/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/980706.MBXT R O U B L E D C O M P A N Y R E P O R T E R Monday, July 6, 1998, Vol. 2, No. 130 Headlines APS HOLDING: Reports on A.P.S., Inc. Partnership Plan AMES: Ettore Signs On For Five More Years ASAHI RUBBER: Files for Bankruptcy Protection BRUNO'S: Motion Seeking to Fix Bar Date CALDOR CORP: Reports on Profit Sharing Plan CONNECTIVITY TECHNOLOGIES: Future In Question DOW CORNING: Mediator Gives 6 Days: Take-It-or-Leave-It ELEK-TEK: Wins Exclusivity Extension To September 11 FIRST ALLIANCE: To Take $4.5 million Write-down GEOTEK COMMUNICATIONS: Unprepared When it Entered Market GENERAL WIRELESS: Plan Sees CapEx of $500M over 10 Years GREAT BAGEL: Great Bagel & Coffee Closes 11 Locations ITALIAN OVEN: Court Approves Settlement of Lawsuit MAIDENFORM: Exclusivity Extended Through October 30 MERISEL INC: Reports 401K Retirement Savings Plan NANTUCKET INDUSTRIES: Lists Directors and Officers NIAGRA MOHAWK: Turnaround Efforts Nearing Completion ONEITA INDUSTRIES: Oneita Has Approval To Hire Carl Marks PARAGON TRADE: Annual Report on Retirement Plan PARAGON TRADE: Hearing on Extension of Exclusivity PASSPORT DESIGNS: Coda Music Announces Bid PREMIER LASER SYSTEMS: Files Overview of Business QWEST: FCC Orders 90-Day Freeze ROCKWELL INTERNATIONAL: To Spin Off Semiconductor Business SEARCH FINANCIAL: Reports Anticipated Increase in Net Loss VENTURE: Kimco Closes on 30 Properties for $167.5 Million DLS CAPITAL PARTNERS: Bond Pricing for Week of 6/29/98 ********* APS HOLDING: Reports on A.P.S., Inc. Partnership Plan ----------------------------------------------------- APS Holding Corporation filed a Form 11K with the SEC, its annual report on The A.P.S., Inc. Partnership Plan, which is a defined contribution plan covering all full-time, non- union employees of A.P.S., Inc. and its subsidiaries who have completed one year of service and attained the age of twenty-one. A full-text copy of the filing is available via the Internet at: http://www.sec.gov/Archives/edgar/data/0000890566-98- 001221.txt AMES: Ettore Signs On For Five More Years ----------------------------------------- Ames Department Stores' chief executive, Joseph R. Ettore, signed a five-year contract extension that will keep him as Ames'president and chief executive officer into 2004. Ettore was hired in 1994 -- two years after the company emerged from bankruptcy -- and is credited with turning the company around by focusing on moderate-income consumers at a time when other discounters were chasing wealthier customers. During the past three years, the company's stock price has increased nearly tenfold. ASAHI RUBBER: Files for Bankruptcy Protection --------------------------------------------- Impacted by the failure of its parent company, Asahi Corp., Asahi Rubber, a manufacturer of rubberized products for automotive use, filed for bankruptcy protection under the Corporate Rehabilitation Law. The Tokyo District Court advised the company on June 30 that it could commence reorganization procedures, and the company will try to rebuild on its own. Asahi Rubber will be supported by three companies--Parker Corp., which supplies Asahi Rubber's products to Nissan and Honda ; Ekuchi, which supplies Asahi Rubber's products to Toyota ; and C.I. Kasei, a synthetic resin maker interested in Asahi Rubber's home-use waterproof and soundproof products. (ComlineTransportation-07/01/98) BRUNO'S: Motion Seeking to Fix Bar Date --------------------------------------- The debtors In re PWS Holding Corporation, Bruno's, Inc., et al., seek to fix a Bar Date of September 30, 1998. CALDOR CORP: Reports on Profit Sharing Plan ------------------------------------------- In its most recent Form 11K filed with the SEC, Caldor Corp. provided its annual report on the Caldor Inc. Profit Sharing Plan. For a description of the plan, and the net assets available for the plan, a full-text copy of the filing is available via the Internet at: http://www.sec.gov/Archives/edgar/data/0000950123-98- 006331.txt CONNECTIVITY TECHNOLOGIES: Future In Question --------------------------------------------- Connectivity Technologies Inc. is in the process of completing its annual report on for the fiscal year ended December 31, 1997. The company anticipates revenue for 1997 of approximately $42.0 million and a net loss of approximately $9.0 million for the year. The company concluded an amended secured credit agreement with its lenders effective June 2, 1998, under which certain loan covenants not complied with as of December 31, 1997, were deleted. The amended facility requires the elimination of the overadvance position of approximately $5,000,000 by July 10, 1998. The company is currently in discussions with its lenders looking to an extension of the current facility, the implementation of a new loan facility or other corrective action but no assurances can be given that such negotiations will be successful. If no satisfactory agreement is concluded with the lenders, the amended facility would require repayment of the entire obligation of approximately $17.7 million by July 31, 1998, and the company does not believe that it would be in a position to make the required over advance reduction or to repay the entire loan on the dates currently specified. The company is trying to sell it Energy Electric Assembly division and would apply the proceeds of the sale to debt repayment, however, a completion of any transaction by the July 10 or July 31 deadlines is unlikely. Even if a sale of the EEA division were completed by July 10, the proceeds would be insufficient to repay the Registrant's total obligations to its lenders. If the negotiations for relief with the lenders are unsuccessful and if the company cannot meet the above referenced obligations on July 10 and July 31, the lenders would have the right to commence legal action against the company for the repayment of the entire debt, plus certain other amounts, and to proceed against the company's assets. Such an eventuality would likely prevent the company from continuing as a going concern. DOW CORNING: Mediator Gives 6 Days: Take-It-or-Leave-It -------------------------------------------------------- A federal mediator in the multi-billion dollar Dow Corning Corp. bankruptcy case has given the company and women with breast implant claims six days to accept his undisclosed proposed settlement. Intense negotiations between the former breast implant maker and attorneys for thousands of women claiming the implants injured them failed to produce a deal, mediator Francis McGovern said Wednesday. "I have reached a settlement. The question is whether the parties agree. I have submitted a take-it-or-leave-it proposal," McGovern said in a conference call hearing with U.S. Bankruptcy Judge Arthur Spector. Spector agreed to hold off on issuing his already prepared bankruptcy plan until after the deadline set by McGovern next Tuesday at noon. Dow Corning, a joint venture of Dow Chemical Co. and Corning Inc., faces 177,000 breast implant claims worldwide. The women claim silicone gel leaked from their implants and caused a variety of illnesses. The implant matter is being handled as part of a bankruptcy case involving Dow Corning, which filed for protection in 1995 as lawsuits mounted. The company has a $4.4 billion plan to pay its debts and emerge from bankruptcy that includes a $3 billion payment to the implant plaintiffs over 16 years. The women want $3.8 billion, paid out over three years. At a 15-minute hearing in Flint on Wednesday, negotiators for Dow Corning and its creditors accepted the six-day deadline and agreed to keep details of McGovern's plan confidential. Once a worldwide settlement plan is approved, ballots could go out to women with silicone breast implants. It would need approval by women representing two-thirds of the total settlement amount to take effect. The U.S. Supreme Court last November upheld a federal appeals court ruling that consolidated all implant-related litigation in Michigan. The company sought the consolidation, saying it would ensure that complaints would be handled in an orderly way. ELEK-TEK: Wins Exclusivity Extension To September 11 ---------------------------------------------------- The U.S. Bankruptcy Court in Wilmington, Del., extended Elek-Tek Inc.'s exclusive period to solicit acceptances to its liquidating plan from June 13 to Sept. 11. The former computer retailer and the committee of unsecured creditors said the 90-day extension was needed to complete a disclosure statement and revise the proposed plan. (Federal Filings Inc. 2-July-98) FIRST ALLIANCE: To Take $4.5 million Write-down ----------------------------------------------- First Alliance Corp., a mortgage lender to borrowers with troubled credit histories, said it will take a $4.5 million write-down in the second quarter and that its vice president of finance and acting chief financial officer is quitting. The Irvine-based company warned last month that its results would miss the 49 cents a share expected by analysts because borrowers repaid loans faster than anticipated, with adjustable-rate loan payoffs coming in 20 percent faster than expected. It also said its default and delinquency rates are lower than the industry average. The lender, which faces a lawsuit charging it with deceptive and predatory lending practices, said acting chief financial officer John Michel will leave at the end of the week to become senior vice president of strategic planning at Bank Plus Corp. Michel had acted as CFO since last month, when Mark Mason quit to become chief operating officer and CFO at Bank Plus. The company said it would take the write-down to revalue its mortgage securities. It also named Richard Taylor legal counsel and corporate secretary, replacing Ed Summers, will leave the company at the end of the month for another job. First Alliance shares hit $7.63, after reaching an all-time low of $7.25 on the Nasdaq stock market. The company will release its second-quarter earnings results during the week of July 20. GEOTEK COMMUNICATIONS: Unprepared When it Entered Market -------------------------------------------------------- Geotek Communications reported liabilities of $424 million and assets of only $351 million from its wireless network operations in 10 U.S. markets. The payroll and other operating expenses will continue to be met with $10 million in debtor- in-possession financing that it acquired from S-C Rig Investment III, L.P., a firm associated with well-known investor George Soros. GeoTek's situation is not unexpected; in its May 15 filing to the U.S. Securities and Exchange Commission, Geotek had disclosed that its cash and expected cash flow "are insufficient to fund its current operations and the full implementation of the company's business plan in the short term and long term." Geotek's stock has been steadily sliding from its peak of $13.75 on June 14, 1996, to 28 cents on June 26, 1998. Four of nine directors resigned June 12. The company reported $6.9 million in first-quarter revenue, down from $11.2 million a year earlier. As of March 31, Geotek's consolidated assets were valued at $351 million, and its consolidated liabilities were listed at $424 million. Part of Geotek's problems spring from its lack of preparedness when it entered the market, said one analyst familiar with the company. The company delayed its deployment, and when it finally did arrive in the marketplace, the systems had bugs that needed to be ironed out. "They started out behind the eight-ball and it was kind of uphill from there," the analyst said. Another problem for Geotek was the arrival of competitor Nextel Communications Inc. [NXTL] with its iDEN-based system. Nextel was first to market and had a more mainstream offering that worked well, the analyst said. GENERAL WIRELESS: Plan Sees CapEx of $500M over 10 Years -------------------------------------------------------- The reorganization plan filed by General Wireless Inc. and its subsidiaries proposes funding capital expenditures of about $500 million over the next 10 years with additional investments by current equity holders, new vendor financing, a high-yield debt offering, and an initial public offering. The personal communications service companies estimated that they would launch commercial service in market clusters around San Francisco, Miami, and Atlanta on their PCS networks in the fourth quarter of 1999. "The debtors will incur significant operating losses and generate negative cash flow for operating activities during the next several years while they seek to develop or construct the PCS networks and build a customer base," the disclosure statement warns. (Federal Filings Inc. 2-July- 98) GREAT BAGEL: Great Bagel & Coffee Closes 11 Locations ----------------------------------------------------- Phoenix-based Great Bagel & Coffee Co. closed its 11- company owned locations yesterday after a two-year effort to become more profitable, according to The Arizona Republic. According to President Gary Sandeen, over saturation has hurt the company. Only a few bagel and coffee shops were in the area when Great Bagel opened five years ago, and now there are more than 120 competing. He estimated the company has lost $400,000 to $500,000. Great Bagel & Coffee is the latest bagel business in trouble. Manhattan Bagel Co. filed chapter 11 in November, and Einstein/Noah Bagel Corp. has seen its stock drop from $15 a year ago to $3-$5. ITALIAN OVEN: Court Approves Settlement of Lawsuit -------------------------------------------------- U.S. District Court Judge D. Brooks Smith approved a settlement this week of a class-action lawsuit against Italian Oven Inc.; according to the settlement, shareholders will receive about 25 cents on the dollar for their claims, according to The Post Gazette. The Latrobe, Pa.-based company filed chapter 11 in October 1996 and later sold its assets to a Minneapolis investment company that now runs the restaurant chain. In July 1996, shareholders filed a securities fraud suit, naming Italian Oven, its top officers and a firm that managed the initial public offering in November 1995. Shareholders will split about $3.3 million, less nearly $1 million in attorneys' fees. (ABI 2-July-98) MAIDENFORM: Exclusivity Extended Through October 30 --------------------------------------------------- Maidenform Worldwide Inc. won an extension of its exclusive periods to file a reorganization plan and solicit plan acceptances through Oct. 30 and Dec. 30, respectively. The intimate apparel maker, creditors' committee, and lenders agreed to the fourth-month extension, which was shorter than Maidenform had requested. (Federal Filings Inc. 2-July-98) MERISEL INC: Reports 401K Retirement Savings Plan ------------------------------------------------- In a Form 11K filed with the SEC, Merisel, Inc. announces a 401(k) plan. A full-text copy of the filing is available via the Internet at: http://www.sec.gov/Archives/edgar/data/0000724941-98- 000024.txt" NANTUCKET INDUSTRIES: Lists Directors and Officers -------------------------------------------------- In its most recent Form 10KA filed with the SEC, Nantucket Industries, Inc. lists its directors and executive officers, executive compensation, security ownership of certain beneficial owners and certain relationships and transactions. A full-text copy of the filing is available via the Internet at: http://www.sec.gov/Archives/edgar/data/0001058217-98- 000032.txt NIAGRA MOHAWK: Turnaround Efforts Nearing Completion ---------------------------------------------------- Shareholders of Niagara Mohawk Power Corp. yesterday approved issuance of up to 43 million shares of common stock in connection with the company's Master Restructuring Agreement. The vote came at the company's 49th annual shareholders' meeting in Buffalo. The approval marks the final step necessary to consummate the landmark agreement that calls for Niagara Mohawk to terminate, restate or amend 27 government-mandated Independent Power Producer (IPP) contracts that represent approximately 75 percent of the company's above-market prices. In exchange, the IPPs will receive approximately $3.6 billion in cash, approximately 20.5 million shares of Niagara Mohawk common stock and proceeds from the sale of 22.4 million shares of Niagara Mohawk common stock. Shareholder approval of the stock portion of the transaction will allow the parties to consummate the MRA by today's closing date. The MRA will reduce Niagara Mohawk's annual IPP payments by more than $500 million. The improved cash flow will allow the company to reduce electricity prices for all customers and pay off the debt required to finance the MRA over a six-to-seven-year period, thus putting an end to the bulk of its IPP cost burden. Also at the meeting, shareholders voted to amend the company's Certificate of Incorporation to increase to 250 million shares the amount of common stock Niagara Mohawk is authorized to issue. In addition, shareholders approved the formation of a holding company structure. Under the PowerChoice agreement, the company has approximately one year within which it may adopt such a structure. The implementation of a holding company will not occur until the company receives all necessary regulatory approvals. In other shareholder action, five directors were elected to three-year terms. They are Salvatore H. Alfiero, chairman and chief executive officer of Mark IV Industries; Albert J. Budney Jr., president and chief operating officer of Niagara Mohawk; Dr. Bonnie Guiton Hill, president and chief executive officer of The Times Mirror Foundation and vice president of The Times Mirror Co.; Clark A. Johnson, chairman and chief executive officer of Pier 1 Imports; and Henry A. Panasci Jr., chairman of Cygnus Management Group. Alfiero and Johnson are new to the Niagara Mohawk board. Yesterday also marked the last annual meeting for Edmund M. Davis, who is retiring from Niagara Mohawk's Board of Directors after 28 years of service. As a result of these activities, Niagara Mohawk will have 14 board members. Niagara Mohawk is an investor-owned energy services company that provides electricity to more than 1.5 million customers across 24,000 squares miles of Upstate New York. The company also delivers natural gas to more than 500,000 customers over 4,500 square miles of eastern, central and northern New York. ONEITA INDUSTRIES: Oneita Has Approval To Hire Carl Marks --------------------------------------------------------- Oneita Industries Inc. received court approval to hire Carl Marks Consulting Group at the request of the company's prepetition lenders, a move that could enable the apparel manufacturer to emerge from bankruptcy earlier than planned. "During the past several weeks, the Debtor has engaged in discussions with the Prepetition Lenders regarding possible changes to the Prepetition Agreement that could facilitate an earlier emergence from the Reorganization Case than is currently projected and/or the availability of additional working capital for the Reorganized Debtor," Oneita said. While a hearing to confirm the company's pre-negotiated reorganization plan currently is set for July 9, it is unclear whether Oneita will proceed or seek another adjournment. Carl Marks' services will include analyzing marketplace issues, strategic plans, and financial projections, and performing a general evaluation of management. (Courtesy of The Daily Bankruptcy Review Copyright c July 2, 1998- ABI 2-July-98) PARAGON TRADE: Annual Report on Retirement Plan ------------------------------------------------ Paragon Trade Brands Inc. reported in a Form 11K to the SEC, on the PARAGON RETIREMENT INVESTMENT SAVINGS MANAGEMENT PLAN, Financial Statements and Schedules as of December 31, 1997 and December 31,1996, Together With Auditors' Report, Prepared in Accordance With the Financial Reporting Requirements of ERISA. A full-text copy of the filing is available via the Internet at: http://www.sec.gov/Archives/edgar/data/0000889429-98- 000016.txt PARAGON TRADE: Hearing on Extension of Exclusivity -------------------------------------------------- The debtor, Paragon Trade Brands, Inc. filed a motion seeking to further extend the exclusive period to file a plan of reorganization and to solicit acceptances thereto. A hearing on the motion shall be held on July 10, 1998. PASSPORT DESIGNS: Coda Music Announces Bid ------------------------------------------- Coda Music Technology, Inc. (Nasdaq:COMT) announced today that the bid for certain assets of Passport Designs, Inc. that Coda submitted with the Trustee in Bankruptcy for Passport Designs, Inc., a company in Chapter 7 bankruptcy proceedings, has been accepted. The purchase price for the assets specified in the bid is $400,000 to $600,000 depending upon the amount of royalty payments to be made based on net sales by Coda, during the one-year period beginning the date of closing, of products previously sold by Passport. PREMIER LASER SYSTEMS: Files Overview of Business ------------------------------------------------- In its most recent Form 10K filed with the SEC, Premier Laser Systems Inc. filed an annual report that consists of an overview of its business. A full-text copy of the filing is available via the Internet at: http://www.sec.gov/Archives/edgar/data/0000930661-98- 001471.txt The aggregate market value of the company's voting stock held by non-affiliates was approximately $61,878,491 on June 24, 1998, based upon the closing sale price of such stock on May 22, 1998. Number of shares outstanding of each of the registrant's classes of common stock, as of the latest practicable date: As of June 24, 1998: Class A Common Stock: 14,903,906 Shares Class E-1 Common Stock: 1,257,499 Shares Class E-2 Common Stock: 1,257,499 Shares QWEST: FCC Orders 90-Day Freeze -------------------------------- The FCC yesterday (6/30) ordered a 90- day freeze on Ameritech Corp.'s [AIT] effort to enroll new customers as part of its "teaming" agreement with Qwest Communications Corp. [QWST] and ordered a halt to marketing and promotion for their "CompleteAccess" program. The freezes will remain until the agency decides whether the agreement is legal. AT&T and MCI had asked that the two companies be enjoined from implementing their teaming agreement, charging that Ameritech was using it to provide prohibited interLATA services. In granting the "standstill order," the FCC said it had not reached any conclusions on the merits of the deal. But the agency agreed with the two long-distance companies that the teaming agreement "could have a significant impact on the competitive landscape in these markets." The FCC said the petitions raised serious questions involving core provisions of the Telecom Act. "We conclude that these issues must be addressed before any lasting effects resulting from this agreement take place in these markets," the agency said. ROCKWELL INTERNATIONAL: To Spin Off Semiconductor Business ---------------------------------------------------------- Rockwell International Corp. will spin off its semiconductor business to shareholders and cut 3,800 jobs in a major restructuring of the automation and avionics businesses that will remain after the split. The reorganization announced Monday will include a $625 million charge, including about $200 million in cash to cover severance pay and other costs related to job elimination. Chairman Don H. Davis said the transaction was being taken to improve the consistency of its earnings and reposition itself for future global growth. The changes result from several factors, including the Asian financial crisis and falling prices for personal computer modems, Davis said. (Atlanta Constitution- 06/30/98) SEARCH FINANCIAL: Reports Anticipated Increase in Net Loss ---------------------------------------------------------- Since commencement of the Chapter 11 Proceedings, the Company and its subsidiaries have completed their exit from the non-prime automobile business which represented approximately 90% of the assets of the Company and its subsidiaries. The Company and its subsidiaries have also reduced their number of employees by over 50% during the last eight months. It is currently contemplated that a sale of the consumer finance operations will form the core element of the Company's plan of reorganization. The Company's 9%/7% Convertible Preferred Stock and Common Stock were delisted from The Nasdaq National Market effective with the close of business June 1, 1998. The last reported sales prices per share for the Company's 9%/7% Convertible Preferred Stock and Common Stock were $0.03 and $0.01, respectively. The Company's anticipated net loss for the fiscal year ended March 31, 1998 of approximately $30 million represents an increase of approximately $25 million over its net loss of approximately $5 million for the fiscal year ended March 31, 1997. The increase in net loss was primarily attributed to (1) a loss of $9.1 million related to discontinued automobile finance operations, (2) a $2.5 million loss on sale of assets, (3) an increase of $11.4 million in provision for loan losses and (4) expenses of $1.2 million for the settlement of a potential class action lawsuit. The anticipated net loss of approximately $30 million does not reflect any gain or loss from the sale of the assets of MS Financial, Inc. ("MS") as part of the Chapter 11 Proceedings. Under the terms of the sale of MS' assets, MS is entitled to receive a portion of the proceeds from the liquidation of the assets sold if those proceeds exceed a threshold amount. The Company has not determined the amount of proceeds it expects to receive, nor, therefore, whether and in what amount the sale will result in a gain or loss. VENTURE: Kimco Closes on 30 Properties for $167.5 Million --------------------------------------------------------- Kimco Realty Corp. (NYSE: KIM) announced that it has completed the acquisition of 30 properties leased to Venture Stores Inc. from Metropolitan Life Insurance Co. for $167.5 million. The properties, located primarily in the Chicago, St. Louis and Kansas City markets, comprise approximately 3.8 million square feet of leasable area. The acquisition of these properties from Metropolitan Life was contingent on bankruptcy court approval of an agreement by Kimco to purchase Venture's leasehold position at 89 locations. That agreement was approved in June by the bankruptcy court overseeing the liquidation of Venture Stores and is expected to be completed this month. Kimco has also reached an agreement with Kmart Corp. (NYSE: KM) to lease certain of the Venture Stores locations and is negotiating with other major retailers to enter into leases for the other locations. Separately, Kimco announced that is has issued $100 million of its medium-term notes (MTN's). These MTN's, which mature in June 2005, were priced at par and bear interest at a fixed rate of 6.73%. The issuance of the MTN's followed reaffirmation of the Company's A- credit rating by Standard & Poor's. DLS CAPITAL PARTNERS: Bond Pricing for Week of 6/29/98 ------------------------------------------------------ Following are indicated prices for selected issues: Amer Telecasting 0/14 1/2 '04 25 - 28 Asia Pulp & Paper 11 3/4 '05 89 - 90 APS 11 7/8 '06 8 - 12 (f) Boston Chicken 7 3/4 '04 18 - 19 Brazos 10 1/2 '07 73 - 77 Brunos 10 1/2 '05 15 - 18 (f) CAI Wireless 12 1/4 '02 25 - 27 Cityscape 12 3/4 '04 40 - 42 (f) E&S Holdings 10 3/8 '06 74 - 76 Grand Union 12 '04 58 - 59 (f) Greate Bay 10 7/8 '04 85 - 86 (f) Harrah's Jazz 14 1/4 '01 29 - 31 (f) Hechinger 9.45 '12 73 - 75 Liggett 11 1/2 '99 70 - 73 Mobilemedia 9 3/8 '07 30 - 33 (f) Penn Traffic 9 5/8 '04 37 - 38 Royal Oak 11 '06 81 - 83 Service Merchandise 9 '04 71 - 72 Trump Castle 11 3/4 '03 92 1/2 - 94 Zenith 6 1/4 '11 31 - 33 ********* 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 * * *