TCR_Public/981021.MBX T R O U B L E D   C O M P A N Y   R E P O R T E R
   Wednesday, October 21, 1998, Vol. 2, No. 206


AHERF: Postpones Hearing on University Sale
AMERICAN DIXIE: Converts Case to Chapter 7
BOSTON CHICKEN: Seeks Approval For Employee Retention Plan
BUILDERS TRANSPORT: Joint Motion To Fix Bar Date
CAJUN ELECTRIC: Judge Prohibits Lowering Rates

EXCALIBUR FINANCIAL: Seeks Approval of Compromise
FIRST AMERICAN RAILWAYS: Florida Fun-Train Thinks It Can't
FRETTER: Order Approves Hilco Settlement
GEOTEK COMMUNICATIONS: Soliciting Bids For 900 MHz Licenses
HAYES CORPORATION: Announces New Chairman of the Board

HOMELAND HOLDING: Reports Third Quarter Loss
IKON OFFICE SOLUTIONS: Class Action Lawsuit Filed
LIBERTY HOUSE: Committee Responds To Exclusivity Request
MERCURY FINANCE: Securities Claimants Sue Directors
ORANGE COUNTY: Goldman Sachs Agrees To Pay $4.8 Million

PARAGON TRADE: Seeks Sealed Pleading
PEGASUS GOLD: Committee Supports Joint Plan
PEREGRINE: Creditors Recommend Settlement
ROBOMATIX TECHNOLOGIES: Transfers Controlling Interest
SUN TELEVISION: Closing 29 Stores Nationally

SUNBEAM: Re-Stated Audit of 1997 Shows Loss
SUNBEAM: Stock Rises 33%
WESTMORELAND COAL: Reaches Deal With Creditors
WHEELED ELECTRIC POWER: Files For Chapter 11 Protection


AHERF: Postpones Hearing on University Sale
U.S. Bankruptcy Judge M. Bruce McCullough Monday postponed
until Nov. 5, 1998, a hearing to approve the sale of
Allegheny University of the Health Sciences to Tenet
Healthcare Corp. (NYSE:THC).

The university of health sciences is an integral part of
eight Philadelphia area hospitals that Tenet plans to
acquire from the Allegheny Health, Research and Education
Foundation (AHERF).

Meanwhile, Tenet continues to seek a viable academic
institution to administer and manage the university since
Drexel University backed out last week. Tenet reiterated
that its ability to acquire the eight hospitals from AHERF
is contingent on finding an acceptable academic  
institution to manage the university of health sciences.

AMERICAN DIXIE: Converts Case to Chapter 7
American Dixie Group Inc., a nine-year-old customer
engineering and manufacturing firm that filed chapter 11 in
early September, has converted its case to chapter 7,
according to Capital District Business Review. When the
Albany, N.Y.-based company proposed to sell some of its
assets to a Massachusetts firm for $150,000, creditors
voiced their objectives, and there were no higher bidders
at an Oct. 8 auction. As a result, Bankruptcy Judge Robert
Littlefield Jr. agreed to convert the case to chapter 7. So
all of the company's assets, valued at just $57,022,
will be liquidated in order to pay creditors. The value of
outstanding contracts has not yet been quantified. The
liquidation is expected to raise only a fraction of the
$1.06 million American Dixie owes to some 200 creditors.
Michael O'Connor of O'Connor, O'Connor, Mayberger & First
P.C. was appointed trustee to take control of the assets
and negotiate a sale for the best possible terms. (ABI 20-

BOSTON CHICKEN: Seeks Approval For Employee Retention Plan
Boston Chicken is seeking court authorization to
assume a retention bonus plan for key employees whose
departure would "dramatically" impact the chain's ability
to return to profitability. The restaurant chain asserts
that, as with many large Chapter 11 cases, it is necessary
to provide incentives to certain levels of management in
order to convince them to remain with the company. Maximum
potential retention bonuses range from 200% of bonus for
store general managers to 100% for the vice president of
operations and from 50% of annual salary for the division
president to 20% of annual salary for the managers.

BUILDERS TRANSPORT: Joint Motion To Fix Bar Date
Builders Transport, Inc. and its affiliated debtors and the
Official Committee of Creditors Holding Unsecured Claims
are seeking an order fixing November 30, 1998 as the last
day for filing proofs of claim and requests for the
allowance of administrative expenses accruing or incurred
on or before October 31, 1998.

The Committee and the debtors both expect that the claims
by the equipment lessors or lenders may be substantial and
may have some impact on the ultimate distributions in the
bankruptcy cases.  Accordingly, it is necessary and
appropriate to set a bar date for administrative expense

CAJUN ELECTRIC: Judge Prohibits Lowering Rates
A U.S. Bankruptcy Court judge has prohibited members of the
Louisiana Public Service Commission from lowering electric
rates charged by Cajun Electric Power Cooperative Inc., the
company reported Thursday.

Ralph Mabey, a court-appointed trustee overseeing Cajun's
bankruptcy proceedings, sought the court action on the
grounds that a rate case filed by the PSC was a violation
of bankruptcy court jurisdiction and that lowering rates
could disrupt efforts to get a ruling on Cajun's
reorganization plan.

Two bidders are pursuing a purchase of Cajun's assets out
of bankruptcy. It has been in bankruptcy since December

EXCALIBUR FINANCIAL: Seeks Approval of Compromise
Excalibur Financial Services, LP, PBC Servicing Corporation
and Rapid Acceptance Corporation, debtors, are seeking
court approval of the compromise and settlement among the
debtors and Credit Suisse First Boston Mortgage Capital LLC
("First Boston").

The Settlement Agreement provides that Excalibur shall
transfer to Norwest Bank, as custodian for First Boston,
and release all of Excalibur's right title and interest in
and to all automobile, motorcycle and other motor vehicle
loans and finance contracts, related collateral and
repossessed vehicles currently held by First Boston,
Norwest or Exalibur.  First Boston shall pay Excalibur the
sum of $1,050,000 as the settlement payment.

First Boston will retain an unsecured deficiency claim
against Excalibur in the amount of $5 million, but will
agree to vote such claim in favor of a Chapter 11 plan to
be proposed by Excalibur that discharges such claim for no
or nominal distribution to First Boston.

The debtors state that if the court does not approve the
Settlement Agreement, protracted litigation will most
likely occur, and the debtors believe that in addition to
ending the litigation, the agreement of First Boston to
approve the settlement will pave the way for confirmation
of a plan of reorganization.

FIRST AMERICAN RAILWAYS: Florida Fun-Train Thinks It Can't
Nineteen days after the Florida Fun-Train ceased
operations, the victim of low ridership, its parent company
sought relief from  creditors in U.S.  
Bankruptcy Court in Fort Lauderdale.

Hollywood-based First American Railways filed for Chapter
7, which leads to liquidation of a company's assets, on
Oct. 6. "There's just no financing there right now to be
able to reorganize," said Chad  Pugatch, a Fort
Lauderdale lawyer representing the railroad operator.

First American Railways grounded its Florida Fun-Train and
laid off all but a handful of its 75 employees last month,
11 months after launching the rail service between
Hollywood and Orlando, and Tampa and Orlando. The company
said it was unable to finance its monthly operating cash
flow deficit.

First American reported losing $9.9 million on revenues of  
$507,726 in the first half of this year. (Sun Sentinel Ft.
Lauderdale - 10/20/98)

FRETTER: Order Approves Hilco Settlement
On October 8, 1998 the court entered an order in the case
of Fretter, Inc. et al., finding that the terms of the
final term sheet executed by the Hilco Settling Parties,
are in the best interests of the debtors' estates.  The
debtor is authorized to enter into the Hilco Settlment.
Effective on the Hilco Effective Date and payment of the
$1.3 million in cash to Hilco, each Hilco party releases
acquits and discharges each and every other Hilco Settling
Party from claims arising out of the Fretter case.  All
claims of Hilco against Fretter shall be deemed withdrawn.

GEOTEK COMMUNICATIONS: Soliciting Bids For 900 MHz Licenses
Geotek Communications, Inc. announced that it
is soliciting bids for the sale of all of its 900 MHz
licenses as part of its plan to pursue the orderly wind-
down of its operations. Geotek currently holds  
188 major Trading Area licenses ("MTA") and 3 Designated
Filing Area ("DFA") licenses across over 40 U.S. markets,
including 19 out of the top 20 MTA markets.

Geotek will seek Bankruptcy Court approval for the sale of
these licenses, and for a proposed bidding process, which
will include the procedures for the submission of offers,
and bid deposit requirements.

Geotek's license holdings represent over 18% of the entire
900 MHz trunked SMR frequency band.  On a per pop basis,
coverage is expected to exceed 200 million
pops.  The Company's substantial spectrum can be configured
to cover a range of  markets, depending on the frequency
blocks purchased.  Some examples of  
potential multiple-market "footprints" which can be
configured from the purchase of specific frequency blocks
of Geotek spectrum are:

Cities                                     Frequency Blocks

New York - Philadelphia - Washington, D.C.    G, H, K, L

Boston - Charlotte                            H, L

Boston - New York                             H, L

Washington, D.C. - Richmond                   H, L, N

Jacksonville - Miami                          A, M

Chicago - Milwaukee                           I, L

San Antonio - Houston                         H, P

Atlanta - Birmingham                          I, J

Portland - Seattle - Spokane                  A, G, R

Chicago - Cincinnati                          H, J

Dallas - Houston                              L

Tulsa - Oklahoma City                         A, C, L

HAYES CORPORATION: Announces New Chairman of the Board
Hayes Corporation (Nasdaq: HAYZQ) announced that Ron
Howard, currently Vice Chairman and Chief Executive Officer
of Hayes, has been named Chairman of the Board of  
Directors, succeeding Dennis Hayes. Mr. Hayes will remain a
Director of the Company.

HOMELAND HOLDING: Reports Third Quarter Loss
Homeland Holding Corp. reported Friday a third-quarter
loss, but officials were upbeat because operating earnings
increased 29 percent. Third-quarter net loss, before
amortization of excess reorganization value,  
was $347,000 compared with $196,000 in third quarter 1997.
That's a loss of 7 cents a share vs. 4 cents a share a year
ago for the regional grocery store chain holding company.

For the first nine months, ending Sept. 12, the company had
net income of $970,000, or 20 cents a share, vs. $1.835
million, or 39 cents a share, a year ago. Those numbers are
excluding amortization of excess reorganization value,  
which brings the 1998 year-to-date loss to $8.8 million vs.
$8.3 million a year ago.

In 1996, the company entered a pre-arranged
reorganizational bankruptcy, emerging 60 days later with
the company owned primarily by bondholders. The company has
elected to write-off the reorganizational expenses in an  
accelerated three-year period.

"In our business, the real key is cash flow," President and
Chief Executive David B. Clark said.

The earnings before interest, taxes, depreciation and
amortization in the third quarter were $4.3 million, up
from $3.3 million a year ago. Year-to-date, the amount was
$14.9 million vs. $14.5 million a year ago.

The company's third-quarter net loss was a result of
several things, Clark said. A year ago, the company had a
tax credit. This quarter, it incurred a tax charge, he
said. And, because of four new stores, the company's amount
of depreciation increased.

The company's same-store sales declined 1.4 percent in the
third quarter, blamed on greater competitive promotional
spending and competitive store openings.

"Total sales for the company are up, and that provides more
cash flow," Clark said. "We are ahead of our plans as to
where we are right now and where we thought we would be."
(Daily Oklahoman; 10/17/98)

IKON OFFICE SOLUTIONS: Class Action Lawsuit Filed
Keller Rohrback L.L.P. announced that on October 16, 1998,
a class action lawsuit was filed in the United States
District Court for the Eastern District of Pennsylvania on
behalf of a class (the "Class") consisting of all
persons  who purchased the common and conversion preferred
stock of IKON Office Solutions Inc. ("IKON")(NYSE:IKN)
between June 19, 1997 through Aug. 13, 1998, inclusive (the
"Class Period").

The Complaint charges IKON and certain of its officers with
disseminating numerous announcements concerning IKON's
reported financial results which were materially false and
misleading because they failed to disclose that the
company's internal financial controls were inadequate and
insufficient resulting in the failure to timely and
accurately report lease default and accounts receivable

The Complaint alleges that the defendants' false statements
artificially inflated the price of IKON stock.

LIBERTY HOUSE: Committee Responds To Exclusivity Request
The Official Committee of Unsecured Creditors of Liberty
House, Inc. responds to the motion of the debtors seeking
an extension of exclusivity.  The Committee believes that
the debtor's prospects for rehabilitation will not
necessarily be enhanced by an overextended stay in Chapter
11. The Committee states that negotiations have not yet
progressed far enough to determine whether a consensual
plan can be negotiated prior to the termination of the
present exclusivity period.  The Committee reserves the
right to take a further position at the time of the hearing
on this motion dependent upon circumstances that develop
between now and November 2, 1998.

MERCURY FINANCE: Securities Claimants Sue Directors
The official committee of Mercury's securities claimants
sued the subprime auto lender's directors and certain
creditors charging that they have used Mercury's records
and caused its business to be operated in furtherance of
their interests and in violation of their fiduciary duties
as directors and persons in control, respectively, of
Mercury. Actions of these creditors or those from whom the
creditors acquired their claims undertaken in the one-year
period before the petition date, resulted in a more than
$300 million reduction in the principal amount of claims,
according to the complaint. The complaint contends that the
creditor claimants became Mercury insiders as a result of a
July, 1997 forbearance agreement. Also during this period,
the creditor claimants are believed to have received over
$70 million from Mercury as interest on their claims which
they should not have received, according to the complaint.
(Federal Filings 20-Oct-98)

ORANGE COUNTY: Goldman Sachs Agrees To Pay $4.8 Million
According to a Reuters: Financial newswire report of
October 19, 1998, Goldman Sachs & Co. will pay $4.8 million
to settle a lawsuit filed by an Orange County agency that
claimed the firm failed to warn it of the risky investment
strategy that plunged the county into bankruptcy in 1994,
the agency said Monday.

The Orange County Transportation Authority, or OCTA, said
it had reached an agreement in principle to settle the
lawsuit it filed against the Wall Street investment firm in
1996. An official with Goldman was not immediately
available to comment.

A spokesman for OCTA said the agreement, which was approved
by the authority's board last Thursday and must still be
approved by a federal judge, would also settle Goldman's
counter lawsuits against both the authority and the  

OCTA sued Goldman, which underwrote the authority's debt,
alleging the firm failed to warn it of the risks associated
with the county's investment pool. The authority also
accused the firm of breaching its fiduciary duties and  

Orange County filed for bankruptcy protection Dec. 6, 1994,
after the pool sustained losses of more than $1.6 billion
on risky investments. The county emerged from bankruptcy in
June 1996.  OCTA, which provides bus and other
transportation services and funds local freeway
construction, said it had deposited about $1 billion in the
pool and lost more than $225 million when the pool crashed.

Earlier this year, the authority lost its lawsuit against
Goldman in Los Angeles Superior Court and had been
preparing to appeal the decision.  But Goldman also filed a
counter lawsuit against OCTA, claiming that it  
should not have been held responsible for providing
investment advice to the authority.

The settlement is the latest in a string of agreements
reached over the past 12 months to wrap up the massive
litigation spawned by the bankruptcy. The county has so far
recovered more than $730 million from related legal
actions,  mainly civil lawsuits against former financial
and legal advisers.

Merrill Lynch and Co. Inc. agreed in June to pay more than
$430 million to settle the county's lawsuit, one of the
most closely watched cases to emerge from the financial

PARAGON TRADE: Seeks Sealed Pleading
The debtor, Paragon Trade Brands, Inc. requests that the
court seal the response of the Procter & Gamble Company tot
he debtor's fourth motion for an order extending tits
exclusive periods.  The pleading disclosed PTB's
confidential commercial information that is of an extremely
sensitive nature.  Counsel immediately notified Procter &
Gamble, and the creditor filed a withdrawal of the
response.  However, the pleading remains a part of the
public record and PTB requests that the court seal the
pleading and remove it from the public record until such
time as the information contained therein is no lo9nger of
a commercially sensitive nature. According to the debtor
P&G does not object to this request.

PEGASUS GOLD: Committee Supports Joint Plan
The Official Committee of Unsecured Creditors of Pegasus
Gold Corporation, Pegasus Gold, Inc., Beal Mountain Mining,
Inc., Black Pine Mining, Inc., Diamond Hill Mining, Inc.,
Florida Canyon Mining, Inc., Pangea Explorations, Inc.,
Pangea Gold Corporation, Pangea International Holdings
Corporation, Pangea Mineral Inc., Pangea Resources
Explorations, Inc., Pegasus Gold Finance Corporation,
Pegasus Gold Financing , LLC, Pegasus Gold International,
Inc., Pegasus Gold Montana Mining, Inc., POV Corporation,
Montana Tunnels Mining, Inc. and Zortman Mining, Inc.,
supports confirmation of the pending Second Amended Joint
Plan of Reorganization of Diamond Hill Mining, Inc.,
Florida Canyon Mining, Inc., Montana Tunnels Mining, Inc.
and Pegasus Gold International, Inc. (the "Newco Plan")  
The committee approves the plan and recommends that
eligible holders of unsecured claims vote in favor of the
Newco Plan.

PEREGRINE INC: Creditors Recommend Settlement
Peregrine Inc.'s creditors' committee said Tuesday
it has recommended a settlement under which the auto
supplier's major customer,  General Motors Corp. , would
fund up to $20 million for payments of trade suppliers'
claims that were frozen by Peregrine.  The committee warned
that if a moratorium on creditors' lawsuits against
Peregrine were not honored through the deadline for
acceptance of the settlement, the company could need to
file for relief under Chapter 11 bankruptcy protection and
Canadian law. That could leave the creditors with less than
they would receive under the settlement.

If the settlement proposal were approved by 90 percent of
the creditors, it would clear an out-of-court
reorganization plan for Southfield, Mich.-based Peregrine,
the informal unsecured creditors' committee said in a
statement.  Creditors have until Nov. 27 to approve the
proposed settlement, the committee said.  Peregrine was
spun off from GM two years ago and is fighting to survive,
having announced this summer it will close two plants, sell
a third and ask creditors for a moratorium on $85 million
in debts. Peregrine has five other plants in Oshawa,
Ontario, and Warren and Battle Creek, Mich.

The unsecured trade creditors were owed money at the time
of the announcement of Peregrine's sale last spring to Jay
Alix-led Peregrine Acquisition Inc, the commitee said.
Alix, a turnaround specialist, has said he hopes to
complete Peregrine's reorganization and return it to
profitability next year.

Under the plan, the trade suppliers would receive about
one-third of the frozen debt owed them. Peregrine Inc. has
been paying for goods and services received after April 24
in the ordinary course of business, the committee said.  
"It is in the best interest of trade creditors to accept
the plan," the committee said in a letter to affected
creditors, adding that creditors would  not receive "any
siginificant dividend outside the context of the
settlement." (Reuters:Financial-10/20/98)

ROBOMATIX TECHNOLOGIES: Transfers Controlling Interest
Robomatix Technologies Ltd. (OTC Bulletin Board: RBMXF)
today reported that Heinrich Manderman, the Company's  
principal shareholder, has transferred a controlling
interest in the Company to the Focus Capital Group Ltd.,
and Avikam Leef.

Pursuant to the agreement between the parties, Heinrich
Manderman transferred 1,266,725 ordinary shares of the
Company to Focus Capital in consideration of a
nominal cash payment.  In addition, Mr. Manderman provided
Focus Capital with an irrevocable proxy to vote his
remaining shares of the Company for a five-year period
commencing as of the date of the agreement. The agreement
between the parties also contains certain provisions
typically found in shareholder agreements.  Focus Capital
intends to attempt to bring the Company to financial health
through restructuring, agreements with creditors and
efforts to raise additional capital.

Focus Capital Group Ltd., a private merchant banking firm
located in Savyon, Israel, was founded in 1988 by its
chairman, Mr. Meir Arnon. Focus Capital engages in a
variety of private equity investments and mergers and  
acquisitions, including restructuring and turnaround
transactions.  Focus Capital has acquired companies such as
Molett, Ofek, Pargod, Gambit, Zion Textile and recently,
Cubital Ltd.

Robomatix Technologies Ltd. of Ra'anana, Israel, through
its subsidiary, Associative Computing Ltd., is engaged in
the development of a massively parallel associative
semiconductor chip for high-speed computing.  The Company  
also provides service for product lines of advanced
industrial automation systems that use laser-based robotics
components and on-line quality assurance systems based on
electro-optical vision components.

SUN TELEVISION: Closing 29 Stores Nationally
According to the Cincinnati Enquirer, on October 10, 1998,                        
Sun Television and Appliances formally began liquidating
six of its area stores. The electronics and appliance chain
will close six of its seven area stores and 29 stores
nationally in an effort to raise capital to pay down debt.  
Sun, which filed for bankruptcy protection in September,
will continue operating 30 smaller stores, including one in

Gordon Brothers Retail Partners, in Boston, is handling the
liquidation. Elizabeth Wicks, spokeswoman, said sales at
stores in Eastgate, Colerain Township, Westwood, Florence,
Alexandria and Fields-Ertel will continue until all
merchandise is sold.

"Typically, these sales don't go on for months," she said.  
"It's more a matter of weeks or maybe eight weeks."
Area bankruptcy lawyers said there is no reason shoppers
shouldn't take advantage of the Sun sales, as long as they
leave the store with the merchandise. In past area
bankruptcies, shoppers ordered furniture before stores
abruptly closed and never received the merchandise or a
full refund.

SUNBEAM: Re-Stated Audit of 1997 Shows Loss
The Wall Street Journal reports on October 20, 1998 that
the re-stated numbers will show that Sunbeam actually had a
small operating loss in 1997, while 1996 showed a moderate
operating profit.

According to the article, Sunbeam is expected to disclose
that its banks extended waivers on financial covenants on
its loans through the end of the first quarter of 1999, to
give the company an additional three months of breathing

Evidently Sunbeam's 1997 results were inflated
significantly by an inappropriately large restructuring
charge recorded in 1996 as p[art of Al Dunlap's plan to
shutter or sell underperforming facilities and lay off
thousands of workers.  That restructuring charge, which
amounted to $337.6 million pretax, was far bigger than
generally accepted accounting principles allow and will be
slashed in the restatement, resulting in a narrower net
loss for 1996 than that originally reported.

SUNBEAM: Stock Rises 33%
Shares of Delray Beach-based Sunbeam Corp. surged 33
percent on the New York Stock Exchange as analysts said a
restatement of results by the troubled appliance maker will
help to put an accounting controversy behind it. Sunbeam
stock rose $1.63 to $6.50. (Sun-Sentinel Ft. Lauderdale;

WESTMORELAND COAL: Reaches Deal With Creditors
Westmoreland Coal Co. reached an agreement with its
creditors Thursday that will bring the Colorado Springs-
based company out of bankruptcy and enable it to pay the
benefits it owes retired mine workers.  The agreement
involves the 144-year-old company, its shareholders, three
funds that provide pension and health-care benefits to
retired mine workers and the United Mine Workers of
America, the union that administers some of the funds.

Westmoreland has until Oct. 30 to decide, along with the
other parties, exactly how the settlement will play out.  
The parties can reach a contractual agreement that will
kick in when the bankruptcy case is dismissed.  Or they can
submit a plan of reorganization for the company to the
court, a spokesperson for the company said.

Under the terms of the agreement: Westmoreland will pay
creditors for all undisputed claims, plus interest.  That
amounts to about $34.7 million.  The biggest of those
claims are from the benefit funds.  Westmoreland also
pledged to pay future payments to two of the funds;
obligations to the third fund, a pension fund, will be
determined through arbitration.  Westmoreland will set up a
$12 million secured note that can be used to pay the funds
if the company can't.  Shareholders will keep their stake
in the company.  The company said it will hold a special
shareholders meeting no later than March 31 at which
shareholders will be invited to nominate people to the
board of directors and submit other proposals.

Westmoreland shareholders have seen the company's common
stock drop from $6 a share in 1995 to Thursday's $1.75
close.  During the first quarter of 1999, Westmoreland will
spend $20 million of its cash to buy back at least 1
million shares of the 2.3 million shares of outstanding
preferred stock.  During the bankruptcy, holders of
preferred stock hadn't received dividends.  Westmoreland
won't push for legislation that would challenge the 1992
Coal Industry Retiree Health Benefits Act.

That's a big win for the union.  Coal companies are
fighting to alter or eliminate the act, which guarantees
lifetime medical coverage to retirees.  Westmoreland would
benefit, however, from rulings in the industry's favor  
that are decided in other companies' lawsuits.

Westmoreland landed in bankruptcy court in December 1996
because it couldn't make its $20 million-a-year payment to
the mine worker benefit funds. Since then, there has been
"exceptional improvement" in Westmoreland's overall
financial picture, according to documents.  Also, the
company argued that a recent decision in the bankruptcy
case of Sunnyside Coal Co., handed down in the 10th circuit
U.S. Court of Appeals in Denver, means retiree benefit
funds can't claim future payments - as they had of
Westmoreland during its bankruptcy. (Gazette; 10/16/98)

WHEELED ELECTRIC POWER: Files For Chapter 11 Protection
Wheeled Electric Power Co. ("WEPCO"), an independent energy
marketer based in Uniondale, N.Y., filed for chapter 11
Friday in Wilmington, Del. In August, Wepco stopped selling
electricity to a small portion of Orange & Rockland
Utilities Inc.'s service base due to mounting losses. At
the time, the company said it planned to focus on competing
in the retail power markets of Massachusetts, Rhode Island,
and Pennsylvania beginning Jan. 1. According to the chapter
11 petition, the company has estimated assets and
liabilities of $1 million to $50 million each, and more
than 50 creditors. Wepco's largest unsecured creditor is
Cinergy Services Corp. of Cincinnati with a $936,984 claim.  
(The Daily Bankruptcy Review and ABI Copyright c October
20, 1998)

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