TCR_Public/990917.MBX    T R O U B L E D   C O M P A N Y   R E P O R T E R
       
       Friday, September 17, 1999, Vol. 3, No. 180                                              
                             
                   Headlines

AMEDISYS: Expects Improvement Despite Losses
CAI WIRELESS SYSTEMS: Entities Report August 24th Sale Of Stock
CAPITAL RESOURCES: Trustees Seeking Dismissal of ClaimsCITYSCAPE
FINANCIAL: Intellectual Property Assignment Agreement
COSTILLA ENERGY: Involuntary Stock Sales Change Liedtke Holdings

DOW CORNING: 1999 Asian Sales Improve/U.S. Sales Weaker
DEVLIEG-BULLARD: Order Authorizes Secured Post-Petition Financing
FACTORY CARD OUTLET: Reports Second Quarter Results
FEDCO: Committee Seeks To Terminate Exclusivity
FEDCO: Order Approves Dayton Hudson Agreement

GOSS GRAPHIC: Disclosure Statement and Plan
HURRICANE HYDROCARBONS: Works On Restructuring
IRIDIUM: Shifts Case To New York
LLOYD'S SHOPPING CENTERS: Seeks To Employ Jacobowitz and Gubits
METALLURG: Financial Information Reported For Quarter Ended 7/31

NATIONSWAY: Auctions Off Trucks, Trailers and Equipment
NEUROMEDICAL SYSTEMS: Seeks To Increase Exclusivity Period
NEXTWAVE: Can Companies or FCC Bid on Air Waves?
NYEC INC: Confirmation Hearing Adjourned To October 13
PHILIP SERVICES: Disclosure Statement

PRESLEY COMPANIES: General William Lyon Holds 6,189,589 Shares
PSI INDUSTRIES: Agreed Final Financing Order
RIGCO NORTH AMERICA: Taps Normarine Offshore Consultants
RUSSELL CAVE: Joint Liquidating Plan of Reorganization
SINGER COMPANY NV: Case Summary

SINGING MACHINE CO: Sales Increase 58% From Previous Year
SUBMICRON: Court Approves Asset Sale Bidding Procedures
TELEPAD CORP: Plan of Reorganization Filed
VENCOR: Creditors Consider Plan Exchange Debt For Stock
WESTERN FIDELITY FUNDING: Court Grants Motion to Operate
WORLDWIDE DIRECT: Seeks To Release Security Interests

BOND PRICING FOR WEEK OF SEPTEMBER 13

                  **********

AMEDISYS: Expects Improvement Despite Losses
--------------------------------------------
Amedisys, Inc. is a leading multi-regional provider of fully
integrated alternate-site health care services. The company
offers the following services: home health nursing services;
infusion therapy; and ambulatory surgery centers.  Amedisys Inc.
operates 69 offices within a network of subsidiaries in the south
and southeastern United States.

For the three months ended June 30, 1999 the company's revenues
were $28,758 as compared to the June 30, 1998 quarter revenues of
$7,539.  The net loss realized in the 1999 quarter was $1,455
compared to the 1998 same period net loss of $1,903.

In the six months ended June 30, 1999 company revenues were
$57,762 as compared to revenues of $15,681 in the same period of
1998.  The net loss in the six months ended June 30,1999 was
$3,953 while the six month period loss in 1998 was $4,424.

Amedisys says it expects the quarterly losses to decrease
throughout 1999 as the full benefit of the restructuring efforts
are realized.


CAI WIRELESS SYSTEMS: Entities Report August 24th Sale Of Stock
---------------------------------------------------------------
As of August 24, 1999 the following entities, having sold all
shares in a private transaction, no longer  beneficially own any
shares of common stock of CAI  Wireless Systems Inc.

On August 24, 1999 the following transactions were conducted:

Shares sold by Resurgence Asset Management, L.L.C., 582,947 at a
total cost of $16,322,516 and 386,687 at a total cost of
$10,827,236.

Shares Sold by Re/Enterprise Asset Management, L.L.C., 628,206 at
a total cost of $17,589,768.

Shares Sold by M.D. Sass Re/Enterprise International, Ltd.,
87,684 at a total cost of $2,455,152.

Shares Sold by Kingstreet Limited, 7,792 at a total cost of
$218,176.

Shares Sold by M.D. Sass Corporate Resurgence Partners, L.P.,
582,947 at a total cost of $16,322,516.

Shares Sold by M.D. Sass Corporate Resurgence International,
Ltd., 299,003 at a total cost of $8,372,084.

Shares Sold by M.D. Sass Re/Enterprise Partners, L.P., 140,459 at
a total cost of $3,932,852.

Shares Sold by M.D. Sass Re/Enterprise - II, L.P., 32,806 at a
total cost of $918,568.

Shares Sold by M.D. Sass Associates, Inc., 628,206 at a total
cost of $17,589,768.

Shares Sold by M.D. Sass Management, Inc., 87,684 at a total cost
of $2,455,152.

Shares Sold by M.D. Sass Investors Services, Inc., 454,941 at a
total cost of $12,738,348.

Shares Sold by M.D. Sass Associates, Inc. Employee Profit Sharing
Plan, 6,526 at a total cost of $182,728.

Shares Sold by the Resurgence Parallel Fund, LLC., 20,356 at a
total cost of $569,968.

Shares Sold by the M.D. Sass Re/Enterprise International
Irrevocable Trust II, 7,792 at a total cost of $218,716.

CAPITAL RESOURCES: Trustees Seeking Dismissal of Claims
-------------------------------------------------------
U.S. bankruptcy trustees are seeking dismissal of claims made by
a Kailua company, saying there is no hope for financial
reorganization. Capital Resources International filed for Chapter
11 bankruptcy protection in January, a move aimed at forestalling
eviction from the Kailua Town Center.

The company was evicted two weeks ago, still owing $ 240,000 in
back rent and promised improvements to the property.  Attorneys
for the company, now located in Waimanalo, say they won't contest
the bankruptcy dismissal, an action U.S. Trustee Curtis Ching
said is necessary because the company has no assets to liquidate.

Capital Resources claims to have contracts worth $ 275 million to
clean up oil spills in Azerbaijan, a former Soviet republic.


CITYSCAPE FINANCIAL: Intellectual Property Assignment Agreement
---------------------------------------------------------------
Cityscape Financial Corp., n/k/a AMC Financial Inc. and Cityscape
Corp. seek approval and authorization to enter into a certain
Intellectual Property Assignment Agreement by and among the
debtors and Framework, Inc. pursuant to which Cityscape will
assign its right, title and interest in certain loan origination
computer software to Framework.  CSC will reject the Framework
Agreements and Framework will waive all claims against the
debtors. (approximately $100,000)


COSTILLA ENERGY: Involuntary Stock Sales Change Liedtke Holdings
----------------------------------------------------------------
The changes in the percentage of beneficial ownership of Costilla
Energy common stock reported here are the result of shares
beneficially owned by Cadell S. Liedtke which have been
involuntarily sold due to financing arrangements with Prudential
Securities Incorporated. As of August 31, 1999, Mr. Liedtke
beneficially owned 828,460 shares of common stock
constituting 5.9% of the total issued and outstanding shares of
common stock of the company.

Mr. Liedtke has the sole power to vote or to direct the vote and
the sole power to dispose or direct the disposition of all of the
shares of common stock attributed to him except for 60,000 shares
held by the Liedtke Foundation.  Mr. Liedtke is a director of the
Liedtke Foundation and shares voting and dispositive power over
the shares of common stock owned by the Liedtke Foundation with
the other directors of the Liedtke Foundation.

Cadell S. Liedtke financed certain purchases of shares of common
stock under a brokerage account arrangement that he has with
Prudential Securities Incorporated through a Command Account
Margin Agreement. The Marion and Cadell S. Liedtke Family
Charitable Foundation, through which Mr. Liedtke beneficially
owns shares, has also entered into an Account Agreement with
Prudential. To further secure Mr. Liedtke's borrowings under the
Account Agreement, he has entered into a Pledge
Agreement with Prudential whereby he pledged certain of the
shares of common stock owned by him.

Mr. Liedtke has transacted sales in shares of common stock during
the sixty prior days, each of which was an involuntary sale
transaction effected by Prudential under the financing
arrangements described above. Each of these sales was transacted
through a broker on the public market.

  07/01/99           40,000                        .119
  07/02/99           40,000                        .119
  07/02/99           40,000                        .119
  07/06/99           40,000                        .1638
  07/07/99           40,000                        .1492
  07/07/99           40,000                        .1492
  07/08/99           40,000                        .1492
  07/09/99           40,000                        .1492
  07/12/99           40,000                        .1492
  07/13/99           20,000                        .1492
  07/13/99           40,000                        .1492
  07/14/99           40,000                        .1492
  07/15/99           40,000                        .1492
  07/16/99           40,000                        .1492
  07/22/99           40,000                        .1492
  07/23/99           40,000                        .1492
  07/26/99           40,000                        .1492
  07/29/99           40,000                        .1492
  07/30/99           40,000                        .1492
  08/02/99           29,000                        .1492
  08/03/99           30,000                        .1492
  08/04/99           25,000                        .1492
  08/04/99           10,000                        .1502
  08/04/99           40,000                        .119
  08/05/99           15,000                        .1492
  08/06/99           25,000                        .1492
  08/06/99            5,000                        .1492
  08/09/99           15,000                        .1492
  08/10/99          100,000                        .1205
  08/11/99           40,000                        .1492
  08/11/99           50,000                         .1492
  08/19/99           10,000                          5/32
  08/19/99           10,000                          5/32
  08/23/99           10,000                          3/32
  08/24/99           10,000                          3/32
  08/25/99           10,000                          3/32
  08/27/99           10,000                          3/32
  08/27/99           10,000                           1/8
  08/30/99           10,000                          3/32
  08/31/99           10,000                        .09375


DOW CORNING: 1999 Asian Sales Improve/U.S. Sales Weaker
------------------------------------------------------
Net sales of Dow Corning Corporation for the six months ended
June 30, 1999 were $1,281.7 million, essentially unchanged from
net sales of $1,280.0 million for the six months ended June 30,
1998. Improved sales in the Asia operating segment, attributable
to a partial recovery from the economic turmoil experienced
during the first half of 1998, were offset by a weakening of
sales in Europe and the Americas.  The lower U.S.-dollar sales
for Europe in 1999 compared to 1998 resulted from lower reported
U.S.-dollar sales due to the strengthening of the U.S. dollar
exchange rate against European currencies. The decline in net
sales in the Americas operating segment was attributable
primarily to a continued decline in demand for semiconductor-
grade silicon. Net income for the six months ended June 30, 1999
was $47.3 million as compared to net income for the same
period in 1998 of $100.8 million.


DEVLIEG-BULLARD: Order Authorizes Secured Post-Petition Financing
-----------------------------------------------------------------
The debtor, Devlieg-Bullard, Inc. is seeking to obtain post-
petition financing under a commitment of up to $30 million under
an agreement among The CIT Group/Business Credit, Inc., BNY
Factoring, LLC, any additional financial institutions which
become parties to that Credit Agreement and CITBC, as agent; and
for the debtor to execute revolving loan promissory notes and
term loan promissory notes.


FACTORY CARD OUTLET: Reports Second Quarter Results
---------------------------------------------------
Factory Card Outlet Corp. announced today results for its second
quarter ended July 31, 1999.

Net loss for the second quarter was $1.8 million or ($0.23) per
diluted share, compared to a net loss of $0.8 million or ($0.11)
per diluted share for the fiscal quarter ended August 1, 1998.  
The Company's net loss for the latest fiscal quarter included
$2.0 million or ($0.27) per diluted share for professional fees
and other costs related to the reorganization of the company.  
Sales for the second quarter ended July 31, 1999 decreased
approximately 5.0% to $52.2 million from $54.7 million for the
comparable quarter last year.  During the quarter, the Company
closed 27 stores, which closings contributed to this sales
decrease.  On a comparable store basis, sales for the second
quarter decreased 1.5%.  Comparable store sales continue to be
adversely impacted by the reduced flow of merchandise resulting
from issues associated with the Company's liquidity and the
chapter 11 cases.

Net loss for the six months ended July 31, 1999 was $17.8 million
or ($2.38) per diluted share compared to a net loss of $0.2
million or ($0.03) per diluted share for the comparable six
months last year.  The Company's net loss for the six months
included $14.6 million or ($1.94) per diluted share for 27 stores
closing, professional fees and other costs related to the
reorganization of the company and $1.3 million or ($0.17) per
diluted share for the early retirement of amounts outstanding
under a prior credit agreement.  Sales for the six months
rose to $104.8 million from $104.6 million for the comparable six
months last year.  On a comparable store basis, sales for the six
months decreased 2.0%. Comparable store sales were adversely
impacted by the reduced flow of merchandise resulting from issues
associated with the Company's liquidity and the chapter 11 cases.

Factory Card Outlet is a chain of company owned superstores
offering an extensive selection of greeting cards, gift wrap,
balloons, party supplies and other special occasion merchandise
at everyday value prices.


FEDCO: Committee Seeks To Terminate Exclusivity
-----------------------------------------------
The Official Committee of Creditors Holding general unsecured
claims seeks an order terminating the period during which only
the debtor has the exclusive right to file and solicit
acceptances in connection with a plan of reorganization.

The Committee claims that the debtor's refusal to pursue a plan
which commits to seek confirmation of the plan pursuant to the
"cram down" provisions of the code if the class containing the
debtors' members class votes to reject the plan exposes the
creditors to the risk that the plan is unconfirmable and there
may be substantial delays and additional costs associated with
confirmation proceedings for an alternative plan.

The Committee seeks to file its own plan which would be identical
to the debtor's plan except that it would provide that the
Committee would seek to confirm the plan over the objection of
the member class.

The Committee states that the debtor has no response to the
Committee's inquiry as to what the debtor intends to do if the
member class votes to reject the plan.  "The debtor told the
Committee that it will cross that bridge if and when it comes to
it and that the Committee should trust the debtor to do the right
thing.  This position is unreasonable and unfair to creditors
because it could result in substantial and unnecessary additional
cost, reduced distributions to creditors and delays in payment."


FEDCO: Order Approves Dayton Hudson Agreement
---------------------------------------------
By order of the US Bankruptcy Court, Central District of
California, Judge Alan M. Ahart, dated September 10, 1999, the
debtor is authorized to enter into an agreement with Dayton
Hudson for the sale of substantially all of the debtor's assets.


GOSS GRAPHIC: Disclosure Statement and Plan
-------------------------------------------
The debtors, Goss Graphic Systems, Inc., et al. are producers of
newspaper and insert printing press systems and producers of
commercial printing press systems.  Goss' core business is the
production of newspaper printing press systems.  The purpose of
the plan is to restructure the debtors' current lending
facilities to provide the debtors with the ability to emerge from
bankruptcy with the liquidity needed to move forward in their
business activities.  The debtors believe that the reorganization
contemplated by the plan is in the best interests of their
creditors and equity holders.  

The debtors, Stonington, certain pre-petition lenders and certain
members of the pre-petition Committee and certain other holders
of the Old Notes entered into a Forbearance, Lock-Up and Voting
Agreement with respect tot he terms of the company's proposed
plan of reorganization.  A copy of both the Lock-Up Agreement and
the underlying term sheet will be filed with the Bankruptcy
Court.

According to certain provisions of the Lock-Up Agreement the
parties agreed that:

Holders of the Old Notes would receive $112.5 million in New
Notes and 3.25 million shares of the New Holdings Common Stock

Stonington will make a $50 million capital contribution to the
company

Stonington would receive under the plan 6.75 million shares of
the New Holding s Common stock

The company would obtain a $50 million DIP financing facility
funded by Stonington in the amount of $25 million and certain of
the Pre-petititon Lenders in the amount of $25 million.

Under the plan, holders of equity interests in all three debtors
will receive no distribution.

Treatment of Classes

The treatment of classes with claims in Holdings is summarized as
follows:

Bank Secured Claims (Class H2) - $200M - Treated as Class S2-
impaired.

The treatment of Classes is Systems is summarized as follows:
Class S2 claims Bank Secured Claims - $200 M - projected
recovery: Trance B Revolving Credit Facility and the term loan
facility - impaired.

Class S4 General Unsecured Claims - $218M - projected recovery:
100% over nine months or in the ordinary course as comes due.
Impaired.

Class S5 claims - Old Note Claims - $233 M - projected recovery:
$112.5 million in New notes plus 3.25 million share of New
Holdings Common Stock, subject to dilution by the Management
Equity. Impaired.

The treatment of Classes holding claims in Realty is summarized
as follows:

Class R2 claims - LaSalle secured claims $25M - paid in full -
unimpaired.

Class R4 claims - Bank Unsecured Claims $200 M - treated as Class
S2.
Impaired.


HURRICANE HYDROCARBONS: Works On Restructuring
----------------------------------------------
Hurricane Hydrocarbons Ltd., Calgary, Canada, said yesterday that
it has developed a plan with bondholders to convert its large
debts to common shares with the hope of emerging from bankruptcy
as a stronger company, according to a newswire report. The
company, known for its oil production operations in Kazakhstan,
will file its plan in court on Sept. 20. The restructuring
agreement, initiated in May after attempts to sell the company
failed, was reached with a group holding two-thirds of the
company's $175 million worth of Canadian and U.S. dollar-
denominated bonds. Last month Hurricane said its cash flow has
improved in recent months to a point where it would likely
renegotiate the deal in its favor, but not until it completed
the agreement with bondholders the Canadian Companies' Creditors
Arrangement Act.


IRIDIUM: Shifts Case To New York
--------------------------------
The New York Times reports on September 16, 1999 that Iridium
L.L.C., the first global satellite phone network, has moved its
Chapter 11 bankruptcy proceedings to New York from Delaware.

The move, approved on Monday in Federal Bankruptcy Court in
Manhattan, is a concession to Iridium's bondholders.

The Washington-based company, whose operations are supported by
Motorola Inc., filed for bankruptcy last month in Delaware,
shortly after a group of its bondholders sought an involuntary
filing in New York.

While there are not big differences between Delaware and New York
bankruptcy law, the advantage for bondholders is that most of the
big holders are in New York. Iridium has defaulted on $1.55
billion in bank loans, after failing to lure enough users to its
66-satellite global phone network.


LLOYD'S SHOPPING CENTERS: Seeks To Employ Jacobowitz and Gubits
---------------------------------------------------------------
The debtor, Lloyd's Shopping Centers, Inc., seeks authorization
to employ Jacobowitz and Gubits, LLP as special tax counsel for
the debtor.  The firm will represent the debtor solely in
connection ith pending and future proceedings to reduce real
property assessed valuations and taxes for the shopping centers.  
The debtor claims that these services are essential t o the
liquidation of claims for real property taxes, and are essential
tot he debtor's success in confirming and consummating a plan of
reorganization that will be in the best interests of the estate
and its creditors.


METALLURG: Financial Information Reported For Quarter Ended 7/31
----------------------------------------------------------------
Metallurg Inc. is a leading international producer and seller of
high quality metal alloys and specialty metals used by
manufacturers of steel, aluminum, superalloys, titanium,
chemicals and other metal consuming industries. The company
operates in one significant industry segment, the manufacture and
sale of ferrous and non-ferrous metals and alloys. It is
organized geographically, with its core production facilities in
the United States, the United Kingdom and Germany supported by a
worldwide sales network.

For the quarter ended July 31, 1999 the company's revenues were
$116,052 with net losses of $3,091.  In the six months ended on
that date revenues were $233,865 and net losses $13,319.


NATIONSWAY: Auctions Off Trucks, Trailers and Equipment
-------------------------------------------------------
Buyers lined up to look over nearly 1,800 trucks and trailers and
nearly 1,400 pieces of shop equipment at the Commerce City hub of
bankrupt trucking company NationsWay on Tuesday.

The terminal was already sold for $ 6 million in federal
bankruptcy court in Phoenix, and liquidators have to get the
property off the premises in two weeks. The court will hand out
the auction's proceeds to creditors.

The NationsWay Transport terminal in Phoenix was sold for $ 8
million, and the Harrisburg, Pa., terminal was sold for $ 4.1
million.

The company, founded by Colorado Rockies co-owner Jerry McMorris,
filed for Chapter 11 bankruptcy in May and then for complete
liquidation. About 3,500 workers, including as many as 1,000 in
Colorado, lost their jobs when the company shut down.

About 40 former NationsWay employees are suing McMorris and nine
other company executives to collect back wages. Employees are
considered unsecured creditors, which means other creditors will
get their money first. Many of the bidders at the Commerce City
auction were owners of smaller companies looking for deals.

"An opportunity like this doesn't come along every day," said
Bill Huebner, president of Ace Steel and Recycling of Rapid City,
S.D. Huebner planned to buy 20 or 30 trailers and use some of
them as storage sheds. He was waiting for the bids to go down.

Roger Waldner, owner of Sioux Falls Cartage in Sioux Falls, S.D.,
said he was amazed at the volume of rolling stock that
NationsWay, the largest privately held U.S. trucking company, had
in its inventory.

"What we do in a year's worth of revenue, they did in an hour,"
Waldner said. The auctioneers, Taylor & Martin Inc. of Freemont,
Neb., will go to other NationsWay hubs in Los Angeles,
Sacramento, Calif., Salt Lake City and Portland, Ore.


NEUROMEDICAL SYSTEMS: Seeks To Increase Exclusivity Period
----------------------------------------------------------
The debtor, Neuromedical Systems, Inc. seeks to increase the
debtor's exclusive period to file a plan and solicit acceptances
thereof.

Prior to the Petition Date, the debtor operated as a healthcare
technology company supplying screening and equipment and services
to laboratories.

As a result of escalating losses, the debtor entered into a
purchase agreement with AutoCyte, Inc. pursuant to which AutoCyte
agreed to purchase the debtor's intellectual property and certain
related assets for cash and publicly traded stock worth an
aggregate of approximately $13.8 million as of the Petition Date.  
The sale was consummated on May 17, 1999.  

The debtor states that it has made substantial progress toward
formulating the essential elements of a consensual plan of
reorganization supported by the Creditors' Committee. The debtor
claims that the effect of an extension of the debtor's
exclusivity periods will be to encourage the consensual
resolution of outstanding issues and frustrate the efforts of any
rogue creditors to disrupt on-going negotiations.  The debtor is
currently engaged in negotiations with the Creditors' Committee
and with certain creditors which may affect the structure of the
debtor's plan of reorganization; and the debtor believes that it
may be able to conclude such negotiations within 30 days.

The debtor requests that the court enter an order extending the
exclusivity period to file a plan by thirty days, to October 13,
1999, and extending the exclusivity period to solicit acceptances
to the plan by thirty days, to December 13, 1999.


NEXTWAVE: Can Companies or FCC Bid on Air Waves?
------------------------------------------------
Gannett News Service reports on September 14, 1999 that
NextWave Telecom Inc. is the focal point of what could result in
national policy on how to allocate radio spectrum held by
companies trying to reorganize their finances in bankruptcy
court, an analyst said Monday.

At issue: Whether the air waves NextWave Telecom Inc. in
Hawthorne bought in 1996 for $ 4.7 billion at a Federal
Communications Commission auction can be bid on by many companies
or if the FCC alone can decide who can claim it.

NextWave, however, says none of this will happen because it
intends to both emerge from Chapter 11 bankruptcy court
protection and retain the radio waves spectrum it bought three
years ago. The company is scheduled to file a brief Tuesday with
the U.S. Court of Appeals for the Second Circuit in Manhattan to
stop efforts by the federal government to force it to relinquish
its spectrum.

In August, Nextel Communications in Reston, Va., announced that
it reached an agreement with the FCC staff and the Justice
Department to obtain NextWave's spectrum, entangled in bankruptcy
court proceedings.

The deal drew criticism from the Cellular Telecommunications
Industry Association, a major wireless trade group. CTIA
President Thomas Wheeler in a letter to FCC Chairman William
Kennard said CTIA members would be adversely affected if the FCC
staff gave one company an inside track to valuable spectrum
because it "secretly negotiated an agreement with a single party"
with no public notice of the plan.

NextWave successfully bid $ 4.7 billion for the radio spectrum
in 1996 but later argued, while under the protection of
bankruptcy reorganization laws, that the value of its bid was
reduced by the government when the FCC made more spectrum
available.

Judge Adlai S. Hardin Jr. of U.S. Bankruptcy Court agreed and
ruled that NextWave's spectrum was worth $ 1.023 billion. The FCC
continues to say that NextWave still owed $ 3.7 billion more and
that if the company could not pay, it should forfeit its
licenses.

Nextel has said that it would be willing to pay $ 2.1 billion for
NextWave's spectrum. It's common for start-up telecommunications
and Internet companies to proceed on the idea that they will
increase in value and their backers will sell it for huge
profits.


NYEC INC: Confirmation Hearing Adjourned To October 13
------------------------------------------------------
The hearing to consider confirmation of the Second Amended Plan
of Reorganization (Liquidation) jointly proposed by the debtors
and the official Committee of Unsecured Creditors previously
scheduled for September 9, 1999 at 2:00 PM has been adjourned to
October 13, 1999 at 2:00 PM.


PHILIP SERVICES: Disclosure Statement
-------------------------------------
The debtors, Philip Services (Delaware) Inc., et al. seek
approval of the debtors' Disclosure statement and approval of the
solicitation procedures for confirmation of the plan and approval
of a new hearing date for confirmation of the plan.

Philip is an integrated metals recovery and industrial services
company, which provides metals recovery and processing services,
by-products recovery, and industrial outsourcing services to
major industry sectors from over 230 locations across North
America and Europe.  The company's primary base of operations is
in the US.  Philip's revenues for the year ending December 31,
1998 were approximately $2 billion.  AS of March 31, 1999, Philip
and its direct and indirect subsidiaries reported total assets of
approximately $1.13 billion and total liabilities of
approximately $1.56 billion.

The debtors are seeking a court order confirming that the debtors
are not required to solicit votes from the Common Stockholders
and securities class action claimants.

A hearing with respect to the motion will be held on September
21, 1999.  The debtors request that November 3, 1999 at 9:30 AM
be set as the date for the confirmation hearing.


PRESLEY COMPANIES: General William Lyon Holds 6,189,589 Shares
--------------------------------------------------------------
General William Lyon beneficially owns an aggregate of 6,189,589
shares of Series A common stock, representing approximately 17.4%
of the total number of shares of Series A common stock and
approximately 11.7% of the total number of shares of Series A and
Series B common stock of Presley Companies outstanding as of
August 10, 1999.  Of the 6,189,589 shares of Series A
common stock beneficially owned by Mr. Lyon, 750,000 are shares
that he has the right to acquire under to stock options granted
by the company to him in 1994 in respect of his service as a
director of the company.

William Lyon Homes, Inc., a corporation which is controlled by
Mr. Lyon, has entered into separate Stock Purchase and Sale
Agreements with GS Credit Partners, L.P., ING (U.S.) Capital,
L.L.C., and The Chase Manhattan Bank, as Trustee for First Plaza
Group Trust, which provide for the purchase by WL Homes from such
entities of an aggregate of 9,434,813 shares (subject to
adjustment) of Series B common stock of the company, for a cash
price of $0.655 per share.

Presley Companies' Series B common stock is convertible on a
share for share basis into shares of the company's Series A
common stock.  The consummation of the transactions contemplated
by the Series B Stock Purchase Agreements is subject to numerous
terms and conditions, including but not limited to the
consummation of the transactions contemplated by a Restated
Letter of Intent dated July 15, 1999, between the company,
Presley Homes, a California corporation, and WL Homes.

Mr. Lyon disclaims beneficial ownership of the company's Series A
common stock into which the Series B shares are convertible until
such time as the conditions set forth in the Series B Stock
Purchase Agreements have been satisfied and the closing of the
transactions contemplated by the Series B Stock Purchase
Agreements has occurred.

Mr. Lyon has the sole power to vote, or to direct the vote, and
the sole power to dispose or direct the disposition, of all
6,189,589 shares of Series A common stock owned by him.  On
August 12, 1999, he sold an aggregate of 2,500,000 shares of
Series A common stock for a cash price of $0.65 per share.  Such
sales were effected through privately-negotiated sale
transactions not involving a broker or dealer.


PSI INDUSTRIES: Agreed Final Financing Order
--------------------------------------------
As of the Petition Date, the principal sum of approximately $6
million plus interest was due and payable by the debtor to
LaSalle National Bank of Chicago.  The debtor requires financing
of up to approximately $700,000 in order to conduct its ongoing
business.  By order of the court entered September 3, 1999, the
court approves the financing as agreed to by the Bank.  The
debtor and the Bank have agreed to the entry of this order.


RIGCO NORTH AMERICA: Taps Normarine Offshore Consultants
--------------------------------------------------------
The debtors, RIGCO North America, LLC and its debtor affiliates
seek authorization to employ and retain Normarine Offshore
Consultants (USA) Inc.

The debtors seek to employ the firm to value the debtors' two
semi-submersible drilling rigs, and to provide expert testimony
concerning that valuation.  Subject tot he court's approval,
Normarine will charge a flat fee of $2,000 for its services in
relation to the appraisal and an hourly rate of $325 for services
in relation to testifying regarding the appraisal.


RUSSELL CAVE: Joint Liquidating Plan of Reorganization
------------------------------------------------------
The plan of Russell Cave Company, Inc. f/k/a The J. Peterman
Company is premised on the continuation and completion of the
orderly liquidation of all assets of the debtor as well as the
prosecution of Causes of Action.

With respect to the existence of specific Causes of Action, the
debtor's statement of financial affairs reflects numerous
transfers by the debtor to other persons, including insiders,
prior to the Petition Date, a substantial number of which might
be subject to avoidance and recovery as preferences.  According
to the Statement, there are more than $12 million o f transfers
involving approximately 250 different recipients.  The credit
card processors have withheld from the debtor as yet undetermined
sums thought to be in excess of $1 million from sales of the
debtor's inventory in order to satisfy expected chargeback
claims.  The Committee is currently investigating whether any
causes of action exist against Heller Financial, inc.  

The auction sale of substantially all of the debtor's assets was
held on march 5, 1999. The highest and best offer was from Paul
Harris Stores, Inc. for the total purchase price of $10 million.
Subsequent tot he closing Heller Financial received payment in
full of its secured claim in the total amount of $5,161,560.

Treatment of Claims

Administrative Expenses may total as much as $722,831, and unpaid
professional fees total $411,400.

Allowed Priority Tax Claims - As of the Bar Date, the face amount
of the priority tax claims totaled $193,000.

Class 1 - Satisfied Claims - Heller Loan Claim, Heller DIP Loan
Claim, the Vine Street Secured Claim, Administrative Expenses
incurred and paid
in full.

Class 2 - Allowed Secured Customer Claims - Impaired.

Class 3 - Allowed Miscellaneous Secured Claims - Impaired.

Class 4 - Allowed Miscellaneous Priority Claims As of the Bar
Date these claims totaled $516,023.

Class 5 - Allowed Priority Customer Claims - AS of the Bar Date
these claims totaled $148,531

Class 6 - Allowed Unsecured Claims - Each holder shall receive
payment of its pro rata share of the cash in the distribution
account after payment of allowed administrative and priority
claims. AS of the Bar Date the face amount of the unsecured
claims totaled $41,138,299. Impaired.

Class 7 - Allowed Subordinated Claims - None - Impaired.

Class 8 - Allowed Equity Interests - Cancelled upon consummation
of plan. Impaired.


SINGER COMPANY NV: Case Summary
-------------------------------
Debtor:

The Singer Company NV
915 Broadway
18th Floor
New York, NY 10017-7108

Court: US Bankruptcy Court for the Southern District of New York

Date Filed: 09/12/1999  Bankruptcy Petition #: 99-10578-brl

Chapter: 11

Debtor's attorneys:

Giorgio Bovenzi
Skadden, Arps, Slate, Meagher & Flom LLP
919 Third Avenue
New York, NY 10022-3897
(212) 735-2591
Fax : (212) 735-3577
Email: gbovenzi@skadden.com
   
                             
Jay M. Goffman
Skadden, Arps, Slate, Meagher & Flom LLP
919 Third Avenue
New York, NY 10022
(212) 735-2120
Fax : (212) 735-3742
Email: JGoffman@skadden.com

U.S. Trustee
------------
United States Trustee
Office of United States Trustee
33 Whitehall Street
21st Floor
New York, NY 10004
(212) 510-0500

Total Assets:
$1,237,686,000

Total debts:
$611,782,000

Debt securities held by more than 500 holders:
7% Notes due 2003

Number of shares of preferred stock:
75,000

Number of shares of common stock as of January 2, 1999:
51,053,250

Brief description of debtor's business:

The company, through its operating subsidiaries, is the leading
manufacturer, marketer and distributor of consumer sewing
machines with a market share of approximately 37% of all consumer
sewing machines sold (excluding China, Soviet Republics and
Eastern Europe) and markets and distributes in selected market
other durable consumer products, including consumer electronic
equipment, home appliances and home furnishings.


SINGING MACHINE CO: Sales Increase 58% From Previous Year
---------------------------------------------------------
The Singing Machine Co., Inc. announces that its sales for the
year ended March 31, 1999, increased 58% to $9,547,816 from
$6,056,101 for the prior year.  According to the company the
growth of the CD plus graphics electronic karaoke machines far
surpassed its internal projections.  This has continued into the
current fiscal year as the orders placed by customers have grown
to $15,500,000 from $8,100,000 at August 31, 1999, as compared to
the same period a year ago.  The company's family of products has
enabled it to dramatically broaden the number of retailers and
distributors of its products.  The CD plus graphics machines are
now in their fourth year of sales in the United States.  This new
technology has lowered the retail price point and made the
products more user friendly and as a result the mass markets are
reacting favorably to these two developments.  Singing Machine
Company is also benefitting from its emphasis on the sales of
music software for its machines.  The number of retailers and
distributors ordering from its software library of over 2,700
titles is increasing as the number of CD plus graphics machines
sold increases.

The company is the only major company specializing in the karaoke
category that offers complete lines of hardware (machines) as
well as software (music).

Historically, Singing Machine Company's operations have been
seasonal, with the highest net sales occurring in the second and
third quarters.  In keeping with its historical sales patterns,
sales for the first quarter of fiscal 2000 were $1,589,713,
essentially flat when compared to the prior year of $1,650,782.  
However, net income increased nearly 60% to $39,482.  
Additionally, the present orders placed by the company's
customers as of August 31, 1999 were $15,500,000, which is a
strong indicator that sales and net income will increase
dramatically in the fiscal 2000 year.

The company's financial condition improved significantly with
current assets growing to $2,760,447 from $1,813,098 as of March
31, 1999.  Net worth increased to $2,379,682 as compared to
$964,740 at March 31, 1999.  This has enabled the company to have
greater product financing capability, which was further enhanced
by the recent increase in credit lines, as evidenced by the
recent Bank Julius Baer & Co., LTD. $1,000,000 letter of
credit line that the company announced last week.


SUBMICRON: Court Approves Asset Sale Bidding Procedures
-------------------------------------------------------
SubMicron Systems Corporation (OTC Bulletin Board: SUBM)
announced that on September 9, 1999 it and its wholly-owned
subsidiaries, SubMicron Systems, Inc., SubMicron Wet Process
Stations, Inc. (doing business as Universal Plastics), and
SubMicron Systems Holding I, Inc. received approval from United
States District Judge Sue L. Robinson of certain bidding
procedures to be used in connection with the proposed sale of
substantially all of SubMicron's assets to Akrion LLC.  The sale
to Akrion LLC was announced on September 1, 1999, in conjunction
with the filing by SubMicron of its Chapter 11 petitions in the
United States Bankruptcy Court for the District of Delaware.

As previously announced, SubMicron intends to sell to Akrion
LLC substantially all of SubMicron's assets for cash and other
considerations totaling approximately $55.5 million.  Akrion LLC
is sponsored by Sunrise Capital Partners, L.P., an affiliate of
Houlihan, Lokey, Zukin & Howard, as well as SubMicron's existing
lenders, Equinox Investment Partners L.L.C. and Celerity Silicon
L.L.C. and members of SubMicron's management.  Key elements of
the Akrion LLC bid include the assumption of trade payables and
the continued employment of substantially all of SubMicron's
worldwide workforce. Under the approved bidding procedures, if
any competing bids are submitted, SubMicron will conduct an
auction on October 11, 1999 following which the Court will hold a
hearing to approve the sale to the party offering the highest or
best price.

According to SubMicron's Chief Operating Officer, Robert Tetu,
"We are pleased by Judge Robinson's decision to approve our
proposed bidding procedures.  This decision ensures that the
entire SubMicron workforce, together with our suppliers and
customers, will be fully supported both prior to and following
the closing of this transaction.  We are eager to begin the next
stage in our company's history with the proper capitalization to
support our continuing focus on customer satisfaction and
innovation."   SubMicron, through its subsidiaries, designs and
manufactures advanced automated wafer surface preparation process
equipment for use in the production of bare silicon wafers and
semiconductor integrated circuits. SubMicron's primary products,
known as "automated wet stations" perform precise and highly
controlled cleaning and etching of silicon wafers onto
which semiconductor devices are fabricated.  SubMicron, through
its subsidiaries, operates in North America, Europe and Asia and
provides full equipment support and process knowledge to silicon
wafer and semiconductor manufacturers for its products worldwide.  
SubMicron's Singaporean subsidiary, Akrion (S) Pte. Ltd.
("Akrion"), is not included in the bankruptcy filing, but
SubMicron's shares of stock in Akrion will be among the assets
sold.  Akrion provides automated wet surface preparation
solutions to manufacturers of semiconductor integrated circuits,
bare silicon wafers and other electronic substrates, such as flat
panel displays and photomasks, in the Asia Pacific Region.  
Akrion currently has operations in Korea, Singapore and Taiwan.
    

TELEPAD CORP: Plan of Reorganization Filed
------------------------------------------
On September 1, 1999, the United States Bankruptcy Court in
Wilmington, Delaware entered an order approving the appointment
of Kurt F. Gwynne as Chapter 11 Trustee for Telepad Corporation.

On March 17, 1999, Telepad filed a voluntary petition for relief
under Chapter 11 of the federal Bankruptcy Code.  The appointment
of a trustee was requested by the creditors of Telepad following
the resignation of Telepad's officers and directors in mid-
August.

Mr. Gwynne has filed a Disclosure Statement and a Plan of
Reorganization with the Bankruptcy Court today.  The proposed
plan provides for, among other things, the payment in full of all
allowed claims entitled to priority under the Bankruptcy Code.  
The proposed plan contemplates a pro rata payment of remaining
proceeds to holders of certain nonpriority, unsecured claims.  
The plan, however, specifically extinguishes all legal and other
interests of the holders of the company's common stock, preferred
stock and redeemable warrants.

Mr. Gwynne is attempting to serve all interested parties of
record with a copy of the Disclosure Statement.  The Bankruptcy
Court in Wilmington, Delaware has scheduled a hearing on the
Disclosure Statement for 9:00 a.m. on September 28, 1999.  Any
responses or objections to the Disclosure Statement must be filed
with the Bankruptcy Court and served upon, among others, the
Trustee's counsel, Eric Lopez Schnabel of Klett Lieber Rooney &
Schorling, A Professional Corporation, 1201 Orange Street,
Wilmington DE, 19807, on or before 4:00 p.m. on September 27,
1999.  Interested parties of record are instructed to follow the
directions found in the mailing initiated today.


VENCOR: Creditors Consider Plan Exchange Debt For Stock
-------------------------------------------------------
Vencor Inc.'s creditors apparently are discussing a plan to
forgive much of the long-term health care company's $ 1.4 billion
debt in exchange for all of the company's stock.

Banks would own 56 percent of a restructured Vencor in return for
forgiving debts. Holders of company notes and Vencor's landlord
would own the rest, if parties agreed and a bankruptcy judge
approved.

The proposed framework is not good news for Vencor shareholders,
who already have lost most of the value in their investments. The
once high-flying stock, which traded around $ 9.50 a share as
recently as May 1998, is now trading for pennies and was delisted
from the New York Stock Exchange.

"Vencor shareholders are going to end up with no equity if you
add up (what the creditors are getting)," said John Roberts,
analyst at Hilliard-Lyons in Louisville. "It comes to 100
percent, so that would leave zero for current Vencor
shareholders."

Officials at Ventas Inc., which owns the facilities that Vencor
operates, announced the discussions Tuesday, one day after Vencor
filed for protection under Chapter 11 of the U.S. Bankruptcy
Code.

"Ventas, Vencor's major creditors and Vencor have been engaged in
negotiations for the last several months to restructure Vencor's
debt and lease obligations," Steven Downey, Ventas' chief
financial officer, said in a statement. "These negotiations have
resulted in detailed terms for a proposed Vencor restructuring."

It also was clear, however, that the "non-binding agreements in
principle" to swap debt for stock have a long way to go before a
final agreement. Most, but not all, creditors have agreed to the
plan's basic terms, Vencor did not file a reorganization plan
with its bankruptcy petition, and no legally binding
agreements have been reached, Downey noted.

Vencor said Wednesday that a bankruptcy court has entered orders
allowing the company to pay employee wages and benefits as well
as pay vendors, utilities and patient obligations.

The judge also approved, on an interim basis, the company's $ 100
million "debtor-in-possession" financing with a bank group, which
will be used to help finance Vencor's ongoing operations during
restructuring.  Vencor operates nursing homes and long-term care
hospitals in 46 states.


WESTERN FIDELITY FUNDING: Court Grants Motion to Operate
--------------------------------------------------------
The US Bankruptcy Court for the District of Colorado entered an
order on September 7, 1999 granting the motion of the Chapter 7
Trustee, Dennis W. King to operate the business of the debtor,
Western Fidelity Funding Inc., on a limited basis for an
additional 180 days from August 19, 1999 through and including
February 15, 2000 in order to continue to wind down the business
operations of the debtor and maximize the value of the estate's
assets.


WORLDWIDE DIRECT: Seeks To Release Security Interests
-----------------------------------------------------
The debtors, Worldwide Direct, Inc., et al., seek authorization
and approval of the release of security interests in assets of
New Millennium Conquest Service Corporation and affiliate in
exchange for delivery of proceeds of sale of assets.

The debtor seeks authorization for SmarTalk to release its liens
and security interests in the assets of New Millennium ConQuest
Service Corporation (NMCSC) and its parent corporation, New
Millennium Communications Corporation (NMCC) in connection with a
sale of the assets of NMCSC.

U.S. Operators has offered to purchase NMCSC's assets for an
aggregate price of $1.25 million plus New Millennium's
transaction costs.  SmarTalk expects that any other credible
offer would contain similar contingencies.  

SmarTalk requests authority to release the liens on the following
terms and conditions:

At closing of any sale transaction involving NMSCS, all proceeds
from the sale, in an amount not less than $1.25 million will be
transferred to SmarTalk.

SmarTalk will retain its previously-granted liens in all assets
of NMCSC that are not transferred tot he buyer. New Millennium
will reaffirm its debt to SmarTalk and the validity and priority
of SmarTalk's liens.

New Millenium and the buyer will execute full and comprehensive
releases.  new Millennium will release and withdraw the proof of
claim in an aggregate amount of more than $1.5 million.

SmarTalk and the Committee have determined that it is unlikely
that New Millennium will be able to fully satisfy its obligations
under the Note or the Supplemental Notes, and that a sale of
NMCSC's assets to a third party would be the best way to maximize
the value of SmarTalk's interests in New Millennium.  SmarTalk
and the Committee have determined that the offer by U.S.
Operators for the assets of NMCSC likely is the highest offer
that will be received and that the release of SmarTalk's liens on
the assets to be sold will maximize the amount of SmarTalk's
recoveries from New Millenium.


BOND PRICING FOR WEEK OF SEPTEMBER 13
=====================================
DLS Capital Partners, Inc., bond pricing for week of September
13, 1999

Following are indicated prices for selected issues:

Acme Metal 10 7/8 '07                18 - 22 (f)
Amer Pad & Paper 13 '05              42 - 44
Asia Pulp & Paper 11 3/4 '05         68 - 70
E & S Holdings 10 3/8 '06            47 - 49
Fruit of the Loom 8 7/8 '06          33 - 36
Geneva Steel 11 1/8 '01              15 - 17 (f)
Globalstar 11 1/4 '04                65 - 66
Hechinger 9.45 '12                   10 - 13 (f)
Integrated Health 9 1/2 '07          23 - 25 (f)
Iridium 14 '05                       11 - 12 (f)
Just for Feet 11 '09                 22 - 25
Loewen 7.20 '03                      55 - 57 (f)
Planet Hollywood 12 '05              26 - 28 (f)
Purina Mills 9 '10                   22 - 25 (f)
Samsonite 10 3/4 '08                 85 - 87
Service Merchandise 9 '04            13 - 14 (f)
Sunbeam 0 '18                        16 1/2 - 17 1/2
TWA 11 3/8 '06                       65 - 67
United Artists 9 3/4 '08             31 - 34
Vencor 9 7/8 '05                     26 - 28 (f)
Zenith 6 1/4 '11                     20 - 22 (f)                  



                                                          
                  **********

The Meetings, Conferences and Seminars column appears
in the TCR each Tuesday.  Submissions via e-mail to
conferences@bankrupt.com are encouraged.  

Bond pricing, appearing in each Friday edition of the TCR, is
provided by DLS Capital Partners, Dallas, Texas.

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

Troubled Company Reporter is a daily newsletter, co- published by
Bankruptcy Creditors' Service, Inc., Princeton, NJ, and Beard
Group, Inc., Washington, DC. Debra Brennan, 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,
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without prior written permission of the publishers.

Information contained herein is obtained from sources believed
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