TCR_Public/980915.MBX T R O U B L E D   C O M P A N Y   R E P O R T E R
   Tuesday, September 15, 1998, Vol. 2, No. 180


AHERF: Faces Philly Suit Over Taxes
AHERF: Posted Huge Losses at End of Fiscal Year in June
AHERF: Subsidiary May Join Creditors
APS HOLDING: Files Quarterly Report With SEC
CENDANT CORP: Announces Meeting With Shareholders

EATON'S: Share Price Down
EDISON BROTHERS: Quarterly Report Filed with SEC
EQUALNET COMMUNCIATIONS: Subsidiary Files Chapter 11
FPA MEDICAL: Court Denies Delay in Case

FRETTER: Jones Day Coughs Up $230,000
GENERAL WIRELESS: Plan Confirmed, Order Stayed
HOMEPLACE STORES: Takes $30M Charge to Close 10 Stores
JPE INC: Founder and Chief Executive Officer Resigns            

LEVITZ FURNITURE: Seeks Nod To Add $30M Loan To DIP Pact
LYNX GOLF: Second Bidder On Scene
MARVEL ENTERTAINMENT: Toy Biz Announces Merger Proposal
MARVEL ENTERTAINMENT: NYSE Applies for Delisting of Stock
MONTGOMERY WARD: Two Creditor Groups Considering Plan

MOTOROLA INC: Announces Revolutionary Product
ONE PRICE CLOTHING: Files Quarterly Report With SEC
PETRIE RETAIL: Has Final Nod For CIT DIP Pact, Vendor Line
PORTACOM WIRELESS: Reports Distributions Under Plan
PRESLEY COMPANIES: Report of Stock Ownership

SMITH CORONA: Report of Stock Ownership
SNAKE EYES: On the Auction Block
TANDY BRANDS: Annual Shareholder Meeting
US LEATHER: Prepares to Issue Stock                           
U.S. SUGAR: Involuntary Petition Filed
VOXEL: Securities Delisted from Nasdaq SmallCap Market

Meetings, Conferences and Seminars


AHERF: Faces Philly Suit Over Taxes
The City of Philadelphia is seeking court permission to
audit Allegheny Health Education & Research Foundation's
books and records to review the health care provider's
status as a "purely public charity" and assess its tax
obligations if Allegheny is found not to be operating as a
charitable organization.  In a complaint filed on Sept. 4,
the city asserted that it needs to conduct an audit to
determine whether Allegheny and its subsidiaries forfeited
their tax-exempt status by misusing charitable
assets. (Federal Filings Inc. 14-Sept-98)

AHERF: Posted Huge Losses at End of Fiscal Year in June
New bankruptcy court documents indicate that the Allegheny
Health, Education and Research Foundation (AHERF) and its
Philadelphia-area affiliates reported an estimated
$384.8 million in losses in the fiscal year that ended in
June, according to The Pittsburgh Post Gazette. The losses
include a $200 million one-time charge for layoffs
and other restructuring measures aimed at reducing the debt
and preparing the hospitals for sale following the July 21
chapter 11 filing. The revised loss estimates were compiled
internally and have not been certified by independent
auditors. (ABI 14-Sept-98)

AHERF: Subsidiary May Join Creditors
A subsidiary of Allegheny Health Education and Research
Foundation could end up standing in line with other
creditors owed millions by the bankrupt health care giant.
Pittsburgh-based AHERF provided malpractice and other
professional liability coverage to its hospitals and
doctors through its own insurance subsidiary, the Allegheny
Health Services Providers Insurance Co.

As an insurance company, the subsidiary, based in the
Cayman Islands, can't file for bankruptcy - it's regulated
by the state and must be liquidated if in trouble.
Attorneys for AHERF believe the subsidiary has adequate
reserves to cover future malpractice claims against its

But the hospital foundation is still analyzing the
situation. In fiscal 1997, AHERF said it spent $30 million
on self-insurance. In May of this year, it estimated that
future self-insurance liabilities arising from all its  
hospital affiliates totaled $127.5 million; AHERF has at
least $60 million of reserves to cover those liabilities,
according to Lee Powar, an attorney representing the

The issue of self-insurance arose yesterday, when U.S.
Bankruptcy Judge M. Bruce McCullough raised concerns that
malpractice suits were beginning to crowd the docket in the
bankruptcy case. Because bankruptcy blocks monetary claims  
against a debtor pending the court's review, attorneys
filing the malpractice  suits against the Philadelphia
hospitals included in the AHERF bankruptcy needed
McCullough's approval to go forward with their

Typically, malpractice suits are allowed to go ahead during
bankruptcy without court intervention because if payments
ultimately are awarded, they are made by the bankrupt
entity's insurance carrier, not the bankrupt entity  
itself. The difference in this case is that the insurer is
owned by the bankrupt entity, which is why AHERF has been
reluctant to allow the malpractice suits to continue pell-
mell until it's satisfied that it's fully studied the  

"It's like jumping off a cliff and hoping that you land on
the world's largest marshmallow," said Philip Beard, an
attorney representing AHERF. In other court action Judge
McCullough allowed the accounting concern Deloitte & Touche
Consulting Group to continue to assist AHERF in a limited
fashion -  primarily preparing bankruptcy documents and
assisting with a compilation of endowment fund records
requested by the state Attorney General.

But the issue of who will conduct a thorough review of past
financial statements and practices was put off to another
day. While not opposed to Deloitte & Touche, a committee
representing creditors believes it, and not AHERF, should
determine the selection of so-called forensic accountants
and control the scope of its examination.

AHERF maintains that the lease actually is a kind of loan
and that it, not Omega, has control over the fate of the
medical complex in the pending sale of the foundation's
eight Philadelphia-area hospitals included in the
bankruptcy  filing.(Pittsburgh Post Gazette - 09/05/98)

APS HOLDING: Files Quarterly Report With SEC
APS Holding Corporation reports in its quarterly report
filed with the SEC for the period ended July 25, 1998, that
Net sales for the three months and six months ended July
25, 1998 decreased $44.8 million or 20.3% and $94.8 million
or 21.9%, respectively, from the corresponding periods of
the prior fiscal year. Such decrease was primarily
attributable to facility closures and one less week
included in Fiscal Year 1999 operating results as well as a
decrease in sales from the Company's traditional
businesses (i.e. distribution centers and Big-A Company-
owned stores). The Company's Big-A and Big-A Express same
store sales for the three months and six
months ended July 25, 1998 decreased 7.4% and 8.0%,
respectively, due to increasing competitive pressures and
to the effects of the Chapter 11 Proceedings.

Net loss for the three months and six months ended July 25,
1998 was $25.5 million and $47.0 million, respectively,
compared to a net loss of $9.7 million and $10.6 million,
respectively, for the corresponding periods of the prior

CENDANT CORP: Announces Meeting With Shareholders
Cendant Corp., the franchiser and direct marketer
struggling to recover from accounting fraud, said it will
hold its annual meeting with investors Oct. 30.

The meeting, earlier scheduled for May 19, was postponed
after the Parsippany, N.J.-based company announced
accounting irregularities in mid-April. Investors who hold
Cendant shares as of Sept. 28 can vote at the  

Cendant owns brands such as Howard Johnson hotels and Avis
car rentals. Its empire includes the former PHH Corp. in
Hunt Valley; the O'Conor, Piper & Flynn- ERA real estate
agency in Timonium; and Providian Auto Home and Insurance
Co., which it bought from Baltimore's Aegon USA this year.

Dow Corning Corp. says no there's no connection between the
company's $3.2 billion settlement of breast implant claims
and its decision to close a silicone rubber plant in Monroe
by year end.

Shutdown of the Monroe plant, which will result in 65
layoffs, was contemplated long before Midland, Mich.-based
Dow Corning filed for bankruptcy in May 1995, according to
spokesman Kevin Wiggins.

In Monroe, employees in manufacturing, laboratory and
administrative functions will receive severance packages
and outplacement assistance. Some will be offered jobs at
other Dow Corning plants, the company said. Dow Corning
said it will sell the 45,000-square-foot industrial
building at 54 Pepper St. it has occupied since 1990.
(Copyright UMI Company Fairfield County Business-08/24/98)

EATON'S: Share Price Down
On the same day that Canadian department store chain T.
Eaton Company Ltd. reported a second-quarter loss, its
share price dropped to a record low.

The share price of the 127-year-old department store chain
was down C$0.95 to C$8.70, almost half of the company's
June, 1998 initial public offering price of C$15. The
company trades in a 52-week range of C$16.20 to C$8.70.

In June, Eaton's launched a C$175-million initial public
offering after only emerging from bankruptcy protection in
the fall.

The drop came after Eaton's reported second-quarter results
for the period ended August 15, 1998 was a C$44.0 million,
or C$2.17 per share, on sales of C$316.7 million, compared
with a loss of C$12.1 million, or C$1.50 a share, on  
sales of C$312 million. ($1=$1.52 Canadian)

EDISON BROTHERS: Quarterly Report Filed with SEC
Edison Brothers Stores Inc. filed its quarterly report with
the SEC for the period ended August 1, 1998.

Net sales for the 13 weeks and 26 weeks ended August 1,
1998 were $204.9 and $411.1 million, respectively, a
decrease of 13.4% and 10.7% from the comparable
periods of 1997. The decrease reflected an 8.2% decrease in
the average number of stores in operation between the first
half of 1997 and first half of 1998. Same-store sales
declined 7.6% and 5.0% for the 13 week and 26 week periods,

For the 13 weeks ended August 1, 1998, total comprehensive
loss was $14.8. For the 13 weeks ended August 2, 1997,
total comprehensive income was $0.2. Total comprehensive
loss for the 26 weeks ended August 1, 1998 and August 2,
1997 was $37.1 and $16.9, respectively.

EQUALNET COMMUNCIATIONS: Subsidiary Files Chapter 11
Equalnet Corp., a subsidiary of Equalnet Communications
Corp., Houston, has filed for chapter 11 protection,
according to a newswire report. The filing is part of the
parent company's financial restructuring plan. Equalnet
President and CEO Mitchell Bodian said the filing will
reduce the debt burden created by the prior management but
emphasized that the holding company parent has not filed
for bankruptcy and does not plan to. Equalnet is a
facilities-based telecommunications company that provides
discounted long-distance telecommunications services.
(ABI 14-Sept-98)

FPA MEDICAL: Court Denies Delay in Case
On Thursday the U.S. District Court for the District of
Delaware denied a request by the California Department of
Corporations for an emergency court order against
FPA Medical Management Inc. to delay the company's
bankruptcy case and pursue a claim against its California
affiliate for allegedly illegally transferring money to the
parent company. In July, FPA of California and its parent
company filed chapter 11. One week earlier, regulators
filed an order against FPA of California for transferring
$32 million to the parent company earlier in the year. The
order required the state affiliate to stop using its funds
to meet the parent company's obligations.

FRETTER: Jones Day Coughs Up $230,000
While denying allegations of misconduct in a bankruptcy
case, the Cleveland law firm Jones, Day, Reavis & Pogue has
agreed to return $230,000 in fees to a client and adopt new
standards to detect possible conflicts of interest.

The settlement should close the book on a six-month
investigation by the Office of the U.s. Trustee into Jones
Day's alleged failure to properly disclose connections it
had with creditors of Fretter Inc., a Jones Day
client that declared Chapter 11 bankruptcy in 1996. A
hearing on the proposed settlement is scheduled for Sept.
10 before U.S. Bankruptcy Court Judge Pat Morgenstern-

Despite agreeing to return $230,000 it was paid by Fretter,
Jones Day says its relationships with Fretter's creditors
weren't improper and did not influence the bankruptcy case.

"Part of the motivation (for the settlement was to get this
issue out of the way and move on," said Fordham Huffman,
the Jones Day partner who represented the firm in the
matter. "We do not believe our activities were improper."

The $230,000 represents 42% of the $543,804 in fees
collected by Jones Day in the Fretter bankruptcy case
through Dec. 17, 1997. Jones Day has not filed an updated
account of its billings in the case since that date.

In addition to repaying Fretter, Jones Day has adopted a
"comprehensive policy regarding procedures to enable it to
become better aware of potential conflicts of interests so
that they may be disclosed earlier," according to a  
proposed settlement filed Aug. 11 by the U.S. Trustee.

Jones Day officials would not disclose specifics of the new
monitoring system except to say that it has been
implemented at its 10 offices in the United States.

The U.S. Trustee earlier this year alleged that Jones Day
violated the Bankruptcy Code by failing to properly
disclose legal work it did for two of Fretter's creditors,
Silo Inc. and Bankers Trust Commercial Corp.

Brighton, Mich.-based Fretter is a former retailer of home
electronic goods.  It filed for bankruptcy protection in

U.S. Trustee Donald Robiner said the settlement is a "fair

"If there's any message here, it's that (law firms) should
be more vigilant about disclosure," he said.

This marks the second time in less than a year that Jones
Day has returned fees to resolve an investigation even
though it denied any violation of bankruptcy rules.

In a case resolved late last year, the U.S. Trustee's
office in Delaware said Jones Day failed to disclose fees
it collected from Fruehauf Trailer Corp. prior to
representing the company in a bankruptcy case. Law firms
are required  to disclose all fees and legal work done on
behalf of a bankruptcy client in  the 90 days immediately
preceding a filing.

The allegations regarding Fruehauf prompted Jones Day to
withdraw from the bankruptcy case and to return $385,000 in
fees, according to a settlement reached Oct. 30, 1997, in
Delaware. (Copyright UMI Company Crains Cleveland Business;

GENERAL WIRELESS: Plan Confirmed, Order Stayed
Amid numerous objections from the Federal Communications
Commission, the U.S. Bankruptcy Court in Dallas confirmed
the reorganization plan proposed by General Wireless Inc.
and its subsidiaries on Sept. 9, but the district court
stayed enforcement of the confirmation order until Sept.
30.  The U.S. District Court in Dallas delayed the order's
execution until Sept. 30 "to protect this Court's
jurisdiction to consider the United States' motion for Stay
Pending Appeals and Renewed Motion for a Stay of the
Enforcement of the Bankruptcy Court's June 4, 1998
Judgment." (Federal Filings Inc. 14-Sept-98)

Golf Training Systems, Inc. announced that it has filed for
bankruptcy and intends to reorganize under Chapter 11 of
the bankruptcy code.

In early July, GTS announced that it was in default on a $1
million Senior Secured Note which matured on June 30, 1998.  
Since that time it has been in continuing negotiations with
its Senior Secured Lender, Meadowcroft Golf Associates,
Inc., of Westport, CT, the assignee of Mr. John H. Laeri,
Jr., under the loan agreement between GTS and Mr. Laeri
dated December 31, 1997. The loan is secured by
substantially all of the Company's operating

Early this week, while the Laeri discussions were
continuing, GTS received notice from Mr. David Leadbetter
that it is also in default under the terms of  a five year
contract that terminates on December 31, 2002 which
obligates GTS to pay Mr. Leadbetter about $144,000 a year
in minimum guaranteed royalties in  return for giving GTS
exclusive worldwide distribution rights to golf training  
aids endorsed by Mr. Leadbetter.  Mr. Leadbetter states he
is owed $48,000.

HOMEPLACE STORES: Takes $30M Charge to Close 10 Stores
HomePlace Stores Inc. took a charge of $30 million in June
related to its efforts to close 10 stores by the end of
this month. The company is closing the stores as part of
its strategy to emerge from Chapter 11 bankruptcy

About $20 million relates to the claims landlords  
of the 10 store locations may be able to make against
HomePlace due to lost rental revenue if HomePlace decides
to reject the leases on those properties,  
said  Ann Julsen, company spokesperson.

Most of the remaining charge came from the loss suffered in
the liquidation of the inventory, fixtures and equipment at
the stores. HomePlace sold the stores assets to a group of
three liquidators for about 82 cents on the dollar,
Ms. Julsen said.

When HomePlace filed for Chapter 11 last January it had 98
stores. It closed 10 stores in April and expects to exit 10
more stores by the end of August.  The size of the charge
was disclosed in U.S. Bankruptcy Court filings by HomePlace
on Aug. 10.

The big charge on the store closings made up the lion's
share of the company's total loss of $32.38 million in
June. Through the first six months of the year, the
retailer has lost $59.28 million on revenue of $192.48

There were some encouraging results in the June financial
report. HomePlace said it had an operating profit of
$551.866 in the month. In May, it reported an operating
loss of $2.1 million.

Meanwhile, HomePlace is getting ready to name a new chief
executive officer. Larry Pollock, who has been serving as
president and chief operating officer, is in negotiations
with creditors to take over the CEO slot, too.

A change in leadership could help negotiations with
creditors on a plan to repay, in part, HomePlace's $307.2
million in debt and get the retailer out of bankruptcy.
(Copyright UMI Company Crains Cleveland-08/24/98)

JPE INC: Founder and Chief Executive Officer Resigns            
Dr. John Psarouthakis, founder and chief executive of JPE,
Inc. has resigned as an officer and director of the

JPE was founded to acquire businesses with the opportunity
for growth in the auto and truck industries. Since 1996,
JPE has experienced a succession of operating problems in
the acquired companies that caused losses and ultimately  
an inability to meet bank loan covenants. Several key
management changes were made; and after substantial efforts
by JPE management and employees, and the write-down of
JPE's Canadian investment, the main operating difficulties
of the  domestic business units have been significantly
resolved and the operations are on the path to
profitability and increased value.

As indicated in prior announcements, the company has been
in negotiations with its senior bank lenders in connection
with outstanding indebtedness.

For several months, management has tried to develop a
program that would restructure the bank debt so that value
could be preserved for the shareholders. We have submitted
proposals to the banking group that we believe would result
in the maximum recovery for the lenders and other
creditors, while benefiting shareholders, customers and
employees. Despite these efforts, we have been unable to
convince the bank group to ease the pressure on the  
company. I do not believe that I can make a constructive
contribution to the company under those conditions and,
therefore have resigned as chief executive officer and

LEVITZ FURNITURE: Seeks Nod To Add $30M Loan To DIP Pact
Levitz is seeking court authorization to amend its $260
million debtor-in-possession credit agreement to borrow up
to $30 million under a second term loan from Silver Oak
Capital LLC and pay down a portion of the revolver.  "The
increased availability under the Revolving Line of Credit
will enable the Debtors to continue implementing their
short term business plan; assure that they have the
requisite inventories for the upcoming fall selling season;
facilitate the efforts to realize value for the Debtors'
estates; and react to unexpected contingencies which
arise on occasion in a large chapter 11 case," the
furniture retailer said.  Silver Oak committed to provide
about $36.4 million under the original term loan. (Federal
Filings Inc. 14-Sept-98)

LYNX GOLF: Second Bidder On Scene
Morton Grove, Ill.-based TearDrop Golf Co. says that
another bidder is interested in buying assets of bankrupt
Lynx Golf of Carlsbad. Therefore, the bankruptcy court has
postponed action on TearDrop's bid until Tuesday.

MARVEL ENTERTAINMENT: Toy Biz Announces Merger Proposal
Toy Biz, Inc. (NYSE: TBZ) announced that at its Annual
Meeting of Stockholders, held today, the two proposals
relating to the acquisition by Toy Biz of Marvel
Entertainment Group, Inc. were approved by holders of more
than 90% of the outstanding shares of Toy Biz.  These
proposals  provide for: (i) certain amendments to Toy Biz'
certificate of incorporation,  including, among other
things, the reclassification of the existing two classes  
of common stock of Toy Biz into one class of common stock,
the authorization of  additional shares of preferred stock,
and the change in the name of Toy Biz to  "Marvel
Enterprises Inc., and (ii) the issuance by Toy Biz of
certain  securities to effectuate its combination with
Marvel.  Each of these actions will take effect upon the
acquisition of Marvel which is expected to occur in late
September or early October, pursuant to the revised plan of
reorganization for Marvel proposed by Toy Biz.

As previously announced by Toy Biz, the revised plan of
reorganization provides for the combination of Toy Biz and
Marvel by merging Marvel with a newly formed wholly-owned
subsidiary of Toy Biz.  In the merger, each outstanding
share of  Marvel common stock will be canceled. Outstanding
shares of Toy Biz common stock will remain outstanding
after the merger. Shareholders also approved the re-
election of ten members of Toy Biz' Board of Directors as
well as the continuation of Ernst & Young as the Toy Biz'
independent accountants.

Mr. Joseph Ahearn, Toy Biz's CEO commented, "I am pleased
to announce that the combination of our two companies has
been approved by an overwhelming majority of our
stockholders and that the process of merging Toy Biz and
Marvel is nearing completion.  We intend to continue the
process of building the core Toy Biz product lines and
expanding the merchandise and licensing potential of  
Marvel's extensive line of characters through a full range
of media and promotional activities."

MARVEL ENTERTAINMENT: NYSE Applies for Delisting of Stock
Marvel Entertainment Group Inc. was advised by letter from
the New York Stock Exchange dated August 26, 1998 that the
Securities and Exchange Commission, by order dated June 12,
1998, had granted the application of the NYSE for removal
of the company's Common Stock from listing and registration
on the NYSE under the Securities Exchange Act of 1934, as
amended. Pursuant to the Order, the removal of the
Registrant's Common Stock from listing and registration on
the NYSE became effective at the opening of the trading
session on June 15, 1998.

On August 24, 1998, August J. Liguori, Executive Vice
President and Chief Financial Officer of the Registrant,
resigned effective August 31, 1998.  Marvel, which has been
in bankruptcy since December 27, 1996, intends to fill
the functions performed by Mr. Liguori through a
combination of Marvel's internal accounting and financial
staff and outside advisors.

On July 30, 1997, the Delaware District Court approved a
global settlement between Marvel, Toy Biz and other
interested parties to the bankruptcy proceedings and on
July 31, 1998 confirmed the Fourth Amended Plan of
Reorganization. Marvel anticipates the consummation of the
bankruptcy proceedings on or about September 30, 1998. Upon
consummation, the court appointed Chapter 11 Trustee will
be replaced by the newly elected Board of Directors who
will take over the management of Registrant.

MONTGOMERY WARD: Two Creditor Groups Considering Plan
A year after Montgomery Ward Holding Corp. filed for
bankruptcy protection, the company's two largest creditor
groups are considering joining forces in a plan that could
leave General Electric Co. in control of most of Ward's  

Talks are expected to begin in the next few weeks between
leaders of Ward's creditors committee and GE Capital
Services, which, as Ward's largest shareholder and a major
lender, has a greater interest than anyone in keeping
Ward's alive.

Spencer Heine, Ward's general counsel, said questions about
the reorganization talks, which are being initiated by
lawyers for Ward's creditors committee, were "very
speculative" and declined to comment further. The  
committee has presented no specific proposal to
Connecticut-based GE Capital.

A reorganization--rather than liquidation--most likely
would result in a higher payout for creditors, including
GE, which is owed nearly $1 billion in prebankruptcy debt.
Setbacks in the attempts to sell the Signature unit have
pushed Ward's creditors to the negotiating table.

Cendant Corp. participated in the early bidding for
Signature which raised creditors' hopes that Signature
would sell for a handsome sum, perhaps as much as $1
billion.  That was roughly the size of the bid from
Cendant, then called HFS Inc. Ward's rejected that bid
shortly after the bankruptcy filing, according
to sources.

GE is expected to seek a deal with a broader scope that
eventually  would result in Ward's emerging from Chapter 11
bankruptcy protection. Hence, the creditors plan to propose
selling the store operation to GE, and, in  return, seek a
payout involving a combination of cash and notes but
little  equity.

What is unclear is how much GE would be willing to pay for
Signature with Cendant out of the picture, and whether GE
would be willing to take over a troubled department store
chain that continues to lose money and marketshare to

GE must ensure that Ward's, which operates 292 department
stores, stays in business in order for Signature and the
credit card operation, which GE bought in 1988, to be

That GE is interested in buying Signature is not in doubt.
The company has attempted to purchase Signature in the past
and was considered by creditors as a strong candidate to
buy the business this year.  However, GE has been viewed as
an unlikely suitor for the store operation, especially
after having written off $100 million of its investment in
Ward's last year. Although the retailer's recent results
met Ward's expectations, the creditors are dismayed that
the company's still hemorrhaging.

Last week, Ward's announced a second-quarter loss of $134
million, which included $58 million in costs for store
closings and other reorganization measures, compared with a
loss of $216 million during the same period last year.
Revenues fell to $1.1 billion from $1.4 billion a year
earlier, but that is attributed in part to the closing of
101 stores during the second half of last year and fewer
markdowns and promotions this year.

Margins improved, however, because Ward's, under the
direction of CEO Roger Goddu, sold more high-profit goods,
such as apparel.   Meanwhile, Ward's is working to address
the problems at Signature's dining club by forming
alliances with United and American airlines, Mr. Heine

Still, creditors contend that Ward's needs to close about
40 more underperforming stores. And they are taking a wait-
and-see attitude about Ward's prediction that the store
operation's earnings before interest, depreciation and
amortization -- measure of cash flow--will turn positive by  
the fourth quarter. (Copyright UMI Company CrainsChicago-

MOTOROLA INC: Announces Revolutionary Product
Motorola Inc. said Friday that it will unveil a consumer-
electronics product today that will revolutionize
interactive home entertainment. Motorola says its
"Blackbird" multimedia architecture will set a new standard
for television set-top box technology. It combines DVD,
video conferencing, high-speed Internet access, 3D-video
gaming and digital TV reception.

ONE PRICE CLOTHING: Files Quarterly Report With SEC
One Price Clothing Stores, Inc. filed its quarterly report
with the SEC for the period ended August 1, 1998.

Net sales for the quarter ended August 1, 1998 increased  
11.2% to  $95,786,000 compared to $86,134,000 for the
quarter ended August 2, 1997. Net sales for the six-month
period ended August 1, 1998 increased 8.0% to $178,299,000
compared to $165,033,000 for the same time period in 1997.  
Comparable  store sales for the second quarter of fiscal
1998 increased  10.1% compared to the same quarter last
year.  Comparable store sales for the six-month  period  
ended  August 1, 1998 increased 5.2% compared to the same
time period in 1997.

Net income for the first six months of fiscal 1998
increased 45% compared to the same time  period in fiscal  

On June 19, 1998,  the  Company  filed a report on Form 8-K
dated June 10, 1998 to announce a 12.5%  comparable store
sales increase for May and to announce  the  resignation  
of its Executive Vice President and Chief Financial

PETRIE RETAIL: Has Final Nod For CIT DIP Pact, Vendor Line
Petrie Retail Inc. received final approval of its $20
million debtor-in-possession credit agreement with CIT
Group/Business Credit Inc. and $6.5 million vendor credit
line from CIT Group/Commercial Services Inc. The U.S.
Bankruptcy Court in Manhattan also authorized the apparel
retailer to retire its $96 million DIP facility from
Chase Manhattan Bank using the proceeds from the sale of
subsidiary G&G Shops Inc. "An immediate need exists for the
Debtors to have the ability to obtain cash advances
and Letters of Credit in order to continue the ordinary
course operation of their business," the Sept. 9 order
concludes.(The Daily Bankruptcy Review Copyright and ABI
September 14, 1998)

PORTACOM WIRELESS: Reports Distributions Under Plan
Portacom Wireless Inc. reported in a Form 8-K to the SEC
that on August 27, 1998, the company declared that a
liquidating distribution be made to holders of the
company's common stock and common stock equivalents
as of September 10, 1998 .  The distribution will be in the
form of an undetermined number of the company's shares of
the common stock of VDC Corporation Ltd. (AMEX: VDC) and is
subject to the entry of an acceptable order by the United
States Bankruptcy Court for the District of Delaware  
confirming the Registrant's liquidating plan of

This is expected to be the first in a series of not less
than three distributions to holders of equity interests
under the Plan.

The Series One distribution will consist of the
distribution of 1,325,000 shares of unrestricted common
stock of the 5,300,000 shares of VDC common stock
held by the Registrant and not reserved by management for
either (i)distribution in connection with allowed creditor
claims, (ii) liquidation for the payment of administrative
expenses related to the Registrant's bankruptcy (including
provisions for professional fees, operating expenses and
potential income tax assessments), or (iii) return to VDC
as an adjustment for escrowed cash used by the Registrant
for the payment of allowed creditor claims and, if
required, the funding of a reserve for disputed claims
(collectively, the "Reserved VDC Stock"). The Series One
distribution will occur as soon as practicable following
the confirmation of the Plan.

The distribution of the remaining VDC shares, exclusive of
the Reserved VDC Stock, will be made in no less than two
additional series based on the common stock holders as of
the Record Date.   Series Two will comprise twenty-five
percent (25%) of the remaining VDC shares, exclusive of the
Reserved VDC Stock, and will be distributed six months
after the date the Plan is confirmed.  Series Three will
comprise the final fifty percent (50%) of the remaining VDC
Stock, exclusive of the Reserved VDC Stock, and will be
distributed twelve months after the date the Plan is
confirmed.  Once the distribution of non-reserved VDC
common stock to allowed claim holders and equity holders is
complete, it is expected that any surplus cash and/or
Reserved VDC Stock then held by the Registrant will be
distributed to the Record Date holders of the Registrant's
common stock and common stock equivalents immediately prior
to, and in connection with, the judicial dissolution of the

A hearing on the confirmation of the Plan has been
scheduled for September 17, 1998.  September 10, 1998 was
fixed as the last day for filing written acceptances or
rejections of the Plan.

Should the Plan be confirmed by the Bankruptcy Court, the
Registrant intends to sell a portion of the Reserved VDC
Stock in order to fund the operations of the Registrant
from the date the Plan is confirmed until the judicial
dissolution of the Registrant.

PRESLEY COMPANIES: Report of Stock Ownership
Goldman Sachs & Co. and The Goldman Sachs Group LP report
to the SEC on September 10, 1998, beneficial ownership of
5,935,362 shares of common stock of Presley Companies, or
14.6% of the class.

SMITH CORONA: Report of Stock Ownership
Credit Research & Trading LLC reports beneficial ownership
of 514,894 shares of Common Stock or 15.14% of the class,
of Smith Corona Corporation.

SNAKE EYES: On the Auction Block
Having failed to raise $3 million to sustain its present
operations, the Snake Eyes Golf Clubs Inc. filed a
"prepackaged" Chapter 11 and plans to sell the business in
a modified auction, the company's lawyer said.

Venture Access International, a Minneapolis investor group
led by John  Titcomb, made the initial offer to pay $1.4
million for the company.

If Venture Access buys the golf club maker, it will likely
keep Snake Eyes in Ponte Vedra, according to company  

Snake Eyes has about $100,000 of secured debt and $3
million of unsecured debt, in addition to the $14.8 million
of preferred stock owned by about 700 public shareholders.
Nonetheless, company officials do not expect the auction
price to raise enough money to repay investors in the
company's stock.
The company has not released 1997 financial reports,
although officials have said they expected losses of $3.7
million on sales of $4.7 million. In 1996, it lost $5.6
million on sales of $3.5 million.

Industry consolidation drove up operating costs, such as
advertising and contracts for professional golfers,
according to Hutchins. In May the Ponte Vedra firm sought
to raise $3 million, but those efforts proved unsuccessful.
Last month the Nasdaq small cap market removed Snake Eyes
from the exchange for several rules violations, including
lateness of required financial filings.

The company's stock price was about $3 in June of last year
but then began a steady downturn. It had been selling well
below $1 for the past several months.  It closed yesterday
at $.0625. (Florida Times Union -09/09/98)

TANDY BRANDS: Annual Shareholder Meeting
Tandy Brands Accessories, Inc. gives notice that the 1998
Annual Meeting of Stockholders of the company will be held
on Tuesday, October 20, 1998. At the Meeting, the
stockholders of the Company will be asked to elect two
directors in Class II to serve for three-year terms
expiring in 2001, or until their successors are elected and

The Board of Directors has fixed the close of business on
September 4, 1998 as the record date for the Meeting. Only
holders of the Company's common stock at the close of
business on that date will be entitled to notice of and to
vote at the Meeting or any adjournment thereof.

US LEATHER: Prepares to Issue Stock                           
Beleagured US Leather were emerging from prepackaged
bankruptcy proceedings at the end of June and preparing to
issue stock.

The reorganisation, which calls for bondholders to exchange
their holdings for stock, was approved by the court on July
7. A waiting period for objections  was due to expire
shortly afterwards.

The Milwaukee-based company filed for protection from
creditors under Chapter 11 of the US Bankruptcy Code in mid
May.  The move followed the decision of the majority of
bondholders to allow the  company to swap their US$138
million in debt and accrued interest - payable in  2003 -
for an equity position in the company.

USL make finished leathers for the footwear, furniture and
automotive markets. The company employ 1,800 and have
manufacturing operations that include Pfister & Vogel, A L
Gebhardt and Lackawanna Leather. (Leather; 09/01/98)

U.S. SUGAR: Involuntary Petition Filed
A petition to force U.S. Sugar Co. Inc. into involuntary
bankruptcy has been filed by a California collection bureau
on behalf of a West Seneca couple who obtained a $435,810
judgment against the sugar packing company.

Creditors Service Bureau of San Diego filed the petition
Sept. 3 in U.S. Bankruptcy Court to collect on the judgment
awarded in 1994 in State Supreme Court.

Neither officials of the collection bureau nor U.S. Sugar,
could be reached for comment Tuesday on the filing.

It was made on behalf of a West Seneca couple, Mark and
Jeanne Sikorski, as a result of an job accident involving
Sikorski in a building owned by U.S. Sugar. Mrs. Sikorski
declined to comment when reached Tuesday.

U.S. Sugar, headquartered at 692 Bailey Ave., was founded
in 1960 and claims to be the last independent sugar-
packaging firm in the country. A 27-month strike against
the company by United Auto Workers Local 55 ended last
December after the company showed union officials its
books, indicating little or no profits in 1997.
(Buffalo News- 09/09/98)

VOXEL: Securities Delisted from Nasdaq SmallCap Market
Effective with the close of business on September 1, 1998,
The Nasdaq Stock Market delisted the securities of Voxel
from The Nasdaq SmallCap Market. Voxel's case under Chapter
11 of the United States Bankruptcy Code was converted to a
Chapter 7 case on August 3, 1998.

Meetings, Conferences and Seminars
September 17-20, 1998
      Southwest Bankruptcy Conference
         The Inn at Loretta, Santa Fe, New Mexico
            Contact: 1-703-739-0800
September 17-20, 1998
      Midwest Mid-Year Meeting
         Oak Brook Hills Resort & Hotel
         Oak Brook, Illinois
            Contact: 1-616-372-6500

September 21-23, 1998
      7th Annual States' Taxation and Bankruptcy Conference
         Hotel Santa Fe, Santa Fe, New Mexico
            Contact: 1-505-827-0728

September 23-24, 1998
      1998 Bankruptcy Institute
         Regal Minneapolis Hotel, Minneapolis, Minnesota
            Contact: Minnesota CLE
September 25-26, 1998
      13th Annual Mid-Atlantic Institute on
      Bankruptcy and Reorganization Practice
         Boar's Head Inn, Charlottesville, Virginia
            Contact: 1-800-979-8253

October 8-10, 1998
      Real Estate Defaults, Workouts, and Reorganization
         Charleston, South Carolina
            Contact: 1-800-CLE-NEWS

October 9-13, 1998
      7th Annual Consume Rights Litigation Conference
         San Diego, California
            Contact: 1-617-523-7398

October 16-20, 1998
      1998 Annual Conference
         The Westin Hotel, Chicago, Illinois
            Contact: 1-312-857-7734

October 22-25, 1998
      72nd Annual Meeting
         Wyndham Anatole Hotel, Dallas, Texas
            Contact: 1-803-957-6225

November 9-10, 1998
      Conference on Corporate Restructurings: Asia
      Indonesia * Thailand * South Korea
         The Radisson Empire Hotel, New York, New York
            Contact: 1-903-592-5169 or   

November 17-18, 1998
      Retail Credit Card Management & Collections
         Chicago Hilton & Towers, Chicago, Illinois
            Contact: 1-212-714-1444

November 20-23, 1998
      78th Eastern District Meeting
         New York Marriott World Trade Center, New York
            Contact: Warren Pinchuck, New Hyde Park, New

November 30-December 1, 1998
      Distressed Investing '98
         The Plaza Hotel, New York, New York
            Contact: 1-903-592-5169 or   

December 3-5, 1998
      Winter Leadership Conference
         Westin La Paloma, Tuscon, Arizona
            Contact: 1-703-739-0800

February 18-21, 1999
      Annual Western District Meeting
         Monte Carlo Hotel & Casino Resort,
         Las Vegas, Nevada
            Contact: 1-702-382-9558

Febraury 28-March 3, 1998
      Norton Bankruptcy Institute I
         Olympic Park Hotel, Park City, Utah
            Contact: 1-770-535-7722

March 18-21, 1998
      Norton Bankruptcy Litigation Institute II
         Flamingo Hilton Hotel, Las Vegas, Nevada
            Contact: 1-771-535-7722

April 26-27, 1999
      Bankruptcy Sales, Mergers & Acquisitions
         The Mark Hopkins, San Francisco, California
            Contact: 1-903-592-5169 or   

April 28-30, 1999
      INSOL Bermuda '99 Conference of the Americas
         Castle Harbour Marriott Resort

The Meetings, Conferences and Seminars column appears in
the TCR each Tuesday.  Submissions via e-mail to are encouraged.  

Bond pricing, appearing each Friday, is supplied by DLS
Capital Partners, Dallas, Texas.

S U B S C R I P T I O N   I N F O R M A T I O N     

Troubled Company Reporter is a daily newsletter, co-
published by Bankruptcy Creditors' Service, Inc.,
Princeton, NJ, and Beard Group, Inc., Washington, DC.  
Debra Brennan and Lexy Mueller, Editors.   

Copyright 1998.  All rights reserved.  ISSN 1520-9474.  
This material is copyrighted and any commercial use, resale
or publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly
prohibited without prior written permission of the

Information contained herein is obtained from sources
believed to be reliable, but is not guaranteed.  The TCR
subscription rate is $575 for six months delivered via e-
mail.  Additional e-mail subscriptions for members of the
same firm for the term of the initial subscription or
balance thereof are $25 each.  For subscription
information, contact Christopher Beard at 301/951-6400.  

           * * *  End of Transmission  * * *