TCR_Public/980106.MBX     T R O U B L E D   C O M P A N Y   R E P O R T E R

          Tuesday, January 6, 1998, Vol. 2, No. 3
                      
                          Headlines

BANK JAKARTA: Court Backs Indonesia Bank Closure
BRE-X: Former Official's Assets Held
CAMPO ELECTRONICS: Motion to Sell Property
CRAIG CONSUMER: Assets Sold by Lenders; Operations Halted
DOW CORNING: Status Conference on Omnibus Objections

FRETTER: Committee Seeks Standing to Prosecute Claims
GUY F. ATKINSON: Wants to Assume Insurance Agreements
KOENIG SPORTING: Court Order for Reclamation Procedure
MIDCOM COMMUNICATIONS: Court Ok's Employee Retention
MIDCOM COMMUNICATIONS: Professionals Approved

MOBILEMEDIA: MobileComm Will Build Out NPCS Networks
MOBILEMEDIA: Objection to Extension of Exclusivity
PAYLESS CASHWAYS: David Stanley & Susan Stanton Departing
PHOENIX INFORMATION: Trying to Dump Anti-Alienation Clause
POCKET: Emergency Motion Authorizing Election of FCC Options

SMITH TECHNOLOGY: Applies to Employ Ritchie Bros.
TODAY'S MAN: Emerges from Bankruptcy Protection
WESTERN PACIFIC: Plan of Reorganization
WESTMORELAND COAL: Needs To Extend Employ of Houlihan, Lokey

Meetings, Conferences and Seminars

                          ---------

BANK JAKARTA: Court Backs Indonesia Bank Closure
-----------------------------------------------                       
In Jakarta, Indonesia a high court has upheld the
liquidation of a bank owned by President Suharto's half-
brother, a newspaper reported Saturday. Bank Jakarta, owned
by Suharto family member Probosutedjo, was one of 16
allegedly insolvent banks shut down Nov. 1 by the government
and Bank Indonesia, the country's Central Bank.

The liquidations were part of an International Monetary
Fund-backed reform program to tackle a prolonged economic
crisis triggered by a sharp drop in the value of the rupiah.
Probosutedjo had contended that the closure of his bank was
unfair, and the Jakarta Administrative Court ruled Tuesday
that Bank Jakarta could remain open pending a lawsuit filed
by Probosutedjo against the finance minister and
Central Bank governor.

However, the State Administrative High Court, acting on an
appeal by the two sued officials, reversed the lower court
ruling, saying it had breached court procedures, the Jakarta
Post said. Probosutedjo is the only bank owner trying to
block liquidation. Suharto's millionaire son, Bambang
Trithamodjo, dropped a similar lawsuit on Nov. 12.

Bambang was a part-owner of Bank Andromeda, one of the
failed banks. Andromeda's owners were later allowed to take
over another bank that is still in business. Indonesian
President Suharto is Tuesday expected to unveil an austerity
budget to match the hardship the country is facing in its
battle to overcome its worst economic crisis in decades.
The draft budget, for 1998/9, is due to come into force on
April 1.


BRE-X: Former Official's Assets Held
------------------------------------
In Calgary, Alberta, the assets of former Bre-X Minerals
Ltd. official John Felderhof have been frozen in the Cayman
Islands in connection with a lawsuit filed by the scandal-
plagued company's bankruptcy trustee.  Bre-X is in
bankruptcy-court proceedings and its shares are worthless,
following an investigation in 1997 that determined the gold
discovery in Indonesia to be an elaborate fraud


CAMPO ELECTRONICS: Motion to Sell Property
------------------------------------------
Campo Electronics, Appliances and Computers, Inc., debtor,
filed a motion to sell real property located in Chattanooga,
Tennessee free and clear of liens and claims or
alternatively to have the liens attached to the proceeds.

Campo has received an offer for the property from PPG-
Chattanooga for $2.5 million.  Security interests against
the Chattanooga property exist in favor of the Hibernia
National Bank on behalf of Bank Group and Whirlpool
financial on behalf of the debtor's trade lenders.  MetLife
asserts a lien and claim against the debtor's fixtures.

The debtor asserts that after months of marketing the
property, this sale is in the best interest of the debtor's
estate.  


CRAIG CONSUMER: Assets Sold by Lenders; Operations Halted
---------------------------------------------------------
Craig Consumer Electronics, Inc. (OTC Bulletin Board: CREG)
today announced that the syndicate of lenders to the Company,
lead by BT Commercial Corporation, has completed or is in the
process of completing the sale of virtually all of the Company's
assets, including inventory and the Company's tradename and
trademarks, as part of the lenders' liquidation of their
collateral.  

As previously announced, in late November 1997, the Bankruptcy
Court entered an order granting the lenders relief from the
automatic stay, which allowed the lenders to foreclose on their
pre-petition liens.  Consequently, the Company has ceased
operations and is currently reviewing the alternatives of whether
to convert or dismiss its Chapter 11 case.


DOW CORNING: Status Conference on Omnibus Objections
----------------------------------------------------
Issue 51 of the Dow Corning Bankruptcy News, published by
Bankruptcy Creditors' Service, Inc. had the following report
on the status conference on Omnibus Objections in the Dow
Corning Chapter 11 case.  On December 18, 1997, Judge
Spector held a Status Conference on the Debtor's Motion for
Summary Judgment on Its Omnibus Objections to the Breast
Implant Disease Claims pending before the Court.  Barbara
Houser, Esq., of Sheinfeld Maley & Kay, the Debtor's
Counsel, told Judge Spector that she considers it imperative
that he hear and rule on the
Motion  because of his expertise on the various bankruptcy
issues raised in the Debtor's cases.  

All the bankruptcy issues, in turn, explained Ms. Houser,
are tied into the question of causation, which is the
subject of the Summary Judgment Motion.  The question of
whether or not the silicone-gel breast implants are capable
of causing systemic disease, Ms. Houser added, pervades all
the bankruptcy issues:  all the commercial claims, all
the physicians'claims, for example, are based on the
fundamental issue of causation.

David M. Bernick, Esq., of Kirkland & Ellis, another Counsel
for the Debtor, told Judge Spector that the Court, having
decided that the Summary Judgment Motion is a core
proceeding which the Court may legally hear and determine,
should exercise that jurisdiction and proceed by identifying
the appropriate legal standards to use to determine the
merits of the Motion.

First, the Court should articulate the reasons why it is
choosing to exercise its jurisdiction at this time:  these
are, for example, said Mr. Bernick:

(a) that the Court has developed a significant background
concerning the history of the disease claims by hearing live
testimony as well as reading a great many documents;

(b) that the Court may decide to conduct estimation of the
claims for purposes of plan confirmation; the issues
developed during a hearing of the Motion for Summary
Judgment would aid that process;

(c) that the issues raised and resolved by the SJ Motion
can be used by the Court in deciding other claims; for
example, contribution claims, plastic surgeon claims, claims
involving other medical devices.

Second, the Court should identify the appropriate legal
standards to guide such proceedings.  Mr. Bernick pointed
out three sets of standards:

(1) The burden is on the claimants to show that their claims
are valid by a preponderance of evidence, just as in any
traditional tort case.

(2) The standard, additionally, for adjudicating a motion
for summary judgment is whether a reasonable jury could
return a verdict for the claimants.

(3) Additionally, said Mr. Bernick, since it is the basis of
the Summary Judgment Motion that the claimants have
insufficient admissible evidence to show causation under
Daubert, the claimants must show the Court by a
preponderance of evidence, through the Daubert filter, that
the causation element of their claims is valid.

Third, Mr. Bernick said that the Court should outline the
evidentiary material to be developed and considered by the
Court in adjudicating the Debtor's SJ Motion.  There need be
no additional discovery: this issue has received tremendous
attention from public health organizations and researchers
around the globe; there is no need for time-consuming
discovery; plenty of material is already in the record and
can be supplemented with record material submitted in
connection with Daubert and the work of the Rule 706 panel
appointed by Judge Pointer in the MDL.

Fourth, the Court should set out specific procedures to
ensure the SJ Motion will be speedily and promptly resolved.
Mr. Eckstein, the Tort Committee's Counsel, commented that
the Court should focus on discovery issues: we want all the
evidence that is out there relating to pending studies, so
that we don't leave behind closed doors any evidence
relating to the Daubert standard; so that we have all the
information available for framing the issues.

Ms. Houser added that it has been said that a level of
appeal will be eliminated if the Bankruptcy Court hears this
Motion.  However, appeals of Bankruptcy Court decisions are
heard by the District Court routinely; and this Case will go
to the District Court in the natural course of proceedings.  
So, concluded Ms. Houser, there really is no elimination of
a layer of appeal as claimed.

The Joiner case was presented in a summary judgment context,
said Judge Spector.  How is it different from this Court
hearing the Debtor's SJ Motion?  

Mr. Blizzard, Counsel for Dow Chemical, said this case
eventually will have to be tried in the District Court, the
most practical place for Daubert case issues to be tried.  
And Dow Corning, he added, should participate in
giving questions to the MDL Panel so that the issues it
wants looked at are looked at by experts.  

The Sixth Circuit, said Ms.Houser, wanted all the issues
tried centrally in Michigan.  That is what would be
happening with a trying of the Daubert issues before Judge
Spector on this Motion, even though, admittedly, the
case ultimately is transferred to the District Court.  
That's because, she added, there will have been a special
resolution of the issues before the Case proceeds to the
trial court.

Judge Spector observed that he was disappointed in the
briefings, which did not create even a "ripple" effect on
the issue of whether or not he should hear the Summary
Judgment Motion at this time.  What if my decision is
adverse for the Debtor, asked Judge Spector; what
prevents the Debtor from trying the Daubert issue all over
again in the District Court.  Mr. Bernick answered that
nothing prevents such a course of events; however, the
Bankruptcy Court record will be known to the trial
court and will affect its decision.  

Mr. Eckstein responded that the Summary Judgment Hearing
will just be a "free shot"; we will have to deal with the
same issues in the trial court. And the trial court will
have to hear testimony and apply the testimony to thousands
of cases. So as to avoid a finding of abuse of discretion,
which the Supreme Court found in the Joiner decision:  The
trial court will have to look at these claims in order to
adhere to the abuse of discretion standard set down in that
decision.  

In concluding comments, Ms. Houser added that Dow Corning is
a bankruptcy case, which can go up on appeal, but that
doesn't preclude hearing a summary judgment motion before a
bankruptcy judge.  Mr. Bernick also contributed the final
observation that the Summary Judgment Motion is in essence a
pre-trial matter: the issue that gets framed is what is the
state of the science?  That is what is being resolved;
that's the gatekeeper function of this Court.  We don't
claim that the issue will not come up again in the district
court, where it will be applied to the claimants' cases.

Judge Spector at this juncture announced that he "has" his
decision.  He says he intends to rewrite it to take into
consideration some of the thinking expressed in the
courtroom.  He thereupon dismissed the Hearing and told the
counsel to "go home and have a happy holiday".

The following day, December 19, 1997, Judge Spector issued a
Supplemental Opinion on the Debtor's Motion for Summary
Judgement on its Omnibus Disease Claim Objection.  In the
Supplemental Opinion, Judge Spector recommends that,
pursuant to 28 U.S.C. Sec. 157(d), the District Court
withdraw the reference with respect to the Debtor's Omnibus
Disease Objection.  Judge Spector says that the bankruptcy
court does not have the experience necessary to conduct a
Daubert hearing.  Accordingly, Judge Spector recommends to
Judge Hood that she take up the Debtor's pending Motion in
the District Court.  


FRETTER: Committee Seeks Standing to Prosecute Claims
-----------------------------------------------------
The Official Committee of Unsecured Creditors of Fretter
Inc. is seeking standing to prosecute, on behalf of the
estate, counterclaims in the Silo Adversary Proceeding
against the Chapter 11 estates of Dixons US Holdings, Inc.
and its affiliate debtors and an adversary proceeding
against Fretters current and former controlling insiders;
and for consolidation of the two matters.

The Fretter Committee states that it has identified valuable
claims against the current and former insiders of Fretter
arising out of the Silo Acquisition for, among other things,
fraudulent conveyance, breach of fiduciary duty, and illegal
dividend, all of which claims Fretter refuses to assert on
behalf of Fretter's estate.  Because of the substantial
benefit to the estate that could result from the prosecution
of these claims, the Committee asks to prosecute the Fretter
Committee Complaint.

The Committee states that the $43.6 million dividend
distribution to Fretter's shareholders constituted a
fraudulent conveyance.  In addition, the Committee
determined that the Chapter 11 estate of Fretter holds
claims exceeding $30 million against the Chapter 11 estates
of the Silo Debtors arising from the Silo Acquisition.


GUY F. ATKINSON: Wants to Assume Insurance Agreements
-----------------------------------------------------
Guy F. Atkinson Company of California, Guy F. Atkinson
Company, and Guy F. Atkinson Holdings, Ltd., debtors, are
seeking court authority to assume insurance policies and
enter into the Modified Zurich Agreements with Zurich
American Insurance Company of America.  The Atkinson
Companies want authority to pay prepetition amounts and
postpetition amounts currently due and future amounts as
they come due under the policies and the modified Zurich
Agreements and provide a Guarantee Bond in the amount of
$2.6 million to cover possible deductible amounts under the
policies and the modified Zurich Agreements.


KOENIG SPORTING: Court Order for Reclamation Procedures
-------------------------------------------------------
Judge David F. Snow entered an Order pursuant to the
debtor's motion to establish procedures for allowing
administrative priority claims in lieu of reclamation.

The debtor must determine by January 9, 1998 the date upon
which any reclamation demand was first received by the
debtor, the date upon which the goods identified were
received by the debtor, whether the reclamation demand was
timely, the amount of goods received after the reclamation
period, the amount of goods shipped by a reclamation
claimant, and the amount the debtor proposes to allow as an
administrative expense claim in respect of such claimant's
reclamation demand, and the amount the debtor proposes to
allow to such claimant as a general, prepetition, unsecured
claim, if any.  Claimants have 20 days to respond to the
Stipulation of the debtor.


MIDCOM COMMUNICATIONS: Court Ok's Employee Retention
----------------------------------------------------
Judge Walter Shapero entered an order approving the debtors'
bonus retention program to induce certain key employees to
remain with the debtors through the closing and sale of
Midcom's assets and, if necessary, to continue such
employment for a period of time thereafter.  The cost of the
retention bonus program is approximately $750,000.


MIDCOM COMMUNICATIONS: Professionals Approved
---------------------------------------------
Judge Walter Shapero entered an order authorizing the debtor
to employ Ernst & Young LLP as accountants, reorganization
consultants and financial advisors; and an order authorizing
the retention and appointment of Pepper, Hamilton & Scheetz
LLP as counsel to the debtors.


MOBILEMEDIA: MobileComm Will Build Out NPCS Networks
----------------------------------------------------
On January 5, 1998 MobileComm announced that it intends to
build out its narrowband PCS (NPCS) networks.  The initial
build out is anticipated to be completed by early 1999, with
NPCS capability established in selected larger markets by
the end of 1998.  The company is licensed to operate two
nationwide NPCS networks.  

"We are investing in our future to ensure that MobileComm is
at the forefront of the industry in terms of technological
innovation and product offerings," said Ronald R. Grawert,
Chief Executive Officer of MobileMedia Corporation.  
"For our customers, this represents MobileComm's commitment
to offer the latest technology of today, as well as be
positioned with next generation technology."  

Grawert continued:  "Industry trends reveal a healthy growth
in demand for alphanumeric products, the demand for which we
believe will be enhanced by the addition of a guaranteed
receipt feature.  While our current networks offer
extremely high reliability in message transmission, the
guaranteed receipt provision will offer a new dimension to
customers by ensuring that messages sent while customers are
out of the coverage area, such as in airplanes, will
automatically be delivered when they return to the coverage
area."  

MobileComm believes the principal advantage of its NPCS
networks will be the increased nationwide alphanumeric
capacity afforded by NPCS technology.  With NPCS technology,
the same frequency can be used much more efficiently,
thereby significantly increasing network capacity and
decreasing network cost per subscriber.  

Use of NPCS networks will enable MobileComm to:

- Significantly increase its capacity, particularly for the
growing nationwide alphanumeric product segment;
- Expand its guaranteed receipt capability should
significant demand for such service materialize; and
- Offer limited quantities of two-way text or other advanced
  messaging paging.  

Grawert commented:  "Commencing the build out of our NPCS
networks symbolizes the turnaround MobileComm is undergoing.  
MobileComm has made great improvements both operationally
and financially that allow us to take advantage of these
valuable assets we possess and invest in the future of the
dynamic advanced wireless messaging business."  

Both of MobileComm's NPCS licenses are 50 kHz outbound
bandwidth and 12.5 kHz inbound bandwidth.  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 networks.  MobileMedia
Communications, Inc., doing business as MobileComm, is a
wholly-owned subsidiary of MobileMedia Corporation.


MOBILEMEDIA: Objection to Extension of Exclusivity
--------------------------------------------------
The Chase Manhattan Bank, as agent  for several secured
lenders objects to a third extension of the exclusive
periods during which only the debtors may file a plan of
reorganization and solicit acceptances thereto.

The Secured Lenders state that the debtors' business has
clearly deteriorated, and continuation of the Chapter 11
proceedings only exacerbates that decline.  Furthermore, the
extension jeopardizes the debtors' ability to meet the
schedule mandated by the FCC for the debtors to avoid
potential revocation of their licenses.  The Lenders believe
that a consensual plan has not occurred and is unlikely to
occur because the debtors' and the Committees' assessment of
the debtors' future financial prospects is not supported by
a realistic analysis of the debtors' business plan,
particularly in light of the recent decline in the debtors'
subscriber base and its negative impact on operating income.

The Secured Lenders are financial institutions that made and
hold approximately $650 million in prepetition senior,
secured loans to the debtor.


PAYLESS CASHWAYS: David Stanley & Susan Stanton Departing
---------------------------------------------------------
Payless Cashways, Inc., announced yesterday that CEO David
Stanley and President Susan Stanton will leave Reorganized
Payless this month.  Stanley and Stanton circulated upbeat
memoranda to employees focusing on the challenges and
opportunities for the future.  Donald E. Roller, former
president and CEO for U.S. Gypsum Company and a member of
the Board of Directors for Reorganized Payless, will serve
as acting CEO while the Company searches for permanent
replacements.


PHOENIX INFORMATION: Trying to Dump Anti-Alienation Clause
----------------------------------------------------------
Phoenix Information Systems Corp., Phoenix Systems Ltd. and
Phoenix Systems Group, Inc., debtors, filed a motion seeking
an order rejecting, as an executory contract, the articles
of association of American Aviation Limited, which contain
an anti-alienation provision.
Or,in the alternative the debtors propose rejecting, as an
executory contract, only the anti-alienation provision.

The debtor is requesting that the motion be heard only in
the event that a bid is submitted for the purchase of the
debtor or its assets which requires the transfer of the
property that is subject to the anti-alienation provision,
or in the event that the sale of the debtor's assets to SC
Phoenix Partners is not consummated.

Furthermore, the debtor argues that if the Court determines
that neither the articles of association nor the anti-
alienation clause is an executory contract, the debtor
requests that the court find that the articles of
association are not a binding contract of the debtor, but
rather rules governing the conduct of a member of a
corporation operating outside of the confines of Chapter 11.

The anti-alienation provision prevents the debtor from
selling its interest in AA, which owns a 21% interest in a
company called Hainan Airlines.  The value of the debtor's
25% interest in the Hainan Shares is estimated to be between
$12 million and $15 million.  Once the agreement is
rejected, the debtor argues that if it is able to sell its
interest in AA significant value will likely be available
for distribution by the debtor's estates.  The value of the
remaining 75% interest in AA will not be significantly
affected by rejection of the agreement.

One of the debtors' primary assets is its ownership interest
in a joint venture with China Southern Airlines, named
Hainan-Phoenix Information Systems Ltd.  The joint venture
is a company organized and existing under the laws of the
People's republic of China.  Phoenix Systems Ltd. owns a 70%
interest in the joint venture in conjunction with China
Southern Airlines Company Ltd.

Through the exercise of an option, Phoenix acquired its 25%
interest in AA for $7.5 million.  AA is 75% owned by
affiliates of George Soros, Purnendu Chatterjee and Quantum
Industrial Holdings Ltd.  AA's sole asset is a 21% interest
in Hainan Airlines, which it purchased for $25 million.  
Aside from the joint venture, the debtor's interest in AA is
the most valuable asset of the estate.

Phoenix's financial downturn resulted both from the fialure
of the joint venture to materialize on a timely basis as
well as the inability of Phoenix to obtain value from its
interest in the Hainan shares.  After filing its petition in
Chapter 11, a sale motion was approved to a Soros-related
entity called SC Phoenix Partners.  The hearing regarding
the final approval of the sale is scheduled for January 14,
1998.  If this sale is consummated, the debtor will withdraw
this motion.  To date, this has been the only offer for the
debtor's assets.

The debtors are also seeking a court order approving
additional financing, which will provide the debtors with
post-petition financing of up to an addition $600,000to
continue operations in January,1998.


POCKET: Emergency Motion Authorizing Election of FCC Options
------------------------------------------------------------
The FCC established a menu of four options for C-Block
licensees with respect to their government debto obligations
on those licenses.  January 15, 1998 is the deadline set by
the FCC for election of one of these options by all
licensees.  The debtors believe it is in the best interest
of the estates to abide by the deadline unless they reach an
alternative agreement with the FCC.

The FCC has told the debtor, Pocket Communications, Inc.,
that it will not  accept the debtor's election without the
approval of the Bankruptcy Court.  Among the several pending
proposals to the debtors, there is virtual unanimity that
the most feasible election for the debtors would be to
exercise option Number 4, Prepayment, so as to acquire
without any remaining FCC debt the Las Vegas market and then
use any surplus credits to buy all or part of another
smaller market.  These markets could then be sold or
developed.  According to the debtor, the Las Vegas market is
the most feasible for the debtor.  To acquire the Las Vegas
market would "secure this market as a wholly-owned asset of
the estates, which could then become the lynch pin of a
reorganization plan."


SMITH TECHNOLOGY: Applies to Employ Ritchie Bros.
-------------------------------------------------
Smith Technology Corporation filed a motion for a Court
Order approving the retention of Ritchie Bros. Auctioneers
Inc. as auctioneers for the debtors.  The debtors propose
using the services of Ritchie as auctioneers for certain of
the debtors' furnishings, furniture and equipment and other
personal property.  For its services, Ritchie will be paid a
10% commission from the sale of the Equipment and charges
for special services (such as repainting, transportation and
documentation) as set forth in the Agreement between the
parties.  The debtors are in the process of selling their
EPA Regions 4 and 7 ERRS contracts and have entered into a
stipulation with the sureties who issued construction bonds
permitting those sureties to complete certain bonded
construction contracts.  As a result, the debtors no longer
require the use of a significant portion of its construction
equipment and related equipment.


TODAY'S MAN: Emerges from Bankruptcy Protection
-----------------------------------------------
Today's Man, Inc. (Nasdaq-NNM:TMANQ) announced that December
31, 1997 was the effective date under its Plan of
Reorganization and that the Company has emerged from the
protection of Chapter 11 of the United States Bankruptcy
Code.  The Company also announced the completion of a $42.5
million financing package with Foothill Capital Corporation
which includes a $12.5 million term loan and a $30 million
revolving credit facility.

As part of the Plan of Reorganization, Today's Man has
funded the cash distribution pool of approximately $53.3
million.  Using $21.9 million in proceeds from the cash
distribution pool the company has funded the distribution to
the Class 4 Bank Group claimants.  Distributions to the
remaining creditor classes are pending.  Warrants issued
under the Plan of Reorganization to existing shareholders
detached on January 2, 1998 and are trading under the ticker
symbol TMANW.


WESTERN PACIFIC: Plan of Reorganization
---------------------------------------
Western Pacific Airlines, Inc., the debtor, proposed a plan
of reorganization with treatment of claims as follows:

Class 1A. Other priority claims. Impaired.  To be paid in
cash.

Class 1B. PFC claims. Impaired.  To be paid in cash.

Class 2A. Vacation Pay Claims. Unimpaired

Class 2B. Employee reimbursement Claims. Impaired.
To be paid in cash.

Class 3. Hunt/GFI Note Claims. Impaired.
Each holder shall receive 12 equal quarterly installment
until the Amended Notes shall have been paid in full,
together with interest at a rate per annum equal to the rate
announced from time to time b Norwest Bank Colorado, NA as
its prime or base rate plus 1%.  Each holder shall retain
the Liens securing its allowed claim until full and final
payment, provided that holder of the allowed claims release
cash from the Cash Collateral Account from time to time to
the extent the threshold amount exceeds $8 million.
(Pursuant to a letter agreement between Hunt Petroleum
Corporation and the debtor).

Class 4. Secured Tax Claims. Impaired

Class 5A. GE Secured Claims. Impaired
The holder of the Allowed GE Secured Claim will receive the
GE Note in a certain amount, thus far undetermined, payable
in 12 equal quarterly installments, together with interest
at the same rate as the Hunt Claims.

Class 5B Other Secured Claims. Impaired
There are three choices for secured claim holders.  The
first is unimpaired payment. The other two choices are
impaired and include a cash payment or the receipt of the
collateral securing the allowed other secured claim.

Class 6. Convenience Claims. Impaired
A percentage amount (undetermined) shall be received in
cash.

Class 7. General Unsecured Claims. Impaired
Each holder of an allowed general unsecured calaim shall
receive its pro rata share of the Cash Distribution Pool
less the amount of Cash in the Reserve, the New Note
Distribution Pool less the New Notes in the Reserve and the
Certificate Distribution Pool less the Certificates in
Reserve.  And on subsequent distribution dates, holders
shall receive a pro rata share of the cash, new notes and
certificates in the surplus distributions.  The New Note
Distribution Pool shall consist of New Notes having an
aggregate principal amount of $3 million subject to
reduction by 10% of arrearages, but in no event shall it
have less than $2 million.

Class 8. Equity Interests.  Impaired.
All Equity Interests in the debtor shall be canceled and
extinguished.


WESTMORELAND COAL: Needs To Extend Employ of Houlihan, Lokey
------------------------------------------------------------
Westmoreland Coal Company, debtor requested that the Court
extend the term of employment of Houlihan, Lokey, Howard &
Zukin as its financial advisors, through and including June
1, 1998.  A hearing on the motion is tentatively scheduled
for January 23, 1998.

Houlihan has been involved in discussions and negotiations
with Price Waterhouse, the financial advisors to the UMWA
Benefit Fund, Benefit Plan, the Mine Workers, and Health and
Retirement Funds for a comprehensive proposal for a plan of
reorganization.  Houlihan is accelerating its efforts and
analysis in conjunction with debtors' counsel to also
formulate non-consensual plan alternatives, in light of the
Court's February plan deadline.  Westmoreland continues to
require Houlihan's services, and believes that the continued
term of the firm's engagement is necessary, reasonable and
in the best interests of the estate.


Meetings, Conferences and Seminars
----------------------------------

January 29-February 1, 1998
   COMMERCIAL LAW LEAGUE OF AMERICA
      37th Southern District Annual Meeting
         Plaza San Antonio, San Antonio, Texas
            Contact 1-972-285-0391

February 5-7, 1998
   AMERICAN BANKRUPTCY INSTITUTE
      Rocky Mountain Bankruptcy Conference
         Westin Tabor Center, Denver, Colorado
            Contact: 1-703-739-0800

February 19-22, 1998
   COMMERICAL LAW LEAGUE OF AMERICA
      Annual Western District Meeting
         Universal City Hilton Hotel
         Los Angeles, California
            Contact 1-310-470-8487

February 22-25, 1998
   NORTON INSTITUTES ON BANKRUPTCY LAW
      12th Annual Norton Bankruptcy Litigation Institute I
         Olympia Park Hotel, Park City, Utah
            Contact 1-770-535-7722

March 19-20, 1998
   TURNAROUND MANAGEMENT ASSOCIATION
      Spring Leadership Meeting
         Hotel del Coronado, San Diego, California
            Contact 1-312-857-7734

March 20, 1998
   AMERICAN BANKRUPTCY INSTITUTE
      Bankruptcy Battleground West
         Century Plaza Hotel, Los Angeles, California
            Contact: 1-703-739-0800   

March 26-29, 1998
   NORTON INSTITUTES ON BANKRUPTCY LAW
      10th Annual Norton Bankruptcy Litigation Institute II
         Flamingo Hilton, Las Vegas, Nevada
            Contact 1-770-535-7722

April 30-May 3, 1998
   AMERICAN BANKRUPTCY INSTITUTE
      Annual Spring Meeting
         Grand Hyatt, Washington, D.C.
            Contact: 1-703-739-0800

May 22-25, 1998
   COMMERICAL LAW LEAGUE OF AMERICA
      50th New England District Annual Meeting
         Ocean Edge Resort & Golf Club
         Cape Cod, Massachusetts
            Contact 1-617-720-1355

May 31-June 5, 1998
   COMMERICAL LAW LEAGUE OF AMERICA
      CLLA Credit Institute
         Marquette University, Milwaukee, Wisconsin
            Contact 1-312-781-2000

June 8-9, 1998
   TURNAROUND MANAGEMENT ASSOCIATION
      Advanced Education Workshop & Legislative Conference
         Radisson Plaza, Charlotte, North Carolina
            Contact 1-312-857-7734

June 11-14, 1998
   AMERICAN BANKRUPTCY INSTITUTE
      Central States Bankruptcy Workshop
         Grand Traverse Resort, Traverse City, Michigan
            Contact: 1-703-739-0800

July 2-5, 1998
   NORTON INSTITUTES ON BANKRUPTCY LAW
      Western Mountains Bankruptcy Law Institute
         Jackson Lake Lodge, Jackson Hole, Wyoming
            Contact 1-770-535-7722

July 16-19, 1998
   AMERICAN BANKRUPTCY INSTITUTE
      Northeast Bankruptcy Conference
         Sea Crest Resort, Falmouth, Massachusetts
            Contact: 1-703-739-0800

August 6-9-1998
   AMERICAN BANKRUPTCY INSTITUTE
      Southeast Bankruptcy Workshop
         Daufuskie Island Club & Resort,
         Hilton Head, South Carolina
            Contact: 1-703-739-0800

September 9-13, 1998
   NATIONAL ASSOCIATION OF BANKRUPTCY TRUSTEES
      Annual Convention
         Sheraton El Conquistador, Tuscon, Arizona
            Contact: 1-803-252-5646

September 17-20, 1998
   AMERICAN BANKRUPTCY INSTITUTE
      Southwest Bankruptcy Conference
         The Inn at Loretta, Santa Fe, New Mexico
            Contact: 1-703-739-0800
  
October 16-20, 1998
   TURNAROUND MANAGEMENT ASSOCIATION
      1998 Annual Conference
         The Westin Hotel, Chicago, Illinois
            Contact 1-312-857-7734

December 3-5, 1998
   AMERICAN BANKRUPTCY INSTITUTE
      Winter Leadership Conference
         Westin La Paloma, Tucson, Arizona
            Contact: 1-703-739-0800

The Meetings, Conferences and Seminars column appears
in the TCR each Tuesday.  Submissions via e-mail to
conferences@bankrupt.com are encouraged.  


                         ---------

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 1998.  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 are $25 each.  For   
subscription information, contact Christopher Beard
at 301/951-6400.  
       
       * * *  End of Transmission * * *