TCR_Public/990622.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, June 22, 1999, Vol. 3, No. 118                                               

                           
                    Headlines

BOCA RESEARCH: August Set For Stockholder Annual Meeting
BOSTON CHICKEN: Court Approves License Agreement With Heinz
CALCOMP TECHNOLOGY: Sells Off Shares Of Group Company
CARBIDE GRAPHITE: Warns Investors about Graphite Litigation
COMPASS PLASTICS: Overwhelmed By Adversity, Mired In Debt

DISCOVERY ZONE: Hearing to Consider Accepted Bids
DOW CORNING: Report Says No Link Between Implants and Disease
EQUALNET COMMUNICATIONS: Irrevocable Proxies Facilitate Merger
FAVORITE BRANDS: April Monthly Financials Reflect Continuing Loss
FLORIDA COAST PAPER: Ad Hoc Committee Objects to Venue Change

FORCENERGY: Monthly Report Shows Slight Net Income Gain
FRANKEL'S HOME FURNISHINGS: Report On Outcome of Lease Auction
FWT INC: Trustee Objects To Retention of McDermott, Will & Emery
HARVARD INDUSTRIES: Shares Under Reorganization Being Offered
IOMEGA: Cuts 450 Jobs

IRIDIUM: Stock Rises
LIVENT: Seeks Management Retention Incentive and Severance Plan
MCA FINANCIAL: Bank Group Concurs In Extension of Exclusivity
MESA AIR: Merger Completed, CCAIR Now Subsidiary Of Mesa Air
NAHDREE GROUP: Files For Protection Under Chapter 11

NATIONSWAY TRANSPORT: Meeting of Creditors
NEW WORLD COFFEE: Stockholder Rights Plan
NORTHWESTERN STEEL & WIRE: Cutbacks & Asset Sales - Aim: Survival
PARAGON TRADE: Objection Deadline and Hearing Date
PHP HEALTHCARE: Notice of Bar Date

PITTSBURGH PENGUINS: Ruling Might Give Lemieux Leverage                   
POWER PLUS: Attempting To Reposition Without Assets & Delisted
QUEEN SANDS: Prospectus Available Describing Shares For Sale
SUN TV: Seeks Extension of Exclusivity
SYSTEMSOFT: Deadline For Filing Proofs of Claim

TELEGROUP INC: Seeks Approval of Auction Sale of Assets
TELEGROUP INC: Seeks Extension Of Lease Determinations
TRANSTEXAS GAS: Late Filing Caused By Bankruptcy Proceedings
TRANSTEXAS GAS: Operating Results For First Fiscal Quarter
TRISM INC: Defaults On Interest Payment/Attempting Restructuring

USTEL: Hearing to Consider Sales Of Assets Continued
VANGUARD AIRLINES: Back On NASDAQ Following Profitable Operations

Meetings, Conferences and Seminars


                    **********

BOCA RESEARCH: August Set For Stockholder Annual Meeting
--------------------------------------------------------
The annual meeting of shareholders of Boca Research, Inc. will be
held on Monday, August 16, 1999, at 9:00 a.m., local time at the
Embassy Suites Hotel, 661 Northwest 53rd Street, Boca Raton,
Florida.

At the meeting stockholders will elect nine Directors of the
company to serve until the next annual meeting of shareholders;
will consider and act upon a proposal to approve an amendment to
the Boca Research, Inc. 1992 Stock Option Plan to increase the
number of shares covered from the fixed number of 1,700,000 to a
number that will always be equal to 26% of the then issued and
outstanding common stock of the company.  Stockholders will
also consider and act upon a proposal to approve the granting of
management retention options by Infomatec Integrated Information
Systems AG.; and will, as is normal, transact any other business
that may come before them.

The close of business on June 30, 1999 has been fixed by the
Board of Directors as the record date for the determination of
the shareholders entitled to notice of and to vote at the
meeting.


BOSTON CHICKEN: Court Approves License Agreement With Heinz
-----------------------------------------------------------
The U. S. Bankruptcy Court, District of Arizona, approved a
license agreement between Boston Chicken, Inc. (OTC Bulletin
Board: BOSTQ) and H. J. Heinz Company (NYSE: HNZ). Under the
terms of the agreement, Boston Chicken will license its Boston
Market(R) trademarks to Heinz for the worldwide manufacture and
sale, under the Boston Market brand, of packaged food products to
the retail trade. Boston Chicken filed its voluntary petition for
Chapter 11 bankruptcy protection on October 5, 1998.

As part of the agreement, Heinz will pay Boston Chicken an
undisclosed royalty fee based on sales. The agreement is separate
and independent of Boston Chicken's restaurant business.

"The Court's approval of this agreement is an important milestone
for our company," said J. Michael Jenkins, chairman, president,
and chief executive officer of Boston Chicken. "We believe the
revenue potential and national exposure provided by Heinz's
placement of Boston Market branded products in grocery stores
will have a positive impact on the long-term value of our brand."

Consumer research conducted by Heinz showed the Boston Market
brand has broad consumer appeal, and that retail shoppers would
welcome the convenience of Boston Market's premium, homestyle
foods. The concept is expected to be tested in retail stores
later this year. Specific products and locations for the test
were not disclosed.


CALCOMP TECHNOLOGY: Sells Off Shares Of Group Company
-----------------------------------------------------
On May 31, 1999, CalComp Pacific, Inc., a Nevada corporation and
a member of the CalComp Technology's consolidated group, sold all
of its shares of common stock in NS CalComp Corporation, a
Japanese corporation, to Oce N.V., a Dutch corporation.  The
transaction was outlined in the share sale and purchase agreement
dated May 31, 1999 by and among CPI, Oce and Nippon Steel
Corporation, a Japanese corporation.  Under the purchase
agreement, NSC also sold a majority of its shares of common stock
in NSCC to Oce. The net purchase price received by CPI for its
shares was $5,820,000.

CalComp Technology's Board of Directors has adopted a plan for
orderlyshutdown and, subsequently, a plan of liquidation and
dissolution. The company has sold substantially all of its non-
CrystalJet assets, has ceased all manufacturing, sales and
marketing activities and has significantly scaled back its
operations to a level necessary to complete the liquidation
of its assets.


CARBIDE GRAPHITE: Warns Investors about Graphite Litigation
-----------------------------------------------------------
In May 1997, THE CARBIDE/GRAPHITE GROUP, INC., was served with a
subpoena issued by a Grand Jury empanelled by the United States
District Court for the Eastern District of Pennsylvania. The
Company was advised by attorneys for the Department of Justice
(DOJ) that the Grand Jury is investigating price fixing by
producers of graphite products in the United States and abroad
during the past five years. The Company is cooperating with the
DOJ in the investigation. The DOJ has granted the Company and
certain former and present senior executives the opportunity to
participate in its Corporate Leniency Program and the Company has
entered into an agreement with the DOJ under which the Company
and such executives who cooperate will not be subject to criminal
prosecution with respect to the investigation if charges are
issued by the Grand Jury. Under the agreement, the Company has
agreed to use its best efforts to provide for restitution to its
domestic customers for actual damages if any conduct of the
Company which violated the Federal Antitrust Laws in the
manufacture and sale of such graphite products caused damage to
such customers.

Subsequent to the initiation of the DOJ investigation, four civil
cases were filed in the United States District Court for the
Eastern District of Pennsylvania in Philadelphia asserting claims
on behalf of a class of purchasers for violations of the Sherman
Act. These cases, which have been consolidated, name the Company,
UCAR International, Inc. (UCAR), SGL Carbon Corporation (SGL
Corp.) and SGL Carbon AG (SGL) as defendants (together, the Named
Defendants) and seek treble damages. On March 30, 1998, a number
of purchasers who were previously included in the purported class
of plaintiffs covered by the consolidated case initiated a
separate action in the same District Court which asserts
substantially the same claims and seeks the same relief as the
consolidated case and names the Named Defendants, as well as
Showa Denko Carbon, Inc. (Showa Denko). Thereafter, seven
additional groups of purchasers who were previously included in
the purported class of plaintiffs covered by the consolidated
case instituted their own actions against the Named Defendants,
Showa Denko and, in several cases, certain present or former
related parties of UCAR and Showa Denko, asserting substantially
the same claims and seeking the same relief as in the
consolidated case. Four such actions were filed in the United
States District Court for the Eastern District of Pennsylvania on
April 3, 1998, April 17, 1998, May 14, 1998 and March 31, 1999,
respectively. One action was filed in the United States District
Court for the Northern District of Ohio on April 17, 1998 but has
been transferred to the Eastern District of Pennsylvania for pre-
trial proceedings. Another action was filed in the United States
District Court for the Western District of Pennsylvania on June
17, 1998 but has also been transferred to the Eastern District of
Pennsylvania for pre-trial proceedings. The complaints or amended
complaints in some of the cases have also named as defendants
other companies including Mitsubishi Corporation, Tokai Carbon
U.S.A., Inc. and related companies. On December 7, 1998, the
Company was served with a complaint filed by Chapparrel Steel
Company against the Named Defendants, Showa Denko and parties
related to Showa Denko and UCAR in state court in Ellis County,
Texas alleging violations of various Texas state antitrust laws
and seeking treble damages. Chaparral Steel Company has filed an
amended complaint adding two additional related plaintiffs.

On February 10, 1999, a U.S. corporation which allegedly made
purchases on behalf of two foreign entities and a group of 22
foreign purchasers which are based in several foreign countries
filed a complaint against the Company, UCAR, SGL, Tokai Carbon
Co., Ltd., Tokai Carbon U.S.A., Inc., Nippon Carbon Co., Ltd.,
SEC Corporation and certain present and former related parties of
UCAR in United States District Court for the Eastern District of
Pennsylvania. This complaint has been amended to add four
additional defendants. This case asserts substantially the same
claims and seeks the same relief as the consolidated case. Other
foreign purchasers have also made similar claims against the
Company but have not filed lawsuits.

The Company understands that defendants UCAR and Showa Denko have
reached settlement agreements with the class action plaintiffs,
which have been approved by the court, and have also settled
claims brought by various individual purchasers. The Company
further understands that UCAR, SGL, Robert J. Koehler and Showa
Denko have pleaded guilty to antitrust conspiracy charges
filed by the DOJ and have been ordered to pay fines in connection
with those guilty pleas.

The Company has also advised the Commission of the European
Communities (the European Commission) that it wishes to invoke
its Leniency Notice.  Generally under these guidelines, the
European Commission may substantially reduce fines and other
penalties if a company cooperates with the European
Commission and in the judgment of the European Commission
provides significant information. The Company understands that
the European Commission will determine any fines at the
completion of its proceedings that may not be concluded for a
year or more.

On June 18, 1998, a group of Canadian purchasers filed a lawsuit
in the Ontario Court (General Division) claiming a conspiracy and
violations of the Canadian Competition Act. The Canadian lawsuit
names the Named Defendants and Showa Denko, as well as several
present or former parents, subsidiaries and/or affiliates of
UCAR, SGL and Showa Denko. The Canadian Competition and Consumer
Law Division (Canadian Division) has initiated an inquiry and the
Company is cooperating fully with the authorities conducting that
inquiry pursuant to an agreement with the Director of Research
and Investigation of the Canadian Division under which the
Company and its present and former officers, directors and
employees will not be subject to criminal prosecution.

During fiscal 1998, the Company recorded a $38 million pre-tax
charge ($25 million after expected tax benefits) for potential
liabilities resulting from civil lawsuits, claims, legal costs
and other expenses associated with the pending antitrust matters
(the Antitrust Charge). The Company has entered into settlement
agreements with purchasers representing approximately 27% of the
domestic graphite electrode sales that are the subject of the
antitrust claims.  These agreements provide for additional
payments to such purchasers under certain conditions. In
addition, the Company may settle with various additional
purchasers. The Company understands that defendants UCAR and
Showa Denko have reached settlements with the class action
plaintiffs and various individual purchasers at amounts
substantially higher than the levels contemplated in the
Antitrust Charge. Possible future settlements with other
purchasers and the effect of such possible additional payments
noted above (along with other liabilities, costs and expenses
resulting from the antitrust matters, including the European
Commission antitrust investigation and future developments) could
result in aggregate costs which could differ materially and
adversely from the Antitrust Charge and could affect the
Company's financial condition and its ability to service its
currently planned liquidity needs.  (Class Action Reporter --
sample posted at ftp://bankrupt.com/pub/Samples/CAR.txt -- 22-
Jun-1999)
  

COMPASS PLASTICS: Overwhelmed By Adversity, Mired In Debt
--------------------------------------------------------
Compass Plastics & Technologies, Inc. together with its wholly
owned subsidiaries, AB Plastics Corporation, based in Gardena,
California, AB Plastics de Mexico, S.A. de C.V., based in
Tijuana, Mexico, and M.O.S. Plastics, Inc. located in San Jose,
California is a manufacturer and assembler of custom injection
molded plastic components for leading computer, medical and
consumer electronics OEM's located in California and Mexico. The
company supplies its customer requirements from its manufacturing
facilities in Gardena, California and Tijuana, Mexico.

Compass defaulted in a number of its obligations to its senior
lenders under the February 27, 1998 credit agreement, including
defaults in maintenance of certain financial ratios; minimum
tangible net worth, minimum senior funded debt to EBITDA and
minimum fixed charge coverage ratio, and failure to make a total
$2.75 million of installment payments due under the term loan in
December 1998 and April 1999.  As a result, on February 2, 1999,
the senior lenders accelerated all indebtedness under the
credit agreement, aggregating approximately $16.0 million.

Since February 1999, the senior lenders provisionally agreed to
forebear from foreclosing on the company's assets and properties,
subject to completion of an agreement between the company and the
senior lenders to restructure the company in a manner designed to
repay the indebtedness to the senior lenders.  Pending resolution
of such restructuring plan, all payments to the subordinated
lenders have been suspended.  A key element of the restructuring
plan included the sale of M.O.S.

On May 7, 1999, the company sold 100% of the common stock of
M.O.S. to Timothy E. Howard and Daniel P. Flamen for $7.75
million adjusted for approximately $1.53 million in assumed
liabilities. The buyers also paid the company $500,000 for
consulting services to be provided by the company
for one year after the sale.

Concurrent with the sale of M.O.S. Plastics, Compass completed an
amended and restated commercial loan agreement with the senior
lenders. The amended loan agreement waives all prior defaults,
limits advances under the company's revolving line of credit to
$2.1 million, increases the interest rate to 3.5% in excess of
the senior lenders' base rate, and fixes the maturity date of the
entire facility to April 30, 2000. The maximum availability under
the revolving line is subject to a borrowing base amount equal to
85% of eligible accounts receivable, 50% of eligible
inventory, plus $500,000. The amended loan agreement also
refinanced approximately $7.7 million of term loans owed to the
senior lenders.  In an additional requirement by the senior
lenders, on or before June 30, 1999, the company and AB Plastics
were required to have consummated the sale of certain assets,
including specified accounts receivable, inventory and
equipment currently used at AB's facility located at the Gardena
facility.  There was, at the time, an asset purchase agreement
between AB, as seller, and AB Sunshine, Inc., as purchaser, all
on terms and conditions satisfactory to the senior lenders, in
their sole and absolute discretion. In the event the AB Sunshine
transaction was not consummated on or before June 30,1999 a
default shall have been deemed to have occurred. Certain
aspects of the AB Sunshine transaction failed to materialize,
including a satisfactory long term real estate lease for the
Gardena facility.  Hence, the AB Sunshine transaction will not be
consummated and the company will default on its amended loan
agreement.

Even though the company was successful in selling M.O.S. Plastics
and restructuring its senior banking facility, it remains in
default to the subordinated lenders holding $9.0 million of the
company's subordinated debt.  Additionally, the company is
delinquent on approximately $4 million of equipment loans and
leases, and approximately $7 million of trade debt.
The company does not have the credit availability to bring the
amounts owing current. Many of the company's vendors have
retained various collection agents to assist their collection
efforts. The company has been served with 5 vendor lawsuits and
one arbitration proceeding. Given the termination of the AB
Sunshine transaction and in an effort to conserve cash and reduce
operating losses, the company announced it would close the
Gardena facility on June 4, 1999.  Additionally, Compass Plastics
has commenced discussions with certain managers of the company's
Tijuana facility who have expressed an interest in purchasing
certain assets and liabilities related to the Tijuana business.
The sale of the Tijuana business is subject to the completion of
a purchase and sale agreement still to be negotiated and the
required consents of the Board of Directors, the senior lenders
and the subordinated lenders. The senior lenders are aware of
each these events and are working with the company to realize the
value of the Gardena assets while continuing discussions to sell
the Tijuana operations to management.

The company's sales for the 13 weeks ended April 25, 1999
decreased $1.4 million to $11.7 million, from $13.1 million for
the comparable 1998 period.  Losses were up totaling $2.7 million
compared to $ .5 million respectively.


DISCOVERY ZONE: Hearing to Consider Accepted Bids
-------------------------------------------------
The debtors, Discovery Zone, Inc. and its affiliates filed notice
of intent to sell certain assets.  A hearing ("Sale Hearing") to
consider any bids accepted by the debtors at the auction shall be
held on June 22, 1999.

Purchaser CEC Entertainment Inc. will purchase the bulk of the
debtors' assets for $19 million cash paid at closing.

Stormin' California Family Entertainment Inc. will purchase four
leases, in Stockton, California; Modesto, California; Hatillo,
Puerto Rico; Rio Piedras, Puerto Rico for $325,000.  JDN Realty
Corp will purchase a lease for the store in Fayettville, NC.

General Growth Properties (Landlord) will purchase a lease to a
store in Oklahoma City, Oklahoma with a waiver of all outstanding
amounts and a lease for a store in West Hills, California for
$100,000 plus a waiver of outstanding amounts.  Chelsea GCA
Realty will purchase a lease for a store in Waipahu, Hawaii for
$15,000 plus a waiver of outstanding amounts.  Roans Prairie
Development Corp will purchase a lease for the store in Beaumont,
Texas for $100,000 plus a waiver of outstanding amounts and Metro
National Corporation will purchase the lease for a store in
Houston, Texas plus a waiver of outstanding amounts.


DOW CORNING: Report Says No Link Between Implants and Disease
-------------------------------------------------------------
Dow Corning said today that the release of a study conducted by
the Institute of Medicine showing no connection between breast
implants and disease is good news for women with implants. The
Institute of Medicine is the medical arm of the National Academy
of Sciences, the United States most prestigious scientific
organization. This study was conducted at the request of the U.S.
Congress.

"This study provides additional solid evidence that breast
implants do not cause disease. While we have always believed
that, it is reassuring to see the fifth major scientific panel
reach the same conclusion," said Barbara Carmichael, vice
president, Dow Corning Corporation.

The IOM study published today should provide enormous comfort to
women with breast implants. "Like the authors of the report, we
at Dow Corning are also very sympathetic to women with breast
implants who are ill. We hope that resources can now be properly
directed to find the true causes of these diseases. Fortunately,
for the vast majority of women with breast implants who are
healthy, this study is further evidence that they need not be
concerned that their breast implants will make them ill."

"While today's study provides good news for women with implants,
it does not change our commitment to resolving our Chapter 11
case," Carmichael said. "We have committed to funding a $3.2
billion joint plan with the Tort Claimants Committee, and hope to
see this Joint Plan of Reorganization confirmed by the Court
later this summer. We are hopeful that this study will provide
closure to this controversy for both women with implants and Dow
Corning."

"The IOM report does discuss the issue of implant rupture and
local complications. While these complications are well known,
they are not life- threatening and are medically manageable,"
Carmichael said. The company believes that the occurrence of
rupture is rare and has been estimated by a recent study
conducted by The Mayo Clinic to be less than six percent.

Australia's Therapeutics Devices Evaluation Committee concluded
in July of 1997 that there was no strong evidence linking an
association with breast implants and alleged diseases. The report
states: "Several large studies have failed to establish a link
between silicone breast implants and well-defined connective
tissue diseases including scleroderma."

United Kingdom's Independent Review Group found in July of 1998
that there is no conclusive evidence of a link between silicone
breast implants and connective tissue disease, nor a link with
abnormal immune response. This was the third such review by this
group that reached this same conclusion.

European Committee on Quality Assurance and Medical Devices in
Plastic Surgery issued in July of 1998 a Consensus Declaration on
Breast Implants stating: "studies continue to show that silicone
gel-filled breast implants do not cause cancer. There are
conclusive scientific-clinical, immunological, epidemiological --
data that silicone gel-filled breast implants do not cause any
auto-immune nor connective tissue disease."

The 706 National Science Panel, appointed by U.S. Judge Sam C.
Pointer, overseeing Multi-District Litigation concerning breast
implants, found no proven links between silicone breast implants
and diseases.


EQUALNET COMMUNICATIONS: Irrevocable Proxies Facilitate Merger
--------------------------------------------------------------
An irrevocable proxy agreement was entered into on May 21, 1999
between the Willis Group, HW Partners L.P., a Texas limited
partnership, as representative for Infinity Investors Limited and
IEO Holdings Limited, and EqualNet Communications Corp., a Texas
corporation.

The irrevocable proxy gives the right to vote the common stock of
the proxy stockholders and, collectively with the purchase shares
and the option shares, vote in favor of the merger agreement and
the transactions contemplated thereby.  Also to vote in favor of
the amendment of the Articles of Incorporation of EqualNet to
increase the authorized number of shares of common stock, the
authorization of the issuance of shares of common stock in
connection with the transactions contemplated by the merger
agreement, and in some cases, the conversion into common stock
of each convertible security held by each proxy stockholder prior
to the merger at any meeting.  The proxy designates a vote
against any proposal brought before the stockholders of EqualNet
which would conflict with the merger and the transactions
contemplated by the merger agreement including any proposal to
remove any one or more directors of EqualNet designated by
Orix pursuant to the merger agreement.  The proxy stockholders
also retain the right to vote their common stock with respect to
matters other than those identified in the Irrevocable Proxy
Agreements.

In the common stock subscription agreement dated May 24, 1999,
Infinity and IEO purchased 1,666,666 shares of EqualNet's common
stock at a purchase price of $.60 per share.  In addition, in
accordance with the subscription agreement, Infinity and IEO have
been granted an option to purchase up to an additional $1,500,000
in common stock on or before the merger at a purchase price of
$.60 per share.  The subscription agreement was executed
in connection with an agreement and plan of merger dated as of
May 24, 1999 by e. Volve Technology Group, Inc., a Nevada
corporation (f.k.a. Orix Global Communications, Inc., referred to
here as "Orix"), EqualNet and EqualNet Acquisition Corporation, a
Nevada corporation and wholly-owned subsidiary of EqualNet
Communications, in which the company will be merged
with and into Orix.  Pursuant to the merger agreement, all of the
shares of the common stock of Orix shall be converted into that
number of shares of common stock equal to fifty-five percent of
the issued and outstanding shares of the common stock upon
consummation of the merger.

EqualNet Communications Corporation and EqualNet Corporation have
filed a second amended reorganizaiton plan with the SEC, together
with first, second and third modifications thereof.  The Plan, in
its entirety, may be read by accessing http://www.sec.gov/cgi-
bin/srch-edgar?0000950144-99-007466 free of charge,
on the Internet.


FAVORITE BRANDS: April Monthly Financials Reflect Continuing Loss
-----------------------------------------------------------------
Having filed for relief under Chapter 11 in the United States
Bankruptcy Court for the District of Delaware on March 30, 1999,
Favorite Brands International Holding Corp., Favorite Brands
International, Inc., Trolli Inc., and Sather Trucking Corporation
is filing, with the SEC, copies of monthly operating reports
filed with the United States Trustee's office and the United
States Bankruptcy Court for the District of Delaware within
fifteen days after such filing. The company filed its April
monthly operating report with the United States Trustee's office
on June 1, 1999 reflecting a net loss of $4,909,000 on revenues
of $51,647,000.


FLORIDA COAST PAPER: Ad Hoc Committee Objects to Venue Change
-------------------------------------------------------------
The Ad Hoc Committee of Noteholders of Florida Coast Paper
Holding Company LLC objects to the motion for change of Venue to
the Northern District of Florida filed by one secured creditor
and two unsecured creditors.  The Committee argues that of the
twenty largest unsecured creditors, only five are located in
Florida.  The Ad Hoc Committee of Noteholders states that it
represents in excess of $134 million of the notes, and the
creditors are located in New York, Massachusetts, Illinois,
Minnesota and the UK. The Committee states that the retention of
venue in the District of Delaware will promote the efficient and
economic administration of the cases.  The Committee states that
Wilmington, Delaware is a more convenient venue for the major
economic parties in interest in the debtors' cases than Florida.


FORCENERGY: Monthly Report Shows Slight Net Income Gain
-------------------------------------------------------
Having filed for Chapter 11 bankruptcy protection on March 21,
1999 Forcenergy is now rendering monthly financial reports.  The
company had formerly reported first quarter 1999 revenues and
losses at $54,206,000 and $14,938,000 respectively.  The month of
April saw a slight gain in net income to $762,000 on revenue of
$25,265,000 primarily as a result of receipt of settlement
proceeds from the liquidation of the company's hedging contracts
by the counterparty subsequent to the Chapter 11 filing.


FRANKEL'S HOME FURNISHINGS: Report On Outcome of Lease Auction
--------------------------------------------------------------
Frankel's Home Furnishings, inc./, submits a report on the
outcome of the debtor's auction of non-residential real property
leases.  The auction was conducted by DJM Asset Management LLC.

The Commack Lease: The successful bidder was the landlord,
Commack Associates with a gross bid price of $200,000.

The Oceanside Lease: The Children's Place was the successful
bidder with an all cash bid of $305,000.

The Yonkers Lease: Paramount made a minimum and only bid of
$25,000.

The Staten Island Leases: A&E Stores made the only bid of
$50,000.


FWT INC: Trustee Objects To Retention of McDermott, Will & Emery
----------------------------------------------------------------
The United States Trustee for the Northern District of Texas
files an objection to the application of the Official Committee
of Noteholders to retain McDermott, Will & Emery LLP as counsel
to the Committee.

The Committee was appointed on May 6, 1999 and they request that
the representation be effective as of April 16, 1999.  The
Trustee submits that the employment must be effective after the
formation of the committtee.  The Trustee also states that the
hourly rates requested (of over $400 per hour for two attorneys)
are unreasonable.


HARVARD INDUSTRIES: Shares Under Reorganization Being Offered
-------------------------------------------------------------
Harvard Industries Inc. is issuing a prospectus in connection
with stockholders offering to sell up to 5,372,298 shares of
common stock of Harvard Industries, Inc.

Harvard emerged from Chapter 11 bankruptcy proceedings on
November 24, 1998, and the selling stockholders acquired their
shares in connection with the consummation of Harvard's plan of
reorganization. Harvard has agreed to register the shares of
common stock issued to those claimholders who are otherwise
unable to sell their shares pursuant to an exemption from
registration under the Securities Act.

The selling stockholders will receive all of the net proceeds
from the sale of the shares. These stockholders will pay all
underwriting discounts and selling commissions, if any,
applicable to the sale of the shares. Harvard Industries will not
receive any proceeds from the sale of the shares.  The
selling stockholders and participating brokers or dealers may be
deemed to be underwriters within the meaning of the Securities
Act, in which event any profit on the sale of the shares by those
selling stockholders and any commissions or discounts received by
those brokers or dealers may be deemed to be underwriting
compensation under the Securities Act.


IOMEGA: Cuts 450 Jobs
---------------------
Iomega Corp. is cutting 450 jobs, or 10 percent of its  
workforce, as it struggles to recover from sluggish sales of its
computer storage products and the loss of top managers. Iomega
said Friday it will lose 5 cents to 10 cents a share in the
current financial quarter, excluding a restructuring charge,
compared to analysts' expectations of zero profits. A
year earlier, the company lost 13 cents a share.


IRIDIUM: Stock Rises
---------------------
Iridium World Communications, up 1 at 8 3/4

The near-bankrupt satellite phone service unveiled a new
marketing initiative with price cuts of up to 65 percent and flat
per-minute rates for international calls. Iridium backers
Motorola and Kyocera also announced price cuts on mobile phones
for the satellite service.


LIVENT: Seeks Management Retention Incentive and Severance Plan
----------------------------------------------------------------
On June 14, 1999, the debtors announced that CEO Roy Furman and
President, David Maisel would resign on June 25, 1999.  Pursuant
to the Management Retention Plan, senior managers are entitled to
receive severance upon termination of their employment.  Eligible
employees who voluntarily resign from their positions prior to
consummation of a sale are not eligible to receive severance.

The debtors believe that it is appropriate to pay Mr. Furman and
Mr. Maisel the severance awards contemplated by the Management
Retention Program, since they are resigning in the best interest
of the estates (their resignations will result in a savings to
the estates of in excess of $317,000) and they have foregone
other employment opportunities to remain and successfully lead
the debtors to execution of a definitive agreement.  Maisel will
receive predetermined severance award in installments of $30,000,
$25,000 and $20,000 during the next sixty days with the remainder
to be paid consistent with the Management Retention Plan.


MCA FINANCIAL: Bank Group Concurs In Extension of Exclusivity
-------------------------------------------------------------
The Bank Group concurs in the motion of MCA Financial Corp. and
its affiliates to Extend Exclusivity Periods.


MESA AIR: Merger Completed, CCAIR Now Subsidiary Of Mesa Air
------------------------------------------------------------
On June 10th, Mesa Air Group, Inc. announced that it has
completed its merger with CCAIR, Inc., whereby CCAIR will become
a wholly-owned subsidiary of Mesa Air Group. CCAIR is a
Charlotte, North Carolina based regional airline operating 31
aircraft as US Airways Express. The transaction, valued at
approximately $50.7 million, reflects an approximate $4.13 per
share purchase price based on a Mesa share price of $6.625 and
will be accounted for as a pooling of interests. Under the terms
of the merger agreement, shareholders of CCAIR will receive .6214
shares of Mesa common stock for each outstanding share of CCAIR
common stock.

Jonathan G. Ornstein, Chairman, President and Chief Executive
Officer of Mesa stated, "CCAIR, operating as US Airways Express
in US Airways' largest hub, represents a significant strategic
acquisition for Mesa and is an integral part of Mesa's long-term
business strategy. Over the last few years, CCAIR has
demonstrated tremendous improvements both operationally
and financially and has an excellent relationship with US
Airways, as well as superb employees and management. The
acquisition will strengthen Mesa's relationship with US Airways,
which is very important to us, and results in the combined
companies serving all the major US Airways hubs on the East
Coast. We are delighted to welcome CCAIR and its dedicated
employees into the Mesa family."

In addition, Mesa also announced the election of George Murnane
III to its Board of Directors. Mr. Murnane comes to Mesa with a
broad background in aviation and is Chief Operating Officer and a
Director of International Airline Support Group, Inc.  Prior to
joining IASG, Mr. Murnane was Chief Operating Officer of Atlas
Air, the world's largest all 747 cargo carrier and had spent 9
years as an investment banker with Merrill Lynch's Transportation
Group. Mr. Murnane is also a General Partner with Barlow Partners
and served on CCAIR's Board of Directors.

In other news, Mesa Air Group was recently awarded the 1999
Management -- Pilot Teamwork Award by Professional Pilot Magazine
-- a leading aviation publication. The company serves 120 cities
in 28 states plus the District of Columbia, as well as Toronto,
Canada and Guaymas and Hermasillo, Mexico. The company operates
as America West Express in the Southwest, US Airways
Express throughout the East Coast and Midwest, and independently
as Mesa Airlines in New Mexico and Colorado.  Mesa operates one
of the youngest fleets of jet and turbo-prop aircraft in the
industry today and has over 3000 dedicated employees.


NAHDREE GROUP: Files For Protection Under Chapter 11
----------------------------------------------------
The Nahdree Group, Ltd., (OTC Bulletin Board: NDRE), today
announced that the Company has filed for protection under Chapter
11 of the Bankruptcy Code.

This action has been necessitated by the determination by
Company's lender, Heller Financial, Inc., to withdraw its
financial support, the inability of the Company to arrange
replacement financing in the time available, and the initiation
by Heller of action seeking to foreclose on the collateral for
its loan.  The Company believes its operations will be able to be
reorganized successfully. It has been generating significant
operating income and has a substantial book of orders, but
requires assistance in dealing with creditors in order to obtain
the time required to develop and implement a business plan for
the forthcoming period.


NATIONSWAY TRANSPORT: Meeting of Creditors
------------------------------------------
A meeting of creditors in the case of Nationsway Transport
Service, Inc. will take place on July 8, 1999 at 2:00 PM at 2929
N. Central Ave., 11th Floor, Courtroom 1, Phoenix, Arizona.


NEW WORLD COFFEE: Stockholder Rights Plan
-----------------------------------------
On June 11, 1999, New World Coffee-Manhattan Bagel Inc. announced
that its Board of Directors had adopted a stockholder rights
plan.  Under the plan, the Board declared a dividend  
distribution of one right on each outstanding share of New
World's common stock, as well as on each share later issued.  
Each right will allow shareholders to buy one one-hundredth of a
share of a newly created series of New World preferred stock at
an exercise price of $10.00.

The rights become exercisable if an individual or group acquires
15% or more of New World common stock, or if an individual or
group announces a tender offer for 15% or more of the company's
common stock.  New World's Board can redeem the rights at $0.001
per right at any time before any person acquires 15% or more of
the outstanding common stock.

In the event an individual acquires 15% or more of the
outstanding common stock, each right will entitle its holder to
purchase, at the right's exercise price, one one-hundredth of a
share of preferred stock which is convertible into common stock
at one-half of the then value of the common stock--or to  
purchase  such common stock directly if there are a sufficient
number of shares of common stock authorized.

Rights held by the acquiring person are void and will not be
exercisable to purchase shares at the bargain purchase price.  If
New World is acquired in a merger or other business combination
transaction, each right will entitle its holder to purchase, at
the right's then-current exercise price, a number of the
acquiring company's common shares having a market value at
that time of twice the right's exercise price.

The dividend distribution is deemed made on June 7, 1999 to
shareholders of record on that date. The rights will expire in 10
years. The company noted that the plan was not adopted as a
response to any specific effort to acquire the company.  Rather,
the Board's action was intended to ensure that all New World
stockholders receive fair treatment in the event of a proposed  
acquisition,  while  protecting  against open market
accumulations, partial  tender  offers,  and other  measures  
designed to assume control of the company without paying all the
stockholders a fair price.

In addition, New World noted that, based on the most recent
available data, over 2,000 publicly owned companies across the
United States have taken similar steps to protect the rights of
their shareholders.  Analysts estimate that the ranks of
companies adopting such provisions include more than 60% of
Standard and Poors-listed companies and over 50% of the
Fortune 100 companies.

New World Coffee-Manhattan Bagel Inc. currently franchises,
licenses or owns stores in 18 states, Washington, D.C., and
internationally.  The company is vertically integrated in bagel
dough and cream cheese manufacturing, and coffee roasting, with
plants in New Jersey, California and Connecticut.


NORTHWESTERN STEEL & WIRE: Cutbacks & Asset Sales - Aim: Survival
-----------------------------------------------------------------
On October 7, 1998 Northwestern Steel & Wire Co. had  announced
the exit of the majority of its wire products business by the end
of calendar 1998. The company has ceased production and marketing
of its agricultural, nail and lawn and garden product lines.

On July 24, 1998, the company had signed a letter of intent to
sell its idled Houston facility including land and buildings in
exchange for cash. On December 7, 1998 the company was notified
by the potential purchaser of their decision to cancel their
letter of intent. The Houston facility was again placed on the
market for sale.

On June 9, 1999 the company reached an agreement with another
potential purchaser and signed a letter of intent to sell the
land and buildings. The sale was expected to close on or about
June 16, 1999.

The company's Board approved a new negotiated labor agreement
with the United Steelworkers of America which was ratified by the
Union membership on March 22, 1999. The contract is subject to
the condition that the company is successful in securing the
financing necessary to construct a new structural mill.

On April 7, 1999, Northwestern announced the sale of its concrete
reinforcing products facility, located in Hickman, Kentucky.
Under the terms of the purchase agreement, the purchaser acquired
the inventory, property, plant and equipment for approximately
$8.3 million. The company will continue to supply a portion of
the plant's raw material requirements under a separate, three-
year agreement.

On April 23, 1999, the company's Senior Credit Facility was
amended to revise certain provisions and terms of the credit
agreement through October 30, 1999. The principal amendment is
the determination of compliance with the fixed charge coverage
ratio, limiting the total revolving credit exposure to be no
greater than $30 million and permitting the sale of the
Hickman, Kentucky facility. There were no borrowings under the
Senior Credit Facility as of April 30, 1999.

Net sales for the company were $81.3 million on total shipments
of 262,111 net tons for the three months ended April 30, 1999,
compared to $168.3 million on shipments of 435,711 net tons for
the three months ended January 31, 1998.  For the third quarter
ended April 30, 1999, the company recorded a net loss for the
period of $8.6 million, which included a one-time non-cash after
tax charge of $3.5 million, primarily due to the sale of
the Hickman, Kentucky facility. This compared to reported net
income of $9.6 million in the prior year period.


PARAGON TRADE: Objection Deadline and Hearing Date
--------------------------------------------------
Any party objecting to granting the relief sought by the Equity
Committee in its motion for authority to prosecute claims against
Weyerhaeuser in the name of the estate must file a written
objection no later than 4:30 PM on July 7, 1999.  If objections
are filed, a hearing will be held on July 26, 1999 at 2:00 PM.


PHP HEALTHCARE: Notice of Bar Date
----------------------------------
The debtor, PHP Healthcare Corporation, filed a notice stating
that on June 10,m 1999 the US Bankruptcy Court for the District
of Delaware entered an order setting a Bar date for  filing
reuqest for payment of administrative claims.  Such requests must
be received no later than 4:00 PM Eastern Time, July 16, 1999.


PITTSBURGH PENGUINS: Ruling Might Give Lemieux Leverage
-------------------------------------------------------
The deal that the Pittsburgh Penguins struck with Civic Arena
manager SMG Inc. in 1991 is a loan, not a lease, a judge ruled in
a decision that could give Mario Lemieux more leverage to rescue
the bankrupt team. In a 31-page opinion, U.S. Bankruptcy Judge
Bernard Markovitz ruled in favor of the Penguins' claim regarding
the lease. The ruling could give Lemieux, the team's former star
center, and Pittsburgh officials new leverage to force SMG to
renegotiate the lease.

Last week, Pittsburgh officials accused SMG of refusing to talk
seriously and threatened to cancel the Philadelphia-based
management group's contract to schedule events at the Civic
Arena. SMG officials had no immediate reaction to Markovitz's
decision.

Creditors are to vote on Lemieux's plan Thursday, June 24.
The judge found that SMG had paid $24 million to Penguins owner
Howard Baldwin for the rights to manage the arena and sublease it
to the Penguins. Baldwin used that money to buy the team from
Edward DeBartolo.

"It was a financing device masquerading as a lease, so as to
allow Howard Baldwin to purchase the team while providing a
stream of money to SMG to reimburse it for the cash infusion and
for its efforts in running the facility," Markovitz said.

He called the deal a "subterfuge" and suggested that the
complicated loan was a way to make the 1991 deal acceptable to
the NHL.

"The record does not indicate whether the NHL was aware of this
subterfuge," Markovitz said. Attorneys in the case said that if
the Penguins repay the balance of the loan - a figure not
specified in Markovitz's ruling - SMG will have to return control
of the arena to the Penguins.

"We've liberated the Civic Arena," said Doug Campbell, attorney
for Lemieux. The retired Penguins center is leading a group that
is trying to buy the team and has the endorsement of Pittsburgh
and Allegheny County officials and the NHL. Wes Westley, the
president of SMG, said he wasn't sure about the ruling. "We're
trying to figure out what it means," he said. "We're studying it.  
We'll have more of an opinion on Monday."
                                                
                                      
POWER PLUS: Attempting To Reposition Without Assets & Delisted
--------------------------------------------------------------
Investing is the priority for Power Plus Corporation, the primary
activities of which fall into two categories: investing in
operating companies; and, carrying on business through subsidiary
operating companies. Power Plus Corporation has been the parent
of subsidiaries that hire employees, procure merchandise for
resale, purchase or build capital assets and carry on specialty
retail businesses operating in Canada and the US, primarily
selling batteries and battery-related products, wireless
telecommunications products and portable fashion electronics.

Power Plus filed for Chapter 11 bankruptcy protection in January
1998, sold its assets in mid-'98 and its stock shares in October
1998.  Since that time it has not operated any stores.  All of
the company's retail operations in Canada and the US had been
conducted through its subsidiaries, PPCan and PPUSA, and all of
the capital assets employed in carrying on the retail business
were owned by them. The company is currently undergoing
reorganization, implementing its 1999 Reorganization Plan.
Management says it cannot give any assurances as to the future
outlook for the company, conditional regulatory approval to the
1999 Reorganization Plan was granted on 29 April 1999 and over
the next three months, the company will be proceeding to
implement its plan.

In the circumstances of these reorganizational proceedings The
Alberta Stock Exchange conducted a review of the financial
affairs of Power Plus to ascertain whether the company was
maintaining continued listing requirements. The Exchange
determined that the company, having divested what the Exchange
considered to be substantially all of its operating assets, did
not meet the continued listing requirements and, therefore,
trading of the company's shares was suspended at the close of
business on 30 April 1999.

The company continues in its role as an investment banker and is
currently seeking new investment opportunities. Its first quarter
1999 (ended April 30, 1999) financial figures reflect the parent
company's activities only since it did not own any active
subsidiaries during that period.  During that quarter revenues
were reported at $5.9 million (Canadian) and net loss
at $4.5 million (Canadian).


QUEEN SANDS: Prospectus Available Describing Shares For Sale
-----------------------------------------------------------
Queen Sands Resources Inc. has prepared a prospectus relating to
5,174,612 shares of common stock of to be sold from time to time
by selling stockholders named in the prospectus. The company will
not receive any of the proceeds from the sale of the shares of
common stock.

The selling stockholders may sell the shares of common stock
covered by the prospectus through one or more underwriters and
may also sell the shares of common stock directly to other
purchasers or through agents on the Nasdaq SmallCap Market in
ordinary brokerage transactions, in negotiated transactions or
otherwise, at market prices prevailing at the time of sales, at
prices related to the then prevailing market price or at
negotiated prices. If interested it would be wise to read the
prospectus carefully before investing.  The text, in its
entirety, may be read by accessing http://www.sec.gov/cgi-
bin/srch-edgar?0000950134-99-005479 on the Internet, free of
charge.

In offering the shares of common stock Queen Sands points our
several risk factors, among them the fact that certain officers
and directors of the company, collectively, own a considerable
share of Queen Sands, and could, if desired, exert control over
matters under consideration and vote by the stockholders.

The company is an independent energy company which emphasizes
growth in oil and natural gas reserves and production volumes
through the acquisition, exploitation and development of on-shore
oil and natural gas properties located in the United States.
Since August 1994 it has grown primarily through 20 acquisitions
of oil and natural gas properties for aggregate consideration of
approximately $160.0 million.  The company's properties
are located throughout 114 producing fields in the southwestern
United States.

Within the prospectus the company points out that it has a
significant level of indebtedness. As of March 31, 1999, the
ratio of total indebtedness to total capitalization was 116% and
consolidated total interest coverage ratio was 1.3:1.0.  Queen
Sands intends to borrow more money in the future to fund
acquisition and exploitation strategy. This relatively high
leverage could negatively affect the operations in a number
of ways.

Further, the company's high indebtedness level creates an
increased risk that it may find it necessary to default on
obligations. If it defaults, then the bank lenders could
foreclose on oil and natural gas properties securing their loans.
In the past, the company has defaulted under certain financial
covenants under the loans, but the lenders have waived these
defaults.


SUN TV: Seeks Extension of Exclusivity
--------------------------------------
The debtors, Sun TV and Appliances Inc. and its affiliates seek
an order granting extension of periods to file a plan and solicit
acceptances thereto.  A hearing will be held before the Honorable
Mary F. Walrath, US Bankruptcy Court for the District of Delaware  
on June 28, 1999.

Sun TV has nearly completed its plan of liquidation and
disclosure statement.  However, the current deadlines for the
exclusive periods do not afford Sun TV adequate time to complete
the drafting, circulation, negotiation and finalization of a
disclosure statement and plan of liquidation that will provide
for the distribution of the cash proceeds received from the sale
of its remaining assets.

Sun TV requests that the court extend the current deadline for
filing a plan for sixty days, through and including August 31,
1999 and the Solicitation period through and including October
31, 1999.  The debtor states that due to the size and complexity
of the debtors' business, the process of closing its remaining
stores and liquidating its remaining business has been time
consuming.


SYSTEMSOFT: Deadline For Filing Proofs of Claim
-----------------------------------------------
The US Bankruptcy Court for the District of Massachusetts,
Eastern Division, fixed August 9, 1999 before 4:00 PM as the Bar
Date for filing a proof of claim with the Clerk's Office in the
case of Systemsoft Corporation, debtor.


TELEGROUP INC: Seeks Approval of Auction Sale of Assets
-------------------------------------------------------
The debtor, seeks approval of an order approving the auction sale
of substantially all of the debtor's operating assets.  The
auction sale was held on May 26, 1999 and Foothill Capital
Corporation, the purchasers and the Creditors Committee have all
approved the form of the order.

The following bidders are approved as purchasers

Purchasers                        Assets                 Price

Primus Telecommunications        Lots 1-5             $71,725,000
                             North American Retail
                             Global Callback
                             Other Europe Retail
                             Japan Retail
                             Hong Kong Retail and includes                                                                                    
                             Telegroup Nederaland, BV's note                                         
                             receivable , the principal balance                               
                             of which is estimated at $562,0000                              
                             and excludes Portland Switch Site &                              
                             NPC IRU

Comdisco, Inc.               Los Angeles Switch Site   $1,100,000

Viatel Global
Telecommunications Inc.      Gemini IRU                $4,500,000


Cygnus Telecommunications Technologies, LLC has assserted that
the debtor's international callback technology, to be sold to
Primus infringes upon the certain US Patent No. 5883964 issued to
Cygnus on March 16, 1999.  The debtor and the purchaser deny that
assertion.


TELEGROUP INC: Seeks Extension Of Lease Determinations
------------------------------------------------------
The debtor, Telegroup Inc. seeks an extension of the time period
to assume or reject its nonresidential real property leases for
sixty days until August 31, 1999.  Primus has requested that the
debtor obtain the additional extension of time to assume or
reject executory contracts and unexpired leases so that Primus
can complete its review of the contracts and leases and make a
determination as to which contracts and leases it wishes assumed
and assigned to it a s part of the sale transaction.  Any
remaining leases the debtor anticipates moving to reject, unless
the debtor and the other successful bidders at the auction agree
otherwise.


TRANSTEXAS GAS: Late Filing Caused By Bankruptcy Proceedings
------------------------------------------------------------
TranTexas Gas Corporation has advised the SEC that it will be
late in filing it's financial information due to the bankruptcy
proceedings in which the company is involved.


TRANSTEXAS GAS: Operating Results For First fiscal Quarter
----------------------------------------------------------
TransTexas Gas Corporation (OTC BB:TTGGQ) today reported
operating results for its first fiscal quarter, ended April 30,
1999.  Total revenues were $ 19.1 million, with a net loss of $
34.4 million, or $0.60 per share. This compares with revenue of $
33.5 million and a net loss of $ 6.8 million, or $ 0.12 per
share, in the previous year quarter. Year-ago figures include a
gain of $ 12.3 million on the sale of oilfield service assets
and purchase price adjustments on the Lobo Sale. Adjusting for
the gain on the sale of assets in the prior year, the comparable
net loss for that period was $ 14.8 million, or $ 0.26 per share.
On April 19, 1999, TransTexas filed a voluntary petition under
Chapter 11 of the U.S. Bankruptcy Code, in order to preserve cash
and give the Company the opportunity to restructure its debt. The
Bankruptcy Court has approved debtor-in-possession financing
of up to $ 20 million (with an additional $ 10 million
potentially available).  Earnings before interest, income taxes,
litigation accruals, depreciation, depletion and amortization
(EBITDA) for the quarter was $ 4.6 million, including a $ 0.5
million loss from the sale of certain vehicles and other
equipment, as compared to $ 20.3 million in the prior year
quarter, including the $ 12.3 million gain on the sale of
oilfield service assets. Thus, recurring EBITDA was $ 5.1 million
as compared to $ 8.0 million in the prior year quarter. Cash flow
from operations was $ 0.8 million for the quarter versus a
deficit of $ 0.9 million in the previous year quarter.

Total capital expenditures were $ 1.2 million, versus $ 61.4
million in the prior year. Oil and gas production in the quarter
rose to 9.8 billion cubic feet of natural gas equivalent (Bcfe),
an increase of 20% over the comparable period in 1998.  
Offsetting this production increase however, were lower average
natural gas prices in the quarter, which declined 15% to $ 1.86
per thousand cubic feet (Mcf). Lower realized pricing for natural
gas reduced EBITDA and cash flow by $ 2.3 million. Depreciation,
depletion and amortization increased by $ 4.5 million due to a $
0.47 per Mcfe increase in the depletion rate because of higher
acquisition cost of properties, increased drilling and
development costs and unsuccessful drilling results. Lifting
costs averaged $ 0.61 per thousand cubic feet equivalent (Mcfe),
versus $ 0.50 per Mcfe in the prior year quarter. The increase
was attributable primarily due to increases in salt-water
disposal costs and workover expenses. TransTexas said that it
had resumed drilling in its Eagle Bay natural gas field, Wharton
County natural gas fields and the Trout Point prospect after
approval of debtor-in-possession financing. The Company
anticipates that the completion of these wells will increase
production and cash flow from operations.

TransTexas is engaged in the exploration, production and
transmission of natural gas and oil, primarily in South Texas,
including the Eagle Bay field in Galveston Bay. Copies of the
Company's filings with the Securities & Exchange Commission may
be found on the internet at http://www.sec.gov/cgi-bin/srch-
edgar?0000904977.  
  

TRISM INC: Defaults On Interest Payment/Attempting Restructuring
----------------------------------------------------------------
On June 10, 1999, the Board of Directors of Trism Inc. determined
that the company would not make the June 15, 1999 interest
payment aggregating $4.6 million on its 10 3/4% senior
subordinated notes due 2000 issued pursuant to the Indenture.  
Failure to timely make such payment constitutes a default under
the Indenture.  The company has commenced discussions with
representatives of certain holders of the notes seeking to
effectuate a consensual restructuring of the  obligations.  It is
anticipated by Trism that such restructuring would not affect the
operations of the company, and that all of the company's trade
and leasing obligations would be paid in accordance with their
terms.


USTEL: Hearing to Consider Sales Of Assets Continued
----------------------------------------------------
The hearing to consider the sales of all or substantially all of
the debtors' assets is continued to June 29, 1999 at 9:30 AM.

With respect to the proposed sales, the debtors' lenders, Goldman
Sachs Credit Partners, LP and Cost Business Credit, possess
credit bid rights under the Overbid Order, as well as Bankruptcy
Code provisions and have reserved the right to exercise such
rights regarding any proposed sale.  The Bankruptcy court ahas
entered an order concerning credit bid rights, on certain terms,
for MCI/WorldCom.  Bids have been received from Incomnet and Fox.

The debtor is seeking an extension of the deadline for assumption
or rejection of non-residential real property leases to August 7,
1999.  The debtors seek this 36-day extension in that the current
deadline because the current sales motion would not close in time
for the assumption or rejection deadline.

The debtors also seek an extension of the July 8, 1999 and
September 6, 1999 deadlines for filing a plan and obtaining
acceptances of a plan respectively to September 6, 1999 and
November 5, 1999 respectively.  The focus of the cases has been
on keeping the assets preserved and selling them for the highest
value.  The debtors have not had the time or ability to properly
consider their post-sale options of whether to file a plan or
complete this case through other alternatives.  Therefore, the
debtors seek these extensions.


VANGUARD AIRLINES: Back On NASDAQ Following Profitable Operations
-----------------------------------------------------------------
Vanguard Airlines, Inc. announced that as of June 15, 1999, its
sommon stock has been accepted by the Nasdaq SmallCap Market for
listing effective June 15, 1999.  The President and CEO of the
company indicated that the return to the Nasdaq SmallCap Market
was the reult of the company's successful completion of a reverse
stock split and four consecutive quarters of operating profits.

President Spane was quoted:  "By July 15, 1999, with the
introduction of service to Buffalo/Niagara Falls, we will be
flying about 50% more capacity year-over-year.  Furthermore, we
are anticipating that 1999 will prove to be the most profitable
year in the company's history."

Vanguard, which began service in December 1994 and is
headquartered in Kansas City, is a low-fare, passenger airline
providing convenient, scheduled jet service.  Vanguard serves the
following ten cities: Atlanta, Buffalo/Niagara Falls (effective
July 15, 1999), Chicago-Midway, Cincinnati, Dallas/Ft. Worth,
Denver, Kansas City, Minneapolis/St. Paul, Myrtle Beach and
Pittsburgh.  The company employs approximately 900 full-time
equivalent employees and currently operates a fleet of eleven
Boeing 737-200's, with one more due for delivery in July 1999.

The company has also signed letters of intent for three
replacement aircraft, with anticipated delivery dates in the
second half of 1999.  Vanguard reported its first-ever annual
operating profit in 1998 and its fourth consecutive quarter of
operating profits in the first quarter of 1999.


Meetings, Conferences and Seminars
----------------------------------
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 24-25
    NESTOR INC.
     1999 RISK MANAGEMENT SYMPOSIUM
      DoubleTree Islander Hotel in Newport, Rhode Island
          Contact: (401) 331-9640 Beverly Torres

August 26-28, 1999
   AMERICAN LAW INSTITUTE - AMERICAN BAR ASSOCIATION
   COMMITTEE ON CONTINUING PROFESSIONAL EDUCATION
      Real Estate Defaults, Workouts and Reorganizations
         San Francisco, California
            Contact: 1-800-CLE-NEWS

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

September 27-28, 1999
   RENAISSANCE AMERICAN CONFERENCES & BEARD GROUP, INC.
      Conference on Corporate Reorganizations
         Regal Knickerbocker Hotel, Chicago, Illinois
            Contact: 1-903-592-5169 or ram@ballistic.com   

October 6-9, 1999
   NATIONAL CONFERENCE OF BANKRUPTCY JUDGES
      73rd Annual Meeting
         San Francisco Marriott, San Francisco, California
            Contact: 1-803-957-6225

October 22-26, 1999
   TURNAROUND MANAGEMENT ASSOCIATION
      1999 Annual Conference
         The Fairmont--Atop Nob Hill, San Francisco, CA
            Contact: 1-312-822-9700 or ljfialkoff@turnaround.org

November 29-30, 1999
   RENAISSANCE AMERICAN CONFERENCES & BEARD GROUP, INC.
      Distressed Investing '99
         The Plaza Hotel, New York, New York
            Contact: 1-903-592-5169 or ram@ballistic.com   

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, Yvonne L. Metzler and Lexy Mueller, Editors.
Copyright 1999. All rights reserved.  ISSN 1520-9474.  

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