TCR_Public/980303.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, March 3, 1998, Vol. 2, No. 42                 

2CONNECT: Reports DIP Credit Facility
APS: Committee Seeks to Retain Weil, Gotshal
APS: $327 Million DIP Approval
APS: First Meeting of Creditors Set on March 20, 1998
BOYDS WHEELS: To Sell Assets

BRADLEES: Has Nod To Sell Hempstead Property For $7.8M
BUCYRUS-ERIE: Law Firm With a Conflict
EVANSVILLE BREWERY: Auction Scheduled for April
EXCALIBUR FINANCIAL: Credit Suisse Files Emergency Motion
FIRST MERCHANTS: Disclosure Statement Approved

FOXMEYER: Trustee Seeks Approval on Negative Notice
HEISMAN'S CLUB: Files for Bankruptcy
HOME PLACE STORES: Red Rose Objects to Extension of Time
INPHOMATION: Bankruptcy Trustee Appointed

KIWI AIRLINES: One Last Chance for Niagara Falls
MICHIGAN HEALTH: Chapter 11 Trustee To Be Appointed
MOBILEMEDIA: MobileComm Adds Onsale
PAN AM: Trying to Get Back in the Air
QUADRAX: Seeks Protection in Chapter 11

RIVERWOOD: Centex Corp. Top Bidder for Golf Community
SYBASE,INC: Restructuring Alters Top Brass
VENTURE STORES: Seeks to Reject Six Dollar Store Leases
WANG: Requests Final Stock Distribution
WANG: Deal to Buy Olivetti Computers

WESTMORELAND COAL: UMWA Objects to Professionals
YAMAICHI FINANCE: Filed for Bankruptcy

Meetings, Conferences and Seminars


2CONNECT: Reports DIP Credit Facility
2Connect Express, Inc. (OTC Bulletin Board: CNTCU) today
announced that it has obtained a $500,000 debtor-
in-possession credit facility, for working capital
purposes, from BayTech Investments, Inc., its previous
revolving credit tender.  This facility, which currently
has $225,000 in unused availability, expires on March 28,
1998, but, may be extended with the lender's approval.  The
facility is intended to provide bridge financing until the
Company's excess inventory is liquidated.

2Connect's Chief Executive Officer, Thomas H. Hicks,
commented, "The Company is pleased with the confidence
demonstrated by our lender regarding the restructuring
initiatives.  We have also received positive response from
certain landlords and creditors.  The Company is
aggressively developing financing alternatives which, if
successful, could enable the Company to emerge
from bankruptcy and begin to prosper and grow."

APS: Committee Seeks to Retain Weil, Gotshal
The Official Committee of Unsecured Creditors seeks the
Court's authority to retain the law firm of Weil, Gotshal &
Manges LLP as its lead counsel in these chapter 11 cases.  

WG&M has a national bankruptcy, with offices, among other
places, in Houston and New York City.  D.J. Baker, Esq.,
leads the representation of the Committee's interests from
WG&M's Houston office.  Specifically, WG&M will:

1.  prepare, on the Committee's behalf, all necessary
motions, applications, answers, orders, reports and papers
in connection with the Debtors' chapter 11 cases;

2.  negotiate and prepare, if necessary, for the Committee
a plan of reorganization and all related documents; and

3.  perform all other necessary legal services on the
Committee's behalf in connection with these chapter 11

Weil Gotshal has agreed to be compensated on an hourly
basis for the services it renders in these cases, at its
customary hourly rates.

APS: $327 Million DIP Approval
As reported in the APS Bankruptcy News, Issue No.4
(Bankruptcy Creditors Service - 28-Feb-1998), at the final
DIP Financing Hearing, Judge Walsh gave his approval to the
Chase-led financing pact, providing for a roll-up of
Chase's pre-petition loans into post-petition loans and an
extension of $100 million of new loans to fund the Debtors'
on-going working capital needs.

Universal Automotive Products, asserting a $300,000
reclamation claim against the Debtors, and Tenneco Products
interposed Objections to the Facility because the facility
does not authorize the payment of reclamation claims and
grants Chase liens superior to the lien rights of
reclamation creditors.  Prior to the Final Hearing,
following discussions with management and the Committee,
Universal and Tenneco withdrew their Objections without

"With the final approval of the $100 million in additional
financing, APS has the financial resources necessary to
continue normal business operations as it develops and
implements a restructuring plan aimed at returning the
Company to profitability," said Bettina M. Whyte, Chief
Executive Officer of APS Holdings.

APS: First Meeting of Creditors Set on March 20, 1998
The United States Trustee for Region III has called for a
meeting of the Debtor's Creditors pursuant to 11 U.S.C.
Sec. 341(a) to be held on March 20, 1998 at 10:30 a.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.

BOYDS WHEELS: To Sell Assets
Boyds Wheels, Inc. (Boyds) (Nasdaq: BYDS) announced today
that it intends to position the Federal Bankruptcy court
for permission to sell the assets of the company in one or
more sales transactions.

After reviewing financial projections and anticipated
short-term cash requirements needed to sustain the
company's operations, the Board of Directors
determined that the continued operation of Boyds was no
longer economically feasible or in the best interest of the
company's shareholders and creditors.  To conserve cash
assets, Boyds will cease all manufacturing operations
pending completion of the sales transactions.

"Several companies have expressed interest in acquiring
various components or divisions of the company," said David
Asher, president of Boyds.  "Without a strong acquisition
or merger partner, the Board of Directors believes that an
asset sale of this sort would maximize current value,
minimize administrative expenses and result in an
expeditious resolution of the bankruptcy

According to Jeffrey I. Golden, of Costa Mesa-based Albert,
Weiland & Golden, LLP, bankruptcy counsel to Boyds, "The
company does not want to continue using cash assets or
potentially diminish its collateral base without
some assurance that it could be profitable.  Unfortunately,
financial projections do not indicate that the company can
or will be profitable in the near future."

To facilitate the sale, Boyds intends to employ Credit
Managers' Association to liquidate and sell in an orderly
fashion substantially all of the assets other than those
sold in bulk to other companies.

Boyds Wheels, Inc. and its wholly owned subsidiary, Hot
Rods by Boyds, which was a global leader in the design and
manufacture of custom cars and hot rods for individual
clientele, filed for bankruptcy under Chapter 11 of the
Federal Bankruptcy laws January 30, 1998.  Boyds Wheels is
headquartered in Stanton, California.  Hot Rods by Boyds
will continue in business to reorganize under Chapter 11.

BRADLEES: Has Nod To Sell Hempstead Property For $7.8M
Bradlees Inc. and its New Horizons of Westbury Inc.
subsidiary received court authorization to sell property in
Hempstead, N.Y., to RM Westbury L.L.C. for more than $7.8
million.  The U.S. Bankruptcy Court in Manhattan found that
RM Westbury submitted the "highest and best bid" to
purchase the property at a Feb. 24 hearing.  The purchaser
must wire the amount still owing (approximately $7.5
million) to New Horizons on the closing date. (Federal
Filings, Inc. 27-Feb-1998)

BUCYRUS-ERIE: Law Firm With a Conflict
A top federal bankruptcy court official testified Thursday
that the  "alarm bell" would have gone off if the court had
known that a law firm  representing the Bucyrus-Erie Co. in
1994 bankruptcy proceedings also  was working for one
of Bucyrus-Erie's major creditors.

U.S. Bankruptcy Trustee John Byrnes said the news that the
Milbank,  Tweed, Hadley & McCloy law firm had not disclosed
that they also  represented a New York investment fund owed
millions by Bucyrus was a "bombshell."

Byrnes' testimony came in the fourth day of the criminal
trial  of Milbank, Tweed's lead attorney in the Bucyrus
bankruptcy, John  G. Gellene, charged with three counts of
lying under oath by not disclosing his law firm's conflict
of interest in representing Bucyrus and one of Bucyrus'

Byrnes testified Thursday that once he learned of Milbank,
Tweed's representation of both Bucyrus and a major
bankruptcy creditor, he asked the bankruptcy judge to order
the law firm to return "every penny" in legal fees
paid it by Bucyrus.

Byrnes, who oversees part of bankruptcy proceedings,
testified that he also asked U.S. Bankruptcy Court Judge
Russell Eisenberg to sanction Milbank, Tweed and Gellene
for filing false documents  with the court by not
disclosing the conflict.

Milbank, Tweed, a prestigious Wall Street law firm with
about  375 attorneys, returned $1.9 million in fees late
last year but  in a public apology, the firm blamed Gellene
for the failure to  disclose the conflict and fired him.

Gellene's criminal attorney, Mark Rotert of Chicago, argued
Monday to a federal court jury in Milwaukee that Gellene
made a mistake in not  disclosing that his law firm also
was representing Mikael Salovaara, a  Wall Street financier
who provided $35 million in funding to Bucyrus-Erie.

But Rotert emphasized that the failure to disclose was not
intentional,  and he has repeatedly underscored the
complicated nature of bankruptcy  proceedings
and the large number of different lawyers and business  
entities involved in the Bucyrus bankruptcy.

In earlier testimony, Toni Lichstein, a law partner of
Gellene's at the time of the bankruptcy, said she raised
questions about whether Milbank, Tweed had a potential
conflict in representing a Salovaara business entity at the
same time it represented Bucyrus in bankruptcy  court.

Lichstein said she was told by Gellene and another partner
that the matters were not related and that there was no
conflict to worry about.
(Milwaukee Sentinel Journal 02/27/98)

EVANSVILLE BREWERY: Auction Scheduled for April
National Industrial Services, Inc. was hired to liquidate
bankrupt Evansville Brewing Co.'s brewing, packaging,
warehouse and office equipment,

A spokesman for the liquidation company predicted the
auction would draw from 400 to 600 people and generate
between $1.5 million and $2 million.   He said between 90
percent and 95 percent of the proceeds would go into a pool
to pay Evansville Brewing creditors on a priority schedule
established by U.S. Bankruptcy Court and to defray legal
and other expenses of the bankruptcy proceedings.

The bankruptcy court approved a motion by Evansville
Brewing to accept the $475,000 bid by businessman John
Smith for the brewery's real estate, including 7.2 acres of
land.  Smith, owner of Powers Welding Shop north of the
brewery at 1920 Fulton Ave., said he wouldn't disclose his
plans for the property until the deal goes through.

Other bids on the real estate will be received until a 1:30
p.m. bankruptcy court hearing March 17 in Evansville.

The first assets of the bankrupt brewery to be sold were
the Sterling, Falls City, Gerst and other beer brands the
local plant produced.   Pittsburgh Brewing Co. bought the
labels for $850,000 and has already begun production of the
former Evansville-made beers.

EXCALIBUR FINANCIAL: Credit Suisse Files Emergency Motion
Credit Suisse First Boston Mortgage Capital LLC has asked
the District Court of Delaware to reconsider its bridge
order extending the exclusive periods of the Debtor,
Excalibur Financial Services L.P. Specifically, CSFB
alleges that it never received notice of the bridge order,
dated February 13, 1998, prior to the expiration of the
exclusive period set for February 17. The exclusivity
motion is scheduled to be heard by the Court on March 3.

Although to date CSFB has not sought the dismissal or
conversion of the Debtor's Chapter 11 cases, there are
virtually no parties in interest to these cases other than
the Debtors and CSFB. In essence, this is a two-party
dispute, thus presenting only a tenuous basis for
bankruptcy relief at all. In addition, Excalibur has
discontinued, and has no plans to reorganize, its prior
auto loan business, which represented more than 97% of its
prepetition investments.

CSFB asserts that these cases represent an attempt to
manipulate the Chapter 11 process to capitalize the
expansion by Excalibur into the enormously risky business
of investing in distressed real estate loans. In essence,
Excalibur is attempting to deny CSFB the right to sell or
collect on retail automobile finance contracts that CSFB
purchased from Excalibur's prior business, and convert
CSFB's short-term investment in the Contracts into a long-
term loan to Excalibur in its new role as a high-risk real
estate investor.

Excalibur's total book value of the Contracts purchased and
then owned by CSFB and the Contracts repurchased by
Excalibur or not sold to CSFB was in excess of $48 million.
The total book value of real estate loans owned at that
time by Excalibur was approximately $1,076,000.

FIRST MERCHANTS: Disclosure Statement Approved
Judge Joseph J. Farnan, Jr., approved the adequacy of the
information in the disclosure statement at a hearing held
on January 21, 1998.  A hearing to consider confirmation of
the joint plan under Chapter 11 will be held on March 3,
1998.  February 27, 1998 was the last day for filing and
serving written objections to confirmation of the plan.  
The deadline for the receipt of ballots accepting or
rejecting the plan was March 2, 1998.

FOXMEYER: Trustee Seeks Approval on Negative Notice
Bart A. Brown, the permanent Chapter 7 Trustee of Foxmeyer
Corporation seeks an order approving the proposed form of
negative notice on the Motion to Further Extend Time to
Assume or to Reject Executory Contracts and Unexpired
Leases, filed on February 25, 1998. The Trustee seeks to
extend the deadline from March 2, 1998 to April 16 in order
to evaluate whether any postpetition, preconversion leases
and contracts exist which may require assumption or
rejection, and to complete the Trustee's due diligence on
any prepetition contracts or leases which may remain.

HEISMAN'S CLUB: Files for Bankruptcy
New York City's famous Downtown Athletic Club the
home of the Heisman Trophy has filed for bankruptcy.
A lawyer for the venerable club says the problem is that it
owes nearly $3 million in back taxes from the early '90s,
and has about $5 million left on its mortgage.

Attorney Hal Hirsch tells United Press International that
Friday afternoon's filing is intended to give the club
shelter to launch projects that will make it profitable in
the future. He says the 1,300-member club, which has been
awarding the Heisman Trophy since 1935, wants to capitalize
on the Heisman name, perhaps by marketing the name for
various products.

Hirsch says one idea is forming a partnership with a well-
known hotel to operate the Downtown Athletic Club's 137
rental rooms under the name Heisman Hotel. He says the
club's finances have stabilized over the last few years,
but the outstanding debt could ruin its prospects. Hirsch
said, "The idea is to create a breathing spell so they can
put these things together, and the climate seems right for

The papers were filed before Judge James Garrity Jr. in
U.S. District Court in Manhattan.

HOME PLACE STORES: Red Rose Objects to Extension of Time
Red Rose Commons Associates, L.P. has objected to the
motion of Home Place Group extending the time to assume or
reject nonresidential real property leases. Red Rose is a
Pennsylvania limited partnership and landlord under a lease
executed on behalf of Home Place Stores Two, Inc. as part
of a shopping center known as Red Rose Commons. Under the
terms of the lease, Red Rose must construct a "shell" for
Home Place at an approximate cost, exclusive of site work,
of $1,625,000 on or before September 15, 1998. This entire
cost must be advanced by Red Rose from its own funds in
order to complete work on a timely basis.

Red Rose asserts that even if the Debtor ultimately assumes
the lease, Red Rose will be forced to complete construction
without adequate protection and without a timely
replacement tenant. If the Debtor is required to decide now
whether to assume or reject the lease, Red Rose will be
able to mitigate these damages and to build out the
premises for replacement tenants.

INPHOMATION: Bankruptcy Trustee Appointed
Paul Michael Sweeney, attorney with the Annapolis law firm
of Linowes & Blocher LLP, has been appointed outside
trustee for Inphomation Communications Inc., the now-
insolvent Pikesville operator of the Psychic Friends
Network, to clear up the company's finances.

The disclosure was made yesterday by the Justice
Department's Office of the U.S. Trustee. Sweeney could not
be reached for comment yesterday.

Inphomation, which once had sales exceeding $100 million,
filed for bankruptcy Feb. 2, claiming assets of $1.2
million and liabilities of $26 million. The trustee's
appointment stemmed from a hearing last week in which a
federal bankruptcy judge found evidence insiders were
stripping the company's assets and diverting business to a
shell company.

Intersection Development Corporation ("IDC"), a Los Angeles
based manufacturer of advanced traffic control systems,
filed for protection under Chapter 11 of the U.S.
Bankruptcy Code on February 23, 1998.  On February 26,
1998, IDC received court approval for the sale of
the assets of its operating units to Display Technologies,
Inc., of Norcross, GA, subject to higher bids from other
interested parties at a hearing scheduled for March 19,
1998.  Display Technologies is also providing a Debtor in
Possession ("DIP") loan facility to IDC to provide adequate
working capital during the company's reorganization.

Houlihan Lokey Howard & Zukin ("Houlihan Lokey") was
retained by IDC to solicit the interest of potential
purchasers for the company.  Houlihan Lokey
was instrumental in finding the buyer for the IDC operating
units and negotiating a favorable DIP loan facility.  Other
qualified parties interested in submitting bids at the
March 19, 1998 hearing should contact Houlihan Lokey
to learn more about IDC and the bidding procedures.

KIWI AIRLINES: One Last Chance for Niagara Falls
The quest to bring Kiwi International Air Lines to Niagara
Falls is dead unless a killer amendment attached by Niagara
County lawmakers to a $550,000 loan to Kiwi is removed, an
economic development official said Friday.  The amendment
shifted the potential liability for the Kiwi loan to the
Niagara County Industrial Development Agency.

County lawmakers added it as a condition for approving the
loan Feb. 17, but it effectively scuttled the deal when the
IDA board refused to vote on the loan this week because of
the amendment, said William G. Mayne Jr., chairman of the
IDA board.

"The IDA is not in a financial position to assume that
risk," he said. "As chairman, I'm not going to recommend to
my board this package be accepted."

The loan requires approval of both the Legislature and IDA

The prospect of Kiwi flying between Niagara Falls and
Newark, N.J., already had driven down business fares by
Continental Airline from Buffalo to Newark -- evidence that
a low-fare carrier really would lower area ticket prices.
Although walk-up fares to Newark remained stable Friday,
they are expected to climb back up to the $486 round-trip
level should the Kiwi deal fall through.

Kiwi President Jerry Murphy said his airline will continue
to try to assure Niagara County officials that its $3
million parts inventory is adequate security for the loan,
adding he can't wait forever.   "I am not a believer that
anything is dead," he said, "but I'm building my late
April-May-June schedule now. When I commit airplanes, it's
a problem when somebody wants to come in during the middle
of it."

Murphy said the collateral is the same as one that the New
Jersey Economic Development Agency accepted for an $850,000
loan. It consists of airline assets, including equipment
and parts stored in Newark and Atlanta. "I can't put Kiwi
collateral outside the IDA offices," Murphy said. "I have
to fly to make money. The real issue is whether there is
adequate collateral. The answer is emphatically yes."
(Buffalo News 02/28/98)

MICHIGAN HEALTH: Chapter 11 Trustee To Be Appointed
Michigan Health Care Corp., its hospital subsidiaries, and
their creditors' committees have agreed to
substantive consolidation of the five estates and
appointment of a Chapter 11 Trustee to complete liquidation
as soon as practicable.  Since substantive consolidation
may have an impact on, and affect the interests of,
creditors of the different estates in disparate ways,
creditors have 20 days to object to the Feb. 10 agreement.
(Federal Filings Inc. 27-Feb-1998)

MOBILEMEDIA: MobileComm Adds Onsale
MobileComm announced that it has added OnSale, a pioneer
and leader in interactive online auctions and one of the
largest electronics retailer on the Internet, to its retail
customer base. OnSale began selling Motorola pagers with
MobileComm paging service in late January, adding pagers to
its large selection of consumer electronics offerings.

OnSale currently offers Motorola's Advisor Pro alpha
numeric and Renegade numeric pagers on line. Buyers receive
their pagers directly from OnSale and then contact one of
MobileComm's regional activation centers to begin service.
Buyers can choose from a range of MobileComm service
options offered at MobileComm's standard rates.

OnSale operates an interactive 24-hour online auction where
shoppers place bids on featured products. More than 3.5
million bids have been placed since its inception in 1995.
Consumers can access OnSale through the World Wide Web at

MobileComm operates two one-way nationwide FLEX 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

PAN AM: Trying to Get Back in the Air
As Pan Am employees received layoff notices and flights
were canceled, the financially troubled airline got a $15
million bailout offer from Rothschild Recovery Fund, a New
York investment group specializing in bankruptcy rescues.

However, Pan Am has turned down the offer of quick cash
that might have put Pan Am planes back in the air this
weekend. Chief Executive Officer David Banmiller says today
there will be no flights through Wednesday, because he does
not want the airline to resume operations immediately, only
to shut down again.

Rothschild Recovery Fund of New York had offered to provide
a $10 million loan so the airline could resume operations
while it reorganizes in bankruptcy court. If the deal had
gone through, Rothschild would have provided another $5
million to cover Pan Am's operating expenses.

Banmiller says he is seeking more permanent financing.

Pan American filed for bankruptcy protection from its
creditors under Chapter 11 on Friday and ended all
operations, putting 1,250 people out of work
and stranding thousands of passengers.

The Pan Am name was sold at a bankruptcy auction and used
to start a new airline two years ago. Apart from the logo
and a few employees who came to the new company, there was
little in common between the old international carrier
and new low-priced domestic airline.

During the bankruptcy hearing Friday, Judge A. Jay Cristol
said he considers Pan Am as American "as mom and apple
pie," and he would do everything he could except pump his
own money into the airline to get it flying again.
Cristol allowed the airline to spend $2.2 million on a two-
week payroll due Friday, including $6,250 for Banmiller.

QUADRAX: Seeks Protection in Chapter 11
Quadrax Corporation announced that it has filed a voluntary
petition in the United States Bankruptcy Court under
Chapter 11 of the Code.  Effective today, the company's
operations in Rhode Island and Vista, California have
ceased.  It is the company's intent to fill customer orders
whenever possible.  Operations at Quadrax's wholly owned
subsidiary, Victor Wire and Cable, will continue unchanged.

The plan of re-organization the company intends to file
contemplates an offset against Quadrax's debts of the sale
proceeds realized from the disposition of certain of its
assets.  The company hopes to maintain Victor as
its primary operational asset.

There is no assurance that the sale of the identified
assets will satisfy all of the company's debts.  
Discussions with potential prospects are continuing.  
Quadrax is represented in its Chapter 11 case by Allan M.
Shine, Esq. of the Providence, Rhode Island law firm of
Winograd, Shine and Zacks, P.C.

RIVERWOOD: Centex Corp. Top Bidder for Golf Community
Two months of intense negotiations culminated this week in
the choice of homebuilding giant Centex Corp. to acquire
one of Charlotte County's most prestigious golf
communities. The bidding for Riverwood, a 1,265-acre
development in El Jobean, had narrowed to Centex and two
others - Genstar, a large Canadian land developer,
and KEB Inc., the group developing Bobcat Trail in North

Centex was chosen for one outstanding reason, said Tom
Smith, president of the Riverwood Land Co.: "Highest
monetary bid." He declined to disclose the amount of the

The bid goes to the U.S. Bankruptcy Court for approval.
Riverwood filed for Chapter 11 protection last year, and
the sale of the project to a new developer was stipulated
in its reorganization plan, filed in federal court Feb. 17.
Riverwood filed for protection after sales failed to keep
pace with infrastructure costs. Condos begin at $150,000
and a few homes cost more than $1 million.

Riverwood Land Co. lists debts of about $35 million to
three groups of secured creditors. All creditors will have
a chance to review the plan and vote on it.   Parallel to
the bankruptcy proceedings, Centex will have an opportunity
to examine Riverwood's assets. It could take three to four
months to complete the deal, if everything goes according
to plan.  (Sarasota Herald 02/27/98)

SYBASE,INC: Restructuring Alters Top Brass
Ailing database software company Sybase Inc. announced a
shake-up of its top management and said it would take a $70
million charge in the first quarter for a restructuring to
save $100 million this year.

President John Chen will share the chief executive title
with Chairman and CEO Mitchell Kertzman, and Sybase said it
has created an office of the chief executive.

VENTURE STORES: Seeks to Reject Six Dollar Store Leases
Venture Stores, Inc. seeks to reject six leases at its
premises known as Venture Dollar Stores. The Debtor has
ceased operations at its Dollar Stores, and vacated each of
the Dollar Store locations prior to January 30, 1998. The
Debtor has determined that the Dollar Store Leases cannot
be profitably assigned to third parties, and therefore seek
Court approval to reject these leases.

WANG: Requests Final Stock Distribution
Wang (NASDAQ:WANG) said that it has filed a petition with
the United States Bankruptcy Court seeking approval to
distribute the remaining 2.5 million shares of common stock
to creditors of the predecessor company.  The shares have
been held in a distribution reserve following Wang's
emergence from bankruptcy in 1993.  

The proposed distribution would not increase the number of
Wang shares outstanding and therefore would not change the
basis upon which Wang reports its per share earnings.  Wang
anticipates that the distribution of shares will take
several months following court approval.  Wang stock was
valued at $7.35 per share at the time the company emerged
from Chapter 11 protection in 1993 and closed Friday on
Nasdaq at $27.88.  

The company also announced that it will begin doing
business under its new name, Wang Global.

WANG: Deal to Buy Olivetti Computers
Nearly five years after emerging from bankruptcy, Wang
Laboratories Inc. has made a deal to buy the computer
services division of Italy's Olivetti SpA. The $390 million
deal announced Monday will leave Olivetti as the largest
single shareholder in the newly created Wang Global with an
18.6 percent stake. With $3.6 billion a year in revenues
and 20,000 employees, Wang Global will help businesses set
up, run and maintain their computers and networks.

Under the agreement, Wang agreed to pay Olivetti 123
billion lire ($70 million), for the Olsy Group, its
services business. Wang also said it would pay up to $56
million more in two years if the new company meets certain
growth targets.

In addition, Olivetti will receive 8.75 million shares of
Wang stock, worth nearly $244 million at Friday's close,
and stock appreciation rights worth a minimum of $19.5
million.  Olivetti, based in Milan, also will choose two
members of Wang Global's board of directors.

The deal is expected to be completed by the end of the

WESTMORELAND COAL: UMWA Objects to Professionals
The United Mine Workers of America object to extending the
employment of Houlihan, Lokey, Howard & Zukin in the
Chapter 11 case of Westmoreland Coal Company. The UMWA
asserts that the Debtor's motion is merely a renewed demand
that the Court permit Houlihan to be paid a monthly flat-
fee for routine financial support services, which would
only benefit the equity holders. They believe Westmoreland
should not be allowed to waste estate assets to hire a
financial advisor to act on behalf of equity shareholders,
to the detriment of creditors. If the Debtor's stockholders
wish to hire Houlihan, they should do so at their own

YAMAICHI FINANCE: Filed for Bankruptcy
Yamaichi Finance Co., an affiliate of the failed Yamaichi
Securities Co., filed for bankruptcy today, leaving behind
more than a billion dollars of debt, company officials
said. Yamaichi Finance, which was involved in lending,
leasing and credit card operations, is the most recent in a
string of companies to topple in the wake of Yamaichi
Securities' bankruptcy last November. Yamaichi was Japan's
biggest business failure ever, leaving debts of
more than 3 trillion yen ($24 billion) and 8,000 people
without work. (AP WIRE FINANCIAL  02-March-1998)

Meetings, Conferences and Seminars

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

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

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

April 2-5, 1998
      68th Annual Midwest District Meeting
         The Westin Hotel, Chicago, Illinois
            Contact: 1-312-781-2000

April 23-24, 1998
      1998 Spring Education Seminar
         Hawthorne Suites Hotel, Charleston, South Carolina
            Contact: 1-803-252-5646

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

May 1-3, 1998
      6th Annual Convention
         Fountainbleau Hilton Resort, Miami, Florida
            Contact: 1-703-803-7040

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

May 31-June 5, 1998
      CLLA Credit Institute
         Marquette University, Milwaukee, Wisconsin
            Contact 1-312-781-2000

June 3-6, 1998
         San Francisco, California
            Contact 1-541-858-1665

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

June 11-12, 1998
      1st Annual Conference on Corporate Reorganizations
         The Palmer House, Chicgo, Illinois
            Contact 1-903-592-5169 or

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

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

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

July 24-29, 1998
      104th Annual Convention
         Ritz Carlton, Amelia Island, Florida
            Contact: 1-312-781-2000

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

September 9-13, 1998
      Annual Convention
         Sheraton El Conquistador, Tuscon, Arizona
            Contact: 1-803-252-5646

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

November 30-December 1, 1998
      5th Annual Conference on Distressed Debt
         Plaza Hotel, New York, New York
            Contact 1-903-592-5169 or   

December 3-5, 1998
      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 are encouraged.  


A listing of meetings, conferences and seminars appears
each 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
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  * * *