/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/980427.MBXT R O U B L E D C O M P A N Y R E P O R T E R Monday, April 27, 1998, Vol. 2, No. 83 Headlines ALLIANCE ENTERTAINMENT: Seeks Extension of Exclusivity CONSOLIDATED STAINLESS: Requests Bar Date CREDIT LYONNAIS: France Says it Will Privatise Bank EATON'S: Norwest Buys Credit Unit FRETTER INC: Court Approves Fretter Global Settlement GAYLORD CO.S: Request Extension to Assume or Reject Leases GUY F. ATKINSON: Stipulation for Exclusivity Extension HAGERSTOWN FIBER: Ex-Partner Seeks Case Dismissal HANBO STEEL: Ohio Valley Allies Protest Steel Imports HARRAH'S JAZZ: Court's Opinion Confusing INTERNATIONAL HERITAGE: Judge Orders IHI Back To Business L.A. GEAR: Second Amended Disclosure Statement MEDLAB: LabCorp Plans to Acquire Medlab MESA AIRLINES: No More Denver Flights RELIANCE ACCEPTANCE: Committee Objects to Examiner RELIANCE ACCEPTANCE: Sabbia Group Supports Examiner SEARS ROEBUCK: Profits Fall 26.6 Percent in First Quarter TULIP COMPUTERS: One of Independents in Europe Goes Under WESTERN PACIFIC: Federal Flight Certificates With Value WESTMORELAND COAL: Funds' Plan Ups Value To $130M ********* ALLIANCE ENTERTAINMENT: Seeks Extension of Exclusivity ------------------------------------------------------ The debtors, Alliance Entertainment Corp., et al., are seeking to extend the exclusive periods during which the debtors may file a plan or plans of reorganization and solicit acceptances of such plan or plans. A hearing on the motion will be held before Judge Burton R. Lifland on May 6, 1998. The debtors claim that they have made significant strides toward restructuring their businesses. They have presented a proposed draft plan of reorganization to the major creditor constituencies. The debtors state that compelling the debtors to prematurely file their plan of reorganization against the wishes of their major creditor constituencies, due to the impending termination of the debtor's exclusivity, will no doubt have an adverse impact on the debtors' business operations. Moreover, the progress of these cases would be adversely affected through the creation of a hostile environment in which to conduct future plan negotiations. The debtors also state that the sheer size of the case is ample cause for the extension. The motion to extend exclusivity does not state a date specific for the continuance of the period except that with respect to Concord Records, Inc., the debtors seek an extension to July 31, 1998 of the period to file a plan, and the debtors request that the exclusive solicitation period for Concord be extended to September 30, 1998. CONSOLIDATED STAINLESS: Requests Bar Date ----------------------------------------- Consolidated Stainless, Inc. is requesting a court order establishing a date by which proofs of claim and proofs of interest must be filed with the court. The debtor is currently in the process of developing a final business plan in connection with its efforts to formulate a plan of reorganization. It is necessary for the debtor to review and evaluate all claims of creditors scheduled as disputed, contingent and/or unliquidated. It is necessary for the debtor to ascertain the number, amount and nature of claims that may be asserted against the debtor which are in addition to, or at variance with, those set forth in the debtor's schedules and the debtor's books and records. The debtor seeks an order fixing July 1, 1998 as the Bar Date. CREDIT LYONNAIS: France Says it Will Privatise Bank --------------------------------------------------- France vowed to fight any European Commission veto of financial aid to Credit Lyonnais, saying it would privatise the state-owned bank next year, but not be rushed into a sale. Finance Minister Dominique Strauss-Kahn, waging a war of words with European Competition Commissioner Karel Van Miert, said he still hoped a deal could be reached to avoid a veto, saying, "we must all keep a cool head." Van Miert, livid at failure by successive French governments to do what they promised in return for his approval of multi-billion dollar rescues of the bank since 1994, is threatening to block further government aid flows to Lyonnais. Ironically, this aid has been given to Lyonnais to cover losses incurred by the bank in financing recovery loan arrangements formulated under a 1995 rescue plan. In 1997 this amounted to three billion francs ($500 million). The cross-border war of words escalated dramatically earlier this week when reporters were told in a high level Commission briefing in Brussels that a, "negative decision (a veto of the state aid by the Commission) could force the bank into bankruptcy." The Commission is demanding that France reduce the bank's activities in France, sell off its European subsidiaries and agree to begin to privatise it. M Strauss-Kahn said, "Credit Lyonnais will not be sold off piecemeal, as some people want, notably abroad." Several European banks, including Lloyds TSB, have expressed an interest in taking a stake in Credit Lyonnais. (Reuters:Financial- Paris newsroom and Times of London - 04/23/98) EATON'S: Norwest Buys Credit Unit --------------------------------- T. Eaton Co. of Toronto said it has completed the sale of its credit-card business to Minneapolis-based Norwest Corp. for $88 million as the Canadian department-store retailer prepares to sell its stock to the public. Eaton emerged from bankruptcy protection in September. (OmahaWorldHerald - 04/22/98) FRETTER INC: Court Approves Fretter Global Settlement ----------------------------------------------------- In a decision rendered orally yesterday, the court approved Fretter's global settlement after overruling the U.S. Trustee's objection. The global settlement will be consummated within six months if certain conditions outlined in the agreement are satisfied by the end of that period. (Federal Filings, Inc. 24-Apr-98) GAYLORD CO.S: Request Extension to Assume or Reject Leases ---------------------------------------------------------- Gaylord Companies, Inc. and its affiliated companies, as debtor, are seeking an extension of time to assume or reject 11 unexpired non-residential real property leases. The debtors also seek to reject two of The Cookstore, Inc. leases, in Florence Kentucky and Indianapolis, Indiana. A hearing on the motion will be held on May 4, 1998. The leases are a significant asset of the respective bankruptcy estates of the debtors and the decision to assume or reject the leases is central to the debtors' reorganization. The Bookstore debtors and United Magazine Company have each filed plans of reorganization for Gaylord Book Company, Gaylord's, Inc., Sawworth Book Company and Gaylord enterprises, Inc. A confirmation hearing is scheduled for April 27, 1998. With respect to the Cookstore, Inc., The Cookstore Worthington, Inc. and Gaylord Companies, Inc., the debtors are making progress toward a plan of reorganization. These debtors are concluding financing arrangements with Fremont Financial Corp. and Cambridge Holdings, LLC. The debtors request that the court extend the deadline to assume or reject the leases until July 13, 1998. GUY F. ATKINSON: Stipulation for Exclusivity Extension ------------------------------------------------------ Guy F. Atkinson Company of California and its affiliated companies, together with the Official Committee of Unsecured Creditors of GFA Nevada, Fidelity and Deposit Company of Maryland and American Insurance Group of Companies and their affiliates and wells Fargo Bank, N.A. as agent for a group of banks and other lenders, all agree that an extension of time to file a plan is appropriate and in the best interest of the debtors' estates and their creditors. The parties agree that the time within which the debtors maintain the exclusive right to file a plan of reorganization is continued until June 1, 1998. The period within which only the debtors may solicit acceptances to a plan is continued until august 3, 1998. The debtors have agreed that they shall not file a plan that does not have the support of the Committee, the Banks and the Bonding Companies without first making a reasonable good faith attempt to meet and confer with those parties. If the plan does not have the support of the other parties, they may file a competing plan. HAGERSTOWN FIBER: Ex-Partner Seeks Case Dismissal ------------------------------------------------- Hagerstown Fiber L.P.'s former general partner is seeking to dismiss the partnership's Chapter 11 case, charging that it is a litigation maneuver by the limited partners, bondholders, and current general partner Pencor Inc. Pencor First Fiber Inc. (PFF), which claims it was improperly ousted as general partner the day before Hagerstown filed for bankruptcy, argued that Pencor lacked the authority to file a Chapter 11 petition on the partnership's behalf. Pursuant to the partnership agreement, removal of PFF triggered the dissolution of the partnership, rendering Hagerstown ineligible for Chapter 11 relief, according to PFF. (Federal Filings, Inc. 24-Apr-98) HANBO STEEL: Ohio Valley Allies Protest Steel Imports ----------------------------------------------------- A coalition led by Weirton Steel Corp. and union workers yesterday called on Ohio Valley residents to seek government action against a South Korean steelmaker that it says is jeopardizing U.S. jobs. Speakers at a rally at company headquarters set their sights on bankrupt Hanbo Steel, which continues pumping out cheap steel with the help of Korean government subsidies. Independent Steelworkers Union President Mark Glyptis called Hanbo "a major threat to our local steel industry." When Asia's economic crisis battered world markets last fall, economists feared the region would attempt to export its way out of the problem, flooding the U.S. market with a host of cheap goods. Some steel industry analysts have downplayed the impact so far on U.S. steelmakers, saying that rising prices in Europe are diverting Asian steel that would have otherwise hit U.S. shores. But the Washington trade attorney who represents Weirton Steel thinks the worst is yet to come. "It's our firm belief that we're going to see a virtual explosion of steel exports from Asia to the United States this summer," said Roger Schagrin. Japanese steel exports to the United States increased 91 percent in the first two months of this year, Schagrin said, citing statistics released this week by the American Iron and Steel Institute. Hanbo, Korea's second-largest producer, collapsed in January 1997. Schagrin said that even though it is buried under $6 billion in debt, it continues to operate at full capacity, selling steel for $200 a metric ton when world prices are $350 per metric ton. In December, the Korean government promised to stop subsidizing failed companies, "yet it continues to subsidize Hanbo Steel," Schagrin said. "We just should not give aid to these countries unless they're going to change their systems," he said. Glyptis said Hanbo's steel is being sold to pipe and tube producers that usually buy from Weirton Steel and Wheeling- Pittsburgh Steel. "If we lose those customers, there could be a significant impact on our union members," he said. Wheeling-Pittsburgh officials were asked to take part in the protest but did not appear. In full-page newspapers ads headlined "The Ohio Valley vs. South Korea," coalition members are urging residents to write to U.S. Commerce Secretary William M. Daley or U.S. Trade Representative Charlene Barshefsky and ask them to file a complaint against South Korea with the World Trade Organization. (Pittsburgh Post Gazette - 04/23/98) HARRAH'S JAZZ: Court's Opinion Confusing ---------------------------------------- The 1st Circuit Court of Appeals opened the door Wednesday to legislative action on the state's operating contract with the half-finished New Orleans casino. But the court's majority opinion, written by Judge Brady Fitzsimmons, left opponents and proponents of the casino uncertain of exactly who won. Confusion arose because the court's majority made two rulings. It upheld a trial court ruling that the Louisiana Gaming Control Board has the authority to renegotiate the casino's operating contract without obtaining legislative approval. It also ruled that the Legislature has the authority to set aside that contract before it is executed. "Thus, if the Legislature elects to act before the execution of the contract, (state law) says that the last word remains with the Legislature," says the opinion, signed by Judges Melvin Shortess, Burrell Carter, Vanessa Guidry-Whipple, Fitzsimmons and Judge Pro Tempore Remy Chiasson. That point had been rejected by state District Judge Janice Clark when she held on April 3 that contractual matters involving the casino fell within the authority of the executive branch and its board, not the Legislature. Gov. Mike Foster, who set the appeals process in motion by submitting the operating contract to the gambling board for approval rather than the Legislature, said he was pleased that the 1st Circuit agreed the board has the authority to act. But Foster said "today's decision also adds a degree of uncertainty, which is unfortunate. It is in the best interest of all parties to get this issue resolved as soon as possible, with no liability to the state." Wednesday's 1st Circuit decision said a state law passed in 1996 gives the Legislature authority to set aside a casino contract before the contract is executed. The law also gives the Legislature the authority to instruct the gambling board to renegotiate a contract. (Advocate Baton Rouge 04/23/98) INTERNATIONAL HERITAGE: Judge Orders IHI Back To Business --------------------------------------------------------- On April 22, 1998 Federal District Court Judge Richard Story authorized International Heritage, Incorporated to use its Modified Compensation and Marketing Plan. The Securities and Exchange Commission ("SEC") had previously alleged that the IHI Compensation Plan was an illegal pyramid scheme selling securities. In an ex parte hearing on March 16, 1998 the SEC alleged that IHI was an illegal pyramid scheme selling securities. As a result, Judge Story entered a Temporary Restraining Order against IHI which resulted in the Company's assets being seized by a court-appointed receiver who took control upon removal of management. After a series of hearings, Judge Story has restored control over the operations and finances of IHI to the management team and removed the receiver. IHI President & Chief Executive Officer Stan Van Etten personally posted a $5 million cash bond an behalf of the Company. Stan Van Etten said in response to the latest ruling in favor of IHI, "I am delighted by the judge's order and am very thankful to all of the employees, vendors, and most importantly the sales representatives who stood by the Company's side during this period of adversity." IHI is moving forward aggressively to train its sales representatives on the Modified Compensation Plan and will monitor its implementation and use in the field. In 1997 IHI management estimates that sales were $110 million with a loss of approximately $12 million (unaudited). Management estimates first quarter sales for 1998 are $20 million with a small profit or break even (unaudited). Van Etten added "After the draconian actions by the SEC, adverse publicity and the scandalous attacks on our character, I am proud to say IHI's Modified Compensation Plan is one of the very best in the industry and, in my opinion, can withstand regulatory scrutiny without any problems in the future. IHI is back in business!" L.A. GEAR: Second Amended Disclosure Statement ---------------------------------------------- The plan of reorganization of L.A. Gear Inc. provides for a major restructuring of L.A. Gear's financial obligation. In essence the plan (I) converts $50 million in face amount of publicly held bonds to approximately 2.375 million shares of New Series A Preferred Stock (II) converts trade claims against L.A. Gear into 43.015 share of New Series A Preferred stock for each $1,000 of Allowed claim; (III)issues less than 5% of New Series A Preferred Stock and (IV) cancel L.A. Gear's Existing Common Stock. The result of the restructuring prescribed by the plan will be a reorganized L.A. Gear whose only significant debtor obligations will be its guarantee of the operating line of credit of its subsidiaries. L.A. Gear believes that such a drastic reduction is necessary to permit the Company to effectively compete in today's economic environment. L.A. Gear and the members of the Unofficial Bondholder Committee believe that the acceptance of the plan is essential for L.A. Gear's continued survival and that the plan provides the best opportunity for enhanced recovery for its creditors, including the holders of its outstanding public debentures, and for its preferred shareholders. L.A. Gear believes and will demonstrate to the Bankruptcy court that creditors and shareholders will receive at least as much, if not more, in value under the Plan than they would receive in a Chapter 7 liquidation. Treatment of Classes of Secured Claims Class A-1:Allowed Secured claims of Congress under the Congress Guarantee - Not Impaired. Class A-2: Other Secured Claims Against LA Gear - Not Impaired Treatment of Classes of Unsecured Claims Class B-1 - Unsecured Claims Entitled to Priority Not Impaired Class B-2 - Unsecured Senior Indebtedness - Not Impaired Class B-3 All Other Unsecured Claims Against LA Gear - Impaired. There are two options for this Class. One is to receive cash in an amount equal to $.20 multiplied by the amount of the allowed claims, however, if the amount of these claims exceed $8.75 million then Small Holders (Aggregate amount of less than $100,000) will receive this amount, and all other Class B-3 claimants will receive cash and a number of shares of New Series A Preferred Stock. The second option is to receive a number of shares of New Series A Preferred Stock. Treatment of Interests in L.A. Gear Class C-1: Holders of existing preferred stock. Impaired. A number of shares of New Series A Preferred Stock and a number of shares of Common Stock. Class C-2 Holders of Existing Common stock. Impaired. All existing Common Stock will be canceled. Treatment of Securities Litigation Claims Class D-1. Impaired. No distribution to or other consideration under the plan. MEDLAB: LabCorp Plans to Acquire Medlab --------------------------------------- Laboratory Corporation of America said Wednesday it has an agreement to buy a medical testing company in Delaware. If completed, the deal would be LabCorp's biggest in three years. The planned acquisition of Medlab Inc. is subject to court approval because the Delaware company filed for Chapter 11 bankruptcy last year. Terms weren't disclosed, but Medlab has annual revenues of $20 million. It would be a significant move for Burlington's LabCorp, which last bought a company of Medlab's size in 1995 when it swallowed a Tennessee company. LabCorp, which is Burlington's largest employer with 2,850 workers, has endured three consecutive unprofitable years and was $107 million in the red in 1997. Also, the company is still recovering from paying the federal government $182 million in 1996 to settle a claim that the company had submitted bills for unnecessary tests involving Medicare and Medicaid patients. LabCorp's recovery strategy is pegged on landing agreements with managed care providers and hospitals, as well as buying other companies. Last year LabCorp. had $1.5 billion in revenues. (Greensboro News Record - 04/23/98) MESA AIRLINES: No More Denver Flights ------------------------------------- Mesa Airlines' nine years as Denver's largest commuter airline end with the last flight today. The airline that shuttled passengers to small towns in Colorado and neighboring states under the name United Express will no longer operate under contract with United Airlines. Mesa expected to lay off 450 employees at its Denver hub when United canceled its 10-year code-sharing agreement in February. Mesa will still fly a few routes for United until June 1 to help ease the transition to new operators. Taking over Mesa's routes from Denver International Airport are Air Wisconsin and Great Lakes Aviation, two United Express carriers. To handle the new routes, Air Wisconsin bought Mountain Air Express (MAX) in Bankruptcy Court, and its four 32- passenger Dornier 328 turboprops are ready to fly, said Air Wisconsin President Geoff Crowley. (Rocky Mountain News - 04/22/98) RELIANCE ACCEPTANCE: Committee Objects to Examiner -------------------------------------------------- The Official Committee of Unsecured Creditors of the debtors, Reliance Acceptance Group, Inc., et al, objects to the motion filed by The Taylor Group, for appointment of an Examiner. The Committee argues that although the debtor's debts exceed $5 million, an investigation of the debtor in this case is not appropriate. The Committee states that it supports the funding of the litigation trust, and the Committee is unaware of any unsecured creditor that objects. This is ample proof, says the Committee that $5 million will not be spent on litigation of "questionable merit." The Committee also claims that the actions of the current board and officers can be resolved without the appointment of an Examiner. With regard to the interest rate paid to the Senior Lenders, the Committee points out that every party in interest in these cases, including the Taylor Group had an opportunity to commence a cause of action against the senior lenders to challenge the claimed prepetition indebtedness due and liens of the senior lenders. The Committee states, that as representative of the parties who should benefit most from such an appointment, the Committee has concluded that the investigations called for by the Taylor Group are best left to the Class Designees who have the economic incentive and means to oversee the costs of such an investigation. The Committee complains bitterly about the prospective costs of an Examiner, which the Committee would finance. And finally, the Committee states that if the court deems it advisable to appoint an Examiner, the scope of the examination should be severely restricted. RELIANCE ACCEPTANCE: Sabbia Group Supports Examiner --------------------------------------------------- The Sabbia Group, as purchasers of over 300,000 shares of the common stock of debtor Reliance Acceptance Group, Inc. and with damage claims in excess of $3 million, supports the motion of the Taylor Group for the appointment of an examiner. The Sabbia Group contends that the appointment of an examiner is necessary due to the total fixed, liquidated, unsecured debt in excess of $5 million and in addition, that critical information concerning the pre-petition conduct of the debtors and the former and current officers and directors is unavailable yet necessary to consider the various rights at risk and choices to be made in connection with the plan of reorganization. The Sabbia Group points out that the Taylor Group's own self-interest is apparent in their request for an examiner. The Sabbia Group states that there are serious problems with the propriety of granting releases to current officers and directors under the plan. A Significant duty of an examiner in this Chapter 11 proceeding must be to fully investigate the sol-called Split Off Transaction and proxy solicitation and provide a report to the creditor body and current and former equity holders regarding those events which are at the core of the debtor's demise. SEARS ROEBUCK: Profits Fall 26.6 Percent in First Quarter --------------------------------------------------------- Sears, Roebuck and Co. profits fell 26.6 percent in the first quarter as bad debts continued to haunt the retailing giant, but the tumble was not as bad as analysts expected. Net income for the three months ending April 4 was $133 million, or 34 cents a share, down from $182 million, or 46 cents a share, for the first quarter of 1997, Sears reported Thursday. The consensus expectation among analysts was 23 cents a share, according to a survey by First Call Corp. Revenues improved 4.9 percent to $9.16 billion from $8.73 billion in the year-ago quarter. Sears in January warned its first-quarter earnings would be "substantially below" the 1997 quarter because of sharply increased provisions for bad consumer debt. The company's credit-card business generated about 41 percent of the retailer's annual profit last year, down from 51 percent in 1996. Sears also paid $365 million last year in a widely publicized settlement for improperly collecting payments from bankrupt credit-card customers. The first-quarter provision for uncollectible accounts increased 54.8 percent to $394 million from $254 million the same quarter last year. Operating income for the credit division fell 34 percent from $382 million to $252 million. Operating losses in the retail division increased from $29 million last year to $60 million as the shift of the Easter holiday selling season to the second quarter and increased clearance markdowns hurt performance, Sears said. But merchandise revenues were up 6.3 percent from $6.86 billion to $7.3 billion and comparable stores sales increased 4.9 percent in the first quarter. Operating income in service businesses rose 20.9 percent from $67 million to $80 million, partly offsetting the declines elsewhere. The company has said it is working to improve its collection process by adding more staff, having employees call delinquent customers on nights and weekends and using collection agencies to help recover payments. TULIP COMPUTERS: One of Independents in Europe Goes Under --------------------------------------------------------- Tulip, one of Europe's last independent makers of personal computers, sought court protection from its creditors Friday, a month after declaring 1998 a make-or-break year. The court in Den Bosch, where the firm is based, appointed three administrators to assess the company's debts and its chances of survival. "Because Tulip Computers' financial partner has cancelled its credit facility with Tulip, Tulip Computers can no longer meet its financial commitments," the company said. On March 17, Tulip revealed its 1997 loss almost tripled to a record 25.7 million guilders ($12.7 million). Sales fell 13 percent to 461.4 million guilders, hurt by the Asia crisis and start-up problems at a new production facility in Den Bosch. Tulip warned then that a good 1998 performance was needed to secure its future. One day later Austrian chief executive and company co-founder Franz Hetzenauer cut his Tulip stake to under five percent from eight, knocking 40 percent off the share price. Small shareholders lobby group VEB called for a full stock exchange inquiry into the circumstances surrounding Hetzenauer's share sale and the announcement of Tulip's insolvency. Tulip's demise would spell the end for another household name in personal computers, Commodore. Tulip bought Commodore International NV last September after the firm, once part of Germany's bankrupt Escom group, ran into financial trouble. Despite priding itself on the quality of its machines, Tulip has seen its share of the Dutch market shrink to 3.4 percent in 1997, down 0.7 percent in the space of one year. (Reuters: Wired - 04/24/98) WESTERN PACIFIC: Federal Flight Certificates With Value ------------------------------------------------------- Western Pacific's federal flight certificates are still worth $350,000 to a Florida charter operator known for flying rock stars and sports teams. Star Air Trading Corp., based in West Palm Beach, probably will use the flight certificates in its charter operations, said Michael Pankow, an attorney who represents Western Pacific in Bankruptcy Court. The certificates are written approvals from the Department of Transportation and the Federal Aviation Administration that qualify an airline for flight. Pankow said the sale of the certificates has not closed but has been authorized by the Bankruptcy Court. Star Air will also get flight training manuals, maintenance logs and service records. But Pankow said the sale does not mean Star Air will raise Western Pacific from the dead. Star Air, which has flown the Rolling Stones, Fleetwood Mac and the Canadian national hockey team, still has to prove that it is airworthy and financially fit to earn approval from the Department of Transportation and FAA. (Rocky Mountain News - 04/22/98) WESTMORELAND COAL: Funds' Plan Ups Value To $130M -------------------------------------------------- The first amended reorganization plan for Westmoreland Coal Co. filed by the United Mine Workers of America Pension and Benefit Funds estimates the company's reorganization value at approximately $130.2 million, up from the $108.4 million estimated in their original plan. The competing plan estimates that $46.8 million cash will be available for distribution at confirmation. (Federal Filings, Inc. 24-Apr-98) ********* The Meetings, Conferences and Seminars column appears in the TCR each Tuesday. Submissions via e-mail to conferences@bankrupt.com are encouraged. 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 * * *