TCR_Public/970409.MBX



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InterNet Bankruptcy Library - News for April 9, 1997







Bankruptcy News For April 9, 1997




        
  1. Bullet-Cougar Golf Corporation
            Consummates New Financing

  2.     
  3. Nasdaq Delists Company's Securities
            

  4.     
  5. Clothestime reorganization
            developments

  6.     
  7. Stratosphere Corporation
            announces consolidated cash flow pursuant to
            restructuring agreement

  8.     
  9. Grand Casinos announces it will
            not waive consolidated cash flow condition in
            Stratosphere restructuring plan

  10.     
  11. LCC International, Inc. Intends to
            Reserve Against Its Receivables From and Investments in
            Pocket and Nextwave

  12.     
  13. Braun's Fashions Corporation Reports a
            35% Same Store Sales Increase in March Following its 18%
            Increase in the Prior Quarter






Bullet-Cougar Golf Corporation
Consummates New Financing



SANTA ANA, Calif., April 9, 1997- BULLET-COUGAR
GOLF CORPORATION
(NASDAQ SmallCap: PARR) has concluded a $2
million secured financing with its lender. The first phase of the
transaction occurred just prior to the Company's bankruptcy
filing. The final phase of the transaction was approved yesterday
by the Honorable Lynne Riddle, Judge of the United States
Bankruptcy Court, Central District of California.



"We are pleased to have this continuing and very tangible
support from our lender, and the vote of confidence it
represents, " stated Robert M. Freedman, Bullet-Cougar's
President and CEO. "These funds will substantially assist us
as we purchase new material, build our slate of new products, and
re-establish improved service to our valued retailer
customers."



Headquartered in Santa Ana, California, Bullet-Cougar Golf
Corporation is a full-line manufacturer and distributor of golf
equipment and accessories, which include clubs, bags and golf
balls. On January 17, 1997, Bullet-Cougar filed for Chapter 11
bankruptcy protection. Bullet-Cougar is the 100%-owned and
principal operating subsidiary of Bullet Sports International,
Inc. (NASDAQ SmallCap: PARR).



SOURCE Bullet-Courage Golf Corporation /CONTACT: Bullet-Cougar
Golf Corporation, Public Communications Dept. 714-966-0310/






Nasdaq Delists Company's Securities



CINCINNATI, OH - April 9, 1997 - href="chap11.cincinnati.html">Cincinnati Microwave, Inc.
(Nasdaq: CNMWQ) announced today that The Nasdaq Stock Market,
Inc. notified the Company that it has delisted the Company's
securities from The Nasdaq Stock Market effective today as a
result of the Company's ongoing bankruptcy proceeding and the
Company's failure to meet (or present a plan that would remedy
such failure within a reasonable period of time) the net tangible
assets and minimum bid price requirements set forth in the NASD
Marketplace Rules.



The Company is continuing its efforts to find purchasers for
its phone and modem businesses, and to determine whether a plan
of reorganization is possible. To date, it appears that, even if
the Company is able to reorganize and emerge from bankruptcy
proceedings, there is little likelihood that any plan of
reorganization would provide any value, or more than only minimum
value, to its existing shareholders.



Cincinnati Microwave designs, manufactures and markets
ultrahigh frequency and microwave wireless communications
products. The Company's product lines include radar warning
devices, digital spread spectrum cordless telephones and wireless
data modems for use on the Cellular Digital Packet Data (CDPD)
network.



SOURCE Cincinnati Microwave, Inc. -0- 04/09/97 /CONTACT:
Elaine Bacon of Cincinnati Microwave, 513-489-5400, or
shinfocnmw.com; or Analyst Inquiries, Bill Schmidle,
312-640-6753, or General Inquiries, Karl Plath, 312-640-6738,
both of The Financial Relations Board/






Clothestime reorganization
developments



NEWPORT BEACH, Calif.--April 9, 1997--John Ortega II, a
founder of Clothestime and
its former CEO and Chairman of the Board, announced his intention
to ask the Bankruptcy Court for permission to file his own plan
of reorganization after determining that Clothestime's plan is
not in the best interests of creditors and Clothestime.



Ortega's attorneys have filed papers asking the Court to allow
Ortega's plan to be considered by creditors and to terminate
Clothestime's exclusive right to proceed with a reorganization
plan.



Ortega has determined that Clothestime's plan, which has just
recently been filed, offers no new capital to support the
"reorganized" company. Ortega is willing to invest
significant new capital in the reorganized company in order to
put it on a solid footing as it exits bankruptcy.



In January of this year, Ortega had agreed to step down as an
officer and director of Clothestime because he was advised that
liquidation of the company was inevitable. Had he known
otherwise, he would have remained CEO and Chairman. Clothestime
has now filed a plan to "reorganize" the company rather
than liquidate.



Ortega has 20 years experience with Clothestime's real estate
and leasing relationships and has 25 years experience in all
aspects of the women's apparel industry, including pricing,
customer tastes, marketing and defining Clothestime's specific
niche as a junior, fashion, value-priced apparel chain. He is
confident that his experience, coupled with new capital, offer
the Clothestime vendors, creditors and others associated with
Clothestime the best chance to successfully reorganize the
company.



CONTACT: Ortega Industries John Ortega II, Newport Beach or
Pinto & Dubia L.L.P. Mark K. Worcester, 714/955-1177 or Lobel
& Opera, A Professional Corporation William Lobel,
714/476-7400






Stratosphere Corporation announces
consolidated cash flow pursuant to restructuring agreement



LAS VEGAS, NV--April 9, 1997--href="chap11.stratosphere.html">Stratosphere Corporation (NASDAQ:TOWVQ)
today announced pursuant to a requirement in the restructuring
agreement consented to by an Ad Hoc Committee representing the
holders of more than 57% of Stratosphere 14 1/4% First Mortgage
Notes that Consolidated Cash Flow (as defined in the
restructuring agreement) for the five-weeks ended March 30, 1997,
was $2,281,629. The average Consolidated Cash Flow (as defined in
the restructuring agreement) for the six-months ended March 30,
1997, was $1,726,718. The restructuring agreement was filed with
the Securities and Exchange Commission on Form 8-K, January 6,
1997.



The definition of Consolidated Cash Flow included in the
restructuring agreement includes many adjustments to consolidated
net income and because of such adjustments the information
presented in this release should not be interpreted as an
indication of consolidated net income or future results. The
amount reported in this release is also subject to potential
future audit adjustments. In addition, Consolidated Cash Flow is
not intended to represent and should not be considered an
alternative to, or more meaningful than, net income from
operations as an indicator of the Company's operating performance
or to cash flows from operating activities as a means of
liquidity.



The Company also announced that it has been informed by Grand
Casinos, Inc. (Grand) that Grand will not waive the condition to
its obligation under the previously announced plan of
reorganization and related investment agreement that the Company
obtain average monthly Consolidated Cash Flow (as defined in the
agreement) for the period October 1996 through June 1997 of at
least $2,267,000. Grand has announced that it believes it is
unlikely that the Company will satisfy this condition.



Grand has advised the Company that it is prepared to explore
with the Company and the Company's Noteholders Committee
alternatives for a consensual reorganization of the Company.
Grand also indicated if an alternative consensual agreement
cannot be reached and conditions to the pending plan of
reorganization and related investment agreement are not met,
Grand may propose or participate in alternative plans of
reorganization or may terminate altogether its participation in
the bankruptcy process.



Stratosphere Corporation is a casino/hotel/entertainment
complex located at the north end of the Las Vegas Strip. The
complex is centered around the Stratosphere Tower, the tallest
free-standing observation tower in the United States.



The Private Securities Litigation Reform Act of 1995 provides
a "safe harbor" for forward-looking statements. Certain
information included in this press release (as well as
information included in oral statements or other written
statements made or to be made by the Company) contains statements
that are forward-looking, such as statements relating to plan for
future expansion and other business development activities as
well as other capital spending, financing sources and the effects
of regulation (including gaming and tax regulation) and
competition. Such forward-looking information involves important
risks and uncertainties that could significantly affect
anticipated results in the future and, accordingly, such results
may differ from those expressed in any forward-looking statements
made by or on behalf of the Company. These risks and
uncertainties include, but are not limited to, those relating to
development and construction activities, dependence on existing
management, leverage and debt service (including sensitivity to
fluctuations in the interest rates), domestic or global economic
conditions, activities of competitors and the presence of new or
additional competition, fluctuations and changes in customer
preferences and attitudes, changes in federal or state tax laws
of the administration of such laws and changes in gaming laws or
regulations (including the legalization of gaming in certain
jurisdictions). For more information, review the Company's
filings with the Securities and Exchange Commission, including
the Company's annual report on Form 10-K and certain registration
statements of the Company.



CONTACT: Stratosphere Corporation Tom Lettero, 702/383-5207






Grand Casinos announces it will not waive consolidated cash
flow condition in Stratosphere restructuring
plan



MINNEAPOLIS, MN--April 9, 1997--Grand Casinos, Inc. (NYSE:GND)
today announced that, after review of href="chap11.stratosphere.html">Stratosphere Corporation's
consolidated cash flow results for the months of October 1996
through March 1997, Grand Casinos believes it is unlikely that
Stratosphere will satisfy the minimum cash flow requirement under
the previously announced plan of reorganization for Stratosphere
Corporation and the related investment agreement. Grand Casinos'
obligations under the plan of reorganization and related
investment agreement are conditioned upon Stratosphere obtaining
average monthly consolidated cash flow of at least $2.267 million
for the months between October 1, 1996, and June 30, 1997.
Stratosphere's average monthly consolidated cash flow for the
six- month period ending March 31, 1997 was $1,726,718. Grand
Casinos has informed Stratosphere that Grand Casinos will not
waive the minimum cash flow requirement under the plan of
reorganization and investment agreement.



Grand Casinos also announced that it is prepared to explore
with Stratosphere and the Noteholder Committee representing the
holders of certain of Stratosphere's First Mortgage Notes,
alternatives for a consensual reorganization of Stratosphere. If
an alternative consensual arrangement cannot be reached, and the
conditions to the pending plan of reorganization and related
investment agreement are not met, Grand Casinos may then decide
to propose or participate in alternative plans of reorganization
or may terminate altogether its participation in the Stratosphere
bankruptcy process.



Grand Casinos, Inc. has been a publicly traded company since
1991 and is listed on the New York Stock Exchange under the
trading symbol GND. The company currently owns and operates the
three largest casino hotel resorts in the state of Mississippi,
manages two land-based casinos in Louisiana, and manages two
casino hotel resorts in Minnesota.



The Private Securities Litigation Reform Act of 1995 provides
a "safe harbor" for forward-looking statements. Certain
information included in this press release (as well as
information included in oral statements or other written
statements made or to be made by the Company) contains statements
that are forward-looking, such as statements relating to plan for
future expansion and other business development activities as
well as other capital spending, financing sources and the effects
of regulation (including gaming and tax regulation) and
competition. Such forward- looking information involves important
risks and uncertainties that could significantly affect
anticipated results in the future and, accordingly, such results
may differ from those expressed in any forward-looking statements
made by or on behalf of the Company. These risks and
uncertainties include, but are not limited to, those relating to
development and construction activities, dependence on existing
management, leverage and debt service (including sensitivity to
fluctuations in the interest rates), domestic or global economic
conditions, activities of competitors and the presence of new or
additional competition, fluctuations and changes in customer
preferences and attitudes, changes in federal or state tax laws
of the administration of such laws and changes in gaming laws or
regulations (including the legalization of gaming in certain
jurisdictions). For more information, review the Company's
filings with the Securities and Exchange Commission, including
the Company's annual report on Form 10-K and certain registration
statements of the Company.



CONTACT: Grand Casinos, Inc. Jaye Snyder, 612/449-8556 or
Lawrence Taylor, 612/449-7076






LCC International, Inc. Intends to Reserve Against Its
Receivables From and Investments in Pocket
and Nextwave



MCLEAN, Va., April 9, 1997 - LCC International, Inc. (Nasdaq:
LCCI) ("LCC"), one of the world's largest providers of
radio frequency engineering and network design services and
products to the international wireless telecommunications
industry, today announced that it intends to reserve with respect
to 1996 earnings $30.1 million pre-tax ($24.5 million post-tax or
$1.30 per share for the fourth quarter and $1.49 per share for
the full calendar year 1996) against certain receivables from,
investments in and costs associated with Pocket Communications,
Inc. ("Pocket" formerly known as DCR Communications,
Inc.) and NextWave Telecom, Inc. ("NextWave").



Piyush Sodha, President and Chief Executive Officer of LCC,
said "Our core business remains well positioned to prosper
from the tremendous growth opportunities in the industry. Despite
these events, our fundamentals remain strong, our customer base
is solid, and our growth rate objectives are on track."



LCC has ceased providing engineering and program management
services in all markets on the Pocket engagement and has
redeployed its personnel to other client assignments. LCC is
currently providing engineering services to NextWave on an
advance cash payment basis.



Due to the exclusion of revenues and earnings associated with
Pocket and NextWave for 1997 and 1998, LCC expects that net
income for the year ending December 31, 1997 will be adversely
impacted by up to $0.30 per share, and that net income for the
year ending December 31, 1998 will be adversely impacted by up to
$0.20 per share.



Mr. Sodha added, "We expect operating earnings in the
first half of 1997 to be below those reported for the first half
of 1996. More importantly, however, the company expects to report
an increase in operating profits in both the third and fourth
quarters of 1997. The strong demand for our services has enabled
us to quickly put in place re-deployment plans which allow us to
achieve a year over year increase in operating results."



On March 31, 1997, Pocket failed to pay interest due LCC under
a $6.5 million convertible debenture and failed to pay principal
and interest due LCC under a $0.9 million note agreement. In
addition, on April 1, 1997, Pocket announced that it had
voluntarily sought court protection under Chapter 11 of the U.S.
Bankruptcy Code. As of March 31, 1997, LCC's aggregate balance
sheet and contract cost exposure with respect to Pocket was $9.6
million.



Also on March 31, 1997, NextWave failed to pay principal and
interest due LCC under a $5.9 million note agreement, and the
parties are currently in negotiations with respect to revised
payment terms. As of March 31, 1997, LCC's aggregate balance
sheet and contract cost exposure with respect to NextWave was
$20.5 million.



LCC has extended for 15 days the filing of its 1996 Annual
Report on Form 10-K with the U.S. Securities and Exchange
Commission in order to reflect the reserve in its calendar year
1996 financial statements. As a result of this reserve, LCC
intends to report normalized pro forma net income per share for
the fourth quarter and year ended December 31, 1996 of $0.12 (on
18.9 million shares) and $0.54 (on 16.5 million shares),
respectively. Including the effect of the reserve related to
NextWave and Pocket, as well as certain costs associated with
LCC's third quarter initial public offering and fourth quarter
acquisition of European Technology Partner AS, LCC intends to
report a pro forma net loss per share of $1.31 for the fourth
quarter and a pro forma net loss per share of $1.19 for the year
ended December 31, 1996.



This press release may contain forward-looking statements or
implications that are subject to risks and uncertainties. Actual
results or performance could differ materially from those
expressed or implied by such forward- looking statements,
including, without limitation, statements regarding expectations
of future operating results, as a result of risks and
uncertainties including changes adversely impacting demand for
LCC's products and services, risks from competition, rapid
technological change and those described from time to time in
LCC's reports to the U. S. Securities and Exchange Commission,
including its Registration Statement on Form S- 1 effective
September 24, 1996, its Annual Report on Form 10-K (to be filed
shortly), news releases and other communications.



LCC is one of the world's largest providers of radio frequency
engineering and network design services and products to the
international wireless telecommunications industry. The Company's
radio frequency engineering business was founded in 1983, during
the early years of the cellular industry. Since that time, LCC
has come to offer a range of complementary services and products
consisting of radio frequency engineering services, program
management and system deployment services, propagation modeling
and network analysis software, and field test measurement and
analysis equipment.



                       LCC INTERNATIONAL, INC.
                       AND SUBSIDIARIES
                   Condensed Consolidated
                   Statements of Operations
                        (In thousands, except per
                        share data)
                                     (Unaudited)


                                  Three months
                                  ended          
                                  Year ended
                                    December 31,
                                                


                                    December 31,
                                  1996       
                                  1995          
                                  1996       
                                  1995
        REVENUES:
         Service revenue       $29,037    
         $18,047        $93,156     $64,016
         Product revenue        14,313     
         14,717         48,414      40,445
        Total                   43,350     
        32,764        141,570     104,461


        COST OF REVENUES:
         Service revenue        20,608     
         12,495         65,801      45,682
         Product revenue         9,883      
         7,786         32,039      25,455
        Total                   30,491     
        20,281         97,840      71,137


        GROSS PROFIT            12,859     
        12,483         43,730      33,324
        OPERATING EXPENSES
         Sales and marketing     1,881      
         1,461          6,475       5,823 General
         and
          administrative         3,358      
          2,789         12,462      10,108
         In-process research
          & development          5,605         
          --          5,605          --
         Special charge         30,050         
         --         30,050          -- Non-cash
         compensation     670       1,130        
          7,005       4,646 Depreciation and
          amortization           1,260      
          1,310          5,039       3,699
        Total                   42,824      
        6,690         66,636      24,276


        OPERATING (LOSS)
         INCOME                (29,965)     
         5,793        (22,906)      9,048
        OTHER INCOME (EXPENSE):
         Interest income           347       
         (119)           925         625 Interest
         expense         (659)       (591)       
         (3,050)     (2,818) Other income        
              263         402          2,376     
          1,027
        Total                      (49)      
        (308)           251      (1,166)


        (LOSS) INCOME BEFORE
          INCOME TAXES         (30,014)     
          5,485        (22,655)      7,882
        (BENEFIT) PROVISION
          FOR INCOME TAXES      (4,830)     
          1,863        (11,371)      3,142


        NET (LOSS) INCOME     $(25,184)    
        $3,622       $(11,284)     $4,740


        PRO FORMA (LOSS) INCOME DATA:
         (Loss) income before
           income taxes       $(30,014)    
           $5,485       $(22,655)     $7,882
          Pro forma (benefit)
           provision for
           income taxes         (4,830)     
           2,194         (1,886)      3,153
          Pro forma net
           (loss) income      $(25,184)    
           $3,291       $(20,769)     $4,729


        Pro forma net (loss)
         income per share:      $(1.31)     
         $0.22         $(1.19)      $0.36


        NORMALIZED PRO FORMA INCOME DATA:
         (Loss) income before
           income taxes       $(30,014)    
           $5,485       $(22,655)     $7,882
          In-process research
           & development         5,605         
           --          5,605          --
          Special charge (A)    26,753         
          --         22,931          -- Non-cash
          compensation    670       1,130        
           7,005       4,646 Normalized pre-tax
           income                3,014      
           6,615         12,886      12,528
          Pro forma  provision
           for income taxes      1,206      
           2,646          5,154       5,011
          Normalized pro forma
           net income           $1,808     
           $3,969         $7,732      $7,517


        Normalized pro forma
         net income per share:   $0.12      
         $0.27          $0.54       $0.53


        Common and common
         equivalent shares
         used in the calculation
         of pro forma and
         normalized pro forma net
         income per share:      18,900     
         15,579         16,509      15,579


            (A)  Normalizes for special charge
            offset by Nextwave and Pocket
        profit recorded in 1996.


SOURCE LCC International, Inc. -0- 04/09/97 /CONTACT: Tricia
Drennan, Director of Corporate Communications & Investor
Relations of LCC International, 703-873-2390, or fax 703-
873-9546/






Braun's Fashions Corporation Reports a
35% Same Store Sales Increase in March Following its 18% Increase
in the Prior Quarter



MINNEAPOLIS, MN - April 9, 1997 - Braun's
Fashions Corporation
(Nasdaq-NNM: BFCI) today announced a 35%
same store sales increase (sales in stores open more than one
year) for its four week March period ended March 29. This follows
same store sales increases of 15% and 18% in the Company's third
and fourth quarters, respectively, of its fiscal year ended March
1, 1997. Total Company sales in March were $7,019,000, a 16%
increase from last year; this despite the Company having closed
51 unprofitable stores last year related to its successful
Chapter 11 reorganization action. The Company attributes its
continuing strong performance primarily to ongoing customer
acceptance of its updated merchandise offerings. The early Easter
this year positively impacted March sales as well.



Nicholas H. Cook, Chairman and Chief Executive Officer stated,
"We are very pleased with our March sales performance. The
strong sales momentum of the past six months has continued
through March, the first month of our new fiscal year. It is
clear that our customer supports the merchandising strategies
that we have implemented and her response to our assortments for
spring have given us a high degree of optimism as we embark on
the new year."



Braun's Fashions Corporation, based in Minneapolis, Minn., is
a specialty retailer of women's fashions. Braun's has 174 stores
in 20 states, including 4 new stores opened in March 1997. The
Company's stores are located primarily in the Midwest and Pacific
Northwest.



SOURCE Braun's Fashions Corporation /CONTACT: Herbert D.
Froemming, President and Chief Operating Officer of Braun's
Fashions Corporation, 612-551-5000/