/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/980323.MBXT R O U B L E D C O M P A N Y R E P O R T E R Monday, March 23, 1998, Vol. 2, No. 56 Headlines ADVANCED VOICE TECH: Case Summary & 20 Largest Creditors ALPHASTAR TELEVISION: Court Dismisses Bankruptcy Cases BRADLEES: $81 Million EBITDA Turnaround in Fiscal 1997 DECORATIVE HOME: Confirmation Hearing Reset For March 30 INTEGRAL PERIPHERALS: Filed for Chapter 11 Protection JAYHAWK ACCEPTANCE: Anticipates a Profit in 1998 KIA MOTORS: Announces Details of 2nd Stage Survival Plan LOT$OFF: Series B Preferred Stock Converted To Common Stock MARVEL: Toy Biz Fourth Quarter-Year End Financial Results MIDCOM COMMUNICATIONS: Sues Former CEO for $1.7M P.I.E. MUTUAL: Heads for Extinction PAN AM: Reduces Fleet Size; Adopts Charter Strategy PARAGON TRADE: Announces Fourth Quarter Results PAYLESS CASHWAYS: To Reduce Size of Headquarters RELIANCE ACCEPTANCE: Class Action Suit Filed SENTINEL IMAGING: Seeks Bankruptcy Protection THE KLEID COMPANY: Case Summary & 20 Largest Creditors V.O.C. ANALYTICAL: Files for Protection Under Chapter 11 ********* ADVANCED VOICE TECH: Case Summary & 20 Largest Creditors -------------------------------------------------------- Debtor: Advanced Voice Technologies 71 West 23rd Street New York, NY 10010 Type of business: Voice messaging technology and educational services to schools and parents. Court: Southern District of New York Case No.: 98-41492 Filed: 03/3/98 Chapter: 11 Debtor's Counsel: John H. Drucker Kevin R. Toole Angel & Frankel, PC 460 Park Avenue New York, New York 10022-1906 (212) 752-8000 Total Assets: $1,831,406 Total Liabilities: $2,346,402 No. of Amount Holders ------ ------- Fixed, liquidated secured debt $225,000 1 Contingent secured debt $0 0 Disputed secured debt $0 0 Unliquidated secured debt $0 0 Fixed, liquidated unsecured debt $2,121,402 115 Contingent unsecured debt $0 0 Disputed unsecured debt $0 0 Unliquidated unsecured debt $0 0 No. of shares of preferred stock 0 0 No. of shares of common stock 4,321,497 110 20 Largest Unsecured Creditors: Name Nature Amount ---- ------ ------ MLG,INC. Contract $108,342 Dr. Jerold P. Bauch Loan $105,000 CIAMPA Organization Contract $90,362 Choate Hall & Stewart Legal Services $89,175 Trustees of the Masonic Hall Lease $46,899 Allen Evans Assoc. Inc. Contract $40,200 M&M Creative Services Contract $22,523 Sierchio & Albert, PC Legal Services $22,344 Lyon & Lyon LLP Legal Services $18,825 Ellen Langer, PHD Loan $17,500 Barack, Ferrazzano, Legal Services $14,640 Amer. Stock Transfer Trade Vendor $12,750 Elizabeth Landau Loan $12,550 Depository Trust Company Contract $9,510 The New York Media Group, Inc. Trade $9,274 Bell Technologys Group, Ltd. Contract $9,228 Trellis Software Trade $9,132 Edinfo Press Goods Sold $8,292 Bekin Van Lines Moving Services $7,954 Naft Computer Services Computer Services $7,709 ALPHASTAR TELEVISION: Court Dismisses Bankruptcy Cases ------------------------------------------------------ The U.S. Bankruptcy Court in Wilmington, Del., has agreed to dismiss the bankruptcy cases of AlphaStar and Tee-Comm Distribution Inc. The court granted the lenders' motion yesterday and retained jurisdiction for the limited purpose of determining certain issues regarding a purchase price dispute with Champion Holding Co. The creditors' committee supported the dismissal after reaching agreements with the banks regarding payment of the panel's professional fees and expenses. (Federal Filings, Inc. 19-Mar-1998) BRADLEES: $81 Million EBITDA Turnaround in Fiscal 1997 ------------------------------------------------------ On March 17, 1998 Bradlees, Inc. reported a net loss for fiscal 1997 (52 weeks ended January 31, 1998) of $22.6 million, or $1.98 loss per share, compared with a net loss of $218.8 million, or $19.17 loss per share, in the prior year. The fiscal 1997 operating loss (before interest, reorganization items and asset impairment charge) was $5.2 million, compared with an operating loss of $96.7 million in the prior year, an improvement of $91.5 million. In addition, the company reported annual fiscal 1997 EBITDA (earnings before interest, taxes, depreciation and amortization) of $35.1 million, an $81.2 million improvement over the prior year. Bradlees also reported a net profit of $25.9 million, or $2.29 per share, for the fiscal 1997 fourth quarter (13 weeks) ended January 31, 1998, its second consecutive quarterly net profit, compared with a net loss of $59.2 million, or $5.19 loss per share, for the fourth quarter (13 weeks) ended February 1, 1997. Operating earnings (before interest, reorganization items and asset impairment charge), which benefited from an improved gross margin rate performance and certain additional cost reduction initiatives, were $33.7 million in this year's fourth quarter, compared with an operating loss of $1.5 million in the prior year's fourth quarter. Fourth quarter EBITDA was $45.5 million, compared with EBITDA of $11.2 million in the prior year. Total sales for the fourth quarter were $461.6 million, down from $463.0 million in the prior year, due to one less store in operation. Comparable store sales stabilized during the important fourth quarter and were unchanged from last year's fourth quarter. Total sales for fiscal 1997 were $1.4 billion, down from $1.6 billion in fiscal 1996, due primarily to 27 stores closed during the prior year. Annual comparable-store sales declined 5.0 percent due to a significant reduction in the number of promotional activities in 1997 that had historically poor profit productivity. Peter Thorner, Chairman and Chief Executive Officer, said, "Bradlees' EBITDA and earnings levels exceeded the amounts set forth in our fiscal 1997 business plan and represent a significant improvement over the prior two years. The magnitude of this improvement in operating performance will permit the company to emerge from Chapter 11 by the middle of this year. We expect to file a plan of reorganization next month. (Bradlees Bankruptcy News - 17- Mar-1998) DECORATIVE HOME: Confirmation Hearing Reset For March 30 -------------------------------------------------------- After Decorative Home Accents, Inc. received some objections to its reorganization plan, its plan confirmation hearing was postponed and rescheduled for March 30. Indenture trustee Firstar Bank of Minnesota N.A. has objected to confirmation of the plan, arguing that it gives certain Class 4 bondholders superior registration rights to new common shares, rights and over-subscription options designated for class members. (Federal Filings, Inc. 19-Mar-1998) INTEGRAL PERIPHERALS: Filed for Chapter 11 Protection ----------------------------------------------------- Boulder-based Integral Peripherals filed for Chapter 11 bankruptcy protection last week, after money from its Asian investors dried up. The filing by the maker of small computer disk drives came in the wake of February layoffs at the company's headquarters and the departure of President and Chief Operating Officer Larry Birtzer. Chief Executive Officer Steve Volk said he expects the company to emerge from reorganization in two to three months. He also said Integral has a new investor. (Rocky Mountain News - 03/19/98) JAYHAWK ACCEPTANCE: Anticipates a Profit in 1998 ------------------------------------------------ Jayhawk Acceptance Corporation reported a net loss of $14,867,000 for the three months ended December 31, 1997, compared to a net loss of $57,770,000 for the same quarter in 1996. Revenues for the fourth quarter of 1997 were $3,552,000, versus $16,174,000 for the same quarter of 1996. Net loss for the full year 1997 was $40,998,000 compared to a net loss of $49,738,000. Revenues for 1997 were $35,548,000, compared to $53,566,000 in 1996. The fourth quarter net loss is largely attributable to a special charge of $12,536,000 taken to write down automotive installment contracts receivable to estimated net realizable value and to establish as a liability the estimated fixed amount due to automotive dealers under the confirmed plan of reorganization pursuant to Chapter 11 of the U.S. Bankruptcy Code (the Plan). As a result of the Plan, the Company no longer splits collections 80% to a Dealer's pool and 20% to the Company. Based on collections to date in the first quarter of 1998, the Company anticipates that it will report a profit in the first quarter of 1998. KIA MOTORS: Announces Details of 2nd Stage Survival Plan -------------------------------------------------------- South Korea's insolvent Kia Motors on Friday released details of its "second-stage survival plan" including a cut in annual auto output and a relocation of its production facilities. Release of the details, including a production cut from 700,000 to 600,000 units annually, followed a warning by President Kim Dae-Jung on Thursday that the problem of troubled conglomerates could not be allowed to drag on. The president singled out Kia, Halla and Hanbo conglomerates as troublemakers sucking up scarce bank loans and causing social troubles. It was his strongest comment yet on the fate of the three insolvent conglomerates. Kia Motors, one of the country's four largest car makers, filed for court receivership last year when its parent group collapsed under debts of more than 10 trillion won (6.7 billion dollars). On Thursday, Kia officials insisted that Kim had not necessarily meant that Kia Motors, which has been dogged by persistent speculation that it would be sold to Samsung Motors Inc., should be closed. Samsung began turning out mid-sized passenger cars in March, despite daunting difficulties which could be best solved by taking over an existing auto maker. "We will be able to get back on our feet if creditors, including the state-financed Korea Development Bank, swap loans for equity shares," Kia Motors spokesman Chun Sang- Jin told AFP. "Most probably, the Korean Development Bank will emerge as our main shareholder in a court decision before the end of this month," he said. Included in the second stage financial plan are relocation of the auto production facilities to the firm's complex in the Asan Bay area to bring all the company's operations under the same roof. The company, under its restructuring plan has already cut down the number of its directors from 73 to 38 and replaced half of them with outside directors, and trimmed its departments from 199 to 139. LOT$OFF: Series B Preferred Stock Converted To Common Stock ----------------------------------------------------------- San Antonio based LOT$OFF Corporation announced today that it had received court approval of its Motion for Leave to Consolidate Certain Steps to Be Taken Pursuant to its Confirmed Plan of Reorganization from Judge Leif M. Clark at a hearing in the United States Bankruptcy Court for the Western District of Texas, San Antonio Division. The Motion, which was supported by the Class 7 Agent, sought to consolidate certain steps to be taken pursuant to the Company's plan of reorganization, as amended and modified, confirmed by the Court on June 3, 1997 and effective June 16, 1997. The Court determined that the Motion was "well-founded and should be granted" and entered an order authorizing the Company "to consolidate the treatment of Class 7 Creditors by the issuance of two shares of Common Stock in lieu of any single share of Series B Preferred Stock, Series A Conversion Rights or Series A Preferred Stock as the case may be, which would otherwise have been issued pursuant to the Confirmed Plan." The Court also ordered, among other things, that the Company "may continue to issue such two shares of Common Stock in lieu of one share of Preferred Stock to holders of Class 7 Allowed Claims, until all such Allowed Claims are paid in full with Common Stock and/or cash at which time LOT$OFF's obligations to the holders of Allowed Class 7 Claims shall be fully satisfied." Prior to the Court's order, the Company had 2,532,440 shares of Common Stock and 798,210 shares of Series B Preferred Stock (convertible into 1,596,420 shares of Common Stock) outstanding. As a result of the Court's order, the Company now has 4,128,860 shares of Common Stock outstanding and no shares of Series B Preferred Stock. LOT$OFF's obligation to the holders of Class 7 Allowed Claims is secured up to the face amount of such claims by certain net proceeds from important litigation brought by the Company. To the extent the Company receives such net proceeds up to the face amount of Class 7 Allowed Claims, holders of such claims will now receive Common Stock and/or cash in full satisfaction of their claims. MARVEL: Toy Biz Fourth Quarter-Year End Financial Results --------------------------------------------------------- Toy Biz, Inc. reported financial results for the fourth quarter and year ended December 31, 1997. For the quarter, net sales were $41.2 million with a net loss of $13.5 million, or $0.48 per share, compared to net sales of $54.0 million and net loss of $2.5 million or $0.09 per share in the fourth quarter a year ago. For the year ended December 31, 1997, net sales were $150.8 million with a net loss of $29.5 million or $1.06 per share, compared to net sales of $221.6 million and net income of $16.7 million or $0.61 per share for the year ended December 31, 1996. The Company noted that its results, starting in the fourth quarter of 1996, were negatively impacted by the financial difficulties and subsequent bankruptcy of Marvel. The Company further noted that fourth quarter and year end results for 1997 continued to be negatively impacted by the Marvel bankruptcy and related non-recurring charges, including sales allowances as well as professional service fees and other transaction costs related to current and previous proposals to combine Toy Biz and Marvel. Joe Ahearn, President and Chief Executive Officer of Toy Biz said, "Although the financial results for the fourth quarter and year end continue to reflect the negative impact of the Marvel bankruptcy on the Company's business, the performance of a number of our products was very strong. Although it is not normal Company policy to comment on future results, in light of the Company's disappointing performance during 1997 and the recent progress on the Marvel Plan of Reorganization, Mr. Ahearn issued the following comment on the Company's 1998 1st quarter: "The announcement of a May 4th confirmation hearing on our Plan of Reorganization for Marvel has added some stability to the Company's marketing and sales efforts and consequently we expect that the Company will generate a profit for the 1st quarter of 1998." As previously announced, Toy Biz has put forward a proposal to combine Toy Biz and Marvel. The Toy Biz proposal has the support of Marvel's Senior Secured Creditors and the Official Committee of Marvel's Unsecured Creditors. In commenting on the Marvel situation, Mr. Ahearn noted, "We continue to be pleased with the progress that has been made in our efforts to bring this situation to a close. The recent support received from Marvel's Unsecured Creditors Committee is a further step in the right direction." A hearing before the court overseeing Marvel's bankruptcy on the motion to confirm Toy Biz's Plan of Reorganization is scheduled for May 4th. MIDCOM COMMUNICATIONS: Sues Former CEO for $1.7M ------------------------------------------------ Midcom sued its former Chief Executive Officer Ashok Rao for the return of more than $1.7 million he received for stock redemptions, severance pay, benefits, and property transfers. According to the complaint, filed with the U.S. Bankruptcy Court in Detroit on March 12, the payments are either fraudulent conveyances or preferences that the company is entitled to avoid. (Federal Filings, Inc. 19- Mar-1998) P.I.E. MUTUAL: Heads for Extinction ----------------------------------- An Ohio judge is almost certain to liquidate the assets of a bankrupt Columbus-based medical malpractice insurer with which thousands of doctors had policies, Ohio officials said. P.I.E. Mutual Insurance Co.'s (PIE) board of trustees agreed earlier this week to give up its challenge to Ohio officials' request that a court dissolve the company. The board decided to agree to the liquidation after hearing from the accounting firm Coopers & Lybrand, whom it had hired to examine the company's books. The decision comes after several other insurers, which had expressed interest in taking over PIE, backed off. PIE's former president and chief executive, and two other top executives, who were fired by the board on Dec. 13, are being investigated by state and federal officials for fraud and embezzlement. Ohio is also suing the executives, claiming they illegally received $11.3 million from the company, and demanding that they return it. (Daily Record Baltimore - 03/19/98) PAN AM: Reduces Fleet Size; Adopts Charter Strategy --------------------------------------------------- Pan Am said that it has rejected seven leases of 737-400 aircraft leased from International Lease Finance Corp. ("ILFC"), effective between Friday, March 20 and Wednesday, April 1, and will seek approval of these lease rejections at a hearing in the Bankruptcy Court on Friday, March 20. Five of the rejections would be effective on Monday; six of the planes are scheduled for charter flights over the weekend. Pan Am has also today informed the Miami Heat that Pan Am will no longer fly the Heat after next Wednesday. "Pan Am's business strategy is to operate as a charter carrier while it pursues reorganization discussions with its Creditors' Committee," David A. Banmiller, Pan Am's President and CEO said. "The company's scaled down operations are projected to be both cash positive and profitable. Pan Am also continues in discussions with investor groups," he added. Pan Am had retained the seven ILFC planes while negotiating with investors who had premised offers on the availability of those planes. Keeping the ILFC planes generated rent accruals of approximately $60,000 per day, which exceeded charter revenues Pan Am was able to generate after it ceased regular scheduled service last month. Both the Creditors' Committee and the U.S. Trustee had questioned the further retention of the ILFC leases. The Creditors' Committee has indicated its support for the company's decision to reject the ILFC leases. Pan Am noted that the U.S. Trustee's motion to convert its reorganization efforts to a Chapter 7 liquidation was largely based upon projected losses under the ILFC leases. PARAGON TRADE: Announces Fourth Quarter Results ----------------------------------------------- Paragon Trade Brands, Inc. reported its fourth quarter and full year 1997 financial results. The results reported reflect the unfavorable patent infringement judgment which the Company is currently appealing, as well as the Company's subsequent Chapter 11 filing which was necessitated by the judgment. Paragon reported a net loss of $224.9 million, or $18.82 per share, for the fourth quarter ended December 28, 1997, including non-recurring fourth quarter charges of approximately $211 million, substantially all of which are non-cash. These non-recurring charges include a $200 million loss contingency related to the patent infringement judgment and associated litigation expenses. The balance of the non-recurring charges is related to an asset impairment associated with certain computer software and related consulting costs which had previously been capitalized and the tampon manufacturing assets of the Feminine Care business. Net sales for the quarter were $136.4 million compared to $142.4 million for the same period last year. For the twelve months ended December 28, 1997, the Company reported a net loss of $212.7 million, or $17.86 per share, compared to net earnings of $21.1 million, or $1.76 per share, for the year ended December 29, 1996. Net sales for the twelve months were $562.0 million compared to $581.9 million for the year ended December 29, 1996. Excluding non-recurring charges, operating earnings before interest, taxes, depreciation and amortization ("EBITDA") totaled approximately $63 million. As has been previously reported, on December 30, 1997, the Delaware District Court issued an opinion finding that two of The Procter & Gamble Company's inner-leg gather patents were valid and infringed by the Company's "Ultra" diaper products. The Company is pursuing a motion for a new trial or to alter or amend the judgment and at the same time has filed an appeal of the District Court's decision. PAYLESS CASHWAYS: To Reduce Size of Headquarters ------------------------------------------------ Payless Cashways Inc., the Kansas City-based home improvements retailer that in December emerged from Chapter 11 bankruptcy protection, is reducing the size of its headquarters office after trimming its headquarters staff by 175. The company will retain 170,000 square feet at 2 Pershing Square and release about 45,000 square feet in the spring, said Larry Glaze of Glaze Commercial Real Estate Advisors Inc./ CRESA, who assisted Payless with its lease restructuring and extension. (Kansas City Business Journal - 03/13/98) RELIANCE ACCEPTANCE: Class Action Suit Filed -------------------------------------------- A class action has been commenced in the United States District Court for the Western District of Texas on behalf of both purchasers of Reliance Acceptance Group, Inc. ("Reliance") common stock during the period March 14, 1995 to November 14, 1997 (the "Class Period") as well as persons whose ownership of shares (regardless of when acquired) entitled them to vote at the Company's November 15, 1996 shareholder meeting where shareholders approved a split-off transferring the Company's most valuable assets to insiders. Reliance was previously known as Cole Taylor Financial Group, Inc. The complaint charges that Reliance, the Taylor family, certain other insiders, its auditors and its financial advisors inflated the assets and income of the Company's subprime auto loan business by grossly understating its bad loan reserve thereby defrauding purchasers of Reliance stock during the Class Period in violation of the Securities Exchange Act of 1934 and state law. This enabled the Taylor family to induce shareholders to approve a spin-off to the Taylors, Reliance's dominant shareholders, of the profitable Cole Taylor Bank subsidiary while leaving the public stockholders with Reliance's Cole Taylor Finance Co. subsidiary. At the time of the shareholder vote defendants represented the finance subsidiary as a rapidly growing and profitable subprime auto loan business when, in fact, it was technically insolvent. Only a few days after the February 12, 1997 completion of the spin-off, defendants began to reveal Reliance's problems. In the following nine months, defendants were forced to announce $110 million in charges against income to add to Reliance's loan loss reserves. In light of these belated disclosures, Reliance recently filed for bankruptcy protection. Its stock price plummeted to less than $0.25 per share from its Class Period high of $31.25. Plaintiff is represented by Kahn & Associates, Ltd. SENTINEL IMAGING: Seeks Bankruptcy Protection --------------------------------------------- ColorSpan Corporation, primary operating subsidiary of Lasermaster Technologies, Inc. announces that on February 20, 1998 the United States District Judge confirmed a jury verdict in favor of ColorSpan against Sentinel Imaging, a division of Sentinel Business Systems, Inc. in the amount of $2,174,080.12, plus interest, which ColorSpan calculates to be another $189,561.00, defeating all requests from Sentinel for relief from the jury verdict in this matter. Additionally, the Court imposed an injunction on Sentinel prohibiting Sentinel from selling ColorSpan ink systems with Profiler chips which use the trade secrets misappropriated from ColorSpan. The Court further concluded that ColorSpan was entitled to begin actions to collect the judgment. On February 11, 1998, ColorSpan sued Sentinel in another separate action arising from Sentinel's violation of ColorSpan's copyrighted ColorMark(TM) color management software. ColorSpan is currently considering further legal action against at least one individual who is an officer and director of Sentinel. Such action may be based in part on Sentinel's stipulation during the original court proceedings that certain confidential internal ColorSpan documents were found in the basement of the director. On March 18, 1998 Sentinel filed a voluntary petition for Chapter 11 bankruptcy protection. Sentinel has indicated it intends to seek permission of the bankruptcy court to allow it to use encumbered funds which it alleges will be needed to operate the business. Sentinel has not yet indicated how creditor claims will be satisfied or how it will satisfy the judgment in favor of ColorSpan and any liability arising from the recently filed suit. THE KLEID COMPANY: Case Summary & 20 Largest Creditors ------------------------------------------------------ Debtor: The Kleid Company Inc. 530 Fifth Avenue New York, NY 10036-5101 Court: Southern District of New York Case No.: 98B-41699 Filed: 03/11/98 Chapter: 11 Debtor's Counsel: Robert R. Leinwand Robinson Brog Leinwand Greene et al 1345 Avenue of the Americas New York NY 10105-0143 Total Assets: $9,947,794.01 Total Liabilities: $14,539,427.75 20 Largest Unsecured Creditors: Name Amount ---- ------ Conde Nast Publications $1,682,497 Kiplinger Washington $970,333 530 Fifth Avenue RPF 111 $794,243 Smithsonian Magazine $606,801 Millard Group, Inc. $594,975 List Services Corp $495,226 The Taunton Press $384,699 Direct Media $312,517 Media Marketplace $280,841 Novus Marketing, Inc. $264,620 Seventeen Magazine $255,106 Outside Magazine $225,875 Compuname Inc. $214,682 Kids Discover $200,148 Stevens Knox List Mgemt $196,974 Horizon Mangement Services $186,484 American List Counsel $181,922 RL Polk & Company $166,952 Pro Football Publications Inc. $164,566 Disney Magazine Publishing $140,376 V.O.C. ANALYTICAL: Files for Protection Under Chapter 11 --------------------------------------------------------- V.O.C. Analytical Laboratories, Inc., has announced that it has filed for reorganization and protection under Chapter 11 of Federal Bankruptcy laws, effective February 26, 1998. The decision to reorganize under Chapter 11 protection was reached by management when negotiations for bridge financing prior to an anticipated $5 million equity offering broke down. The failure to reach full agreement in negotiations, involving the secured lenders and the bridge financing source, disrupted V.O.C.'s ability to complete its equity offering. V.O.C. is currently focusing its energies and resources on its more profitable East Coast operations, including the 26,000 square foot state-of-the-art laboratory facility in Boca Raton and the network of sales and service offices in Florida, the southeast and the midwest. V.O.C. has begun an orderly shutdown of its Glendale, California laboratory that will convert that laboratory into a sales and service facility. ********* 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 * * *