TCR_Public/980903.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, September 3, 1998, Vol. 2, No. 173
                  
                   Headlines

AHERF: Taps Hunter & Associates
AHERF: Committee Calls for Independent Oversight of
Bankruptcy Case
AMERICAN RICE: Hearing on Relief From Stay
AMERICAN RICE: Meeting of Creditors
BRUNO'S: Albertson's Outbid Kroger for 15 Locations

CALDOR: Extensions of Exclusive Periods
DOEHLER-JARVIS: Hearing to Consider Confirmation of Plan
DOW CORNING: Given Until Sept. 9 to Hammer Out Details
FRETTER: Global Settlement Must Be Modified
GEOTEK: $1.2M License Sale To Industrial Gets Nod

GRAND UNION: Embarks on Capital Development Plan
HOMEOWNERS MORTGAGE: Seeks to Extend Exclusivity Periods
ITALIAN OVEN: Three Restaurants Close
KIA MOTORS: Ford Still Interested - Debt Too High
MEDNET, MPC CORPORATION: Joint Plan Confirmed

MEGO MORTGAGE: Files Report for Quarter Ended May 31, 1998
MOLTEN METAL: Court Names Trustee Amid Loan Default
OLYMPIA & YORK: Case Summary
PINNACLE MICRO: Favorable Response to Plan
PREMIER LASER SYSTEMS: Report for Quarter Ended June 30

SCARSDALE REALTY: Case Summary & 20 Largest Creditors
SCOOP INC: Taps Lobel & Opera, General Insolvency Counsel
SEARCH FINANCIAL: Responds to Action Against Officers
SHOPPING.COM: Out of Money- Wants to Raise $26 Million
WESTMORELAND COAL: Funds Prefer Dismissal To Conversion


                   *********


AHERF: Taps Hunter & Associates
--------------------------------
On August 27, 1998, Allegheny Health Education & Research
Foundation (AHERF) won court approval to retain consulting
firm Hunter & Associates Management Services Inc. of St.
Petersburg, Fla. While initially opposing Hunter's
retention, the creditors' committee withdrew its opposition
after AHERF limited the management consultant's retention
to provide for termination upon the sale of the health
system's Philadelphia-area hospitals.

The committee continues to oppose the health system's
proposed retention of Deloitte & Touche Consulting Group
LLC. At AHERF's request, the U.S. Bankruptcy Court in
Pittsburgh put off the hearing on Deloitte's retention
until Sept. 4. (The Daily Bankruptcy Review and ABI
Copyright c September 2, 1998)


AHERF: Committee Calls for Independent Oversight of
Bankruptcy Case
---------------------------------------------------
The Committee for the University, an organization
representing the faculty, students and alumni of Allegheny
University of the Health Sciences, presented several
resolutions to the board yesterday calling for an
independent committee of the board to oversee the
relationship between the university and its controlling
member, Allegheny Health, Education and Research Foundation
(AHERF) and for an investigation by the state attorney
general and an independent examiner of the bankruptcy court
into alleged inappropriate transfer of funds and loan
transactions to AHERF executives. AHERF filed for
bankruptcy earlier this summer.


AMERICAN RICE: Hearing on Relief From Stay
------------------------------------------
A hearing will be held on September 21, 1998 on the motion
filed by Rice Milling & Trading Investments, Ltd., ("RMTI")
seeking relief from the automatic stay in the case of
American Rice, Inc., debtor.

RMTI initiated litigation in the US District Court for the
Southern District of Texas, Houston Division, against
American Rice, Inc. and others.  Various counterclaims were
filed thereafter. RMTI is seeking actual damages in excess
of $23,400,000 including damages, interest and all other
relief to which it is entitled.


AMERICAN RICE: Meeting of Creditors
-----------------------------------
A petition for Chapter 11 reorganization was filed in the
case of American Rice Inc. and subsidiaries on August 11,
1998 in the U.S. Bankruptcy Court for the Southern District
of Texas.  A meeting of creditors is scheduled for
September 18, 1998.


BRUNO'S: Albertson's Outbid Kroger for 15 Locations
---------------------------------------------------
In the Albertson's vs. The Kroger Company continuum, it is
Albertson's on top, in more than one respect. First it
bumped Kroger out of the top spot of US supermarket chains
with its proposed merger with American Stores, and then it
outbid its rival to buy 15 Bruno's locations sold in
connection with Bruno's Chapter 11 case. The price for the
15 locations - $46.9 million, consisting of $35.9 million
for non-inventory assets and $11 million for inventory. The
winning bid was an increase of $1.5 million over the
initial offer. (F&D Reports 2-Sept-98)


CALDOR: Extensions of Exclusive Periods
---------------------------------------
The Caldor Corporation, which has been languishing in a
Chapter 11 reorganization proceeding since September 1995,
has asked for and received, a six-month extension of its
exclusive periods to propose a plan of reorganization and
then solicit acceptances. The extensions run through March
1 and April 30, 1999, respectively, and were supported by
all creditor constituencies. (F&D Reports 2-Sept-98)


DOEHLER-JARVIS: Hearing to Consider Confirmation of Plan
--------------------------------------------------------
The debtor, Doehler-Jarvis, Inc. published a notice in The
Wall Street Journal on September 2, 1998 notifying holders
of claims against or interests in the debtors that the
court approved the Disclosure Statement for the Debtors'
Plan and that the Confirmation Hearing will be held on
October 14, 1998.


DOW CORNING: Given Until Sept. 9 to Hammer Out Details
------------------------------------------------------
A federal bankruptcy judge has given attorneys in the Dow
Corning Corp. breast-implant case until Sept. 9 to hammer
out final details of a proposed $3.2 billion settlement.

In setting the deadline today Judge Arthur Spector
expressed disappointment that the company and lawyers for
170,000 women have yet to finalize the deal announced in
outline form in July.

Last week Spector learned the deal was in trouble. A court-
appointed mediator told the judge talks were moving slowly,
threatening Dow Corning's effort to emerge from Chapter 11
bankruptcy and the women's demands
for product liability  payments.

Spector wants women claimants - who blame the company's
silicone-gel implants for serious illnesses and disorders -
to vote on a final plan as soon as possible.

The judge had called all attorneys in the case to his Flint
courtoom today to discuss the pace of negotiations and
threatened to disclose details of the so-far, closed-door
discussions. But several attorneys did not show up, blaming  
the strike against Northwest Airlines for upsetting travel
plans.

Spector could disclose the details at next week's hearing
if the two sides fail to reach a final agreement.


FRETTER: Global Settlement Must Be Modified
-------------------------------------------
A key condition in the global settlement between Fretter,
Dixons U.S. Holdings Inc., and others will not be met, and
the parties plan to seek approval to modify the agreement.  
While the condition required Fretter's unsecured creditors
to receive 45 cents on the dollar as part of the
settlement, "that doesn't appear to be something that can
be satisfied," a source said.  The court will hear the
motion to modify the deal in October. (Federal Filings Inc.
2-Sept-98)


GEOTEK: $1.2M License Sale To Industrial Gets Nod
-------------------------------------------------
Geotek Communications Inc.'s $1.2 million sale of certain
Federal Communications Commission licenses to Industrial
Communications & Electronics Inc. has received court
approval. In April, Geotek agreed to sell Industrial two,
900 MHz, 10-channel trunked specialized mobile radio
licenses the company had purchased from the FCC. "The
Debtors are receiving fair consideration in the form of
cash for the FCC licenses they are selling, and do not
believe they would be able to obtain any greater or more
immediate value by attempting to sell their FCC licenses to
another party," Geotek said. (The Daily Bankruptcy Review
and ABI Copyright c September 2, 1998)


GRAND UNION: Embarks on Capital Development Plan
------------------------------------------------
The Grand Union Company, which emerged from bankruptcy last
week, believes it is now financially stronger than at any
time in the past ten years. It has cut some $600 million in
high-cost debt from its balance sheet, reducing annual
interest payments by about $72 million. The Company will
now embark on a capital development plan with the
construction of new stores, store renovations and
enlargements of existing locations. Plans call for six to
eight new stores each year, and the annual refurbishing of
15 to 17 stores over the next five years. In a positive
sign, despite undergoing a major restructuring during its
entire first quarter, Grand Union narrowed losses to $60.6
million in the three-month period ended July 18, compared
with a loss of $79.2 million a year earlier. The latest
quarter's income includes a one-time expense for its
bankruptcy filing of $4.5 million and a charge of $1.7
million related to debt refinancing. (F&D Reports 2-Sept-
98)


HOMEOWNERS MORTGAGE: Seeks to Extend Exclusivity Periods
--------------------------------------------------------
Homeowners Mortgage & Equity, Inc., debtor, files a motion
to extend exclusivity periods.  The debtor's exclusive
period for filing a plan of reorganization will expire on
September 1, 1998.

It is not possible for the debtor to finalize its
discussions and any related negotiations with the
interested entities and file a plan prior to September 1,
1998.

The entities are in the process of conducting due diligence
and negotiations will need to occur after completion of due
diligence.  The debtors also refer to the size and
complexity of the case, and the fact that only four months
have elapsed since the Petition Date. The debtors are
seeking an extension of 65 days, to November 5, 1998 in
order to allow sufficient time for the completion of
discussions and for the debtor to file a plan.  The debtors
are seeking 65 days to January 4, 1998 to solicit
acceptances thereto.


ITALIAN OVEN: Three Restaurants Close
-------------------------------------
Three Italian Oven restaurants that went out of business
over the weekend employed about 100 people, according to
company consultant Chuck Zegelbone. The company plans to
ask the 11 remaining Italian Ovens in the region, all
operated by franchisees, to try to find positions for the
affected workers, he said.

The three shuttered locations - in Edgewood, North
Huntingdon and Greensburg - all were company-owned and
losing money, Zegelbone said. Italian Oven, which at its
peak had more than 100 restaurants, currently has 28  
franchised locations and one company-owned restaurant in
six states.

Founded in Latrobe in 1989, Italian Oven filed for Chapter
11 bankruptcy protection in October 1996, less than a year
after going public. The company's assets subsequently were
sold to a Minneapolis-based investment firm.


KIA MOTORS: Ford Still Interested - Debt Too High
-------------------------------------------------
Ford Motor Co. said Tuesday it remains interested in buying
Kia Motors Corp. and its affiliate Asia Motors Corp. , but
the bankrupt South Korean firm's debt must be trimmed
first.

Kia earlier said an auction for the automaker had been
aborted because all bidders failed to meet conditions of a
sale. Ford and three South Korean automakers -- Hyundai
Motor Co. Ltd. , Daewoo Motor Co. Ltd. and Samsung Group  
affiliate Samsung Motors Inc. -- submitted bids for Kia in
August and the winner was supposed to be announced Tuesday.

Ford spokesman John Spelich said "Further reduction of the
debt is an absolute key aspect to this whole thing. That
was one bit of unanimity amongst the bidders."

He said Ford remains interested in buying Kia under the
right circumstances because it would give the U.S.
automaker a stronger entry into the Korean market, where
its sales are weak, and provide the ability to make low-
cost cars to sell in Asia.

Ford sells the Kia-made Ford Aspire/Festiva small car in
Asia, Spelich noted.  Kia spokesman Geno Effler said all
four bids required Kia's creditors to  write off some of
the combined 12.84 trillion won ($9.8 billion) in
liabilities at Kia and Asia Motors, something the creditors
have resisted. Also, Ford and Hyundai bid less than the
minimum required bid.

The creditors had offered lower interest rates and a longer
repayment period on the debt. Ford, which along with its
Japanese affiliate Mazda Motor Corp. owns 16.9 percent of
Kia, and the other bidders say that is not good  
enough.

Effler said Kia's main creditor, Korea Development Bank,
and the bidders would try to settle on Sept. 10 how much of
the debt would be written off. A second round of bids is
tentatively scheduled to be submitted by Sept. 21 and  the
winner would be announced five days later.  
(Reuters:Financial-09/01/98)


MEDNET, MPC CORPORATION: Joint Plan Confirmed
---------------------------------------------
On August 12, 1998, the  Honorable  Linda B. Riegle of the
United States  Bankruptcy  Court for the District of Nevada
entered an Order Confirming Debtor's  First Modified  Joint
Plan of  Reorganization. The Order confirmed the Joint Plan
of Reorganization Under Chapter 11 of the  Bankruptcy
Code, as amended, dated July 1, 1998 of Mednet,  MPC  
Corporation,  Medi-Mail, Inc., Medi-Claim, Inc. and Medi-
Phar, Inc., debtors.

The Plan provides for the division of holders of claims and
interests into eleven classes.  Claims that are entitled to
priority under Sections 507(a)(2)through (7) and (9) of the
Bankruptcy  Code are classified as Class 1 Claims. Secured
claims of Foothill Capital Corp. are classified as
Class 2 Claims.  The claims of other secured creditors are
classified as Class 3 Claims.  The claims asserted by
Bergen Brunswig  Corporation against Mednet are classified
as Class 4 Claims.  The claims asserted by Bergen against
Medi-Mail,  Inc. are  classified as Class 5 Claims.  
Certain  general  unsecured claims are  classified  as
Class 6, Class 7, Class 8 and Class 9 Claims.  Claims
asserted by the holders of Mednet's  preferred  stock are
classified as Class 10 Claims.  Claims asserted by the
holders of MedNet's  common  stock  issued and outstanding  
prior to July 31, 1997 are classified as Class
11 Claims.

Holders of Class 1 Claims shall be paid the "Allowed  
amount" (as such term is defined in the Plan) of such
claim,  including all  applicable  interest and other  
charges  to which  the  holder of such  claim may be  
entitled  under applicable  law or  contract,  to the  
extent  permitted  under  the  applicable provision of
Section 507(a) of the Bankruptcy  Code, in cash in
accordance  with the Plan.

Pursuant to an agreement between the Debtors and  Foothill,  
Foothill has agreed to accept a cash  payment of  
$1,058,575  (of which  $21,575  will be remitted by
Foothill to Bergen) in full satisfaction of the Class 2
Claims.

Holders  of Class 3 Claims,  at the option of the  
applicable  Debtor, shall either (i) be paid in full in
cash the  "Allowed  amount" of such claim in full  
satisfaction  and discharge of such creditor's lien, (ii)
receive deferred cash payments  totaling the "Allowed  
amount" of such claim of a value as of the effective date
of the Plan  at least equal to the value of such creditor's
interest in the Debtor's property securing such claim, and
shall retain the lien on its collateral  securing such
claim until paid as provided in the  Plan  or  (iii)  will  
receive,  pursuant  to  abandonment  by the  Debtor,
possession  of and the right to foreclose  its lien on the  
collateral  securing such  claim.  The Debtors  have  
estimated  that the members of this Class will
receive  payment of 100% of the present value of their
"Allowed  Secured Claims" as such term is defined in the
Plan.

The pre-petition claims  (Class 4 Claims) of Bergen  
against  Mednet shall be treated in accordance  with the
provisions of Article 4.04 of the Plan. Mednet and Bergen
shall enter into an acquisition agreement whereby Bergen
shall acquire all of the New Common Stock of Mednet as of
the  Effective  Date. Fifty percent of the total pre-
petition  claims of Bergen against all of the Debtors
shall be canceled in exchange for issuance of the New
Common  Stock in Mednet.  The remaining 50% of Bergen's  
pre-petition claims against Mednet shall be
discharged.

The Debtors shall make a non-interest bearing, non-
recourse, subordinated promissory note in the  principal  
amount of $1.25  million for the  benefit of the  Trustee
of a trust which will be created upon the Effective Date
and out of which the distributions to creditors  will be
paid.  Holders of Class 6, Class 7, Class 8 and Class 9
Claims generally  shall share pari passu and pro rata in
the payments under the Note and the Set Aside  Amount (as
defined in the Plan) in accordance with the Plan.

All preferred stock of Mednet shall be canceled and be of
no further force and effect. Holders of Class 10 Claims
shall receive no distribution under the Plan unless  
Classes  having  priority over such interests have been
paid in full.  Once prior Classes have been paid in full,  
members  of Class 10 shall receive all remaining property
of the Debtor's estate until paid in full.

All of the equity securities of the Debtors issued and  
outstanding prior to July 31, 1997 shall be canceled,  
extinguished  and of no further force and effect as of the
Effective  Date of the Plan.  On the Effective Date of the
Plan, Bergen  will loan Mednet an  additional  $250,000  
which will be used by Mednet as consideration by Mednet to
purchase 100% of the common stock issued by Medi-Claim,
Inc., Medi-Phar, Inc. and Medi-Mail, Inc. pursuant to the
Plan.

Except for certain claims identified in the Plan, all
payments will be made to creditors out of the Liquidating
Trust. The Liquidating Trust shall take title to all pre-
petition causes  of action of the  Debtors  and the Note.  
In accordance with the Plan, the Liquidating Trust shall
also take title to certain pre-petition  accounts  
receivable  of the Debtors.  The official  committee of
general  unsecured  creditors  of the Debtors,  which  
committee  was  appointed pursuant to Section 1102 of the  
Bankruptcy  Code,  will designate or act as the
trustee of the  Liquidating  Trust.  $250,000 of the Note
will be prepaid by the Debtors under the Plan.

All  of the  Old  Common  Stock  of  Mednet  shall  be  
canceled, extinguished  and of no further force and effect
as of the Effective Date of the Plan.  Mednet will issue
1,000 shares of common stock pursuant to the Plan to
Bergen.  No shares of New Common Stock will be reserved  
for future issuance.


MEGO MORTGAGE: Files Report for Quarter Ended May 31, 1998
-----------------------------------------------------------
Mego Mortgage Corp. has historically operated on a negative
cash flow basis.  During the years ended August 31, 1996
and 1997 and the six months ended February 28, 1997 and
1998, the Company, primarily due to a substantial increase
in loans originated and sold, used $15.3 million, $70.4
million, $39.6 million and $59.5 million of cash,
respectively, principally funded from borrowings.

As a result of a $32.5 million loss recognized by the
Company for the six months ended February 28, 1998, and due
to the fact that the Company was not in compliance with
certain provisions of its warehouse and other debt
agreements, the Company was restricted in its ability to
incur additional indebtedness. As a consequence of its
inability to borrow additional funds to make new loans, the
Company substantially curtailed its loan originations. Loan
originations for the three months ended May 31, 1998,
February 28, 1998, November 30, 1997 and May 31, 1997
totaled $9.9 million, $111.3 million, $199.9
million and $173.9 million, respectively.

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

http://www.sec.gov/Archives/edgar/data/0000950144-98-
010299.txt


MOLTEN METAL: Court Names Trustee Amid Loan Default
---------------------------------------------------
The court appointed a Chapter 11 Trustee for Molten Metal
after the company defaulted on its $20 million debtor-in-
possession credit facility.  The U.S. Bankruptcy Court in
Boston approved the appointment of Stephen Gray of the
Recovery Group, a Boston-based firm, as trustee last week.  
In an Aug. 21 notice of default and acceleration, lender
Morgens Waterfall Vintiadis & Co. informed the
environmental technology company of its default under the
March 3 term loan agreement due to "the inability of the
Borrowers to pay their post-petition debts as they mature."
(Federal Filings Inc. 2-Sept-98)


OLYMPIA & YORK: Case Summary
----------------------------
Debtor:  Olympia & York Maiden Lane Company LLC
         World Financial Properties, L.P.
         165 Broadway
         New York, New York 10006

Type of business: Limited Liability Company - ownership of
land and improvements comprising a multi-tenant, 43-story
office located at 59 Maiden Lane, New York, NY

Court: Southern District of New York

Case No.: 98B46167    Filed: 08/26/98    Chapter: 11

Debtor's Counsel: Paul D. Leake
                  Weil Gotshal & Manges LLP
                  767 Fifth Avenue
                  New York, NY 10153
                  (212) 310-8356

Total Assets:           $54,713,883
Total Liabilities:     $310,648,042

Unliquidated secured debt      $0          
Unliquidated unsecured debt    $0          
Liquidated Unsecured Debt      $0


PINNACLE MICRO: Favorable Response to Plan
------------------------------------------
Pinnacle Micro, Inc. filed a Form 8-K with the SEC
reporting that it has received favorable initial response
to its out-of-court, voluntary Plan of Reorganization which
was submitted to its unsecured creditors on or about July
28, 1998.  As of August 22, 1998, the initial deadline for
receipt of votes from unsecured creditors, approximately
33% of the unsecured creditors, representing approximately
31% of the total dollar amounts owed, had voted.  The
voting results were as follows: approximately 91% of the
number of creditors voting on the Out-of-Court Plan voted
in favor of the Plan, representing approximately 50% of the
dollar amount of claims voting on the Plan.  Based on
discussions between Pinnacle's management and various
unsecured creditors who have not yet voted, Pinnacle
expects to receive additional favorable votes that will add
substantially to the total dollar amount of favorable
votes.  Accordingly, Pinnacle and the Unsecured
Creditors Committee have extended the final date for
receipt of ballots to September 22, 1998.

While the results of voting on the Out-of-Court Plan are
favorable, Pinnacle has now been notified that three
unsecured claimants, one an ex-employee and two who were
previously consultants to the Company, have filed against
Pinnacle an involuntary petition in an attempt to force
Pinnacle into a Chapter 7 bankruptcy.  Pinnacle intends to
vigorously contest the involuntary filing on several
grounds and, although there can be no assurance with
respect to the outcome, believes that it will prevail with
respect to the involuntary petition.  If Pinnacle should be
unsuccessful in contesting the involuntary petition,
Pinnacle will exercise its right to convert the Chapter 7
proceeding into a Chapter 11 proceeding.  In such a
Chapter 11 proceeding, Pinnacle would immediately submit
its Chapter 11 Plan and Disclosure Statement to the
bankruptcy court.  Pinnacle anticipates that the terms of
its Chapter 11 Plan would be materially the same as the
terms of its pre-negotiated Out-of-Court Plan that has
received such a favorable response.  Pinnacle has been
advised that it could expect to obtain confirmation of its
Chapter 11 Plan approximately 120 days after the filing
of the Chapter 11 Plan, although the ability to obtain
confirmation of a Chapter 11 Plan, and the time required to
obtain the same, could be subject to many factors which
would not be in Pinnacle's control.

The current Out-of-Court Plan has the following significant
provisions:

1.   Pinnacle proposes to pay to unsecured creditors 100%
of their valid claims out of future cash flows available to
Pinnacle.

2.   No fixed payments would be required to be made to
unsecured creditors, except for a one percent (1%) annual
distribution to unsecured creditors.  Accordingly, payment
of the full amount owed to unsecured creditors, and
the time required to accomplish the same, would be
completely dependent upon Pinnacle's future available cash
flow.

3.   No interest would accrue or be paid by Pinnacle on the
amounts owed.

4.   The claims of unsecured creditors would be subordinate
to existing secured debt and any new senior debt as defined
by the plan. The total indebtedness to unsecured creditors
is approximately $17 million.

Pinnacle's secured lender has continued to cooperate with
Pinnacle since Pinnacle achieved a voluntary moratorium
with its unsecured creditors over one year ago.  Such
cooperation may, however, be discontinued by the secured
lender at any time.  Pinnacle has been engaged in
negotiations to obtain a new financing agreement with its
secured lender and, although no assurance can be
given with respect to the same, Pinnnacle believes that it
will be successful in obtaining a new financing agreement.  
If such a financing agreement is obtained, Pinnacle
anticipates that, if required, the financing agreement
would be implemented as part of the pre-negotiated Chapter
11 Plan discussed above.


PREMIER LASER SYSTEMS: Report for Quarter Ended June 30
--------------------------------------------------------
Premier Laser Systems Inc. reports to the SEC that the
company has suffered recurring losses from operations and
may continue to incur losses for the foreseeable future due
to the significant costs anticipated to be incurred in
connection with manufacturing, marketing and distributing
its products. In addition, the Company intends to conduct
continuing research and development activities, including
regulatory submittals and clinical trials to develop
additional applications for its technology. The
Company operates in a highly competitive environment and is
subject to all of the risks inherent in new business
enterprises. The Company believes that its present liquid
assets will be sufficient to meet its working capital
requirements through at least March 31, 1999.

The Company reported a net loss of ($4,745,020) on net
sales for the quarter ended June 30, 1998 of $3,481,000.
The company's net sales increased by 65% to $3,481,000 from
$2,105,000 for the quarter ended June 30, 1997.


SCARSDALE REALTY: Case Summary & 20 Largest Creditors
-----------------------------------------------------
Debtor:  Scarsdale Realty Partners, L.P.
         66 Palmer Avenue, Suite 32
         Bronxville NY 10708

Type of business: Owns Building and Land Located at 2
Overhill Road, Scarsdale, New York

Court: Southern District of New York

Case No.: 98B2227    Filed: 09/01/98    Chapter: 11

Debtor's Counsel: Angel & Frankel, P.C.
                  460 Park Avenue
                  New York, New York 10022-1906
                  (212)752-8000

Total Assets:              $2,468,192
Total Liabilities:         $9,309,712
                                                   No. of
                                         Amount    Holders
                                         ------    -------
Fixed, liquidated secured debt        $5,301,225         1
Contingent secured debt                      $0          0
Disputed secured debt                        $0          0
Unliquidated secured debt                    $0          0

Fixed, liquidated unsecured debt        $4,008,487      33    
Contingent unsecured debt                    $0          0
Disputed unsecured debt                      $0          0
Unliquidated unsecured debt                  $0          0

No. of shares of preferred stock              0          0
No. of shares of common stock               None  

20 Largest Unsecured Creditors:

   Name                              Nature         Amount
   ----                              ------         ------
Overhill Realty LLC           Promissory Note    $3,500,000                     
Brozman-Archer Realty         Management Fees   $36,624;
                                                $4,685
Eric Goldschmidt              Trade             $25,595
Control Services              Trade             $23,377
Accor North America           Trade             $22,700
Fawn Heating & Cooling        Trade              $4,981
Every Supply Co.              Trade              $4,948
Gellis & Mellinger            Trade              $4,894
Arco Elevator                 Trade              $3,425
Quality Mechanical Plumbing   Trade              $2,493
Suburban Carting              Trade              $2,284
Mintz Rosenfeld & Co.         Trade              $1,815
Takekozu Ianaba               Trade              $1,600
Crest Electric                Trade              $1,307
Dominic Arena                 Trade              $1,307
Eastern Uniform Serv          Trade              $1,090
Fleetwood Lock                Trade              $1,078
Westchester County Dept.      Trade              $1,000
Aligned right                 Trade                $763
Intercounty Contracting       Trade                $731


SCOOP INC: Taps Lobel & Opera, General Insolvency Counsel
---------------------------------------------------------
Scoop, Inc., fka Karlsson-Del Ray Communications, Inc., and
NewsMakers Information Services, Inc. will file its
application for authority to employ Lobel & Opera PC as
General Insolvency Counsel.


SEARCH FINANCIAL: Responds to Action Against Officers
-----------------------------------------------------
Search Financial Services Inc., responds to the emergency
motion of hall Phoenix/Inwood Ltd. for permission to pursue
causes of action against the officers and directors of
Search Financial Services Inc.

Hall/Phoenix is seeking permission to pursue actions to
recover on the Director Notes; to pursue actions for
declaratory judgment that the directors notes have not been
released; and an order requiring the debtors to pay the
premium necessary to keep the D&O policies in effect.


The debtor states that Hall/Phoenix is inaccurate in most
of its allegations, and that pursuing these claims through
litigation will be disruptive and not in the best interest
of the estate.


SHOPPING.COM: Out of Money- Wants to Raise $26 Million
------------------------------------------------------
Internet retailer Shopping.com. It is going to the well
once again. It's out of money and wants to raise another
$26 million to stay in business through January 1999,
according to a filing it made with the SEC. The Company is
looking to raise the cash with a private placement
offering. (F&D Reports 2-Sep-98)


WESTMORELAND COAL: Funds Prefer Dismissal To Conversion
-------------------------------------------------------
For once, Westmoreland Coal and the United Mine Workers of
America Pension and Benefit Funds are sitting on the same
side of the fence: they both oppose the equity committee's
bid to convert the case to a Chapter 7 liquidation.  Not
yet willing to completely endorse the company's bid to
dismiss the case, the funds have asserted that "conversion
is plainly inappropriate, and that dismissal only should be
considered on a much fuller record that includes proof of
the Debtors' factual allegations, and with substantial
restrictions and conditions." (Federal Filings Inc. 9-Sept-
98)

                   *********

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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.  ISSN 1520-9474.  
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