
with its lenders. The Company has not defaulted on any of its
payment obligations under the credit agreement.  The Company has
initiated discussions with its lender group to obtain a waiver
of the potential covenant non-compliance.

With systems operating in more than 70 countries, InterVoice-
Brite is the technology leader in speech-enabled interactive
information solutions and enhanced services for network service
providers, and is a premier communications and e-commerce ASP.  
The Company operates in two global divisions, each focusing on a
separate marketplace.  iVB Network Solutions provides value-
added solutions and outsourcing services marketed under the
Omvia? product name for network operators.  iVB Enterprise
Solutions provides speech and self-service solutions serving
millions of enterprises' customers and institutions' patrons
worldwide.  Both divisions also can provide their products and
services as an Application Service Provider.  For more
information, visit http://www.intervoice-brite.com


LORAL/QUALCOMM: Case Summary & 20 Largest Unsecured Creditors
-------------------------------------------------------------
Lead Debtor: Loral/Qualcomm Satellite Services, L.P
             3200 Zanker Road
             San Jose, California 95164

Bankruptcy Case No.: 02-10506

Debtor affiliates filing separate chapter 11 petitions:

Entity                                    Case No.
------                                    --------
Loral/Qualcomm Partnership, L.P.          02-10507-MFW  
Loral General Partner, Inc.               02-10508-MFW
LGP (Bermuda) Ltd.                        02-10509-MFW

Chapter 11 Petition Date: February 15, 2002

Court: District of Delaware

Judge: Mary F. Walrath

Debtors' Counsel: David B. Stratron, Esq.
                  David M. Fournier, Esq.
                  Pepper Hamilton LLP
                  1201 Market Street, Suite 1600
                  Wilmington, Delaware 19801
                  Tel: 302 777 6500

Estimated Assets: $0 to $50,000

Estimated Debts: more than $100 million

Debtor's Largest Unsecured Creditors:

Entity                      Nature Of Claim       Claim Amount
------                      ---------------       ------------
Qualcomm Incorporated       Vendor Financing      $538,807,578
Suzanne Reynolds            Accrued Liabilities
5775 Morehouse Drive        and Accounts Payable
Bldg. R-143E
San Diego, CA 92121
Tel: 858 578 1121
Fax: 858 651 6045

Lockhead Martin             Note Payable,         $150,003,273
   Corporation              Accounts Payable
Douglas ericson
3200 Zanker Road
Building 220
San Jose, CA 95134
Tel: 408 473 4547
Fax: 218 218 2677

Ericsson Mobile             Accounts Payable       $63,873,693
   Communications (UK)
Cyrus Allen
Lawn Road Industrial Estate
Carlto-In-Linfrick, Workshop
Nonttinghamshite, UK
Tel: 44 1256 70 7874
Fax: 44 1256 77 4381

Vodafone Satellite          Accounts Payable        $2,329,480
   Services, Inc.           Accrued Liability
2999 Oak Road
10th Floor
Walnut Creek, CA 94596
Tel: 925 210 3808
Fax: 925 210 2599

Eslacom s.p.a.              Accounts Payable &      $2,857,855
Michael Yates               Accrued Liability
Via di Settehagni, 300
Rome 0013
Italy
Tel: 39 06 872 75 637
Fax: 39 06 872 75 300

TESAM                       Accounts Payable &      $2,375,726
Stan Heverlik               Accrued Liability
B-16, Rue Paul
Valland Couturier
Malakoff Cedex
France
Tel: 33 1 55 22 33 03
Fax: 33 1 55 22 33 19

Saudi Globalstar           Accrued Liability &      $1,246,117
   Operations Cp., Ltd.    Accounts Payable
New Akarya Building
Sitten Street, Mdez
Tower #3, Floor 8
Office 8304
Riyadh 11476
Kingdom of saudi Arabia

Segal Company              Accrued Pension           $900,000
Doron Scharf               Liabilities
1 Park Avenue
New York, NY 10016
Tel: 212 251 5265
Fax: 212 251 5490

Santa Clara County         Accrued Property Tax      $265,454
   Tax Collection
Madelyn Murphy
70 W. Hedding Street
East Wing
San Jose, CA 95110
Tel: 408 808 7949
Fax: 408 286 5275

Globalstar Northern Europe  Accounts Payable         $238,427

Dacom                      Accrued Liability         $105,600

International              Accounts Payable           $46,320
   Telecommunication Union

Office Depot               Accounts Payable           $14,003

Agilent Financial Service  Accounts Payable           $11,325

Computer Packages, Inc.    Accounts Payable            $7,049

Pinkerton                  Accounts Payable            $5,249

Corporate Express          Accounts Payable            $2,820

DHL Worldwide Express      Accounts Payable            $2,399

Teleglobe                  Accounts Payable            $2,048

Federal Express Corp.      Accounts Payable            $1,997


MSU DEVISES: Must Raise $1.4MM After 10% Convertible Notes Issue
----------------------------------------------------------------
MSU Devices Inc. (OTCBB:MUCP) said the Company issued
approximately $638,000 in 10% convertible promissory notes in a
private placement, which notes mature on July 31, 2002.

Of that total, $500,000 was issued to a related party. The 10%
Promissory Notes are secured by all of the assets of the Company
including all intangible assets and intellectual property of the
Company. The covenants of the 10% Promissory Notes require the
Company to raise an additional $1.362 million within 105 days
after Feb. 14, 2002, the date of the closing of the issuance of
the initial 10% Promissory Notes. The additional funds must be
received according to the following schedule: at least $362,500
within 45 days after the initial closing, at least an additional
$500,000 within 75 days after the initial closing; and at least
an additional $500,000 within 105 days after the date of the
initial closing.

In the event the Company does not raise the funds as required
under the aforementioned schedule, as well as funds to repay the
10% Promissory Notes at maturity, the Company will be in
default, and the holders of the 10% Promissory Notes will be
able to foreclose their security interest in all of the assets
of the Company. The 10% Promissory Notes are convertible at
anytime at the option of the investors into shares of common
stock at a rate of 10 shares per $1 loaned, subject to
adjustment in certain events. The Company has granted
registration rights with respect to shares issuable upon
conversion. If the Company arranges $3.5 million in additional
financing (beyond the $1.362 million required under the 10%
Promissory Notes), the 10% Promissory Notes automatically
convert into the instruments issued in such financing, on
certain terms.

The 10% Promissory Notes, as well as the common stock into which
the 10% Promissory Notes are convertible, have not been
registered under the Securities Act of 1933, as amended, and may
not be offered or sold in the United States absent registration
or an applicable exemption from registration requirements.


MAGNUM HUNTER: Sets Special Shareholders' Meeting for March 13
--------------------------------------------------------------
A special meeting of the stockholders of Magnum Hunter
Resources, Inc., is to be held on March 13, 2002 at 9:00 a.m.,
local time, at the Omni Park West Hotel, 1590 LBJ Freeway,
Dallas, Texas 75234, to consider and vote upon proposals to
approve the issuance of Magnum Hunter common stock to the
stockholders of Prize Energy Corp., in accordance with the
merger agreement, to approve an amendment to the articles of
incorporation of Magnum Hunter to increase its authorized number
of shares of common stock to 200,000,000, and to transact other
business as may properly come before the special meeting.

Pursuant to the merger agreement Prize will merge with and into
a wholly owned subsidiary of Magnum Hunter and each share of
Prize common stock will be converted into 2.5 shares of Magnum
Hunter common stock plus a cash payment ranging from $0.25 to
$5.25 per share, based on the price of Magnum Hunter common
stock before the merger. The cash portion of the merger
consideration will be sufficient to cause the total value of the
consideration to equal $24.00 per share provided that the value
of Magnum Hunter shares as determined in the merger agreement is
between $7.50 and $9.50 per share, inclusive.

At the special meeting, as stated, the stockholders will vote on
two separate proposals. The first proposal is to approve the
issuance of Magnum Hunter common stock to the stockholders of
Prize pursuant to the merger agreement. The second proposal is
to approve an amendment to the articles of incorporation to
increase the authorized number of shares of Magnum Hunter common
stock to 200,000,000. The merger will not take place unless the
first proposal is approved by the stockholders.

Holders of record of Magnum Hunter common stock and one class of
preferred stock at the close of business on February 7, 2002 are
entitled to notice of, and to vote at, the special meeting and
any adjournment or postponement of the meeting.

The approval of the first proposal, to approve the issuance of
Magnum Hunter common stock to the stockholders of Prize pursuant
to the merger agreement, will require the affirmative vote of
the holders of a majority of the shares of Magnum Hunter stock
entitled to vote and present, in person or by proxy, at the
special meeting. The approval of the second proposal will
require the affirmative vote of the holders of a majority of the
outstanding shares of Magnum Hunter stock entitled to vote.

Magnum Hunter Resources, the independent exploration and
production company, has proved reserves of 367 billion cu. ft.
of natural gas equivalent (74% is natural gas) in the
midcontinent, Permian Basin, and onshore and offshore Gulf of
Mexico (where it partners with Remington Oil and Gas and Wiser
Oil). It owns interests in 3,000 producing wells. In addition,
Magnum Hunter owns more than 480 miles of gas gathering systems
and a half interest in three gas processing facilities. The
company markets gas in the western US through 30%-owned NGTS and
provides oil field services through subsidiary Gruy Petroleum
Management. In 2001 the company announced plans to acquire
Texas-based Prize Energy for $320 million. Natural gas
distributor ONEOK owns 22% of Magnum Hunter. At Sept. 30, 2001,
the company recorded a working capital deficit of about $7
million.


MCLEODUSA: Disclosure Statement Hearing Commences on February 28
----------------------------------------------------------------
David Kurtz, Esq., at Skadden, Arps, Slate Meagher & Flom,
suggests there is no reason to delay consideration of McLeodUSA
Inc.'s Disclosure Statement.  The restructuring plan described
in that Disclosure Statement is the result of extensive
negotiations among the Debtor and the representatives of its
major creditor constituencies -- the Pre-petition Secured
Lenders, Forstmann Little and the Noteholders' Committee.

Mr. Kurtz tells the Court the Debtor's Disclosure Statement is
contains information about:

    (a) the Plan,
    (b) certain events preceding the commencement of the Chapter
        11 case,
    (c) the nature of known claims against the Debtor's estate,
    (d) securities to be issued under the Plan,
    (e) risk factors affecting the Plan,
    (f) a liquidation analysis setting forth the estimated
        recoveries that creditors would receive in chapter 7,
    (g) financial information and valuations that would be
        relevant to creditors' determinations of whether to
        accept or reject the Plan, and
    (h) securities law and federal tax law consequences of the
        Plan

In addition, Mr. Kurtz says the Disclosure Statement was
reviewed and commented on by counsel for the Prepetition Secured
Lenders and the Noteholders' Committee, which represent
substantial interests in the Chapter 11 case.

The Debtor can't imagine what additional information a McLeodUSA
creditor would need to make an informed decision about whether
to accept or reject the Plan.  The Disclosure Statement, Mr.
Kurtz argues, complies with 11 U.S.C. Sec. 1125 in all respects
and should be approved.

To keep the Debtor's case moving forward on a fast track, Judge
Erwin directs that:

  A. Disclosure Statement Hearing

     A.1. The hearing to determine adequacy of the Disclosure
          Statement, as the same may be further modified or
          amended, shall commence on February 28, 2002 at 10:00
          a.m. in the United States Bankruptcy Court, Northern
          District of Illinois, Everett McKinley Dirksen United
          States Courthouse, 219 South Dearborn Street, 2
          Courtroom 680, Chicago, IL 60604.

     A.2. No later than February 4, 2002, the Debtor will mail
          or cause to be mailed to all Holders of Class 5
          Claims, Class 6 Interests, Class 7 interests, and
          Class 8 Claims a copy of the Disclosure Statement
          Hearing Notice. As a supplement to the Notice, the
          Debtor is directed to publish the same Notice in the
          national edition of either The Wall Street Journal or
          The New York Times and the Cedar Rapids Gazette.

  B. Deadline and Procedures for Filing Disclosure Objections

     B.1. February 21, 2002 at 4:00 p.m., Disclosure Statement
          Objection Deadline, is fixed as the last date and time
          for filing and serving objections to the Disclosure
          Statement.

     B.2. In order to be considered, objections (if any) to the
          Disclosure Statement must (a) be in writing; (b)
          comply with the Federal Rules of Bankruptcy Procedure
          and the Local Bankruptcy Rules; (c) state the grounds
          for the objection and the legal and factual bases
          therefor; (d) reference with specificity the text of
          the Disclosure Statement to which objection is made;
          and (e) be filed with the Court, together with proof
          of service, and served so as to be received no later
          than the Disclosure Statement Objection Deadline by
          the Counsel for the Debtor, U.S. Trustee, Counsel for
          the Pre-Petition Secured Lenders, and Counsel for the
          Noteholders Committee. Objections not timely filed and
          served in the manner approved by the Court shall not
          be considered and shall be deemed overruled.

  C. Confirmation Hearing Date

     The hearing to consider confirmation of the Plan, as the
     same may be further modified or amended, shall commence on
     April 5, 2002 at 9:30 a.m. before the Honorable Erwin I.
     Katz, United States Bankruptcy Judge, or such other judge
     as may be assigned, in the United States Bankruptcy Court,
     824 North Market Street, Wilmington, Delaware 19801.

  D. Deadline and Procedures for Filing Confirmation Objections

     March 27, 2002 at 4:00 p.m., the Confirmation Objection
     Deadline, is fixed as the last date and time for filing and
     serving objections to confirmation of the Plan. In order to
     be considered, objections (if any) to confirmation of the
     Plan must (a) be in writing; (b) comply with the Federal
     Rules of Bankruptcy Procedure and the Local Bankruptcy
     Rules; (c) state the grounds for the objection and the
     legal and factual bases therefor; (d) reference with
     specificity the text of the Plan to which objection is
     made; and (e) be filed with the Court, together with proof
     of service, and served so as to be RECEIVED no later than
     the Confirmation Objection Deadline by the Counsel for the
     Debtor, U.S. Trustee, Counsel for the Pre-Petition Secured
     Lenders, and Counsel for the Noteholders' Committee.
     (McLeodUSA Bankruptcy News, Issue No. 3; Bankruptcy
     Creditors' Service, Inc., 609/392-0900)  


MONTANA POWER: Northwestern Buys Transmission Business for $1BB
---------------------------------------------------------------
NorthWestern Corporation (NYSE: NOR) announced the completion of
its acquisition of The Montana Power Company's energy
transmission and distribution business.

"With the combination of the NorthWestern and Montana Power
energy operations, NorthWestern becomes one of the region's
premier electric and natural gas providers," said Merle D.
Lewis, chairman and chief executive officer of NorthWestern.  
"Also, this combination creates a greater regional scale for
NorthWestern that will allow us to realize the full value of our
existing energy assets and provides a strong platform for future
growth."

The transaction is valued at $1.09 billion, including $602
million in cash and the assumption of approximately $488 million
in debt, and will enhance NorthWestern's annual regulated energy
revenues by more than $600 million, substantially increase cash
flow and will be immediately accretive to the company's
earnings.

According to Richard R. Hylland, NorthWestern president and
chief operating officer, the completed transaction provides
NorthWestern with approximately 22,000 miles of electric
transmission and distribution lines and 269 electric substations
serving customers in 36 of Montana's 56 counties, along with
5,300 miles of underground natural gas transmission and
distribution lines serving customers in 28 of Montana's 56
counties.  "Even more important than these energy business
assets, NorthWestern is adding more than 1,000 new team members
committed to service excellence for our more than 450,000 new
Montana energy customers," Hylland said.

Michael J. Hanson, president and chief executive officer of
NorthWestern's energy businesses, pointed out that NorthWestern
is bringing to Montana nearly 80 years of experience in
effective management of energy distribution operations and an
impressive record of providing award-winning reliability,
excellent service, stable prices and consistent financial
performance.

"Over the past 16 months, we have worked closely with consumer
groups, regulators, public officials, environmental groups and
Montana Power team members across the state on a variety of
challenging energy issues. NorthWestern worked hard to provide
innovative solutions to assure that our customers receive
reliable, competitively priced energy for years to come," said
Hanson.  "This experience has reinforced our belief that this
transaction will yield important benefits to all our
stakeholders.  We look forward to continuing to work hand-in-
hand with all stakeholders to provide our customers and the
communities we serve with progressive energy solutions and
customer care excellence that exceed their expectations."

NorthWestern Corporation, a FORTUNE 500 company, is a leading
provider of services and solutions to more than 2 million
customers across America in the energy and communications
sectors.  NorthWestern's partner entities include NorthWestern
Services Group, a provider of electric, natural gas and
communications services to Upper Plains and Northwest customers;
Expanets, the largest mid-market provider of networked
communications solutions and services in the United States; Blue
Dot, a leading provider of air conditioning, heating, plumbing
and related services; and CornerStone Propane Partners L.P.
(NYSE: CNO), one of the nation's largest retail propane
distribution entities. Further information about NorthWestern is
available on the Internet at http://www.northwestern.com

Montana Power is all abuzz -- from its fiber-optic network. To
focus on telecommunications, the company has sold its Montana
power plants, its independent power projects, its oil and gas
assets, and its coal-mining operations, and it's selling its
electricity and natural gas distribution operations (to
NorthWestern). Montana Power's Touch America subsidiary offers
voice, data, video, and Internet services over its 18,000-mile
fiber-optic network, which covers the western half of the US.
Touch America has acquired 250,000 long-distance customers from
Qwest. It has joined the Baby Bell in a digital PCS joint
venture that operates in the western US. At June 30, 2001,
Montana Power posted a working capital deficiency of $137
million.


NQL INC: Chapter 11 Case Summary
--------------------------------
Debtor: NQL INC.
        dba Alpha Mircosystems Inc.
        dba Alphaserv. com
        900 Huyler Street
        Teterboro, NJ 07608

Bankruptcy Case No.: 02-31661

Type of Business: NQL, through its DCi division, provides
                  professional services including Internet and
                  intranet consulting, network design,
                  installation and maintenance as well as
                  onsite support for customers located
                  primarily in the northeastern U.S.

Chapter 11 Petition Date: February 15, 2002

Court: District of New Jersey (Newark)

Judge: Novalyn L. Winfield


NEENAH FOUNDRY: Bank Covenant Violations Spur S&P's Watch Action
----------------------------------------------------------------
Standard & Poor's said it placed its single-'B' corporate credit
rating on Neenah Foundry Co., a leading manufacturer in the
North American casting, forging, and machining industries, on
CreditWatch with negative implications following the company's
quarterly filing that it is in violation of its bank covenants,
and is in the process of amending its credit agreement.

"In addition to breaking bank covenants, Neenah faces
significant challenges over the next several months because the
company's bank credit facility matures in April 2002 and its
semi-annual interest payment is due on May 1, 2002," said
Standard & Poor's credit analyst Eric Ballantine.

The rating action affects about $282 million in subordinated
notes and $245 million in secured bank credit facilities. As of
Dec. 31, 2001, the company had $14 million in cash and there was
$28 million outstanding on the company's $50 million revolving
credit facility.

Standard & Poor's said that it will meet with management to
review its plans to maintain liquidity, and to review the
company's operating initiatives. Should bank negotiations prove
to be challenging or become delayed, ratings could be lowered in
the near term.

The ratings on the Neenah, Wis.-based company reflect a very
aggressive financial profile, which largely offsets its
defensible positions in the North American casting and forging
industries. Operating results continue to be negatively affected
by soft general industrial markets (especially the very
depressed heavy duty truck market) and intense pricing pressure.
In addition, the company has seen a significant deterioration in
its cast alloy business, which serves the golf club market.
Neenah has indicated that, as a result of weak market
conditions, the company plans to discontinue this operation.

As a result of market conditions, sales dropped by 17% to $94
million in the first fiscal quarter, ended Dec. 31, 2001. In
response to weak market conditions Neenah has reduced overhead
and focused on working capital management. Nonetheless, credit
measures are poor, with total debt to EBITDA of about 7.4 times
and EBITDA interest coverage of less than 1.0x.


NETZEE INC: Falls Below Nasdaq Minimum Market Value Requirement
---------------------------------------------------------------
Netzee, Inc. (Nasdaq: NETZ), a leading provider of Internet
banking products and Internet commerce solutions for community
financial institutions, announced that it has received a letter
from The Nasdaq Stock Market indicating that the company is out
of compliance with the $5 million minimum market value
requirement for its publicly held shares, as stated in
Marketplace Rule 4450(a)(2).

The letter, dated February 14, 2002, provides Netzee with 90
calendar days, or until May 15, 2002, to come into compliance
with this rule, which would require the company's publicly held
shares to maintain a minimum market value of $5 million for a
minimum of 10 consecutive trading days during that period.  If
Netzee fails to meet this requirement, it will become subject to
delisting from The Nasdaq National Market, at which the time the
company can appeal the delisting to the Nasdaq Listing
Qualifications Panel.  In addition, the company also has the
option of applying to transfer its securities to The Nasdaq
SmallCap Market, where it also would have to satisfy continued
inclusion requirements for that market.  Market value of
publicly held shares on The Nasdaq SmallCap Market must be $1
million or more.

"We are evaluating our options related to this notice," said
Donny R. Jackson, chief executive officer.  "As we said last
week in reporting fourth- quarter results, Netzee executed
according to plan in 2001, allowing our company to enter 2002
operating more efficiently and with a renewed commitment to
serve our customers.   We believe that, regardless of our stock
market valuation, Netzee today is in a stronger financial
position than we were a year ago.

"Our focus in 2002 will be on serving our customers," Jackson
said.  "Our core competency remains in providing Internet
banking solutions to community banks and credit unions.  We
continue to be supported in this endeavor by our two major
investors, The InterCept Group (Nasdaq: ICPT), which owns 28
percent of our stock, and John H. Harland Company (NYSE: JH),
which owns 16 percent."

Netzee provides financial institutions with a suite of Internet-
based products and services, including full-service Internet
banking, bill payment, cash management, Internet commerce
services, custom web design and hosting, branded portal design,
access to brokerage services, and implementation and marketing
services.  Netzee was formed in 1999 as a subsidiary of The
InterCept Group, Inc. and as the successor to a company founded
in 1996. Netzee became a public company in November 1999.  The
company's stock is traded on the Nasdaq National Market under
the symbol NETZ.  Further information about Netzee is available
at http://www.netzee.com


NOVO NETWORKS: 2002 2nd Quarter Revenues Nosedive to $1.8 Mill.
---------------------------------------------------------------
Novo Networks, Inc. (OTC BB:NVNW) announced financial results
for the fiscal 2002 second quarter and six-month period ended
December 31, 2001.

Revenues for the three-month period ended December 31, 2001 were
$1.8 million compared to $20.6 million in the year-ago quarter.
The decline in revenues is attributable to several factors
including (i) a significant downturn in the e.Volve Technology
Group international voice traffic to Mexico due to disputes with
Qwest Communications Corporation, (ii) the discontinuance of
Axistel Communications, Inc.'s data, carrier wholesale and
prepaid calling card businesses; and (iii) lower rates charged
per minute for e.Volve Technology Group's voice traffic.
Currently, the Company is not generating revenue from any
customers, including Qwest. Reflecting non-cash items, including
depreciation and amortization of approximately $0.6 million,
equity in loss of investment of approximately $0.6 million and a
$15.7 million gain on net assets to be liquidated, the Company
reported net income of $8.6 million, compared to a net loss of
$22.3 million in the second quarter of fiscal 2001. The gain on
net assets to be liquidated is the result of the Company's
application of the liquidation method of accounting to its
debtor subsidiaries in bankruptcy which effectively reduces all
assets and liabilities of these subsidiaries to liquidation
value, based on estimated asset liquidation proceeds. The
weighted average number of fully diluted shares outstanding for
the second quarters of fiscal 2002 and 2001 were 54,553,469 and
52,121,108, respectively.

During the first fiscal quarter of 2002, certain of the
Company's operating subsidiaries - including Novo Networks
Operating Corp., AxisTel Communications, Inc. and e.Volve
Technology Group, Inc. - filed voluntary petitions for
protection under Chapter 11 of the Bankruptcy Code. During the
quarter, these debtor subsidiaries filed an amended plan and
disclosure statement with the Bankruptcy Court for the District
of Delaware that contemplates a liquidation of substantially all
of the subsidiaries' assets under Chapter 11 of the Bankruptcy
Code, instead of a reorganization as was previously planned. The
plan confirmation hearing has been scheduled for March 1, 2001.

No assurance can be given that the debtor subsidiaries will be
successful in liquidating such assets within the Chapter 11
bankruptcy proceedings. A creditors committee has not yet
formed. However, the possibility exists that prior to the
approval of the plan of liquidation such a committee could form
and it or individual creditors could object to confirmation.
Accordingly, no assurances can be given that the Company's
debtor subsidiaries' amended plan will be confirmed.

Revenues for the six-month period ended December 31, 2001 were
$10.5 million compared to $39.2 million in the year-ago period.
Reflecting non-cash items, including depreciation and
amortization of approximately $1.3 million, equity in loss of
investments of approximately $1.1 million and the gain on net
assets to be liquidated of $15.7 million, the Company reported
net income of $1.1 million, or $0.01 per fully diluted share,
compared to a net loss of $38.5 million, or $0.74 per share, in
the first six months of fiscal 2001. The weighted average number
of fully diluted shares outstanding for the second quarters of
fiscal 2002 and 2001 were 54,553,469 and 52,055,335,
respectively.


OPEN PLAN SYSTEMS: Royce & Associates Reports 9.99% Equity Stake
----------------------------------------------------------------
Royce and Associates, Inc., located on the Avenue of the
Americas in New York City, beneficially own 433,400 shares of
the common stock of Open Plan Systems Inc. with sole powers to
vote or dispose of the stock.  The amount held represents 9.99%
of the outstanding common stock of Open Plan.  Royce and
Associates is an investment adviser firm.
    
Open Plan Systems, Inc., remanufactures and markets modular
office workstations through a network of Company-owned sales
offices and selected dealers. Workstations consist of movable
panels, work surfaces, storage units, lighting and electrical
distribution combined into a single integrated unit. The Company
has recycled over fifty million pounds of workstations. Under
its "As I" program, the Company also purchases and resells used
workstations. Additionally, the Company markets a wide variety
of other office-related products including chairs, desks and
other office furniture. The company is trimming its workforce
and sales offices to reduce costs.


PHARMACEUTICAL FORMULATIONS: Pursuing Recapitalization Plan
-----------------------------------------------------------
Pharmaceutical Formulations, Inc. (OTC Bulletin Board: PHFR)
announced that it had net sales of $12.9 million and a net loss
of $2.9 million for the quarter ended December 29, 2001, the
second quarter of its fiscal year 2002.  This compares with net
sales of $11.9 million and a net loss of $3.6 million for the
comparable quarter of the prior year.  For the first six months
of the current fiscal year, the Company had net sales of $26.1
million and a net loss of $4.9 million, compared with net sales
of $25.1 million and a net loss of $6.1 million in the
comparable prior year period.

Results for the current quarter and six months were adversely
affected by approximately $565,000 of costs related to the
start-up of long-term supply arrangements with two major
pharmaceutical companies.  In addition, as a result of
governmental labeling requirements, some inventory was sold at
distressed prices.  This had an additional adverse impact of
approximately $230,000 in the current quarter and six months.

The Company has entered into long-term supply arrangements with
two major pharmaceutical companies.  Shipments began late in the
second quarter of the fiscal year and will significantly
increase revenues.  The Company plans to launch its ibuprofen-
pseudoephedrine product in the Spring of 2002, for which it
previously obtained FDA approval.  This product should
significantly enhance sales and earnings over the next two to
three years.

While the softness in the general economy has persisted, the
Company has successfully continued to rebuild and expand its
customer base, and the sales growth, which began during the
second half of fiscal 2001, has continued in the second quarter
of fiscal 2002.  The Company has been awarded new business by
many accounts.  The full effect of this new business should be
seen the second half of the fiscal year, after these accounts
have depleted inventory from current suppliers.

ICC Industries Inc., the Company's principal stockholder, has
demonstrated its continued confidence in the Company's
management and business plan by the provision of loans to
provide the Company with working capital.

On December 21, 2001, ICC converted $15 million of loans due
from PFI into 44,117,647 common shares, at a conversion rate of
$.34 per common share, to increase its ownership to 85.6% of the
outstanding common shares.  Therefore, the Company will be
included in the consolidated tax return of ICC as of that
date.  As a result, the Company has recorded a tax benefit of
$123,000 in the three months and six months ended December 29,
2001.  Also, the Company will benefit from a reduction in
interest costs from the decrease in its debt.

The Company continues to pursue a recapitalization plan to
increase the value of its common equity.  On January 2, 2002,
ICC converted its 2,500,000 shares of the Company's Series A
Cumulative Redeemable Convertible Preferred Stock and unpaid
dividends on such preferred stock into 10,735,294 common shares
at a conversion rate of $.34 per common share.  On January 16,
2002, the Company's common stock returned to trading on the OTC
Bulletin Board.  The slower economy and other influences in the
industry, including inventory reduction, have slowed the
Company's plans; however, the Company still intends to file its
S-1 for the proposed rights offering within the next two weeks.

ICC, the holder of approximately 74.5 million shares
(approximately 87%) of the common stock of PFI, is a major
international manufacturer and marketer of chemical, plastic and
pharmaceutical products with 2001 sales in excess of $1.6
billion.

Pharmaceutical Formulations makes about 80 types of over-the-
counter generic drugs, including pain relief (ibuprofen accounts
for more than one-fourth of sales), cough and cold, sinus and
allergy, and gastrointestinal relief products. The firm sells to
drugstores, supermarkets, and mass merchandisers; its largest
customers include Costco Wholesale (13% of sales) and CVS (also
13%). The company has a joint venture with privately-owned
contract packager APG to make and sell such health care products
as anti-fungal aerosol sprays and cough and cold liquids.
Pharmaceutical Formulations is approximately two-thirds owned by
ICC Industries. As of June 30, 2001, the company's total current
liabilities exceeded its total current assets by over $17
million.


PHOENIX INT'L: Certain Shareholders Reselling Up to 126MM Shares
----------------------------------------------------------------
Phoenix International Industries Inc., is registering the resale
by certain selling shareholders of up to 129,650,000 shares of
the company's common stock that underlie some or all of its 12%
secured convertible debentures.  The common stock currently
trades on the Electronic Bulletin Board under the symbol "PHXU"
and on February 4, 2002, the last sale price of the common stock
as reported on the Electronic Bulletin Board was $0.054 per
share.

Phoenix International Industries, Inc. is a Florida holding
company, whose primary focus is the telecommunications and
internet industries. Phoenix focuses on identifying and
investing in growth stage technology issues. Through strategic
partnerships and careful acquisition, Phoenix is building a
unique blend of companies, strong in their individual fields,
together forming a partnership of unequaled strength. Our team
of companies are leading the way to better solutions with
cutting edge technology. At November 30, 2001, the company had a
working capital deficiency of close to $5 million, and a total
shareholders' equity deficit of $5 million.


PILLOWTEX: Fieldcrest Wins Nod to Assume Tax Incentive Agreement
----------------------------------------------------------------
Judge Robinson put her stamp of approval on a Stipulation among
Pillowtex Corporation and its debtor-affiliates, Cabarrus
County, Kannapolis and the City of Concord, all in North
Carolina, providing that the Debtors will assume the Tax
Incentive Agreement and:

  (i) Kannapolis shall withdraw the objection;

(ii) Fieldcrest is authorized to assume the Tax Incentive
      Agreement;

(iii) the amounts owed with respect to the Tax Incentive
      Agreement are:

      (A) Fieldcrest owes:

          (a) Cabarrus $1,367,226 in respect of the 2000 taxes,
              including interest, and taxes owed for
              certain "discoveries" of taxable personal property
              for the 2000 and 2001 tax years;

          (b) Kannapolis $901,253 in respect to the 2000 taxes,
              including interest, and taxes owed for certain
              "discoveries" of taxable personal property for the
              2000 and 2001 tax years; and

          (c) Concord $77,377 in respect of the 2000 taxes,
              including interest.

          (a) Cabarrus $1,367,226 in respect of the 2000 taxes,
              including interest, and taxes owed for
              certain "discoveries" of taxable personal property
              for the 2000 and 2001 tax years;

          (b) Kannapolis $901,253 in respect to the 2000 taxes,
              including interest, and taxes owed for certain
              "discoveries" of taxable personal property for the
              2000 and 2001 tax years; and

          (c) Concord $77,377 in respect of the 2000 taxes,
              including interest.

(iv) Fieldcrest shall pay:

      (a) $1,367,226 to Cabarrus;

      (b) $901,253 to Kannapolis; and

      (c) $77, 377 to Concord.

      This serves as a cure of all defaults under the Tax
      Incentive Agreement.  On the same day that Fieldcrest
      makes the Cure Payments:

      (a) Cabarrus shall pay $800,977 to Fieldcrest in full
          satisfaction of its 1999 and 2000 Incentive Payments
          and the Incentive Payments for 2001 relating only to
          certain discovered personal property;

      (b) Kannapolis shall pay $620,485 to Fieldcrest in full
          satisfaction of its 1999 and 2000 Incentive Payments
          and the Incentive Payments for 2001 relating only to
          certain discovered personal property; and

      (c) Concord shall pay $56,536 to Fieldcrest in full
          satisfaction of its 1999 and 2000 Incentive Payments.
          Pillowtex Bankruptcy News, Issue No. 22; Bankruptcy
          Creditors' Service, Inc., 609/392-0900)    


PSINET INC: Bar Date for Holding Entities Extended to April 5
-------------------------------------------------------------
Harrison J. Goldin, Chapter 11 Trustee of PSINet Consulting
Solutions Holdings, Inc. sought and obtained an extension of the
Bar Date for 90 days to and including May 6, 2002 for the
Trustee to file a proof of claim in the PSINet Inc. cases, and
upon the objection of the PSINet Inc. Debtors and the Committee,
Judger Gerber directed that the Trustee's time to file its proof
of claim be extended until April 5, 2002, without prejudice to
the right of the Trustee to seek further extensions.

The Holdings Trustee's request is made pursuant to Fed. R.
Bankr. P. 3003(3) and 9006(b) on the following bases:

       -- Issues relating to inter-company claims and potential
inter-company claims could have a major effect on both the
PSINet Case and the Holdings Case. In fact, the Committee
believed that the inter-company claims issues were likely to
cause considerable controversy in the PSINet case, and the
Committee's concerns lead to the officers and directors of
Holdings and Holdings' non-debtor subsidiaries resigning and
eventually the appointment of the Trustee.

       -- Given that a major reason why the Trustee was
appointed was because of the intercompany claims issue, it would
now be somewhat contradictory to not give the Trustee enough
time to fully investigate that issue and additionally to
determine what claims, if any, exist against PSINet.

       -- Both PSINet and Holdings are complex companies, which
engage in many businesses and have many subsidiaries.

       -- The Trustee was only recently appointed and simply
would not have had enough to time complete this process under
any circumstances.

       -- Moreover, since the Trustee was appointed, the Trustee
has spent substantial time and effort handling the significant
issues concerning the estate including, but not limited to: (1)
determining which of the Holdings Entities are operating
entities, determining what assets exist at those entities and
locating where various bank accounts are situated; (2) managing
the day to day operations of the Holdings Entities without any
of the former officers or directors any of the Holdings
Entities; (3) the lack of information, books and records
concerning the Holdings and the non-debtor subsidiaries of
Holdings; (4) handling various problems related to employees;
(5) selling the assets of what formerly made up the Enterprise
Group at Holdings; and (6) meeting with General Electric Capital
Corporation and the Committee and examining the nature and
potential priority of their claims.

The Debtors and the Committee object to the requested extension.

The Debtors and the Committee point out that the Holdings
Committee (formerly the ad hoc committee of bondholders) and its
legal and financial advisors have been intimately involved in
the facts of the Holdings' case for more than ten months, during
which time they got boxes upon boxes of documents from the
Debtors. Moreover, its remark in the STN Motion filed more than
two months ago indicates that it presumably believed that it had
a sufficient basis to assert Alleged Claims of, inter alia,
corporate waste, breach of fiduciary duty and/or mismanagement,
against the Debtors, the Debtors and the Committee tell the
Court. What does this have to do with the Trustee?  The Debtors
and the Committee remind Judger Gerber that the U.S. Trustee
selected the Holdings Trustee on advice and counsel of the
Holdings Committee. The Debtors and the Committee further assert
that, even if the Trustee did not have the advantage of all
these months worth of work performed by the Holdings Committee,
the 14 days left between the hearing on the motion for extension
and the bar date should be sufficient time to draft and file a
proof of claim, given that a proof of claim need only provide
notice of the creditor's claim against the estate.

The Debtors and the Committee tell Judge Gerber that the Trustee
is not the only one that is busy; all the Debtors' other
creditors are busy. There is no good reason why the Trustee,
which is represented by capable bankruptcy counsel, should be
given more time to prepare the claims than other creditors.

The departure of relevant personnel is not a good reason for the
requested extension either, the objector contend, and is in fact
all the more reason why the Trustee's proof of claim should be
filed promptly because the Debtors and the Committee are
entitled to see the claim asserted by the Trustee, to file an
appropriate objection to the claim, and to have a hearing on
whether such a claim should be allowed while it still has access
to the relevant personnel who can respond to the claim.

After entertaining both the request for the 90 day extension and
the objection of the Debtors and the Committee, Judger Gerber
decided that an extension of around 60 days, until April 5, 2002
is suitable. (PSINet Bankruptcy News, Issue No. 14; Bankruptcy
Creditors' Service, Inc., 609/392-0900)   


SCIENT INC: Fails to Comply with Nasdaq Listing Requirement
-----------------------------------------------------------
Scient, Inc. (Nasdaq: SCNT) announced that on February 14, 2002
it received a Nasdaq staff determination notice indicating that
the staff has initiated a review of the company's eligibility
for continued listing on The Nasdaq National Stock Market due to
the company's noncompliance with Nasdaq's minimum bid price
requirement of $1.00 a share over the preceding 30 consecutive
trading days.

Nasdaq's Marketplace Rule 4450(e)(2) provides Scient with 90
calendar days, or until May 15, 2002, to regain compliance with
this requirement.  If compliance with this Rule cannot be
demonstrated within that timeframe, Nasdaq may provide written
notification that Scient's securities are subject to a
delisting.  Under the Nasdaq rules, Scient has the right to
appeal any staff delisting determination to the Nasdaq Listings
Qualifications Panel.

Scient is a leading Experience Management Consultancy focused on
the Financial Services, Health and Wellness, Industrial Products
and Emerging Opportunities industries.  Our mission is to
transform our clients' businesses through Experience Management
-- the creation of multi-channel experiences that inspire and
strengthen dynamic connections among people, businesses,
channels and communities.  Scient strategists, user experience
experts and designers, engineers and technologists have
delivered thousands of client engagements for some of the
world's largest and most respected companies. Founded in 1996,
Scient is headquartered in New York, and has offices in London
and in key regions throughout the United States.  For more
information, please go to http://www.scient.comor call (212)  
500-4900.


SERVICE MERCHANDISE: Bringing-In Abacus as Wind-Down Advisors
-------------------------------------------------------------
Service Merchandise Company, Inc., and its debtor-affiliates
sought and obtained the Court's approval to employ and retain
Abacus Advisory & Consulting Corp. LLC as their wind-down
advisor and consultant, nunc pro tunc to December 15, 2001.

Beth A. Dunning, Esq., at Bass, Berry & Sims, PLC, in Nashville,
Tennessee, relates that the employment of Abacus is necessary to
increase the efficiency and profitability of the Store Closing
Sales and other liquidation of the Debtors' assets.

The Debtors have selected Abacus as their wind-down consultant
primarily because of the expertise of Alan Cohen, the Chairman
of Abacus. Mr. Cohen has extensive experience and knowledge in
the winding down of retail chain organizations. Mr. Cohen has
also provided similar services to the debtors in the Montgomery
Ward, LLC and Bradless Stores, Inc. bankruptcies.

As wind-down consultant, Abacus shall:

  (a) conduct examination and analysis of Service Merchandise's
      wind-down budget and assist in negotiations with respect
      thereto;

  (b) conduct review and inspection of Company assets, including
      inventory, operating leases, real estate leases and fixed
      assets;

  (c) advise the Company regarding the disposition of its
      inventory and other assets including:

      * review and advise with respect to issues associated with
        planned store closures;

      * review and advise with respect to timing of planned
        store closures;

  (d) provide an initial evaluation of planned store closures
      including a range of expected recoveries for inventory and
      other assets to be sold;

  (e) identification and solicitation of proposed purchasers of
      Company assets including store closings;

  (f) assist in the preparation of an appropriate information
      package for distribution to potential bidders;

  (g) review bid proposals and assist in negotiations with the
      various parties to ensure recoveries are maximized for the
      Company's creditors;

  (h) observe, if necessary, physical inventories which may be
      taken;

  (i) monitor the conduct and results of any third party
      selected to liquidate the inventory;

  (j) assist and advice the Company in the Claims reconciliation
      process; and

  (k) perform any work that the Company reasonably requests of
      Abacus in connection with the Company's wind-down of
      operations as necessary to complement or further the
      foregoing specifically enumerated responsibilities.

As compensation for the services rendered under the Agreement,
the Debtors will pay Abacus:

    (a) a monthly fee based on this schedule:

        Month               Monthly Fee
        -----               -----------
        December, 2001      $150,000 - prorated as of Dec.15th
        January, 2002        150,000
        February, 2002       150,000
        March, 2002          150,000
        April, 2002          100,000
        May, 2002            100,000
        June, 2002           100,000

        For July and thereafter, it will be as agreed by both
        parties.

    (b) A success fee of up to $500,000 as jointly agreed by the
        Debtors and Committee.

In addition, the Debtors will also reimburse Abacus for
reasonable out-of-pocket expenses like travel and lodging,
incurred in the performance of its obligations.

Alan Cohen, the Chairman of Abacus, assures the Court that
Abacus, its principals and professionals:

    (i) do not hold or represent an interest adverse to the
        Debtors' estates,

   (ii) are not a creditor or an insider of the Debtors, and

  (iii) do not have an interest materially adverse to the
        interest of the estates or of any class of creditors or
        equity security holders, by reason of any direct or
        indirect relationship to, connection with, or interest
        in the Debtors or an investment banker for a security of
        the Debtors, or for any other reason.

Given the experience of its Chairman, the Debtors believe that
Abacus is duly qualified to provide the services needed.
(Service Merchandise Bankruptcy News, Issue No. 26; Bankruptcy
Creditors' Service, Inc., 609/392-0900)


TOWER AUTOMOTIVE: American Express Discloses 5.3% Equity Stake
--------------------------------------------------------------
American Express Financial Corporation beneficially owns
2,535,588 shares of the common stock of Tower Automotive Inc.,
representing 5.3% of the outstanding common stock of Tower.  The
financial corporation shares voting power on 537,000 shares and
shares dispositive power over the entire 2,535,588 shares.

American Express Financial Corporation, a Delaware Corporation,
is a parent holding company and is registered as investment
advisor.  The relevant subsidiaries and/or advised accounts are:
Investment companies registered under section 8 of the
Investment Company Act of 1940; IDS Life Insurance Company and
American Express Asset Management Group Inc., an investment
advisor registered under section 203 of the Investment Advisors
Act of 1940.

Tower Automotive, Inc., produces a broad range of assemblies and
modules for vehicle structures and suspension systems for the
automotive manufacturers, including Ford, DaimlerChrysler, GM,
Honda, Toyota, Nissan, Fiat, Kia, Hyundai, BMW and Volkswagen.
Products include body structural assemblies such as pillars and
package trays, control arms, suspension links, engine cradles
and full frame assemblies. At September 30, 2001, the company's
working capital deficiency reached about $250 million.


TRUMP HOTELS: Says $1.7BB Debt Workout May be "Critical"
--------------------------------------------------------
Trump Hotels & Casino Resorts, Inc., (NYSE: DJT) reported
earnings and EBITDA for the quarter and the year ended
December 31, 2001.

THCR's EBITDA (earnings before interest, taxes, depreciation,
amortization, CRDA and corporate expenses) for the year ended
December 31, 2001 increased to $270.3 million from $250.8
million for the year ended December 31, 2000. Consolidated net
revenues (gross revenues less promotional allowances) for the
year ended December 31, 2001 decreased to $1,203.4 million from
$1,213.8 million reported for the year ended December 31, 2000.

THCR's EBITDA for the quarter ended December 31, 2001 increased
to $62.8 million from $41.5 million reported for the quarter
ended December 31, 2000. Consolidated net revenues for the
quarter ended December 31, 2001 increased to $285.9 million from
$278.0 million reported for the quarter ended December 31, 2000.

THCR's net loss for the year ended December 31, 2001 decreased
to $25.3 million net of minority interest of $14.6 million, from
a net loss for the year ended December 31, 2000 of $37.3 million
net of minority interest of $26.7 million. Net loss for the year
ended December 31, 2000 includes a $9.5 million extraordinary
gain, net of minority interest of $5.5 million, resulting from
the repurchase of debt and $0.5 million for Trump World's Fair
closing costs in 2000. THCR's net loss for the year ended
December 31, 2000, before the extraordinary gain and Trump
World's Fair closing costs, was $46.2 million.

THCR's net loss for the quarter ended December 31, 2001
decreased to $10.2 million net of minority interest of $5.9
million, from a net loss of $24.9 million, net of minority
interest of $14.4 million, for the quarter ended December 31,
2000.

Donald J. Trump, Chairman and Chief Executive Officer, said,
"Considering the magnitude of the September 11 tragedy and the
overall poor economy throughout 2001, the consolidated fourth
quarter and year end results are outstanding. The Company has
produced its highest full year and fourth quarter EBITDA. Our
improved operating margins were a result of cost control efforts
and improved slot performance at all of our properties in the
fourth quarter of 2001. These efforts, combined with milder
weather and a favorable holiday calendar, led to our improved
results."

Trump Taj Mahal Associates reported decreased net revenues of
$122.3 million for the quarter ended December 31, 2001 and
increased EBITDA of $30.3 million, compared to net revenues for
the quarter ended December 31, 2000 of $123.6 million and EBITDA
of $27.0 million. For the year ended December 31, 2001, Trump
Taj Mahal reported decreased net revenues of $515.0 million and
decreased EBITDA of $132.0 million, compared to net revenues for
the year ended December 31, 2000 of $532.2 million and EBITDA of
$137.0 million.

Mark A. Brown, President and Chief Operating Officer commented,
"The Taj Mahal produced its best fourth quarter EBITDA since the
Company has gone public. The power of the Trump name which is
synonymous with quality and elegant upscale design, coupled with
our staff's dedication to customer service helped drive this
last quarter's success."

Trump Plaza Associates reported increased net revenues of $71.5
million for the quarter ended December 31, 2001, compared to
$69.6 million for the quarter ended December 31, 2000 and
increased EBITDA of $12.9 million for the quarter ended December
31, 2001, versus $3.0 million reported for the quarter ended
December 31, 2000. For the year ended December 31, 2001, Trump
Plaza reported increased net revenues of $311.7 million,
compared to $309.0 million for the year ended December 31, 2000.
EBITDA for the year ended December 31, 2001 increased to $60.0
million from $43.8 million for the year ended December 31, 2000.
"I'm proud of the Plaza's turnaround," Mr. Brown commented. "The
Plaza's improved marketing efforts and attention to providing
superior customer service, newer slot product and a favorable
table game hold percentage helped drive this improved
performance."

Trump Marina reported increased net revenues of $62.8 million
for the fourth quarter ended December 31, 2001, compared to
$59.5 million for the quarter ended December 31, 2000. EBITDA
increased to $13.3 million for the quarter ended December 31,
2001 from $8.4 million for the quarter ended December 31, 2000.
For the year ended December 31, 2001, Trump Marina reported
decreased net revenues of $255.7 million, compared to $263.7
million for the year ended December 31, 2000. EBITDA decreased
to $52.1 million for the year ended December 31, 2001 from $53.1
million for the year ended December 31, 2000. Mr. Brown said,
"The Marina had a record-breaking fourth quarter in slot volume.
The results attest to the strength of the property's marketing
programs and combined with the control of expenses, the Marina
has experienced an improving EBITDA trend."

Trump Indiana reported increased net revenues of $29.4 million
and increased EBITDA of $6.4 million for the quarter ended
December 31, 2001 versus net revenues of $25.3 million and
EBITDA of $3.1 million for the quarter ended December 31, 2000.
For the year ended December 31, 2001, Trump Indiana posted
increased net revenues of $120.9 million and increased EBITDA of
$26.2 million, compared to net revenues of $108.9 million and
EBITDA of $17.0 million for the year ended December 31, 2000.
Mr. Brown commented, "Trump Indiana's management team, like its
Atlantic City counterparts, has focused on updating and
improving its slot product and marketing that product more
effectively. The milder Midwest weather in the 2001 fourth
quarter has aided the construction time line for the new garage
with its expected opening in Spring 2002 which should improve
our patrons' gaming experience."

Corporate expenses for the quarter ended December 31, 2001
decreased to $2.0 million from $2.1 million for the quarter
ended December 31, 2000. For the year ended December 31, 2001,
corporate expenses were reduced to $7.0 million from $11.3
million for the year ended December 31, 2000. Both periods
reflect the streamlining of the corporate office and a reduction
in litigation expenses.

The California development with the 29 Palms Band of Mission
Indians is progressing with its expected Spring 2002 opening.

For the quarter ended December 31, 2001, Trump Atlantic City
Associates reported combined increased net revenues for Trump
Plaza and Trump Taj Mahal of $193.8 million versus $193.3
million for the quarter ended December 31, 2000. For the quarter
ended December 31, 2001, EBITDA increased to $43.1 million from
EBITDA of $30.0 million for the quarter ended December 31, 2000.
For the year ended December 31, 2001, Trump Atlantic City
Associates reported decreased net revenues of $826.7 million and
increased EBITDA of $192.0 million, compared to net revenues of
$841.2 million and EBITDA of $180.8 million for the year ended
December 31, 2000.

Mr. Trump reiterated his concern with respect to New York
State's approval of the largest legislative gaming package in
its history passed in the wake of the September 11th terrorist
attacks. "This package, which permits three casinos in the
Catskills, just ninety minutes from Manhattan, together with
video slot machines at numerous racetracks, including Aqueduct
in New York City and Yonkers, as well as proposed expansion of
gaming in other nearby states, could lead to a tremendous
erosion of revenue in Atlantic City. This is particularly
unfortunate given management's efforts, as demonstrated in our
fourth quarter's positive results. The management team has
increased slot win while simultaneously cutting costs. While we
have been working very hard to maximize the results at our
properties, these world and local events might well lead to
diminishing revenues in the Atlantic City market. Under such
circumstances, it will become even more imperative to
distinguish our properties from the competition. In this new
environment, the restructuring of the terms of the Company's
$1.7 billion in public debt becomes more critical to the future
of the Company."

THCR owns and operates Trump Plaza Hotel & Casino, Trump Taj
Mahal Casino Resort and Trump Marina Hotel Casino in Atlantic
City, NJ, as well as Trump Indiana, the riverboat casino at
Buffington Harbor, Indiana on Lake Michigan. It is the exclusive
vehicle through which Trump will engage in new gaming activities
in both emerging and established gaming jurisdictions in both
the United States and abroad.


UNITED AIRLINES: Reaches Tentative Agreement with Mechanics
-----------------------------------------------------------
United Airlines and UAL Corporation (NYSE: UAL) Chief Executive
Officer Jack Creighton issued the following statement:

     "United and the International Association of Machinists
District 141M [Mon]day have reached tentative agreement on a
contract with the airline's mechanics, utility workers, and
related employees.

     "Our negotiating team and United's Labor Committee of the
Board of Directors have accepted the terms of the IAM's
proposal.  With the agreement, our customers can be confident
that United will continue to operate without disruption.

     "IAM District 141M will forward the details of the
tentative agreement to the union's membership for a vote within
the next two weeks.

     "Reaching agreement with District 141M is a critical
milestone in developing a recovery plan that meets the needs of
passengers, preserves jobs, and puts the company on the road to
financial stability.  I want to thank both negotiating teams for
their hard work over the weekend.  Their efforts ensure that
United's customers can continue to book and travel on United
without hesitation.

     "I also want to thank our employees, who have remained
singularly focused on running a great operation in the last
several weeks.  They have posted some of the best on-time
performance and lowest cancellation numbers this company has
seen.  They have really shown their commitment to our customers
and this airline."

United Airlines is the world's #1 air carrier based on revenue
passenger miles. United flies some 600 jets to more than 130
destinations in the US and 27 other countries from hubs in
Chicago, Denver, Los Angeles, San Francisco, and Washington, DC.
It leads the Star Alliance, a global marketing partnership with
Lufthansa and others. The carrier had hoped to expand by
acquiring US Airways, but the companies called off the deal
after antitrust regulators at the US Department of Justice moved
to block it. UAL low-fare carrier United Shuttle offers about
455 short-haul flights daily to 23 western US cities. Employees
control 55% of UAL's voting stock. At June 30, 2001, the
company's total current liabilities exceeded its total current
assets by around $4 billion.


URANIUM RESOURCES: William D. Witter Reports 7.7% Equity Stake
--------------------------------------------------------------
William D. Witter Inc. and William D. Witter beneficially own
3,750,000 shares of the common stock of Uranium Resources Inc.
with sole power to vote or dispose of the entire number of
shares held.  The holding represents 7.7% of the outstanding
common stock of Uranium Resources.

William D. Witter, Inc. is a New York corporation registered as
an investment adviser under the Advisers Act. Witter, Inc.
serves as an investment adviser for individuals and
institutions. William D. Witter is the President of William D.
Witter, Inc.

Mining company Uranium Resources uses the in situ leach process,
in which groundwater is pumped into a permeable orebody to
dissolve uranium contained in the ore. Production at Uranium
Resources' two main properties -- the Rosita and Kingsville Dome
properties in South Texas, which are capable of producing more
than a 1.5 million pounds of uranium a year -- are on hold until
the price of uranium surpasses the cost of production. Uranium
Resources owns additional exploration and development properties
in Texas and New Mexico. Investor Rudolf Mueller (The Winchester
Group) owns 23% of Uranium Resources. At June 30, 2001, the
company had a total shareholders' equity deficit of around $1
million.


WEIRTON STEEL: 2001 Fourth Quarter Net Loss Triples to $180MM
-------------------------------------------------------------
Weirton Steel Corporation (OTC Bulletin Board: WRTL) reported a
net loss of $180.0 million in the fourth quarter of 2001.  
Excluding a restructuring charge of $129.0 million related to an
early retirement program, the net loss for the fourth quarter of
2001 was $51.0 million.  This compares with a net loss of $60.1
million for the same period in 2000. Net sales for the fourth
quarter of 2001 were $226.5 million on shipments of 512,900
tons, compared to $210.1 million on 470,800 tons of shipments
for the same period of 2000.

For the year ended December 31, 2001, the Company reported a net
loss of $533.3 million.  These results included restructuring
charges of $141.3 million and a charge of $153.8 million to
fully reserve Weirton's deferred tax assets.  Excluding these
items, the net loss for 2001 was $238.2 million.  The net loss
for 2000 was $85.1 million.  Net sales in 2001 were $960.4
million on shipments of 2,231,400 tons compared to $1,117.8
million on shipments of 2,447,800 tons in 2000.

During the fourth quarter of 2001, the Company finalized a $200
million senior credit facility with Fleet Capital Corporation
together with vendor financing programs and a work force
reduction plan to be fully implemented by the end of the First
Quarter 2002.

In addition, the Company filed a Registration Statement on Form
S-4 on November 1, 2001 (followed by subsequent amendments on
November 21, 2001 and November 30, 2001) regarding a proposed
exchange offer and consent solicitation relating to the
Company's outstanding 11-3/8% Senior Notes due 2004 and 10-3/4%
Senior Notes due 2005.  In addition, the City of Weirton, West
Virginia has agreed to make a similar offer and consent
solicitation for its 8-5/8% Pollution Control Revenue Refunding
Bonds, which are secured by the Company's obligation to pay the
City of Weirton under a related loan agreement.  An unofficial
committee comprised of holders of a majority of the outstanding
Senior Notes has been formed and, through its financial and
legal advisors, is negotiating the terms of the proposed
exchange offer with the Company.

"The past several years of surging and unfairly priced steel
imports, coupled with the sluggish economy, adversely affected
the financial results for the fourth quarter and the entire year
of 2001.  During the year, steel selling prices were driven to
their lowest levels in many years.  We look forward to President
Bush's decision on remedies to deal with the import problem,"
said John H. Walker, president and chief executive officer.

Weirton Steel operates an integrated flat rolled steel producing
plant in Weirton, WV. Visit http://www.weirton.comfor further  
information about the company.

DebtTraders reports that Weirton Steel Corporation's 11.375%
bonds due 2004 (WEIRT2) are trading between 9 and 12. See
http://www.debttraders.com/price.cfm?dt_sec_ticker=WEIRT2for  
real-time bond pricing.


WESTERN WIRELESS: Jennison Assoc. Discloses 5.85% Equity Stake
--------------------------------------------------------------
Jennison Associates LLC owns 4,203,300 shares of the common
stock of Western Wireless Corporation representing 5.85% of the
outstanding common stock of that Company.  Jennison Associates
LLC furnishes investment advice to several investment companies,
insurance separate accounts, and institutional clients ("Managed
Portfolios"). As a result of its role as investment adviser of
the Managed Portfolios, Jennison may be deemed to be the
beneficial owner of the shares of Western Wireless' common stock
held by such Managed Portfolios.  The Prudential Insurance
Company of America owns 100% of equity interests of Jennison.  
As a result, Prudential may be deemed to have the power to
exercise or to direct the exercise of such voting and/or
dispositive power that Jennison may have with respect to Western
Wireless' common stock held by the Managed Portfolios.  Jennison
does not file jointly with Prudential, as such, shares of the
Copany's common stock reported by Jennison's  may be included in
the shares reported by Prudential.

The 4,203,300 shares were acquired in the ordinary course of
business, and not with the purpose or effect of changing or
influencing control of Western Wireless.  Jennison does hold
sole power to vote or direct the voting of, and shared power to
dispose of, or direct the disposition of, the shares held, which
invests Prudential with the same powers.

Western Wireless, the cellular phone service provider,has more
than 1 million subscribers, primarily in rural areas, in 19
western US states. Service is offered under the Cellular One
brand. Western Wireless has rolled out wireless local loop (WLL)
on a limited scale, allowing customers to use their home phones
on a cellular network, and it offers competitive local phone
service in areas of Kansas and Minnesota. Subsidiary Western
Wireless International operates wireless networks that serve
more than 1.3 million customers in 10 countries. CEO John
Stanton and EVP Theresa Gillespie control 43% of Western
Wireless. The company, at September 30, 2001, had a working
capital deficit of $71 million, and a total shareholders' equity
deficit of around $250 million.


WILD OATS MARKETS: Vanguard Explorer Posts 5.21% Equity Stake
-------------------------------------------------------------
Vanguard Explorer Fund beneficially owns 1,286,900 shares of the
common stock of Wild Oats Markets, Inc., which amount
constitutes 5.21% of the outstanding common stock shares of Wild
Oats.  Vanguard exercises sole power to vote or direct the
voting of, and shares power to dispose of, or to direct the
disposition of the entire amount of stock held.  The Fund is a
business trust organized under the laws of the Commonwealth of
Delaware.

Wild Oats Markets, Inc. (Nasdaq: OATS) is a leading national
natural and organic foods retailer. The company's total current
liabilities exceeded its total current assets by about $140
million, as of June 30, 2001.


WINSTAR COMMS: Shubert Wants to Hire Fox Rothschild as Counsel
--------------------------------------------------------------
Christine C. Shubert, the Chapter 7 Trustee appointed to
liquidate Winstar Communications, Inc.'s estate, applies to
employ and retain Fox Rothschild O'Brien & Frankel, LLP as her
counsel, nunc pro tunc to January 26, 2002, the first date
services were provided to the Trustee.

Ms. Shubert explains that she seeks to retain Fox Rothschild as
her attorneys because of the firm's extensive experience and
knowledge in the field of debtors' and creditors' rights and
prior representation of Chapter 7 Trustees. Fox Rothschild is
familiar with the Debtor's business and many of the potential
legal issues that may arise in the context of this Chapter 7
case. Subject to Court approval in accordance with section 330
of the Code, Ms. Shubert submits that compensation will be
payable to Fox Rothschild on an hourly basis at the firm's
normal and customary hourly rates, plus reimbursement of actual,
necessary expenses and other charges incurred. The principal
attorneys and paralegals presently designated to represent the
Trustee and their current standard hourly rates are:

      Francis G.X. Pileggi           $285 per hour
      Michael J. Viscount, Jr.       $300 per hour
      Michael G. Menkowitz           $285 per hour
      Magdalena Schardt              $245 per hour
      Prince Altee Thomas            $210 per hour
      Sheldon K. Rennie              $205 per hour
      Edith Eichert (Paralegal)      $125 per hour
      Kyra W. Coleman (Paralegal)    $125 per hour

Specifically, the Trustee will look to Fox Rothschild:

A. to provide legal advice with respect to the powers and duties
       as a Trustee;

B. to prepare on behalf of the Trustee necessary applications,
       motions, answers, orders, reports and other legal papers;

C. to analyze the Debtor's financial condition to determine the
       best course of action to follow in order to achieve the
       best possible outcome for the Debtor and its creditors;

D. to appear in Court and to protect the interests of the
       Trustee, the Debtor and the Debtor's creditors; and

E. to perform all other legal services for the Trustee that may
       be necessary and proper in these proceedings.

Michael G. Menkowitz, Esq., a Fox Rothschild partner, assures
that the firm does not hold or represent any interest materially
adverse to the Debtor's estate or any class of creditors, nor
has any relationship to any party in this proceeding except that
the firm may have represented general unsecured creditors of the
Debtor in other, unrelated matters, and is a disinterested
person within the meaning of 11 U.S.C. Secs. 101(14) and 327(1)
and (c). (Winstar Bankruptcy News, Issue No. 23; Bankruptcy
Creditors' Service, Inc., 609/392-0900)  


WIZZARD SOFTWARE: Completes Recapitalization under Reorg. Plan
--------------------------------------------------------------
Wizzard Software Corporation, (Formerly Balance Living, Inc.),
(Parent), a Colorado corporation, was organized on July 1, 1998.
The Company has, at the present time, not paid any dividends and
any dividends that may be paid in the future will depend upon
the financial requirements of the Company and other relevant
factors.

Wizzard Software Corp. [Subsidiary], was incorporated on
February 29, 1996 under the laws of the State of Delaware.  The
Company engages primarily in the development, sale, and service
of computer software products.

On February 7, 2001, the Company completed the Plan of
Reorganization and Stock Exchange agreement, wherein, Parent
acquired 96% of the common stock of the subsidiary.   The merger
was accounted for as a recapitalization of the Subsidiary,
wherein Subsidiary became a 96% owned subsidiary of the Parent.

On May 22, 2001 the Company purchased all of the issued and
outstanding shares of Speech Systems, Inc. in a transaction
accounted for as a purchase.

The financial figures presented reflect the accounts of Wizzard
Software Corporation, Wizzard Software Corp. and Speech Systems,
Inc. as of September 30, 2001 and for the three and nine months
ended September 30, 2001. All significant inter-company
transactions between the parent and
subsidiary have been eliminated in consolidation.

Wizzard Software Corporation, has incurred significant losses in
recent years and has not yet been successful in establishing
profitable operations.  These factors raise substantial doubt
about the ability of the Company to continue as a going concern.  
In this regard, management plans to mitigate this doubt by
raising additional funds through debt and/or equity offerings
and by substantially increasing sales. There is no assurance
that the Company will be successful in achieving profitable
operations.

Currently, the Company requires about $50,000 per month to stay
in operation.  This is less than the approximately $83,000 net
cash used by operating activities for the nine months ended
September 30, 2001, principally due to a reduction in the number
of employees and to decreased selling expenses.

Present cash on hand will last us only through the next two
months. After that, Wizard Software may have to curtail
operations which could have a very adverse effect on future
prospects.

                      Results of Operations

At September 30, 2001, the Company had $281,713 in current
assets and $125,402 in current liabilities.  The Company had
$11,119 and $26,903 in revenues for the three months ended
September 30, 2001 and 2000, and $263,300 and $402,417 in total
expenses, for net losses of $256,930 and $399,689, respectively.

The Company had $72,265 and $158,468 in revenues for the nine
months ended September 30, 2001 and 2000, and $695,247 and
$1,199,805 in operating expenses, for net losses of $658,439 and
$1,119,745, respectively.

The Company attributes the decline in quarterly revenue as a
result of its shift in focus from consumer speech recognition
applications to speech recognition developer tools and custom
speech programming services.

At September 30, 2001, the Company had $281,713 in current
assets, with current liabilities of $125,402.  Total
stockholder's equity was $976,141.  On September 14, 2001, the
Company received $250,000 from the sale of a Series 2001-A 8%
Convertible Note.

Over the next 12 months, Wizzard plans to expand its marketing
efforts for its products.  Currently, the Company offers its
products through its own web site as well as through resellers
and a few strategic online partners.  The company plans to grow
its distribution channels to include other high profile
companies to expand its products' reach and exposure.  This will
include:

          * Growing the number of distributors for its consumer
products. Wizzard plans to use Quixtar.com's 400,000 Independent
Business Operators, who earn commissions selling Wizzard's
product to their customers, to promote its products, expanding
its presence nationwide. To date, about 4,000 Quixtar
distributors have ordered its Interactive Voice Assistant
product and about 90% of its revenues have come from that
source;

          * Acquiring additional distribution partners for its
programming tools; and

          * Hiring and training an internal sales force of at
least 10 highly motivated, high quality individuals who will
blanket the U. S. market in search of companies needing speech
recognition solutions for the Company's customization solutions.

The Company also plans to generate leads for these sales people
through various partnerships and a conservative, extremely
targeted print market campaign.  Depending on general market
conditions, Wizzard would like to raise at least $1,000,000 and
preferably $3,000,000 to $5,000,0000 during the next two years
to cover intended operations.  It plans to conduct a private
placement of its common stock in the near future, but cannot
guarantee that it will be successful in these efforts.  In
addition, it will have to get Maricopa's consent if it wants to
sell over 500,000 shares in any quarter.  There is no assurance
that Maricopa will consent.  If it does not, Wizzard may not be
able to raise sufficient funds to proceed with its plan of
operation.


* Meetings, Conferences and Seminars
------------------------------------
February 25-26, 2002
   American Conference Institute
      Chapter11 Bankruptcy
         Hyatt Regency in Los Angeles, California
            Contact: 1-888-224-2480 or
            www.americanconference.com/conferences/bankruptcy/

February 27-28, 2002
    Information Management Network
       The Distressed Real Estate Symposium
          Crowne Plaza, New York, New York
             Contact: 1-212-768-2800 or dgleyzer@imn.org

February 28-March 1, 2002
   ALI-ABA
      Corporate Mergers and Acquisitions
         Renaissance Stanford Court, San Francisco, CA
            Contact: 1-800-CLE-NEWS or http://www.ali-aba.org

March 3-4, 2002
   Association of Insolvency and Restructuring Advisors
      Business Valuation Conference (Held in conjunction with
      The Norton Bankruptcy Litigation Institute I)
         Park City Marriott, Park City, UT
            Contact: (541) 858-1665 Fax (541) 858-9187 or
            aira@airacira.org

March 3-6, 2002
   NORTON INSTITUTES ON BANKRUPTCY LAW
      Norton Bankruptcy Litigation Institute I
         Park City Marriott Hotel, Park City, Utah
            Contact:  770-535-7722 or Nortoninst@aol.com

March 7-8, 2002
   RENAISSANCE AMERICAN MANAGEMENT, INC. & BEARD GROUP
      Third Annual Conference on Healthcare Transactions
         The Millennium Knickerbocker Hotel, Chicago
            Contact: 1-800-726-2524 or ram@ballistic.com

March 8, 2002
   American Bankruptcy Institute
      Bankruptcy Battleground West
         Century Plaza Hotel, Los Angeles, California
            Contact: 1-703-739-0800 or http://www.abiworld.org

March 14-15, 2002
   American Conference Institute
      Commercial Loan Workouts
         The New York Marriott Marquis in New York City
            Contact: 1-888-224-2480 or
                     www.americanconference.com

March 20-23, 2002
   TURNAROUND MANAGEMENT ASSOCIATION
      Spring Meeting
         Sheraton El Conquistador Resort & Country Club
         Tucson, Arizona
            Contact: 312-822-9700 or info@turnaround.org

April 11-14, 2002
   NORTON INSTITUTES ON BANKRUPTCY LAW
      Norton Bankruptcy Litigation Institute II
         Flamingo Hilton, Las Vegas, Nevada
            Contact:  770-535-7722 or Nortoninst@aol.com

April 18-21, 2002
   American Bankruptcy Institute
      Annual Spring Meeting
         J.W. Marriott, Washington, D.C.
            Contact: 1-703-739-0800 or http://www.abiworld.org

April 25-27, 2002
   ALI-ABA
      Fundamentals of Bankruptcy Law
         Rittenhouse Hotel, Philadelphia
            Contact:  1-800-CLE-NEWS or http://www.ali-aba.org

May 13, 2002 (Tentative)
   American Bankruptcy Institute
      New York City Bankruptcy Conference
         Association of the Bar of the City of New York
         New York, New York
            Contact: 1-703-739-0800 or http://www.abiworld.org

May 15-18, 2002
   Association of Insolvency and Restructuring Advisors
      18th Annual Bankruptcy and Restructuring Conference
         JW Marriott Hotel Lenox, Atlanta, GA
            Contact: (541) 858-1665 Fax (541) 858-9187 or
            aira@airacira.org

May 26-28, 2002
   International Bar Association
      International Insolvency 2002 Conference
         Dublin, Ireland
            Contact: Tel +44 207 629 1206 or member@int-bar.org
            or http://www.ibanet.org

June 6-9, 2002
   American Bankruptcy Institute
      Central States Bankruptcy Workshop
         Grand Traverse Resort, Traverse City, Michigan
            Contact: 1-703-739-0800 or http://www.abiworld.org

June 20-21, 2002
   RENAISSANCE AMERICAN MANAGEMENT, INC. & BEARD GROUP
      Fifth Annual Conference on Corporate Reorganizations
         The Millennium Knickerbocker Hotel, Chicago
            Contact: 1-800-726-2524 or ram@ballistic.com

June 27-30, 2002
   NORTON INSTITUTES ON BANKRUPTCY LAW
      Western Mountains, Advanced Bankruptcy Law
         Jackson Lake Lodge, Jackson Hole, Wyoming
            Contact: 770-535-7722 or Nortoninst@aol.com

July 11-14, 2002
   American Bankruptcy Institute
      Northeast Bankruptcy Conference
         Ocean Edge Resort, Cape Cod, MA
            Contact: 1-703-739-0800 or http://www.abiworld.org

July 17-19, 2002
   Association of Insolvency and Restructuring Advisors
      Bankruptcy Taxation Conference
         Snow King Resort, Jackson Hole, WY
            Contact: (541) 858-1665 Fax (541) 858-9187 or
            aira@airacira.org

August 7-10, 2002
   American Bankruptcy Institute
      Southeast Bankruptcy Conference
         Kiawah Island Resort, Kiawaha Island, SC
            Contact: 1-703-739-0800 or http://www.abiworld.org

October 9-11, 2002
   INSOL International
      Annual Regional Conference
         Beijing, China
            Contact: tina@insol.ision.co.uk or
                 http://www.insol.org

October 24-28, 2002
   TURNAROUND MANAGEMENT ASSOCIATION
      Annual Conference
         The Broadmoor, Colorado Springs, Colorado
            Contact: 312-822-9700 or info@turnaround.org

December 5-8, 2002
   American Bankruptcy Institute
      Winter Leadership Conference
         The Westin, La Paloma, Tucson, Arizona
            Contact: 1-703-739-0800 or http://www.abiworld.org

April 10-13, 2003
   American Bankruptcy Institute
      Annual Spring Meeting
         Grand Hyatt, Washington, D.C.
            Contact: 1-703-739-0800 or http://www.abiworld.org

December 3-7, 2003
   American Bankruptcy Institute
      Winter Leadership Conference
         La Quinta, La Quinta, California
            Contact: 1-703-739-0800 or http://www.abiworld.org

April 15-18, 2004
   American Bankruptcy Institute
      Annual Spring Meeting
         J.W. Marriott, Washington, D.C.
            Contact: 1-703-739-0800 or http://www.abiworld.org

December 2-4, 2004
   American Bankruptcy Institute
      Winter Leadership Conference
         Marriott's Camelback Inn, Scottsdale, AZ
            Contact: 1-703-739-0800 or http://www.abiworld.org

The Meetings, Conferences and Seminars column appears in the
Troubled Company Reporter each Wednesday.  Submissions via
e-mail to conferences@bankrupt.com are encouraged.

                          *********

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

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

Bond pricing, appearing in each Thursday's edition of the TCR,
is provided by DebtTraders in New York. DebtTraders is a
specialist in global high yield securities, providing clients
unparalleled services in the identification, assessment, and
sourcing of attractive high yield debt investments. For more
information on institutional services, contact Scott Johnson at
1-212-247-5300. To view our research and find out about private
client accounts, contact Peter Fitzpatrick at 1-212-247-3800.
Real-time pricing available at http://www.debttraders.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. Yvonne L. Metzler, Bernadette
C. de Roda, Ronald P. Villavelez and Peter A. Chapman, Editors.

Copyright 2002.  All rights reserved.  ISSN: 1520-9474.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.  Information
contained herein is obtained from sources believed to be
reliable, but is not guaranteed.

The TCR subscription rate is $575 for 6 months delivered via e-
mail. Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance thereof
are $25 each.  For subscription information, contact Christopher
Beard at 240/629-3300.

                    *** End of Transmission ***