/raid1/www/Hosts/bankrupt/TCR_Public/050423.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

           Saturday, April 23, 2005, Vol. 9, No. 95

                          Headlines

ATX COMMS: Posts $619,000 Net Loss in February 2005
CATHOLIC CHURCH: Portland's February 2005 Monthly Operating Report
CATHOLIC CHURCH: Spokane's February 2005 Monthly Operating Report
CATHOLIC CHURCH: Tucson's February 2005 Monthly Operating Report
FGI GROUP: Files March 2005 Monthly Operating Report

INTERMET CORP: Posts $3.5 Million Net Loss in March 2005
INTERSTATE BAKERIES: Files Financial Statements Ending Mar. 5
RELIANCE GROUP: Posts $324,000 Net Loss in March 2005
TWINLAB CORP: Files March 2005 Monthly Operating Report
UNIVERSAL ACCESS: Files March 2005 Monthly Operating Report

                          *********

ATX COMMS: Posts $619,000 Net Loss in February 2005
---------------------------------------------------
On April 20, 2005, ATX Communications, Inc., and its debtor-
affiliates filed their Monthly Operating Report for February 2005
with the U.S. Bankruptcy Court for the Southern District of New
York.

The Debtors reported a $619,000 net loss in $16,075,000 of total
revenues for the period from February 1, 2005, through
February 28, 2005.

At February 28, 2005, ATX Communications, Inc.'s balance sheet
showed:

      Current Assets                              $52,626,000
      Total Assets                                158,045,000
      Current Liabilities                          45,872,000
      Total Liabilities Subject to Compromise     309,966,000
      Total Stockholders' Equity Deficit        ($197,793,000)

A full-text copy of ATX Communications, Inc.'s February 2005
Monthly Operating Report is available at no charge at:


http://www.sec.gov/Archives/edgar/data/1165532/000095012305004730/y07987exv99w1.txt

Headquartered in Bala Cynwyd, Pennsylvania, ATX Communications,
Inc. -- http://www.atx.com/-- is a local exchange and
interexchange carrier providing integrated voice and data
services, and operates a nationwide asynchronous transfer mode
network.  ATX, CoreComm New York, Inc., and their affiliates filed
for chapter 11 protection on January 15, 2004 (Bankr. S.D.N.Y.
Case Nos. 04-10214 through 04-10245).  Paul V. Shalhoub, Esq., and
Marc Abrams, Esq., at Willkie, Farr, & Gallagher LLP, represent
the Debtors in their restructuring efforts.  When the Debtors
filed for protection from their creditors, they listed
$664 million in total assets and $596.7 million in total debts.
On April 13, 2005, the Court confirmed the Debtors' Modified
Second Amended Joint Plan of Reorganization.


CATHOLIC CHURCH: Portland's February 2005 Monthly Operating Report
------------------------------------------------------------------

                          Pastoral Center
                 Archdiocese of Portland in Oregon
                  Statement of Financial Position
                      As of February 28, 2005

ASSETS

Cash and cash equivalents                           $14,830,567
Accounts receivable, net                              2,229,373
Notes, estates and other receivables                 11,715,298
Loans receivable from Archdiocesan entities, net     11,315,023
Loans receivable from Archdiocesan housing entities     545,292
Interest receivable and other assets                    185,394
Inventories                                           1,423,330
Real Property                                           226,689
Deposits and prepaid expenses                           360,886
Investments                                          88,700,990
Advances to Archdiocesan housing entities             1,640,000
Land, buildings, and equipment, net                   8,214,143
                                                  -------------
Total Assets                                       $141,386,985
                                                  =============

LIABILITIES AND NET ASSETS

Liabilities:
    Prepetition
       Accounts payable                                $777,185
       Accrued liabilities                            2,266,180
       Funds held for others
          Second Collections                             13,661
          Short-term investments payable             20,353,131
          Long-term pool investments payable         18,781,179
       Reserve for insurance claims                   2,343,946
       Notes payable                                 11,250,400
       Pre-need liability and reserve                   456,268
       Accrued port-retirement liability              7,607,264
                                                  -------------
    Total Prepetition Liabilities                    63,849,214
                                                  -------------
    Postpetition
       Accounts payable                                 325,552
       Accrued liabilities                            2,841,320
       Funds held for others
          Second Collections                            404,581
          Short-term investments payable              1,553,017
          Long-term pool investments                  1,982,393
       Reserve for insurance claims                           -
       Notes payable                                          -
       Pre-need liability and reserve                    14,901
       Accrued port-retirement liability                      -
                                                  -------------
    Total Postpetition Liabilities                    7,121,764
                                                  -------------
      Total Liabilities                              70,970,978
                                                  -------------

Net Assets:
    Prepetition Net Assets:
       Charitable Trust Assets                       69,702,843
       Other Assets                                  (3,268,409)
                                                  -------------
    Total Prepetition Net Assets                     66,434,434
                                                  -------------

    Postpetition Net Assets:
       Charitable Trust Assets                        1,083,983
       Other Assets                                   2,897,590
                                                  -------------
    Total Postpetition Net Assets                     3,981,573
                                                  -------------
       Total Net Assets                              70,416,007
                                                  -------------
Total liabilities & net assets                     $141,386,985
                                                  =============

                          Pastoral Center
                 Archdiocese of Portland in Oregon
                      Statement of Activities
              For the month ending February 28, 2005

Revenues, gains and other support
    Annual Catholic Appeal income                        $1,380
    Gross profit on cemetery sales                       51,761
    Contributions, gifts, annuities and bequests         14,038
    Operating support - Oregon Catholic Press                 -
    Investment income and realized gains (losses),
       net of expenses                                  433,972
    Change in unrealized losses                       1,127,792
    Insurance premiums, net                                   -
    Interest income from loans                           36,208
    Parish assessments                                  241,023
    Other income                                         39,486
    Departmental revenues                                27,632
    Net assets released from restrictions                     -
                                                  -------------
    Total revenues, gains, and other support          1,973,292
                                                  -------------

Expenses and program support:
    Program Services:
       Annual Catholic Appeal program support,
          grants and parish subsidies                   462,124
       Clergy Services                                  121,634
       Catholic Schools                                  40,068
       Pastoral Services                                 48,290
       Evangelization Services                           69,442
       Public Services                                    9,679
       Tribunal Services                                 18,175
       Deposit and loan interest                        119,622
       Insurance program                                258,361
       Cemetery operating expenses                       92,669
       High School grants/charitable annuities          (23,984)
       Other program expenses                            61,315
                                                  -------------
          Total program services                      1,277,395
                                                  -------------
    Supporting Services:
       Archbishop, Vicar General
          and Chancellor Services                        54,943
       Finance & Administration:
          Resource Development                           13,052
          Business Affairs                                9,685
          Financial Services                             53,745
       Human Resources                                   25,349
       Shared Services                                   25,324
       Occupancy and physical plant expenses              8,174
       Designated funds expense                            (240)
       Bankruptcy expense                               432,717
       Depreciation expense                                   -
                                                  -------------
          Total supporting services                     622,749
                                                  -------------
          Total expenses and program support          1,900,144
                                                  -------------
Increase (decrease) in net assets before
    transfers and designations of net assets             73,148

Fund transfers - in (out)                                     -

Designation of net assets                                     -
                                                  -------------
Increase (decrease) in net assets                        73,148

Net assets at beginning of year                      70,342,859
                                                  -------------
Net assets at end of year                           $70,416,007
                                                  =============

                 Archdiocese of Portland in Oregon
            Statement of Cash Receipts and Disbursements
               For the month ending February 28, 2005

Beginning Cash Balance:                             $14,770,962
Add:
    Transfers in                                        330,533
    Receipts Deposited                                2,263,060
    Other (Return of Direct Deposits)                         -
    Other (Interest Income)                              25,955
                                                  -------------
    Total Cash Receipts                               2,619,547

Subtract:
    Transfers out                                      (330,533)
    Disbursements by check or debit                  (2,228,634)
    Cash withdrawn                                            -
    Other (Service Charges)                                (501)
    Other (NSF Checks)                                     (275)
    Other (Clear Interfund Rec/Pay)                           -
                                                  -------------
    Total Cash Disbursements                         (2,559,943)
                                                  -------------
Ending Cash Balance                                 $14,830,566
                                                  =============

The Archdiocese of Portland in Oregon filed for chapter 11
protection (Bankr. Ore. Case No. 04-37154) on July 6, 2004.
Thomas W. Stilley, Esq., and William N. Stiles, Esq., at Sussman
Shank LLP, represent the Portland Archdiocese in its restructuring
efforts.  In its Schedules of Assets and Liabilities filed with
the Court on July 30, 2004, the Portland Archdiocese reports
$19,251,558 in assets and $373,015,566 in liabilities.  (Catholic
Church Bankruptcy News, Issue No. 23; Bankruptcy Creditors'
Service, Inc., 215/945-7000)


CATHOLIC CHURCH: Spokane's February 2005 Monthly Operating Report
-----------------------------------------------------------------
A full-text copy of the Diocese of Spokane's February monthly
operating report is available for free at:

           http://bankrupt.com/misc/spokane_mor_feb.pdf


                    Catholic Diocese of Spokane
                          Balance Sheet
                     As of February 28, 2005

ASSETS
    Total Cash Accounts                              $3,657,066
    Total Investments                                 3,910,809
    Total Property                                      495,004
    Total Loans Receivable                            3,264,711
    Total Interfund Loan Receivable                     396,887
    Total Accounts Receivable                            71,941
    Total Land and Buildings & Equip                  2,272,137
    Total Prepaid Expenses                                6,527
                                                  -------------
Total Assets                                        $14,075,082
                                                  =============

LIABILITIES AND NET ASSETS

Liabilities
    Total Deposits Payable                            5,266,926
    Total Interest Payable                                    0
    Total Accounts Payable                                3,150

Net Assets
    Total Unrestricted - Fund Balance                (3,345,390)
    Total Unrestricted Net Assets                    (3,345,390)
    T.R. - Guse Grant Funds                             175,676
    T.R. - Bishop's School Grants Funds                 (88,980)
    Total Replacement Fund                            9,207,824
    Total Diocesan D&L Funding                        2,176,115
    Total Guatemala Funds                               618,690
    Temporarily Restricted                              147,767
                                                  -------------
Total liabilities & net assets                      $14,075,082
                                                  =============

                    Catholic Diocese of Spokane
                   Income and Expense Statement
              For the month ending February 28, 2005

Total Income                                           $185,776
Total Expenses                                          345,596
                                                  -------------
Net Excess or Deficit                                  $159,820
                                                  =============

                      Catholic Diocese of Spokane
            Statement of Cash Receipts and Disbursements
               February 1, 2005 to February 28, 2005

Total Cash Receipts                                     321,453
Total Cash Disbursements                               (425,210)


The Roman Catholic Church of the Diocese of Spokane filed for
chapter 11 protection (Bankr. E.D. Wash. Case No. 04-08822) on
Dec. 6, 2004.  Michael J. Paukert, Esq., at Paine, Hamblen,
Coffin, Brooke & Miller, LLP, represents the Spokane Diocese in
its restructuring efforts.  When the Debtor filed for protection
from its creditors, it listed $11,162,938 in total assets and
$81,364,055 in total debts. (Catholic Church Bankruptcy News,
Issue No. 23; Bankruptcy Creditors' Service, Inc., 215/945-7000)


CATHOLIC CHURCH: Tucson's February 2005 Monthly Operating Report
----------------------------------------------------------------

         The Roman Catholic Church of the Diocese of Tucson
                    an Arizona Corporation Sole
            (Unaudited) Statement of Financial Condition
                     As of February 28, 2005

ASSETS                                    Total   Diocese-Owned
                                          -----   -------------
Cash on hand                             $1,500          $1,500
Cash in Banks                           891,368         451,426
Cash Equivalents                      3,223,150       1,871,123
Accounts receivable, net              1,553,250       1,535,250
Allowance for doubtful accounts      (1,189,072)     (1,189,072)
Grants receivable                       323,182         323,182
Pledges receivable                        6,000           6,000
A/R held in trust for others             68,444               0
Due from administered funds              99,388               0
Prepaid expenses & other assets         619,854         619,854
Investments in businesses             5,828,346       4,528,281
Corp. & Gov't. bond investments       1,999,477       1,527,309
Investment in BPIC                       80,850          80,850
Notes receivable, net                 2,084,353         307,565
Allowance for doubtful
    notes receivable                   (329,289)         (5,411)
Assets securing 2002 settlement       3,000,000       3,000,000
Construction in progress                 48,867          48,867
Land, buildings, and equipment          522,263         522,263
Assets held for sale                     60,226          60,226
Land held for future parish sites       817,460         817,460
                                  -------------  --------------
                                    $19,691,617     $14,606,061
                                  =============  ==============

LIABILITIES AND NET ASSETS

Liabilities:
    Accounts payable - post             716,072         716,072
    Accounts payable - pre               43,255          43,255
    Accrued expenses - post              31,736          31,736
    Accrued expenses - pre              157,682         157,682
    Due to Diocese                       99,388               0
    Accrued insurance claims            369,398         369,398
    Unsecured long-term debt - pre    2,061,455       2,061,455
    Unsecured long-term debt - post     100,000         100,000
    Unrestricted parish deposits      6,978,685       6,962,867
    Restricted parish deposits        3,585,432               0
    Secured long-term debt            2,618,509       2,618,509
    Custodial funds                   1,384,918               0
                                  -------------  --------------
       Total Liabilities             18,146,530      13,060,974
                                  -------------  --------------

Net Assets:
    Unrestricted/temporarily
      restricted                       (363,801)       (363,801)
    Permanently restricted            1,908,888       1,908,888
                                  -------------  --------------
Total liabilities & net assets      $19,691,617     $14,606,061
                                  =============  ==============

         The Roman Catholic Church of the Diocese of Tucson
                    an Arizona Corporation Sole
         Statement of Operations and Charges in Net Assets
             February 1, 2005 through February 28, 2005

Revenues
    Contributions, grants and bequests                  $47,707
    Chancery assessment                                 137,998
    Priests salary subsidy                               18,530
    Fees for services                                    15,541
    Advertising revenue                                   5,705
    Retreat fees                                          9,295
    Rental Income                                         4,397
    Insurance                                            60,161
    Investment Income                                    39,848
    Miscellaneous                                         1,504
                                                 --------------
    Total Support & Revenue                             340,687

Expense
    Program Services:
       Archives                                           3,233
       Catholic Commitments & Social Services               352
       Evangelization & Hispanic Ministry                 6,078
       Catechesis Office                                  8,849
       Formation Office                                   5,288
       Department of Catholic Schools                    20,212
       Clergy, religious & seminarian advancement        19,055
       Parish Assistance                                 23,638
       Catholic Social Mission                            4,895

    Supporting Services:
       Office of Bishop Emeritus                          1,245
       Offices of the Bishop, et al.                     26,332
       Office of Women Religious                          1,133
       General & Administrative                           3,611
       Fiscal & Employee Services                        39,878
       Office of Child, Adolescent, et al. Protection     6,283
       Communications & Community Relations              13,915
       Property Management                               29,199
       Insurance Administration                          38,340
       Reorganization                                    79,765

Imputed interest on settlement                           14,095
Provision for doubtful accounts                           5,833
Depreciation                                              3,606
                                                  -------------
    Total Expenses                                      354,836
                                                  -------------
Excess (deficiency) of revenues over expenses          ($14,149)
                                                  =============

         The Roman Catholic Church of the Diocese of Tucson
                    an Arizona Corporation Sole
             Current Month's Receipts and Disbursements
             February 1, 2005 through February 28, 2005

Cash and Bank Balance:
    Beginning of Month                                 $223,540

Receipts
    Cash Sales                                           47,422
    Accounts Receivable -- Prepetition                   73,861
    Accounts Receivable -- Postpetition                 335,558
    Loans and Advances                                        0
    Sale of Assets                                            0
    Transfers in from other accounts                     99,191
    Other -- Custodial Funds                            110,479
    Other -- Payroll Reimbursements                       4,018
    Credit Adjustments                                      242
                                                  -------------
    Total Receipts                                      670,770

Disbursements:
    Business -- Ordinary Operations                     314,307
    Capital Improvements                                      0
    Prepetition Debt                                          0
    Transfers to other DIP Accounts                      99,191
    Other -- Custodial Funds                              2,010
    Other -- TRF to Wells Fargo Investment                    0
    Other -- Payroll Reimbursement                        3,859

Reorganization Expenses:
    Attorney Fees                                             0
    Accountant Fees                                           0
    Other Professional Fees                                   0
    Other (Advertising)                                       0
    U.S. Trustee Quarterly Fee                           23,517
    Court Costs                                               0
                                                  -------------
    Total Disbursements                                 442,885
                                                  -------------
Cash & Bank Balance -- End of Month                    $451,426
                                                  =============

The Roman Catholic Church of the Diocese of Tucson filed for
chapter 11 protection (Bankr. D. Ariz. Case No. 04-04721) on
September 20, 2004, and delivered a plan of reorganization to the
Court on the same day.  Susan G. Boswell, Esq., and Kasey C. Nye,
Esq., at Quarles & Brady Streich Lang LLP, represent the Tucson
Diocese.  (Catholic Church Bankruptcy News, Issue No. 23;
Bankruptcy Creditors' Service, Inc., 215/945-7000)


FGI GROUP: Files March 2005 Monthly Operating Report
----------------------------------------------------
On April 14, 2005, FGI Group Inc., filed a monthly operating
report for Florsheim Group, Inc., et al., and its debtor-
affiliates covering the period ended Mar. 31, 2005, with the
United States Bankruptcy Court for the Northern District of
Illinois, Eastern Division.

FGI Group reports a $1,209,761 cash balance at Mar. 31, 2005,
and provides a summary of cash accounts; receipts listings;
disbursements listings; loan account; statement of aged
receivables and accounts payable aging; tax questionnaire; and
declaration.

A full-text copy of FGI Group's March 2005 Monthly Operating
Report is available at no charge at:


http://www.sec.gov/Archives/edgar/data/928908/000095013705004446/c94202exv99w1.txt

Florsheim Group, Inc., filed for chapter 11 protection on
March 4, 2002 (Bankr. N.D. Ill. Case No. 02 B 08209) to facilitate
a sale of its U.S. wholesale business and 23 retail stores to its
U.S. assets to the Weyco Group, Inc. for $45.6 million in cash,
subject to post closing adjustment.


INTERMET CORP: Posts $3.5 Million Net Loss in March 2005
--------------------------------------------------------
On April 20, 2005, Intermet Corporation and its debtor-affiliates
delivered its March 2005 monthly operating report with the U.S.
Bankruptcy Court for the Eastern District of Michigan.

For the month ending March 31, 2005, Intermet Corporation reported
a $3,481,000 net loss against $62,094,000 of net sales.

At March 31, 2005, Intermet's balance sheet showed:

      Current Assets                          $147,594,000
      Total Assets                             456,431,000
      Postpetition Debts                        19,635,000
      Total Liabilities                        572,867,000
      Total Stockholders' Equity Deficit     ($116,436,000)

A full-text copy of Intermet Corporation's March 2005 Monthly
Operating Report is available at no charge at:


http://www.sec.gov/Archives/edgar/data/745287/000095012405002554/k94296exv99w1.txt

Headquartered in Troy, Michigan, Intermet Corporation --
http://www.intermet.com/-- provides machining and tooling
services for the automotive and industrial markets specializing
in the design and manufacture of highly engineered, cast
automotive components for the global light truck, passenger car,
light vehicle and heavy-duty vehicle markets.  Intermet, along
with its debtor-affiliates, filed for chapter 11 protection on
Sept. 29, 2004 (Bankr. E.D. Mich. Case Nos. 04-67597 through
04-67614).  Salvatore A. Barbatano, Esq., at Foley & Lardner LLP
represents the Debtors.  When the Debtors filed for protection
from their creditors, they listed $735,821,000 in total assets
and $592,816,000 in total debts.


INTERSTATE BAKERIES: Files Financial Statements Ending Mar. 5
-------------------------------------------------------------

          Interstate Bakeries Corporation and Subsidiaries
           Unaudited Consolidated Monthly Operating Report
                  Four Weeks Ended March 5, 2005

REVENUE

Gross Income                                       $253,048,050
Less Cost of Goods Sold
    Ingredients, Packaging, & Outside Purchasing     62,443,144
    Direct & Indirect Labor                          44,615,522
    Overhead & Production Administration             13,756,122
                                                   ------------
    Total Cost of Goods Sold                        120,814,788
                                                   ------------
       Gross Profit                                $132,233,262
                                                   ------------

OPERATING EXPENSES

Owner-Draws/Salaries                                          -
Selling & Delivery Employee Salaries                $63,651,348
Advertising and Marketing                            (1,910,103)
Insurance (Property, Casualty, & Medical)             8,885,899
Payroll Taxes                                         5,860,466
Lease and Rent                                        5,101,214
Telephone and Utilities                               1,909,203
Corporate Expense (Including Salaries)                1,689,100
Other Expenses                                       37,672,744
                                                   ------------
    Total Operating Expenses                       $122,859,871
                                                   ------------
EBITDA                                               $9,373,391

Restructuring & Reorganization Charges                5,269,417
Depreciation and Amortization                        15,333,711
Other Income                                            (26,217)
Gain/Loss Sale of Property                           (1,414,925)
Interest Expense                                      3,227,613
                                                   ------------
Operating Income (Loss)                             (13,016,208)
Income Tax Expense (Benefit)                         (4,759,651)
                                                   ------------
Net Income (Loss)                                   ($8,256,557)
                                                   ============

CURRENT ASSETS
    Accounts Receivable at end of period           $170,579,567
    Increase (Decrease) in Accounts Receivable       (6,668,213)
    Inventory at end of period                       71,244,964
    Increase (Decrease) in Inventory for period       1,965,790
    Cash at end of period                            95,444,172
    Increase (Decrease) in Cash for period             (833,820)

LIABILITIES
    Increase (Decrease) in Liabilities
       Not Subject to Compromise                    (11,225,838)
    Increase (Decrease) in Liabilities
       Subject to Compromise                           (684,082)
    Taxes payable:
       Federal Payroll Taxes                         13,612,048
       State/Local Payroll Taxes                      6,264,125
       State Sales Taxes                                697,072
       Real Estate and Personal Property Taxes       12,671,531
       Other                                          5,709,643
                                                   ------------
       Total Taxes Payable                          $38,954,419
                                                   ------------

Headquartered in Kansas City, Missouri, Interstate Bakeries
Corporation is a wholesale baker and distributor of fresh baked
bread and sweet goods, under various national brand names,
including Wonder(R), Hostess(R), Dolly Madison(R), Baker's Inn(R),
Merita(R) and Drake's(R).  The Company employs approximately
32,000 in 54 bakeries, more than 1,000 distribution centers and
1,200 thrift stores throughout the U.S.

The Company and seven of its debtor-affiliates filed for chapter
11 protection on September 22, 2004 (Bankr. W.D. Mo. Case No.
04-45814). J. Eric Ivester, Esq., and Samuel S. Ory, Esq., at
Skadden, Arps, Slate, Meagher & Flom LLP, represent the Debtors in
their restructuring efforts.  When the Debtors filed for
protection from their creditors, they listed $1,626,425,000 in
total assets and $1,321,713,000 (excluding the $100,000,000 issue
of 6.0% senior subordinated convertible notes due August 15, 2014,
on August 12, 2004) in total debts.  (Interstate Bakeries
Bankruptcy News, Issue No. 17; Bankruptcy Creditors' Service,
Inc., 215/945-7000)


RELIANCE GROUP: Posts $324,000 Net Loss in March 2005
-----------------------------------------------------

RELIANCE GROUP HOLDINGS, INC., et al.
Unaudited Consolidated Balance Sheet,
excluding subsidiaries which
are not Debtors-in-Possession                31-Mar-2005
_____________________________________        ___________

ASSETS

Cash                                         $54,434,000
Accounts and Notes Receivable                 13,090,000
Prepaid expenses and deposits                    353,000
Due from Reliance Development Group,
    less allowance of $59,334,000                      0
Plant, property & equipment                            -
                                        ----------------
       Total Assets                          $67,877,000
                                        ================

LIABILITIES & SHAREHOLDERS' DEFICIT

Liabilities not subject to compromise
    Postpetition accounts payable             $1,776,000
    Professional fee holdback payable          2,272,000
    PBGC administrative claim                  3,000,000
Liabilities subject to compromise          1,106,116,000
                                        ----------------
       Total liabilities                   1,113,164,000
                                        ----------------
Shareholders' deficit:
    Common stock                              11,616,000
    Additional paid in capital               558,541,000
    Accumulated deficit                   (1,615,444,000)
                                        ----------------
       Total shareholders' deficit        (1,045,287,000)
                                        ----------------
       Total liabilities & deficit           $67,877,000
                                        ================


RELIANCE GROUP HOLDINGS, INC., et al.
Unaudited Consolidated Statement of           1-Mar-2005
Operations, excluding subsidiaries                to
which are not Debtors-in-Possession          31-Mar-2005
_____________________________________        ___________

Revenues                                              $0
                                        ----------------
Costs and expenses:
    Operating and administrative                  39,000
    Pension Plan Actuarial
      Adjustments and Expenses                         0
    Depreciation                                       0
                                        ----------------
    Total costs and expenses                      39,000
                                        ----------------
Loss before reorganization items                 (39,000)
                                        ----------------
Reorganization items:
    Professional fees                            398,000
    Interest earned on accumulated
       cash resulting from
       Chapter 11 proceeding                    (113,000)
                                        ----------------
    Total reorganization items                   285,000
                                        ----------------
Income Tax benefits                                    0
                                        ----------------
Net Income (loss)                              ($324,000)
                                        ================


RELIANCE GROUP HOLDINGS, INC., et al.
Unaudited Consolidated Statement of           1-Mar-2005
Cash Flows, excluding subsidiaries                to
which are not Debtors-in-Possession          31-Mar-2005
_____________________________________        ___________

Cash flows from operating activities:
    Loss from operations before
       reorganization items                     ($39,000)
    Adjustments to reconcile loss to
       net cash provided by
       operating activities:
          Income Tax Recovery                          0
          Depreciation                                 0
    Changes in:
       Prepaid expenses                                0
       Postpetition payables                     (89,000)
       Increase in Liabilities
         subject to compromise                         0
                                        ----------------
    Net cash (used) provided by
        operating activities before
        reorganization items                    (128,000)
                                        ----------------
    Operating cash flows from
       reorganization items:
          Interest earned                        113,000
          Application of retainer
            towards reorganization
            professional fees                          0
          Payment of
            reorganization items                (398,000)
                                        ----------------
    Net cash used by
       reorganization items                     (285,000)
                                        ----------------
    Net cash used by
       operating activities                     (413,000)
                                        ----------------
Cash flows from investing activities:
    Receipt from Reliance
      Development Group                                0
                                        ----------------
       Net cash provided by
          investing activities                         0
                                        ----------------
Cash flow from financing activities:
    Proceeds of split dollar policies                  0
                                        ----------------
       Net cash provided by
          financing activities                         0
                                        ----------------
Net increase in cash                            (413,000)
Cash at beginning of period                   54,847,000
                                        ----------------
Cash at end of period                        $54,434,000
                                        ================

Headquartered in New York, New York, Reliance Group Holdings,
Inc. -- http://www.rgh.com/-- is a holding company that owns
100% of Reliance Financial Services Corporation. Reliance
Financial, in turn, owns 100% of Reliance Insurance Company.
The holding and intermediate finance companies filed for chapter
11 protection on June 12, 2001 (Bankr. S.D.N.Y. Case No. 01-13403)
listing $12,598,054,000 in assets and $12,877,472,000 in debts.
The insurance unit is being liquidated by the Insurance
Commissioner of the Commonwealth of Pennsylvania. (Reliance
Bankruptcy News, Issue No. 73; Bankruptcy Creditors' Service,
Inc., 215/945-7000)


TWINLAB CORP: Files March 2005 Monthly Operating Report
-------------------------------------------------------
On April 15, 2005, Twinlab Corporation (n/k/a TL Administration
Corporation ), Twin Laboratories Inc. (n/k/a TL Administration
Inc.) and Twin Laboratories (UK) Ltd. (n/k/a TL Administration
(UK) Ltd.) delivered their monthly operating reports for the month
ended March 31, 2005, with the Securities and Exchange Commission.

Full-text copies of the Debtors' March 2005 Monthly Operating
Reports are available at no charge at:

http://www.sec.gov/Archives/edgar/data/1015868/000095012305004565/0000950123-05-004565-index.htm

On Sept. 4, 2003, Twinlab Corporation, Twin Laboratories Inc. and
Twin Laboratories (UK) Ltd., commenced voluntary cases under
chapter 11 of title 11 of the United States Code in the United
States Bankruptcy Court for the Southern District of New York.
These chapter 11 cases are being jointly administered under
chapter 11 case number 03-15564 (CB) and are pending before the
Honorable Cornelius Blackshear.

Also, on Sept. 4, 2003, the Companies entered into certain asset
purchase agreement with IdeaSphere, Inc. of Grand Rapids,
Michigan, pursuant to which the Companies sold substantially all
of their assets.  The sale closed on Dec. 9, 2003.  In connection
with the sale, the Debtors obtained an order from the Court
authorizing them to change their names.  Twinlab Corporation
changed its name to TL Administration Corporation, Twin
Laboratories Inc., changed its name to TL Administration Inc., and
Twin Laboratories (UK) Ltd., changed its name to TL Administration
(UK) Ltd.

The Debtors continue to operate as debtors-in-possession pursuant
to sections 1107(a) and 1108 of the Bankruptcy Code.


UNIVERSAL ACCESS: Files March 2005 Monthly Operating Report
-----------------------------------------------------------
Universal Access Global Holdings, Inc., and its debtor-affiliates
delivered its March 2005 monthly operating report with the United
States Bankruptcy Court for the Northern District of Illinois,
Eastern Division.  The Debtors' summary of cash receipts and
disbursements shows:

         Beginning Cash Balance    $6,213,128
         Total Receipts             4,654,217
         Total Disbursements        4,656,569
         Ending Cash Balance       $6,210,776

A full-text copy of Universal Access Global Holdings, Inc., and
its debtor-affiliates' March 2005 Monthly Operating Report is
available at no charge at:

http://www.sec.gov/Archives/edgar/data/1070699/000110465905016992/a05-6893_1ex99d2.htm

In addition, the U.S. Bankruptcy Court for the Northern District
of Illinois, Eastern Division approved on April 15, 2005, the
bidding guidelines and procedures for the sale of the Company's
assets.  The auction is set to commence on May 13, 2005, while the
sale approval will take place on May 17, 2005.

A copy of the Bidding Procedures Order is available at no charge
at:


http://www.sec.gov/Archives/edgar/data/1070699/000110465905016992/a05-6893_1ex99d1.htm

Headquartered in Chicago, Illinois, Universal Access Global
Holdings, Inc. -- http://www.universalaccess.com/-- provides
network infrastructure services and facilitates the buying and
selling of capacity on communications networks.  The company, and
its debtor-affiliates, filed for a chapter 11 protection on August
4, 2004 (Bankr. N.D. Ill. Case No. 04-28747).  John Collen, Esq.,
and Rosanne Ciambrone, Esq., at Duane Morris LLC, represent the
Company.  David W. Wirt, Esq., and David Neier, Esq., at Winston &
Strawn, represent an Official Committee of Unsecured Creditors.
When the Debtor filed for protection from its creditors, it listed
$22,047,000 in total assets and $24,054,000 in total debts.

                          *********

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.

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Each Friday's edition of the TCR includes a review about a book of
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Monthly Operating Reports are summarized in every Saturday edition
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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, Emi Rose S.R. Parcon, Rizande B. Delos Santos, Jazel P.
Laureno, Cherry Soriano-Baaclo, Marjorie Sabijon, Terence Patrick
F. Casquejo, Jason A. Nieva, Christian Q. Salta, Lucilo Junior M.
Pinili and Peter A. Chapman, Editors.

Copyright 2005.  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
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