TCR_Public/980320.MBX T R O U B L E D   C O M P A N Y   R E P O R T E R
     
   Friday, March 20, 1998, Vol. 2, No. 55              
                    
                   Headlines

BARNEY'S: Preen Seeks Real Estate Consultants
CAJUN ELECTRIC: SWEPCO Increases Cajun Electric Bid
DOEHLER JARVIS: Committee Responds to Extension on Leases
DREADNOUGHT MARINE: Seeks Chapter 11 Protection
FRETTER: Order Extends Exclusive Periods

GAYLORD COMPANIES: Order Enlarges Exclusivity
GAYLORD COMPANIES: Court Extends Time for Lease Assumption
GAYLORD COMPANIES: Hearing Date Set for Plan Confirmation
GUY F. ATKINSON: Order Extending Interim Cash Collateral
HOSPITAL STAFFING: Files Voluntary Petition in Chapter 11

INTERNATIONAL HERITAGE: Accused of Pyramid Scheme
MANHATTAN BAGEL: Stipulation and Settlement
MARVEL: Toy Biz Receives Approval to Settlement
MERRY GO ROUND: Trustee Wants Suit in State Court
MONTGOMERY WARD: Seeks Authorization to Pay Severance

NETS: Committee Seeks Authority to Investigate Manzi
NIKE: Company Officials Promise Recovery
PAN AM: Court Authorizes Continued Use of Cash Collateral
PAN AM: Mandaric is Out
PEGASUS GOLD: Yanks Bid To Hire Houlihan Lokey

POCKET COMMUNICATIONS: Debt Holders Give Notice of Hearing
TODAY'S MAN: EBITDA Nearly Doubles Year-Over-Year
Q-ENTERTAINMENT: Seeks OK on Infinity Investors Compromise
RELIANCE ACCEPTANCE: Seeks to Probe Confidentiality Breach
RELIANCE ACCEPTANCE: Trustee Names Creditor Panel

RODMAN & RENSHAW: Files Chapter 7 Bankruptcy Proceedings
STRUTHERS INDUSTRIES: Filed for Bankruptcy Owing $9.64M
THE HORIZON COLLECTIVE: Files for Chapter 11 Protection
THE SCORE BOARD: Subsidiary Files Voluntary Chapter 11
WELCOME HOME: Seeks DIP Approval

DLS CAPITAL PARTNERS: Bond Pricing for Week of March 16
                   
                   *********

BARNEY'S: Preen Seeks Real Estate Consultants
---------------------------------------------
Preen Realty, Inc., Amjon Realty, Inc. and Cholderton
Realty Corp. ("Preen"), debtors are seeking approval of
their selection of Keen Realty Consultants Inc. and Albert
Bialek Associates, Inc. as Preen's real estate consultants
with respect to the sale and/or lease of certain real
properties owned by Preen located at 17th Street, New
York.

Upon the closing of a sale, the Consultants will receive
an amount equal to 1% of the first $15 million and 3.5% of
the consideration received by Preen in excess of $15
million.


CAJUN ELECTRIC: SWEPCO Increases Cajun Electric Bid
---------------------------------------------------
Southwestern Electric Power Company has increased its
proposed purchase price and has signed a settlement
agreement with the Rural Utilities Service, the largest
creditor in the Chapter 11 bankruptcy of Cajun Electric
Power Cooperative.

Under its amended reorganization plan and related
documents, filed March 18, SWEPCO would provide to the
Cajun Electric estate $940.5 million in cash for the
purchase of Cajun's non-nuclear assets by a SWEPCO
affiliate or subsidiary.  The plan is offered jointly by
SWEPCO and the Committee of Certain Members, consisting of
seven Cajun member distribution cooperatives.

The amended plan incorporates the terms of a settlement
with the RUS. The agreement covers treatment of the RUS
claim under the SWEPCO plan and settles key matters in
litigation among the Committee of Certain Members, the RUS
and SWEPCO.

The court set confirmation hearing dates in April and a May
26 deadline for submission of final briefs in the Cajun
Electric bankruptcy case. The Louisiana Public Service
Commission continues to analyze rates in the three
competing bids.  The LPSC previously had determined that
SWEPCO's rate was "not presumptively unreasonable" and was
the lowest of the three competing bidders over a 15-year
period.

The seven cooperatives in the Committee of Certain Members
are Beauregard Electric Cooperative, Dixie Electric
Membership Corp., Jefferson Davis Electric Cooperative,
Northeast Louisiana Power Cooperative, South Louisiana
Electric Cooperative Association, Valley Electric
Membership Corp. and Washington-St. Tammany Electric
Cooperative.

The SWEPCO plan also is supported by an eighth co-op,
Claiborne Electric Cooperative.  Two competing plans are
offered by (1) the Cajun Electric trustee, who
backs Louisiana Generating LLC, a partnership of NRG
Energy, Zeigler Coal Holding Co. and Southern Electric
International, and (2) Enron Capital & Trade Resources and
the Official Unsecured Creditors Committee.


DOEHLER JARVIS: Committee Responds to Extension on Leases
---------------------------------------------------------
The Official Committee of Unsecured Creditors supports the
debtors' motion to extend time to assume or reject leases
of nonresidential real property.

The debtors seek a fourth extension of the time within
which they may assume or reject leases of nonresidential
real property.  The debtors' third extension will expire
on April 6, 1998 and the debtors now seek a 91-day
extension to July 6, 1998.


DREADNOUGHT MARINE: Seeks Chapter 11 Protection
-----------------------------------------------
Dreadnought Marine Inc. has sought Chapter 11 bankruptcy
protection from its creditors.  In the filing at the U.S.
Bankruptcy Court in Norfolk, Dreadnought Marine listed
assets of $2.8 million and liabilities of nearly $4.4
million.  

Like other ship repair companies in the region,
Dreadnought's principal customer has been the Navy. While
Dreadnought was very busy with Navy jobs in the fall, work
has fallen off so much that the company can't pay all its
bills.

Dreadnought was thriving as the Navy funneled more work to
down-river firms with lower overhead than shipyards with
expensive waterfront facilities. Dreadnought's employment
got as high as 476 when it worked on Navy ships in 1995.

Dreadnought's bankruptcy filing listed three secured
creditors for the company. Vienna, Va.-based Commerce
Funding Corp. is owed nearly $1.6 million. The U.S. Small
Business Administration is owed nearly $245,000.
The filing said that the company's debt to the third,
Signal Mutual Indemnity Association of Bermuda, is unknown.

Dreadnought listed about 300 unsecured creditors, led by
Tidewater Temps Inc. of Richmond, which is owed nearly
$800,000; PrinVest Receivables Corp. of Lawrenceville,
N.J., $225,000; and ArCon Inc. of Norfolk, $181,000.
(Virginian Pilot Ledger Star 03/17/98)


FRETTER: Order Extends Exclusive Periods
----------------------------------------
By court order entered March 10, 1998, Fretter, Inc. et
al., debtors and the Creditors' Committee shall have the
exclusive right to file a plan or plans of liquidation
through and including April 9, 1998.  The debtors and the
Creditors' Committee shall have the exclusive right to
obtain acceptance of such plan or plans through and
including June 5, 1998.


GAYLORD COMPANIES: Order Enlarges Exclusivity
---------------------------------------------
The court has entered an order in the case of Gaylord
Companies, Inc. and its affiliated companies, debtors,
extending the exclusive right to file plan(s) of
reorganization through and including May 12, 1998.  The
debtors have the exclusive right to solicit acceptances of
such plans through and including July 13, 1998 subject to
shortening by the court.


GAYLORD COMPANIES: Court Extends Time for Lease Assumption
----------------------------------------------------------
The court entered an order in the case of Gaylord
Companies, Inc. and its affiliated companies, debtors,
extending the time for the debtors to assume or reject
their respective leases of non-residential real property
up to and through May 12, 1998.


GAYLORD COMPANIES: Hearing Date Set for Plan Confirmation
---------------------------------------------------------
The court entered an order in connection with the
"Bookstore Debtors" (Gaylord's Inc., Gaylord Book Company,
Sawworth Book Company, and Gaylord Enterprises, Inc.) that
the Bookstore debtors anticipate filing a proposed plan of
reorganization for the Bookstore Debtors, together with a
proposed Disclosure Statement.

March 26, 1998 is fixed for the hearing on approval of the
Bookstore Debtors' Disclosure Statement for Plan of
Reorganization.  April 13, 1998 is fixed for the
confirmation hearing on the Bookstore Debtors' Plan of
Reorganization.


GUY F. ATKINSON: Order Extending Interim Cash Collateral
--------------------------------------------------------
The third cash collateral order is extended and shall
remain in effect until April 30, 1998.  The budget is
approved by the court, and the debtors are authorized
to spend Pool II cash on un-bonded project disbursements
and joint ventures only when and to the extent that the
project owner has paid or deposited sufficient funds to
cover such disbursements.

A hearing on April 24, 1998 will be held to consider the
debtors' motion for continued use of cash collateral in
the Pool II Assets, and any funding arrangements that may
be proposed for Pool I Assets.

The debtor, Guy F. Atkinson Company of California, Guy F.
Atkinson Company, and Guy F. Atkinson Holdings, Ltd., the
Committee and the Banks are authorized to appoint Mr. E.
Lawrence Hill, Jr. as the Responsible Officer, effective
upon execution of his engagement contract.  The
Responsible Officer is authorized and directed to prepare  
a business plan and budget proposal for realization of
value from Pool II assets, and to present this plan to the
Banks, the Committee, the Bonding Companies and the
debtor.


HOSPITAL STAFFING: Files Voluntary Petition in Chapter 11
---------------------------------------------------------
Hospital Staffing Services Inc. has filed a voluntary
petition seeking protection under Chapter 11 of the U.S.
Bankruptcy Code.  The company cited critical cash
shortfalls it has experienced since implementation of a
payment recoupment by the Medicare program for alleged
overpayments relating to its home care operations, from
cash payments otherwise due to its home care providers.

The company said its current lender, Capital Healthcare
Financing, has agreed to provide it with Debtor In
Possession financing through a secured revolving credit
facility that will allow Hospital Staffing Services to
maintain its day-to-day operations.

The company also reported that an investor group, lead by
Ronald Lusk, a Dallas, Texas-based private investor, has
agreed to provide financing on an as-needed basis to
provide additional financial support for the company's day-
to-day operations.

Hospital Staffing also said Ronald A. Cass, William F.
McConnell, Hector Luis Ziperovich, M.D., and Robert B.
Fields voluntarily resigned as members of the Board.

Concurrently, Ronald Lusk, Robert L. Woodson, III, Joe
Williams, Jr., and Bobby Shields were named to serve as new
members of the board.  Lusk was subsequently named by the
board to serve as its new chairman, replacing Lawrence
Cappel, Ph.D., who remains a director.

The board also accepted the resignation of Ronald G.
Honeycutt, its vice president finance and CFO. Lusk was
named to serve as the new president, Shields will serve as
the CEO and interim CFO. Lusk said "our initial efforts
will be directed at developing a plan of reorganization
that will allow the company to maintain its current base of
operations and then ultimately move forward once again in
the healthcare industry."   
(UPI: Financial- 03/18/98)


INTERNATIONAL HERITAGE: Accused of Pyramid Scheme
-------------------------------------------------
A North Carolina company describing itself as a purveyor of
fine jewelry, luggage, collectibles and golf equipment
actually was the front for a fraudulent pyramid scheme that
raised more than $150 million from over 155,000 investors,
federal regulators have charged.

Top officials of Raleigh-based International Heritage Inc.
updated this scheme by using the Internet to promote it,
according to the Securities and Exchange Commission.

The SEC filed an emergency civil complaint in
U.S. District Court in Atlanta against the company and
three top officials, alleging fraud and seeking unspecified
civil penalties and repayment of ill-gotten gains.

A hearing was scheduled for March 24.

U.S. District Judge Richard Story issued a temporary
restraining order against International Heritage and the
three officials - chairman, president and chief executive
Stanley H. Van Etten, and Claude W. Savage and Larry W.
Smith, both founders and directors.  Judge Story also
appointed a receiver for the company and froze its assets.

The SEC alleged in its complaint that starting in April
1995, Mr. Van Etten, Mr. Savage and Mr. Smith solicited
people nationwide to invest in a pyramid scheme, which was
portrayed as investing in business centers. The three
defendants knowingly misrepresented the company's financial
condition to investors and concealed the fact that it was
operating a pyramid scheme, the SEC charged.
(Morning Star Wilmington - 03/19/98)


MANHATTAN BAGEL: Stipulation and Settlement
-------------------------------------------
Manhattan Bagel Co., Inc., debtor, is requesting the entry
of a Consent Order approving a certain Stipulation and
Agreement of Settlement between and among the debtor,
Franchise Groups, Inc., Ranch 1 Group Inc., Ome Inc., Dome
Enterprises, Inc., ("Obligors") and James Chickara and
Sebastian Rametta ("Individuals").

As of February 20, 1998, the Obligors were jointly and
severally indebted, liable and obligated to the debtor for
$1.5 million in unpaid principal plus $180,703 in accrued
interest, exclusive of interest at the default rate, late
charges and costs of collection.  

By the terms of the agreement the debtor is willing to
accept $1.275 million plus accrued interest.  The debtor
agrees to forebear from enforcing certain Credit
Documents, and both the Obligors and the debtor agree that
a certain Area Development Agreement will be deemed
terminated.


MARVEL: Toy Biz Receives Approval to Settlement
-----------------------------------------------
Toy Biz, Inc. announced that the requisite number of Senior
Secured Creditors supporting its Plan of Reorganization for
Marvel Entertainment Group have approved the settlement,
reached last week, with the Unsecured Creditors Committee
of Marvel Entertainment.  

As previously announced, under the terms of the proposal,
holders of allowed unsecured claims will receive, on a pro
rata basis, a cash distribution of 15% of  the amount of
the allowed unsecured claims plus $2.0 million, up to a
maximum of $8.0 million.  In addition, unsecured creditors
will receive up to 1.75 million warrants to purchase common
stock in the combined Toy Biz/Marvel.

The warrants will have a four-year term and be exercisable
at a price of $17.25 per share.  Finally, holders of
allowed unsecured claims will be entitled to receive
distributions from any recovery on certain future
litigation.


MERRY GO ROUND: Trustee Wants Suit in State Court
-------------------------------------------------
A U.S. bankruptcy judge is to decide whether a federal or
state court will handle a $4 billion negligence and fraud
lawsuit blaming Ernst & Young International Inc. for the
collapse of Maryland-based Merry-Go-Round Enterprises Inc.

Deborah Hunt Devan, trustee, filed the lawsuit in Baltimore
Circuit Court in December, but it was transferred to U.S.
Bankruptcy Court on a motion by Ernst & Young.
At a hearing yesterday before Bankruptcy Judge E. Stephen
Derby, Devan's attorneys argued that the case should be
sent back to state court to be heard by a jury. If the case
remains in bankruptcy court, where there are no juries,
the judge would decide it.

Ernst & Young's attorneys asked Derby to keep the case in
his jurisdiction, arguing that court would be best suited
to decide issues central to the bankruptcy proceedings,
such as the malpractice charges against the accountants.

The suit alleges that Ernst & Young mishandled the
retailer's Chapter 11 reorganization, thus preventing
Merry-Go-Round from restructuring. Ernst & Young, hired in
December 1993 to create a turnaround strategy for Merry-Go-
Round, also committed fraud by failing to disclose ties
with the retailer's law firm, the lawsuit claims. It seeks
$1 billion in compensatory damages and $3 billion in
punitive damages.

Devan became the bankruptcy trustee after the case was
converted to a Chapter 7 liquidation in March 1996.
Currently, $60 million in creditors' claims remain
outstanding, said Stephen L. Snyder, Devan's attorney.
In seeking to return the case to state court, Snyder argued
that Devan has a constitutional right to demand a jury
trial, adding that the charges of negligence and fraud are
based on Maryland law.

Neil J. Dilloff, an attorney with Piper & Marbury
representing Ernst & Young, argued that a central question
raised by the suit required the attention of the bankruptcy
court.   "Can an adviser be held responsible for the death
of a company?" he asked. "Every turn-around professional,
for better or worse, is looking at this case." It would be
an exception for a bankruptcy judge to remand such a case
to the state, he said.

"State court would be at a loss to decide bankruptcy
issues, because they never do it," Dilloff said, telling
Judge Derby, "You should not accept this invitation to
sluff this off to a state court."
(Baltimore Sun - 03/18/98)


MONTGOMERY WARD: Seeks Authorization to Pay Severance
-----------------------------------------------------
Montgomery Ward Holding Corp., et al, debtors, seeks an
order authorizing the payment of certain prepetition
former executive severance benefits.  The total amount of
severance payment due total $1,143,708.  

The former executives were terminated due to the
restructuring effors in early and mid-1997.  The debtors
are advised that certain of the former executive s have
suffered severe hardship as a result of the debtors'
nonpayment of the severance benefits. Four of the six
former executives remain unemployed.  The debtors believe
that there may be employee confusion and adverse publicity
if the payments are not made.


NETS: Committee Seeks Authority to Investigate Manzi
----------------------------------------------------
The Official Committee of Unsecured Creditors is seeking
entry of an order transferring to the Committee the
authority to prosecute on behalf of the estate any and all
claims of the estate against James Manzi,an insider of the
debtor, Nets, Inc.

The Committee initiated an adversary proceeding against
Manzi challenging th ealleged secured claim of
approximately $1.6 million that is being asserted by Manzi
against the estate.  The Committee's Complain specifies
two counts that seek to avoid Manzi's security interest in
the estate assets as preferential and fraudulent
transfers.

The Court stated in denying Manzi's motion to dismiss that
the Committee must establish that there exists a colorable
claim that , if successful, would yeild a net benefit for
the estate.  Second, the Committee must establish that
despite demand on the debtor to take action the demand is
declined and the inaction is an abuse of discretion.  The
Committe states that both of these requirements are met
here.


NIKE: Company Officials Promise Recovery
----------------------------------------
Nike can and will come back, company officials said
yesterday after announcing that quarterly profits fell
nearly 70 percent and 1,600 people will be laid off.
Chairman Phil Knight blamed the economic collapse in Asia,
where Nike has pinned much of its expansion hopes. The
company had cranked up production just before the financial
reversal that has spread from Singapore to Tokyo, leaving
Nike with a huge supply of unsold inventory. Nike profits
fell to $73.1 million, compared to $237.1 million a
year ago. Earnings per share dropped from 80 cents to 25
cents, the second straight quarter the company has reported
a decline. Nike stock was down 1 5/16 at 44 9/16 in morning
trading. (APWire: Financial - 03/19/98)


PAN AM: Court Authorizes Continued Use of Cash Collateral
---------------------------------------------------------
Judge A. Jay Cristol entered an order in the case of Pan
American Airways Corp. and Pan American World Airways,
Inc. authorizing the debtors to continue to use cash
collateral of NationsBank, NA.

As of the petition date, NationsBank asserts that the
debtors were indebted to NationsBank in the approximate
amount of $25,587,000.

The debtor may only use such funds as is provided in the
agreement. NationsBank is granted relief from the
automatic stay to set off and apply the proceeds of a
certain certificate of deposit in the amount of
$3,723,205. The debtors are required to make a cash
payment to NationsBank of $25,000 before March 27,1998.


PAN AM: Mandaric is Out
------------------------
Financier Milan Mandaric has dropped out as a would-be
rescuer for grounded Pan Am, which is now considering a
bankruptcy judge's suggestion to operate as a small charter
carrier.

Pan Am issued a statement late Wednesday saying talks with
Mandaric were over, while other undisclosed talks "have
reached various stages of progress." No other active suitor
has been identified.

Mandaric said he could not meet all of his objectives
"under the present circumstances and time frame."

The airline owns three jets but has held onto the seven
leased planes while looking for a quick solution to its
collapse.  Pan Am has been bringing in money with charters
in an attempt to keep up with its lease payments while
looking for a way to quickly resume scheduled
service.   But Judge Cristol noted Monday that one of his
previous airline bankruptcies resulted in two years of
charter flights.
(APWire: Business 03/19/98)


PEGASUS GOLD: Yanks Bid To Hire Houlihan Lokey
----------------------------------------------
Pegasus Gold Inc. withdrew its bid to hire Houlihan Lokey
Howard & Zukin Capital as financial advisor in the
face of opposition from the creditors' committee regarding
the scope and fee structure of the proposed retention.  
John Pearson, the gold producer's vice president of public
relations, said Pegasus is working on a replacement for the
investment banking firm.  The company is seeking to shed
non-key assets, including the Pullalli Project in Chile,
and to locate an investor for all or part of the Mt. Todd
Mine in Australia. (Federal Filings, Inc. 18-Mar-1998)


POCKET COMMUNICATIONS: Debt Holders Give Notice of Hearing
---------------------------------------------------------
Masa Telecom, Inc., Pacific Eagle Investments, Ltd.,
Pacific Eagle Investment (L) Limited, Ericsson, Inc. and
Siemens Telecom Networks, who collectively hold over $170
million in claims (approximately 80% of all non-FCC debt
in these cases) are giving notice of a hearing on March
20, 1998.

The purpose of the hearing is to report on the status of
the DIP Lenders' negotiations with the FCC and the
prospects of a plan of reorganization for the debtors.


TODAY'S MAN: EBITDA Nearly Doubles Year-Over-Year
-------------------------------------------------
Today's Man, Inc. which emerged from the protection of the
U.S. Bankruptcy Court on December 31, 1997, today announced
that sales for the twelve months ended January 31, 1998
increased 5% to $214.1 million from $204 million for the
same period last year.  Gross margin increased to 35.5%
versus 34.1% last year; and comparable store
sales increased 7% for the 25 superstores in operation at
the end of  both fiscal years.

The Company also reported EBITDA of $14.0 million for the
fiscal year ended January 31, 1998, an 85% increase over
EBITDA of $7.6 million for the year ended February 1, 1997.  
Income from operations increased 189% to $10.2 million
from $3.5 million.  The Company excludes net reorganization
costs and the previously reported interest payments to
creditors in accordance with its Plan of Reorganization
from the calculation of EBITDA.

The Company reported its loss narrowed to $4.3 million, or
($0.39) per share, versus $5.8 million, or ($0.54) per
share in fiscal 1996.  Excluding the impact of those items
related to the reorganization and prior to normalized
interest charges, the Company would have earned $9.7
million or $0.88 per share on a pre-tax basis for fiscal
1997.  Weighted average outstanding shares for the year
ended January 31, 1998 were 11,063,275 as compared to
10,861,005 for the year ended February 1, 1997.

Sales for the fourth quarter of fiscal 1997 increased 5.3%
to $71.3 million from $67.7 million for the corresponding
quarter in the prior year. Net income for the quarter was
$1.1 million, or $0.10 per share, versus a net loss of
$64,900, or ($0.01) per share for the same period a year
ago.  Net income for the quarter reflects  reorganization
costs of $3.9 million, or $(0.33) per share.  Weighted
average shares outstanding for the fourth quarter ended
January 31, 1998 were 11,676,829 as compared to 10,861,005
for the fourth quarter ended February 1, 1997.


Q-ENTERTAINMENT: Seeks OK on Infinity Investors Compromise
----------------------------------------------------------
Infinity Investors Limited, et al. asserts that it is owed
over $15 million on account of prepetition loans made to
the debtors, Q-Entertainment Inc. and its affiliates, and
an additional approximately $1.2 million as a result of
postpetition loans made to the debtors pursuant tot he
financing order entered in the cases.

A settlement agreement was negotiated between the Trustee
in the case, Infinity and a third party purchaser
(Entertainment Technology and Programs, Inc.) pursuant to
which debtors' operating assets would be sold for $3.3
million.  The agreement states that the Trustee may
prosecute any and all causes of action of Infinity against
the debtors' former officer and auditors.  

The Trustee shall pay Infinity the first $5 million in
recoveries, and 70% of all recoveries over the first $5
million, and the Trustee shall retain, for the benefit of
the debtors' estates, 30% of all such recoveries.  The
Trustee shall be permitted to retain the debtors' cash on
hand and the first $300,000 in cash consideration received
y the Trustee from the disposition of the debtors' assets
after Infinity has received $3.1 million from such
disposition.


RELIANCE ACCEPTANCE: Seeks to Probe Confidentiality Breach
-----------------------------------------------------------
Reliance Acceptance Group Inc. has asked the court for
authority to question Saga Capital L.L.C. to determine if
it breached a confidentiality agreement and on what basis
the firm claims a brokerage commission regarding a proposed
transaction with Coast-to-Coast Financial Corp.  During
prepetition efforts to enter into a transaction to maximize
the value of its assets, the sub-prime lender entered into
several confidentiality agreements with prospective
investors and purchasers, including Saga. (Federal Filings,
Inc. 18-Mar-1998)


RELIANCE ACCEPTANCE: Trustee Names Creditor Panel
-------------------------------------------------
The U.S. Trustee has appointed an official committee of
Reliance's unsecured creditors.  The panel is comprised of
IBJ Schroder Bank & Trust Co., Fidelity Bancorp Inc.,
Cincinnati Life Insurance Co., David McNutt, and James
Kinney as Trustee for Cloyce Savidge. (Federal Filings,
Inc. 18-Mar-1998)


RODMAN & RENSHAW: Files Chapter 7 Bankruptcy Proceedings
--------------------------------------------------------
Rodman & Renshaw Capital Group, Inc. and its wholly owned
subsidiary Rodman & Renshaw, Inc. announced today that they
each filed Chapter 7 bankruptcy proceedings with the United
States Bankruptcy Court for the Southern District of New
York.  Rodman & Renshaw, Inc. recently discontinued its
business operations.  Under Chapter 7 of the Bankruptcy
Code, the United States Trustee assumes jurisdiction upon
filing of the bankruptcy petition.  Carolyn Schwartz,
United States Trustee, is expected to appoint an
interim trustee.

Rodman & Renshaw Capital Group, Inc. is 70% owned by Abaco
Casa de Bolsa, S.A. de C.V., Abaco Grupo Financiero of
Monterrey, Mexico.


STRUTHERS INDUSTRIES: Filed for Bankruptcy Owing $9.64M
-------------------------------------------------------
Struthers Industries Inc., a former Tulsa energy-turned-
telecommunications company, filed for bankruptcy this week,
owing nearly $9.64 million to creditors, court records
state.  The company moved its headquarters to Los Angeles
last year after initiating a merger with World Integrated
Network of Cos. After the merger announcement, however, the
company was plagued by a series of bad occurrences.

First, there was the restructuring of its merger. Then, the
company was tossed from American Stock Exchange.  In
January, officers announced that an undisclosed investor
planned to recapitalize the company. The same day, however,
the U.S. Securities and Exchange Commission suspended
trading in the stock.

The SEC reportedly questioned the value of broadcast
licenses the company said it had under contract.  The SEC
said it questioned the company's public disclosures. And,
in the interim, the company was cited for contempt by U.S.
District Court in Washington, D.C., for not providing the
SEC with proper documents.
(Tulsa World- 03/14/98)


THE HORIZON COLLECTIVE: Files for Chapter 11 Protection
-------------------------------------------------------
The Horizon Collective, one of the area's largest fast-food
operators and minority-owned businesses, has sought to
reorganize its troubled finances in U.S. bankruptcy
court.

The operator of 47 Pizza Hut restaurants filed  for Chapter
11 protection from creditors. The company, which reported
more than $20 million in annual sales in November, listed
assets of $9.1 million and liabilities of $11.1 million.

Most of the company's liability, $8.5 million, is owed to
Banco Popular, the bank that financed the company's
acquisition of the Pizza Huts in late 1996.  Horizon
President Carole Riley said her company is trying to
refinance the debt but has had trouble working out an
arrangement with the bank.

"It's a tactical move to force our lender to talk to us,"
Riley said of the bankruptcy filing.  She said the company
expects to keep its restaurants open and its 1,200
workers employed.  "We're not out of the game at all," she
said. "It's an inconvenience. No one will get hurt."

Riley acknowledged that Horizon, which she owns with Kelli
Givens, is not current on its franchise royalty or
advertising payments. Pizza Hut's claims total $733,568,
according to the filing.   Although no landlords were
listed as having claims, Riley said their finances have
been hurt by unfavorable leases. She said they will be able
to emerge from bankruptcy reorganization quickly once its
financing and leases have been reorganized.

In the first year since buying the Pizza Huts, which
stretch from Utica and Binghamton into western
Massachusetts, sales have been below expectations,
Riley said. "It's industry wide," she said.

Tricon Global Restaurants, the franchise corporation,
reported "same-store" revenues at U.S. Pizza Hut stores
open at least a year dropped 1 percent in 1997. The decline
was 7 percent in the first six months, before bouncing
back.  A decline in same-store sales can be costly for a
restaurant chain because costs generally continue to rise,
even when revenues falter.

Nationwide, fast-food companies face rising labor costs and
other expenses while competition has continued to be
fierce.
(Times Union- 03/14/98)


THE SCORE BOARD: Subsidiary Files Voluntary Chapter 11
------------------------------------------------------
The Score Board, Inc., a leading marketer and licensor of
sports and entertainment-related memorabilia and products,
announced today that it and its wholly-owned subsidiary,
The Score Board Holding Corporation, filed voluntary
petitions under Chapter 11 of the Federal Bankruptcy Code
with the United States Bankruptcy Court for the District of
New Jersey (Case Numbers 98-12555 and 98-12557,
respectively).

Score Board, which has been declared in default under its
secured credit facility, is developing a strategic plan in
conjunction with its secured lender to identify the optimal
course for the future.

During the past several years, Score Board has been beset
by a number of business difficulties, some endemic to the
industry and some unique to it. The market for sports
trading cards has experienced a contraction in recent
years, resulting in diminished sales by both Score Board
and its competitors. Score Board's overall sales have
declined from $109 million for the fiscal year ended
January 31, 1994 to approximately $43 million for the
eleven months ended December 31, 1996. Sales data for the
year ended December 31, 1997 are not yet available. During
the fiscal years ended January 31, 1995 and 1996 and the
eleven month period ended December 31, 1996, Score Board
reported a net aggregate loss of $59.4 million.


WELCOME HOME: Seeks DIP Approval
--------------------------------
Welcome Home Inc., a/k/a The Glorious Nest, Home Again,
f/k/a Cape Craftsmen, Inc., debtor is seeking an order
authorizing the debtor to borrow money from Jordan
Industries, Inc, pursuant to a DIP line of credit and
security agreement.

Jordan has agreed to loan up to $2 million to the debtor.  
The loan is subject to receipt of priority over
administrative expenses and being secured by liens on the
property of the estate subordinate to the liens granted
to Fleet pursuant to the Financing Order.


DLS CAPITAL PARTNERS: Bond Pricing for Week of March 16
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Following are indicated prices for selected issues:

American Rice 13 '02                       76 - 80 (f)
Amer Telecasting 0/14 1/2 '04              18 - 22
Asia Pulp and Paper 11 3/4 '05         92 1/2 - 94
APS 11 7/8 '06                             24 - 25 (f)
Boston Chicken 7 3/4 '04                   63 - 64 1/2
Bradlees 11 '02                         6 1/2 - 8 (f)
Brunos 10 1/2 '05                          18 - 20 (f)
CAI Wireless 12 1/4 '02                    22 - 25
Cityscape 12 3/4 '04                       43 - 47
E & S Holdings 10 3/8 '06                  80 - 82
Grand Union 12 '04                         52 - 53 (f)
Harrah's Jazz 14 1/4 '01                   29 - 31 (f)
Hechinger 9.45 '12                         75 - 76 1/2
Hills 12 1/2 '03                           93 - 94 1/2
Great Bay 10 7/8 '04                       86 - 87(f)
Levitz 9 5/8 '03                           43 - 45 (f)
Liggett 11 1/2 '99                         72 - 75
Marvel 0 '98                            4 1/2 - 5
Mobilemedia 9 3/8 '07                      11 - 12 (f)
Penn Traffic 9 5/8 '05                     46 - 47
Royal Oak 11 '06                           59 - 61
Trump Castle 11 3/4 '03                95 3/4 - 97
Wickes 11 7/8 '03                      95 1/2 - 96 1/2

Retailers carried the week with Hills up sharply, and even
Bradlees a little improved.  Asia Pulp & Paper bonds
rallied nicely.  

                   *********

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
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  * * *