TCR_Public/981103.MBX T R O U B L E D   C O M P A N Y   R E P O R T E R
  Tuesday, November 3, 1998, Vol. 2, No. 215


@BIGGER.NET: ICG NETCOM Tries To Lure Customers
AHERF: Bankruptcy Litigation May Take Two or More Years
ACME METALS: Trustee Names Creditor Panel
AL TECH: Seeks Stay Bonus Compensation Program

AUTOLEND GROUP: Files Quarterly Report With SEC
CAJUN ELECTRIC: 5th Circuit Denies Re-Hearing
CITYSCAPE FINANCIAL: Examiner Seeks Status Conference
CRIIMI MAE: Yet Another Suit Filed
FIRSTPLUS FINANCIAL: Milberg Weiss Files Class Action Suit

HARRAH'S JAZZ: Bet Your Money On It
IMARK TECHNOLOGIES: Files For Chapter 11 Reorganization
KENETECH WINDPOWER: Disclosure Statement Approved
LOGAN GENERAL: Safe From Receivership
LONG TERM CREDIT BANK: Nationalization Approved

LONG TERRM CREDIT BANK: Repays Affiliate's Debt To Bank
PRESLEY COMPANIES: Required Offer To Purchase Senior Notes
SUN TV: Committee Taps Pepper Hamilton
THERMADYNE HOLDINGS: Stock is Delisted From Nasdaq
VOICE POWERED TECH: Franklin Electronic Issued Stock

WORK RECOVERY: Emerges With $2 Million Line of Credit
ZIFF DAVIS: Securities Fraud Class Action Suit Filed

Meetings, Conferences and Seminars


@BIGGER.NET: ICG NETCOM Tries To Lure Customers
ICG Netcom (ICGX) has launched a campaign targeting 40,000
customers of, a rival Internet access player.
Netcom issued a statement saying that due to the  
recent Chapter 7 filing by, that company's
customers in California have received "intermittent"
Internet access over the past several months.  
Netcom is offering them a first month of access free and a
$60 discount on the first six months of service. (Copyright
1998 The Content Factory 10/30/98)

AHERF: Bankruptcy Litigation May Take Two or More Years
Attorney Ann-Ellen Hornridge, who represents the
controlling group of uninsured bondholders in the Allegheny
Health, Education and Research Foundation (AHERF)
bankruptcy, said the litigation relating to the eight
hospitals and a university in the system could
take two or more years, according to Reuters. She also said
that the question of which contracts Tenet Healthcare Corp.
will assume after the sale will drag on. She said that
Tenet’s $345 million bid not allocate monies to
specific facilities, so there will be fights among the
hospital and university creditors. AHERF owes about $1.3
billion to creditors. (ABI 02-Nov-98)

ACME METALS: Trustee Names Creditor Panel
The U.S. Trustee has appointed an official committee of
Acme Metals Inc.'s unsecured creditors: indenture trustee
Harris Trust & Savings Bank, Chicago; Alliance ITM High
Yield Open Fund, New York, N.Y.; Interlake Corp., Lisle,
Ill.; United Steelworkers of America, Pittsburgh; AK Steel
Corp., Middletown, Ohio; ComEd, Chicago; and Cleveland
Cliffs Iron Co., Cleveland, Ohio. (The Daily Bankruptcy
Review and ABI Copyright c November 2, 1998)

AL TECH: Seeks Stay Bonus Compensation Program
AL Tech Specialty Steel Corporation, debtor is seeking an
order authroizing and approving the implementation of a
stay bonus compensation program and the assumption of ht
eexisting severance policy for certain officers and
employees of the debotr.

The debtor has identified 49 "key employees" whom the
debtor relies heavily on for making company-wide business

Despite the debtor's strong performance over the past
several months, nine of the key employees have either
voluntarily resigned or taken early retirement.  

The debtor proposes to assume its severance policy, the
aggregate exposure of which would be $127,117.  The debtor
also proposes to implement an incentive program whereby the
debtor would pay bonus compensation to the debtor's senior
management, which includes six "Officers."  The total cost
of the Bonus Compensation Program will be $83,358.

American Mobile Satellite Corporation (NASDAQ:
SKYC) reports to the SEC its announced financial results
for its third quarter ended September 30, 1998. Net service  
revenues for the quarter  increased to $17.7 million from
$5.6 million for the same period in 1997, an increase of
216%.  Total revenues, including equipment sales, were
$21.8 million compared with $10.8 million in the third
quarter of 1997, an increase of 102%. The company reported
a third quarter EBITDA loss of ($8.5) million, compared to
($9.4) million in the third quarter of 1997 and a net loss
of ($36.3)  million,  or $(1.14)  per share,  compared to
($26.3) million, or ($1.04) per share, in the prior year's
third quarter.

"During the third quarter, American Mobile achieved a
significant milestone. Our customer base has surpassed
100,000 wireless communications users nationwide,"
said Gary Parsons, chairman and CEO, American Mobile.  "The
addition of roughly 10,000 new subscribers, combined with
improved revenue and EBITDA trends, shows continued solid  
growth in  American  Mobile's  core  transportation  and
field service market segments."

As announced separately, American Mobile reached agreement
with Stratos Global Corporation making  Stratos the  
exclusive  distributor  of  American  Mobile's maritime
product to authorized dealers and existing Skycell
customers.  AmericanMobile will continue to offer capacity
on a wholesale non-exclusive basis to other parties who
serve the maritime market.  As part of the agreement,  
Stratos will pay US $8.5 million for selected assets and
contracts of American  Mobile's maritime  operation.  
Combining American Mobile's maritime efforts with those of
Stratos is expected to provide improved focus and service
to maritime customers, and an opportunity to more
aggressively develop the maritime marketplace.

Also, effective January 1, 1999, American Mobile announced
that its president, Walt Purnell, would assume the added  
responsibilities  of chief  executive officer. Gary Parsons
will continue as Chairman of the Board, overseeing mergers
and acquisitions, strategic planning and American Mobile's  
investment in XM Satellite Radio, Inc.  "This step is in  
recognition of Walt's  excellent performance in integrating  
the two companies during this past year, and allows us to
focus our executive  attention on the strategic  
opportunities  which are important to American Mobile's
future." said Gary Parsons.

American Mobile owns and operates an integrated
terrestrial/satellite  network and provides a wide range of
mobile communication services, including  digital voice  
dispatch, data  communications,  dual-mode mobile
messaging, position reporting services, and satellite
telephone to the continental U.S., Alaska, Hawaii, Puerto
Rico, the Virgin Islands, and hundreds of  miles of U.S.  
coastal waters.  American Mobile services are used in the
transportation, field service, maritime, two-way messaging  
and  telemetry markets. The company's major shareholders
include Hughes Communications, Inc., Motorola, Inc.,
Singapore Telecom, and AT&T Wireless Services.                                                

AUTOLEND GROUP: Files Quarterly Report With SEC
AutoLend Group, Inc. filed a quarterly report with the SEC
on FORM 10-Q for the quarterly period ended September 30,

A full-text copy of the filing is available via the
Internet at:

CAJUN ELECTRIC: 5th Circuit Denies Re-Hearing
In a newswire report,  The United States 5th Circuit
Court of  Appeals has rejected requests for rehearing of a
decision that reinstated a  Cajun Electric bankruptcy
reorganization plan offered by Southwestern Electric  Power
Company and a group of Cajun's distribution
cooperatives known as the  Committee of Certain Members.

Thursday, the court denied requests by the Cajun Electric
trustee and others and by the Rural Utilities Service for a
rehearing of an earlier decision in favor of SWEPCO and the
Committee.  In a unanimous decision issued
Aug. 11, a three-judge panel of the 5th Circuit overturned
a United States District Court ruling that disqualified the
Joint Plan from competing in the Cajun Electric Chapter 11
bankruptcy reorganization process.  The
5th Circuit said the District Court erred in reversing the
United States Bankruptcy Court. The Bankruptcy Court, after
a lengthy trial, originally had determined that financial
assistance for legal fees from SWEPCO to its co-plan
proponent, the Committee, did not constitute vote-buying
and was completely legal. The Bankruptcy Court ruling
followed an April 1997 motion by the trustee seeking to  
disqualify the Joint Plan and/or return the funds, claiming
the assistance  payment was an attempt to buy the seven
cooperatives' votes as creditors and  lock up their support

"The 5th Circuit has again rejected efforts by the trustee
and others to derail our Joint Plan over this false issue,"
said SWEPCO President Mike Madison.  "This should help put
the focus back on the real issue -- confirmation of a  
reorganization plan based on the merits of the two
competing plans.  That decision is in the hands of the U.S.
Bankruptcy Court."

John Sharp, local counsel for the Committee of Certain
Members, said, "We hope that the 5th Circuit's ruling will
put an end to what has been a foolish, misguided attempt to
have the SWEPCO/Member plan thrown out. The trustee should
accept the court's decision and stop wasting estate assets
on further appeals."

Sharp added, "The Committee reaffirms its support for the
SWEPCO/Member plan with the belief that it provides the
lowest rates to Louisiana ratepayers now and for the next
25 years."

SWEPCO and the Committee have worked together since 1995 to
develop a Joint Plan of reorganization and have been
partners in pursuing their Joint Plan and related
litigation in the Cajun Electric case since 1996.  SWEPCO's
bid for Cajun's non-nuclear assets is $940.5 million, and
based on today's interest rates the bid is approximately $1
billion.  "Our plan strikes a balance between fairness to
creditors and savings of hundreds of millions of dollars
for Louisiana ratepayers, compared to the trustee's plan,"
Madison said.

The competing reorganization plan is offered by the Cajun
Electric trustee, who backs Louisiana Generating LLC, a
partnership of subsidiaries of Southern Energy, Inc.,
Northern States Power Co. and Zeigler Coal Holding Co.

Enron Capital & Trade Resources withdrew from the bidding
on Sept. 24. The plans are subject to confirmation by
Bankruptcy Court and regulatory approvals.   The Bankruptcy
Court concluded confirmation hearings in May, received
final  briefs in July and can confirm a plan at any time.

The bidders are seeking to acquire Cajun's non-nuclear
assets and provide long- term wholesale electric power to
Cajun's member distribution cooperatives.   

The Committee of Certain Members includes Beauregard
Electric Cooperative, Inc., Dixie Electric Membership
Corp., Jefferson Davis Electric Cooperative,  
Inc., Northeast Louisiana Power Cooperative, Inc., South
Louisiana Electric Cooperative Association and Valley
Electric Membership Corp.  Although it has  
withdrawn from the Committee for financial reasons,
Washington-St. Tammany Electric Cooperative, Inc. has
notified the court of its continuing support
of the SWEPCO/Committee plan.

Claiborne Electric Cooperative, Inc. which is not a member
of the committee, also supports the SWEPCO/Committee plan.

Southwestern Electric Power Co., based in Shreveport, La.,
is a subsidiary of Central and South West Corp. (NYSE:
CSR), a Dallas-based public utility holding company.  

CITYSCAPE FINANCIAL: Examiner's Motion For Status
In the case of Cityscape Financial Corp., and Cityscape
Corp., debtors, the Examiner, Harrison J. Golding states
that he hopes that a meaningful report can be filed by the
November 9, 1998 deadline.  The Examiner believes that the
interviews with Canadian Imperial Bank of Commerce and
Bear, Stearns & Co., Inc. regarding the short selling of
debtors' common stock may hold up that deadline.  The
Examiner also requests that the court authorize an increase
in the Examiner's budget to $275,000.

In order to determine whether improper short selling was
occurring the Examiner would have to conduct Rule 2004
examinations of persons who engaged in such trades and
subpoena various institutions' short sales trading records
for the period of time in question.  This process would be
time consuming.  Also, it may be beyond the scope of the
court's order.  The Examiner states that he has before him
no evidence of improper short selling, only the suspicions
and theories voiced by certain of the parties interviewed
by him in the course of his investigation and that no
evidence has been developed, and no allegations have been
made, of any short selling by the debtors' current or
former officers and directors.  The Examiner also states
that even assuming that there was illegal short selling of
the debtors' common stock, it is far from clear that the
debtors could prevail in a damage claim against the short
sellers in question.

CRIIMI MAE: Yet Another Suit Filed
Finkelstein, Thompson & Loughran gives notice that a Class
Action Complaint was filed today in the United States
District Court for the District of Maryland, alleging
violations of the Securities Exchange Act of 1934.
Plaintiff seeks to represent a class of persons who
purchased the common stock of Criimi Mae, Inc.
(NYSE: CMM) between June 30, 1998 and October 5, 1998,

The Complaint names certain of the Criimi Mae's officers
and directors as defendants, alleging that these parties
originated a series of materially misleading statements and
omissions concerning the Company's business prospects and
financial security. Specifically, the Complaint alleges
that the defendants knew but failed to disclose that: 1)
the Company had built a portfolio of $3 billion worth of
CMBS (based on face value), backed by only about $500
million in capital, and saddled with $2 billion in short
term loans from creditors; 2) the Company's CMBS portfolio
was so dominated by non-investment grade CMBS that
the Company's  CMBS portfolio was highly illiquid, and
therefore of an indeterminate and  arbitrary value; 3) the
Company's short term lenders were also frequent  purchasers
of CMBS, and as a result, the Company was at the mercy of
the  lenders' arbitrary valuation of the Company's CMBS
portfolio while the lenders  had a direct interest in
minimizing the assigned valuation; 4) beginning in or  
about August of 1998, the Company's short term
creditors had begun steadily  tightening their loan
requirements, thereby hitting CMM with wave after wave of  
"margin calls," wherein CMM was forced by lenders to pledge
more capital as  collateral; and 5) there was
substantial doubt that the Company would be able  to meet
the lenders' collateral calls, and might thus be placed in
default on the underlying loans.

On October 5, 1998, CMM announced that it was filing for
bankruptcy protection under Chapter 11 of the United States
Bankruptcy Code. Thereafter, trading of the Company's
shares was halted. When trading resumed, the share prices  
plummeted, falling to levels below $2 per share -- down
from a Class Period high of $14 15/16.

FIRSTPLUS FINANCIAL: Milberg Weiss Files Class Action Suit
Milberg Weiss announced that a securities fraud class
action has been commenced in the U.S. District Court for
the Northern District of Texas on behalf of all persons
who  purchased or otherwise acquired the publicly traded
securities of FirstPlus Financial Group Inc. (NYSE:FP)
between Jan. 22, 1998 and Oct. 1, 1998.

The complaint charges FirstPlus and certain of its officers
and directors with violations of the Securities Exchange
Act of 1934. FirstPlus is a consumer finance company which
makes loans to homeowners based on the value of their
homes. FirstPlus pioneered the use of high-loan-to-value
("HLTV") loans, in  which FirstPlus extends loans to
customers in excess of the equity in their home.

The complaint alleges that FirstPlus' claims of strong
growth based upon its conservative accounting practices
inflated the price of FirstPlus stock from its December
1997 low of $27 to a Class Period high of $54-7/8 on Apr.
14, 1998 and allowed defendant Daniel T. Phillips to obtain
$50+ million from his 3.7 million FirstPlus shares during
early 1998 by placing his FirstPlus shares into a family
partnership and then obtaining margin loans collaterized
solely by his FirstPlus shares. In this way, Phillips was
able to obtain the benefits of selling his FirstPlus shares
without alerting the investment community to his huge stock
sales. The reinflation of FirstPlus shares was also
instrumental to defendants' scheme in that it enabled
FirstPlus to use its artificially inflated shares as
currency which defendants planned to use to purchase other
sources of revenue, including Life Financial Corp., which
purchases were designed to enable FirstPlus to post the
1998 earnings growth claimed by defendants. Furthermore, in
an effort to again reinflate FirstPlus' shares, defendants
reassured investors that the company remained unaffected
from the widespread problems in the specialty finance
industry because of its strong internal controls and
strategic planning. For example, defendants assured  
investors that FirstPlus was using "conservative"
accounting practices and that its balance sheet remained
strong. However, on Oct. 1, 1998, as the truth about  
FirstPlus' operations, impaired balance sheet and future
prospects reached the market, FirstPlus' stock price fell
by almost 40% to $5-3/4.

Plaintiffs seek to recover damages on behalf of persons who
purchased or otherwise acquired the publicly traded
securities of FirstPlus during the Class Period.

HARRAH'S JAZZ: Bet Your Money On It
Harrah's Entertainment, Inc., (NYSE:HET) updated plans for
the much anticipated new New Orleans land-based  
casino following the emergence of the project from federal
bankruptcy protection.  Under the consummated plan of
reorganization, Harrah's Entertainment is initially a 44%
minority partner in the casino owner, JCC Holding Company,
a new public company which is the parent of Jazz Casino  
Company, LLC (JCC).  A subsidiary of Harrah's Entertainment
has been engaged by JCC as the casino management company.  
The casino will operate under the Harrah's brand name and
is targeted to open by the end of October 1999.

Total expenditures anticipated to complete the project from
this day forward are estimated at approximately $213
million. Harrah's Entertainment's equity interest in the
newly reorganized company will be $75 million in cash, $60  
million of which has been funded to date through debtor-in-
possession loans  and, in addition, Harrah's Entertainment
will guarantee $141.5 million of debt.

Also, Harrah's Entertainment will guarantee a standby
working capital loan of $25 million and provide a $22.5
million subordinated loan to the project. Harrah's
Entertainment will have a further guarantee of the $100
million annual  payment to the state for the first 365 days
of operations. The guarantee to the state renews year by
year for each fiscal year ending March 31 until March 31,
2004, subject to certain renewal conditions.  This $100
million is effectively  reduced by 1/365th with each daily
payment to the state during each year, and  therefore the
potential liability is reduced with each daily payment.

Other funding necessary to complete the project is
primarily provided by banks and underwriters and is not
guaranteed by Harrah's Entertainment.  The plan  
also includes full releases of litigation claims by the
parties involved in the project.  The former bondholders
for the project, whose $435 million in bonds have been
exchanged for 52% in equity in JCC Holding Company plus
$187.5 million in debt, hold majority ownership in the

Harrah's Entertainment will receive a base management fee
of 3% of revenues and an incentive management fee of 7% of
EBITDA in excess of $75 million, in addition to fees for
providing the $100 million guarantee and credit support  
for the bank facility and any benefits associated with its
equity investment.

"We now begin a new day for the Harrah's New Orleans
Casino. Harrah's Entertainment has confidence that Harrah's
New Orleans Casino will be a success for many reasons,"
Satre stated.

Satre outlined the following favorable developments that
will enhance the performance and prospects for the new

"The temporary casino that closed three years ago was in a
remodeled municipal auditorium outside of the  
tourist district.  The new casino is purposely built as a
casino in an entirely different and more attractive
location in the heart of the tourism district  
bounded by the French Quarter, the convention center and
riverfront attractions."

IMARK TECHNOLOGIES: Files For Chapter 11 Reorganization
Imark Technologies, Inc. "The Information Commerce
Company(TM), " announced that it has filed for
reorganization under Chapter 11 of the Federal  
bankruptcy law.  International Advance has agreed to
provide DIP financing to fund the reorganization.  Further
details of the reorganization plan will made available in
public documents and in future announcements. Imark also
announces  that it has been notified by Nasdaq that it no
longer qualifies for listing on the Nasdaq stock market and
has been delisted.  

KENETECH WINDPOWER: Disclosure Statement Approved
The U.S. Bankruptcy Court in Oakland, Calif., has approved
the disclosure statement for the amended liquidating plan
that Kenetech Windpower Inc. proposed jointly with its
creditors' committee, and set a Jan. 6 confirmation
hearing. The court also approved the windplant settlement
on which the plan is premised. The settlement provides that
the various partners in and lenders of the company's
windpower facilities will have their interests classified
as allowed Class 5 unsecured claims and settles them for
the lesser of the total amount of the other Class 5 allowed
claims or $134 million, subject to certain conditions. The
parties amended the plan and disclosure statement on Oct.
22 to, among other things, push back from Dec. 23 to Jan.
29 the confirmation deadline on which the settlement is
conditioned. (The Daily Bankruptcy Review and ABI Copyright
c November 2, 1998)

LOGAN GENERAL: Safe From Receivership
Logan General Hospital remains safe from receivership while
it wades through bankruptcy court, a federal judge said
Wednesday. U.S. District Judge John T. Copenhaver Jr.
placed in legal limbo a creditor's quest to arrange a
court-ordered takeover of the 132-bed hospital.
Copenhaver said the hospital apparently cannot be pulled
out of bankruptcy court, where it sought refuge from the
efforts of The Bank of New York last week.  Copenhaver also
declined to dismiss the bank's receivership request,
instead placing the case on his inactive court calendar and
setting its next hearing for Jan. 22.

"Let's see where we are with this in three months,"
Copenhaver said.  The bank requested receivership, or a
court-ordered takeover of Logan General, in June after it
began overseeing a $31.4 million hospital bond issue.  The
hospital missed payments on the bond and wrongly diverted
$29.5 million to a shopping mall project, the bank alleged.

As a major creditor of Logan General, the bank continues to
press for a takeover of the hospital in bankruptcy court,
where the hospital filed under Chapter 11 reorganization
last week. Chapter 11 rules allow a creditor to request
that a trustee take over a debtor's affairs.

Judge Charles H. Haden II concluded earlier this month that
Logan General should be placed into receivership, then
stepped down from the case before actually appointing a
receiver. A group of hospital employees had raised the  
appearance of a conflict of interest in a letter to the
judge, noting that his son-in-law was Logan General's
bankruptcy lawyer.

Copenhaver noted that the law involved is less than crystal
clear, as it involves a non-profit hospital unwilling to
surrender control.  "A non-profit cannot be compelled to
involuntarily submit to bankruptcy," the judge said at one
point. "Once in, does that change?"

Logan General, which employs nearly 800 people, reported
$63 million in debts and $78 million in assets in its
bankruptcy filing, while maintaining that it lacked the
cash assets to pay its debts.

Those debts include federal and state back taxes, payments
on its employee benefit plans and similar liabilities.
Pearson is scheduled to consider the  
trustee question at a hearing next month.(Copyright
Charleston Gazette - 10/29/98)

LONG TERM CREDIT BANK: Nationalization Approved
The government on Friday {23rd October} approved an  
application by the Long-Term Credit Bank of Japan (LTCB) to
nationalize the bank to avoid severing credit lines to its
long- time corporate borrowers and avert defaulting on its
obligations to creditors. Following LTCB's application  
earlier in the day, Prime Minister Keizo Obuchi gave the
approval, government  officials said. Obuchi is empowered
under a new law to determine how to handle failed or
failing banks until an independent panel is formed in

LTCB became the first bank to be nationalized in Japan
after World War 2.

In an immediate response to the application, the government
issued a statement in which it vowed to "guarantee a full
refund of LTCB's liabilities, such as deposits, bank
debentures and derivatives financial contracts". As of  
31st March, the bank had more than 11 trillion yen worth of
outstanding debentures - LTCB's key fund- raising tool. The
refund guarantee is aimed at calming jittery investors who
otherwise might have dumped the debentures.

The government also renewed its long-time vow to guarantee
a full refund of deposits, debentures and other liabilities
at all financial institutions to prevent the news of the
LTCB nationalization from aggravating the instability  
in financial markets.

The government said in the statement it wants financial
market players to choose a "sensible course of action," an
apparent reference to the need to refrain from aggravating
the credit squeeze in such vital markets as the inter-
bank market where financial institutions lend to each

The Bank of Japan (BOJ) is determined to provide ample
liquidity to LTCB, whose asset quality has been eroded by
heaps of bad loans and large prospective losses contained
in the loan portfolio, BOJ officials said. The BOJ has told  
central banks in major industrialized countries that Japan
is determined not to  allow a nationalized LTCB to default
on its obligations to any investors or  creditor financial
institutions, they said...(Copyright 1998 BBC Asia

LONG TERRM CREDIT BANK: Repays Affiliate's Debt To Bank
The Long-Term Credit Bank of Japan (LTCB) signed a  
preliminary contract to guarantee most of 134 billion yen
owed by its affiliate, Japan Leasing Corp., to Norinchukin
Bank without detailing it in its mandated financial report
for the year ended March 31, financial sources said  

LTCB inked the contract in January at the request of
Norinchukin Bank, the central bank for agricultural and
forestry financial cooperatives, due to jitters over the
financial health of Japan Leasing, they said.

LTCB repaid the debts, excluding those backed by
collateral, to Norinchukin Bank, because Japan Leasing
filed for court protection from its creditors last  
September, the sources said.

A loan guarantee is required to be disclosed in a mandated
financial report, but a preliminary contract to guarantee
loan repayments whenever necessary is not.  But one source
said, "LTCB should have disclosed what it did at least when
it carried out its promise and repaid the debts."  LTCB
also made a similar promise to Tokai Bank over parts of
debt owed by Japan Leasing, the sources said. Tokai Bank
had outstanding loans of 45.8 billion yen to Japan Leasing
at the end of August.

The Financial Supervisory Agency is trying to determine
whether the Norinchukin Bank case is dealt with
appropriately while liaising with the Securities and  
Exchange Surveillance Commission, the sources said.
The agency found such loan-guarantee promises during its
inspection of LTCB, the sources said.

The government put LTCB under temporary state control last
month under new banking legislation that allows it to
nationalize a failed or financially troubled bank to avert
a default on its obligations to creditors. LTCB
is the  first bank to be nationalized in postwar Japan.
(Kyodo News; 11/01/98)

PRESLEY COMPANIES: Required Offer To Purchase Senior Notes
The Presley Companies report to the SEC in a form 8K filed
on October 28, 1998 that Section 4.09 of the Indenture
dated as of June 29, 1994 covering the 12 1/2% Senior Notes
due July 1, 2001 of The Presley Companies provides that if
Presley's Consolidated Tangible Net Worth is below
$60,000,000 for two consecutive fiscal quarters, Presley is
required to offer to purchase $20,000,000 principal amount
of Senior Notes.

Presley's Consolidated Tangible Net Worth was below
$60,000,000 at the end of each of its fiscal quarters ended
June 30, 1998 and September 30, 1998. Presley acquired
$20,000,000 principal amount of Senior Notes on October 26,
1998 in satisfaction of its above-described obligations
under Section 4.09 of the Indenture, and those Senior Notes
have been surrendered to the Trustee under the Indenture
for cancellation. The Company will recognize a net gain
from the purchase of approximately $1,366,000 after giving
effect to income taxes and amortization of related deferred
loan costs. Such gain will be reflected in the Company's
results of operations for the quarter ending December 31,
1998. After the above described transactions, a total of
$140,000,000 of Senior Notes remains outstanding.

If Presley's Consolidated Tangible Net Worth is below
$60,000,000 at the end of its two fiscal quarters ended
December 31, 1998 and March 31, 1999, Presley would again
be required to offer to purchase up to $20,000,000 of its
outstanding Senior Notes in accordance with the provisions
of Section 4.09 of the Indenture.

Although it has no definitive program to purchase
outstanding Senior Notes, Presley may make such purchases
from time to time, even if not required by provisions of
the Indenture, if management believes such purchases are in
the Company's best interest.

SUN TV: Committee Taps Pepper Hamilton
The Committee of Unsecured Creditors appointed in the
Chapter 11 cases of Sun TV and Appliances, Inc. and Sun
Televison and Appliances, Inc. is seeking approval of the
appointment and retention of Pepper Hamilton LLP ("Pepper")
as co-counsel for the Committee.

The services that Pepper will render include:

Attending hearings pertaining to the case.

Reviewing applications and motions filed in connection with
the case.

Communicating with Otterbourg, the Committee's lead
counsel, as necessary

Communicating with and advising the Committee and
periodically attending meetings of the Committee as

Providing expertise with respect the proceedings and
procedural rules and regulations applicable to the cases

Performing all other services for the Committee that are
necessary for its co-counsel to perform in the cases.

The hourly rate for attorneys and paralegals of Pepper who
will be working on the case range from $105 per hour to
$290 per hour.

THERMADYNE HOLDINGS: Stock is Delisted From Nasdaq
Thermadyne Holdings Corporation reports to the SEC on
October 16, 1998 that as a result of the decreased holdings
by the public resulting from the May 22, 1998 merger of
Thermadyne Holdings Corporation with Mercury Acquisition
Corporation, a Delaware corporation and an
affiliate of DLJ Merchant Banking Partners II, L.P., on May
26, 1998, the Nasdaq Stock Market, Inc. determined that the
Company no longer met the requirements for continued
listing on the Nasdaq National Market. As a result, Nasdaq
advised the Company that the Company's Common Stock was
delisted effective on the close of business on October 16,
1998. On October 16, 1998, the Company issued a press
release announcing the delisting of the Company's Common

Thermadyne, headquartered in St. Louis, is a multinational
manufacturer of cutting and welding equipment.

VOICE POWERED TECH: Franklin Electronic Issued Stock
Voice Powered Technology International, Inc. (the "Issuer")  
reports to the SEC that effective as of May 12, 1998,
pursuant to an Amended Disclosure Statement and Plan of
Reorganization which was filed by Voice Powered
Technology International, Inc. and Franklin Electronic
Publishers, Incorporated with the United States Bankruptcy
Court for the Central District of California under the
provisions of Chapter 11 of the Bankruptcy Code, Franklin
Electronic Publishers, Incorporated was issued 72,196,288
shares of the Issuer's Common Stock in exchange for
Franklin Electronic's pre-petition secured claim in the
amount of $1,733,990.

The Shares were acquired in accordance with the provisions
of the Plan.

As of the date of this filing, Franklin Electronic owns
beneficially 74,196,288 shares of Common Stock, or
approximately 82.2% of the outstanding Common Stock, based
on 90,245,360 shares of Common Stock outstanding as
reported by the Issuer in its Quarterly Report filed with
the Securities and Exchange Commission on August 19, 1998.

WORK RECOVERY: Emerges With $2 Million Line of Credit
Subsequent to emerging from bankruptcy, the Company
received a total of $2,000,000 from a  $2,000,000 line of
credit from Allsup Inc. and Quest Trading, Inc.  The loan  
was secured by a security interest in all of the Company's
personal property  including its intellectual property. The
Lenders previously extended the loan maturity date from
December 31, 1997 to April 16, 1998 and then to May 15,  
1998.  The Company subsequently received a notice of
default from the Lenders and agreed to convey all of the
Collateral to the Lenders as of August 1, 1998 if the
Company's efforts to obtain additional investment capital
were not met by that date.  Additional investment capital
was not secured and accordingly, the Company conveyed all
of the Collateral to the Lenders. The Company then  
terminated its remaining employees and ceased doing
business.(States SEC-10/30/98)

ZIFF DAVIS: Securities Fraud Class Action Suit Filed
A securities fraud class action lawsuit was filed on
October 9, 1998 in the United States District Court for the
Southern District of New York, on behalf of all persons who
purchased the common stock of Ziff-Davis Inc. (NYSE: ZD)
between April 29, 1998 and October 8, 1998 inclusive.  The
complaint alleges that Ziff-Davis, as well as certain
officers and directors of the Company, violated Sections
11, 12(a)(2) and 15 of the Securities Act of 1933.

On April 29, 1998 Ziff-Davis sold 25,800,000 shares of
stock at $15.50 per share reaping $399,900,000.  On October
8, 1998, Ziff-Davis announced in a press release over PR
Newswire that it would conduct a "company-wide
restructuring" which would result in a $50-60 million
charge against its earnings and that it would discontinue
three of its publications.  Upon this announcement the
price of Ziff-Davis common stock collapsed in price to  
$4.0625, a decline of 73% from its offering price.

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

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

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

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

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

December 10-12, 1998
      The Emerged & Emerging New Uniform Commercial Code
         Sheraton New York Hotel, New York City
            Contact: 1-800-CLE-NEWS

January 28-February 1, 1999
      38th Annual Southern District Meeting
         Royal Sonesta Hotel, New Orleans, Louisiana
            Contact: 1-423-971-1551

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

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

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

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

April 28-30, 1999
      INSOL Bermuda '99 Conference of the Americas
         Castle Harbour Marriott Resort
The Meetings, Conferences and Seminars column appears
in the TCR each Tuesday.  Submissions via e-mail to are encouraged.  


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

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

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

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

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

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

           * * *  End of Transmission  * * *