TCR_Public/030910.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, September 10, 2003, Vol. 7, No. 179   

                          Headlines

5 G WIRELESS: Hires Carter & Balsam as New Independent Auditor
ABOVENET INC: Emerges from Chapter 11 Bankruptcy Proceedings
ADELPHIA COMMS: CWA Wants Examiner Appointed for Labor Disputes
AES CORP: Reaches Restructuring Agreement With BNDES in Brazil
ALKERMES INC: Closes Sale of $25-Mil. of 2-1/2% Conv. Sub. Notes

ALLIANCE COMMS: Case Summary & Largest Unsecured Creditors
ALPHARMA: Lowers Financial Expectations for Second Half of 2003
ANC RENTAL: Delays Filing of Second Quarter Report on Form 10-Q
ARMSTRONG: Court Allows Renewal of Deloitte & Touche Engagement
ARVINMERITOR: Receives FTC Request for Additional Information

ATLAS AIR: Moody's Downgrades and Withdraws Low-B/Junk Ratings
AVAILENT FINANCIAL: Capital Deficits Raise Going Concern Doubt
AVAYA INC: Plans to Contribute $105 Million More to Pension Plan
AVAYA INC: Generates $352 Million from Sale of Common Stock
AVNET INC: Moody's Cuts Sr. Unsec. Debt Rating to Ba2 From Baa3

BAY VIEW CAPITAL: Redeems 5.14% of Outstanding Shares
BONLAC FOODS: S&P Affirms B+/C Ratings with Stable Outlook
CAM CBO I: S&P Puts B+ Rating on Class B Notes on Watch Negative
CARECENTRIC INC: Files Form 15 to Cease SEC Reporting
CENTENNIAL COMMS: Will Publish Fiscal 2004 Q1 Results on Sept 12

CHIQUITA BRANDS: Provides Interim Banana Price and Volume Data
COMVERSE TECHNOLOGY: Sinks into Red Ink in Second Quarter 2003
CONSECO INC: Bankruptcy Court Confirms Plan of Reorganization
CWMBS (INDYMAC): Fitch Takes Rating Actions on Securitizations
DANA CORP: Says ArvinMeritor Offer Raises Anti-Trust Issues

DANIELSON HOLDING: Annual Shareholders' Meeting Set for Nov. 5
DATAWORLD SOLUTIONS: Initiates Aggressive Turnaround Plan
DDI CORP: Files Joint Plan and Disclosure Statement in S.D.N.Y.
DEUTSCHE MORTGAGE: Fitch Lowers 4 Low-B/Junk Note Class Ratings
DOBSON COMMS: Proposes $600 Million Senior Notes Offering

DRYDEN IV-LEVERAGED: S&P Assigns BB $8-Mill. Class D Note Rating
DVI INC: Receives Interim Approval for $20-Million DIP Financing
EASYLINK SERVICES: Needs Sufficient Cash to Ensure Viability
ELAN CORP: Will Webcast 2nd Quarter 2003 Results on September 17
ENCOMPASS SERVICES: Disbursing Agent Balks at Government Claims

ENRON CORP: Wants to Sell ECT's Aircraft to JLT for $11.75 Mill.
FEDERAL-MOGUL: Court Approves Amendments to DIP Financing Pact
GAUNTLET ENERGY: Responds to High Volume Stock Trading Activity
GENERAL MARITIME: Extends Exchange Offer Until 5:00 p.m. Tomorrow
GLOBAL CROSSING: Wants Info From XO Communications & Carl Ichan

GLOBAL DIVERSIFIED: Recurring Losses Raise Going Concern Doubt
HAYES LEMMERZ: Will Host 2nd Quarter Conference Call on Tuesday
IMPERIAL PLASTECH: Deloitte Continues Work to Complete Reports
INFORMATION ARCHITECTS: Releasing New Perceptre 2.0 Software
KSAT SATELLITE: Steven Shao Hong Wan Steps Down as Director

LIFE ENERGY: Hires Berkovits Lago as New Independent Auditors
MEDICALCV INC: Will Hold Q1 2004 Conference Call Tomorrow
MILESTONE SCIENTIFIC: Secures FDA Clearance for SafetyWand(TM)
MORGAN STANLEY: S&P Lowers Class D & E Note Ratings to B/CCC
NAVISITE INC: Appoints Kenneth Drake as New General Counsel

NESCO INDUSTRIES: Grant Thornton Expresses Going Concern Doubt
NORTH ATLANTIC: Moody's Hatchets Ratings Due to Rising Debt
OWENS-BROCKWAY: Completes Exchange Offer for 7.75% Senior Notes
PARAGON FINANCIAL: Shoos-Away BP Professional as Accountants
PARTS PLUS: Disclosure Statement Hearing to Convene September 22

PG&E NATIONAL: Wants Nod to Tap Winston & Strawn as FERC Counsel
PILLOWTEX CORP: Enters into Pact to Sell All Assets to GGST LLC
PLAINS ALL AMERICAN: Commences Public Offering of Common Units
PNC MORTGAGE: Fitch Upgrades 23 & Affirms 88 RMBS Class Ratings
PROVIDIAN FIN'L: Will Present at Today's Lehman Bros. Conference

SEDONA CORP: Temporarily Trading on Nasdaq Under SDNAE Symbol
SHAW COMMS: Buying Monarch Cablesystems Assets for $90 Million
SHAW GROUP: Reports Two New Executive Management Appointments
SK GLOBAL: Wins Final Nod to Hire Togut Segal as Ch. 11 Counsel
SMARTSERV ONLINE: Ability to Continue Operations Uncertain

SUN HEALTHCARE: Arranges New $75 Mil. Revolving Credit Financing
SUREBEAM CORPORATION: Consolidates Processing Services Business
TCW LINC: Fitch Downgrades Ratings & Keeps Negative Watch
TOM'S FOODS: Moody's Changes Ratings Outlook to Negative
TWINLAB CORP: Wants Okay to Tap Ordinary Course Professionals

UNITED AIRLINES: Wants to Expand Bain & Co.'s Engagement Scope
US DATAWORKS: Independent Auditors Air Going Concern Uncertainty
US FLOW: Seeks Court Approval to Pay Vendors' Prepetition Claims
U.S. MINERAL: Files Plan and Disclosure Statement in Delaware
USG CORP: Committee Taps C. Loizides as Special Local Counsel

VALCOM: Retains Giants Studios' D. Dadon to Assist in Turnaround
WEIRTON STEEL: Court Approves D. Leonard Wise Engagement as CEO
WORLDCOM: Taps MorganFranklin for Interim Accountiung Support
WORLDCOM INC: Trial Spurs S&P Equity Research' Negative Outlook
WORLDCOM INC: Wants Clearance for AT&T Wireless Settlement Pact

XEROX CORP: Extends Exchange Offer for 9-3/4% Senior Notes
XM SATELLITE: Caps Price of 11-Million Share Public Offering
YOUTHSTREAM MEDIA: Invests $125K in KES Hldg. for 1% Equity Stake

* Jill Greenthal Joins Blackstone's Mergers & Acquisitions Group

* Meetings, Conferences and Seminars

                          *********

5 G WIRELESS: Hires Carter & Balsam as New Independent Auditor
--------------------------------------------------------------
Effective on July 31, 2003, the independent accountant who was
previously engaged as the principal accountant to audit 5 G
Wireless Communications' financial statements, Michael Deutchman,
CPA, was dismissed.  

This dismissal was approved by the Board of Directors. This firm
audited the Company's financial statements for the fiscal year
ended December 31, 2002.  This accountant's report on these
financial statements was modified as to uncertainty that 5 G
Wireless will continue as a going concern.

Effective on August 5, 2003, the firm of Carter & Balsam, A
Professional Corporation, was engaged to serve as the new
independent accountant to audit 5 G Wireless' financial
statements.  The decision to retain this firm was approved by the
Board of Directors.

5G Wireless Communications, Inc., was incorporated in September
1979.  In March 2001, the Company merged with 5G Partners, a
private Canadian partnership, resulting in a name change to the
current name.

In April 2002, 5G Wireless acquired Wireless Think Tank, a
privately held entity, acquiring a 100% interest.  The
stockholders of Wireless Think Tank were issued 15,387,425 shares
of 5G Wireless' common stock in exchange for all the common stock
of that company.  The issuance of the shares was recognized in the
condensed consolidated financial statements as $769,371 of
compensation expense, measured at the fair market value of the
newly-issued common stock at the date of issuance, as management
determined that the fair value of the tangible assets of WTT were
not material.  The accompanying condensed consolidated financial
statements include results of WTT operations from the date of
acquisition.  Pro forma information concerning this acquisition is
included in Form 8-K/A filed June 26, 2003.

5G Wireless provides patent pending, innovative wireless
technology which is best known for its recent breakthroughs in
extending the distance, user capacity and non-line-of-sight
reception of wireless services based on 802.11b (Wi-Fi) standards.  
5G Wireless is focused on Wireless Internet Service Providers,
University and Business Campuses, and Municipalities to create
large and efficient Wireless LAN's and WAN's, with far less
equipment and expense than competitors.  Revenues are the result
of sales of equipment and subscriber based Internet service.


ABOVENET INC: Emerges from Chapter 11 Bankruptcy Proceedings
------------------------------------------------------------
AboveNet, Inc., the leading provider of unconstrained information
exchange services, has emerged from Chapter 11 protection with a
new name, a strong cash position, new financial backing and a low
debt level.

"We are extremely pleased to have come out of bankruptcy stronger,
healthier and with a growing customer base," said John Gerdelman,
president and chief executive officer for AboveNet. "With the
financial backing of Craig McCaw and others, we believe the
Company is well-positioned to take full advantage of new market
opportunities. AboveNet is a survivor that has blasted out of
bankruptcy and is ready to take its place as a formidable player
helping to reshape the industry."

Since filing for bankruptcy protection in May 2002, AboveNet has
significantly reduced its expenses and increased its cash position
to $80 million. AboveNet also is conducting a $50 million rights
offering to certain of its creditors. This offering is fully
backstopped. Assuming the full $50 million is raised, the company
will pay down its senior bank debt to $70 million.

In addition, AboveNet retained all of its core assets in tact and
has a more focused product strategy. AboveNet boasts one of the
most exten, enable enterprise customers to rise above legacy
networks to create truly customized networks that enable the real-
time information exchange when and how it is needed.


ADELPHIA COMMS: CWA Wants Examiner Appointed for Labor Disputes
---------------------------------------------------------------
The Communications Workers of America, AFL-CIO is the collective
bargaining representative of 500 hourly employees of the Adelphia
Communications Debtors, employed at 12 cable operations locations
across the country.  Of the 12 locations, employees from these
eight locations of the Debtors' cable systems are currently
employed under the terms and conditions of collective bargaining
agreements between the CWA and Adelphia:

   -- Los Angeles, California,
   -- Huntington, West Virginia,
   -- Morgantown, West Virginia,
   -- Norton, Virginia,
   -- Utica, New York,
   -- West Seneca, New York,
   -- Duryea, Pennsylvania, and
   -- Martinsville, West Virginia.

For the employees in Cheektowaga, New York, Cleveland, Ohio,
Rutland, Vermont and Inverness, Florida, they are currently
bargaining for their first contracts.

Another union, Local 118 of the International Brotherhood of
Teamsters represents 20 employees in ACOM's Auburn, New York
cable operations.  The ACOM Debtors employ 40 CWA-represented
employees in Morgantown and 20 employees in Auburn.

Babette A. Ceccotti, Esq., at Cohen Weiss & Simon, LLP, in New
York, reports that there have been recent labor disputes at
Morgantown, West Virginia and Auburn, New York cable operations.

               The Morgantown, West Virginia Strike

The ACOM Debtors and CWA began negotiations for a new contract in
October 2002.  However, in seven months of bargaining, very
little progress was made -- with ACOM maintaining that it could
not afford the wage increases CWA asked for the employees.  Thus,
on May 21, 2003, the employees unanimously voted to strike and
walked out.  

On May 22, 2003, Chief Operating Officer Ronald Cooper and other
ACOM executives met with the striking workers and offered a
"large wage increase" if they left the union.  This action was
contrary to ACOM's position in the bargaining with CWA and a
hostile move, CWA believes, aimed at undermining the members'
affiliation with CWA.  

The Debtors brought in replacement workers from several states
and told the striking employees that they would be permanently
replaced if they did not return to work by June 11, 2003.  
According to Ms. Ceccotti, the striking workers returned to work
on June 11, 2003 without a contract.  No further negotiations
with the Debtors occurred since June 13, 2003.

Because of this, ACOM became the subject of unfair labor practice
charges before the National Labor Relations Board.  Ms. Ceccotti
states that among the unfair labor practice charges CWA filed
with NLRB are illegal management coercion and failure to bargain
in good faith.  The NLRB found that ACOM paid higher wages to
employees who resigned from the Union, encouraged members to
resign from the Union by offering them higher wages and engaged
in "surface bargaining" and other dilatory tactics, all of which
constitute unlawful conduct under federal labor law.  The NLRB is
currently pursuing a settlement with the ACOM.  If no settlement
is reached, NLRB will issue a formal complaint against the
Debtors.  

However, Ms. Ceccotti raises the question of whether ACOM's
conduct toward the labor dispute is detrimental to reorganization
given that:

   (1) The CWA conservatively estimates that the strike cost ACOM
       over $320,000, with $256,950 spent on out-of-state
       replacement workers alone:

       -- $71 per hour for wages, healthcare and other benefits,
       -- $23,850 for housing, and
       -- $17,000 on per diem payments.

       In contrast, ACOM spends less than $16 per hour on wages
       and benefits for its bargaining unit employees at
       Morgantown;

   (2) During the strike, ACOM purchased several security
       cameras and contracted for 24-hour security coverage at
       the two Morgantown facilities and at the hotel where the
       replacement workers were staying, with the total cost of
       security services estimated at $44,000; and

   (3) ACOM spent about $22,000 communicating with Morgantown
       customers regarding the impact of the strike.  

This cost estimate does not include additional costs associated
with management time and attorneys' fees for strike-related
activities and the unfair labor practice charges under
investigation by the NLRB.  Nor does this estimate quantify the
resulting loss of goodwill in the community, where CWA and the
employees are well received.  For example, on a popular radio
call-in show in the area, 93% of the callers supported the
workers.

CWA estimates that had ACOM bargained a 3% wage increase for each
year of a three-year contract, the cost would have been less than
$200,000.

The Morgantown strike demonstrates that ACOM conducts its labor
relations in a reckless and improvident manner rather than
engaging in labor relations that serve its employees, its
customers and its reputation as a good corporate citizen.
Clearly, Adelphia is not being driven by cost concerns in
conducting its labor strategy; in just those costs enumerated,
the Debtors spent over $8,000 per bargaining unit employee.
Adelphia is either zealously committed to the elimination of
union representation regardless of cost, or utterly incompetent
in its conduct of labor relations.  In either case, the Debtors'
conduct at Morgantown has had a destructive impact on employee
morale and unnecessarily damaged its reputation in the
Morgantown community.  Ms. Ceccotti argues that the Debtors'
conduct is clearly not in the best interests of the estate or its
creditors.

                  The Auburn, New York Strike

In Auburn, New York, 20 ACOM employees have been working without
a contract since 1999 when their collective bargaining agreement
with previous owner, Harron Communications, expired.  When ACOM
bought the company in October 1999, it refused to recognize the
Local 118 as the exclusive bargaining representative of the
Auburn workers.  NLRB Litigation dragged on for one and a half
years before ACOM finally agreed to negotiate with Local 118.  
However, Ms. Ceccotti informs Judge Gerber that because of ACOM's
bad faith during the negotiations, Local 118 went on strike on
June 10, 2003.

During the strike, ACOM brought in six replacement workers who,
apart from their regular hourly wages, were housed in a hotel,
provided with per diem food and expense allowances.  Indeed, on
the first day of the strike, ACOM drove the replacement workers
across the picket line in a chauffeur-driven limousine.  To date,
these workers are still on strike.  ACOM and Local 118 met on
June 26, 2003, but little progress was made.

Ms. Ceccotti says that the Auburn community strongly supported
the strikers, urging the city council to put pressure on ACOM.  
Ms. Ceccotti recounts that the city council is earnestly
considering whether to negotiate a new franchise agreement with
the ACOM, find another provider, or start its own cable
operation.

In response, an ACOM public relations official told Local 118, on
June 26, 2003, that the Debtors did not care what the community
thinks about its practices.  ACOM's cavalier attitude may
convince cities like Auburn to find alternative cable providers.  
Ms. Ceccotti notes that this strategy does not bode well for
ACOM's business or its reorganization.  This would only add
massive pressure, given the fact that the ACOM Debtors are still
reeling from the impact of the Rigas corporate scandal.  

                  An Examiner Must Be Appointed

Accordingly, CWA asks the Court, pursuant to Section 1104(c) of
the Bankruptcy Code, to direct the U.S. Trustee to appoint an
examiner to conduct an investigation into the Debtors' labor
relations practices.

Ms. Ceccotti argues that an examiner's investigation into the
Debtors' wasteful and divisive conduct is in the best interests
of the estate because:

   (1) the examiner is the appropriate remedy of the Debtors'
       hostility toward the unions, which undermines confidence
       of their employees, customers, creditors and others
       critical constituencies in its ability to manage its
       reorganization;

   (2) the Debtors' practices are destructive of employee morale
       and customer goodwill, which are critical to a successful
       reorganization as opposed to:

       (a) unlawful labor practices that are destructive to
           employee morale and customer goodwill; and

       (b) low employee morale that ultimately has a devastating
           impact on the Debtors' ability to reorganize;

   (3) maintaining good customer relations and trade vendor
       support is essential as:

       (a) loss of public confidence, in light of the labor
           dispute, is a negative impact on the company;

       (b) without these, retaining existing customers,
           attracting new customers and sustaining goodwill in
           communities will be self-defeating;

       (c) alienating its customers damages the Debtors'
           franchise; and

       (d) the Debtors face greater competition from satellite
           and high-speed Internet providers;

   (4) respecting the employees' choice of collective
       bargaining representatives and engaging in productive
       labor relations maintains positive employee morale;

   (5) the Debtors have wasted resources, and misdirected
       management's activities are diverted to the excessive
       tactics instead of focusing their efforts to emerge from
       bankruptcy;

   (6) the appointment of an examiner is mandatory pursuant to
       Section 1104(c)(2) if the Debtors' debt, which it is, is
       more than $5,000,000;

   (7) the appointment of an examiner could instill confidence
       that the reorganization can be managed competently; and

   (8) the investigation of ACOM's labor relations practices
       serves well-recognized interests acutely related to the
       prospects for a successful reorganization.

Specifically, CWA wants the Examiner to:

    -- conduct an investigation into the resources the Debtors
       spent in dealing with its unionized workforce;

    -- determine whether these resources, financial or
       otherwise, were used in the disputes ACOM had with the
       unions; and

    -- determine whether these resources were being utilized in
       other efforts other than the disputes, and especially the
       reorganization. (Adelphia Bankruptcy News, Issue No. 40;
       Bankruptcy Creditors' Service, Inc., 609/392-0900)


AES CORP: Reaches Restructuring Agreement With BNDES in Brazil
--------------------------------------------------------------
The AES Corporation (NYSE: AES) has entered into a memorandum of
understanding with Banco Nacional de Desenvolvimento Economico e
Social to restructure the outstanding loans owed to BNDES by
several of AES' Brazilian subsidiaries.

The restructuring will include the creation of a new company that
will hold AES' interests in AES Eletropaulo, AES Uruguaiana and
AES Tiete. AES Sul will be contributed upon the successful
completion of its financial restructuring. AES will own 50.1%, and
BNDES will own 49.9%, of the new company. Under the terms of the
agreement, 50% of the currently outstanding BNDES debt of $1.2
billion will be converted into 49.9% of the new company. The
remaining outstanding balance of $515 million (which remains non-
recourse to AES) will be payable over a period of 10 to 12 years.
AES and its subsidiaries will also contribute $85 million as part
of the restructuring, of which $60 million will be contributed at
closing and $25 million will be contributed one year after
closing.

Closing of the transaction is subject to the negotiation and
execution of definitive documentation, certain lender and
regulatory approvals and valuation diligence to be conducted by
BNDES.

Paul Hanrahan, President and Chief Executive Officer of AES,
stated, "We are encouraged by the Brazilian government's recent
commitments to address the lingering effects of rationing on the
sector. In doing so, Brazil is taking a crucial step toward
creating a climate that is conducive to new investment. We look
forward to working with BNDES."

"This agreement with BNDES places AES' Brazilian businesses on a
financially sound footing and allows AES to renew our commitment
to doing business in Brazil," said Joseph C. Brandt, Executive
Vice President and Chief Operating Officer of AES. "The past
eighteen months have been a difficult period for our investments
in Brazil, the Brazilian power sector and our relationship with
the Bank. With this agreement, we welcome BNDES as our partner and
look forward to the shared successes of these businesses."

AES is a leading global power company comprised of contract
generation, competitive supply, large utilities and growth
distribution businesses.

The company's generating assets include interests in 119
facilities totaling over 46 gigawatts of capacity, in 28
countries. AES' electricity distribution network sells 89,614
gigawatt hours per year to over 11 million end-use customers.

For more general information visit http://www.aes.com

                         *    *    *

As reported in Troubled Company Reporter's July 18, 2003 edition,
Fitch Ratings affirmed the existing ratings of The AES Corp.
as follows:

                              AES

         -- Senior secured bank debt 'BB';
         -- Senior secured notes collateralized by first
               priority lien 'BB';
         -- Senior unsecured debt 'B';
         -- Senior and junior subordinated debt 'B-';

                          AES Trust III

         -- Trust preferred convertibles 'CCC+'.

                          AES Trust VII

         -- Trust preferred convertibles 'CCC+'.

Fitch has also assigned a 'B+' rating to AES' recently raised $1.8
billion junior secured notes collateralized by a second priority
lien. The collateral package pledged to AES' secured debts
consists of all of the capital stock of AES' material domestic
subsidiaries and 65% of the capital stock of AES' foreign
subsidiaries. In addition, Fitch revised AES' Rating Outlook to
Stable from Negative.


ALKERMES INC: Closes Sale of $25-Mil. of 2-1/2% Conv. Sub. Notes
----------------------------------------------------------------
Alkermes, Inc. (Nasdaq: ALKS) has closed the sale of an additional
$25 million of its 2-1/2% convertible subordinated notes due 2023.
These additional notes were sold as a result of the exercise by
the initial purchaser of its option to purchase additional notes.

As previously announced, the Company sold $100 million of the
convertible subordinated notes in August 2003.

Alkermes Inc.'s June 30, 2003 balance sheet shows a total
shareholders' equity deficit of about $34 million.

Alkermes, Inc., is an emerging pharmaceutical company developing
products based on our sophisticated drug delivery technologies to
enhance therapeutic outcomes. Our areas of focus include:
controlled, extended-release of injectable drugs utilizing our
ProLease(R) and Medisorb(R) delivery systems and the development
of inhaled pharmaceutical products based on our proprietary
Advanced Inhalation Research, Inc. ("AIR(R)") pulmonary delivery
system. Our business strategy is twofold. We partner our
proprietary technology systems and drug delivery expertise with
many of the world's finest pharmaceutical companies and also
develop novel, proprietary drug candidates for our own account. In
addition to our Massachusetts headquarters, research and
manufacturing facilities, we operate research and manufacturing
facilities in Ohio.


ALLIANCE COMMS: Case Summary & Largest Unsecured Creditors
----------------------------------------------------------
Lead Debtor: Alliance Communications, LLC
             360 South Monroe Street, Suite 600
             Denver, Colorado 80209

Bankruptcy Case No.: 03-12776

Debtor affiliates filing separate chapter 11 petitions:

        Entity                                     Case No.
        ------                                     --------
        Alliance Communications Partners, L.P.     03-12777
        Delta Video Cable, Inc.                    03-12779
        Piggott Video Cable TV Co.                 03-12780

Chapter 11 Petition Date: September 8, 2003

Court: District of Delaware

Judge: Mary F. Walrath

Debtors' Counsel: William David Sullivan, ESq.
                  Elzufon Austin Reardon Tarlov & Mondell PA
                  300 Delaware Avenue
                  Suite 1700
                  Wilmington, DE 19801
                  Tel: 302 428-3181
                  Fax: 302-777-7244

Estimated Assets: $50 Million to $100 Million

Estimated Debts: More than $100 Million

A. Alliance Communications' 3 Largest Unsecured Creditors:

Entity                      Nature Of Claim       Claim Amount
------                      ---------------       ------------
Gertach & Co.               Sub. Debt Holder       $36,772,048  
c/o Manulife Capital Corp.
200 Bloor Street East NT-6
Toronto, Ontario M4W 1E5
Canada
Stewart Sprague
Tel: 416-926-5515

R&A Management, LLC         Management Company      $1,235,000    
360 S. Monroe St., #800     Payable
Denver, CO 80209
Monroe Rifkin
Tel: 303-333-1215

Kaufman Media Management    Advisory Fee Payable          $850   

B. Alliance Comms Partners LLC' 20 Largest Unsecured Creditors:

Entity                      Nature Of Claim       Claim Amount
------                      ---------------       ------------
Alliance Comms LLC          Intercompany Note      $88,310,971
360 S. Monroe St. #600                                       
Denver, CO 80209
Dale Wagner
Tel: 303-333-1215

National Cable Television   Programming Fees        $1,006,432
Cooperative, Inc.
11200 Corporate Avenue
Lenexa, KS 66219
Scott Abbott
Tel: 800-888-6382

Piggot Video Cable          Intercompany Payable      $255,000
TV Company
360 S. Monroe St., #600
Denver, CO 80209
Dale Wagner
Tel: 303-333-1215

ABC Cable Networks          Programming Fees           $78,978

Fox Sports Pittburgh        Programming Fees           $61,237

USA Networks                Programming Fees           $46,775

Fox Sports Midwest          Programming Fees           $33,775

Lifeline Television         Programming Fees           $29,258

The National Network        Programming Fees           $27,958

WGN                         Programming Fees           $10,759

Fox Sports Southwest        Programming Fees            $7,392

Fox Sports Net Ohio         Programming Fees            $5,706

Discovery Digital Network   Programming Fees            $3,156

Fox Sports Net Chicago      Programming Fees            $4,635

Fox Sports Net South        Programming Fees            $2,347

Fuse Netwoks, LLC           Programming Fees            $2,203

Primeclime 24               Programming Fees            $3,600

BBC-America                 Programming Fees            $1,027

Black Entertainment         Programming Fees            $1,958

Country Music Television    Programming Fees            $1,140

C. Delta Video Cable's Largest Unsecured Creditor:

Entity                      Nature Of Claim       Claim Amount
------                      ---------------       ------------
Alliance Communications     Intercompany Payable    $1,152,000
Partners, LP   
360 S. Monroe St., #600
Denver, CO 80209
Dale Wagner
Tel: 303-333-1215


ALPHARMA: Lowers Financial Expectations for Second Half of 2003
---------------------------------------------------------------
Alpharma Inc. (NYSE: ALO), a leading global specialty
pharmaceutical company, announced revised expectations for the
second half and full year 2003.  

The company currently expects third quarter 2003 diluted earnings
per share in the range of $0.10 - $0.15, fourth quarter 2003
diluted earnings per share in the range of $0.40 to $0.45, and
full year 2003 diluted earnings per share in the range of $0.90 to
$1.00; all before the impact of certain non-operating items
discussed below.  These reduced estimates principally reflect
lower than expected sales in the company's Active Pharmaceutical
Ingredients and U.S. Human Pharmaceuticals businesses in both the
third and fourth quarters. Previous estimates for the third and
fourth quarters of 2003 were $0.25 - $0.30 and $0.50 - $0.55,
respectively.

Lower API revenues account for approximately two-thirds of the
second half reduction in the earnings estimate and is
substantially due to the following factors.  The company
anticipates that a major pharmaceutical firm will discontinue a
product line that utilizes one of the company's API products.
In addition, certain customers have decided to reduce their
inventory levels.

The balance of the earnings revision is primarily attributed to
lower U.S. Human Pharmaceuticals revenues.  The company's previous
estimate reflected a significant improvement in second half 2003
U.S. generics sales due to improved production at the Baltimore
liquid dose facility where previously disclosed remediation
efforts are ongoing.  While liquid dose production has improved,
sales estimates for the second half have been reduced to reflect
slower than expected recovery of market share on liquid products
which were previously unavailable as a result of remediation
efforts.  In addition, sales of certain other products are
expected to be lower than anticipated due to supply constraints of
significant raw materials.

The company expects to continue compliance with its debt
covenants.

The risks inherent in the company's estimate for second half and
full year 2003 performance, as set forth in the company's second
quarter earnings press release, and discussed in the company's
second quarter conference call, continue to apply to estimates
contained in this press release.  The company's outlook excludes
the potential effect of any future non-operating transactions
or events, including the planned sale of the company's French
subsidiary in the third quarter 2003 as disclosed in the company's
10-Q for the period ended June 30, 2003.  The full year earnings
estimate also excludes the loss on extinguishment of debt recorded
in the second quarter.  Including these items, the GAAP diluted
earnings per share estimate for the full year 2003 would be $0.50
to $0.60.  The company has excluded the impacts of these items in
this outlook to be consistent with the company's original
estimates for the third quarter and full year 2003.

Alpharma Inc. (NYSE: ALO) (S&P, BB- Corporate Credit and Senior
Secured Debt Ratings) is a growing specialty pharmaceutical
company with expanding global leadership positions in products for
humans and animals. Uniquely positioned to expand internationally,
Alpharma is presently active in more than 60 countries.  Alpharma
is the #5 manufacturer of generic pharmaceutical products in the
U.S., offering solid, liquid and topical pharmaceuticals.  It is
also one of the largest manufacturers of generic solid dose
pharmaceuticals in Europe, with a growing presence in Southeast
Asia.

Alpharma is among the world's leading producers of several
important pharmaceutical-grade bulk antibiotics and is
internationally recognized as a leading provider of pharmaceutical
products for poultry, swine, cattle, and vaccines for farmed-fish
worldwide.


ANC RENTAL: Delays Filing of Second Quarter Report on Form 10-Q
---------------------------------------------------------------
Howard D. Schwartz, ANC Rental Corporation Senior Vice President,
Secretary & General Counsel, advises the Securities and Exchange
Commission that ANC has been unable to complete its report on Form
10-Q for the period ending June 30, 2003.  

Since the Petition Date, ANC's accounting and financial staff, who
are critical to the preparation of the Form 10-Q, have been
primarily engaged in dealing with bankruptcy related matters.  
This includes not only the administration of the Chapter 11 cases,
but also, among other burdens, preparing detailed financial
budgets and projections, formulating and preparing disclosure
materials required by the Bankruptcy Court, analyzing accounts
payable and receivable, assembling data for the valuation and
schedule of the Company's assets and liabilities and statement of
financial affairs to be filed with the Bankruptcy Court, seeking
financing, and preparing the monthly operating reports for the
Bankruptcy Court and United States Trustee.

Mr. Schwartz assures the Court that ANC is in good faith
proceeding diligently to complete its Form 10-Q.  ANC expects to
file the Form 10-Q as soon as practicable.  However, ANC cannot
presently predict when its accounting and financial staff will
complete the quarterly report and when its auditors will complete
their review of the Company's quarterly financial statements.  
Thus, ANC cannot estimate when the Form 10-Q will be filed.

"In light of the Company's filing for relief under chapter 11 and
other factors, the Company expects that its revenue for the
quarter and six months ended June 30, 2003 will show a decline
from the revenue for the quarter and six months ended June 30,
2002," Mr. Schwartz says. (ANC Rental Bankruptcy News, Issue No.
38; Bankruptcy Creditors' Service, Inc., 609/392-0900)


ARMSTRONG: Court Allows Renewal of Deloitte & Touche Engagement
---------------------------------------------------------------
Armstrong Holdings, Inc., and its debtor-affiliates obtained
permission from U.S. Bankruptcy Court Judge Newsome to continue
Deloitte & Touche LLP's engagement as through August 31, 2005.

Over the past two years, Deloitte & Touche LLP has been serving as
the Armstrong Holdings Debtors' internal auditor and internal
investigator, and also has provided consulting services for the
Debtors' employee retirement income plan.  This engagement was
expanded to include enhanced internal investigation services and
more retirement plan services.

Currently, Deloitte is the only professional retained by the
Debtors to provide internal auditing and internal investigation
services to the Debtors in these chapter 11 cases, and the Debtors
urge Judge Newsome to agree that it is in the best interests of
these estates to renew and continue this engagement, but with a
modified compensation agreement.

                     Deloitte's Compensation

As set out in the modified engagement letter, Deloitte will charge
hourly fees:

                   $125     Financial/Operational Auditors

                   $135     Information Technology Internal
                            Auditors - areas of typical coverage

                   $220     Information Technology Internal
                            Auditors - areas of atypical coverage

                   $275     Investigative Specialists

These rates presume a minimum of 15,000 hours of total services
annually, and will remain fixed until August 30, 2004, but will be
increased immediately after that date. (Armstrong Bankruptcy News,
Issue No. 46; Bankruptcy Creditors' Service, Inc., 609/392-0900)   


ARVINMERITOR: Receives FTC Request for Additional Information
-------------------------------------------------------------
ArvinMeritor, Inc. (NYSE: ARM) has received a request for
additional information from the Federal Trade Commission relating
to its filing under the Hart-Scott-Rodino Antitrust Improvements
Act of 1976 in connection with its tender offer for all of the
outstanding common shares of Dana Corporation (NYSE: DCN).  This
request extends the waiting period under the HSR Act during which
the FTC is permitted to review the proposed transaction.  

ArvinMeritor will continue to work with the FTC with respect to
the filing.  The company noted that the request is not unusual for
transactions of this kind and that the scope of the request was as
expected.

The company's $15.00 net per share offer for all of the
outstanding common shares of Dana common stock is scheduled to
expire at 5:00 p.m. EDT, on Oct. 2, 2003, unless further extended.

ArvinMeritor, Inc. is a premier $7-billion global supplier of a
broad range of integrated systems, modules and components to the
motor vehicle industry.  The company serves light vehicle,
commercial truck, trailer and specialty original equipment
manufacturers and related aftermarkets.  In addition, ArvinMeritor
is a leader in coil coating applications.  The company is
headquartered in Troy, MI, and employs 32,000 people at more than
150 manufacturing facilities in 27 countries.  ArvinMeritor's
common stock is traded on the New York Stock Exchange under the
ticker symbol ARM.  For more information, visit the company's Web
site at: http://www.ArvinMeritor.com

The solicitation and offer to purchase is made only pursuant to
the Offer to Purchase and related materials that ArvinMeritor and
Delta Acquisition Corp. filed with the Securities and Exchange
Commission on July 9, 2003. Investors and security holders are
advised to read such documents because they include important
information.  Investors and security holders may obtain a free
copy of such documents at the SEC's website at http://www.sec.gov  
from ArvinMeritor at 2135 W. Maple Road, Troy, MI 48084, Attn:
Investor Relations, or by contacting Mackenzie Partners, Inc. at
(212) 929-5500 collect or at (800) 322-2885 toll-free or by email
at proxy@mackenziepartners.com .

ArvinMeritor, Inc. (S&P, BB+ Corporate Credit & Senior Unsecured
Debt Ratings, Negative) is a premier $7-billion global supplier of
a broad range of integrated systems, modules and components to the
motor vehicle industry.  The company serves light vehicle,
commercial truck, trailer and specialty original equipment
manufacturers and related aftermarkets.  In addition, ArvinMeritor
is a leader in coil coating applications.  The company is
headquartered in Troy, Mich., and employs 32,000 people at more
than 150 manufacturing facilities in 27 countries.  ArvinMeritor
common stock is traded on the New York Stock Exchange under the
ticker symbol ARM.  For more information, visit the company's Web
site at: http://www.arvinmeritor.com


ATLAS AIR: Moody's Downgrades and Withdraws Low-B/Junk Ratings
--------------------------------------------------------------  
Moody's Investors Service has downgraded the ratings of Atlas Air
Corporation and its subsidiaries.

With approximately $1.4 Billion in debt securities affected,
ratings affected by this action include:

     - Senior Implied rating to Caa3 from Caa2

     - Unsecured Issuer Rating to C from Ca

     - Series 2000-1 EETCs:

       - Class A: to B1 from Ba1
       - Class B: to Caa1 from B2
       - Class C: to Ca from Caa2

     - Series 1999-1 EETCs:

       - Class A: to B2 from Ba1
       - Class B: to Caa2 from B2
       - Class C: to C from Caa2

     - Series 1998-1 EETCs:

       - Class A: to B2 from Ba2
       - Class B: to Caa2 from Caa1
       - Class C: to C from Caa3

     - $51.0 million secured aircraft term loan (originally $140
       million) due 2005 to Ca from Caa3

     - $137.5 million 10 _% senior unsecured notes due 2005 to C
       from Ca

     - $153.0 million 9 % senior unsecured notes due 2008 to C
       from Ca

     - $147.0 million 9 3/8% senior unsecured notes due 2006 to
       C from Ca

The senior implied rating was lowered to Caa3 from Caa2, due to
uncertainties surrounding the prolonged debt and lease
restructuring program.

The Enhanced Equipment Trust Certificates downgrades further
reflect concern about the availability of sufficient cash flow in
each transaction to allow the original terms of the debt to be met
and the increased potential for principal loss to debt holders, as
well as continued declines in the value of the underlying aircraft
collateral, relates Moody's.

Moody's further states that all ratings assigned to Atlas,
including its Speculative Grade Liquidity Rating of SGL-4, were
subsequently withdrawn due to concerns regarding the ongoing
availability of information for Moody's to adequately monitor
developments.

Headquartered in Purchase, New York, Atlas Air, Inc. is the
world's largest air cargo outsourcer with an all Stage III
compliant B747 fleet flying for customers between 101 cities in 50
countries. Atlas Air, Inc. is a wholly owned subsidiary of
publicly owned Atlas Air Worldwide Holdings, Inc.


AVAILENT FINANCIAL: Capital Deficits Raise Going Concern Doubt
--------------------------------------------------------------
Availent Financial, Inc. was incorporated in the state of Delaware
on November 16, 1959 under the name of SeaCrest Industries
Corporation with authorized common stock of 12,500,000 shares
having a par value of $0.01.  SeaCrest had not transacted business
since February 1984 and since that time, has sought to acquire
acquisitions through the issuance of common stock such that
SeaCrest would have operations.  On December 4, 2002 SeaCrest
changed its name to Availent Financial, Inc., and its year-end
from September 30 to December 31, as a result of the merger
described below.

Pursuant to an agreement and plan of merger dated March 1, 2002,
between Availent-TX and Availent-DE, which became  effective on
December 4, 2002, Availent-DE acquired all of the issued and
outstanding common stock of Availent-TX in exchange for 54,000,000
shares of Availent-DE's common stock, which represents 90% of the
outstanding shares of Availent-DE's common stock after the
issuance.  Concurrent with the above acquisition, Availent-TX was
merged into Availent-DE,  with Availent-DE as the surviving
corporation.  Availent-DE and all of its subsidiaries are
collectively referred to as the "Company".

As of June 30, 2003, the Company's accumulated deficit was
$7,846,196 and its working capital deficiency was $2,190,483. In
addition, the Company has had losses from operations of $3,039,935
and $857,785 for the years ended December 31, 2002 and 2001,
respectively, and $2,719,021 for the six months ended June 30,
2003.  As a result of these factors, the auditor's report on the
December 31, 2002 financial statements included a paragraph
indicating that there was substantial doubt about the Company's
ability to continue as a going concern.

In addition, the Company has failed to pay the required payroll
tax returns for the last two quarters of 2002, and the first two
quarters of 2003. As a result, the Company has delinquent payroll
tax liabilities of approximately $633,000, inclusive of accrued
interest and penalties.

Mortgage has also failed to comply with certain covenants of its
warehouse loan agreement. The covenants are to maintain a required
tangible net worth or debt leverage ratios, as defined in the
warehouse lending agreement. The failure to file and pay timely
payroll tax returns also violates the agreement.  These factors
could cause the loss of the warehouse line and impact future loan
agreements, as well as future warehouse lending agreements.

To maintain its FHA lending certification, Mortgage is subject to
certain net worth requirements for HUD. At December 31, 2002,
Mortgage's adjusted net worth for HUD requirement purposes
amounted to a deficit of $201,900. HUD requires an  adjusted net
worth of $250,000; therefore Mortgage's adjusted net worth was
below the HUD requirement by $451,900.  This net worth deficiency
could be detrimental to the operations and financial position of
the Company if Mortgage were to lose its FHA certification.

The Company is aggressively attempting to increase revenues in
order to mitigate future losses.  Management is seeking to raise
additional capital and to renegotiate certain liabilities in order
to alleviate the working capital deficiency. However, there can be
no assurance that it will be able to increase revenues, pay its
payroll taxes or to raise additional capital.

These factors raise substantial doubt about the Company's ability
to continue as a going concern.  


AVAYA INC: Plans to Contribute $105 Million More to Pension Plan
----------------------------------------------------------------    
Avaya Inc., (NYSE: AV) a leading global provider of communications
networks and services for businesses, will make a voluntary
contribution of $105 million to its pension plan this month.

The voluntary contribution is in addition to the $42 million in
contributions Avaya is obligated to make to the plan in fiscal
2003.  Of the $42 million, Avaya made a $7 million contribution in
April and a $7 million contribution in July and said it would make
a $28 million contribution this month.

The company said as a result of the additional $105 million
voluntary contribution it would not have to make a previously
announced $44 million contribution to its pension plan in fiscal
2004.

Avaya Inc., whose March 31, 2003 balance sheet shows a total
shareholders' equity deficit of about $25 million, designs, builds
and managers communications networks for more than one million
businesses around the world, including 90 percent of the Fortune
500(R).  A world leader in secure and reliable Internet Protocol
telephony systems, communications software applications and
services, Avaya is driving the convergence of voice and data
application across IT networks, enabling businesses large and
small to leverage existing and new networks to enhance value,
improve productivity and gain competitive advantage.  For more
information visit the Avaya Web site: http://www.Avaya.com


AVAYA INC: Generates $352 Million from Sale of Common Stock
-----------------------------------------------------------    
Avaya Inc., (NYSE: AV) a leading global provider of communications
networks and services for businesses, said it sold 34.5 million
shares of newly issued common stock at $10.20 per share, before
underwriting discounts, generating gross proceeds of $352 million.
J.P. Morgan Securities Inc. acted as sole book- running manager in
connection with the transaction.
    
Avaya said it will use a portion of the net proceeds to fund a
voluntary contribution to its pension plan and the remaining net
proceeds for general corporate purposes.

Avaya Inc., whose March 31, 2003 balance sheet shows a total
shareholders' equity deficit of about $25 million, designs, builds
and managers communications networks for more than one million
businesses around the world, including 90 percent of the Fortune
500(R).  A world leader in secure and reliable Internet Protocol
telephony systems, communications software applications and
services, Avaya is driving the convergence of voice and data
application across IT networks, enabling businesses large and
small to leverage existing and new networks to enhance value,
improve productivity and gain competitive advantage.  For more
information visit the Avaya Web site: http://www.Avaya.com


AVNET INC: Moody's Cuts Sr. Unsec. Debt Rating to Ba2 From Baa3
---------------------------------------------------------------  
Moody's Investors Service lowered the ratings of Phoenix, Arizona-
based Avnet, Inc. Outlook is negative.

With approximately $1.3 billion of debt securities affected,
ratings lowered include:

     - Senior unsecured debt to Ba2 from Baa3

     - Shelf registration for senior unsecured and subordinated
       debt to (P)Ba2 and (P)Ba3, from (P)Baa3 and (P)Ba1

The downgrade reflects Moody's expectations that revenue and
earnings will not show significant improvement over the
intermediate term to materially improve currently weak debt
protection measures.

The negative rating outlook considers the limitations to
alternative sources of liquidity the company has to address its
scheduled debt maturities over the next 18 months.

Avnet Inc. is one of the largest worldwide distributors of
electronic components and computer products, primarily for
industrial customers.


BAY VIEW CAPITAL: Redeems 5.14% of Outstanding Shares
-----------------------------------------------------
Bay View Capital Corporation announced that holders of its Capital
Securities (NYSE: BVS) elected to redeem 184,903 shares, or
approximately 5.14% of the outstanding shares, under the optional
redemption offer that expired at 5:00 p.m., Eastern Daylight Time,
on September 8, 2003.

The offer of optional redemption was made pursuant to the Amended
and Restated Declaration of Trust dated December 21, 1998, as
amended by Amendment No. 1, dated November 1, 2002, and approved
by holders of the Capital Securities on October 3, 2002.  
Amendment No. 1 amended certain provisions of the legal
instruments governing the Capital Securities and the junior
debentures to permit Bay View Capital I to make this optional
redemption offer.  Under the optional redemption offer, each
holder of the Capital Securities had the right to elect to redeem
shares of the Capital Securities at a price of $25.00 per Capital
Security plus accrued and unpaid distributions through the date of
redemption.

Bay View Capital Corporation (S&P, B- Preferred Share Rating) is a
financial services company headquartered in San Mateo, California
and is listed on the NYSE: BVC.  For more information, visit
http://www.bayviewcapital.com


BONLAC FOODS: S&P Affirms B+/C Ratings with Stable Outlook
----------------------------------------------------------
Standard & Poor's Ratings Services said that it has affirmed the
'B+/C' ratings on Bonlac Foods Ltd. and the ratings on the
company's rated debt issues following a successful shareholders'
vote on a restructuring proposal. The outlook, consequently, is
revised to stable from negative.

On Sept. 5, 2003, Bonlac announced that its shareholders had voted
in favor of a proposal from Fonterra Co-operative Group Ltd. (AA-
/Stable/A-1+) to restructure Bonlac. The restructuring will result
in Fonterra increasing its share in Bonlac Foods Ltd. to 50% from
25%, and will be completed on Tuesday, Sept. 9, 2003. Standard &
Poor's does not factor any credit support from Fonterra into
Bonlac's rating. "Fonterra will buy and market all of Bonlac's
production for both export and domestic markets, and provide
management services to Bonlac. These arrangements, in combination
with further debt reduction using asset-sale proceeds and a
reduction in Bonlac's hedge exposure, are viewed as stabilizing
Bonlac's financial profile," said Standard & Poor's credit analyst
Brenda Wardlaw, director, Corporate & Infrastructure Finance
Ratings.

"Despite the restructuring, Bonlac remains vulnerable to the need
to pay a competitive milk price to retain milk supply and the
challenge of improving operating efficiency while capacity
utilization remains sub-optimal. Its liquidity is also currently
weak. In the absence of asset sales, Bonlac would have reported a
significant operating loss in the past two financial years. The
company's ability to generate adequate operating cash flows to
meet its commitments will continue to be a critical rating
factor," added Ms. Wardlaw.

Under the restructuring, Bonlac Supply Co. will own the other 50%
of Bonlac Foods Ltd. Fonterra has an option to acquire Bonlac
Supply Co.'s 50% interest if Bonlac Supply Co. suffers an
insolvency event, if there is a change of control of Bonlac Supply
Co., or if Bonlac Foods Ltd. fails to maintain a minimum milk
supply as reasonably determined by Fonterra and agreed to by the
Bonlac Foods board.

The outlook is stable. The restructuring and debt reduction have
stabilized Bonlac's financial profile. The company does, however,
face a number of challenges in generating adequate operating cash
flows to meet its ongoing commitments in view of competitive
industry dynamics.


CAM CBO I: S&P Puts B+ Rating on Class B Notes on Watch Negative
----------------------------------------------------------------
Standard & Poor's Ratings Services placed its rating on the class
A notes issued by CAM CBO I Ltd., an arbitrage CBO transaction, on
CreditWatch with positive implications. At the same time, the
rating on the class B notes is placed on CreditWatch with negative
implications.

The rating on the class B notes was previously lowered on Oct. 23,
2002.

The placement of the class A rating on CreditWatch positive
reflects an increase in the level of overcollateralization
available to support the class since the October 2002 rating
action. The transaction has paid down a total of $22.06 million to
the class A noteholders since the last rating action; $14.48
million of that amount was paid on the June 2003 payment date. The
increased payments have improved the class A overcollateralization
ratio for the transaction. According to the most recent trustee
report (July 31, 2003), the class A overcollateralization ratio
was at 142.0%, above its required ratio of 134%, and compared to a
ratio of 138.6% at the time of the last rating action.

The placement of the class B rating on CreditWatch negative
reflects factors that have negatively affected the credit
enhancement available to support the class B notes since the
rating was previously lowered in October 2002. These factors
include continuing par erosion of the collateral pool securing the
rated notes. As of the July 31, 2003 trustee report, the deal
holds $23.00 million worth of securities that are in default,
$16.75 million of which defaulted since the last rating action.
Standard & Poor's noted that as a result of asset defaults, the
overcollateralization ratio for the class B notes has suffered
since the October 2002 rating action. As of the July trustee
report, the class B overcollateralization ratio was 106.10%, below
its minimum required ratio of 118.00%, and compared to a ratio of
110.90% at the time of the last rating action.

Standard & Poor's will be reviewing the results of current cash
flow runs generated for CAM CBO I Ltd. to determine the level of
future defaults the rated classes can withstand under various
stressed default timing and interest rate scenarios, while still
paying all of the interest and principal due on the notes. The
results of these cash flow runs will be compared with the
projected default performance of the performing assets in the
collateral pool to determine whether the ratings currently
assigned to the notes remain consistent with the credit
enhancement available.
   
            RATING PLACED ON CREDITWATCH POSITIVE
   
                       CAM CBO I Ltd.
   
                      Rating
     Class     To                 From     Balance ($ mil.)
     A         AA-/Watch Pos      AA-                61.97

           RATING PLACED ON CREDITWATCH NEGATIVE
   
                       CAM CBO I Ltd.

                      Rating
     Class     To                 From     Balance ($ mil.)
     B         B+/Watch Neg       B+                 21.00


CARECENTRIC INC: Files Form 15 to Cease SEC Reporting
-----------------------------------------------------
CareCentric, Inc., (OTC Bulletin Board: CURA) a leading provider
of management information systems to the home health care
community, has filed a Form 15 with the Securities and Exchange
Commission to cease reporting as a public company because it has
less than 300 stockholders as a result of its merger on
September 4, 2003 with an investor group (Borden Associates, Inc.)
led by its major stockholder, John Reed, and his son, Stewart
Reed.  

In addition, CareCentric's common stock will no longer be eligible
for quotation on the OTC Bulletin Board.  The Company expects its
common stock will cease being quoted on OTC by September 10, 2003.

CareCentric provides information technology systems and services
to over 1,500 customers.  CareCentric provides freestanding,
hospital-based and multi-office home health care providers
(including skilled nursing, private duty, home medical equipment
and supplies, IV pharmacy and hospice) complete information
solutions that enable these home care operations to generate and
utilize comprehensive and integrated financial, operational and
clinical information.  With offices nationwide, CareCentric is
headquartered in Atlanta, Georgia.

At June 30, 2003, the Company's balance sheet shows a working
capital deficit of about $9 million, and a total shareholders'
equity deficit of about $15 million.


CENTENNIAL COMMS: Will Publish Fiscal 2004 Q1 Results on Sept 12
----------------------------------------------------------------
Centennial Communications Corp. (NASDAQ: CYCL) expects to report
its fiscal 2004 first quarter results on Friday, September 12,
2003.

The Company plans to conduct a conference call concerning the
results the same day beginning at 8:30 a.m. EDT. The conference
call will be simultaneously webcast over the Internet. Access to
the webcast is available through the Company's Web site at
http://www.centennialwireless.com click on "Investor Relations."  
The conference call will also be available at
http://www.streetevents.com A replay of the call will be  
available at both sites through September 26, 2003.

Centennial (S&P, B- Corporate Credit Rating, Negative) is one of
the largest independent wireless telecommunications service
providers in the United States and the Caribbean with
approximately 17.1 million Net Pops and approximately 929,700
wireless subscribers. Centennial's U.S. operations have
approximately 6.0 million Net Pops in small cities and rural
areas. Centennial's Caribbean integrated communications operation
owns and operates wireless licenses for approximately 11.1 million
Net Pops in Puerto Rico, the Dominican Republic and the U.S.
Virgin Islands, and provides voice, data, video and Internet
services on broadband networks in the region. Welsh, Carson
Anderson & Stowe and an affiliate of the Blackstone Group are
controlling shareholders of Centennial. For more information
regarding Centennial, visit its Web sites at
http://www.centennialcom.comand http://www.centennialpr.com


CHIQUITA BRANDS: Provides Interim Banana Price and Volume Data
--------------------------------------------------------------
Chiquita Brands International, Inc. (NYSE: CQB) has begun its new
practice of updating data on banana prices and volume after the
second month of each quarter. Information for the third quarter of
2003 to date and the first two quarters of 2003 is now available
on the "Investors" section of Chiquita's Web site at
http://www.chiquita.com

In its quarterly earnings releases, Chiquita publishes percent
changes in regional price and volume compared to the year-earlier
period.  Cyrus Freidheim, chairman and chief executive officer,
announced on the company's second-quarter earnings conference
call, July 31, 2003, that Chiquita would update changes in banana
prices and volume after the second month of each quarter to
complement figures provided in the quarterly releases.

"We believe this additional timely information will enable
investors to track more effectively the important market factors
that influence the company's financial results" said Freidheim.

On a U.S. dollar basis, average banana prices in the company's
core European markets (EU-15 countries, Norway and Switzerland)
rose 5 percent in the first two months of the third quarter of
2003, compared to the same period a year ago, due to a stronger
euro. On a local currency basis, prices in those same markets fell
9 percent as a heat wave in late July and August 2003 dampened
demand for bananas. Prices began rebounding from the decline in
the last week of August and first week of September. The volume of
bananas the company sold in its core European markets fell 1
percent.

In North America, banana prices rose 1 percent in the first two
months of the third quarter compared to the year-ago period, while
volume rose 2 percent in the first two months of the quarter
compared to the year-ago period as the amount of business on
contract rose from a year ago.

On a U.S. dollar basis, banana prices in Asia rose 3 percent in
the first two months of the third quarter, compared to a year ago.
Local banana prices in Asia also rose 3 percent. The volume of
bananas the company sold in Asia in the first two months of the
third quarter rose 18 percent from the same period a year ago as
it shipped more bananas to Japan and the Middle East.

Chiquita Brands International (S&P, B Corporate Credit Rating,
Positive) is a leading international marketer, producer and
distributor of high-quality fresh and processed foods. The
company's Chiquita Fresh division is one of the largest banana
producers in the world and a major supplier of bananas in North
America and Europe. Sold primarily under the premium Chiquita(R)
brand, the company also distributes and markets a variety of other
fresh fruits and vegetables.  Additional information is available
at http://www.chiquita.com


COMVERSE TECHNOLOGY: Sinks into Red Ink in Second Quarter 2003
--------------------------------------------------------------
Comverse Technology, Inc. (NASDAQ: CMVT) announced sales of
$188,468,000 for the second quarter of fiscal year 2003, ended
July 31, 2003, compared to sales of $181,210,000 for the second
quarter of fiscal 2002, ended July 31, 2002.

Net loss on a generally accepted accounting principles basis for
the second quarter of fiscal 2003 was $1,058,000 compared to net
income of $3,923,000 for the second quarter of fiscal 2002. The
GAAP results for the second quarter of fiscal 2003 include a
charge of $1,564,000 relating to the write-down of investments, a
gain of $6,405,000 resulting from the repurchase of $188,458,000
face value of the Company's 1.5% convertible debt and income of
$233,000 resulting from the reversal of a previously taken
workforce reduction, restructuring and impairment charge. The GAAP
results for the second quarter of fiscal 2002 include a charge of
$10,968,000 relating to the write-down of investments, a charge of
$2,798,000 for workforce reduction, restructuring and impairment
and a gain of $31,502,000 resulting from the repurchase of
$166,000,000 face value of the Company's 1.5% convertible debt.
Excluding these charges and gains, on a pro forma basis, the net
loss was $6,132,000 the second quarter of fiscal 2003 and
$12,652,000 in the second quarter of fiscal 2002.

Kobi Alexander, Chairman and CEO of Comverse Technology, stated,
"Each of our three major operating units achieved sequential
revenue growth in the second quarter, and we once again generated
positive operating cash flow. Our two telecom-focused units,
Comverse, our network systems division, and Ulticom, both saw
sequential sales growth, despite operating in a carrier capital
spending environment that continues to be difficult. Our Verint
Systems division achieved record sales and earnings, due primarily
to an expansion in its activities relating to digital security and
surveillance."

The Company ended the quarter with cash and cash equivalents, bank
time deposits and short-term investments of $2,110,373,000,
working capital of $2,095,082,000, total assets of $2,660,617,000
and stockholders' equity of $1,619,475,000.

Comverse Technology, Inc. (NASDAQ: CMVT) (S&P, BB- corporate
credit and senior unsecured ratings) is the world's leading
provider of software and systems enabling network-based multimedia
enhanced communications services. More than 400 wireless and
wireline telecommunications network operators, in more than 100
countries, have selected Comverse's enhanced services systems and
software, which enable the provision of revenue-generating value-
added services including call answering with one-touch call
return, short messaging services, IP-based unified messaging
(voice, fax, and email in a single mailbox), 2.5G/3G multimedia
messaging, wireless instant messaging, wireless information and
entertainment services, voice-controlled dialing, messaging and
browsing, prepaid wireless services, and additional personal
communication services. Other Comverse Technology business units
include: Verint Systems (NASDAQ: VRNT), a leading provider of
analytic solutions for communications interception, digital video
security and surveillance, and enterprise business intelligence;
and Ulticom (NASDAQ: ULCM), a leading provider of service enabling
network software for wireless, wireline, and Internet
communications. Comverse Technology is an S&P 500 and NASDAQ-100
Index company. For additional information, visit the Comverse
Technology Web site at http://www.cmvt.com  


CONSECO INC: Bankruptcy Court Confirms Plan of Reorganization
-------------------------------------------------------------
Conseco, Inc. (OTCBB:CNCEQ) announced that the U.S. Bankruptcy
Court confirmed the Company's Sixth Amended Joint Plan of
Reorganization. Confirmation of the plan clears the way for the
Company's emergence from Chapter 11, which is expected shortly.

William J. Shea, Conseco's president and chief executive officer,
said, "[Tues]day we thank the associates and outside experts who
worked so hard to help us navigate the bankruptcy process. To have
completed such a large and complex restructuring in less than nine
months is truly a remarkable achievement. We thank the insurance
regulators, distribution partners, customers and suppliers who
supported us at each step along the way. And we especially thank
all those associates who demonstrated their resilience by
continuing to write and issue new business, process and pay
claims, and serve customers and agents."

"Because of this tremendous team effort, Conseco will emerge as a
re-energized company with greatly reduced debt and a single
business focus," Shea said. The reorganization will eliminate
approximately $5.2 billion of debt and trust preferred securities.
"As we emerge, we intend to apply the same effort to building our
capital and growing profitably," Shea said.

Conseco, Inc. filed for protection under Chapter 11 of the federal
bankruptcy code in December 2002. Under the Plan of
Reorganization, the Company's existing bank debt will be cancelled
as of the effective date in favor of a new credit facility. The
Company's outstanding bonds, trust preferred securities and common
stock also will be cancelled. Shares of new common stock, new
preferred stock and new warrants will be issued by the company's
successor, Conseco, Inc., a Delaware corporation, and distributed
to various classes of the company's creditors as outlined in the
Plan of Reorganization upon emergence.

The court today also confirmed Conseco Finance's reorganization
plan. Both reorganization plans, confirmation orders and related
documents will be available at http://www.bmccorp.net/conseco  

Conseco, Inc.'s insurance companies help protect working American
families and seniors from financial adversity: Medicare
supplement, cancer, heart/stroke and accident policies protect
people against major unplanned expenses; annuities and life
insurance products help people plan for the financial future.


CWMBS (INDYMAC): Fitch Takes Rating Actions on Securitizations
--------------------------------------------------------------
Fitch Ratings has taken rating action on the following CWMBS
(IndyMac), Inc. residential mortgage-backed certificates:

CWMBS (IndyMac), mortgage pass-through certificates, series 1997-F

     --Class A affirmed at 'AAA';
     --Class B1 affirmed at 'AAA';
     --Class B2 upgraded to 'AAA' from 'AA+';
     --Class B3 upgraded to 'AA' from 'A+';
     --Class B4 upgraded to 'A' from 'BBB+';
     --Class B5 affirmed at 'BB'.

CWMBS (IndyMac), mortgage pass-through certificates, series 1997-K

     --Class A affirmed at 'AAA';
     --Class B1 affirmed at 'AAA';
     --Class B2 affirmed at 'AAA';
     --Class B3 affirmed at 'AA-';
     --Class B4 affirmed at 'BBB+';
     --Class B5 affirmed at 'BB+'.

CWMBS (IndyMac), mortgage pass-through certificates, series 1998-B

     --Class A affirmed at 'AAA';
     --Class B1 affirmed at 'AAA';
     --Class B2 upgraded to 'AAA' from 'AA';
     --Class B3 upgraded to 'AA-' from 'A';
     --Class B4 affirmed at 'BB';
     --Class B5 affirmed at 'B'.

CWMBS (IndyMac), mortgage pass-through certificates, series 1998-C

     --Class A affirmed at 'AAA';
     --Class B1 affirmed at 'AAA';
     --Class B2 affirmed at 'AAA';
     --Class B3 affirmed at 'AAA';
     --Class B4 affirmed at 'A';
     --Class B5 affirmed at 'BBB'.
  
CWMBS (IndyMac), mortgage pass-through certificates, series 1998-D

     --Class A affirmed at 'AAA';
     --Class B1 affirmed at 'AAA';
     --Class B2 upgraded to 'AAA' from 'AA';
     --Class B3 upgraded to 'A+' from 'A';
     --Class B4 affirmed at 'BBB';
     --Class B5 affirmed at 'B'.

CWMBS (IndyMac), mortgage pass-through certificates, series 1998-E
Pool 1

     --Class A affirmed at 'AAA';
     --Class B1-A affirmed at 'AAA';
     --Class B1-B upgraded to 'AAA' from 'AA';
     --Class B1-C upgraded to 'A+' from 'A';
     --Class B1-D affirmed at 'BB;
     --Class B1-E affirmed at 'B'.

CWMBS (IndyMac), mortgage pass-through certificates, series 1998-E
Pool 2

     --Class A affirmed at 'AAA';
     --Class B2-A affirmed at 'AAA';
     --Class B2-B affirmed at 'AAA';
     --Class B2-C upgraded to 'AAA' from 'AA';
     --Class B2-D upgraded to 'A+' from 'A';
     --Class B2-E affirmed at 'BBB'.

CWMBS (IndyMac), mortgage pass-through certificates, series 1998-F

     --Class A affirmed at 'AAA';
     --Class B1 affirmed at 'AAA';
     --Class B2 upgraded to 'AAA' from 'AA';
     --Class B3 upgraded to 'A+' from 'A';
     --Class B4 affirmed at 'BBB';
     --Class B5 affirmed at 'B'.

CWMBS (IndyMac), mortgage pass-through certificates, series 1998-G

     --Class A affirmed at 'AAA'.

CWMBS (IndyMac), mortgage pass-through certificates, series 1998-H
Group 1:

     --Class A affirmed at 'AAA';
     --Class B1-A affirmed at 'AAA';
     --Class B1-B affirmed at 'AA';
     --Class B1-C affirmed at 'A';
     --Class B1-D affirmed at 'BB';
     --Class B1-E affirmed at 'B'.

CWMBS (IndyMac), mortgage pass-through certificates, series 1998-H
Group 2

     --Class A affirmed at 'AAA';
     --Class B2-A upgraded to 'AAA' from 'AA';
     --Class B2-B upgraded to 'AA' from 'A';
     --Class B2-C upgraded to 'BBB+' from 'BBB';
     --Class B2-D affirmed at 'BB';
     --Class B2-E affirmed at 'B'.

CWMBS (IndyMac), mortgage pass-through certificates, series 1998-I

     --Class A affirmed at 'AAA';
     --Class B1 affirmed at 'AAA';
     --Class B2 affirmed at 'AA';
     --Class B3 affirmed at 'A';
     --Class B4 affirmed at 'BB';
     --Class B5 affirmed at 'B'.

CWMBS (IndyMac), mortgage pass-through certificates, series 1998-J
Group 1

     --Class A affirmed at 'AAA'.

CWMBS (IndyMac), mortgage pass-through certificates, series 1998-J
Group 2

     --Class A affirmed at 'AAA';
     --Class B2-E downgraded to 'CCC' from 'B'.
   
CWMBS (IndyMac), mortgage pass-through certificates, series 1998-K

     --Class A affirmed at 'AAA';
     --Class B1 affirmed at 'AA';
     --Class B2 affirmed at 'A';
     --Class B3 affirmed at 'BBB';
     --Class B4 affirmed at 'BB';
     --Class B5, rated 'B', placed on Rating Watch Negative.

CWMBS (IndyMac), mortgage pass-through certificates, series 1998-L

     --Class A affirmed at 'AAA';
     --Class B1 upgraded to 'AAA' from 'AA';
     --Class B2 affirmed at 'A';
     --Class B3 affirmed at 'BBB';
     --Class B4 affirmed at 'BB';
     --Class B5, rated 'B', placed on Rating Watch Negative.

CWMBS (IndyMac), mortgage pass-through certificates, series 1998-M

     --Class A affirmed at 'AAA';
     --Class B1 upgraded to 'AAA' from 'AA';
     --Class B2 affirmed at 'A';
     --Class B3 affirmed at 'BBB';
     --Class B4 affirmed at 'BB';
     --Class B5 affirmed at 'B'.

CWMBS (IndyMac), mortgage pass-through certificates, series 1998-N

     --Class A affirmed at 'AAA';
     --Class B1 affirmed at 'AAA';
     --Class B2 affirmed at 'AAA';
     --Class B3 affirmed at 'AAA';
     --Class B4 affirmed at 'A';
     --Class B5 affirmed at 'BBB'.

CWMBS (IndyMac), mortgage pass-through certificates, series 1998-O

     --Class A affirmed at 'AAA';
     --Class B1 affirmed at 'AAA';
     --Class B2 affirmed at 'AA';
     --Class B3 affirmed at 'A';
     --Class B4 affirmed at 'BBB';
     --Class B5 affirmed at 'BB'.

These actions are taken due to the level of losses incurred and
the delinquencies in relation to the applicable credit support
levels as of the Aug. 25, 2003 distribution. The affirmations
indicate credit enhancement consistent with future loss
expectations.


DANA CORP: Says ArvinMeritor Offer Raises Anti-Trust Issues
-----------------------------------------------------------
Dana Corporation (NYSE: DCN) issued the following statement in
connection with a Federal Trade Commission request for additional
information from ArvinMeritor, Inc. (NYSE: ARM) and Dana relating
to ArvinMeritor's unsolicited tender offer for all outstanding
Dana shares.

The "second request" seeks information regarding a dozen product
areas where there is material competitive overlap between
ArvinMeritor and Dana, including medium- and heavy-duty axles;
axle components and systems; foundation, S-cam, and disc brakes;
driveshafts; and air and oil filters.

"From the outset, we said that ArvinMeritor's tender offer raises
serious antitrust issues and was likely to attract intensive
scrutiny from government regulatory authorities," said Dana
Chairman and CEO Joe Magliochetti.  "Dana and ArvinMeritor are
currently the only substantial North American producers of axles,
driveshafts, and foundation brakes for medium- and heavy-duty
trucks, with combined market shares ranging from 80 percent to 100
percent.

"Despite ArvinMeritor's attempt to downplay the antitrust
concerns, the serious nature of the antitrust obstacles is
underscored by the FTC's action [Mon]day, which implicates
fundamental elements of the tender offer," he added.

"ArvinMeritor has recently spoken of the potential for significant
divestitures of the combined company's commercial vehicle axle
assets and other businesses in response to regulatory concerns.  
Even if deemed acceptable by the FTC, these actions would appear
to limit opportunities for synergies and would result in a very
different company from the one proposed in ArvinMeritor's offer,"
Mr. Magliochetti said.  "Based on this and many other factors, our
shareholders are understandably questioning the strategic logic,
as well as the financial logic, of the offer.  We expect that
ArvinMeritor's shareholders would share those concerns."

Dana's shareholders, and its customers, suppliers, and employees,
are strongly advised to read carefully Dana's
solicitation/recommendation statement regarding ArvinMeritor's
tender offer, because it contains important information.  Copies
of the solicitation/recommendation statement and the related
amendments, which have been filed by Dana with the Securities and
Exchange Commission, are available at no charge at the SEC's Web
site at http://www.sec.govor at the Dana Web site at  
http://www.dana.comand also by directing requests to Dana's  
Investor Relations Department.

Dana -- whose $250 million debt issue is rated by Standard &
Poor's at 'BB' -- is a global leader in the design, engineering,
and manufacture of value-added products and systems for
automotive, commercial, and off-highway vehicle manufacturers and
their related aftermarkets.  The company employs more than 60,000
people worldwide.  Founded in 1904 and based in Toledo, Ohio, Dana
operates hundreds of technology, manufacturing, and customer
service facilities in 30 countries.  The company reported 2002
sales of $9.5 billion.


DANIELSON HOLDING: Annual Shareholders' Meeting Set for Nov. 5
--------------------------------------------------------------
Danielson Holding Corporation's (Amex: DHC) Board of Directors has
scheduled its annual meeting of stockholders for Wednesday,
November 5, 2003 at 9 a.m. (CST).  The Board of Directors has set
October 6, 2003 as the record date for stockholders entitled to
vote at the annual meeting of stockholders.

DHC is an American Stock Exchange listed company, engaging in the
financial services, specialty insurance business, and marine
transportation, through its subsidiaries.

                        *      *       *

In its Form 10-Q filed with the Securities and Exchange
Commission, Danielson Holding reported:

      LIQUIDITY AND CAPITAL RESOURCES - PARENT-ONLY OPERATIONS

"On a parent-only basis, DHC's sources of funds are its
investments as well as dividends received from its subsidiaries.
Various state insurance requirements restrict the amounts that may
be transferred to DHC in the form of dividends or loans from its
insurance subsidiaries without prior regulatory approval.

"At June 30, 2003 and June 30, 2002, cash and marketable security
investments of DHC, on a parent-only basis, were approximately
$3.6 million and $9.8 million, respectively. This decrease is
primarily attributable to DHC liquidating investment assets to
contribute $4 million of capital to NAICC and fund general and
administrative expenses.

      LIQUIDITY AND CAPITAL RESOURCES - INSURANCE OPERATIONS

"NAICC requires both readily liquid assets and adequate capital to
meet ongoing obligations to policyholders and claimants, as well
as to pay ordinary operating expenses. NAICC meets both its short-
term and long-term liquidity requirements through operating cash
flows that include premium receipts, investment income and
reinsurance recoveries. To the extent operating cash flows do not
provide sufficient cash flow, NAICC relies on the sale of invested
assets. NAICC's investment policy guidelines require that all loss
and LAE liabilities be matched by a comparable amount of
investment grade assets. DHC believes that NAICC has both adequate
capital resources and sufficient reinsurance to meet any
unforeseen events such as natural catastrophes, reinsurer
insolvencies, or possible reserve deficiencies.

"The National Association of Insurance Commissioners provides
minimum solvency standards in the form of risk based capital
requirements. The RBC model for property and casualty insurance
companies requires that carriers report their RBC ratios based on
their statutory annual statements as filed with the regulatory
authorities. ACL filed for protection under Chapter 11 of the
Bankruptcy Code. As a result, it was determined for statutory
insurance accounting purposes that NAICC's investment in ACL was
fully impaired. At December 31, 2002, NAICC recognized a statutory
charge to its surplus of $7.4 million. This charge, when combined
with NAICC's underwriting results and investment losses reduced
its statutory surplus level below the Company Action Level of
NAICC's RBC calculation. In response to the above statutory
condition, DHC repaid the $4 million note due May 2004 to NAICC,
and further contributed $4 million to NAICC to increase its
statutory capital during February 2003. With permission from the
California Department of Insurance, these transactions were
recorded at December 31, 2002. As a condition to granting such
permission, the Department will require NAICC to obtain permission
prior to entering into any future loans with an affiliate.
Including the $8 million contribution noted above, NAICC's
reported capital and surplus as of December 31, 2002 was above the
Company Action Level of NAICC's RBC calculation. NAICC has
projected its RBC requirement as of June 30, 2003 under the RBC
model and believes that it is above the Company Action Level of
NAICC's RBC calculation.

"Two other common measures of capital adequacy for insurance
companies are premium-to-surplus ratios (which measure current
operating risk) and reserves-to-surplus ratios (which measure
financial risk related to possible changes in the level of loss
and LAE reserves). A commonly accepted standard for net written
premium-to-surplus ratio is 3 to 1, although this varies with
different lines of business. NAICC's annualized premium-to-
statutory surplus ratio of 2.2 to 1 and 1.8 to 1 for the six
months ended June 30, 2003 and June 30, 2002, respectively,
remains well under current industry standards. A commonly accepted
standard for the ratio of losses and LAE reserves-to-statutory
surplus is 5 to 1, compared with NAICC's ratio of 3.6 to 1 at
June 30, 2003."


DATAWORLD SOLUTIONS: Initiates Aggressive Turnaround Plan
---------------------------------------------------------
DataWorld Solutions, Inc. (OTC: DWLD) announced an aggressive and
favorable turn-around plan designed to strengthen its capital
base, increase shareholder value, provide liquidity and allow the
company to assume its place as a leader in the telecom industry.

The company's Board has approved the ambitious six step plan to:

* Successfully negotiate short term financing

* Begin discussions with secured creditors to reposition debt

* Re-approach former partners and major shareholders to secure
  stock

* Secure new product lines

* Formation of an advisory board to assist management

* Re-invent the company's image due to the meltdown in the
  telecom industry

Daniel McPhee, CEO of DataWorld commented, "The first objective in
our restructuring will be to quickly conclude a negotiation for
bridge financing, so that we can successfully bring our filings up
to date. Once DataWorld becomes current with its filings, this
bridge will also allow for a re-application to the OTC Bulletin
Board, where we can build liquidity for our shareholders and
investors. I am pleased to announce that our initial efforts in
these areas are being met with some success."

Mr. McPhee continued, "DataWorld is also negotiating with secured
creditors, former partners and major shareholders in order to re-
organize its balance sheet by repositioning debt and restructuring
equity. There has been conditional but favorable movement. Thus,
we are confident that once our financial statements become more
balanced, shareholder value will reflect these changes.
Concurrently we are also negotiating to acquire new product lines
and business venues to quickly and strategically reposition the
company so that it may emerge sooner than many of its competitors
from the major recession in the telecom industry."

DataWorld Solutions, Inc. is a multi-regional manufacturer of
electronic cable assemblies used in providing connectivity
solutions, which includes systems integration, for customers
operating a wide range of data systems. This includes linking or
connecting standard or proprietary electronic devices and
peripheral components from different vendors to provide solutions
for various customer requirements. DataWorld adds value by
providing connectivity solutions, which may include distributed
sales for passive components such as electronic connectors,
electronic wire and cable, cabinets and racks and patch panels,
and active components, including hubs, bridges, routers, gateways
and modem.


DDI CORP: Files Joint Plan and Disclosure Statement in S.D.N.Y.
---------------------------------------------------------------
DDi Corp. (OTC Bullentin Board: DDIC), a Delaware corporation and
DDi Capital Corp., a California corporation and an indirect
wholly-owned subsidiary of DDi Corp., have filed their proposed
Joint Plan of Reorganization and related Disclosure Statement with
the U.S. Bankruptcy Court for the Southern District of New York on
August 30, 2003.

DDi Corp., and DDi Capital expect to emerge from Chapter 11 with
substantially improved balance sheets and significantly
deleveraged capital structures.

As announced on August 20, 2003, DDi Corp. and DDi Capital filed
petitions for reorganization under Chapter 11 of the United States
Bankruptcy Code. DDi Corp.'s operating subsidiaries were not
included in the filing. The material terms of the Joint Plan of
Reorganization are the same as previously disclosed on August 20,
2003.

DDi is a leading provider of time-critical, technologically
advanced, electronics manufacturing services. Headquartered in
Anaheim, California, DDi and its subsidiaries offer fabrication
and assembly services to customers on a global basis from
facilities located across North America and in England.


DEUTSCHE MORTGAGE: Fitch Lowers 4 Low-B/Junk Note Class Ratings
---------------------------------------------------------------
Deutsche Mortgage & Asset Receiving Corp.'s commercial mortgage
pass-through certificates, series 1998-C1, are downgraded by Fitch
Ratings as follows:

     --$18.2 million class H to 'B+' from 'BB-';
     --$22.7 million class J to 'B-' from 'B+';
     --$22.7 million class K to 'CCC' from 'B-';
     --$40.9 million class L to 'C' from 'CC'.

At the same time Fitch places classes G (rated 'BB'), H, and J on
Rating Watch Negative. The following classes are affirmed by
Fitch:

     --$118.8 million class A-1 'AAA';
     --$852.4 million class A-2 'AAA';
     --Interest-only class X 'AAA';
     --$109 million class B 'AA';
     --$109 million class C 'A';
     --$99.9 million class D 'BBB';
     --$27.2 million class E 'BBB-';
     --$45.4 million class F 'BB+';

The $33.9 million class M certificates are not rated by Fitch. The
rating actions follow Fitch's annual review of the transaction,
which closed in March 1998.

The rating actions reflect continuing deterioration in the pool's
collateral performance and a high percentage of loans expected to
incur losses, as well as the accumulating interest shortfalls. The
interest shortfalls caused by the appraisal reductions, non-
recoverable expenses, loan modifications, and special servicing
fees have affected subordinate classes and permanent impairment to
classes L and M is likely.

As of the August 2003 distribution date, 34 loans (12.8%) were in
special servicing, including eight 90-day delinquent (4%), four in
foreclosure (0.95%) and 10 real estate owned (REO) (4.2%).

The REO loans include eight Healthcare Capital loans (3.1%), a
group of cross-collateralized, cross-defaulted loans, secured by
skilled nursing homes. At issuance, the facilities were net leased
to affiliates of Sun Healthcare Group, Inc. (Sun), operating as
Sunrise. After Sun had filed Ch. 11 in October 1999, the
underlying collateral deteriorated significantly. So far, three
properties have been sold for a total of $4.6 million, while the
total exposure on these loans was $21.8 million. The realized
losses on these loans have not been taken so far due to the cross-
collateralization and cross-default provisions. The remaining five
properties will be packaged and marketed for sale, with the year-
end target contract date. Significant losses are expected.

The ninth REO loan (0.7%) is secured by fifteen multifamily
properties in Detroit, MI. A contract has been drafted for 13
properties. The remaining two properties are being marketed.
Losses are expected.

Fitch is concerned with the Homewood Suites portfolio (3.3%) a
group of five cross-collateralized, cross-defaulted loans. Due to
poor performance, the loan terms have been modified, reducing the
interest rate and making the loans interest-only for 30 months.
However, in exchange for modification the borrower will be
contributing funds to cure deferred maintenance.

Fitch remains concerned about the Clipper loans, a group of six
cross-collateralized, cross-defaulted loans (1.1%), net leased to
affiliates of Sun. The loans matured in February 2000. Although
Sun has affirmed the leases on these facilities and the loans
remain current, negotiations are still underway to extend the
loans' maturity date.

The pool's aggregate certificate balance has been reduced by
approximately 14.8%, to $1.54 billion from $1.82 billion at
issuance. ORIX Real Estate Capital Markets, LLC, the master
servicer, collected 2002 property operating statements for 95% of
the pool. The YE 2002 weighted average debt service coverage ratio
increased to 1.59 times from 1.40x at issuance.

Fitch will continue to monitor this transaction for developments
on the Health Care Capital loans liquidation process, other loans
in special servicing and any other potential issues. Fitch will
continue to monitor this transaction, as surveillance is ongoing.


DOBSON COMMS: Proposes $600 Million Senior Notes Offering
---------------------------------------------------------
Dobson Communications Corporation (Nasdaq:DCEL) announced the
commencement of a private offering of $600 million principal
amount of its Senior Notes due 2013. The proceeds from this
offering, together with borrowings under a new $700 million senior
credit facility that Dobson is currently arranging, will be used:

-- To refinance and replace outstanding borrowings under Dobson's
    existing credit facilities. At June 30, 2003, approximately
    $484 million was outstanding under the Dobson Operating Co.
    credit facility and approximately $267 million was outstanding
    under the Dobson/Sygnet credit facility;

-- To fund the repurchase of 12-1/4% Senior Notes of
    Dobson/Sygnet Communications Company, a wholly-owned
    subsidiary of Dobson. Dobson/Sygnet is seeking to acquire its
    approximately $189 million outstanding Dobson/Sygnet senior
    notes through a tender offer commenced on September 8, 2003;
    and

-- To fund the repurchase of a portion of Dobson's outstanding
    12 1/4% senior preferred stock having an aggregate liquidation
    preference of $250 million plus accrued but unpaid dividends.

The Senior Notes due 2013 will be offered only to qualified
institutional buyers under Rule 144A and to persons outside the
United States under Regulation S. The notes have not been
registered under the Securities Act of 1933 or under any state
securities laws and, unless so registered, may not be offered or
sold in the United States except pursuant to an exemption from, or
in a transaction not subject to, the registration requirements of
the Securities Act and applicable state securities laws. This
press release does not constitute an offer, offer to sell, or the
solicitation of an offer to buy any securities in any jurisdiction
in which such offering, solicitation or sale would be unlawful.

Dobson Communications (S&P, B- Corporate Credit Rating, Stable) is
a leading provider of wireless phone services to rural and
suburban markets in the United States. Headquartered in Oklahoma
City, the rapidly growing Company owns or manages wireless
operations in 16 states. For additional information on the Company
and its operations, visit its Web site at http://www.dobson.net   


DRYDEN IV-LEVERAGED: S&P Assigns BB $8-Mill. Class D Note Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its ratings to Dryden
IV-Leveraged Loan CDO 2003's $330 million fixed- and floating-rate
notes and preferred shares due 2015.

Dryden IV-Leveraged Loan CDO 2003 is a collateralized debt
obligation backed primarily by senior secured loans and is
structured as a cash flow transaction. The collateral manager is
Prudential Investment Management Inc. Dryden IV is the eighth cash
flow arbitrage CDO managed by Prudential Investment Management.

The ratings reflect:

-- Adequate credit support provided by subordination and excess
   spread;

-- The cash flow structure, which is subject to various stresses
   requested by Standard & Poor's;

-- The experience of the collateral manager; and

-- The legal structure of the transaction, which includes the
   bankruptcy remoteness of the issuer.

                         RATINGS ASSIGNED

               Dryden IV-Leveraged Loan CDO 2003

          Class           Rating    Amount (mil. $)
          -----           ------    ---------------
          A               AAA                   257
          B               A-                     26
          C-1             BBB                     7
          C-2             BBB                     6
          D               BB                      8
          Pref. shares    N.R.                   26
          Comb. secs 1    N.R.                    3
          Comb. secs 2    N.R.                    6
          Comb. secs 3    N.R.                    8
          N.R.-Not rated.


DVI INC: Receives Interim Approval for $20-Million DIP Financing
----------------------------------------------------------------
DVI, Inc. (OTCBB: DVIX) has arranged for $20 million in debtor-in-
possession financing to be provided by Abelco Finance LLC.

DVI said that it received interim approval to access the DIP
facility from the U.S. Bankruptcy Court for the District of
Delaware on Friday, September 5.

DVI also announced that it has received permission to continue to
use cash collateral for four weeks and that the Bankruptcy Court
approved a forbearance agreement that enables the Company to
continue to service certain loans. DVI also filed motions which
set forth, among other things, the bid procedures to be
implemented in the sale of DVI's assets. The Court will hold an
expedited hearing on that matter on September 10, 2003.

"We are pleased by these developments as they help us continue to
operate and maintain the business as we diligently work to sell
its assets," said Mark Toney, CEO of DVI.

DVI filed for Chapter 11 protection on August 25, 2003.

DVI is an independent specialty finance company for healthcare
providers worldwide with $2.8 billion of managed assets. DVI
extends loans and leases to finance the purchase of diagnostic
imaging and other therapeutic medical equipment directly and
through vendor programs throughout the world. DVI also offers
lines of credit for working capital backed by healthcare
receivables in the United States.


EASYLINK SERVICES: Needs Sufficient Cash to Ensure Viability
------------------------------------------------------------
EasyLink Services Corporation i a provider of services that power
the electronic exchange of information between enterprises, their
trading communities and their customers. Every business day, it
handlez over 800,000 transactions that are integral to the
movement of money, materials, products and people in the global
economy such as insurance claims, trade and travel confirmations,
purchase orders, invoices, shipping notices and funds transfers,
among many others. The Company offers a broad range of information
exchange services to businesses and service providers, including
electronic data interchange services or "EDI"; production
messaging services; integrated desktop messaging services;
document capture and management services; boundary and managed
email services; and other services largely consisting of legacy
real time fax services.

Although EasyLink's revenues for the quarters ended June 30, 2003,
March 31, 2003 and December 31, 2002 have been stable, the Company
has experienced declines in revenues for the three and six month
periods ended June 30, 2003 as compared to the comparable periods
ended June 30, 2002. The decrease primarily occurred in its
production messaging services, which include fax, telex and email
hosting, as a result of lower volumes and negotiated customer
price reductions. The Company expects that the declines in
revenues from production messaging services may continue in the
future. Its strategy to grow revenues and to mitigate the effects
of this decline includes the sale of existing and new services to
its large base of existing customers, as well as offering its
services to new customers. Among the new services that it has
recently introduced are trading community enablement services such
as Web EDI and document capture and management services.

                Results of operations six months
                  ended June 30, 2003 and 2002

Revenues for the six months ended June 30, 2003 were $51.5
million, as compared to $60.3 million for the comparable period in
2002. The decrease of $8.8 million was due primarily to reduced
revenues in its production messaging services, which include fax,
telex and email hosting, as a result of lower volumes and
negotiated customer price reductions. Revenues in the 2003 and
2002 periods consist almost entirely of revenues from providing
information exchange services to businesses and are derived from
electronic data interchange services or `EDI"; production
messaging services; integrated desktop messaging services;
boundary and managed email services; and other services largely
consisting of legacy real time fax services.

Cost of revenues for the six months ended June 30, 2003 decreased
to $27.1 million as compared to $30.2 million for the comparable
period in 2002. However, as a percentage of revenues these costs
increased to 52.5% in 2003 as compared to 50.0% of revenues in the
comparable 2002 period. The reduction in costs resulted from
continuing cost reduction programs and reduced variable telecom
charges consistent with reduced customer volumes. Costs increased
as a percentage of revenues because of the fixed network expenses
and fixed telecom facilities costs included in costs of revenues
while revenues decreased from period to period.

Cost of revenues consists primarily of costs incurred in the
delivery and support of its services, including depreciation of
equipment used in its computer systems, the cost of
telecommunications services including local access charges, leased
network backbone circuit costs and long distance domestic and
international termination charges, and personnel costs associated
with our systems and databases.

Sales and marketing expenses were $9.7 million and $10.6 million
for the six months ended June 30, 2003 and 2002, respectively.
Included in this category are costs related to salaries and
commissions for sales, marketing, and business development
personnel. Also included are costs for promotional programs, trade
shows and marketing materials. The cost decrease of $0.9 million
is a result of lower staffing levels in 2003.

General and administrative expenses were $13.0 million during the
six months ended June 30, 2003 as compared to $14.4 million during
the comparable period of 2002. The $1.4 million decrease is the
net impact of various cost component changes but the most
significant from period to period was a reduction of $1.6 million
in our provision for bad debts as a result of improved collection
and credit activities.

Product development costs, which consist primarily of personnel
and consultants' time and expense to research, conceptualize, and
test product launches and enhancements to its products, were $3.7
million for the six months ended June 30, 2003 as compared to $3.3
million in comparable period of 2002. The Company has currently
increased development spending to continue the enhancements to its
newer products introduced in the second half of 2002. The six
month period results for 2002 also included a reversal of $0.3
million of prior years' accrued employee cash bonuses.

As of January 1, 2002, the Company adopted FASB No. 142, "Goodwill
and Other Intangibles". Statement No. 142 requires companies to no
longer amortize goodwill but instead test goodwill for impairment
on an annual basis. Accordingly, EasyLink did not amortize any
goodwill during the three months ended March 31, 2003 and 2002
respectively. It completed an impairment assessment in the 4th
quarter of 2002 with the assistance of an independent appraiser
and determined that an impairment of goodwill had occurred. Based
on a subsequent fair value analysis of the Company's goodwill,
other intangible assets and other long-lived assets, it recorded
an aggregate impairment of $78.8 million in the 4th quarter of
2002. The impairment of the other intangible assets reduced the
basis for future amortization charges resulting in the $2.4
million decrease in amortization charges. Current period charges
are $1.0 million in the six months ended June 30, 2003 as compared
to $3.4 million in the same period of 2002.

Interest income for the six months ended June 30, 2003 was $25,000
as compared to $147,000 during the comparable period of 2002. The
decrease was due to lower cash balances and lower interest rates
on temporary investments.

Interest expense was $1.1 million for the six months ended June
30, 2003 as compared to $2.5 million in the comparable period of
2002. The decrease was primarily due to reductions in the total
debt balances outstanding during the six months ended June 30,
2003 as compared to the same period in 2002 as a result of the
debt restructurings and settlements completed through June 30,
2003.

In the six months ended June 30, 2003, the Company eliminated
$61.3 million of indebtedness in exchange for the payment of $3.0
million in cash and the issuance of 23.4 million shares of Class A
common stock valued at $12.7 million pursuant to its announced
efforts to eliminate substantially all of its outstanding
indebtedness. After reversing $6.5 million of previously
capitalized interest and $2.4 million of accrued interest net of
debt issuance costs, the Company recorded total gains of $53.7
million on these transactions.

                 Liquidity and Capital Resources

Net cash provided by operating activities was $2.3 million for the
six months ended June 30, 2003 in comparison to $1.3 million in
cash provided from operating activities for the comparable period
in 2002. Net income (loss) from period to period increased by
$53.6 million from a loss of $3.9 million in 2002 to net income of
$49.7 million in 2003. The cash provided by operating activity
increased by $1.0 million, after accounting for the following 2003
items; $53.7 million in gains on debt restructuring and
settlements, a $1.3 million decrease in non cash interest, a $2.5
million decrease in amortization of intangibles assets, a $1.6
million decrease in the provision for doubtful accounts, and a net
increase of $6.4 million in cash provided by the changes in
operating assets and liabilities. The $1.3 million decrease in non
cash interest was a result of interest payments being deferred as
part of the Company's debt settlement negotiations. The $2.5
million decrease in amortization of intangible assets in 2003, was
mainly due to an impairment charge recorded during the quarter
ended December 31, 2002.

Net cash used in investing activities for purchases of property
and equipment was $3.5 million and $1.5 million for the six months
ended June 30, 2003 and 2002, respectively. The expenditures in
the 2003 period included $1.9 million related to the consolidation
of its New Jersey office facilities into a single location.

Net cash used in financing activities was $2.5 million for the six
months ended June 30, 2003 as compared to cash used of $0.8
million for the six months ended June 30, 2002. The 2003 activity
includes $3.3 million in debt principal payments and payments to
extinguish debt in connection with debt elimination transactions
and the proceeds of $1.0 million from the issuance of 1.9 million
shares of Class A Common Stock in a private placement. In the 2002
period, $0.4 million of interest payments on restructured notes
were made.

At June 30, 2003, EasyLink had $5.9 million of cash and cash
equivalents.

For the years ended December 31, 2002, 2001 and 2000, EasyLink
received a report from its independent accountants containing an
explanatory paragraph stating that the Company suffered recurring
losses from operations since inception and have a working capital
deficiency that raise substantial doubt about its ability to
continue as a going concern.

As of June 30, 2003, the Company had $7.1 million of notes payable
and capitalized interest payable within one year. Although the
Company has substantially reduced its outstanding debt
obligations, cash payments of principal and interest due within
one year from June 30, 2003, amount to $6.6 million. If the
Company's cash flow is not sufficient it may need additional
financing to meet this debt service requirement and other cash
requirements for its operations. However, if unable to raise
additional financing, restructure or settle additional outstanding
debt or generate sufficient cash flow, the Company has indicated
that it may be unable to continue as a going concern.

EasyLink believes its ability to continue as a going concern is
dependent upon its ability to generate sufficient cash flow to
meet its obligations on a timely basis, to obtain additional
financing or refinancing as may be required, and ultimately to
achieve profitable operations. Management is continuing the
process of further reducing operating costs and increasing its
sales efforts. There can be no assurance that the Company will be
successful in these efforts.

Sales of additional equity securities could result in additional
dilution to its stockholders. In addition, on an ongoing basis,
the Company continues to evaluate potential acquisitions to
complement its business messaging services. In order to complete
these potential acquisitions, it may need additional equity or
debt financing in the future.


ELAN CORP: Will Webcast 2nd Quarter 2003 Results on September 17
----------------------------------------------------------------
Elan Corporation, plc (NYSE: ELN) will host a conference call on
Wednesday, September 17, 2003 at 8:00 a.m. Eastern Standard Time
(EST), 1:00 p.m. British Summer Time (BST) with the investment
community to discuss Elan's second quarter 2003 financial results,
which will be released before the U.S. and European financial
markets open.

Live audio of the conference call will be simultaneously broadcast
over the Internet and will be available to investors, members of
the news media and the general public.

This event can be accessed by visiting Elan's Web site at
http://www.elan.comand clicking on the Investor Relations  
section, then on the event icon. The event will be archived and
available for replay after the call until 5:00 p.m. EST, 10:00
p.m. BST September 18, 2003. The replay telephone number is 800-
633-8284 or 402-977-9140, reservation number 21160153.

Elan is focused on the discovery, development, manufacturing,
selling and marketing of novel therapeutic products in neurology,
pain management and autoimmune diseases. Elan shares trade on the
New York, London and Dublin Stock Exchanges.

As reported in Troubled Company Reporter's Tuesday Edition,
Standard & Poor's Ratings Services raised its corporate credit
rating on specialty pharmaceutical company Elan Corp. PLC to
'CCC+' from 'CCC'. Standard & Poor's also raised all of its other
ratings on Elan and its affiliates, and removed the ratings from
CreditWatch.

The rating action followed Elan's successful filing of its 20-F
2002 annual report with the SEC. The outlook is now developing.

The ratings were downgraded and placed on CreditWatch on
June 26, 2003, following Elan's announcement that it was not going
to be able to file its 20-F report on time. This placed the
company in technical default of its debt covenants and could have
potentially resulted in an acceleration of all of Elan's roughly
$2 billion in debt. Elan indicated that it would not have been
able to meet all of its debt obligations if that scenario had
occurred.


ENCOMPASS SERVICES: Disbursing Agent Balks at Government Claims
---------------------------------------------------------------
Upon review of the Encompass Services Debtors' books and records,
Encompass' Disbursing Agent, Todd A. Matherne, identified 87
duplicate claims filed by government entities.   Some of the
duplicate claims filed by the government entities are:

                                            Duplicate   Surviving
  Claimant                       Amount       Claim       Claim
  --------                       ------     ---------   ---------
  Department of the Treasury   $1,186,349      993        3942
                                              3733

  Internal Revenue Service        102,255     1148        3832
                                    4,190

  Harris County/City of Houston    83,473     4770        4504

  Houston ISD                      84,093     4769        4502

  Mass. Dept. of Revenue           86,095     3034        2355
                                      264      478

  Tarrant County                   16,081     4130        3839
                                              3003

  Texas Comptroller of             13,228      816        1140
  Public Accts.

  Treasurer of Arapahoe County     12,796     3893        1757

  State of Washington, Dept.        1,648     1143        1402
  Of Revenue                        8,699

  Oklahoma Tax Commission          11,034     3014        3869
                                    1,000

Mr. Matherne objects to the Duplicate Claims and asks the Court
to disallow them in their entirety.

Marcy E. Kurtz, Esq., at Bracewell & Patterson, LLP, in Houston,
Texas, asserts that these duplicate claims should be expunged in
their entirety because claimants are entitled only to a single
satisfaction of their claim.  (Encompass Bankruptcy News, Issue
No. 18; Bankruptcy Creditors' Service, Inc., 609/392-0900)


ENRON CORP: Wants to Sell ECT's Aircraft to JLT for $11.75 Mill.
----------------------------------------------------------------
Pursuant to Sections 105, 363 and 365 of the Bankruptcy Code,
Enron Corporation ask the Court to authorize and approve:

   (a) its consent to ECT Investing Partners, LP's sale of a
       Dassault Aviation Falcon 900B-N573J aircraft to JLT
       Aircraft Holding Company, LLC in accordance with the
       terms and conditions of an Aircraft Purchase Agreement;

   (b) the consummation of the transactions contemplated; and

   (c) the rejection of an unexpired Amended and Restated N5733
       Aircraft Subleasing Agreement dated as of October 25,
       1999 between Wilmington Trust Company and Enron, as
       supplemented.

Melanie Gray, Esq., at Weil, Gotshal & Manges LLP, in New York,
relates that ECT is a non-debtor affiliate of Enron, engaged in
the business of holding investment assets, including certain
residual interests in mortgage-backed securities.  The Aircraft
comprises a significant portion of ECT's physical assets.

The Aircraft is a 12-seat 1987 Falcon 900B.  Legal title to the
Aircraft is held in trust by Wilmington Trust Company and leased
to Enron.  The Aircraft's engines have logged about 7,550
Airframe hours.

Enron decided that it no longer needed a fleet of corporate
aircraft after it filed for Chapter 11 protection.  Thus, Enron
and ECT determined to market and sell the Aircraft.

According to Ms. Gray, there are currently 26 Falcon 900B
aircraft for sale on the open market.  Of the 26 aircraft, none
have damage history and only six have higher Airframe hours than
the ECT Aircraft.  Only three Falcon 900B have been sold in 2003
and five, including the ETC Aircraft, are reportedly under
contract.

JB&A Aviation, as broker, listed the Aircraft since October 2002.  
The Aircraft is also listed in three trade publications and three
Internet sites.  As a result, Enron received eight bids for the
Aircraft ranging from $8,000,000 to an $11,750,000 bid from JLT
Aircraft Holding Company, LLC.  Enron entered into a letter of
intent with JLT.

Consequent to accepting JLT's bid, Enron received an $11,800,000
bid from Peregrin Aviation Services.  Although this bid is
lightly higher than that of JLT, Ms. Gray notes that the bid was
subject to a visual inspection of the Aircraft and to the
negotiation of terms and conditions of a term sheet.  Moreover,
by pursuing a sale to Peregrin, Enron risked losing the JLT bid.  
Accordingly, Enron chose JLT as the preferred bidder and
continued with negotiations of the Purchase Agreement given the
greater certainty of consummating the contemplated sale with JLT.  
Peregrin has since withdrawn its bid.

Under the Purchase Agreement, ECT will sell to JLT the Aircraft
and related property including:

   (a) the airframe with manufacturer's serial number 039 and
       U.S. Registration Mark N5732J;

   (b) three certain Garrett/Allied Signal Corp. model TFE
       731-5BR-1C engines bearing manufacturer serial numbers
       P97166C, P97156C, and P9715BC;

   (c) all records, logs, manuals, technical data, maintenance
       records and other materials and documents that relate to
       the operation of the Aircraft that are (i) required to be
       maintained by the FAA, or (ii) in ECT's possession on
       the closing date or that comes into ECT's possession
       thereafter; and

   (d) all parts and appurtances thereto.

The principal terms and conditions of the Purchase Agreement are:

A. Purchase Price

   The cash consideration JLT will pay to ECT for the Aircraft
   and for the assignment of warranties will be $11,750,000 as
   adjusted by the Deposit and a Purchase Price Reduction equal
   to the amount required to restore the Aircraft to airworthy
   condition, as applicable.

B. Deposit Escrow

   (a) Prior to the execution of the Purchase Agreement, JLT
       delivered to and deposited in trust with the Escrow
       Agent $300,000 in immediately available, good funds;

   (b) The Escrow Agent will promptly return the Deposit to JLT
       upon the earlier of:

       -- JLT's termination of the Purchase Agreement,

       -- Court order approving the sale of the Aircraft to a
          person other than JLT,

       -- JLT's termination of the Purchase Agreement, and

       -- JLT's termination of the Purchase Agreement solely
          because of ECT's failure to obtain the Court approval.

       The Escrow Agent's return to JLT of the Deposit will be
       JLT's exclusive remedy for ECT's failure to perform under
       the Purchase Agreement; and

   (c) JLT will cause the Escrow Agent to, and the Escrow Agent
       will, deliver the Deposit to ECT upon the earlier of:

       -- ECT's termination of the Purchase Agreement as a
          result of JLT's failure to fulfill the conditions to
          ECT's obligations,

       -- at the Closing of the sale to JLT, and

       -- JLT's termination of the Purchase Agreement other than
          as a result of a JLT Termination Event.

       The Escrow Agent's delivery ECT of the Deposit will be
       ECT's exclusive remedy for JLT's failure to perform under
       the Purchase Agreement.

C. Closing Date Payments

   At the Closing, JLT will:

    (i) pay and deliver to ECT, by wire transfer in Good Funds
        to an account ECT designates, the Purchase Price less
        the Deposit for $11,450,000, as may be further adjusted
        by the Purchase Price Reduction, as applicable, and

   (ii) instruct the Escrow Agent in writing to deliver the
        Deposit to ECT, by wire transfer in Good Funds to an
        account ECT designates.  Any accrued interest on the
        Deposit will be returned to JLT.

D. Closing

   The closing of the transactions will take place on the
   earlier of:

    (i) two Business Days after the conditions to Closing are
        satisfied,

   (ii) 50 business days after the execution date -- the Outside
        Date, and

  (iii) other date mutually agreed to by the parties to allow
        sufficient time to correct the Non-Compliant Items and
        ECT will deliver the Aircraft to JLT on the Closing Date
        at the Gulfstream Facility in Dallas, Texas.  All
        documents to be filed with the FAA on the Closing Date
        will be held in trust by FAA Counsel and filed upon
        mutual agreement of JLT and ECT.

E. Closing Conditions

   (a) As to ECT's Obligations:

       It will be a condition of ECT's obligations under the
       Purchase Agreement that, as of the Closing Date:

       -- all of JLT's representations and warranties made in
          the Purchase Agreement will be true and correct in all
          material respects,

       -- JLT performed in all material respects all of its
          covenants and obligations under the Purchase
          Agreement,

       -- ECT obtained Court approval of the sale,

       -- JLT have completed the Inspection and delivered the
          Acceptance Certificate, and

       -- ECT have received verbal confirmation from FAA Counsel
          that the Aircraft is free and clear of Liens and that
          the Aircraft may, upon consummation of the
          transactions contemplated hereunder, be registered
          with the FAA Registry in the name of the JLT;

   (b) As to JLT's Obligations:

       It will be a condition of JLT's obligations under the
       Purchase Agreement that, as of the Closing Date:

       -- all of ECT's representations and warranties made in
          the Purchase Agreement will be true and correct in all
          material respects,

       -- ECT will have performed in all material respects all of
          its covenants and obligations under the Purchase
          Agreement,

       -- ECT will deliver the Aircraft to JLT,

       -- ECT obtain the Approval Order, and

       -- JLT received verbal confirmation from FAA Counsel that
          the Aircraft is free and clear of Liens and that the
          Aircraft may, upon consummation of the transactions
          contemplated hereunder, be registered with the FAA
          Registry in JLT's the name; and

   (c) Any waiver of a condition will be effective only if the
       waiver is stated in writing and signed by both parties;
       provided, however, that the consent of a party to the
       Closing will constitute a waiver by the party of any
       conditions to Closing not satisfied as of the Closing
       Date.

F. Termination

   Either party may terminate the Purchase Agreement upon
   written notice to the other party if on or prior to the
   Closing, any of these events have occurred and the
   terminating party is not then in default of its obligations
   in any material respect:

   (a) If all conditions to the Closing required to obligate a
       party to close the transactions have been satisfied and
       a party has not tendered performance of its obligations
       or deliveries by the Closing Date;

   (b) The Aircraft will be lost, destroyed, materially damaged,
       or is involved in an accident or incident causing
       material damage thereto;

   (c) If (i) JLT fails to deliver the Acceptance Certificate to
       ECT by the Acceptance Time, (ii) the parties fail to
       agree to the Non-Compliant Items or the Purchase Price
       Reduction, if any, by the Acceptance Time, or (iii) JLT
       delivers to ECT a written notice of rejection of the
       Aircraft any time after the Inspection commences but
       prior to the Acceptance Time; and

   (d) If ECT have not obtained Court approval.

G. Taxes

   (a) As of the Closing Date, ECT will have paid all Taxes ECT
       owed, excluding 2003 personal property taxes owed in
       Harris County, Texas, with respect to ECT's ownership of
       the Aircraft;

   (b) JLT will be solely responsible for and timely pay (i) all
       Transaction Taxes any taxing authority imposed or levied
       on or with respect to the sale and purchase of the
       Aircraft under the Purchase Agreement or JLT's use or
       ownership of the Aircraft after Closing and (ii) all
       federal, state, local and other license, recording,
       registration, transfer fees and all other fees and
       charges of any nature imposed or levied on or with
       respect to the sale and purchase of the Aircraft under
       the Purchase Agreement or JLT's use or ownership of the
       Aircraft after Closing, together with any penalties,
       fines and interest; and

   (c) JLT will not be responsible for (i) any taxes imposed
       on or measured by ECT's net income and (ii) any ad
       valorem taxes or property taxes attributable to taxable
       periods ending on or before the Closing Date, all of
       which will be the responsibility of ECT, including the
       2003 Taxes, with respect to ECT's ownership of the
       Aircraft.

H. Brokers

   Each party will be responsible for its own broker fees and
   related costs.  In connection with the sale, ECT will pay
   $58,750 to its broker, JB&A Aviation.

Ms. Gray asserts that the sale should be authorized because:

   (a) although the Aircraft is not directly property of the
       estate, the sale transaction affects Enron's Chapter 11
       estate in that ECT is an indirect wholly owned subsidiary
       of Enron and it is in Enron's best interest to maximize
       ECT's value;

   (b) the Purchase Agreement requires an order from the Court
       as a condition precedent to sale closing;

   (c) the Purchase Agreement contemplates Enron's rejection of
       the Lease to transfer clear title to JLT;

   (d) the Aircraft is not integral to or contemplated to be
       part of Enron's reorganization;

   (e) the Purchase Agreement was negotiated at arm's length
       and represents fair market value for the Aircraft;

   (f) after an extensive marketing process, ECT, in
       consultation with Enron and the Creditors' Committee,
       determined that JLT's offer represents the best offer
       for the Aircraft at this time and under the circumstances;

   (g) other than the liens relating to the 2003 Taxes, which
       will remain on the Aircraft until Enron pays the 2003
       Taxes as the Purchase Agreement requires, Enron is not
       aware of any liens encumbering the Aircraft; and

   (h) JLT is a good faith purchaser by virtue of Section 363(m)
       of the Bankruptcy Code.

Moreover, given the extensive marketing of the Aircraft, Enron
believes that the sale should be approved as a private sale under
Rule 6004(f)(1) of the Federal Rules of Bankruptcy Procedure.  
Ms. Gray contends that the sale to JLT will enable Enron to
obtain the best offer for the Aircraft, whereas a public auction
would only entail delay and attendant expenses, which expense may
greatly reduce the amount Enron would otherwise realize from the
sale with no likelihood of benefit to Enron.

The Purchase Agreement requires that clear title to the Aircraft
be transferred to JLT.  Thus, Enron seeks to reject the Lease
effective as of the Closing Date.

Ms. Gray argues that since the Lease is no longer needed, the
Lease is financially burdensome to Enron's estate.  Moreover, the
payments due under the Lease are above market, and therefore,
Enron will be unable to assume and assign the Lease.  There is no
conceivable benefit to Enron's estate in continuing to make lease
payments for the Aircraft.  By eliminating the ongoing
administrative payment obligations, rejecting the Lease will
enhance Enron's prospects for a successful rehabilitation and
reorganization. (Enron Bankruptcy News, Issue No. 78; Bankruptcy
Creditors' Service, Inc., 609/392-0900)


FEDERAL-MOGUL: Court Approves Amendments to DIP Financing Pact
--------------------------------------------------------------
The U.S. Bankruptcy Court approved the Federal-Mogul Debtors' DIP
Financing Amendments.  The amended maturity date will expire at
the earlier of:

   -- the date a confirmed Chapter 11 reorganization plan for the
      Debtors is substantially consummated;

   -- any date on which the Debtors' breach of the terms result
      in an acceleration of the loan commitments under the
      Amended and Restated DIP Agreement; or

   -- February 6, 2005. (Federal-Mogul Bankruptcy News, Issue No.
      42; Bankruptcy Creditors' Service, Inc., 609/392-0900)


GAUNTLET ENERGY: Responds to High Volume Stock Trading Activity
---------------------------------------------------------------
In response to the unusually large trading activity in the common
shares of Gauntlet Energy Corporation, Gauntlet wishes to advise
that it is not aware of any corporate development that would have
resulted in this increased activity.

Gauntlet advises that the previously announced stakeholder
maximization process for the sale and restructuring of Gauntlet
and its assets with the assistance of FirstEnergy Capital Corp. is
ongoing.

                         *     *     *

On June 17, 2003, Gauntlet Energy Corporation obtained an order
from the Court of Queen's Bench of Alberta providing creditor
protection under the Companies' Creditors Arrangement Act. The
Court order provided for the appointment by the Court of a Monitor
and an interim stay of proceedings and restraint of certain rights
and remedies against the Company. The purpose of the stay period
order is to provide the Company with relief designed to stabilize
operations and business relationships with customers, vendors,
employees and creditors and to permit the Company to develop a
financial restructuring plan to present to its creditors.

The Company's ability to continue as a going concern is dependent
on the ability of the Company to restructure its financial
affairs, including the continuing support of the Company's lender,
the Company's ability to realize sufficient proceeds through a
sale of some or all of its assets to fund a Plan of Arrangement,
and the Company's ability to negotiate a Plan of Arrangement with
creditors, including satisfactory resolution of outstanding legal
claims, enabling the Company to continue operations. There is no
assurance that the Company will be able to restructure its
financial affairs or that such efforts will improve the financial
condition of the Company.


GENERAL MARITIME: Extends Exchange Offer Until 5:00 p.m. Tomorrow
-----------------------------------------------------------------
General Maritime Corporation (NYSE: GMR) has extended for three
additional days its offer to exchange all of its outstanding 10%
senior notes due March 15, 2013, that were issued in a private
placement on March 20, 2003, for an equal principal amount of 10%
senior notes due March 15, 2013, that are registered under the
Securities Act of 1933, as amended.  

The terms of the Exchange Notes are identical to those of the
Outstanding Notes except that the Exchange Notes are registered
under the Securities Act of 1933 and will not be subject to
restrictions on transfer.  As a result of the extension, the
Exchange Offer will now expire on September 11, 2003, at 5:00
P.M., Eastern Time.  All other conditions of the Exchange Offer
remain in effect.  As of 5:00 P.M. Eastern Time, on September 8,
2003, an aggregate of approximately $239 million in principal
amount of the Notes has been tendered.

The terms of the Exchange Notes are identical to those of the
Outstanding Notes except that the Exchange Notes are registered
under the Securities Act of 1933 and will not be subject to
restrictions on transfer.

                      Additional Information

The Company has filed a registration statement, including a
prospectus and other related documents, on Form S-4 with the
United States Securities and Exchange Commission in connection
with the Exchange Offer.  The Company urges holders of the
outstanding notes to read the prospectus and other documents
carefully before tendering any outstanding notes.  These documents
also contain necessary information regarding the procedures that
must be used to tender outstanding notes.  Holders of the
outstanding notes may obtain any documents filed with the SEC
relating to the Exchange Offer free of charge from the SEC's Web
site at http://www.sec.gov  These documents may also be obtained  
from the exchange agent for the Exchange Offer, LaSalle Bank
National Association, at:

     LaSalle Bank National Association
     135 S. LaSalle Street, Suite 1960
     Chicago, Illinois 60603
     Ph:  (312) 904-2442
     Fax: (312) 904-2236
     Attn.:  Wayne M. Evans CCTS
     First Vice President, Corporate Trust Administration

General Maritime Corporation (S&P, BB Corporate Credit Rating,
Stable) is a provider of international seaborne crude oil
transportation services principally within the Atlantic basin and
other regions including West Africa, the North Sea, Mediterranean,
Black Sea and Far East.  General Maritime Corporation owns and
operates a fleet of 46 tankers -- 27 Aframax and 19 Suezmax
tankers -- making it the second largest mid-sized tanker company
in the world with more than 5.5 million dwt.


GLOBAL CROSSING: Wants Info From XO Communications & Carl Ichan
---------------------------------------------------------------
The Global Crossing Debtors seek the Court's authority, pursuant
to Rule 2004 of the Federal Rules of Bankruptcy Procedure, to
direct XO Communications Inc., Carl Icahn and any Icahn-related
companies to produce certain documents related to:

   (i) the Purchase Agreement between the Debtors, Singapore
       Technologies Telemedia Pte Ltd. and Hutchison
       Telecommunications; and

  (ii) the employment of Carl Grivner, a former officer of
       Global Crossing, now employed by XO.

Paul M. Basta, Esq., at Weil Gotshal and Manges, LLP, in New
York, recalls that on August 9, 2002, the Court approved the
Purchase Agreement.  However, on April 30, 2003, Hutchison
terminated its rights and obligations under the Purchase
Agreement and ST Telemedia assumed Hutchison's rights and
obligations thereunder.

Mr. Basta explains that the transactions contemplated under the
Purchase Agreement form the cornerstone of the Debtors' Plan of
Reorganization.  However, before the transactions are
consummated, the Debtors must receive approval from certain
federal, state and local regulatory agencies, including the
Federal Communications Commission and the Committee on Foreign
Investment in the United State.  The Debtors are currently
working toward obtaining these regulatory approvals.

XO and the chairman of its board of directors, Mr. Icahn, are
intent on gaining control of Global Crossing.  In numerous press
releases and public statements throughout June 2003, XO and Mr.
Icahn made various expressions of interest to the Debtors for
control of Global Crossing.  XO and Mr. Icahn also made certain
proposals to the Debtors' prepetition lenders to purchase their
debt, which ultimately culminated in XO's tender offer in
June 24, 2003.  On information and belief, approximately
$500,000,000 of debt has been tendered to XO to date pursuant to
the Tender Offer.  In total, XO holds approximately $790,000,000
of Global Crossing's debt.

In an attempt to derail the Debtors' Purchase Agreement with ST
Telemedia, XO objected to the Debtors' request to (i) amend
the Purchase Agreement, (ii) grant certain releases to Hutchison,
and (iii) extend the exclusive periods during which the Debtors
may propose a plan of reorganization and solicit acceptances
thereto.  In connection with the trial with respect to the
amendment to the Purchase Agreement, Mr. Basta contends, it
became apparent that XO and Mr. Icahn interfered with the
regulatory approval process.

Bankruptcy Rule 2004 provides that on the motion of any party-in-
interest, the Court may order the examination of any entity.  
Hence, Mr. Basta argues that good cause is present for the
Debtors ask XO and Mr. Icahn to produce the documents because:

   (a) XO's attempt to derail the Purchase Agreement is a grave
       "matter that may seriously affect the administration of
       the Debtors' estate" with the two letters XO sent to the
       FCC, requesting it to delay its review of the transactions
       made under the Purchase Agreement.  

   (b) The examination could reveal additional information
       regarding XO's and Mr. Icahn's attempts to derail the
       Purchase Agreement to the detriment of the Debtors'
       creditors and estates;

   (c) The examination will enable the Debtors to determine the
       rights and remedies available to them, including whether
       grounds exist for the equitable subordination of XO's
       claims; and

   (d) The Debtors have an agreement with Mr. Grivner wherein he
       may not disclose confidential, non-public information
       about Global Crossing.  The Employment Agreement also
       prohibits Mr. Grivner from inducing other employees of
       Global Crossing to leave Global Crossing or solicit any
       of Global Crossing's customers on behalf of a competitor
       within one year from his departure from Global Crossing.
       The Debtors wish to investigate whether there have been
       communications between Mr. Grivner and XO or Mr. Icahn in
       violation of the Employment Agreement. (Global Crossing
       Bankruptcy News, Issue No. 46; Bankruptcy Creditors'
       Service, Inc., 609/392-0900)


GLOBAL DIVERSIFIED: Recurring Losses Raise Going Concern Doubt
--------------------------------------------------------------
Global Diversified Industries, Inc. is a Nevada company with a
limited operating history. On December 11, 2001, Global
Diversified Industries, Inc., formerly Global Foods Online, Inc.
acquired two wholly-owned subsidiaries, Majestic Modular
Buildings, Ltd., and, Lutrex Enterprises, Inc., an entity
controlled by the Company's President and Chief Executive Officer

Modular is engaged in the business of designing, manufacturing and
marketing re-locatable modular structures such as classrooms and
office buildings and was under contract to build multiple single
story classrooms for two school districts in southern California.

The Company is a holding company that currently operates three
wholly owned subsidiaries, Lutrex Enterprises, Inc., an entity,
which holds equipment and inventory for Global Diversified, MBS
Construction Inc., a modular contractor specializing in modular
construction site work and renovation, and Global Modular, Inc., a
sales, marketing and manufacturing of modular type structures.

The Company incurred a net loss of $528,836 for the year ended
April 30, 2003. In addition, the Company's current liabilities
exceed its current assets by $252,093 as of April 30, 2003. As a
result of its operating losses in 2003, the Company generated a
cash flow deficit of $546,553 from operating activities. Cash
flows used in investing activities was  $264,005 during this
period . Global Diversified met its cash requirements during this
past year primarily through the issuance of notes payable of
$308,289, advances in the form of notes payable from related
parties of $513,465 and capital contributions of $25,000

While the Company has raised capital to meet its working capital
and financing needs in the past, additional financing is required
in order to meet the Company's current and projected cash flow
deficits from operations and development.  The Company is
presently seeking financing in the form of debt or equity in order
to provide the necessary working capital. Such financing may be
upon terms that are dilutive or potentially dilutive to its
stockholders.  The Company currently has no commitments for
financing.  There are no assurances the Company will be successful
in raising the funds required.

By adjusting its operations and development to the level of
capitalization , management believes it has sufficient capital
resources to meet projected cash flow deficits through the next
twelve months . However, if thereafter, it is not successful in
generating sufficient liquidity from operations or in raising
sufficient capital resources, on terms acceptable to the Company,
this could have a material adverse effect on its business, results
of operations, liquidity and financial condition.

In prior periods, the Company has borrowed funds from significant
shareholders of the Company to satisfy certain obligations. There
are no assurances that the Company will be able to borrow funds
from significant shareholders of the Company in the future.

The independent auditors report on the Company's April 30, 2003
financial statements states that the Company's recurring losses
raise substantial doubt about the Company's ability to continue as
a going concern.


HAYES LEMMERZ: Will Host 2nd Quarter Conference Call on Tuesday
---------------------------------------------------------------
Hayes Lemmerz International, Inc. (OTC Bulletin Board: HAYZ) will
host a telephone conference call to discuss the Company's fiscal
year 2003 second-quarter financial results on Tuesday,
September 16, 2003, at 8:30 a.m. (ET).

To participate by phone, please dial 10 minutes prior to the call:

    (800) 399-3882 from the United States and Canada
    (706) 634-4552 from outside the United States

Callers should ask to be connected to Hayes Lemmerz earnings
conference call, Conference ID#2515025.

The conference call will be accompanied by a slide presentation,
which can be accessed that morning through the Company's web site
in the Investor Kit/ presentations section at
http://www.hayes-lemmerz.com/investor_kit/html/presentations.html

A replay of the call will be available from 11:30 a.m.,
September 16, 2003 until midnight, September 23, 2003, by calling
1-800-642-1687 (within the United States and Canada) or (706) 645-
9291 (for international calls).  Please refer to Conference
ID#2515025.

An audio replay of the briefing is expected to be available on the
Company's Web site beginning 48 hours after completion of the
briefing through September 30, 2003.

Hayes Lemmerz plans to announce second-quarter 2003 results in its
10-Q filing on Monday, September 15.  A press release will also be
issued via PR Newswire, as well as be available on the Company's
Web site.

Hayes Lemmerz International, Inc. is the world's leading global
supplier of automotive and commercial highway wheels, brakes,
powertrain, suspension, structural and other lightweight
components.  The Company has 43 plants, 3 joint venture facilities
and 11,000 employees worldwide.


IMPERIAL PLASTECH: Deloitte Continues Work to Complete Reports
--------------------------------------------------------------
Imperial PlasTech Inc. (TSX: IPQ) continues to work with its
auditors, Deloitte Touche, to complete its interim financial
statements for the three months ended May 31, 2003.

On July 22, 2003 Imperial PlasTech announced that it would be late
in filing its interim financial statements for its second quarter.
Imperial PlasTech continues to anticipate that its interim
financial statements will be filed on or prior to September 30,
2003.

This announcement is being made in accordance with the Alternate
Information Guidelines of the Ontario Securities Commission,
whereby Imperial PlasTech is required to update the market every
two weeks so long as it is in default of filing its interim
financial statements.

The PlasTech Group is a diversified plastics manufacturer
supplying a number of markets and customers in the residential,
construction, industrial, oil and gas and telecommunications and
cable TV markets. Currently operating out of facilities in
Peterborough Ontario, Edmonton Alberta and Atlanta Georgia, the
PlasTech Group intends to focus on the growth of its core
businesses while assessing any non-core businesses. For more
information, access the group's Web site at http://www.implas.com  

As reported in Troubled Company Reporter's August 8, 2003 edition,
Imperial PlasTech Inc. obtained a further order under the
Bankruptcy Code in the United States Bankruptcy Court, Northern
District of Georgia, Atlanta Division, supplemental to the
Temporary Restraining Order and Preliminary Injunction dated July
18, 2003 obtained by the PlasTech Group.

The order provides for the extension of the injunctive relief
imposed under the Bankruptcy Code to September 23, 2003, unless
further extended by the court, in order to facilitate the
continued restructuring of the PlasTech Group. The injunctive
relief restrains all persons from, among other things, commencing
or continuing any action or proceeding in the United States  
against any of the PlasTech Group or their respective directors or
property, taking any action in the United States against property
of any of the PlasTech Group involved in the proceedings pending
under the Companies' Creditors Arrangement Act or dishonoring,
altering, terminating, failing to renew or extend or otherwise
interfering with any contract, license or permit forming part of
the property of any of the PlasTech Group.

The PlasTech Group anticipates that further extensions may be
required in order to prepare and present a plan or plans of
compromise or arrangement involving the PlasTech Group and one or
more classes of their secured and/or unsecured creditors prior to
the expiration of the injunctive relief.


INFORMATION ARCHITECTS: Releasing New Perceptre 2.0 Software
------------------------------------------------------------
Information Architects Corporation (IACH.OB) plans to release
Perceptre 2.0, a new upgraded version of its software for
collecting and delivering online information such as background
reports for pre-employment and tenant screening purposes.

Perceptre is a web-based screening system that, with a single-name
input, is designed to provide users with fast access to historical
background on any individual. Records immediately accessible via
the secure site include: county, state and federal criminal and
civil court records; motor vehicle records/driving history;
personal and business credit reports; bankruptcy and tax liens;
birth certificate and social security number trace and
verification; sexual offender records; education, employment
verification, professional license/certifications, as well as
state workers compensation search records; and real estate
property services.

The new version of Perceptre harnesses the power of Java(TM) and
the elegance of Macromedia's latest Flash(TM) technology to create
a rich user experience backed up by a highly scalable, reliable
and secure system. By combining these technologies Perceptre 2.0
provides a user interface which is as powerful as a complex
desktop application, but which can be accessed from anywhere with
a simple web browser and without heavy downloads. A new static
toolbar provides a dynamic menu and support for dynamic workflows
tailored to the customer's needs.

"Customers don't want to spend time navigating through a system to
get to their data," said William Overhulser, General Manager of
Information Architects. He continued, "The new system is designed
to provide users with the fast and easy access to information. It
is designed to be intuitive and reduce the time normally taken to
carry out user's daily tasks."

Perceptre 2.0 will support hand-held devices to facilitate access
to the system by mobile customers and vendors. It also includes a
state-of-the-art electronic interface, based on the latest Web
Services and XML technology, to allow customers and business
partners to transfer data electronically, rendering manual data
entry on the Perceptre system unnecessary.

Perceptre 2.0 is designed to provide a high level of security by
incorporating a secure application architecture integrated with
the latest intrusion detection and prevention systems. For
example, Perceptre can detect that one of our customers has been
infected with a worm, and prevent them from accessing the system.
The customer is informed and once they have the situation under
control, access to Perceptre is restored. This has been of great
benefit to one of our largest customers, who were unaware that
they had fallen victim to the worm until we informed them. This
integration will be enhanced in Perceptre 2.0.

"The issue of pre-employment screening and background checks is
gaining considerable momentum especially since the events of
9/11," stated Michael Weinstein, President and CEO of Information
Architects. "Terrorism, sexual/child abuse, theft, instability,
and violent crime are just some of the dangers that may be averted
with adequate background information prior to engaging a person in
employment or business."

Perceptre 2.0's ordering system is anticipated to be the most
scalable in the industry, allowing customers to order multiple
reports on multiple candidates quickly and easily.

Information Architects Corporation is a holding company focused on
acquiring technology companies in the security/national security
sectors that complement its current software offerings in the
areas of on-line, pre-employment screening and background
investigation, as well as telephone call time recording and
taping. Today, the Company offers its government and commercial
sector customers fast, inexpensive, on-line background reviews of
potential and current personnel as a "one screen aggregation of
data." Records accessible via a secured site, single-name input
include: county, state and federal criminal & civil court records;
motor vehicle records/driving history; personal & business credit
reports; bankruptcy & tax liens; birth certificate & social
security number trace and verification; sexual offender records;
education, employment verification, professional
license/certifications, as well as state workers compensation
search records; and real estate property services; to name a few.

                         *     *     *

On August 21, 2003, the Board of Directors of Information
Architects Corporation decided to terminate the services of
Salberg & Company, P.A. as the Company's auditors, and to engage
Hunter, Atkins and Russell CPA's as the Company's independent
auditors, effectively immediately.

The accountant's report on the financial statements for the past
two years contained a going concern qualification; such financial
statements did not contain any adjustments for uncertainties
stated therein.

At June 30, 2003, Information Architects' balance sheet shows a
working capital deficit of about $1.7 million, and a total
shareholders' equity deficit of about $1.4 million.


KSAT SATELLITE: Steven Shao Hong Wan Steps Down as Director
-----------------------------------------------------------
KSAT Satellite Networks Inc. announced that Mr. Steven Shao Hong
Wan resigned as a director on August 31, 2003 and Mr. Phoi Kwok
Eng resigned as Chief Financial Officer on August 31, 2003.

Mr. Phoi will continue with KSAT as a director further to his
appointment on August 31, 2003 to fill the vacancy created by the
resignation of Mr. Wan.

The position of Chief Executive Officer will remain vacant
following the expiry of Mr. Avi Shabtai's term on August 31, 2003.
Mr. Shabtai will continue with KSAT as a director further to his
re-election at the Annual and Special Meeting of KSAT held on June
20, 2003.

In addition, Mr. Erez Antebi was appointed director on August 31,
2003.

Therefore, the current directors of KSAT are: Mr. Vincent Ko, Mr.
Avi Shabtai, Mr. Phoi Kwok Eng, and Mr. Erez Antebi. KSAT
currently has no officers.

The common shares of KSAT trade on the Canadian TSX Venture
Exchange under the trading symbol "KSA". KSAT has ceased to carry
on business in satellite telecommunications in China, following
the Annual and Special Meeting of KSAT where the shareholders of
KSAT approved by special resolution the voluntary liquidation and
dissolution of KSAT.

                         *     *     *

As previously reported, the Company's most recent publicly
available financial statements of the Corporation, as at
September 30, 2002 (unaudited), the Corporation's shareholders'
deficit was $11,927,629.


LIFE ENERGY: Hires Berkovits Lago as New Independent Auditors
-------------------------------------------------------------
On August 26, 2003 Donahue Associates, L.L.C notified Life Energy
& Technology Holdings Inc. that they declined to stand for
re-election as the Company's independent auditors due to financial
reasons.

Donahue Associates, L.L.C performed the audit for the period ended
May 31, 2002.  Both of the former accountants' reports for the
last two fiscal years contained uncertainties as to the ability of
the Company to continue as a going concern.

On August 26, 2003, the Company's Board of Directors approved the
engagement the firm of Berkovits, Lago & Company, LLP located at
8211 West Broward Blvd., Suite 340, Plantation, Florida 33324, as
the Company's independent auditors.  Such appointment was accepted
by Jesus Lago of the firm.

Life Energy and Technology Holdings, Inc., formerly Health-Pak,
Inc., is a Delaware state corporation organized in December 1987.
On December 4, 2000, the Company merged with Life Energy and
Technology, Ltd., a company organized on November 3, 2000 in the
Republic of Ireland. Upon the conclusion of the merger  
transaction, the Company changed its to Life Energy and Technology
Holdings, Inc.

The Company is the developer the Biosphere Process(TM) System,  
which is an autonomous mobile multifuel micro-power electricity  
generation system that the company is marketing to sell or to
lease to government entities and corporate clients worldwide. The
current officers and principal shareholders of the Company
completed the development of the Biosphere Process(TM) System in
mid-year 2000. The Biosphere Process(TM) System, a mobile,
modular, micro-power plant consumes and recycles 100% of
traditional waste materials such as; municipal solid waste,
agricultural and forestry wastes, industrial or medical wastes,  
sugar cane bagasse, forestry and wood processing wastes, waste car
and truck tires, sewage sludge, animal wastes, and/or traditional  
fossil fuels (coal, oil, gas, peat) or oil industry wastes, oil
contaminated ballast water, bilge & oily waste water, fuel
separated oil sludge, oil and chemical contaminated top soil,
while producing renewable electricity and potable water. The
Company recognized its first sale's in November 2001.


MEDICALCV INC: Will Hold Q1 2004 Conference Call Tomorrow
---------------------------------------------------------
MedicalCV, Inc. (OTCBB:MDCVU) will host a conference call to
discuss its 2004 first-quarter earnings tomorrow, at 11 a.m. CT
(12 p.m. ET), following the release of its quarterly results
before the market opens that day.

Blair P. Mowery, president and chief executive officer, and Jules
L. Fisher, chief financial officer, will discuss the company's
first-quarter results for the period ended July 31, 2003, as well
as provide a business update.

To access the live conference call, dial (303) 262-2050 at least
10 minutes prior to the call. For those unable to listen to the
live conference call, an audio replay will be available beginning
at 1 p.m. CT, tomorrow, through 5 p.m. CT, Friday, October 10th.
To access the replay, dial (303) 590-3000 and enter passcode
552322.

MedicalCV Inc., is a Minnesota-based cardiothoracic surgery device
manufacturer that launched its Omnicarbon(R) heart valve in the
United States in early 2002. Led by a new management team, we are
focused on building a worldwide market in mechanical heart valves
and other innovative products for the cardiothoracic surgical
suite. Our Omnicarbon heart valve has an established market
position in a number of key regions of Europe, South Asia, the
Middle East, and the Far East. Although international markets will
continue to play an important role in our results, the U.S. market
offers tremendous growth potential for the Omnicarbon valve. In
fiscal year 2003, we added the IMA Access(TM) Retractor to our
line, which is a device for exposing the internal mammary artery
during cardiopulmonary bypass procedures. In addition, we entered
into an agreement with Segmed, Inc., to commercialize an
annuloplasty product known as the Northrup Universal Heart Valve
Repair System(TM). We have a fully integrated manufacturing
facility, where we design, test and manufacture our products. Our
securities are traded on the OTC Bulletin Board under the symbol
"MDCVU".

MedicalCV Inc.'s April 30, 2003 balance sheet shows a total
shareholders' equity deficit of about $390,000.


MILESTONE SCIENTIFIC: Secures FDA Clearance for SafetyWand(TM)
--------------------------------------------------------------
Milestone Scientific Inc. (AMEX:MS) announced that the FDA has
approved marketing of its "SafetyWand(TM)" disposable handpiece, a
patented injection device that incorporates safety engineering
sharps protection features to aid in the prevention of
needlesticks.

The SafetyWand is the first patented injection device to be fully
compliant with OSHA regulations under the federal Needlestick
Safety Act while meeting the clinical needs of dentists.

"The SafetyWand represents the culmination of two years effort to
develop a safer injection device for dentists and hygienists,"
said Stuart Wildhorn, Senior Vice President of Milestone. "While
safer injection devices have been mandated since 2000 under
federal law, OSHA has been unable to enforce this law against
dentists because of the inadequacy of existing devices to meet
both the requirements of the law and the clinical needs of
dentists. The SafetyWand meets these requirements and provides
dental practitioners with a safer retractable needle device with
single hand activation, reusable multiple times during a single
patient visit, while remaining small and sleek enough not to
obscure the dentist's sometimes limited field of view. Once the
SafetyWand is available commercially, which is expected shortly,
OSHA can begin to enforce existing regulations requiring the use
of safety engineered devices. OSHA is empowered to levy
substantial fines for failure to use these devices, but has not
enforced them against dentists because of the absence of devices
suitable for their use. We believe our Safety Wand will promote
increased handpiece use by the more than 15,000 CompuDent
anesthetic delivery systems previously sold in this country, while
also providing new impetus for the purchase of these systems by
new users."

The Needlestick Safety Act requires employers to take preventative
measures to protect their employees from the occupational hazards
of inadvertent needle sticks. The Act and related regulations,
including the Blood Borne Pathogen Directive, mandate that
hypodermic syringes and other sharps be engineered with specific
built-in safety features or mechanism that effectively reduce the
risk of an exposure incident. US healthcare workers suffer from an
estimated 590,000 needlestick injuries each year.

Milestone Scientific -- whose June 30, 2003 balance sheet shows a
total shareholders' equity deficit of about $7 million -- is the
world leader in advanced subcutaneous injection technology. It is
the developer, manufacturer and marketer of "CompuMed(R)" and
"CompuDent(R)" computer controlled local anesthetic delivery
systems. These systems comprise a microprocessor controlled drive
unit as well as "The Wand(R)" handpiece, a single patient use
product that is held in a pen like manner for injections. In 2001,
Milestone Scientific received broad United States patent
protection on "CompuFlo(TM)", an enabling technology for computer
controlled, pressure sensitive infusion, perfusion, suffusion and
aspiration, which provides real time displays of pressures, fluid
densities and flow rates, that advances the delivery and removal
of a wide array of fluids.


MORGAN STANLEY: S&P Lowers Class D & E Note Ratings to B/CCC
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its ratings on classes
D and E from Morgan Stanley Capital I Inc.'s commercial mortgage
pass-through certificates series 1998-CF1 and removed the from
CreditWatch. At the same time, the rating on class C is lowered,
and the ratings on the remaining classes are affirmed.

The lowered ratings are the result of the losses expected on the
high level of delinquent and other specially serviced mortgages,
the large amount of accrued interest shortfalls totaling $14.1
million, and expectations that the interest shortfalls will be
ongoing until resolution of the real estate owned healthcare
assets. In addition to the existing shortfalls, GMAC Commercial
Mortgage Corp., the master servicer, formerly CapMark Services
L.P., has $16.1 million (as of June 2003) in outstanding advances
to the trust. A majority of the outstanding advances are due to
eight REO Healthcare Care Capital loans that have a total balance
of $36.4 million.

The affirmations are based on improved weighted average debt
service coverage of 1.70x from 1.39x at issuance.
     
There are 25 mortgages in special servicing totaling $137.1
million (or 14.3% of the pool balance). The mortgages are
categorized as:

     -- Specially serviced yet current: $33.8 million (five
        loans);
     -- 30 days delinquent: $22.1 million (one loan);
     -- 60 days delinquent: $4.5 million (one loan);
     -- 90 days delinquent: $10.1 million (six loans);
     -- In foreclosure: $28.4 million (two loans); and
     -- REO $38.2 million (10 loans)
     
Of greatest concern are 10 specially serviced healthcare mortgages
totaling $49.7 million (5.2%). The largest concentration includes
the eight cross-collateralized and cross-defaulted HHC loans,
which are categorized as REO ($36.4 million; 3.8%). There are
currently seven properties backing these eight loans, as one
property was sold back in November 2002. The properties are
located in the south and southwest region of the U.S. GMACCM
elected to stop advancing for principal and interest after deeming
further advances to the properties as nonrecoverable. Outstanding
advances currently total $12.1 million, resulting in total
exposure of $48.5 million. A December 2002 appraisal valued the
properties at $20.1 million. Based on recent losses experienced on
delinquent healthcare loans, Standard & Poor's expects large
losses from the liquidations of these loans. In addition, the
large amount of outstanding advancing on these assets may cause
further interest payment disruptions.

In addition, there are two noteworthy specially serviced loans,
which are secured by retail properties formerly anchored by Kmart.
The two mortgages total $41.1 million (4.3%). The largest is
Broadview Village Square, located in Broadview, Ill., which
secures a $24.9 million mortgage (2.60%). The mortgage is
delinquent and in the process of being foreclosed upon, as the
borrower has difficulty finding a replacement tenant for the
vacant space (58% of the center), primarily because of the
center's less desirable location. The other loan is Cambridge
Square Shopping Center, located in Morganville, N.J., which
secures a $16.2 million mortgage (1.70%). The mortgage remains
current, as the property manager actively looks to lease the
vacant (49% of center) space, which is competitively located.

The master servicer, GMACCM, reported watchlist items that include
52 mortgages totaling $112.0 million (12.4%). Eight hotel
mortgages (totaling $30.2 million, or 3.1%) are of particular
concern, as the hotels are grappling with low occupancy levels,
resulting from the decline in business and tourist demand. The
remaining mortgages, which are secured by various property types,
are on the watchlist for various reasons, some of which include
declining occupancy levels in response to the weak economy, as
well as an assortment of administrative issues.

As of August 2003, the pool consisted of 282 mortgages with an
outstanding balance of $954.7 million, down from 323 mortgages
totaling $1.107 million at issuance. GMACCM supplied 95% of 2002
year-end financials, resulting in WADSCR of 1.70x. Following the
resolution of 16 delinquent mortgages, realized losses are
currently at $25.9 million for the pool.
   
                     RATING LOWERED
   
               Morgan Stanley Capital Inc.
     Commercial mortgage pass-thru certs series 1998-CF1
   
                 Rating
     Class    To           From      Credit Support
     C        BBB          A                 19.60%
   
          RATINGS LOWERED AND OFF CREDITWATCH
   
               Morgan Stanley Capital Inc.
     Commercial mortgage pass-thru certs series 1998-CF1
   
                 Rating
     Class    To        From            Credit Support
     D        B         BB+/Watch Neg           13.25%
     E        CCC       BB/Watch Neg            11.23%
   
                 RATINGS AFFIRMED
   
               Morgan Stanley Capital Inc.
     Commercial mortgage pass-thru Certs series 1998-CF1
   
          Class    Rating       Credit Support
          A-1      AAA                 31.74%
          A-2      AAA                 31.74%
          A-MF-1   AAA                 31.74%
          A-MF-2   AAA                 31.74%
          B        AA                  25.96%


NAVISITE INC: Appoints Kenneth Drake as New General Counsel
-----------------------------------------------------------
NaviSite, Inc. (Nasdaq: NAVI), a leading provider of application,
messaging and infrastructure management services, has named
Kenneth Drake as its new General Counsel.

Mr. Drake will provide guidance and strategic counsel to NaviSite
senior management, while overseeing the company's legal and
regulatory affairs. He brings significant transactional experience
of over 10 years in mergers and acquisitions, public and private
offerings, and corporate finance.

Mr. Drake joins NaviSite from the New York office of Heller Ehrman
White & McAuliffe LLP, where he was a senior corporate associate.
At Heller Ehrman, he supervised mergers and acquisitions and
private placements, as well as performed general corporate legal
tasks. Mr. Drake also has significant experience in the
preparation and review of SEC filings.

Mr. Drake's experience prior to Heller Ehrman includes being
general counsel and secretary at Phlair, Inc., a New York- based
application software company, a legal consultant to a diverse
group of start-up companies, and a corporate associate for over
six years at Sonnenschein Nath & Rosenthal.

Mr. Drake received his law degree from Columbia Law School and his
Bachelor's of Science degree from SUNY-Binghamton.

Mr. Drake commented, "I am excited to be joining NaviSite. I
believe the company, with its new senior management, its dedicated
employees, and its recent acquisitions, will continue to be a
leader in its industry."

Drake replaces NaviSite's former Acting General Counsel Rich
DeWaele and will work directly with NaviSite CEO, Arthur Becker,
out of the company's Manhattan office.

"We are extremely fortunate to bring a person of Ken Drake's
experience into our organization," said Arthur Becker, NaviSite's
CEO. "His background, dedication and passion for excellence will
be a valuable asset to NaviSite."

Founded in 1997, NaviSite, Inc, (NASDAQ: NAVI) is a leading
provider of application, messaging and infrastructure management
services for more than 800 customers consisting of mid-market
enterprises, divisions of large multinational companies, and
government agencies. For more information, visit
http://www.navisite.com  

Navisite Inc.'s April 30, 2003 balance sheet shows a working
capital deficit of about $9 million, and a total shareholders'
equity deficit of about $6 million.


NESCO INDUSTRIES: Grant Thornton Expresses Going Concern Doubt
--------------------------------------------------------------
Grant Thornton, LLP, Certified Public Accountants, for Nesco
Industries, in its Auditors Report, dated July 31, 2003, from New
York, to the Board of Directors of the Company has stated: "We
have audited the accompanying consolidated balance sheet of NESCO
Industries, Inc. as of April 30, 2003, and the related
consolidated statements of operations, stockholders' equity
(deficit) and cash flows for each of the two years in the period
ended April 30, 2003."

In the last paragraph the auditors say:  "The accompanying
financial statements have been prepared assuming that the
Company will continue as a going concern. As shown in the
financial statements, as of April 30, 2003, the Company has an
accumulated deficit in stockholders' of $4,193,199, negative
working capital of $1,402,086, and has incurred net losses
available to common shareholders of $2,612,111 and $352,838 for
the years ended April 30, 2003 and 2002, respectively. These
factors, among others, raise substantial doubt about the Company's
ability to continue as a going concern. The financial statements
do not include any adjustments that might result from the outcome
of this uncertainty."

NESCO Industries, Inc. is a provider of asbestos abatement and
indoor air quality testing, monitoring and remediation services.
In the fiscal year ended April 30, 2003, the Company consolidated
the operations of its various subsidiaries, through which it
provides services, into a single environmental services operating
unit organized under the banner of its wholly-owned subsidiary
National Abatement Corporation. Prior to consolidation, the
Company provided asbestos abatement, indoor air quality and a
variety of other environmental services through its wholly-owned
subsidiaries, National Abatement Corporation, NAC/Indoor Air
Professionals, Inc., and NAC Environmental Services, Inc. In May
2003, the Company ceased business operations and became inactive.


NORTH ATLANTIC: Moody's Hatchets Ratings Due to Rising Debt
-----------------------------------------------------------
Moody's Investors Service downgraded the ratings of North Atlantic
Trading Corporation and assigned a negative outlook to the credit.

With approximately $200 million in debt securities affected, the
affected ratings include:

     - Senior implied rating lowered to B3 from B2;
     - $155 million bond due June 2004, to Caa1 from B3;
     - $61 million preferred stock due 2005, to Caa3 from Caa2

The downgrade reflects the high portion of NATC's current capital
structure due within a year, as well as the increase in
indebtedness due to bonding of an adverse verdict against the
company, says Moody's.

In July of this year, a jury in Illinois returned a verdict
against the company in a defamation trial of $8.4 million in
general damages and $10.2 million in punitive damages. The judge
in the trial ordered bonding set at the full amount of the verdict
in order to stay execution of the judgment. On August 1st, NATC
posted a bond for $18.8 million, financed by the issuance of a
Tranche B term loan maturing March 31, 2004. This term loan is
secured by all assets of the company on a pari passu basis with
the revolving credit, but the term loan provider has recognized
subordination of payment to the revolving credit in an
intercreditor agreement.

The company has filed motions for dismissal or reduction of the
verdict. Hearings on these motions are scheduled for September
10th. However, both the outcome of these motions and the timing of
this outcome are uncertain.

According to Moody's, the negative outlook reflects the currently
constrained liquidity situation of NATC. Refinancing of all
facilities would alleviate pressure on the credit.

North Atlantic Trading Company, Inc. is a holding company which
owns National Tobacco Company, L.P. and North Atlantic Operating
Company, Inc. National Tobacco Company is the third largest
manufacturer and marketer of loose leaf chewing tobacco in the
United States, selling its products under the brand names BEECH-
NUT REGULAR, BEECH-NUT Wintergreen, TROPHY, HAVANA BLOSSOM and
DURANGO.

NAOC is the largest importer and distributor in the United States
of premium cigarette papers and related products, which are sold
under the ZIG-ZAG brand name pursuant to an exclusive long-term
distribution agreement with Bollore, S.A. NAOC also contracts for
the manufacture of and distributes Make-Your-Own smoking tobaccos
and related products under the ZIG-ZAG brand name, pursuant to its
trademarks.


OWENS-BROCKWAY: Completes Exchange Offer for 7.75% Senior Notes
---------------------------------------------------------------
Owens-Brockway Glass Container Inc. (S&P, BB Corporate Credit
Rating), an indirect wholly owned subsidiary of Owens-Illinois,
Inc. (NYSE: OI), has completed its offer to exchange any and all
of its outstanding 7-3/4% Senior Secured Notes due 2011 for 7-3/4%
Senior Secured Notes due 2011 that have been registered under the
Securities Act of 1933,
as amended.  

All of the $450,000,000 aggregate principal amount of the Old
Notes were tendered and received prior to expiration of the
Exchange Offer at 5:00 p.m., New York City time, on Sept. 5, 2003.

A separate offer to exchange any and all of its outstanding 8-1/4%
Senior Notes due 2013 for 8-1/4% Senior Notes due 2013 that have
been registered under the Securities Act of 1933, as amended, will
expire at 5:00 p.m. New York City time, on Sept. 10, 2003, unless
extended.

For more information, visit Owens-Illinois Web site at
http://www.o-i.com or at http://www.prnewswire.com


PARAGON FINANCIAL: Shoos-Away BP Professional as Accountants
------------------------------------------------------------
On August 26, 2003, the Board of Directors of Paragon Financial
Corporation voted to dismiss BP Professional Group, LLP as its
independent accountants.

The report of BP Professional Group, LLP on the Company's
financial statements for the periods ending December 31, 2002 and
2001 contained doubt about the Company's ability to continue as a
going concern.

During the performance of their review of Paragon's financial
statements for the quarter ended March 31, 2003 and through
August 26, 2003 , BP Professional Group, LLP expressed their
desire to send a letter to the United States Securities and
Exchange Commission seeking confirmation of Paragon's application
of SFAS No. 141, Accounting for Business Combinations, to the
acquisition of PGNF Home Lending Corp, completed on January 31.
2003. Paragon did not feel the letter necessary as the Company
maintained it had properly accounted for the acquisition of PGNF
Home Lending Corp. BP Professional Group, LLP decided to proceed
with the preparation and delivery of the letter to the SEC. Upon
review and discussion of BP Professional Group, LLP's
communication, the SEC determined that no action was necessary in
regards to the accounting treatment for the purchase.


PARTS PLUS: Disclosure Statement Hearing to Convene September 22
----------------------------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware will
convene a hearing to consider approval of The Parts Plus Group,
Inc., and its debtor-affiliates' Disclosure Statement explaining
the company's Plan.  The Debtors will ask the Court to find that
the document contains adequate information to let creditors make
informed decisions about whether to vote to accept or reject the
Plan.  The Hearing will commence on September 22, 2003 at 12:30
p.m. before the Honorable Mary Walrath.

Any written objections to the adequacy of the Disclosure Statement
must be filed with the Court and served no later than
September 17, 2003 on:

     i) Peter Hughes
        1735 Market Street, Suite 3200
        Philadelphia, Pennsylvania 19103

    ii) counsel to the Official Committee of Unsecured Creditors
        Attn: William Sullivan, Esq., and Charles Brown, Esq.
        Elzufon Austin Reardon, Tarlov & Mondell, PA
        300 Delaware Avenue, Suite 1700
        PO Box 1630, Wilmington, Delaware 1899-1630

   iii) counsel to Fleet
        Attn: Jeffrey C. Wisler
        Connoly, Bove, Lodge & Hutz, LLP
        1220 Market Street, PO Box 2207
        Wilmington, Delaware 19899-2207, and

        Attn: Jeffrey L. Jonas and Mary D. Bucci
        Brown Rudnick Berlack Israels LLP
        One Financial Center
        Boston, Massachusetts 02111

    iv) Office of the United States Trustee
        Attn: Mark Kenney, Esq.
        J. Caleb Boggs Federal Building
        844 King Street, Room 23123
        Lock Box 35, Wilmington, Delaware 19801-3519

The Parts Plus Group, Inc., filed for chapter 11 protection on
March 24, 2003 (Bankr. Del. Case No. 03-10875). Peter C Hughes,
Esq., and Derrick A. Dyer, Esq., at Dilworth Paxson LLP represent
the Debtors in their restructuring efforts.


PG&E NATIONAL: Wants Nod to Tap Winston & Strawn as FERC Counsel
----------------------------------------------------------------
The PG&E National Energy Group Debtors need the services of
lawyers to provide regulatory and transactional advice on matters
relating to the Federal Energy Regulatory Commission.  In this
regard, the NEG Debtors have chosen Winston & Strawn as their FERC
counsel.  Winston & Strawn was selected as special regulatory
counsel to represent the NEG Debtors because of the firm's
expertise in FERC matters.  Winston & Strawn will assist the
Debtors with various state and federal regulatory matters.

For its services, the NEG Debtors will compensate Winston &
Strawn on an hourly basis, plus reimbursement of actual and
necessary expenses.  Winston & Strawn's standard hourly rates
are:

                  Partners           $280 - 670
                  Associates          110 - 380
                  Legal Assistants     55 - 210

So far, the Debtors have provided Winston & Strawn a $100,000
retainer from the NEG Debtors.   

Donald Dankner, a member of Winston & Strawn, ascertains that
Winston & Strawn does not have any connection with, or any
interest adverse to the Debtors, their creditors, or any other
party-in-interest.  Winston & Strawn stands as a "disinterested
person" within the meaning of Section 101(14) of the Bankruptcy
Code. (PG&E National Bankruptcy News, Issue No. 5; Bankruptcy
Creditors' Service, Inc., 609/392-0900)    


PILLOWTEX CORP: Enters into Pact to Sell All Assets to GGST LLC
---------------------------------------------------------------
William H. Sudell, Jr., Esq., at Morris, Nichols, Arsht & Tunnel,
in Wilmington, Delaware, reports that the Pillowtex Debtors
negotiated and signed a definitive asset purchase agreement with
GGST, LLC.  The significant terms of the Agreement are:

A. Purchase Price

   On the Closing Date, GGST will tender $56,000,000 less the
   purchase price adjustment and reaffirm its obligations in
   respect of the Assumed Liabilities.

B. Purchase Price Adjustment

   The Closing Cash Payment will be reduced by the sum of:

   (a) the lesser of $7,000,000 and an amount calculated based on
       the number of Real Properties subject to the Designation
       Rights that GGST elects to exclude prior to the Closing
       Date, multiplied by $1,000,000 or $3,000,000 depending on
       the Real Property at issue; and

   (b) if the Tunica, Mississippi Real Property is designated by
       GGST as a Closing Date Property, $2,000,000 payable if the
       Debtors are unable to deliver good and marketable title to
       the Real Property on the Closing Date.

   In the event of a loss to any of the Assets or Real Properties
   occurring on or after the date of the Agreement and up to the
   Closing Date, the Closing Cash Payment will be reduced by an
   amount equal to the proceeds of any insurance attributable to
   the Assets or Real Properties.  The amount will not be paid to
   GGST.

C. Purchased Assets

   At the Closing, the Debtors will sell, assign, transfer,
   convey and deliver to GGST all of their right, title
   and interest in and to all of these assets and rights other
   than the Excluded Assets:

      (1) all Owned Intellectual Property;

      (2) all Equipment specifically designated by GGST to be
          included in the Assets on the Closing Date;

      (3) all Other Assets specifically designated by GGST to be
          included in the Assets on the Closing Date;

      (4) all Contracts specifically designated by GGST to be
          included in the Assets on the Closing Date;

      (5) all Designated Rights; and

      (6) all Designated Avoidance Actions.

   In addition, GGST may elect to include any or all of the
   Equipment, Contracts and Other Assets without any adjustment
   to the Purchase Price for a period of 18 months after the date
   of the Agreement.

D. Designation Rights

   At the Closing, the Debtors will sell, assign and deliver to
   GGST the Designation Rights for all of the Real Property and
   all of the Contracts free and clear of all liens.  During the
   Fee Designation Period, on each Subject Closing Date, the
   applicable Debtor will sell, convey and assign to GGST's
   designee all of its rights, title and interest in, to and
   under any Owned Real Property and Contract.

   During the one-year period after the date of the Agreement
   -- Non-Fee Designation Period, at GGST's direction, the
   Debtors will assume and assign to GGST's designee all of its
   rights under the Real Property Leases.  At GGST's option, the
   Non-Fee Designation Period may be extended up to the date when
   the Fee Designation Period expires or, with respect to any
   Real Property Lease, any earlier date when the Lease Expires.  
   GGST will have the sole right to receive compensation from any
   third party in respect of the sale or assumption and
   assignment that will be free and clear of all Liens.

E. Excluded Assets

   These particular assets, properties and rights will not be
   included in the Assets and will be retained by the Debtors
   subject to the Designation Rights:

      (1) any cash, bank deposits and cash equivalents;

      (2) all Inventory;

      (3) all Accounts Receivable and all causes of action
          relating solely to the Accounts Receivable;

      (4) all Excluded Equipment;

      (5) all Excluded Contracts;

      (6) all Excluded Other Assets;

      (7) all Real Property;

      (8) all refunds in respect to Excluded Taxes; and

      (9) all the Debtors' rights and claims for avoidance
          actions available under the Bankruptcy Code and any
          related claims and actions by operation of law or
          otherwise.

F. Assumed Liabilities

   GSST will not assume the Debtors' liability or obligation
   except all Liabilities:

      (a) under the Assumed Contracts attributable to the period
          after the date when the Court approves the assumption
          and assignment of the Contracts; and

      (b) under any True Lease or Financing Lease relating to
          Equipment that GGST elects to include in the Assets
          arising on or after the date when the Court approves    
          the assumption and assignment of the lease; provided
          that in the case of the Liabilities, with respect to
          any Financing Lease, the Liabilities are limited to
          those subject to a valid, enforceable and perfected
          lien on the relevant Equipment in an amount not to
          exceed the liquidation value of the Equipment.

   GGST will reimburse the Debtors for the actual amount of any
   lease payments relating to any Financing Leases and True
   Leases that are:

      (a) required to be paid by the Bankruptcy Code or Court
          Order, as the case may be, to the secured party or
          lessor in connection with any Financing Lease or True
          Lease;

      (b) actually paid by the Debtors; and

      (c) attributable to the period from and after the Petition
          Date until the earlier of the date that the Court will
          approve the assumption and assignment of the lease and
          the date that GGST will exercise its right to exclude
          from the Assets the Equipment subject to the leases.

   Furthermore, GGST will reimburse the Debtors for 50% of the
   Liabilities that are required by the Bankruptcy Code or by   
   Court Order to be paid to any counterparty in connection with
   any Assumed Contract, actually paid by the Debtors and
   attributable to the period from and after the Petition Date
   until the Closing Date.  For the period from and after the
   Closing Date, GGST will be responsible for all the
   Liabilities.

G. Excluded Liabilities

   GGST will not assume, be liable or responsible for any
   Liability of the Debtors, or any predecessors or affiliates of
   the Debtors, or any of their Representatives or any Claim
   against any and all of the Debtors, whether matured or
   unmatured, known or unknown, contingent or absolute, direct or
   indirect, other than the Assumed Liabilities.  

H. Carrying Costs

   GGST will pay the Debtors an access fee with respect to each
   Real Property in an amount equal to the Carrying Costs
   actually incurred and paid by the Debtors.  Carrying Costs
   means all obligations that are specifically attributable to
   the period after the Closing Date and specifically
   attributable to the Real Properties and the Equipment and that
   the Debtors are required to pay obligations, or the pro rata
   portion, consisting of rent, maintenance, utilities, property
   taxes, insurance, security and other actual out-of-pocket
   costs incurred for each of the Real Properties and
   attributable to the period after the Closing Date.

   The Carrying Costs will not include debt service or payment of
   any indebtedness secured by any of the Real Properties,
   payment in respect of an environmental liability, any tax
   obligations incurred prior to the Closing or payment in
   respect of any other liability.  GGST's obligation to pay the
   Access Fee with respect to any Real Property will commence on
   the Closing Date and will cease to accrue on the earliest to
   occur of:

      (1) the expiration of the Fee Designation Period on Non-Fee
          Designation Period;

      (2) 45 days after the delivery of GGST to the Debtors of an
          Exclusion Notice with respect to the Real Property;

      (3) in the case of any Real Property with respect to which
          GGST desires to continue to have access after an
          Exclusion Notice has been delivered, 45 days after the
          delivery by GGST to the Debtors of a notice that GGST
          no longer desires to have the access; and

      (4) the occurrence of the closing relating to the transfer
          of the Real Property to GGST's designee; provided that
          the designee will be responsible for all Carrying Costs
          from and after the closing.

I. Cure Amounts

   The Debtors will be exclusively responsible for payment of all
   Cure Costs and all other costs and Liabilities with respect to
   the assumed Contracts and Real Property Leases and
   attributable to the period:

      (a) in the case of any Contract other than Subject Capital
          Leases, prior to the Closing Date;

      (b) in the case of Subject Capital Leases regarding
          Equipment that GGST elects to include in the Assets,
          prior to the Petition Date; and

      (c) in the case of Real Property Leases, prior to the
          Closing Date.

J. Wind Down Budget

   As a condition to GGST's obligations under the Agreement, the
   Debtors are required to deliver to GGST, on or prior to
   Closing:

      (a) a budget, in form and substance reasonably projected by
          the Debtors and their financial advisors to be:

          -- necessary to wind down or administer their
             businesses and the Chapter 11 cases during the Fee
             Designation Period; and

          -- incurred by the Debtors to fulfill their obligations
             under the Agreement; and

      (b) evidence of their ability to fund the expenses set
          forth in the budget and all liabilities in respect of
          personal property taxes in respect of the Assets
          attributable to the period prior to the Petition Date.

The Debtors also seek to create segregated accounts on or before
the Closing, into which, upon Closing, the Debtors will deposit a
portion of the Closing Cash Payment in an amount equal to the sum
of:

   (a) the aggregate expenditures provided in the Wind Down
       Budget for the period from the Closing until the end of
       the Fee Designation Period, and

   (b) all liabilities in respect of personal property taxes
       relating to the Assets attributable to any period ending
       on or prior to December 31, 2003.

The Debtors propose that the funds in the Segregated Accounts be
used exclusively for the purpose of funding the expenditures
provided in the Wind Down Budget and any liabilities in respect
of personal property taxes.

The proposed Sale is in furtherance of the Debtors' plan of
liquidation.  Accordingly, the Debtors ask the Court to exempt
the Sale from stamp or similar taxes under Section 1146(c) of the
Bankruptcy Code.

Mr. Sudell asserts that there is more than a legitimate business
justification to sell the Assets to GGST or a Successful Bidder.  
Delaying the Sale undoubtedly will result in a precipitous
decline in the value of the Debtors' assets.  Ultimately, the
Debtors ask the Court to approve the proposed Sale to GGST
pursuant to Section 363 of the Bankruptcy Code. (Pillowtex
Bankruptcy News, Issue No. 50; Bankruptcy Creditors' Service,
Inc., 609/392-0900)    


PLAINS ALL AMERICAN: Commences Public Offering of Common Units
--------------------------------------------------------------    
Plains All American Pipeline, L.P. (NYSE: PAA) plans to sell
2,900,000 common units pursuant to an effective shelf registration
statement on Form S-3 previously filed with the Securities and
Exchange Commission.  The underwriters have the option to purchase
up to 435,000 additional units to cover over-allotments, if any.

The Partnership intends to use the net proceeds from the offering
to repay indebtedness under its revolving credit facility and for
general partnership purposes, including potential acquisitions.

Citigroup Global Markets Inc. will act as book-running lead
manager of the offering.  In addition, Lehman Brothers Inc., UBS
Securities LLC, A.G. Edwards & Sons, Inc., Wachovia Securities,
Inc. and RBC Dain Rauscher Inc. have been named as co-managing
underwriters.

A copy of the prospectus supplement and related base prospectus
relating to this offering may be obtained from Citigroup Global
Markets Inc. at 140 58th Street, Brooklyn, New York 11220,
Attention Prospectus Department, Floor 8-I, or from any of the
other underwriters.

Plains All American Pipeline, L.P. (S&P, BB+ Senior Unsecured Debt
Rating, Stable) is engaged in interstate and intrastate crude oil
transportation, terminalling and storage, as well as crude oil and
LPG gathering and marketing activities, primarily in Texas,
California, Oklahoma, Louisiana and the Canadian Provinces of
Alberta and Saskatchewan. The Partnership's common units are
traded on the New York Stock Exchange under the symbol "PAA".  The
Partnership is headquartered in Houston, Texas.
    

PNC MORTGAGE: Fitch Upgrades 23 & Affirms 88 RMBS Class Ratings
---------------------------------------------------------------
Fitch Ratings has upgraded 23 classes and affirmed 88 classes (two
of which are also removed from Rating Watch Negative) on the
following PNC Mortgage Securities Corporation, mortgage pass-
through certificates:

PNC Mortgage Securities Corporation, mortgage pass-through
certificates, series 1996-1

     --Class A affirmed at 'AAA';
     --Class B-1 affirmed at 'AAA';
     --Class B-2 affirmed at 'AAA';
     --Class B-3 affirmed at 'AA+';
     --Class B-4 affirmed at 'A-';
     --Class B-5 affirmed at 'BBB-'.

PNC Mortgage Securities Corporation, mortgage pass-through
certificates, series 1996-2

     --Class A affirmed at 'AAA';
     --Class B-1 affirmed at 'AAA';
     --Class B-2 affirmed at 'AAA';
     --Class B-3 affirmed at 'AA';
     --Class B-4 affirmed at 'BBB'.

PNC Mortgage Securities Corporation, mortgage pass-through
certificates, series 1996-4 Groups 1 & 2

     --Classes IA, IIA affirmed at 'AAA';
     --Class B-1 affirmed at 'AAA';
     --Class B-2 affirmed at 'AAA';
     --Class B-3 affirmed at 'AAA';
     --Class B-4 affirmed at 'AA+';
     --Class B-5 affirmed at 'BBB+'.
  
PNC Mortgage Securities Corporation, mortgage pass-through
certificates, series 1997-1

     --Class A affirmed at 'AAA';
     --Class B-1 affirmed at 'AAA';
     --Class B-2 affirmed at 'AAA';
     --Class B-3 upgraded to 'AAA' from 'AA+';
     --Class B-4 upgraded to 'AA' from 'A+';
     --Class B-5 affirmed at 'BBB+'.

PNC Mortgage Securities Corporation, mortgage pass-through
certificates, series 1997-2

     --Class A affirmed at 'AAA';
     --Class B-1 affirmed at 'AAA';
     --Class B-2 affirmed at 'AAA';
     --Class B-3 upgraded to 'AAA' from 'AA';
     --Class B-4 upgraded to 'AA' from 'A';
     --Class B-5 upgraded to 'BBB+' from 'BBB'.

PNC Mortgage Securities Corporation, mortgage pass-through
certificates, series 1997-3 Group 1

     --Class IA affirmed at 'AAA';
     --Class I-B-1 affirmed at 'AAA';
     --Class I-B-2 affirmed at 'AAA';
     --Class I-B-3 upgraded to 'AAA' from 'AA';
     --Class I-B-4 upgraded to 'AA' from 'A';
     --Class I-B-5 affirmed at 'BB-'.

PNC Mortgage Securities Corporation, mortgage pass-through
certificates, series 1997-3 Group 2

     --Class IIA affirmed at 'AAA';
     --Class II-B-1 affirmed at 'AAA';
     --Class II-B-2 affirmed at 'AAA';
     --Class II-B-3 affirmed at 'AAA';
     --Class II-B-4 affirmed at 'AA-';
     --Class II-B-5 affirmed at 'BBB-'.

PNC Mortgage Securities Corporation, mortgage pass-through
certificates, series 1997-4 Groups 1 & 2

     --Classes IPP, IIPP affirmed at 'AAA';
     --Class B-1 affirmed at 'AAA';
     --Class B-2 affirmed at 'AAA';
     --Class B-3 affirmed at 'AAA';
     --Class B-4 upgraded to 'AA+' from 'AA';
     --Class B-5 affirmed at 'A-'.

PNC Mortgage Securities Corporation, mortgage pass-through
certificates, series 1997-5

     --Class A affirmed at 'AAA';
     --Class B-1 affirmed at 'AAA';
     --Class B-2 affirmed at 'AAA';
     --Class B-3 affirmed at 'AAA';
     --Class B-4 upgraded to 'AA+' from 'AA';
     --Class B-5 affirmed at 'A-'.

PNC Mortgage Securities Corporation, mortgage pass-through
certificates, series 1997-8 Group 1

     --Class IA affirmed at 'AAA';
     --Class I-B-1 affirmed at 'AAA';
     --Class I-B-2 affirmed at 'AAA';
     --Class I-B-3 upgraded to 'AA' from 'A+';
     --Class I-B-4 affirmed at 'BBB-';
     --Class I-B-5 affirmed at 'B'.

PNC Mortgage Securities Corporation, mortgage pass-through
certificates, series 1997-8 Group 2

     --Class IIA affirmed at 'AAA';
     --Class II-B-1 affirmed at 'AAA';
     --Class II-B-2 affirmed at 'AAA';
     --Class II-B-3 upgraded to 'AAA' from 'AA';
     --Class II-B-4 upgraded to 'AA-' from 'A+';
     --Class II-B-5 affirmed at 'BB+'.

PNC Mortgage Securities Corporation, mortgage pass-through
certificates, series 1997-8 Group 3

     --Class IIIP affirmed at 'AAA';
     --Class III-B-1 affirmed at 'AAA';
     --Class III-B-2 affirmed at 'AAA';
     --Class III-B-3 upgraded to 'AAA' from 'AA';
     --Class III-B-4 upgraded to 'AA' from 'A';
     --Class III-B-5 upgraded to 'A' from 'BB+'.

PNC Mortgage Securities Corporation, mortgage pass-through
certificates, series 1998-1 Group 1

     --Class IA affirmed at 'AAA';
     --Class I-B-1 affirmed at 'AAA';
     --Class I-B-2 affirmed at 'AAA';
     --Class I-B-3 affirmed at 'AAA';
     --Class I-B-4 upgraded to 'AA+' from 'AA';
     --Class I-B-5 upgraded to 'BBB+' from 'BBB'.
  
PNC Mortgage Securities Corporation, mortgage pass-through
certificates, series 1998-1 Group 3

     --Class IIIA affirmed at 'AAA';
     --Class III-B-1 affirmed at 'AAA';
     --Class III-B-2 affirmed at 'AAA';
     --Class III-B-3 affirmed at 'AA-';
     --Class III-B-4 affirmed at 'A';
     --Class III-B-5 affirmed at 'BB+'.

PNC Mortgage Securities Corporation, mortgage pass-through
certificates, series 1998-1 Group 4

     --Class IVA affirmed at 'AAA';
     --Class IV-B-1 affirmed at 'AAA';
     --Class IV-B-2 affirmed at 'AAA';
     --Class IV-B-3 affirmed at 'AA+';
     --Class IV-B-4 affirmed at 'A';
     --Class IV-B-5 affirmed at 'B'.

PNC Mortgage Securities Corporation, mortgage pass-through
certificates, series 1998-1 Group 5

     --Class VA affirmed at 'AAA';
     --Class V-B-1 affirmed at 'AAA';
     --Class V-B-2 affirmed at 'AAA';
     --Class V-B-3 upgraded to 'AAA' from 'AA';
     --Class V-B-4 affirmed at 'AA-';
     --Class V-B-5 affirmed at 'A'.

PNC Mortgage Securities Corporation, mortgage pass-through
certificates, series 1998-11 Group 1

     --Class IA affirmed at 'AAA';
     --Class I-B-1 upgraded to 'AAA' from 'AA+';
     --Class I-B-2 upgraded to 'AAA' from 'AA';
     --Class I-B-3 upgraded to 'AAA' from 'A+';
     --Class I-B-4 upgraded to 'A' from 'BB+';
     --Class I-B-5 upgraded to 'BBB' from 'B'.

PNC Mortgage Securities Corporation, mortgage pass-through
certificates, series 1998-11 Group 2

     --Class IIA affirmed at 'AAA';
     --Class II-B-1 affirmed at 'AA+';
     --Class II-B-2 affirmed at 'AA-';
     --Class II-B-3 affirmed at 'BBB';
     --Class II-B-4 affirmed at 'BB', removed from Rating Watch
       Negative;
     --Class II-B-5 affirmed at 'B', removed from Rating Watch
       Negative.

The upgrades are being taken as a result of low delinquencies and
losses, as well as increased credit support levels. The
affirmations are due to credit enhancement consistent with future
loss expectations.


PROVIDIAN FIN'L: Will Present at Today's Lehman Bros. Conference
----------------------------------------------------------------
Providian Financial Corporation (NYSE: PVN) announced two upcoming
investor presentations at which it will discuss recent business
performance and initiatives.

Today, the Company is scheduled to make an investor presentation
at the Lehman Brothers 2003 Financial Services Conference at 2:15
PM EDT. Joseph Saunders, Chairman of the Board, President, and
Chief Executive Officer, will deliver the presentation.

On Monday, September 22, 2003, the Company is scheduled to make an
investor presentation at the Fox-Pitt, Kelton Financial Services
Conference at 9:00 AM EDT. Anthony Vuoto, Vice Chairman and Chief
Financial Officer, will deliver the presentation.

A live audio-webcast of the presentations will be available on the
Investor Relations page of Providian's Web site at
http://www.Providian.com Those interested in listening to the  
live call should go to the Web site at least 15 minutes before the
start of the call to register and download any necessary
software.

San Francisco-based Providian Financial --
http://www.providian.com-- is a leading provider of credit cards  
and deposit products to customers throughout the U.S. By combining
experience, analysis, technology, and outstanding customer
service, Providian seeks to build long-lasting relationships with
its customers by providing products and services that meet their
evolving financial needs.

                        *     *     *

As previously reported, Moody's Investors Service confirmed the
ratings of Providian Financial Corporation and its unit
Providian National Bank.

Outlook is stable.

                     Ratings Confirmed:

    * Providian Financial Corporation

       - senior unsecured debt rating of B2.

    * Providian Capital I

       - the preferred stock rating of Caa1.

    * Providian National Bank

       - bank rating for long-term deposits of Ba2

       - ratings on senior bank notes and other senior long-term
         obligations of Ba3;

       - issuer rating of Ba3;

       - subordinated bank notes rating of B1, and

       - bank financial strength rating of D.

The ratings confirmation reflects the numerous measures the
company has taken just to strengthen its financial position,
including portfolio sales, facility closings, and the
implementation of conservative underwriting and marketing plans.


SEDONA CORP: Temporarily Trading on Nasdaq Under SDNAE Symbol
-------------------------------------------------------------
SEDONA(R) Corporation (OTCBB:SDNA) -- http://www.sedonacorp.com--  
the leading provider of Web-based Customer Relationship Management
solutions for small and mid-sized financial services
organizations, announced that, in accordance with the rules of the
Nasdaq Stock Market, Inc., its common stock will temporarily trade
under the symbol SDNAE rather than SDNA.

The symbol change reflects the recent resignation of SEDONA's
prior independent accounting firm and the subsequent filing of
SEDONA's Form 10-Q for the six-months ended June 30, 2003 without
the required review by the independent accountants under SAS 100.
As reported by SEDONA in its September 5, 2003 press release, the
Company has engaged new independent accountants, McGladrey &
Pullen, LLP, as principal auditors who are currently reviewing the
Form 10Q as required. SEDONA expects to file a revised Form 10-Q
reflecting the required review no later than October 6, 2003. At
that time, the trading symbol will revert to SDNA.

SEDONA(R) Corporation (OTCBB:SDNA) -- whose June 30, 2003 balance
sheet shows a total shareholders' equity deficit of about $1.6
million -- is the leading technology and services provider that
delivers Customer Relationship Management (CRM) solutions
specifically tailored for small and mid-sized financial services
businesses such as community banks, credit unions, insurance
companies, and brokerage firms. Utilizing SEDONA's CRM solutions,
financial services companies can effectively identify, acquire,
foster, and retain loyal, profitable customers.

Leading financial services solution providers such as Fiserv,
Inc., Open Solutions Inc., COCC, Sanchez Computer Associates,
Inc., Financial Services, Inc. (FSI), WorldNet Consulting,
Pinkerton Consulting, and AIG Technologies leverage SEDONA's CRM
technology to offer best-in-market CRM to their own clients and
prospects. SEDONA Corporation is an Advanced Level Business
Partner of IBM(R) Corporation.

For additional information, visit the SEDONA Web site at
http://www.sedonacorp.com  


SHAW COMMS: Buying Monarch Cablesystems Assets for $90 Million
--------------------------------------------------------------
Shaw Communications Inc., has reached an agreement with Monarch
Cablesystems Ltd., to acquire certain of Monarch's cable systems
in Alberta and southern British Columbia for a base purchase price
of $90 million. The transaction is subject to approval by the
C.R.T.C. and the Toronto Stock Exchange.

The cable systems to be acquired by Shaw serve approximately
35,000 basic subscribers in the Medicine Hat (Medicine Hat,
Taber, Brooks), Canmore (Canmore, Banff, Lake Louise) and southern
B.C. (Hope, Fernie, Kimberley) regions. The systems generate
approximately $10.5 million of annual operating income.

Shaw intends to pay for the assets with $25 million in cash or
through the assumption of Monarch debt in such amount, and the
balance through the issuance of Class B Non-Voting Shares of Shaw
at $17.39 per share.  

"The cable systems that we will be purchasing from Monarch
dovetail nicely with Shaw's existing systems and network in
Alberta and B.C.", explained Jim Shaw, Chief Executive Officer of
Shaw. "This transaction allows Shaw to further consolidate its
position as the dominant cable television and Internet provider in
Western Canada".

Willard Yuill, Chairman and Chief Executive Officer of Monarch,
said "It has been Monarch's great pleasure to serve these
communities in Alberta and B.C. for so many years, and I wish to
thank all of our subscribers for their loyalty and support."  

Shaw Communications Inc. (S&P/BB+ Corporate Credit Rating/ Stable}
is a diversified Canadian communications company whose core
business is providing broadband cable television, Internet and
satellite direct-to-home services to approximately 2.9 million
customers. Shaw is traded on the Toronto and New York stock
exchanges and is included in the S&P/TSX 60 index. (Symbol: TSX -
SJR.B, NYSE - SJR).


SHAW GROUP: Reports Two New Executive Management Appointments
-------------------------------------------------------------
The Shaw Group Inc. (NYSE:SGR) announced two executive
management appointments in its Engineering, Construction and
Maintenance Division.

Michael P. Childers, President of Shaw's Stone & Webster Power
Group, is being promoted to President of Shaw's ECM Division and
will be responsible for overseeing operations for the Company's
Power and Process Engineering, Procurement and Construction,
Construction, Maintenance, and Consulting and Technologies
business units.  Mr. Childers joined The Shaw Group in March of
this year from Entergy Corporation where he served as President of
Entergy Asset Management and Chief Operating Officer of Entergy
Wholesale Operations. He has senior level experience in power
development, mergers and acquisitions, marketing and trading, as
well as expertise in managing long-term structured power and gas
transactions.

"Mike has been a strong and energetic leader of our Power Group
and a terrific addition to our management team. He has
demonstrated his proficiency for maximizing operational
efficiency and identifying unique opportunities for enhancing our
competitive position in the markets we serve," stated J.M.
Bernhard, Jr., Shaw's Chairman, President and Chief Executive
Officer. "With the help of Mike's strategic initiatives, we have
also made great strides in leveraging our cross selling abilities
and identifying additional project opportunities with our existing
and prospective customers."

Ebrahim (Abe) Fatemizadeh will succeed Mr. Childers as President
of Shaw's Stone & Webster Power Group and will have a specific
objective of creating an integrated power and process EPC
business unit. Prior to joining Shaw, Mr. Fatemizadeh was Vice
President of Fluor Corporation where he was responsible for the
management of global operations for Fluor's Chemical Business
Unit. Previously, Mr. Fatemizadeh was Senior Vice President of
Operations and General Manager for Duke Fluor Daniel in Aliso
Viejo, California where he managed P&L for the power generation
business.

Mr. Fatemizadeh brings nearly thirty years experience in the EPC
business to Shaw. He has been involved in every aspect of the EPC
business including strategic planning, business development,
project controls, project management and global operations. Mr.
Fatemizadeh received a Bachelor of Science and a Master of
Science in Industrial Engineering from the University of Houston.

"Abe is a valuable addition to Shaw's management team, and we are
pleased to have someone of his caliber to lead the integration of
our power and process EPC business," stated Michael P. Childers,
President of The Shaw Group's ECM Division. "His appointment
represents our commitment to recruiting the highest quality
industry professionals to the Company as we focus on leveraging
our diverse capabilities and strengthening our competitive
position in the domestic and international markets."

The Shaw Group Inc. (S&P, BB Corporate Credit and Senior Unsecured
Bank Loan Ratings, Negative) is a leading global provider of
engineering, procurement, construction, maintenance, fabrication,
manufacturing, consulting, remediation, and facilities management
services for government and private sector clients in the power,
process, environmental, infrastructure and homeland defense
markets. The Company is headquartered in Baton Rouge, Louisiana
and employs approximately 17,000 people at its offices and
operations in North America, South America, Europe, the Middle
East and the Asia-Pacific region. For further information, visit
the Company's Web site at http://www.shawgrp.com


SK GLOBAL: Wins Final Nod to Hire Togut Segal as Ch. 11 Counsel
---------------------------------------------------------------
On a final basis, U.S. Bankruptcy Court Judge Blackshear
authorizes SK Global America Inc., to employ Togut, Segal & Segal
as its U.S. bankruptcy counsel.

Albert Togut, Esq., and Scott E. Ratner, Esq., lead the team of
TS&S lawyers charged with:

      * advising the Debtor of its powers and duties as a debtor-
        in-possession;

      * assisting in the preparation of financial statements,
        the schedules of assets and liabilities, the statement of
        financial affairs, and other reports and documentation
        required by the Bankruptcy Code and the Federal Rules
        of Bankruptcy Procedure;

      * representing the Debtor at all hearings on matters
        pertaining to its affairs as a debtor-in-possession;

      * prosecuting and defending litigated matters that may
        arise during this Chapter 11 case;

      * negotiating, formulating, and confirming a plan of
        reorganization for the Debtor;

      * counseling and representing the Debtor concerning the
        assumption or rejection of executory contracts and leases,
        administration of claims, and numerous other bankruptcy
        related matters arising from this case;

      * counseling the Debtor about various litigation and
        reorganization matters relating to this Chapter 11 case;
        and

      * performing such other bankruptcy services that are
        desirable and necessary for the efficient and economic
        administration of this Chapter 11 case.

SK Global paid TS&S $155,000 for prepetition legal work and paid
an additional $875,000 retainer in contemplation of the chapter
11 filing.  TS&S has applied the retainer to prepetition fees and
expenses and will give a final accounting when the Firm files its
First Interim Fee Application.  TS&S charges $550 to $675 per
hour for work performed by partners, and $115 to $470 per hour
for hours logged by paralegals and associates. (SK Global
Bankruptcy News, Issue No. 4; Bankruptcy Creditors' Service, Inc.,
609/392-0900)


SMARTSERV ONLINE: Ability to Continue Operations Uncertain
----------------------------------------------------------
SmartServ Online, Inc. commenced operations on August 20, 1993 and
had its initial public offering on March 21, 1996.  The Company
offers wireless applications, development and hosting services
that allow wireless carriers, content providers and financial
services firms to deliver content to their work forces and
customers.  SmartServ's products can deliver  proprietary
information, as well as delayed and real-time financial market
data, business and financial news, national and local weather
reports and other business and entertainment information in a
user-friendly manner.

The Company's mobile data solutions are designed to generate
additional revenue, increase operating efficiency, and extend
brand awareness for wireless carriers, enterprises and content
providers and are delivered via J2ME, BREW, WAP and SMS,
as well as RIM Blackberry and Pocket PC devices.

SmartServ has established customer and distribution relationships
with strategic partners and wireless  carriers,  including Verizon
Wireless, AT&T Wireless, Nextel, ALLTEL Wireless, U.S. Cellular,
QUALCOMM and Motorola, as well as content providers, including
BusinessWeek Online, S&P Comstock and The Wall Street Journal
Online (Dow Jones).

The economic downturn in general, and its impact on the
telecommunications industry in particular, have caused  
telecommunications service providers to reduce capital spending,
personnel and debt, as well as new service introductions.  This
has resulted in delays in the build-out of high speed carrier data
networks and availability of data-enabled wireless devices,
causing the market for SmartServ's financial data and transaction
services to be lackluster.  In addition, many financial services
firms have curtailed new product development to focus on data
security and recovery.  Consequently, the potential demand for the
Company's products and services has been significantly delayed.  
Such delays have had a very detrimental effect on the Company's
operations and have resulted in the Company's inability  to
implement its business plan and related marketing strategies.  
Consequently, in May 2002, the Company commenced an effort to
realign its infrastructure and related overhead to correlate with
reductions in projected revenue.  As part of this effort,
management closed the Company's UK and Hong Kong sales offices and
downsized its domestic operations through staff reductions to a
level sufficient to support the Company's projected operations.  
During 2003, the Company has continued to reduce its cost
structure through the termination of additional personnel.
Personnel headcount has been reduced from 66 in May 2002 to the
current level of 10. These efforts have reduced the Company's
average monthly operating expenses from approximately $1,090,000
in July 2002 to approximately $230,000 commencing September 2003,
excluding  noncash stock compensation and depreciation and
amortization.  The Company has also reviewed its revenue producing  
contracts as of June 30, 2003 and reduced its projection of near
term revenues as a result of lower than anticipated  demand for
the Company's products and services.  As a result of the factors
identified above, the Company is in need of  additional capital to
enable it to continue as a going concern.  

No assurance can be given that the Company will be able meet its
revenue projections, maintain its cost structure as presently
configured, or raise additional capital on satisfactory terms.
Should the Company be unable to raise additional debt or equity
financing, it will be forced to seek a merger or cease operations.

The Company's financial statements have been prepared on a going
concern basis, which contemplates the realization of assets and
the settlement of liabilities and commitments in the normal course
of business.  The Company has, since its inception, earned limited
revenues and incurred substantial recurring operating losses,
including net losses of $6,725,058 for the six month period ended
June 30, 2003, net losses of $8,037,173 and $14,819,860 for the
years ended December 31, 2002 and 2001, respectively, and net
losses of $30,993,559 and $7,124,126 for the years ended June 30,
2000 and 1999, respectively.  Additionally, it had an accumulated
deficit of $79,584,064 at June 30, 2003 and has debt service
requirements of $2,750,000 during the 12 month period ending June
30, 2004.  These conditions raise substantial doubt about the
Company's ability to continue as a going concern.


SUN HEALTHCARE: Arranges New $75 Mil. Revolving Credit Financing
----------------------------------------------------------------
Sun Healthcare Group, Inc. (OTC BB: SUHG) and its affiliates have
entered into a new $75 million senior secured revolving credit
facility with CapitalSource Finance LLC, as collateral agent, and
certain other lenders.

CapitalSource, headquartered in Chevy Chase, Maryland, is a
specialized commercial finance company, offering asset-based,
senior cash flow and mezzanine financing.

The new senior credit facility refinanced the Company's previous
revolving loan agreement with its former lenders, led by Heller
Healthcare Finance, Inc. as collateral agent and Citicorp USA,
Inc. as administrative agent. Those lenders have now been paid in
full.

The CapitalSource revolving credit facility has a term of two
years and will be used to fund working capital and other corporate
obligations of Sun and its affiliates. The credit facility will
increase the Company's liquidity by approximately $20 million due
primarily to a release of reserves previously imposed by its
former senior lenders.

"This new financing strengthens Sun as we continue with our
restructuring," said Richard K. Matros, Sun's chairman and chief
executive officer. Matros continued, "We are pleased with the
confidence that CapitalSource has placed in our ability to
conclude our restructuring and become a viable long-term care
provider for the future. The liquidity afforded by our refinancing
permits the Company to consider a broader range of options to
resolve the remaining issues that challenge Sun."

The CapitalSource credit facility contains financial covenants
that are based on Sun's current operations. Previously, Sun was in
default with certain financial covenants contained in its prior
revolving loan agreement. Those financial covenants were based on
projections that were developed in 2001, long before the Company's
ongoing restructuring. Matros observed, "The financial covenants
that were negotiated with CapitalSource are a more realistic set
of requirements for the restructuring enterprise. We are not
through with our restructuring yet, but we are hopeful that with
this new lending relationship, we move one step closer to
successfully completing those efforts."

Headquartered in Irvine, Calif., Sun Healthcare Group, Inc. owns
many of the country's leading healthcare providers. Through its
wholly-owned SunBridge Healthcare Corporation subsidiary and its
affiliated companies, Sun's affiliates together operate long-term
and postacute care facilities in many states. In addition, the Sun
Healthcare Group family of companies provides high-quality
therapy, home care and other ancillary services for the healthcare
industry.

For further information regarding the Company and the matters
reported herein, see the Company's Report on Form 10-K for the
year ended December 31, 2002, a copy of which is available at the
Company's Web site at http://www.sunh.com  


SUREBEAM CORPORATION: Consolidates Processing Services Business
---------------------------------------------------------------
SureBeam Corporation (Nasdaq: SUREE) will close its Vernon,
California processing service center in an effort to consolidate
its processing services business to address a current oversupply
of capacity.  All customers nationwide will have the opportunity
to continue to process their products at one of SureBeam's other
domestic facilities.

"SureBeam has experienced growth in its processing services
business in the past three years," stated John Arme, SureBeam
Chairman and CEO.  "Despite a continuing increase in processed
ground beef, at this time the utilization level has not yet
reached the point where the costs of maintaining the capacity of
the four state-of-the-art processing centers are offset.  As a
result, this action is being taken as a prudent business measure
to enable SureBeam to realize immediate budget efficiencies and to
make adjustments that better meet current short-term and
intermediate-term market demand."  

Arme also added, "SureBeam will continue to align its assets in a
manner that best positions the Company for long-term business
opportunity."

Headquartered in San Diego, California, SureBeam Corporation
operates processing service centers located in Glendale Heights,
Illinois; Sioux City, Iowa; College Station, Texas; and Rio de
Janeiro, Brazil.  The Company is a leading provider of electron
beam food safety systems and services for the food industry.  
SureBeam's technology significantly improves food quality, extends
product freshness, and provides disinfestation that helps to
protect the environment.  The SureBeam patented system is based on
proven electron beam and x-ray technology that destroys harmful
food-borne bacteria much like thermal pasteurization does to milk.  
This technology can also eliminate the need for toxic chemical
fumigants used in pest control that may be harmful to the earth's
ozone layer.

                         *     *     *

               Liquidity and Capital Resources

In its latest Form 10-Q filed with Securities and Exchange
Commission, SureBeam Corporation reported:

"We have used cash principally to construct systems for our
strategic alliances and fund working capital advances for these
strategic alliances, to construct our company-owned service center
and systems in Brazil, and to fund our working capital
requirements. We spend significant funds to construct systems for
our strategic alliances in advance of payment. We also are
spending significant funds on sales and marketing efforts relating
to brand recognition and consumer acceptance programs. In
addition, our service centers have operated at losses using
significant funds. At March 31, 2003, we had available cash and
cash equivalents of $20.2 million and restricted cash of $1.3
million. The restricted cash represents the money received as
payment on our RESAL contract in anticipation of our first
shipment of equipment. The cash will become unrestricted upon our
shipment, which is scheduled for the second quarter of 2003.

      Status of Our $50.0 Million Credit Facility with Titan

"During 2002, Titan extended to us a senior secured credit
facility under which we could borrow up to a maximum of $50.0
million, subject to the terms and conditions of the credit
facility. As of May 7, 2003, we have borrowed $25.0 million on
this credit facility. The credit facility allows us to borrow, in
addition to our previous borrowings, up to a maximum of $12.5
million per quarter through the fourth quarter of 2003, subject to
the $50.0 million cumulative limitation on borrowing and the other
terms and conditions of the credit facility. We are unable to
borrow additional amounts if our cash balance is greater than $5.0
million.

"We have not borrowed additional amounts on the credit facility
since October 30, 2002, and, we do not anticipate borrowing, or
being able to borrow, additional amounts on the credit facility
during 2003 or during the remaining period that the credit
facility is outstanding. As of March 31, 2003, we were in
compliance with all covenants of the credit facility, however, we
were not able to borrow additional funds during the second quarter
because we did not meet the earnings before interest, taxes,
depreciation and amortization (EBITDA) target for the first
quarter of 2003 in our annual operating plan. We do not anticipate
that we will have availability under the credit facility during
the remaining period that the credit facility is outstanding.

"We are obligated, with some exceptions, to use net proceeds from
the sale of assets and securities to repay amounts advanced under
the credit facility. During March 2003, the credit facility was
amended to allow us to receive net proceeds of up to $25.0 million
resulting from transactions involving the issuance of equity
securities through September 30, 2004, without having to apply
such net proceed towards repayment of the credit facility,
provided that no default or event of default had occurred. We are
required to make a mandatory prepayment on the credit facility in
an amount equal to 50% of any net proceeds in excess of $25.0
million resulting from transactions involving the issuance of
equity securities.

"Under our credit facility, we are obligated to make minimum
quarterly principal payments as follows: 13.75% of the outstanding
principal balance as of December 31, 2003 during each quarter in
2004; 25% of the outstanding principal balance as of December 31,
2004 during each quarter in 2005; and, all remaining principal by
December 31, 2005. The interest rate is Titan's effective weighted
average term debt rate under Titan's credit agreement plus three
percent. As of March 31, 2003, the interest rate on the credit
facility was 7.92%. Interest is payable monthly beginning in
January 2003. Through May 7, 2003, we have paid $1.4 million of
interest related to the credit facility. The credit facility is
secured by a first priority lien on all of our assets.

                   Credit Facility Availability

"During the quarter ending March 31, 2003, the maximum amount
available for borrowing pursuant to the credit facility was $12.5
million, subject to the terms and conditions of the credit
facility. The maximum amount available for borrowing in each of
the second, third and fourth quarters of 2003 is based upon our
earnings before interest, taxes, depreciation and amortization for
the prior quarter as a percentage of the EBITDA target in our
annual operating plan.

"If actual EBITDA is negative $2.4 million or higher for the
quarter ending March 31, 2003, then up to 100% of the quarterly
maximum or $12.5 million will be available for borrowing during
the quarter ending June 30, 2003. If our actual EBITDA is negative
$3.0 million during the quarter ending March 31, 2003, then up to
50% of the quarterly maximum or $6.3 million will be available for
borrowing during the quarter ending June 30, 2003. If our actual
EBITDA is between negative $2.4 million and negative $3.0 million
during the quarter ending March 31, 2003, then the maximum amount
available for borrowing during the quarter ending June 30, 2003
shall be determined by linear interpolation between $6.3 million
and $12.5 million. If our actual EBITDA is lower than negative
$3.0 million for the quarter ending March 31, 2003, no amounts
will be available for borrowing through the credit facility during
the quarter ending June 30, 2003. No amounts are available for
borrowing during the second quarter because our EBITDA was $6.8
million and therefore is less than the negative $3.0 million
target.

"For the quarter ending June 30, 2003, our target EBITDA is
$505,000. If our actual EBITDA for the quarter ending June 30,
2003 is positive, but less than $126,000, or 25% of the target
EBITDA, then the maximum amount available in the quarter ending
September 30, 2003, would be $5.0 million, provided that no
amounts would be available unless we covenant during the quarter
ended September 30, 2003 to limit our total operating expenses
(defined as research and development and selling, general and
administrative expenses) to $5.0 million. No amounts would be
available under the credit facility during the quarter ended
September 30, 2003, if we have negative EBITDA for the quarter
ending June 30, 2003. If our actual EBITDA for the quarter ended
June 30, 2003 is $126,000, or 25% of the target EBITDA, then the
maximum amount available in the quarter ended September 30, 2003,
would be $6.3 million or 50% of the quarterly maximum and for each
percentage of actual EBITDA above $126,000, or 25% of target
EBITDA, the percentage of the quarterly maximum above 50% would be
increased on a pro rata basis.

"For the quarter ending September 30, 2003, our target EBITDA is
$4.1 million. Therefore, if our actual EBITDA for the quarter
ended September 30, 2003 is positive, but less than $1.0 million,
or 25% of the target EBITDA, then the maximum amount available in
the quarter ended December 31, 2003, would be $5.0 million,
provided that no amounts would be available unless we covenant
during the quarter ended December 31, 2003 to limit our total
operating expenses (defined as research and development and
selling, general and administrative expenses) to $5.0 million. No
amounts would be available under the credit facility during the
quarter ending December 31, 2003, if we have negative EBITDA for
the quarter ending September 30, 2003. If our actual EBITDA for
the quarter ended September 30, 2003 is $1.0 million, or 25% of
the target EBITDA, then the maximum amount available in the
quarter ended December 31, 2003, would be $6.3 million or 50% of
the quarterly maximum and for each percentage of actual EBITDA
above $1.0 million, or 25% of target EBITDA, the percentage of the
quarterly maximum above 50% would be increased on a pro rata
basis.

"We do not anticipate that we will have further availability under
the credit facility during the remaining period that the credit
facility is outstanding.

"The credit agreement also includes covenants limiting our
incurrence of debt, investments, declaration of dividends and
other restricted payments, sale of stock of subsidiaries and
consolidations and mergers. The credit agreement, however, does
not contain any financial covenants requiring us to maintain
specific financial ratios.

"In addition, Titan has guaranteed some of our lease obligations,
and we are obligated to reimburse Titan for any payments they make
under these guaranties. Any guarantee payments Titan makes reduces
amounts available for future borrowing under the credit agreement.
We will pay Titan a monthly fee of 10% of the guaranteed monthly
payments. Some of the guaranteed leases have longer terms than the
credit facility. If Titan remains a guarantor at the maturity date
for the credit facility, then we plan to enter into a
reimbursement agreement with Titan covering the outstanding
guarantees.

"For the three months ended March 31, 2003, we used cash in
operations of $5.7 million as compared to having cash provided by
operations of $5.5 million for the three months ended March 31,
2002. During the first quarter of 2003, our net loss plus
depreciation and amortization were offset by an increase in
working capital usage, particularly an increase in accounts
receivable related to the increase of our unbilled receivables and
restricted cash and was offset by the decrease in the amount due
from Titan due to the $8.7 million we received for payment on our
receivables during the quarter. Also during the quarter, we
received $1.3 million of restricted cash related to a payment made
based in a milestone payment on our RESAL contract. The release of
the funds is tied to our initial shipment of equipment to Saudi
Arabia that was delayed due to the war in Iraq but is now
scheduled to ship in the second quarter of 2003. For the three
months ended March 31, 2002, our net loss plus depreciation and
amortization were offset by an increase in working capital usage,
particularly an increase in our unbilled receivables and
inventories and was offset by the decrease in the amount due from
Titan due to the $19.5 million we received as payment on our
receivables during the quarter.

"We used approximately $1.5 million and $437,000 for investing
activities for the three months ended March 31, 2003 and 2002,
respectively. For the three months ended March 31, 2003 we had
capital expenditures of $1.5 million primarily related to the
continued construction of our company owned service centers.

"The [Company's] consolidated financial statements contemplate the
realization of assets and the satisfaction of liabilities in the
normal course of business. During the three months ended March 31,
2003, we have incurred substantial losses from operations and
investments in infrastructure. Management believes that as we
continue to expand significant funds on, sales and marketing, it
is not anticipated that our revenues will sufficiently offset
these expenses until at least 2004. Additionally, our construction
and implementation period for systems sales to strategic alliances
require a substantial use of cash for at least 12 to 18 months.
Our arrangements to sell food irradiation systems to strategic
alliances typically contain milestone provisions for payment,
which are typically based upon time, stage of completion, and
other factors. As a result, our unbilled receivables from our
customers have increased $1.7 million for the three months ended
March 31, 2003. Also, we have advanced funds aggregating $6.0
million to Hawaii Pride of which $230,000 was advanced during the
three months ended March 31, 2003 and is included in selling,
general and administrative expense in the accompanying
consolidated financial statements. These advances were used
primarily for land acquisition, for facility construction and for
working capital purposes. We are not obligated to continue the
funding of Hawaii Pride. We also have entered into a number of
commitments to lease land and facilities in connection with
construction of our four company-owned service centers all of
which are operational. In addition, based on our customer
requirements, we may expend funds to construct and install in-line
systems that we will own and operate.

"In addition to our current operating plans, which focus on
increasing cash flow from operations, we are also evaluating a
number of alternative plans to meet our future operating cash
needs. These plans include raising additional funds from the
capital markets. As of the date of the filing of this report, we
have obtained $25.0 million under the senior secured credit
facility with Titan. We do not anticipate making any additional
borrowings under this credit facility. If the funds available from
the capital markets are not available or not sufficient for us, or
if we are unable to generate sufficient cash flow from operations,
we may need to consider additional actions, including reducing or
deferring capital expenditures, reducing or deferring research and
development projects, curtailing construction of systems for
customers in advance of payment and reducing marketing
expenditures, which actions may have a material adverse impact on
our ability to meet our business objectives.

"At March 31, 2003, we had $20.2 million of cash and cash
equivalents and $1.3 million of restricted cash. We believe that
this balance will be sufficient to meet our cash needs through
2003. However, a variety of currently unanticipated events could
require additional capital resources such as the acquisition of
complementary businesses or technologies or increased working
capital requirements to fund, among other things, construction of
systems for our strategic alliances in advance of payment.
Additionally, if our requirements vary from our current plans, we
may require additional financing sooner than we anticipate. An
inability in such circumstance to obtain additional financing on
terms reasonable to us, or at all, could have a material adverse
effect on our results of operations and financial condition."


TCW LINC: Fitch Downgrades Ratings & Keeps Negative Watch
---------------------------------------------------------
Fitch Ratings downgrades all of the rated notes issued by TCW
Leveraged Income Trust, L.P. (TCW LINC) and places them on Rating
Watch Negative. At this time, the senior secured credit facility
has been paid in full. The following rating actions are effective
immediately:

     --$75,500,000 senior secured notes due Sept. 30, 2003
       downgraded to 'BB' from 'A' and placed on Rating Watch
       Negative;

     --$105,000,000 subordinated secured notes due March 31,
       2004 downgraded to 'CCC' from 'B' and placed on Rating
       Watch Negative.

TCW LINC, a market value collateralized debt obligation (CDO) that
closed on March 26, 1997, is managed by TCW Investment Management
Company. On Sept. 20, 2002, TCW LINC was out of compliance with
its minimum net worth test. On Sept. 30, 2002, TCW LINC failed its
subordinated overcollateralization test with a ratio of 96%,
relative to a test level of 100%. The fund was unable to cure the
minimum net worth test or the OC test in the relevant cure
periods, which resulted in an event of default on Oct. 21, 2002
and Oct. 15, 2002, respectively. Fitch initially downgraded the
subordinated secured notes to 'B' from their original rating of
'BBB' on Nov. 22, 2002.

On Jan. 3, 2003, the majority of the controlling class voted to
forbear exercising their rights to accelerate or liquidate the
fund through Sept. 30, 2003. The forbearance agreement outlined
the fund's ability to sell assets, substitute collateral, pay
management fees and redeem senior debt. Under the forbearance
agreement, the fund has made ongoing payments to redeem the senior
debt outstanding, paying down $124.5 million of the senior notes
since the fund's initial failure in September 2002.

As TCW LINC has de-levered its capital structure, the remaining
portfolio has consisted of less liquid assets. The less liquid
nature of these investments has made it difficult for the fund to
meet the scheduled senior debt repayments as outlined in the
forbearance agreement. On July 31, 2003, the fund was unable to
liquidate sufficient assets to make its scheduled senior debt
payment, which by its terms terminated the agreement.

At the Aug. 15, 2003 valuation date, 47% of the market value of
the fund's assets was classified as semi-liquid and special
situation investments. Although the over-collateralization of the
senior debt was 136.6% at the Aug. 15, 2003 valuation date, it is
questionable whether the fund will be able to liquidate assets in
a timely manner to redeem the balance of senior notes by their
maturity date, Sept. 30, 2003. In the event that the senior notes
are not fully repaid by Sept. 30, 2003, the senior notes will be
in payment default. The downgrade of the senior notes reflects the
illiquidity of the portfolio assets, and the questionable ability
of the fund to redeem the senior notes by their maturity date.

Additionally, the subordinated notes, which are not receiving any
interest payments, continue to be under-collateralized by the
discounted value of the collateral. At the Aug. 15, 2003 valuation
date, the subordinated OC ratio was approximately 70%, relative to
a test level of 100%. Furthermore, the subordinated notes were not
covered by the total market value of the portfolio assets, which
only covered 89% of the principal value of the subordinated notes.
Both evaluations included the blocked interest in the principal
balance of the subordinated notes. The downgrade of the
subordinated notes addresses the under-collateralization of the
fund's principal obligation, as well as the illiquid nature of the
portfolio assets. Both the senior and subordinated notes will
remain on rating watch negative given the ongoing possibility that
the controlling class may vote to liquidate the fund in an
accelerated fashion at any time.

Fitch will continue to monitor and review this transaction for
future rating adjustments.


TOM'S FOODS: Moody's Changes Ratings Outlook to Negative
--------------------------------------------------------  
Moody's Investors Service revised its ratings outlook for Tom's
Foods, Inc. to negative from stable.

The following ratings were affected by the change in outlook to
negative:

     - 10.5% senior secured notes, due 11/1/04 -- B3,
     - Senior implied rating -- B3,
     - Unsecured issuer rating -- Caa1.

Approximately $60 million of debt securities are affected.

According to Moody's, the change in outlook reflects weaker
expected earnings in 2003 than 2002, combined with the need for
the company to refinance all of its debt in 2004 (its $60 million
of senior notes are due Nov.1, 2004, and its revolving credit
matures in August 2004). If earnings weakness persists and
refinancing debt on similar terms becomes challenging, Tom's
ratings could be downgraded.

Tom's Foods, Inc., based in Columbus, Georgia, is a manufacturer
and distributor of snack foods primarily in the Southeastern and
Southwestern states of the US.


TWINLAB CORP: Wants Okay to Tap Ordinary Course Professionals
-------------------------------------------------------------
Twinlab Corporation and its debtor-affiliates ask for permission
from the U.S. Bankruptcy Court for the Southern District of New
York to continue employing the Ordinary Course Professionals to
render services to their estates similar to those services
rendered prior to the Petition Date.  These services include legal
services with regard to specialized areas of the law and
accounting and tax services. In addition, the Debtors may employ
other professionals in the ordinary course of business such as
real estate appraisers, brokers and leasing agents.

The Debtors submit that, in light of the additional cost
associated with the preparation of employment applications for
professionals who will receive relatively small fees and the
substantial number of Ordinary Course Professionals, it is
impractical and cost inefficient for the Debtors to submit
individual applications and proposed retention orders for each
professional.

In this connection, the Debtors also want to pay the Ordinary
Course Professionals, without a prior application to the Court,
100% of the fees and disbursements incurred, upon the submission
of an invoice setting forth in reasonable detail the nature of the
services rendered and disbursements actually incurred; provided,
however, that if any amount owed for professional's fees and
disbursements exceeds a total of $10,000 per month on a rolling
basis.

Headquartered in Hauppauge, New York, Twinlab Corporation
manufactures and markets high quality, science-based, nutritional
supplements. The Company filed for chapter 11 protection on
September 4, 2003 (Bankr. S.D.N.Y. Case No. 03-15564).  Michael P.
Kessler, Esq., at Weil, Gotshal & Manges, LLP represents the
Debtors in their restructuring efforts.


UNITED AIRLINES: Wants to Expand Bain & Co.'s Engagement Scope
--------------------------------------------------------------
UAL Corporation wants to extend Bain & Company's employment as
strategic consultants and negotiating agents in connection with
certain express carrier agreements.

Specifically, the Debtors seek to expand Bain's services pursuant
to a New Letter of Proposal, with a different fee structure for
three months, effective August 1, 2003.

James H.M. Sprayregen, Esq., at Kirkland & Ellis, states that
Bain has assisted United in renegotiating contracts with the
Express Partners.  The initial project involved benchmarking the
cost and performance of alternative partners, determining the
appropriate contract structure, developing a negotiation
strategy, soliciting initial best offers and supporting United in
the subsequent negotiations.

With Bain's assistance, United has made significant progress.  
Memoranda of Understanding have been signed with Sky West, Air
Wisconsin, Mesa and Trans States, under new contract structures.

United now wants Bain to:

   (1) assist in further negotiations with Atlantic Coast
       Airlines;

   (2) finalize new contract details with all United Express  
       partners; and

   (3) support United through the initial transition to new  
       contract structures.

United also wants Bain to assist in developing a detailed plan to
transition away from ACA, provide overall project management
support to United, support negotiations with replacement carriers
and provide extra resources to continue the plan development.

Bain will be paid a maximum monthly fee during August, September
and October 2003.  Fees for the Contract Transition Project will
be capped at $284,000 per month, plus expenses.  Fees for the ACA
Transition Project will be capped at $194,000 per month, plus
expenses.  United may ask Bain to discontinue work on a project
with two weeks' written notice. (United Airlines Bankruptcy News,
Issue No. 26; Bankruptcy Creditors' Service, Inc., 609/392-0900)   


US DATAWORKS: Independent Auditors Air Going Concern Uncertainty
----------------------------------------------------------------
US Dataworks, Inc., a Nevada corporation, develops, markets, and
supports payment processing software for the financial services
industry. Its customer base includes many of the largest financial
institutions as well as credit card companies, government
institutions, and high-volume merchants in the United States. It
also has a strategic alliance with BancTec, Inc. and through
October 2002, with CheckFree Corporation to license the Company's
software for its banking customers and Thomson Financial
Publishing, a unit of Thomson Corporation, to incorporate its
EPICWare database into the Company's products.

The Company has received a report from its independent auditors
that includes an explanatory paragraph describing the uncertainty
as to the Company's ability to continue as a going concern.

Company revenue decreased by $286,368, or 37%, to $486,763 for the
three months ended June 30, 2003 from $773,131 for the three
months ended June 30, 2002. The decrease in revenue was primarily
attributable to a decrease of $355,083, or 71%, in license fees
offset somewhat by an increase in service revenue of $75,386, or
35%. The decrease in license fees is due to a decrease in the
number of license agreements the Company entered into in the three
months ended June 30, 2003 compared to the three months ended
June 30, 2002.

Cost of sales decreased by $24,157, or 14%, to $144,112 for the
three months ended June 30, 2003 from $168,269 for the three
months ended June 30, 2002. The decrease was primarily
attributable to a decrease in the number of license agreements
entered into in the three months ended June 30, 2003 compared to
the three months ended June 30, 2002.

Total operating expenses increased by $70,526, or 8%, to $995,220
for the three months ended June 30, 2003 from $924,694 for the
three months ended June 30, 2002. The increase was primarily
attributable to increases in labor costs.

Other expenses, including interest expense and financing costs,
increased $1,158,469, or 436%, to $1,423,889 for the three months
ended June 30, 2003 from $265,420 for the three months ended June
30, 2002. The increase was primarily due to $1,084,505 of non-cash
financing charges related to the reduction in the conversion price
of four existing convertible promissory notes and the reduction in
the exercise price of previously issued warrants. The reductions
in the conversion price and warrant exercise price were granted to
four investors in connection with their agreement to convert
80.37% of the principal and accrued interest underlying their
existing $887,500 promissory notes.

Net loss increased by $1,491,206, or 255%, to a net loss of
$2,076,458 for the three months ended June 30, 2003 from $585,252
for the three months ended June 30, 2002.

Cash and cash equivalents increased by $59,448 to $68,012 at June
30, 2003 from $8,564 at March 31, 2003. Cash used for operating
activities was $58,033 in the three months ended June 30, 2003
compared to $288,616 to the same period in the prior year. Net
loss from continuing operations reduced cash by $2,047,474 and
$585,252 in the three months ended June 30, 2003 and 2002,
respectively.

Cash used for investing activities of $78,506, in the three months
ended June 30, 2002 consisted primarily of repayments to the
Company's affiliates. US Dataworks did not use cash for investing
activities in the three months ended June 30, 2003.

Financing activities provided cash of $117,481 in the three months
ended June 30, 2003 and included the issuance of $10,000 in
promissory notes and $300,000 in convertible promissory notes.
Subsequent to June 30, 2003, the Company received an aggregate of
$1,000,000 pursuant to five convertible promissory notes and a
convertible debenture.

Financing activities provided cash of $328,737 for the three
months ended June 30, 2002 and included the issuance of $205,000
in promissory notes, $240,000 in convertible promissory notes and
$1,500 proceeds from the exercise of warrants.

US Dataworks' management recognizes the need for the infusion of
cash during fiscal 2004 and is actively pursuing various financing
options. However, there can be no assurance that it will be able
to raise additional funds on favorable terms, or at all.


US FLOW: Seeks Court Approval to Pay Vendors' Prepetition Claims
----------------------------------------------------------------
US Flow Corporation and its debtor-affiliates are asking for
approval from the U.S. Bankruptcy Court for the Western District
of Michigan to pay the prepetition claims of critical vendors.  
The Debtors submit that payment of such claims is necessary to
ensure the continuation of the Debtors' operations.

The Debtors are essentially a sales and distribution company.
Vendors supply Debtors with the products Debtors deliver to their
customers and service for their customers.

Consequently, the Debtors are seeking authority, where feasible
and appropriate in their judgment, to pay in whole or in part the
prepetition claims of Critical Vendors, conditioned upon the
agreement of such Critical Vendors to provide the Debtors with
postpetition goods and services on Customary Trade Terms.

Upon the commencement of these chapter 11 cases, the Debtors
believe it is likely that Critical Vendors will refuse to continue
providing goods and services to Debtors absent some payment on
their prepetition arrearages. Any impairment or delay in the
supply of products will impair Debtors' operations, and the
effects maybe irreversible. Specifically, Debtors have ongoing
obligations to deliver products and parts to customers. Any
disruption of the flow of goods and services will lead to a loss
of confidence in Debtors' ability to honor customer obligations,
which would seriously impair this restructuring effort.

Finding replacement vendors for essential goods and services would
be an long and expensive process. Further, Debtors would be
unfamiliar with new vendors, and, thus, the quality of the goods
and services provided could suffer. In some cases, the delay in
finding replacements could have irreversible consequences. In
addition, Debtors may be forced to pay a premium for replacement
contracts because of the perceived risk of doing business in
chapter 11.

Authorizing the payment of Critical Vendor Claims would salvage
ongoing relationships among Debtors and Critical Vendors and
protect the interest of Debtors by allowing Debtors to continue to
provide uninterrupted products to their dealers and contractors.
Based on their substantial experience with the Critical Vendors,
Debtors believe that their contracts with the Critical Vendors are
at competitive rates and terms and continuation of business on the
same or better terms would help stabilize Debtors' operations in
the near term.

The aggregate amount of the Critical Vendor Claims, estimated not
to exceed $4,500,000, is not substantial in comparison with:

     i) the value Debtors' estates will receive from the
        uninterrupted supply of goods and services and

    ii) the estimated $40,000,000 in prepetition trade claims
        against Debtors as of the Petition Date.

If Critical Vendor Claims are not satisfied, the Debtors may not
be able to obtain necessary goods and services to sustain
operations. Many of the Critical Vendors represent Debtors' only
viable sources for certain goods and services required in the
continuing regular operations. Any interruption in operations will
adversely affect the value of Debtors' estates.

Headquartered in Grand Rapids, Michigan, US Flow Corporation filed
for chapter 11 protection on August 12, 2003 (Bankr. W.D. Mich.
Case No. 03-09863).  Robert F. Wardrop, II, Esq., at Wardrop &
Wardrop, P.C., represent the Debtors in their restructuring
efforts.  When the Company filed for protection from its
creditors, it listed $69,056,000 in total assets and $123,461,000
in total debts.


U.S. MINERAL: Files Plan and Disclosure Statement in Delaware
-------------------------------------------------------------
The United States Mineral Products Company, doing business as
Isolatek International, filed a Chapter 11 Plan of Reorganization
and an accompanying Disclosure Statement with the U.S. Bankruptcy
Court for the District of Delaware.  Full-text copies of the
documents are available for a fee at:

   http://www.researcharchives.com/bin/download?id=030903225835

                              and

   http://www.researcharchives.com/bin/download?id=030903230618

The Plan groups claims and equity interests into classes and
outlines how each class will be treated:

  Class  Description            Treatment
  -----  -----------            ---------
    1    Administrative Claims  Will be paid the full amount of
                                its allowed claim without
                                interests; Not impaired

    2    Secured Claims         Will be paid in cash, in full
                                amount of principal and interest
                                provided in the loan and
                                security documents; Not impaired

    3    Asbestos Claims        All liability will be
                                automatically assumed by the
                                Asbestos Trust; Impaired

    4    Unsecured Claims       Will be paid $500,000 held by
                                the debtors in a segregated
                                account; Impaired

    5    Non-Asbestos           Each holder will be paid 4% of
         Litigation Claims      the remaining amount of its
                                claim after deduction of
                                insurance for such claim;
                                Impaired

    6    Equity                 The Old Common Stock will be
                                cancelled and each holder as of
                                the Distribution Record Date
                                will receive nothing on such
                                account.

The Debtor believes that the Plan provides the fastest and most
efficient method of distributing its assets to its creditors and
that the Plan offers the highest return possible to these
creditors under the circumstances when viewed in light of other
alternatives.

United States Mineral Products Company manufactures and sells
spray-applied fire resistive material, insulation and acoustical
products to the commercial and industrial construction industry in
North America, Central America, South America and the Caribbean.
The Company filed for chapter 11 bankruptcy protection on June 23,
2001 (Bankr. Del. Case No. 01-2471).  Aaron A. Garber, Esq., David
M. Fournier, Esq., and David B. Stratton, Esq., at Pepper Hamilton
LLP represent the Debtor in its restructuring efforts. The Legal
Representative for Future Claimants is represented by Michael L.
Temin, Esq., at Wolf, Block, Schorr and Solis-Cohen LLP.


USG CORP: Committee Taps C. Loizides as Special Local Counsel
-------------------------------------------------------------
The Official Committee of Unsecured Creditors of USG Corporation
seeks the Court's authority to retain Christopher D. Loizides,
P.C. as its special local counsel, nunc pro tunc to July 29, 2003,
for the limited purpose of filing and prosecuting its complaints
against certain defendants.

The Creditors' Committee has initiated adversary proceedings to
avoid certain transfers pursuant to Section 547 of the Bankruptcy
Code and recover property transferred pursuant to Section 550.  
The Committee asserts potential preference claims against over
200 entities that could have received preferential payments
during the 90-day period before the Petition Date.

The Committee has been advised by Duane Morris Heckscher LLP --
its local Delaware counsel -- that due to certain conflicts of
interest with respect to two of the defendants, Saint-Gobain
Technical Fabrics America, Inc. and Hampshire Chemical Corp., it
cannot represent the Committee against these Conflicted Entities.
Accordingly, the Committee needs to retain separate local counsel
for the filing and the prosecution of its Complaints against the
two Conflicted Entities.

The Committee believes that Loizides is well qualified to
represent it and to provide the services it requires.  Loizides
is a Delaware professional corporation of which Mr. Loizides is
the principal.  Mr. Loizides has practiced law for more than 11
years and has considerable experience in prosecuting preference
and other avoidance actions.

The Committee explains that Loizides' services are necessary to
enable it to faithfully execute its duties and to maximize
recoveries to unsecured creditors.  Specifically, Loizides will
be required to:

   (a) file the preference complaints against the Conflicted
       Entities and, if needed, to take all necessary actions to
       prosecute the complaints, including the preparation of all
       motions, applications, orders and any other related papers
       as well as the negotiation, execution and enforcement of
       any settlements as may be requested by the Committee after
       consultation with its other counsel; and

   (b) perform all other necessary legal services in connection
       with the complaints against the Conflicted Entities as may
       be requested by the Committee in consultation with its
       other counsel.

Loizides' professionals will be compensated according to their
hourly rates:

     Chris Loizides        Principal               $215
     Magdalen Braden       Of Counsel               175
     Michael Joyce         Associate                130
     Debbie Westwood       Paralegal                125
     Paul Baker            Legal Assistant           45
     Gillian Thomas        CMA                       25

The firm will also be reimbursed of its reasonable out-of-pocket
expenses.

Mr. Loizides assures the Court that the firm does not have or
represent any interest adverse to the interests of the Debtors or
their estates, creditors or equity interest holders.  Loizides is
a "disinterested person" as the term is defined in Section
101(14) of the Bankruptcy Code. (USG Bankruptcy News, Issue No.
52; Bankruptcy Creditors' Service, Inc., 609/392-0900)


VALCOM: Retains Giants Studios' D. Dadon to Assist in Turnaround
----------------------------------------------------------------
ValCom, Inc. (OTCBB:VACM) (Frankfurt:VAM), an entertainment
company, has signed an agreement with David Dadon and Giants
Studios Services, Inc., to assist the company in all areas of
executive management.

"We have been very fortunate to find such an individual as David
who is qualified and highly respected in the entertainment
business. We are pleased to add him as an advisor to our executive
management team," said Vince Vellardita, President and CEO.

David Dadon's background in the Entertainment Industry includes,
pay-television, cable casting, and feature films. Dadon
specializes in matters attendant to the senior management decision
process including those relating to board representation, on-line
management, corporate planning, financial administration, capital
sourcing, business turnarounds, & mergers/acquisitions. A
selection of films produced by David Dadon include:

"Replicant" starring Jean-Claude Van Damme and Michael Rooker.
Directed by Ringo Lam. Released by Artisan.

"Ticker" executive produced by David Dadon. Starring Steven Segal
and Dennis Hopper. Directed by Albert Pyun. Released by Artisan.

"Very Mean Men" starring Matthew Modine, Martin Landau, Ben
Gazzara, Burt Young, Scott Baio and Louise Fletcher. Texas
Instruments picked out this movie from 300 and invested $150,000
to transfer to 70mm film for IMAX theaters. Limited theatrical
release scheduled for summer 2003. Directed by Tony Vitale
(director of "Kiss Me Guido," released by Paramount Pictures).
"The funniest crime caper to come down the pike since ``Lock,
Stock and Two Smoking Barrels'" - read the full review in Variety.
"I think ``Very Mean Men' is one of the most original, exciting,
and offbeat films I have seen this year" - Rex Reed, read it in
full in the New York Observer.

"Face to Face" starring: Dean Stockwell, Scott Baio, Joe
Viterelli, Alex Rocco, Ellen Travolta and Thomas Calabro. Limited
theatrical release scheduled for summer 2003.

"Jungle Juice" starring Christopher Walken, Rutger Hauer, Morgan
Fairchild, Robert Wagner, David Deblinger, Darren Geare and RJ
Knoll. Written and directed by Tony Vitale (director of "Kiss Me
Guido" and "Very Mean Men")

David Dadon is Chairman of the Board of Yaletown Entertainment
Corp. of Vancouver, Canada -- http://www.yaletownentertainment.com
-- and Giants Entertainment Inc., a Nevada corporation based in
Los Angeles -- http://www.giantsfilms.com  

Yaletown Entertainment is a publicly traded company on the TSX
Venture Exchange in Vancouver, symbol ECY. Yaletown also has under
its umbrella a world class digital post-production facility, Post-
Digital Works -- http://www.post-digitalworks.com-- including HD  
technology. Yaletown Entertainment has produced 145 episodes of
episodic lifestyles documentary programming, the majority in High
Definition. As a Canadian corporation, Yaletown can attract
certain applicable income tax incentives.

Based in Valencia, California, ValCom, Inc. is a diversified and
vertically integrated, independent entertainment company. ValCom,
Inc. through its operating divisions and subsidiaries plans to
create and operate full service facilities that accommodate film,
television and commercial productions with its four divisions that
are comprised of: studio, film and television, camera/equipment
rentals, and broadcast television ownership. The Company
owns/operates 12 acres of land and approximately 200,000 square
feet of commercial building space with 12 film and television
production sound stages. ValCom maintains long-term contracts with
Paramount Pictures for their hit CBS series "JAG" and "NCIS".
ValCom's equipment/camera and personnel rental business, Half-day
Video, is a leading competitor in the Hollywood community. The
Company and its partnership operate ValCom Broadcasting KVPS-TV
Channel 8 in Palm Springs, CA.

                         *    *    *

            Liquidity and Going Concern Uncertainty

In its Form 10-QSB filed with the Securities and Exchange
Commission, ValCom reported:

"The Company's condensed consolidated financial statements have
been prepared assuming that the Company will continue as a going
concern.  The Company has a net loss of $1,823,954 and a negative
cash flow from operations of $405,019 for the nine months ended
June 30, 2003, and a working capital deficiency of $8,602,508 and
an accumulated deficit of $9,950,145 at June 30, 2003.  These
conditions raise substantial doubt about the Company's ability to
continue as a going concern."


WEIRTON STEEL: Court Approves D. Leonard Wise Engagement as CEO
---------------------------------------------------------------
Weirton Steel Corporation obtained Court's permission to employ D.
Leonard Wise as its Chief Executive Officer.

On June 26, 2003, John H. Walker, President and Chief Executive
Officer of Weirton, and a member of Weirton's Board of Directors,
announced his resignation from the Company effective as of
July 31, 2003.  Weirton's Official Committee of Unsecured
Creditors asked Mr. Walker to reconsider his resignation.
However, Mr. Walker already made up his mind to leave the Company
for good.

Mr. Wise's employment as Weirton's CEO is to occur through the
earlier of:

   (i) the closing of a sale of substantially all of Weirton's
       assets;

  (ii) the effective date of a plan of reorganization; or

(iii) the termination of Mr. Wise's employment by Weirton for
       cause.

In his role as CEO, Mr. Wise will work in conjunction with
Mr. Kaplan, whose duties have been expanded beyond those of Chief
Financial Officer to include his role as President of Weirton, to
perform duties and responsibilities that will include all the
duties and responsibilities commensurate with that role, and
these business objectives:

   (i) retaining existing customers and revenue base while
       developing new business;

  (ii) improve efficiency and EBITDAR, through an examination
       of the Company's cost-structure and operations;

(iii) successfully exiting from bankruptcy protection at the
       earliest possible time, through either a sale of
       substantially all assets or a stand alone plan of
       reorganization; and

  (iv) proceed to review or revise, and expedite implementation
       of cost-saving initiatives.

The salient terms of the Wise Employment Agreement are:

A. Position:  Chief Executive Officer and Director

B. Base Salary:  $480,000 per annum effective as of July 15, 2003

C. Expense Reimbursement:

   Monthly reimbursement of actual and documented expenses
   incurred, including, but not limited to travel, temporary
   housing and meals.

D. Immediate Bonus:  $300,000 cash, payable:

   -- $100,000 upon Court approval of the Wise Employment
      Agreement;

   -- $100,000 on the 30th day after the Bankruptcy Court
      approves the Wise Employment Agreement; and

   -- $100,000 on the 60th day after the Bankruptcy Court
      approves the Wise Employment Agreement.

   In the event Mr. Wise ceases employment with Weirton at any
   time within 180 days after the entry of an order approving
   the Wise Employment Agreement, for reason other than (i) death
   or incapacity, (ii) consummation of a sale of all or
   substantially all assets of Weirton, (iii) the occurrence of
   the effective date of a plan of reorganization within this
   180-day period, (iv) termination for Good Reason, or (v) in
   the event Weirton terminates Mr. Wise's employment without
   cause, Mr. Wise will repay to Weirton a ratable portion of the
   $300,000 received.

E. Subsequent Bonus:  $500,000 cash upon the earlier of:

    (i) the closing of a sale; or

   (ii) the effective date of a plan of reorganization.

   The Bonus can be up to an additional $550,000, determined by
   multiplying $550,000 times a fraction.  The numerator of the
   fraction is the amount by which the gross sale price or going
   concern value of Weirton, as determined by the financial
   advisor or investment banker to the proponent of a confirmed
   plan of reorganization, exceeds the amount of the DIP loan
   balance at the time in which the DIP loan is paid or otherwise
   satisfied, and the denominator of which is $140,000,000.

F. Other:  Upon entry of an order approving the Wise Employment
   Agreement, the full amount of Bonus consideration to which Mr.
   Wise may be paid will be funded into escrow, with Fleet and
   Weirton's counsel to serve as joint escrow agents. (Weirton
   Bankruptcy News, Issue No. 8; Bankruptcy Creditors' Service,
   Inc., 609/392-0900)  


WORLDCOM: Taps MorganFranklin for Interim Accountiung Support
-------------------------------------------------------------
MorganFranklin Corporation announces the award of a major
consulting contract with MCI Corporation.

Under the terms of the contract, MorganFranklin Corporation will
perform interim accounting support for MCI's International
Accounting group. This effort is led by Sean Turner, Director of
MorganFranklin's Risk Management Services Division. Additional
industry expertise and hands on leadership of the engagement is
being provided by Carl Kumpf, CFO of MorganFranklin Corporation.

MorganFranklin has dispatched a highly skilled team of over 20
industry experts carrying deep experience in audit, audit support
and the telecommunications industry. Working directly with the
management team of MCI, MorganFranklin is assisting in the
facilitation of MCI's formal emergence from Chapter 11 protection.
Delivering upon critical internal deadlines, the management team
of MCI chose to partner with MorganFranklin Corporation based on
the specific expertise and experience of MFC's Financial Services
and Risk Management Divisions in bankruptcy matters and
telecommunication audit expertise.

"This engagement is a natural for MorganFranklin given the over 13
years average experience of each of our consultants in audit and
telecommunications issues which lends direct relevance to the
specific challenges faced by major telecommunications clients,"
said Sean Turner. "We are extremely pleased to provide MCI with
mission critical accounting support as they focus on the exciting
task of rebuilding and renewing their focus on long term growth,"
added Bob Morgan, CEO of MorganFranklin Corporation.

WorldCom, Inc., which currently conducts business under the MCI
brand name, is a leading global communications provider,
delivering innovative, cost-effective, advanced communications
connectivity to businesses, governments and consumers. With the
industry's most expansive global IP backbone, based on the number
of company-owned POPs, and wholly-owned data networks, WorldCom
develops the converged communications products and services that
are the foundation for commerce and communication in today's
market.

MorganFranklin Corporation is a business management and systems
integration services firm providing end to end business solutions
to commercial and government clients. Our Business Management
Services Group, which includes our Risk Management and Financial
Services Divisions, assists our clients to strategically plan,
mitigate risk, protect investments and manage finances. The System
Engineering Services Group focuses on the design and integration
of communication and information technology systems while our
eBusiness Solutions Group implements knowledge and records
management systems and financial applications.


WORLDCOM INC: Trial Spurs S&P Equity Research' Negative Outlook
---------------------------------------------------------------
Standard & Poor's equity analyst covering wireline
telecommunications companies reiterated a negative outlook on the
stocks in this industry segment as the trial concerning the
reorganization of MCI begins this week.  A leading provider of
independent research, indices and ratings, Standard & Poor's made
this announcement through Standard & Poor's MarketScope, its real-
time market intelligence service.

"The long-awaited trial for the reorganization of MCI, formerly
known as WorldCom, begins this week," says Todd Rosenbluth,
Wireline Telecommunications Analyst, Standard & Poor's Equity
Research Services. "This is likely the final barrier to MCI
emerging from bankruptcy with a slimmed-down debt load. While most
of the wireline industry has focused on increasing customer
loyalty through service bundles, we expect aggressive pricing
plans and marketing from MCI to have the greatest impact on Sprint
FON and SBC. We reiterate our "Avoid" (** out of *****) ranking on
Sprint Fon (NYSE: FON), at $14.90 per share, and our "Sell" (* out
of *****) ranking on SBC Communications (NYSE: SBC) at $23.00 per
share. We believe to date that these two carriers have been slow
to try to lock up customers with bundled offerings," concludes
Rosenbluth.

Standard & Poor's Stock Appreciation Ranking System (STARS), which
was first introduced on December 31, 1986, reflects the opinions
of Standard & Poor's equity analysts on the price appreciation
potential of 1,200 U.S. stocks for the next 12 month period.
Rankings range from five-STARS ("Buy") to one-STARS ("Sell").

Standard & Poor's analytic services are performed as entirely
separate activities in order to preserve the independence of each
analytic process. In this regard, STARS, which are published by
Standard & Poor's Equity Research Services, operates independently
from, and has no access to information obtained by Standard &
Poor's Rating Services, which may in the course of its operations
obtain access to confidential information.

Standard & Poor's Equity Research Services has the largest U.S.
equity coverage count among equity research firms that are not
affiliated with a Wall Street investment bank, analyzing 1,200
U.S. stocks. Standard & Poor's, a division of The McGraw-Hill
Companies (NYSE: MHP), is a leader in providing widely recognized
financial data, analytical research and investment and credit
opinions to the global capital markets. With 5,000 employees
located in 19 countries, Standard & Poor's is an integral part of
the world's financial architecture. Additional information is
available at http://www.standardandpoors.com


WORLDCOM INC: Wants Clearance for AT&T Wireless Settlement Pact
---------------------------------------------------------------
Before the Petition Date, the Worldcom Debtors entered into
various service agreements with AT&T Wireless Services, Inc.  
Under these Contracts, each party agreed to purchase
telecommunications services from the other.

The Debtors assert that AT&T Wireless owes $679,497 in
outstanding debt for prepetition services rendered pursuant to
the Service Agreements.  AT&T Wireless, however, disputes owing
$356,627 of the amount.

On the other hand, AT&T Wireless alleges that the Debtors owe
over $130,000,000 for prepetition services rendered under the
Service Agreements.  AT&T Wireless has filed a proof of claim for
the amount.  However, the Debtors dispute owing $80,100,000 of
the debt.

To resolve the disputes, the Debtors and AT&T Wireless negotiated
a settlement agreement.  The parties agree that AT&T Wireless
will have an allowed claim for $83,442,884 against MCI WorldCom
Network Services, Inc.  For its part, AT&T Wireless agrees to pay
WorldCom $475,000 by wire transfer.  The parties will execute
mutual releases in connection with the Service Agreements.

The Debtors believe that the Settlement Agreement is fair and
reasonable and in no way unjustly enriches any of the parties.  
Pursuant to the Settlement Agreement, the parties will apply
certain credits to their prepetition debts and the credits will
result in a substantial reduction of WorldCom's Debt.  The
Debtors will also recover $475,000 of the AT&T Wireless Debt
without further delay and will avoid the significant costs and
expenses that would otherwise be incurred if the parties
continued with their disputes.

Absent the settlement, the parties might require extensive
judicial intervention to resolve the disputes.  It is uncertain
which of the parties would emerge with a favorable and successful
resolution of their claims.  Even if the Debtors were successful
in litigating the disputes, they believe it is unlikely that they
would receive a judgment against AT&T Wireless greater than the
$475,000 provided for in the Settlement Agreement.

Accordingly, the Debtors ask the Court to approve the AT&T
Wireless Settlement. (Worldcom Bankruptcy News, Issue No. 36;
Bankruptcy Creditors' Service, Inc., 609/392-0900)   


XEROX CORP: Extends Exchange Offer for 9-3/4% Senior Notes
----------------------------------------------------------
Xerox Corporation (NYSE:XRX) is extending its offer to exchange
the outstanding $600 million and EUR225 million aggregate
principal amount of its 9-3/4 percent Senior Notes due 2009 for a
like principal amount of 9-3/4 percent Senior Notes due 2009 that
have been registered under the U.S. Securities Act of 1933 as
amended. The extension is until 5 pm ET on September 10.

The exchange offer was previously scheduled to expire on
September 8, 2003, at 5 pm ET. At that time, about $586 million
and EUR222 million aggregate principal amount of the Senior Notes
had been tendered for exchange.

As reported in Troubled Company Reporter's June 24, 2003 edition,
Fitch Ratings raised Xerox Corp. and its subsidiaries' senior
unsecured debt rating to 'BB' from 'BB-', affirmed the 'B'
convertible trust preferred securities, assigned a 'B' rating to
the newly issued mandatorily convertible preferred stock, and the
new $1.0 billion bank credit facility is rated 'BBB-'. The company
is removed from Rating Watch Positive and the Rating Outlook is
Stable. Approximately $12 billion of debt is affected by Fitch's
action.

The rating actions and stable outlook reflect the company's
improved credit protection measures and adequate liquidity profile
(which is enhanced by the recent capital markets transactions),
stabilized financial performance, and simplified capital
structure. Xerox continues to execute its operating strategy and
significant cost reduction programs, and Fitch believes stable
operating performance could be achieved despite challenging
prospects for growth in the near-term. In addition, execution risk
of the remaining restructuring program is minimal and the
management team seems to have stabilized.


XM SATELLITE: Caps Price of 11-Million Share Public Offering
------------------------------------------------------------
XM Satellite Radio Holdings, Inc. (Nasdaq: XMSR) has priced a
public offering of 11,320,755 shares of its Class A Common Stock
to Legg Mason Funds Management, Inc., Legg Mason Capital
Management, Inc. and another large institutional investor, each on
behalf of its investment advisory clients.

Expected net proceeds will be approximately $150 million.  The
transaction is expected to close on September 10, 2003.  A copy of
the prospectus relating to the offering can be obtained from the
company.  All of the securities were offered by the company.

XM expects that all or a significant portion of the net proceeds
may be used for funding for the construction of XM-4, its new
ground spare satellite, if insurance proceeds are not received in
a timely manner.  XM expects to otherwise use the proceeds for
working capital and general corporate purposes, which may include
the repurchase or pre-payment of outstanding debt.

XM provides satellite radio service to more than 692,000
subscribers as of June 30 and is on pace to have more than one
million subscribers later this year.  Whether in the car, home,
office or on the go, XM's listeners enjoy 101 digital channels of
choice: 70 music channels, more than 35 of them commercial-free,
from hip hop to opera, classical to country, bluegrass to blues;
and 31 channels of premiere sports, talk, comedy, kid's and
entertainment programming.  For more information about XM, visit
http://www.xmradio.com

                         *     *     *

As previously reported in Troubled Company Reporter, Standard &
Poor's Ratings Services lowered its corporate credit ratings on
satellite radio provider XM Satellite Radio Inc., and its parent
company XM Satellite Radio Holdings Inc. (which are analyzed on a
consolidated basis) to 'SD' from 'CCC-'.

At the same time, Standard & Poor's lowered its rating on the
company's $325 million 14% senior secured notes due 2010 to 'D'
from 'CCC-'.

These actions follow XM's completion of its exchange offer on the
senior secured notes, at par, for new 14% senior secured notes due
2009.

All ratings were removed from CreditWatch with negative
implications where they were placed on Nov. 18, 2002.


YOUTHSTREAM MEDIA: Invests $125K in KES Hldg. for 1% Equity Stake
-----------------------------------------------------------------
YouthStream Media Networks, Inc., a Delaware corporation (OTC
Bulletin Board: YSTM), made a capital contribution of $125,000 for
a 1.00% membership interest in KES Holdings, LLC, a Delaware
limited liability company, which was recently formed to acquire
certain assets of Kentucky Electric Steel, Inc., a Delaware
company, consisting of a steel mini-mill located in Ashland,
Kentucky.

Subsequently, on September 2, 2003, KES Holdings, through its
subsidiary, KES Acquisition Company, LLC, a Delaware limited
liability company, completed the acquisition of the Acquired
Assets pursuant to Section 363 of the United States Bankruptcy
Code for cash consideration of $2,650,000. KES ceased production
on or about December 16, 2002 and filed for a voluntary petition
for relief under Chapter 11 of the United States Bankruptcy Code
on February 5, 2003.

In addition to the Company, investors in KES Holdings include,
among others, affiliates of Libra Securities, LLC, a Delaware
limited liability company and a registered NASD broker-dealer,
consisting of Libra's parent entity, certain employees of Libra
and the Ravich Revocable Trust of 1989 (Jess M. Ravich, Trustee).

Robert Scott Fritz, one of the directors of the Company, is also
an investor in KES Holdings. Jess M. Ravich, the President and
Chief Executive Officer of Libra and the principal stockholder of
Libra's parent entity, is the manager of KES Holdings, but does
not have a controlling equity interest in KES Holdings. The
contributions of the members of KES Holdings were used in part to
fund the purchase price of the Acquired Assets, with the balance
intended to be used for start-up costs, working capital purposes
and deferred maintenance of the Acquired Assets.

The Company has had preliminary discussions with KES Holdings to
acquire KES Acquisition. Although there are presently no
understandings, agreements or commitments between KES Holdings and
the Company pursuant to which KES Holdings would be obligated to
sell KES Acquisition to the Company, or pursuant to which the
Company would be obligated to purchase KES Acquisition from KES
Holdings, it is presently contemplated that, should such a
transaction occur, it would involve the delivery by the Company to
KES Holdings of a subordinated note for all or substantially all
of the purchase consideration. Such a transaction is subject to
substantial risks, contingencies and uncertainties, including,
among others, satisfactory completion of due diligence,
preparation of definitive transaction documents, compliance with
state and federal securities laws and regulations, additional debt
and/or equity financing, and approval by the Company's
stockholders. Accordingly, there can be no assurances that any
transaction between the Company and KES Holdings ultimately will
occur, or that if a transaction does occur, future operations of
the steel mini-mill will be successful.

The Ravich Trust currently owns 1,000,000 shares of preferred
stock and 1,860,000 shares of common stock of the Company. The
Company currently has outstanding 1,000,000 shares of preferred
stock and 39,850,000 shares of common stock. The Ravich Trust also
owns warrants to purchase 500,000 shares of common stock of the
Company, as described below.

The Company's Board of Directors currently consists of Jonathan V.
Diamond, Hal G. Byer and Robert Scott Fritz. Hal G. Byer is a
Senior Vice President of Libra, and by virtue of his employment
agreement with Libra, Mr. Byer has an economic interest in the
investment in KES Holdings made by Libra's parent entity. The
Company's three directors have each acquired an option from the
Ravich Trust to purchase 62,500 shares of the Company's preferred
stock issued to the Ravich Trust in January 2003, exercisable
until December 31, 2006 or earlier upon the occurrence of certain
events.

During August 2003, the Company's subsidiary, Beyond the Wall,
Inc., borrowed $100,000 from each of Jonathan V. Diamond and the
Ravich Trust, which was used to fund the operations of Beyond the
Wall, Inc. The loans are due December 31, 2003, and are secured by
real estate owned by Beyond the Wall, Inc. As partial
consideration for the loans, the Company issued to each lender
warrants to purchase 400,000 shares of common stock, exercisable
through August 31, 2008 at $0.11 per share, the closing bid price
of the Company's common stock on the date of the loans.

During August 2003, the Company also borrowed $25,000 from each of
Jonathan V. Diamond and the Ravich Trust, which was used to fund,
in part, the Company's investment in KES Holdings. The Company's
remaining $75,000 investment in KES Holdings was funded from
corporate funds. The loans are due December 31, 2003, and are
unsecured. As partial consideration for the loans, the Company
issued to each lender warrants to purchase 100,000 shares of
common stock, exercisable through August 31, 2008 at $0.16 per
share, the closing bid price of the Company's common stock on the
date of the loans.

                         *     *     *

                       Recent Developments

During January 2003, the Company completed a debt restructuring,
resolving default claims by the holders of the Company's
outstanding notes, in the aggregate principal amount of
$18,000,000, to exchange those notes, including approximately
$2,100,000 of accrued interest, for a cash payment of $4,500,000,
preferred stock with a face value of $4,000,000, 3,985,000 shares
of common stock, and $4,000,000 principal amount of promissory
notes issued by the Company's retail subsidiary and secured by the
Company's pledge of all of its stock in the subsidiary. During
June 2003, the $4,000,000 principal amount of promissory notes was
restructured into unsecured debt obligations of the Company. The
Company recognized a gain from this debt restructuring, which
qualified as a "troubled debt restructuring" pursuant to Statement
of Financial Accounting Standards No. 15, "Accounting for Debtors
and Creditors for Troubled Debt Restructurings", of $2,754,000,
which was classified as a part of continuing operations. The gain
from this transaction was $0.07 per common share for the three
months and nine months ended June 30, 2003.

At the conclusion of the debt restructuring, the Company's
existing board of directors resigned and was replaced by three new
directors, Jonathan V. Diamond, Hal G. Byer and Robert Scott
Fritz. Jonathan V. Diamond was named Chief Executive Officer and
Robert N. Weingarten was named Chief Financial Officer.

The Company's new management intends to continue efforts to settle
the Company's outstanding obligations and reduce operating costs.
The Company believes that its current cash resources, combined
with revenues from continuing operations and borrowings from
related parties, will be adequate to fund its operations during
the remainder of fiscal 2003. However, to the extent the Company's
estimates are inaccurate and/or the Company is unable to
successfully settle outstanding obligations and reduce operating
costs, the Company may not have sufficient cash resources to
maintain operations. In such event, the Company may be required to
consider a formal or informal restructuring or reorganization.

The Company's new management is exploring various strategic
alternatives, including the sale of the Company's remaining
business operations and the acquisition of one or more new
business opportunities. However, there can be no assurances that
such efforts will be successful. The Company may finance any
acquisitions through a combination of debt and/or equity
securities.


* Jill Greenthal Joins Blackstone's Mergers & Acquisitions Group
----------------------------------------------------------------
The Blackstone Group announced that Jill Greenthal, formerly Co-
Head of the Global Media Investment Banking Group, a Member of the
Executive Board of Investment Banking, and Co-Head of the Boston
Investment Banking office of Credit Suisse First Boston, is to
join Blackstone's M&A group as a Senior Managing Director.

Tony James, Vice Chairman of The Blackstone Group, said, "Jill is
one of the top bankers in the country and has extensive experience
working with some of the world's leading media companies. Adding
an individual of Jill's caliber will be of enormous value to
Blackstone as we continue to expand both the depth and breadth of
our M&A capabilities."

Ms. Greenthal added, "Blackstone's extraordinary reputation and
record of success have provided me with an exceptional
opportunity. I'm excited by the prospect of helping the firm grow
its financial advisory business. The time has never been better
for Blackstone, which is independent, client focused, and of the
highest quality."

Prior to CSFB, Ms. Greenthal was a Managing Director in Donaldson,
Lufkin & Jenrette's media group. She joined DLJ from Lehman
Brothers where she became head of the firm's European Media effort
and subsequently ran the global media business.

Ms. Greenthal received an MBA from Harvard Business School and a
BA from Simmons College.

The Blackstone Group, a private investment bank with offices in
New York, London and Hamburg, was founded in 1985. Blackstone's
Mergers and Acquisitions practice specializes in large, complex
M&A transactions, often cross-border in nature and on behalf of
large multinational corporations. The Blackstone Group's other
core businesses include Restructuring and Reorganization Advisory,
Private Equity Investing, Private Real Estate Investing, Corporate
Debt Investing, and Marketable Alternative Asset Management.


* Meetings, Conferences and Seminars
------------------------------------
September 12, 2003
   AMERICAN BANKRUPTCY INSTITUTE
      ABI/GULC "Views from the Bench"
         Georgetown Univ. Law Center, Washington, DC
            Contact: 1-703-739-0800 or http://www.abiworld.org   

September 18-21, 2003
   AMERICAN BANKRUPTCY INSTITUTE
      Southwest Bankruptcy Conference
         The Venetian, Las Vegas, NV
            Contact: 1-703-739-0800 or http://www.abiworld.org  

October 2-3, 2003
   EUROFORUM INTERNATIONAL
      European Securitisation
         Hilton London Green Park
            Contact: http://www.euro-legal.co.uk

October 8-11, 2003
   TURNAROUND MANAGEMENT ASSOCIATION
      15th Anniversary Convention
         Hyatt Regency, San Francisco, CA
            Contact: 312-578-6900 or www.turnaround.org

October 10 and 11, 2003
   AMERICAN BANKRUPTCY INSTITUTE
      Symposium on 25th Anniversary of the Bankruptcy Code
         Georgetown Univ. Law Center, Washington, DC
            Contact: 1-703-739-0800 or http://www.abiworld.org   

October 15-18, 2003
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      Seventy Sixth Annual Meeting
         San Diego, CA
            Contact: http://www.ncbj.org/   

October 15-16, 2003
   EUROLEGAL
      Commercial Loan Workouts
         Contact: +44-20-7878-6897 or liu@ef-international.co.uk

October 16-17, 2003
   EUROFORUM INTERNATIONAL
      Russian Corporate Bonds
         Renaissance Hotel, Moscow
            Contact: http://www.ef-international.co.uk

November 4-5, 2003
   EUROFORUM INTERNATIONAL
      The Art and Science of Russian M&A
         Ararat Park Hyatt Hotel, Moscow
            Contact: +44-20-7878-6897 or
                     liu@ef-international.co.uk

November 12-14, 2003
   AMERICAN BANKRUPTCY INSTITUTE
      Litigation Skills Symposium
         Emory University, Atlanta, GA
            Contact: 1-703-739-0800 or http://www.abiworld.org  

December 1-2, 2003
   RENAISSANCE AMERICAN MANAGEMENT, INC.
      Distressed Investing
         The Plaza Hotel, New York City, NY
            Contact: 800-726-2524 or             
                     http://renaissanceamerican.com

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  

February 5-7, 2004
   AMERICAN BANKRUPTCY INSTITUTE
      Rocky Mountain Bankruptcy Conference
         Westin Tabor Center, Denver, CO
            Contact: 1-703-739-0800 or http://www.abiworld.org  

March 5, 2004
   AMERICAN BANKRUPTCY INSTITUTE
      Bankruptcy Battleground West
         The Century Plaza, Los Angeles, CA
            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  

April 29-May 1, 2004
   ALI-ABA
      Partnerships, LLCs, and LLPs: Uniform Acts, Taxation,
         Drafting, Securities, and Bankruptcy
            Fairmont Hotel, New Orleans
               Contact: 1-800-CLE-NEWS or http://www.ali-aba.org

May 3, 2004
   AMERICAN BANKRUPTCY INSTITUTE
      New York City Bankruptcy Conference
         Millennium Broadway Conference Center, New York, NY
            Contact: 1-703-739-0800 or http://www.abiworld.org  

June 2-5, 2004
   AMERICAN BANKRUPTCY INSTITUTE
      Central States Bankruptcy Workshop
         Grand Traverse Resort, Traverse City, MI
            Contact: 1-703-739-0800 or http://www.abiworld.org  

June 24-26,2004
   AMERICAN BANKRUPTCY INSTITUTE
      Hawaii Bankruptcy Workshop
         Hyatt Regency Kauai, Kauai, Hawaii
            Contact: 1-703-739-0800 or http://www.abiworld.org  

July 15-18, 2004
   AMERICAN BANKRUPTCY INSTITUTE
      The Mount Washington Hotel
         Bretton Woods, NH
            Contact: 1-703-739-0800 or http://www.abiworld.org  

July 28-31, 2004
   AMERICAN BANKRUPTCY INSTITUTE
      Southeast Bankruptcy Workshop
         The Ritz-Carlton Reynolds Plantation, Lake Oconee, GA
            Contact: 1-703-739-0800 or http://www.abiworld.org  

September 18-21, 2004
   AMERICAN BANKRUPTCY INSTITUTE
      Southwest Bankruptcy Conference
         The Bellagio, Las Vegas, NV
            Contact: 1-703-739-0800 or http://www.abiworld.org  

October 10-13, 2003
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      Seventy Seventh Annual Meeting
         Nashville, TN
            Contact: http://www.ncbj.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   

April 28- May 1, 2005
   AMERICAN BANKRUPTCY INSTITUTE
      Annual Spring Meeting
         J.W. Marriot, Washington, DC
            Contact: 1-703-739-0800 or http://www.abiworld.org   

July 14 -17, 2005
   AMERICAN BANKRUPTCY INSTITUTE
      Ocean Edge Resort, Brewster, MA
         Contact: 1-703-739-0800 or http://www.abiworld.org    

July 27- 30, 2005
   AMERICAN BANKRUPTCY INSTITUTE
      Southeast Bankruptcy Workshop
         Kiawah Island Resort and Spa, Kiawah Island, SC
            Contact: 1-703-739-0800 or http://www.abiworld.org  

November 2-5, 2005
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      Seventy Eighth Annual Meeting
         San Antonio, TX
            Contact: http://www.ncbj.org/   

December 1-3, 2005
   AMERICAN BANKRUPTCY INSTITUTE
      Winter Leadership Conference
         Hyatt Grand Champions Resort, Indian Wells, CA
            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.   
               
                          *********

Monday's edition of the TCR delivers a list of indicative prices
for bond issues that reportedly trade well below par.  Prices are
obtained by TCR editors from a variety of outside sources during
the prior week we think are reliable.  Those sources may not,
however, be complete or accurate.  The Monday Bond Pricing table
is compiled on the Friday prior to publication.  Prices reported
are not intended to reflect actual trades.  Prices for actual
trades are probably different.  Our objective is to share
information, not make markets in publicly traded securities.
Nothing in the TCR constitutes an offer or solicitation to buy or
sell any security of any kind.  It is likely that some entity
affiliated with a TCR editor holds some position in the issuers'
public debt and equity securities about which we report.

Each Tuesday edition of the TCR contains a list of companies with
insolvent balance sheets whose shares trade higher than $3 per
share in public markets.  At first glance, this list may look like
the definitive compilation of stocks that are ideal to sell short.  
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

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, Donnabel C. Salcedo, Ronald P. Villavelez and Peter A.
Chapman, Editors.

Copyright 2003.  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 $675 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.

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