TCR_Public/990112.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, January 12, 1999, Vol. 3, No. 7


AMERICAN MOBILE: Purnell Appointed Director
AMES: Acquires Approximately 80% of Hills' Stock
AR ACCESSORIES: Court Ok's Disclosure Statements
BENNETT FUNDING: Trustee Seeks Settlements
CENTENNIAL CELLULAR: Reports Operating Results

COMMERCIAL FINANCIAL: Year-Long Schedule Established
EATON'S: To Fight Lawsuit By Former CEO
FINE HOST: Receives Approval of First-Day Orders
FWT INC: Significant Operational and Managerial Changes
GALILEO CORP: Fourth Quarter Results

GITIC: Seeks Bankruptcy
GITIC: S & P To Review China's Government-Backed Firms
HAYES CORP: Charlotte Firm Hopes To Save Hayes
INTERNATIONAL WIRELESS: Telefonica Announces Deal
ITHACA INDUSTRIES: Amends Rights Agreement

LOT$OFF: Announces Increases Sales
NORDIC TRACK: Sales Of Exercise Equipment Down
OPTHALMIC IMAGING: Premier Laser Announces Stock Ownership
ORANGE COUNTY: SEC Sanctions Attorney

PHILIPPINE AIRLINES: Ex-Cathay Managers Come to Rescue
PITTSUBURGH PENGUINS: Name Patrick President, CEO                      
PRESLEY COMPANIES: Enters Into Letter of Intent
SGL CARBON: Details Of $60M DIP Funding Pact
SILVERADO FOODS: Disposes of Nonni's Biscotti

SUN TV: Founder Wins Bid to Take Over Some Stores
TCCF: Phoenix International Intends Acquisition
VERTEX COMPUTER: Enters Combined Agreement
ZENITH: Shareholder Action Commenced

Meetings, Conferences and Seminars

AMERICAN MOBILE: Purnell Appointed Director
Effective  January 1, 1999, the Board of  Directors of American Mobile Satellite Corporation has appointed  Walter V. Purnell, Jr. as a director of  American Mobile Satellite Corporation. As previously announced, Mr. Purnell, who has served as President of the Company since March 1998, was elected chief executive officer of the Company effective January 1.

AMES: Acquires Approximately 80% of Hills' Stock
Ames Department Stores, Inc. (NASDAQ:AMES), announced on December 31, 1998 that it has acquired an aggregate of approximately 80 percent of the common and preferred stock of Hills Stores Company through its tender offer, which expired yesterday.

Ames also announced that approximately 74 percent of the $195 million outstanding principal amounts of Hills' 12 1/2 percent Senior Notes due 2003 were tendered and accepted for payment in the Ames tender offer for the Notes,
which also expired yesterday. The previously announced 85 percent minimum condition for the note tender was waived.

Ames expects to consummate the acquisition of the remaining shares of common and preferred stock of Hills by merger following compliance with applicable securities law requirements.

AR ACCESSORIES: Court Ok's Disclosure Statements
The court has approved separate, slightly modified disclosure statements for AR Accessories Group Inc. and its Wallet Works Inc. subsidiary. The two documents were
superficially altered during the Dec. 30 disclosure statement hearing to clarify language questioned in objections filed by the U.S. Trustee. The changes do not effect the claims of unsecured creditors, he noted. The former leather goods manufacturer and its subsidiary
sold their assets to Tandy Brands Accessories Inc. (TBAC) and Wilson's The Leather Experts for about $24 million. Liquidating reorganization plans for Wallet Works and AR, filed on Oct. 9 and Nov. 19, respectively, predict that Wallet Works unsecured creditors will recover about 15 percent of their claims while similarly situated AR creditors would only recover between 3 percent and 5 percent. The court scheduled confirmation hearings to
consider separately Wallet Works' and AR's plans on Feb. 18 and March 8, respectively. (The Daily Bankruptcy Review and ABI Copyright (c) January 11, 1999.)

BENNETT FUNDING: Trustee Seeks Settlements
A notice published in The Wall Street Journal on January 11, 1999 states that Richard C. Breeden, Trustee of The Bennett Funding Group, Inc. seeks a court order authorizing the consolidated estate to enter into settlements with and among Gerali, Halpert and Company, Inc. and investor classes.  A hearing with respect to the motion will be held on January 28, 1999.

CENTENNIAL CELLULAR: Reports Operating Results
Centennial Cellular Corp. filed its quarterly report with  the SEC for the quarter ended November 30, 1998. The company reports that revenue for the six months ended November 30, 1998 was $164,598, an increase of $53,834 or 49% over revenue of $110,764 for the six months ended November 30, 1997, reflecting growth in subscriptions to wireless telephone service, of $54,227 partially offset by reductions in rates charged to subscribers of $5,503. Secondarily, the increase reflects increased roamer usage of $11,177, partially offset by lower reciprocal roaming rates with other wireless carriers of $6,067. The Puerto Rico Wireless Telephone System accounted for $31,605 or 59% of the total increase in revenue. This increase reflects subscriber growth of $35,402, partially offset by subscriber rate reductions of $3,797.

The net income of $6,343 for the six months ended November 30, 1998 represents an increase of $22,755 from the net loss of $16,412 for the six months ended November 30, 1997. The net income of $688 for the three months ended November 30, 1998 represents an increase of $10,314 from the net loss of $9,626 for the three months ended November 30, 1997.

COMMERCIAL FINANCIAL: Year-Long Schedule Established
The Daily Oklahoman reports on January 6, 1999. that a  judge cleared the way Tuesday for Commercial Financial Services Inc. to have a long run in Bankruptcy Court.

Hearings were set through March and a yearlong schedule was established for expense budgets from outside professionals for work on behalf of the debt-collecting company.

Dana L. Rasure, chief bankruptcy judge for the Northern District of Oklahoma, also was concerned that many of the company's 3,700 employees - 700 in Oklahoma City - would flood the court seeking and filing documents as creditors.

The primary issue was vacation time due employees but not taken before protection under Chapter 11 bankruptcy laws was sought Dec. 11. While a large number of employees are involved, it affects only a few dollars, said Fred C.  Caruso, Commercial Financial president.

Layoff notices to about 1,800 employees are due to be mailed Thursday as the company tries to reduce January's negative cash flow of about $15 million, Caruso told the court.

Agreements are being reached with the companies that sell their credit card debt to CFS, and the Tulsa company is now serving those accounts.

Caruso said, "It doesn't make sense" to free $30 million in an escrow account as requested by Oral Roberts University to conclude an earlier agreement for the company to buy the CityPlex tower office complex, Caruso said. CFS has rejected the request.

With no objections from the nearly 30 attorneys present, Rasure ruled to jointly administer two separate bankruptcy cases - Commercial Financial Services Inc. and its affiliated company, CF/SPC NGU Inc.

She set hearings for 9 a.m. every Tuesday through March except Feb. 16 and March 23. Professionals, such as attorneys and outside accountants, doing work  
for CFS must submit budgets that include services to be performed and expenses by the 15th of March, June and September.

Agreement was reached to assure that utility companies will be paid by depositing a month's average payment into a special Bank of Oklahoma account. The average utility expense reported to the court was: AT&T, between $1.35  
million and $1.65 million; Southwestern Bell Telephone, $55,000; Oklahoma Gas and Electric, $9,500; Oklahoma Natural Gas Co. $3,000; City of Tulsa, $595; TCI
Cable, $60, and MCI-World Com, originally $72,000 but raised to $108,000 after that company objected.

DOW CHEMICAL: Exchange of Debentures Offered
The Dow Chemical Company will offer, upon the terms and subject to the conditions set forth in the Exchange Circular and the accompanying Letter of Transmittal to exchange its Debentures due 2009 in an aggregate principal amount to be determined in the manner set forth in the Exchange Circular, for any and all of its $218,640,000 aggregate principal amount of outstanding 9% Debentures due April 1, 2021 and for any and all of its $183,976,000 aggregate principal amount of outstanding 8.85% Debentures due September 15, 2021 from the registered
holders thereof.

The Exchange Offer will be made exclusively to holders of the Company's Old Debentures and the Company will not pay any commission or other remuneration, directly or indirectly, to any person for soliciting such exchange.

There has not been nor will there be any sales of New Debentures by the Company or by or through an underwriter at or about the same time as the Exchange Offer.

The Company has retained Merrill Lynch & Co. as its financial adviser in connection with the Exchange Offer. For its services as financial adviser, Merrill Lynch is entitled to receive a fixed fee, regardless of whether or not the Exchange Offer is consummated.

Officers, directors and employees of the Company may engage in the solicitation of holders of Old Debentures in connection with the Exchange Offer, but such employees will receive no additional compensation for such activities.

A participation fee equal to 1.5% of the principal amount of Old Debentures tendered will be paid to tendering holders. No cash payment has been nor will be made by any holder of Old Debentures in connection with the issuance of the New Debentures pursuant to the Exchange Offer other than payment of any applicable taxes in accordance with the terms of the Exchange Circular and the Letter of Transmittal provided to holders of Old Debentures in connection with the Exchange Offer.

EATON'S: To Fight Lawsuit By Former CEO
Canada's T. Eaton Co Ltd. said Friday it will fight a  
wrongful dismissal lawsuit launched by George Kosich, its former chief executive.

Kosich left the venerable but troubled Canadian department-store chain suddenly last fall after less than two years on the job.

Analysts cautioned against reading too much into the pending legal battle, but the suit has given them a chance to gloat a bit over the skepticism they displayed over Eaton's claim at the time that Kosich had not been "terminated."

Kosich is seeking C$8 million from the 129-year-old retailer in a suit that disputes both its claim he was not fired and the timing of his departure. The suit paints a picture of infighting between Eaton's board and Kosich, the man they hired in 1997 to lead the firm out of bankruptcy protection.

Kosich's claims, filed in an Ontario court, are "totally without merit and we will defend ourselves vigorously," Eaton Chief Financial Officer Hap Stephen told Reuters.

"We're disappointed that he's taken this action and we have indicated to him that we would honor any contractual obligations that we had," said Stephen, who became Eaton's CFO while Kosich was CEO.

Kosich alleges he was effectively terminated on Sept. 30. But by not making the termination official until after Oct. 31, the company did not have to pay him the C$1 million he was entitled to under his contract, according to a published report.

Stephen declined to elaborate on the company's statement on November 16 that Kosich had "not been terminated."

The announcement of Kosich's departure came the same day the company warned of disappointing third-quarter results.

"I guess (the suit) confirms everyone's belief that he was fired and did not resign," said David Schroeder, a retail analyst at Dominion Bond Rating Service, one of many observers who was skeptical of the company's initial  

The lawsuit means that both Kosich's arrival at Eaton's and his departure will be marked by legal battles. He joined the company in June 1997, a day after accepting an early retirement package as chief executive of long-time  
department-store rival Hudson's Bay Co.

Hudson's Bay filed a C$22 million lawsuit claiming Kosich violated his retirement agreement and that Eaton's had improperly lured away other executives. The suit was settled out of court for an undisclosed sum.

FINE HOST: Receives Approval of First-Day Orders
Fine Host Corporation received Court approval today of its first-day orders requesting, among other things, authorization to pay all currently outstanding pre-petition  client and vendor claims in accordance with their normal terms during the pendency of its Chapter 11 case.  The Court also approved Fine Host's request to pay pre-petition and post-petition employee wages, salaries, employee benefits and other employee obligations.

Fine Host announced earlier today that it had reached an agreement with a committee representing holders of the Company's 5% Convertible Subordinated Notes due 2004 on a financial restructuring of the Company, and that in
order  to implement the restructuring, it had filed a petition for reorganization  under Chapter 11 of the Bankruptcy Code together with a plan of reorganization  which embodies the terms of the restructuring. All
of the Company's subsidiaries are excluded from the Chapter 11 filing.

William D. Forrest, president and chief executive officer of Fine Host, noted that the plan is supported by holders of 92 percent in principal amount of the Company's outstanding notes.  The holders of the notes constitute the Company's largest creditor constituency.  Mr. Forrest further noted that, "implementation of the plan will enable Fine Host to emerge from Chapter 11 with a de-leveraged  balance sheet, sufficient cash to fund operations going forward and the ability  to access capital to fund new growth initiatives.  It will effectively allow Fine Host to put the challenges of the past behind it. Just as important, because the plan has the support of holders
of 92 percent of the outstanding  amount of our notes, we are confident that our reorganization will move  efficiently and expeditiously toward a successful

Mr. Forrest said he was extremely pleased that the Court approved the Company's first-day orders.  He noted that the Chapter 11 will have no impact on the Company's ability to fulfill its commitments to clients and there will be no  interruption in operations at the Company's approximately 900 facilities  throughout the country.  Mr. Forrest also stated that Fine Host has already contacted a number of its major vendors and customers and they have indicated  their support.

Fine Host filed its Chapter 11 case earlier today in the U.S. Bankruptcy Court for the District of Delaware in Wilmington.

Fine Host Corporation and its affiliates provide food and beverage concession and catering services to approximately 900 facilities, primarily through multi-year contracts in the following markets: the recreation and leisure market  
(arenas, stadiums, amphitheaters, civic centers and other recreational facilities); the convention center market; the education market (colleges, universities and elementary and secondary school nutrition programs); the business dining market (corporate cafeterias, office complexes and  
manufacturing plants); the health care market (long-term care facilities and hospitals); and the corrections market (prisons and jails).

FWT INC: Significant Operational and Managerial Changes
Since the date of the Latest Form 10-Q, the Company has made significant operational and managerial changes. First, on December 30, 1998 the Company's Board of Directors (the "Board") terminated the employment of Douglas A. Standley as the Company's President and Chief Executive Officer. Second, the Board created an operating committee to manage the day-to-day operations of the Company (the "Operating Committee"), and retained Leary, Masson & Associates to
assist the Operating Committee in performing its duties. The Operating Committee is comprised of certain members of the Company's senior management and reports directly to the Board. Third, in light of current industry conditions, the Board approved the Operating Committee's plan to reduce significantly the Company's overall expenses, including a significant reduction in the Company's workforce
(which took place on January 4, 1999). Specifically, on January 4, 1999, the Company's workforce was reduced from 295 to 162 employees, which compares with 413 employees as of January 14, 1998. This reduction in workforce is expected to reduce expenses by approximately $5.0 million annually. The Company has identified and expects to achieve additional cost reductions of approximately $6.0 million annually, which will result from certain operational decisions, including a further reduction in additional administrative personnel and the consolidation of administrative functions into an existing Company-owned
facility from an existing 16,000 square foot leased facility. Despite these reductions in expenses and workforce, the Company believes that it will continue
to have the operating capacity to meet the level and nature of customer demand that it experienced in calendar year 1998.

As previously disclosed in the Company's Latest Form 10-Q, the Company was in technical default under the terms of that certain Credit Agreement dated November 12, 1997 among the Company, BT Commercial Corporation ("BTCC") and
Bankers Trust Company. This technical default resulted from the Company's failure to maintain certain financial covenants and ratios under the Revolving Credit Facility.

On January 6, 1999, the Company and BTCC reached an agreement, subject to written documentation, pursuant to which BTCC agrees to waive this technical default and further amend and restate the Revolving Credit Facility to provide for (i) an extension of the maturity date to July 31, 2000, (ii) availability of $15.0 million subject to borrowing base limitations and customary borrowing
conditions, (iii) a borrowing base of 85% of Eligible Accounts Receivable plus $3.0 million, and (iv) a
revision of the financial covenants to reflect the Company's new operating plan.

Considering the reductions in expenses and workforce discussed above, the Company believes that this amendment to the Revolving Credit Facility will enable the Company to have adequate working capital to achieve its operating
plan for calendar year 1999.

GALILEO CORP: Fourth Quarter Results
Galileo Corporation (Nasdaq National Market: GAEO) today reported results for its fourth quarter and for the fiscal
year ended September 30, 1998.

For the fiscal year ended September 30, 1998, sales were $44.3 million versus $34.1 million for the previous fiscal year, an increase of 29.9%. The loss for the year amounted to $12.6 million, or $1.65 per share.

For the fourth quarter, revenues were $11.8 million versus $8.2 million in the fourth quarter of the previous fiscal year, an increase of 44.0%. The Company incurred a loss of $7.4 million, or $0.91 per share, which compares to a
loss of $1.1 million, or $0.16 per share for the same period in fiscal year 1997.

The Company is in violation of covenants under its bank loan agreement, and the bank has the right to accelerate the loan. The Company is attempting to negotiate revised financial covenants with the bank. However, there can be no
assurance that a revised agreement can be reached.

Galileo, along with its wholly owned subsidiary, Optical Filter Corporation, develops, manufactures and markets products based on its core optical and photonic technologies for applications in medical products and
instruments, analytical instruments and office equipment. Leisegang Medical, Inc., a wholly-owned subsidiary, develops, manufactures, and markets women's health-related medical products.

GITIC: S & P To Review China's Government-Backed Firms
The Chinese government's decision not to bail out
Guangdong International Trust and Investment Corp. (Gitic) may lead to further downgrades of ratings of China's government-backed companies, Standard and Poor's (S and P) said Monday.

Lincoln Chan, director and general manager of S and P in Hong Kong, told Kyodo News that the collapse of Gitic reflected the mainland government's waning support of international trust and investment corporations.

The corporation's liquidation committee allowed Gitic, Guangdong Province's principal fund-raising vehicle, and three of its principal finance subsidiaries to file for bankruptcy Sunday. Gitic was ordered to close Oct. 6, 1998.

Unlike previous cases, foreign bank creditors learned they would not be granted  priority status to recover their loans to the government-backed Gitic after the  liquidation.

The U.S. rating agency said in a statement, "Gitic bankruptcy disappoints lenders."

Chan said the bankruptcy decision went back on an earlier promise by Dai Xianglong, governor of People's Bank of China, to give priority to foreign creditors.  The liquidation committee estimates that Gitic's domestic and foreign  liabilities total 21 billion yuan (2.5 billion U.S. dollars) while the value of its assets totals 21.5 billion yuan. The company's contingent liabilities
total  16.5 billion yuan.

The three finance subsidiaries were Gitic Shenzhen, Gitic International Leasing and Guangxi Enterprises Development.
Chan said Gitic's collapse reflected the central government's departure from supporting international trust and investment corporations.

It was generally believed the central government would repay the principals of loans registered with the State Administration of Foreign Exchange, as it had during the failure other financial institutions.  "Gitic's case reflects the increased risk of doing business with mainland  
companies," Chan said.  He said that since the closure of Gitic, foreign banks have tightened lending conditions to mainland enterprises.

"Financial conditions for other international trust and investment corporations and red-chip companies (government-backed enterprises) can be expected to be tightened after this latest revision of expectations," he said.

Chan also pointed out that Gitic's case is not encouraging for the creditors of Guangdong Enterprises (Holdings) Ltd., which is also wholly owned by the Guangdong provincial government.

Chan said S and P is in the process of reviewing the credit ratings of mainland  financial institutions and red-chip companies. Kyodo-11- Jan-99)

GITIC: Seeks Bankruptcy
China's Guangdong International Trust and Investment Corp (GITIC) had debts that "seriously exceeded" assets and  
would seek bankruptcy with support of its trustee, a Guangdong provincial official said on Sunday.

GITIC, closed in October, had total debts of 36.17 billion yuan ($4.37 billion) and assets of 21.47 billion yuan, Wu Jiesi, assistant to the Guangdong provincial governor, told reporters.

Wu, who also heads the liquidation and trustee committee set up to administer the debts and assets of the big financial company after it was closed, said that foreign creditors would not necessarily receive priority
in repayment.  Asked whether foreign creditors would have priority, he said: "To my knowledge, China's bankruptcy law does not provide for priority to foreign creditors."

The official said all creditors would be treated equally, following international practice.  Wu said, however, this did not conflict with earlier statements by Chinese  
officials that debt registered with the State Administration of Foreign Exchange would be given priority for repayment.

Some bankers had believed that China might stand behind all the company's foreign debts as long as they had been registered and approved by financial authorities.
"Governor Dai has said registered debt would be given priority for repayment. He did not say it would be fully repaid," Wu said. Dai Xianglong is the head of the central bank, the People's Bank of China (PBOC).

In Hong Kong, the head of the Monetary Authority, the de facto central bank, said it would not require banks to make provisions for bad loans to GITIC.

GITIC has some 240 creditors, including 135 foreign institutions, among them BoT-Mitsubishi Bank <8315.T>, HongKong Bank , the Bank of East Asia <0023.HK> and Merrill Lynch .

"GITIC's board decided to file for bankruptcy because of massive internal  and external debt, extremely chaotic management and liabilities that seriously exceeded assets," Wu said. He said the bankruptcy proposal would treat all creditors equally, much like practice elsewhere.

Bankers said China's successful sale last month of $1.0 billion in global bonds -- despite the problems with GITIC -- may have emboldened authorities to take a tougher stance on the repayment of the debt of a government company.

Wu also said that some 20,000 individual depositors at GITIC would get back their money, totalling some 779 million yuan.  "If that were not handled carefully, it could affect social stability," he said. China has no deposit insurance scheme for its financial system.

HAYES CORP: Charlotte Firm Hopes To Save Hayes
As reported in the Atlanta Journal/Constitution on January 9, 1999, hope for Hayes Corp. lives. A Charlotte-based company is talking to the bank that is key to the fate of the Norcross-based modem maker, which shut down  

Hayes filed for bankruptcy protection in October as losses mounted and debt deepened. Running out of cash, the company shuttered its manufacturing in November and closed down completely as NationsCredit declined to fund anything
but liquidation. Monday --- the day after its 21st birthday --- Hayes laid off about 250 people from offices in Norcross and Gaithersburg, Md.

But Tuesday, MacroDyne LLC emerged as a potential white knight. MacroDyne, which sells power supplies for cable television companies, is in talks with NationsCredit aimed at the purchase and revival of Hayes, Larry Moore,  
MacroDyne's president and chief executive officer, said Friday. If his proposal bears fruit, he would like to find jobs for many of those laid off, Moore said.

Such a proposal would have to satisfy Hayes creditors and a judge in federal bankruptcy court. As the largest creditor, NationsCredit is key. Scott Lorimer, senior vice president at NationsCredit, confirmed the lender was in discussions  with MacroDyne "toward a resolution of the Hayes
situation." He declined to provide details.

Some workers who left Hayes this week expressed bitterness that after staying loyal to the end, they received no severance. Employees noted that many who left earlier did receive separation pay.

A letter from CEO Ron Howard to employees Monday told employees that their rights to severance depend on bankruptcy law.  In October, Howard told employees that the law protects severance payments up to $4,300 to full-time  
employees. Severance greater than that would be treated as a debt and the employee would have to get in line with other creditors. A reshaped Hayes might include few manufacturing jobs.

INTERNATIONAL WIRELESS: Spain's Telefonica Announces Deal
Spain's  Telefonica SA [TEF] recently announced a deal to acquire assets from International Wireless Communications Holdings Inc. (IWCH), a San Mateo, Calif.- based company that filed for Chapter 11 federal bankruptcy protection from creditors last September.  The deal helps broaden the participation of subsidiary Telefonica Internacional in Argentina's wireless market.

Among the IWCH assets acquired by Telefonica were the Argentinian operations of Radio Movil Digital, which holds SMR properties. Telefonica expects to provide SMR in augmenting its exposure to Argentina's cellular market.  The company indirectly holds about a 25.5 percent stake in Telefonica de Argentina SA [TAR], which operates both cellular and fixed telecom services in the Latin American nation.

The deal also covers wireless service provider Radio Servicios. In all, Telefonica paid out about $26 million to acquire the Argentinian wireless assets.  Copyright Phillips Publishing, Inc. WirelessToday-01/07/99

ITHACA INDUSTRIES: Amends Rights Agreement
Ithaca Industries Inc. reports to the SEC that on November 13, 1998, the Company agreed to sell 1,350,000 shares of
its 9.2% Series A Junior Cumulative Convertible Preferred Stock to Apollo Investment Fund IV, L.P. and Apollo
Overseas Investors IV, L.P. and the Apollo Investors granted the Company an option to sell 650,000 shares of its 9.2% Series B Junior Cumulative Convertible Preferred
Stock to the Apollo Investors.The terms of the transaction are set forth in a Stock Purchase Agreement dated as of November 13, 1998, between the Company and the Apollo Investors.

The company proposes to issue and sell up to 1,350,000 shares of its 9.2% Series A Junior Cumulative Convertible Preferred Stock, par value $.001 per share and up to 650,000 shares of its 9.2% Series B Junior Cumulative Convertible Preferred Stock, par value $.001 per share to Apollo Investment Fund IV, L.P., a Delaware limited partnership and Apollo Overseas Partners IV, L.P., a Cayman Islands limited partnership pursuant to a Stock Purchase Agreement, dated as of November 13, 1998.

The Company may issue up to an additional 1,950,000 shares of Series A Preferred Stock as dividends on outstanding shares of Series A Preferred Stock and may issue up to an additional 1,450,000 shares of Series B Preferred Stock as dividends on outstanding shares of Series B Preferred Stock,in each case in lieu of paying dividends in cash on such shares.

LOT$OFF: Announces Increases Sales
San Antonio based LOT$OFF Corporation (OTC BB:LOTS) announced today that its total merchandise sales were
up 4.7% (from $9,646,151 to $10,095,287) for the five weeks ended Jan. 1, 1999, while comparable store (open over twelve months) merchandise sales were down 5.4% (from $8,953,058 to $8,468,318) for such period.

LOT$OFF also announced its total and comparable store merchandise sales figures for the forty-eight weeks ended Jan. 1, 1999: total merchandise sales were up 7.6% (from $44,675,019 to $48,083,691), and comparable store  
merchandise sales were up 2.0% (from $42,894,314 to $43,762,402), for such period.

Among the key factors that may have a direct bearing on the Company's results are competitive practices in the close-out merchandising industry generally and particularly in the Company's targeted market, the result and timing of  
resolution of significant litigation the Company is pursuing and the ability of the Company to satisfy the financial covenants of its loan agreements and
to  fund its operations in the event of disappointing operating performance or adverse industry or economic conditions, including economic conditions along  
the border of Texas and Mexico.

As previously reported, on Dec. 4, 1997, a federal district court entered a judgment against the Chase Manhattan Bank in the Company's favor for $148,575,000 plus costs of court and post-judgment interest at 5.42% from Dec. 4, 1997. Subsequently, Chase filed five post-judgment motions with the court: motion for new trial; motion to alter or amend the judgment; renewed motion for judgment as a matter of law; motion to apply a settlement credit and motion for  leave to conduct oral deposition; and motion for
hearing. On Feb. 23, 1998, the court, having considered such motions, the supplements to such motions, the  response of the Company to such motions and the entire record in the cause,  denied all of Chase's post-judgment motions.

Chase appealed the judgment entered by the court to the Fifth Circuit Court of Appeals in New Orleans (Court of Appeals Docket No. 98-50288). The Court of Appeals requested and arranged a pre-hearing conference among the parties, but the parties were unable to reach a
resolution at such conference. While discussions are ongoing, there continues to be no sign of resolution by  settlement. Oral argument before the Court of Appeals is calendared for the first week of March 1999.

At Jan. 7, 1999, there were 4,203,610 shares of Common Stock outstanding, 689,086 shares of which are held in an escrow account at Continental Stock Transfer & Trust Company for the benefit of holders of Allowed General  
Unsecured Claims pending distribution upon the resolution of claims objections under the Company's confirmed Plan of Reorganization, as Amended and Modified.

Nexar Technologies Inc. lives, but perhaps for only a few more days under its current ownership.

The Southboro-based ailing maker of easily upgradeable personal computers received U.S. Bankruptcy Court permission to borrow enough money to meet its payroll and rental expenses for 30 days. According to Nexar's lawyer,  however, by next week, the company will probably conclude a
sales agreement  with its chief creditor.

Lawyer Anthony A. Froio told the court that Nexar and ATEC Group Inc. are close to a deal in which ATEC would purchase Nexar's name and its patented PC design for about $300,000. ATEC, which is Nexar's only secured creditor, may also buy some amount of Nexar inventory, said Froio, possibly raising the value of the sale to about $450,000.

"We are about 98 percent of the way there," Froio told U.S. Bankruptcy Court Judge James F. Queenan Jr.

Nexar filed for bankruptcy court protection against its
creditors Dec. 17,  reporting liabilities of $5.4 million and assets of $4.3 million. The company, which is headed by Worcester native and Assumption College graduate Albert J.  Agbay, went public in April 1997 at $9 a share.
Nexar stock fell to a low of 1 cent a share on the day the company filed for bankruptcy. The stock has since been delisted from the NASDAQ Stock Market.

Over the past several months Nexar has slashed its work force from 70 to 21 and has closed its California manufacturing plant. Nexar now purchases its own computers from ATEC, which in turn contracts with a Canadian firm to actually manufacture Nexar's product. Nexar also has a licensing agreement with ATEC under which ATEC uses Nexar's trade name in return for a royalty.

ATEC, of Hauppage, N.Y., describes itself as a computer systems integrator and provider of information technology products and services. The company had $187 million in sales for the fiscal year ended in June.

By the terms of the order approved by Queenan yesterday Nexar will embark on an immediate cost-cutting campaign in which Agbay's $14,583 monthly salary will be cut by 15 percent and seven other Nexar managers will take either 5  
percent or 7.5 percent pay cuts. The company will also stop paying for cars it leases for Agbay and two other top officers.

Nexar is also negotiating with its landlord for a reduction of the $24,000 per month rent for its Southboro headquarters. Froio said the cuts should reduce Nexar's "burn rate," or losses, to about $100,000 per month.

While agreeing the austerity moves were a cut in the right direction, Whitton E. Norris III, lawyer for some 180 unsecured creditors of Nexar, argued that the company's spending budget was still too high. As a result, Norris  said, if Nexar does not sell its assets to ATEC or some other bidder quickly, he will ask the court to order a liquidation sale of Nexar's assets.

According to Nexar's bankruptcy filing, those assets include some $3.1 million owed Nexar by its customers. However much of that amount is successfully collected would go first to ATEC, to whom Nexar now owes $715,000,
and the remainder to the unsecured creditors, Norris said.

NORDIC TRACK: Sales Of Exercise Equipment Down
The Detroit News reports on January 5, 1999 that while
numbers aren't in for '98 yet, the signs are that sales of fitness equipment may be flattening faster than tummies after two decades of steady ascent.

Sales were $2.95 billion in '97, down 9 percent from the peak of $3.23 billion the year before, according to the National Sporting Goods Association.

Nordic Track, best known for cross-country ski machines, shut its retail stores this month and filed for bankruptcy reorganization. Cross-country ski machines had saturated their market and sales fell 50 percent last year,
says  Thomas Doyle of the National Sporting Goods Association.

Treadmills outrun the trend, however. They are half the market, and sales are still climbing with 3.1 million machines purchased in '97, up from 2.5 million in '96. Ten years ago, when Doyle first measured the average age of  
treadmill buyers, 71 percent were 45 or older. Now the primary buyers are women ages 24 to 54.

OPHTHALMIC IMAGING: Premier Laser Announces Stock Ownership
Premier Laser Systems, Inc. reports to the SEC that it is the beneficial owner of 2,131,758 shares of common stock (51.3%, based on 4,155,428 shares of common stock reported as outstanding as of JULY 14, 1998 of Ophthalmic Imaging Systems.

OISI has called an annual meeting of shareholders to be held on January 18, 1999 for the purpose of, among other things, electing directors.  The record date established for purposes of identifying the shareholders entitled to vote at the Annual Meeting is December 23, 1998.

In light of the possibility that the Annual Meeting could be canceled, Premier has, pursuant to California Corporations Code (S) 600(d), called a special meeting of the OISI shareholders to be held on January 28, 1999 for the purpose of electing OISI directors. The record date for this special shareholders meeting will be December 24, 1998.  In the event that the Annual Meeting occurs as scheduled, Premier intends to cancel the special meeting of
shareholders described above.

OISI has included Premier's proposed slate of directors in OISI's proxy statement related to the Annual Meeting.  This slate includes OISI's current CEO Steven R. Verdooner but does not include any other current officer or director of either OISI or Premier.

Premier has no current plans to acquire additional securities of OISI.  It is possible, however, that Premier could acquire additional shares of OISI in the future.

ORANGE COUNTY: SEC Sanctions Attorney
Orange County's former top bond attorney has been  sanctioned by the Securities and Exchange Commission for negligence in reviewing issues prior to the county's 1994 bankruptcy.

Jean Costanza knew or should have known about omissions and misstatements in bond-sale documents prepared for investors, the SEC said Thursday. Costanza helped bring $1.4 billion in county bonds to market during the  
summer of 1994.

The following December, officials disclosed that the county's main investment pool had lost about $1.6 billion and sought federal protection from creditors in the nation's biggest municipal bankruptcy.  Costanza, a partner in the New York law firm LeBoeuf Lamb Greene & MacRae,  
neither admitted nor denied the findings. By agreeing to a cease and desist order against further violations, she avoided a possible lawsuit or fine.

Orange County last year agreed to accept $45 million from LeBoeuf Lamb Greene & MacRae to settle suits over the bankruptcy.

As bond counsel, Costanza reviewed the bulky offering statements, assuring elected officials and investors that details were in order. She also signed an important opinion telling investors that interest on $564 million of
the bonds  was exempt from federal taxes. The SEC said the bond statements misrepresented or omitted three
important  points:

The investment pool, which the county planned to tap to pay the bonds, was much riskier than the official statements indicated and was losing money in mid- 1994;

The county failed to disclose that it legally could pay no more than 12 percent interest on variable rate bonds; some investors wouldn't have bought the bonds if they had known of the cap;

The tax-free status of the bonds was threatened because the county, on Costanza's advice, borrowed more tax-free money than federal law allowed.

PHILIPPINE AIRLINES: Ex-Cathay Managers Come to Rescue
Debt-ridden Philippine Airlines Inc. has tapped the services of senior managers of Cathay Pacific Airways Ltd. to help the flag carrier steer clear of bankruptcy, Joseph  Estrada says.

"Effective immediately, PAL will be managed by Cathay Pacific executives," he said in his annual radio address to the nation.

Estrada described the agreement as between PAL and Cathay Pacific, but in Hong Kong the news is that PAL had engaged the services of an airline management consultancy firm, Regent Star Services Ltd., to fill five senior positions within the airline.

Regent Star said former Cathay Pacific managers would be installed into PAL's upper management.

"Having signed this agreement we are confident that our combined experience and expertise within the airline industry will serve to provide all the support and advice PAL needs to ensure its future," a Regent Star statement said.

It said Peter Foster, a former Cathay Pacific manager for Taiwan and the Philippines, will serve as chief PAL adviser while Michael Scantlebury will serve as senior financial adviser.

Hong Kong-based Cathay Pacific had pulled out of negotiations late last year to acquire up to a 40 percent stake in the Filipino airline. Industry sources at  
that time said the two companies could not agree on the valuation of the shares and that PAL resisted proposals for deep job cuts.

Foster had served as one of Cathay Pacific's point men in the talks, industry sources said.

The Filipino airline has $2.1 billion in debt and suspended debt payments in June after a crippling pilots' strike.

It stopped flying for 13 days in September but was allowed by corporate regulators to resume operations with the understanding that it would have to find a foreign partner to infuse fresh capital and help it revive its cash flow so as to be able to resume servicing its obligations.

While PAL was grounded, a Philippine government firm chartered Cathay Pacific to serve PAL's main domestic routes.

With Cathay Pacific's withdrawal, however, and the Filipino airline's inability to line up a deal with another prospective partner, Northwest Airlines of the United States, PAL came under renewed pressure from **creditors** and regulators.

Perfecto Yasay, the head of the Philippines' Securities and Exchange Commission, warned earlier this week that he would not hesitate to shut down PAL unless it came up with a workable rehabilitation plan in short order.

PITTSUBURGH PENGUINS: Name Patrick President, CEO                      
National Hockey League (NHL) Pittsburgh Penguins general manager Craig Patrick has added the titles of president and chief executive officer of the franchise to his curriculum vitae. That means he goes from running just the hockey operations to handling all the day-to-day operations of a team in the midst of trying to emerge from the financial abyss that saw the franchise file for bankruptcy
in  October 1998. "I absolutely asked for this," Patrick said. "I decided I was as capable of anybody else of making this turnaround. I look forward to having direct input."

Patrick takes over for interim chief executive officer Garvin Warden, who specializes in corporate turnarounds. Patrick had been leading the search for a permanent chief executive officer before he decided to take the job himself.

"The next three months are very critical to this organization," Patrick said at a press conference. "We need our fan base to stand up and help, and we need the city and county to work with us."

A big issue for the team is to try to get a new arena to replace their current home at Civic Arena in Pittsburgh, Pennsylvania. As part of their current lease in the Civic Arena the franchise is not supposed to talk with any other cities about moving the team until the lease ends in 2007. However the team does have a court hearing on January 22, 1999, to determine whether they can again start talking to out-of-towners.  Interactive Sports- 01/08/99

PRESLEY COMPANIES: Enters Into Letter of Intent
On December 31, 1998 The Presley Companies (NYSE: PDC)
announced that, after unanimous approval by a Special Committee of independent directors, Presley has entered into a letter of intent with William Lyon Homes, Inc. setting forth their preliminary understanding with respect to (i) the proposed acquisition by Presley of
substantially all of the assets of William Lyon Homes for approximately $48 million together with the assumption of related liabilities, and (ii) the concurrent purchase by William Lyon Homes pursuant to a tender offer for not
less than 40% and not more than 49% of the outstanding shares of Presley common stock held by stockholders other than William Lyon at a price of $0.62 per share. William Lyon Homes, which is owned by William Lyon and his son, William H. Lyon, is a California-based homebuilder and real estate developer with projects currently under development in Northern and Southern California.  Following the completion of the proposed transactions, William Lyon, who is the current Chairman of the Board of Presley, would beneficially own between 55% and 65% (depending on the number of shares tendered) of the outstanding shares of
Presley common stock and the remaining shares would continue to be publicly traded. The execution of the letter of intent follows a review over several months by the Special Committee, together with its financial and legal advisors, of strategic alternatives available to Presley as well as a review of other proposals received from third parties.

Under the terms of the letter of intent, the proposed transactions are subject to various conditions, including the successful negotiation and execution of a definitive agreement, the receipt of opinions of Presley's advisors with respect to the fairness of the transactions to Presley and its stockholders as well as the solvency of Presley following consummation of the transactions, the receipt
of real estate appraisals satisfactory to Presley and William Lyon Homes with respect to the real estate assets of William Lyon Homes, the approval of a definitive agreement by the respective boards of directors of Presley and William Lyon Homes by March 31, 1999, receipt of all required regulatory approvals and third party consents, including any required lender consents, the receipt of
agreements from certain significant stockholders of Presley to tender their shares pursuant to the tender offer, the receipt of financing by Presley in an amount sufficient to enable Presley to finance the transactions, and the absence
of any material adverse change in the business or financial condition of either Presley or William Lyon Homes.

In addition, the letter of intent contemplates that each of the transactions will be structured so as to be subject to the successful completion of the other and that the parties will structure the transactions (including, if necessary,
by imposing limitations on certain transfers of shares) so as to avoid triggering the change of control tax provisions that would result in the loss of Presley's net operating losses for tax purposes. The letter of intent also
contemplates that Presley's 12 1/2% Senior Notes due 2001 shall remain outstanding without modification.

The letter of intent provides that, subject to the fiduciary duties of their respective boards of directors, Presley and William Lyon Homes will negotiate exclusively with each other toward a definitive agreement until March 31, 1999.

The letter of intent does not constitute a binding agreement to consummate the transactions and there can be no assurances that the parties ultimately will enter into a definitive agreement with respect to the transactions or that the conditions to the transactions will be satisfied.

The Presley Companies is a homebuilder in the Southwest with development communities in California, Arizona, New Mexico and Nevada.

SGL CARBON: Details Of $60M DIP Funding Pact
SGL Carbon Corp.'s proposed $60 million debtor-in-possession financing agreement with a group of lenders led by Citicorp USA Inc. and a separate $15 million loan agreement for its non- bankrupt subsidiary SGL Carbon Composites Inc. will be "viewed favorably" by the companies' employees and customers and "thereby help promote the Debtor's successful reorganization," according to a Dec. 17 motion. Absent the funding, the companies may become unable to meet their payroll and other direct operating expenses and SGL's "entire reorganization effort would be placed in unnecessary jeopardy," the motion warns. The court gave interim approval for SGL to use up to $15
million of the DIP funding pending a final hearing tomorrow on the full facility. (The Daily Bankruptcy Review and ABI Copyright (c) January 11, 1999)

SILVERADO FOODS: Disposes of Nonni's Biscotti
On December 23, 1998, Silverado Foods Inc. disposed of substantially all of the business, operations and assets of its Nonni's Biscotti business to Swander Pace Capital Fund, L.P., SPC GP Fund, LLC, SPC Executive Advisers Fund, LLC, SPC Associates Fund, LLC, Silver Brands Partners,
L.P., Rodney James Sands, Timothy G. Bruer, Albert Lee Story, and Jan R. Grywczynski (collectively, "Buyer") through a recapitalization. The recapitalization was effected through the company's wholly-owned subsidiary, Nonni's Food Company, Inc. (formerly known as Mom's Best Services, Inc., "Existing Sub"). The transaction included certain receivables, inventories, manufacturing equipment, and the assumption of certain liabilities.  The company's Nonni's Biscotti business total revenues in 1997 were $14.8 million (62% of total company revenues).

The value realizable by the company pursuant to the
recapitalization is approximately $28 million. The Buyer paid cash at closing of $15.4 million, which amount had been adjusted from cash to be received at closing to reflect the assumption of an additional $500,000 of payables. The company has the opportunity to realize an
additional $11,000,000 in three earnout payments in 1999, based upon the Nonni's Biscotti business achieving certain earnings before interest, taxes, depreciation and amortization targets. The company also retained a 10% minority investment in the common equity of the Existing Sub.

Prior to the recapitalization Timothy G. Bruer was the president and chief executive officer and a director of the Registrant and Albert Lee Story and Jan R. Grywczynski were employees of the Registrant. Following the recapitalization Messrs. Bruer, Story and Grywczynski will no longer be employed by the Registrant; however Mr. Bruer will
remain a director of the Registrant.

The recapitalization was described in the Registrant's Proxy Statement for Annual Meeting of Shareholders which was filed with the SEC on November 27, 1998.

SUN TV: Founder Wins Bid to Take Over Some Stores
Sun Television & Appliances Inc. founder and former chief Macy T. Block's real estate investment company won the bid for 18 properties of the soon-to-be defunct electronics retailer during a Jan. 6 auction to sell 11 properties and assign leases on seven others, according to Greater Columbia's Business First. All of the properties are in Ohio except for one store in Erie, Pa. A bankruptcy court judge in Wilmington, Del., will rule on the sale on Wednesday. The prices were not disclosed. Sun filed chapter 11 last fall seeking to reorganize as a smaller company, but on Nov. 2, the company announced it would liquidate.
(ABI 11-Jan-99)

TCCF: Phoenix International Intends Acquisition
Phoenix International Industries Inc. announced Friday that it has signed a letter of intent to acquire the Telephone Company of Central Florida Inc. (TCCF), which is operating
under chapter 11 protection, according to a newswire report. TCCF expects to file its reorganization plan within the week, and its acquisition by Phoenix International is
contingent on the execution and closing of a definitive agreement and completion of due diligence, as well as the bankruptcy court's approval. TCCF is a competitive local
exchange carrier and long distance supplier serving the Orlando, Fla., area. (ABI 11-Jan-98)

VERTEX COMPUTER: Enters Combined Agreement
Vertex Computer Cable & Products, Inc. entered into an
agreement dated December 18, 1998, whereas the company was a party to a combined agreement with Daniel Mcphee, Christopher Francis, TW Cable LLC., Edward Goodstein and Dataworld Solutions, Inc. The following actions took place as of the signing of the agreement:

(a) Vertex Computer Cable & Products, will acquire all the voting stock of Dataworld solely in exchange for 1,500,000 shares of the voting common stock of Vertex, and

(b) Daniel McPhee and Christopher Francis will, each acquire from TW Cable LLC. a total of 17,000,000 shares of the voting common stock of Vertex for payment of $200,000 and other consideration stated in the
Agreement; and

(c) TW Cable LLC. has agreed with Vertex to acquire 6,000 shares of the $6 Vertex Senior Cumulative Convertible Preferred Stock having a stated value of $100 per share, $.01 par value with such rights, preferences and
designations as set forth in the Certificate of Designation; and

(d) Edward Goodstein and/or TW Cable LLC. has agreed with Vertex to forgive certain debt of Vertex presently owed to Goodstein and/or TW Cable LLC.; and

(e) Effective with the signing of the agreement, Daniel Mcphee will become Chairman of the Board of Directors and Chief Executive Officer.  
Christopher Francis will become Chief Operating Officer and Director. Edward Goodstein and Albert Roth will remain on the Board of Directors.

ZENITH: Shareholder Action Commenced
On December 31, 1998, a First Amended Complaint was filed by the law firm of Schoengold & Sporn, P.C. in the shareholder securities class action lawsuit previously removed to the Federal District Court for the District
of  New Jersey against Zenith Electronics Corp. its  foreign controlling shareholders, the LG Group of Korea, LG Semicon Co., Ltd. and LG Electronics, Inc., who  
collectively own 57% of Zenith, and certain of the LG Group's and Zenith's officers and directors.

The First Amended Complaint, brought on behalf of the public minority shareholders of Zenith who own approximately 43% of Zenith who bought stock in  
the open market from July 17, 1995 through and including May 21, 1998, charges that the defendants manipulated the stock price of Zenith and engaged in a common plan and scheme to defraud Zenith public minority shareholders of their stake in the Company by freezing them out for no payment whatsoever in an announced "prepackaged" bankruptcy plan and thereby gain total control of Zenith, by violating the federal securities laws and state and common law, by amongst other things, misrepresenting and/or omitting material information concerning their intentions to support Zenith financially and maintain Zenith as a viable and  
independent entity.

Furthermore, the complaint charges that the defendants, contrary to the Company's April 1, 1998 press release and representations, prior to announcing that they were going to put Zenith in bankruptcy and thereby obtaining the rest of Zenith's shares with no payment to the public minority shareholders, did not: undertake an adequate evaluation of the Company's worth as a potential merger/acquisition candidate; take adequate steps to enhance the Company's value and attractiveness as a merger/acquisition candidate; effectively expose the Company to the marketplace in an effort to create an active auction for the Company; act independently, so that the interests of the public shareholders will be protected; or adequately ensure that no conflicts of interest existed or, if such conflicts existed, to insure that all conflicts would be resolved in favor of the interests of the public shareholders.

Plaintiff seeks to recover damages on behalf of the public minority class members similarly situated (excluding the defendants, their officers, agents and employees), and are represented by the law firm of Schoengold & Sporn,  
P.C., 233 Broadway, New York, New York 10279

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

February 4-6, 1999
      Rocky Mountain Bankruptcy Conference
         Westin Tabor Center, Denver, Colorado
            Contact: 1-703-739-0800

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

Febraury 28-March 3, 1999
      Norton Bankruptcy Institute I
         Olympic Park Hotel, Park City, Utah
            Contact: 1-770-535-7722

March 18-21, 1999
      Norton Bankruptcy Litigation Institute II
         Flamingo Hilton Hotel, Las Vegas, Nevada
            Contact: 1-771-535-7722

March 19, 1999
      Bankruptcy Battleground West
         Century Plaza Hotel, Los Angeles, California
            Contact: 1-703-739-0800

March 25-27, 1999
   Southeastern Bankruptcy Law Institute, Inc.
      25th Annual Southeastern Bankruptcy Law Institute
         Marriott Marquis Hotel, Atlanta, Georgia
            Contact: 1-770-451-4448

April 15-18, 1999
      Annual Spring Meeting
         J.W. Marriott, Washington, DC
            Contact: 1-703-739-0800

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

April 30-May 4, 1999
      Annual Meeting and conference, including a one-day
      program on cross-border insolvencies
         Shangi-La Hotel, Bangkok, Thailand
            Contact: 011-66-2-233-0055

June 3-6, 1999
      Central States Bankruptcy Workshop
         Grand Traverse Resort, Traverse City, Michigan
            Contact: 1-703-739-0800

July 1-4, 1999
      Western Mountains Bankruptcy Law Institute
         Jackson Lake Lodge, Jackson Hole, Wyoming
            Contact: 1-770-535-7722
July 15-18, 1999
      Northeast Bankruptcy Conference
         Mount Washington Hotel & Resort
         Bretton Woods, New Hampshire
            Contact: 1-703-739-0800

August 4-7, 1999
      Southeast Bankruptcy Workshop
         The Ritz-Carlton, Amelia Island, Florida
            Contact: 1-703-739-0800

September 16-18, 1999
      Southwest Bankruptcy Conference
         The Hotel Loretto, Santa Fe, New Mexico
            Contact: 1-703-739-0800

December 2-4, 1999
      Winter Leadership Conference
         La Quinta Resort & Club, La Quinta, California
            Contact: 1-703-739-0800

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


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
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