TCR_Public/971114.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, November 14, 1997, Vol. 1, No. 59   

HARRAH'S JAZZ:  Is This a Done Deal?
MARVEL: Equity Seeks Discovery
RDM SPORTS: Foothill Objects to Payment of Rent

SILAS CREEK: Hancock Fabrics Acquires Northwest Fabrics
SMITH TECHNOLOGY: Hearing For Sale of Certain Assets
TODAY'S MAN: Increased Third Quarter Earnings

VTX ELECTRONICS: Plan of Reorganization is Approved
WESTERN PACIFIC: Agreement With Unit of G.E.
WESTERN PACIFIC: Mandatory Redemption Event



Doheler-Jarvis Inc., et al. believes that they will be
positioned to propose a plan of reorganization in the near
future.  In order to propose a meaningful plan, the debtors
must be able to ascertain the full nature, extent and scope
of the Claims asserted against each of the Debtors.

The debtors propose establishing December 10, 1997 (the
"Final Mail Date") as the last day by which the debtors
shall mail bar date notices and establishing February 9,
1998 as the Bar Date for creditors to file proofs of claim.

HARRAH'S JAZZ:  Is This a Done Deal?
According to a report on November 12, 1997 in the Advocate,
Baton Rouge, Louisiana, don't bet the house on the land
casino.   The folks trying to resurrect the dormant land
casino project tried earlier this year to get legislative
approval for a new casino contract. But they came up a vote
short in the Louisiana Senate and never got the issue to a
formal vote on the House floor.

Those same people now hope they have turned the corner with
a new plan that has won the support of Gov. Mike Foster.
Under the new plan, Harrah's Entertainment and Harrah's
Operating Co. will guarantee the $100 million minimum tax on
a rolling, year-to-year basis.

Sen. Ken Hollis, who led the unsuccessful effort in the
Senate to ratify the last casino contract proposal, said he
thinks Foster's involvement will be the difference in
getting legislative approval for the new plan. Foster said
last week the tax guarantee in the new plan is even tighter
than in the earlier pact. As he did last May, Foster said
ratification of the new casino contract is not a matter of
whether one is for or against gambling. Instead, the
governor said, it's a matter of honoring contracts.

"The truth is, we are dealing with the credibility of the
state," Foster said last week. "... The truth is that if it
is a legal, contractual obligation, if this state doesn't
honor it, I have worries about us in the future in other

Despite such sentiment Foster said he isn't likely to spend
much effort on this proposal. "I'm not going to go out and
stump for it," Foster said. "This is not a crusade. The
truth is, it is a simple proposition of whether the state
will honor its contract."

Representative John Alario, a major opponent of the earlier
contract revision, said he wants to see the new proposal in
black and white before making any decision.  "My past
experience is that you don't shake hands with them
(Harrah's) without checking to see if their other hand isn't
in your back pocket."

U.S. Bankruptcy Judge Thomas Brahney III will consider the
latest bailout plan along with a motion to liquidate the
failed casino project at a hearing on Dec. 17. The judge is
almost certain to keep the casino alive so the Louisiana
Gaming Control Board and Legislature will have a chance to
consider the new proposal.   The gambling board should be no
problem - the board signed off on the last proposal, and
this one is supposed to be an even better deal for the

That still leaves the Legislature - and the casino contract
would have to be done in a special session since the regular
session is restricted to fiscal matters only.

MARVEL: Equity Seeks Discovery
The Official Committee of Equity Security Holders are
requesting that the Court deny outstanding Motions for
Protective Orders and to Quash Subpoenas.

The Equity Committee is concerned that the following
motions, which are outstanding would have a material and far
reaching impact on the Chapter 11 proceedings:
The Secured Lenders' Motion to Appoint a Trustee
The Secured Lenders' Motion to Compel the Sale of a
The Debtors' Motion to Dismiss Proceeding
The Debtors' Motion for Post-Petition Financing'
The Debtors' Motion Seeking a Determination that Toy Biz Has
Violated the Automatic Stay

Despite the length of these proceedings and the seriousness
of these Motions, virtually no discovery has been taken with
regard to these matters, as the parties have attempted to
resolve the disputes amicably.

The Equity Committee is concerned, particularly with respect
to the motion for appointment of a trustee that the
distributions to equity could be seriously jeopardized
without a fully developed factual record as a result of
discovery. The Equity Committee requests that discovery be
allowed to proceed prior to any hearings on the adversary
motions filed in this matter.

In addition, The Official Committee of Equity Security
Holders, while it does not object to the terms of the
retention of special counsel,  requests that the Court
consider reinstating the Court's prior Order allowing
interim compensation to the Equity Committee's
professionals, some of whom have not been paid at all.

RDM SPORTS: Foothill Objects to Payment of Rent
Foothill Capital Corporation, as agent for a group of
lenders, creditors of the debtors' estates, filed a response
to the debtors' motion for extension of time within which
debtors may assume or reject unexpired leases of
nonresidential real property and for expedited hearing.

Foothill does not consent to the payment of rent for
nonresidential real property except as specifically provided
in the Budget and objects to the entry of an Order which
provides for the payment of such rent from Foothill's
collateral.  Foothill reserves the right to object to the
payment of any rent to the lessors from Foothill's

That, if the Court extends the time to assume or reject the
leases, Foothill is asking that the Court refrain from
including in such order the payment of any rent, in excess
of that provided in the Budget.

SILAS CREEK: Hancock Fabrics Acquires Northwest Fabrics
Hancock Fabrics, Inc. announced on Wednesday that
it has completed its previously announced acquisition of 48
Northwest Fabrics & Crafts stores and related assets from
Silas Creek Retail, L.P. and its affiliates.
Hancock's acquisition of the Northwest stores was structured
in conjunction with the sale of substantially all of the
debtors' remaining assets to ABC Fabrics, Inc. of Tampa,
Florida, in a transaction approved by the United States
Bankruptcy Court for the District of Delaware.

Larry G. Kirk, Hancock's Chief Executive Officer, said,
"With the acquisition of Northwest Fabrics, we can move
quickly into desirable markets in large-store formats that
have established fabric store identities, including five new
states that were targeted in our long-range strategic plan.
Northwest will be an extremely good strategic fit for our
Company with 35 of the stores in entirely new markets for

SMITH TECHNOLOGY: Hearing For Sale of Certain Assets
Smith Technology Corporation et al. is seeking approval of a
sale of certain of its assets and assignment of certain
contracts.  The hearing is set for November 20, 1997.
Several of the contracts are with the Environmental
Protection Agency and relate to provisions of emergency and
rapid response services, the machinery and equipment
necessary for the implementation of the contracts, and the
ancillary database information thereto.   

Smith Technology Corporation et al. is seeking an order
establishing January 9,1998 as the date by which proofs of
claim must be filed by creditors.

The debtors must file their respective Schedules of Assets
and Liabilities and Statement of Financial Affairs by the
extended date of November 24, 1997.  In order for the
debtors to proceed toward formulation of their plan of
reorganization it is necessary for the debtors to resolve
issues surrounding the nature, amount and status of all
claims to be asserted against their respective estates,
therefore, they are seeking the January 9 bar date.

TODAY'S MAN: Increased Third Quarter Earnings
Today's Man, Inc., operating under the protection of Chapter
11 of the U.S. Bankruptcy Code as a Debtor-In-Possession,
today announced further improvement in its financial and
operational performance for the third quarter ended November
1, 1997.  The Company reported net income for the quarter of
$939,800, or $0.09 per share, versus a net loss of $750,100,
or ($0.07) per share, for the third quarter of 1996.  Income
from operations rose to $1,994,500 from $11,000 in the
comparable 1996 quarter.  Net sales for the third quarter
increased 8.6% to $48.5 million from $44.6 million in the
third quarter of 1996.  Comparable store sales increased
8.6% for the 25 superstores in operation at the end of each
quarter, respectively.

The Company reported net income for the nine months of 1997
of $1,767,600 or $0.16 per share, versus a net loss of
$5,746,400, or ($0.53) per share, for the nine months of
1996.  Income from operations rose to $4,771,200 from a loss
of $2,611,300 in the comparable 1996 period.  The Company
reported net sales for the nine months increased 4.8% to
$142.9 million from $136.3 million for the nine months of
1996.  Comparable store sales increased 7.9% for the 25
superstores in operation at the end of each nine month
period, respectively.  The Company had 10,861,005 weighted
average outstanding shares during all relevant periods

The results for the third quarter and nine month periods
exclude any of the post-petition amounts proposed to be paid
as enhancements to the secured and unsecured creditors in
the Company's Plan of Reorganization, which is currently
out for balloting.  The Company estimates that the total of
these payments could be as much as $7.3 million, but given
the alternate elections available under the Plan of
Reorganization to both secured and unsecured creditors, an
exact determination cannot be made at this time.  

"The third quarter's results build on the significant
financial progress we have already made in 1997 and place
the Company in a strong position as we approach our expected
emergence from Chapter 11 next month," said Today's Man
Chairman and CEO, David Feld.  "The period represents our
fifth consecutive quarter of comparable store sales
increases and continues the Company s success in maintaining
operating expenses and gross margins, which is a major focus
of our turnaround strategy.  We look for our improved
merchandising strategy and the operational efficiencies we
have instituted to drive performance in the
coming quarters."  

VTX ELECTRONICS: Plan of Reorganization is Approved
VTX Electronics Corp., which filed a petition for
reorganization under Chapter 11 of the Bankruptcy Code
January 10, 1997, announced today that the United States
Bankruptcy Court for the Eastern District of New York has
approved the Company's Reorganization Plan.  

Vertex expects to complete its emergence from bankruptcy
protection on or about Nov. 21, 1997.  As previously
announced, the plan includes a one-for-five exchange of
common stock, based on a record date of September 29, 1997,
the date of the approval of the Disclosure Statement.

WESTERN PACIFIC: Agreement With Unit of G.E.
According to the Denver Post, on November 12, 1997 Western
Pacific Airlines has reached an agreement with an aircraft
leasing unit of General Electric Co. to transfer the
carrier's right to acquire two new Boeing 737 jets to GE.   
The deal will bring more than $2 million in cash to the
airline, including the return of deposits it had placed with

WestPac officials said GE Capital Aircraft Services will buy
a 737 for delivery next month for $31.6 million and a second
jet for delivery a year from now for $32.6 million. Western
Pacific had contracted to buy the planes from Boeing for
less than that, so WestPac will pocket the "spread" between
its contractual price for the planes and GE's purchase

WestPac attorney Christian Onsager said the airline agreed
to sell the aircraft acquisition rights to the GE leasing
unit because the purchaser was well-known by Boeing. The
aircraft manufacturer said the auction process was
not the best method for finding qualified buyers for the

On another matter before the court, WestPac and another
supplier of planes, KG Aircraft Leasing Co., agreed to set
next Monday as the deadline for the airline to decide
whether it will follow through with a plan to lease a 9-
year-old 737 jet from KG.

In addition, Western Pacific President Robert Peiser said a
number of financial interests still are evaluating whether
they want to invest in the airline. Most industry observers
say WestPac must secure so-called "debtor-in-possession"
financing if the carrier is to keep operating through
December and into the new year.

WESTERN PACIFIC: Mandatory Redemption Event
CC Investments, LDC is the holder of 4,000 shares of Series
C Convertible Preferred Stock of Western Pacific Airlines,
Inc. and pursuant to the terms of the rights of the stock,
the institution of bankruptcy proceedings constitutes a
Mandatory Redemption Event, and CC Investments claims that
the Mandatory Redemption Amount is due and payable on
November 23,1997.

DLS Capital Partners, Inc.
Bond Pricing for Week of November 10
The following are indicated prices for selected issues:

Alliance Entertainment 11 1/4 '05             8 - 11 (f)
Amer Telecasting 0/14 1/2 '04                33 - 36
APS 11 7/8 '06                               70 1/2 - 71 1/2
Bradlees 11 '02                               6 - 7 (f)
Bruno's 10 1/2 '05                           54 1/2 - 55 1/2
CAI Wireless 12 1/4 '02                      29 - 31
Cityscape 12 3/4 '04                         63 - 65
Computervision 11 3/8 '99                    98 - 99
Flagstar 11 1/4 '04                          46 - 47 1/2
Harrah's Jazz 14 1/4 '01                     32 - 34 (f)
Grand Union 12 '04                           44 1/4 - 45 1/4
Levitz 9 5/8 '03                             33 - 35 (f)
Liggett 11 1/2 '99                           64 - 67
Marvel 0 '98                                  8 - 9
Mobilemedia 9 3/8 '07                        15 - 17 (f)
Mosler 11 '03                                 72 - 76
Musicland 9 '03                              91 1/2 - 92 1/2
Payless Cashways 9 1/8 '03                14 1/2 - 15 1/2(f)
Stratosphere 14 1/4 '02                      63 - 67 (f)
Trump Castle 11 3/4 '03                      92 1/2 - 93
Trump Atlantic City 11 1/4 '06               99 - 99 1/2
Wickes 11 5/8 '03                            94 - 95 1/2

It was a fairly poor week for prices in the bankrupt and
distressed bond arena.  Among the hardest hit were APS and
Payless Cashways.  Decent upticks on Cityscapeand Mosler
bonds.  Light volume was seen, due in part to Veteran's day
holiday midweek.


A listing of meetings, conferences and seminars appears   
every Tuesday.  
Bond pricing, appearing each Friday, is supplied by DLS    
Capital Partners, Dallas, Texas.   
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., Princeton, NJ,  and   
Beard Group, Inc., Washington DC.  Debra Brennan and Rebecca   
A. Porter, Editors.  
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