TCR_Public/980202.MBX   T R O U B L E D   C O M P A N Y   R E P O R T E R
      
      Monday, February 2, 1998, Vol. 2, No. 22                      
                    
                     Headlines

BIG RIVERS ELECTRIC: Responds to Arbitration Motion
CHERRY COMM. INC.: Gains Approval for Switches
CINCINNATI MICROWAVE: Order Confirms Liquidation Plan
EATON'S STORES: Closes Three Locations across Canada
ERD WASTE: Applies for Continued Use of Cash Collateral

FLEXEL: Court Approval for Settlement with PBGC
L.A. GEAR: Worthless Stocks Attractive to Investors
MAIN ST. BREWING: Nears End of Bankruptcy
MARVEL ENTERTAINMENT: Trustee Loses Bid to Employ Counsel
MOUNTAIN AIR: Keeps Four Planes

NAMCO CYBERTAINMENT: Files for Chapter 11 Protection
NEWMONT MINING: Tumbling Gold Prices Lead to Layoffs
PETRIE RETAIL INC.: Receives Go-ahead to Amend DIP Pact
RICKEL HOME CENTERS: More Time to Decide on Leases
SA TELECOMMUNICATIONS: Management Agreement in the Works

SA TELECOMMUNICATIONS: WorldCom Wants Trustee Appointed
SOUTHEAST BANKING: Creditors to Get $150 Million Settlement
TAL WIRELESS: Files 8-K Disclosure
US ONE COMMUNICATIONS: Taps Special Regulatory Counsel
WESTERN FIDELITY FUNDING: Order Modifying Bar Date
WESTMORELAND COAL: Retirees Want Statutory Premiums Paid

                      *******

BIG RIVERS ELECTRIC: Responds to Arbitration Motion
----------------------------------------------------
In the bankruptcy proceeding of Big Rivers Electric
Corporation, debtor, PacifiCorp Power Marketing, Inc. (PPM)
filed a proof of claim based upon a Power Marketing
Agreement, which claim was allowed by the Bankruptcy Court
on January 12, 1998.  The Power Marketing Agreement
contained an arbitration clause.

PPM also filed two amendments to the original allowed proof
of claim, which amendments totaled $1,881,243.  PPM moved
the court to refer the amended claims to arbitration.  Big
Rivers is objecting to the amendments on a timeliness
issue, and the debtor argues that if the court finds that
the amendments were not filed in a timely manner, then
there will be no issue for arbitration.  

Big Rivers argues that the court must refuse to enforce the
arbitration clause if there exists an inherent conflict
between arbitration and the bankruptcy code.   Big Rivers
claims that the inherent conflict is an actual conflict and
exists regarding the core proceeding of the disallowance or
allowance of a claim against the estate.  Big Rivers makes
the distinction between this being a core proceeding, and
that prior case law would not apply wherein the inherent
conflict involved a core proceeding.


CHERRY COMM. INC.: Gains Approval for Switches
----------------------------------------------
Federal Filings reports on January 29, 1998, that Cherry
Communications has received court approval to purchase two
refurbished Northern Telecom switches from World Access
Inc. for about $10.2 million.  The telecommunications
wholesaler said the switches, to be placed in Los Angeles
and Dallas, are necessary to increase long distance
telephone capacity for customers, long distance phone
companies, over Cherry's worldwide network of switches and
lines.


CINCINNATI MICROWAVE: Order Confirms Liquidation Plan
-----------------------------------------------------
On January 13, 1998 an order confirming the plan of
liquidation for Cincinnati Microwave, Inc. was entered by
the United States Bankruptcy Court for the Southern
District of Ohio, Western Division.  The plan calls for the
liquidation of all of the assets of the Debtor and the
distribution of the proceeds from such liquidation to
creditors and interest-holders in accordance with the
distributive provisions of the Bankruptcy Code.

As stated in a Form 8-K filed with the SEC on January 13, in
order to effectuate the plan, a liquidating trustee will be
appointed, whose primary responsibility is to assemble and,
to the extent necessary, liquidate the Distributable
Assets.

Under the plan, as confirmed, all shares of the registrant
will be cancelled as of the Effective Date (as defined in
the plan) and the plan does not provide for the reservation
or future reservation of any such shares or the issuance of
any new shares.

The Plan provides for the payment of Administrative Expense
Claims and divides Claims and Interests that are subject to
classification into seven Classes and sets forth the
treatment afforded to each Class under the Plan as follows:

Class    Type of Claim        Treatment
-----    -------------        ---------
  1      Secured Claim of     Unimpaired -- paid in full,
         Foothill Capital     in cash, on the Effective
         Coporation           Date, from the proceeds of
                              the sale of the property
                              securing the Foothill Secured
                              Claim.  
                        
  2      Secured Claim of     Unimpaired -- If not
         First Data Merchant  previously terminated, on the
         Services Corp.       Effective Date the Sales
                              Agreement between the Debtor
                              and First Data will be
                              terminated. At the option of
                              the Debtor, either (i) on the
                              Effective Date, the holder of
                              the First Data Secured Claim
                              will be paid the amount of
                              the First Data Secured Claim,
                              as Allowed, in full, in cash;
                              or (ii) on the Effective
                              Date, the holder of the First
                              Data Secured Claim will be
                              permitted to set off the
                              Allowed amount of the First
                              Data Secured Claim against
                              the reserve.

  3      Priority Unsecured   Unimpaired -- On the
         Claims               Effective Date, the holders
                              of Class 3 Claims that are
                              allowed will receive cash.
                              Each holder of a Class 3
                              Disputed Claim will receive
                              cash.

  4      Other Unsecured      Impaired -- will receive its
         Claims               Pro Rata share of the Net
                              Distributable Assets that
                              remain.

  5      Unsecured Claims     Impaired -- Each holder of a
         for any damages,     Class 5 Claim that is an
         fines, or penalties  Allowed Claim as of the
                              Effective Date will receive
                              its Pro Rata share of the Net
                              Distributable Assets.

  6      Claims of Class      Impaired -- Class 6 Claims
         Action Claimants     are subordinated to all
                              Claims in Classes 1 through 5
                              and will have the same
                              priority as Class 7
                              Interests. The holders of
                              Allowed Class 6 Claims will
                              receive on account of such
                              Claims that portion of the
                              Net Distributable Assets.

  7      Equity Interest      Impaired -- All Interests in   
         Holders              the Debtor will be canceled.
                              The holders of Allowed Class
                              7 Interests will receive on
                              account of such Interests any
                              Net Distributable Assets
                              which remain available after
                              payment in full of Allowed
                              Claims in Class 5 and will be
                              shared Pro Rata with the
                              holders of Allowed Class
                              6 Claims.


EATON'S STORES: Closes Three Locations across Canada
----------------------------------------------------
The Associated Press reports Eaton's is closing three more
stores across the country and making other cuts affecting
1,200 jobs as it struggles to return to profitability after
emerging from bankruptcy protection last fall. The Toronto-
based retailer announced Thursday it will shut down stores
in Charlottetown, Huntsville, Ontario, and Vernon, British
Columbia, by May 1. It will also cut the number of non-
selling positions in its stores as well as support and
management staff at head office.


ERD WASTE: Applies for Continued Use of Cash Collateral
-------------------------------------------------------
ERD Waste Corp., et al, debtors, are seeking the entry of
an order authorizing the debtors' continued use of cash
collateral and financing.  The debtors' authorization to
use cash collateral expires on January 31, 1998. The
debtors have not been able to pay down the post-petition
advance balance as required by the terms of the DIP
facility primarily because collections have fallen
substantially below the projected levels.  The current
post-petition advance balance remains at $915,000.

The debtors state that they have an ongoing need for
immediate funds in order to continue their operations.
The debtors have no ability to pay current operating
expenses including payroll without the ability to use
Chase's cash collateral after January 31, 1998.  The
debtors ask that their authorization to use cash collateral
be extended through February 14, 1998.  Without this
authorization, the debtors state that they will have no
choice but to immediately discontinue operations and to
liquidate their assets.  A hearing will be held on February
2, 1998.


FLEXEL: Court Approval for Settlement with PBGC
-----------------------------------------------
Flexel,Inc. a/k/a Flexel Sales, Inc., debtor, received
court approval of a settlement of the claims against the
debtor of the Pension Benefit Guaranty Corporation.

Prior to filing a petition in bankruptcy, the debtor
established two defined benefit pension plans for the
benefit of its employees.  The two plans were involuntarily
terminated, and the PBGC filed administrative and priority
proofs of claim relating to the underfunded status of both
pension plans.

With respect to one plan the PBGC filed an administrative
expense priority tax claim in the amount of $9,798,500 and
a claim for minimum funding contributions allegedly due and
owing in the amount of $192,204 with $166,125 asserted as
an administrative expense priority claims.
With respect to the other pension plan, the PBGC filed an
administrative expense priority tax claim for all unfunded
benefit liabilities in the amount of $1,711,500 and a claim
for minimum  funding contributions allegedly due and owing
in the amount of $251,993 with $163,257 asserted as an
administrative expense priority claim.

The settlement agreed to by the parties, and approved by
the bankruptcy court provides that the PBGC will have an
allowed unsecured claim against the debtor of $11.5
million.  The PBGC will be paid a pro rata share of
$300,000 plus interest being held in escrow by on of the
debtor's subsidiaries until all unsecured creditors
including PBGC have received 10% on the principal amount of
their claim. The PBGC shall receive a pro rata distribution
with all other unsecured creditors calculated as if the
PBGC claim was limited to $8 million, and after all
unsecured creditors have received a distribution of 10% (as
if the PBGC claim were $8 million), the PBGC shall receive
a pro rata distribution with all other unsecured creditors
calculated by a formula based on the full PBGC claim
amount.


L.A. GEAR: Worthless Stocks Attractive to Investors
---------------------------------------------------
The Chicago Sun-Times reports on January 29, 1998, that
investors are purchasing the common stock of bankrupt L.A.
Gear Inc. at 15 cents a share. The new common stock that
L.A. Gear would issue if the court approves the
reorganization plan would go to current owners of the Santa
Monica, Calif.-based company's preferred stock.

"Your guess is as good as ours" why anyone would be buying
the existing common stock now, an L.A. Gear spokesman said.

On Wednesday, volume was listed as 182,400 shares traded on
the Nasdaq Bulletin Board, an unregulated electronic
marketplace. On Jan. 14, a total of 1.27 million shares
changed hands. The closing price that day: 10 cents a
share.

The Sun-Times says it's tough to imagine that small
investors - the principal players on the Nasdaq Bulletin
Board - would have a good sense of the court's probable
decision. There are, however, three East Coast brokerages
trading the stock on the bulletin board, thus facilitating
individual investors' purchases and sales.


MAIN ST. BREWING: Nears End of Bankruptcy
-----------------------------------------
The Worcester Telegram & Gazette reported on 01/28/98 that  
a year and a half after financial collapse, and with its
successor, The Irish Times Pub, securely ensconced in its
place, the final chapter of the Main Street Brewing Co.
Inc. debacle is being written at U.S. Bankruptcy Court.

Lawyers for the defunct Main Street Brewing have filed an
updated reorganization plan that, if confirmed by U.S.
Bankruptcy Court, will see Main Street Brewing re-emerge as
The Irish Times Pub, the reorganized debtor.

While operating as a pub, the Irish Times Pub is not yet
brewing beer because federal approval is still pending.   
The reorganization plan was filed Monday by Marba Corp.,
the company that owns the real estate. The company is
controlled by a group of Irish investors headed by Aiden J.
Hughes of Boston. The Hughes group stepped in last year to
take over the interests of the bankrupt Main Street
Brewing. Separately, a reorganization plan also was filed
for Marba.

The Main Street Brewing reorganization plan identifies 14
classes of claims, many of them covering lease companies.
There's also a class for the unsecured creditors and one
class covering bank loans.  Of the $700,000 they are owed,
unsecured creditors will be asked to write off 50 percent
as bad debt. For the other 50 percent, they will get a
combination of money and coupons that can be redeemed for
food or beer at the pub, according to David M. Nickless, a
Fitchburg lawyer who prepared the reorganization plan.

The $1.1 million in bank loans - upped to $1.2 million
after U.S. Bankruptcy Court Judge James F. Queenan
determined the real estate's value should be at a higher
figure - will be paid in full.  The note had been held by
BankBoston, but was acquired by Moon Penny LLC of
Cohasset, a rival group that tried to take over the
bankrupt Main Street Brewing before the Aiden Hughes group
beat it to the punch.

As part of the reorganization plan, an immediate payment of
$100,000 will be made on the mortgage note through the Main
Street Brewing reorganization plan and another $100,000
through the Marba reorganization plan with the remainder to
be paid over a period of years.  Existing loan guarantees
by the city of Worcester for $430,000 and the U.S.
Small Business Administration for $420,000 will remain in
force.   Payments also have to be made for $250,000 owed in
federal and state taxes.   A confirmation hearing is
scheduled for 11:30 a.m. April 13 at U.S.
Bankruptcy Court.


MARVEL ENTERTAINMENT: Trustee Loses Bid to Employ Counsel
---------------------------------------------------------
Federal Filings reports on January 29, 1998, that the
Chapter 11 Trustee of Marvel Entertainment Group Inc. lost
a bid to employ his firm as counsel due to the law firm's
representation of Marvel lender The Chase Manhattan Bank in
unrelated matters.  The firm, Gibbons Del Deo Dolan
Griffinger & Vecchione, argued that Marvel's case is not
related to any matter in which the firm represented Chase.
Even though the lender waived all potential conflicts, the
court determined that "Gibbons Del Deo's representation of
Chase taints the image of objectivity that the trustee and
his counsel should possess."


MOUNTAIN AIR: Keeps Four Planes
-------------------------------
The Rocky Mountain News reports on January 6, 1998, that
Mountain Air Express will keep its four planes after making
more than $720,000 in back rent payments, said Susan
Martineau, attorney for lessor Dornier Aviation North
America. Monday was the deadline for the Denver-hubbed
commuter airline to bring leases current or risk
repossession of the fleet. MAX, reorganizing under Chapter
11 bankruptcy, must surrender a fifth aircraft Thursday
after Bankruptcy Court Judge Sidney Brooks ordered the
Dornier 328 prop plane returned.


NAMCO CYBERTAINMENT: Files for Chapter 11 Protection
----------------------------------------------------
On January 29, 1998, Namco Cybertainment Inc. filed a
voluntary petition in Chapter 11.  The company is an
operator of family amusement centers located principally in
enclosed shopping malls.  The company also operates games
on a revenue sharing basis in theaters, malls and casinos.  

The law firm of Mayer, Brown & Platt of Chicgo, Illinois is
employed under a general retainer as attorneys for the
company.

The twenty largest unsecured creditors of the debtor are as
follows:

          Vendor                              Amount

     Atlantic Mutual                        $302,000
     Pyramid Company of Holyok.              $77,449
     Pyramid Crossgates Co.                  $63,955
     Senpike Mall Company                    $51,145
     SunValley Associates                    $47,571
     Pyramid Co. of Buffalo                  $46,390
     Crystal Run Company LP                  $43,103
     Forest City Management                  $42,980
     Sunrise Mall Ltd. Partners              $41,391
     Yuba Plaza Associates Ltd               $40,456
     Stratford Square Ltd Prts               $40,210
     CPI Church Street                       $40,000
     Carson Madrona Co                       $39,990
     Rolling Acres Mall                      $39,902
     Rouse Mgmt Serv. Corp. of
        Colorado Inc/The Citadel             $39,033
     JMB Property Management                 $38,218
     Carousel Center Co. LP                  $36,569
     Equitable-Rosedale Center               $36,435
     Poughkeepsie Galleria Co                $35,931
     Gator Forest Partners Ltd               $34,704


NEWMONT MINING: Tumbling Gold Prices Lead to Layoffs
----------------------------------------------------
The Las Vegas Review-Journal reported on January 29, 1998
that Newmont Mining Co., North America's largest gold
producer, laid off 11 percent of its U.S. work force
Wednesday, citing flagging gold prices.

The layoffs, affecting nearly 500 workers in California,
Nevada and Denver, took effect immediately, said Newmont
spokesman Doug Hock. They are part of an overall plan to
cut spending by $250 million this year.

"Part of it does flow from the merger and the synergies
we've obtained," Hock said. "We had an excellent year in
'97. In order to sustain our success, given the low gold
price, it was necessary to make some cost reductions."
The announcement came as Newmont, which owns 94 percent of
Newmont Gold Co., reported an 80 percent increase in
fourth-quarter net income.

In the past several months, several mining companies have
taken cost-cutting measures in wake of gold prices that
began to plummet last year because of uncertainty over gold
supplies held by world governments.

Gold hovered around $300 an ounce Wednesday, down from a
high of more than $400 an ounce a year ago.  "Very simply,
they're in a survival mode," said mining industry analyst
Catherine Gignac of Deacon Capital Corp. "It's considered
to be prudent on the part of the mining companies that they
are not wasting their cash.

"Newmont actually is in very good shape compared to its
peers."  Hock said Newmont laid off 300 workers in Nevada,
125 at its Imperial County, Calif., mine and 50 employees
at its Denver headquarters.

"We need to be pro-active, given the outlook for gold right
now," Hock said. "It is your hope that it would bounce back
and we would be able to expand what we're doing."   In a
statement, Newmont said its cost-reduction plan also
includes eliminating $175 million in capital and
exploration expenditures and $15 million in administrative
expenses.

The Denver-based mining giant also reported fourth-quarter
net income of $38.6 million, or 25 cents a share, up 80
percent from the 1996 fourth-quarter income of $21.5
million, 14 cents a share. Revenues totaled $412.2 million,
up from $305.5 million in the fourth quarter of 1996.

For the year, Newmont Mining had net income of $68.3
million, or 44 cents a share, on revenues of $1.57 billion,
compared with net income of $98.6 million, or 63 cents a
share, on revenues of $1.1 billion in 1996.

For the year, Newmont reported a pre-tax charge of $21.8
million stemming from severance costs and other expenses.
In 1997, Newmont Mining merged with Santa Fe Pacific Gold
to become North America's biggest gold producer.

In January, three mining companies announced cost-cutting
measures blamed on lackluster gold prices. Homestake Mining
Co. of San Francisco announced plans to close its 121-year-
old underground gold mine in Lead, S.D., laying off most of
its 850 workers. Echo Bay Mines of Denver said it would lay
off 650 employees, close a gold mine in Canada and reduce
operations at another.  Pegasus Gold Inc. of Spokane,
Wash., which operates mines in Nevada and Montana, filed
for Chapter 11 bankruptcy protection Jan. 16.


PETRIE RETAIL INC.: Receives Go-ahead to Amend DIP Pact
-------------------------------------------------------
Federal Filings reports on January 29, 1998, that Petrie
Retail received approval to amend its $103 million debtor-
in-possession financing agreement with The Chase Manhattan
Bank and junior participation agreement with Warburg Pincus
Ventures L.P. pursuant to a reorganization plan term sheet.  
With the ailing retailer suffering from liquidity problems
under the DIP agreement and facing an imminent default,
Petrie, Warburg, and the creditors' committee formulated
the term sheet calling for the sale of Petrie's G & G Shops
Inc. unit as well as modifications to the DIP agreement.


RICKEL HOME CENTERS: More Time to Decide on Leases
--------------------------------------------------
Rickel Home Centers, Inc., debtor is seeking an extension
of time within which to assume or reject certain unexpired
leases of nonresidential real property.  The debtor is
requesting an extension of an additional 120 days, until
June 3, 1998.

The debtor is currently a party to 53 leases, including the
debtor's headquarters lease and a distribution center
lease.  The debtor has previously assumed 10 leases.  The
debtor received a stalking horse bid, from Rickel Ralty,LLC
for the leases, the debtor's principal asset of value. Two
high bidders for the debtors' leases, in addition to the
staliking horse bid, are being negotiated with Staples,
Inc. and Starwood Ceruzzi.  The two bidders each offered in
excess of $35 million.  

However, to date the debtor has been unable to present
either transaction to the court as a completely negotiated
deal.  The debtor is therefore not now in a position to
assume or reject the remaining leases until it has
finalized its agreement with one of the purchasers, or
until it accepts the stalking horse bid.  The court imposed
February 3, 1998 as the deadline for the finalization of
any such purchase.

The debtor claims that the requested extension is critical
to the creditors.  Even with the agreement on a purchaser,
there remain leases which the potential purchasers do not
know whether to assume or reject.  The debtor states that
these leases, falling into a "gray area" must still be
evaluated by the potential purchasers, and the 120 day
extension is necessary for the determination with respect
to those leases.


SA TELECOMMUNICATIONS: Management Agreement in the Works
--------------------------------------------------------
SA Telecommunications, Inc. and certain of its subsidiaries
seek approval of the execution by debtors of a certain
management agreement between the debtors, EqualNet
Corporation (the "Buyer") and EqualNet Holding Corp.

By the terms of the managing agreement the Buyer, in order
to facilitate the transfer of certain assets would act as
an agent of the debtors in connection with certain
contracts relating to the debtors' network facilities.

For various technical and operating reasons, the EqualNet
Parties and the debtor anticipate that the Buyer will be
unable to transfer the Subscribers from the debtors'
Network Facilities to its own network of switching and
transmission facilities by the closing date of the purchase
agreement. In order to facilitate the transfer, the debtor
and the EqualNet Parties have agreed to enter into this
management agreement whereby from the Closing Date to the
conclusion of the Transfer Period, the debtor will continue
to perform under the Specified Network Contracts and the
Buyer will provide management services to the debtors.  To
the extent the assets are sold to another entity as a
result of the auction process, the debtors anticipate
entering into a similar agreement with such purchaser.

The auction is currently scheduled for February 6, 1998 and
the court's decision regarding the sale of the assets
either to the Buyer or to another highest bidder at the
auction is currently scheduled for February 9, 1998.


SA TELECOMMUNICATIONS: WorldCom Wants Trustee Appointed
-------------------------------------------------------
In the case of SA Telecoomunications, Inc., Addtel
Communications, Inc., Long Distance Network, Inc., North
American Telecommunication Corporation, Uniquest
Communications, Inc., US Communications, Inc. and
Southwestern Long Distance Network, Inc.,WorldCom, Inc.
f/k/a LDDS Communications Inc. and WorldCom Network
Services, Inc., f/k/a WilTel, Inc. filed an expeditied
motion for an order appointing a Chapter 11 Trustee for
Addtel Communications, Inc. and disqualifying White & Case
LLP from representing Addtel's Estate.  A hearing on the
motion will be held on February 6, 1998.

WorldCom claims that the debtors are "woefully insolvent."
All of the debtors' assets are insufficient to pay all of
their creditors' claims in full.  The WorldCom Entities
state that they constitute approximately ninety five
percent of the unsecured creditors of Addtel.  Thus the
Addtel bankruptcy case is substantially the WorldCom
Entities' money at issue.  WorldCom states that cause
exists for the court to appoint a Trustee because there are
actual conflicts between the interests of Adddtel's estate
and the interest of the other debtors' estates.  

WorldCom states that it has no confidence in Addtel's
stewardship.  In addition WrorldCom argues that White &
Case should be disqualified from representing Addtel
because of the conflicts of interest between Addtel and the
other debtors.  

WorldCom states that conflicts arise where each debtor will
seek to limit the other debtors' recovery of sale proceeds
while increasing the other debtors' share of the expenses.  
For WorldCom, the significant potential conflicts
between the debtors' estates are likely to become actual.  
WorldCom does not want the Addtel estate jointly
administered with the other debtors' estates in the case.


SOUTHEAST BANKING: Creditors to Get $150 Million Settlement
-----------------------------------------------------------
Florida Today reported on 01/29/98 that a federal
bankruptcy court has approved a settlement with the Federal
Deposit Insurance Corp. that is expected to yield more than
$150 million to creditors and bondholders of defunct
Southeast Banking Corp.

"This settlement proves what I have been saying all along -
that we would recover enough money to pay all creditors in
full," said William A. Brandt Jr., the bankruptcy trustee,
who helped negotiate the settlement. "I see no reason
why we can't pay out $100 million or more to creditors over
the next few months."

Under the settlement, Brandt will elect a successor to the
FDIC to take control of about $125 million in cash in the
receivership created by the federal seizure of the bank. In
addition, the FDIC will relinquish its claim to an $18
million tax refund and a $5 million to $10 million surplus
in the Southeast Pension Plan. It will also free up more
than $25 million in other cash previously received from the
FDIC and placed in a reserve account.

The settlement had previously been approved by the FDIC's
Board of Directors and brings an end to more than six years
of claims and litigation from the seizure of the bank in
1991. The trustee had earlier recovered $162 million,
which has been distributed to creditors and bondholders in
the bankruptcy claim.

Hilarie Bass, who headed the trustee's trial team, said the
key issue in the litigation was the payment of interest
owed on the alleged $7.6 billion claim filed against
Southeast Bank receivership by the FDIC.  "It was only
after the District Court set a firm and inflexible trial
date last August that we were able to persuade the FDIC to
relinquish its claim to almost $84 million in additional
interest, and return to us all the remaining cash and other
assets in the receivership," Bass said.


TAL WIRELESS: Files 8-K Disclosure
----------------------------------
For the month ending December 31, 1997, TAL Wireless
Networks Inc. reports a loss of $78,000 on revenues of $4,000.  

TAL says that it plans to liquidate assets and review the
claims of its various creditors. The company asserts that
it is unclear at this time whether there will be any funds
available for distribution to shareholders. Once this
information has been determined, the company may file a
Plan of Reorganization with the Bankruptcy Court.


US ONE COMMUNICATIONS: Taps Special Regulatory Counsel
------------------------------------------------------
US ONE COMMUNICATIONS CORP., et al, filed an application
for an order authorizing the employment of Swidler & Berlin
Chartered as special regulatory counsel for the debtors.

In October of 1997 the court approved the emergency sale of
the debtors to WinStar Switch Acquisition Corp.  The sale
realized a purchase price of $100 million, with $80 million
payable upon closing in cash, less amounts held in an
escrow.  

Following the sale, the debtors continue to lease
space for Switch Sites in five cities, office space in
Dallas and also rent collection sites in various locations.  
The debtors continue to manage their remaining assets.

The debtors request that the court approve the employment
of Swidler as special counsel to perform certain regulatory
legal work during the remainder of these cases.  

The debtors say that the firm is needed specifically for
various regulatory certifications relating to the debtors'
former telecommunications network that were to be
transferred to WinStar or its designee. Swidler will charge
its customary hourly rates for services rendered.


WESTERN FIDELITY FUNDING: Order Modifying Bar Date
--------------------------------------------------
Judge Roland J. Brumbaugh entered an order granting the
debtor's motion requesting that the bar date be modified
for those creditors who did not previously receive notice
of the bar date.  The bar date for filing proofs of claim
in the case of Western Fidelity Funding, Inc. is February
20, 1998.


WESTMORELAND COAL: Retirees Want Statutory Premiums Paid
--------------------------------------------------------
This case is characterized by the Trustees of UMWA Combined
Benefit fund as a struggle by Westmoreland's current
shareholders to obtain a windfall at the expense of the
retirees.  The retirees claim that if Westmoreland does not
pay its premiums in full, health benefits for retirees and
their dependents will be cut. "Bankruptcy law does not
require this draconian result," claim the retirees.  

They allege that Westmoreland has a scheme for evading
future Coal Act obligations by arguing that they are pre-
petition.  The retirees argue that the premiums are post-
petition obligations, and are entitled to administrative
priority either as non-tax legal obligations, as taxes, or
as retiree benefits under section 1114 of the Bankruptcy
Code.  They buttress their argument with both
Constitutional and Federal Statute support, seeking an
order for the ongoing payment of the premiums.


BOND PRICING: DLS CAPITAL Reports Major Change
------------------------------------------------
A major change in pricing from Friday morning's report:

Bruno's 10 1/2 '05      currently          34 - 37

                    ------
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 Lexy Mueller, Editors.   
  
Copyright 1998.  All rights reserved.  This material
is copyrighted and any commercial use, resale or
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for members of the same firm for the term of the initial   
subscription or balance thereof are $25 each.  For   
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at 301/951-6400.  
       
          * * *  End of Transmission  * * *