/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/980204.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, February 4, 1998, Vol. 2, No. 24 Headlines APS HOLDING: Appoints Bettina Whyte CEO ARROW TRANSPORTATION: Hearing on Hiring Accountant BN1 TELECOMMUNICATIONS: Judge Approves Compromise BIG RIVERS: Can Pacificorp Amend its Proof of Claim? BRUNO'S: Files for Bankruptcy Protection CINCINNATI MICROWAVE: Founder May Recoup Expenses COLOR TILE: Committee Applies to Retain Special Counsel COMPUSPEAK: Goes From Darling to Big-Time Debtor DAEWOO GROUP: Talking Partnership With GM DECORATIVE HOME: Seeks More Time to Assume or Reject Leases DOEHLER-JARVIS, INC.: Has Re-tooled GM Agreement DOEHLER-JARVIS: Seeks Approval of Reclamation Claim Program DOW CORNING: Breast Implant Appeal Refused in La. GROSSMAN'S INC.: Seeks Vendor Settlements GULF RESOURCES: Trustee Applies to Retain Consultant HARRAH'S: Former Governor Becomes Paid Ally MAIDENFORM WORLDWIDE: Seeks to Modify Bargaining Agreement MAIDENFORM: Seeks to Reject Software and Equipment Leases PHOENIX INFORMATION: Equity Adds More Fuel to Its Support PHOENIX INFORMATION: Seeks Time to Assume or Reject Leases POCKET: Committee Opposes NatTel's Request for Relief Q-ENTERTAINMENT: Seeks Transfer of Venue of Q-West LLC SILAS CREEK RETAIL: Seeks Bridge Order on Leases SOUTHEAST BANK: Trustee Reached $150 Million Settlement VENTURE: Creditors' Meeting Set VENTURE: Committee of Creditors VENTURE: Key Employee Retention & Severance Plan WESTERN FIDELITY FUNDING: Disclosure Statement Inadequate WESTERN PACIFIC: Rumors of Shutdown WESTERN PACIFIC: Is Smith Asking for More Control? WESTMORELAND COAL: UMWA Pact will not Affect Plan ********* APS HOLDING: Appoints Bettina Whyte CEO --------------------------------------- APS Holding Corporation announced that the company received interim approval to the $100 million DIP financing that the company has arranged with The Chase Manhattan Bank, as agent. APS has immediate access for up to $45 million. A final hearing is scheduled for February 20, 1998. The Wall Street Journal reports on February 3, 1998 that APS listed $560 million in assets and $471 million in liabilities. In its fiscal nine months ended Oct. 25, APS posted a loss of $15.9 million on revenue of $633.7 million. The company also announced that its Board of Directors will appoint Bettina M. Whyte, a principal with Jay Alix & Associates as Chief Executive Officer of APS. The company has retained Willkie, Farr & Gallagher of New York City to act as bankruptcy counsel. ARROW TRANSPORTATION: Hearing on Hiring Accountant -------------------------------------------------- A hearing is set for February 5, 1998 to consider the application of the debtor, Arrow Transportation Co. of Delaware to employ accountant Gabriel J. Markiz. The debtor wants to hire Markiz to investigate and pursue a potential claim for refund from the IRS and to prepare federal and state tax returns. Arrow agreed to pay Markiz a $5,000 retainer and an hourly rate of $175. BN1 TELECOMMUNICATIONS: Judge Approves Compromise ------------------------------------------------- Judge Marilyn Shea-Stonum entered an order approving the compromise of the adversary proceeding entitled BN1 Telecommunications, Inc. v. United Services Telephone, LLC. UST claimed damages through November 1997 of $750,000 and the invoices for services provided by BN1 to UST for the month of November 1997 and December 1997 are in the amount of $656,089.64 and $844,698.39 respectively. BN1 agrees to accept payments totaling $850,000, and the Service Agreement would be canceled. BIG RIVERS: Can Pacificorp Amend its Proof of Claim? ---------------------------------------------------- Pacificorp Power Marketing, Inc. filed an amendment to its allowed proof of claim. Big Rivers Electric Corporation, debtor objected to the amendment stating that it is untimely and that no additional money is owed. PPM argues that the amendment should be allowed. PPM states that it expressly reserved the right to amend the claim in the original claim, that the equities point to allowing the amendment and that there is a nexus between the original and amended claims. BRUNO'S: Files for Bankruptcy Protection --------------------------------------------- The Wall Street Journal reports on February 3, 1998 that supermarket chain Bruno's Inc., which operates stores in the Southeast under names such as Bruno's, Food-Fair and Food World, filed in U.S. Bankruptcy Court in Delaware. Bruno's attempted to convert their stores from an "everyday low price" format to a frequent shopper program. This change pulled down sales by more than 10%. Leveraged buyout firm Kohlberg Kravis Roberts & Co., Bruno's majority owner, intends to write off its entire $250 million investment. KKK bought the company in May 1995 for about $930 million, including $250 million of equity. More than half of Bruno's $400 million in below-investment- grade debt is owned by W.R. Huff, a little-known New Jersey junk-bond money manager for pension funds. Last week, KKK and its bankers tried to make a deal that reversed an agreement signed just two months ago. At that time, Bruno's agreed to secure its $550 million bank debt in exchange for a share in the proceeds of the $88 million sale of the company's Seessel's chain. However, this agreement could have made the bankruptcy filing difficult. CINCINNATI MICROWAVE: Founder May Recoup Expenses ------------------------------------------------- The Cincinnati Post reported on 1/31/98 that the founder of bankrupt Cincinnati Microwave Inc. may get some cash out of the failed company's bankruptcy case. An agreement has been negotiated with James J. Jaeger, who established, and at one time headed, the once-prosperous maker of radar detectors and cordless telephones, attorneys for the company said in U.S. Bankruptcy Court Friday. Jaeger had filed an unsecured claim for $1,564,087 in the bankruptcy case, seeking compensation for payments he made to help settle a class-action lawsuit against the company by shareholders. Microwave objected to the claim and a hearing before Judge Burton Perlman was scheduled for Friday. Negotiations have produced an agreement allowing Jaeger to submit an unsecured claim for $44,000, said Doug Tripp, an attorney for Microwave. "It's mainly to cover his out-of- pocket legal expenses," Tripp said. Almost a decade of financial losses, brought on by soft markets, production problems and unprofitable distribution channels, forced Microwave to file Chapter 11 in February 1997. COLOR TILE: Committee Applies to Retain Special Counsel ------------------------------------------------------- The Official Committee of Unsecured Creditors of Color Tile, Inc. et al. filed an application authorizing retention and employment of Bifferato, Bifferato & Gentilotti as Special Counsel. In February 1996, the Committee retained Neal, Gerber & Eisenberg and Richards, Layton & Finger as co-counsel. In December of 1997 Neal, Gerber withdrew and Bell, Boyd & Lloyd substituted in as counsel. Also in December 1997 the Committee retained Jenkens & Gilchrist as special preference counsel and in January 1998 the Committee retained Winstead, Sechrest & Minick PC as special counsel. In analyzing the several thousand entities to which potential preferential transfers were made, Richards, Layton & Finger could not represent the Committee with respect to the preference actions due to conflicts. Young, Conaway was also conflicted out and although Bell, Boyd; Jenkins & Gilchirst and Winstead, Sechrest are allowed to act without local counsel, the Committee requests Bifferato, Bifferato & Gentilotti to act as local counsel with respect to certain preference actions. The Committee believes that the additional assistance from the firm will streamline the pursuit of the preference claims. COMPUSPEAK: Goes From Darling to Big-Time Debtor ------------------------------------------------ The Kansas City Business Journal reported on 1/23/98 that Compuspeak Inc, founded with $5,000 in 1986 by Dennis Simmons, an electrical engineer who had devised ways for computers to recognize speech, was once Entrepreneur of the Year in a program sponsored by Ernst & Young and the Kansas City Business Journal. The company two years earlier was a finalist for the Small Business of the Year award sponsored by the Greater Kansas City Chamber of Commerce. The company's potential was such that Kansas City Equity Partners, a venture capital firm formed by the late Paul Henson, former chairman of Sprint Corp., invested more than $2 million in Compuspeak a couple of years ago. At one time, Compuspeak boasted that its voice recognition and digital imaging products were in use in 3,500 hospitals in the United States. One of its products, developed in conjunction with a Japanese company, enabled physicians to insert a probe in the body and project the resulting images on a computer. Another allowed physicians to speak into a voice-activated computer that prompted them with spoken questions and recorded their spoken answers. In its Chapter 11 filing, Compuspeak listed assets of $2.5 million and liabilities of $7.4 million, including $4.7 million in unsecured debt. The company's biggest creditors include UMB Bank, which is owed more than $2 million. Compuspeak's filing said it has annual sales of more than $2.3 million. DAEWOO GROUP: Talking Partnership With GM ----------------------------------------- The Agence France-Presse reported on 2/03/98 that General Motors said that it has reached an agreement with South Korea's Daewoo Group to hold exclusive talks on establishing some sort of partnership. "This agreement represents a commitment by both companies to engage in intensive discussions to explore various options in a wide range of areas, both domestically and abroad," said Alan Perriton, president of GM's South Korean operations. GM also announced an arrangement, effective immediately, with Daewoo Motors Company (DWMC), to provide service for GM vehicles sold in South Korea. That accord follows a decision at the end of January by South Korea's Inchcape to terminate its service agreement with GM. Analysts said GM would consider making an investment in Daewoo only if it succeeds in securing a controlling interest of more than 20 percent in the debt- laden conglomerate. South Korean law currently prohibits majority ownership of domestic companies by a foreign firm. It was rumored that $5 billion is the amount that GM is willing to pay for some sort of partnership with Daewoo. An investment in Daewoo would be expected to give GM easier access to markets not only in South Korea but also in China, India, Indonesia, the Philippines, as well as in eastern Europe and Uzbekistan, where Daewoo now builds or sells vehicles. DECORATIVE HOME: Seeks More Time to Assume or Reject Leases ----------------------------------------------------------- Decorative Home Accents, Inc., et al., debtors, are seeking an extension from February 9, 1998 to April 30, 1998 as the date on which the debtors must assume or reject eleven of their nonresidential real property leases. Pending confirmation of a Plan that the debtors have already filed, the debtors are seeking to operate their businesses in the ordinary course and with one exception, the debtors expect to continue to operate at each of the facilities. DOEHLER-JARVIS, INC.: Has Re-tooled GM Agreement ------------------------------------------------ Doehler-Jarvis Toledo, Inc., a subsidiary of Doehler- Jarvis, Inc., is seeking the approval of an agreement with General Motors and an addendum to such agreement related to the termination of Toledo's prototype PV6 engine block program. Failing to find a buyer for its operations, Toledo has begun to develop a comprehensive wind-down plan to cease operations and maximize the value and return on Toledo's assets. GM and Toledo have mutually agreed to terminate the outstanding purchase order and issue a new purchase order for 8,000 prototype engine blocks with an option of 2,000 additional prototypes. The new purchase price will be $353.65 per engine block. The agreement also disposes of $2.65 million of equipment that Toledo will no longer need once GM resources the PV6 program to alternate suppliers. DOEHLER-JARVIS: Seeks Approval of Reclamation Claim Program ----------------------------------------------------------- To date, the debtors, Doehler-Jarvis, Inc. and its affiliated companies received demands from approximately 180 vendors asserting a right of reclamation. The total invoice cost of the goods covered by the Reclamation Claims exceeds $9 million. The Reclamation Schedule that the debtor proposes calculates the amount of all Allowed Reclamation Claims to be approximately $2.1 million. The debtors' proposed program treats allowed reclamation claims as administrative expense priority claims under the debtors' plan of reorganization. Disputed reclamation claims will be afforded hearing dates. With this program, the debtors claim that adversary proceedings with respect to the claims will be held at a minimum. DOW CORNING: Breast Implant Appeal Refused in La. ------------------------------------------------- The 1,800 women who wanted to be included as plaintiffs in a class-action breast implant trial against Dow Chemical Co. were turned down by a state appeals court. The 4th Circuit Court of Appeals, in a one-sentence order signed Friday and made public Monday, refused to consider Judge Yada Magee's decision removing them from the trial. The ruling means the eight women who originally sued will represent only themselves in claims that Dow Chemical was at fault for aches, pains, fatigue and other ailments they blame on their implants. Lawyers for the 1,800 said they will appeal to the state Supreme Court. In a separate aspect of the case, Dow Chemical has appealed a jury's decision that the company was negligent in testing silicone for breast implants. That appeal includes Magee's ruling that the negligence finding does apply to all 1,800 women, so they will not have to argue that question again in court. GREATE BAY: Seeks Employment of Professionals --------------------------------------------- Greate Bay Hotel and Casino, Inc. has applied for authorization to hire Archer & Greiner as special labor counsel nunc pro tunc to January 5, 1998. Since 1990, Archer & Greiner has provided legal services to the Debtor concerning labor relations, litigation and arbitration. GBHC owns the Sands Hotel & Casino in Atlantic City, NJ. GROSSMAN'S: Seeks Vendor Settlements ------------------------------------ Grossman's Inc. is seeking approval of settlements with four vendors, which will resolve $7.5 million in claims against the Debtor. These vendors are Royal Cabinets, Schroch Cabinet Co., Georgia-Pacific and JELD-WEN. GULF RESOURCES: Trustee Applies to Retain Consultant ---------------------------------------------------- The Trustee in the case of Gulf Resources Corporation, Mustang Oil & Gas Corporation, debtors, is seeking authority to retain Dennis Shea, previous Vice President of Finance to aid in the remaining business operations, the liquidation of assets and the winding down of the business operations. Shea has agreed to remain on staff as a consultant for four months at a salary of $2500 per month. HARRAH'S: Former Governor Becomes Paid Ally -------------------------------------------- The Advocate Baton Rouge LA reported on 1/28/98 that the troubled land casino project paid former Republican Gov. Dave Treen to encourage legislators to vote for the casino contract. Treen sent a three-page letter to every state legislator urging them to ratify the revised Harrah's Jazz Co. casino operating contract, which will be considered in a special legislative session in late March. Treen states in the letter that a committee representing the casino's bondholders in U.S. Bankruptcy Court asked him to "assist" in gaining the Legislature's acceptance of the contract. While the letter does not indicate that Treen is being paid for his efforts, the former governor acknowledged that he entered into a "compensated arrangement" with the bondholders committee. Bankruptcy Court documents indicate Treen, who is a lawyer, was hired as a "government relations consultant." The bondholders committee selected Treen because of his "long experience in governmental relations matters." U.S. Bankruptcy Judge Thomas Brahney III approved Treen's hiring Dec. 30. Under the revised casino contract, bondholders would receive $187 million and slightly more than 50 percent equity ownership in the casino. Unsecured creditors who are owed more than $50 million would be paid in full. MAIDENFORM WORLDWIDE: Seeks to Modify Bargaining Agreement ---------------------------------------------------------- Maidenform Worldwide is asking the Court to agree to a modification of its master collective bargaining agreement, dated October 1, 1996 with the Union of Needletrades, Industrial and Textile Employees, AFL-CIO, CLC. The Debtors also wish to modify several supplemental agreements. A Modification Agreement negotiated with the union anticipates a one-time cost to the Debtors of $3.5 million. Without such an agreement, the Debtors claim that they would have to reject prepetition bargaining agreements. Under federal law, this would entitle union members to strike the Debtors. Any strike, they assert, would be disastrous for their rehabilitation efforts. MAIDENFORM: Seeks to Reject Software and Equipment Leases --------------------------------------------------------- Maidenform Worldwide, Inc. seeks approval of a motion to reject certain unexpired computer software and equipment leases. The software lessor, LaSalle National Leasing Corporation, requires a monthly rental payment of $54,806 and has a term of twelve months remaining. The computer equipment lessor, Concord Commercial, requires a monthly rental payment of $12,900 and has eight months remaining. The Debtor asserts that the current software and equipment related to these leases is not beneficial to their continuing operation, and is evaluating systems that are more appropriate for the needs of the current management team. PHOENIX INFORMATION: Equity Adds More Fuel to Its Support --------------------------------------------------------- The Official Committee of Equity Security Holders, has added to its supplemental memorandum in support the debtor's motion requesting an order authorizing the debtor to reject the Articles of Association for American Aviation, Ltd., as an executory contract; or for determination that the anti-alienation provision contained in the Articles of Association are invalid. The Committee maintains that the debtor is in the position of a judgment lien creditor with respect to the debtor's stock in American Aviation. Consequently it is authorized to take such actions with respect to that stock as it would be entitled to do if it were executing on a judgment under applicable state law. Since Florida law is applicable, the debtor would be entitled to execute upon the stock to collect on a judgment, notwithstanding the restrictions on voluntary transfers set forth in the Articles of Association. PHOENIX INFORMATION: Seeks Time to Assume or Reject Leases ---------------------------------------------------------- The debtors, Phoenix Information Systems Corp., et al., submitted a motion for an order extending the debtors' time to assume or reject two unexpired leases of nonresidential real property. The debtors are seeking an extension through and including May 4, 1998, approximately 90 days. The debtors are awaiting the court's decision on their motion to sell substantially all of their assets to S-C Phoenix Partners. If the sale is approved and closes, the debtors will assume one lease and reject the other. POCKET: Committee Opposes NatTel's Request for Relief ----------------------------------------------------- The Committee of Unsecured Creditors of Pocket Communication, Inc. opposes the Emergency Motion of National Telecom PCS, Inc. for Partial Relief from the Automatic Stay. NatTel is seeking this relief to enable it to pursue pre-judgement attachments against the Debtors' FCC licenses. The Debtor claims NatTel is not entitled to relief set forth in the Bankruptcy Code because, according to the Committee, NatTel holds no legally recognizable claim in any property interest of the Debtor, including the disputed licenses. Q-ENTERTAINMENT: Seeks Transfer of Venue of Q-West LLC ------------------------------------------------------ Scott M. Seidel, Chapter 7 Trustee, is requesting transfer of the venue of the bankruptcy proceedings of Q-West LLC from the Northern District of California, Oakland Division, to the Northern District of Texas, Dallas Division. The parties assert this transfer will aid in the consolidation of the case and eliminate confusion concerning the Debtors' estates. A hearing has been set on this motion on February 6, 1998 in Dallas. SILAS CREEK RETAIL: Seeks Bridge Order on Leases ------------------------------------------------ Silas Creek Retail, Inc. is seeking an extension of 60 days to April 7, 1998 to determine whether it should accept assignment of certain non-residential real property leases that are subject to the Interim Sublease Agreement. SOUTHEAST BANK: Trustee Reached $150 Million Settlement ------------------------------------------------------- The So Florida Business Journal reported on 1/30/98 that Southeast Bank's bankruptcy trustee reached a $150 million settlement agreement with the Federal Deposit Insurance Corp. The trustee will name a successor to take over $125 million the FDIC has controlled since federal regulators seized Southeast. The FDIC also will relinquish its claim to an $18 million tax refund and a surplus of $5 million to $10 million in Southeast's pension plan. The deal also frees more than $25 million in other cash the FDIC placed in a reserve account. VENTURE: Creditors' Meeting Set ------------------------------- The United States Trustee for Region III has called for a meeting of the Debtor's Creditors to be held on March 6, 1998 at 1:30 p.m. in Room 2313 of the U.S. Courthouse at 844 King Street in Wilmington. All creditors are invited, but not required, to attend. This Official Meeting of Creditors offers the one opportunity in a bankruptcy proceeding to question a responsible office of the Debtor under oath. VENTURE: Committee of Creditors ------------------------------- A single committee of creditors will be appointed in the Debtor's chapter 11 case. That committee will be comprised of the following creditors: American Greetings Corp. Bank One Trust Co., as Indenture Trustee Handleman Company Procter & Gamble Distributing Sara Lee Corp. Springs Industries, Inc. State Street Bank & Trust, as Indenture Trustee VENTURE: Key Employee Retention & Severance Plan ------------------------------------------------ The Debtor tells the Court that it has identified 87 Key Employees in its corporate structure, excluding its Chief Executive Officer, employed as senior and mid-level managers. By this Motion, the Debtor asks the Court for its authority to implement a Key Employee Retention and Severance Program to provide incentives to these 87 Key Employees to maintain their employment and work toward a successful reorganization of the Debtor's estate. The Retention Program proposes to pay -- in the Debtor's sole discretion, and subject to the sole decision of the CEO -- bonuses totaling up to $3,371,650 to Key Employees who remain employed at Confirmation, or whose employment is terminated without cause prior to Confirmation. The Severance Program proposes to pay -- in the Debtor's sole discretion and subject to the sole decision of the CEO -- severance payments totaling up to $1,894,535 to Key Employees whose employment is involuntarily terminated without cause. WESTERN FIDELITY FUNDING: Disclosure Statement Inadequate --------------------------------------------------------- Judge Roland J. Brumbaugh entered an order on January 28, 1998 affirming the objection of the U.S. Trustee that the debtor's disclosure statement is inadequate and further ordering that the debtor shall file an amended disclosure statement no later than February 17, 1998 or the case will be dismissed. WESTERN PACIFIC: Rumors of Shutdown ------------------------------------ Western Pacific Airlines may be forced to shutdown after its chief lender cut off most of the funding that kept the regional carrier in business. Smith Management, a New York investment firm, said it was limiting its credit to Western Pacific because of the "materially adverse change" in the airline's financial position. During a bankruptcy court hearing Monday, Smith said the airline's bookings have not met projections, and that gave Smith the right to curtail funding under its financing agreement approved by the bankruptcy court in December. Smith lawyer David Brennan said the airline had forecast needing $30 million through the end of March. Yet recent budget projections convinced Smith the airline would have exhausted that amount by the end of January had it been made available. Western Pacific president Robert Peiser said Smith's action endangers the airline's future, because it has cash enough only to operate this week. He said revenues for January were $2 million to $3 million below earlier forecasts, but bookings had picked up in recent weeks. A hearing is scheduled today before U.S. Bankruptcy Judge Sidney Brooks to consider the airline's financial status and a request by the carrier's creditors committee for a trustee to be appointed. Jim Markus, lawyer for the creditors committee, said Western Pacific management and Smith were deadlocked and needed a trustee to protect creditors interests. The airline continued to fly Monday night, but a rival discount airline, Frontier, confirmed it was in talks with Smith Management to acquire pieces of Western Pacific. Western Pacific ended plans this fall to merge with Frontier Airlines, and Frontier's president Sam Addoms said his carrier has offered to acquire up to four of Western Pacific's 18 planes as well as accept the tickets of as many booked Western Pacific passengers as Frontier can accommodate. Frontier also said it would hire up to 175 of Western Pacific's 1,500 workers if it is successful in the bid. Frontier has about 900 employees now. WESTERN PACIFIC: Is Smith Asking for More Control? -------------------------------------------------- The Denver Post reported on January 31, 1998 that a representative of the debtor's creditors' committee said that Smith Management Co. may be asking for unwarranted control as a condition for making the final $7 million portion of the loan. Smith Management Co. already has funneled about $23 million to WestPac. In earlier statements, Smith officials said they planned to first make the $30 million loan and then follow with another $10 million to $20 million in equity financing as part of their effort to take over the carrier. If Smith balks at fully backing WestPac, it could hinder the airline's financial recovery. "The creditors committee does not believe that Smith has an adequate basis to refuse to continue funding (WestPac) in accordance with the loan documents," said Jim Markus, chief attorney for the WestPac creditors committee. "The committee will explore all options available to compel Smith to fund or it may seek appropriate damages." If Smith believes it may be in the process of losing its investment in WestPac, one option for the firm would be to strike a deal with Frontier and its backers so that WestPac and Frontier don't compete in Denver for the low- fare market niche. Most aviation industry analysts say Denver cannot support two low-fare airlines. Both WestPac and Frontier have been losing money for more than a year. WestPac lost about $62 million through the first nine months of 1997. Losses continued in the fourth quarter; the company reported an $8.4 million net loss last month. Frontier hasn't reported a profit since the April-June quarter of 1996. WESTMORELAND COAL: UMWA Pact will not Affect Plan ------------------------------------------------- The Wall Street Journal reports on February 3, 1998 that Westmoreland Coal Co. will file its reorganization plan in the absence of an agreement with the United Mine Workers of America on pension and benefit funds. The Debtor said it expects the UMWA to file a competing plan. ----------- 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 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 * * *