TCR_Public/040428.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, April 28, 2004, Vol. 8, No. 83

                           Headlines

AAIPHARMA: Completes Asset Sale & Secures New $140MM Debt Facility
ADELPHIA COMMS: Hart Asks to Determine Assigned RCM Claim Amount
ALL STAR GAS: Court Fixes June 24 Plan Confirmation Hearing Date
AMERCO: U-Haul Estimates Year-End Self-Storage Revenues at $251MM
AMERCO: Carey Sale Transaction Hearing Set for Today at 2:00 p.m.

AMERICAN INTL: Halifax Files Suit re 5% Convertible Secured Debt
ATLANTIC SPINNERS: Case Summary & 20 Largest Unsecured Creditors
AZ GOLF CLUB: Case Summary & 20 Largest Unsecured Creditors
BETHLEHEM STEEL: Creditors Need to Submit Forms W-9 by May 3
BRIDGEPORT METAL: Gets Nod to Hire Pullman & Comley as Counsel

BUDGET GROUP: Agrees to Assume ACE Insurance Policies
CASHPOINT NETWORK SERVICES: Involuntary Case Summary
CNE GROUP: 2003 Audit Report Includes Going-Concern Qualification
COMMODORE BUSINESS: Court Fixes April 30 Plan Voting Deadline
COMMSCOPE: Plans to Release First Quarter 2004 Results on May 4

CONSTELLATION BRANDS: S&P Revises Outlook to Stable from Negative
COVANTA ENERGY: Issues First Post-Confirmation Status Report
DAN RIVER: Employing Sitrick as Communications Consultants
DELTA FINANCIAL: Will Publish First Quarter 2004 Results Today
DENNY'S CORPORATION: Trafelet Discloses 5.77% Equity Stake

ECLIPSE PROPERTIES: Case Summary & 11 Largest Unsecured Creditors
ENRON CORP: Reaches Settlement with Osprey Trust Noteholders
EXIDE TECH: Wants to Recover Preferential Transfers from Finova
ESCHELON TELECOM: S&P Rates Senior Second Secured Notes at CCC+
FARMLAND INDUSTRIES: Raises $108M Cash from Coffeyville Asset Sale

FEDERAL-MOGUL: Names David Sherbin SVP, Gen. Counsel & Secretary
GENESIS HEALTH: Stockholders' Meeting on June 15 in Baltimore
GEO SPECIALTY: Turns to CIBC World for Financial Advice
GRENADA MANUFACTURING: Wants to Pay Critical Prepetition Vendors
HIGH VOLTAGE: Disclosure Statement Objection Deadline is Friday

HUNTINGTON ENVIRONMENTAL: MPM Management Files Chapter 7 Petition
HUNTINGTON ENVIRONMENTAL: Voluntary Chapter 7 Case Summary
INTEGRATED HEALTH: McKesson Wants Rotech to Make Class 5 Payments
INTELEFILM: Gets 12MM from Litigation & Begins Creditor Payments
INTREPID USA: Retains Crossroads to Lead Reorganization Efforts

JUNO LIGHTING: S&P Assigns B+ Rating to Senior Secured Bank Loan
KMART: Agrees to Amend Martha Stewart Contract & Withdraws Lawsuit
KNOWLES ELECTRONICS: S&P Raises Corporate Credit Rating to B-
LASERSIGHT: Dorothy M. Cipolla Hired as CFO & Corporate Secretary
METROMEDIA: Issues Activity Update on Georgian Subsidiary Magticom

MICROFINANCIAL INC: Richard Latour Owns 5.6% Equity Stake
MID OCEAN CBO: Fitch Places Ratings on Watch Negative
MIRANT: Wants to Return 43.75% Learjet Interest to Bombardier
MOBIFON HOLDINGS: S&P Upgrades Senior Debt Rating to B- from CCC+
NATIONAL CENTURY: Court Authorizes Intercare Settlement Agreement

NATIONAL ENERGY: Plan Confirmation Hearing is Today at 10:30 a.m.
NATIONAL ENERGY: Will Auction Shares in New York on May 3
NATIONAL WESTMINSTER BANK: Liquidating New York Branch
NEW BRITISH WOODS: Case Summary & 40 Largest Unsecured Creditors
NRG ENERGY: Nelson Debtors Agree to Settle Dick Corp Claim Dispute

OAK ORCHARD DAIRY: Case Summary & 15 Largest Unsecured Creditors
PARMALAT SPA: April 20 Claims Bar Date Not Mandatory
PEGASUS COMMUNICATIONS: S&P Further Junks Corporate Credit Rating
PLEJ'S SUPERMARKET: Case Summary & 20 Largest Unsecured Creditors
PREMIER FREIGHTLINER: Wants to Tap CitiCapital's Cash Collateral

PRIMARY CARE PLUS: Case Summary & 8 Largest Unsecured Creditors
ROLLING SURF MOTEL: Voluntary Chapter 11 Case Summary
SALOMON BROTHERS: S&P Takes Rating Actions on 2000-C1 Notes
SERVES 1999-6: Fitch Affirms B- Rating on $46.4 Million Notes
SIMRIDGE TECHNOLOGIES: DoveBid to Conduct Multiple Asset Auctions

SOLUTIA INC: Hires Trammell Crow as Real Estate Broker
SPHERION CORPORATION: Posts $8 Million First Quarter 2004 Net Loss
STERLING FINANCIAL: Reports Record Revenues for First Quarter 2004
TRANSBIOTICS CORP: Grant Thornton Replaces McGladrey as Auditors
UNITED AIRLINES: Retired Pilots Want to Hire Segal as Consultant

VERTIS INC: Shareholder Deficit Tops $351.4 Mil. at March 31, 2004
WASTE SERVICES: S&P Assigns B+ Rating to Proposed $160MM Sr. Notes
WEIRTON STEEL: Provides $1.4 Million for Management Retirees
WESTPOINT: Has Exclusive Right to File Plan Until July 29, 2004
WICKES INC: Creditors' Meeting is Today at 1:30 PM in Chicago

WILBRAHAM CBO: Fitch Assigns Junk Ratings to Classes B-1, B-2 & C
WILSONS THE LEATHER: Enters into $35 Mil. Private Placement Deal
WORLDCOM: Inks Stipulation Resolving CDI Corp. Contractual Debts

* Upcoming Meetings, Conferences and Seminars

                           *********


AAIPHARMA: Completes Asset Sale & Secures New $140MM Debt Facility
------------------------------------------------------------------
aaiPharma Inc. (NASDAQ: AAIIE) announced the completion of the
sale of its M.V.I. (Multi-Vitamin Infusion) and Aquasol product
business for $105 million to Mayne Pharma (USA) Inc., Paramus,
N.J., a subsidiary of Australia's Mayne Group Limited (ASX: MAY).
Total consideration received by aaiPharma at closing of $94.2
million reflected the receipt of the $5 million payment related to
the recent approval by the U.S. Food and Drug Administration of an
M.V.I. line extension that does not contain vitamin K and the
$10.8 million held back to fund aaiPharma's post-closing
obligations under the purchase agreement.

With the completion of this transaction, aaiPharma closed on its
previously announced two-year, $140 million credit facility
provided by Silver Point Finance, LLC. This new facility replaces
the Company's existing senior revolving and term debt facilities.

"We have now achieved all of our major financing objectives for
the Company," said Interim Chief Operating Officer Gregory F.
Rayburn. "aaiPharma is now well positioned to execute its business
plan."

In related events, aaiPharma said it has made its $9.6 million,
April 1, 2004 interest payment on its 11% senior subordinated
notes due in 2010, along with default interest accruing since
April 1, 2004, and has otherwise satisfied the conditions listed
in its recent consent solicitation with respect to its senior
subordinated notes. In addition, aaiPharma announced that it has
discharged the remaining M.V.I. purchase payment of $31.5 million
to AstraZeneca.

Additionally, aaiPharma announced resolution of several
developments affecting its near-term liquidity that were
previously outlined in its revised consent solicitation statement
filed with the S.E.C. on Form 8-K on April 19, 2004. Specifically,
the Company obtained waivers of existing defaults under the
indenture governing its 11% senior subordinated notes; received a
$14.9 million prepayment of accelerated royalties under its
significant development agreement; paid a $9.0 million obligation
to terminate its interest rate hedging obligation; and terminated
the pending pain product acquisition for a payment of $1.6
million.

Chairman and Chief Executive Officer Dr. Frederick D. Sancilio
said, "This completes the first phase of the program to allow
aaiPharma to return to normal operations. I have given financial
stability the highest priority since returning to the CEO
position. Next, we need to focus on the remaining issues such as
the filing of our Form 10-K as quickly as possible." Continuing,
he said, "We are already beginning to focus our efforts on
preparing plans for the remaining quarters of 2004 and 2005 that
will be clearly communicated once completed. Our R&D program
remains one of our most important assets and is the foundation of
the Company going forward."

                        About aaiPharma

aaiPharma Inc. is a science-based pharmaceutical company focused
on pain management, with corporate headquarters in Wilmington,
North Carolina. With more than 24 years of drug development
expertise, the Company is focused on developing, acquiring, and
marketing branded medicines in its targeted therapeutic areas.
aaiPharma's development efforts are focused on developing improved
medicines from established molecules through its significant
research and development capabilities. For more information on the
Company, visit aaiPharma's website at http://www.aaipharma.com/


ADELPHIA COMMS: Hart Asks to Determine Assigned RCM Claim Amount
----------------------------------------------------------------
Larry Hart, Carol Hart, Christopher Hart, and Danielle Hart
entered into an Assignment and Assumption Agreement with RCM
Technologies, Inc., wherein RCM assigned, transferred and
conveyed to the Harts its rights, title and interest in and to
certain sums owed by Adelphia Communications Corporation (ACOM)
and Adelphia Business Solutions, Inc. (ABIZ) The Harts
simultaneously filed identical proofs of claim against ACOM and
ABIZ for $1,381,121, plus interest, asserting that both were
unable to identify which entity was responsible for the payment of
the invoices submitted by the Harts.

Alan L. Frank, Esq., at Frank and Rosen, in Elkins Park,
Pennsylvania, relates that the original ACOM Schedules of Assets
and Liabilities included RCM as a general unsecured creditor for
at least $202,561.  ACOM subsequently filed a Second Amended
Schedules again recognizing RCM's claim for $202,561.  Thus, it
appears that ACOM is only recognizing a portion of the Harts'
claim.  The Harts' asserted claim against ABIZ was omitted from
ABIZ's schedules in its entirety.

Mr. Frank notes that since ACOM's Second Amended Schedules
recognize the RCM claim for $202,561, it is anticipated that an
objection to the Harts' $1,178,560 remaining claim amount will be
filed with the Court on ACOM's behalf.

Without a determination from the Court as to the ACOM claim
amount, the Harts are in jeopardy of forfeiting their claim
against both ACOM and ABIZ due to their lack of familiarity and
understanding of the internal accounting matters of all of the
related companies prior to the Petition Date.  The Harts do not
have access to either ACOM's or ABIZ's books and records, which
may contain the necessary information to determine which of the
companies is indebted to RCM and for what amount.

Mr. Frank maintains that the amount of Harts' claim must be
determined to avoid inconsistent results and to avoid duplication
and waste of judicial resources in related matters.

Accordingly, the Harts ask the Court to determine the amount of
their unsecured claim. (Adelphia Bankruptcy News, Issue No. 57;
Bankruptcy Creditors' Service, Inc., 215/945-7000)


ALL STAR GAS: Court Fixes June 24 Plan Confirmation Hearing Date
----------------------------------------------------------------
All Star Gas and its affiliates took another major step toward
emerging from Chapter 11 last week when a federal bankruptcy judge
approved its disclosure statement, clearing the way for All Star
Gas to begin soliciting votes in favor of its plan of
reorganization.

The bankruptcy court also scheduled a hearing on confirmation of
the company's plan for June 24, 2004.

"We are pleased that the court approved the disclosure statement
and set a date for final confirmation of the plan of
reorganization," said John Gordon, chief executive officer of All
Star Gas.

"We are also gratified to see that the Unsecured Creditors
Committee has endorsed the company's plan and will recommend that
all unsecured creditors vote in favor of it," said Gordon.

The plan is the product of extensive negotiations between All Star
Gas, the Official Committee of Unsecured Creditors appointed in
its Chapter 11 case, and the company's senior secured Noteholders,
who are owed more than $60 million.

The bankruptcy court approved the company's disclosure statement
over the objection of Paul S. Lindsey, former chief executive of
All Star Gas.

After minor modifications are made to the disclosure statement
over the next 10 days, and after the bankruptcy court enters a
formal written order, the company expects to begin soliciting the
votes of creditors in early May. The company intends to emerge
from Chapter 11 this summer.

All Star Gas filed for Chapter 11 reorganization protection on
July 21, 2003, and on Aug. 21, 2003, announced that it had secured
interim financing to support continuing operations.

All of the company's 58 retail locations are continuing to operate
throughout the restructuring process.

For more than 30 years, All Star Gas has provided dependable,
affordable propane to residential and business customers. The
company and its subsidiaries currently supply approximately 48,000
customers in Arkansas, Arizona, Colorado, Missouri, Oklahoma and
Wyoming. More information is accessible at the company's Web site
http://www.allstargas.com/


AMERCO: U-Haul Estimates Year-End Self-Storage Revenues at $251MM
-----------------------------------------------------------------
U-Haul, the Nation's leader in the do-it-yourself household moving
and storage industry stated that its estimated unaudited total
owned and managed self-storage gross revenues for fiscal year-end
2004 were $251.1 million, reflecting a company-wide occupancy of
76.8 percent.  This total reflects an increase of 13,000 rooms
rented over the prior year.  Same-store occupancy information is
not included.

U-Haul is the nation's leading do-it-yourself-moving company
with a network of over 14,000 locations in all 50 United States
and 10 Canadian provinces.  U-Haul has been a leader in the
storage industry since 1974, with more than 340,000 rooms, more
than 33 million square feet of storage space and more than 1,000
facilities throughout North America.

U-Haul International is Reno, Nevada-based AMERCO's principal
operation, renting its fleet of 96,000 trucks, 87,000 trailers,
and 20,000 tow dollies to do-it-yourself movers through over 1,000
company-owned centers and 15,000 independent dealers located
throughout the United States and Canada.  AMERCO filed for chapter
11 protection on June 20, 2003 (Bankr. Nev. Case No. 03-52103).  
Craig D. Hansen, Esq., Jordan A. Kroop, Esq., Thomas J. Salerno,
Esq., and Carey L. Herbert, Esq., at Squire, Sanders & Dempsey
LLP, represent the Debtors in their restructuring efforts.  When
the Debtors filed for protection from their creditors, they listed
$1,042,777,000 in total assets and $884,062,000 in liabilities.
(AMERCO Bankruptcy News, Issue No. 25; Bankruptcy Creditors'
Service, Inc., 215/945-7000)


AMERCO: Carey Sale Transaction Hearing Set for Today at 2:00 p.m.
-----------------------------------------------------------------
On March 31, 2004 Amerco and its debtor affiliates filed with the
U.S. Bankruptcy Court for the District of Nevada a motion to
approve the WP Carey Transaction pursuant to the terms of the
confirmed reorganization plan. The motion seeks approval of a sale
by Reorganized AREC and U-Haul International, Inc., of 78 rental
and self storage properties to UH Storage Limited Partnership.

The Bankruptcy Court will convene a hearing this afternoon, April
28, 2004 at 2:00 p.m., to consider approval of the Carey Sale
Transaction.  The Hearing will be held before the Honorable Gregg
W. Zive, in the United States Bankruptcy Court at 300 Booth
Street, Room 1109 in Reno, Nevada.

Amerco  is the holding company for U-Haul International, Inc.,
Amerco Real Estate Company, Republic Western Insurance Company and
Oxford Life Insurance Company. The company filed for chapter 11
protection on June 20, 2003 (Bankr. Nev. Case No. 03-52103).  
Craig D. Hansen, Esq., Jordan A. Kroop, Esq., Thomas J. Salerno,
Esq., and Carey L. Herbert, Esq., at Squire, Sanders & Dempsey
LLP, represent the Debtors in their restructuring efforts.  When
the Debtors filed for protection from their creditors, they listed
$1,042,777,000 in total assets and $884,062,000 in liabilities.
(AMERCO Bankruptcy News, Issue No. 25; Bankruptcy Creditors'
Service, Inc., 215/945-7000)


AMERICAN INTL: Halifax Files Suit re 5% Convertible Secured Debt
----------------------------------------------------------------
American International Petroleum Corporation (OTC: AIPN) stated
that on April 20, 2004, Halifax Fund, L.P., holder of the
Company's 5% convertible secured debenture, filed a lawsuit
against the Company in the Supreme Court of the State of New York
seeking a determination that the aggregate amount of the debt owed
under the Debenture is approximately $13 million. The Company
previously announced that it was in default on the Debenture,
which matured on February 18, 2004. The outstanding principal and
interest amount that was due under the Debenture is about $6.8
million. As of the date of this press release the Company has not
yet been formally served with this lawsuit.

Halifax claims the Company breached the Registration Rights
Agreement between the parties dated February 18, 1999, and that
the outstanding principal and interest amount under the Debenture
should include a cash payment in the amount of about $3,590,000
due to the Company's failure to register its securities; the
Company's delisting from the Nasdaq National Market System on or
about November 7, 2000; and, the Company's subsequent failure to
have its stock listed on an approved market. Halifax further
claims that under the Debenture, upon default, the Company is
obligated to pay to Halifax 125% of the outstanding principal
amount of the Debenture plus accrued interest and default
payments, which Halifax claims would amount in the aggregate to
about $2,600,000. The Company believes that the excess amounts
claimed by Halifax may include unenforceable penalties and intends
to vigorously defend against the claims.

American International Petroleum Corporation is a diversified
petroleum company, which through various subsidiaries, is involved
in oil and gas exploration and development in Kazakhstan, and owns
a 30,000-barrel per day refinery in Lake Charles, Louisiana, which
is not currently in operation.


ATLANTIC SPINNERS: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------------
Debtor: Atlantic Spinners, Inc.
        aka Baron Yarns, Inc.
        aka B&H Equipment Rental, Inc.
        P.O. Box 1240
        Bessemer City, North Carolina 28016

Bankruptcy Case No.: 04-31426

Chapter 11 Petition Date: April 20, 2004

Court: Western District of North Carolina (Charlotte)

Judge: George R. Hodges

Debtor's Counsel: A. Burton Shuford, Esq.
                  Shuford, Hunter & Brown, P.A.
                  301 South McDowell Street, Suite 1012
                  Charlotte, NC 28204
                  Tel: 704-377-0280
                  Fax: 704-377-8666

Estimated Assets: $500,000 to $1 Million

Estimated Debts:  $1 Million to $10 Million

Debtor's 20 Largest Unsecured Creditors:

Entity                        Nature Of Claim       Claim Amount
------                        ---------------       ------------
Solutia, Inc.                                           $679,016
3391 Town Point Drive
Suite 200
Kennesaw, GA 30144

Nova Tex, Ltd. Dba                                      $282,438
Nova Tex Ltd, LLC
17 Sveta gora Str.
1126 Sofia Bulgaria

Edward L. Pell                Loans to company          $255,000
PO Box 1357
Bessemer City, NC 28016

SouthTrust Bank               Three buildings           $172,592
                              (145,000 square ft.
                              of manufacturing
                              space) located on
                              approximately six
                              acres of property

Montefibre Hispania SA                                  $114,047

Duke Power Co.                                           $79,601

Francis E. Beall, Jr.         Loan to company            $68,000

CGLIC-Chattanooga                                        $27,751

Joel D. Goodrich              Loan to company            $25,000

Joel D. Goodrich              Back wages owed            $19,800
                              from 11/30/03
                              through 1/25/04

Edward L. Pell                Back wages from            $19,800
                              11/30/03 through
                              1/25/04

Francis E. Beall, Jr.         Back wages owed            $19,800
                              from 3/30/03 through
                              1/25/04

Sum-Kel Enterprises                                      $18,000

Wellpath Select, Inc.                                    $16,388

City of Bessemer                                         $14,529

Long Bros. Roofing Co.                                   $11,136

GMAC                          Leased Vehicle              $9,009
                              Surrendered to
                              Creditor

ESC of NC                                                 $8,485

Zenith Ins. Co.                                           $6,754

Key Risk Ins. Co.                                         $6,236


AZ GOLF CLUB: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor: AZ Golf Club of NC, LLC
        115 Fairway Avenue
        Southern Pines, North Carolina 28387

Bankruptcy Case No.: 04-01403

Type of Business: The Debtor is a North Carolina limited
                  liability corporation engaged in the business
                  of operating a golf course and clubhouse
                  located in Moore County.

Chapter 11 Petition Date: April 13, 2004

Court: Eastern District of North Carolina

Judge: A. Thomas Small

Debtor's Counsel: Trawick H. Stubbs, Esq.
                  Stubbs & Perdue
                  P.O. Drawer 1654
                  New Bern, NC 28563
                  Tel: 252-633-2700

Estimated Assets: $1 Million to $10 Million

Estimated Debts:  $1 Million to $10 Million

Debtor's 20 Largest Unsecured Creditors:

Entity                        Nature Of Claim       Claim Amount
------                        ---------------       ------------
Old Saybrook Golf Capital                               $934,000
Portfolio I LLC
163 Ferry Road
Old Saybrook, CT 06475

CTP / Steven Hulce            1% Revenue Contingent      $28,075

Nivek, Inc.                   Trade Debt                 $17,977

Duryea Agcy of Hunterdon      Trade Debt                  $4,732

Nike USA                      Trade Debt                  $4,381

Professional Turf, Inc.       Trade Debt                  $3,348

Pierside Entertainment        Trade Debt                  $3,050

Lesco                         Trade Debt                  $2,996

G&S Turf Equipment            Trade Debt                  $2,645

Johnny Harris Trucking        Trade Debt                  $2,287

Vereens Stores Inc.           Trade Debt                  $2,225

Pilot                         Trade Debt                  $2,018

SDI                           Trade Debt                  $1,925

Southern States Turf Div.     Trade Debt                  $1,834

McNeil Oil Company, Inc.      Trade Debt                  $1,666

Golf Record of Carolinas      Trade Debt                  $1,575

Simmons Irrigation Supply     Trade Debt                  $1,332

Lamar Companies               Trade Debt                  $1,150

Devant Ltd.                   Trade Debt                  $1,046

EcoLab                        Trade Debt                    $838


BETHLEHEM STEEL: Creditors Need to Submit Forms W-9 by May 3
------------------------------------------------------------
The Bethlehem Steel Corporation Liquidating Trust is preparing to
distribute an approximate 0.8% dividend to the steel company's
prepetition general unsecured creditors pursuant to the terms of
the Plan of Liquidation under Chapter 11 of the Bankruptcy Code of
Bethlehem Steel Corporation, et al., declared effective at 11:59
p.m. on December 31, 2003.  The Trust needs a completed Form W-9
providing a taxpayer identification number and a withholding-
related certification from each of Bethlehem's creditors.  The
Trust has mailed those forms to all known creditors.  The forms
must be completed and returned by May 3, 2004, to:

     The Bethlehem Steel Corporation Liquidating Trust
     c/o Bankruptcy Services LLC
     757 Third Avenue, 3rd Floor
     New York, NY 10017

"To the extent that the Liquidating Trust is unable to confirm
that you are exempt from withholding," the Trust warns, "your
distribution may be subject to Federal and State tax withholding."  

Contact Bankruptcy Services LLC by telephone at (866) 690-5777
with any questions about a Bethlehem claim or the request for a
Form W-9.


BRIDGEPORT METAL: Gets Nod to Hire Pullman & Comley as Counsel
--------------------------------------------------------------
The Bridgeport Metal Goods Manufacturing Company asks permission
from the U.S. Bankruptcy Court for the District of Connecticut,
Bridgeport Division, to employ Pullman & Comley, LLC as its
counsel in its chapter 11 proceeding.

The Debtor selected Pullman & Comley because of the firm's
knowledge in matters of bankruptcy reorganization and because
Pullman & Comley is well qualified to represent it in this
proceeding.

Pullman & Comley is anticipated to perform services including:

   a. advising the Debtor with respect to its rights and
      obligations as debtor-in-possession and with respect to
      other areas of bankruptcy law;

   b. preparing on behalf of the Debtor necessary petitions,
      schedules, applications, motions and other papers in
      connection with the administration of the Debtor's estate;

   c. taking all necessary actions to protect and preserve the
      estate of the Debtor, including, if required by the facts
      and circumstances, the prosecution of actions and
      adversary or other proceedings on the Debtor's behalf, the
      defense of any actions and adversary or other proceedings
      commenced against the Debtor, negotiations concerning all
      litigation in which the Debtor is involved, and where
      appropriate, the filing and prosecution of objections to
      claims filed against the Debtor's estate;

   d. representing the Debtor at all hearings and proceedings
      herein;

   e. developing, negotiating and confirming a chapter I1 plan
      for the Debtor and preparing a disclosure statement in
      respect thereof; and

   f. performing other legal services required by the Debtor in
      connection with this chapter 11 case.

The attorneys expected to provide services to the Debtors and
their current hourly rates are:

         Attorneys              Billing Rate
         ---------              ------------
         Irve J. Goldman        $355 per hour
         Elizabeth J. Austin    $375 per hour
         Jessica Grossarth      $185 per hour

Headquartered in Bridgeport, Connecticut, Bridgeport Metal Goods
Manufacturing Co. -- http://www.bmgmfg.com/-- is engaged in the  
business of manufacturing, decorating and assembling plastic
cosmetic containers and packaging products.  The Company filed for
chapter 11 protection on March 30, 2004 (Bankr. D. Conn. Case No.
04-50412).  Irve J. Goldman, Esq., and Jessica Grossarth, Esq., at
Pullman & Comley represent the Debtor in their restructuring
efforts.  When the Company filed for protection from its
creditors, it listed both estimated debts and assets of over $10
million.


BUDGET GROUP: Agrees to Assume ACE Insurance Policies
-----------------------------------------------------
The ACE U.S.A. Companies -- Insurance Company of North America,
ACE Insurance Company of Texas, Atlantic Employers Insurance
Company, and possibly other ACE U.S.A.-related companies --
issued to the Budget Group Inc. Debtors certain insurance
policies.  Pursuant to these Policies, the Debtors entered into
certain related agreements and are obligated to perform certain
duties and to pay to the ACE U.S.A. Companies certain premiums,
fees, expenses and related costs.  The ACE U.S.A. Companies hold
certain collateral to secure the insured's obligations under the
ACE U.S.A. Agreements, including certain letters of credit.

The Debtors, Cendant Corporation and Budget Rent A Car System,
Inc., entered into an Asset and Stock Purchase Agreement, which
was closed on November 22, 2002.  Pursuant to the ASPA and the
Sale Order, the ACE U.S.A. Agreements are Acquired Assets, which
the Debtors were required to assume and assign to Cherokee
Acquisition Corporation, now known as Budget Rent A Car System.

The Debtors and the Creditors Committee asked the Court to
approve a settlement agreement with the Cendant Parties and Simon
Vincent Freakley and Gurpal Singh Johal, as administrators of
BRAC Rent-A-Car International, Inc., in BRACII's administration
proceedings pending in the United Kingdom.

In a Court-approved Stipulation, the Debtors, the ACE U.S.A.
Companies and the Cendant Parties agree that:

   (1) All of the ACE U.S.A. Agreements remain in full force and
       effect, will be assumed in full by the Debtors and will be
       assigned to and assumed by Cherokee;

   (2) With the exception of (a) the substitution of Cherokee for
       the Debtors as the named insured under the ACE U.S.A.
       Agreements, and (b) the disregard of any termination or
       modification of any of the insured's rights under the ACE
       U.S.A. Agreements resulting from any ipso facto clauses
       that may be contained in the ACE U.S.A. Agreements due to
       the financial condition of the Debtors and the Debtors'
       bankruptcy cases, no right, duty or obligation has been,
       or will be, altered, impaired, released or discharged by
       the Sale Order, by any other order or proceeding in the
       Debtors' Chapter 11 cases, except as provided by the
       Stipulation;

   (3) With the exception of (a) the substitution of Cherokee for
       the Debtors as the named insured under the ACE U.S.A.
       Agreements, and (b) the disregard of any termination or
       modification of any of the insured's rights under the ACE
       U.S.A. Agreements resulting from any ipso facto clauses
       that may be contained in the ACE U.S.A. Agreements due to
       the financial condition of the Debtors and their Chapter
       11 cases, nothing in the Sale Order, any other order or
       proceeding in the Debtors' bankruptcy cases, will alter,
       modify any terms, conditions, rights, defenses,
       limitations or exclusions contained in the ACE U.S.A.
       Agreements, create any insurance coverage that does not
       exist or eliminate any insurance coverage that exists
       under the ACE U.S.A. Agreements;

   (4) The ACE U.S.A. Companies' and Cherokee's rights relating
       to the Collateral are unaffected by the Stipulation, and
       the Collateral will be released only in accordance with
       the ACE U.S.A. Agreements, unless otherwise agreed to in
       writing by the relevant ACE U.S.A. Company party and
       Cherokee.  After the effective date of the ACE U.S.A.
       Agreements, the ACE U.S.A. Companies may reach, use, apply
       or set off against the Collateral in accordance with their
       rights under the ACE U.S.A. Agreements without further
       Court Order;

   (5) The Debtors agree that up to and through the effective
       date of the ACE U.S.A. Agreements, they will continue to
       be obligated to, and will, perform, pay and satisfy all
       duties and obligations of the insured under the ACE U.S.A.
       Agreements in the ordinary course of business.  On and
       after the effective date, Cherokee will be obligated to
       perform, pay and satisfy all duties and obligations of the
       insured under the ACE U.S.A. Agreements, and the Debtors
       will have no further obligations or duties.  The Debtors
       are not released from their obligations or duties to the
       ACE U.S.A. Companies under the ACE U.S.A. Agreements for
       duties and obligations relating to coverage sought for any
       claims retained by the Debtors after the effective date;

   (6) The ACE U.S.A. Companies agree that subject to the
       occurrence of the effective date, they will be obligated
       and required to perform, pay and satisfy all duties an
       obligations they have under the ACE U.S.A. Agreements,
       except (a) the substitution of Cherokee for the Debtors as
       the named insured, and (b) the disregard of any
       termination or modification of any of the insureds' rights
       under the ACE U.S.A. Agreements resulting from any ipso
       facto clauses that may be contained in the Agreements due
       to the financial condition of the Debtors;

   (7) No action of the Court will be required for the Parties to
       enforce any of their rights, duties and obligations under
       the ACE U.S.A. Agreements; and

   (8) Neither Cherokee nor the ACE U.S.A. Companies are relieved
       of any obligations under the ACE U.S.A. Agreements and
       each will be obligated to satisfy all past, present and
       future duties and obligations arising from and under the
       ACE U.S.A. Agreements.

Headquartered in Daytona Beach, Florida, Budget Group, Inc.,
operates under the Budget Rent a Car and Ryder names -- is the
world's third largest car and truck rental company. The Company
filed for chapter 11 protection on July 29, 2002 (Bankr. Del. Case
No. 02-12152). Lawrence J. Nyhan, Esq., and James F. Conlan, Esq.,
at Sidley Austin Brown & Wood and Robert S. Brady, Esq., and
Edward J. Kosmowski, Esq., at Young, Conaway, Stargatt & Taylor,
LLP, represent the Debtors in their restructuring efforts.  When
the Company filed for protection from their creditors, they listed
$4,047,207,133 in assets and $4,333,611,997 in liabilities.
(Budget Group Bankruptcy News, Issue No. 39; Bankruptcy Creditors'
Service, Inc., 215/945-7000)   


CASHPOINT NETWORK SERVICES: Involuntary Case Summary
----------------------------------------------------
Alleged Debtors: CashPoint Network Services, Inc.
                 143 West 72nd Street
                 New York, New York 10023

Involuntary Petition Date: April 22, 2004

Case Number: 04-12771

Chapter: 7

Court: Southern District of New York (Manhattan)

Judge: Robert E. Gerber

Petitioners' Counsel: David W. Dykhouse, Esq.
                      Patterson, Belknap, Webb & Tyler LLP
                      1133 Avenue of the Americas
                      New York, NY 10036-6710
                      Tel: 212-336-2850
                      Fax: 212-336-2222
         
Petitioners: Time Warner Cable of New York City, a division of
             Time Warner Entertainment Company, L.P.
             c/o Patterson, Belknap, Webb & Tyler LLP
             Attn. David W. Dykhouse, Esq.
             120 East 23rd Street
             New York, NY 10010

             CSC Holdings, Inc.
             Charles A. Forma
             1111 Stewart Avenue
             Bethpage, NY 11714

             Northeast Utilities
             Robert G. Johnson
             107 Selden Street
             Berlin, CT 06037

             Central Maine Power Company
             Kathleen Case
             83 Edison Drive
             Augusta, ME 04330

             Consolidated Edison Company of New York, Inc.
             4 Irving Place
             New York, NY 10003
                                  
Total Amount of Claim: $28,800,000


CNE GROUP: 2003 Audit Report Includes Going-Concern Qualification
-----------------------------------------------------------------
CNE Group, Inc. (AMEX: CNE) announced it received a going-concern
qualification relating to its financial statements for the year
ended December 31, 2003.

                  About CNE Group, Inc.

CNE Group, Inc. -- http://www.cnegroupinc.com/-- through its  
subsidiaries, is a provider of solar-powered wireless
communication solutions for the Intelligent Traffic Systems (ITS)
market, homeland security applications and wireless broadband
networks. Our devices and software solutions allow applications to
transmit voice and data over any wireless protocol. The Company
designs, manufactures, distributes, maintains and services remote
response devices for state and local governments, public and
private institutions and many other niche markets. CNE Group, Inc.
is built around patented or proprietary technologies that have
allowed it to work with some of the largest companies in the
wireless industry.

CNE Group, Inc. is located at 200 West 57th Street, New York, New
York 10019 (212-977-2200). Operating subsidiaries located in
Lauderhill, Florida, are SRC Technologies, Inc., Connectivity,
Inc., and Mobile Communications; U.S. Commlink, Ltd. is located in
Livermore, California. The Company also generates revenue from its
NY-based CareerEngine subsidiary that is engaged in the business
of e-recruiting.


COMMODORE BUSINESS: Court Fixes April 30 Plan Voting Deadline
-------------------------------------------------------------
On March 12, 2004 the U.S. Bankruptcy Court for the Southern
District of New York approved the Creditors' Committee's
Disclosure Statement for Chapter 11 Liquidation Plan of Commodore
Business Machines, Inc. dated February 10, 2004 with respect to
the solicitation of votes to accept or reject the Creditor's
Committee's Chapter 11 Plan of Liquidation for the Debtor.

Consequently the Court has fixed April 30, 2004 at 4:00 p.m. as
the last date to submit votes for the approval or denial of the
Plan. Votes should be properly executed as indicated in the
ballot.

Copies of the Disclosure Statement is available at
http://www.nsyb.uscourts.gov/or at the Office of the Clerk of  
Court.

Commodore Business Machines, Ltd. was founded in 1954 by an
Auschwitz survivor named Jack Tramiel as a typewriter repair shop.
After some time in the typewriter, adding machine, and hand-held
calculator markets, Commodore became the first company to announce
that it was producing a consumer-friendly home computer (the PET
2001). Before they filed bankruptcy in 1994, Commodore had also
managed to produce the worlds first multi-media computer (the
Amiga) , and what is still today the best selling computer model
of all time (the Commodore 64).


COMMSCOPE: Plans to Release First Quarter 2004 Results on May 4
---------------------------------------------------------------
CommScope, Inc. (NYSE: CTV) plans to release its first quarter
2004 financial results at 4:00 p.m. on Tuesday, May 4, followed by
a 5:00 p.m. ET conference call. You are invited to listen to the
conference call or live webcast with Frank Drendel, Chairman and
CEO; Brian Garrett, President and COO; and Jearld Leonhardt,
Executive Vice President and CFO.

To participate in the conference call, domestic and international
callers should dial 212-346-6540. Please plan to dial in 10-15
minutes before the start of the call to facilitate a timely
connection. The live, listen-only audio of the conference call
will also be available via the Internet at:

http://www.firstcallevents.com/service/ajwz405012789gf12.html

If you are unable to participate on the call and would like to
hear a replay, you may dial 800-633-8284. International callers
should dial 402-977-9140 for the replay. The replay ID is
21193527. The replay will be available through Tuesday, May 11th.
A webcast replay will also be archived for a limited period of
time following the conference call via the Internet on CommScope's
web site at http://www.commscope.com/

CommScope (NYSE: CTV) (S&P, BB Corporate Credit & B+ Subordinated
Debt Ratings, Stable) is a world leader in the design and
manufacture of 'last mile' cable and connectivity solutions for
communication networks. We are the global leader in structured
cabling systems for business enterprise applications and the
world's largest manufacturer of coaxial cable for Hybrid Fiber
Coaxial (HFC) applications. Backed by strong research and
development, CommScope combines technical expertise and
proprietary technology with global manufacturing capability to
provide customers with high-performance wired or wireless cabling
solutions from the central office to the home.


CONSTELLATION BRANDS: S&P Revises Outlook to Stable from Negative
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it revised its
ratings outlook for beverage alcohol producer and distributor
Constellation Brands Inc. to stable from negative. The outlook
revision reflects the company's continued deleveraging and its
improvement in credit measures after its April 2003 debt-financed
acquisition of Australian wine producer BRL Hardy Ltd.

At the same time, Standard & Poor's has affirmed its 'BB'
corporate credit and senior unsecured debt ratings on
Constellation Brands, as well as its 'B+' subordinated debt and
'B' preferred stock ratings on the company.

About $2 billion of total debt was outstanding at Feb. 29, 2004.
"The ratings on Fairport, N.Y.-based Constellation Brands Inc.
reflect its strong cash generation from a diverse portfolio of
beverage alcohol products, offset in part by the competitive
nature of the company's markets and a leveraged financial profile
reflecting an acquisitive growth strategy," said Standard & Poor's
credit analyst Nicole Delz Lynch. Constellation Brands has the
largest wine business in the world. It is the second-largest U.S.
supplier of wines, the third-largest U.S. importer of beer, and
the third-largest U.S. supplier of distilled spirits. The company
is also the No. 1 supplier of wine and the No. 2 producer of cider
in the U.K., a leading beverage alcohol wholesaler in the U.K.,
and the largest wine producer in Australia.

However, the company's acquisition strategy has always been a
risk, a key issue in Constellation's business profile. In addition
to BRL Hardy (purchased for $1.4 billion, including the assumption
of debt), the company made almost $1.5 billion worth of mostly
debt-financed acquisitions and joint ventures between November
1998 and February 2002. Nevertheless, these transactions have
broadened Constellation's business lines and product portfolio,
significantly increased its international revenue base, and, in
some instances, created distribution synergies. The combination
with Hardy has further broadened the business portfolio and
provided a key presence in the growing Australian wine market.


COVANTA ENERGY: Issues First Post-Confirmation Status Report
------------------------------------------------------------
The Reorganized Debtors, under the Covanta Energy Corporation
Second Joint Reorganization Plan, filed with the Court their
first status report on April 19, 2004.

James L. Bromley, Esq., at Cleary, Gottlieb, Steen & Hamilton, in
New York, tells Judge Blackshear that since March 5, 2004, the
Reorganized Debtors have taken these steps in connection with the
consummation of the Second Reorganization Plan:

   -- On March 10, 2004, the Reorganized Debtors closed and
      consummated the transaction with Danielson Holding
      Corporation on which the Second Reorganization Plan was
      premised.  Each of the conditions precedent to the
      effectiveness of the Second Reorganization Plan occurred or
      was waived.  Accordingly, the Second Reorganization Plan
      became effective and each of the Reorganized Debtors
      emerged from Chapter 11 protection.

   -- On March 11, 2004, the Reorganized Debtors filed with the
      Court and served on all of their creditors, claimholders
      and parties-in-interest Notices of the entry of
      Confirmation Order and the effective date of the Second
      Plans.

   -- The Reorganized Debtors assumed or rejected executory
      contracts and unexpired leases, and continued the process
      of calculating and paying cure amounts with respect to
      those executory contracts and unexpired leases that they
      assumed.  The Reorganized Debtors continue to resolve
      disputes concerning the cure amounts.  On April 2, 2004,
      the Reorganized Debtors filed their:

         (a) third amended and supplemental notice of proposed
             cure amounts relating to the assumed contracts of
             Covanta and the Intermediate Holding Company
             Reorganized Debtors; and

         (b) their third amended and supplemental notice of
             proposed cure amounts relating to the assumed
             contracts of the Operating Company Reorganized
             Debtors.

   -- The Reorganized Debtors continue to engage in the claims
      reconciliation process with respect to disputed claims,
      including the review of disputed claims and the prosecution
      of claims objections pursuant to the Second Reorganization
      Plan.  Since the Effective Date, the Reorganized Debtors
      have filed six omnibus objections to claims.

   -- Distributions have been made or are in the process of being
      made by the Reorganized Debtors on account of all currently
      allowed Claims in Classes 1, 3A, 3C, 4, 7 and 8 under the
      Second Reorganization Plan.  The Reorganized Debtors made
      substantial progress toward making distributions to the
      holders of Allowed Claims in Class 3B, and will make those
      distributions soon.  The Reorganized Debtors will not make
      distributions to individual Class 6 Claim holders until
      Class 6 Claims are actually allowed or disallowed.

   -- On April 2, 2004, Debtors Covanta Tampa Bay, Inc., and
      Covanta Tampa Construction, Inc., filed their Joint Plan of
      Reorganization.  On April 13, the Covanta Tampa Debtors
      filed their proposed Disclosure Statement with respect to
      the Plan.  On April 15, the Court entered a scheduling
      order regarding the approval of the Disclosure Statement
      with respect to the Plan, setting a hearing to consider
      the approval of the Proposed Disclosure Statement on
      May 19, 2004 at 2:00 p.m.

Headquartered in Fairfield, New Jersey, Covanta Energy Corporation
-- http://www.covantaenergy.com/-- is a publicly traded holding  
company whose subsidiaries develop, own or operate power
generation facilities and water and wastewater facilities in the
United States and abroad. The Company filed for Chapter 11
protection on April 1, 2002 (Bankr. S.D.N.Y. Case No. 02-40826).  
Deborah M. Buell, Esq., and James L. Bromley, Esq., at Cleary,
Gottlieb, Steen & Hamilton represent the Debtors in their
restructuring efforts.  When the Debtors filed for protection from
its creditors, they listed $3,280,378,000 in assets and
$3,031,462,000 in liabilities. (Covanta Bankruptcy News, Issue No.
54; Bankruptcy Creditors' Service, Inc., 215/945-7000)   


DAN RIVER: Employing Sitrick as Communications Consultants
----------------------------------------------------------
Dan River Inc., and its debtor-affiliates, sought and obtained
approval from the U.S. Bankruptcy Court for the Northern District
of Georgia, Newnan Division, to employ Sitrick and Company Inc.,
to serve as their corporate communications consultants in its
chapter 11 restructuring proceeding.  

In order to ensure a successful reorganization, the Debtors submit
that they must manage their corporate relations to minimize the
negative perceptions that are often associated with a Chapter 11
reorganization.  It is in this regard that the Debtors come to
decide that they need the services of Sitrick to manage their
corporate communications and all other necessary and relevant
services.

Sitrick has been the Debtors' corporate communications consultant
since March 2, 2004, and has since provided communications
services to them.

Steven D. Goldberg, Member of Sitrick, reports that the Firm is
not connected with the Debtors, their creditors, other parties in
interest, the United States Trustee, or any person employed by the
Office of the United States Trustee, and does not hold or
represent any interest adverse with respect to the matters upon
which it is engaged.  The current standard hourly rates of
professionals resident in Sitrick's office range from $165 per
hour to $650 per hour.

Headquartered in Danville, Virginia, Dan River Inc.
-- http://www.danriver.com/-- is a designer, manufacturer and and  
marketer of textile products for the home fashions, apparel
fabrics and industrial markets.  The Company filed for chapter 11
protection on March 31, 2004 (Bankr. N.D. Ga. Case No.
04-10990).  James A. Pardo, Jr., Esq., at King & Spalding
represents the Debtors in their restructuring efforts.  When the
Debtors filed for protection from their creditors, they listed
$441,800,000 in total assets and $371,800,000 in total debts.


DELTA FINANCIAL: Will Publish First Quarter 2004 Results Today
--------------------------------------------------------------
Delta Financial Corporation (Amex:DFC), a specialty consumer
finance company that originates, securitizes and sells non-
conforming mortgage loans, announced it will be reporting its
first quarter financial results today, April 28, 2004.

                     About the Company

Founded in 1982, Delta Financial Corporation is a Woodbury, New
York-based specialty consumer finance company that originates,
securitizes and sells non-conforming mortgage loans. Delta's loans
are primarily secured by first mortgages on one- to four-family
residential properties. Delta originates home equity loans
primarily in 26 states. Loans are originated through a network of
approximately 1,700 independent brokers and the Company's retail
offices. Since 1991, Delta has sold approximately $9.8 billion of
its mortgages through 39 securitizations.

                         *   *   *

In its Form 10-Q filed with the Securities & Exchange Commission,
Delta Financial corporation reports:

               LIQUIDITY AND CAPITAL RESOURCES

"We  require  substantial  amounts  of  cash to fund  our  loan  
originations, securitization  activities and  operations.  We have  
organically  increased our working capital over the last eight
quarters.  In the past, however, we operated generally on a
negative cash flow basis.  Embedded in our current cost structure
are many fixed  costs,  which are not likely to be  significantly  
affected by a relatively  substantial  increase in loan  
originations.  If we can  continue to originate a sufficient  
amount of mortgage  loans and generate  sufficient  cash revenues
from our securitizations and sales of whole loans to offset our
current cost  structure and cash uses,  we believe we can continue
to generate  positive cash  flow  in the  next  several  fiscal  
quarters.  However,  there  can be no assurance that we will be
successful in this regard.  

"Historically,  we have  financed our  operations  utilizing  
various  secured credit financing  facilities,  issuance of
corporate debt (i.e.,  Senior Notes), issuances of equity, and the
sale of interest-only certificates and/or NIM notes and  mortgage   
servicing   rights  sold  in   conjunction   with  each  of  our
securitizations  to offset our  negative  operating  cash flow and  
support  our originations, securitizations, and general operating
expenses.

"To  accumulate  loans  for  securitization  or  sale,  we  borrow  
money on a short-term  basis through  warehouse lines of credit.  
We have relied upon a few lenders to provide the primary credit  
facilities for our loan  originations and at September 30, 2003,
we had two warehouse  facilities  for this purpose.  Both credit  
facilities  have a variable  rate of interest  and, as of
September  30, 2003,  were due to expire in May 2004. In October
2003, our warehouse  financing providers each increased their
commitment amounts to $250.0 million, from $200 million and
lowered the financing  rate.  In addition,  we extended the
maturity date for one of the facilities to October 2004.

"There can be no  assurance  that we will be able to either  renew
or  replace these warehouse facilities at their maturities at
terms satisfactory to us or at all. If we are not able to obtain  
financing,  we will not be able to  originate new loans and our  
business and results of  operations  will be  materially  and
adversely affected."


DENNY'S CORPORATION: Trafelet Discloses 5.77% Equity Stake
----------------------------------------------------------
Trafelet & Company, LLC and Remy W. Trafelet beneficially own
5.77% of the outstanding common stock of Denny's Corporation
represented in their holding 2,350,000 such shares.  The voting
and dispositive powers over the 2,350,000 shares is shared by the
holders, however, the entities noted here disclaim beneficial
ownership in the shares reported herein except to the extent of
their pecuniary interest therein.

Denny's is America's largest full-service family restaurant chain,
operating directly and through franchisees 1,630 Denny's
restaurants in the United States, Canada, Costa Rica, Guam,
Mexico, New Zealand and Puerto Rico.

                          *   *   *

As previously reported, Standard & Poor's Ratings Services lowered
its ratings on family dining restaurant operator Denny's Corp. The
corporate credit rating was lowered to 'CCC+' from 'B-'. At the
same time, all ratings were removed from CreditWatch, where they
were placed July 31, 2003. The outlook is negative.

The rating actions are based on Denny's deteriorating operating
performance and cash flow protection measures, as well as Standard
& Poor's heightened concern that continued poor performance will
constrain the company's liquidity.


ECLIPSE PROPERTIES: Case Summary & 11 Largest Unsecured Creditors
-----------------------------------------------------------------
Debtor: Eclipse Properties, LLC
        9205-101 Baileywick Road
        Raleigh, North Carolina 27615-1977

Bankruptcy Case No.: 04-01415

Chapter 11 Petition Date: April 14, 2004

Court: Eastern District of North Carolina (Raleigh)

Judge: A. Thomas Small

Debtor's Counsel: William P. Janvier, Esq.
                  Everett Gaskins Hancock & Stevens
                  P.O. Box 911
                  Raleigh, NC 27602
                  Tel: 919-755-0025

Total Assets: $10,750,000

Total Debts:  $8,437,447

Debtor's 11 Largest Unsecured Creditors:

Entity                        Nature Of Claim       Claim Amount
------                        ---------------       ------------
Clearwater Group, Ltd.                                $1,500,000
9205 Baileywick Rd., Ste 101
Raleigh, NC 27615-1977

Carl Wald                                               $152,250

John & Marie Toomey                                     $151,500

Morris & Carol Glass                                     $76,125

Steven & Linda Wald                                      $76,125

W. Walt Jordan                                           $76,125

Brian Toomey                                             $74,200

Roman & Karen Polivka                                    $10,450

Keystone Consulting Group                                 $8,000

W.E. Rouse, Jr. & Elizabeth                              Unknown
Rouse

Franklin County               Ballymore Plantation       Unknown
                              -- includes land titled
                              in name of Debtor,
                              and land titled in
                              name of: The Home
                              Team, Inc.


ENRON CORP: Reaches Settlement with Osprey Trust Noteholders
------------------------------------------------------------
Judge Gonzalez approves Enron Corporation's Settlement Agreement
relating to the Whitewing Structure and the security for the
Osprey Notes pursuant to Section 363 of the Bankruptcy Code.  The
Court authorizes Enron Corporation to pay to The Bank of New York
as the Indenture Trustee, and to Oaktree Capital Management LLC
on behalf of itself and the Named Holders, the Expense Amount and
the Settlement Amount, if any.

The Indenture Trustee's claim is allowed as a non-subordinated,
general unsecured claim under Section 502 of the Bankruptcy Code
for $3.6 billion, which claim will be classified in Class 4 of
the current Enron Plan for all purposes, including distributions.  
No Enron Plan will adversely affect the classification of the
Allowed Claim or adversely differentiate the treatment of the
Allowed Claim from the treatment of any other allowed general
unsecured claim against Enron.  The Claim will be allowed for all
purposes and will not be subject to set-off, recoupment,
counterclaim, reduction of any kind, subordination or any further
objection.

On the Closing Date, the Indenture Trustee is directed to file
the amended proof of claim.  Each Other Named Holder will file an
amended proof of claim to reflect the acknowledgments of non-
ownership set forth in the Settlement Agreement.

Oaktree's Claims in connection with the Whitewing Structure,
including Claim No. 73020 is deemed withdrawn with prejudice.  
The Indenture Proof of Claim will be allowed for voting purposes
and will be deemed to have been voted for $3.6 billion to accept
the Enron Plan, unless the Enron Plan is amended to adversely
change the treatment of the Allowed Claim.

Upon completion of the Foreclosure and transfer of the Security
for the Osprey Notes to Enron:

   (i) Enron will be the sole owner of Whitewing Management and
       Whitewing Associates and will solely possess any and all
       rights in respect of the Transaction Documents, the
       Whitewing Entities and the Whitewing Structure;

  (ii) Enron's ownership of Whitewing Management and Whitewing
       Associates will be free and clear of all liens, claims
       and encumbrances, and rights of set-off, deduction,
       netting and recoupment, which are asserted by creditors
       with respect to the Whitewing Structure; and

(iii) the Excepted Rights and the Additional Osprey Limited
       Partner Interest, and any other right or interest arising
       under any Transaction Document, in favor of Osprey,
       Wilmington Trust Company, as Osprey's trustee, or any
       Osprey Certificate Holder, will be deemed in all respects
       to be extinguished, void and of no force and effect.

Any entity or person will be forever barred from commencing any
cause of action or asserting any claim against the Debtors, the
Creditors Committee, the Indenture Trustee or the Named Holders
based on their actions or omissions in connection with the
Settlement Agreement. (Enron Bankruptcy News, Issue No. 105;
Bankruptcy Creditors' Service, Inc., 215/945-7000)


EXIDE TECH: Wants to Recover Preferential Transfers from Finova
---------------------------------------------------------------
Exide Technologies commenced an adversary complaint, in its own
Chapter 11 case pending before the U.S. Bankruptcy Court for the
District of Delaware, against FINOVA Capital Corporation to
recover certain preferential transfers.

James E. O'Neill, Esq., at Pachulski Stang Ziehl Young & Jones,
P.C., in Wilmington, Delaware, tells Judge Kevin J. Carey, the
bankruptcy judge handling Exide's case, that 90 days before Exide
filed for Chapter 11 protection, the company paid $457,033 to
FINOVA Capital for or on account of antecedent debts.  The
transfers were made while Exide was insolvent.  As a result, the
transfers enabled FINOVA to recover more than it would have
received if:

   -- the transfers had not been made;

   -- Exide's bankruptcy case were a case under Chapter 7 of the
      Bankruptcy Code; and

   -- FINOVA received payment to the extent provided under
      Chapter 11 of the Bankruptcy Code.

Mr. O'Neill asserts that the transfers constitute an avoidable
preference within the meaning of Section 547 of the Bankruptcy
Code, and should be avoided and set aside as preferential.  In
addition, the $457,033 should be returned to Exide's bankruptcy
estate, plus interest.

Pursuant to Section 547(b), a debtor may avoid transfers:

      (i) to or for the benefit of a creditor;

     (ii) for or on account of an antecedent debt owed by the
          debtor before the transfer was made;

    (iii) made while the debtor was insolvent;

     (iv) made on or within 90 days, or in certain circumstances,
          within one year, before the Petition Date; and

      (v) that enable the creditor to receive more in
          satisfaction of its claims than it would receive in a
          Chapter 7 liquidation if the transfer had not been
          made. (Finova Bankruptcy News, Issue No. 47; Bankruptcy
          Creditors' Service, Inc., 215/945-7000)


ESCHELON TELECOM: S&P Rates Senior Second Secured Notes at CCC+
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'CCC+' rating to
the $100 million 8 3/8% senior second secured notes due 2010
issued by Eschelon Operating Co., a wholly owned subsidiary of
Minneapolis, Minn.-based competitive local exchange carrier (CLEC)
Eschelon Telecom Inc. Proceeds from these notes, which were issued
under Rule 144A with registration rights, have been used to
refinance bank debt. Simultaneously, Standard & Poor's affirmed
Eschelon's 'CCC+' corporate credit rating. The outlook is
developing. Pro forma for the refinancing, Eschelon had total debt
of about $100 million ($116 million after adjusting for operating
leases) at Dec. 31, 2003.

"The corporate credit rating on Eschelon primarily reflects the
company's lack of sustainable competitive advantages in the
intensely competitive telecommunications services industry," said
Standard & Poor's credit analyst Michael Tsao. Eschelon provides
commodity voice and data services to small and midsize enterprises
(SMEs) in 12 major metropolitan markets in which Qwest
communications International Inc. operates as the incumbent
local exchange carrier (ILEC). The company's network is mostly
based on owned switches and leased fiber and local loops, and a
small portion is based on unbundled network element-platform (UNE-
P). Eschelon has been winning market share from the ILEC on the
basis of superior customer service and competitive pricing.
However, given that the commodity nature of the business may
encourage the ILEC and other CLECs to compete on the same basis,
and because there are no substantial barriers to improving
customer service, competitive pressure on Eschelon is likely to
remain strong in the foreseeable future. Still, given that the
company has a low cost structure and that its business model
allows it to adjust capital spending based on business prospects,
Eschelon is expected to have modest free cash flow prospects.
Despite a financial restructuring in mid-2002 that reduced a
material amount of debt, leverage remained aggressive at about
5.6x debt to annualized quarterly EBITDA (6.4x when adjusted for
operating leases) at the end of December 2003.


FARMLAND INDUSTRIES: Raises $108M Cash from Coffeyville Asset Sale
------------------------------------------------------------------
Effective March 3, 2004, Farmland Industries Inc. consummated the
sale of substantially all of its petroleum marketing assets and
its crop production nitrogen plant located in Coffeyville, Kansas
to Coffeyville Resources, LLC, an affiliate of Pegasus Partners
II, L.P.  

The sale of the petroleum marketing assets and crop production
nitrogen plant were in conjunction with the Company's
reorganization proceedings and were subject to approval by the
Bankruptcy Court.  

An auction was held for these assets during October 2003 and the
Court approved Coffeyville Resources' bid on November 4, 2003.  
This transaction resulted in the purchase of assets and
inventories and the assumption of certain liabilities by the
buyer.  At closing, Farmland received approximately $108 million
in cash, and the following escrows were established out of the
funds so received:

   -- $6.4 million to be held in escrow pending completion of the
      calculation of the working capital payment which forms part
      of the purchase price;

   -- $5.0 million to be held in escrow for claims, if any,
      against Farmland for, among other things, breaches of
      representations, warranties and covenants included in the
      purchase agreement;

   -- $3.6 million to be held in escrow for claims against
      Farmlalnd relating to a product supply agreement assigned to
      the buyer;

   -- $30 million to be held in escrow for mechanics lien claims
      against Farmland relating to the assets sold; and

   -- $15 million to be held in escrow pending the completion by
      Coffeyville Resources of certain assumed environmental
      projects.

The sales proceeds that have been received (or that may be
received after resolution of the entitlements to the amounts
placed in escrow) will be held as cash reserves and thereafter,
subject to the effectiveness and consummation of the Company's
plan of reorganization, will be available for distribution to
creditors.  

With this sale, Farmland Industries believes it has satisfied the
final significant condition to the effectiveness and consummation
of its plan of reorganization and expects that the plan will
become effective in May 2004 and that distributions to creditors
will commence approximately sixty days after the effective date.  
It cautions, however, that it cannot, however, assure that the
plan will become effective or be consummated or as to the timing
of distributions if the plan is consummated.  

The Company's remaining assets consists primarily of:

   -- cash and cash equivalents of approximately $820 million;

   -- grain elevators leased to Archer-Daniels-Midland Company;
      and

   -- various joint venture interest which the Company is
      negotiating to sell.


FEDERAL-MOGUL: Names David Sherbin SVP, Gen. Counsel & Secretary
----------------------------------------------------------------
Chip McClure, chief executive officer and president, announced the
appointment of David M. Sherbin to the post of Senior Vice
President, General Counsel and Secretary for Federal-Mogul
Corporation (OTC Bulletin Board: FDMLQ).  Mr. Sherbin will assume
overall responsibility for the legal and compliance affairs of
Federal-Mogul.

"David brings vast legal knowledge and a wealth of experience with
him to this new position," said Mr. McClure. "His experience
managing the commercial legal affairs and the legal department on
a worldwide basis will be a great asset and serve us well in the
future."

Since 2001, Mr. Sherbin served as vice president, deputy general
counsel and secretary for Federal-Mogul and was just recently
appointed as corporate compliance officer.  He joined the company
in 1997 as associate general counsel assuming the additional
responsibilities of secretary in 1999.  In 2000, he was appointed
deputy general counsel.  Prior to joining Federal-Mogul, Mr.
Sherbin held senior legal posts with Heller Financial, Inc. and
Katten Muchin & Zavis in Chicago.

Mr. Sherbin earned his bachelor's degree from Oberlin College in
Ohio and a juris doctorate from Cornell Law School in New York.
    
Headquartered in Southfield, Michigan, Federal-Mogul Corporation -
- http://www.federal-mogul.com/-- is one of the world's largest  
automotive parts companies with worldwide revenue of some $6
billion.  The Company filed for chapter 11 protection on October
1, 2001 (Bankr. Del. Case No. 01-10582). Lawrence J. Nyhan, Esq.,
James F. Conlan, Esq., and Kevin T. Lantry, Esq., at Sidley Austin
Brown & Wood and Laura Davis Jones, Esq., at Pachulski, Stang,
Ziehl, Young, Jones & Weintraub, represent the Debtors in their
restructuring efforts.  When the Debtors filed for protection from
its creditors, they listed $ 10.15 billion in assets and $ 8.86
billion in liabilities. (Federal-Mogul Bankruptcy News, Issue No.
53; Bankruptcy Creditors' Service, Inc., 215/945-7000)


GENESIS HEALTH: Stockholders' Meeting on June 15 in Baltimore
-------------------------------------------------------------
NeighborCare, Inc. announced that it would hold its Annual Meeting
of Stockholders on June 15, 2004 at 9:00 a.m. Eastern time, in the
Company's corporate offices located at 601 East Pratt Street, 3rd
Floor, Baltimore, Maryland 21202.  The record date for
stockholders entitled to vote at the Annual Meeting is
April 19, 2004.

                    Agenda of Annual Meeting

The purpose of the meeting is to:

     -- elect three Class I directors to serve for three-year
        terms until the 2007 Annual Meeting of Shareholders and
        until their successors are duly elected and qualified;

     -- approve the 2004 Performance Incentive Plan;

     -- ratify the Audit and Compliance Committee's appointment
        of KPMG LLP as NeighborCare's independent accountants for
        the fiscal year ending September 30, 2004; and

     -- transact other business as may properly come before the
        Annual Meeting or any of its adjournments or
        postponements.

The Annual Meeting marks the first meeting of shareholders since
NeighborCare, formerly known as Genesis Health Ventures, Inc.,
spun off its eldercare and rehabilitation businesses into a
separate publicly traded company, Genesis HealthCare Corporation,
on December 1, 2003. (Genesis/Multicare Bankruptcy News, Issue No.
54; Bankruptcy Creditors' Service, Inc., 215/945-7000)


GEO SPECIALTY: Turns to CIBC World for Financial Advice
-------------------------------------------------------
GEO Specialty Chemicals, Inc., along with GEO Specialty Chemicals
Limited, asks permission from the U.S. Bankruptcy Court for the
District of New Jersey, to employ CIBC World Markets Corp., as
their investment banker and financial advisors.  

The Debtors expect CIBC World to:
   
   a. review the Debtors' financing options and consult with the
      Debtors with respect to those options in connection with
      their Chapter 11 cases;

   b. advise with respect to potential divestiture, acquisition
      and merger transactions for the Debtors during the
      administration of the estates;

   c. review and consult with the Debtors on the capital
      structure issues that will confront the reorganized
      Debtors;

   d. review and consult with the Debtors' as to their operating
      and business plans, including analysis of the Debtors'
      long term capital needs and changing competitive
      environment;

   e. provide valuation of the Company as a going concern, in
      whole or part;

   f. analyze and advise the Debtors with respect to their debt
      capacity;

   g. advise the Debtors on the financial issues and options
      concerning potential plans of reorganization, and to
      coordinate negotiations with respect thereto;

   h. provide testimony in court on behalf of the Debtors, if
      necessary; and

   i. render such other necessary advice and services as the
      Debtors may require in connection with their cases.

CIBC will be paid:

   a) a $150,000 monthly fee; and

   b) upon the closing of each M&A Transaction, a fee equal to
      the greater of:

        i) $450,000 or

       ii) 1.25% of the Transaction Value;

      iii) upon the completion of a Restructuring Transaction,
           0.50% of the claim amount of the Bank Facility
           substantially exchanged, converted, refinanced, or
           modified in connection with the Restructuring
           Transaction, as well as 1.0% of the principal.

Joseph J. Radecki, Jr., reports that CIBC World is a
"disinterested person" as that term is defined in Section 101(14)
of the Bankruptcy Code.

Headquartered in Harrison, New Jersey, GEO Specialty Chemicals,
Inc. -- http://www.geosc.com/-- develops, manufactures and  
markets a wide variety of specialty chemicals, including over 300
products sold to major industrial customers for various end-use
applications including water treatment, wire and cable, industrial
rubber, oil and gas production, coatings, construction, and
electronics.  The Company filed for chapter 11 protection on March
18, 2004 (Bankr. N.J. Case No. 04-19148). Howard S. Greenberg,
Esq., Morris S. Bauer, Esq., and Stephen Ravin, Esq., at Ravin
Greenberg, PC represent the Debtors in their restructuring
efforts. On September 30, 2003, the Debtors listed total assets of
$264,142,000 and total debts of $215,447,000.


GRENADA MANUFACTURING: Wants to Pay Critical Prepetition Vendors
----------------------------------------------------------------
Grenada Manufacturing, LLC is asking the U.S. Bankruptcy Court for
the Northern District of Mississippi for permission to pay the
prepetition claims of its critical vendors that it regularly does
business with.  

The Debtor represents that maintaining its business relationship
with each of the Essential Trade Creditors is vital to the its
continued operation. If the Debtor damages its relationship with
these Essential Trade Creditors, or experiences any disruption in
the provision of these goods and services, its ability to generate
future revenue would suffer and thereby have a significant,
adverse impact upon its reorganization efforts.

These Essential Trade Creditors are among only a few of the
suppliers available to the Debtor. The Debtor may not be able to
locate a suitable replacement, especially considering the current
lack of supply generally affecting the steel business, if it is
not granted the authority too pay the vendors.

The Debtor believes that it is necessary to pay these Essential
Trade Creditors to prevent them from refusing to sell goods and
provide services on customary trade terms, or to ensure that the
Essential Trade Creditors do not interrupt the provisions of these
goods and services.

Some of the Essential Trade Creditors may refuse to allow the
Debtor to continue on the same terms as they enjoyed prepetition
and may demand cash-on-delivery or other less favorable terms.
Others may altogether refuse to accept further orders due to the
unpaid prepetition claims. These actions will jeopardize the
Debtor's liquidity and hinder its ability to reorganize.

Conversely, enabling the Debtor to reinstate and maintain their
traditional trade credit terms will allow it to maximize working
capital while enabling to maintain its current level of operation.

The Debtor identifies six critical vendors that should be paid
their prepetition claims:

      Vendor                 Function              Amount
      ------                 --------              ------      
      Jonner Steel           Steel Supplier        $184,395
      Ken Mac                Steel Supplier          26,832
      AK Steel               Steel Supplier          99,651
      Kilburn Plating        Plate Hubcaps           61,530
      Hughes Parker          E-Coat Window Channel   14,535
      Laydon                 Plastic Sleeve for
                               Window Channel         2,155

Headquartered in Grenada, Mississippi, Grenada Manufacturing, LLC,
filed for chapter 11 protection on April 5, 2004 (Bankr. N.D.
Miss. Case No. 04-12077).  Craig M. Geno, Esq., at Harris & Geno
PLLC represents the Debtor in its restructuring efforts. When the
Company filed for protection from its creditors, it listed both
estimated debts and assets of over $10 million.


HIGH VOLTAGE: Disclosure Statement Objection Deadline is Friday
---------------------------------------------------------------
On March 31, 2004, High Voltage Engineering Corporation and its
debtor-affiliates filed with the U.S. Bankruptcy Court for the
District of Massachusetts a proposed Chapter 11 plan and a
disclosure statement providing information with respect to the
Plan. A hearing to consider the adequacy of that Disclosure
Statement will be held on May 4, 2004 at 11:30 a.m. before the
Honorable Joan N. Feeney.

The Court has set April 30, 2004 at 4:30 p.m. as the deadline to
file any objection to the disclosure statement.  Copies of any
written objections must be served on Counsel for the Debtors, the
Office of the U.S. Trustee, Counsel for the Official Committee of
Unsecured Creditors, Counsel to the DIP Lenders and the Unofficial
Committee of Noteholders.

High Voltage Engineering Corporation designs and manufactures
technology-based products in three segments: power conversion
technology and automation, advanced surface analysis instruments
and services, and monitoring instrumentation and control systems
for heavy machinery and vehicles. The company filed for Chapter 11
protection (Bankr. Mass. Case No. 04-11586) on March 1, 2004
before the Honorable Judge Joan N. Feeney. The Debtor's counsel
are Christian T. Haugsby, Esq. and  Douglas B. Rosner, Esq. of
Goulston and Storrs and  Vivek Melwani, Esq. of Fried, Frank,
Harris, Shriver & Jacobson. The Debtor's financial advisor is John
P. Fitzsimons, Managing Director of Evercore Restructuring L.P.
The Official Claims Agent is Donlin, Recano & Company, Inc. At
January 25, 2003, the company listed total assets of $371,204,000
and total liabilities of $533,357,000.  


HUNTINGTON ENVIRONMENTAL: MPM Management Files Chapter 7 Petition
-----------------------------------------------------------------
MPM Technologies, Inc. has four wholly-owned subsidiaries --
Huntington  Environmental  Systems,  Inc. (HES),  AirPol,  Inc.,  
Nupower, Inc. and  MPM  Mining.  MPM was incorporated  in 1983.
For the year ended December 31, 2003, HES and AirPol were the only
revenue generating entities.

On March 9, 2004, a petition was filed by MPM management for HES
in court under Chapter 7 of the U.S. Bankruptcy Code.  Management
determined that it was in the best interests of the Company to
take this action for the proper  disposition of the assets and
liabilities of HES.


HUNTINGTON ENVIRONMENTAL: Voluntary Chapter 7 Case Summary
----------------------------------------------------------
Debtor: Huntington Environmental Systems, Inc.
        2155 Stanington #114
        Hoffman Estates, Illinois 60195

Bankruptcy Case No.: 04-09160

Type of Business: The Debtor provides complete engineering and
                  design services, application-specific
                  solutions, and compact, pre-engineered systems
                  that are custom designed for each particular
                  VOC/HAP/NOx removal application.
                  See http://www.huntington1.com/

Chapter 11 Petition Date: March 9, 2004

Court: Northern District of Illinois (Chicago)

Judge: John D. Schwartz

Debtor's Counsel: Lester A. Ottenheimer III, Esq.
                  Kovitz Shifrin Nesbit
                  750 Lake Cook Road, Suite 350
                  Buffalo Grove, IL 60089
                  Tel: 847-537-0500

Total Assets: $39,068

Total Debts:  $1,857,173


INTEGRATED HEALTH: McKesson Wants Rotech to Make Class 5 Payments
-----------------------------------------------------------------
Kristi J. Doughty, Esq., at Whittington & Aulgur, in Odessa,
Delaware, tells the Court that, pursuant to the Rotech Plan, the
Integrated Health Services, Inc. Debtors are required to tender on
March 26, 2002, the Plan Effective Date, certain payments to
McKesson Corporation and other Class 5 Creditors.  Since the
Effective Date, however, the Debtors continued their operation but
made no payments to McKesson.

McKesson holds a $2,455,386 allowed general unsecured claim.  
McKesson is unclear whether the Debtors have commenced any
payments to Class 5 Creditors or it is the only Class 5 claimant
remaining to be paid.  For two years, the Debtors failed to make
any payments to McKesson.  Ms. Doughty contends that McKesson is
also entitled to an award of interest accruing from the date of
distribution, additional legal fees and costs.

McKesson informally requested payment from the Debtors but the
Debtors refused any payment.

Ms. Doughty maintains that the Debtors are in breach of their
obligations under the Plan.  Based on this breach and the absence
of legitimate justification or excuse, the Debtors must be
immediately compelled to commence payments to McKesson and other
Class 5 unsecured creditors.

Accordingly, McKesson asks the Court to compel the Debtors to
commence payment to McKesson pursuant to the Rotech Plan,
including reimbursement for attorney's fees and costs, with
interest.

Headquartered in Owings Mills, Maryland, Integrated Health
Services, Inc. -- http://www.ihs-inc.com/-- IHS operates local  
and regional networks that provide post-acute care from 1,500
locations in 47 states. The Company filed for chapter 11
protection on February 2, 2000 (Bankr. Del. Case No. 00-00389).
Michael J. Crames, Esq., Arthur Steinberg, Esq., and Mark D.
Rosenberg, Esq., at Kaye, Scholer, Fierman, Hays & Handler, LLP,
represent the Debtors in their restructuring efforts.  On
September 30, 1999, the Debtors listed $3,595,614,000 in
consolidated assets and $4,123,876,000 in consolidated debts.
(Integrated Health Bankruptcy News, Issue No. 74; Bankruptcy
Creditors' Service, Inc., 215/945-7000)   


INTELEFILM: Gets 12MM from Litigation & Begins Creditor Payments
----------------------------------------------------------------
iNTELEFILM Corporation (OTCBB:FILM) announced that the Company has
received payment of $12,373,516 on April 23, 2004 as full
satisfaction of the judgment outstanding in connection with its
long-running litigation against ABC Radio Networks, Inc. and the
Walt Disney Company. The Company anticipates making payments to
creditors as described in its bankruptcy plan of liquidation that
was approved on April 22, 2003 within 30 days. The Company
anticipates that payments to shareholders pursuant to the
bankruptcy plan will occur in due-course after creditor payments
are completed.

                ABOUT iNTELEFILM CORPORATION

iNTELEFILM Corporation is based in Minneapolis and trades on the
Over-the-Counter Bulletin Board under the symbol "FILM.PK."
Additional information on the Company can be found in the
Company's filings with the Securities and Exchange Commission
which ceased effective August 5, 2002 and in its filings with the
United States Bankruptcy Court District of Minnesota, Chapter 11
Bky. Case No. 02-32788, http://www.mnb.uscourts.gov/.


INTREPID USA: Retains Crossroads to Lead Reorganization Efforts
---------------------------------------------------------------
Intrepid U.S.A., Inc., a leading health care service company,
announced that it has retained Crossroads, LLC, a nationally
renowned consulting firm specializing in financial restructuring,
as its financial advisor to spearhead the reorganization of the
company's operations. Effective March 23, 2004, Dennis I. Simon,
Managing Principal of Crossroads, LLC assumed the role of
President and CEO of Intrepid and Todd Garamella became the
Chairman of the Board.

On January 29, 2004 Intrepid filed for Chapter 11 reorganization
in the U.S. Bankruptcy Court for the District of Minnesota
following the bankruptcy of its primary lenders, DVI Business
Credit Corporation, and DVI Financial Services. An Interim DIP
loan, which will be provided by CapitalSource Finance LLC, a
leading middle market finance company with significant healthcare
expertise, was approved by the U.S. Bankruptcy Court for the
District of Minnesota last week.

"Dennis' appointment will greatly enhance the depth of our
existing management team. As Managing Principal of Crossroads,
Dennis has led the successful reorganization of many major and
mid-market companies," said Todd Garamella, Chairman of the Board
of Intrepid. "Dennis has considerable experience in the healthcare
industry that will enable him to quickly identify and embark on a
course of action that should help Intrepid emerge from bankruptcy
quickly and in a stronger position going forward."

"Intrepid is a solid organization with a strong reputation that
has been impacted by a unique set of circumstances that has led to
our retention," said Dennis Simon. "I am excited to be joining
Todd Garamella and the company and am confident that working with
Intrepid's talented management, Crossroads will be able to help
the company achieve a return to prosperity. "

Dean Graham, Managing Director of CapitalSource, said, "The
Crossroads management team greatly facilitated the smooth
execution of this deal and we are confident in its ability to
direct Intrepid's successful emergence from bankruptcy. "This kind
of fast-track, complex deal plays to our core strengths of speed
and agility. That's why DIP loans have become an integral part of
our healthcare business."

"The competition for the DIP financing was intense and we made the
right choice in selecting CapitalSource, especially since we were
under such severe time constraints," commented Simon. "Because of
its deep understanding of the bankruptcy process and its
healthcare expertise, CapitalSource was able to provide us
financing in just two weeks."

                     About Intrepid U.S.A.

Intrepid U.S.A. is a $160-200 million revenue health care service
company that provides home health care and supplemental staffing
services, independent living services, and rehabilitation and
assisted living options throughout the U.S., primarily in the
Midwest, East and Southeastern regions.

                     About Crossroads LLC

Crossroads, LLC, is a national restructuring firm specializing in
workouts with distressed companies and representatives of debtors
and creditors. The firm provides specialized services in Financial
Advisory; Investment Banking; Turnaround Management; Operations
Improvement; and Litigation Analytics, Valuation and Investigative
Services, as well as Value Management and Claims Administration.
In addition to New York, the firm has offices in Irvine, Dallas,
Houston, and Kansas City.

                     About CapitalSource

CapitalSource (NYSE: CSE) is a specialized commercial finance
company offering asset-based, senior, cash flow, and mezzanine
financing to small and mid-sized borrowers through three focused
lending groups: Corporate Finance, Healthcare Finance, and
Structured Finance. By offering a broad array of financial
products, CapitalSource has issued more than $4 billion in loan
commitments. Headquartered in Chevy Chase Md., CapitalSource has a
national network of offices in Atlanta, Boston, Buffalo, Chicago,
Columbus, Dallas, Los Angeles, Nashville, New York, Philadelphia,
and San Francisco. The company has more than 300 employees. More
information is available at http://www.capitalsource.com/


JUNO LIGHTING: S&P Assigns B+ Rating to Senior Secured Bank Loan
----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B+' corporate
credit rating on Des Plaines, Illinois-based Juno Lighting Inc.
and removed all ratings on the company from CreditWatch where they
were placed on April 7, 2004, following Juno's announced plans for
a recapitalization. The plan includes the refinancing of its long-
term debt of approximately $160 million (including accrued
interest and expenses) and payment of a onetime cash dividend of
approximately $50 million-$60 million to its preferred and common
stockholders.

At the same time Standard & Poor's assigned its 'B+' senior
secured bank loan rating to Juno's proposed $30 million revolving
credit facility and $150 million term loan secured by a first-
priority lien. Standard & Poor's also assigned a recovery rating
of '4' to the first-lien revolving facility and term loan,
reflecting the marginal expectations of recovery of principal in
the event of a default. The $60 million second-lien term
loan is assigned a 'B-' rating and a recovery rating of '5'
reflecting negligible prospects for full recovery in the event of
a default and the inferior position of these lenders relative to
the first-lien lenders.

The outlook is stable. The ratings on the existing bank line and
the subordinated notes will be withdrawn when the new facility
closes in May 2004 and the notes are called in July 2004.

"We expect continued good operating performance and no major
acquisition spending," said Standard & Poor's credit analyst John
Sico. "However, despite the better-than-commensurate credit
measures, there is the potential for further dividends beyond
those allowed in the new credit facility, possibly through another
recap in the future."

Juno engineers, assembles, and markets a broad range of recessed
and track lighting fixtures sold mainly through distributors in
the U.S. and Canada.


KMART: Agrees to Amend Martha Stewart Contract & Withdraws Lawsuit
------------------------------------------------------------------
Kmart Holding Corporation (Nasdaq: KMRT) and Martha Stewart Living
Omnimedia, Inc. (MSO) announced that the companies have reached an
agreement that serves the best interests of both companies by
extending and amending several terms in their long-term
distribution contract for the Martha Stewart Everyday brand label.

The revised agreement better aligns the two companies' mutual
business interests by extending the Martha Stewart Everyday
partnership two years, through 2009; expanding the scope to
several new product categories including ready-to-assemble
furniture; eliminating the product category minimum guarantee but
not the aggregate minimum guarantee features of the contract; and
making other adjustments that, taken as a whole, benefit both
companies.

In conjunction with this amended agreement, Kmart also announced
that it will withdraw the lawsuit -- pertaining to the
interpretation of contractual language in the original contract --
filed by Kmart against MSO IP Holdings Inc. in Bankruptcy Court in
February 2004.

"We are pleased to have extended and deepened our relationship
with Martha Stewart Living Omnimedia. Kmart is committed to
providing the highest quality and value-driven products to our
millions of loyal customers nationwide, and the Martha Stewart
Everyday brand is a great example of this commitment," said Julian
C. Day, President and CEO of Kmart. "MSO is an extremely valued
brand partner and we look forward to continuing that relationship
on terms that best benefit both companies."

"This is an exciting development," said Sharon Patrick, President
and CEO of Martha Stewart Living Omnimedia, Inc. "We are delighted
that Kmart will continue to be a foundation partner for MSO
throughout the decade, and that our two companies have found
mutually agreeable ways to improve upon our beneficial
relationship. Reaffirming this highly successful partnership is
due in large part to our confidence in the strength and acumen of
Kmart's new management team." Ms. Patrick added: "We know that
Martha Stewart Everyday's new and existing product offerings will
continue to deliver the perfect combination of inspiration, high-
quality, style, and utility that our customers love and expect
from us."

Kmart sells Martha Stewart Everyday Home, Garden, Holiday, Colors,
Kitchen, Keeping and Decorating, Candles, Baby, and accessory
product lines. All collections, with the exception of Martha
Stewart Everyday Colors, are available exclusively at Kmart and
online at kmart.com.

            About Kmart Holding Corporation

Kmart Holding Corporation (Nasdaq: KMRT) and its subsidiaries is a
mass merchandising company that offers customers quality products
through a portfolio of exclusive brands that include Thalia Sodi,
Jaclyn Smith, Joe Boxer, Kathy Ireland, Martha Stewart Everyday,
Route 66 and Sesame Street. Kmart operates more than 1,500 stores
in 49 states and is one of the largest employers in the country
with approximately 158,000 associates. For more information visit
the Company's website at http://www.kmart.com/


KNOWLES ELECTRONICS: S&P Raises Corporate Credit Rating to B-
-------------------------------------------------------------
Standard & Poor's Ratings Services said that it raised its
corporate credit rating on Knowles Electronics Holdings Inc. to
'B-' from 'CCC+' and raised its subordinated debt rating to 'CCC'
from 'CCC-'. The outlook is positive.

"The ratings action is based on Knowles' increased financial
flexibility following its recently executed amendment to its
credit agreement," said Standard & Poor's Ben Bubeck. Under the
terms of the amendment, Knowles replaced its $36 million term loan
C facility with a new $48 million term loan D facility. A
substantially lower interest rate on the new facility reduces the
company's interest burden, while also providing about $9 million
in additional liquidity, net of fees.

The ratings reflect the company's limited revenue base, weak cash-
flow generation and highly leveraged financial profile. These are
only partially offset by its solid niche market position and
adequate near-term liquidity.

Itasca, Illinois-based Knowles Electronics Holdings Inc. designs
and manufactures components for the hearing aid market, as well as
other acoustic products such as microphones and receivers for
headsets and surveillance equipment.  Knowles is the long-
standing, market-share leader in the hearing-aid transducer market
(approximately 75% market share) and enjoys well-established
relationships with the leading hearing aid original equipment
manufacturers (OEMs). Following the refinancing, Knowles has
approximately $305 million in operating lease-adjusted debt.

Hearing-aid purchases are discretionary, and not generally covered
by health insurance so that economic conditions during the past
few years have negatively impacted demand for hearing aid
products. During 2003, sales were essentially flat, compared with
prior period following several years of declines. Standard &
Poor's expects increased transducer sales stemming in part from an
improving economy, combined with modest growth in new products
such as the silicon microphone, to lead to modest revenue
growth over the intermediate term.

Although Knowles remains highly leveraged, near-term liquidity is
sufficient for its needs. Standard & Poor's expects EBITDA to grow
modestly over the intermediate term with an improving economy. If
new product efforts also enhance results, enabling Knowles to be
positioned to successfully refinance its term loan maturities,
ratings could be raised over the next two years.


LASERSIGHT: Dorothy M. Cipolla Hired as CFO & Corporate Secretary
-----------------------------------------------------------------
On March 15, 2004, LaserSight Inc. employed Dorothy M. Cipolla,
CPA, as Chief Financial Officer and Corporate Secretary.

Mrs. Cipolla, 48, has over twenty-four years experience in
financial reporting, budgeting/forecasting and systems
implementations. Prior to joining Lasersight, Dorothy has served
in various financial management positions. From 1994 to 1999, she
was Chief Financial Officer and Treasurer of Network Six, Inc., a
NASDAQ listed professional services firm, where she led and
managed all financial management activities and was responsible
for investor relations, banking and insurance relationships and
all SEC and NASDAQ reporting. From 1999 to 2002, Mrs. Cipolla was
Vice President of Finance with Goliath Networks, Inc., a privately
held network consulting company. From 2002 to 2003, Dorothy was
Department Controller of Alliant Energy Corporation, a regulated
utility.

Mrs. Cipolla has a BS in Business Administration from Northeastern
University and started her professional career with Ernst & Young
as a Senior Management Consultant.

                     About the Company

As reported in the Troubled Company Reporter's January 8, 2004
edition, LaserSight, Inc., filed a Reorganization Plan with
the U.S. Bankruptcy Court on January 5, 2004. The Plan was a
result of negotiations with the various parties involved and
provides in part for Debtor in Possession financing to be provided
by New Industries Investment Consultants (H.K.) LTD.

The Company's workforce has been recalled from its previously
announced furlough and has commenced ordering inventory component
parts and resumed limited manufacturing operations.

As previously disclosed in its most recently filed SEC Form 10-Q
Quarterly Report (Q1, May 15, 2003) and Form 10-K Annual Report,
the Company indicated that it had suffered recurring losses from
operations and has a significant accumulated deficit that raises
substantial doubt about its ability to continue as a going
concern. The financial statements included in the previously filed
SEC reports do not include any adjustments that might result from
the outcome of these uncertainties, including the bankruptcy and
subsequent reorganization.

Once the Company's Plan is approved, the Company may be required
to adopt "fresh start" reporting in accordance with the American
Institute of Certified Public Accountants' Statement of Position
90-7, Financial Reporting by Entities in Reorganization Under the
Bankruptcy Code ("SOP 90-7"). Fresh- start reporting may result in
material changes to the Company's balance sheet, including
valuation of assets at fair value in accordance with principles of
the purchase method of accounting, valuation of liabilities
pursuant to provisions of the Plan (when and if approved) and
valuation of equity based on the reorganization value of the
ongoing business.


METROMEDIA: Issues Activity Update on Georgian Subsidiary Magticom
------------------------------------------------------------------
Metromedia International Group, Inc. (currently traded as:
OTCPK:MTRM - Common Stock and OTCPK:MTRMP - Preferred Stock), the
owner of interests in various communications and media businesses
in Russia and the Republic of Georgia, announced the following
events concerning Magticom Ltd., the Company's business venture in
the Republic of Georgia operating a wireless communications
network and marketing mobile voice communication services
nationwide to private and commercial users. The Company's wholly-
owned subsidiary International Telcell Communications, Inc. (ITC)
is the managing member of Telcell Wireless LLC (Telcell), which in
turn today has a 49% ownership interest in Magticom. Dr. George
Jokhtaberidze, co-founder with the Company of Magticom, today owns
directly the remaining 51% of Magticom. ITC has a 70.41% ownership
interest in Telcell; giving the Company today an indirect 34.5%
ownership interest in Magticom.

Magticom issued a dividend of $14 million on April 23, 2004.
Telcell, which is entitled to $6.86 million of this dividend,
agreed to loan this amount to Dr. Jokhtaberidze by redirecting its
share of the dividend distribution to him. As security for the
loan, Dr. Jokhtaberidze has assigned to Telcell his right to
receive future dividends from Magticom until the loan, which
matures on December 31, 2004, is paid in full. The Company expects
that Magticom will declare and pay dividends during the remainder
of 2004 in an amount necessary to make this repayment. However, as
described more fully below, the Company expects this loan to be
repaid during second quarter of 2004, as part of a business
combination transaction with Dr. Jokhtaberidze.

The Company, Telcell's other member and Dr. Jokhtaberidze have
entered into a binding memorandum of understanding, providing for,
upon execution of definitive documents and satisfaction of certain
conditions, Dr. Jokhtaberidze to convey his 51% interest in
Magticom to ITC in exchange for a 49.9% interest in ITC plus
certain cash consideration. The Company will retain the remaining
50.1% majority ownership of ITC. After completion of all
transactions contemplated by this memorandum of understanding, the
Company will have the largest effective ownership interest in
Magticom at 42.8% and will be able to exert operational control
over Magticom as a result of its status as managing member of
Telcell and majority stockholder of ITC. A portion of Dr.
Jokhtaberidze's cash proceeds from these transactions will be used
to repay the aforementioned loan, with $4.83 million of this
repayment being distributed to the Company in consequence of its
current 70.41% ownership interest in Telcell. The parties
anticipate that all transactions contemplated in the memorandum of
understanding will be concluded by end of second quarter 2004.

The previously announced Georgian Government investigations into
past business and tax payment practices of Magticom have been
completed with no adverse findings. The previously announced
prosecution by the Georgian Government of Dr. Jokhtaberidze has
been dropped without finding any wrong-doing and Dr. Jokhtaberidze
has been released from the investigative detention in which he had
been held since February 20, 2004. The Company believes that no
further investigations or prosecutions of Magticom, Magticom
personnel or Dr. Jokhtaberidze with respect to past business or
tax payment practices will be undertaken by the Georgian
Government.

In making these announcements, Mark Hauf, Chairman and Chief
Executive Officer, commented: "I am very pleased that
investigations into past activities of Magticom and Dr.
Jokhtaberidze undertaken earlier this year by the newly formed
post-revolutionary government of Georgia have now concluded
without any adverse finding. We were very confident from the onset
of these investigations that all of Magticom's past actions would
be found to be in good order. Although the investigations
themselves and the Georgian media coverage they drew were quite
disruptive to our business activities in Georgia, we maintained a
cooperative posture with the new Georgian government throughout.
Now that this matter appears to be satisfactorily concluded, we
look forward to further development of our business in Georgia."

With respect to the various transactions announced here, Mr. Hauf
commented further: "The $14 million dividend Magticom just
distributed and a $7 million dividend previously distributed in
February derive from Magticom's very successful performance for
year 2003. This strong financial performance and the realistic
prospect of further profitable development at Magticom underscores
our enthusiasm for continued presence and investment in Georgia.
The agreements we announced today will put in place a corporate
governance framework through which we can exercise clear
operational control over our core Georgian business interests.
This will create a stable and workable foundation for further
developments at Magticom and other investments we undertake in
Georgia."

With respect to the financial terms of the ownership restructuring
of Magticom arising from the agreements, Ernie Pyle, Executive
Vice President and Chief Financial Officer, commented: "After
giving effect to all cash outflows required by the transactions
contemplated in the memorandum of understanding and to the cash
inflow arising from the expected repayment of the loan made to Dr.
Jokhtaberidze, I believe we have sufficient corporate cash on hand
today to support the Company's planned operating, investing and
financing cash flows through the end of 2004, including the
Company's $8.0 million semi-annual interest payment due on
September 30, 2004 on its 10 1/2 % Senior Discount Notes due 2007.
This estimate does not take into account cash inflows that might
reasonably arise from operating unit dividend distributions or
sales of additional non-core assets; either of which would further
strengthen our current liquidity position."

            About Metromedia International Group

Through its wholly owned subsidiaries, the Company owns
communications and media businesses in Russia, Europe and the
Republic of Georgia. These include mobile and fixed line telephony
businesses, wireless and wired cable television networks and radio
broadcast stations. The Company has focused its principal
attentions on continued development of its core telephony
businesses in Russia and the Republic of Georgia, while
undertaking a program of gradual divestiture of its non-core media
businesses. The Company's remaining non-core media businesses
consist of nineteen radio businesses operating in Finland,
Hungary, Bulgaria, Estonia, Latvia and the Czech Republic and one
cable television network in Lithuania. The Company's core
telephony businesses include PeterStar, the leading competitive
local exchange carrier in St. Petersburg, Russia, and Magticom,
the leading mobile telephony operator in the Republic of Georgia.

                  Corporate Liquidity

As of September 30, 2003 and January 30, 2004, Metromedia
International Group had $24.1 million and $23.3 million,
respectively, of unrestricted cash at its headquarters level. The
$24.1 million of cash at September 30, 2003 reflects cash held at
headquarters subsequent to the Company's $8.0 million semi-annual
interest payment, which was due on September 30, 2003, on its
Senior Discount Notes, with a current outstanding principal
balance (fully accreted) of $152 million.

The Company projects that its current corporate cash reserves,
anticipated cash proceeds of non-core business sales and
anticipated continuing dividends from core business operations
will be sufficient for the Company to meet its future operating
and debt service obligations on a timely basis.

If the Company does not realize the cash proceeds it currently
anticipates on the future sale of its non-core businesses and does
not receive the amount of dividends from the core business
operations that it currently anticipates, the Company does not
believe that it will be able to fund its planned operating,
investing and financing cash flows through September 30, 2004, the
due date of an $8 million semi-annual interest payment on the
Company's Senior Discount Notes. However, even assuming no
proceeds from further sale of non-core businesses and no further
dividends from core business operations, the Company projects that
its cash flow and existing capital resources will permit it to pay
the $8 million semi-annual interest payment due on March 30, 2004
on its Senior Discount Notes.

If the Company is not able to satisfactorily manage these
liquidity issues, the Company may have to resort to certain other
measures, including ultimately seeking the protection afforded
under the U.S. Bankruptcy Code. The Company cannot provide any
assurance at this time that it will be successful in avoiding such
measures. Additionally, the Company currently has a stockholders
deficit and has historically suffered recurring net operating cash
deficiencies.


MICROFINANCIAL INC: Richard Latour Owns 5.6% Equity Stake
---------------------------------------------------------
Richard F. Latour has reported the beneficial ownership of 759,550
shares of the common stock of MicroFinancial Inc., representing
5.6% of the outstanding common stock of the Company.  The
percentage held is based on 13,176,416 shares of MicroFinancial
Incorporated's common stock outstanding as of the report filed
with the SEC on November 14, 2003  Mr. Latour holds sole voting
and dispositive powers.

                     Company Liquidity

In its Form 10-K for the fiscal year ended December 31, 2003 filed
with the Securities and Exchange Commission, MicroFinancial Inc.
reports:

"MicroFinancial incurred net losses of $22.1 million and $15.7
million for the years ended December 31, 2002 and 2003,
respectively. The net losses incurred by the Company during the
third and fourth quarters of 2002 caused the Company to be in
default of certain debt covenants in its credit facility and
securitization agreements. In addition, as of September 30, 2002,
the Company's credit facility failed to renew and consequently,
the Company was forced to suspend new origination activity as of
October 11, 2002. On April 14, 2003, the Company entered into a
long-term agreement with its lenders. This long-term agreement
waives the covenant defaults as of December 31, 2002, and in
consideration for this waiver, requires the outstanding balance of
the loan to be repaid over a term of 22 months beginning in April
2003 at an interest rate of prime plus 2.0%. The Company received
a waiver, which was set to expire on April 15, 2003, for the
covenant violations in connection with the securitization
agreement. Subsequently, the Company received a permanent waiver
of the covenant defaults and the securitization agreement was
amended so that going forward, the covenants are the same as those
contained in the long-term agreement entered into on April 14,
2003, for the senior credit facility. To date, the Company has
fulfilled all of its debt obligations, as agreed to by the
bank group, in a timely manner.

"MicroFinancial has taken certain steps in an effort to improve
its financial position. Management continues to actively consider
various financing, restructuring and strategic alternatives as
well as continuing to work closely with the Company's lenders to
ensure continued compliance with the terms of the long term
agreement. In addition, Management has taken steps to reduce
overhead and align its infrastructure with current business
conditions, including a reduction in headcount from 380 at
December 31, 2001 to 136 at December 31, 2003. The failure or
inability of MicroFinancial to successfully carry out these plans
could ultimately have a material adverse effect on the Company's
financial position and its ability to meet its obligations when
due. The consolidated financial statements do not include any
adjustments that might result from the outcome of this
uncertainty."


MID OCEAN CBO: Fitch Places Ratings on Watch Negative
-----------------------------------------------------
Fitch Ratings places four classes of notes issued by Mid Ocean CBO
2000-1 Ltd. on Rating Watch Negative.

The following classes have been placed on Rating Watch Negative:

        --$240,000,000 Class A-1L Notes rated 'AAA';
        --$16,500,000 Class A-2 Notes rated 'A-';
        --$15,000,000 Class A-2L Notes rated 'A-';
        --$12,500,000 Class B-1 Notes rated 'B'.

Mid Ocean is a collateralized debt obligation (CDO) managed by
Deerfield Capital Management LLC, which closed January 8, 2001.
Mid Ocean is composed of approximately 50% RMBS, 18% CMBS, 20% ABS
and 12% CDOs.

Since the last rating action in December 2002, the collateral has
continued to deteriorate. The weighted average rating factor has
increased from 13 (BBB+/BBB) to 23 (BBB-/BB+). The class A
overcollateralization ratio and class B overcollateralization
ratio have increased from 106.3% and 101.6%, respectively as of
December 2, 2002 to 106.6% and 101.8% as of the most recent
trustee report dated April 2, 2004. As of the most recent trustee
report available, defaulted assets represented 0.06% of the $290
million of total collateral. Assets rated 'BB+' or lower
represented approximately 9.5% as of December 2, 2002, and
increased to 30.6% as of the most recent trustee report. The
weighted average coupon has decreased from 7.39% on December 2,
2002 to 6.95% as of the most recent trustee report.

Mid Ocean continues to fail its Additional Coverage test as
measured by the monthly trustee report. Failure of this test
diverts excess spread from paying the subordinate manager fee and
equity holders to reinvestment in additional collateral.

The transaction's floating rate assets and interest rate swap,
which pays a floating interest rate, total approximately $220
million while Mid Ocean's liabilities that pay a floating interest
rate equal $255 million. Additionally, Mid Ocean's floating rate
assets include $14.5 million (5% of portfolio) invested in inverse
floaters.

The deteriorating credit quality of the portfolio has increased
the credit risk of this transaction to the point the risk may no
longer be consistent with the ratings. Fitch will review this
transaction and take appropriate rating action upon completion of
its analysis.


MIRANT: Wants to Return 43.75% Learjet Interest to Bombardier
-------------------------------------------------------------
Michelle C. Campbell, Esq., at White & Case, LLP, in Miami,
Florida, relates that on April 26, 2002, Mirant Americas
Procurement, Inc. and Bombardier Aerospace Corporation -- Flexjet
-- entered into the "Flexjet Program Agreement" for the purchase
of the undivided 43.75% interest in Learjet 45, Tail Number
N430FX, Serial Number 166.  The Flexjet Agreement is a master
document comprised of the Governing Agreements, including the
Purchase Agreement, Management Agreement, Joint Ownership
Agreement and Dry Lease Agreement.

The Debtors previously purchased fractional interest in other
larger aircraft to support a geographically distributed business
in Europe.  The Debtors subsequently exited the European portion
of their business.  Thus, the Debtors exercised their options to
put the aircraft back to Flexjet and entered into the current
Flexjet Agreement for a smaller aircraft and share commitment.

At the time MAPI entered into the current Flexjet Agreement, Ms.
Campbell notes that the airline industry was in a period of
instability created by heightened security, which resulted in
frequent travel delays and flight unpredictability.  The travel
delays, lack of flexibility in flights and security concerns
resulted in lost productivity for the Debtors.  Therefore, the
Debtors concluded that the benefit of travel flexibility, fewer
delays and safety concerns justified the cost of purchasing the
Learjet Interest.

Under the present circumstances, the Debtors determine that the
on-going costs associated with the Learjet Interest outweigh the
concomitant benefits.  Thus, the Debtors concluded that the
Learjet Interest should be sold back to Flexjet in a manner set
forth by the Governing Agreements or, alternatively, to a
Qualified Overbidder.

                     The Governing Agreements

A. The Purchase Agreement

   Pursuant to the Purchase Agreement, Flexjet agreed to sell
   the Learjet Interest for a base purchase price of $4,235,000.
   The Purchase Agreement states that any time on or after
   April 27, 2004, the Debtors have the option of selling the
   Learjet Interest back to Flexjet for the "Net Repurchase
   Price" -- the fair market price of the Learjet Interest less
   any amounts recouped or set off by Flexjet pursuant to the
   Governing Agreements.  The Purchase Agreement further
   requires that the repurchase transfer to Flexjet must be made
   free and clear of any and all liens or encumbrances on the
   Aircraft.  The Debtors may exercise this option upon 90 days'
   prior written notice.

B. The Management Agreement

   The Management Agreement provides that Flexjet will manage,
   use, maintain and operate the Aircraft for the Debtors'
   benefit.  The services provided by Flexjet include operating,
   inspecting, maintaining, servicing, repairing, overhauling and
   testing the Aircraft, in accordance with the standards
   established by the Federal Aviation Administration.  Flexjet
   also agreed to maintain all records, logs or other materials
   required by the FAA in respect to the Aircraft.

   The Management Agreement provides the maximum number of hours
   allocated for the Debtors' use of the Aircraft.  In addition,
   Flexjet agreed to provide trained pilots and other personnel
   to fly and maintain the Aircraft and provide hanger space for
   storage of the Aircraft.

   In exchange for these services, the Debtors are obligated to
   pay Flexjet a $38,767 monthly management fee during their
   ownership of the Learjet Interest and a variable rate charge
   for each hour they use the Aircraft for about $2,193 per hour
   plus federal excise tax per hour.

C. Joint Ownership Agreement

   The Joint Ownership Agreement provides that the joint owners
   of the Aircraft are tenants-in-common.  The joint owners are
   entitled to a pro rata share of any depreciation, gain loss,
   deduction, credit or tax deduction, and are severally liable
   for all costs and expenses under the Management Agreement
   and Purchase Agreement relating to the Aircraft.

D. Dry Lease Agreement

   The Dry Lease Agreement provides terms regarding the
   maintenance of the Aircraft, scheduling of allotted hours and
   Flexjet's contractual obligation to provide the Debtors with
   trained pilots and other personnel in regard to the Aircraft.
   Flexjet also agreed to supply insurance for the Aircraft.

   The Dry Lease Agreement also provides that an owner of an
   interest in an aircraft may be entitled to the use of a
   different aircraft depending on certain circumstances.

                     The Marketing Efforts

In accordance with the Governing Agreements, the Debtors provided
written notice of their intent to execute the right to request
that Flexjet repurchase the Learjet Interest on January 22, 2004.  
Thus, the soonest date the Debtors could compel a repurchase is
April 27, 2004.

In addition, the Debtors analyzed their options to obtain a
higher, better price for the Learjet Interest than that offered
by Flexjet.  To that end, the Debtors listed the Learjet Interest
at http://fractionalinsider.comthat specializes in selling  
fractional aircraft interests.

At this time, Flexjet has indicated that it will purchase the
Learjet Interest for the fair market value of $2,697,706, less
other amounts required to be paid under the Governing Agreements
as a condition to the buyback requirement.

Accordingly, pursuant to Sections 363(b), (f) and 365 of the
Bankruptcy Code, the Debtors seek the Court's authority to:

   (a) sell the Learjet Interest to Flexjet under the terms of
       the Letter Agreement, free and clear of liens, claims and
       encumbrances and interest, or, alternatively;

   (b) sell the Learjet Interest to a Qualified Overbidder in
       compliance with the overbid procedures, and assume and
       assign the Governing Agreements to the Qualified
       Overbidder; and

   (c) approve any and all commissions to be paid in
       connection with the sale of the Learjet Interest.

Ms. Campbell contends that the Court should authorize the
contemplated sale because:

   (a) the on-going cost of the Governing Agreements render the
       Learjet Interest a burden to the estates;

   (b) Flexjet's offer is a fair market price for the Learjet
       Interest;

   (c) the repurchase option and the proposed consideration were
       negotiated in good faith;

   (d) the Debtors have provided adequate notice of the proposed
       sale;

   (e) the Learjet Interest is not encumbered or otherwise
       subject to any lien, claim or interest other than the
       lien granted to the DIP Lender; and

   (f) the Repurchase Agreement provides for the termination of
       the Governing Agreements.

In relation to the assumption and assignment of the Governing
Agreements, Ms. Campbell assures Judge Lynn that the Debtors will
pay any cure amounts payable from the sale proceeds paid by the
successful bidder, in satisfaction of Section 365(b).

Headquartered in Atlanta, Georgia, Mirant Corporation --
http://www.mirant.com/-- together with its direct and indirect  
subsidiaries, generate, sell and deliver electricity in North
America, the Philippines and the Caribbean.  The Company filed for
chapter 11 protection on July 14, 2003 (Bankr. N.D. Tex. 03-
46590).  Thomas E. Lauria, Esq., at White & Case LLP represent the
Debtors in their restructuring efforts.  When the Company filed
for protection from their creditors, they listed $20,574,000,000
in assets and $11,401,000,000 in debts. (Mirant Bankruptcy News,
Issue No. 30; Bankruptcy Creditors' Service, Inc., 215/945-7000)


MOBIFON HOLDINGS: S&P Upgrades Senior Debt Rating to B- from CCC+
-----------------------------------------------------------------
Standard & Poor's Ratings Services said it lowered its long-term
corporate credit rating on MobiFon Holdings B.V. to 'B-' from 'B'.
At the same time, the rating on MobiFon Holdings' senior unsecured
notes, due 2010, were raised to 'B-' from 'CCC+'. The outlook is
stable.

"The change in ratings reflects our review of the control
relationship between MobiFon Holdings and its subsidiary MobiFon
S.A. (unrated), and of the insulation of MobiFon S.A. from default
at MobiFon Holdings," said Standard & Poor's credit analyst Joe
Morin.

As a result of this review Standard & Poor's has shifted the
ratings methodology to a stand-alone ratings basis from a
consolidated ratings basis. Standard & Poor's has determined that
given the rights of the minority interest (held by Vodafone Europe
B.V. (20%) and certain financial sponsors (16.5%)), MobiFon
Holdings' creditworthiness reflects primarily the quality of the
dividend stream received from MobiFon S.A. In the event of a
credit event or deterioration, MobiFon Holdings would not
be able to independently transfer additional liquidity from
MobiFon S.A., nor would any creditor have direct recourse to
MobiFon S.A. or its assets. As a result, MobiFon Holdings has a
separate risk of default than MobiFon S.A.

Although unrated, Standard & Poor's views the credit quality of
MobiFon S.A. on a stand-alone basis in the 'BB-' ratings category.
MobiFon S.A.'s credit quality is the anchor point to the MobiFon
Holdings ratings.

In deconsolidating MobiFon Holdings from MobiFon S.A., Standard &
Poor's views MobiFon S.A. as an equity investment, whereby
interest payments on the notes at MobiFon Holdings are dependent
on dividends received from MobiFon S.A. The notes provide no
direct recourse to MobiFon S.A., nor are they secured by the
shares held in MobiFon S.A. The only external debt at
the MobiFon Holdings level is the US$225 million senior unsecured
notes. MobiFon Holdings receives 63.5% of any dividend payments
made by MobiFon S.A., which are made after capital expenditures
and debt servicing on the credit facility. Under Romanian law,
dividends are restricted to 100% of net income. The other gating
factor for dividend payments is compliance with covenants under
the senior secured credit facility, under which MobiFon S.A.
currently has substantial headroom. The credit facility also
requires that MobiFon S.A. maintain a cash balance sufficient for
six months of debt servicing.
    
MobiFon Holdings' only asset is its 63.5% interest in operating
subsidiary MobiFon S.A. The ratings on MobiFon Holdings reflect
the creditworthiness of MobiFon S.A. as the source of dividends,
but also reflect the resultant weak cash interest coverage of its
notes (currently about 2x) given high debt leverage and
substantial foreign currency exposure at both MobiFon Holdings and
MobiFon S.A. MobiFon S.A.'s below-average business profile
reflects the economic and political risks of operating in Romania.
These weaknesses are only partially mitigated by MobiFon S.A.'s
position as a leading cellular operator in Romania, continuing
subscriber and revenue growth, high EBITDA margins, and
substantial free cash flow after debt servicing at the operating
company level. The ratings are further supported by the strategic
support from Vodafone and an improving economic and political
environment in Romania.


NATIONAL CENTURY: Court Authorizes Intercare Settlement Agreement
-----------------------------------------------------------------
Intercare Health Systems, Inc., formerly known as National
Psychiatric Services, Inc., provides chronic acute behavior care
as well as general medical and surgical care, and operates
through affiliates two hospital facilities:

   * Ingleside Hospital, located at 7500 E. Hellman Avenue in
     Rosemead, California; and

   * the City of Angels Medical Center, located at 1711 W. Temple
     Street in Los Angeles, California -- Ross-Loos Medical
     Center.  

Intercare leases Hellman Hospital and Ross-Loos Medical Center
from Hellman and Ross-Loos.  Both Hellman and Ross-Loos are
single asset real estate entities that, like Intercare, are
controlled by Robert Bourseau and Sekilar Rudra Sabaratnam.

According to Charles M. Oellermann, Esq., at Jones Day Reavis &
Pogue, in Columbus, Ohio, prior to the Petition Date, certain
National Century Financial Enterprises, Inc. Debtors and Intercare
entered into account receivable financing transactions and
agreements.  As of the Petition Date, the Debtors' books and
records indicate that the outstanding obligations due and owing
from Intercare is $25,500,000.

In addition, on April 15, 1999, Hellman issued a promissory note
for $3,500,000 to Debtor NPF Capital, Inc., and granted NPF
Capital a second priority deed of trust on Hellman Hospital.  The
outstanding principal balance under the Hellman Note is
$3,434,680.  

On August 23, 1999, Ross-Loos issued a promissory note for
$4,000,000 to NPF Capital, and granted NPF Capital a second
priority deed of trust on Ross-Loos Medical Center.  The
outstanding principal balance under the Ross-Loos Note is
$2,309,546.  

Messrs. Bourseau and Sabaratnam and Intercare each provided NPF
Capital with written guarantees of both the Ross-Loos Note and
the Hellman Note.  

On December 27, 2002, Intercare filed a Chapter 11 petition
before the United States Bankruptcy Court for the Central
District of California, Los Angeles Division.  In April 2003, the
California Bankruptcy Court entered a Cash Collateral Order,
which authorized Intercare's use of cash collateral subject to
the provision of adequate protection to the National Century
Debtors, including but not limited to certain replacement liens,
a first priority lien in all of Intercare's prepetition accounts
receivable and security interests junior to prior liens in the
real property of both Hellman Hospital and Ross-Loos Medical
Center, to the extent of diminution in value from and after the
Intercare Petition Date of the Debtors' collateral.

Mr. Oellermann relates that on April 30, 2003, the Debtors filed
six proofs of claim against Intercare, including:

   * two $28,552,574 claims on behalf of Debtors NPF XII and
     National Physicians Funding II, Inc.;

   * a $12,139,747 claim on behalf of Debtor NPF Capital; and

   * unliquidated claims on behalf of Debtors NCFE, NPF X, Inc.,
     and National Premier Financial Services, Inc.

On August 5, 2003, NPF Capital filed complaints against Hellman
and Ross-Loos in the Superior Court for the Los Angeles County,
California, seeking judicial foreclosure under the deeds of trust
and seeking recovery from Messrs. Bourseau and Sabaratnam on the
Guarantees.

On September 11, 2003, Intercare removed the lawsuit against both
Hellman and Ross-Loos to the California Bankruptcy Court and
filed answers, cross-complaints and motions for preliminary
injunction in the resulting adversary proceedings.  Subsequently,
the parties entered into Court-approved stipulations in both
adversary proceedings, dismissing Intercare.

Intercare also has outstanding prepetition obligations to the
Internal Revenue Service for $9,500,000.  On October 2, 2003,
Intercare filed a complaint in the California Bankruptcy Court
against various Debtors and the IRS.  In the IRS Action,
Intercare sought a declaration as to the lien priority of the
Debtors vis-a-vis the IRS and has filed a motion for summary
judgment.  Intercare and the IRS asserted that the IRS has
properly filed liens in respect of these obligations that take
priority over the Debtors' disputed liens in accounts receivable.  
The Debtors have disputed these contentions and have filed papers
opposing Intercare's summary judgment request.

On October 2, 2003, the Official Committee of Unsecured Creditors
of Intercare filed its Complaint and Objection to Claims against
the Debtors, in which it alleges 14 claims and objects to the
Debtors' proofs of claim.  During the settlement negotiations
among the parties, the time to answer or otherwise plead has been
extended, and the Debtors have not yet responded to the complaint
in the Committee Action.

After extensive negotiations, the parties agreed to resolve their
collective disputes pursuant to settlement agreements.  On
February 24, 2004, the California Bankruptcy Court approved the
proposed settlement with Intercare.

The principal terms of the Settlement Agreements are:  

A. Settlement Amount

   * Intercare will pay $1,021,776 to NPF XII in respect of all
     of its obligations to the Debtors;

   * Hellman will pay to NPF Capital $1,400,000, representing the
     net proceeds from a proposed refinancing of the Hellman
     Hospital property, after payment of the senior lender and
     property tax liens; and

   * Ross-Loos will execute an amended promissory note for
     $2,309,546, plus interest payable at a rate of 6% per annum,
     with monthly payments commencing on the first anniversary of
     the closing and a maturity date on the 5th anniversary of
     the closing.  If there is an event of default under the
     Amended Note, Ross-Loos will be obligated for the now-
     current full outstanding balance of principal and interest
     equal to $3,152,812, plus interest.  The Amended Note will
     remain secured by the Ross-Loos Deed of Trust.

B. Release of Certain Security Interests

   Upon payment of the Intercare Settlement Amount and the
   Hellman Settlement Amount and delivery of the Amended Note in
   a form acceptable to NCFE, and except for the Ross Loos Deed
   of Trust, the Debtors will terminate, release and re-convey
   all of their ownership and security interests in the assets of
   Intercare, Hellman and Ross-Loos, including all Adequate
   Protection Liens.

C. Mutual Releases

   The Intercare Settlement Agreement also provides for an
   exchange of broad mutual releases by the parties.

D. Affidavits by Principals of Intercare
   
   Messrs. Bourseau and Sabaratnam will execute affidavits
   regarding their prepetition relationships with and payments
   from Intercare.  If the California Bankruptcy Court
   determines, on motion by the Debtors or otherwise, that either
   of the affidavits are materially false, then the releases of
   Messrs. Bourseau and Sabaratnam in the Intercare Settlement
   will be void ab initio and the Debtors will have an allowed,
   undisputed, unsecured claim for $20,000,000 against the
   Intercare bankruptcy estate, but only for the purpose of
   sharing with other unsecured creditors, pari passu, in the
   proceeds of any claims or actions of the Intercare bankruptcy
   estate against Messrs. Bourseau and Sabaratnam.

E. Dismissal of Actions

   On the closing of the settlements:

      (1) the Debtors and Intercare will file the appropriate
          stipulations to dismiss, with prejudice, one another
          from all pending litigation; and
   
      (2) the Intercare Committee will dismiss the Committee
          Action with prejudice.

F. Withdrawal of Claims

   All proofs of claim filed by the parties in Intercare's or the
   Debtors' Chapter 11 cases will be deemed withdrawn, pursuant
   to Rule 3006 of the Federal Rules of Bankruptcy Procedure.
   Intercare also will withdraw its request to fix its claim
   for voting purposes.

G. Transfer of Liens to Proceeds

   The release of the Debtors' security interests under the
   Agreements binds any and all parties that may assert a lien,
   claim or interest in or to the Agreements or any prior
   agreements, with any liens transferring to the proceeds of the
   settlements.

At the Debtors' request, Judge Calhoun authorizes the Debtors to
enter into the Settlement Agreements and to implement the
Settlement Agreement.

Headquartered in Dublin, Ohio, National Century Financial
Enterprises, Inc. -- http://www.ncfe.com/-- is the market leader  
in healthcare finance focused on providing medical accounts
receivable financing to middle market healthcare providers.  The
Company filed for Chapter 11 protection on November 18, 2002
(Bankr. D. Ohio Case No. 02-65235).  Paul E. Harner, Esq., Jones,
Day, Reavis & Pogue represents the Debtors in their restructuring
efforts. (National Century Bankruptcy News, Issue No. 38;
Bankruptcy Creditors' Service, Inc., 215/945-7000)


NATIONAL ENERGY: Plan Confirmation Hearing is Today at 10:30 a.m.
-----------------------------------------------------------------
The Honorable Paul Mannes will convene a hearing today, April 28,
2004, at 10:30 a.m., in the U.S. Bankruptcy Court for the District
of Maryland to consider final approval and confirmation of the
Third Amended Plan of Reorganization filed by National Energy &
Gas Transmission, Inc. and its debtor-affiliates.  

April 19, 2003 at 4:00 p.m. was the deadline for creditors to cast
their ballots.  The bulk of the Debtors' creditors voted to accept
the Plan.  

National Energy & Gas Transmission, Inc. based in Bethesda, Md.,
voluntarily filed for protection under Chapter 11 with the U.S.
Bankruptcy Court for the District of Maryland, Greenbelt Division
on July 8, 2003.


NATIONAL ENERGY: Will Auction Shares in New York on May 3
---------------------------------------------------------
On March 26, 2004 the U.S. Bankruptcy Court for the District of
Maryland approved uniform Bidding Procedures proposed by National
Energy & Gas Transmission, Inc., and its debtor-affiliates, to
sell the outstanding shares of capital stock of Gas Transmission
to the highest bidder.

Those Court-approved bidding procedures call for an auction on
May 3, 2004 at 12:00 noon to be held at the offices of Willkie
Farr & Gallagher LLP, 787 Seventh Avenue, New York, New York
10019, to determine the highest and best bid for the equity
interests.  

With the highest and best bid in hand, the Debtors and the winning
bidder intend to as the Honorable Paul Mannes to approve the Sale
Transaction at a bankruptcy court hearing on May 12, 2004 at 10:30
a.m.

National Energy & Gas Transmission, Inc. based in Bethesda, Md.,
voluntarily filed for protection under Chapter 11 with the U.S.
Bankruptcy Court for the District of Maryland, Greenbelt Division
on July 8, 2003.


NATIONAL WESTMINSTER BANK: Liquidating New York Branch
------------------------------------------------------
Under the Provision of Section 605.11(c) of the New York State
Banking Law, the National Westminster Bank PLC will commence the
voluntary liquidation of its New York branch located at 101 Park
Avenue, New York, New York 10028.

Upon completion of the Liquidation, all business shall be
conducted from NatWest's offices abroad.

All inquires with respect to the winding-up of the NatWest New
York office should be directed to Michael Loughney, Senior Vice
President, at telephone number (212) 401-3588 on or before April
30, 2004

In March 2000 National Westminster Bank was acquired by The Royal
Bank of Scotland (established 1727), to create the third largest
banking group in the UK. NatWest's retail bank with its branches
continues to operate as a distinct and separate brand on the High
Street. One of the first initiative's taken by The Royal Bank of
Scotland Group following the merger was to end NatWest's branch
closure programme and in 2003 it is embarking on a major programme
of refurbishment of the NatWest branch network.


NEW BRITISH WOODS: Case Summary & 40 Largest Unsecured Creditors
----------------------------------------------------------------
Debtor: New British Woods Associates
        5001 Philips Highway, #7B
        Jacksonville, Florida 32207

Bankruptcy Case No.: 04-01556

Debtor affiliates filing separate chapter 11 petitions:

      Entity                                     Case No.
      ------                                     --------
      New Yorktowne Associates                   04-01557

Type of Business: The Debtor is a New Jersey limited partnership
                  engaged in the business of operating an
                  apartment complex located in Durham County.

Chapter 11 Petition Date: April 23, 2004

Court: Eastern District of North Carolina (Wilson)

Judge: A. Thomas Small

Debtors' Counsel: Trawick H. Stubbs, Esq.
                  Stubbs & Perdue
                  P.O. Drawer 1654
                  New Bern, NC 28563
                  Tel: 252-633-2700

Estimated Assets: $10 Million to $50 Million

Estimated Debts:  $10 Million to $50 Million

A. New British Woods Associates' 20 Largest Unsecured Creditors:

Entity                                 Claim Amount
------                                 ------------
Sherman Williams                             $8,697

Century                                      $4,018

Drains Plus Inc.                             $2,001

CSC Carpet Specialties                       $1,918

Lonewolf Publishing, Inc.                    $1,305

Lowes Business Account                         $960

GE Appliances                                  $831

CPR Services                                   $829

Triangle Apartment Guide                       $735

Equifax                                        $564

Peachtree                                      $561

Home Depot Maintenance                         $462

Taylor Lath and Drywall                        $395

Davidson Sash & Door                           $351

United Plumbing                                $324

Obco                                           $207

Signius                                        $155

Quill Corporation                              $101

Arch Wireless                                   $91

Wilmar                                          $91

B. New Yorktowne Associates' 20 Largest Unsecured Creditors:

Entity                                 Claim Amount
------                                 ------------
Frazee Carpet                               $12,679

Appliance Center                             $3,870

Century Maintenance                          $2,160

D&L Parts Co.                                $1,568

CSC Carpet                                   $1,201

Atlantic Solutions                             $641

Wilmar                                         $428

Drains Plus Inc.                               $425

RVM Electric Co.                               $350

Mug a Bug                                      $250

Durham Co. Health Dept.                        $225

Grapevine Press                                $188

Centracomm                                     $160

Equifax                                        $159

Burlington Drapery                             $112

Unifirst                                       $105

Herald Sun                                     $102

Office Depot                                    $94

Clear Vue Glass                                 $82

Lowes                                           $54


NRG ENERGY: Nelson Debtors Agree to Settle Dick Corp Claim Dispute
------------------------------------------------------------------
Debtors LSP-Nelson Energy, LLC, and NRG Nelson Turbines, LLC, ask
the Court to approve a compromise and settlement of the claims
asserted by Dick Corporation.

In November 1999, Samuel K. Kohn, Esq., at Kirkland & Ellis, in
New York, relates that LSP-Kendall Energy, LLC, a non-debtor
affiliate of NRG, and Dick entered into a contract for the
engineering and construction of a power plant in Minooka,
Illinois.  NRG and Dick had disputes over the construction of the
Kendall Project.  Dick asserted a mechanics' lien for $50,193,228
and commenced a foreclosure action against the Kendall Project.

Under the terms of the Kendall Contract, Dick alleged to have
retained ownership of all patents and other intellectual property
for the construction of the Kendall Project, including vendor
drawings and other data necessary for the operation, maintenance,
repair or alteration of the Kendall power plant.  Dick also
claimed that NRG subsequently transferred Dick's intellectual
property created in connection with the Kendall Project to
LSP-Nelson Energy, a debtor-affiliate of NRG.  Dick further
alleged that its intellectual property was transferred to Nelson
Energy for the purpose of constructing a power generation
facility in Dixon, Illinois.  

                    The Dick/Nelson Litigation

In August 2002, Dick filed a complaint alleging equitable lien,
unjust enrichment and conversion causes of action against several
defendants, including NRG and Nelson Energy, in the United States
Circuit Court of Lee County, Illinois.  The proceeding was
removed on September 18, 2002 to the U.S. District Court for the
Northern District of Illinois.  

In the Dick/Nelson Litigation, Dick asserted that it suffered
damages in excess of $10 million.  On September 30, 2002, Dick
filed a notice of lis pendens in Lee County, Illinois against the
Nelson Project for the full amount of its alleged damages.  NRG
and the Nelson Entities dispute the allegations raised in the
Dick/Nelson Litigation.

The Dick/Nelson Litigation became subject to the automatic stay
provisions of the Bankruptcy Code as of the NRG Petition Date as
to NRG, and as of the Nelson Petition Date as to the Nelson
Entities.

Dick wants to pursue its Equitable Lien Claim.  

Dick filed proofs of claim in excess of $10 million in connection
with the Dick Equitable Lien Claim in the Chapter 11 cases of NRG
on July 14, 2003 and in the Chapter 11 cases of the Nelson
Entities on November 19, 2003.  

                      The Dick/Nelson Settlement

Mr. Kohn reports that throughout much of the lengthy, complex and
fact-intensive proceedings in connection with the Dick/Nelson
Litigation, as well as during the Debtors' Chapter 11 cases, NRG
and Dick have periodically entertained the possibility of a
settlement in an effort to resolve all their disputes.

To this end, NRG, Kendall, the Nelson Entities and Dick entered
into a settlement agreement, dated as of April 2, 2004, to
resolve the Dick Mechanics' Lien Claim and the Dick Equitable
Lien Claim.

The salient terms of the Dick Global Settlement Agreement are:

A. Resolution of the Dick Mechanics' Lien Claim

   Kendall will pay:

      (1) Dick $12,170,908; and

      (2) an escrow agent named in the Dick Global Settlement
          Agreement $1,329,092.  

B. Resolution of the Dick Equitable Lien Claim

   Dick will have an allowed general unsecured claim in NRG's
   Chapter 11 case for $5,000,000.

C. Mutual Releases

   Dick releases NRG, NRG's direct and indirect subsidiaries,   
   NRG's affiliates, the lenders to the Kendall Project and the
   Nelson Project, and the officers, directors, shareholders,
   members, agents, attorneys, advisors, representatives,
   assigns, successors and employees of all of them from any and
   all claims.  

   NRG, on behalf of NRG and its direct and indirect
   subsidiaries, releases Dick, its direct and indirect
   subsidiaries and its affiliates and the officers, directors,
   shareholders, members, agents, attorneys, advisors,
   representatives, assigns, successors and employees of all of
   them, from any and all claims.  (NRG Energy Bankruptcy News,
   Issue No. 26; Bankruptcy Creditors' Service, Inc., 215/945-
   7000)


OAK ORCHARD DAIRY: Case Summary & 15 Largest Unsecured Creditors
----------------------------------------------------------------
Debtor: Oak Orchard Dairy LLC
        6258 Oak Orchard Road
        Elba, New York 14058
        
Bankruptcy Case No.: 04-12731

Chapter 11 Petition Date: April 15, 2004

Court: Western District of New York (Buffalo)

Judge: Michael J. Kaplan

Debtor's Counsel: John Macko, Esq.
                  42 Second Street
                  Geneseo, NY 14607
                  Tel: 585-243-9211

Total Assets: $1,687,520

Total Debts:  $1,786,120

Debtor's 15 Largest Unsecured Creditors:

Entity                                 Claim Amount
------                                 ------------
Don Beck, Inc.                              Unknown
5249 State Rt. 39
P.O. Box 503
Castile, NY 14427

Dave Reisdorf, Inc.                         Unknown
16 Clinton St.
P.O. Box 395
Batavia, NY 14020

Ellsworth E. Norton                         Unknown
6266 Oak Orchard Rd.
Elba, NY 14058

Farm Plan                                   Unknown

Farmers Express Trucking                    Unknown

Gemplers Inc.                               Unknown

Griffith Energy                             Unknown

Health Economics Group Inc.                 Unknown

Kirk Mathes                                 Unknown

Linwood Commodities LLC                     Unknown

Niagara Mohawk                              Unknown

RSM McGladry                                Unknown

State Insurance Fund                        Unknown

Verizon                                     Unknown

Verizon Wireless                            Unknown


PARMALAT SPA: April 20 Claims Bar Date Not Mandatory
----------------------------------------------------
April the 20th was identified   |  Parmalat Finanziaria SpA in
as the last date for the        |  Amministrazione Straordinaria
filing of proofs of claim       |  rammenta che il 20 Aprile
in the Parmalat SpA             |  e scaduto il termine per
Extraordinary Administration    |  l'insinuazione al passivo
procedures.                     |  da parte dei creditori di
                                |  Parmalat Spa in
     This deadline, which was   |  Amministrazione Straordinaria.
indicated in the press release  |
of April the 5th and which can  |       Tale termine, come
be found on the Web site of the |  indicato nel comunicato stampa
Tribunale                       |  del 5 aprile u. s. e riportato
                                |  sul sito Internet

              http://web.ltt.it/tribunale/home.htm

was not mandatory.              |  non era perentorio.
                                |
     Requests to file proofs of |       Le domande di
claim, in practice, will be     |  insinuazione al passivo
considered as being within the  |  saranno di fatto considerate
deadline until the Parma Court  |  tempestive sino a quando il
has completed its verification  |  Tribunale di Parma avra
of the debt of the company.     |  completato la verifica dello
This verification process will  |  stato passivo che sara avviata
commence on May 19, 2004 and is |  il 19 maggio prossimo venturo
expected to require several     |  e verosimilmente richiedera
hearings of the Court after     |  piu sedute.  (Al momento non
May 19, before it is completed. |  e possibile prevedere il
(Today, it is not possible to   |  tempo necessario a completare
project the date when the       |  la verifica dello stato
process of debt verification    |  passivo).
will be concluded.)             |
                                |       Una volta completata la
     Once the verification      |  verifica e dichiarata la
process has been completed, the |  chiusura dello stato passivo,
Court will declare the closure  |  le domande pervenute
of the Claim filing procedure   |  successivamente saranno
and all the claim forms         |  considerate tardive e
received after the closure date |  dovranno essere presentate
will be deemed not filed timely |  tramite un legale a pena
and, if not presented via a     |  di inammissibilita.
legal advisor, will not be      |
accepted.                       |

Headquartered in Wallington, New Jersey, Parmalat USA Corporation
-- http://www.parmalatusa.com/-- generates more than 7 billion  
euros in annual revenue.  The Parmalat Group's 40-some brand
product line includes milk, yogurt, cheese,  butter, cakes and
cookies, breads, pizza, snack foods and vegetable sauces, soups
and juices and employs over 36,000 workers in 139 plants located  
in 31 countries on six continents.  The Company filed for chapter
11 protection on February 24, 2004 (Bankr. S.D.N.Y. Case No. 04-
11139).  Gary Holtzer, Esq., and Marcia L. Goldstein, Esq., at
Weil Gotshal & Manges LLP represent the Debtors in their
restructuring efforts.  On June 30, 2003, the Debtors listed
EUR2,001,818,912 in assets and EUR1,061,786,417 in debts.
(Parmalat Bankruptcy News, Issue No. 14; Bankruptcy Creditors'
Service, Inc., 215/945-7000)   


PEGASUS COMMUNICATIONS: S&P Further Junks Corporate Credit Rating
-----------------------------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
rating on Pegasus Communications Corp. and subsidiaries, Pegasus
Satellite Communications Inc. and Pegasus Media & Communications
Inc., to 'CCC' from 'CCC+'. These companies are analyzed on a
consolidated basis.

The outlook remains negative. The Bala Cynwyd, Penn.-based DirecTV
franchisee had about $1.5 billion in consolidated debt and debt-
like preferred stock at Dec. 31, 2003.
     
"The rating action reflects heightened concern about the company's
business prospects, shrinking subscriber base, limited liquidity,
overburdened debt and maturity structure, and increasingly
acrimonious relationship with DirecTV," according to Standard &
Poor's credit analyst Steve Wilkinson. He continued, "Pegasus
remains in litigation with DirecTV over various matters, including
a crucial disagreement regarding the life of Pegasus' rights as a
distributor of the DirecTV satellite television service. Pegasus
recently lost one of its lawsuits with DirecTV that now requires
the company to pay $51.5 million to DirecTV related to a marketing
dispute. A decision on more than $11 million in related interest
claims against Pegasus is pending. These judgments may
significantly strain Pegasus' already thin liquidity and increase
its operating costs."

Pegasus is vulnerable to a near-term default if its already
insufficient liquidity deteriorates further or if it is unable to
defer a substantial amount of its 2005 debt maturities.


PLEJ'S SUPERMARKET: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------------
Debtor: Plej's Linen Supermarket SoEast Stores LLC
        454 South Anderson Road
        Rock Hill, South Carolina 29730

Bankruptcy Case No.: 04-31383

Debtor affiliates filing separate chapter 11 petitions:

      Entity                                     Case No.
      ------                                     --------
      Ostrow Holdings, Inc.                      04-31384
      Ostrow Company, LLC                        04-31386
      Ostrow Textile Co., Inc.                   04-31387
      Ostrow Wholesale Company, LLC              04-31388
      Home Based Creations, LLC                  04-31389
      Ostrow Textile, LLC                        04-31391

Type of Business: The Debtors are engaged primarily in two core
                  businesses, retail sale of first quality
                  program home accessories for bed, bath,
                  window, decorative and house wares and limited
                  closeout and discontinued opportunistic
                  merchandise; and wholesale distribution of
                  similar bed and bath textiles. The Debtors are
                  one of the leading regional retailers of linens
                  and home accessories in the Southeast.

Chapter 11 Petition Date: April 15, 2004

Court: Western District of North Carolina (Charlotte)

Judge: George R. Hodges

Debtors' Counsels: John R. Miller, Jr., Esq.
                   Paul R. Baynard, Esq.
                   Rayburn Cooper & Durham, P.A.
                   1200 The Carillon
                   227 West Trade Street
                   Charlotte, NC 28202
                   Tel: 704-334-0891

                             Estimated Assets   Estimated Debts
                             ----------------   ---------------
Plej's Linen Supermarket     $10 M to $50 M     $10 M to $50 M
SoEast Stores LLC
Ostrow Holdings, Inc.        $0 to $50,000      $10 M to $50 M
Ostrow Company, LLC          $10 M to $50 M     $10 M to $50 M
Ostrow Textile Co., Inc.     $0 to $50,000      $10 M to $50 M
Ostrow Wholesale Company,    $10 M to $50 M     $10 M to $50 M
LLC
Home Based Creations, LLC    $0 to $50,000      $10 M to $50 M
Ostrow Textile, LLC          $50,000-$100,000   $10 M to $50 M

Debtor's Consolidated List of 20 Largest Unsecured Creditors:

Entity                        Nature Of Claim       Claim Amount
------                        ---------------       ------------
Springs Industries            Trade debt              $1,373,071
P.O. Box 75227
Charlotte, NC 28275-5227

Cindi Ostrow                  Loan                      $502,092
5004 Oxford Crescent CT
Charlotte, NC 28226

Kenney Mfg Company            Trade debt                $288,635
P.O. Box 845858
Boston, MA 02284-5858

Erwin & Sons Direct Imports   Trade debt                $214,372

Creative Bath Products        Trade debt                $213,191

Revere Mills, Inc.            Trade debt                $211,780

Lichtenburg & Company Inc.    Trade debt                $198,713

Lees Curtain Co., Inc.        Trade debt                $180,642

Gerson International          Trade debt                $175,750

Arlee Home Fashions, Inc.     Trade debt                $158,482

Toweller's Limited            Trade debt                $153,270

Burlington Rug Corp.          Trade debt                $148,891

Esscential Ideas              Trade debt                $140,093

Lorraine Home                 Trade debt                $138,841

National Curtain Corp.        Trade debt                $126,765

Barkat Inc.                   Trade debt                $124,154

Fancy That                    Trade debt                $116,460

Achim Importing Co. Inc.      Trade debt                $106,718

Cadillac Curtain Corp.        Trade debt                $103,928

Cambridge International       Trade debt                $103,135
Trade


PREMIER FREIGHTLINER: Wants to Tap CitiCapital's Cash Collateral
----------------------------------------------------------------
Premier Freightliner, Inc., is asking for permission from the U.S.
Bankruptcy Court for the Western District of Texas, El Paso
Division, to use its lender's cash collateral to finance the
ongoing operation of its business while restructuring under
chapter 11.

The Debtor tells the Court that it needs to dip into CitiCapital
Commercial Corporation's Cash Collateral in order to, among other
things, pay salaries for regular employees, pay payroll taxes, but
materials and inventory, and fund other expenses incurred in the
ordinary course of business.  Without authority to use the Cash
Collateral, the Debtor will be unable to operate and will be
forced to cease operations.

CitiCapital holds or claims a floor plan lien in the amount of
$1,800,000 against the Debtor's inventory, which, as of
March 1, 2004, was valued at $2,300,000.

Upon the sale of any truck by Debtor upon which CitiCapital has a
floor plan lien, the Debtor agrees to pay the floor plan amount,
within 5 working days of the receipt of funds from the buyer's
finance company or lender.

As adequate protection for CitiCapital's security interests in the
Cash Collateral, the Lender will continue to have security
interests upon, and the Debtor agrees that its obligation will be
secured by a floor plan lien which CitiCapital had a lien or
security interest.

In addition, CitiCapital will have security interests and liens
against accounts receivable of the same type as the Prepetition
Collateral acquired by the Debtor postpetition and all Cash
Collateral generated thereafter.

The Debtor's use of Cash Collateral will be according to the
Business Plan Budget projecting:

                             Apr.        May       June
                             ----        ---       ----
    Total Selling Gross     201,483    242,968    251,548
    Fixed Expense          (159,900)  (159,900)  (159,900)
    other Income             10,000     10,000     10,000
    Profit                   51,563     93,068    101,646

                             July      August      Sept.
                             ----      ------      -----
    Total Selling Gross     241,347    324,919    315,376
    Fixed Expense          (159,900)  (159,900)  (159,900)
    other Income             10,000     10,000     10,000
    Profit                   91,447    175,019    166,476

                            Oct.       Nov.       Dec.

    Total Selling Gross     305,140    258,409    258,284
    Fixed Expense          (159,900)  (159,900)  (159,900)
    other Income             10,000     10,000     10,000
    Profit                  155,240    108,509    108,384

Headquartered in El Paso, Texas, Premier Freightliner, Inc., is in
the business of operating Freightliner dealership and service
center. The Company filed for chapter 11 protection on March 1,
2004 (Bankr. W.D. Tex. Case No. 04-30514).  Wiley F. James, III,
Esq., at James, Goldman & Haugland, P.C., represents the Debtor in
its restructuring efforts.  When the Company filed for protection
from its creditors, it listed $2,305,956 in total assets and
$10,814,175 in total debts.


PRIMARY CARE PLUS: Case Summary & 8 Largest Unsecured Creditors
---------------------------------------------------------------
Debtor: Primary Care Plus, LLC
        1905 Skibo Road
        Fayetteville, North Carolina 28314

Bankruptcy Case No.: 04-03088

Type of Business: The Debtor provides medicine products and
                  services.

Chapter 11 Petition Date: April 15, 2004

Court: Eastern District of North Carolina (Raleigh)

Judge: A. Thomas Small

Debtor's Counsel: Terri L. Gardner, Esq.
                  Poyner & Spruill, LLP
                  P.O. Box 10096
                  3600 Glenwood Avenue
                  Raleigh, NC 27605-0096
                  Tel: 919-783-6400

Estimated Assets: $1 Million to $10 Million

Estimated Debts:  $1 Million to $10 Million

Debtor's 8 Largest Unsecured Creditors:

Entity                        Nature Of Claim       Claim Amount
------                        ---------------       ------------
Bank of America                                       $2,506,020

General Electric Capital                              $2,107,175
Corp.

Bank of America                                       $1,459,646

County of Cumberland          ad valorem property        $28,373
                              taxes

Bank of America Leasing       Lease of bone              Unknown
& Capital, LLC                densitometer analyzer
                              and dimension RXL;
                              lease of computer
                              equipment; lease of
                              Lyra XP laser system

JP Morgan Chase Bank          Lease of ultrasound         Uknown
                              system

TCF Leasing, Inc.             Lease no.                  Unknown
                              002-0119860-001
                              dated 8/27/03

Wells Fargo Bank              lease no. 299097.001       Unknown
                              dated 7/3/03


ROLLING SURF MOTEL: Voluntary Chapter 11 Case Summary
-----------------------------------------------------
Debtor: Rolling Surf Motel, Inc.
        P.O. Box 152
        Kure Beach, North Carolina 28449-0152

Bankruptcy Case No.: 04-03102

Type of Business: The Debtor operates a Hotel.

Chapter 11 Petition Date: April 15, 2004

Court: Eastern District of North Carolina (Raleigh)

Judge: J. Rich Leonard

Debtor's Counsel: Michael Ryan Dyson, Esq.
                  Ryan Dyson, PLLC
                  7501 Creedmoor Road, Suite 110
                  Raleigh, NC 27613
                  Tel: 919-844-6999

Total Assets: $2,518,700

Total Debts:  $920,800

The Debtor did not file a list of its 20-largest creditors.


SALOMON BROTHERS: S&P Takes Rating Actions on 2000-C1 Notes
-----------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on two
classes and lowered its rating on one class of Salomon Brothers
Mortgage Securities VII Inc.'s series 2000-C1. At the same time,
all other ratings from this transaction are affirmed (see list).

The raised and affirmed ratings reflect adequate credit
enhancement, after taking into account losses on the specially
serviced and watchlisted assets, as well as, the improved
financial performance of the overall pool. The lowered rating
reflects concerns regarding the specially serviced and watchlist
asset.
   
As of March 2004, the pool consisted of 261 fixed-rate
mortgages with an aggregate principal balance of $677.9 million,
down from $713.3 million at issuance. The weighted average debt
service coverage ratio (DSCR) of the pool, based on net cash flow
has increased to 1.48x from 1.34x at issuance. The coverage is
based on 92.3% collection of year-end 2002, and interim 2003
financials by the master servicer, GMAC Commercial Mortgage
Corp. (GMACCM). The weighted average DSCR of the top 10 loans,
which comprises 20.1% of the pool, increased to 1.34x from 1.29x
at issuance. This calculation excludes the third-largest loan in
the pool for lack of current financial information. There have
been no realized losses to date.

As of the March 2004 distribution date, there were nine specially
serviced assets totaling $33.5 million (or 4.9% of the pool). Two
are REO with a balance of $4.4 million, one is identified as 90-
days delinquent ($12.4 million), three are 30-days delinquent
(totaling $11.4 million), and the remaining three are current
(totaling $5.4 million).

The 90-day delinquent asset is the fifth-largest asset in the
pool. No other top 10 assets are in special servicing. The loan
has an outstanding balance of $12.3 million, total exposure of
approximately $13.0 million, and is the fifth-largest mortgage in
the pool. The mortgage is secured by a 284-room Holiday Day Inn
located in Somerset, N.J. The borrower is negotiating with GMACCM
to enter into a forbearance agreement. The property's financial
performance has deteriorated due to local market conditions.
Eleven new hotels have come on-line in the area since April
2001, and the area surrounding the hotel has been impacted by a
loss of corporate tenants that generated demand. This has resulted
in decreased occupancy (38% as of March 2003) and low DSCR (0.81x
at December 2002). Should the forbearance not work out and/or the
property performance continues to decline, further rating actions
may be warranted.

The REO properties include three office properties totaling 48,000
square feet (sq. ft.) in Monroe, N.Y. (near Rochester). The
properties have been REO since December 2002, and total exposure
is approximately $2.8 million as of the March 2004 distribution.
Two of the three properties are vacant, while the third has an
occupancy level of 83%, for an overall occupancy level of 40%. An
appraisal reduction amount (ARA) of $631 million has been applied
based on the December 2002 appraisal. The other REO asset has
total exposure of approximately $2.7 million. It is a vacant
94,130 sq. ft. retail property located in South Bend, Ind. Kmart
rejected its lease and vacated the space in March 2002, which
caused a loan default. The property has been REO since July 2003.
An ARA of $1.37 million has been applied to the asset and a severe
loss is expected upon disposition.

The 30-day delinquent mortgages total $11.4 million. Two are
secured by multifamily properties and one is secured by an
industrial property. The two multifamily mortgages, totaling $3.63
million, are with the special servicer due to a payment dispute
and a discounted payoff offer request. The industrial property is
located in Brooklyn, N.Y. and is encumbered by a $7.7 million
mortgage. The loan was transferred to the special servicer
due to a monetary default and was transferred without consent.
Subsequent to the March payment distribution, the loan became
current. The remaining three specially serviced loans, totaling
$5.4 million, are current.

GMACCM reported 50 mortgages totaling $117.2 million (or 17.3% of
the pool) on its watchlist for a variety of reasons. Approximately
half of the loans appear due to low DSCRs (below 1.0x). The
fourth-largest loan ($13.3 million) appears on the watchlist due
to low DSCR. The loan is secured by a 234-unit multifamily
apartment located in Las Vegas, Nev. The property inspection ranks
the property as good. As of December 2003, occupancy levels were
90% and DSCR was reported at 0.97x, down from occupancy of 96%
and 1.20x DSCR, at issuance. The property has been experiencing
declining financial performance as a result of concessions needed
to maintain occupancy levels in a competitive market.

The pool has geographic concentrations in excess of 10% in
California (21.9%), New York (14.4%), and Massachusetts (10.4%).
The property type composition of the pool includes office (27.1%),
multifamily (22.6%), retail (21.5%), and industrial (12.0%).

Standard & Poor's stressed the specially serviced, watchlist, and
other loans in the pool that appeared to be underperforming. The
resultant credit enhancement levels support the raised ratings.
    
                        Ratings Raised
    
            Salomon Brothers Mortgage Securities VII Inc.
         Commercial mortgage pass-thru certs series 2000-C1
    
                   Rating
         Class    To      From    Credit Support

         B        AA+     AA              21.57%
         C        A+      A               17.10%
    
                        Rating Lowered
   
         Salomon Brothers Mortgage Securities VII Inc.
      Commercial mortgage pass-thru certs series 2000-C1
    
                   Rating
         Class    To      From    Credit Support
         N        CCC+    B-               2.37%
     
                        Ratings Affirmed
    
         Salomon Brothers Mortgage Securities VII Inc.
      Commercial mortgage pass-thru certs series 2000-C1
    
         Class     Rating        Credit Support
         A-1       AAA                   26.83%
         A-2       AAA                   26.83%
         X         AAA                     -  
         D         A-                    15.52%
         E         BBB+                  14.21%
         F         BBB                   12.10%
         G         BBB-                  10.52%
         H         BB+                   8.42%
         J         BB                    5.79%
         K         BB-                   5.00%
         L         B+                    4.47%
         M         B                     3.42%


SERVES 1999-6: Fitch Affirms B- Rating on $46.4 Million Notes
-------------------------------------------------------------
Fitch Ratings affirms the $46,400,000 Structured Enhanced Return
Vehicle Trust notes, series 1999-6 (SERVES 1999-6) at 'B-'.
SERVES 1999-6 is a synthetic collateralized loan obligation (CLO)
that provides investors leveraged exposure to a diversified
portfolio of high-yield loans. The transaction utilizes a total
rate of return swap between the SERVES trust and Bank of America,
N.A. to obtain the leveraged exposure.

Fitch has reviewed the credit quality of the individual assets
comprising the portfolio. SERVES 1999-6 has experienced marginal
positive credit migration and minimal change of the weighted
average rating factor (WARF), since it was reviewed on February,
2003. While there was an overall decrease in the collateral
account, the cumulative payment account increased substantially.
The composition of the portfolio has improved as overall market
conditions strengthened along with a reduction in impaired assets
within the reference portfolio. Subsequently, a review of the
transaction has led Fitch to conclude that the 'B-' rating of the
notes is representative of the current credit risk to investors.

Fitch will continue to monitor this transaction. Deal information
and historical data on SERVES 1999-6 is available on the Fitch web
site at http://www.fitchratings.com/  


SIMRIDGE TECHNOLOGIES: DoveBid to Conduct Multiple Asset Auctions
-----------------------------------------------------------------
DoveBid, Inc., a global provider of capital asset auction and
valuation services, announced that it will conduct a Webcast
auction and a private treaty sale for SimRidge Technologies, Inc.
by order of U.S Bankruptcy Court in the complete closure of two
full-service turnkey plastic injection-molding facilities.

The Webcast auction will be conducted live over the Internet at
DoveBid's Website on May 4, 2004 beginning at 9:00 a.m. EDT in
Sanford, North Carolina. Featured items for the Webcast auction
include Van Dorn plastic injection-molding machines from 55-ton x
2.8-oz. to 960-ton, ancillary plastics and tool room equipment.

The private treaty sale will be conducted through May 31, 2004,
with assets located in New Braunfels, Texas. This sale will
include a complete, turnkey plastics injection-molding facility
including real estate and improvements. The facility includes
116,000 sq. ft. manufacturing floor area, 38,000 sq. ft.
warehouse, 11 acres in Central Texas on IH-35 between Austin and
San Antonio, injection-molding presses ranging from 50-1,000 ton
and a complete service tool room.

"DoveBid is conducting thirteen plastic injection-molding facility
auctions from March through May 2004 in North America and Europe,"
said Kirk Dove, president and chief operating officer at DoveBid.
"These premier sales for SimRidge Technologies, Inc. will enable
buyers around the globe to access two full-service turnkey plastic
injection-molding facilities."

To participate in these sales, buyers may bid live via the
Internet at http://www.dovebid.com/or attend in person. To  
preview assets, visit the Web site for locations and dates.

                        About DoveBid

DoveBid, Inc. is a global provider of capital asset auction and
valuation services to large corporations and financial
institutions. DoveBid delivers an integrated set of services to
its customers for the disposition, valuation and redeployment of
their surplus capital assets. DoveBid offers an array of auction
services to meet its customers' specific needs, including live
Webcast auctions, on-site-only auctions, featured online auctions
and privately negotiated sales. DoveBid Managed Services offers
clients a hosted, Internet-based application to monitor surplus
assets inside the corporation. DoveBid Valuation Services uses its
database of transaction information to provide valuations of
capital assets for financial institutions and large businesses.

Headquartered in Foster City, California, DoveBid has over 65
years of auction experience in the capital asset industry with
more than 40 locations throughout North America, Europe and the
Asia-Pacific region. More information on DoveBid can be found at
www.dovebid.com or by contacting company headquarters at (800)
665-1042 or (650) 571-7400.


SOLUTIA INC: Hires Trammell Crow as Real Estate Broker
------------------------------------------------------
Solutia, Inc., seeks the Court's authority to employ Trammell
Crow Services, Inc., doing business as Trammell Crow Company, as
its real estate broker, pursuant to Sections 327(a) and 365 of
the Bankruptcy Code.

Jeffry N. Quinn, Solutia, Inc.'s Senior Vice President, General  
Counsel and Chief Restructuring Officer, relates that Trammell is
a real estate brokerage firm that represents numerous
corporations and other entities with respect to real estate
requirements, including acquisitions and dispositions of leases.  
Trammell is a well-established firm and has continued to offer
its corporate clients the full scope of consulting and strategic
planning in connection with real estate transactions involving a
broad rage of industries over the past 50 years.  Trammell has
over 6,300 employees and maintains operations in 47 domestic
offices, two Canadian offices and five other international
locations.

                     Webster Groves Property

Solutia and Trammell entered into an Exclusive Listing Contract,
dated March 17, 2004, that will govern their relationship.  The
Exclusive Listing Contract will be in effect until March 31,
2005.

Trammell will serve as Solutia's real estate broker to identify
and negotiate a transaction for the sale, assignment or sublease
of an unexpired non-residential real property lease located at
369-385 Marshall Road in Webster Groves, Missouri 63119.  Solutia
currently leases around 5.67 acres of property surrounding
buildings 6, 7 9, 12, 14, 30, 31 and 32 in the complex formerly
utilized as the corporate headquarters for Petrolite Corporation
pursuant to a lease dated June 18, 1998.  The Lease grants
Solutia, as tenant, a purchase option on the Property.  Solutia
finds it appropriate to explore all options regarding the
potential for assignment of its interest in the Lease so as to
identify the strategy that will maximize the value to the estate.

Under the Exclusive Listing Contract, Solutia grants Trammell
sole and exclusive authority to market the Webster Groves
Property to a third party to whom Solutia may assign the Lease,
sublease the Property, or sell the Property.  Solutia has sole
and absolute discretion in accepting, rejecting or negotiating
any transaction.

                       Creve Coeur Property

Solutia also seeks the Court's authority to enter into an
Exclusive Right to Sublease Contract, dated February 28, 2003,
and amended on December 30, 2003.  The Exclusive Right to
Sublease Contract will expire on August 31, 2004.

Trammell will serve as Solutia's exclusive real estate broker to
identify and negotiate a transaction for a sublease of an entire
floor at 575 Maryville Center Drive in Creve Coeur, Missouri,
63141, which Solutia currently leases.

Under the Exclusive Right to Sublease Contract, Solutia will
grant Trammell the sole and exclusive authority to market the
Creve Coeur Property to a third party to whom it may sublease it
for $26.75 per rentable square foot or for any other price that
Solutia consents to.

                           Compensation

Trammell will be compensated on a commission basis.  With regards
to its exclusive contract concerning the Exclusive Listing
Contract, Trammell's commission will be equal to 3.5% of the
"compensation" Solutia will receive for the transfer, assignment
or sublease of the property.  In the event Trammell receives a
commission under the Exclusive Listing Contract, Solutia also
agrees to reimburse Trammell for all third party out-of-pocket
marketing expenses incurred, up to a limit of $2,500.

With regards to the Exclusive Right to Sublease Contract,
Trammell's commission will be 5% of the total base rental for any
period of time occurring prior to and including August 27, 2007.  
Trammell will be entitled to the Sublease Commission if the Creve
Coeur Property is subleased during the Exclusive Period or within
three additional months after August 31, 2004.

Any participating broker by reason of agreement with Trammell are
paid by Trammell, but not to exceed 2.25% of the total base rent
for any period of time occurring prior to and including
August 27, 2007.  Any additional commission demanded by any
procuring broker will be paid by Solutia, subject to written
approval.

In the event that a sublessee expands its premises on the fourth
floor at the Creve Coeur Property, Solutia will pay Trammell a
commission equal to 2.5% of the total base rental payable with
respect to the expanded space for any period of time prior to and
including August 27, 2007.  Solutia will also reimburse Trammell
for all third party out-of-pocket marketing expenses incurred up
to a limit of $2,500.

In the event of a sale or other conveyance of the building that
houses the Creve Coeur Property, Solutia will obtain and deliver
to Trammell a written agreement from the prospective purchaser
assuming responsibility for payment of any and all Sublease
Commissions payable to Trammell.  If Solutia fails to deliver the
written agreement, then the Sublease Commission then earned but
not yet paid to Trammell will be accelerated and become due and
payable in full on the closing of the title or on the effective
date of the conveyance.

                  Prepetition Payments to Trammell

Since April 1999, Solutia and Trammell have been parties to a
Service Agreement, pursuant to which Trammell provides Solutia
with facilities management, maintenance, repair and other related
services at their corporate headquarters and certain other
technical facilities.  For its services, Solutia pays Trammell an
annual fee of approximately $128,000 as well as reimbursement for
costs and other charges incurred.

As of the Petition Date, Solutia owed Trammell $183,618 on
account of prepetition services.  Mr. Quinn reports that Trammell
has agreed to waive its right to collect the prepetition amounts
due.

Jeffrey T. Zornes, Director of Global Services at Trammell Crow,
assures the Court that Trammell is a disinterested person within
meaning of Section 101(14) of the Bankruptcy Code and holds no
interest adverse to the Debtors and their estates.

                          *     *     *

Judge Beatty authorizes Solutia to employ Trammell Crow as its
real estate broker pursuant to Sections 327(a) and 328 of the
Bankruptcy Code, nunc pro tunc to March 17, 2004 for the
Exclusive Listing Contract and December 17, 2003 for the
Exclusive Right to Sublease Contract.

Headquartered in St. Louis, Missouri, Solutia, Inc. --
http://www.solutia.com/-- with its subsidiaries, make and sell a  
variety of high-performance chemical-based materials used in a
broad range of consumer and industrial applications. The Company
filed for chapter 11 protection on December 17, 2003 (Bankr.
S.D.N.Y. Case No. 03-17949).  When the Company filed for
protection from their creditors, they listed $2,854,000,000 in
assets and $3,223,000,000 in debts. (Solutia Bankruptcy News,
Issue No. 12; Bankruptcy Creditors' Service, Inc., 215/945-7000)


SPHERION CORPORATION: Posts $8 Million First Quarter 2004 Net Loss
------------------------------------------------------------------
Spherion Corporation (NYSE:SFN) announced financial results for
the first quarter ended March 26, 2004.

                     Financial Highlights

   -- First quarter 2004 revenues from continuing operations were
      $478.6 million compared with $414.1 million in the first
      quarter of 2003, an increase of 15.6%.

   -- The net loss for the three months was ($8.1) million or
      ($0.13) per share in 2004 and ($4.8) million or ($0.08) per
      share in 2003.

   -- The loss from continuing operations was ($4.0) million or
      ($0.07) per share in the first quarter 2004 compared with
      ($2.7) million or ($0.05) per share in the first quarter
      2003.

   -- Excluding restructuring and other charges, adjusted earnings
      (loss) from continuing operations for the first quarter were
      $1.8 million or $0.03 per share in 2004 and ($2.7) million
      or ($0.05) per share in 2003.

Spherion President and Chief Operating Officer Roy Krause
commented, "Our strategy to focus on recruiting based services in
the North American market, the organizational changes we made
recently to support that strategy, as well as investments in sales
resources, are yielding strong improvements in our business
results. Excluding the impact of our Canadian franchise
acquisition in 2003, revenue growth from continuing operations was
10.7% year over year, attributable to strong sales execution from
both our Staffing and Professional Services segments. Demand for
staffing services increased in the first quarter across all skill
sets, including information technology, and was fairly broad based
throughout North America. Our business trends are encouraging and
our internal efforts have positioned us well to benefit from the
improving employment market."

Krause continued, "We are encouraged by the wide spread demand for
traditional temporary staffing services, as well as our progress
in increasing revenues from some of our higher value managed
service offerings. As expected, gross profit margins declined due
to dramatic increases in state unemployment taxes in 2004 and the
cumulative impact of competitive pricing over the last year. We
continue to carefully manage expenses as market demand increases
and expect to further improve operating leverage as the business
grows."

                     Operating Performance

As previously announced, the Company plans to divest certain non-
core assets, which will allow greater focus on its North American
staffing and recruiting operations. The businesses held for sale
have been reclassified in the financial statements as discontinued
operations. Historical segment information has been restated and
is available on the investor relations page of the Company's Web
site at http://www.spherion.com.

Staffing Services revenues increased 10.9% year over year,
excluding the impact of the 2003 Canadian franchise acquisition,
and the typical seasonal decline in revenues in the first quarter
was less than in prior years. Demand continues to be driven
primarily by light industrial staffing, but clerical staffing and
several areas of the managed services business also improved. In
the Staffing Services segment, average pricing was stable as
compared with the fourth quarter of 2003. Year over year decreases
in temporary staffing gross profit margins were partially offset
by a shift in the mix of services toward higher margin managed
services and permanent placement revenue. The segment operating
profit margin improved to 1.8% in the first quarter 2004.

Professional Services revenue growth on a year over year basis
accelerated to 10.2% in the first quarter 2004. This reflects
improvements in each skill category, including 10.9% growth in
information technology staffing. Gross profit margins declined due
to pricing pressure in our largest accounts, growth in technology
staffing, which has lower average margins, and increased
unemployment taxes. These declines were partially offset by
increased permanent placement revenue. Increased volume combined
with reduced operating expenses resulted in an improved segment
operating profit margin of 2.4%.

                        Other Items

The Company continues to implement the final phase of its
enterprise-wide system. To date approximately 225 locations have
been successfully converted to the new system. The Company
anticipates the system implementation will be substantially
complete during the third quarter.

As previously announced, the Company recorded restructuring and
other charges of $8.9 million on a pre-tax basis for the
termination of the employment contract of its former chief
executive officer, facility consolidation and severance.

The Company's discontinued operations consist of staffing
operations in Europe and Australia and the court reporting
business in the U.S. The loss from discontinued operations
includes pre-tax operating losses of $4.8 million and a pre-tax
charge of $1.9 million for the estimated loss on disposal of its
discontinued operations.

                        Outlook

Krause commented, "Weekly sales trends in late March and for the
first three weeks of April are showing continued growth versus
last year, reflective of new account wins and increased volume at
existing accounts. Based on these trends, the Company currently
anticipates revenue for the second quarter 2004 will be between
$485 and $505 million and earnings from continuing operations will
be between $0.03 and $0.07 per share. This compares with revenue
of $425.3 million and a loss per share from continuing operations
of ($0.02) in the second quarter of 2003. We have also assumed an
effective tax rate of 40% for the second quarter 2004."

                     About Spherion

Spherion Corporation (S&P, B+ Corporate Credit Rating, Negative)
is a leader in the staffing industry in North America, providing
value-added staffing, recruiting and workforce solutions. Spherion
has helped companies improve their bottom line by efficiently
planning, acquiring and optimizing talent since 1946. To learn
more, visit http://www.spherion.com/


STERLING FINANCIAL: Reports Record Revenues for First Quarter 2004
------------------------------------------------------------------
Sterling Financial Corporation (Nasdaq: STSA) announced core
earnings of $12.9 million, or $0.62 per diluted share, for the
quarter ended March 31, 2004. This compares with core earnings of
$7.9 million, or $0.57 per diluted share, for the quarter ended
March 31, 2003. Core earnings exclude merger and acquisition
costs, net gains on sales of securities, and a charge for costs
related to early repayment of debt, net of tax. Including these
items, earnings were $12.0 million, or $0.57 per diluted share,
for the first quarter of 2004. This compares with earnings of $7.8
million, or $0.55 per diluted share, for the prior year's
comparable quarter. This increase in earnings reflects continued
increases in net interest income and other income that were
primarily due to the recently completed merger of Klamath First
Bancorp, Inc., into Sterling.

Harold B. Gilkey, chairman and CEO, said, "We are extremely
pleased with the results of the first quarter in which we
substantially completed the integration of Klamath and its
employees. Sterling's unique Hometown Helpful(R) business model
continued to produce strong top-line revenue growth. Strong
deposit growth and positive operating leverage produced another
record quarter of performance."

                   First Quarter Highlights

    --  Return on average tangible equity was 18.8% compared to
        18.2% for the comparable quarter last year.

    --  Book value per share increased 28% to $20.98 at March 31,
        2004, from $16.34 at March 31, 2003.

    --  Effective April 1, 2004, Sterling was added to the S&P
        SmallCap 600 Index.

    --  On January 2, 2004, Sterling completed the merger with
        Klamath, adding 48 branches located in Oregon and
        Washington and adding approximately $1.5 billion in total
        assets, including approximately $778 million in
        investments and approximately $564 million in loans.

The merger had a positive influence on the first quarter
performance and resulted in growth in several areas. To better
showcase Sterling's self-generated, organic growth, we have shown
year-over-year percentage increases, excluding the recent merger,
in the following highlights:

    --  Net interest income increased 23% over the first quarter
        of 2003.

    --  Total other income increased 42% compared to the same
        quarter last year.

    --  Fee and service charge income increased 32% over the prior
        year's comparable period.

    --  Total loan originations increased 14% over the first
        quarter of 2003.

Gilkey continued, "The closing of the merger with Klamath in early
January enabled us to create a financial services company with
assets in excess of $6 billion; expand our branch network to 134
branches; add approximately $1 billion in deposits; and provide
for continued growth and expansion with the addition of
approximately $145 million in capital. In integrating Klamath, we
have focused on continuity in customer service, retaining key
employees and maintaining close ties to the communities we now
serve. We take this opportunity to again welcome the Klamath
customers, shareholders and employees to the Sterling family."

                         Operating Results

                        Net Interest Income

Sterling reported net interest income of $45.7 million for the
three months ended March 31, 2004, which represented a 60%
increase compared to $28.6 million for the same period in the
prior year. The year-over-year increase was due to an increase of
$2.1 billion in average earning assets, primarily in loans and
asset-backed securities. Sterling's net interest margin of 3.33%
for the first quarter of 2004 showed a decrease of 3 basis points
over last year's comparable period, primarily reflecting the
dilutive effect of the merger and continued refinancing in the
residential and commercial real estate portfolios.

                           Other Income

Fee and service charge income increased by 93% to $8.3 million for
the quarter, up from $4.3 million for the same period one year
ago. This increase was primarily due to increases in the number of
transaction accounts and in the volume of transaction account
fees. Sterling had nearly 146,000 transaction accounts at March
31, 2004, an increase of almost 63,000 accounts from March 31,
2003; most of this increase is primarily from accounts acquired in
the recent merger.

Income from mortgage banking operations for the three months ended
March 31, 2004, was $1.2 million, compared with $2.2 million for
the same period in 2003. The decrease was primarily due to a lower
volume of residential refinancing compared to the prior year.
Management believes that the increasing commercial real estate
originations will serve to balance out mortgage banking income in
future periods.

                        Operating Expenses

Total operating expenses were $37.7 million for the three months
ended March 31, 2004, compared with $21.4 million for the three
months ended March 31, 2003, an increase of 76%. The year-over-
year increase was primarily due to increases in personnel,
occupancy, advertising expenses and $3.9 million in merger and
acquisition costs. Full-time equivalent employees have increased
year-over-year to 1,533 full-time equivalents at March 31, 2004,
an increase of 503 full-time equivalents. Nearly two-thirds of
this year-over-year increase can be attributed to the personnel
acquired in the recent merger.

Commenting on operating expenses and efficiency, Mr. Gilkey
stated, "Sterling's annualized noninterest expenses were 2.55% of
average assets for the first quarter of 2004, which compares to
2.36% for the same period in 2003. However, the efficiency ratio
increased to 64.4%, as compared to 60.0% in the first quarter of
2003. The increase in both ratios was anticipated with the merger,
but our goal is to improve the efficiency ratio to below 60.0% by
the end of the year."

                        Performance Ratios

Return on average tangible equity was 18.8% for the three months
ended March 31, 2004, compared with 18.2% for the same period in
2003. Average tangible equity represents total shareholder's
equity reduced by goodwill and other intangible assets. Return on
average equity was 12.0% for the three months ended March 31,
2004, compared to 14.5% for the same period in 2003. The decrease
primarily reflected the addition of approximately $145 million in
capital from the Klamath merger. Return on average assets was
0.81% for the three months ended March 31, 2004, compared to 0.86%
for the same period in 2003. The decrease was primarily due to the
addition of approximately $1.5 billion in lower-yielding assets
from the Klamath merger. On a core operating basis, return on
average assets was 0.87% for the first quarters of 2004 and 2003.

                              Lending

Total loan originations for the quarter ended March 31, 2004, were
$590.0 million compared to $479.9 million in the first quarter of
2003, an increase of 23%. It should also be noted that total loan
originations increased in spite of an expected decrease in
residential loan originations. Sterling's corporate and business
banking loan originations were $186.6 million, a 54% increase from
the first quarter of 2003. Of the total loan originations, $443.1
million or approximately 75%, were from construction, business
banking, corporate banking and consumer loans.

Sterling's primary strength is in building customer relationships
and growing market share in deposits, loans and related services.
Sterling's loan growth has been directly related to the
significant increase in branch locations, market expansion and the
addition of lending personnel.

At March 31, 2004, Sterling's net loans receivable increased to
$3.58 billion, up from $2.91 billion at December 31, 2003.
Excluding the $564 million of acquired loans in the recent merger,
this represents a 19% increase year-over-year. Corporate and
business banking loan balances have increased by $502.8 million,
or 71% year-over-year and now represent nearly 34% of net loans
receivable, compared to 28% at the end of the first quarter last
year. Corporate and business banking loan growth is one of the
areas that reflects Sterling's organic growth with a 40% increase
year-over-year.

                        Credit Quality

Mr. Gilkey said, "In the past quarter, we continued to
successfully manage problem assets. At March 31, 2004, total
nonperforming assets were $31.9 million, or 0.52% of total assets.
This compares favorably with the first quarter 2003 level of $28.2
million, or 0.74% of total assets. The decrease in this ratio was
primarily due to the increase in total assets from the recent
merger."

Classified assets were $93.3 million at March 31, 2004, an
increase compared to $84.8 million at December 31, 2003, and
compared to $73.3 million at March 31, 2003. However, the loan
delinquency ratio decreased to 0.83% of total loans, compared to
0.90% of total loans at December 31, 2003 and March 31, 2003.
Classified assets increased primarily because of delinquency on
certain large loans. However, we do not anticipate any significant
losses in these classified assets, although there can be no
assurances.

Sterling's loan charge-off ratio showed a slight increase but
remained at a very modest level. The annualized level of charge-
offs to average loans was 0.17% for the first quarter, up from
0.14% at December 31, 2003, and up from 0.07% at March 31, 2003.

Sterling's provision for loan losses was $2.9 million for the
three months ended March 31, 2004, compared with $2.3 million for
the same period in 2003. At March 31, 2004, the loan loss
allowance totaled $43.6 million and was 1.21% of total loans at
March 31, 2004. This compares with an allowance of $30.6 million,
or 1.19% of total loans at March 31, 2003.

Mr. Gilkey said, "Despite the sluggishness of economic and
financial markets on a national level and some specific influences
on the Pacific Northwest economy, our local markets remain strong.
Our loan demand is steady, largely driven by commercial
construction and business banking, and our credit quality
statistics are still favorable, even though they are a bit higher
than we would like to see. Our ratios of nonperforming loans and
assets are acceptable, but we thought it prudent to continue to
increase our allowance for loan losses considering the increase
and the continuing change in our loan portfolio. Sterling's
emphasis on credit quality is evidenced by these ratios, and we
will continue to exercise prudent lending practices and closely
monitor asset quality as we continue through 2004."

               Balance Sheet and Capital Management

At March 31, 2004, Sterling's total assets were $6.10 billion, up
from the prior year's comparable period of $3.82 billion.
Shareholders' equity at March 31, 2004 was $430.3 million, up
significantly from the previous year's total of $241.1 million.
This increase primarily reflects the addition of approximately
$145 million in equity from the Klamath merger and retained
earnings. In addition, Sterling's risk-based capital ratios
continued to exceed the "well-capitalized" requirements. As of
March 31, 2004, Sterling's book value per share had increased 28%
to $20.98 from $16.34 at the same period one year ago.

                     Goodwill Litigation

In May 1990, Sterling sued the U.S. Government with respect to the
loss of the goodwill treatment and other matters relating to
Sterling's past acquisitions of troubled thrift institutions (the
"Goodwill Litigation"). In the Goodwill Litigation, Sterling seeks
damages for, among other things, breach of contract and for
deprivation of property without just compensation.

In September 2002, the U.S. Court of Federal Claims granted
Sterling Savings Bank's motion for summary judgment as to
liability on its contract claim, holding that the United States
Government owed contractual obligations to Sterling with respect
to its acquisition of three failing regional thrifts during the
1980s and had breached its contracts with Sterling. Sterling is
waiting for a trial date to be set to determine what amount, if
any, the government must pay in damages for its breach. The timing
and ultimate outcome of the Goodwill Litigation cannot be
predicted with certainty. Because of the effort required to bring
the case to conclusion, Sterling will likely continue to incur
legal expenses at recent levels over the next one to two years.

                           Outlook

Mr. Gilkey added, "The integration of the Klamath branch network
is running smoothly and is on track with regard to timing and our
financial projections. This merger was truly transformational for
Sterling in strengthening our leadership position in the Pacific
Northwest. I believe we are also balancing our near-term objective
of cost containment with our need to make long-term strategic
investments.

"Sterling's first quarter results demonstrate that our commercial
banking model continues to capture market share from the
competition. We believe that we can replicate this model as we
increase profitability and capitalize on our increased presence in
the Oregon marketplace.

"We are proud to report that the success of our "Perfect Fit"
banking products and Hometown Helpful(R) approach, has contributed
to a strong loan pipeline, a solid loan portfolio, and strong
liquidity and capital. Our extensive Pacific Northwest network of
branches, corporate banking centers, business banking offices and
subsidiaries are all working together to contribute to our bottom
line. The core components of the organization remain strong, and
we remain particularly pleased with our strategic positioning as a
leader in community banking in the Pacific Northwest."

                       About the Company

Sterling Financial Corporation of Spokane, Washington, is a
unitary savings and loan holding company, which owns Sterling
Savings Bank.  Sterling Savings Bank is a Washington State-
chartered, federally insured stock savings association, which
opened in April 1983.  Sterling Savings, based in Spokane,
Washington, has branches throughout Washington, Idaho, Oregon and
western Montana.  Through Sterling's wholly owned subsidiaries,
Action Mortgage Company and INTERVEST-Mortgage Investment Company,
it operates loan production offices in Washington, Oregon, Idaho,
Arizona and Montana.  Sterling's subsidiary Harbor Financial
Services provides non-bank investments, including mutual funds,
variable annuities and tax-deferred annuities, through regional
representatives throughout Sterling Savings' branch network.  
Sterling's subsidiary Dime Service Corporation provides commercial
and consumer insurance products through its offices in Montana.

                         *     *     *

As previously reported, Fitch Ratings affirmed its ratings of
Sterling Financial Corporation following the company's
announcement that it has entered into a definitive agreement to
acquire Klamath First Bancorp, Inc.  KFBI, with approximately $1.5
billion in assets, is the holding company for Klamath First
Federal Savings and Loan Association, a savings and loan operating
branches in Oregon and Washington.

                         Ratings Affirmed:

     Sterling Financial Corporation

         -- Long-term Issuer 'BB';
         -- Short-term Issuer 'B';
         -- Individual Rating 'C';
         -- Support '5';
         -- Rating Outlook Stable.


TRANSBIOTICS CORP: Grant Thornton Replaces McGladrey as Auditors
----------------------------------------------------------------
On March 2, 2004, Transbiotics Corporation received notice from
its certifying accountants, McGladrey and Pullen, LLP, that it
declined to stand for re-election after completion of the audit
for the fiscal year ending November 30, 2003 and completing its
normal re-evaluation process. McGladrey has audited the Company's
financial statements since May 25, 1989.

McGladrey and Pullen's report on the financial statements for the
last two years contained a going concern qualification. The going
concern qualification paragraph in its report on the financial
statements incorporated by reference in the Company's November 30,
2003 Form 10-KSB reads as follows:

"The accompanying financial statements have been prepared assuming
that the Company will continue as a going concern. As discussed in
Note 15 to the financial statements, there is substantial doubt
about the Company's ability to continue as a going concern.
Management's plans in regard to these matters are also described
in Note 15. The financial statements do not include any
adjustments that might result from the outcome of this
uncertainty."

Note 15 of the Company's financial statements filed as Exhibit 13
to the Company's November 30, 2003 Form 10-KSB reads as follows:

"Note 15. Continued Operations

Prior to 2003 the Company suffered operating losses. This left the
Company with a poor equity position and negative working capital
prior to raising additional equity and debt in 2003 (see notes 4
and 11). Due to the prior losses, financing options are limited.
This issue raises substantial doubt about the Company's ability to
continue as a going concern. In September of 2003, the Company
sold common stock and issued subordinated convertible notes which
increased available resources (see note 11). In addition, in
January 2004 the Company entered into a contract for approximately
$2,000,000 with a new customer. These factors, combined with
increased profitability in 2003 and the support of the additional
investors, help mitigate but do not remove the doubt about the
Company's ability to continue as a going concern.

"Management has taken and continues the following actions in an
attempt to increase revenues and minimize losses.

   --   Establish and develop strategic alliances with selected
        customers

   --   Pursue AGV system business in selected market niches

   --   Grow the distribution business by adding new supplementary
        products

   --   Expand the aftermarket sales business

   --   Reduce operating expenses

The Company is also reviewing the possibility or feasibility of
going private to reduce its operating expenses. The Company's
current expenses relating to being public are approximately
$200,000 annually.

There can be no assurance that the Company can successfully meet
the objectives of any such activities."

The Company commenced a search for a substitute accounting firm on
March 4, 2004 and selected Grant Thornton, LLP on March 16, 2004.


UNITED AIRLINES: Retired Pilots Want to Hire Segal as Consultant
----------------------------------------------------------------
The Retired Pilots Committee in United Airlines Inc.'s chapter 11
case wants to retain the Segal Company as its actuarial and
benefits consultants.

Eric E. Newman, Esq., at Meckler, Bulger & Tilson, in Chicago,
relates that Segal is an international actuarial and benefits
consulting firm with over 100 credentialed actuaries in 18 cities
throughout the U.S. and Canada.  Segal is a highly respected and
qualified benefits consultant with a wealth of experience and
knowledge on Section 1114 of the Bankruptcy Code and the
valuation of insurance-related benefits provided by employers,
including reorganizing and liquidating employers.  The Pilots
Committee interviewed Thomas Levy, F.S.A., and Stuart Wohl, of
Segal.  Messrs. Levy and Wohl expressed an interest in
representing the Committee and exhibited the necessary
qualifications.

As actuarial and benefits consultants, Segal will:

  a) assist, advise and represent the Pilots Committee in any
     proposed modification of insurance-related benefits;

  b) analyze current insurance-related benefit plans provided by
     the Debtors;

  c) analyze the actuarial assumptions and financial projections
     underlying the Debtors' benefit modification proposals;

  d) provide actuarial analyses of and/or an expert report(s)
     regarding the Debtors' insurance-related plans and benefits-
     modification proposals;

  e) educate the Pilots Committee on the benefits package
     currently received by the retired pilots, the effects of the
     proposals on the retired pilots, their surviving spouses and
     other beneficiaries;

  f) attend information exchanges with the Debtors' actuaries and
     financial advisors;

  g) attend negotiating sessions;

  h) assist the Committee's financial advisors on cash flow, cost
     and other financial projections;

  i) prepare for and provide expert testimony during any Section
     1114 hearings;

  j) assist with any pre-hearing, post-hearing or appellate
     motions, briefs or other materials;

  k) monitor the implementation of negotiated or court-mandated
     benefit modifications; and

  l) perform any and all other services at the behest of the
     Pilots Committee.

Segal's Actuaries and Senior Consultants will charge between $300
and $500 per hour.  Analysts will charge between $150 and $300
per hour.

Segal has entered into a confidentiality agreement with the
Debtors to begin receiving and analyzing information related to
the Section 1114 proposals.

Headquartered in Chicago, Illinois, UAL Corporation --
http://www.united.com/-- through United Air Lines, Inc., is the  
holding company for United Airlines -- the world's second largest
air carrier.  the Company filed for chapter 11 protection on
December 9, 2002 (Bankr. N.D. Ill. Case No. 02-48191). James H.M.
Sprayregen, Esq., Marc Kieselstein, Esq., David R. Seligman, Esq.,
and Steven R. Kotarba, Esq., at KIRKLAND & ELLIS represent the
Debtors in their restructuring efforts.  When the Company filed
for protection from their creditors, they listed $24,190,000,000
in assets and  $22,787,000,000 in debts. (United Airlines
Bankruptcy News, Issue No. 44; Bankruptcy Creditors' Service,
Inc., 215/945-7000)   


VERTIS INC: Shareholder Deficit Tops $351.4 Mil. at March 31, 2004
------------------------------------------------------------------
Vertis Inc., a leading provider of targeted advertising, media,
and marketing services, announced results for the quarter ended
March 31, 2004.

For the three months ended March 31, 2004, net sales were $387.5
million, $16.3 million or 4.4% above the first quarter of 2003.
Earnings before interest, taxes, depreciation, and amortization
("EBITDA") amounted to $40.8 million in the three months ended
March 31, 2004, a decrease of $2.4 million, or 5.6% versus the
first quarter of 2003. In the first quarter of 2003, the Company
received a $10.1 million recovery from a settlement to a legal
proceeding. Without that recovery the first quarter 2003 EBITDA
would have been $33.1 million and the first quarter 2004 EBITDA
growth would have been 23.3%.

Donald E. Roland, chairman, president, and chief executive
officer, stated, "The year-over-year growth is indicative of the
overall positive performance of our business while the
reorganization of our sales teams in the fourth quarter of 2003 is
enabling Vertis to better meet our customers' targeted advertising
needs. We continue our focus on new growth opportunities and are
committed to our targeted advertising strategy."

Dean D. Durbin, chief financial officer, commented, "We continue
to see signs of improving advertising market conditions as
reflected in our volume growth in the first quarter. It is also
noteworthy that pricing is stabilizing. Our cost management
initiatives continue to provide benefits evidenced by a 160 basis
point improvement in EBITDA margin versus 2003 excluding the
impact of the legal settlement. On the same basis we improved cash
flow from operations by over 60% from the first quarter of 2003
and finished the quarter safely within our debt covenant
requirements."

Vertis reported a net loss of $11.3 million in the first quarter
of 2004 versus a net loss of $5.8 million in the first quarter of
2003. The 2003 net loss includes the $10.1 million benefit from
the legal settlement identified above.

At March 31, 2004, Vertis Inc.'s balance sheet shows a total
stockholder's deficit of $351,405,000 compared to $342,198,000 at
December 31, 2003.

                        About Vertis

Vertis is a leading provider of targeted advertising, media, and
marketing services that drive consumers to marketers more
effectively. Its comprehensive products and services range from
consumer research, audience targeting, creative services, and
workflow management to targeted advertising inserts, direct mail,
interactive marketing, packaging solutions, and digital one-to-one
marketing and fulfillment. With headquarters in Baltimore and with
facilities throughout the U.S. and the U.K., Vertis combines best-
in-class technology, creative resources and innovative production
to serve the targeted marketing needs of companies worldwide. To
learn more about Vertis, visit http://www.vertisinc.com/


WASTE SERVICES: S&P Assigns B+ Rating to Proposed $160MM Sr. Notes
------------------------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed its
ratings, including the 'B+' corporate credit rating and 'B-'
senior subordinated note rating, on Scottsdale, Ariz.-based Waste
Services Inc.

At the same time, Standard & Poor's assigned its 'B+' rating and a
recovery rating of '3' to Waste Service's proposed $160 million
senior secured bank facilities. The 'B+' rating is the same as the
corporate credit rating; this and the '3' recovery rating indicate
that the lenders can expect meaningful (50%-80%) recovery of
principal in the event of a default. The outlook remains stable.

"The ratings on Waste Services reflect its acquisitive growth
strategy and very aggressive financial profile, modest scale of
operations relative to its peers, and integration risks associated
with recent asset acquisitions. This is partially offset by
favorable industry characteristics, including high barriers of
entry and recession resiliency; some geographic diversity; and the
obtainment of several permitted, well-positioned long-lived
landfills," said Standard & Poor's credit analyst Paul Blake.

With pro forma sales of approximately $300 million, Waste Services
is a multiregional, integrated solid waste services company,
providing collection, transfer, landfill disposal and recycling
services to commercial, industrial, and residential customers in
the U.S. and Canada. The company's integrated operations include
36 collection operations, eight landfills and landfill
developments (four for municipal solid waste and four for
construction and demolition or industrial waste), and 12 recycling
facilities.

The nonhazardous solid waste industry is a highly fragmented
industry on a national basis, but offers more attractive and
consolidated competitive dynamics on a local or regional basis.
Still, in each of its local markets, Waste Services competes with
multinational as well as regional solid waste companies. The
company is the second-largest operator in Canada by revenue, with
leading market positions in Ontario, Alberta, and British
Columbia. Canadian operations accounted for about $125 million of
revenues in 2003.

Waste Services has over 1.2 million residential customers and
approximately 70,000 commercial and industrial costumers. Customer
concentration is low, with no single customer or contract
accounting for more than 2% of pro forma revenue for the year
ended Dec. 31, 2003. Commercial, residential, and industrial
services account for 33%, 30%, and 25% of total revenues,
respectively, although landfill revenue should increase
substantially in future.


WEIRTON STEEL: Provides $1.4 Million for Management Retirees
------------------------------------------------------------
Weirton Steel Corp. reported it will provide $1.4 million to fund
insurance benefits assistance for approximately 1,000 non-union
represented retirees.

The payment is the result of an agreement between the company and
a committee comprised of hourly and management retirees.  The
committee was formed under federal bankruptcy law to deal with
retiree benefit issues.

Last month, bankruptcy Judge L. Edward Friend II granted Weirton
Steel's motion to terminate health care and life insurance
benefits for 9,500 retirees, their spouses and certain dependents.  
The termination was effective April 1.

An agreement between the Independent Steelworkers Union (ISU) and
International Steel Group (ISG) Inc. resulted in benefits
assistance funds to be paid by ISG, but only for union-represented
retirees.

"Since management retirees were not included in the ISU/ISG
program, an agreement was reached with the retiree committee in
which Weirton would provide funds to help the committee formulate
a term life insurance program for this retiree group.  With these
funds, the non-union retirees could develop a term life insurance
program.  Any such assistance will provide at least some peace of
mind for these retirees and their loved ones," said D. Leonard
Wise, Weirton Steel chief executive officer. (Weirton Bankruptcy
News, Issue No. 24; Bankruptcy Creditors' Service, Inc., 215/945-
7000)  


WESTPOINT: Has Exclusive Right to File Plan Until July 29, 2004
---------------------------------------------------------------
WestPoint Stevens Inc. (OTC Bulletin Board: WSPT) --
http://www.westpointstevens.com/-- announced that on Thursday,  
April 22, 2004, the U.S. Bankruptcy Court extended the Company's
exclusive right to file a plan of reorganization through July 29,
2004.

M.L. "Chip" Fontenot, President and CEO of WestPoint Stevens
commented, "While we are sensitive to the desire to exit
bankruptcy as quickly as possible, it is more important to
conclude this process with a sound strategic vision that will
ensure WestPoint Stevens' long term competitive position in a
rapidly changing global market. This additional time will allow
the Company to revise its Business Plan accordingly."

Mr. Fontenot added, "WestPoint Stevens remains committed to its
high level of customer service and product innovation, and
continues to enjoy ample financial flexibility."

As previously announced, WestPoint Stevens Inc. and certain of its
subsidiaries filed for protection under Chapter 11 of the U.S.
Bankruptcy Code in the U.S. Bankruptcy Court for the Southern
District of New York on June 1, 2003.

WestPoint Stevens Inc. is the nation's premier home fashions
consumer products marketing company, with a wide range of bed
linens, towels, blankets, comforters and accessories marketed
under the well-known brand names GRAND PATRICIAN, PATRICIAN,
MARTEX, ATELIER MARTEX, BABY MARTEX, UTICA, STEVENS, LADY
PEPPERELL, SEDUCTION, VELLUX and CHATHAM - all registered
trademarks owned by WestPoint Stevens Inc. and its subsidiaries -
and under licensed brands including RALPH LAUREN HOME, DISNEY HOME
and GLYNDA TURLEY WestPoint Stevens can be found on the World Wide
Web at www.westpointstevens.com .


WICKES INC: Creditors' Meeting is Today at 1:30 PM in Chicago
-------------------------------------------------------------
On January 20, 2004, Wickes Inc. filed a chapter 11 bankruptcy
petition in the U.S. Bankruptcy Court for the Northern District of
Illinois.

The United States Trustee will convene a meeting of Wickes'
creditors today, April 28, 2004, at 1:30 p.m. at 227 W. Monroe,
Suite #3330, Chicago, Illinois.

The Debtors Representative is required to attend the Creditors'
Meeting for the purpose of being examined under oath.  Attendance
by creditors at the meeting is welcomed but not required.  At the
meeting, the creditors may examine the Debtor and transact other
business that may properly come before the meeting.

The Debtor is a retailer and manufacturer of building materials,
catering to residential and commercial building professionals,
repairs and remodeling contractors and project do-it- yourself
consumers. The Debtor filed for chapter 11 protection (Bankr. N.D.
Ill. Case No. 04-02221) on January 20, 2004 before the Honorable
Bruce W. Black. Richard M. Bendix Jr., Esq. of Schwartz Cooper
Greenberger & Krauss represents the Debtor in its chapter 11 case.
When the company filed for chapter 11 protection, it listed assets
of $155,453,000  and liabilities of $168,199,000.


WILBRAHAM CBO: Fitch Assigns Junk Ratings to Classes B-1, B-2 & C
-----------------------------------------------------------------
Fitch Ratings downgrades four classes of notes and affirms one
class of notes issue by Wilbraham CBO Ltd. The following rating
actions are effective immediately:

    --$176,327,885 Class A-1 Notes downgrade to 'AA' from 'AAA';
    --$19,000,000 Class A-2 Notes downgrade to 'BBB-' from 'A';
    --$8,324,970 Class B-1 Notes downgrade to 'CC' from 'CCC';
    --$23,024,787 Class B-2 Notes downgrade to 'CC' from 'CCC';
    --$25,308,245 Class C Notes affirm at 'C'.

Wilbraham CBO Ltd. is a collateralized bond obligation managed by
David L. Babson & Company Inc., which closed July 13, 2000.
Wilbraham is composed of approximately 80% high yield bonds, with
the remaining consisting of high yield loans, structured finance
and sovereign assets. Included in this review, Fitch Ratings
discussed the current state of the portfolio with the asset
manager and their portfolio management strategy going forward. In
addition, Fitch Ratings conducted cash flow modeling utilizing
various default timing and interest rate scenarios.

Since the last rating action in November of 2002, the collateral
has continued to deteriorate. The weighted average rating has
decreased from 'B' (52.17) to 'B'/'B-' (56.74). The weighted
average coupon and weighted average spread has decreased from
9.54% to 9.28% and 4.30% to 4.06% respectively. As of the most
recent trustee report available dated April 2, 2004, Wilbraham's
defaulted assets represented 5.3% of the $232 million of total
collateral and eligible investments. Assets rated 'CCC+' or lower
represented approximately 13%, excluding defaults.

Wilbraham has failed the class A overcollateralization (OC) test
several times since June of 2002 and has been failing the class B
and class C OC tests since March of 2002, as measured by the
monthly trustee reports. Since the last rating action, the class B
OC ratio has decreased from 105% to 103.6% while the class C OC
ratio has decreased from 97.6% to 93.2%. In addition, the class A,
class B and class C interest coverage (IC) ratios have dropped
significantly from November 2002 levels due to reduced LIBOR,
coupon, and the capitalization of accrued interest on the class B
and C notes. As reported, the class A IC ratio decreased from
229.2% to 149.2%, the class B IC ratio decreased from 163.2% to
85.5%, and the class C IC ratio decreased from 122.1% to 53.63%.
As a result of the failing OC and IC tests, nearly $76 million has
been allocated to redeem the class A-1 notes, while the class B-1,
class B-2 and class C notes have been accruing deferred interest
since July 2002 at the rates of LIBOR plus 2.05%, 9.42% and 13.47%
respectively.

A significant factor to the deterioration of the credit quality of
the rated notes lies with the interest rate swap. The interest
rate swap has a fixed amortization schedule which does not adjust
to reflect the early redemption of notes. The current notional
swap amount of $237.5 million with a strike rate of 7.56% and it
does not begin amortizing until July 2006. At this time, Wilbraham
is overhedged by approximately $102 million. In addition to being
overhedged, the low interest rate environment has significantly
increased the net hedge payments flowing out to the hedge
counterparty.

Fitch conducted cash flow modeling utilizing various default
timing and interest rate scenarios to measure the breakeven
default rates going forward relative to the minimum cumulative
default rates required for the rated liabilities.  As a result of
this analysis, Fitch has determined that the current ratings
assigned to the class A-1, A-2, B-1 and B-2 notes no longer
reflect the current risk to noteholders.  For more information on
the Fitch Vector Model, see 'Global Rating Criteria for
Collateralised Debt Obligations,' dated Aug. 1, 2003, available on
Fitch's web site at http://www.fitchratings.com/


WILSONS THE LEATHER: Enters into $35 Mil. Private Placement Deal
----------------------------------------------------------------
Wilsons The Leather Experts Inc. (Nasdaq:WLSN) announced that it
has entered into a definitive common stock and warrant purchase
agreement for the sale in a private placement of 17,948,718 shares
of newly issued Common Stock to two investors at a purchase price
of $1.95 per share. This transaction will provide the Company with
$35 million in new equity before expenses.

Wilsons Leather intends to use the proceeds from the issuance of
the Common Stock to repay its 11 1/4% Senior Notes due August 15,
2004, and for general working capital purposes. Wilsons Leather
expects, subject to approval of the bank syndicate, that the
repayment of the Senior Notes will allow the Company to borrow
under its revolving credit facility.

As additional consideration for the investors' commitment, Wilsons
Leather has issued two million warrants exercisable for five
years, and at closing will issue an additional two million
warrants to the investors exercisable for five years, each at an
exercise price of $3 per share. The closing of the transaction is
subject to certain closing conditions, the principal conditions
being the approval of the Company's shareholders and bank
syndicate. There can be no assurance that shareholder or bank
syndicate approval will be obtained or that all conditions to
closing will be met.

The securities to be sold in the private placement have not been
registered under the Securities Act of 1933, as amended, and may
not be offered or sold in the United States in the absence of an
effective registration statement or exemption from registration
requirements. However, as part of the transaction, the Company has
agreed to file a registration statement on Form S-3 no later than
30 days after the closing of the transaction with the Securities
and Exchange Commission for purposes of registering the resale of
the shares of Common Stock issued in the private placement.

Because the negotiations relating to the financing have been
completed before April 30, 2004, the day on which Wilsons
Leather's annual report on Form 10-K is due, Wilsons Leather
anticipates that it will be able to give effect to the potential
impact on the disclosures set forth in the annual report without
unreasonable effort or expense and anticipates that its
independent public accountants may not be required to include in
their report an explanatory paragraph as to substantial doubt
about its ability to continue as a going concern.

                  About Wilsons Leather

Wilsons Leather is the leading specialty retailer of leather
outerwear, accessories and apparel in the United States. As of
April 3, 2004, Wilsons Leather operated 460 stores located in 45
states and the District of Columbia, including 336 mall stores,
107 outlet stores and 17 airport stores. During the month of
January 2004, the Company engaged an independent liquidator to
operate 111 stores that are expected to close in the next 30 to 45
days. The Company, which regularly supplements its permanent mall
stores with seasonal stores during its peak selling season from
October through January, operated 229 seasonal stores in 2003.


WORLDCOM: Inks Stipulation Resolving CDI Corp. Contractual Debts
----------------------------------------------------------------
Worldcom Inc. and CDI Corporation are parties to a Contract Labor
Master Services Agreement, as amended, under which CDI provides
certain goods and services to the Debtors.  CDI asserts that the
Debtors owe a $900,000 outstanding balance for prepetition goods
and services rendered pursuant to the Labor Contract.  
Accordingly, CDI filed Claim Nos. 21633, 21634, 21635, and 21643.

The Debtors dispute owing a portion of the debt under the Labor
Contract, and assert that CDI owe them $614,000 in outstanding
balances for prepetition goods and services rendered pursuant to
a Special Customer Arrangement.  The Customer Arrangement was
entered among the Debtors, Management Recruiters International,
Inc., individually and as agent for the Franchisees, and CDI
Corporation, as amended.  

CDI disputes owing a portion of the debt under the Customer
Arrangement.

The Debtors and CDI wish to resolve the issues and claims between
them without incurring further litigation expense.  In a Court-
approved stipulation, the parties agree that:

   (a) The Debtors will assume the Labor Contract in accordance
       with Section 365 of the Bankruptcy Code with $614,000 as
       cure payment.  The Cure Payment, which is not subject to
       reduction, will be recognized and satisfied by deducting
       the Cure Payment from the CDI Debt.  The Debtors will not
       be otherwise obligated to make a payment to CDI as a
       result of the assumption of the Labor Contract;

   (b) The application of the Cure Payment to the CDI Debt will
       fully satisfy the Debtors' Debt and all conditions and
       defaults by the Debtors that are necessary to authorize
       the assumption of the Labor Contract; and

   (c) Upon consummation of the stipulation terms:

          (1) CDI will not owe the Debtors any payment obligation
              that first became due prepetition for goods and
              services provided under a Telecommunications
              Contract;

          (2) the Debtors will not owe CDI any payment obligation
              that first became due prior to the Petition Date
              for goods and services provided under the Labor
              Contract; and

          (3) the CDI Proofs of Claim will be deemed withdrawn.

Headquartered in Clinton, Mississippi, WorldCom, Inc., now known
as MCI-- http://www.worldcom.com-- is a pre-eminent global  
communications provider, operating in more than 65 countries and
maintaining one of the most expansive IP networks in the world.  
The Company filed for chapter 11 protection on July 21, 2002
(Bankr. S.D.N.Y. Case No. 02-13532).  On March 31, 2002, the
Debtors listed $103,803,000,000 in assets and $45,897,000,000 in
debts.

On April 20, the company (WCOEQ, MCWEQ) formally emerged from U.S.
Chapter 11 protection as MCI, Inc. This emergence signifies that
MCI's plan of reorganization, confirmed on October 31, 2003, by
the U. S. Bankruptcy Court for the Southern District of New York
is now effective and the company has begun to distribute
securities and cash to its creditors. (Worldcom Bankruptcy News,
Issue No. 51; Bankruptcy Creditors' Service, Inc., 215/945-7000)  


* Upcoming Meetings, Conferences and Seminars
-------------------------------------------
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  

May 13-14, 2004
   BEARD GROUP & RENAISSANCE AMERICAN MANAGEMENT
      The First Annual Conference on Distressed Investing --
      Europe: Maximizing Profits in the European Distressed Debt
      Market
            Le Meridien Piccadilly Hotel - London, UK
               Contact: 1-800-726-2524; 903-592-5168;
                        dhenderson@renaissanceamerican.com

May 20-22, 2004
   ALI-ABA
      Fundamentals of Bankruptcy Law
         Astor Crowne Plaza, New Orleans
            Contact: 1-800-CLE-NEWS; http://www.ali-aba.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 10-12, 2004
   ALI-ABA
      Chapter 11 Business Reorganizations
         Omni Hotel, San Francisco
            Contact: 1-800-CLE-NEWS; http://www.ali-aba.org

June 14-15, 2004
   TURNAROUND MANAGEMENT ASSOCIATION
      2004 Advanced Education Workshop
          Toronto Univesity, Toronto Canada
             Contact: 312-578-6900 or www.turnaround.org

June 24-25, 2004
   BEARD GROUP & RENAISSANCE AMERICAN MANAGEMENT
      The Seventh Annual Conference on Corporate Reorganizations
      Successful Strategies for Restructuring Troubled Companies
            The Millennium Knickerbocker Hotel - Chicago
               Contact: 1-800-726-2524; 903-592-5168;
                        dhenderson@renaissanceamerican.com  

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 9-10, 2004
   INTERNATIONAL WOMEN'S INSOLVENCY & RESTRUCTURING CONFEDERATION
      IWIRC Annual Fall Conference
         Nashville, TN
            Contact: 1-703-449-1316 or www.iwirc.com

October 10-13, 2004
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      Seventy Seventh Annual Meeting
         Nashville, TN
            Contact: http://www.ncbj.org/  

October 15-18, 2004
   TURNAROUND MANAGEMENT ASSOCIATION
      2004 Annual Convention
          Marriott Marquis, New York City
             Contact: 312-578-6900 or www.turnaround.org

November 29-30, 2004
   BEARD GROUP & RENAISSANCE AMERICAN MANAGEMENT
      The Eleventh Annual Conference on Distressed Investing
      Maximizing Profits in the Distressed Debt Market
         The Plaza Hotel - New York City
            Contact: 1-800-726-2524; 903-592-5168;
                     dhenderson@renaissanceamerican.com

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  

March 9-12, 2005
   TURNAROUND MANAGEMENT ASSOCIATION
      2005 Spring Conference
          JW Marriott Desert Ridge, Phoenix, AZ
             Contact: 312-578-6900 or www.turnaround.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  

June 2-4, 2005
   ALI-ABA
      Partnerships, LLCs, and LLPs: Uniform Acts, Taxation,
      Drafting, Securities and Bankruptcy
         Omni Hotel, San Francisco
            Contact: 1-800-CLE-NEWS; http://www.ali-aba.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  

October 19-23, 2005
   TURNAROUND MANAGEMENT ASSOCIATION
      2005 Annual Convention
          Chicago Hilton & Towers, Chicago
             Contact: 312-578-6900 or www.turnaround.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

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., Fairless Hills, Pennsylvania,
USA, and Beard Group, Inc., Frederick, Maryland USA. Yvonne L.
Metzler, Bernadette C. de Roda, Rizande B. Delos Santos, Paulo
Jose A. Solana, Aileen M. Quijano and Peter A. Chapman, Editors.

Copyright 2004.  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.

                *** End of Transmission ***