TCR_Public/970926.MBX   T R O U B L E D   C O M P A N Y   R E P O R T E R

     Friday, September 26, 1997, Vol. 1, No. 25
                   In This Issue

ANCHOR RESOLUTION: Chase Manhattan Seeks Chap.7
CINCINNATI MICROWAVE: Hearing Re-Set For Sale of Assets
DOEHLER-JARVIS: Committee’s Response to Sale of King-Way
MARVEL: Equity Supports Post-Petition Financing
MOBILEMEDIA: Agreement With Sungard Recovery

MOBILEMEDIA:  Landlord Objects to Extension
MOBILEMEDIA:  MobileComm Offers Two-Way Paging
MOBILEMEDIA:  Seeks Time To Assume or Reject Leases
MONTGOMERY WARD: Hearing on Reclamation Procedures
MONTGOMERY WARD: Seeks Rejection of License Agreement

ANCHOR RESOLUTION: Chase Manhattan Seeks Chap. 7
A hearing is set for November 11, 1997 for the
motion of The Chase Manhattan Bank, as Indenture Trustee
and United Equities Commodities Company to convert the
Chapter 11 cases of Anchor Resolution Corp. et al.
to Chapter 7 Cases.

The movants argue that there is absolutely no
operating function in the debtors’ estates and
Anchor is performing no ongoing business.
They say that there is simply no compelling
reason for these estates to remain in
Chapter 11 and no reason to deny thereby to the
subordinated debentureholders their legal and
equitable rights. Furthermore, by avoiding Chapter
7, the debtors, through releases provided in the
proposed plan, seek to preclude creditors,
including the already disenfranchised subordinated
debentureholders from proceeding against the
released non-debtor parties.

CINCINNATI MICROWAVE: Hearing Re-Set For Sale of Assets
A hearing scheduled for September 22, 1997 has been
re-scheduled for September 29, 1997.  The motion of
Cincinnati Microwave, Inc. for an order granting
authority to sell assets, establish auction
procedures and setting a hearing date on sale and
approving the form of notice will be held at that

DOEHLER-JARVIS: Committee’s Response to Sale of King-Way
The Official Committee of Unsecured Creditors of
Doehler-Jarvis, Inc. filed a complaint on
August 8, 1997 against the debtors’ prepetition
lenders, alleging that the lenders failed to
perfect certain of the security interests granted
in connection with and under a certain financing

In connection with the proposed sale of the King-
Way assets, the Committee states that the debtors have
indicated that they plan to use the proceeds of
such dispositions to pay down the outstanding debt
to the lenders.  The Committee has put the debtors
and the lenders on notice that any such use of the proceeds
is subject to the reservation of all of the
Committee’s rights and remedies, including the right to seek
disgorgement by the lenders.

In a separate response, The CIT Group/Business
Credit, Inc. stated that although the statement of
Creditors’ Committee sought no affirmative relief,
CIT on behalf of itself and the other lenders felt
compelled to file a brief response and make the
record clear that the lenders do not acquiesce in
the position of the Committee.  CIT states that the
debtors are required to pay asset sales proceeds to
the lenders, and failure to do so would constitute
a default of the postpetition loan agreement.

MARVEL: Equity Supports Post-Petition Financing
The Official Committee of Equity Security Holders
submitted a Memorandum of Law in support of the
debtors’ motion for the approval of interim and
final orders authorizing them to obtain secured
post-petition financing from High River Limited
Partnership and Westgate International, LP.

The debtors seek authority from the Court to secure
a replacement DIP lending facility from High River
and Westgate in the aggregate amount of $125
million which is desparately needed for the
debtors’ ongoing business operations.  However this
would give High River and Westgate a lien on
substantially all of the Debtors’ assets, and it
would “prime” the secured claims held by a
syndiacate of the debtors’ pre-petition lenders,
headed by The Chase Manhattan Bank.  Equity
complains that the pre-petition lenders have been
and continue to play “fast and loose” with the

MOBILEMEDIA: Agreement With Sungard Recovery
The Debtors and Sungard Recovery Services, Inc.
have agreed to a renewable 69 month Recovery
Services Agreement for computer systems and network
backup services. The Debtors seek Court approval of
its agreement with Sungard, which requires payment
between of $5,000 to $9,500 per month.
Pursuant to the terms of the Agreement, in the
event of a Disaster or unplanned event that renders
the Debtors unable to use a covered facility for
its intended computer processing and other
services, Sungard will provide fully operational,
relocatable computer systems and networking
capability, computer space, supplemental office and
work group space and delivered equipment necessary
for the a facility.
Such services, the Debtors tell the Court, are
crucial to ensuring continued and uninterrupted
business under all circumstances. As such, they
believe entry into the Agreement  is not only
ordinary in the course of their business, but also
represents fair and equitable terms and a clear
benefit to the estates.

A hearing on the Stipulation will be held before
the Honorable Peter J. Walsh at 2:30 pm on
September 29th, 1997.

MOBILEMEDIA: Landlord Objects to Extension
Stoneridge Associates Limited Partnership, Lessor
of Mobilemedia Communications, Inc. seeks to
distinguish its lease from the other 300 building
leases and 4.000 tower leases of the debtor.  
Stoneridge argues that its lease with the debtor
covers the “nervecenter” of the debtor’s largest
telemarketing facility at which the debtor employs
approximately 1,100 people.

Stoneridge states that the debtors are not entitled
to any additional time beyond the six-month
extension they already have received to
intelligently assess the value of this lease
agreement to their ongoing operations. Stoneridge
complains that it is forced to wait at a
significant detriment to its economic interest.  
Stonerige is interested in marketing this property
for sale, and the value of the property is
significantly affected until this leases is assumed
or rejected.

MOBILEMEDIA:  MobileComm Offers Two-Way Paging
MobileMedia Corporation, d/b/a MobileComm,
announced that
it will begin to offer advanced messaging products.
MobileComm has signed an agreement with Mobile
Communication Technologies Corporation's (Mtel)
Destineer division to resell their guaranteed eipt-
way advanced messaging products. MobileComm will
initially distribute these products in several
markets through its direct sales force.

"We believe these products fill an important niche
in our new product strategy. By reselling
Destineer's service, we'll be able to offer
advanced messaging services to our customers and
gauge market demand before making additional
narrowband PCS investments upfront," said Ronald
Grawert, Chief Executive Officer of MobileMedia
Corporation. "We are committed to providing a full
range of solutions to our customers through the
most advanced paging technologies. MobileComm will
continue to be at the forefront in meeting our
customers' needs with the right products at the
right time."

MobileComm expects to start selling the guaranteed
receipt and two-way products early in the fourth
quarter. MobileComm is one of the largest providers
of paging and personal communications services in
the United States. MobileComm offers local,
regional and nationwide coverage in all 50 states,
reaching markets of over 90% of the U.S.
population, and in the Caribbean. The company
operates two one-way nationwide networks and is
licensed to operate two nationwide narrowband PCS

MOBILEMEDIA: Seeks Time To Assume or Reject Leases
By this motion, the Debtors seek an order granting
an additional three months, to December 31, 1997,  
within which to assume or reject unexpired, non-
residential leases. On April 14, 1997 the Debtors
sought and obtained an initial six-month extension
of the 60 day period specified under the Code which
is due to expire September 30, 1997.

To date, the Debtors have rejected 56 leases and
have either terminated or renegotiated the terms of
many others. They tell the Court, given the number
of remaining leases to which they are party, the
Debtors anticipate the process of analyzing and
taking action on the leases will continue for
several months.

In further support of its motion, the Debtors
explain that their progress and preliminary
discussions of a “stand-alone” plan of
reorganization continue. They expect to have a
business plan based on such a plan completed by the
end of September. The Debtors contend the analysis
of exactly which leases are to be assumed or
rejected must be done within the framework of both
the business plan and the plan of reorganization,
requiring more time than the existing September 30
deadline allows.  

Joseph A. Bondi, Chariman-Restructuring, echoes the
Debtors’ points in his Declaration in Support of
the Motion.  Mr. Bondi assures the Court the
Debtors are performing and will continue to perform
timely all of their postpetition obligation under
the leases, pending a final determination on
whether to assume or reject each one.  A hearing on
the Motion is set for 2:30pm on September 29, 1997
at the Bankruptcy Court.

MONTGOMERY WARD: Hearing on Reclamation Procedures
The debtor, Montogmery Ward Holding Corp. et. al. has
filed a motion seeking an order establishing
procedures for settlement and payment of
reclamation demands.  A hearing will be held on
October 14, 1997 at the United States Bankruptcy
Court of the District of Delaware.

MONTGOMERY WARD: Seeks Rejection of License Agreement
Montgomery Ward entered into a Talent Agreement
with Concetta Corporation f/s/o Connie Selleca.
Under the agreement, which has an initial term
through December 31, 1999, Concetta is entitled to
a minimum compensation of $2,875,000 plus an annual
royalty of 3 percent of goods which bear Ms.
Selleca’s name and/or likeness.

Montgomery Ward has determined under its new
management team to focus on certain name-brand,
market driven labels, as opposed to the new,
proprietary Selleca line.  The debtor has
determined that it is in the best interests of the
company to reject the agreement.

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,
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Washington DC.  
Debra Brennan and Rebecca A. Porter, Editors.

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