TCR_Public/990114.MBX T R O U B L E D   C O M P A N Y   R E P O R T E R
  Thursday, January 14, 1999, Vol. 3, No. 9


ABL: NBA Under Investigation
ACME METALS: Gets Okay for Reclamation Procedures
AHERF: AGH Physicians Rebuffed
ALL AMERICAN FOOD: Registration Statement
AMERICAN RICE: Seeks To Employ Professionals

AMERITRUCK: Gets Nod for Modified CKM Capital Hire
BOYDS WHEELS: Creditors Confirm Competing Plan
BRADLEES INC: New Plan Also Draws Landlord Opposition
COMMERCIAL FINANCIAL: Motion To Retain Counsel
COMMERCIAL FINANCIAL: Motion To Retain Financial Consultant

EL PASO ELECTRIC: DCR Upgrades Ratings of El Paso Electric
FABBCO STEEL CO. Bankruptcy Filing Dismissed              
FPA MEDICAL: Disclosure Statement Hearing Rescheduled Again
GDE: Faces Collapse As Debts Hit US$2.9b
GENEVA STEEL: Files Annual Report With SEC

LA ROCHE INDUSTRIES: Announces Third Quarter Results
LAMONT'S APPAREL: Preliminary Merger Discussions
MCGINNIS PARTNERS: Equity Security Holders Committee
PARAGON TRADE: Equity Panel Modifies Request To Hire Chanin
PAYLESS CASHWAYS: Reports A Profit, Closes Five Stores

QUADRAX CORP: Motion To Extend Deadline For Filing Plan
SUN TV: Seeks Extension of Exclusivity
SYQUEST: Iomega Agrees to Purchase Select Assets of Syquest
THE SCORE BOARD: Hearing Set For Conversion Motion
VILLAGE GREEN: Flagship Store Going Out of Business
WHEELED ELECTRIC: Noteholders Apply To Retain Counsel


ABL: NBA Under Investigation
The National Basketball Association (NBA), operators of the
Women s National Basketball Association (WNBA), is about to
face scrutiny in the case of the demise of the American
Basketball League (ABL) (ISWire Basketball News: December
22, 1998). The attorney general in the home state of the
former ABL New England Blizzard today issued a subpoena to
the NBA looking for any NBA documents that might  
have referred to the ABL as a competitor.

There is evidence the NBA used sharp economic elbows to
exclude the ABL from fair play including access to
essential financial rights like TV and product  
sponsorships, said Connecticut Attorney General Richard

WNBA director of media relations Mark Pray told ISWire this
afternoon that the league was not commenting except to say:  
The matter is in the hands of our lawyers.

ABL director of media relations Dean Jutilla told ISWire
that ABL chief executive officer Gary Cavalli would be
commenting on the matter later today, but that he could not
give immediate comment because he was travelling to San  
Francisco, California, on another business matter.

The ABL suspended operations in the second month of their
third season December 22, 1998. They have since filed for
bankruptcy in the San Jose, California Division of United
States Bankruptcy Court (IS Wire Basketball News:  January
4 and 8, 1999).

The ABL began play in 1996 following the success of the
gold medal-winning United States women s basketball team at
the 1996 Summer Olympic Games in Atlanta, Georgia. While
the ABL had initial success in securing most of the top
women s basketball talent, the WNBA has had a veritable
stranglehold on the sponsorship and television dollars.
With the marketing strength of the NBA, the WNBA drew
almost 10,000 fans per game in their inaugural year before
drawing over 10,000 fans per game in their second season.
The ABL, playing a winter schedule as opposed to the summer
schedule of the WNBA, drew a little over 3,500 fans per
game in their inaugural season. They saw an increase of 23  
percent last season at the gate, but that still left them
far short of the WNBA.

The WNBA begins its third season in June 1999. The
Minnesota Lynx and the Orlando Miracle will join the league
this coming season to bring the WNBA total to an even dozen
teams. (Interactive Sports-01/12/99)

ACME METALS: Gets Okay for Reclamation Procedures
Acme Metals Inc. won court approval to implement procedures
for reconciling allowed reclamation claims and to grant
administrative expense priority to such allowed claims. The
ability to reconcile the reclamation claims in a uniform
manner will assist in the consensual resolution of such
demands and, ultimately, maximize value for the estates and
creditors, Acme asserted. The integrated steel producer
added that the reclamation program will enable it to avoid
unnecessary litigation costs which would necessarily arise
in connection with non-consensual resolutions of the
reclamation claims. "If the Reclamation Program is not
approved and implemented, it can be expected creditors will
file adversary proceedings against the Debtors, thus
increasing the Debtors costs to defend piecemeal
litigation," the motion warns. The court approved the
reclamation procedures last month.  (The Daily
Bankruptcy Review Copyright c January 13, 1999)

AHERF: AGH Physicians Rebuffed
A group of Allegheny General Hospital physicians trying to
hang onto their share of $14 million in deferred
compensation that is tied up in the bankruptcy proceedings
of the hospital's parent foundation were rebuffed
yesterday by the judge overseeing the case.

Judge M. Bruce McCullough refused to reverse an order that
he issued in December telling National City Bank to turn
the money over to the Allegheny Health Education and
Research Foundation and another order protecting the bank  
from liability for doing so.

McCullough told the attorney representing the doctors that
they could appeal his decision, but would have to post a
bond sufficient to cover legal fees for the foundation and
the bank should their appeal be unsuccessful. Creditors,
the bank and the foundation said the kind of trust in which
the funds are held is subject to claims of creditors and
that the bank has no fiduciary obligation to the
beneficiaries of the trust other than investing the money.

ALL AMERICAN FOOD: Registration Statement
All American Food Group, Inc. entered into a consulting
services agreement with Interbras Global Trading Co., Ltd.,
a New York corporation dated as of November 25,1998, as a
consultant to the  company.

The company has filed this Registration Statement for the
purpose of registering the total of 8,200,000 Shares,  
which includes 2,200,000 Shares initially included in the  
company's December 1998 Registration Statement. This
January Form S-8 Registration Statement also includes
2,000,000 additional Shares  due  to Interbras  on  January
15, 1999, but does not include any other  additional  
Shares  or  Option  Shares  that  may  be issuable  to  
Interbras under the Consulting Agreement,  and
also  includes for the purpose of reregistering a  total  
of 200,000  Shares  issued  to Carl J. Casano,  Esq.,  and  
his corporate  securities  consulting  staff  for  services   
in connection with the preparation and review of the
Consulting Agreement between the Registrant and  Interbras  
and the preparation  and  review  of  December  Form  S-8,  
and the exhibits  attached  thereto.

In  addition,  this  January  Form  S-8  Registration
Statement  also  includes  4,000,000  Shares  issuable   to
InterEuro Import & Trading Corp., a  New  York corporation,
pursuant to the InterEuro Agreement dated as of
January 1, 1999,  as follows: 2,000,000  Shares  upon  the
filing  of this January Form S-8 Registration Statement  
and additional  2,000,000 Shares on February 1, 1999  under  
the InterEuro Agreement.  

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

AMERICAN RICE: Seeks To Employ Professionals
American Rice Inc. seeks to employ Preston Gates Ellis &
Rouvelas Meeds, LLP as special antitrust counsel nunc pro

The firm rendered the following types of services to the

Analysis of antitrust implications of the olive business
sale; research Hart-Scott-Rodino, other regulatory
requirements and the applicability of the "failing firm"
defense; preparation of responses to Antitrust Division
requests; representation in meetings with Antitrust

American Rice Inc. also seeks to employ Imperial Capital as
its exclusive financial advisors and agent, effective as of
December 15, 1998.  The firm proposes to assist the debtor
in the preparation of materials describing the debtor, its
operation and future prospects; identifying and contacting
selected qualified purchasers of the proposed financing and
assistance in determining the form and structure of
financing and negotiating same; and rendering other
necessary advice and services as the debtor may require in
connection with the firm's representation of the debtor.

AMERITRUCK: Gets Nod for Modified CKM Capital Hire
The court has approved AmeriTruck Distribution Corp.'s hire
of CKM Capital LLC as investment banker and special
financial advisor, after terms of the agreement were
modified and objections from lenders and the official
unsecured creditors' committee were withdrawn. Among other
things, the amended agreement changed the terms of payment.
Under the new agreement, CKM would receive $1 million if it
brings in an equity partner, capital or exit financing in
connection with a reorganization plan. If a plan is
otherwise confirmed, CKM would receive $500,000, half of
which would be payable pre-confirmation. Meanwhile, CKM is
eligible for a $250,000 success fee in addition to $10,000
a month in expenses. While objections to the hire had
surrounded the CKM's fees, other questions arose as to the
role CKM would play given AmeriTruck's hire of
PricewaterhouseCoopers LLP, which was approved by the court
Dec. 28. PwC is serving as financial advisor, accountant
and tax advisor to AmeriTruck. (The Daily Bankruptcy Review
Copyright c January 13, 1999)

BOYDS WHEELS: Creditors Confirm Competing Plan
Bankruptcy and commercial litigation firm Marshack,
Shulman & Hodges LLP announced today that it successfully
confirmed a competing plan of reorganization on behalf of
the Official Creditors' Committee for Boyds Wheels.
The plan of reorganization originally filed and supported
by the Official Committee of Unsecured Creditors, was later
supported by the Boyds Wheels after Boyd Coddington, the
Debtor's founder, withdrew his bid to acquire the Debtor
through a Plan of Reorganization of his own.  The
reorganization plan results in the acquisition of the
Debtor's remaining assets by Automotive Performance Group,
Inc. (APG) a Phoenix based distributor of automotive
Pursuant to the Plan, APG will own 80% of the Reorganized
Debtor, with 17% owned by unsecured creditors and 3% owned
by existing equity. The creditors came together to propose
their own reorganization plan rather than allow the company
to be liquidated.  "This is a time when the bankruptcy
system works for the creditors in the best way possible,"
said Richard Marshack, Managing Partner at Marshack Shulman
& Hodges LLP.

Jim Dunn, APG's Chief Operations Officer, will serve as
the President of the reorganized  Boyds Wheels.  APG will
also provide $950,000 cash to be paid to satisfy
administrative claims in the bankruptcy, will make
available up to $2 million cash to fund the reorganized
Boyds business operations, and will contribute an
additional $50,000 to fund the investigation and
prosecution of claims against recipients of fraudulent and
preferential transfers, directors and officers for alleged
misconduct and winding up the affairs of the Debtor in the
bankruptcy case. The reorganization plan also results in
the substantive consolidation of Boyds Wheels, Inc and Hot
Rods By Boyd, a previously wholly owned subsidiary of Boyds
Wheels.  Some of Boyds Wheels' other assets, including
equipment and inventory were previously sold at auction
conducted in March.  

BRADLEES INC: New Plan Also Draws Landlord Opposition
Bradlees' show cause motion met with opposition from a
landlord using the same arguments cited by a Manhattan
District Court when it reversed the bankruptcy court's
confirmation of the Bradlees plan.  The bankruptcy court
confirmed Bradlees' plan on Nov. 18, which gave the
retailer one year to assume or reject a store lease.  
Greenwich Holding Corp., landlord of Bradlees' Union Square
location in Manhattan, appealed the confirmation order,
arguing that Bradlees first amended plan was unconfirmable
because it did not require Bradlees' subsidiaries to assume
or reject leases prior to the effective date.  The District
Court subsequently reversed the confirmation order of Dec.
23. "[T]he Plan still contains the same deficiencies . . .
found to preclude confirmation," argues Acklinis
Associates, the sublessor of a property controlled by a
Bradlees' subsidiary.  "A debtor-in-possession cannot
confirm a plan and remain a debtor-in-possession as long as
it desires.  The Debtors' tactics should not be
allowed to persist," according to the objection. (Federal
Filings Inc. 09-Jan-99)

COMMERCIAL FINANCIAL: Motion To Retain Counsel
CF/SPC NGU, Inc., debtor, requests that the court enter an
order authorizing NGU to retain Jenner & Block as it
counsel.  NGU requires the assistance of counsel to assist
it in the administration of this case and to assist in
NGU's reorganization.

The firm will:

Negotiate with NGU's lenders, ABS holders and parties to
forward-flow contracts'

Avoid and recover preferences and fraudulent transfers;
Determine the validity, extent and priority of liens
asserted against the property of NGU's estate;

Seek approval of  NGU's use of cash collateral

Seek approval of the sale, disposition or abandonment of
property of NGU's estate.

COMMERCIAL FINANCIAL: Motion To Retain Financial Consultant
CF/SPC NGU, INC, debtor, requests that the court enter an
order authorizing NGU to retain Development Specialists,
Inc. as its financial consultant .

NGU wishes to employ DSI as its financial consultant in
this case to assist in NGU's reorganization and to provide
to NGU a President experienced in financial restructurings.

GSI will render the following professional services:

Providing Mr. Caruso to act as NGU's President and other
DSI personnel to assist him and other members of senior
management in operations'

Analyzing and determining NGU's business opportunities and

Assessing and preparing estimates of NGU's likely financial

Analyzing and negotiation management, forward flow,
servicing, real estate and other contracts

Negotiation with NGU's notheholders, secured and unsecured
lenders, the asset-backed securities holders and their
trusts, and other creditor constituencies as to business
matters and reorganization issues

Continuing efforts to market NGU to potential investors
Providing expert witness testimony and litigation support
for NGU
Providing strategic financial planning and development for
NGU and handling any other matters concerning the financial
and business affairs of NGU.  NGU has selected Mr. Caruso
to serve as its president.

EL PASO ELECTRIC: DCR Upgrades Ratings of El Paso Electric
The following is an excerpt of information distributed
through financial newswires on Jan. 12, 1999 by Duff &
Phelps Credit Rating Co. (NYSE: DCR). Duff & Phelps Credit
Rating Co. has upgraded El Paso Electric's (Amex: EE)
(EPE) first mortgage bonds and collateralized pollution
control revenue bonds to "BB+" (Double-B-Plus) from "BB"
(Double-B) and preferred stock to "BB-" (Double-B-Minus)
from "B+" (Single-B-Plus).  

Approximately $1.1 billion of debt and preferred stock are
affected.  EPE's credit quality, which has steadily
improved since its emergence from bankruptcy in February
1996, will continue to be monitored and could be further
upgraded in the near future. The upgrade reflects recent
and expected continued improved financial fundamentals and
a moderate business-risk profile.  EPE's credit quality
benefits from strong positive free cash flow, solid service
territory growth, ongoing aggressive cost containment,
solid performance at the Palo Verde nuclear unit, strong
multi-year contractual relationships with most large
customers and a below-average longer-term competitive risk
position due to its system's limited interconnections.
EPE's recent New Mexico settlement provides several
positives for EPE's risk profile, including a 30-month
moratorium on future rate proceedings and elimination of
regulatory uncertainty associated with pending rate cases.  
New Mexico is not expected to address industry
restructuring in the near future. The recent change in the
state's regulatory environment from an appointed to
elected commission creates some regulatory uncertainty in
the longer term.
EPE operates in Texas under a rate freeze through 2005 as
part of its bankruptcy settlement.  EPE may be permitted to
opt out of any restructuring legislation and continue to
operate under its rate freeze.  Regulatory uncertainty is
significant in Texas, but should be better defined by mid-
1999. EPE is expected to continue to generate positive free
cash that will be used to reduce leverage as quickly as
possible.  EPE is limited in reducing its debt obligations
by the lack of call provisions on its first mortgage
bonds which causes it to steadily repurchase debt in the
open market.

FABBCO STEEL CO. Bankruptcy Filing Dismissed              
The York Daily Record reports on January 9, 1999 that a
bankruptcy filing Fabbco Steel Inc. made in December has
been dismissed, according to the company's lawyer.

Fabbco, which previously leased property in Red Lion, filed
for Chapter 11 bankruptcy after the company's landlord said
he wouldn't renew the lease, said Steven Carr, Fabbco's
lawyer. The case was dismissed after the steel fabricator
moved into its new location at 101 Mundis Race Road in
Manchester Township.

The 36,000-square-foot facility the company now leases is
nearly double the size of its old location. The company
expects sales to be about $9 million in 1999, compared to
more than $6 million in 1998, said Fern Bressler, Fabbco's  
chief financial officer.

Fabbco said the bankruptcy filing did not slow production.
The company expects to hire up to six more workers with its

FPA MEDICAL: Disclosure Statement Hearing Rescheduled Again
The court has adjourned FPA Medical Management Inc.'s
disclosure statement hearing after commencing the
proceeding yesterday morning and rescheduled the remainder
of the hearing for Jan. 27.  The court had adjourned the
hearing from Oct. 28 to Dec. 9 and then Dec. 9 to yesterday
to allow FPA, its bank group, and official creditors'
committee, which did not support the original
reorganization plan, to continue talks toward a consensual
plan.  The physician practice management company's plan
drew objections from various doctors as well as from class
action claimants with causes of action arising from the
purchase of FPA common stock between Feb. 3, 1997 and May
14, 1998.  The plan creates a creditor trust designed to
make future distributions to unsecured creditors. (Federal
Filings Inc. 09-Jan-99)

GDE: Faces Collapse As Debts Hit US$2.9b
Bankers suffered another blow with the news that Guangdong
Enterprises (Holdings) (GDE) is effectively insolvent with
debts of about US$2.94 billion.

The revelation looks likely to further sour the mainland's
relations with foreign lenders after fellow provincial
fund-raising arm Guangdong International Trust and
Investment Corp (Gitic) was forced into bankruptcy
in acrimonious circumstances on Sunday.

The extent of GDE's difficulties were revealed at the first
formal meeting with its creditors, which some bankers
described as opening "a can of worms".

Foreign bankers again bemoaned a lack of transparency and
complained they were being forced into accepting a debt
standstill agreement.

GDE group - excluding 40.5 per cent-held Guangdong
Investment but including 59.8 per cent-held Guangnan
(Holdings) - had consolidated unaudited debts and  
bonds of US$2.94 billion as of December 31.

This was in addition to $265 million of outstanding
guarantees GDE provided to associated companies and other
debt obligations.

The group said its obligations would be in excess of its
assets if  adjustments were made to reflect potential
declines in the value of properties, listed investments and
other assets.

Bankers said they received no assurances that GDE would not
meet the same fate that befell Gitic. They said they had
little choice but to accept a standstill agreement on  
debt repayments or force a liquidation. Under the
standstill arrangements, the GDE group would stop
repayments of loan principal of $1.33 billion until April
15. Interest of $69 million would be paid in the period and
any shortfall would be filled by the Guangdong provincial
government. GDE officials said Guangnan (Holdings), once a
stock market favourite, was also insolvent.

Guangnan's debt level was substantially higher than
estimated and took some analysts by surprise.

The company had unaudited consolidated debt of about $391
million as of December 31, of which about $115 million was
due and payable this month. It had an unaudited cash
balance of $13.7 million. Guangnan said cash flow from
operations was substantially below that required to meet
its debt obligations. The GDE group had been struggling to
meet its debt obligations even after the provincial
government injected 2.96 billion yuan (about HK$2.75
billion) to keep the group afloat last year.

Of the figure, 460 million yuan was poured in after the
closure of Gitic in October. Yesterday's meeting was
attended by about 300 representatives from more than 85
banks. It was hosted by GDE financial adviser Goldman Sachs
and the Guangdong governor's assistant, Wu Jiesi, GDE
chairman Zhong Guangchao and director Kang Dian.

Sources close to GDE said a draft restructuring plan aimed
to turn the group into a commercially viable and
financially independent entity through corporate, financial
and management restructuring, the details of which
would  be made available to creditors by February 28.
The restructuring would also include Guangdong Investment
and the provincial government's window company in Macau,
Nam Yue (Group) Co.  (South China Morning Post -01/13/99)

GENEVA STEEL: Files Annual Report With SEC
Geneva Steel Company filed its Annual report with the SEC
for the fiscal year ended September 30, 1998.  During the
fourth quarter of 1998, order entry, shipments and pricing
for all of the Company's products were adversely affected
by, among other things, increased imports. As a result of
the increased supply of imports and other market
conditions, the Company's overall price realization and
shipments will continue to decrease significantly in the
first quarter of fiscal year 1999 and are expected to
remain at low levels at least through the second quarter of
fiscal year 1999 and negatively impact the financial
performance of the Company during such periods. As of
November 30, 1998, the Company had estimated total
orders on hand of approximately 74,000 tons compared to
approximately 309,000 tons as of November 30, 1997.

As of November 30, 1998, the Company had 14,700,478 shares
of Class A Common Stock outstanding, held by 654
stockholders of record, and 19,151,348 shares of Class B
Common Stock outstanding, held by five stockholders of

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

LA ROCHE INDUSTRIES: Announces Third Quarter Results
LaRoche Industries Inc. today reported net sales of $82.5
million and a net loss of $6.7 million for its third
quarter ended Nov. 30, 1998.

These results compare to net sales of $75.2 million and a
net loss of $12.7 million for the same period last year.
Last year's loss includes an extraordinary charge of $12.0
million from an early debt extinguishment. The company
achieved an EBITDA of $5.5 million for the quarter compared
to $11.2 million in the third quarter a year ago.

For the nine months ended Nov. 30, 1998, net sales
improved to $294.8 million from $250.9 for the same period
last year. The net loss for the nine months  
ended Nov. 30, 1998 was $7.6 million compared to a net loss
$11.2 million, including extraordinary charges, for the
same period a year ago. EBITDA for the nine month period
was $34.9 million, essentially equal to the $35.0 million
in EBITDA posted for the year ago nine-month period.

"Our third quarter results reflect extremely soft domestic
pricing, which continues to reduce our margins," said
Gerald B. Curran, chief financial officer for LaRoche
Industries. "Clearly, we're seeing the effects of near  
historic lows for domestic ammonia and chlor-alkali
commodity cycles. Fortunately, our European chlor-alkali
operations continue to operate extremely well and enjoy
stable market conditions, and we expect this strong
European performance to continue at least through 1999,"
Curran explained.

To deal with the difficult domestic conditions, the
company is taking a number of aggressive measures, Curran
reported. "We're assessing each aspect of our business
operations and implementing change where necessary to
compete more effectively during this `trough' in the market
cycle," he said. He noted that the company announced in
November its decision to seek strategic alternatives  
for its aluminas chemical business. "We are working on this
initiative and hope to have a transaction completed by the
end of our fiscal year," he said.

Curran also stated the company is conducting a systematic
review of its corporate functions and will implement a
corporate restructuring immediately.  The company will
decentralize many of its corporate functions,
which will  involve eliminating about 35 jobs at its
Atlanta headquarters. The Atlanta office currently employs
about 115 people. "This corporate restructuring will  allow
LaRoche to become more cost effective and more
responsive to its  markets," Curran said.

In other financial news, the company recently obtained a
waiver from its bank lenders under its credit agreement, to
address compliance issues with certain financial covenants
as of Nov. 30, 1998. "We will now begin working with and  
presenting our business plan to our creditors to obtain
longer-term amendments  to the covenants," said Curran.

Founded in 1986, LaRoche Industries Inc. is a worldwide
producer and distributor of nitrogen-based chemical
products, chlor-alkali products and specialty chemicals.
LaRoche serves agricultural and industrial markets from  
six manufacturing facilities in the United States, one in
Germany and one jointly operated facility in France.

LAMONT'S APPAREL: Preliminary Merger Discussions
The Wall Street Journal reports on January 13, 1998 that
Lamonts Apparel Inc., Kirkland, Wash., said it has entered
into preliminary merger discussions with Troutman
Investment Co., a closely held clothing retailer in Eugene,
Oregon.  Troutman recently disclosed that it has already
bought 30% of the shares of Lamonts, but has agreed to
temporarily cease further purchases during negotiations.

MCGINNIS PARTNERS: Equity Security Holders Committee
The United States Trustee appoints the following eligible
equity security holders of McGinnis Partners Focus Fund,
LP, Russia Value Fund, LP and McGinnis Global Fund, Ltd.
to the Committee of Equity Security Holders.

Alexander Ventures - 83
700 North St. Mary's Street, Suite 1200
San Antonio, Texas 78205
Contact: John D. Alexander, Manager

Thomas F. Bibb for Hugh Halff, Jr. Et al.
745 E. Mulberry Street, Suite 400
San Antonio , Texas

Butler Family Interests/Roy A. Butler
PO Box 9190
Ausitin, Texas 78766
Contact: William M. Harriss, CFO

Kingdon Associates
152 West 57th Street
New York, NY 10019
Contact: William Walsh

Alan M. May for Marcia May and Rayburn Tucker
3601 Turtle Creek Blvd.
Dallas, Texas 75219
Contact: Alan M. May

Stephen B. Roy
350 Lincoln Place Suite 111
Hingham, Massachusetts 02043
Contact: Stephen B. Roy

Alejandro Tawil for Various Investors
c/o Ralph A. Siciliano
Newman Tannenbaum Helpern Syracuse & Hirschtritt LLP
900 Third Ave
New York, NY
Contact: Alejandro Tawil

Travis Co. J.V.
5111 Broadway
San Antonio, Texas 78209-5709
Contact: Roger C. Hill

PARAGON TRADE: Equity Panel Modifies Request To Hire Chanin
Paragon Trade Brands Inc.'s official committee of equity
holders is seeking approval of a modified motion to hire
investment banker Chanin & Co.  The panel had sought to
hire Chanin on Dec. 3 retroactively to Nov. 13 under an
agreement that paid the banker a $75,000 monthly advisory
fee as well as a transaction fee payable when a plan is
consummated.  The court denied the request as to whether
Chanin could be hired retroactively because, according to a
Dec. 17 order, the committee "offered no explanation for
its failure to file a timely application for employment of
Chanin."  The modified motion addresses Chanin's monthly
fees, the proposed transaction fee the banker would be
entitled to as well as the proposed mechanism for Chanin's
expense reimbursement.  Chanin's monthly fee payment and
expense reimbursement would be subject to court order.
(Federal Filings Inc. 09-Jan-99)

PAYLESS CASHWAYS: Reports A Profit, Closes Five Stores
Payless Cashways Inc. on Tuesday reported that it earned
$2.5 million, excluding one-time extraordinary items, for
the quarter that ended Nov. 28, compared with a loss of
$10.4 million for the same period a year earlier.

The company also announced the immediate closure of five
stores. The closing of two stores in Texas and one each in
Nebraska, Oklahoma and Montana will affect about 200
employees.  Including extraordinary items for both the 1997
and 1998 fourth quarters, Payless earned $800,000 in the
most recent quarter, compared with a loss of $201.8 million
for the same period in 1997.

Sales for the quarter, which ended Nov. 28, were $483.2
million, down 4.2 percent from the same period a year
earlier. Same-store sales, or sales at stores open at least
one year, dropped 1.1 percent.  That's a vast improvement
over same-store sales declines in recent quarters,
including a 13.2 percent tumble in Payless' second quarter
and a 6.7 drop in its third quarter.

Also, same-store sales to the professional customer, now
Payless' primary target customer, were up 9 percent in the
fourth quarter. Sales to do-it-yourself customers slid 10.6
percent.  For the year, excluding one-time items, Payless
lost $14.9 million, compared with a loss of $35.5 million
the previous year. Including those one-time items related
to a completed bankruptcy reorganization, Payless lost
$22.4 million in 1998, compared with a loss of $288.6
million in 1997.

Sales for 1998 were $1.9 billion, down 16.6 percent from
1997 sales of $2.3 billion and down 7.3 percent on a same-
store sales basis.  Looking ahead, Payless said its capital
expenditures budget for 1999 was about $60 million. Of
that, approximately $14 million will be spent to buy 10
stores it now leases. Capital expenditures will be financed
from ongoing operations.

Other capital expenditures earmarked for the year include
about $19 million in investments to better the serve the
professional customer. Those investments are expected to
include acquisitions of retail operations and manufacturing  
facilities, store remodeling and expansions, and possibly
new stores.  An additional $7 million is expected to be
spent on upgrading technology and other items. Kansas City
Star - 01/13/99

QUADRAX CORP: Motion To Extend Deadline For Filing Plan
The debtor, Quadrax Corporation and E.B. Acquisition LLC
jointly move for an extension of the deadline by which the
Investor must file a plan of Reorganization and Disclosure
Statement individually or jointly with the debtor.

By court order the plan must incorporate certain terms
providing for the contribution of up to $1 million for
post-petition administrative and pre-petition priority
claims, $500,000 for distribution to general unsecured
creditors, and issuance of approximately 46% of the capital
stock in the reorganized debtor tot he general unsecured
creditors, 5% of such stock to the debtor's existing
shareholders and the balance of such stock to the Investor.  
The Plan also provides for the merger of Victor Electric
Wire & Cable Corp. into the Reorganized Debtor.

The Investor has advised the debtor that because of complex
securities and tax issues, it is necessary for the Investor
to obtain specialized tax advice regarding the structure of
the plan and the issuance of the securities conforming to
the plan business terms.  As a result, the Investor is
unable to meet the filing deadline of December 24, 1998.  
The Investor has advised the debtor that it requires until
February 28, 1999 to file such Plan and Disclosrue

SUN TV: Seeks Extension of Exclusivity
Sun TV and Appliances, Inc. and Sun Television and
Appliances, Inc. seek an order granting extension of the
exclusive period within which Sun TV may file a plan of
liquidation through and including March 29, 1999 and the
exclusive period within which Sun TV may solicit
acceptances of any such plan through and including May 14,

Sun TV submits that the initial 120 day period does not
afford Sun TV a realistic opportunity to liquidate the
remainder of its business and craft a plan of liquidation
that will provide for the distribution of the cash proceeds
received from the sale of its remaining assets.

As a result of a deterioration of Sun TV's sale s and, as a
result, liquid assets, Sun TV decided to close all of its
remaining stores and liquidate its remaining business.  
Because of the size and complexity of Sun TV's business,
the process of closing its remaining stores and liquidating
its remaining business has been time consuming.  The debtor
argues that extending the exclusive periods to file a
liquidating plan should be allowed for cause, including the
size and complexity of the case, the diligence of
management and administration of the case and the debtor's
reasonable promise of success in formulating a plan within
a reasonable time.

SYQUEST: Iomega Agrees to Purchase Select Assets of Syquest
Iomega Corporation (NYSE:IOM) announced on January 13, 1998
that it has entered into a definitive agreement to purchase  
certain assets of SyQuest Technology, Inc., including all
of its intellectual property, and its inventory and fixed
assets in the U.S., for $9.5 million in cash, subject to
certain closing conditions and adjustments.

Provided all conditions to closing are met, Iomega
anticipates a first quarter 1999 closing. The proposed
transaction will have no effect on Iomega's fourth  
quarter 1998 financial results.

"We have taken a close look at SyQuest's assets,
particularly its intellectual property, and concluded that
they can add value to our business and our shareholders,"
said Jodie K. Glore, president and chief executive officer,  
Iomega Corporation. "We operate in a highly competitive
environment and we believe this asset purchase will be a
worthwhile investment and will enhance our future

Iomega will not assume any material obligations or
liabilities of SyQuest. Warranty service and customer
support obligations for products sold by SyQuest  
will remain the responsibility of SyQuest. SyQuest
announced that it has commenced limited sales and support
operations, including online technical support via the
World Wide Web, warranty returns and product service  

SyQuest filed a motion on January 12, 1999 in the United
States Bankruptcy Court seeking approval of the asset sale
to Iomega. This approval is necessary  for the proposed
transaction to close. Other conditions to closing
include  Iomega's acquisition of the inventory and
equipment assets of SyQuest's subsidiary in Malaysia, for
additional consideration.

The assets to be purchased by Iomega from SyQuest
Technology, Inc. under the agreement announced today do not
include SyQuest's accounts receivable, its  
claims against third parties, such as claims for tax or
other refunds, or the assets of SyQuest's subsidiary in

SyQuest Malaysia's assets are being offered for sale
separately by a Receiver and Manager appointed in Malaysia.
Iomega intends to submit an offer to purchase SyQuest
Malaysia's equipment and inventory at a price substantially  
below that being paid for the U.S. assets, since SyQuest
has represented to Iomega that the assets to be purchased
under the U.S. agreement include all material intellectual
property rights.

As part of the agreement announced today, Iomega would
release SyQuest and SyQuest would release Iomega from all
claims in connection with patent and trademark infringement
litigation pending between the parties in Delaware and  
in Paris, France. The trial on the pending Delaware
litigation had been scheduled for April 1999. That trial
date has been delayed as a result of SyQuest's filing of a
voluntary petition in the United States Bankruptcy
Court in November 1998.

THE SCORE BOARD: Hearing Set For Conversion Motion
A motion was filed by the Official Committee of Unsecured
Creditors to convert the case, The Score Board Inc. from
Chapter 11 to Chapter 7.  The hearing will take place
before the Honorable Gloria M. Burns on February 1, 1999 at
10:00 AM in the Courtroom, 3rd Floor, Camden United States
courthouse, 15 N. 7th Street, Camden, New Jersey 08102-

VILLAGE GREEN: Flagship Store Going Out of Business
In a press release dated January 8, 1999, The Village Green
Book Store Inc. announced that it had determined  
that it would be necessary to commence a Going Out of
Business sale at its flagship and only remaining store in
Rochester. The Company which has operated for the last
twelve months while in Chapter 11, currently has no plans
to continue operations after concluding the sale, which
required Bankruptcy Court approval. States SEC 01/12/99

WHEELED ELECTRIC: Noteholders Apply To Retain Counsel
The Noteholders' Committee of Wheeled Electric Power
Company applies to retain Klehr, Harrison, Harvey,
Branzburg & Ellers LLP as counsel to the Committee,
effective as of January 5, 1999.

The committee states that it is necessary to employ and
retain counsel to perform the following functions, among
other things:

Advise the Committee in consultations with the debtor, and
with respect to the committee's rights, duties and powers,
to assist the Committee in analyzing claims, investigating
the acts and conduct of the debtor, reviewing whether a
plan should be filed by the committee, with regard to
communications with the general creditor body, representing
the committee at hearings, assisting the committee in its
analysis of matters relating to legal rights and
obligations of the debtor, and assisting the committee in
preparing pleadings.

The current hourly rates for the firm range from $190-$300
for partners, $110-$190 for associates and $85 for


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

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