TCR_Public/971212.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, December 12, 1997, Vol. 1, No. 78

ELDER-BEERMAN: Opens Home Store in Michigan
GTE WIRELESS: Adding Nine More Tristate Retail Outlets
GUY F. ATKINSON: Seeks Exemption for Intercompany Claims
HAYES MICROCOMPUTER: REFAC and Hayes Settle Patent Suit
ITHACA INDUSTRIES: Third Quarter Results

LATTICE SEMICONDUCTOR: Says Korean Distributor Insolvent
MID-AMERICAN WASTE: Seeks Extension to Object to Claims
PARTY WORLD: Seeks Order to Sell
PRECISION MOTORCARS: Mealey Group Snaps Up Dealerships

SA TELECOMMUNICATIONS: Seeks Order for Meeting Obligations
TODAY'S MAN: Settlement with Committee and Creditors
VITALE ENTERPRISES: Order Approving Accountants
WESTMORELAND COAL: Order Authorizing Sale

BOND PRICING: DLS Capital Partners' Weekly Bond Pricing


ELDER-BEERMAN: Opens Home Store in Michigan
Dayton, Ohio-based Elder-Beerman Stores Corp., moving to
emerge from Chapter 11 bankruptcy protection, has opened
another home store, this one in Monroe, Michigan.  The
42,000-square-foot store joins the ongoing renovation of an
Elder-Beerman department store in Monroe. The store will be
finished in February.

It's one of several expansion projects. The department-
store company in October built a store and renovated
another into a home-goods store in Muncie, Ind. It also
renovated stores in Findlay, Ohio, and Terre Haute, Ind.

In other company-related areas, shareholders wanting to
delay Elder-Beerman's confirmation hearing to emerge from
bankruptcy will make their case Dec. 15, the day of the
company's confirmation hearing. They want to delay the
hearing until February, said Shawn Riley, an attorney
representing shareholders William Weprin, Barbara Weprin
and Leonard Peal.

The shareholders said Elder-Beerman could be worth more
than $425 million, compared with about $350 million to $375
million, if Christmas-sales projections panned out. By
delaying the confirmation hearing, the value of the
shareholders' stakes could increase.

Elder-Beerman filed for Chapter 11 bankruptcy protection in
October 1995.   

GTE WIRELESS: Adding Nine More Tristate Retail Outlets
GTE Wireless continues to expand its retail collaborations,
this one with First Choice Communications, which will sell
its products at nine stores in the Cincinnati area and
Kentucky. The move is an extension of the Atlanta-based
GTE's private retail outlets and other collaborations. It
operates nine stores and kiosks in the area, all of which
sell its Personal Communication Services, or PCS phones.

GTE also sells PCS phones at Sun Television & Appliances
stores in Northgate, Eastgate and Florence and at Special
Tee Golf's stores in Northgate, Kenwood and Florence.

The new deal involves stores in Newport, Covington,
Elsmere, Hamilton, Middletown, Eastgate, Pleasant Ridge,
Forest Park and Price Hill.

GUY F. ATKINSON: Seeks Exemption for Intercompany Claims
The debtors, Guy F. Atkinson Company of California, Guy F.
Atkinson Company and Guy F. Atkinson Holdings, Ltd., are
seeking an order today exempting intercompany claims from
the requirement to file proofs of claim in these Chapter 11
cases in advance of the deadline for filing claims.

The debtors' financial statements disclose various
intercompany receivables that may be asserted (1) by non-
debtor subsidiaries or affiliates against one or more of
the debtors, or (2) by one or more of the debtors against
each other.  In addition there may be various contingent or
unliquidated claims that may be asserted by (1) non-debtor
subsidiaries or affiliates against one or more of the
debtors or (2) by one or more of the debtors, against each
other.  The banks or the bonding companies may assert
security interests in, or liens upon, such intercompany

It would be burdensome for the debtors to attempt to
describe and quantify these various intercompany claims
among the over 20 entities that are affiliates of the
debtors.  The debtors do not believe that there is a good
business reason for persons asserting intercompany claims
to be required to file proofs of claim by the Bar Date.

HAYES MICROCOMPUTER: REFAC and Hayes Settle Patent Suit
REFAC Technology Development Corporation (Amex: REF)
announced today the settlement of a patent infringement
suit against Hayes Microcomputer Products, Inc. of
Norcross, Georgia, regarding data compression technology
used in most data modems.

While REFAC and Hayes have agreed to keep the financial
terms of the settlement confidential, Robert L. Tuchman,
REFAC President and Chief Executive Officer, noted that it
includes a non-exclusive license to Hayes and its
affiliated companies under U.S. Patent No. 4,876,541 (the
"Storer Patent") and a complete resolution of both REFAC's
patent infringement and bankruptcy claims against Hayes.  
The patent litigation continues in the United States
District Court, District of Massachusetts, Eastern Division
against the remaining defendant, Zoom Telephonics, Inc.,
with the trial expected in mid-1998.

REFAC owns the exclusive right to license the Storer
Patent, which REFAC maintains covers the basic data
compression procedures recommended by the International
Telecommunication Union Standards Section (V.42 bis), which
virtually all data modems currently employ.

"We are pleased that the outstanding issues in this matter
have been resolved to the mutual satisfaction of both
parties," said Tuchman.  He also noted that REFAC is
pursuing patent license agreements on a non-exclusive basis
with other major manufacturers of modems and
telecommunication products which employ the V.42 bis

REFAC specializes in international licensing and technology
transfer, including the negotiation and administration of
manufacturing licenses and joint ventures involving
patents, trademarks, copyrights and trade secrets.

ITHACA INDUSTRIES: Third Quarter Results
Ithaca Industries, Inc., one of the nation's largest
manufacturers of private-label underwear and women's
hosiery products, today announced that profitable
operations continued through the third quarter and first
nine months of fiscal 1998 as higher margins and
lower expenses more than offset decreased revenues.

For the third quarter of fiscal 1998 which ended November
1, 1997, Ithaca reported net income of $795,000, a
significant improvement from the fiscal 1997 third quarter
loss of $1,305,000.  Earnings per share for the fiscal 1998
period were $0.08; there were no public shares outstanding
in the third quarter of fiscal 1997.

Revenues for the quarter declined 35.9 percent to $63.2
million from $98.6 million last year, reflecting the
company's restructuring plan which was designed to
eliminate unprofitable products, as well as lower
continuing sales volumes.  The quarter's revenues included
$1.2 million in sales of discontinued products compared
with $9.5 million during the year-ago period, Ithaca said.  
Lower sales revenues from continuing product lines to the
company's major customers reflect retailer inventory

Gross profit for the third fiscal quarter was 15.2 percent,
a substantial increase from 13.6 percent during the third
fiscal quarter last year.  The improved gross profit
demonstrated the benefits of reducing revenues from low
profit products which were discontinued, as well as
increased off-shore product sourcing.  While selling,
general and administrative expenses (SG&A) decreased
to $6.7 million from $9.1 million last year, as a
percentage of sales, SG&A rose to 10.6 percent from 9.2
percent last year, reflecting the impact of lower
sales on operating leverage.

Earnings before interest, taxes, depreciation and
amortization (EBITDA) in the third quarter amounted to $4.4
million, compared with $6.6 million of EBITDA generated for
the prior-year comparable period.  The decrease in EBITDA
was attributed to the lower revenue base as sales declined.

The interest expense fell to $1.7 million from $6.4 million
in the third quarter of fiscal 1997.  The decrease in
interest expense resulted from the conversion of $125
million of senior subordinated notes into common stock as
part of Ithaca's fiscal 1997 financial restructuring and
lower average levels of bank borrowings.

For the first nine months ended November 1, 1997, Ithaca's
net income improved to $1,649,000 from a net loss of
$1,961,000 for the same period during fiscal 1997.  The
fiscal 1997 period's results also included a one-time
benefit of $2,964,000 from the recovery of a prior
writedown.  If the impact of this benefit is excluded, the
fiscal 1997 loss for the nine months would have widened to
$4,925,000.  Earnings per share for the fiscal 1998 period
were $0.16; there were no public shares outstanding during
the first nine months of fiscal 1997.

The earnings turnaround to date was achieved despite a 33.5
percent decline in sales which fell to $182.9 million from
$275.1 million in the fiscal 1997 period, the company said.  
The sales decline reflected the company's restructuring
plan which was designed to eliminate unprofitable products,
as well as lower ongoing business.  Year-to-date revenues
included $4.7 million in sales of discontinued products
compared with $39.9 million during the year-ago

Increased gross margins, lower SG&A and reduced interest
expense contributed to the improved bottom line.  The gross
margin was 15.1 percent, up from 13.7 percent a year ago.  
SG&A decreased to $19.9 million from $25.1 million last
year due to a 30 percent reduction in distribution costs
and lower compensation and benefits costs.  However, SG&A
grew as a percentage of sales to 10.9 percent from 9.1
percent in the fiscal 1997 period, reflecting the
impact of lower sales on operating leverage.

EBITDA for the first nine months was $12.3 million,
compared with $16.3 million of EBITDA (excluding non-
recurring items) generated for the comparable
period in fiscal 1997.  The decrease in EBITDA was
attributed to the lower revenue base.

Interest expense fell to $5.2 million from $19.3 million in
the first nine months of fiscal 1997 due to the
aforementioned debt conversion coupled with lower average
levels of bank borrowings.  The company estimates that the
exchange of debt for common shares will reduce annual
interest expense by approximately $14 million.

"Over the past several months, our top priorities have been
stabilizing the company's balance sheet and improving our
cost structure," stated Jim D. Waller, Ithaca's chairman,
president and chief executive officer. "Our initiatives
aimed at reducing costs in all areas of the business
continue to yield results, as demonstrated by our third
quarter.  We can now focus on re-establishing our top-line

While Waller pointed out that the fourth fiscal quarter
typically is Ithaca's softest, he did note that the
overstock conditions at some of Ithaca's retail customers
are beginning to subside.  "We expect to see moderate
revenue growth as our retail customers begin to restock,"
Waller said.  "Additionally, we secured new and expanded
customer programs during this quarter and will
begin to realize these revenues during the next fiscal

On November 22, 1996, Ithaca emerged from a prepackaged
plan of bankruptcy and, as part of the reorganization,
exchanged $125 million of senior subordinated notes
for 10 million shares of common stock.  Ithaca stock is
currently traded via the Nasdaq bulletin board; however,
the company has applied to list the stock on the Nasdaq
National Market System.

LATTICE SEMICONDUCTOR: Says Korean Distributor Insolvent
Lattice Semiconductor Corporation (Nasdaq: LSCC) announced
that it was informed today that its sole Korean sales
representative/distributor, Woo Young Tech Co., Ltd., has
been declared insolvent.

As a result, the Company's existing backlog to its Korean
customers of approximately $3.5 million is at risk.  As the
Company sells products in the Korean market via cash in
advance or on a letter of credit basis, there is no
expected additional financial exposure as a result of Woo
Young's insolvency.

The Company is in active communication with its major
Korean customers to arrange for direct product shipment.  
Current indications are that the Company's Korean backlog
accurately reflects end customer demand.  If appropriate
arrangements can be made in a timely manner, it is possible
that a portion or all of the existing Korean backlog could
be shipped during the quarter.

Oregon-based Lattice Semiconductor Corporation designs,
develops and markets the broadest range of high-performance
ISP(TM) programmable logic devices (PLDs).  ISP devices,
pioneered and invented by the Company in 1992, have
revolutionized how programmable logic is utilized in
electronic design. Lattice's ISP PLDs shorten design cycles
and reduce development costs by allowing the customer to
quickly and efficiently incorporate different logic
functions on a single device.  Lattice products are sold
worldwide through an extensive network of independent sales
representatives and distributors, primarily to OEM
customers in the fields of communications, computing,
computer peripherals, instrumentation, industrial control
and military systems.

MID-AMERICAN WASTE: Seeks Extension to Object to Claims
Mid-American Waste Systems, Inc., reorganized debtor is
seeking an order extending the time period for the debtors
to object to the allowance of claims. On September 17, 1997
the court entered an order confirming the Plan. The Plan
was substantially consummated on September 18, 11997.  

The debtor seeks an extension from January 16, 1998 through
and including March 31, 1998 to file objections to the
allowance of any claim (whether or not a proof of claim has
been filed) and to file an objection to the allowance of
any claim for which a proof of claim was filed after
December 8, 1997 until the later of March 31, 1998 or the
first business day occurring sixty days after the filing of
such subsequent claim.

To date, approximately 720 proofs of claim have been filed
in the case, and the debtor has already objected to
approximately 80 of such proofs of claim and expects to
object, to more, but the debtor claims it  will not
complete the process by January 16, 1998.

PARTY WORLD: Seeks Order to Sell
Party World, Inc. and Party America, Inc., debtors have
filed a motion for an order authorizing the debtors to sell
substantially all of the property of the estate, approving
bidding procedures in connection with the sale, approving
such sale free and clear of liens, and authorizing the
assumption and assignment of certain executory contracts
and leases.

The debtor seeks court authority to sell substantially all
of the assets of the bankruptcy estates and to assign
leases and executory contracts to GB Equity Partners LLC.  
The debtor alleges that a sale of substantially all assets
of the estates to GB Equity, or a successful overbidder,
maximizes the value for the creditor constituencies,
insures the continued operation of the debtors' businesses
as a going concern and is in the best interests of the

The agreement supporting the sale provides for GB Equity to
pay the debtors $4.6 million in cash at closing.  The
debtors originally filed for Chapter 11 protection having
suffered severe cash flow problems, and the debtors did not
have sufficient cash availability under their prepetition
credit line with Foothill Capital Corporation to purchase
sufficient inventory to stock the stores for the all-
important fourth quarter.  Some vendors stopped giving the
debtors credit terms.  The debtors have scheduled assets
with a value of $10,478,936.54 and scheduled liabilities
totaling $17,177,250.21.

The debtors are seeking court approval to authorize a
bidding procedure with a break-up fee of $75,000, and an
initial overbid of $100,000 over the amount offered by GB

>From the purchase price, the debtor agrees to pay Foothill
the amount of Foothill's claim under its inventory
financing line evidenced by a certain Loan and Security
Agreement.  The amount due is approximately $3.5 million.  
The debtor is also obligated to Foothill pursuant to two
separate term loans.  The debtors will not be paying
Foothill any amounts on account of their obligations under
the term loans from the proceeds of the sale.

PRECISION MOTORCARS: Mealey Group Snaps Up Dealerships
The Orlando Business Journal reported on November 21, 1997                     
that Orlando mega-dealer First Team Automotive Corp. has
struck a deal to buy four automobile dealerships owned by
Tampa's Precision Motorcars Co. First Team owns 13 retail
locations, including the Don Mealey dealerships in the
Orlando area. Plans call for the fledgling auto dealership
chain to go public this coming January.  Only a few months
ago, First Team Automotive acquired Bill Graham Ford in
Bradenton as part of its expansion drive west.

The deal to buy Precision Motors will increase the number
of locations owned by First Team Automotive to 17 and
represents the dealership group's first - but not last -
deal in Tampa. Warner Peacock, executive vice president of
the Orlando firm, says that's because the Tampa market
appeals to First Team Automotive because of its proximity
to the company's headquarters and its size. Precision,
which was founded in 1974, is one of the largest automobile
dealership groups in the Tampa Bay area and ranks among the
top 100 dealership groups in the country, based on the
company's latest annual revenues of $230 million.

However, Precision has shrunk rather than grown in recent
years. Precision once operated as many as 22 dealerships
throughout the country, in Florida, Georgia, Nevada and
Kentucky. The company was hit by the slump in auto sales in
the early 1990s, and Precision filed for Chapter 11. The
company emerged from bankruptcy protection in 1991. The
company has been on steady financial footing since. In
fact, Peacock says that with the Precision acquisition, "it
appears we are the 11th-largest dealership group in the
United States in terms of total sales." Peacock would
not disclose company-wide sales.

Precision's chairman and CEO, Frank Morsani, says he
expects the sale to close by February. The deal is subject
to approval by the manufacturers which supply cars to the
local dealership group - Infiniti, Mercedes-Benz, Nissan
and Toyota. That approval is a typical part of the sale of
a car dealership and normally takes about 60 days.
Following the closing, Morsani, 66, says he expects to
retire. Morsani says Precision President Jack Romano also
is scheduled to leave the company. But the remaining 280
Precision employees likely will remain at their jobs,
which was a major reason that the First Team Automotive's
proposal appealed to Morsani, who is Precision's sole

"(First Team Automotive) had the best proposal both
financially for myself and for my organization long term,"
he says. "We felt that we fit better philosophically (with
them than others). We run a very decentralized company,
and they want to retain my managers at the four
dealerships."  Morsani says Precision's employees generally
seem supportive of the planned sale.

"The window of opportunity looked appealing and they
understand my biological clock is running," he says.
Morsani declined to disclose the sale price, but indicated
he'll be paid in cash and stock in First Team Automotive,
which is planning to sell an undisclosed number of shares
of stock in an initial public offering scheduled
for January. Some of the other larger publicly held
consolidators in the industry include Group One, United
Auto Group and Auto Nation USA, which is part of Republic
Industries, a conglomerate based in Coconut Creek and owned
by Wayne Huizenga.

Reeves Industries Inc., debtor, is seeking January 30, 1998
as the deadline for all creditors of the debtor to file
proofs of claim.

The claims of the holders of the debtor's senior notes and
subordinated debentures, the indenture trustees in relation
to such holders and General Electric Capital Corporation
are deemed allowed under the plan, and therefore, such
claimants should not file proofs of claim.

Also, a creditor whose pre-petition claim is set forth on
the debtor's schedules of assets and liabilities filed with
the court shall be deemed to have filed a claim in the
amount, and should not file a proof of claim.

SA TELECOMMUNICATIONS: Seeks Orders for Meeting Obligations
SA Telecommunications, Inc., and certain of its wholly-
owned subsidiaries are seeking a court order approving the
debtors' proposal to give each utility company serving the
debtor assurance of the debtors' ability to meet post-
petition obligations; and confirming that such utilities
are restrained from discontinuing, altering or refusing

The debtors are seeking a prompt and efficient sale of the
debtors' business and in negotiating such a sale, the
continuity of utility services is critical in order to
maintain the value of the debtors' business.

The debtors are also requesting the entry of an order
confirming that the automatic stay applies to prevent
certain telecommunications service carriers from
terminating contracts for provision of services to the
debtors. Any disruption in telecommunications services
leading to a decline in its customer base would immediately
reduce the value of the debtors' business and jeopardize
the possibility of a successful sale.

The debtor has defined its relationships with the
Telecommunications Providers as executory contracts, and
not utility providers.  If any of the Telecommunications
Providers were to terminate its particular service, the
effect on the debtors' business would, according to the
debtor, "be immediate and, quite possibly catastrophic."

TODAY'S MAN: Settlement with Committee And Creditors
Today's Man, Inc. (Nasdaq-NNM:TMANQ), operating under the
protection of Chapter 11 of the U.S. Bankruptcy Code as a
Debtor-in-Possession, announced today that it has reached a
settlement with the Creditor's Committee to gain their
support for the Company's Plan of Reorganization.  
Additionally, the Company has reached an agreement with the
objecting unsecured creditors, OTA L.P., York Investment
Ltd. and York Capital Management L.P., to gain their
support for the plan. The objecting unsecured creditors
have withdrawn their objections and today the Bankruptcy
Court granted them permission to change their votes to vote
in favor of Today's Man's Plan of Reorganization.

Approval of the Plan of Reorganization will be considered
by the Bankruptcy Court at a hearing on December 12th at
2:00 p.m. EST. "The reorganization plan we have submitted
to the Bankruptcy Court for confirmation is an equitable
plan which treats all our constituencies fairly,"
said David Feld, Chairman and CEO.  "We are pleased that we
have been able to work with the creditor's committee and
the objecting unsecured creditors to resolve their concerns
and reach a consensus.  We look forward to the plan's
confirmation this Friday, emerging from Chapter 11 in
January 1998 and building on the phenomenal turnaround
Today's Man experienced in 1997."

VITALE ENTERPRISES: Order Approving Accountants
On December 1, 1997, Judge William F. Tuohey approved the
retention of M.R. Weiser & Co. LLP as accountants to the
debtors, for a period of ninety eight-hour days, nunc pro
tunc as of November 13, 1997.

WESTMORELAND COAL: Order Authorizing Sale
On December 5, 1997 the Judge Marcia S. Krieger approved
the sale of a coal processing facility, Yankee Preparation
Plant, from Westmoreland Coal Company to Colonial Coal

BOND PRICING: DLS Capital Partners' Weekly Bond Pricing
The following are indicated prices for selected issues:

Alliance Entertainment  11 1/4 '05             4 - 7 (f)
Amer Telecasting 0/14 1/2 '04                 29 - 32
APS 11 7/8 '06                                58 - 62
Bradlees 11 '02                                5 - 6 (f)
Brunos 10 1/2 '05                             39 - 41
CAI Wireless 12 1/4 '02                       27 - 29
Cityscape 12 3/4 '04                      56 1/2 - 58
Echo Bay 11 '27                               81 - 84
Flagstar 11 1/4 '04                           42 - 43 (f)
Harrah's Jazz 14 1/4 '01                      30 - 32 (f)
Hechinger 9.45 '12                            73 - 75
Hill's 12 1/2 '03                             78 - 79
Grand Union 12 '04                            57 - 59
Levitz 9 5/8 '03                              34 - 36(f)
Liggett 11 1/2 '99                            65 - 69
Marvel 0 '98                               3 1/2 - 5
Mobilemedia 9 3/8 '07                         12 - 14 (f)
Mosler 11 '03                                 75 - 77
Royal Oak 11 '06                              70 - 73
Speedy Muffler 10 7/8 '06                     63 - 65
Stratosphere 14 1/4 '02                       55 - 60 (f)
Trump Castle 11 3/4 '03                   91 1/2 - 92 1/2
Wickes 11 5/8 '03                             93 - 94

The market for bankrupt and distressed issues was quite
weak as we encountered year-end selling.  Gold mining
issues drifted in another 3 to 4 points.
Cityscape bonds dropped another 8 points.  Bucking the
trend, Grand Union bonds rose 6  points on the week.


A list of meetings, conferences and seminars appears
in the TCR each Tuesday.  Submissions via e-mail to are encouraged.  

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.   
Copyright 1997.  All rights reserved.  This material is    
copyrighted and any commercial use, resale or publication
in any form (including e-mail forwarding, electronic re-
mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.  Information
contained herein is obtained from sources believed to be
reliable, but is not guaranteed.   
The TCR subscription rate is $575 for six months delivered    
via e-mail.  Additional e-mail subscriptions for members of     
the same firm for the term of the initial subscription or    
balance thereof is $25 each.  For subscription
information, contact Christopher Beard at 301/951-6400.   
             * * * End of Transmission * * *