TCR_Public/980625.MBX   T R O U B L E D   C O M P A N Y   R E P O R T E R
     
       Thursday, June 25, 1998, Vol. 2, No. 124

                      Headlines

APS HOLDING: Receives Offers, Hires Blackstone Group
ANCHOR GLASS: Reports Issuance of Common Stock
AVATEX: Reports Beneficial Ownership of Stock
BOYD'S WHEELS: Committee Opposes Extension of Exclusivity
FLORIDA GAMING: Files Report for Quarter Ended 3/31/98

FOUR DIAMONDS: Mellon Bank Awaits Ruling on Sale of Resort
FRETTER: Order Authorizes Employ of Consultant
GENERAL WIRELESS: Terms of Disclosure Statement
GENERAL WIRELESS: Hearing on Disclosure Statement Set
HOSPITAL STAFFING: Court Approves Rejection

INTERNATIONAL META: Counsel for the Committee
LIBERTY HOUSE: Seeks 8 1/2 Month Extension of Exclusivity
LONG JOHN SILVER: Seeks Court Approval to Hire DLJ
MC LIQUIDATING: 15-Day Notice
MILFORD RESOLUTION: Seeks Extension of Exclusivity

MOBILEMEDIA: Arch Confirms Rumors of Acquisition Talks
MONTGOMERY WARD: Seeks to Renew Workers' Comp Program
PIONEER OIL: Court Approves Reorganization Plan
RELIANCE ACCEPTANCE: KPMG Peat Marwick's Limited Objection
TEXFI INDUSTRIES: Files Quarterly Report

TURKEY VULTURE: Reports Acquisition of Beneficial Ownership
WESTERN FIDELITY FUNDING: Investment Broker Approved
WESTERN PACIFIC: Hearing to Pursue Actions Against Smith

                      *********

APS HOLDING: Receives Offers, Hires Blackstone Group
----------------------------------------------------
APS Holding Corp. hired investment banker
Blackstone Group L.P. after receiving a number of
unsolicited bids for all or part of the company "from
industry interests, both prepetition and after the Petition
Date."  As of May 29, the auto parts distributor had
"completed significant due diligence and negotiation"
regarding one possible transaction. (Federal Filings Inc.
24-June-98)


ANCHOR GLASS: Reports Issuance of Common Stock
----------------------------------------------
A Schedule 13G was filed with the SEC.  CoMac Partners LP
reports beneficial ownership of 49,687 shares of common
stock (308,466 shares including shares of Class A Common
Stock issuable upon conversion  of  62,102  shares  of  the  
Issuer's  Series  A 10% Cumulative  Convertible  Preferred
Stock owned by CoMac Partners, L.P.) or 10.1% of the class
(41.1%  including  shares of Common Stock issuable upon the
conversion of the Preferred Stock).

CoMac International NV reports beneficial ownership of
49,018 shares of common stock (242,592 shares including
shares of the Common Stock issuable upon conversion
of 46,454 shares of the Issuer's  Preferred  Stock owned by
CoMac  International N.V.) representing 10% of the class
(35.4%  including  shares of Common Stock issuable upon the
conversion of the Preferred Stock)

Christopher M. Mackey reports beneficial ownership of
116,801 shares of common stock (691,204 shares including
shares of Common Stock issuable upon conversion of
137,846 shares of Preferred Stock that may be deemed to be
beneficially owned by Mr. Mackey) representing 23.8% of the
class (64.9% including shares of Common Stock issuable upon
the conversion of the Preferred Stock)

This Statement on Schedule 13D relates to the Class A
Common Stock, $.10 par value of Anchor Glass Container  
Corporation.


AVATEX: Reports Beneficial Ownership of Stock
---------------------------------------------
Avatex Corporation filed a Schedule 13G with the SEC
evidencing beneficial ownership of 300,000 shares of common
stock or 5.5% of the class; Issuer: JWGenesis Financial
Corp.


BOYD'S WHEELS: Committee Opposes Extension of Exclusivity
---------------------------------------------------------
The Official Committee of Unsecured Creditors of Boyd's
Wheels, Inc. opposes the debtor's motion for an order
authorizing the extension of exclusivity periods.

The Committee states that there is no reason to extend the
debtor's exclusivity period for filing and confirming a
plan in this case. According to the Committee, the debtor
has advanced no real cause for extending the period or a
valid reason why other parties in interest should not be
permitted to file their own plan.  The Committee states
that the only issue in the case is what a potential merger
partner is prepared to provide to creditors.  The Committee
complains that the debtor has not proposed any plan in  
almost five months and the debtor has only accomplished
turning over its assets to City National Bank for
liquidation incurring enormous administrative expenses.


FLORIDA GAMING: Files Report for Quarter Ended 3/31/98
------------------------------------------------------
Florida Gaming Corporation currently owns and operates four
jai-alai and inter-track pari-mutuel wagering facilities
located in South and Central Florida.  

Total Handle (amount of money wagered) for the three months
ended March 31, 1998, and March 31, 1997, were $42,460,541,
and $43,880,130, respectively.

The Company's pari-mutuel revenues net of state pari-mutuel
taxes, for the three months ended March 31, 1998 and 1997
were $5,789,333 and $6,245,244, respectively.

Card room Revenue for the quarter ended March 31, 1998 was
$253,416.00.

Admissions income for the three months ended March 31, 1998
decreased $40,449 to $136,326 from $176,775, for the three
months ended March 31, 1998, net of state taxes. Food,
beverage and other revenues for the three months ended
March 31, 1998 and March 31, 1997, were $1,156,481 and
$1,263,897 respectively. Revenue from the food, beverage
and other income decreased $107,416 (8.5%). The decrease in
this area and admissions corresponds to the decrease in
attendance (approximately 23,000 or 6%) and the drop in
live handle.

During the first quarter of 1998, the Company had $181,919
in revenues from lot sales the recently acquired Tara Club
Estates residential development. Lot costs attributable to
this revenue totaled approximately $62,000, while operating
expenses totaled approximately $38,000.  The Company's
general and administrative expenses were  $2,390,918 and
$2,410,114 for the three months ended March 31, 1998 and
March 31, 1997, respectively.  The Company's operating
expenses for the three months ended March 31, 1998 and
March 31, 1997, were $5,145,699 and $5,134,468
respectively.


FOUR DIAMONDS: Mellon Bank Awaits Ruling on Sale of Resort
----------------------------------------------------------
Federal Judge John Thomas has scheduled an August 26
confirmation hearing on Mellon Bank's plan to sell Mountain
Laurel Conference Hotel and Golf Club, White Haven, Pa.,
according to The Times Leader. Mellon's plan, filed in
April, proposes to sell the resort and pay off more than
$735,000 in back taxes over the next three years. If the
plan is approved, Mellon would pay $200,000 in back taxes
upon approval and pay the balance over the course of the
next three years in two payments per year at an interest
rate of 6 percent.

The Mountain Laurel resort closed in December, three months
after the current owner, Four Diamonds, filed for
bankruptcy protection.  Several companies are interested in
buying the resort. Mellon holds the mortgage on the
property and claims that Four Diamonds Inc. owes the bank
more than $13 million, but Four Diamonds states in court
papers that it owes only $9 million. (ABI 24-June-98)


FRETTER: Order Authorizes Employ of Consultant
----------------------------------------------
Fretter Inc. filed a motion seeking to employ and retain
LRF/RM Inc. as special Risk and Insurance Management
Consultant.  The court entered an order on June 15, 1998
authorizing the debtor to employ and retain LRF/RM, Inc.
effective May 8, 1998.


GENERAL WIRELESS: Terms of Disclosure Statement
-----------------------------------------------
The plan of the debtor, General Wireless Inc., and its
affiliates, provides two primary alternatives for the
debtors' future: (a) a restructuring, whereby , based upon
being the holders of C-Block licenses at their current
market value, the debtors raises sufficient funds to become
operational, build out their networks and deploy the
licenses in the public market or (b) an orderly liquidation
whereby the C-Block licenses are tendered to the FCC, and  
a Litigation trust then continues to pursue litigation
against the FCC to obtain the return of the $106 million
the debtors paid to the FCC as down payments for the
licenses.

The plan classifies claims into fourteen classes:

Subsidiary Debtors
------------------
Class 1: Priority non-tax claims - paid in full
Class 2: FCC Claim subject to resolution of the
Subordination Action - the FCC will receive $60 million or
will be treated as general unsecured claim if avoided.
Class 3: General Unsecured Claims - impaired (pro rata
share)
Class 4: Intercompany claims - Retained in exchange for
cancellation of intercompany claim - impaired
Class 5: Equity Interest(s) - Retained in exchange for
cancellation of intercompany claim - impaired


GWI PCS
-------
Class 1: Priority non-tax claims
Class 2: General Unsecured claims - impaired (pro rata
share)
Class 3: Intercompany claims- Retained in exchange for
cancellation of intercompany claim - impaired
Class 4: Equity Interest(s) - Retained in exchange for
cancellation of intercompany claim - impaired


GWI
---
Class 1: Priority non-tax claims
Class 2: HEA Unsecured Claim - Settlement agreement between
Hyundai and the debtors. If the cash out can not be paid
then Hyuindai shall retain its $49.3 million claim Hyundai
is authorized to pursue the $106 million down payment to
the FCC.
Class 3: General Unsecured Claims - impaired
Class 4: Participating Equity - All holders will have the
opportunity to participate in the Additional Investment
Option and purchase a pro rata share of the Plan
Securities.  For participants, Existing Warrants will be
repriced from $100 to $1.
Class 5: Non-participating Equity - Retain respective
equity interests, as diluted by the issuance of plan
securities to the participating equity interest holders.  
Impaired.


GENERAL WIRELESS: Hearing on Disclosure Statement Set
-----------------------------------------------------
A hearing on the Disclosure Statement accompanying the Plan
of Reorganization of General Wireless, Inc. and GWI PCS,
Inc., and the first amended Plan of Reorganization of GWI
PCS1, Inc. through GWI PCS2, Inc. has been scheduled for
July 16, 1998 before Judge Steven A. Felsenthal.


HOSPITAL STAFFING: Court Approves Rejection
-------------------------------------------
On June 5, 1998, Judge Raymond B. Ray approved rejection of
certain unexpired non-residential leases. The leases
covered real property located in Fall River, Mass.,
Hyannis, Mass. and a third but undisclosed location.


INTERNATIONAL META: Counsel for the Committee
---------------------------------------------
On June 15, 1998 the court approved the application of the
Official Unsecured Creditors' Committee of the debtor,
International Meta Systems, Inc., to employ Haynes and
Boone, LLP as its counsel effective as of May 12, 1998.


LIBERTY HOUSE: Seeks 8 1/2 Month Extension of Exclusivity
---------------------------------------------------------
As previously reported, Liberty House, Inc. is seeking an
eight-and-a-half month exclusivity extension through March
31, 1999.  The company is seeking the extension to deal
with spillover from the economic crisis in Asia and
evaluate the results of the holiday season.  The crisis in
Asia, as well as the "deepening of an unusually severe
recession in Japan" leading to fewer tourists to Hawaii,
has resulted in a 25% decline in sales for 1998 compared
with 1997, the retailer said. (Federal Filings, Inc. 24-
June-98)


LONG JOHN SILVER: Seeks Court Approval to Hire DLJ
--------------------------------------------------
Long John Silver's Inc. is seeking court approval to hire
Donaldson Lufkin Jenrette Securities Corp. to, among other
things, examine potential financing alternatives, including
a high-yield offering and a possible sale of the fast-food
seafood chain. "The services of DLJ as investment bankers
are necessary to enable the Debtors to exit chapter 11
quickly and efficiently, in order to maximize the
Debtors' estates and the distribution to creditors," the
company said.

In addition to a monthly advisory fee of $100,000, Long
John Silver's agreed to pay DLJ a financing fee equal to
3.25 percent of the gross proceeds from issuance of public
or private debt securities (other than bank debt) in
connection with the company's reorganization.  (The Daily
Bankruptcy Review Copyright c June 24, 1998-ABI 24-June-98)


MC LIQUIDATING: 15-Day Notice
-----------------------------
The debtor, MC Liquidating Corporation f/k/a Midcom
Communications, Inc. filed a 15-day notice to all
interested parties, that there are 15 days to file and
serve a written objection to debtor's motion to enforce an
agreed order regarding adequate assurance of payment to
Sprint Communications Company, LP.  To resolve postpetition
disputes, the parties agreed to the appointment of a
Special Master.

The debtor suggested retired Judge Thomas Brookover as
Special Master.  Sprint has not responded.


MILFORD RESOLUTION: Seeks Extension of Exclusivity
--------------------------------------------------
Milford Resolution, Inc. (f/k/a Strawberries, Inc.) and
Strawberries Holding, Inc. filed a motion for an order
extending the debtors' exclusive periods in which to file  
a plan or plans of reorganization and solicit acceptances
thereof.

The debtors seek the entry of an order extending the
exclusive filing period for approximately 30 days to and
including July 29, 1998, and extending the exclusive
solicitation period also for approximately 30 days to and
including September 28, 1998.

The debtors claim that they have made substantial progress
toward the development of a consensual plan.  The debtor
and its primary creditor constituencies have been engaged
in extensive negotiations over the terms of a liquidating
plan.   The debtors continue to believe that a consensual
plan process provides the best means of maximizing value
for all creditors.


MOBILEMEDIA: Arch Confirms Rumors of Acquisition Talks
------------------------------------------------------
Arch Communications Group Inc. confirmed rumors that it is
in talks to acquire MobileMedia.  The Westborough, Mass.,
paging concern said that under current merger plans,
MobileMedia creditors would become majority holders of
Arch.  Arch said it would likely acquire MobileMedia for a
combination of notes and cash, assume certain liabilities,
and issue creditors and other parties a significant equity
interest in the combined company. (Federal Filings Inc. 24-
June-98)


MONTGOMERY WARD: Seeks to Renew Workers' Comp Program
------------------------------------------------------
The debtors, Montgomery Ward Holding Corp., et al., seek
authority to renew the debtors' current workers'
compensation insurance program.

The debtors maintain workers' compensation insurance in
approximately 33 states with affiliates of American
International group, Inc., including primarily  National
Union Fire Insurance Company of Pittsburgh, PA. For losses
incurred from June 23, 1991 until June 22, 1997, the
insurance agreement was structured as a $500,000 deductible
program, with the insurance company being responsible for
all losses up to $2 million per claim, with a right of
reimbursement from the debtor up to the first $500,000 of
losses per claim.

For six months thereafter, due to the debtors' liquidity
problems the debtors agreed to a guaranteed cost structure
where the debtor s paid an up-front premium to cover all
expected losses and other expenses. The debtors now seek
authority to renew and extend their workers' compensation
insurance coverage  on the deductible structure for an
additional 12-month term through June 22, 1999.  

The debtors state that the business judgment standard is
plainly met, as workers' compensation insurance coverage is
required to do business in many jurisdictions where there
are debtors' retail stores.


PIONEER OIL: Court Approves Reorganization Plan
------------------------------------------------
Pioneer Oil and Gas, Salt Lake City, announced yesterday
that a bankruptcy court has approved its chapter 11 plan,
according to Reuters. The plan requires Pioneer to pay
$300,000 to creditors within 90 days of the effective date
of confirmation, or on November 30 if the plan is confirmed
on the scheduled date of August 4. Pioneer plans to raise
that money from contributions by shareholders, additional
debt financing and/or the sale of assets. Pioneer must get
approval from unsecured creditors holding two-thirds of the
dollar amount and approval of 50 percent of the number of
unsecured creditors. UNOCAL, the major creditor, has agreed
to the plan. (ABI 24-June-98)


RELIANCE ACCEPTANCE: KPMG Peat Marwick's Limited Objection
----------------------------------------------------------
KPMG Peat Marwick LLP filed a limited objection to the
application of the debtor, Reliance Acceptance Group, Inc.,
et al.'s  employment of Wallace Sanders & Company as Public
Auditors to the debtor.

In the application, the debtors request that KPMG turn over
all of its audit work papers regarding the debtors to
Wallace Sanders.  KPMG objects to that request because it
goes beyond the professional standards regarding an
auditor's duty to provide access to work paper, it ignores
sections of the Private Securities Litigation Reform Act
and the court lacks jurisdiction over this issue.


TEXFI INDUSTRIES: Files Quarterly Report
----------------------------------------
Texfi Industries, Inc. filed a quarterly report with the
SEC for the period ended January 30, 1998. Net sales for
the thirteen weeks ended January 30, 1998 decreased to
$41,776,000 as compared to net sales of $48,545,000 for the
thirteen weeks ended January 31, 1997.

This $6,769,000 (14.0%) decrease resulted from both a
decline in the Texfi Blends division net sales of $2.6
million caused by lower demand from fabric manufacturers
and the divestiture of the Texfi knitted narrow fabrics
business which generated $4.2 million in net sales in the
first quarter of 1997.  

The company reported a net loss of $897,000 for the
thirteen weeks ended January 30, 1998 compared to net
income of $1.047 for the same period in 1997.


TURKEY VULTURE: Reports Acquisition of Beneficial Ownership
-----------------------------------------------------------
In an amendment to Schedule 13D, Turkey Vulture Fund XIII,
Ltd., reports the acquisition of beneficial ownership of
408,381 shares of common stock or 10.5% of the class of
USP Real Estate Investment Trust.

The purpose of the transaction is due to the fact that
Richard M. Osborne intends to seek a more active role in
USP. At this time, Mr. Osborne has no plans or proposals
relating to a change in the operations or business
strategies of USP, but would consider proposing changes
after discussions with other shareholders and management of
USP.


WESTERN FIDELITY FUNDING: Investment Broker Approved
----------------------------------------------------
On June 16, 1998, the court entered an order granting the
application of the debtor, Western Fidelity Funding Inc.,
to employ Hartsfield Capital, Inc. as investment broker for
the debtor.  All fees and costs are subject to final
approval by the court.


WESTERN PACIFIC: Hearing to Pursue Actions Against Smith
--------------------------------------------------------
A hearing will be held on July 7, 1998 regarding the
Official Committee of Unsecured Creditors' Motion for
Authority to Pursue Actions against Smith Management
Company and DIP Lenders on behalf of the estate.

                     *********

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