TCR_Public/980917.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 17, 1998, Vol. 2, No. 182

                 Headlines

ADVANCED GAMING: Debtor Applies to Employ Counsel
AMERICAN RICE: Applies to Employ Deloitte & Touche
AMERICAN RICE: Trustee Amends Creditor Panel
CROWN BOOKS: Interim Order Approving Amended DIP
DOEHLER-JARVIS: Notice of Confirmation Hearing

FASTCOMM: Reports First Fiscal Quarter Results
FRETTER INC: Joint Liquidating Plan
FULCRUM DIRECT: Seeks Approval to Sell Assets
GRAND UNION: Gross Margin Increases
HOMEPLACE STORES: Exclusivity Extended To Jan. 28

JPE INC: Two Subsidiaries File Chapter 11
LAMONTS APPAREL: Shows Progress in Sales After Bankruptcy
LIBERTY HOUSE: Hearing Postponed
MONTGOMERY WARD: Exclusivity Extended to Feb. 26
PIE MUTUAL: Ohio Sues PIE Lawyers For $10 Million

PAYLESS CASHWAYS: Reports Profit and More Store Closings
PENN TRAFFIC: Posts Net Loss of $23.5 Million For Quarter
SUN TELEVISION: Files Petition For Relief Under Chapter 11
WSR CORPORATION: Seeks OK for Payment of Stay Bonuses
WESTBRIDGE CAPITAL: Reaches Agreement with Noteholders
WINDSOR ENERGY: Applies to Employ Accountant

                 *********

ADVANCED GAMING: Debtor Applies to Employ Counsel
-------------------------------------------------
The debtor, Advanced Gaming Technology, Inc., debtor, is
applying for authority to employ Levene, Neale, Bender &
Rankin, LLP as bankruptcy counsel.  The firm will provide
monthly billing statements to the debtor setting forth the
amount of fees incurred. The attorneys who will be
responsible for the case currently bill between $200 and
$265 per hour.  The firm is holding $45,000 as a retainer
fee in the case.  The firm specializes in bankruptcy law
and will advise the debtor with among other things, regard
to the requirements of the Bankruptcy Code, and with regard
to the rights and remedies of the debtor.


AMERICAN RICE: Applies to Employ Deloitte & Touche
--------------------------------------------------
American Rice, Inc. submitted an application to the court
to employ Deloitte & Touche LLP, as accountants,
independent auditors, and tax consultants for the debtor
and Deloitte & Touche Consulting Group LLC as
reorganization consultants to the debtor.

Deloitte & Touche proposes among other things to audit and
report on the annual financial statements of the debtor'
render accounting and reporting assistance; perform limited
reviews of the debtor's quarterly financial statements and
prepare annual federal and state income tax returns for the
debtor.

Deloitte & Touche will receive interim compensation based
on its current standard hourly rate.


AMERICAN RICE: Trustee Amends Creditor Panel
--------------------------------------------
The U.S. Trustee has reconstituted the official committee
of American Rice Inc.'s unsecured creditors, adding four
new members. The trustee has added the following creditors
to the committee: C.M. Van Sillevoldt B.V.; Union Pacific
Railroad Co.; Imperial Trucking Co.; and Hagerty
Advertising Group Inc. The committee also includes Kern
Industries LLC, Poly Tex Fibers Corp., and GEM Management
Ltd. Tenzer Co. and Belvedere Capital Partners no longer
serve on the panel. (ABI 16-Sept-98)


CROWN BOOKS: Interim Order Approving Amended DIP
------------------------------------------------
By court order entered September 10, 1998, the debtors,
Crown Books Corporation and its debtor affiliates, the
debtors are authorized an empowered to enter into a Second
Amendment and to continue to borrow and obtain other
financial credit accommodations from the Lenders in
accordance with the terms of the DIP Credit Agreement.

The amount of the professional fee carve-out is increased
to $750,000 effective February 1, 1999.


DOEHLER-JARVIS: Notice of Confirmation Hearing
----------------------------------------------
The U.S. Bankruptcy Court for the District of Delaware
entered an order dated August 19, 1998 approving the
Disclosure Statement for the debtor' first amended and
modified consolidated plan under Chapter 11 of the
Bankruptcy Code, dated August 19, 1998.

A hearing will be held before the Honorable Sue L.
Robinson, U.S. District Court Judge on October 14, 1998 at
9:30 am at J. Caleb Boggs Federal Building, 844 King
Street, Wilmington, Delaware, 19801 to confirm the plan.


FASTCOMM: Reports First Fiscal Quarter Results
----------------------------------------------                  
FastComm Communications Corp. (OTC BB: FSCX) reported today
its financial results for the first quarter of fiscal 1999,
ended 1 August 1998.

Revenue for the period was $1.13 million, down from $2.0
million in the same quarter of the previous fiscal year.
There was a net loss of $2.00 million ($.16 per share),
which included reorganization related charges of $110,000.  
This compared to a $1.39 million ($.14 per share) loss a
year ago.

"Litigation by a former employee and the subsequent filing,
in June 1998, for protection under Chapter 11 of the
Federal Bankruptcy Code have hampered our selling efforts,"
said Peter C. Madsen, FastComm president. "We
intend to file  the Company's reorganization plan with the
Court as soon as practical."

FastComm Communications Corp. (FSCX) designs, manufactures,
and sells access products for public and private digital
networks. Its products include X.25 and Frame Relay
concentrators, Voice and Data FRADs, and Internet access
routers; T- 1/E-1 ATM access equipment; Frame Relay testers
to speed installations; SuperView(TM) data switch for
managing multiple remote devices; and a family of
high speed data compressors. (Business Wire; 09/15/98)


FRETTER INC: Joint Liquidating Plan
-----------------------------------
On August 28, 1998, Fretter, Inc. and its affiliated
debtors and the Official Committee of Unsecured Creditors
filed a Joint Liquidating Plan of Fretter, Inc. and its
subsidiary debtors.

Classes of Claims and Interests Against Fretter

Class A1: The Secured Claims of Michigan National Bank

Class A2: The Secured Claims of BT Commercial Corp.

Class A3: All other secured claims

Class A4: Unsecured priority claims

Class A5: Unsecured Claims that are not intercompany or
Fretter Warranty claims.

Class A6: Fretter Warranty Claims

Class A7: Interests in Fretter

Classes A-1 through A-4 are unimpaired.  Classes A5 and A6
are impaired and will receive a pro rata share of their
claims. Class A7 interests are impaired and there will be
no distribution.

If the Global Settlement Agreement does not become
effective, then each holder of claims A1 through A6 will
receive a pro rata distribution from the Fretter Litigation
Trust.

Classes of Claims and Interests Against Fretter Auto Sound

Class B1: All Secured Claims against Fretter Auto Sound

Class B2: Unsecured priority claims against Fretter Auto
Sound

Class B3: Unsecured Claims against Fretter Auto Sound that
are not intercompany claims

Class B4: Interests in Fretter Auto Sound

Classes B1 and B2 are unimpaired.  Class B3 is impaired,
each holder will receive 20% of its pro rata share.  Class
B4 is impaired - no distribution. If the Global Settlement
Agreement does not become effective, then Fretter Auto
Sound shall retain all claims and causes of action, if any
against each other debtor or its respective assets and any
other third party.  No distributions will be made to Class
B4.

Classes of claims and interests against Fred Schmid
Class C1: Secured claims against Fred Schmid
Class C2: Unsecured priority claims against Fred Schmid
Class C3: Unsecured claims against Fred Schmid that are not
intercompany claims or Fred Schmid Warranty claims
Class C4: Fred Schmid Warranty claims
Class C5: Interests in Fred Schmid

Classes C1 and C2 are unimpaired.  Class C3 claims are
impaired and each holder will receive 20% of its prorata
share.  Class C4 is impaired. Each holder will receive its
pro rata share. Class C5-no distribution.
If the Global Settlement agreement does not become
effective Fred Schmid shall retain all claims and causes of
action against each other debtor and any other third party.

Classes of Claims against and interest in Former Haneys

Class D: All claims against and interests in Former Haneys

Classes of Claims against and interests in Fretter
Warehouse

Class E: All claims against and interests in Fretter
Warehouse

Classes of claims against and interests in Fretter Retail

Class F: All claims against and interests in Fretter Retail
Classes of claims against and interests in Fretter
Acquisition

Class G: All claims against and interests in Fretter
Acquisition

Regardless of whether the Global Settlement Agreement
becomes effective, Classes D, E, F, and G are impaired and
there will be no property distributed to or retained by the
holders of these claims or interest in these classes.


FULCRUM DIRECT: Seeks Approval to Sell Assets
----------------------------------------------
Fulcrum Direct is seeking approval to sell certain assets,
including trademarks and inventory, to Delia's Inc. for
$4.75 million and the assumption of related leases as well
as up to about $1.2 million in liabilities, pending an
auction.  Delia's, the New York-based marketer of teen
apparel and accessories, has agreed to purchase the
following Fulcrum assets: the After the Stork, Playclothes,
Storybook Heirlooms, zoe, The Stork, and Just for Kids
trademarks, related customer lists, inventory, and certain
other assets.  The liabilities Delia's would assume under
the agreement consist of customer refunds and returns
directly related to Fulcrum's Storybook Heirlooms
trademark. (Federal Filings Inc. 16-Sept-98)


GRAND UNION: Gross Margin Increases
-----------------------------------
During the first quarter, Grand Union's gross margin
increased to 29.7% from 26.8% for the same period last
year. The increase is primarily attributable to increased
allowance and promotional income as well as from new
marketing programs instituted by the Company. Consummation
of the Company's Plan of Reorganization has resulted in the
election of a new board of directors, now comprised of
eleven members. The three management directors are: J.
Wayne Harris, chairman and CEO; Jack W. Partridge Jr., vice
chairman and chief administrative officer, and Gary M.
Philbin, president and chief merchandising officer. (F&D
Reports 14-Sept-98)


HOMEPLACE STORES: Exclusivity Extended To Jan. 28
-------------------------------------------------
HomePlace Stores Inc. won an extension of its exclusive
periods for filing a reorganization plan and soliciting
acceptances to Jan. 28 and March 26, respectively.  The
U.S. Bankruptcy Court in Wilmington, Del., also extended
the deadline for HomePlace to assume or reject unexpired
leases through Jan. 28.  The official creditors' committee
supported the extension through the holiday selling season
but noted that did not mean the committee would
automatically support future extensions. (Federal Filings
Inc. 16-Sept-98)


JPE INC: Two Subsidiaries File Chapter 11
-----------------------------------------
Two subsidiaries of JPE Inc., Ann Arbor, Mich., have filed
for chapter 11 protection in the Eastern District of
Michigan, according to a newswire report. Plastic Trim Inc.
and Starboard Industries Inc. will continue to operate
their businesses, and GMAC Business Credit has agreed to
provide debtor-in-possession financing to both
subsidiaries. JPE President Donna L. Bacon said that
General Motors Corp. is the major customer of both
companies, and at the end of the U.A.W. strike against GM,
JPE's bank group was not willing to provide the capital
needed to resume normal production levels. The
reorganization plan may include the restructuring of
liabilities or sale of all or substantially all of the
companies' assets. JPE's other operating subsidiaries are
not affected by the filing.


LAMONTS APPAREL: Shows Progress in Sales After Bankruptcy
---------------------------------------------------------
Nearly eight months after emerging from bankruptcy,
Kirkland-based Lamonts Apparel Inc. reported yesterday a
net income of $151,000, or 1 cent per diluted share, on
revenues of $50.6 million for the second quarter ended
Aug. 1.

That compares with a net loss of $2 million, or 11 cents
per share, on revenues of $49.5 million for the same period
the year before. The results reflect a 2.2 percent
comparable-store increase, the 38-store company said.
(Seattle Post-Intelligencer; 09/15/98)                


LIBERTY HOUSE: Hearing Postponed
--------------------------------
The amended motion for reconsideration of employment and
retention of Cleary, Gottlieb, Steen & Hamilton as special
counsel to the Board of Directors will come on for hearing
on October 9, 1998 before the Honorable Lloyd King, U.S.
Bankruptcy Court, Honolulu, Hawaii.


MONTGOMERY WARD: Exclusivity Extended to Feb. 26
------------------------------------------------
The U.S. Bankruptcy Court in Wilmington, Del., has extended
Montgomery Ward's exclusive periods to file a
reorganization plan and solicit acceptances to Feb. 26 and
April 27, respectively.  The extension will allow
Montgomery Ward to gauge the results of the upcoming
holiday selling season and prepare a plan.  The company's
third request for an extension, like the previous two, was
supported by the official creditors' committee. (Federal
Filings Inc. 16-Sept-98)


PIE MUTUAL: Ohio Sues PIE Lawyers For $10 Million
-------------------------------------------------                     
The Ohio Department of Insurance has sued a  
prominent Cleveland law firm for $10 million, alleging it
mishandled the PIE Mutual Insurance Co.'s legal matters.

The department's lawsuit was filed against Benesch
Friedlander Coplan & Aronoff, PIE's former law firm.

The former medical malpractice insurer -Ohio's largest- was
declared bankrupt this spring, and the state is liquidating
the Cleveland company.

The state claims Benesch and his partners conspired with
former PIE Chief Executive Officer Larry Rogers to hide the
company's shaky financial situation from its board and
state regulators. The suit alleges the conspiracy allowed
Rogers to continue his control of PIE's worsening debts.

The lawsuit said, "Each month that PIE continued to operate
resulted in PIE suffering millions of dollars in operating
losses, further eroding PIE's assets
and, thus, deepening it insolvency."

Benesch has responded with a countersuit asking that
insurance department Director Harold Duryee be removed as
PIE liquidator. The firm said Duryee has a conflict of
interest because his former deputy, David Randall, has been  
convicted of taking bribes from PIE and Rogers. Randall
will be sentenced Monday. (UPI; 09/16/98)


PAYLESS CASHWAYS: Reports Profit and More Store Closings
--------------------------------------------------------
Payless Cashways Inc. reported Tuesday that it earned $2.7
million on a pro forma basis for the quarter that ended
Aug. 29, compared with a pro forma loss of $3.7 million in
the same period last year.

Payless earned $1 million for its third quarter of  
1998, compared with a loss of $65.7 million for the same
period last year.

The company also announced that it was closing three stores
and a regional office, including a contractor supply store
at 6804 St. John Ave. in Kansas City. Operations of that
store will be shifted to other area stores, a company  
spokesman said.

Sales for the quarter were $523.5 million, off 17.2
percent. Part of the decline was attributable to the
closing of 30 stores during fiscal 1997. Same-
store sales, or sales at stores open at least one year,
were off 6.7 percent.

"While we are disappointed in a negative same-store sales
number, we are moving in the right direction," said Millard
E. Barron, the company's chief executive officer. "We
recognize the importance of restoring top-line
momentum."

Cash flow in the quarter increased to $20.4 million,
compared with $17.8 million for the same period last year.
The company also noted that it was in compliance with the
covenants of its bank loans.

Payless Cashways filed for Chapter 11 bankruptcy protection
in July 1997 after struggling for years under a large debt
incurred in a 1988 management-led  leveraged buyout.
Although the company went public again in the 1990s and
paid down about half of that debt, to $600 million, it
continued to struggle as competitors such as Home Depot and
Lowe's rapidly expanded and eroded Payless Cashways'  
market share.

Payless Cashways now operates 162 stores in 20 states,
serving both professional customers and project-oriented
consumers.(Kansas City Star - 09/16/98)


PENN TRAFFIC: Posts Net Loss of $23.5 Million For Quarter
---------------------------------------------------------
The Penn Traffic Co. has posted a net loss of $23.5 million
for its second quarter ended August 1, 1998, a loss that is
2.3 times the $10.1 million loss in the same period
last year. Same-store sales for the chain dropped 4.4% in
the quarter. The Company is counting on interim president
and CEO Claude Incaudo to improve its operating results.
Mr. Incaudo had helped grow the business and improve
profitability during his previous stint in the same
positions from 1990 to 1995, and now appears to be ridding
the Company of Hawkin's people and bringing back his own
team. Most recently, Mr. Incaudo has appointed Roy Flood,
former president of Penn Traffic's P&C division,
as a special consultant assigned to the Big Bear division.
Further, the resignation of Brad Melvin, the number 2 man
in the Company with the title of senior VP of
operations, has been announced. We also hear than Melvin's
wife, a "special" assistant to Hawkins, who headed up the
mystery shopper group in Syracuse, has also been
shown the gate. We assume the "house cleaning" will
continue. (F&D Reports 14-Sept-98)


SUN TELEVISION: Files Petition For Relief Under Chapter 11
----------------------------------------------------------
Sun Television and Appliances, Inc. (Nasdaq: SNTV) reported
today that it, along with its subsidiary, Sun TV and  
Appliances, Inc., filed voluntary petitions for relief
under Chapter 11 of the United States Bankruptcy Code with
the United States Bankruptcy Court for the  District of
Delaware.  Company officials also said that it had entered
into an agreement with its existing secured lender, Bank
Boston Retail Finance, Inc., to obtain post-petition,
debtor-in-possession financing.  The post-petition  
financing, which is subject to Court approval, will be used
to finance normal  operations, including honoring all
post-petition trade and employee  obligations, while the
Company develops a reorganization plan with its lenders  
and creditors.

R. Carter Pate, Sun Chairman and CEO said, "Our primary
objective is to work in the best interest of our customers,
employees and creditors. While we are not pleased to seek
Chapter 11 relief, we think this action provides us
with the  best opportunity to develop a plan to return Sun
to financial stability and  close those stores that were
unprofitable to operate.  We will now have the opportunity
to take further actions to streamline our operations
and bring our  expense ratio in line with revenues."

"There were a number of factors that led to our decision to
seek protection, not the least of which was the Company's
lack of liquidity. Our revolving credit availability is
tied to inventory levels and since we are at a seasonal  
low with our inventory, our borrowing capacity has been
severely limited.  We are also operating during one of our
seasonally weaker sales quarters, so cash flow has been
particularly strained.  At the same time, some vendors have  
restricted our terms and credit lines which has further
exacerbated our cash availability problems."

"From an operating perspective, we have yet to experience
sales growth in certain rural markets at the level we had
internally projected. While we think the rural market
strategy may still be a viable strategy, what we did not  
anticipate is the length of time to develop customer
recognition of Sun and its products in some of the rural
markets.  In addition, we have also experienced  
continued competitive pressure in certain metro markets
without adequate funds available to upgrade older locations
in those markets."

Chairman Pate emphasized that neither Sun employees nor
customers in the markets in which Sun plans to maintain its
presence should notice any difference in operations as a
result of the filing. "In fact, the filing will  
give the Company the time it needs to develop a
reorganization plan without sacrificing important customer
services or materially reducing Sun's product  
offerings," said Pate.

Pate said that the Company has sought approval from the
Bankruptcy Court to  close 29 stores in five states. If
approved by the Court, the Company will  close seven stores
in Greater Pittsburgh, Pennsylvania; six stores in Greater  
Cincinnati, Ohio; six stores in the Northern Ohio region
including locations in  Mentor, N. Olmstead, Parma, Elyria,
North Randall and Mayfield; three stores in  Buffalo, New
York, and one store each in Frankfort and Owensboro,
Kentucky;  Pottsville and Lebanon, Pennsylvania; Richmond,
Kentucky; Morristown, Tennessee  and Staunton, Virginia.

Sun also announced that Dennis L. May has been promoted to
President of the Company. May, who joined Sun in early 1990
as a computer buyer, has assumed positions of increasing
responsibility with the Company including Vice
President of Sales and Marketing in 1996 and was named
Executive Vice President and Chief Operating Officer in
May, 1997.

Sun Television and Appliances, Inc. is a regional specialty
retailer of high-quality, brand name consumer electronics,
home appliance and office products.  The Company operates
59 stores in Ohio, Indiana, Pennsylvania, New York, West
Virginia, Virginia, Tennessee and Kentucky.


WSR CORPORATION: Seeks OK for Payment of Stay Bonuses
-----------------------------------------------------
WSR Corporation, R&S/Strauss, Inc., National Automotive
Stores, Inc. and National Auto stores Corp., debtors, seek
authorization and approval for the payment of stay bonuses
to eligible executives and senior managers.

A hearing will be held to consider the motion on September
22, 1998.

The debtors believe that immediate approval of the stay
bonuses would provide the needed incentive for key
executives and senior managers to remain with the debtors
during this difficult period of upheaval.  The debtors
propose to pay Stay Bonuses aggregating $338,650.


WESTBRIDGE CAPITAL: Reaches Agreement with Noteholders
------------------------------------------------------
Westbridge Capital Corp. (NYSE: WBC), filed today a
voluntary Chapter 11 petition and a prearranged plan of
reorganization in the United States Bankruptcy Court for
the District of Delaware.  The filing of the
Plan successfully culminates several months of negotiations
between the Company and an ad hoc committee of holders of
its 11% Senior Subordinated  Notes and 7-1/2% Convertible
Subordinated Notes.  The Company expects to successfully
exit Chapter 11 by  year-end 1998.

Patrick J. Mitchell, President said, "after careful review
of all transactional and restructuring alternatives, this
plan of reorganization is indicative of the confidence that
the Committee has in the Company and its new management
team.  We have been working very diligently with the
Committee to achieve a reorganization of the holding
company capital structure that will further the  
goal of restoring profitability and maximizing the value to
all of Westbridge's stakeholders."

Mr. Mitchell said that Credit Suisse First Boston
Corporation ("CSFB"), a significant noteholder, has been an
important ally in this entire process. Under the terms of
the proposed plan, it is expected that CSFB will become the  
largest shareholder of the reorganized company.

Westbridge's proposed plan of reorganization provides for
the recapitalization of existing debt and equity interests
in Westbridge and the issuance of new equity securities and
warrants.  Key terms of the proposed plan include the  
following; however, reference to the plan should be made
for a complete description of its terms.

-- Realignment and deleveraging of Westbridge's current
capital structure.

-- The distribution of new convertible preferred stock to
CSFB in exchange for its Senior Notes.

-- Cash payment in full of the Senior Notes held by
creditors other than CSFB.

-- The distribution of new common stock and warrants to (a)
Westbridge's general unsecured creditors, (b) holders of
Westbridge's Convertible Notes, (c) holders of Westbridge's
Series A Convertible Redeemable

Exchangeable Preferred Stock, and (d) holders of
Westbridge's old common stock.

-- A Stock Option Program for management to purchase, in
the aggregate, up to 10% of the shares of new common stock
of the Company on a fully diluted basis, thereby providing
incentives to return the Company to profitability and to
maximize stakeholder value.

-- A Marketing Agent Stock Option Program for the Company's
marketing

-- agents to purchase, in the aggregate, up to 3% of the
shares of new common stock of the Company on a fully
diluted basis, thereby providing incentives to generate
future sales of the Company's new insurance products.
In order to provide the Company with sufficient funds to
make the cash distributions which are expected to be paid
to the holders of its Senior Notes under the Company's
proposed plan of reorganization, the Company has  
entered into a Stock Purchase Agreement with CSFB pursuant
to which CSFB has agreed, subject to the conditions
contained therein, to purchase all of the shares of the new
convertible preferred stock which are not otherwise  
distributed under the Plan.

Westbridge has also been in continuous communication with
LaSalle National Bank, the Company's working capital
lender, and various state insurance authorities during its
restructuring process.  The Company believes that
such entities generally endorse and support the Company's
efforts to restore its financial viability through the
proposed plan of reorganization.

As part of the restructuring, the Company has also named
Patrick J. Mitchell as its new Chief Executive Officer and
Chairman of the Board. Mr. Mitchell replaces Martin E.
Kantor, who had been Chief Executive Officer of
the Company  since January 1, 1977.  Prior to being named
as Chief Executive Officer, Mr. Mitchell was the Company's
President and Chief Operating Officer, and will  retain
these posts in addition to his new responsibilities.

The Company, through its insurance subsidiaries,
underwrites and markets individual medical expense and
supplemental health insurance products through a
controlled general agency.  The Company also markets
HMO/PPO plans of nationally recognized nonaffiliated
managed care companies.


WINDSOR ENERGY: Applies to Employ Accountant
--------------------------------------------
Rincon Island Limited Partnership and Windsor Energy US
Corporation file a joint application to approve the
employment of Eddye Dreyer Kincheloe as accountant.

Debtors require the services of an accountant to perform
the necessary financial accounting functions required to
meet the debtors' operating and reporting obligations.  As
part of the debtors' overall reorganization efforts, the
debtors require the services of an experienced bookkeeper.

Debtors have agreed to pay EDK on an hourly basis of
$30/hour for its services.


                 *********

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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-
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Debra Brennan and Lexy Mueller, Editors.   

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