TCR_Public/990914.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, September 14, 1999, Vol. 3, No. 177

                    Headlines

ALTIVA FINANCIAL: Details Of The Money Centre, Inc. Purchase
AMERICAN SKIING: Vote At Upcoming Special Meeting
AMERICAN MOBILE: Underwriting Agreement/Motorola Sells Shares
AMERICAN RICE: July Financial Information Filed
AMPACE CORP: Monthly Report For July Filed

ANKER COAL: Announces Revised Restructuring & Financing Terms
CAJUN ELECTRIC: Northern States To Acquire Southern Co's Half
CONTIFINANCIAL: Zero Shares Held By Pilgrim Baxter & Associates
EDC DESIGNS: Case Summary & 20 Largest Unsecured Creditors
EQUITEX: Acquisition And Disposition Of Assets

FASTCOMM: Announces Results For First Quarter Ended July 31, 1999
FEDCO: Order Extends Time To Assume/Reject Unexpired Leases
FIRST UNION: Sells Six Malls/Contemplates Other Changes
FORCENERGY: Order Authorizes Farmout Agreement
FORCENERGY: Unsecured Creditors to Recover 62% Under Plan  

GOSS REALTY: Bank Seeks Immediate Appointment of Trustee
GRAND UNION: Losses Continue In Quarter Ended July 24, 1999
HARVEY ELECTRONICS: 3 & 9 Month Reports Show Mounting Losses
HVIDE MARINE: Case Summary & 20 Largest Unsecured Creditors
IRIDIUM: Seeks to Move Bankruptcy Proceedings

LONG JOHN SILVER'S: A&W Restaurants Buys Long John Silver's
MCA FINANCIAL: Seeks To Extend Exclusivity
NAVIGANT INTERNATIONAL: Baupost Group Owns 10.91%
NEW WORLD COFFEE: Acquires Chesapeake Bagel Franchise
NEW WORLD COFFEE: Reverse Stock Split Effective As Of 8/24/99

PARAGON TRADE: Receives Satisfactory Commitment from Wellspring
RINCON ISAND: Hearing To Consider Disclosure Statement
SANTA FE GAMING: Hudson Bay Investors Files Counterclaim
SANTA FE GAMING: Joint Disclosure Statement Approved
SINGER COMPANY: Files Chapter 11 Bankruptcy

SINGING MACHINE: Net Income Increases Over Same Quarter Of 1998
SIZZLER INTERNATIONAL: Sales & Net Income Up In Recent Quarter
SPECTRUM INFORMATION TECHNOLOGIES: Changes Accountants
UNITED COMPANIES FINANCIAL: Suffers Significant Net Loss
VENCOR: BCSI Launches Case-Specific Newsletter

VENCOR: Ventas Announcement On Vencor Bankruptcy Filing
WINDSOR ENERGY: Hearing To Consider Disclosure Statement
WUHAN COTTON PLANT: China Declares Large State Firm Bankrupt  

Meetings, Conferences and Seminars


                   **********

ALTIVA FINANCIAL: Details Of The Money Centre, Inc. Purchase
------------------------------------------------------------
On July 15, 1999, Altiva Financial Corporation consummated
the previously announced purchase of all of the outstanding
stock of The Money Centre, Inc. The principal components of
the purchase price for the acquisition by the company were
$7,000,000 of cash, $3 million of the company's common
stock (600,000 shares valued at $5 per share), and 20%
of the pre-tax net cash flow, as defined in the purchase
agreement for a period not to exceed 48 months. A portion of
the cash purchase price was financed through a loan agreement
between Value Partners, LTD., T. Rowe Price Recovery Fund,
II, L.P. and Altiva Financial.


AMERICAN SKIING: Vote At Upcoming Special Meeting
-------------------------------------------------
On August 9, 1999, American Skiing Co. issued to Oak Hill
Capital Partners, L.P. and other Oak Hill entities a total
of 150,000 shares of 8.5% Series B Convertible Participating
Preferred Stock, par value $.01 per share, for $150 million.

Following the special meeting of the stockholders described
below, holders of the Series B Preferred Stock will be
permitted to convert their shares of Series B Preferred Stock
into between 28,571,429 and 46,124,575 shares of American
Skiing common stock, depending on the length of time American
Skiing elects to accrete dividends payable on the Series B
Preferred Stock rather than pay them in cash. The company
believes that this investment has stabilized its capital
structure and provided it with additional liquidity. In
addition, as part of the Series B Preferred Stock sale, the
company has also agreed to move the state of incorporation
of American Skiing from Maine to Delaware (by merging
American Skiing into a wholly owned Delaware subsidiary). The
company states that it believes that by moving its state of
incorporation to Delaware, it will be able to conduct its
business without restrictions that would otherwise be imposed
by Maine law as a result of the issuance of the Series B
Preferred Stock.

Under the rules of the New York Stock Exchange, the issuance of
Conversion Stock must be approved by the holders of a majority
of the shares actually voted by the holders of American Skiing
common stock, Class A common stock and senior preferred stock
(on an as-converted basis), voting together. The total votes
cast on the issuance of the Conversion Stock must represent a
majority of the outstanding shares of American Skiing common
stock, Class A common stock and senior preferred stock (on
an as-converted basis). The proposal relating to the Delaware
reincorporation must be approved by holders of a majority of
the outstanding shares of American Skiing common stock, Class
A common stock and senior preferred stock (on an as-converted
basis), voting together. The Series B Preferred Stock does
not have voting rights with respect to either proposal.

American Skiing has scheduled a special meeting of stockholders
for this vote, which will be held:

Thursday, October 7, 1999 10:00 a.m. (local
time) Jordan Grand Hotel Newry, Maine 04261

For a proxy statement with detailed information about
the proposed transactions access, free of charge,
http://www.sec.gov/cgi-bin/srch-edgar?0001047469-99-035046
on the Internet.


AMERICAN MOBILE: Underwriting Agreement/Motorola Sells Shares
-------------------------------------------------------------
Motorola, Inc. is reported as currently beneficially owning,
with sole voting and dispositive power over, 5,470,532 shares
of common stock of American Mobile Satellite Corporation.
The ownership of the shares represents 13.9% of the total
outstanding shares of common stock of American Mobile
Satellite.

Motorola is a global leader in providing integrated
communications solutions and embedded electronic solutions.
These include: (i) software-enhanced wireless telephone,
two-way radio, messaging and satellite communications products
and systems, as well as networking and Internet-access
products, for consumers, network operators, and commercial,
government and industrial customers; (ii) embedded
semiconductor solutions for customers in the consumer,
networking and computing, transportation and wireless
communications markets; and (iii) embedded electronic systems
for automotive, communications, imaging, manufacturing systems,
computer and consumer markets.

Under the terms of an underwriting agreement dated July 28,
1999 between American Mobile Satellite, Motorola and the
representatives of the underwriters, in connection with
American Mobile Satellite's registered public offering of
7,000,000 shares in July 1999, Motorola agreed, at the election
of the underwriters, to sell up to 1,050,00 additional shares
to the underwriters at the public offering price of $17.75
per share less the underwriting discount of $1.065 to cover
overallotments.  The underwriters elected to exercise in full
the option to purchase the additional 1,050,000 shares and
payment for and delivery of these shares was made on August
3, 1999.  In addition Motorola agreed with the underwriters
not to dispose of or hedge any of its shares during the period
from July 28,1999 and continuing through the date 120 days
from July 28, 1999, except with the prior written consent of
Bear, Stearns & Co. Inc.


AMERICAN RICE: July Financial Information Filed
-----------------------------------------------
American Rice Inc., in accordance with requirements of its
bankruptcy proceedings, has filed financial information for the
month of July 1999.  Revenues were $10,637 with net losses of
$652.  The loss is $259 less than loss sustained in the month of
June 1999 and $358 more than May 1999's net loss.


AMPACE CORP: Monthly Report For July Filed
------------------------------------------
In connection with Ampace Corporation's ongoing proceeding under
chapter 11 of the United States Bankruptcy Code the company has
filed its financial report for the month ended July 31, 1999.
Revenues were $600,934 with net losses of $119,936.


ANKER COAL: Announces Revised Restructuring & Financing Terms
-------------------------------------------------------------
As previously reported the Anker Coal Group, Inc. is
engaged in negotiations with Rothschild Recovery Fund,
L.P. to restructure its 9 3/4% Senior Notes due 2007 and
raise additional capital. The company announces that it has
reached agreement in principle with Rothschild on a revised
structure for the proposed transaction.

The revised approach would involve issuing secured exchange
notes for the existing unsecured senior notes in a private
transaction with a limited number of note holders and raising
additional capital in a private placement. It is now proposed
to offer note holders in a private exchange $800 principal
amount of new 14.25% Senior Secured Notes due 2007 plus common
equity in the company for each $1,000 principal amount of
old notes exchanged. The proposed exchange ratio has been
increased from 75% in the previous structure in lieu of
paying the October 1, 1999 interest payment on the existing
notes in cash. For each $1,000,000 principal amount of notes
exchanged, the exchanging note holder would receive 0.16%
of the company's fully diluted equity, for a total of 20%
if all notes were exchanged.

The interest payment on the new notes due April 1, 2000 would
be paid in kind by issuing $71.25 principal amount of new
notes in lieu of cash interest due on each $1,000 principal
amount of new notes on that date.  Interest on the new notes
would thereafter be payable only in cash.

The revised approach also contemplates that the company would
issue new notes to JJF Group Limited Liability Company (a
shareholder of the company controlled by the estate of John
J. Faltis, former Chairman and Chief Executive Officer of the
company) in exchange for cancellation of JJF Group's stock
in the company and its rights to require the company to buy
that stock for $10,000,000 plus interest.  Under the proposed
new approach, Anker Coal would need to raise substantially
less cash, all of which Rothschild has agreed in principle
to provide.

Consummation of the proposed private transaction is subject to
satisfaction of a number of conditions, including negotiation
of definitive documentation and the exchange of at least
a majority of the old notes for new notes in the private
exchange. Rothschild has advised the company that, assuming
the proposed transaction is consummated, it will exchange
its roughly $41,000,000 of old notes in the private exchange
and will purchase $11,765,000 of additional new notes plus
10% of the company's fully diluted equity for a payment of
$10,000,000 in cash at closing. In addition, Rothschild has
agreed to provide the company with approximately $7,500,000
of additional cash if needed to make the October 1, 2000
interest payment on the notes by purchasing additional notes
at a price equal to 95% of their then-current market value.

Anker Coal has identified a limited group of note holders to
which it plans to offer the opportunity to participate in the
proposed private exchange.  The company anticipates offering
note holders that are not involved in the initial private
exchange the opportunity to exchange their unexchanged 9 3/4%
notes for new notes in a subsequent public exchange offer.

The company says it believes that the revised restructuring
proposal is in its best interests, and will enable the company
to continue implementing its current business plan. The company
cannot give any assurance that the proposed transaction will
be consummated on terms acceptable to all parties, if at all.

Anker Coal Group, Inc. and its subsidiaries produce and
sell coal used principally for electric generation and steel
production in the eastern United States.

The securities to be issued as described above have not,
and will not, be registered under the Securities Act of 1933
and may not be offered and sold in the United States absent
registration or an applicable exemption from registration. The
company is not, and will not, be making an offer to sell or
the solicitation of an offer to buy any security. Any such
offer will be made only by a separate exchange offer and
private placement memorandum.


CAJUN ELECTRIC: Northern States To Acquire Southern Co's Half
-------------------------------------------------------------
NRG Energy, Inc. (NRG), a wholly owned subsidiary of Northern
States Power Company (NYSE:NSP), announced on September 10, 1999
that it has exercised its option to purchase Southern Company
(NYSE:SO) unit Southern Energy Inc.'s (Southern Energy) 50-
percent share of Louisiana Generating LLC (Louisiana Generating).  
An agreement reached earlier this year granted NRG the option to
acquire Southern Energy's ownership interest in Louisiana
Generating, and granted Southern Energy the option to require NRG
to purchase its interest in Louisiana Generating. U.S. Bankruptcy
Judge Gerald H. Schiff's confirmation of the Creditors' Plan of
Reorganization for Cajun Electric Power Cooperative, Inc.
selling Cajun's 1,708-megawatt fossil generating assets to
Louisiana Generating gave NRG the opportunity to exercise its
option.  NRG, a wholly owned subsidiary of Northern States Power
Company (NYSE:NSP), is one of the world's leading independent
power producers, specializing in the development, construction,
operation, maintenance and ownership of electric generation
facilities. Established in 1989, NRG is involved in over 19,000
MW of high quality projects throughout the United States, Europe,
the Pacific Rim, and Latin America, utilizing diverse fuel types
including natural and landfill gas, hydro, and solid fuels such
as coal, lignite, biomass and refuse-derived fuel. Cajun
Electric Power will be NRG's first asset in Louisiana. NRG has
projects in 22 other states totaling over 8,800 MW in net equity
ownership.
  

CONTIFINANCIAL: Zero Shares Held By Pilgrim Baxter & Associates
---------------------------------------------------------------
In notification as of September 8, 1999, Pilgrim Baxter &
Associates, Ltd.  advises they no longer hold shares of common
stock in Continfinancial Corporation.


EDC DESIGNS: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor:
EDC Designs
12695 Shelbyville road
Middletown, KY 40234

Court: Western District of Kentucky

Debtor's Attorney:
Robert W. Adams III, Esq.
Ogden Newell & Welch
1700 Citizens Plaza
Louisville, KY 40202

Type of Business: Retail furniture sales

Case: 99-33812
Filed: July 30, 1999

Twenty largest Unsecured Creditors

New plan Realty Trust 55,112
Mcdevitt, Henle, Koe  30,624
Hooker Furniture Co   29,800
Kentucky State Treas  25,101
The Courier Journal   16,868
Vanguard              12,484
Sealy Bedding         12,471
John Heleringer       12,376
Klaussner             11,723
Stanley Furniture     10,995
Rowe Furniture         9,483
BellSouth Advertising  8,884
Baker Furniture        8,803
Hammary                7,373
Kesa                   6,312
Regencey Leather, Inc. 6,150
Universal Furniture    6,095
Hancock & Moore        5,823
Greg Evans             4,910
Canadel                4,833


EQUITEX: Acquisition And Disposition Of Assets
----------------------------------------------
On August 23, 1999, Equitex Inc. completed an acquisition of
First Bankers Mortgage Services, Inc.  First Bankers Mortgage
Service, a Florida corporation, is a full service mortgage
banking company headquartered in the Fort Lauderdale, Florida
area.

Equitex acquired all of the outstanding common stock of First
Bankers Mortgage Services from its sole shareholder, Vincent
Muratore. The total aggregate purchase price, subject to
the acquired company meeting certain performance standards,
is up to 1,000 shares of Equitex' Series E Convertible
Preferred Stock.  In addition, the purchase price is subject
to post-closing adjustments under the agreement and plan of
reorganization, dated June 22, 1999, between Equitex, Inc.,
First Bankers Mortgage Services, Inc., Vincent Muratore and
FBMS Acquisition Corp, as amended.  The purchase price was
determined through arm's length negotiations.

The stated value of the Series E Preferred Stock is $1,000 per
share, and does not carry dividend or voting rights, nor does
the Series E Preferred Stock have liquidation preferences
greater than shares of Equitex, Inc. common stock. Upon
approval by the company's shareholders of an increase in the
authorized shares of common stock from 7,500,000 shares to
50,000,000 shares, each share of Series E Preferred Stock
will automatically convert into 1,000 shares of Equitex,
Inc. common stock.

Equitex Inc. will continue the mortgage banking operations
of First Bankers Mortgage Services.


FASTCOMM: Announces Results For First Quarter Ended July 31, 1999
-----------------------------------------------------------------
Sept. 13, 1999--FastComm Communications Corporation (OTC BB:
FSCX) announced results for its fiscal year 2000 first quarter
ended July 31, 1999.
  
The company said that the combination of a 55% increase in
revenue (from $ 1.1 million to $ 1.7 million), an increase in the
gross profit margin from 46% to 55%, and a 17% decrease in
operating expenses compared to the same quarter last year,
resulted in a significant reduction in the company's net loss for
the period. In the first quarter of last year, the company
reported a net loss of $2.0 million, compared to a net loss $
777,000 in the first quarter of this year. On a per share basis,
and accounting for an additional 4,352,461 weighted average
shares outstanding compared to the same quarter last year (a 35%
increase), the loss was reduced from ($ 0.16) to ($ 0.05). The
company also noted that this is its first full quarter operating
outside of Chapter 11 Bankruptcy protection, and that its cash
position has improved significantly.
  
Revenues for the quarter increased a total of $ 618,000, or 55%,
from $1,130,000 in the first quarter of last year to $ 1,747,000
in the first quarter of the current fiscal year. Revenues
increased $ 1,131,000, or 185%, when compared with that of the
previous quarter. The increase was attributed to growth of sales
of frame relay access devices and, to a lesser degree, sales of
the company's Quick product line, which enables companies to
integrate legacy and LAN protocols into a single network. The
company said that strength in these two areas, which amounted to
a $765,000 revenue increase between years, was offset by a
$115,000 decrease in sales of the company's data compression
products. The revenue growth came from more profitable products
and was the reason for the improvement in gross profit margins.
  
"Our revenues are moving in the right direction, and according to
plan," said President and CEO Peter Madsen. "We feel optimistic
about the quarter we're now in and the quarters ahead of us," he
said.
  
The company improved its gross margins and reduced operating
expenses in all areas.
  
--Gross margins increased from 46% to 55%. As noted above, the
improvement was the consequence of a shift in mix of revenues
coming from higher profit margin products.
  
--Selling, general and administrative (SG&A) expenses decreased
significantly both as a percent of revenues and in absolute
terms. SG&A expenses fell by $ 590,000, or 38%, from $ 1,570,000
to $980,000 Approximately one-third of the reduction in SG&A was
attributed to a decline in personnel, and another third of the
reduction was attributed to expired or renegotiated leases. The
balance of the reduction was attributed to less legal and other
professional fees plus reduced travel costs. The company said
that advertising expenses increased modestly during the quarter.
  
--Research and Development (R&D) costs decreased from $ 702,000
in the first quarter of last year to $ 582,000 in the current
quarter. Last years costs included a one time $ 150,000 licensing
agreement fee.
  
The company said that its balance sheet has been strengthened as
a result of $1 million raised through a private placement
offering of securities to a group of accredited investors. The
offering included the issuance of warrants which, if exercised,
will generate a maximum of $ 2.6 million in additional capital to
the company. Other unexercised warrants associated with
subordinated debentures and those issued in connection with the
company's Bankruptcy reorganization will, if exercised, generate
an additional $ 4.8 million. The company said it also expects to
seek additional funding to meet future operating requirements,
expansion, and new R&D expenses.
  
Primarily as a result of the $ 1 million in new capital raised by
the private placement, offset by the loss during the period,
quarter end shareholders' equity increased $ 638,000 to $
1,624,417 from $1,036,031 at the end of the 1999 fiscal year
three months ago.
  
Also at the end of the quarter, the company had a cash position
of $991,000, and a current ratio of 2.2 to one. Working capital
increased from $1.9 million at April 30, 1999 to $ 2.5 in the
current fiscal quarter.
  
"We are extremely pleased at the first quarter results, and our
position as we enter the second quarter," Madsen said. "We began
the second quarter by shipping a $ 500,000 order, and we are
obtaining a good flow of orders for our new voice products. These
orders are coming from customers in South America and Asia in
addition to the U.S.
  
"We now have several goals that are on the top of our agenda. We
would like to build relationships with more South American
distributors because we find substantial interest for our
products in markets there. Similarly, we would like to put in
place new distributors for our voice data products in Korea, and
we would like to build a presence in China, especially for our
ChanlComm products," he said.
  
Madsen said, "We have emerged through the Chapter 11 process as a
truly reorganized company. The process was horrendous when
measured by the time we had to devote to it, the distraction from
operations, the costs for lawyers and consultants who prospered
while our sales suffered, and the erosion of shareholder value.
Now, we are focused on improving our results and restoring
shareholder value. Along those lines, we plan to commence
conference calls announcing the results of our second fiscal
quarter ended October 30, 1999.
  
"Our costs have been slashed, and we have put non-operational
issues largely behind us," he said. "We have good reason to be
optimistic about our ChanlComm product family, a replacement for
the front end processor in IBM mainframe computer networks. We
began shipping certain of these products in the fourth quarter of
last year, and we are now excited about introducing a new product
that will expand port capacity from 16 to 256. We are very
excited about this introduction and the prospects for revenue
growth associated with it."
  
The company also announced that it has retained The Poretz Group,
an investor relations firm, to assist in the communication of the
company's story to the investment community. Based in the
technology center of Northern Virginia, The Poretz Group works
with technology companies ranging from pre-public venture-backed
companies to micro-caps and to companies with market caps
approaching $ 2 billion. "We have known Pete Madsen and FastComm
for several years, and have witnessed the progress made as the
company went through its restructuring," said Doug Poretz,
founder and President. "The company has changed significantly. It
is no longer a FRAD company; it is no longer a distressed
company. Clearly, it has a clear vision and a need to return to
profitability and to return to Nasdaq listing. In the meantime,
it has a legitimate story to tell, and we look forward to helping
the company tell it. We'll do so deliberately, with candor and
credibility, and in a way consistent with Pete's strong desire to
restore and then build new value for the company's investors,"
Poretz said.
  
FastComm designs, develops, and manufactures advanced
WAN/LAN/Global network routing and switching equipment,
controllers and processors (both mainframe and Unisys
environments), Internet access products, and related networking
devices. It is a total system solution provider specializing in
voice/fax/video/data over IP and Frame Relay.

FastComm products include the WEB Router(TM), GlobalView(TM),
EtherFRAD(TM), RingFRAD(TM), MetroLan(TM), QUICK II(TM),
ChanlComm(R) and GlobalStack(TM).  These products provide routed
and switched Voice / Data and Video access solutions for
bandwidths ranging from 9.6kbps to full T1/E1 over Leased Line,
Frame Relay, X.25 and digital and analog networks.
  

FEDCO: Order Extends Time To Assume/Reject Unexpired Leases
-----------------------------------------------------------
By order of the US Bankruptcy Court of Central District of
California, the debtor, FEDCO, Inc., was granted an extension
of time to assume or reject its unexpired leases until the
earlier of December 31, 1999 or the effective date of any
reorganization plan confirmed in the debtor's chapter 11 case.


FIRST UNION: Sells Six Malls/Contemplates Other Changes
-------------------------------------------------------
First Union Real Estate Equity & Mortgage Investments has
entered into a contract to sell six of its southwest regional
malls to a joint venture between Whitehall Street Real
Estate Limited Partnership XI, a real estate fund sponsored
by Goldman, Sachs & Co., and Zamias Services, Inc. for $191.5
million.  Whitehall/Zamias has made a $10 million deposit which
is non-refundable except in limited circumstances, and the
transaction is expected to close in the fourth quarter of 1999.

The properties under contract include six malls of the
nine-mall Marathon portfolio the company acquired in 1996;
the Alexandria Mall in Alexandria, LA, Brazos Mall in Lake
Jackson, TX, Killeen Mall in Killeen, TX, Mesilla Valley Mall
in Las Cruces, NM, Shawnee Mall in Shawnee, OK, and Villa
Linda Mall in Santa Fe, NM. These six malls are part of a
seven-mall cross-collateralized GMAC financing. As part of
the transaction, Whitehall/Zamias will assume approximately
$115 million of GMAC financing and will pay the balance of
the purchase price in cash.

First Union will receive approximately $188 million in
aggregate consideration for the sale of the six malls after
the payment of expenses, including broker, legal and accounting
fees and miscellaneous costs and adjustments, but not including
operating income and expense prorations. Of the approximately
$188 million, approximately $73 million will be in cash and
approximately $115 million will be from the assumption of
the GMAC mortgage.

The Park Plaza Mall, located in Little Rock, AR, which is the
seventh mall in the cross-collateralized GMAC financing, is not
included in the transaction.  First Union plans to refinance
the Park Plaza Mall or may use approximately $51 million of
the net proceeds from the Whitehall/Zamias transaction to repay
the existing Park Plaza mortgage debt and prepayment penalty.

The transaction is contingent upon, among other things,
the consent of the company's shareholders, GMAC'S and the
rating agency's approval of mezzanine financing and of the
assumption of the existing mortgage debt by Whitehall/Zamias,
the receipt of certain tenant and ground lease estoppels
by a specified date, and the clearance of certain title
objections. The company also may be required to pay expenses
related to certain environmental matters, provided that it
may elect not to pay such expenses, to return 90% of the
non-refundable deposit and terminate the transaction.

First Union is said to be in the process of exploring
alternative uses for the remaining net cash proceeds to be
received, including, without limitation: investing in its
existing portfolio; implementing a share repurchase or similar
program; distributing such net proceeds to the beneficiaries,
including, but not necessarily limited to, amounts required
to satisfy certain REIT distribution requirements resulting
from previous assets sales and net income in 1999, if any;
and the making new investments.

First Union is also in the process of soliciting or evaluating
proposals with respect to the sale of Pecanland Mall in
Monroe, LA, the Park Plaza Mall in Little Rock, AR and its
50% interest in Temple Mall in Temple, TX.  The company may
sell these properties if it receives offers which it believes
are advantageous to it and the beneficiaries. Additionally
the company is evaluating possible alternative investment
opportunities. The company is currently negotiating with
lenders to refinance the Park Plaza Mall.

Additionally, the company has said it is exploring the
possibility of distributing to the beneficiaries interests in a
company that would own most of the company's remaining assets
and then selling the remaining public company and assets,
including some of its cash, to a third party. First Union
is in the initial stages of examining such a transaction,
may engage professionals to assist in such examination but
cautions that it cannot determine whether such a transaction
is reasonably likely to be consummated.

In addition to the Whitehall/Zamias transaction, the Board of
Trustees has approved the purchase of up to $20 million of the
company's common shares in open market, privately negotiated
or other types of transactions, from time-to-time as market
conditions warrant.

The company also noted that two members of the Board of
Trustees tendered their resignations in August 1999. The two
Trustees resigning were Mr. William E. Conway and Mr. Russell
Gifford.


FORCENERY: Order Authorizes Farmout Agreement
---------------------------------------------
Forcenergy Inc and Forcenergy Onshore Inc. are authorized to
enter into a certain Farmout Agreement with Newfield Exploration
Company, granting Newfield the right to earn an assignment of
Forcenergy's and Onshore's undivided 41.667% leasehold interest
in certain oil and gas leases located in Saint Martin Parish,
Louisiana.


FORCENERGY: Unsecured Creditors to Recover 62% Under Plan  
---------------------------------------------------------
Forcenergy Inc.'s plan of reorganization is expected to provide
holders of allowed general unsecured claims with a 62% recovery
through the distribution of 23.04 million shares of new common
stock on a pro rata basis. Holders of equity interests are
expected to receive a 4% recovery via a distribution of 960,000
shares of new common stock and warrants on a pro rata basis,
according to the plan and related disclosure statement filed by
Forcenergy and its Forcenergy Resources Inc. unit on Aug. 23.  
(The Daily Bankruptcy Review and ABI Copyright c September 13,
1999)


GOSS REALTY: Bank Seeks Immediate Appointment of Trustee
--------------------------------------------------------
LaSalle Bank, NA is seeking the immediate appointment of an
interim trustee for Goss Realty LLC.  LaSalle is the primary
creditor of Realty. LaSalle claims that Realty owes LaSalle
approximately $33 million pursuant to a Note date July 25, 1997.

LaSalle states that Realty and Systems have an irreconcilable
conflict of interest as lessor and lessee, and that Realty is
actively breaching that fiduciary obligation and is failing and
refusing to manage its property and operate its business, all to
the severe detriment of its creditors.

LaSalle states that not only has Realty failed to take steps to
enforce the lease, but has suggested that it will probably seek
authority to reject the lease.  LaSalle states that it is beyond
dispute that rejection would harm Realty and its creditors, and
would benefit Systems and its creditors.  "If it (rejection) were
authorized, it would effectively jettison its major asset --
LaSalle's collateral-- and Realty's sole source of income.

LaSalle complains further that Realty is not even administering
its Chapter 11 case, since it is not collecting rental income
from the premises.  LaSalle has advised Realty in writing that
the rent under the lease constituted La Salle's cash collateral,
the use of which LaSalle did not consent to except pursuant to
the terms of an agreed cash collateral order.


GRAND UNION: Losses Continue In Quarter Ended July 24, 1999
-----------------------------------------------------------
Grand Union Company, operating in the retail grocery store
industry, reports net losses of $37,780 for the quarter
ended July 24,1999 as compared to net losses of $60,604 in
the 1998 quarter ended July 18.  Revenues for the 1999 period
were $687,268, while in the similar quarter of 1998 revenues
were $691,908.


HARVEY ELECTRONICS: 3 & 9 Month Reports Show Mounting Losses
------------------------------------------------------------
Harvey Electronics Inc. is a specialty retailer of high quality
audio/video consumer electronics and home theater products in
the Metropolitan New York area. Revenue from retail sales is
recognized at the time goods are delivered to the consumer
or, for certain installation services, when such services
are performed and accepted by the customer.

The company's net loss for the nine months ended July 31,
1999 was approximately $255,000 as compared to a net loss
of approximately $92,000 for the same period last year.
The net loss for the third fiscal quarter ended July 31,
1999 was approximately $506,000 as compared to approximately
$148,000 for the same quarter last year.  The net loss for the
nine and three month periods include pre-operating expenses
relating to the opening of the new Bang & Olufsen store in
the Union Square area of lower Manhattan of approximately
$85,000 and $40,000, respectively.

Net sales for the nine months ended July 31, 1999, aggregated
$16,272,000, an increase of approximately $3,130,000 or 23.8%
from the same period last year when net sales were $13,142,000.
Comparable store sales for the nine months ended July 31,
1999, increased approximately $553,000 or 4.3% from the same
period last year.

Net sales for the third fiscal quarter ended July 31, 1999,
aggregated $4,849,000, an increase of approximately $641,000
or 15.2% as compared to the third quarter of fiscal 1998 when
net sales were $4,208,000.  Comparable store sales for the
third fiscal quarter ended July 31, 1999 decreased $233,000
or 5.6% from the same quarter last year.


HVIDE MARINE: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------
Debtor:
HVIDE Marine Towing, Inc.
1305 Shoreline Drive
Tampa, Florida 33065

Case: Chapter 11
Case No: 99-3024
Date Filed: September 8, 1999
Court: District of Delaware

Debtor's Attorney:
Robert J. Feinstein, Esq.
Kronish, Lieb, Wiener & Hellman LLP
1114 Avenue of the Americas
New York, NY 10036
  212 479-6000

Laura Davis Jones, Esq.
Young, Conway, Stargatt & Taylor, LLP
11th Floor
Rodney Square North,
PO Box 391
Wilmington, DE 19899-0391

Total assets as of June 30, 1999: 974,455,387
Total liabilities: 805,861,243

Bank Group Secured Debt 241,421,936
MARAD Secured Debt 34,825,000
Capital Lease Claims 39,045,185
Other Secured Debt 18,800,015

General Unsecured Claims 39,533,607 - 4,590 holders
Unsecured Claims 8 3/8% Senior Notes 312,562,500 - 36 holders
Unsecured Claims - Convertible Subordinated Debenture Claims
119,673,000 - 1 holder
Trust Preferred Securities 2,300,000 shares - 25 holders
Common Stock 1,000 shares - 1 holder

Type of Business:  The debtors provide marine support and
transportation services, primarily serving the energy and
chemical industries.

20 Largest Unsecured Creditors

Citibank, NA          Revolving Credit & Term Loan   241,421,936
BankBoston NA         Revolving Credit & Term Loan   (see above)
Bank of New York as   Trustee 8 3/8% Notes           312,560,500
Loomis Sayles & Co.  8 3/8% Notes                    189,680,000
Tampa Port Authority        trade debt                    69,493
AR Savage & Son Inc         trade debt                    25,017
Kash N' Karry Food          trade debt                    21,691
Crescent Towing and Salvage trade debt                    18,999
General American Insurance  trade debt                    18,852
Krogstads Shipping          trade debt                    15,402
James a Mclaren & Co.       trade debt                    13,724
Exxon Company USA           trade debt                    12,971
Sea and Land Shipping       trade debt                    12,501
Interbay Coatings Inc.      trade debt                    11,993
International Bulk Shipping trade debt                    11,395
Publix Super Markets        trade debt                    10,403
Florida Alliance            trade debt                    10,166
Stratos                     trade debt                     9,227
Tropic Oil Company          trade debt                     7,761
Sugar Supply, Inc.          trade debt                     6,885
ABS Americas                trade debt                     6,854
AJ Corbett & Sons           trade debt                     6,330
WW Grainger Inc.            trade debt                     5,996


IRIDIUM: Seeks to Move Bankruptcy Proceedings
---------------------------------------------
According to industry insiders, Iridium LLC is seeking to have
its bankruptcy case transferred from Delaware to New York, which
is "less crowded" currently, according to Satellite Today.
Attorneys for Iridium are expected to seek the transfer from
Delaware's district court to the Bankruptcy Court for the
Southern District of New York today. Iridium filed for chapter 11
protection on Aug. 13. (ABI 13-Sept-99)


LONG JOHN SILVER'S: A&W Restaurants Buys Long John Silver's
-----------------------------------------------------------
A&W Restaurants has rescued restaurant chain Long John Silver's
from bankruptcy and announced that it will form a restaurant
franchise called Yorkshire Global Restaurants, a company of 2,200
restaurants, according to Reuters. A&W Chair Sidney Feltenstein
will be chairman, president and CEO of Yorkshire Global
Restaurants, and Ron Powell, a former A&W executive, will serve
as president and COO of Long John Silver's Restaurants-U.S. Long
John Silver's filed for chapter 11 protection in June 1998 and
has about 920 company-owned locations and 400 additional
franchised restaurants. A&W operates chains under the KFC,
Freshens and Amigos brands. (ABI 13-Sept-99)


MCA FINANCIAL: Seeks To Extend Exclusivity
------------------------------------------
The debtor, MCA Financial Corp., and its debtor affiliates seek
to extend exclusive period for debtors to file and to obtain
acceptance of plans of reorganization.

The debtors filed a proposed combined disclosure statement and
plan of reorganization on September 8, 1999, which provides for
the establishment of a Liquidating Trust, liquidation of the
debtors' assets, and disbursement of proceeds generally.  In
light of the complexities of the case, and the numerous creditor
constituencies involved, the debtors anticipate that negotiation
over plan terms will be necessary, many constituents will have
comments to the statement and plan, and some of them may be
incorporated into an amended disclosure statement and plan.

The debtors request that the period in which the debtors have the
exclusive right to propose plans of reorganization be extended to
October 15, 1999 and that the period for acceptance of the plans
be extended to January 15, 2000, subject to further extension
upon motion of debtors and for cause shown.



NAVIGANT INTERNATIONAL: Baupost Group Owns 10.91%
-------------------------------------------------
The amount of common stock of Navigant International
Inc. beneficially owned, as of July 30, 1999, by The Baupost
Group, L.L.C. is 1,409,121 shares.  While the manager, SAK
Corporation and SAK's director, Seth A.  Klarman reportedly hold
no stock in the company they are considered beneficial owners
in their role with Baupost Group.  The Baupost Group thus holds
10.91% of the outstanding shares of Navigant International, and
may exercise sole voting and dispositive power over that total.

The Baupost Group, L.L.C. is a registered investment adviser.
SAK Corporation is the manager of The Baupost Group, L.L.C.
Seth A. Klarman, as the sole director of SAK Corporation
and a controlling person of Baupost Group, L.L.C., may be
deemed to have beneficial ownership under Section 13(d) of
the securities beneficially owned by Baupost Group, L.L.C.
Securities reported as being beneficially owned by the Baupost
Group, L.L.C. include securities purchased on behalf of a
registered investment company and various limited partnerships.


NEW WORLD COFFEE: Acquires Chesapeake Bagel Franchise
------------------------------------------------------
On August 31, 1999, New World Coffee Manhattan Bagel
Inc. acquired the assets of the Chesapeake Bagel Bakery
franchise business from Atlanta-based AFC Enterprises, Inc. The
acquisition adds more than 70 franchised Chesapeake locations
to the company's Manhattan Bagel system.  The Chesapeake
Acquisition is being financed through a combination of cash
and debt.

The company has completed a senior debt financing with
BankBoston, N.A.  dated August 31, 1999. The lender has
provided a term loan of $12,000,000 and a revolving line of
credit of up to $3,000,000.  Proceeds were used for payment
of the cash portion and the closing costs of the Chesapeake
Acquisition; repayment of certain existing indebtedness to BET
Associates, L.P. and the Manhattan Bagel Company Unsecured
Creditor's Trust; and working capital and general corporate
purposes.

To secure payment of this indebtedness, the company and its
active subsidiaries have granted security interests on all of
their assets and the stock of such active subsidiaries has
been pledged with the lender. Accordingly, if the company
defaults under the loan documents, an exercise of such security
interest and pledge could effect a change in control of the
company's business.


NEW WORLD COFFEE: Reverse Stock Split Effective As Of 8/24/99
-------------------------------------------------------------
On August 17, 1999, the stockholders of New World Coffee
Manhattan Bagel Inc. approved a one-for-two reverse split
of the outstanding common stock of the company.  Under the
terms of the reverse split, effective as of August 24, 1999,
each share of common stock held by a stockholder at the close
of business on August 23, 1999 will, from and after August 24,
1999, represent one-half of a share.

A Restated Certificate of Incorporation, which reflects the
approval of (i) the reverse split; (ii) a staggered Board of
Directors; and (iii) various procedural provisions related
to the Board of Directors and stockholder voting was filed
with the State of Delaware on August 17, 1999.


PARAGON TRADE: Receives Satisfactory Commitment from Wellspring
---------------------------------------------------------------
Paragon Trade Brands, Inc. (OTC Bulletin Board: PGNFQ) today
announced that it has received a satisfactory commitment from
Wellspring Capital Management LLC regarding a proposal to acquire
Paragon as part of a plan of reorganization.  In addition,
Paragon announced that it has filed a stipulation with the
Bankruptcy Court seeking an extension of the deadline for
competing bids to September 15, 1999 and the auction date
to September 21, 1999.  The stipulation is supported by Paragon's
Official Committee of Unsecured Creditors, and each of The
Procter & Gamble Company, Kimberly-Clark Corporation and the
Official Committee of Security Holders representing Paragon's
shareholders have indicated that it does not oppose the entry by
the Bankruptcy Court of the stipulation.  The approved auction
process and bidding procedures provide for the consideration of
competing proposals and also allow Paragon the option of pursuing
a stand-alone plan of reorganization.
  
The Wellspring Commitment provides for a $100 million equity
investment in Paragon by Wellspring in return for 84.1% of the
new common stock of the reorganized entity to be issued pursuant
to a plan of reorganization, subject to dilution and diminution
as a result of a rights offering for up to 40% of the new common
stock.
  
The Wellspring Commitment also provides for Reorganized Paragon's
issuance of approximately $160 million of 10% senior subordinated
notes and Wellspring obtaining new third-party working capital
financing for Reorganized Paragon in the amount of at least $75
million.  The Wellspring Commitment contemplates that on the
confirmation date of a plan of reorganization incorporating the
terms of the proposed transaction, there will be approximately
$285 million of enterprise value, excluding certain liabilities
of Paragon, the assumption of which by Reorganized Paragon will
reduce the amount of distributable value available under the
Wellspring Plan to satisfy prepetition claims to approximately
$250 million through a corresponding reduction in the
face amount of the New Notes.  Alternatively, the Wellspring
Commitment provides the option of issuing only $150 million in
New Notes with a coupon based upon prevailing market rates for
high yield notes rated "B," resulting in $275 million of
enterprise value which, after the reductions described above,
will reduce the amount of distributable value available to
satisfy prepetition claims to approximately $240 million.  Under
either alternative, the distributable value contemplated in the
Wellspring Commitment would be insufficient to satisfy unsecured
claims against Paragon in full. However, upon confirmation of a
plan of reorganization, all prepetition claims against Paragon
will be discharged.
  
The Wellspring Commitment is subject to (i) the completion of a
mutually acceptable definitive stock purchase agreement, (ii) the
procurement of the Financing Commitment, (iii) Paragon's filing
of the Wellspring Plan by September 30, 1999, (iv) Bankruptcy
Court approval of the Wellspring Plan by November 30, 1999 and
(v) other conditions precedent standard in a transaction of this
nature.  The Wellspring Commitment contemplates that
substantially all of Paragon's current senior management will
continue with the Company.
  
The Wellspring Plan provides that Paragon's unsecured creditors
will receive a pro rata distribution of cash, the New Notes,
15.9% of the new common stock in Reorganized Paragon, rights to
participate in the Rights Offering and proceeds, if any, of
claims assigned to a litigation trust (the "Sale Consideration").
Under the Wellspring Plan current equity will be canceled and
shareholders will receive, depending on the final terms of the
Wellspring Plan, that portion, if any, of the Sale Consideration
not distributed to Paragon's unsecured creditors.
  
The Wellspring Commitment provides that Paragon may
simultaneously pursue confirmation of a stand-alone plan of
reorganization so that the plan process and Paragon's emergence
from Chapter 11 are not delayed in the event that the Wellspring
Commitment is not pursued or consummated, or a higher or
otherwise better alternative transaction is not approved or
accepted.  Paragon and Wellspring hope and expect that the bid
procedures, combined with active efforts to obtain higher and
better third-party offers, will lead to prompt negotiations among
principal parties in interest and the confirmation of
  a plan supported by most or all of such parties.
  
Commenting on the Wellspring Commitment, Bobby Abraham, Chief
Executive Officer of Paragon, stated, "Although Paragon has
already filed and is working diligently toward confirmation of a
stand-alone plan, we are delighted to have received a
satisfactory commitment from Wellspring.  We continue to
welcome competing bids and look forward to conducting an auction
on September 21, 1999.  The auction process and bidding
procedures have been designed to result in the highest value for
the Company.  By continuing to pursue confirmation of a stand-
alone plan while moving forward with Wellspring and allowing
other potential bidders to participate in the Bankruptcy Court-
approved auction process, we believe that we will maximize value
for our stakeholders."
  
Wellspring Capital Management LLC manages a private investment
partnership focused on investing in companies where it can create
substantial value by contributing management expertise,
innovative operating and financial strategies and capital.  The
partnership's capital is provided by investors who are among the
largest and most respected public and private pension funds,
corporations and financial institutions in the U.S. and Canada,
as well as from the principals of Wellspring.
  
Paragon also reported that the United States District Court for
the Northern District of Georgia, Atlanta Division, last week
issued an order denying the Equity Committee's motion for a stay
of an order of the Bankruptcy Court approving Paragon's
settlement agreement with K-C and for an expedited appeal of
such approval.  In denying the Equity Committee's request for a
stay, the District Court found, among other things, that the
Equity Committee had failed to show that it has a substantial
likelihood of success on its appeal of the K-C settlement.  The
District Court also found that the Bankruptcy Court's order
approving the K-C settlement was thorough and that the Bankruptcy
Court did not abuse its discretion in approving the K-C
settlement.  The District Court offered the Equity Committee the
option of consenting to the District Court's adoption of the
Bankruptcy Court's approval order to permit the Equity Committee
to take its appeal of the K-C settlement directly to the Eleventh
Circuit Court of Appeals.  In which event, the District Court
stated it would enter a limited stay through October 28, 1999. On
September 8, 1999, the Equity Committee consented to the
procedure proposed by the District Court.
  

RINCON ISAND: Hearing To Consider Disclosure Statement
------------------------------------------------------ A
hearing to consider the Disclosure Statement of the debtors,
Rincon Island Limited Partnership and Windsor Energy US
Corporation will be held on October 13, 1999 at 11:00 AM.


SANTA FE GAMING: Hudson Bay Investors Files Counterclaim
--------------------------------------------------------
In May 1999, Pioneer Finance Corp. was advised that a holder of
its $13.5 million First Mortgage Notes due 1998 that provided a
consent in Pioneer Finance Corporation's Exchange Offer/Consent
Solicitation in November 1998 attempted to transfer or
did transfer an interest in approximately $3.0 million
principal amount of 13.5% Notes to Hudson Bay Investors LLC,
an affiliate of Hudson Bay Partners, LLC, without complying
with the restriction on transfer to which such 13.5% Notes
are subject.  In July 1999, Pioneer Finance Corp. commenced
an adversary action in the Bankruptcy Court seeking injunctive
relief preventing the transfer without strict compliance with
the terms of the restriction on transfer.  Hudson Bay Investors
has filed a counterclaim against Pioneer Finance Corp. in the
Bankruptcy Court which seeks, among other items, to prevent
Pioneer and the Trustee from interfering with the effectuation
of the transfer of the 13.5% Notes to Hudson Bay Investors.
The company has replied to the counterclaim.  The parties
have yet to begin discovery proceedings in this action.


SANTA FE GAMING: Joint Disclosure Statement Approved
----------------------------------------------------
Santa Fe Gaming Corporation announced that on Monday, August 30,
1999, the United States Bankruptcy Court for the District of
Nevada entered an order approving the disclosure statement filed
to accompany the joint plan of reorganization by Pioneer
Finance Corp. and Pioneer Hotel Inc. in their voluntary
proceedings for reorganization under Chapter 11. The joint
plan of reorganization was filed in accordance with the
consents obtained from holders of approximately 75% of the
outstanding principal amount of 13.5% First Mortgage Notes,
under which Pioneer Finance Corp. agreed to file for relief
under Chapter 11 and the consenting holders agreed to vote
to accept a plan of reorganization substantially similar to
the treatment proposed in the offering circular and consent
solicitation statement, dated October 23, 1998, as amended. The
Court tentatively set October 25, 1999 for commencement of
confirmation hearings on the joint plan of reorganization.

In addition, the Bankruptcy Court announced a decision on
Friday August 20, 1999, to dismiss the involuntary petition
filed against Santa Fe Gaming Corp. in January 1999 by certain
holders of 13.5% notes issued by Pioneer Finance Corp. who
did not consent to the consent solicitation. The decision to
dismiss the involuntary proceedings was issued after Santa
Fe Gaming Corp. filed the necessary waivers from insiders
required by the Court, pursuant to an order dated March 19,
1999. The order of dismissal is subject to the company filing
a supplemental agreement and declaration by an insider with
respect to certain transactions.

Santa Fe Gaming owns and operates the Santa Fe Hotel and Casino
in northwest Las Vegas and the Pioneer Hotel and Gambling Hall
in Laughlin, Nevada.  In addition, Santa Fe Gaming Corp. holds
several real estate parcels for development within or in the
area surrounding Las Vegas, Nevada.


SINGER COMPANY: Files Chapter 11 Bankruptcy
-------------------------------------------
The Singer Company, N.V. (NYSE: SEW) announced today that to
facilitate a restructuring of the Company and to protect its
retail operations, distribution channels, and trademarks, it has
filed a voluntary petition for reorganization under Chapter 11 of
the United States Bankruptcy Code.  Singer filed voluntary
petitions for relief under Chapter 11 in the U.S. Bankruptcy
Court for the Southern District of New York.
  
The filings include the parent company, The Singer Company N.V.,
most of the Company's U.S. subsidiaries, as well as the holding
companies for Singer's foreign businesses.  Most of the foreign
operating units are not included in the filings and, therefore,
should not be affected by today's actions.
  
Concurrently, the Company announced it has reached an agreement
in principle with a major lender to the Company for debtor-in-
possession (DIP) financing to fund the Company's operations
during the restructuring.  The Company expects that the financing
package will be presented to the Court for interim approval
during the week of September 13, 1999.
  
In previous separate actions, which involve separate management,
advisors, and professionals, Singer's subsidiary G.M. Pfaff AG,
filed for protection under the German Insolvency Code on
September 6, 1999, and Semi-Tech Corporation, which owns
approximately 50 percent of Singer's common stock, filed for
Chapter 11 protection along with two of its subsidiaries
on September 7, 1999.  Singer did not participate in the
decisions relating to these actions.  These actions are not
expected to materially interfere with the Company's restructuring
efforts.

"During the past four years the Company has been adversely
impacted by a number of global economic developments that have
weakened the Company and created an excessive debt burden," said
Singer President and Chief Executive Officer, Stephen H. Goodman.  
"These developments include the devaluations and resulting
economic slowdown in Asia and selected Latin American
markets, particularly Brazil, economic weakness in Europe, the
strength of the U.S. dollar and, most recently, the sharp decline
in the industrial sewing market. The negative impact of these
events was exacerbated by the capital needs flowing from the
largely unsuccessful expansion program undertaken by previous
management, including a furniture acquisition in the United
States and investments in retailing in Brazil, China, Vietnam and
other emerging markets where the Company was unable to develop
the required critical mass."
  
Mr. Goodman said that it would be difficult, outside of filing,
to take advantage of the improvement in the economic environment
that is now occurring.  The filing will enable the Company to
move forward with a refocused strategic plan while it
restructures its burdensome debt load, he said.
  
The Company indicated that the filing was precipitated primarily
by a lack of liquidity resulting from the Company's December 1997
acquisition of Pfaff and the need to financially support that
subsidiary in the face of an industrial sewing market decline,
the subsequent bankruptcy of Pfaff and likely calling of
the Company guarantees on a portion of the Pfaff debt.
Additionally, the Company made a $50 million deposit for the
acquisition of certain Russian assets, a substantial portion of
which is yet to be recovered.
  
"The filing will enable the Company to refocus on its successful
core business as a retailer of consumer durables in selected
markets in Asia, Southern Europe, Mexico and the Caribbean," said
Mr. Goodman.  "We intend to maintain and strengthen these very
valuable retail franchises while restructuring our wholesale
sewing products distribution businesses to make them more
efficient and profitable.  We also will accelerate our
manufacturing restructuring program announced in December 1997.  
We are optimistic that Singer will emerge from the restructuring
process as a stronger, more competitive company with a renewed
focus on its retail and other distribution channels," he said.
  
The Company said that its operations will continue without
interruption, and that business will be conducted as usual at its
retail stores, distribution centers, manufacturing facilities,
and other locations worldwide. "Neither our 16,000 employees nor
our valued customers should notice any difference in the
way we do business as a result of the filing.  During the
reorganization process, employees will be paid as usual and
vendors will be paid for post-petition purchases of goods and
services in the ordinary course. Customers can expect to receive
the same high quality products and service they rely on from
Singer," said Mr. Goodman.
  
Under German bankruptcy laws, Pfaff will be reorganized or
liquidated as an independent entity, and will no longer be
consolidated in Singer's financial statements.  Singer remains a
guarantor of some of Pfaff's debt, as well as a creditor of
Pfaff.  The final determinations with respect to these assets and
liabilities will be worked out over time.
  
Singer is one of the most widely recognized and respected brands
in the world.  The Company is the world's leading manufacturer
and distributor of consumer sewing machines and is an
international retailer and distributor of consumer durable
products, doing business in 150 countries.  Singer's sales
in 1998, excluding sales for Pfaff, were approximately $1.3
billion.


SINGING MACHINE: Net Income Increases Over Same Quarter Of 1998
---------------------------------------------------------------
The Singing Machine Company Inc., incorporated in Delaware in
1994, together with its wholly owned subsidiary, International
HK, Ltd., engages in the production and distribution of
karaoke audio software and electronic recording equipment.
The company's electronic karaoke machines and audio software
products are marketed under The Singing Machine trademark. The
company's products are sold throughout the United States,
primarily through department stores, lifestyle merchants,
mass merchandisers, direct mail catalogs and showrooms,
music and record stores, national chains, specialty stores
and warehouse clubs.

The company's karaoke machines and karaoke software are
currently sold in such retail outlets as Target, Best Buy,
J.C. Penney and Fingerhut.

For the three months ended June 30, 1999, the company reported
sales revenues of $1,589,713 and net income of $39,942.
In the comparable period of 1998 the company's revenues were
$1,650,782 with net income of $24,922.


SIZZLER INTERNATIONAL: Sales & Net Income Up In Recent Quarter
--------------------------------------------------------------
Consolidated revenues of Sizzler International Inc., for the
quarter ended July 25, 1999, were $57,005,000 compared to
$52,578,000 for the quarter ended July 26, 1998, an increase
of $4,427,000 or 8.4%.  Company-operated restaurant sales
and franchised restaurant revenues (including franchise fees,
royalties and rental income) represent the company's primary
sources of revenue. The company has three reportable segments:
U.S. Sizzler operations; International Sizzler operations;
and KFC operations.  Net income for the 1999 quarter cited
above was $2,506 while in the 1998 comparable quarter the
net income was $2,061.


SPECTRUM INFORMATION TECHNOLOGIES: Changes Accountants
------------------------------------------------------
Effective August 31,1999, the Board of Directors of Spectrum
Information Technologies, Inc., doing business as Siti-Sites.com
terminated the engagement of BDO Seidman LLP as its independent
public accountants.  BDO's report for the fiscal year ended March
31, 1999 contained an explanatory paragraph which stated
that the company's significant recurring losses, its change
of control, the discontinuance of its prior business and its
new strategic direction, raised substantial doubt about its
ability to continue as a going concern. In addition, BDO's
report for the fiscal year ended March 31, 1998 contained an
explanatory paragraph which stated that unless the company
was able to successfully raise financing, there remained a
substantial doubt about the company's ability to continue as
a going concern.

Effective August 31,1999, the company engaged the accounting
firm of Edward Isaacs & Company LLP as independent public
accountants of Spectrum Information Technologies Inc.



UNITED COMPANIES FINANCIAL: Suffers Significant Net Loss
--------------------------------------------------------
Auditors for United Companies Financial Corporation's financial
statements for the year ended December 31, 1998, Deloitte &
Touche LLP, state that United suffered a significant net loss
for the year ended December 31, 1998 and has a stockholders'
capital deficiency as of that date. Due to these circumstances
and additional matters disclosed by the financial condition
Deloitte & Touche indicate there is raised substantial doubt
about the entity's ability to continue as a going concern.

In the figures reported United Companies Financial,
debtors-in-possession, experienced a net loss for the year
ended December 31, 1998 of $583,896.  Net revenues were a
deficit of $605,562, substantially caused by the $230,735
writedown of interest-only and residual certificates.


VENCOR: BCSI Launches Case-Specific Newsletter
----------------------------------------------
Following yesterday's chapter 11 filings in Wilmington by
Vencor, Inc., and its 128 debtor-affiliates, Bankruptcy
Creditors' Service, Inc., launched publication of VENCOR
BANKRUPTCY NEWS.  A copy of the first issue is available at
http://www.bankrupt.com/vencor.txtat no charge.  


VENCOR: Ventas Announcement On Vencor Bankruptcy Filing
-------------------------------------------------------
Ventas, Inc. (NYSE: VTR), the Louisville-based real estate
company, announced that its principal tenant, Vencor, Inc. (OTC:
VCRI) filed a petition under Chapter 11 of the U.S. Bankruptcy
Code in Wilmington, Delaware. Ventas received approximately 99
percent of its revenues in the year ended December 31, 1998 from
Vencor.  There can be no assurance as to what effect the Vencor
bankruptcy will have on Ventas. We expect Vencor's major
creditors to support an expedited restructuring process. However,
the bankruptcy filing of Vencor and the ultimate resolution of
Vencor's obligations could significantly impact Ventas's revenues
and its ability to service its indebtedness, including its
ability to pay down, refinance, restructure and/or extend a $275
million Bridge Loan due on October 30, 1999, and to make
distributions to its stockholders.  Ventas intends to publicly
disclose additional information as developments in the Vencor
bankruptcy proceeding warrant.

In announcing its filing, Vencor management emphasized that the
filing has been organized to permit normal operations of its
nursing centers, hospitals, and ancillary services business.  The
company also announced that it has obtained agreements for
debtor-in-possession (DIP) financing with a bank group led by
Morgan Guaranty Trust Company of New York in the aggregate
principal amount of $ 100 million. The DIP financing and existing
cash flows, upon bankruptcy court approval, will be used to fund
the company's ongoing operations.  Along with the petition,
Vencor also has a plan of reorganization in progress that
includes terms negotiated with key parties, including Vencor's
bank lenders, subordinated debtholders, and Ventas, Inc. (NYSE:
VTR), the company's primary landlord. In addition, a settlement
is in progress with the Department of Justice, acting on behalf
of the Health Care Financing Administration and the Department of
Health and Human Services' Office of the Inspector General,
concerning the government's outstanding claims against the
company, including outstanding routine reimbursement issues.  
Edward L. Kuntz, chairman, chief executive officer and president
of Vencor, stated, "Filing for reorganization was necessary to
enable us to create a sustainable capital structure, while we
continue to provide high-quality healthcare services to
those people who cannot take care of themselves." Kuntz added,
"The reorganization also was necessary because of the dramatic
changes impacting the long-term care industry, most notably
decreased Medicare reimbursement.  We believe we are taking the
appropriate steps to assure that we emerge from the
reorganization process with a sound capital structure that will
enhance the vital services that our dedicated employees provide
to our patients, residents, and customers." Vencor, Inc. is a
long-term healthcare provider operating nursing centers,
hospitals, and ancillary contract services in 46 states.
  

WINDSOR ENERGY: Hearing To Consider Disclosure Statement
------------------------------------------------------ A
hearing to consider the Disclosure Statement of the debtors,
Rincon Island Limited Partnership and Windsor Energy US
Corporation will be held on October 13, 1999 at 11:00 AM.


WUHAN COTTON PLANT: China Declares Large State Firm Bankrupt  
------------------------------------------------------------
The Wuhan Intermediary People's Court has declared a large
Chinese state firm, the Wuhan No. 6 cotton plant, bankrupt
because it cannot repay its debts; as a result, 4,785 people have
lost their jobs, Reuters reported. The bankruptcy was reportedly
caused by poor management, which led to the inability to pay
maturing debts. Established in 1914, the plant was one of
China's top cotton enterprises in the 1980s in terms of tax
contribution, but the plant has been in the red for five years.
It posted losses of 204 million yuan ($24.65 million) in the
first half of 1999. (ABI 13-Sept-99)


Meetings, Conferences and Seminars
----------------------------------

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

September 17, 1999
   GEORGETOWN UNIVERSITY LAW CENTER & THE
   AMERICAN BANKRUPTCY INSTITUTE
      Bankruptcy '99: Views from the Bench
         Georgetown University Law Center, Washington, D.C.
            Contact: 1-202-662-9890
   
September 24-25, 1999
   VIRGINIA CONTINUING LEGAL EDUCATION
      14th Annual Mid-Atlantic Institute on
      Bankruptcy and Reorganization Practice
         Boar's Head Inn, Charlottesville, Virginia
            Contact: 1-800-979-8253

September 27, 1999
   INTERNATIONAL WOMEN'S INSOLVENCY AND
   RESTRUCTURING CONFEDERATION
      5th International Meeting
         Barcelona, Spain
            Contact: 1-703-449-1316

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 5-6, 1999
   INTERNATIONAL WOMEN'S INSOLVENCY AND
   RESTRUCTURING CONFEDERATION
      Fall International Meeting
         San Francisco Marriott, San Francisco, California
            Contact: 1-703-449-1316
   
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 11-13, 1999
   AMERICAN LAW INSTITUTE - AMERICAN BAR ASSOCIATION
   COMMITTEE ON CONTINUING PROFESSIONAL EDUCATION    
      11th Annual Advanced ALI-ABA Course of Study:
      The Emerged and Emergine New Uniform Commercial Code
         New York Hilton Hotel, New York City
            Contact: 1-800-CLE-NEWS

November 17-20, 1999
   AMERICAN BAR ASSOCIATION'S LATIN AMERICAN LAW
   SUBCOMMITTEE & THE ASSOCIATION OF COMMERCIAL
   BANKS OF THE DOMINICAN REPUBLIC
      Educational Exchange
         Case De Campo Resort, LaRomana, Dominican Republic
            Contact: 1-703-739-0800

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

February 27-March 1, 1999
   NORTON INSTITUTES ON BANKRUPTCY LAW
      Norton Bankruptcy Litigation Institute I
         Olympic Park Hotel, Park City, Utah
            Contact: 1-770-535-7722

March 30-April 2, 1999
   NORTON INSTITUTES ON BANKRUPTCY LAW
      Norton Bankruptcy Litigation Institute II
         Flamingo Hilton Hotel, Las Vegas, Nevada
            Contact: 1-770-535-7722

May 4-5, 2000
   RENAISSANCE AMERICAN CONFERENCES & BEARD GROUP, INC.
      Bankruptcy Sales & Acquisitions
         The Renaissance Stanford Court Hotel
         San Francisco, California
            Contact: 1-903-592-5169 or ram@ballistic.com   

June 29-July 2, 1999
   NORTON INSTITUTES ON BANKRUPTCY LAW
      Western Mountains Bankruptcy Law Institute
         Jackson Lake Lodge, Jackson Hole, Wyoming
            Contact: 1-770-535-7722

                    **********

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,
Editors.  Copyright 1999. All rights reserved. ISSN 1520-9474.

This material is copyrighted and any commercial use, resale
or publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.

Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.  The TCR subscription
rate is $575 for six months delivered via e-mail. Additional
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of the initial subscription or balance thereof are $25 each.
For subscription information, contact Christopher Beard
at 301/951-6400.  


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