TCR_Public/971231.MBX     T R O U B L E D   C O M P A N Y   R E P O R T E R

      Wednesday, December 31, 1997, Vol. 1, No. 89

AMERICAN STANDARD: Solvency and Ultimate Control Disputed
AUTOMOBILE CREDIT: Search Settles Mississippi Litigation
CAJUN ELECTRIC: Swepco Presses Plan Proposal Forward
COUNTRY STAR: Las Vagas LLC Thrown into Chapter 11
CROWN BOOKS: New CEO to Return Company to Profitability

DESIGNER MILLWORK: Case Dismissed Effective March 31, 1998
FARM FRESH: Richfood to Purchase through Prepack Filing
FLEXEL, INC.: Completes Claims Review & Files Objections
FOSTER MORTGAGE: United Pays $5.6MM to Settle Lawsuit
L. LURIA: Disclosure Statement Hearing Set for February 3rd

LEVITZ: November Operating Results
LEVITZ: Motion to Pay $1.2 Million of Pre-Petition Taxes
MARVEL ENTERTAINMENT: Motion to Halt Payment of Trade Claims
MIDCOMM COMMUNICATIONS: Predicts Competition to WinStar Bid
MOBILEMEDIA: Chase Asks Court to Terminate Exclusivity

ORANGE COUNTY: School See $29MM from Merrill Lynch Suit
RAMPAGE CLOTHING: SOS Management Hired as Trademark Agent
REEVES INDUSTRIES: January 30, 1998 Bar Date Established
RICH INTERNATIONAL: Former Employees Want to be Paid
SINGING MACHINE: Settlement with Harry Fox Agency

STREAMLOGIC CORPORATION: Amendment to 6% Debenture Indenture
STREAMLOGIC CORPORATION: Bar Date for Warranty Claims
STREAMLOGIC CORPORATION: Requests January 13 Record Date
STREAMLOGIC CORPORATION: Motion to Sell Concentric Stock
VISTA PROPERTIES: Presidio Will Pay Debtor's Professonals

WESTERN PACIFIC: Who Pays the Airport Fees?
WESTERN PACIFIC: One Shareholder Realizes a Gain
WESTERN PACIFIC: May Relocate to Lower-Cost Concourse "C"
WIZ: U.S. Trustee Appoints Unsecured Creditors' Committee
WIZ: Schottenstein Retained for GOB Sales at 17 Locations


AMERICAN STANDARD: Solvency and Ultimate Control Disputed
An Oklahoma Supreme Court decision to reconsider a case
involving American Standard Life & Accident Insurance Co.
could help the state Insurance Department eventually recover
expenses from operating the insolvent company, the
department's general counsel recently told a Daily Oklahoman

American Standard's founder, on the other hand, says the
decision may be a step toward helping him regain control of
the company.

The Oklahoman explains that the Oklahoma Supreme Court
recently ruled that it will reconsider its earlier decision
that overturned a lower court ruling in a case involving The
Guardian Life Insurance Company of America and American
Standard.  The lower court ruled The Guardian Life Insurance
Co. owed $15 million plus additional future obligations
incurred under a reinsurance agreement with American

"Today, the judgment could be a much as $50 million," said
Insurance Department General Counsel Orval Jones.  But, Joes
adds, the Supreme Court's recent decision changes nothing,
and "a reversal would not affect American Standard's
status."  Under a reinsurance agreement between Guardian and
American Standard, Guardian would have the right to reclaim
leftover portions of any judgment against it after the
department and other creditors are paid when American
Standard is liquidated, Jones told the Oklahoman.  

But David J. Nicholas, who founded American Standard, said
the court judgment against Guardian does not give Guardian
the right to reclaim any funds under the resinsurance
agreement.  As a result, collecting a judgment from Guardian
would enhance American Standard's balance sheet, Nicholas
said.  Given the judgment and a pending sale of some assets,
American Standard is solvent, he said. "We're a very wealthy

Two months ago, Oklahoma County District Judge John M. Amick
ordered the department to liquidate American Standard.  The
company had a negative net worth of $37 million, regulators
said.  The company had been under insurance department
control since 1991.  Nicholas has appealed Amick's decision
calling for the company's liquidation.

AUTOMOBILE CREDIT: Search Settles Mississippi Litigation
Search Financial Services Inc. (Nasdaq:SFSI) (Nasdaq:SFSIP)
announced yesterday that it has completed its previously
announced settlement of the noteholder class action
litigation filed against it in Federal Court in Mississippi
in December 1995 and all claims held by the Litigation Trust
established under the plan of reorganization of Search's
Automobile Credit Fund subsidiaries.  

Under the terms of the settlement, Search paid $362,500 in
cash and issued approximately 1,300,000 shares of its common

CAJUN ELECTRIC: Swepco Presses Plan Proposal Forward
Central & South West Corp.'s Swepco subsidiary will continue
its efforts to acquire Cajun Electric Power Cooperative with
the blessings of merger partner American Electric Power Co.,
a spokesman for Swepco told the Baton Rouge Advocate earlier
this week.  "We'll be continuing full speed ahead," said
Swepco spokesman Peter Main.

Columbus, Ohio-based American Electric Power Co. announced
its planned acquisition of Dallas-based Central & South West
Corp. last week.  American Electric is headed by Linn Draper
Jr., the former chairman and chief executive officer of Gulf
States Utilities Co.  He went to American Electric in 1992,
before Entergy Corp.'s acquisition of GSU.

Swepco, a Central & South West subsidiary in Shreveport, is
among three bidders competing to buy Cajun's non-nuclear
assets out of bankruptcy court.  Cajun sells electricity to
rural cooperatives serving about 1 million consumers in the

"The Cajun Electric acquisition was discussed in detail
during the merger negotiations, and both companies agreed it
is consistent with our shared vision and direction," Main
said in an interview with the Advocate.  "We believe this
combination makes us an even stronger company in terms of
the future power supply for the Cajun cooperatives, whose
power we would supply under a new wholesale contract, if our
bankruptcy plan is confirmed," he said.

Cajun has been operating under bankruptcy court protection
since December 1994, the result of heavy debt associated
with its partial ownership with Entergy Corp. of the River
Bend nuclear power plant near St. Francisville, Louisiana.  
A federal agency's inability to find a buyer for Cajun's 30
percent share of the River Bend nuclear plant resulted in a
transfer of Cajun's share of the plant to Entergy.

COUNTRY STAR: Las Vagas LLC Thrown into Chapter 11
Country Star Restaurants, Inc. (Nasdaq:CAFE) announced that,
in order to preserve its rights under a Las Vagas restaurant
lease, it caused Contry Star Las Vegas LLC, the limited
liability company that operates the restaurant, to commence
a chapter 11 proceeding in order to preserve value of the
lease and the rights thereunder as an asset of the limited
liability company.  

Country Star opened the Las Vegas restaurant on the "Strip"
in Las Vegas in July, 1996.  "The restaurant has suffered
operating losses since its opening primarily as a result of
customer revenues falling below expectations and
unanticipated expenses," Country Star said.  Although
"management has taken a number of steps to improve operating
results at the restaurant but, to date, operations at the
facility remain unsatisfactory."

Country Star believes that the LLC's lease may be of
substantial value, and has investigated assigning or
transferring the lease to a third party as a means of
realizing revenues from the location.  Management has
considered other options for the facility which would
involve continuing the operations on a joint venture basis
with a third party.

Currently, the company is in arrears $195,000 in the payment
of October, November and December, 1997 rent due under the
lease.  The company would have paid the rent, but didn't
have the cash.  

The company advised that the Landlord has served notice
under Nevada state law that it wants to terminate the lease
and reclaim the property.  There are 18 years remaining
under the present lease.

CROWN BOOKS: New CEO to Return Company to Profitability
Senator Richard Stone, Chief Executive Officer of Crown
Books and Chairman of Dart Group Inc.'s Executive Committee,
today announced the appointment of Anna Currence as Crown
Books President and Chief Operating Officer.  Ms. Currence,
whose distinguished career in book retailing includes 17
years with Barnes & Noble and B. Dalton, will take the helm
at Crown Books beginning January 12, 1998.

"Ms. Currence is well respected in the book industry,"
stated Senator Stone.  "She has the experience and knowledge
to establish a strong foundation in which to return Crown
Books to profitability."

She has also held positions as Vice President of a 181 chain
of video stores that was successfully sold to Blockbuster,
as President and CEO of a gourmet cookware retailer that she
brought out of bankruptcy and as an Executive Recruiter in
New York City.  Ms. Currence will report directly to Senator

Crown Books, one of America's best known booksellers,
operates 174 book stores nationwide that is currently
located in nine metropolitan areas, including Chicago,
Dallas, Houston, Los Angeles, San Diego, San Francisco,
Seattle, Philadelphia and Washington, D.C.  Crown Books
Corporation (Nasdaq:CRWN) is majority owned by Dart Group

DESIGNER MILLWORK: Case Dismissed Effective March 31, 1998
The United States Bankruptcy Court for the Southern District
of Texas, Houston Division, has ordered that the chapter 11
case commenced by Designer Millwork, Inc., be dismissed at
midnight March 31, 1998 unless the Court orders otherwise.  
The Debtor has filed a plan of reorganization, but has not
garnered the support of its creditor constituencies.  If the
plan cannot be confirmed, the Court reasons, the case should
be dismissed.  

FARM FRESH: Richfood to Purchase through Prepack Filing
While Farm Fresh Inc. put itself on the market late last
year, the Norfolk-based grocery chain had to wait until
September to announce an engagement. The suitor is Richfood
Holdings Inc., Farm Fresh's Richmond-based food supplier,
which wants to make sure it doesn't lose Farm Fresh's big
business in Hampton Roads. But Richfood has no intention of
swallowing all of Farm Fresh's heavy debt load, left over
from a leveraged buyout in 1988.  So the 47-store Farm Fresh
chain is heading toward a prepackaged bankruptcy in early
1998, in which Richfood will buy most of Farm Fresh's stores
for $220 million cash, $30 million of assumed leases and
warrants to buy 1.5 million shares of Richfood stock for $25
each in five years.  (Source: Virginian Pilot Ledger Star,
December 28, 1997)

FLEXEL, INC.: Completes Claims Review & Files Objections
Paving the way for the Liquidating Agent to make
distributions to creditors under the Amended and Restated
Plan of Liquidation of Flexel, Inc., confirmed on November
20, 1997, the Debtor tells the Court that it has completed
the task of reviewing proofs of claim filed against the
Debtor's estate.  Following that review, the Debtor lodged
its objections to all duplicate claims, claims previously
paid, claims to which there is a dispute as to the allowable
amount, late claims, shareholder claims, claims for which
the Debtor asserts a set-off, and claims otherwise

The Debtor has also objected to seven claims, including a
$2.7 million claim filed by International Paper, asserting
that such claims should be disallowed pursuant to 11 U.S.C.
Sec. 502(d) until such time as the Debtor receives payment
from each claimant on account of preferential payments made
by the Debtor to the claimants within the 90-day period
prior the chapter 11 filing.  

FOSTER MORTGAGE: United Pays $5.6MM to Settle Lawsuit
United Companies Financial Corp. said it has paid $5.6
million to settle bankruptcy and lawsuit disputes over
Foster Mortgage Corp., a former Texas subsidiary.  Chief
Financial Officer Dale Redman told the Baton Rouge Advocate
that the settlement will put an end to four years of
disputes and litigation over a once-promising subsidiary.  
"This is a positive because the potential loss under the
lawsuit was over $30 million," Redman said.

The Advocate explains that in 1990, United Companies
acquired Foster Mortgage of Fort Worth, Texas. At the time,
Foster Mortgage was a prosperous mortgage-servicing company
with $1 billion in serviced assets.  United turned to a
group of institutional lenders to help pay the $94 million
price.  Then in 1992 interest rates dropped significantly,
and many homeowners refinanced their home loans. Many of the
loans on Foster Mortgage's books were paid early, crumpling
its profit potential.  In 1993, Foster filed for protection
in U.S. Bankruptcy Court in Dallas.  Less than a year later,
the group of institutional lenders, who had put up cash
for the acquisition of Foster Mortgage, filed a petition in
bankruptcy court claiming United Companies owed them more
than $30 million in tax benefits created by Foster
Mortgage's losses.

The court-appointed trustee in the case agreed with the
creditors and pushed for the court to rule in their favor,
Redman said.  United Companies vigorously opposed the
claims.  In November, United Companies won a favorable
ruling in the court on part of the suit. Then the two sides
agreed to settle for $5.6 million.

United Companies paid the $5.6 million to the court-
appointed trustee, who will disperse the money to Foster
Mortgage creditors, Redman said.

L. LURIA: Disclosure Statement Hearing Set for February 3rd
The Honorable Robert A. Mark for the United States
Bankruptcy Court for the Southern District of Florida will
consider the adequacy of the Disclosure Statement proposed
by L. Luria & Son, Inc., in support of its Plan of
Reorganization dated December 11, 1997, on February 3, 1998
at 2:00 p.m. in Miami.  Objections to the adequacy of the
Debtor's Disclosure Statement must be filed by January 27,
1998 to be considered timely.

LEVITZ: November Operating Results
For the month ending November 30, 1997, Levitz Furniture
Incorporated, et al., posted a net loss of $2.2 million on
net sales of $87.3 million.  

LEVITZ: Motion to Pay $1.2 Million of Pre-Petition Taxes
Levitz Furnitire Corporation asks the Court for permission
to pay up to $1.2 million on account of pre-petition real
estate taxes owed to various taxing authorities.  The
Debtors observe that they could spend considerable time and
money litigating issues relating to assessment dates,
billing dates, tax status dates, due dates, and whether tax
claims constitute pre-petition or post-petition obligations.  
Instead, the Debtors would like to side-step all of those
issues and simply pay these priority claims which will give
rise to property tax liens if left unpaid.  

MARVEL ENTERTAINMENT: Motion to Halt Payment of Trade Claims
The Official Committee of Unsecured Creditors appointed in
the Marvel Entertainment Group, Inc., et al., chapter 11
cases asks the District Court to vacate the Bankruptcy
Court's First Day order allowing Marvel to pay Pre-Petition
Ordinary Course Claims.  The Committee has learned that,
under the First Day Order, Marvel has paid over $40 million
of pre-petition claims while ignoring tens of millions of
dollars of other similarly situated claims.  As a result,
the fundamental equality of treatment rule in bankruptcy for
similarly situtated creditors has been violated.  

The Committee reminds the Court that the present
circumstances of these cases are far different than they
were on the first day when Judge Balick granted the Debtors'
Motion on an ex parte basis.  The necessity for which the
Debtors argued to exist on Day One is no longer present, the
Committee asserts, militating in favor of vacating the First
Day Order.

MIDCOMM COMMUNICATIONS: Predicts Competition to WinStar Bid
The sale of assets of bankrupt Midcom Communications on
January 5, 1998, is expected to draw several competitors to
WinStar's $92-million offer that was filed and approved
by the U.S. Bankruptcy Court in Detroit.  

Midcom CFO Kevin Smith told Warren Publishing's Mobile
Communications Report that rival bidders were likely, but
declined to identify any.

MOBILEMEDIA: Chase Asks Court to Terminate Exclusivity
MobileMedia's business is deteriorating, cries The Chase
Manhattan Bank in an objection to the Debtors' Third Motion
to extend the exclusive period, and the Debtors' exclusive
period should be terminated without further delay.  Chase
tells the Court that, since the beginning of 1997, the
Debtors have lost 930,000 subscribers--21% of their
subscriber base.  

The negative impact of this loss of subscribers on annual
revenues is over $85 million, according to Chase's financial
advisor, Arthur Andersen LLP.  More compelling, Chase
argues, MobileMedia's management has filed to develop an
effective strategy to reverse these negative trends.  
Further, Chase notes, the Debtors are missing the revenue
and EBITDA targets outlined in their 1997 Business Plan--
even after downward revisions from month-to-month.

Chase tells the Court that it is prepared to file a plan of
reorganization for the Debtors.  That plan would be premised
on reinstating 20% of the secured debt and swapping common
stock in the Reorganized Debtor for the balance of Chase's
$650 million of secured claims.  Then, Chase will grant an
option to unsecured creditors to purchase the stock for an
amount equal to the balance owed Chase.  In that scenario,
Chase explains, anyone who believes that the Debtor is worth
more than the value of MobileMedia's secured debt will come
rushing to buy Chase's stock and reap the profit from that

ORANGE COUNTY: School See $29MM from Merrill Lynch Suit
Former California State Treasurer Thomas W. Hayes yesterday
announced the distribution to Orange County school districts
of the first funds recovered from legal action stemming from
the county's bankruptcy.

Local school districts will divide some $29.2 million, the
bulk of it coming from the negotiated settlement by
brokerage firm Merrill Lynch of pending criminal charges
that were being pursued by the county District Attorney, Mr.
Hayes explained.  The school districts lost invested funds
when the county's investment fund went bankrupt.

Mr. Hayes was appointed last year by the Federal Bankruptcy
Court to oversee legal actions on behalf of Orange County
taxpayers against legal and financial service providers
connected with the bankruptcy.  To date, there are lawsuits
pending against 17 of these providers.  As the
representative overseeing the Orange County Litigation Fund,
Hayes will also release an audit of the fund established to
finance litigation efforts.  Hayes is currently president of
Metropolitan West Financial, Inc., a Los Angeles-based asset
management firm with more than $14 billion invested on
behalf of clients.

RAMPAGE CLOTHING: SOS Management Hired as Trademark Agent
Betting that its RAMPAGE, RWEAR and CPC trademarks have
value for which a third-party is willing to pay, Rampage
Clothing Company has hired S.O.S. Management L.L.C., as its
exclusive trademark licensing agent in its chapter 11 case
pending before the Los Angeles Bankruptcy Court.  

Rampage agrees to pay SOS $10,000 per monthl plus 1% of all
net sales of products bearing the Trademarks shipped by or
on behalf of any SOS Licensee during the unspecified term of
the licensing agreement.

REEVES INDUSTRIES: January 30, 1998 Bar Date Established
The Honorable Prudence Carter Beatty for the U.S. Bankruptcy
Court in Manhattan has ordered that all proofs of claim
against Reeves Industries, Inc., must be filed no later than
5:00 p.m. on January 30, 1998.  

Bankruptcy Services LLC in New York City is serving as the
Official Claims Agent in Reeves chapter 11 case.

RICH INTERNATIONAL: Former Employees Want to be Paid
A consortium of former employees of Rich International
Airways, Inc., reminds the Court that the Debtor stopped
flying when its flight certificate was suspended.  In
November, the Rich filed a chapter 11 petition.  At the
Petition Date, Rich owed approximately $1.7 in payroll to
its employees.  To date, pre-petition wages have gone
unpaid.  The consortium asks the Miami Bankruptcy Court to
please authorize and direct the Debtor to pay is pre-
petition payroll obligations quickly, subject to the $4,000
per employee cap imposed on the priority granted to wage

SINGING MACHINE: Settlement with Harry Fox Agency
Subject to bankruptcy court approval, The Singing Machine
Company, Inc., and The Harry Fox Agency have reached a
compromise concerning Harry Fox's royalty claims.  The
Parties agree that Harry Fox will hold an allowed general
unsecured claim against SMC's estate for $821,348 on account
of pre-petition royalties.  The Debtor will pay all post-
petition royalties into escrow as they become due and the
escrowed funds will be released to Harry Fox on the
Effective Date of a Confirmed Plan in SMC's chapter 11 case.

STREAMLOGIC CORPORATION: Amendment to 6% Debenture Indenture
In 1987, StreamLogic Corporation (fka Micropolis) issued $75
million of 6% Subordinated Convertible Debentures due 2012.  
Through a 1996 exchange offer, those notes were swapped for
promissory notes and other consideration, leaving $4.8
million in principal owed to Noteholders.  Prior to the
Petition Date, United Equities Company -- holding a majority
of the Notes -- sued StreamLogic in the U.S. District Court
for the Southern District of New York.  United's complaint
alleged defaults and acceleration of obligations owed to the

First Interstate Bank of California served as the initial
indenture trustee, and was replace by Harris Trust and
Savings Bank.  Harris, on behalf of all Noteholders other
than United, joined United's suit against StreamLogic.  As a
result, since the Petition Date, United and Harris have been
performing the same tasks and their efforts have cost the
Debtor twice what is necessary to protect the Noteholders'

The Debtor, United and Harris have agreed to replace Harris
with American Stock & Transfer Company as indenture trustee.  
United and American share common counsel, and this will
minimize expenses.  American's service as indenture trustee,
however, is predicated on an amendment to the Indenture to
reduce the capital surplus requirement for an indenture
trustee from $50 million to $10 million.  

Accordingly, the Debtor asks the San Francisco Court for
permission to enter into an amendment to the Indenture and
ask the Court to additionally approve a compromise whereby
Harris will (i) waive its $15,000 pre-petition claim and
(ii) be paid $25,000 of $45,405 claimed due on account of
post-petition fees and expenses.

STREAMLOGIC CORPORATION: Bar Date for Warranty Claims
Streamlogic Corporation asks the San Francisco Bankruptcy
Court to fix March 2, 1998 as the deadline for the filing of
proofs of claim based on warranties and other contingent
liabilities of the Debtor.  Those types of claims were
excepted from the general claims bar date previously fixed
by the Court.  

STREAMLOGIC CORPORATION: Requests January 13 Record Date
In connection with voting, notice, transmittals, and
distributions to holders of public debt securities issued by
Streamlogic Corporation (fka Micropolis), in connection with
the Debtor's Plan of Reorganization dated December 10, 1997,
asks the Court to fox January 13, 1998, as the Record Date,
pursuant to Rules 3017 and 3018 of the Federal Rules of
Bankruptcy Procedure.

STREAMLOGIC CORPORATION: Motion to Sell Concentric Stock
Strealogic Corporation tells Judge Montali that in 1996, it
purchased Preferred Stock in Concentric Network Corporation
from Sattel Communications for $2.5 million.  Concentric
went public on July 30, 1997, placing 128,272 shares of
Concentric common stock (Nasdaq:CNCX) in the Debtor's hands,
subject to a restriction that Streamlogic could not sell the
IPO-issued stock for 180 days following the IPO.  

The CNCX shares traded at and initial price of $12 per
share.  As of December 18, the price has slipped to $9.75
per share.  

By this Motion, the Debtor seeks the Court's authority to
sell the CNCX stock at the discretion of its Creditors'
Committee and pay a customary brokerage fee to Charles
Schwab from the proceeds of that sale.

VISTA PROPERTIES: Presidio Will Pay Debtor's Professonals
Presidio Capital Corp., has advised the legal and accounting
professionals and other experts retained by Vista Properties
in connection with its chapter 11 cases, that it will pay
all of those professionals' fees and expenses.  

Presidio controls NorthStar Capital Partners LLC.  NorthStar
has agreed to commit $27.7 million to fund the Debtor's
Second Amended Plan.

Presidio's agreement to pay the Debtor's professionals' fees
is binding, whether or not the Second Amended Plan is

WESTERN PACIFIC: Who Pays the Airport Fees?
Western Pacific Airlines reportedly owes $5 million for pre-
petition airport fees to Denver International Airport.  
WestPac's proposed plan of reorganization proposes to pay
those fees at a rate of 16 cents-on-the-dollar.  

That's okay, the DIA says, explaining that any losses will
just be spread among all carriers at the airport.  But
United Airlines regional Vice President Roger Gibson says
his airline and other airlines at the airport will push "to
make sure the city collects all that money" from Western
Pacific.  In an interview with the Denver Gazette, Western
Pacific Senior Vice President Mark Coleman rationalized
collecting the shortfall from other carriers since United's
share would be no more "than they would have if we had not
come to town."

WESTERN PACIFIC: One Shareholder Realizes a Gain
The Denver Gazette, in describing the Plan of Reorganization
proposed by Western Pacific Airlines, reminds shareholders--
like the Hunt and Gaylord families--that they take nothing
from the bankruptcy estate, with one exception: WestPac
founder and chairman Edward Beauvais.  The Gazette reports
that Beauvais received 2.5 million shares of WestPac stock
at one-tenth of a cent per share in 1994 for his risk in
starting the airline.   In the past few weeks, Beauvais has
reportedly sold more than 600,000 shares of his stock for
between 26 cents and 75 cents per share.

WESTERN PACIFIC: May Relocate to Lower-Cost Concourse "C"
Western Pacific Airlines is thinking of moving from Denver
International Airport's A concourse to the less-expensive C
concourse, reports the Denver Post.  WestPac spokeswoman
Elise Eberwein confirmed to the Post that the airline is
discussing the move with DIA officials.  The C concourse is
farthest from DIA's terminal, but WestPac could reportedly
save about $5 million a year.

WestPac officials told the Post that one advantage of the A
concourse is it has more room to accommodate an airline's
growth.  At most, WestPac would have access to seven gates
on C, said Eberwein, while it might be able to occupy 10 on
A at some point in the future.

WIZ: U.S. Trustee Appoints Unsecured Creditors' Committee
Pursuant to Sections 1102(a) and 1102(b) of the Bankruptcy
Code, the United States Trustee appoints the following
creditors to serve on a committee of unsecured creditors in
the Debtor's chapter 11 cases:

     1. Daily News, LP
        450 W. 33 Street rd
        New York, New York
           Attn: Marc Kramer
                 (212) 210-1806

     2. Sony Music Entertainment, Inc.
        550 Madison Avenue, 17 Floor th
        New York, New York 10022
           Attn: Carl A. Schnock, VP
                 (212) 833-7808

    3. BMG Distribution
       210 Clay Avenue
       Lyndhurst, New Jersey 07071
          Attn: Robert H. Noyes
                (201) 460-5570

    4. Matsushita Electric Corporation of America
       One Panasonic Way
       Secaucus, New Jersey 07094
          Attn: Naomi Reinstein
                (201) 348-7702

    5. Mitsubishi Consumer Electronics America, Inc.
       6100 Atlantic Boulevard
       Norcross, GA 30071
          Attn: David Aitken
                (770) 734-5388

    6. Thomson Consumer Electronics, Inc.
       2 Executive Drive, 2 Floor nd
       Fort Lee, New Jersey 07024
          Attn: Carl Miller
                (201) 585-2660

    7. Sony Electronics, Inc.
       1 Sony Drive Maildrop 2E6
       Park Ridge, New Jersey 07656
          Attn: Maryrose Sancartier
                (201) 930-7583

          Representative: Sony Electronics, Inc.
                          123 Tice Blvd.
                          Woodcliff Lake, New Jersey 07675
                             Attn: Lloyd Sarakin, Esq.

    8. Sharp Electronics Corporation
       Sharp Plaza
       Mahwah, New Jersey 07430
          Attn: Ronald Papke
                (201) 529-8516

    9. L.G. Electronics U.S.A., Inc.
       1000 Sylvan Avenue
       Englewood, New Jersey 07632
          Attn: Joseph Mortara
                (201) 816-2049

   10. Independent Dealer Services, Inc.
       1795 Clarkson Road
       St. Louis, MO 63017
          Attn: Steve Wideman, VP
                (314) 519-9565

   11. IBM Credit Corporation
       1133 Westchester Avenue
       White Plains, New York 10604
          Attn: Monica Bartow, Senior Attorney
                (914) 642-4944

WIZ: Schottenstein Retained for GOB Sales at 17 Locations
Schottenstein Bernstein Capital Group LLC, announced Monday
that it has been retained by Wiz, Inc. as a consultant
and to conduct the store closing sales at the 17 "Nobody
Beats the Wiz" stores that Wiz, Inc. has deemed unproductive
and determined to close.

The store closing sales commenced on various dates between
December 19 and December 26, 1997.  The objective for both
SBCG and Wiz, Inc. is to sell store inventory as quickly as
possible while maintaining the integrity of the "Nobody
Beats the Wiz" name.

The stores to be closed are in Manhattan; Hicksville, Lake
Grove, Manhasset, and Sayville on Long Island; Holmdel,
Moorestown and Old Bridge in New Jersey; Danbury and Milford
in Connecticut; Albany, Middletown and Syracuse in upstate
New York; and four stores in the Washington, D.C. area.


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.   
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
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 are $25 each.  For   
subscription information, contact Christopher Beard
at 301/951-6400.  
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