TCR_Public/980810.MBX T R O U B L E D   C O M P A N Y   R E P O R T E R
      
      Monday, August 8, 1998, Vol. 2, No. 155
                    
                  Headlines

AHERF: Judge To Hear From Creditors
AHERF: Receives Okay on Emergency Loan
AMGAM ASSOCIATES: Independent Bankruptcy Trustee Sought
ARIZONA CHARLIE'S: Icahn Wins Initial Endorsement
BOSTON CHICKEN: Faces Delisting

DEBBIE REYNOLDS: Judge Ups The Bid
FPA: Delisting Process Begins
GULF RESOURCES: Order Approves Local Counsel to Trustee
HOMELAND HOLDING: Files Quarterly Report
HOMEPLACE STORES: Salton/Maxim Seeks Allowance of Claim

HOSPITAL STAFFING SERVICES: Seeks Extension to File Plan
MOUNTAIN BOARD SPORTS: Case Summary & 20 Largest Creditors
ONE PRICE CLOTHING: Reports Stock Option Agreement
OWENS CORNING: Groupe Porcher Announces Joint
PAYLESS CASHWAYS: Court Enters Final Decree

PETRO UNION: Registration Statement Filed with SEC
REDHOOK ALE: Selling Its Beer-Making Equipment
RIVERWOOD HOLDING: Quarterly Report
SINGER: Guarded Optimism With Improved Financial Results
SUNBEAM: Denies Working with Dunlap

SYQEST TECHNOLOGY: To Layoff 950, Cut Manufacturing
TCC INDUSTRIES: Quarterly Report
UNISON HEALTHCARE: Seeks Order Fixing Bar Date
UNITED HEALTHCARE: Merger in Jeopardy
WANG LABORATORIES: Changes Fiscal Year End

WELCOME HOME: Court Sets Hearing on Disclosure Statement
WESTERN FIDELITY: Objects to Committee's Conversion Motion

                  *********

AHERF: Judge To Hear From Creditors
-----------------------------------
Federal Bankruptcy Court Judge M. Bruce McCollough is
expected to hear arguments this morning from a small parade
of creditors who want him to put conditions on the use of
new financing that was arranged so that Allegheny General
Hospital's parent foundation and its troubled Philadelphia
hospitals can continue operating while they reorganize.

Among those filing petitions raising limited objections to
the financing arrangements for Allegheny Health, Education
and Research Foundation were the trustees of the University
of Pennsylvania; QualMed Plans for Health Inc., a  
managed care insurer; South Jersey X-Ray Supply Co.; the
Philadelphia College of Osteopathic Medicine; First Union
National Bank; and the state Department of Labor and
Industry. (Pittsburgh Post Gazette - 08/06/98)


AHERF: Receives Okay on Emergency Loan
--------------------------------------
On August 6, 1998 Allegheny Health, Education and Research
Foundation received the okay on an emergency loan. That
loan will keep the foundation going while a bidding process
takes place next week on eight of its hospitals in the
Philadelphia area. Among the bidders is Tenet Healthcare
Corporation of Santa Barbara, California, the nation's
second-largest for-profit hospital chain. The Pittsburgh
Tribune-Review reports the other bidder is likely to be  
Nashville, Tennessee-based Vanguard Health Systems. The
bids are expected to be received in bankruptcy court in
Pittsburgh August 13.


AMGAM ASSOCIATES: Independent Bankruptcy Trustee Sought
-------------------------------------------------------
International Game Technology and Dolphin Press, Inc. as
creditors of the former Gold Shore Casino, are requesting
that the court replace management in the cases "In re AMGAM
Associates, a Mississippi General Partnership d/b/a Gold
Shore Casino" and "In re Amercican Gaming & Resorts of
Mississippi, Inc., d/b/a American Gaming Corportaion" with
an outside independent bankruptcy Trustee.

The preliminary hearing date set by the court is August 11,
1998.  


ARIZONA CHARLIE'S: Icahn Wins Initial Endorsement
-------------------------------------------------
Financier Carl Icahn won an initial endorsement  
Wednesday from Nevada casino regulators in his bid to
assume control of two bankrupt Las Vegas resorts.

The state Gaming Control Board recommended the New York
billionaire be allowed to temporarily participate in
management at Arizona Charlie's pending full licensing.
Icahn also was recommended to take over the Stratosphere
hotel-casino.

Icahn has a reputation for investing in undervalued
properties, making immediate operational changes and
selling out after turning quick profits. (Detroit News-
08/06/98)


BOSTON CHICKEN: Faces Delisting
-------------------------------
According to an article in The Wall Street Journal on
August 7, 1998, Boston Chicken failed to meet a minimum bid
price of $5 a share for 30 consecutive trading days.  To be
in the Nasdaq National Market listings, the stock needed to
meet that requirement, and failed to meet it from mid-May
to the end of June.  Boston Chicken has 90 days to bring
its stock price up before it faces delisting.  After that
it can ask for a waiver, or it can elect to be listed on
Nasdaq's small-cap list.

The company said it intends to remain on the Nasdaq
National Market, but it could have trouble meeting its
financial obligations if it can't restructure its senior
debt and raise cash.


DEBBIE REYNOLDS: Judge Ups The Bid
----------------------------------
U.S. Bankruptcy Court Judge Robert Clive Jones reopened
bidding on the bankrupt resort, saying he was required by
law to get the most money possible for the property.

The World Wrestling Foundationn thought it had bought the
hotel-casino at bankruptcy auction Wednesday for $9
million. On Thursday, representatives of the Stamford,
Conn. company told Jones they had settled with some
creditors, and their actual purchase price would be closer
to $10,158,000.

Orlando, Fla. time-share developer David Siegel, stung by
the fact he was not among the creditors offered a deal by
the WWF, then told Jones he would pay $10.5 million for the
hotel, which includes 150 rooms and 43 time-share units.

Jones said he was obligated to seek the highest bid to
protect creditors, and would reopen the bidding process.

The two groups exchanged bids until Siegel folded after the
WWF offered $10.65 million.  Siegel offered $14 million for
the property last year, but the bankruptcy court rejected
that offer at the time.


FPA: Delisting Process Begins
-----------------------------
The Nasdaq National Market has begun the process of
delisting shares of FPA Medical Management, now worth just
12 1/2 cents apiece as the once high-flying company seeks
bankruptcy protection.

Nasdaq had previously given FPA until the end of September
to meet listing requirements, but the company said
yesterday that its July 19 bankruptcy filing had led Nasdaq
to move more quickly.

FPA, which is moving its headquarters from San Diego to
Miami, said the current Nasdaq process could lead to
delisting as soon as Tuesday. Meanwhile, two of  
FPA's business partners -- Foundation Health Systems Inc.
and PacifiCare Health Systems Inc. -- said FPA's financial
troubles had hurt their second-quarter results.

FPA shares fell 3 1/8 cents to close at 12 1/2 cents.

Los Angeles-based Foundation, one of California's largest
managed health-care companies, said it would include a $50
million charge on property it leased to FPA in results it
announces next week.

Foundation sold some doctors' groups to FPA in 1996 but
kept the related medical clinics, which it leased to FPA
under an agreement that obligated FPA to eventually buy
them.

Santa Ana-based PacifiCare, another major player in managed
care, said it had set aside $35 million in "provider
insolvency reserves" during the quarter primarily to cover
potential FPA-related shortfalls. PacifiCare has terminated  
many of its contracts with FPA.

Known as a physician practice management company, FPA
typically receives fixed payments from large HMOs such as
Foundation and PacifiCare in exchange for providing all
medical services to plan members. Growing through a series
of acquisitions from 1994 to 1997, FPA's annual revenues
jumped from about $18 million to more than $1 billion. But
the company continued to lose money and ran into a cash
crisis. (San Diego Union Tribune - 08/06/98)


GULF RESOURCES: Order Approves Local Counsel to Trustee
-------------------------------------------------------
In the case of Gulf Resources Corporation, debtor, Judge
Leif M. Clark entered an order on July 20, 1998 approving
the employment of Oppenheimer, Blend, Harrison & Tate, Inc.
as local counsel to Charles Bearden, the Chapter 11
Trustee.


HOMELAND HOLDING: Files Quarterly Report
----------------------------------------
Homeland Holding Corporation filed a quarterly report with
the SEC for the quarter ended June 30, 1998.

Net sales for the 12 weeks and 24 weeks ended June 20,
1998, increased 6.2 % and 3.6%, respectively, from the net
sales of the corresponding period of 1997.  Comparable
store sales for the 12 weeks and 24 weeks ended June 20,
1998, increased by 0.4% and decreased by 2.1%,
respectively, as compared to the corresponding periods of
1997.

The Company's EBITDA for the 12 weeks ended June 20, 1998,
declined to $5.0 million or 4.1% of net sales, from the
EBITDA of $5.4 million or 4.7% of net sales for the
corresponding period in 1997. For the 24 weeks ended June
20, 1998, EBITDA was $ 10.6 million or 4.3% of net sales
compared to $11.1 million or 4.7% for the corresponding
period of 1997.

Net loss for the 12 weeks ended June 20, 1998, was $2.8
million or $0.57 per share compared to a net loss of $2.5
million or $0.53 per share for the corresponding period in
1997. Net loss for the 24 weeks ended June 20, 1998, was
$5.2 million or $1.07 per share compared to a net loss of
$4.8 million or $1.01 per share for the corresponding
period in 1997.


HOMEPLACE STORES: Salton/Maxim Seeks Allowance of Claim
-------------------------------------------------------
Salton/Maxim Housewares, Inc. is a pre-petition creditor of
HomePlace Stores, Inc., HomePlace Stores Two, Inc.,
HomePlace Management, Inc. and HomePlace Holdings, Inc.
selling various housewares and appliances to the debtors.

Salton's proof of claim is $1,303,328 net of the return of
goods approved by the court. Salton is seeking entry of an
order pursuant to Section 502 of the Bankruptcy Code
allowing its pre-petiton proof of claim.
HOSPITAL STAFFING SERVICES: Seeks Extension to File Plan
--------------------------------------------------------
Hospital Staffing Services, Inc. and its debtor affiliates,
are seeking an extension of the deadline to file a
disclosure statement and plan or reorganization and
extension of exclusivity period.

The debtors request an extension to file their Disclosure
Statement and Plan of Reorganization in order to have
additional time to accurately and comprehensively review
and revise their draft Chapter 11 Plan of Reorganization.

The debtors seek an extension within which they may
exclusively file a plan until August 17, 1998.  The debtors
anticipate filing a Joint Plan of Reorganization and have
substantially completed a draft plan.

Hospital Staffing Services of Tennessee Inc. is involved in
extensive litigation with the Department of Health and
Human Services, the Health Care Financing Administration
and Wellmark, Inc. Trial preparation is in progress and
settlement negotiations are underway, the outcome of which
would substantially effect the debtors' joint plan of
reorganization.

The claims bar date in these cases is July 21, 1998.


MOUNTAIN BOARD SPORTS: Case Summary & 20 Largest Creditors
----------------------------------------------------------
Debtor:  Mountain Board Sports, LLC
         1275 A Vapor Trail
         Colorado Springs, CO 80916

Type of business: Manufacture, Sale and marketing of
mountain boards.

Court: District of Colorado

Case No.: 98-18651    Filed: 06/19/98    Chapter: 11

Debtor's Counsel: John C. Eastlack
                  2125 N. Academy Blvd.
                  Colorado Springs, Co.
                  80909-1591
                  (719) 597-8085

Unsecured Creditors:

   Name                                 Amount
   ----                                 ------         
   AFCO                                  7,326
   AT & T Universal Business             7,033
   Rhonda Abrams                         6,000
   Ackerly Airport                       5,318
   CCM                                   9,330
   Circus                               46,000
   Cukjati Designs                      22,122
   Elk Creek Partners                   37,452
   Greenball Corp                       17,248
   IMG Outdoors                         13,388
   Industrial Gasket Inc.                9,893
   Jantex                                5,507
   Johnson Bearing & Supply              6,115
   James Lee                            15,000
   Jane Lee                             10,000
   Evan Lipstein                        60,000
   Joseph M. Manak, Esq.                26,216
   Mikron Manufacturing                162,842
   Minolta Business Systems             18,990
   Surfer Publications                   6,447
   Western Spray Painting              135,555
   Wilson sonsini Goodrich & Rosati     25,414



ONE PRICE CLOTHING: Reports Stock Option Agreement
--------------------------------------------------
One Price Clothing Stores Inc. reports to the SEC a stock
option agreement covering 80,000 shares par value $.01 per
share of common stock.

A full-text copy of the filing is available via the
Internet at:

http://www.sec.gov/Archives/edgar/data/0000812446-98-
000015.txt


OWENS CORNING: Groupe Porcher Announces Joint Venture
-----------------------------------------------------
On July 31, 1998, Owens Corning announced the formation of  
a new joint venture, which will acquire the Company's yarns
and specialty  materials business.  The joint venture
partner in the new company is Groupe Porcher Industries,  
Badinieres, France.
     
Owens Corning will receive approximately $550MM in cash  
and will continue to participate as a 49% partner  in  the  
new entity.
     
Owens Corning has been evaluating the disposition of its
yarn business, electing the joint venture route as the best  
value for the company and its shareholders.
     
While Owens Corning has transferred certain proprietary
technology to the venture, this joint venture structure
will permit Owens Corning to protect both its yarns
technology and its aligned composites business intellectual
property.  The ability to safeguard Owens Corning's
intellectual property and to continue to participate in the  
yarns  market  were significant factors in the decision.
     
The joint venture agreements were signed on July 31, 1998.
Closing of the transaction is anticipated on or before
September 30, 1998.
  

PAYLESS CASHWAYS: Court Enters Final Decree
-------------------------------------------
The court entered a Final Decree on July 15, 1998 in the
case of Payless Cashways, Inc., debtor.  


PETRO UNION: Registration Statement Filed with SEC
--------------------------------------------------
Horizontal Ventures, Inc. has registered for offer and
sale, on behalf of certain of its security holders, a total
of 679,735 shares of the Company's no par value common
stock.  The Common Stock offered hereby is being sold for
the accounts of these certain security holders and the
Company will not receive any proceeds from the sale of
Common Stock by the Selling Security Holders.  No
Selling Security Holder is required to sell.  This
prospectus which is part of a registration statement on
file with the Securities and Exchange Commission
was filed pursuant commitments made to the Selling Security
Holders.

A full-text copy of the filing is available via the
Internet at:

http://www.sec.gov/Archives/edgar/data/0001001348-98-
000081.txt


REDHOOK ALE: Selling Its Beer-Making Equipment
----------------------------------------------
Redhook Ale Brewery Co. said yesterday it will sell the
beer-making equipment at its original Fremont facility.

Redhook, the Seattle-based specialty brewer, suspended
producing beer at Fremont and said yesterday there's little
prospect of resuming brewing there since it has unused
capacity at its facilities in Woodinville and Portsmouth,  
N.H.

The company said it will keep its Trolleyman Pub open and
will expand its retail operations there. Redhook will sell
production equipment, but took a $5.2 million charge
against earnings to reflect its reduced value.

That produced a second-quarter loss of $3.3 million, or 43
cents a share, compared with a profit of $71,000, or 1 cent
a share, a year ago. Sales were roughly flat at $9.9
million. But the company said operating income was nearly  
double the year-ago quarter. (Seattle Post-Intelligencer;
08/05/98)


RIVERWOOD HOLDING: Quarterly Report
-----------------------------------
Riverwood Holding's net sales in the second quarter of 1998
increased by $11.9 million, or 4.1 percent, compared with
the second quarter of 1997.

The Company's gross profit for the second quarter of 1998
increased $20.9 million, or 59.3 percent, to $56.3 million
from $35.3 million in the second quarter of 1997.

The company's net sales in the first six months of 1998
increased by $10.2 million, or 1.8 percent, compared with
the first six months of 1997. Net Sales in the Coated Board
business segment increased $19.1 million, or 3.7 percent,
in the first six months of 1998 to $531.2 million from
$512.1 million in the first six months of 1997.

The Company's income from operations in the second quarter
of 1998 increased by $10.1 million, to $10.3 million from
$0.2 million in the second quarter of 1997, while operating
margin as a percent of Net Sales increased to 3.4 percent
from 0.1 percent. (Loss) from Operations in the
Containerboard business segment increased $9.8 million
to a loss of $2.7 million in the second quarter of 1998
from a (Loss) from Operations of $12.5 million in the
second quarter of 1997.

The company's income from operations in the first six
months of 1998 increased by $19.1 million to $17.6
million from a loss of $1.5 million in the first six months
of 1997, while operating margin as a percent of Net Sales
was 3.1 percent.


SINGER: Guarded Optimism With Improved Financial Results
--------------------------------------------------------
Singer on Friday reported a narrower-than-expected second-
quarter net loss, aided by its restructuring plan, raising  
hopes for the sewing machine giant's recovery from three
years of weak performance.

Singer posted a net loss of $2.3 million, or 4 cents per
share, on revenues of $311.6 million for the quarter,
compared with net income of $12.8 million, or 25 cents per
share, on revenues of $280.8 million a year ago. On July
23, Singer had forecast posting a net loss of $3 million
for the second quarter following stiff losses for the prior
two quarters.

The company said the year-ago results are not fully
comparable since they did not include results of G.M. Pfaff
AG, the German sewing machine company Singer acquired Dec.
31, and were not influenced by the substantial devaluations
that took place in Asia in the second half of 1997.

Singer said every geographic area and business line was
profitable at the operating income level, including the
United States and Europe, which experienced substantial
turnarounds from year-ago losses. Gross margins and  
operating margins improved from a year ago.

Stephen H. Goodman, president and chief executive officer
of Singer, said the company's increased emphasis on balance
sheet management is also producing results. Comparing
balance sheet data in the first half of the year,  
inventories and receivables were reduced by 14 percent, or
more than $130  million. Total debt is down by more than
$115 million.

"Singer is recovering after significant losses in the
fourth quarter of 1997 and the first quarter of this year,"
Goodman said. "We remain profitable in Asia, including the
important Thailand market, despite the substantial  
devaluations and economic turmoil there."

"We are making meaningful progress in solving operating
problems at our consumer products business in the United
States, which has been profitable for the last two
quarters. Additionally, Pfaff is making important earnings  
contributions in the U.S. and Europe," he said.
He added, "Importantly, we continue to expect to be
profitable for the year as a whole."

Singer, the world's largest consumer sewing machine maker
and a leading industrial machine company after the
acquisition of Pfaff, launched a restructuring plan in
December. The plan included cutting one-fourth of its
work force, or 5,968 jobs, and bringing back Goodman, a
former treasurer for Singer, as CEO.

  
SUNBEAM: Denies Working with Dunlap
-----------------------------------
Sunbeam has announced it will not be able to report its
second- quarter financial results until late September. The
consumer appliance company said its audit committee has
determined it will take until that time to issue restated  
financial statements for 1997 and possibly 1996. Sunbeam is
the target of a government investigation of alleged
accounting irregularities.

Sunbeam says former chairman and CEO Al Dunlap and former
chief financial officer Russell Kersh have resigned from
its board of directors. Sunbeam and the former executives
have agreed not to take legal action against each other  
for six months. Sunbeam says it will pay accrued vacation
pay of $52,000 to Dunlap and $68,000 to Kersh, but no
severance or other payments to either man.

While Sunbeam said it is not cooperating with Dunlap and
Kersh to develop legal defense strategies, the Denver Post,
reported on August 6, 1998, that ousted chairman Al Dunlap
and Sunbeam Corp. are working together to fight shareholder
lawsuits and cooperate in an investigation into the
company's accounting practices.

Maureen Bailey, a spokeswoman for Sunbeam, said the company
had no immediate comment. According to the Denver Post,
Dunlap and the company will share information and legal
strategies with respect to the shareholder lawsuits filed
after Dunlap was dismissed and regarding the ongoing
investigation by the Securities and Exchange Commission.


SYQEST TECHNOLOGY: To Layoff 950, Cut Manufacturing
---------------------------------------------------
Computer disk-drive maker Syquest Technology  
Inc. will cut 950 workers, or about 85 percent of its work
force, and end manufacturing at a California plant in a bid
to cut costs in half. Syquest, known as a pioneer of
popular removable disk-drives and cartridges, said in a
statement issued late Thursday that conditions in the
personal computer and data storage business had forced it
into the sweeping restructuring.

As well as ending manufacturing at its Fremont, Calif.,
plant, Syquest said it will scale back spending on
marketing and research and make other cost-cutting moves at
its Penang, Malaysia, manufacturing plant.

The company said sales for the quarter ended June 30 will
be slightly below those of the prior quarter, and operating
losses slightly higher. For its second fiscal quarter ended
March 31, Syquest had an operating loss of $29.9  
million on sales of $47 million.  It expects sales to fall
further in its fourth quarter ending Sept. 30, and will
post charges related to the restructuring. Syquest expects
revenues to show seasonal strength in the quarter ended
Dec. 31.

Syquest said its restructuring will reduce its expenses to
less than half their previous level.  The company said on
July 20 it had hired investment firm CIBC Oppenheimer to
help it review strategic alternatives, such as
partnerships, ventures or acquisitions.  Syquest stock fell
about 28 cents to 56 cents in morning trading Friday on
Nasdaq.


TCC INDUSTRIES: Quarterly Report
--------------------------------
TCC Industries Inc. reports a net profit for the three
months ended June 30, 1998 of $452,000 on revenue,
including proceeds from sale of securities and
loans, of $67,923,000 as compared to a loss of $888,000 on
revenue of $2,532,000 for the same period in 1997.

On September 19, 1997 the Company sold substantially all of
the assets of its manufacturing segment for $6,000,000 in
cash and the assumption of its liabilities by the purchaser
and reported a loss on sale of $457,000.

Consolidated gross profit from continuing operations
increased $1,699,000 to $2,176,000 in the second quarter of
1998 when compared to $477,000 for the same period in 1997.

The Company reported a net loss for the six month period
ended June 30, 1998 of $897,000 on revenue, including
proceeds from sale of securities and loans, of $69,787,000
as compared to a loss of $1,121,000 on revenue of
$4,633,000 for the same period in 1997.


UNISON HEALTHCARE: Seeks Order Fixing Bar Date
----------------------------------------------
The debtors, Unison Healthcare Corporation, and related  
proceedings, requests that the court establish a general
proof of claim filing deadline of September 15, 1998.


UNITED HEALTHCARE: Merger in Jeopardy
-------------------------------------
The announcement by United Healthcare Inc. that it  
would take a $900 million charge to realign its business
has raised questions about its proposed merger with Humana
Corp. and spooked shareholders of both companies. The
Kentucky Department of Insurance abruptly canceled a
hearing on the merger of the two giant health maintenance
organizations that was scheduled to begin Friday. Humana
issued a statement saying it would work with United's  
management to understand the problem and its potential
effect on the proposed merger. Shareholders of both
companies are scheduled to vote on the deal Aug.  
27.

United Healthcare's share price closed sharply lower, after
the managed care company reported a $565 million after-tax
loss in the second quarter. The reported loss included a
$900 million restructuring charge. On the positive
side, the Minneapolis-based company posted record revenues
of $4.2 billion in the second quarter and record health
plan membership of 6.7 million.

United Healthcare closed down 15 at 37 7/8, with more than
20 million shares traded on the New York Stock Exchange.


WANG LABORATORIES: Changes Fiscal Year End
------------------------------------------
The Board of Directors of Wang Laboratories Inc. voted on
July 22, 1998 to change the company's Fiscal Year End from
June 30 to December 31.


WELCOME HOME: Court Sets Hearing on Disclosure Statement
--------------------------------------------------------
Judge Cornelius Blackshear set a hearing to consider the
approval of the Disclosure Statement of the debtor, Welcome
Home Inc., a/k/a The Glorious Nest, Home Again, f/k/a Cape
Craftsman, Inc. on August 27, 1998.  August 24, 1998 is
fixed as the last date for filing and serving written
objections to the disclosure statement.


WESTERN FIDELITY: Objects to Committee's Conversion Motion
----------------------------------------------------------
Western Fidelity Funding objects to the court entering an
order granting the motion of the Creditors' Committee to
convert the case to a Chapter 7.

The debtor states that it has created a viable business
with a positive cash flow.  The debtor states that the
proposed plan will reorganize a feasible business with
little likelihood of reappearing in court.  The debtor
states that the time taken to reorganize its administration
and business has been necessary and reasonable.  

The debtor states that to turn around a business the size
of the debtors' operations cannot be done quickly.  The
prejudice to creditors due to the accumulated operating
losses is far outweighed by the benefit they will receive
in reorganization.  The debtor believes a plan is feasible
which will more than double the cash payout to creditors
over a liquidation, and leave the creditors with a
significant share of the reorganized debtor after payout.  

Continuation of the case to reorganization is simply not
prejudical to the interests of the creditors, and is
demonstrably beneficial to the estate.

                *********

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