/raid1/www/Hosts/bankrupt/TCR_Public/990209.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, February 9, 1999, Vol. 3, No. 27
Headlines
AAMES FINANCIAL: Note Holders Deliver Consents To Waiver
AHERF: Three Courts Fight It Out
AMERICAN PAD: To Increase Prices
ANR ADVANCE: The Company is Gone
APPLIANCE RECYCLING: Stock Ownership Reported To SEC
BISCAYNE APPAREL: Files Chapter 11
CELLEX BIOSCIENCES: Meeting of Creditors
CELLPRO: Closing of Asset Purchase Agreement with Nexell
CML GROUP: Stock Ownership Reported
CRIIMI MAE: Message To Shareholders
CYPRUS AIRWAYS: Faces Bankruptcy
CYTEL CORP: Announces 1998 Financial Results
DOW CORNING: Creditors Have Until May 18 To Vote
EL PASO ELECTRIC: Fourth Quarter Results
FOAMEX INT'L: Agreement and Plan of Merger Terminated
GEOTEK: License Sale, Exclusivity and Cash
HOKKAIDO TAKUSHOKU: Shareholders Seek 1.5 Trillion Yen
JUMBOSPORTS: Does Its DIP Agreement Contain the Best Terms?
LIBERTY HOUSE: Judge OKs $1 Mil For Consulting Firm
MARVEL ENTERPRISES: Appoints Winston Fowlkes Publisher
MARVEL ENTERPRISES: Preliminary Fourth Quarter Results
MARVEL ENTERPRISES: Hull Named Sr. Vice President and CFO
MJDESIGNS, INC: Case Summary & 20 Largest Creditors
MJDESIGNS INC: Planning To Close Five Stores
MONTGOMERY WARD: Judge Approves Sale of 39 Stores
NAM TAI ELECTRONICS: Reports 31% Dip in Sales
PANGBURN CANDY: Case Summary
PERK DEVELOPMENT: Denny's Wins Purchase Bid for 30
PINNACLE BRANDS: Seeks Extension of Exclusive Periods
PLANET HOLLYWOOD: Stock Ownership Reported
SOLO SERVE: Liquidation Ongoing
TOWN AND COUNTRY: Signs Agreement For Asset Sale
Meetings, Conferences and Seminars
*********
AAMES FINANCIAL: Note Holders Deliver Consents To Waiver
--------------------------------------------------------
AAMES Financial Corporation (NYSE: AAM) announced that the
holders of a majority of its 9.125% Senior Notes due 2003
have delivered consents to a waiver of the change of
control provisions in the Notes indenture as solicited by
Aames. Aames further announced that it has amended its
solicitation of consents and has extended the Expiration
Time of the consent solicitation to 5:00 p.m.,
New York City time, on February 9, 1999.
Aames commenced its consent solicitation on January 11,
1999 in connection with the proposed equity investment in
Aames of up to $100 million by Capital Z Financial Services
Fund II, L.P. and certain other purchasers pursuant
to Aames' agreement with Capital Z announced earlier.
In the consent solicitation, Aames is seeking the waiver of
the applicability of the change of control provisions in
the Notes indenture with respect to the change of control
resulting from the issuance of preferred stock
under the agreement with Capital Z. As amended and
extended, Aames is also seeking a waiver of the requirement
that its consolidated net worth for purposes
of the consolidated leverage ratio test in the Notes
indenture be based on Aames' balance sheet for its most
recent fiscal quarter. If obtained, the net
worth definition waiver will allow for immediate
recognition of the initial $75 million investment under the
agreement as an addition to Aames' consolidated net
worth as of December 31, 1998. This would permit Aames to
potentially borrow additional working capital following the
initial $75 million investment as if the equity investment
had been made on December 31, 1998.
Unless revoked prior to the Expiration Date, holders of
Notes who have previously delivered consents to the change
of control waiver will be deemed to have consented to the
net worth definition waiver.
Donaldson, Lufkin & Jenrette is acting as the Solicitation
Agent for the solicitation.
AHERF: Three Courts Fight It Out
--------------------------------
The Pittsburgh Post-Gazette reports on February 5, 1999
that in the bankruptcy of Allegheny Health, Education and
Research Foundation a bankruptcy court judge effectively
nullified a win earlier in the week by State Attorney
General Mike Fisher in U.S. District Court.
Fisher had won approval to go to the Orphan's Court
division of the Allegheny County Court of Common Pleas to
press his case for protecting Allegheny General and three
affiliated hospitals from AHERF's bankruptcy. Fisher first
tried to get an Orphan's Court hearing in October, but the
action was blocked by U.S. Bankruptcy Judge M. Bruce
McCullough. After four months of hearings and arguments in
bankruptcy court and district court, a federal judge ruled
Monday that Fisher should be allowed to make his case today
in Orphan's Court.
Then, yesterday, lawyers for AHERF's trustee won a
temporary restraining order from McCullough, preventing the
Orphan's Court hearing from taking place. In courtroom
papers filed yesterday, lawyers for trustee William
Scharffenberger argued that the attorney general's
initiative would strip AHERF of its "membership" interest
in AGH, Forbes Health System, Canonsburg Hospital
and Allegheny Valley Hospital.
Taking this membership interest away from AHERF because of
the foundation's debtor status would violate an anti-
discrimination clause in the bankruptcy code, according to
Scharffenberger's lawyers.
McCullough granted the temporary restraining order, "to
preserve the distinct federal interest, which cannot be
litigated in the Orphan's Court, in ensuring that AHERF is
not penalized and deprived of its lawful interests
solely as a result of its status as a debtor in
bankruptcy," according to a court filing.
Sean Connolly, spokesman for Fisher, said lawyers for the
attorney general will ask U.S. District Judge Donald Lee
this morning for an order reversing
McCullough.
AMERICAN PAD: To Increase Prices
--------------------------------
On January 19, 1999, American Pad & Paper Company issued a
press release announcing that its plant in Dallas,
Texas will be closed and consolidated as part of a
previously announced restructuring plan.
On January 26, 1999, American Pad & Paper Company issued a
press release announcing that it will begin trading on the
NASD OTC Bulletin Board system under the symbol AMPP
effective January 26, 1999.
On February 1, 1999, American Pad & Paper Company issued a
press release announcing that the Williamhouse division of
the Company will increase the price of White Wove Commodity
Envelopes to its customers by approximately 7% effective
February 15, 1999.
ANR ADVANCE: The Company is Gone
--------------------------------
The Milwaukee Sentinel & Journal reports on February 4,
1999 that ANR Advance Transportation Co. has been
liquidating its assets for weeks, prompting the Teamsters
and another creditor to force the Milwaukee trucking
company into bankruptcy to collect pension and cover health
care debts, a Teamsters official said Wednesday.
The creditors who filed an involuntary petition in Chapter
11 say ANR owes a total of $2.2 million in debts. That
amount includes more than $1.4 million in unpaid health
care and pension benefits to union workers in Milwaukee and
across the Midwest, said Scott Soldon of the Milwaukee law
firm Previant, Goldberg, Uelman, Gratz, Miller and
Brueggeman.
"They're already selling off all their equipment at all of
its terminal locations," said James A. McCall, special
counsel with the Teamsters international office in
Washington. McCall said ANR has been turning the money over
to Coastal Corp., a Houston energy holding company that
owns 50% of ANR Advance. The Teamsters went on strike Dec.
8 against ANR after a breakdown in contract negotiations.
"They were going to leave the employees high and dry, so to
speak," McCall said. "So rather than sit back and wait, it
was decided to force them into bankruptcy."
Soldon said the firm, one of the nation's 60 largest
trucking companies, owes more than $1.2 million to the
Teamsters' Central States health, welfare and pension
funds. Those funds cover union drivers and dockworkers in
about 13 states, including Michigan, Ohio and Illinois, he
said. Frank Busalacchi, secretary-treasurer for Teamsters
Local 200 in Milwaukee, said ANR Advance also failed to
make at least $200,000 in contributions to the
local's health and welfare fund during November and
December.
The Teamsters union struck ANR after the union leadership
said the company was offering a contract well below
standards at union firms. The company claimed it needed
economic and work-rule relief to compete in a trucking
region dominated by non-union companies. About two weeks
after nearly 1,400 Teamsters struck the company, ANR warned
its 2,000 employees to expect mass layoffs in two months.
The company issued the warnings under the federal Worker
Adjustment and Retraining Notification Act, which requires
60 days' notice for such cuts.
The strike ended Dec. 18, and Teamsters employees haven't
worked at the company since the day the strike began,
McCall said. "The company's gone, and (the Teamsters')
jobs are gone, too," McCall said.
APPLIANCE RECYCLING: Stock Ownership Reported To SEC
----------------------------------------------------
Stock Ownership of Appliance Recycling Centers of America,
Inc. was reported to the SEC on a Schedule 13G.
The amount beneficially owned is 241,988 common shares.
This includes 154,488 common shares owned by the clients
of Perkins Capital Management, Inc., and 87,500 common
shares owned by the Perkins Opportunity Fund. Perkins
Capital Management, Inc. disclaims beneficial ownership in
the Perkins Opportunity Fund shares.
(b) The percent of class is 19.5%. This includes a
percentage of class of 12.5% by clients of Perkins Capital
Management, Inc. and 7.0% by the Perkins Opportunity Fund.
Number of shares as to which such person has:
(i) Perkins Capital Management, Inc. has the sole power to
vote 232,575 common shares, including the 87,500 shares
owned by the Perkins Opportunity Fund.
(ii) There are zero shares with shared power to vote or to
direct the vote.
(iii) Perkins Capital Management, Inc. has sole power to
dispose of 241,988 common shares (this includes 87,500
common shares owned by the Perkins Opportunity Fund).
(iv) There are zero shares with shared power to dispose or
to direct the disposition.
BISCAYNE APPAREL: Files Chapter 11
----------------------------------
Women's and children's clothing maker Biscayne Apparel Inc.
and its subsidiary, M&L International, have filed for
chapter 11 protection, The Wall Street Journal
reported. The Clifton, N.J., company was unable to obtain
the necessary financing after it failed to make interest
payments on certain subordinated notes and after it failed
to remain in compliance with certain loan agreement
requirements. Also, according to a newswire report, Amerex
Inc. has agreed to buy a significant portion of M&L's
assets and operations. (ABI 08-Feb-99)
CELLEX BIOSCIENCES: Meeting of Creditors
----------------------------------------
A chapter 11 bankruptcy case concerning Cellex Biosciences
Inc. was filed on October 6, 1998. Attorney for the debtor
is William P. Wassweiler, Rider Bennett Egan & Arundel, 333
S. 7th Street, Suite 2000, Minneapolis, Minnesota 55402.
A meeting of creditors will be held on February 25, 1999 at
3:00 PM, US Courthouse, Room 1017 300 S. 4th Street,
Minneapolis, Minnesota 55415. Proofs of claim must be
received by the bankruptcy clerk's office by May 26, 1999.
CELLPRO: Closing of Asset Purchase Agreement with Nexell
--------------------------------------------------------
CellPro, Incorporated reports to the SEC in a Form 8-K
Current Report the closing of the Asset Purchase Agreement
with Nexell Therapeutics Inc., a subsidiary of VIMRx
Pharmaceuticals, Inc. ("VIMRX"), whereby CellPro sold
essentially all of its research, intellectual property,
patents, antibodies and related cell banks, and licensed
rights, in exchange for $3 million in VIMRX securities. In
this transaction, 1,882,215 registered shares of VIMRX
common stock with certain restrictions on sale were issued
to CellPro. The total number of shares is based on a
pricing formula that was the average closing price for the
15 business days which ended three days prior to the
closing, or $1.59 per share.
CML GROUP: Stock Ownership Reported
-----------------------------------
State of Wisconsin Investment Board, a government agency
which manages public pension funds, reports to the SEC,
beneficial ownership of 10,093,500 shares of common stock,
15.02% of class, of CML Group, Inc.
CRIIMI MAE: Message To Shareholders
-----------------------------------
William B. Dockser, Chairman of the Board, and H. William
Willoughby, President of CRIIMI MAE, sent a message to
shareholders, which states, in part, as follows:
Dear Fellow Shareholder:
Since CRIIMI MAE filed for Chapter 11 reorganization on
October 5, 1998, we are progressing toward our goal of
emerging as a successfully reorganized company.
To that end, we have been in talks with lenders; we have
been seeking additional capital; and we have been working
diligently with our advisors toward the preparation of
a business plan and ultimately a plan of reorganization.
During this time, we thank you for your support.
In mid-January 1999 CRIIMI MAE reached agreement with
Morgan Stanley & Co. International Limited (Morgan
Stanley) under which the parties will suspend litigation
and cooperate in the sale of two classes of investment
grade CMBS. If the sales are successful, CRIIMI MAE will
use the net proceeds payable to it in connection with
funding its reorganization. Prior to filing Chapter 11,
CRIIMI MAE intended to sell these bonds and had engaged
Morgan Stanley & Co. Inc. to assist in the process.
CRIIMI MAE and Morgan Stanley have also agreed to a
"standstill period" through March 31, 1999 regarding
seven other classes of subordinated CMBS. During this
period, CRIIMI MAE will continue its efforts at
reaching a final resolution regarding these bonds.
A court hearing has been scheduled for the week of March 8,
1999 in connection with a legal proceeding that CRIIMI MAE
filed against Citicorp Securities, Inc.(Citicorp). The
Bankruptcy Court issued a ruling on October 15, 1998
preventing Citicorp from selling five classes of CMBS that
secure CRIIMI MAE's borrowings pending the hearing.
It will take some time before market conditions and the
bankruptcy proceedings support our reorganization.
Since filing for Chapter 11, CRIIMI MAE has suspended its
CMBS acquisition, loan origination and securitization
businesses. In order to streamline operations and reduce
operating expenses during this period, CRIIMI MAE laid off
86 employees in its originations and underwriting
departments in various regional locations. The company
closed its five regional loan origination and underwriting
offices, retaining only a small employee presence in
Boston, Houston, Chicago and San Francisco. The company,
however, continues to hold a substantial portfolio of
subordinated CMBS. In addition, through our servicing
affiliate, CRIIMI MAE Services Limited Partnership
(CMSLP), we act as servicer for our own portfolio as well
as third party portfolios.
As a consequence of the Chapter 11 filing, CRIIMI MAE
did not pay a dividend during the fourth quarter of 1998.
However, in order to maintain its status as a
real estate investment trust (REIT), CRIIMI MAE must
distribute 95% of its 1998taxable income no later than
December 31, 1999. Failure to satisfy this
requirement could result in the loss of CRIIMI MAE's REIT
status for 1998 with the result that CRIIMI MAE would be
taxed as a corporation on its 1998 tax basis earnings.
During the fourth quarter of 1998, according to a
Schedule 13D filing on December 30, 1998 with the U.S.
Securities and Exchange Commission, Gotham
Partners LP and certain of its affiliates acquired
approximately 4.29 million shares, or 8.61 percent, of the
company's common stock in open market purchases.
CYPRUS AIRWAYS: Faces Bankruptcy
---------------------------------
A day after the Cypriot government warned Cyprus Airways
that it could face bankruptcy if a labor dispute wasn't
resolved soon and employees at the airline have announced
they are ready to open discussions with authorities.
Despite their willingness to talk however union
representatives have stated employees will not be dropping
their demands for a pay rise. (Airline Industry
Information-(C) 1997-8 M2 Communications Ltd 02/05/99)
CYTEL CORP: Announces 1998 Financial Results
---------------------------------------------
On February 5, 1999, Cytel Corporation (NASDAQ:
CYTL) announced financial results for the fourth quarter
and year ended December 31, 1998.
For the three month period ended December 31, 1998, Cytel
reported a net loss of $4.6 million, or $0.92 per share, on
revenues of $0.9 million. This compares with a net loss of
$4.0 million, or $1.04 per share, on revenues of $1.2
million in the fourth quarter of 1997. Cytel reported
revenues for the year ended December 31, 1998 of $3.7
million and a net loss of $18.4 million, or $3.83 per
share. These results compare with revenues of $5.1 million
and a net loss of $14.4 million, or $3.92 per share, for
the same period in 1997.
Research and development revenue for the fourth quarter of
1998 includes a payment from Baxter Healthcare
Corporation's Nextran unit upon exercise of an
option to enter into a second exclusive supply agreement
with the Company.
As of December 31, 1998, Cytel had consolidated cash, cash
equivalents, restricted cash, and short-term investment of
$12.3 million and 4,987,453 shares of common stock
outstanding.
Excluding, its subsidiary Epimmune, as of January 31, 1999,
Cytel had $1.4 million of cash available to fund its
operations, and will need to raise substantial additional
funds soon to continue its current operations and to
conduct clinical trials and other clinical development
activities. Cytel has signed a letter of intent
involving the license of its proprietary carbohydrate
synthesis and manufacturing technology for exclusive use
in a limited field. Cytel received a $0.5 million upfront
payment at the time the letter of intent was signed and
would be entitled to receive an additional $3.5 million
upon completion of the proposed transaction.
Epimmune Inc., established in October 1997, is a majority-
owned (87%) subsidiary of Cytel Corporation, operating
under separate management and financing. Epimmune is
developing novel vaccines which stimulate the body's
immune system to treat and prevent infectious diseases and
cancer. In collaboration with G.D. Searle & Co., a wholly-
owned subsidiary of Monsanto Co., Epimmune is developing
immune stimulating products for the treatment of
cancer. Independently, Epimmune's product targets include
prophylactic vaccines for hepatitis C, HIV and malaria and
therapeutic vaccines for hepatitis B, hepatitis C and HIV.
For the year ended December 31, 1998, Epimmune reported a
net loss of $3.2 million (net of minority interest of $0.4
million) on revenues of $1.7 million. As of December 31,
1998, Epimmune had $11.1 million in cash, cash equivalents,
restricted cash and short-term investments. Epimmune's
cash position is sufficient to fund operations for at least
the next two years.
DOW CORNING: Creditors Have Until May 18 To Vote
------------------------------------------------
After four years of hearings ... women with silicone-gel
breast implants and other creditors will vote on a proposed
$4.5 million settlement with Dow Corning Corporation. A
plan is finally in place but must be approved by a majority
of the 170,000 women worldwide who say the implants caused
health problems. Dow declared bankruptcy in 1995 under the
crush of women's claims. Negotiators and a federal judge
have agreed to a 300-page disclosure statement. Creditors
will have until May 14 to cast their ballots.
EL PASO ELECTRIC: Fourth Quarter Results
---------------------------------------
El Paso Electric ("EPE") (Amex: EE) reported net income
applicable to common stock before extraordinary item
of approximately $3.0 million, or $0.05 diluted earnings
per common share, for the quarter ended December 31, 1998,
compared with $5.3 million or $0.09 diluted earnings per
common share for the same period a year ago. The net
decrease of $2.3 million, or $0.04 diluted earnings per
common share, over the fourth quarter of 1997, is primarily
attributable to increased operating expenses of $2.5
million, net of tax. Operating expenses increased due to
(i) increased costs of the All Employee Cash Bonus Plan and
(ii) a curtailment gain on discontinued employee benefits
recorded in 1997 with no corresponding event in the current
period.
On December 14, 1998, EPE's bankruptcy case was closed by
order of the Bankruptcy Court. Under the Fourth Amended
Plan of Reorganization, after a certain period of time any
funds designated for the payment of preconfirmation claims
pursuant to that plan which remained unclaimed and
undistributed became the property of the Reorganized
Company. Such funds amounted to approximately $3.3
million, net of tax, or $0.06 diluted earnings
per common share, which was received by EPE in January
1999. Because of the unusual nature and infrequent
occurrence of this transaction, EPE has reported
this amount as an extraordinary item in the fourth quarter
of 1998.
For the twelve months ended December 31, 1998, EPE reported
net income applicable to common stock before extraordinary
item of $42.4 million, or $0.70 diluted earnings per common
share, compared with $41.4 million or $0.69 diluted
earnings per common share for the same period a year ago.
Excluding a one-time New Mexico settlement charge of $3.8
million, net of tax, or $0.06 diluted earnings per common
share, net income applicable to common stock
before extraordinary item for the twelve months ended
December 31, 1998 is $46.2 million, or $0.76 diluted
earnings per common share. The $1.0 million
increase in net income is primarily attributable to the
combined effects, net of tax, of (i) increased operating
revenues net of energy expenses of $7.1 million; (ii)
increased investment income of $3.3 million; and (iii)
decreased interest on long-term debt of $3.1 million.
These increases were partially offset by the combined
effects, net of tax, of (i) the June 1997 litigation
settlement gain of $4.6 million, net of legal fees and
expenses, with no corresponding event in the current
period; (ii) the New Mexico settlement charge of $3.8
million in the third quarter of 1998; (iii) increased
operating expenses of $2.8 million; and (iv) decreased
other income, net, of $1.2 million.
EBITDA for the twelve months ended December 31, 1998 was
$263.4 million compared to $264.5 million for the same
period in 1997.
FOAMEX INT'L: Agreement and Plan of Merger Terminated
-----------------------------------------------------
On January 8, 1999, Foamex International Inc. (the
"Company") and Trace International Holdings, Inc. ("Trace")
announced that the Agreement and Plan of Merger, dated
November 5, 1998, among the Company, Trace and a wholly
owned subsidiary of Trace, had been terminated. On such
date, Trace delivered to the Company's Board of Directors,
and the Company's Board of Directors accepted, a notice
terminating the Merger Agreement. The Merger Agreement had
provided a price of $12.00 per share in cash upon
consummation of the merger for approximately 54% of the
Company's common stock not owned by Trace and its
subsidiaries.
Trace stated that it had been informed by one of its
proposed financing sources that it would be unable to
provide the bank financing necessary to consummate the
Merger Agreement, and that despite Trace's best efforts, it
had been unable to obtain alternate financing on terms
acceptable to Trace. Trace also advised the Company that it
had either paid or restructured its debt obligations that
were due at the end of December 1998.
The Company will continue to explore its strategic
alternatives with its advisors.
GEOTEK: License Sale, Exclusivity and Cash
------------------------------------------
What could be the final showdown in the Geotek
Communications Inc. case is scheduled for Friday, when the
court will hear motions on the sale of its 900 MHz
licenses, to extend exclusivity for two more weeks, and to
continue cash collateral funding through May 31.
The sale of Geotek's 900 MHz licenses has been adjourned
several times. "There are refinements [being made] to the
various proposals coming in," offers Wilbur Ross,
managing director of Rothschild Inc., Geotek's financial
advisor. "We didn't want to rush back to the court until we
were sure we had everyone's final proposal." The
combined individual bids at the time of the December
auction totaled about $54 million, "significantly" less
than the offers from bulk bidders, according to Ross. The
minimum bid for all 191 of its licenses had been set at
$150 million under the bidding procedures that Geotek
proposed. (The Daily Bankruptcy Review and ABI Copyright c
February 8, 1999)
HOKKAIDO TAKUSHOKU: Shareholders Seek 1.5 Trillion Yen
---------------------------------------------------------
Kyodo News reports on February 8, 1999 that a group of
shareholders of Hokkaido Takushoku Bank (Takugin) filed a
suit with the Sapporo District Court seeking 1.5 trillion
yen in damages from six executives of the bank at the time
of its collapse.
The damages being sought equal the amount reported in March
1998 as losses suffered by the bank after it declared
itself insolvent in November 1997 under a massive load of
bad loans, according to the suit.
Group leader Shuichi Ogasawara, who filed the suit, said a
decision to transfer the bank's operations after its
failure was made by the bank's executive directors without
consulting the shareholders.
Ogasawara, who owns 604,000 of the bank's shares, said the
former executives, including Sadamasa Kawatani, bank
president at the time of its collapse, "are
responsible for paying compensation for the losses."
Takugin, based in Sapporo, ended its 98-year history in
November 1998, transferring its operations to North Pacific
Bank and Chuo Trust and Banking Co. It became the first
among Japan's 10 ''city'' commercial banks with
nationwide branch network to go under.
JUMBOSPORTS: Does Its DIP Agreement Contain the Best Terms?
-----------------------------------------------------------
JumboSports Inc.'s $135 million debtor-in-possession
financing facility contains the best possible credit terms
but nonetheless will be circulated to other lenders who
previously discussed financing to see if any will offer a
more favorable DIP financing agreement. JumboSports' board
Friday approved the DIP facility with Foothill Capital
Corp. and the sporting goods retailer's other prepetition
lenders and is now waiting for court approval of the
funding. While it agreed with the lenders on the terms of
the DIP financing on Jan. 22, JumboSports noted in a motion
filed the same day that its board and the boards of its
Guide Series Inc. and Property Holdings Company I (PHCI)
subsidiaries were set to meet Friday to vote on the DIP
facility. The court has scheduled a Feb. 11 hearing on the
DIP facility with Foothill, Congress Financial Corp.
(Southern) and Foothill Partners III L.P. (The Daily
Bankruptcy Review and ABI Copyright c February 8, 1999)
LIBERTY HOUSE: Judge OKs $1 Mil For Consulting Firm
---------------------------------------------------
The Honolulu Star-Bulletin reports on January 20, 1999 that
U.S. Bankruptcy Judge Lloyd King has approved $1,013,193 in
professional fees for New York consulting firm Zolfo
Cooper, which has been working to reorganize Liberty House
in its Chapter 11 bankruptcy.
The bill, for services between Liberty House's March
bankruptcy filing and Sept. 30, was the largest among 12
billings by law, accounting, and consulting firms in the
case.
King last month approved the other interim fee requests,
totaling about $3.2 million, but held judgement on Zolfo
pending further review of its billing. Court-appointed fee
administrator John Candon, who earlier questioned the
size of Zolfo's bill, yesterday said he is satisfied the
company is earning its keep.
Candon said he received an affidavit from Liberty House
president John Monahan asking that the Zolfo fees be
approved and that attorneys representing unsecured
creditors in the case have no problems with the billing.
In other action yesterday, Judge King approved a request by
Liberty House to extend its deadline to renew or reject
property leases. The deadline was extended from Jan. 31 to
May 31. Liberty House is still analyzing the profitability
of its stores.
MARVEL ENTERPRISES: Appoints Winston Fowlkes Publisher
------------------------------------------------------
Marvel Enterprises, Inc. (NYSE: MVL) announced that it has
appointed Winston Fowlkes, age 66, as Publisher of
Marvel Comics. Mr. Fowlkes has over 40 years of
entrepreneurial and senior management experience in the
publishing industry, including three decades at
Time Incorporated.
Eric Ellenbogen, President and CEO of Marvel, commented,
"With the appointment of Winston Fowlkes, we have
significantly upgraded Marvel's senior management
team. Winston is a respected veteran of the publishing
industry and brings Marvel extensive experience in
developing and managing major content libraries.
Comics are the creative foundation of our company, and
Winston will be invaluable in managing that business as we
leverage the popularity of our characters across all media,
whether film, television or the Internet."
Mr. Fowlkes commented, "I'm very pleased to play a major
role in the new Marvel. Marvel's massive character library
lends itself to a myriad of media, licensing and promotion
opportunities and I believe the company has only just
scratched the service in exploiting these assets. I look
forward to working with Eric as we seek to maximize the
full potential of the company's publishing division."
Marvel Enterprises, Inc. is one of the world's leading
entertainment companies with operations in the licensing,
comic book publishing and toy businesses. The company was
formed on October 1, 1998 upon the emergence of Marvel
Entertainment Group, Inc. from bankruptcy and its merger
with Toy Biz, Inc. Through its ownership of over 3,500
proprietary characters, the company has published comic
books for over 60 years in over 70 countries. Marvel
licenses the right to use its characters in a wide range of
consumer products such as video games, interactive software
and apparel, as well as for television series and feature
films.
MARVEL ENTERPRISES: Preliminary Fourth Quarter Results
------------------------------------------------------
Marvel Enterprises, Inc. (NYSE: MVL) reported the following
preliminary unaudited consolidated financial results for
the fourth quarter and year ended December 31, 1998:
The Company's net sales increased $34.5 million to $75.7
million in the fourth quarter of 1998 from $41.2 million in
the fourth quarter of 1997. The increase in net sales was
primarily due to the inclusion of $19.6 million
of publishing and licensing revenues as a result of the
Company's acquisition of Marvel Entertainment Group, Inc.
on October 1, 1998. Net sales of the Company's toy
division increased $14.9 million to $56.1 million in the
fourth quarter of 1998 from $41.2 million in the fourth
quarter of 1997. The increase in toy division net sales
was primarily due to $17.2 million in net sales from
the Company's WCW/NWO Bashin' Brawlers line that was
introduced in 1998 and $14.6 million in lower sales
allowances and discounts in the fourth quarter of
1998 in comparison to the fourth quarter of 1997. These
factors were partially offset by Toys 'R' Us' decision to
eliminate excess inventory through a one-time inventory
reduction that resulted in significant declines in its
purchases from toy manufacturers and a $7.5 million decline
in net sales in the promotional doll category in the fourth
quarter of 1998 in comparison to the fourth quarter of
1997. Cost of goods sold increased $5.9 million to $40.2
million in the fourth quarter of 1998 from $34.3 million in
the fourth quarter of 1997. The increase in cost of goods
sold was due to the inclusion of $8.3 million of cost of
goods sold from Marvel Entertainment Group which was
partially offset by a reduction in cost of goods sold by
the Company's toy division in 1998 compared to 1997.
Selling, general and administrative expenses increased
$14.4 million to $36.2 million in the fourth quarter of
1998 from $21.8 million in the fourth quarter of 1997.
Selling, general and administrative expenses increased
primarily due to the inclusion of Marvel Entertainment
Group in 1998 and a $3.6 million reduction in professional
fees in the fourth quarter of 1997. Operating loss
decreased by $9.9 million to $13.0 million in the fourth
quarter of 1998 from $22.9 million in the fourth
quarter of 1997. The reductions in sales allowances and
discounts and cost of goods sold by the Company's toy
division in the fourth quarter of 1998 resulted
from the consummation of Marvel Entertainment Group's plan
of reorganization on October 1, 1998 when Marvel
Entertainment Group was acquired by the Company.
The Company financed its acquisition of Marvel
Entertainment Group in part through borrowings under a
bridge loan which must be repaid by September
27, 1999. Due to the short repayment schedule of the
Company's bridge loan and the Company's failure to comply
with certain financial covenants under the bridge loan
which have been waived until March 15, 1999, the Company
expects that its auditors will qualify their audit report
on the Company's 1998 consolidated financial statements as
to whether the Company is a going concern. As previously
announced, the Company intends to repay the bridge loan
with the proceeds of a proposed senior notes offering which
the Company expects to be completed in mid-February 1999.
The Company expects that its auditors will re- issue an
unqualified audit report upon the completion of the
proposed notes offering.
In connection with the proposed notes offering, the Company
expects to replace its existing working capital facility.
The Company has accepted a proposal from BankAmerica
Business Credit, Inc. to provide the Company with a three-
year $70 million secured working capital facility. That
proposal is subject to various conditions and there can be
no assurance that the Company will obtain that credit
facility.
The Company has released the preliminary information in
this announcement because it is providing that information
to prospective investors in the proposed notes offering.
The Company intends to announce its audited consolidated
financial results for the year ended December 31, 1998,
including comparative information for the year ended
December 31, 1997, when the Company completes its 1997
audit.
MARVEL ENTERPRISES: Hull Named Sr. Vice President and CFO
---------------------------------------------------------
Marvel Enterprises, Inc. (NYSE: MVL) announced that its has
appointed Robert Hull, age 35, as Senior Vice President and
Chief Financial Officer. Mr. Hull brings to Marvel over 12
years of financial management experience having served in
management positions with Wise Foods Holdings, Inc., Borden
Capital Management Partners, Altama Delta Corporation and
the United Parcel Service.
David Fremed, the company's former Chief Financial Officer,
will continue with the company as Chief Financial Officer
of the company's Toy Biz division. Mr. Fremed was the chief
financial officer of Toy Biz, Inc. prior to its
combination with Marvel Entertainment Group, Inc. in
October 1998.
MJDESIGNS, INC: Case Summary & 20 Largest Creditors
---------------------------------------------------
Debtor: MJDesigns, Inc.
500 Airline Drive
Coppell, Texas 75019
Court: Northern District of Texas, Dallas Division
Case No.: 99-30969 Filed: 02/02/99 Chapter: 11
Debtor's Counsel: Sander L. Esserman
Stutman & Bromberg PC
558 Clinton Avenue
2929 Bryan Street
Suite 2200
Dallas, Texas
(214) 969-900
20 Largest Unsecured Creditors:
Name Nature Amount
---- ------ ------
Western Trimming Corporation trade debt 6,759,634
XYZ Imports trade debt 6,312,147
Allstate Floral & Craft Inc. trade debt 1,714,198
Celebrity Inc. trade debt 1,176,161
Diamond Art & Craft Dist. Inc. trade debt 1,155,998
SAP America Inc. trade debt 1,572,840
Michael J. Neuman trade debt 940,001
Rubie's Costume Co., Inc. trade debt 816,900
Valassis Communications trade debt 771,558
Advanced Art trade debt 740,636
Horizon Fabrics, Inc. trade debt 669,798
Carlton Cards trade debt 749,411
Direct Export Co. Inc. trade debt 575,578
Aldik Artificial Flower Co. Inc. trade debt 489,096
SLS Arts trade debt 314,447
Cleo trade debt 395,151
Arry Imports, Inc. trade debt 375,767
Great Western Trading co. Inc. trade debt 362,491
World Bazaars, Inc. trade debt 356,820
Leisure Arts trade debt 268,023
MJDESIGNS INC: Planning To Close Five Stores
-------------------------------------------
The Fort Worth Star Telegram reports on Februrary 4, 1999
that MJDesigns reports debts of $83 million and assets of
$76 million in its Chapter 11 filing. The chain of 46
crafts stores said it was unable to pay its debts, which
include trade debts of $46 million, outstanding secured
debt of $12.5 million and $3.5 million owed on a letter of
credit.
While the Fort Worth Star Telegram reported that company
officials said they do not plan to close any stores the
Buffalo News reported on February 6, 1999 that Todd Dupey,
the company's executive vice president, Friday confirmed
plans to close all five of the chain's New York stores
The debtor asked the court to approve interim financing to
meet operating expenses, including its upcoming $1.3
million payroll for 3,000 employees. The company has
received bids from investors interested in buying all or
part of the company, said Dupey. In the last 60 days, the
company was forced to operate on a cash-on-delivery basis
with suppliers.
MONTGOMERY WARD: Judge Approves Sale of 39 Stores
--------------------------------------------------
Bankruptcy Judge Peter Walsh (D. Del.) approved Montgomery
Ward & Co. Inc.'s plan to sell 39 of its stores in an
effort to emerge from chapter 11 protection, according to
Reuters. The Chicago-based retailer has won court approval
of the sale of an additional 17 Auto Express auto repair
stores. Montgomery Ward, which filed chapter 11 in July
1997, announced its plans in January and petitioned the
court to extend its deadline to August 31 to settle more
closures. Currently the deadline is Feb. 26. After the
stores closings, Ward will have 252 stores in 32 states,
down from 408 stores.
NAM TAI ELECTRONICS: Reports 31% Dip in Sales
---------------------------------------------
Nam Tai Electronics, Inc. (Nasdaq: NTAIF and NTAWF)
announced fourth quarter and unaudited year end results for
the period ended December 31, 1998. Net sales for the
fourth quarter were $20.9 million, down 31% from 1997
fourth quarter sales of $30.0 million.
On November 30, 1998 Nam Tai acquired Albatronics by
subscribing for slightly over 50% of the outstanding shares
of Albatronics for $9.98 million including transaction
fees. Nam Tai's charges relating to Albatronics include all
of Albatronics' losses during December 1998 of $1.71
million and an $8.27 million provision for impairment in
Nam Tai's carrying value of the Albatronics investment.
As a result of the Albatronics' charges, the Company
recorded a fourth quarter 1998 loss of $7.7 million
compared to net income of $8.8 million in the fourth
quarter of 1997.
Net sales for the year ended December 31, 1998 decreased
24% to $101.6 million compared to $132.9 million for 1997.
Albatronics reported losses of $38 million for the six
month period ended September 30, 1998. Although we
expected certain losses when we first agreed
to invest in Albatronics, the recent adverse market
conditions have resulted in losses exceeding our
expectations and revealed additional problems at
Albatronics. As a result, the Company is disappointed at
having to include the $8.27 million provision for the
impairment in value of its recent investment in
Albatronics.
PANGBURN CANDY: Case Summary
----------------------------
Debtor: Pangburn Candy Company
2000 White Settlement Road
Fort Worth, Texas 76107
Type of Business: Candy Manufacturer
Court: Northern District of Texas, Fort Worth Division
Case No.: 99-40545 Filed: 02/01/99 Chapter: 11
Total Assets: $17,000,000
Total Liabilities: $11,000,000
PERK DEVELOPMENT: Denny's Wins Purchase Bid for 30
--------------------------------------------------
Denny's, the nation's largest full-service family
restaurant chain, announced on February 5, 1999 that the
company has been approved as the successful bidder to
acquire 30 Perkins restaurants from Perk Development
Corporation, a Perkins franchisee which is under the
jurisdiction of the United States Bankruptcy Court, Western
District of New York.
The Perkins restaurants, located primarily in western New
York markets, will be converted to Denny's following the
closing. The acquisition, expected to be completed within
the next several weeks, will nearly double the number of
Denny's restaurants in the state. There are currently 37
company and franchise-owned Denny's in the state of New
York.
"We are pleased to expand Denny's presence in the
Northeast," said John A. Romandetti, chief executive
officer and president of Denny's. "We look forward
to talking with the Perkins employees about exciting
employment opportunities at Denny's, including our
industry-leading comprehensive benefit programs.
These are excellent operations that will be a good fit with
Denny's existing restaurant base in these markets. We are
confident in the potential of this acquisition to
contribute to the sales growth and new store development
momentum we have achieved in 1998."
The Perkins restaurants, which Denny's will operate as
company-owned stores, are located in Amherst, Auburn,
Batavia, Brockport, Buffalo, Camillus, Cananadigua,
Cheektowaga, Cicero/Clay, Gates, Genesco, Greece, Hamburg,
Henrietta, Horseheads, Lakewood, Lockport, Oneonta, Painted
Post, Pomfret/Fredonia, Rochester (4), Snyder, Syracuse,
Tonawanda, Victor, West Seneca, Wheatfield/Niagara Falls.
In addition, Denny's plans to make a significant capital
investment to extensively remodel the restaurants during
the next several months.
Denny's serves nearly one million customers daily at over
1,700 company and franchise restaurants in the United
States, Canada, Guam, New Zealand, Puerto Rico and
Singapore. Denny's is a subsidiary of Advantica Restaurant
Group, Inc.
PINNACLE BRANDS: Seeks Extension of Exclusive Periods
-----------------------------------------------------
Pinnacle Brands, Inc., Pinnacle Trading Card Company, MLM
Acquisition Corp., Donruss Trading Card Company, GSAC
Holdings, Inc. and Flapco, Inc., debtors, seek entry of a
court order further extending the Exclusive Filing Period
for approximately sixty days, to and including April 19,
1999 and further extending the Exclusive Solicitation
Period also for approximately sixty days, to and including
June 18, 1999.
Subsequent to the Playoff Sale, where the debtors' sold
substantially all of their trading card assets to Playoff
Corporation, the debtors have moved for a court order
authorizing the sale of substantially all of its assets
related to its "Optigraphics" business.
An extension of the exclusive Periods is necessary to
enable the debtors to conclude the sale process with
Raymond Enterprises, Inc. or a competing offeror, and to
work towards the implementation of a consensual plan which
provides for the distribution of the sale's proceeds and
the disposition of any remaining assets.
According to the debtors, the extension is particularly
warranted in view of the current status of the sale process
and the expectation that the debtors will close on the
approved sale of substantially all of their Optigraphics
assets in the near term, and then proceed with the
development and confirmation of a consensual plan.
PLANET HOLLYWOOD: Stock Ownership Reported
------------------------------------------
As of December 31, 1998, Robert I. Earl owned of
record 100 shares of Planet Hollywood International,
Inc. Class A Common Stock ("Common Stock"). As of
December 31, 1998, Ropat Limited Partnership owned of
record 22,876,267 shares of Common Stock.
As of December 31, 1998, Shakespeare's Tavern &
Playhouse (London) SARP, a United Kingdom pension
plan owned of record 38,500 shares of Common Stock.
As of December 31, 1998, Celerity Consultants LTD, a
trust benefitting the children of Robert I. Earl
owned of record 400,000 shares of Common Stock.
PERCENT OF CLASS 23.5
NUMBER OF SHARES AS TO WHICH SUCH PERSON HAS:
sole power to vote or to direct the vote: 22,876,367
sole power to dispose or to direct the disposition:
22,876,367
As of December 31, 1998, Keith Barish owned of record
22,075,567 shares of Planet Hollywood International,
Inc. Class A Common Stock. As of December 31, 1998, Mrs.
Keith Barish owned of record 203,333 shares of Common
Stock.
PERCENT OF CLASS: 22.7
NUMBER OF SHARES AS TO WHICH SUCH PERSON HAS:
sole power to vote or to direct the vote: 22,075,567
sole power to dispose or to direct the disposition of:
22,075,567
SOLO SERVE: Liquidation Ongoing
-------------------------------
Among its initial pleadings filed with the Court, Solo
Serve Corporation filed a motion seeking approval of an
interim debtor-in-possession financing facility with the
Company's existing lender (the "DIP Facility"). The DIP
Facility provides for a limit of $7 million on the
aggregate amount of Pre-Petition Indebtedness and
Post-Petition Indebtedness outstanding through March 15,
1999, from and after which the aggregate indebtedness may
not exceed $5.5 Million. The interest rate
for all borrowings under the DIP Facility is equal to the
Prime Rate plus one and one-quarter percent (1.25%) per
annum. The advance rate under the DIP Facility is in an
amount equal to 55% of eligible inventory, less at all time
any reserves as the lender may, at any time and from time
to time, establish in the exercise of reasonable credit
judgment as a result of changing circumstances. In addition
to the Company's inventory, the DIP Facility is
secured by standby letters of credit posted by General
Atlantic Corporation, the holder of the Company's
outstanding preferred stock, in the aggregate amount of
$1,350,000. On January 21, 1999, the Bankruptcy Court
entered an order approving the terms of the DIP Facility.
The Company also filed a motion seeking approval of an
Agency Agreement between the Company and a joint venture
comprised of Hilco Trading Co., Inc., Garcel, Inc. and
Nassi Group, LLC ("Hilco/Garcel/Nassi"), providing for the
immediate liquidation of inventory in ten of the Company's
thirty stores and granting the Company an option
exercisable on or before January 29, 1999 to require
Hilco/Garcel/Nassi to liquidate the inventory in the
Company's remaining twenty stores. On January 21, 1999, the
Bankruptcy Court approved the proposed inventory
liquidation in the initial ten stores.
The initial inventory liquidation is occurring in all of
the Company's Louisiana stores, and includes inventory
transferred from four Texas stores, two in San Antonio and
one each in Kingsville and San Angelo. Proceeds from the
inventory liquidation in these stores are expected to be
applied to reduce the amount owed to the Company's senior
lender.
After the initial inventory liquidation commenced, the
Company and its financial advisors continued discussions
with parties potentially interested in acquiring the
Company's remaining stores, including the inventory in
those stores, but no definitive proposals in that regard
were received. The expiration date of the Company's option
under the Hilco/Garcel/Nassi Agency Agreement was
extended to February 2, 1999, and at a hearing held on that
date, the Bankruptcy Court approved the Company's exercise
of its option to liquidate the inventory in the Company's
remaining twenty stores. The liquidation of the inventory
in the remaining twenty stores began on February 3, 1999.
As a result of the inventory liquidation, the Company
expects to pay off all amounts owed under the Company's DIP
Facility and to provide funds necessary for continuing
operation of the Company on a reduced scale while the
Company seeks to maximize the value of its assets for the
benefit of its creditors.
Of the remaining twenty seven store leases, eleven are
located in San Antonio, five in New Orleans, four in
Texas/Mexico border communities, two each in Corpus Christi
and Austin, and one each in Brownwood and Athens, Texas and
Shreveport, Louisiana. The Company also has a lease on its
corporate headquarters/distribution center.
TOWN AND COUNTRY: Signs Agreement For Asset Sale
------------------------------------------------
Town and Country Fine Jewelry Group, Inc., announced that
it has signed a definitive agreement with Michael
Anthony Jewelers, Inc. (Amex: MAJ) for the sale of
substantially all of its assets. Town and Country Fine
Jewelry, in bankruptcy proceedings since Jan. 13, 1999, is
a privately held manufacturer of fine jewelry, with
facilities in Massachusetts, New York and Texas. Michael
Anthony is headquartered in New York, and is one of the
nation's largest jewelry manufacturers and marketers.
Town and Country Fine Jewelry anticipates that the sale
will be completed in approximately 30 days, subject to
bankruptcy court approval.
Meetings, Conferences and Seminars
----------------------------------
February 18-21, 1999
COMMERICAL LAW LEAGUE OF AMERICA
Annual Western District Meeting
Monte Carlo Hotel & Casino Resort,
Las Vegas, Nevada
Contact: 1-702-382-9558
Febraury 28-March 3, 1999
NORTON INSTITUTES ON BANKRUPTCY LAW
Norton Bankruptcy Institute I
Olympic Park Hotel, Park City, Utah
Contact: 1-770-535-7722
March 18-21, 1999
NORTON INSTITUTES ON BANKRUPTCY LAW
Norton Bankruptcy Litigation Institute II
Flamingo Hilton Hotel, Las Vegas, Nevada
Contact: 1-771-535-7722
March 19, 1999
AMERICAN BANRKUTPCY INSTITUTE
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 5-6, 1999
PRACTISING LAW INSTITUTE
21st Annual Current Developments in
Bankruptcy and Reorganization Conference
PLI Conference Center, New York, New York
Contact: 1-800-260-4PLI or info@pli.edu
April 15-18, 1999
AMERICAN BANRKUTPCY INSTITUTE
Annual Spring Meeting
J.W. Marriott, Washington, DC
Contact: 1-703-739-0800
April 19-20, 1999
PRACTISING LAW INSTITUTE
21st Annual Current Developments in
Bankruptcy and Reorganization Conference
Grand Hyatt, San Francisco, California
Contact: 1-800-260-4PLI or info@pli.edu
April 22-23, 1999
AMERICAN LAW INSTITUTE -- AMERICAN BAR ASSOCIATION
COMMITTEE ON CONTINUTING PROFESSIONAL EDUCATION
Conference on Revised Article 9 of
the Uniform Commercial Code
Sheraton New York Hotel, New York, New York
Contact: 1-800-CLE-NEWS
April 22-25, 1999
COMMERCIAL LAW LEAGUE OF AMERICA
69th Annual Chicago Conference
Westin Hotel, Chicago, Illinois
Contact: 1-312-781-2000 or clla@clla.org
April 26-27, 1999
RENAISSANCE AMERICAN CONFERENCES & BEARD GROUP, INC.
Bankruptcy Sales, Mergers & Acquisitions
The Mark Hopkins, San Francisco, California
Contact: 1-903-592-5169 or ram@ballistic.com
April 28-30, 1999
INTERNATIONAL FEDERATION OF INSOLVENCY PROFESSIONALS
INSOL Bermuda '99 Conference of the Americas
Castle Harbour Marriott Resort
Contact: INSOL@weil.com
April 30-May 4, 1999
INTER-PACIFIC BAR ASSOCIATION
Annual Meeting and conference, including a one-day
program on cross-border insolvencies
Shangi-La Hotel, Bangkok, Thailand
Contact: 011-66-2-233-0055
May 28-31, 1999
COMMERCIAL LAW LEAGUE OF AMERICA
51st Annual New England District Meeting
Equinox Resort, Manchester Village, Vermont
Contact: 1-413-734-6411
June 3-6, 1999
AMERICAN BANRKUTPCY INSTITUTE
Central States Bankruptcy Workshop
Grand Traverse Resort, Traverse City, Michigan
Contact: 1-703-739-0800
July 1-4, 1999
NORTON INSTITUTES ON BANKRUPTCY LAW
Western Mountains Bankruptcy Law Institute
Jackson Lake Lodge, Jackson Hole, Wyoming
Contact: 1-770-535-7722
July 10-15, 1999
COMMERCIAL LAW LEAGUE OF AMERICA
105th Annual Convention
Chateau Mont Tremblant, Mont Tremblant, Quebec
Contact: 1-312-781-2000 or clla@clla.org
July 15-18, 1999
AMERICAN BANRKUTPCY INSTITUTE
Northeast Bankruptcy Conference
Mount Washington Hotel & Resort
Bretton Woods, New Hampshire
Contact: 1-703-739-0800
August 4-7, 1999
AMERICAN BANRKUTPCY INSTITUTE
Southeast Bankruptcy Workshop
The Ritz-Carlton, Amelia Island, Florida
Contact: 1-703-739-0800
August 29-September 1, 1999
NATIONAL ASSOCIATION OF BANKRUPTCY TRUSTEES
1999 Convention
Grove Park Inn, Asheville, North Carolina
Contact: 1-803-252-5646 or info@nabt.com
September 16-18, 1999
AMERICAN BANRKUTPCY INSTITUTE
Southwest Bankruptcy Conference
The Hotel Loretto, Santa Fe, New Mexico
Contact: 1-703-739-0800
December 2-4, 1999
AMERICAN BANRKUTPCY INSTITUTE
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
conferences@bankrupt.com are encouraged.
Bond pricing, appearing in each Friday edition of the TCR,
is provided by DLS Capital Partners, Dallas, Texas.
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter is a daily newsletter, co-
published by Bankruptcy Creditors' Service, Inc.,
Princeton, NJ, and Beard Group, Inc., Washington, DC.
Debra Brennan and Lexy Mueller, Editors. Copyright 1999.
All rights reserved. ISSN 1520-9474.
This material is copyrighted and any commercial use, resale
or publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly
prohibited without prior written permission of the
publishers.
Information contained herein is obtained from sources
believed to be reliable, but is not guaranteed.
The TCR subscription rate is $575 for six months delivered
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