TCR_Public/990319.MBX T R O U B L E D   C O M P A N Y   R E P O R T E R
     
     Friday, March 19, 1999, Vol. 3, No. 54

                   Headlines

ABLE TELECOM: Board Member Taylor Resigns
CALDOR: Liquidation Firms Report on GOB Sales
CENTENNIAL COAL: Frontier Objects To Disclosure Statement
CODED COMMUNICATIONS: Trustee Seeks Counsel
COUNTY SEAT: Chapter 11 Trustee Named By Court

GULFPORT ENERGY: Information Statement To Stockholders
HOME HEALTH: Seeks To Reject Certain Leases
IRIDIUM LLC: Chinese Rocket Launch Delayed
JOHNS MANVILLE: Annual Meeting of Stockholders
LTCB: Capital Deficit 2.5 Trillion Yen Last October

LIFEONE: Plans for Recovery                           
LIVENT: Seeks Performance Incentive and Severance Bonus
LIVENT: Wins More Time To File Plan
MEDPARTNERS: Seeks Action Against Dept. of Corporations
MOBILEMEDIA: Continues to Work For Settlement Stipulation

MONTGOMERY WARD: Terminates Pension Plan
PHP HEALTHCARE: Seeks Approval of Agreement and Sale
PRIMARY HEALTH SYSTEMS: Files Chapter 11
RENBERG'S: Creditors Granted Relief
SERVICE MERCHANDISE: DCR To Downgrade To "DD"

SYQUEST TECHNOLOGY: Seeks Extension of Exclusivity
TELEPAD: To Reorganize in Chapter 11
WESTMORELAND COAL: Shareholder Group Challenges Management
WIRELESS ONE: Hearing on Approval of Disclosure Statement
WYNDHOLME VILLAGE: Developer Files Chapter 11

BOND PRICING FOR WEEK OF March 15, 1999

                  *********

ABLE TELECOM: Board Member Taylor Resigns
-----------------------------------------
Able Telcom Holding Corp. reported to the SEC that Gideon
D. Taylor, former Chairman of the Company's Board of
Directors, resigned from the Board of Directors. Mr. Taylor
has an employment contract with the Company and will
continue to serve as the Company's Vice President of
Special Projects.


CALDOR: Liquidation Firms Report on GOB Sales
---------------------------------------------
David Bernstein of the Schottenstein/Bernstein Capital
Group LLC said in a Wall Street Journal interview that 11
days into the liquidation sales for Caldor Corp., about 50
percent of the merchandise was gone-just as his computer
models forecast. His firm teamed up with competitors, the
Ozer Group LLC and Gordon Brothers Retail Partners LLC, to
close the discount retailer's 145 stores. In February, the
court awarded the Caldor liquidation to the three
companies, which bid $223 million for Caldor's inventory,
valued at $495 million. According to Bernstein, the sale is
a success and 31 one days after it began, the clearance
sale is history-10 days ahead of schedule. Bernstein said
such sales are a race against time, with factors such as
weather and traffic jams playing a significant role.
(ABI 18-Mar-99)


CENTENNIAL COAL: Frontier Objects To Disclosure Statement
---------------------------------------------------------
Frontier Insurance Company objects to the proposed
Disclosure Statement to the joint liquidating plan of
reorganization of Centennial Coal Inc., debtor.  

Frontier is a surety company that provided among other
things, reclamation surety bonds to secure certain of the
debtors' obligations to complete environmental reclamation
of mining sites as required by applicable law and certain
permits under which the debtors conduct mining operations.  
To date, none of the Frontier Bonds have been forfeited yet
the company believes that there are substantial uncompleted
reclamation obligations on at least one or more of the
debtors' mining locations.  Frontier has filed proofs of
claim totaling in excess of $30 million.

Frontier states that the Disclosure Statement of the debtor
and its affiliates fails to contain "adequate information."

Specifically, Frontier alleges that the Disclosure
Statement fails to explain any rationale for the
substantive consolidation of the debtors under the plan; it
fails to explain how the substantive consolidation will
affect the various debtors' respective creditors'
recoveries; it fails to explain adequately the voting
procedures because it does not provide any  discussion of
how contingent creditors, such as Frontier, will be treated
for voting purposes; it fails to describe any process by
which parties to executory contracts will receive notice of
the debtors' proposed monetary cure amounts and nonmonetary
cures; it fails to explain how the debtors intend to
determine which, if any, leases or executory contracts will
be assigned to designees of the secured lenders; it fails
entirely to explain any process for the curing of defaults
under those executory contracts or leases that are to be
assumed and assigned at the secured lenders' direction and
at which parties' expense such cures will be made and it
contains no information about the proposed sale to Century.


CODED COMMUNICATIONS: Trustee Seeks Counsel
-------------------------------------------
In the Chapter 7 case of Coded Communications Corporation,
et al., Michael B. Joseph, Trustee applies for a court
order to employ counsel for the Trustee.  The Trustee
wishes to employ Connolly, Bove, Lodge & Hutz as counsel to
the Trustee.  The firm will represent the Trustee in the
proceedings and the performance of all legal services which
may be necessary regarding debtor's patents, copyrights,
licenses, and related rights.  The Trustee also seeks an
order authorizing the Trustee limited use of cash
collateral, approximately $10,000 to $15,000 to April 5,
1999.


COUNTY SEAT: Chapter 11 Trustee Named By Court
----------------------------------------------
The court has appointed Alan Cohen, president of New York
City's Alco Capital Group Inc., as County Seat Stores
Inc.'s Chapter 11 Trustee. According to Cohen's March 12
affidavit, he was a principal in the dissolving consulting
group Alco & Belisle LLC with John Belisle, who is a
County Seat director. The specialty retailer and its
official creditors' committee have consented to the
appointment, which led the court to conclude its March 12
order that "the appointment of a Chapter 11 Trustee is in
the best interest of creditors of the estate."(The Daily
Bankruptcy Review and ABI 18-Mar-99)


GULFPORT ENERGY: Information Statement To Stockholders
------------------------------------------------------
Gulfport Energy Corporation reports to the SEC an
Information  Statement furnished  to the  stockholders  of
Gulfport  Energy  Corporation,   f/k/a  WRT  Energy   
Corporation,  a Delaware corporation in connection  with  
proposed  amendments to the Company's certificate of  
incorporation to effect a 50 to 1 reverse stock split of
the issued and outstanding shares of the Company's common
stock, par value $0.01 per share.

The Board of Directors of the Company believes  that  
approval of the Amendment is in the  best  interest  of  
the  Company and its  stockholders.  Accordingly, on
January 21, 1999, the Board of Directors unanimously  
approved the adoption of the Amendment.

Under Delaware law, the affirmative vote of the holders of
a majority of the outstanding  shares of the Company's
Common Stock is required to approve the Amendment.  On
January 25, 1999, in accordance with Delaware law, the
holders of a majority of the outstanding  shares of the
Company's  Common Stock executed a written consent
approving the Amendment.

As of January 25, 1999, the Company had outstanding  
172,260,305  shares of Common Stock.


HOME HEALTH: Seeks To Reject Certain Leases
-------------------------------------------
Home Health Corporation of America, Inc., et al., debtors,
seek a court order authorizing and approving the rejection
of certain unexpired leases of nonresidential real property
with the U.S. Bankruptcy Court for the District of
Delaware.

The debtors seek authorization to reject six leases
covering property in the following locations:

Amarillo, Texas; Vero Beach, Florida; Port St. Lucie,
Florida (two locations); Bradenton, Florida and Kenneth
City, Florida.

The debtors have determined that the leases do not have
economic value to their estates or are of inconsequential
value.  As to each of the leases, the debtor tenants have
either vacated the properties or are in the process of
vacating them at this time.  


IRIDIUM LLC: Chinese Rocket Launch Delayed
------------------------------------------
The Arizona Republic reports on March 17, 1999 that  
Iridium LLC, provider of the world's first satellite-based
global telephone network, said Tuesday that its launch of a
Chinese rocket carrying two spare satellites has been
delayed because of technical problems.


JOHNS MANVILLE: Annual Meeting of Stockholders
----------------------------------------------
The 1999 Annual Meeting of Stockholders of Johns Manville
Corporation will be held on Friday, April 23, 1999, at 8:00
a.m., at 717 17th Street, Denver, Colorado.

The business scheduled for the Annual Meeting is the
election of Directors, the ratification of the appointment
of PricewaterhouseCoopers LLP as independent accountants of
the Company and the consideration of a stockholder
proposal, if presented at the meeting.

The stockholder proposal is as follows:
Robert D. Morse, 212 Highland Avenue, Moorestown, NJ 08057,
owner of $1,000 or more of the Common Stock, has notified
the Company that he intends to present the following
proposal at the meeting:

"I propose that the Officers and Directors consider the
discontinuance of all options, rights, SAR's, etc. after
termination of any existing programs for top management.
This does not include any programs for employees.

Reasons: Management and Directors are compensated enough to
buy on the open market, just as you and I, if they are
motivated. Management is already well paid with base pay,
life insurance, retirement plans, paid vacations, free use
of vehicles, etc. Options, rights, SAR's, etc. are
available elsewhere, and a higher offer would induce
transfers, not necessarily "hold and retain" qualified
persons. Comparison with "peer groups" (other comparable
companies) pay is unfair, as other management could be
better or worse. Would they also accept mistakes of others?
"Align management with shareowners" is a repeated ploy or
"line" to lull us as to continually increasing their take
of our assets. Do we get any purchase options at previous
rates? Please vote YES for this proposal. If officers
filled out a daily time sheet, what would the output show?"

The Directors recommend a vote against this stockholder
proposal. As explained in the Report of the Compensation
Committee provided above, the Company's objective is to
design and implement compensation systems that both attract
and retain a top quality management team and motivate that
team to build long-term value for stockholders. In order to
accomplish this objective, the Company uses a combination
of base salary, annual incentives and stock options. This
compensation system aligns the interests of executives with
the interests of stockholders and encourages employees to
anticipate and respond to business challenges and
opportunities while avoiding an entitlement attitude.

The Company believes that its compensation system
accomplishes these objectives and is structured
appropriately and that implementation of the stockholder
proposal would significantly impair the Company's ability
to attract, retain and motivate qualified executives.


LTCB: Capital Deficit 2.5 Trillion Yen Last October
--------------------------------------------------
Kyodo News reports on March 18, 1999 that the failed Long
Term Credit Bank of Japan had a capital deficit deficit of  
about 2.5 trillion yen last October when it went under
temporary state control, Financial Reconstruction
Commission (FRC) sources said
Thursday.

The FRC will formally announce the amount of LTCB's
liabilities exceeding assets next week.

The Financial Supervisory Agency earlier said that
according to LTCB's balance sheets, the bank had 340
billion yen more in liabilities than assets at the end
of September.  Last October, the government declared LTCB
insolvent due to huge bad loans and put it under temporary
state control.

But LTCB's deficit has been rising because bad loans are on
the increase due to deterioration in the performance of
companies to which it lent money.  The FRC earlier
determined that LTCB stock is worthless because the bank's  
capital deficit was still rising.  The evaluation of the
stock price will also be officially announced next week.
LTCB's shares were obtained by the semi-governmental
Deposit Insurance Corp. in late October.


LIFEONE: Plans for Recovery                           
---------------------------
LifeOne, Inc. (OTCBB:LONE), announced on March 18, 1999
that it is repositioning the company to quickly increase
shareholder value once the petition for involuntary
bankruptcy is withdrawn or judicially overturned. LifeOne
has been subject to an involuntary bankruptcy petition
filed against the company last August and recently settled
with two of the three petitioning parties.

LifeOne Chairman Benjamin P. Wall stated, "This period of
retraction has allowed LifeOne the opportunity to review
and enhance its plans for growth. The company's plans to
accelerate shareholder value will attempt to make up for  
lost time for shareholders who have had to suffer from the
stock manipulation of some of the company's debenture
holders."

The platform of the revised business plan incorporates the
original plan of growth through acquisition but expands on
it to include subsidiary spin outs and an acquisition
partnership.

LifeOne expects to build shareholder value quickly by
placing certain acquisitions in subsidiary shells and then
effecting spin outs of the acquisitions. The company has
four seasoned shell subsidiaries that can be used to
implement tax-free spin outs of new public companies.
Shareholders holding LifeOne shares as of the record date
(to be decided) would receive shares of the new companies
proportional to their percentage of LifeOne.

LifeOne is currently analyzing a specialty preferred
provider organization (PPO), a high tech company, and
several workmen's compensation insurance companies.

In addition, several senior life insurance executives who
have affiliations with LifeOne have formed an acquisition
partnership apart from LifeOne, but which will allow
LifeOne to participate in larger acquisitions, companies
with assets in the $200 million to $1 billion range.

As part of this strategy, Peter Huff has joined with the
partnership where he can best match his skills and
experience to acquisitions that would otherwise  
be out of reach for LifeOne. LifeOne will have the
opportunity to acquire a percentage of the partnership,
effectively increasing the equity and profits to
the company while reducing its expenses. The partnership
may buy LifeOne common shares on the open market if it
deems the stock to be undervalued. LifeOne will  be run by
the remaining members of its executive committee, Ben
Wall and Brent Chapel, until the petition is lifted and a
new CEO is designated.


LIVENT: Seeks Performance Incentive and Severance Bonus
-------------------------------------------------------
Livent Inc. seeks approval of a performance incentive and
severance bonus package.

Livent asked that any potential sale of its assets yield  
bonuses ranging between 1.25 percent and 1.89 percent to
eight of its managers, excluding Furman as he was
designated to set each individual's percentage.

An exhibit detailing the exact dollar amounts was not
available as the court agreed to Livent's request to seal
that document.

Livent asked the bankruptcy court to also approve severance
pay equal to six-to 12-months' worth of salary.

Livent shares closed at C$0.125 Wednesday on Canada's over-
the-counter market and had not yet traded by midday
Thursday. Nasdaq delisted the stock and it remains halted
on the TSE where it last traded at C$10.15 on August 7.
Livent's market capitalization has fallen to C$3.97 million
from  C$322.5 million in August based on 31.77 million
shares outstanding.

The U.S. bankruptcy court judge for South Manhattan has not
yet signed off on either of Livent's requests or a petition
to repay those managers $92,535.84 in expenses incurred
before Livent's November bankruptcy protection filing.
Meanwhile, negotiations for the sale of the theater
company's assets were said to be progressing well.
($1=$1.52 Canadian)


LIVENT: Wins More Time To File Plan
-----------------------------------
Livent Inc. won more time to file a restructuring plan with
a U.S. Bankruptcy Court.  Sources connected with the
company said the New York-based court approved an extension
of the deadline for Livent to file a restructuring
plan to June  30 from March 18. It lengthened the company's
deadline to win approval for a plan from creditors to
August 30 from May 18.

The company had asked for an extension of the deadline for
filing the restructuring plan to July 30 and requested to
have until September 28 to get the scheme approved.
According to the motion Livent filed last month to ask for
the extensions, it needed time to assess its strategic
options and work out distribution to creditors.

Since February 24, Livent has been assessing "expressions
of interest" it received from an unspecified number of
suitors. Sources have said contenders include Long Island,
New York-based Cablevision Systems Corp. and Manhattan's  
Back Row Productions, which is affiliated with British
theater company Stoll Moss. According to one source close
to the negotiations, Back Row Productions is the
frontrunner and a deal should be concluded in a matter of
weeks rather than months. Other contenders for Livent
include Cablevision Systems Corp. and Ogden Corp., both of
New York State.

Back Row is interested in purchasing all of Livent, and
combining it with its own U.S. operations as well as Stoll
Moss. Back Row was founded by Australia's powerful Holmes A
Court family which also controls Stoll Moss, Britain's
largest theater company.

Although Livent failed to get the full extension it sought,
there was good news for it on the financial front.

Livent narrowed the deficit in its cash flow to $811,111 in
February from $2.8 million in January, according to
required monthly statements it must file with the court.
Its operating cash flow deficit fell to $891,604 from $2.7  
million.  The improvement appeared to stem from better cash
inflows from its U.S. and Canadian productions, including
the New York and Chicago runs of "Ragtime" and the New York
production of "Fosse" which had its first full month in  
production.


MEDPARTNERS: Seeks Action Against Dept. of Corporations
-------------------------------------------------------
MedPartners, Inc.(NYSE: MDM) filed an Emergency Motion To
Dismiss with the US Bankruptcy Court in the Central
District of California.  A separate action also will be
filed later today in the California Superior Court.  The
two actions seek to enjoin the California Department of  
Corporations' (the "Department") seizure of MedPartners
Provider Network, Inc.  (the "Plan") and to restore the
business and property of the Plan to the Plan  and its
owners.

MedPartners said that it was initiating the legal actions
in order to protect its legal rights and to restore the
Plan to normal operations so that the physicians and
providers affiliated with the Plan continue to receive
payments for healthcare services rendered to the Plan's
more than 1,000,000 enrollees.  In its filings, MedPartners
asserts the following:

    -- The actions of the Department are wholly
unjustified.  The Plan was not insolvent.  The Plan never
failed to make capitation payments to providers. The Plan
ensured that healthcare services were provided to its more  
than 1,000,000 enrollees.

-- As the Plan's parent, MedPartners, Inc., has gone above
and beyond its legal obligations by providing in excess of
$250 million last year alone in support over and above
capitation payments received by the physicians from the
Plan. Finally, and perhaps most important, MedPartners
offered a written guarantee to the Department that it would
continue to support the Plan through the transition to new
ownership. That offer was rejected prior to the Department  
assuming control of the Plan and installing a Conservator.

-- Since assuming control of the Plan, the Conservator has
disrupted the flow of funds to institutional providers,
physicians and clinic employees, which jeopardizes the
state's healthcare delivery system. The DOC and the
Conservator have in their actions confused the general
public, the media, providers, investors and others as to
the difference between MedPartners Provider Network,
the licensed healthcare service plan, and MedPartners
generally.  These actions, in addition to the potentially
devastating effect of the Plan's bankruptcy on the provider
network and likely disruption of services to  
enrollees, has had a significant impact on MedPartners,
Inc., with a shareholder loss in excess of half a billion
dollars.

Mac Crawford, Chairman and CEO of MedPartners, said: "The
decision to bring litigation was reached reluctantly.  
However, under the circumstances, the Company felt
compelled to take action to ensure continuity of services
to patients as well as to protect the interests of our
affiliated physicians, other providers, our shareholders
and our creditors."

MedPartners said that it was continuing discussions with
all parties, including those interested in acquiring its
physician services operations in California.

MedPartners stressed that only MedPartners Provider
Network, Inc. has been placed under the Conservator's
control. All of MedPartners' physician services operations,
including the Plan, have been separated from MedPartners'
continuing operations as of January 1, 1999 and are being
accounted for as discontinued operations.  As part of that
separation, MedPartners recorded a charge against earnings
of $1.23 billion in the fourth quarter of 1998. Reflected
in that charge are reserves covering the anticipated cost
of exiting all physician services businesses in California.  
Based on current information, MedPartners believes that the
reserves are adequate and that the actions of the  
Department of Corporations will not have a material adverse
impact on the continuing operations of MedPartners, Inc.


MOBILEMEDIA: Continues to Work For Settlement Stipulation
---------------------------------------------------------     
On March 17, 1999 the Business Wire reported that at a
hearing held before the United States Bankruptcy Court for
the District of Delaware on March 16, 1999, MobileMedia
Corporation announced that it is continuing to work toward
finalizing a stipulation which, if executed by all parties
thereto and approved by the Bankruptcy Court, would resolve  
pending objections to MobileMedia's Third Amended
Joint Plan of Reorganization and result in the Plan being
either confirmed or denied by the  Bankruptcy Court. The
Plan provides for the merger of MobileMedia into Arch  
Communications Group, Inc. ("Arch") (Nasdaq:APGR).

Negotiations are continuing regarding the final terms of
the Stipulation with the goal of finalizing the Stipulation
for execution by all of the parties thereto, which include
MobileMedia, Arch, the Debtors' unsecured creditors  
committee, the agent for the Debtors' pre-petition secured
lenders, the unsecured creditors that have filed certain
objections to confirmation of the  Plan and four unsecured
creditors (including two members of the unsecured  
creditors committee) that have agreed, as "standby
purchasers", to purchase  certain shares of Arch common
stock to the extent the shares are not purchased  by other
unsecured creditors through the exercise of rights
being issued to  them by Arch pursuant to the Plan.

At the March 16, 1999 hearing, the Bankruptcy Court
indicated that, if the Stipulation were fully executed,
MobileMedia could submit the agreement to the Bankruptcy
Court for approval without the need for a further
hearing. There is no assurance that the Stipulation will be
signed by all of the parties thereto  or, if signed, that
the stipulation will be approved by the Bankruptcy Court.


MONTGOMERY WARD: Terminates Pension Plan
----------------------------------------
Montgomery Ward & Co. is terminating its pension plan in
order to raise more cash. The move affects 30,000 retirees
and 22,000 current employees, but company officials said
everyone will be taken care of. The retirees are being
offered the option of receiving an annuity from an
insurance company equal to the value of the pension they
were receiving or a lump-sum payout.

About 25 percent of the excess funding in the old pension
plan will be used to fund a new plan for current employees,
Wards said. A U.S. Bankruptcy Court judge in Delaware
approved the pension plan termination last month.

"No one is at risk," Wards spokesman Chuck Knittle said.

The 127-year-old privately owned retailer announced last
month that it had reached an agreement with a committee of
creditors that will allow it to emerge from bankruptcy
proceedings by midyear.   Wards doesn't yet know how much
money it will recapture from ending its pension plan, but
pension experts said it should be significant given the
number of employees in the plan.

Chicago bankruptcy attorney Robert Fishman said retirees
and employees should feel safe because any tinkering with
pension plans is closely supervised by a government agency,
the Pension Benefit Guaranty Corp., and bankruptcy judges.

Fishman said it makes sense that the company's pension plan
would be overfunded the recent runup in stocks has probably
raised the value of the plan's investments well beyond
projections.


PHP HEALTHCARE: Seeks Approval of Agreement and Sale
----------------------------------------------------
The debtor, PHP Healthcare Corporation seeks a court order
approving the assumption and assignment of certain
executory contracts and non-residential real property
leases and the sale of related assets to Meridian Comp of
New York, Inc.

On March 12, 1999, PHP entered into an agreement with
Meridian Comp of New York, Inc.  The agreement provides for
the assumption by PHP and assignment to Meridian of the Ft.
Belvoir and Ft. Benning contracts and the leases and the
sale to Meridian of assets related tot he contracts and
leases.  Pursuant to the agreement Meridian will pay to PHP
$2.83 million in cash and agree to purchase PHP accounts
payable and accounts receivable pursuant to the contracts
as of the closing date.  The contracts are fixed price
arrangements whereby the Federal Government pays PHP a per
month fee for operating and managing the Clinics.  PHP
receives approximately $15.5 million per year in gross
revenue from the contracts.

The contracts, leases and related assets are significant
assets of PHP's estate.  PHP is in the process of
liquidating its assets and has extensively marketed the
contracts, leases and related assets to potentially
interested parties for several months.  After the marketing
campaign, PHP believes that Meridian's offer is a fair and
reasonable offer for the contract, leases and related
assets.  PHP estimates that the purchase of its accounts
payable and accounts receivable as of the closing date will
result in approximately $1.2 million of additional
consideration.  The debtor believes that the assumption and
assignment of the contracts and leases is in the best
interests of the debtor, its estate and creditors; and that
the sale of the related assets is in the best interests of
the debtor's estate.


PRIMARY HEALTH SYSTEMS: Files Chapter 11
----------------------------------------
Primary Health Systems Inc. and its five Ohio hospitals
filed for chapter 11 protection yesterday in the District
of Delaware, listing $237 million in liabilities and $157
million in assets, the Associated Press reported. The
Wayne, Pa.-based health system plans to cut staff and shift
away from its teaching programs, which a spokesperson for
the organization said is a significant financial drain.
Primary Health operates three primary care health hospitals
and two teaching hospitals in the Cleveland area. As part
of the reorganization, the parent system will be taken
over by Crossroads Capital Partners LLC, which has managed
the health system since last July. Unsecured debt includes
bank loans from First Union National Bank and Key Corporate
Capital Inc. of Cleveland, but the amount owed to them was
not specified in documents. The next 18 largest unsecured
claims range from $129,000 to $700,000. (ABI 18-Mar-99)


RENBERG'S: Creditors Granted Relief
-----------------------------------
Creditors of Tulsa-based Renberg's Inc. were granted an
order for relief under chapter 7 after the company failed
to respond to an involuntary bankruptcy petition against
it, Tulsa World reported. The 85-year-old retailer
apparently ignored a March 11 deadline on the petition
initiated by Fox Promotions Inc., Cranford, N.J.; Jhane
Barnes Collection, Chula Vista, Calif.; and Hartz & Co.
Inc., Frederick, Md. Since the petition was filed, Mia
Shoes Inc. and Capital Factors Inc. have joined the suit.
The five creditors state their claims total $146,421, plus
interest and associated costs. The court will appoint a
trustee to assess Renberg's assets and liabilities,
initiate liquidation proceedings and distribute funds to
creditors. (ABI 18-Mar-99)


SERVICE MERCHANDISE: DCR To Downgrade To "DD"
---------------------------------------------
Duff & Phelps Credit Rating Co. (DCR) will lower its
ratings on the senior and subordinated notes of Service
Merchandise Company, Inc. (NYSE: SME) to 'DD' (Double-D)
when the company files for Chapter 11.  This action has
been prompted by the company's announcement that its
board  of directors has approved filing voluntary Chapter
11 proceedings in the near  future.  SME's announcement was
made in response to an action taken earlier this week by
five vendors of SME filing an involuntary Chapter 11  
reorganization petition seeking court supervision of its
restructuring.  DCR currently rates SME's $13 million of
senior notes and $300 million of subordinated notes 'CCC'
(Triple-C).  This rating was assigned December 15,  
1998.

SME is a specialty retailer of jewelry and other hardline
items.  SME is currently in the process of reinventing its
retail format from a catalog showroom to a more traditional
self-serve retailer and strengthening ongoing operations.  
The company plans to close approximately 134 stores, cut
its workforce by 12 percent and close its Dallas
distribution center over the next few months.  Its core
businesses will remain jewelry, home accent, home  
furniture and seasonal


SYQUEST TECHNOLOGY: Seeks Extension of Exclusivity
--------------------------------------------------
The debtor, Syquest Technology, Inc. requests entry of a
court order extending the exclusive period during which
only the debtor may file a plan and disclosure statement,
and the period to solicit acceptances of such plan for an
additional 90 days respectively.  On February 24, 1999, the
debtor was authorized to sell its equipment, inventory, and
intellectual property to Iomega Corporation.  From the
initial filing, the debtor has focused its attention on
negotiating and consummating the transaction with Iomega
Corporation.  The debtor is currently in the process of
winding up its business affairs.  The debtor believes that
the consummation of the sale to Iomega should occur on or
before March 27, 1999 and the debtor is also negotiating a
warranty service program.  The debtor believe that both of
these need occur before it can begin serious discussion and
investigation concerning a plan.  The estate consists of
approximately $85 million in liabilities and over 16,000
potential creditors. Due to the size of the case, and the
fact that the debtor focused most of its time on the sale
of its assets, the debtor believes that it should be
granted more time to negotiate an acceptable plan.


TELEPAD: To Reorganize in Chapter 11
------------------------------------
TelePad Corporation (OTC Bulletin Board: TPADA), a Delaware
corporation (the "Company") announced that it has filed a  
petition to reorganize today under Chapter 11 of the United
State Bankruptcy Code in the District of Delaware.

The Company determined that a reorganization was necessary
in order to enable the Company to continue to develop and
execute on its existing strategic initiatives, including
the potential merger with, and/or sale to, a prospective
investor group and to preserve the value of the Company's
assets.

The Company has evaluated all of its options with respect
to its current operations and financial condition and
believes that a filing for reorganization pursuant to
Chapter 11 of the United States Bankruptcy Code provides
the Company with the best opportunity to protect and
enhance the value of the Company, both immediately and on a
going forward basis, for the benefit of the Company's
stockholders and creditors.

The Company believes that this restructuring will enable
existing management to continue operations in a manner that
both ensures a high quality of service  to its customers
and provides the Company with the time and
opportunity  necessary to consummate its strategic plan on
an expedited basis.

TelePad Corporation, www.telepad.com, is headquartered in
Herndon, VA. The Company provides mobile computer
platforms, application software framework, wireless
networking and integration services that enhance the
productivity of the mobile professional.


WESTMORELAND COAL: Shareholder Group Challenges Management
----------------------------------------------------------
On March 15, 1999 the "Westmoreland Committee to Enhance
Share Value" announced its formation for the purpose of
enhancing value for shareholders in Westmoreland Coal
Company (NYSE:WCX).

The Committee intends to nominate a slate of directors and
to solicit proxies towards its objective of replacing some
of Westmoreland Coal's current board.

Westmoreland Coal's annual meeting is tentatively set for
May 11, 1999.

Currently, Westmoreland Coal has approximately 7.0 million
shares of common stock and 2.3 million depository shares
outstanding. On March 10, Westmoreland Coal Company
announced a tender offer to purchase up to 1,052,631
million depository shares at $19.00 per share.

Members of the Committee and their respective aggregate
shares (common stock and calculated common stock based on
the conversion of depository shares), beneficially owned,
include the following:

Frank E. Williams, Jr.         275,893
R. Bentley Offutt              199,400
Guy Orlando Dove, III          242,154
Nelson Obus, holding through:
  Wynnefield Partners Small
  Cap Value L.P.               346,290
  Wynnefield Partners Small
  Cap Value L.P. I.            245,791
  Wynnefield Partners Small
  Cap Value Offshore Fund Ltd. 146,800


WIRELESS ONE: Hearing on Approval of Disclosure Statement
---------------------------------------------------------
A hearing will be held on April 28, 1999 at 2:00 PM in the
U.S. Bankruptcy Court for the District of Delaware before
the Honorable Peter J. Walsh to consider the adequacy of
the information contained in the Disclosure statement of
the debtor, Wireless One, Inc.

The estimated recoveries shown below assume that
approximately 10 million shares of New Common Stock having
an approximate aggregate value of $128.41 million and New
Warrants to purchase an aggregate of 1.235 million shares
of New Common Stock having an approximate aggregate value
of $5.3 million will be issued under the plan.

Class 1 - Priority Non-Tax Claims. Unimpaired. Estimated
Recovery: 100%

Class 2 - Secured Claims - Unimpaired. Estimated Recovery:
100%

Class 3 - BTA Installment Note Claims - Unimpaired.
Estimated Recovery: 100%

Class 4 - Unsecured Claims - Unimpaired. Estimated
Recovery: 100%

Class 5 - Old Senior Note Claims - Impaired. Estimate
Recovery: 37.3%

Class 6 - Indemnity Claims impaired. Holders of Allowed
Indemnity Claims will be entitled to assert such claims
against the debtor, but only to the extent of the coverage
available under any applicable directors' and officers'
insurance.

Class 7 - Old Common Stock Interests - Impaired.  The Old
Common stock shall be canceled and holders of allowed old
common stock interests shall receive a ratable proportion
of 4% of the new common stock distribution amount and the
new warrants.

Class 8 - Other Equity Interests Impaired. Canceled - no
distribution.

The long-term business strategy of Wireless is to maximize
the value of its broadband spectrum by the transmission of
both video and data.  Currently, most Wireless revenues are
derived from the sale of subscription based television
programming to SFU and MDU customers.  Reorganized Wireless
will continue to shift its sales and marketing focus with
regard to its subscription video products to emphasize
sales to MDU customers and promotion of the DIRECTV service
and to de-emphasize its traditional SFU wireless cable
market.


WYNDHOLME VILLAGE: Developer Files Chapter 11
----------------------------------------------
Developer and managing partner of Wyndholme Village Jim
Lancelotta has filed for chapter 11 protection, thereby
canceling a bank's plan to auction off the proposed
community for the deaf, The Baltimore Business Journal
reported. Lancelotta lost a major portion of his financing
the community, touted as the first development for the deaf
and hard of hearing people in the state. As a result, the
Metropolitan Bank of Cleveland planned the foreclosure
auction. (ABI 18-Mar-99)


BOND PRICING FOR WEEK OF March 15, 1999
---------------------------------------
DLS Capital Partners, Inc. provides the
following are indicated prices for selected issues:

Acme Metal 10 7/8 '07                10 - 12 (f)
Amer Pad & Paper 13 '05              61 - 63
Amresco 9 7/8 '05                    72 - 74
Asia Pulp & Paper 11 3/4 '05         63 - 64
Boston Chicken 7 3/4 '05              4 - 5 (f)
Brunos 10 1/2 '05                    18 - 22 (f)
Cityscape 12 3/4 '04                 12 - 14 (f)
E & S Holdings 10 3/8 '06            32 - 35
Globalstar 11 1/4 '04                68 - 70
Geneva Steel 11 1/2 '01              20 - 22 (f)
Hechinger 9.45 '12                   22 - 27
Hills 12 1/2 '02                     96 - 97
Iridium 14 '05                       65 - 66
Loewen 7.20 '03                      55 - 57
Mobilemedia 9 3/8 '07                11 - 13 (f)
Penn Traffic 8 5/8 '03               46 - 48 (f)
Planet Hollywood 12 '05              20 - 23
Samsonite 10 3/4 '08                 62 - 65
Service Merchandise 9 '04            19 - 20 (f)
Sunbeam 0 '18                        10 - 11
Trism 10 3/4 '00                     48 - 52
Trump Castle 11 3/4 '05              75 - 77
Zenith 6 1/4 '11                     28 - 30 (f)               

                  *********

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
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The TCR subscription rate is $575 for six months delivered
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