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/raid1/www/Hosts/bankrupt/TCR_Public/980504.MBXT R O U B L E D C O M P A N Y R E P O R T E R Monday, May 4, 1998, Vol. 2, No. 88 Headlines ALLIANCE ENTERTAINMENT: Close to Reorganization Plan AR ACCESSORIES GROUP: Panel Seeks Approval of Settlement 2CONNECT EXPRESS: No Authority to Pay for Audit CREDIT LYONNAIS: Trade Unions Call for National Protest GRAND UNION: Group Tied To GE, Disney To Fight Plan FIRSTPLUS FINANCIAL: Announces Net Interest Margin Deal HALLA ENGINEERING: MHI Agrees to Major Deal with Halla HOME HOLDINGS: Seeks Approval for Second Amended Plan JAYHAWK ACCEPTANCE: Reports First Quarter Results LOT$OFF Corporation: Year End and Fourth Quarter Results MICROLYTICS: Plan Approved by Shareholders and Creditors MONTGOMERY WARD: Exclusivity Extended To September 15 PAN AM: Proposes Plan with Guilford Transportation PARAGON TRADE: Announces Increased First Quarter Earnings PINNACLE MICRO: Poor Results May Force Bankruptcy SA TELECOMMUNICATIONS: Bar Date Fixed TOWN & COUNTRY: Order Approves Disclosure Statement UNITED ACQUISITION: Chapter 11 Petition Dismissed VOICE POWERED TECHNOLOGY: Limited Business Activities ********* ALLIANCE ENTERTAINMENT: Close to Reorganization Plan ---------------------------------------------------- Alliance Entertainment Corp. has filed its monthly operating report, and announced that the Company continues to see significant progress in meeting its performance goals and reducing expenses. In its report filed with the Office of the United States Trustee, the Company reported a consolidated net loss of $3.2 million on net sales of $25.8 million. The loss includes $2.5 million in interest and reorganization expenses. This compares with a consolidated net loss of $4.5 million on net sales of $22.8 million, and $2.2 million in interest and reorganization expenses for the February reporting period. At the same time, the Company said that it has asked for a two-week extension to approximately May 15, 1998, of its exclusive right to file a plan of reorganization with the Court. The Company said it had presented a proposed draft plan to its major creditor constituencies in early April, and that "active" negotiations relative to the final plan are continuing. "I am very pleased with the results for March," said Eric Weisman, Alliance's president and chief executive officer. "We are extremely confident that negotiations among the various creditor groups and the Company are at a stage where they will shortly lead to a successful reorganization of this complex case," Mr. Weisman said. Under the plan of reorganization, current stock in the Company will be canceled. The Company said that it has made progress in the sale of its Castle Communications subsidiary, and that the Court recently approved certain bidding procedures and a model purchase agreement for the sale of Alliances, U.K. subsidiary. The filing of Alliance's plan of reorganization is not contingent on the Castle sale. However, Mr. Weisman said, the procedures approved by the Court "are calculated to protect the interests of all creditors while permitting the Company the necessary leeway to maximize recoveries to the estate." AR ACCESSORIES GROUP: Panel Seeks Approval of Settlement -------------------------------------------------------- The AR Accessories Group Inc. creditors' committee is seeking approval of a settlement with the company's bank group that will entitle AR to cash and other rights in exchange for a release of claims against the lenders and the committee's withdrawal of its objection to AR's request for postpetition financing from the bank group. The proposed settlement "efficiently resolves numerous issues which will result in a significantly higher distribution to unsecured creditors without the need for continued and costly litigation," the panel asserted. (Federal Filings Inc. 01-May-98) 2CONNECT EXPRESS: No Authority to Pay for Audit ----------------------------------------------- In a Form 8-K filed with the SEC on April 28, 1998, 2Connect Express Inc. stated that the Company's Form 10-K for the fiscal year ended January 31, 1998 is required to be filed by May 1, 1998. The Company, however, due to the Chapter 11 proceedings, does not have authorization to use available funds to pay the cost of an audit of its financial statements as required by Form 10-K. Accordingly, the Company will be unable to file its Form 10-K for the fiscal year ended January 31, 1998, in a timely manner. If the Company is able to obtain authorization to use available funds to pay for such audit, it intends to have such audit undertaken and to file its Form 10-K as soon thereafter as practicable. In any event, the Company intends to continue to file on Form 8-K the Debtor's Monthly Reports after each filing with the Bankruptcy Court. CREDIT LYONNAIS: Trade Unions Call for National Protest ------------------------------------------------------- Trade unions at troubled state-owned Credit Lyonnais bank called Thursday for a national protest May 19 against EU conditions for a new rescue package. The call issued by five trade unions follows a demonstration by 3,000 Credit Lyonnais staff in Brussels this week outside the offices of the European Commission to voice fears of imminent job cuts at the bank. The Commission has given France an ultimatum ending this weekend to agree to its conditions for a new aid package. These include massive restructuring to shed some 600 billion francs (100 billion dollars) worth of assets worldwide, reducing its French activities by 22.5 percent, and privatisation of the bank, something the previous rightwing government had agreed to do by 1998 in exchange for a 45 billion franc aid package in 1993. The new package will amount to around 90 billion francs according to the French government, although the Commission puts the bill at between 130 and 150 billion. Trade unions said in a statement Thursday that a meeting with European Competition Commissioner Karel van Miert in Brussels had "increased concern about the possiility of a compromise" between the Commission and Paris. A Commission spokesman who met union representatives told them that a final decision would be announced "in the next fortnight," suggesting that the original May 6 date for a decision may be postponed slightly. If France does not agree, the European Commission has said it will refuse to allow the French government to inject any more state funds into the bank, something one Commission official said would leave Credit Lyonnais bankrupt. The French government has said allowing the bank to go to the wall is "out of the question" and that depositors have nothing to fear. But the threat from Brussels last week was enough to lead French account holders to withdraw 600 million francs (100 million dollars), according to Lyonnais officials. The bank played down the withdrawals, saying they represented only a thousandth of total deposits, but nonetheless issued an open letter to account holders Wednesday seeking to reassure them that the government would not allow the bank to collapse despite threats from Brussels. (Agence France Presse - 04/30/98) GRAND UNION: Group Tied To GE, Disney To Fight Plan ---------------------------------------------------- Even as it has secured $300 million in new financing, Grand Union Co. faces opposition to its reorganization plan from an investment group with ties to General Electric Co. and Roy Disney. The supermarket chain announced on March 30 that it had agreed to give bondholders almost all of the company's common stock through a proposed reorganization. Current shareholders would get warrants to buy about 2 percent of the company's new common stock at $19.82 a share. However, the investment group, which holds a 77.6 percent stake in Grand Union, claims that the company is required to get its approval for any reorganization or recapitalization. The investors suggested in an April 23 letter to Grand Union that they would fight the proposal. "We have repeatedly advised you that we do not consent to the company's proposed recapitalization," the group said in a copy of the letter filed with the Securities and Exchange Commission. "We intend to take any and all actions that may prove to be necessary to enforce our rights," it said. Meanwhile, five of Grand Union's 11 directors resigned. No successors were named. The group asserted in the letter that the terms of the preferred stock give them the right to vote separately on any reorganization. Investors holding a majority of the preferred shares must approve the transaction for it to proceed, the SEC filing said. Grand Union said in a news release issued last week that the position taken by the shareholders is "without merit." As a result, the company said it would reorganize as planned. Grand Union has received a commitment letter for a $300 million line of credit from investment banks SBC Warburg Dillon Read and Lehman Bros. The credit line is part of the capital-restructuring plan that was negotiated with noteholders holding more than $275 million of the company's nearly $600 million in notes. In February, Grand Union disclosed it would not pay about $36 million in interest due March 2 on its 12 percent senior notes due in 2004, putting it in default. The investment group holds its stock in Grand Union through an investment partnership called Trefoil Capital Investors II LP. Its general partners are controlled by GE pension funds and Shamrock Holdings Inc., an investment vehicle for Roy Disney, vice chairman of Walt Disney Co. and nephew of the company's founder. GE and Disney agreed to invest $100 million in Grand Union convertible preferred stock in July 1996. Grand Union earmarked the money for refurbishment of its aging stores. FIRSTPLUS FINANCIAL: Announces Net Interest Margin Deal ------------------------------------------------------- Dallas-FirstPlus Financial Group Inc. announced the pricing of its first net interest margin transaction. FirstPlus secured $150 million of bonds with interest-only strips and a limited portion of servicing fees to be earned from its 1996-4, 1997-1, 1997-2, 1997-3, and 1997-4 high-loan-to- value loan securitizations, the company said. The bonds have 8.5% coupons, an expected average life of 2.5 years, and were sold at 99.55 to yield approximately 8.87% on a bond-equivalent basis. The pricing reflected a spread of about 3.35% over comparable U.S. Treasuries, FirstPlus said. Portions of the IO strips will be assigned to a bankruptcy-remote entity. FirstPlus said it would report no gain from the transaction, which will be accounted for as a financing. The bonds were placed with investors by an underwriting consortium led byMerrill Lynch and co-managed by Bear Stearns, Deutsche Morgan Grenfell, J.P. Morgan, and PaineWebber. HALLA ENGINEERING: MHI Agrees to Major Deal with Halla ------------------------------------------------------ Massachusetts Heavy Industries (MHI), the company established to run the former Fore River Shipyard in Quincy, has agreed a major deal with the bankrupt South Korean shipbuilder Halla Engineering and Heavy Industries for the transfer of shipbuilding technology. Halla will supply not only basic ship designs and production know- how, but also overall technical support in connection with the construction of a vessel and the engineering technology, from basic designing to the application of CAD and automation equipment. The agreement is believed to be one of the most comprehensive transfers of technology in the history of commercial US shipbuilding. At the end of last year, the company, headed by a former chairman of the Association of European Shipbuilders, Sotirios Emmanouil, succeeded in receiving approval for a $55m Title XI loan guarantee for the $62.85m modernisation of the Massachusetts-based facility from the US Maritime Administration. The former General Dynamics' owned yard will initially be targeting the products tanker market. MHI claims that it already has contracts worth $287.32m to build six 47,000 dwt products tankers for London-based Greeks Intermare Navigation. Halla has delivered a total 40 double-hull products tankers, and until its bankruptcy was one of the industry's leading lights in the field of handysize tanker construction. (LLoyds List International - 04/30/98) HOME HOLDINGS: Seeks Approval for Second Amended Plan ----------------------------------------------------- Home Holdings Inc. is seeking approval for a second amended reorganization plan that, among other things, creates a separate class for creditor AmBase Corp. and, through an agreement with parent Zurich Insurance Co., renders the class unimpaired. The company said parties in interest who voted for the previous plan should be deemed to have accepted the modified plan because it does not adversely change claim treatment for creditors who previously voted. (Federal Filings Inc. 01-May-98) JAYHAWK ACCEPTANCE: Reports First Quarter Results ------------------------------------------------- Jayhawk Acceptance Corporation reported net income of $316,000, or $0.01 per share, for the three months ended March 31, 1998, compared to a net loss of $5,819,000 or $0.24 per share for the same quarter in 1997. Revenues for the first quarter of 1998 were $5,294,000, versus $14,051,000 for the same period in 1997. Operating expenses decreased from $18,870,000 during the first quarter of 1997 to $4,978,000 for the same period in 1998. The Company's Plan of Reorganization was confirmed by the Bankruptcy Court effective October 21, 1997, and since that date the Company has operated in accordance with the Plan. Results of operations for the first quarter of 1998 include $1,580,000 ($1,437,000 in the first quarter of 1997) of revenue and $1,837,000 ($3,608,000 in the first quarter of 1997) of expenses related to the elective healthcare financing program offered by the Company's subsidiary, Jayhawk Medical Acceptance Corporation. LOT$OFF Corporation: Year End and Fourth Quarter Results -------------------------------------------------------- San Antonio based LOT$OFF Corporation announced today that preliminary results for its fiscal year ended January 30, 1998 were net sales of $485 million and a net loss (including non-recurring items) of $6.9 million as compared to net sales of $106.2 million and a net loss of $43.6 million for its fiscal year ended January 31, 1997. During fiscal 1998, the Company operated a weighted average 42.1 stores as compared to 82.8 such stores in fiscal 1997. Preliminary results for the thirteen weeks ended January 30, 1998 were net sales of $16.8 million and net income (including non-recurring items) of approximately $1,037,000 as compared to net sales of $15.0 million and a net loss of $6.6 million for the thirteen weeks ended January 31, 1997. During such fiscal 1998 period, the Company operated a weighted average 44.0 stores as compared to 49.2 such stores in the comparable fiscal 1997 period. LOT$OFF is the successor to 50-OFF Stores Inc. The Company's plan of reorganization, as amended and modified, became effective June 16, 1997 (in fiscal 1998). Results for both fiscal years were substantially affected by the Company's approximately eight month status as a debtor in possession and reorganization. In addition, during the thirteen weeks ended January 30, 1998, the Company received net lawsuit proceeds of approximately $4.0 million from two settlements related to important litigation brought by the Company. CEO Charles "Hop" Fuhrmann said that comparable store merchandise sales figures were up 6.5% (to $2,334,752 from $2,192,785) for the fifteen days ended April 12, 1998 as compared to the fifteen days ended March 29, 1997, while total merchandise sales were up 9.0% to $2,489,514 as compared to $2,283,291 for the prior year period. MICROLYTICS: Plan Approved by Shareholders and Creditors -------------------------------------------------------- Microlytics Inc. announced that a Plan of Reorganization has been approved by its shareholders and creditors and that the Bankruptcy Court for the Western District of New York has issued an Order Confirming the Plan. The Company and SanTi Group,Inc. of Atlanta, Georgia announced today that they have entered into a definitive Merger Agreement. Pursuant to its Reorganization Plan, the Company (i) will effect a 1 for 400 reverse split and begin trading under the symbol SNTI subject to symbol availability and Nasdaq approval, (ii) will distribute the net proceeds from asset liquidations to its creditors, (iii) will merge with SanTi, and (iv) will distribute shares and/or warrants to its creditors and shareholders. Pursuant to the Merger Agreement, the Company will issue to the owners of SanTi 7,295,879 shares of the Company's common stock. After the issuance of shares pursuant to the Plan of Reorganization and the Merger Agreement and the effect of the reverse split, the Company will have 8,264,569 primary shares outstanding. It is anticipated that the Merger shall be consummated on May 10, 1998 and is subject only to a ten day waiting period and the filing of various closing documents with the Delaware Secretary of State. The Company will change its name to SanTi Group, Inc. MONTGOMERY WARD: Exclusivity Extended To September 15 ----------------------------------------------------- At a hearing Wednesday, the court extended Montgomery Ward's exclusive period to file a reorganization plan to Sept. 15. The retailer expects to request another extension from the U.S. Bankruptcy Court in Wilmington, Del., when the current extension expires. (Federal Filings Inc. 01-May-98) PAN AM: Proposes Plan with Guilford Transportation -------------------------------------------------- Pan American World Airways today announced that it has executed a letter of agreement with Guilford Transportation Industries which, if approved by the U.S. court would form the foundation for the carrier's reorganization plan which will be filed by May 20 and set for confirmation hearing in the summer. Under terms of the transaction, Guilford will acquire certain of Pan Am's airline related assets. These include two Boeings 727's-200 aircraft, one Boeing 737-200 aircraft, spare parts, maintenance and operating manuals and grounds support equipment. In addition, Guilford will acquire all of Pan Am's route authorities and rights, Pan Am's 30 percent interest in the Pan Am Air Bridge, its US regulatory certificates and all trade marks, logos and intellectual property relating to the Pan Am name. Pan Am will receive in excess of $23.5 million in cash for these assets, a portion of which will be paid to NationsBank, the largest secured creditor. Guilford Transportation would put up more than $9 million for unsecured loans and $5 million in operating capital. The agreement is subject to approval by the Bankruptcy Court and a completion of due diligence by Guilford. A hearing is scheduled for May 6, 1998. Pan Am Corporation's existing equity will not be represented in the proposed plan of reorganization. PARAGON TRADE: Announces Increased First Quarter Earnings --------------------------------------------------------- Paragon Trade Brands, Inc. reported net earnings of $6.0 million, or $.50 per share, for the quarter ended March 27, 1998 compared to net earnings of $3.8 million, or $.32 per share for the first quarter of 1997. Net sales for the quarter were $138.3 million, compared to $135.7 million for the first quarter of 1997. Earnings before interest, taxes, depreciation and amortization and bankruptcy costs, EBITDA, for the first quarter totaled $15.5 million. Savings from improved manufacturing efficiencies realized during the quarter largely offset the impact of approximately $2.3 million in charges associated with a royalty payable to P&G. The royalty is payable under a Conversion Agreement which allows the Company to continue to manufacture the diaper product currently the subject of a patent dispute with P&G while the Company completes its conversion to a new product design. Income from the Company's foreign joint ventures grew significantly during the quarter from operations in Tijuana, Mexico and Argentina and is reflected in Other Income. Earnings from Paragon's investment in Grupo P.I. Mabe S.A. de C.V. are not reflected in the Company's financial statements. The Company's profitability also benefited from the recognition of tax benefits previously reserved. Commenting on the Chapter 11 filing and the status of the Company, Chief Executive Officer, Bobby Abraham, said we have more than $35 million in cash on hand and have made no borrowings under our $75 million credit facility with The Chase Manhattan Bank. PINNACLE MICRO: Poor Results May Force Bankruptcy ------------------------------------------------- Pinnacle Micro, Inc. today announced its complete results for the fourth quarter and year-ended December 27, 1997. Net sales for the fourth quarter ended December 27, 1997 were $2,434,000, compared to $3,307,000 in the third quarter of 1997 and $15,895,000 in the fourth quarter of 1996. Net loss for the fourth quarter 1997 was $6,465,000, or $.45 per share as compared to a net loss of $14,710,000 or $1.02 per share in the third quarter of 1997 and $3,912,000 or $.42 per share in the fourth quarter of 1996. Included in the fourth quarter 1997 results were non- recurring expenses of $1,157,000 for accrual of additional severance obligations related to the Company's workforce reductions and settlement costs related to a shareholder lawsuit. Net sales for fiscal 1997 were $31,124,000, compared to $59,921,000 in fiscal 1996. Net loss for fiscal 1997 was $30,229,000, or $2.32 per share, as compared to a net loss of $ 20,833,000,or $2.52 per share in 1996. Included in the fiscal 1997 results were non-recurring expenses of $2,087,000 related to severance obligations, settlement costs of a shareholder lawsuit, relocation of the Company's operations from Colorado Springs to Irvine, Calif. and subsequently to a smaller location in Irvine, as well as the closure of the Company's European operations. Although the Company reduced its losses from the third quarter to the fourth quarter, the Company continues to incur significant losses and quarterly sales remain significantly below historical levels and those levels required for profitability. The Company's liquidity position continues to be severely constrained. The Company is presently looking for sources of financing; there can be, however, no assurance that sources of financing will be located. As a result of the Company's difficulty in paying its trade debt on a timely basis the Company sought the cooperation of its creditors in 1997 in a restructuring of its trade debt. The Company continues to be in default under the Company's agreement with its secured lender. At present time the Company has borrowed in excess of its available credit. In the event the Company is unable to obtain additional extensions of the existing moratorium or the committee and/or unsecured creditors reject the Company's proposed plan, the Company may be unable to continue to operate as a going concern and may be required to file for bankruptcy protection. Similarly, in the event the Company is declared in default under the secured line of credit by the lender and demand for payment is made, the Company would be unable to make such payment and would likely be required to seek protection under the Federal bankruptcy laws. SA TELECOMMUNICATIONS: Bar Date Fixed ------------------------------------- In the case of SA Telecommunications, Inc. and its affiliated companies as debtors, the court entered an order fixing June 1, 1998 as the deadline for filing proofs of claim against SA Telecommunications, Inc. and certain of its subsidiaries. TOWN & COUNTRY: Order Approves Disclosure Statement --------------------------------------------------- A copy of the order approving the Disclosure Statement and scheduling a Plan confirmation hearing in the case of Town & Country Corporation, was published in The Wall Street Journal on Friday May 1, 1998. The hearing on confirmation of the Amended Plan will take place on May 26, 1998. May 18, 1998 is fixed as the deadline for filing objections to confirmation of the Amended Plan. May 18, 1998 shall constitute the "Distribution Record Date." UNITED ACQUISITION: Chapter 11 Petition Dismissed ------------------------------------------------- United Acquisition II Corp. announced that on April 16, 1998, the company's voluntary petition for reorganization under the provisions of Chapter 11 of the United States Bankruptcy Code in the Southern District of New York was dismissed. The company also announced that it had entered into an agreement to acquire 100% of the issued and outstanding shares of capital stock of U.S. Mobile Services Inc., a company engaged in the telecommunications industry, in exchange for shares of the company's common stock and that the company declared a one for 25 reverse split of its outstanding common stock. The Reverse Split will be effective on May 1, 1998. After giving effect to the Reverse Split and the issuance of additional shares, the company will have 9,094,860 post Reverse Split shares of common stock issued and outstanding as well as warrants to purchase an additional 1,202,500 post Reverse Split common shares. The company will also change its name to U.S. Mobile Services Inc. and its symbol to USMS. VOICE POWERED TECHNOLOGY: Limited Business Activities ----------------------------------------------------- Voice Powered Technology International, Inc. stated in its most recent annual report, Form 10-KSB, filed with the SEC that in the course of its bankruptcy proceedings, the Company in conjunction with Franklin, filed a combined Amended Disclosure Statement and Plan of Reorganization with the Bankruptcy Court. The Disclosure Statement aspect of this Plan has been approved as to form by the Bankruptcy Court, and submitted to all interested parties for approval. Under the terms of the Plan, Franklin will provide the Company with a $350,000 loan. In addition, the Plan provides for the conversion of the Company's outstanding 500,000 shares of preferred stock into 2,000,000 shares of the Company's common stock. The Plan also provides for Franklin to convert its $1,708,750 pre-petition secured loan to the Company into an eighty percent (80%) interest in the equity of the Company, after conversion of the preferred stock, through the issuance by the Company of additional shares of the Company's common stock. On March 16, 1998, the Company filed a motion with the Bankruptcy Court for confirmation of the Plan and a hearing to grant such motion is scheduled for April 23, 1998. Until final confirmation by the Bankruptcy Court, no assurance can be given that the Plan will be completed and implemented. Success of the Company after confirmation of the Plan, if confirmed, is dependent, among other things, on reaching a satisfactory level of profitability and generating sufficient cash flow resources to meet ongoing obligations. No assurance can be given that Franklin will continue to participate in the Plan. Should Franklin cease its participation, the Company may be forced to liquidate. Pursuant to the terms of its Post Petition Financing, the Company was provided a revolving line of credit based upon a borrowing base equal to seventy-five percent (75%) of the Company's eligible accounts receivable plus fifty percent (50%) of the Company's eligible outstanding customer purchase orders, up to a maximum loan amount of $400,000. At present, the Company is engaged in only limited business activities consisting of sales of IQ-VOICE Organizer products to smaller retailers and wholesale accounts, to international distributors, and through various direct marketing programs. As a result of this contraction in the Company's business activities, the Company has terminated the employment of a number of its employees, inclusive of the Company's Vice President of Sales and Marketing and Vice President of Engineering and Development. In addition, in May 1997, prior to commencement of the Bankruptcy Proceedings, the Company's president/CEO resigned, and such duties were assumed by the Company's vice president/CFO thereby further reducing the Company's ongoing costs for executive management personnel. Management of the Company is presently focused on the successful completion of a pending licensing agreement for the Company's Technology, the development of targeted direct marketing channels for its current products, as well as maintaining and servicing its remaining customer base in order to sustain operations through completion and confirmation of the Plan. Until such time, the Company has suspended development of new products and major expansion of sales activities into new markets. It should also be noted, however, that upon confirmation of the Plan, the Company will become an 80% controlled subsidiary of Franklin, and therefore subject to Franklin's direction regarding future business activities. ********* 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 * * *