TCR_Public/980909.MBX      T R O U B L E D   C O M P A N Y   R E P O R T E R
     
       Wednesday, September 9, 1998, Vol. 2, No. 176

                        Headlines

ALLEGHENY HOSPITAL: Group Forums to Help Mold Business Plan
ALLEGHENY HEALTH: Asks Court for Permission to Use Web Site
BARNEY'S, INC.: Committee Pegs Value at $325 Million
BONNEVILLE PACIFIC: Trustee Resolves Confirmation Objection
CHERRY COMMUNICATIONS: Court Confirms Resurgens' Plan

HALLA GROUP: Rothschild Looks Like Successful Bidder
HILLS STORES: DDJ Capital Trims Equity Stake to 8.3%
LIVENT, INC: Shareholders' Class Action Suit Filed
McGINNIS GLOBAL: Case Summary & 20 Largest Creditors
MOBILEMEDIA CORPORATION: Court Grants Arch Bid Protections

MONTGOMERY WARD: Rolling Out New $10 Million Ad Campaign
NEWMONT MINING: SVP & CAO Kurlander Acquires Shares
NEWMONT MINING: VP & General Counsel Hansen Acquires Shares
OLYMPIA & YORK: Auction Underway for 59 Maiden Lane
OLYMPIA & YORK: September 30, 1998 Bar Date Established

RUSSIA VALUE: Case Summary & 20 Largest Creditors
SALANT CORP.: DDJ Capital Sells Shares in July & August
STAR NEWCO: Case Summary & 20 Largest Creditors
THORN APPLE: DDJ Capital Lightens Stake by 15%
WET SEAL: Craig A. Drill Discloses 14.7% Equity Stake

                        *********

ALLEGHENY HOSPITAL: Group Forums to Help Mold Business Plan
-----------------------------------------------------------
The Committee for the University, the organization
representing the faculty, students and alumni of Allegheny  
University of the Health Sciences, is conducting a series of
group forums to discuss issues critical to the restructuring
plan of the University as a financially independent
institution.  The private forums provide an opportunity
for the entire University, as well as hospital buyers,
creditors, and members of the University's board, to observe
the proceedings and participate in the discussions leading
to a viable restructuring.  The forums have been scheduled
to run from Thursday, September 3rd, continuing through the
long Labor Day weekend, ending Tuesday, September 8th.
Topics to be discussed include:

     * Basic Mission and Architecture of the New University;
     * Interschool Relationships;
     * Individual School Operations; and
     * Central University Operations and Finances.

Results of the forums will be used by the Committee for the
University and its reorganization plan advisors, the
consulting firm of Hamilton, Rabinovitz & Alschuler, Inc.
(Hamilton Group), to develop a unified business plan.  The  
Hamilton Group has been asked to provide by early September
preliminary projections for independent operations of the
core University functions.  These will be reviewed by all
the groups which comprise the Committee, and a final  
plan will be developed.  Negotiations will then be held with
the University administration to develop a jointly supported
plan to operate the University on a financially sound basis.

         What is The Committee for the University?

The Committee for the University was organized to formulate
a plan for the reorganization of the University to bring it
out of its bankruptcy proceedings as an independent,
financially viable university of the health sciences.  The
University was put into Bankruptcy in the federal Bankruptcy
Court in Pittsburgh by Allegheny Health, Education and
Research Foundation  (AHERF), in connection with the
bankruptcy of all of the other AHERF hospital and medical
affiliates in Philadelphia.

Although the hospital properties of AHERF in Philadelphia
have been offered for sale in the bankruptcy proceedings,
the academic properties of the University  are not currently
up for sale.  The Committee is working closely with the  
University to develop a unified business plan for financial
restructuring and  to satisfy the claims of creditors,
including the creditors of other AHERF units whose
indebtedness was guaranteed by the University, to present to
the Bankruptcy Court when the hospitals are sold, as early
as mid-October.


ALLEGHENY HEALTH: Asks Court for Permission to Use Web Site
-----------------------------------------------------------
Attorney Lee Powar of Hahn, Loeser & Parks, Cleveland, who
represents Allegheny Health, Education and Research
Foundation in its chapter 11, said he has asked Bankruptcy
Judge M. Bruce McCullough to allow the opening of a web site
to keep everyone informed of the complications of this case,
The Philadelphia Daily News reported.  A hearing is
scheduled for September 14.  The health system filed chapter
11 this summer and listed more than $1.3 billion in debt.  
(ABI 08-Sep-1998)


BARNEY'S, INC.: Committee Pegs Value at $325 Million
----------------------------------------------------
The creditor-assisted reorganization plan and disclosure
statement for Barney's Inc. estimate the company's
reorganization value at about $325 million.  The creditors'
committee's financial advisor, Peter J. Solomon Co., used a
discounted cash flow analysis to determine the retailer's
going concern value, which assumes a projected average exit
credit facility revolver balance for the subsequent 12
months of $70.3 million, including $3.5 million of cash at
emergence from bankruptcy.  In reaching the assumed equity
value of $194.5 million, the firm assumed that the emerging
company's debt would total about $128.5 million in addition
to $2 million of new preferred stock at emergence.  (ABI &
Federal Filings, Inc. 08-Sep-1998)


BONNEVILLE PACIFIC: Trustee Resolves Confirmation Objection
-----------------------------------------------------------
On August 14, 1998, C. Derek Anderson, who, directly or  
indirectly, holds or controls  more  than  1,800,000 shares  
of Bonneville Pacific Corporation common stock and claims in  
Classes 5, 6 and 9, which in the aggregate total more than
$900,000.00, interposed three Objections to confirmation of
the Trustee's Proposed Plan of Reorganization dated April
22, 1998, as amended:

    (1) As a matter of law, Anderson said, equityholders are
        an impaired class under the Plan and, as such, are
        entitled to vote on the Plan pursuant to 11 U.S.C.
        Section 1124;

    (2) As a matter of law and fact, Anderson argued, the
        shares of Bonneville common stock held by Portland
        General and the Trustee, totalling more than
        11,000,000 shares of Bonneville common stock, must
        be classified separately from those of other  
        equityholders for purposes of voting on the Plan
        pursuant to 11 U.S. C. Section 1122; and

    (3) Anderson asserted that the Disclosure Statement
        demonstrates that the Plan is not feasible and,
        therefore, the Plan is non-confirmable under 11
        U.S.C. Section 1129(a)(11) because:

       (a) The Plan, contrary to the law as explained in In
           re New Valley Corp., 168 B.R. 72 (Bankr.D.N.J.
           1994), the Trustee proposes to pay from the
           Debtor more than $45 million in post-petition
           interest to unsecured creditors when he is not
           required to do so; and

       (b) The Plan proposes to leave the reorganized debtor
           with (i) virtually no working capital, (ii)
           requirements for substantial funds from  
           financing, and (iii) guarantees on subsidiary
           indebtedness of almost $30 million.

Anderson asked the Court, if it were to disagree and decide
to confirm the Plan as proposed by the Trustee, to in the  
alternative, order that all monies earmarked for the payment
of post-petition  interest to Classes 1-4 (in excess of $45
million) be set aside in a Court controlled and interest  
bearing escrow account pending final resolution of the  
post-petition interest issue on appeal.

                         *   *   *

To avoid a contested Confirmation Hearing, and the expense
and risk associated  therewith, and to resolve all other
disputes between the Estate and Anderson, on August 20, 1998
the Trustee and Anderson entered into a Stipulation,
resolving, inter alia, Anderson's objections to the Plan.  

The Stipulation  provided that Anderson withdraw his
objections and consent to Confirmation.  The Stipulation
also provided that Anderson change his votes so that instead
of voting to reject the Plan, Anderson votes to accept the
Plan, so that Class 11 (equity interests) will clearly have
voted to accept the Plan (with almost 90% of all voted
shares in favor of the Plan).  

The Stipulation also provided for a resolution of several  
other disputes between the Estate and Anderson:

    (a) Anderson will dismiss with prejudice the appeal of
        Anderson v. Halcyon, United States District Court
        for the District of Utah, Case No. 2:98-CV-00382;

    (b) Anderson waives any "substantial contribution"     
        claim or claims for post-petition interest or
        attorneys' fees; and  

    (c) Anderson waives any claim for reconsideration of the
        December 9, 1997 order of the Bankruptcy Court
        "Denying the Substantial Contribution Claim of the
        Official Bondholders' Committee and Others";

    (d) The Trustee will pay Anderson $150,000.00 at the
        Plan's Distribution Date; and

    (e) the Trustee will select, pursuant to Article 5.1(a)
        of the Plan, Harold H. Robinson, III as a member of
        the board of directors of the Reorganized Debtor.

                         *   *   *

With this Stipulation in place, the Bankruptcy Court entered
its Order Confirming the Trustee's Plan August 26, 1998.

In a Schedule 13D filed with the SEC last week, Anderson and
his affiliates indicates that he holds a 13.5% equity stake
in the Reorganized Debtor.


CHERRY COMMUNICATIONS: Court Confirms Resurgens' Plan
-----------------------------------------------------
World Access, Inc. (Nasdaq: WAXS) announced that the United
States Bankruptcy Court of the Northern District of
Illinois, Eastern Division, confirmed the Plan of
Reorganization of Cherry Communications Incorporated, d/b/a
Resurgens Communications Group.  The Plan incorporates the
terms of the definitive agreement entered into earlier this
year by World Access to acquire Resurgens, a facilities-
based provider of international network access.

Steven A. Odom, Chairman and Chief Executive Officer, said
"The confirmation of the Plan satisfies a significant
condition to the consummation of the Resurgens acquisition,
which is expected to occur in the near future.  This
acquisition will uniquely position World Access to offer
telecommunications service providers a complete network
solution, including proprietary equipment, planning and
engineering services and access to international long
distance.  The international network access offered by
Resurgens is a critical element of new and expanded networks
currently being planned or implemented by many of our
customers.  World Access is beginning to realize significant
synergies as a result of the Resurgens acquisition,  
including equipment sales to Resurgens customers, potential
joint ventures with international PTTs and CLECs, and
carrier service revenues form World Access equipment
customers."

John D. Phillips, Chairman and Chief Executive Officer of
Resurgens, commented, "We are extremely pleased that
Resurgens' creditors have embraced our plan of
reorganization, an integral part of which is the merger with
World Access.  We have rebuilt Resurgens' operating network
and implemented new, reliable billing systems and a 24-hour
7-day Network Operations Center.  Competitive, dedicated
bandwidth and transit agreements are now in place to carry
traffic to all key regions of the world and Resurgens is now
carrying extensive international traffic for WorldCom and
numerous other long-distance companies."

World Access, Inc. develops, manufactures and markets
wireline and wireless switching, transport and access
products for the global telecommunications markets. The
Company's products allow telecommunications service
providers to build and upgrade their central office and
outside plant networks in order to provide a wide array of
voice, data and video services to their business and
residential customers. The Company offers digital switches,
billing and network telemanagement systems, cellular base
stations, fixed wireless local loop systems, intelligent
multiplexers, microwave and millimeterwave radio systems and
other telecommunications network products. To support and
complement its product sales, the Company also provides its
customers with a broad range of design, engineering,
manufacturing, testing, installation, repair and other
value-added services.


HALLA GROUP: Rothschild Looks Like Successful Bidder
----------------------------------------------------
Creditors of the insolvent Halla Group which owns Korea's
biggest auto component manufacturer, appear likely to accept
an offer by Rothschild, Inc., to buy four of the group's
companies for $1.8 billion, according to a report from The
New York Times and Bloomberg News, citing Korea Exchange
Bank -- one of Halla's biggest creditors -- as its source.  

The Times and Bloomberg suggest that a successful turnaround
at Halla could lead to more business for Rothschild and
other international banks that specialize in mergers and
acquisitions.  It could also relieve burdens at Korean
banks, the Times and Bloomberg said, which have not received
interest payments for at least 6 months on 10% of their
loans because of a deepening recession in South Korea.  

The report indicates that Rothschild has asked Korean
creditors, in exchange for a one-time $1.8 billion payment,
to write off approximately 62% of the debt owed by the four
Halla companies.


HILLS STORES: DDJ Capital Trims Equity Stake to 8.3%
----------------------------------------------------
In a Form 13 filed with the SEC last week, DDJ Capital
Management, LLC, and its affiliates report their purchases
and sales (for cash or on margin through Goldman Sachs in
open market transactions) of Shares of Common Stock in Hills
Stores Corp. since June 26, 1998:

              TYPE:
              PURCHASE                      AGGREGATE
    DATE      OR SALE        SHARES             PRICE
    ----      --------       ------         ---------
    7/7/98    PURCHASE        2,500        $14,656.25
    7/17/98     SALE       (190,919)     ($892,993.78)
    7/17/98   PURCHASE      190,919       $896,842.00
    7/22/98     SALE         (5,000)      ($26,936.59)
    8/6/98      SALE         (5,000)      ($19,849.32)
    8/12/98     SALE        (35,860)     ($119,589.07)
    8/13/98     SALE         (6,200)      ($19,263.37)
    8/14/98     SALE        (10,000)      ($31,886.92)
    8/24/98     SALE        (12,500)      ($35,567.55)
    8/25/98     SALE        (20,000)      ($56,274.10)
    8/26/98     SALE         (3,600)       ($9,791.67)

At August 26, 1998, DDJ discloses beneficial ownership of
869,874 Shares at a $4,804,711.28 cost basis, representing a
8.3% equity stake in Hills.


LIVENT, INC: Shareholders' Class Action Suit Filed
--------------------------------------------------
The Philadelphia-based law firm of Berger & Montague, P.C.
announced that a class action lawsuit for violations of the
federal securities laws was filed in the United States
District Court for the Southern District of New York against  
Livent Inc. (Nasdaq: LVNTF) and Garth Drabinsky and Myron
Gottlieb, who had been the Company's principal officers, on
behalf of all persons who purchased Livent common stock in a
2-1/2 year period.  The Complaint alleges that there were
"serious irregularities in the Company's financial records"
relating to "improper recognition of revenue and the failure
to record, or the improper deferral and capitalization of
expenses" which "appear to involve millions of dollars."  
Livent admitted to these improprieties in an August 11, 1998
press releases.  

According to an Associated Press report, these accounting
issues were likely to require restatement of all  of the
Company's financial results since 1995, and could "give rise
to an event of default" under some loan agreements.  
According to The Toronto Globe and Mail, after an emergency
meeting of the Company's Board of Directors on August 9,
1998, the Company suspended defendants Drabinsky and
Gottlieb from their positions.  The article reported  
that both of them, together with their personal secretaries,
were formally escorted from their offices at the Company.
The executive floor was then sealed off, with security
guards posted. Discussing these announcements, The Globe
and Mail reported that a source close to Livent termed the
Company's financial debacle "a blot on the Canadian
entertainment industry" while another stated that "Livent's
finances were a house of cards."  

The complaint further alleges that, as a result of
defendants' violations, the market price of Livent stock
during the Class Period was as high as $13.625 per share.
Trading in Livent stock was on August 9th, and has not yet
reopened.  

The action was filed by a purchaser of Livent stock who
alleges that the market price of the Company's stock was
artificially inflated during the Class Period as a result of
these misrepresentations and omissions.  Plaintiff seeks to  
recover damages suffered by investors who bought Livent
stock between March 5, 1996 and August 7, 1998, and is
represented by the law firm of Berger & Montague, P.C.

If you purchased Livent (Nasdaq: LVNTF) common stock during
the class period March 5, 1996, through August 7, 1998,
inclusive, you may wish to join the action.  You may move
the court to serve as a lead plaintiff on or before 60  
days from August 11, 1998.  If you would like to discuss
this action or if you have any questions concerning this
notice or your rights with respect to this matter, you may
contact: Sherrie R. Savett, Esq.; or Arthur Stock, Esq.,
Berger & Montague, P.C., 1622 Locust Street, Philadelphia,
PA 19103. Berger & Montague, P.C., offers a Web site at
http://home.bm.netproviding additional information about  
the Firm.


McGINNIS GLOBAL: Case Summary & 20 Largest Creditors
----------------------------------------------------
Debtor:  McGinnis Global Fund, Ltd.
         700 St. Mary's Street, #1900
         San Antonio, TX 78205

Type of Business: Private investment fund

Court: Western District of Texas, San Antonio Division

Case No.: 98-54078  Filed: August 24, 1998

Chapter: 11         Judge: Ronald B. King

Debtor's Counsel: David Graga, Esq.
                  Jeffers & Bariack
                  745 E. Mulberry, 9th Floor
                  San Antonio, TX 78212
                  (210) 736-6680

Total Assets:        $96,148,341
Total Liabilities:  $100,259,306

                                      Amount       Holders
                                      ------       -------
Contingent, disputed and
   unliquidated secured debt:      $97,347,702          6
Fixed, liquidated unsecured debt:   $2,911,605          7
Limited partners                                       37

20% Subsidiary Affiliates: None

20 Largest Secured Creditors:

   Name                              Secured    Unsecured
   ----                              -------    ---------
Bank of America                   $17,407,400   $2,984,086
Banque d'Escompre                   8,871,668    1,530,963
Citibank                           54,554,750   11,134,204
Lehman Brothers                    15,484,984    1,194,012
Merrill Lynch & Company             9,269,606              

20 Largest Unsecured Creditors:

   Name                           Nature            Amount
   ----                           ------            ------
McGinnis Advisors               Management Fees     $50,032
International Fund Admin.       Admin. Fees           6,304
Merrill Lynch & Co.             Unsettled Trades    447,906
Citibank                        Unsettled Trades    142,386
Credit Suisse First Boston      Unsettled Trades    513,823
Lehman Brothers                 Unsettled Trades    392,752


MOBILEMEDIA CORPORATION: Court Grants Arch Bid Protections
----------------------------------------------------------
Arch Communications Group, Inc. (Nasdaq: APGR) and
MobileMedia Corporation announced the approval by the U.S.
Bankruptcy Court for the District of Delaware of certain
key provisions in the definitive merger agreement between
Arch and MobileMedia announced August 20, 1998.

Specifically, the court granted MobileMedia's motion for
approval of those provisions of the merger agreements which
relate to exclusivity, break-up fees and expense  
reimbursement.  The Companies said the Court's approval of
these provisions, and MobileMedia's successful completion of
the sale of its tower assets to Pinnacle Towers, Inc.,
satisfy two material conditions of the merger agreement and
represent progress toward completion of the merger, which is
expected to close during the first quarter of 1999 subject
to satisfaction of various closing conditions.


MONTGOMERY WARD: Rolling Out New $10 Million Ad Campaign
--------------------------------------------------------
Montgomery Ward & Co. is rolling out a new, $10 million
television advertising campaign today, promising skeptical
shoppers, "We're changing everything to change your mind."
The new campaign, the second since Wards filed for
bankruptcy protection in July 1997, features man-on-the-
street testimonials about the quality and style changes
Wards is making in apparel and home furnishings, according
to an article appearing in yesterday's Chicago Tribune.  

Each spot features real consumers' reactions to Wards' new
offerings, according to the Tribune.  In the spots,
onlookers are impressed with merchandise and assume it comes
from more expensive, trendier stores.  Their surprise is
captured when they are told the items came from Wards.

Executives at DDB Needham Chicago, who created the ads,
acknowledged in an interview with the Tribune that it's a
risky approach.  Wards has only been able to completely
remodel three of its 291 stores around the country so far.
But all stores have new fall merchandise in place, and Wards
has been able to spruce up the remaining stores.

The stakes are big, the Tribune noted.  Wards needs a
successful Christmas selling season this year to narrow its
losses in 1998 and to convince creditors that its turnaround
plan is viable.


NEWMONT MINING: SVP & CAO Kurlander Acquires Shares
---------------------------------------------------
Lawrence T. Kurlander, Senior Vice President and Chief
Administrative Officer for Newmont Mining Corporation,
disclosed in a Form 4 filed with the SEC last week that he
acquired:

    (a) 3,000 shares of the Company's stock at $18.9375
        per share on August 5, 1998; and

    (b) 5,458 shares of the Company's stock at no cost on
        August 6, 1998.

These transactions bring Mr. Kurlander's interest in the
Company to 12,376 shares at August 31, 1998.

Through the Company's ESOP, Mr. Kurlander continues to hold
options entitling him to purchase 29,000 additional shares
of the Company's stock.  These ESOP-related options vest in
four equal annual installments beginning on May 19, 1999.


NEWMONT MINING: VP & General Counsel Hansen Acquires Shares
-----------------------------------------------------------
Joy E. Hansen, Vice President and General Counsel for
Newmont Mining Corporation, disclosed in a Form 4 filed with
the SEC last week that she acquired 5,185 shares of the
Company's stock at no cost on August 6, 1998.  This
transactions brings Ms. Hansen's interest in the Company to
6.182 shares at August 31, 1998.  

Through the Company's ESOP, Ms. Hansen continues to hold
options entitling him to purchase 11,250 additional shares
of the Company's stock.  These ESOP-related options vest in
four equal annual installments beginning on May 19, 1999.


OLYMPIA & YORK: Auction Underway for 59 Maiden Lane
---------------------------------------------------
In accordance with the terms of a September 1, 1998,
bidding, auction and sale procedures order entered by Judge
Garrity in the Olympia & York Maiden Lane Company chapter 11
cases pending before the U.S. Bankruptcy Court in Manhattan,
the Debtors advertised that they are accepting competitive
bids for the purchase of 59 Maiden Lane.  

Amtrust Realty Corp. has offered approximately $75,000,000
for the Property, subject to higher and better offers from
competitive bidders.  The proceeds from the sale of the
Property will be used to fund a plan of reorganization
proposed by the Debtors in their chapter 11 cases.  The
Debtors anticipate that the sale of the property will be put
before Judge Garrity at a Sale Hearing  scheduled for
October 27, 1998.  

For further information concerning bidding requirements and
auction procedures, contact Kevin F. Haggerty at 212-984-
6600 or Kennith L. Zakin at 212-984-8129.  Paul D. Leake,
Esq., at Weil, Gotshal & Manges, LLP represents the Debtors;
Daniel H. Golden, Esq., at Stroock & Stroock & Lavan
represents the public noteholders.


OLYMPIA & YORK: September 30, 1998 Bar Date Established
-------------------------------------------------------
Judge Garrity has ordered that September 30, 1998, is the
deadline for creditors of Olympia & York Maiden Lane Company
LLC and Olympia & York Maiden Lane Finance Corp. to file
proofs of claim against the Debtors' estates.  For questions
concerning the filing of proofs of claim, contact David E.
Retter, Esq., counsel to the Indenture Trustee, at 212-808-
7800.  


RUSSIA VALUE: Case Summary & 20 Largest Creditors
-------------------------------------------------
Debtor:  Russia Value Fund, L.P.
         700 St. Mary's Street, #1900
         San Antonio, TX 78205

Type of Business: Private investment fund

Court: Western District of Texas, San Antonio Division

Case No.: 98-54077  Filed: August 24, 1998

Chapter: 11         Judge: Leif M. Clark

Debtor's Counsel: David Graga, Esq.
                  Jeffers & Bariack
                  745 E. Mulberry, 9th Floor
                  San Antonio, TX 78212
                  (210) 736-6680

Total Assets:       $71,272,795
Total Liabilities:  $82,385,167
                                      Amount       Holders
                                      ------       -------
Contingent, disputed and
   unliquidated secured debt:      $75,268,986          6
Fixed, liquidated unsecured debt:   $7,116,181          4
Limited partners                                       30

General Partner: McGinnis Funds Group, LDC

20% Subsidiary Affiliates: None

20 Largest Secured Creditors:

   Name                              Secured    Unsecured
   ----                              -------    ---------
Bank of America                    $9,546,715   $3,844,067
Banque d'Escompre                   8,511,667    2,531,520
Citibank                           27,052,500   15,709,940
Credit Suisse-First Boston Corp.    5,844,164      213,660
Lehman Brothers                     2,961,390      385,799
Merrill Lynch & Company            18,977,000    5,812,769
Paine Webber Intl.                  5,336,940    1,020,580

20 Largest Unsecured Creditors:

   Name                           Nature            Amount
   ----                           ------            ------
McGinnis Advisors               Management Fees     $56,894
International Fund Admin.       Admin. Fees           4,427
McGinnis Partners Focus Fund LP Unsecured Loan    4,725,679
McGinnis Global Fund, ltd.      Unsecured Loan    2,329,181


SALANT CORP.: DDJ Capital Sells Shares in July & August
-------------------------------------------------------
In a Form 13 filed with the SEC last week, DDJ Capital
Management, LLC, and its affiliates report their sales (for
cash in open market transactions) of Shares of Common Stock
in Salant Corp. since July 9, 1998:

              TYPE:
              PURCHASE                       AGGREGATE
    DATE      OR SALE        SHARES              PRICE
    ----      --------       ------          ---------
    7/13/98   SALE          (2,000)         ($1,334.95)
    7/14/98   SALE          (5,100)         ($3,404.13)
    7/22/98   SALE         (20,000)        ($14,599.50)
    8/12/98   SALE         (24,400)        ($16,286.44)
    8/13/98   SALE         (27,500)        ($18,355.61)
    8/14/98   SALE          (9,000)         ($6,007.29)
    8/17/98   SALE         (13,000)         ($8,677.20)
    8/24/98   SALE         (12,700)         ($7,683.23)
    8/26/98   SALE         (70,000)        ($37,974.50)
    8/31/98   SALE         (10,000)         ($6,049.79)
    9/2/98    SALE          (2,300)         ($1,391.45)

At September 2, 1998, DDJ discloses beneficial ownership of
826,130 shares at a $3,008,662.42 cost basis, representing a
5.5% equity stake in Salant.


STAR NEWCO: Case Summary & 20 Largest Creditors
-----------------------------------------------
Debtor:  Star Newco, Inc.
         20 Industry Drive
         Mountainville, NY 10953

Type of Business: Manufacturer of metal fasteners and duct
                  connectors and damper hardware for air
                  conditioning units

Court: District of Delaware

Case No.: 98-2037  Filed: September 4, 1998

Chapter: 11        Judge: Walsh

Debtor's Counsel: Francis A. Monaco, Jr., Esq.
                  Walsh and Monzack
                  400 Commerce Center, Box 2031
                  Wilmington, DE 19899

Total Assets:       $10,631,232
Total Liabilities:  $10,451,707
                                      Amount       Holders
                                      ------       -------
Fixed, liquidated secured debt:     $8,468,671          3
Fixed, liquidated unsecured debt:   $1,512,939        161
Preferred shareholders             1,000 shares         1
Common shareholders                  500 shares         3

20% Shareholders:
       Dimeling Schreiber & Park Reorganization Fund, L.P.
       Mark Ellis, LLC

20% Subsidiary Affiliates:
       Star Expansion Industries, Ltd.
       Star Expansion Shields, Ltd.

20 Largest Unsecured Creditors:

   Name                              Nature         Amount
   ----                              ------         ------
Reed Smith Shaw & McClay LLP      Legal Services   $467,536
Lindberg Heat Treating            Trade Debt        307,261
Ernst & Young                     Professional Svc. 100,000
Stelwire, Ltd.                    Trade Debt         74,732
ABCO Die Casting                  Trade Debt         73,201
Cobra                             Trade Debt         70,728
Environmental Alliance            Trade Debt         60,108
Eastern Alloys                    Trade Debt         48,136
Yellow Freight                    Trade Debt         45,712
Hess & Egan                       Trade Debt         43,835
Con-Way Central                   Trade Debt         30,449
Local 445 Welfare                 Union              36,475
York Consulting                   Trade Debt         33,751
Connolly Bove Lodge Butz          Legal Services     22,965
Fastener Hardware                 Trade Debt         33,500
Alamo Learning                    Trade Debt         30,500
APA Transport                     Trade Debt         25,312
Powers Fastening                  Trade Debt         19,028
Senju America, Inc.               Trade Debt         18,641


THORN APPLE: DDJ Capital Lightens Stake by 15%
----------------------------------------------
In a Form 13 filed with the SEC last week, DDJ Capital
Management, LLC, and its affiliates report their sales (for
cash in open market transactions) of Shares of Common Stock
in Thorn Apple Valley, Inc., since June 22, 1998:

              TYPE:
              PURCHASE                       AGGREGATE
    DATE      OR SALE        SHARES              PRICE
    ----      --------       ------          ---------
    8/19/98   SALE          (55,000)      ($371,237.62)
    8/20/98   SALE          (43,500)      ($340,237.39)
    8/21/98   SALE           (2,200)       ($17,195.92)
    8/28/98   SALE           (5,100)       ($35,698.79)
    9/2/98    SALE           (2,600)       ($19,421.34)

At September 2, 1998, DDJ discloses beneficial ownership of
588,340 Shares at a $9,712,109.63 cost basis, representing a
9.6% equity stake in Thorn Apple.


WET SEAL: Craig A. Drill Discloses 14.7% Equity Stake
-----------------------------------------------------
Craig A. Drill, Craig Drill Capital, L.L.C., and Craig Drill
Capital, L.P., disclose ownership of 1,563,800 shares of
common stock issued by Wet Seal, Inc., representing a 14.7%
equity stake in the company as of September 3, 1998.

                        *********

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