TCR_Public/981009.MBX T R O U B L E D   C O M P A N Y   R E P O R T E R
      
   Friday, October 9, 1998, Vol. 2, No. 198

                  Headlines

BN1 TELECOMMUNICATIONS: WorldCom Seeking Trustee
BARRY'S JEWELERS: Samuel's Jewelers Reports Merger to SEC
BOSTON CHICKEN: Captec Does Not Expect Long-term Effects
BOSTON CHICKEN: Filing Lists Debts Of $1.84 Billion
BRADLEES INC: Consolidated Statement of Operations

CRIIMI MAE: Case Summary & 20 Largest Unsecured Creditors
CRIIMI MAE: Class Action Alleges Misrepresented Success
CROWN BOOKS: Taps Arthur Andersen As Its Accountants
ELDER BEERMAN: Investor Relations Function To Davido
ESSEX CORPORATION: Annual Meeting Set For November 9

FPA MEDICAL: General Claims Bar Date - November 17
FIDELITY BANCORP: Files Quarterly Report With SEC
FOXMEYER: Negligence Lawsuit Against Deloitte & Touche
HILLS STORES: Amends Loan and Security Agreement
LANCASTER MALT: Owner Files For Bankruptcy Protection

LEVITZ FURNITURE: Judge Sets Deadline To File Plans
LEVITZ FURNITURE: Monthly Operating Report for August
LEVITZ FURNITURE: Settlement of Retirees' Claims
LIBERTY HOUSE: Seeks Exclusivity Extension To Feb. 28
NAL FINANCIAL GROUP: Announces Confirmation of Plan

NEXTWAVE: Court Extends Exclusivity To Feb. 8
RAYTECH: Announces Tentative Settlement
SNAKE EYES: Files Disclosure Statement
SOUTHERN PACIFIC: Southern Pacific Bank Not Related
STRAWBERRIES,INC: Court Confirms Liquidating Plan

THERMADYNE HOLDINGS: Annual Meeting set For November 4
WANG LABORATORIES: Annual Meeting Set For November 24
WELCOME HOME: Order Confirms Plan

DLS CAPITAL PARTNERS: Bond Pricing For Week of October 5

                  *********

BN1 TELECOMMUNICATIONS: WorldCom Seeking Trustee
------------------------------------------------
In the case of BN1 Telecommunications, Inc., WorldCom
Network Services, Inc. joins the Official Committee of
Unsecured Creditors' Emergency Motion objecting to the
continued operation of business by the debtor and
requesting appointment of a Trustee.

WorldCom objects to the debtor's motion for a "fire sale"
of its assets to FirstCom LLC.  WorldCom states that the
proposed sale is self-imposed, because if not for the
incompetence of current management, resulting in decreased
revenues and increased expenses, there would be no need for
the sale.  WorldCom believes that a Trustee should be
appointed to add value to the debtor's business operations.

WorldCom states that if competent management, approved by
WorldCom, were installed, WorldCom would be willing to
consider providing telecommunications services to the
debtor on credit.


BARRY'S JEWELERS: Samuel's Jewelers Reports Merger to SEC
---------------------------------------------------------
The Original Disclosure Statement and Plan of
Reorganization, Dated April 30, 1998, was confirmed by the
United States Bankruptcy Court, Central District of
California (Los Angeles Division) by an order entered on
September 16, 1998, and became effective on October 2,
1998.

Pursuant to the Plan,(i) the former holders of common stock
of Barry's Jewelers, Inc., a California Corporation
received, in the aggregate, 263,158 warrants on a pro rata
basis, each such Warrant entitling its holder to
purchase one share of the common stock of Samuels Jewelers,
par value $.001 per share, (ii) the former holders of 11%
Senior Secured Notes due December 22, 2000, issued by
Barry's, received, in the aggregate, and in exchange for
their Senior Notes and $15 million in cash,
approximately 4.75 million shares of the Common Stock and
(iii) Barry's was reincorporated as a Delaware Corporation
by means of merging with and into Samuels Jewelers.
Additionally under the Plan, 250,000 shares of restricted
Common Stock were issued to certain of Samuels Jewelers'
executive officers. After the consummation of the
transactions contemplated by the Plan, there were
approximately 5,000,000 shares of Common Stock issued and
outstanding.

Immediately following the effectiveness of the Plan and the
Merger, DDJ Capital Management, LLC, through funds managed
or controlled thereby owned approximately 1,792,439 shares
of Common Stock, or approximately 36% of the total shares
of Common Stock issued and outstanding, and Mitchell
Hutchins Asset Management, Inc., through funds managed
or controlled thereby, owned approximately 998,511 shares
of the Common Stock, or approximately 20% of the total
shares of Common Stock issued and outstanding. Also,
pursuant to the terms of the Plan, each of DDJ Capital and
Mitchell Hutchins nominated two of the seven current
directors of Samuels Jewelers. Under the terms of a
Registration Rights Agreement among the Registrant, DDJ
Capital and Mitchell Hutchins dated October 2, 1998,
Samuels Jewelers granted certain registration rights to DDJ
Capital and Mitchell Hutchins.

Samuels Jewelers is automatically registered under the
Securities Exchange Act of 1934, as amended  as a successor
to Barry's by operation of Rule 12g-3 under the Exchange
Act.


BOSTON CHICKEN: Captec Does Not Expect Long-term Effects
--------------------------------------------------------
Captec Net Lease Realty Inc., a real estate investment
trust (REIT) that invests in long-term net leased
restaurant and retail properties, said yesterday that 20 of
Captec's 27 Boston Market properties were included in the
Boston Chicken chapter 11 filing, according to a newswire
report. The REIT also said nine of the stores in
Captec's portfolio have been closed. Captec's Boston Market
properties are situated on prime real estate, and the
company is optimistic about re-tenanting the properties if
necessary. Captec said all Boston Market leases are current
in rent payments through September 1998. (ABI 08-Oct-98)


BOSTON CHICKEN: Filing Lists Debts Of $1.84 Billion
---------------------------------------------------
Boston Chicken's Chapter 11 petition, filed Monday, lists
total assets and debts of about $1.84 billion and $1.56
billion, respectively, as of July 12.  The Golden, Colo.-
based restaurant chain filed for bankruptcy to continue its
restructuring efforts and has closed 178 of its 1,143
Boston Market locations.  Boston Chicken owns 759 of the
remaining 965 restaurants, and three independent developers
own a total of 195 franchised locations.  The court has
approved on an interim basis a $70 million, 18-month,
debtor-in-possession credit facility. (Federal Filings Inc.
08-Oct-98)


BRADLEES INC: Consolidated Statement of Operations
--------------------------------------------------
For the four weeks ended August 1, 1998, Bradlees Inc.
reports a net loss of (6,008,000) on net sales of
83,551,000. (Bradlees Bankruptcy News Issue 43; Bankruptcy
Creditors' Service Inc. 07-Oct-98)


CRIIMI MAE: Case Summary & 20 Largest Unsecured Creditors
---------------------------------------------------------
Debtor:  Criimi Mae, Inc.
         11200 Rockville Pike
         Rockville, Md. 20852

Type of business: Self-managed, full-service commercial
mortgage company actively involved in acquiring,
originating, securitizing and servicing commercial
mortgages and mortgage-related assets.

Court: District of Maryland, Souhtern Division

Case No.: 98-23115    Filed: 10/05/98    Chapter: 11

Debtor's Counsel: Stanley J. Samorajczyk, PC
                  Akin Gump Strauss Heuer & Feld LLP
                  1333 New Hampshire Ave, NW
                  Suite 400
                  Washington, DC 20036
                  (202) 887-4288

Total Assets:              $2,780,000,000
Total Liabilities:         $2,150,000,000
                                                   

Unsecured Debt held by more than 500 holders - $100,000,000

No. of shares of preferred stock      1,929,582         
No. of shares of common stock         48,471,683

20 Largest Unsecured Creditors:

   Name                              Nature          Amount
   ----                              ------          ------
CRIIMI MAE Inc. Senior Notes   Debt Securities  100,000,000                     
Prudential Securities          Bridge Loan       50,000,000
First Union and Riggs Bank     Bank Loan         40,000,000
Arthur Andersen                Accounting Serv.     430,800
Standard & Poor's              Rating Agency Fees   350,000
Thatcher Proffitt & Wood       Legal Fees           331,473
RER Resources LP               Consulting Fees      108,132
OTR CRI Building               Rent                  34,850
Sidley & Austin                Legal Fees            26,346
Arent, Fox,                    Legal Fees            18,254
Peabody & Brown                Legal Fees            12,478
Swidler, Berlin                Legal Fees            12,001
Pastore Communications         Consulting Fees        8,886
55Boston Post Rd Realty Trust  Rent                   5,819
Pine Street Investors, LLC     Rent                   4,548
Houston Post Oak Assoc         Rent                  10,440
General Motors Corporation     Rent                   4,883
Richards Layton & Finger       Legal Services        14,591


CRIIMI MAE: Class Action Alleges Misrepresented Success
-------------------------------------------------------                           
The following notice is issued by the law firm of Cohen,
Milstein, Hausfeld & Toll, P.L.L.C. on behalf of its  
client, who, on October 7, 1998, filed a lawsuit in the
United States District Court for the District of Maryland
(Southern Division), on behalf of purchasers  of the
securities of Criimi Mae Inc. (NYSE:CMM) during the period
between June  30, 1998 and October 5, 1998, inclusive.

The complaint charges that CMM -- a commercial real estate
investment trust -- and certain officers and directors of
the Company during the relevant time period violated
Sections 10(b) and 20(a) of the Securities Exchange Act of  
1934, by, among other things, misrepresenting CMM's success
and financial condition. Specifically, the Complaint
alleges that defendants misrepresented that CMM's financial
condition was strong and was largely insulated from market
fluctuations. In fact, on September 25, 1998, defendants
told the market that CMM would meet analysts' earnings
expectations for the third quarter of 1998  
and would sustain dividend levels. In addition, defendants
claimed that, despite a volatile market, the Company would
be able to meet all collateral calls. Despite this
assurance, only ten days later, defendants shocked the  
market by announcing that the Company had filed for
bankruptcy protection due  to its inability to meet
collateral calls from vendors. As a result, trading in the
Company's securities has been halted. The Complaint alleges
that members of  the Class purchased their CMM securities
at artificially inflated prices.


CROWN BOOKS: Taps Arthur Andersen As Its Accountants
----------------------------------------------------
The Debtors, Crown Books Corporation, and its affiliated
debtors, seek authorization to employ and retain Arthur
Andersen LLP as accountants for the debtors.

As of May 2, 1998 the debtors had, on a consolidated basis,
assets of approximately $130,387,000 and liabilities of
approximately $100,525,000.  For the fiscal year ended
January 31, 1998, Crown had total sales of approximately
$297,505,000.

The debtors are seeking the services of Arthur Andersen to
provide tax services, prepare tax returns, assist the
debtors in an ongoing dispute with the Department of
Revenue of the state of California, and perform other
necessary services.  The debtors have agreed to compensate
the firm with a fixed fee of $50,000 for preparation of the
debtors' tax returns. For other services Andersen's
partners hourly rates range from $350 to $450 and other
range between $100 to $350 per hour.


ELDER BEERMAN: Investor Relations Function To Davido
----------------------------------------------------
The Elder-Beerman Stores Corp. (Nasdaq: EBSC) has
reassigned responsibility for its investor relations
function to Scott J. Davido. Davido, who is Senior Vice  
President, General Counsel and Secretary, will also serve
as Director of Investor Relations.  Davido will continue
reporting to John A. Muskovich, President, Chief Operating
Officer and Chief Financial Officer.

Muskovich said the realignment of duties "was made to
improve communications between the company and its analysts
and investors, and to ensure that adequate resources are
focused on this critical function.  We are absolutely
committed to an investor relations approach that provides
clear and effective communications to the financial
community and to existing and potential investors.  Scott's
strong legal and financial background, along with his deep  
understanding of our company's opportunities and
strategies, make him ideally suited for this expanded
role," he concluded.

Davido joined Elder-Beerman in December 1997.  Since that
time, he has been deeply involved in key transactions,
including the company's emergence from  chapter 11 and
subsequent conversion to public company status, its
acquisition  of the Stone & Thomas chain, its purchase of
the Dayton Mall store from  Mercantile Stores, and its
recent S-1 registration and successful secondary  offering
of shares.

The nation's tenth largest independent department store
chain, The Elder-Beerman Stores Corp. now operates 59
stores in Ohio, Indiana, Illinois, Michigan, Wisconsin,
Kentucky, West Virginia and Pennsylvania.  Headquartered  
in Dayton, Ohio, Elder-Beerman reported total revenues of
$607.9 million and net sales from store operations of
$581.4 million on an operating base of 48 stores in 1997.  
The company's Bee-Gee shoe division operates 61 El-Bee and  
Shoebilee! shoe stores in seven states.  Elder-Beerman also
operates two furniture superstores.


ESSEX CORPORATION: Annual Meeting Set For November 9
-----------------------------------------------------
Essex Corporation reports to the SEC its Annual Meeting of
Stockholders to be held at the main Essex office, 9150
Guilford Road, Columbia, Maryland on Monday, November 9,
1998 at 10:00 a.m.

As discussed in the Proxy Statement, the matters to be
acted on at the Annual Meeting are: the election of
directors; the ratification of the Company's
1998 stock option plan; and the ratification of the
appointment of independent auditors.  Additionally, there
will be a presentation reviewing the Company's performance  
in 1997 and 1998 and  prospects  for  1999.  There will
also be an opportunity for Stockholders to present
questions  to  management and to a representative  of  the  
Company's independent  auditors.


FPA MEDICAL: General Claims Bar Date - November 17
--------------------------------------------------
In a press release dated October 5, 1998, FPA Medical
Management, Inc. announced that it filed its  
Disclosure Statement and Plan of Reorganization with the
Bankruptcy Court in Wilmington, Delaware on September 30,
1998. The Company also announced that its notice and claims
agent was mailing notice of the November 17, 1998 general  
claims bar date established by the Bankruptcy Court
together with proof of  claim forms to more than 50,000
creditors, equity holders and other interested  persons and
entities.

In both its Disclosure Statement and the related hearing
notice mailed to FPA's creditors and the other interested
persons and entities, FPA also disclosed that The Official
Committee of Unsecured Creditors, appointed on August 3,
1998 in FPA's jointly administered Chapter 11 cases, had
informed the Company that the Committee does not support
the Plan as proposed and that negotiations are continuing
among the Company, the Prepetition and DIP Bank
Groups and the Creditors Committee in advance of the
Bankruptcy Court hearing scheduled for October 28, 1998 on
the adequacy of the Disclosure Statement.

Terms of the Plan provide for the cancellation of existing
equity holders interests; warrants to be distributed to
general unsecured creditors, including holders of the
Company's 6.5% Subordinated Debentures due 2001; and a
conversion of all or substantially all of FPA's prepetition
secured debt to equity.


FIDELITY BANCORP: Files Quarterly Report With SEC
--------------------------------------------------
Fidelity Bancorp Inc. filed a FORM 10-QSB/A                               
Amendment No. 1 with the SEC for the quarterly period ended
June 30, 1998. Net income for the three months ended June
30, 1998 was $735,000 compared to $656,000 for the same  
period in 1997, an  increase  of $79,000 or 12.1%. Net
income for the nine months ended June 30, 1998 was $2.1
million compared to $1.9 million for the same period in
1997, an increase of $152,000 or 7.9%.  Net loss on real
estate owned was $11,000 and $36,000 for the nine month
period ended June 30,  1998 and 1997,  respectively.  

A full-text copy of the filing is available via the
Internet at:
http://www.sec.gov/Archives/edgar/data/0000914317-98-
000613.txt          


FOXMEYER: Negligence Lawsuit Against Deloitte & Touche
------------------------------------------------------
A $500 negligence lawsuit has been lodged against Deloitte
& Touche by the bankruptcy trustee for FoxMeyer, formerly
the fourth-largest pharmaceutical distributor in the US.
Andersen Consulting and German consulting outfit SAP is  
also being sued for the same amount.

Deloitte is accused of acquiescing to a refinancing plan
that contributed towards the company's insolvency in 1996.
The firm audited FoxMeyer prior to the collapse and
bankruptcy trustee Bart Brown alleged the firm should
have  known the company was insolvent before FoxMeyer
entered into the $750 million  loan arrangement with
General Electric Capital Corporation.

As a result of the deal, virtually all of the company's
unencumbered assets were retained by GE Capital.
"Deloitte issued an unqualified opinion to the company,"
Brown said. "We believe that the financial statement
severely overstated the company's financial position."
In addition, a $198 million dividend was transferred to its
parent company FoxMeyer Health Corporation - now known as
Avatex Corporation. The trustee alleged that Deloitte
should have known that transfer of the dividend and  
security for the loan would leave the company in an
extremely vulnerable position.

A statement from Deloitte read: "There is no basis for
these allegations which mischaracterise the nature of
Deloitte & Touche's services. Our services were performed
in accordance with applicable professional standards and we
will vigorously contest this case."

A $500 million suit was filed at the same time against the
German ERP software firm SAP. AC was sued for the
equivalent amount in July.   According to the trustee, SAP
convinced FoxMeyer to purchase its R/3 software but it
could not cope with the volume of orders and eventually
caused the falling returns that led to the company's
bankruptcy. "FoxMeyer spent more than $30 million upgrading
the system and it didn't work," he said.
Brown also said that FoxMeyer sued AC because the firm
failed to deliver software improvements it had promised.
"It's a simple case of 'here's what they promised and
here's what they delivered'. There's a huge discrepancy in
the claim."

A spokesman at AC suggested that such blanket accusations
might be a sign of desperation. But Brown remained adamant:
"We would not have filed those lawsuits if we didn't
believe we have legitimate claims against all three  
firms." (IntlAccountingBulletin-09/11/98)


HILLS STORES: Amends Loan and Security Agreement
------------------------------------------------
Hills Stores Company, through its wholly-owned operating
subsidiary Hills Department Store Company has amended the
Restated Loan and Security Agreement governing its secured
revolving facility with a group of lenders.  BankAmerica
Business Credit, Inc. ("BABC") serves as agent for the
lenders.

The Amendment is effective on September 30, 1998, and:

1. Increases the maximum credit facility to $340 million;

2. Extends the term of the Agreement to February 5, 2002;

3. Increases the advance rate to 65% of eligible inventory
for the period beginning on the first day of the fiscal
month of December to the last day of the fiscal month of
May and to 70% of eligible inventory from the last day of
the fiscal month of May through the last day of the fiscal
month of November, plus fifty percent (50%) of the face
amount of outstanding documentary import letters of credit
with respect to goods for which the agent bank is
consignee;

4. Provides that the term loan under the existing facility
is rolled into the revolving credit line; and

5. Eliminates the annual "clean-up" requirement.

The Company paid a total fee of $730,000 to BABC and the
other lenders in connection with the Amendment.  


LANCASTER MALT: Owner Files For Bankruptcy Protection
-----------------------------------------------------
The owner of Lancaster Malt Brewing Co.'s property has
filed for bankruptcy protection, and the brewery and
restaurant are also likely to file, an attorney for the
business says.  In addition, the business is delinquent in
repaying a $200,000 state loan that helped it get off the
ground.  Lancaster Malt Property Associates, which holds
the deed for the micro-brewery at Plum and Walnut streets,
sought protection from its creditors under Chapter 11 of
the federal bankruptcy code.

The property is owned by a partnership controlled by
Michael Oehrlein, who along with his wife Loretta is the
principal shareholder in the brewery and 78-seat
restaurant.  "Lancaster Malt Brewery has not filed for
bankruptcy. That's all I can tell you," Oehrlein said
Tuesday, referring questions to his attorney, Dale E. Lapp.

Lapp reiterated the brewery landlord - and not the brewery
or restaurant -  had filed for bankruptcy. He claimed the
action does not impact those businesses.  But this morning,
Lapp said that Chapter 11 filing for the brewery is
probable.

"It's fair to say that the operation of the real estate and
the company are related and that filing of the business is
likely to occur," Lapp said.  He said the brew pub will
stay open its usual hours while its finances are  
restructured under a court-approved reorganization plan.
The filing for the business was made in U.S. Bankruptcy
Court in Philadelphia on Friday, federal court records
show. It shields the company from  its creditors while
allowing it to continue to operate.

Oehrlein began the business in 1995 with $1.3 million, from
a bank loan, investor equity, a federal Small Business
Administration loan and a state  enterprise zone loan.
Repayment of the $200,000 state loan, which was
administered through the city, has been listed as
delinquent in recent months, city records show.
Oehrlein is the single general partner in Lancaster Malt
Property Associates. Property records show he purchased the
1880s-era tobacco warehouse in December 1994 for $245,000.

The land and renovated building is now assessed at
$420,500.  Lapp said the next step in the Chapter 11
process is the filing of schedules identifying creditors of
the partnership. That should occur within  the next month,
he said.  Following those filings, there will be a period
of time to consider restructuring, Lapp said.  Since the
business started in 1985, it has expanded rapidly. In 1996,
in it's first full year of operation, Lancaster Malt
Brewery filled 4,000 kegs and 661,000 bottles with its
homemade ales, porters and lagers.

Sales for the wholesale and retail business were about $1.6
million during the company's first year. Oehrlein expected
to increase sales by a third in his second year, newspaper
records show.  (Intelligencer Journal Lancaster - 10/07/98)


LEVITZ FURNITURE: Judge Sets Deadline To File Plans
---------------------------------------------------
Judge Mary Walrath, the newly appointed judge in the case
of Levitz Furniture Inc. has entered an Order directing the
Debtors to file their Plans of Reorganization, together
with their Disclosure Statements, pursuant to Rule 3016 of
the Federal Rules of Bankruptcy Procedure and 11 U.S.C.
Sec. 1125 on or before March 1, 1999.  Judge Walrath's
Order does not provide for any extensions of that deadline.  
(Levitz Bankruptcy News Issue 25; Bankruptcy Creditors'
Service Inc. 08-Oct-98)


LEVITZ FURNITURE: Monthly Operating Report for August
-----------------------------------------------------
For the fiscal month ending August 31, 1998 Levitz
Furniture Inc. reports a net loss of (3,955,000) on net
sales of 58,516,000. (Levitz Bankruptcy News Issue 25;
Bankruptcy Creditors' Service Inc. 08-Oct-98)


LEVITZ FURNITURE: Settlement of Retirees' Claims
------------------------------------------------
Twenty-six of the Debtors' former executives (and their
spouses or former spouses) have filed proofs of claim
asserting over $30,000,000 due on account of claims arising
under the Debtors' 1991 supplemental executive retirement
plan, life insurance program and other employment-related
plans and programs.  

The Debtors entered into negotiation with the Retirees.  
Those negotiations focused on the valuation of the
Retirees' Claims, actuarial estimates, and
the probability of success in litigating the value of the
Retirees' Claims.  The negotiations resulted in a
settlement, subject to court approval of the
Retirees' Claims for approximately $10,000,000.  

The Debtors believe that this settlement of the Retirees'
Claims is advantageous to their estates and, accordingly,
request approval of this compromise and settlement pursuant
to Bankruptcy Rule 9019. (Levitz Bankruptcy News Issue 25;
Bankruptcy Creditors' Service Inc. 08-Oct-98)


LIBERTY HOUSE: Seeks Exclusivity Extension To Feb. 28
-----------------------------------------------------
Liberty House is again asking the court to extend its
exclusive periods to file a reorganization plan and solicit
acceptances, this time through Feb. 28 and April 30,
respectively.  The motion focuses on the importance of the
holiday season to the retailer's results.  This is the
second time the Hawaiian department store chain requested
an extension into the new year.  In advance of the first
exclusivity hearing, Liberty House, its lenders, and the
official creditors' committee reached an agreement to scale
back the extension to the current Nov. 13 deadline.    
(Federal Filings Inc. 08-Oct-98)


NAL FINANCIAL GROUP: Announces Confirmation of Plan
---------------------------------------------------
NAL Financial Group Inc. received confirmation of its First
Amended Plan of Reorganization at a hearing held on
September 22, 1998.

The Plan has a total of thirteen (13) separate classes of
creditors, twelve (12) of which are impaired. Classes 7 and
8, which consist of creditors whose allowed claims arise
out of the purchase or sale of NALF's common stock or the
ownership of that stock, respectively, did not receive
ballots and are deemed to have rejected the Plan. Of the
remaining ten (10) impaired classes of creditors, Classes
2, 3, 4(1), 5, 6 and 7 accepted the Plan. Class 5 consists
of the allowed claims of general unsecured creditors that
accepted the Plan by 84.958% in dollar amount and 88.889%
of the total number of ballots filed.

The Debtor NALF, when reorganized, will issue new equity
interests as set forth in Article V, Section A, P.5.1 of
the Plan. The new equity interests will be issued on the
Effective Date and when issued, Greenwich and Conseco will
own the Reorganized Debtor NALF which in turn will own all
of the stock of the Reorganized Debtor NALA which in turn
owns all of the stock of the Reorganized Debtor Autorics.
As a condition precedent to that event occurring, the Plan
as well as the respective term sheet agreements require
Conseco and Greenwich to contribute new equity capital and
to make available working capital loans according to the
formula set forth in Article V, Section C, P.5.3 of the
Plan.  The precise amount of equity capital Conseco and
Greenwich are to contribute is not yet determined since it
is a function of what the amount of cash the Debtors have
remaining on hand after the payments that are required in
Articles III and IV of the Plan have been made (Conseco and
Greenwich are each making substantial new value
contributions to the Debtors).


NEXTWAVE: Court Extends Exclusivity To Feb. 8
----------------------------------------------
The court extended NextWave Personal Communication Inc.'s
exclusive periods to file a reorganization plan and solicit
plan acceptances from Oct. 6 and Dec. 4 to Feb. 8 and April
9, respectively.  The court granted the personal
communications provider a shorter-than-requested extension
after an Oct. 1 hearing.  NextWave sought an extension of
the exclusive periods to March 30 and May 28, respectively,
citing the need to replace disqualified counsel Weil
Gotshal & Manges and continue working with creditors,
vendors and investors to develop a comprehensive business
plan that would entail the build out of NextWave's D-, E-,
and F-Block licenses to provide service to about 53 million
customers. (Federal Filings Inc. 08-Oct-98)


RAYTECH: Announces Tentative Settlement
---------------------------------------
Raytech Corporation (NYSE: RAY) announced that it has
reached a tentative settlement with its creditors and
equity holders with respect to a consensual plan of  
reorganization to be filed in its Chapter 11 bankruptcy
case which commenced in  March 1989. Parties to the
settlement are Raytech, general unsecured creditors,  
including present and future asbestos claimants,
Connecticut and U.S. environmental agencies and equity
holders. Terms of the settlement provide for the general
unsecured creditors to receive, through a trust, 90% of the
stock of reorganized Raytech and the equity holders to
receive the remaining 10%.

The dilution reflects court decisions adjudging Raytech to
be a successor to liabilities of Raymark Industries, Inc.
that substantially exceed the value of Raytech. The
corporate restructuring of Raytech in 1986 was ruled
invalid in the decisions. Confirmation of a consensual plan
of reorganization could take from 12 to 18 months.

Raytech Corporation is headquartered in Shelton,
Connecticut, with operations serving world markets for
energy absorption and power transmission products, as
well as custom-engineered components.


SNAKE EYES: Files Disclosure Statement
--------------------------------------
Snake Eyes Golf Clubs, Inc. filed its Disclosure Statement
on September 23, 1998.  The debtor's plan provides for the
sale of the debtor's assets and business, free and clear of
liens and encumbrances, pursuant to a modified auction
procedure.  The company has a "back-up" contract to sell
the assets for $1.4 million, which will provide the minimum
opening bid for the auction.

The company owes approximately $3 million to trade
creditors.

The debtor projects that the net sale proceeds to be
derived from the sale of the debtor's assets pursuant to
the Asset Purchase Agreement will be not less than $1.4
million and not more than $3.1 million.


SOUTHERN PACIFIC: Southern Pacific Bank Not Related
---------------------------------------------------
Southern Pacific Bank, a California corporation which is a
wholly owned subsidiary of Imperial Credit Industries,  
Inc. (Nasdaq: ICII) today issued a statement seeking to
eliminate any customer confusion over the recently
announced bankruptcy filing by a separate company,  
Southern Pacific Funding Corporation. That filing does not
in any way affect Southern Pacific Bank.

Stephen Shugerman, Southern Pacific Bank's President,
stated:  "Our bank is a separately incorporated entity,
regulated by the California Department of Financial
Institutions and the Federal Deposit Insurance Corporation,
which insures the bank's saving and certificate of deposit
accounts.  We are not directly affiliated with the company
that today filed for Chapter 11 bankruptcy protection,
Southern Pacific Funding Corporation, which is an
Oregon-based mortgage banking company.  Our bank remains a
well capitalized and profitable institution."


STRAWBERRIES,INC: Court Confirms Liquidating Plan
-------------------------------------------------
Following an Oct. 2 hearing, the court confirmed
Strawberries Inc.'s joint liquidating plan. The former
record retailer, now known as Milford Resolution Inc.,
filed its plan July 1 with the support of the official
unsecured creditors' committee, the unofficial
committee of secured vendors, and Equitable Capital Private
Income & Equity Partnership, the single largest creditor.
Strawberries sold substantially all of its assets to a unit
of Trans World Entertainment Corp. last year for about $26
million. (The Daily Bankruptcy Review and ABI 08-Oct-98)


THERMADYNE HOLDINGS: Annual Meeting set For November 4
------------------------------------------------------
Notice is hereby given that the Annual Meeting of
Stockholders of Thermadyne Holdings Corporation, a Delaware
corporation, will be held on Wednesday, November 4, 1998,
at 10:00 a.m., local time, at the offices of Victor
Equipment Company, 2800 Airport Rd., Denton, Texas 76202,
for the following purposes:

1. To elect seven directors;

2. To consider and act upon a proposal to approve the
Thermadyne Holdings Corporation Bonus Plan;

3. To consider and act upon a proposal to approve the
Thermadyne Holdings Corporation Management Incentive Plan;

4. To consider and act upon a proposal to approve the
Thermadyne Holdings Corporation 1998 Non-Employee Directors
Stock Option Plan; and

5. To transact such other business as may properly come
before the meeting or any adjournment thereof.

The Board of Directors has fixed the close of business on
October 1, 1998,as the record date for determining the
stockholders entitled to notice of, and to vote at, the
meeting or any adjournment thereof.


WANG LABORATORIES: Annual Meeting Set For November 24
------------------------------------------------------
The Annual Meeting of Stockholders of Wang Laboratories,
Inc. will be held at the Radisson Heritage Hotel, 10
Independence Drive, Chelmsford, Massachusetts on Tuesday,
November 24, 1998 at 10:00 a.m., local
time, to consider and act upon the following matters:

1.  To elect three Class II Directors, each to serve for a
three-year term.

2.  To approve the Amendment and Restatement of the
Director Stock Option Plan.

3.  To approve an Amended and Restated Certificate of
Incorporation which would (i) change the name of the
Company from "Wang Laboratories, Inc." to "Wang Global
Corporation", (ii) increase the aggregate number of shares
of Common Stock that the Company is authorized to issue
from 100 million to 200 million, and (iii)              
eliminate certain obsolete provisions related to
restrictions on the transfer of Common Stock.

4.  To approve the issuance of additional shares of Common
Stock to Ing. C. Olivetti & Co. S.p.A. ("Olivetti") in
connection with the acquisition by the Company of the
Services and Solutions Business of Olivetti ("Olsy") on
March 17, 1998.


WELCOME HOME: Order Confirms Plan
---------------------------------
On September 28, 1998, the court entered an order approving
and confirming the plan of Welcome Home Inc.


DLS CAPITAL PARTNERS: Bond Pricing For Week of October 5
--------------------------------------------------------
Following are indicated prices for selected issues:

Acme Metal 10 7/8 '07                   20 - 22
Amer Pad & Paper 13 '05                 48 - 52
Amer Telecasting 0/14 1/2 '04           23 - 25
Asia Pulp & Paper 11 3/4 '05            56 - 57
Boston Chicken 7 3/4 '05                 5 - 7 (f)
Brazos 10 1/2 '07                       30 - 35
Brunos 10 1/2 '05                        4 - 8 (f)
CAI Wireless 12 1/4 '02                 20 - 22 (f)
Cityscape 12 3/4 '04                    18 - 21 (f)
E & S Holdings 10 3/8 '06               60 - 65
Globalstar 11 1/4 '04                   57 - 60
Harah's Jazz 14 1/4 '01                 21 - 23 (f)
Hechinger 9.45 '12                      69 - 71
Hills 12 1/2 '03                        38 - 40
Levitz 9 5/8 '03                        50 - 55 (f)
Liggett 11 1/2 '99                      70 - 72
Mobilemedia 9 3/8 '07                   17 - 19 (f)
Penn Traffic 9 5/8 '05                  18 - 19
Royal Oak 12 3/4 '06                    42 - 49
Service Merchandise 9 '04               48 - 49
Sunbeam 0 '18                           12 - 14
Zenith 6 1/4 '11                        24 - 26 (f)


                   ********
     
The Meetings, Conferences and Seminars column appears in
the TCR each Tuesday.  Submissions via e-mail to
conferences@bankrupt.com 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
publishers.   

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  * * *