/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/991004.MBX T R O U B L E D C O M P A N Y R E P O R T E R Monday, October 4, 1999, Vol. 3, No. 191 Headlines BANDSAWE RESIDUAL CORP: Case Summary & 20 Largest Creditors COSTILLA ENERGY: Notice of Bar Date To File Proofs of Claim CRAGAR INDUSTRIES: Licensing Arrangement With WELD RACING DAVIE INDUSTRIES: Canada-U.S. Consortium Offers C$24 Million FEDCO: Order Authorizes Debtor To Retain Deloitte & Touche FULCRUM DIRECT: Seeks To Extend Exclusivity GENEVA STEEL: Raises Price of Steel Plate GOSS GRAPHICS: Debtor and Committee Object To Trustee GREATER SOUTHEAST: Judge Ready To Order Sale IONICA PLC: Applies to Employ Arkin, Schaffer & Kaplan LONDON FOG: Considers Move to Seattle to Cut Costs MAC PLASTICS: Disclosure Statement & Plan Approved and Confirmed MERRY GO ROUND: Judge Rejects Trustee's Lawsuit NATIONSWAY: Bar Date Fixed - October 29, 1999 PAISA INC: Case Summary & 20 Largest Unsecured Creditors PRECISION AUTO: May Seek Buyer but Denies Plans For Bankruptcy RAND ENERGY: Approval of Disclosure Statement RENAISSANCE COSMETICS: Seeks Order Extending Exclusivity SGSM ACQUISITION: Hearing on Approval of Disclosure Statement SOUTHERN PACIFIC: Ocwen Wins Southern Pacific Servicing Contract STUART ENTERTAINMENT: Court Approves Attorneys STUART ENTERTAINEMNT: Hearing Date for Disclosure Statement STUART ENTERTAINMENT: Order Approves Entry Into HQ Lease STUART ENTERTAINMENT: Order Authorizes Standby Funding Commitment SUN TV: Exclusivity Extended TALK AMERICA: Order Authorizes Employment of Joseph Finn Co TRANSTEXAS: Second Committee of Unsecured Creditors TRANSTEXAS: Committee of Holders of 13 3/4% Series C and D Notes VENCOR: Applies to Employ Counsel ********* BANDSAWE RESIDUAL CORP: Case Summary & 20 Largest Creditors -------------------------------------------------------------- Debtor: Bandsawe Residual Corporation 501 Brickell Key Drive, Suite 300 Miami, FL 33131 Court: Southern District of Florida Chapter 11 Case Number: 99-15698 Debtor's Attorney: Guy B. Bailey Bailwey harper Baker, Arencibia & Agudo, PT 501 Brickell Key Drive Suite 900 Miami, FL 33131 List of Twenty Largest Unsecured Creditors Name Amount ---- ------ Swire Pacific Holdings, Inc. 1,925,500 David Efron 1,500,000 Julius Obren, Nathan Ohren 900,000 Lois M. Bailey 500,000 Cynthia Michael Jason and Becker Fulford 498,000 IRS 400,000 Brickell Key Centre 232,345 Central Parking 6,300 Aspen Publishers 3,351 Steven Cronig 140,000 GE Capital Trans Leasing 60,000 Great American Leasing 60,000 West Publishing Co. 40,000 Pitney Bowes Company 35,000 Custom Supplies and Software 32,888 Allied Legal Supplies 32,549 Mercedes C. Busto 30,000 BellSouth 20,000 IBC Messenger Inc. 10,000 COSTILLA ENERGY: Notice of Bar Date To File Proofs of Claim ----------------------------------------------------------- The debtor, Costilla Energy, Inc. filed notice of commencement of the case of Costilla Energy, Inc. The deadline for filing proofs of claim against the debtor is January 24, 2000. Governmental agencies have until March 1, 2000 to file proofs of claim in the case. CRAGAR INDUSTRIES: Licensing Arrangement With WELD RACING --------------------------------------------------------- CRAGAR Industries, Inc. (OTC Bulletin Board: CRGR) today reported that it has entered into a licensing arrangement with WELD RACING, Inc., a privately held corporation. Under the terms of the Asset Purchase and Licensing Agreements, which still need approval from certain parties, WELD RACING will be granted an exclusive license to manufacture, market, distribute and sell CRAGAR's well-known line of wrought aluminum automobile, light truck and racing wheels. In return for this license, WELD RACING will pay CRAGAR a continuing royalty based on sales levels. In 1998, sales of CRAGAR's wrought aluminum wheels and related accessories represented approximately $2.5 million or 18% of CRAGAR's gross revenues. Michael L. Hartzmark, President and CEO, stated, "We sought a licensing partner that could cost-effectively manufacture and sell our wrought aluminum wheels and related accessories. WELD RACING's extraordinary technological achievements over the past few years, its leadership position in the wrought aluminum wheel niche and its well-known brand name, make it the natural partner to grow CRAGAR's wrought aluminum wheel business." Dr. Hartzmark continued, "Our most valuable asset is our brand name, which will be enhanced by this transaction. This partnership will let a vertically integrated manufacturer of high quality forged alloy wheels take a portion of our wheel line to the market, while we focus our time, effort and resources on extending the CRAGAR brand name through licensing arrangements into other domestic performance automotive niches." Greg Weld, President and Chief Executive Officer of WELD RACING, Inc., commented further, "This arrangement gives WELD RACING one of the premier brand names in our industry, as well as an established product line and customer base developed over the past 35 years. Combining the CRAGAR brand and the well respected WELD RACING brand, as well as our diverse product lines, will enable WELD RACING to devote more resources to R&D, new products and the extension of the CRAGAR brand into newer technologies, including motorcycle wheels. In addition, as a more effective competitor in the automotive wheel industry, we will be able to improve our methods of sales and significantly expand our distribution." In conclusion, Mr. Weld summed up, "This partnership will help WELD RACING achieve its goal of becoming the dominant player in the manufacture and sale of aftermarket wrought aluminum automobile, light truck, racing and motorcycle wheels." CRAGAR Industries, Inc. is an international designer, producer, and seller of custom wheels and wheel accessories for cars, trucks, vans, sport utility vehicles, racing vehicles, and motorcycles. DAVIE INDUSTRIES: Canada-U.S. Consortium Offers C$24 Million ------------------------------------------------------------ Shareholders of Davie Industries shipyard in Quebec, one of the last remaining shipyards in Canada, voted yesterday to approve a C$24 million offer from a Canadian-U.S. consortium to pull the naval construction site out of bankruptcy protection, according to Reuters. Groupe Ocean and Groupe Desgaganes of Quebec City along with Arlington-Va.-based Syntek Technologies and its New York financial partner, Transitional Capital Ventures, made the offer. According to the proposal, the new shareholders will take control of the shipyard following due diligence within four months, and each shareholder will hold a third of the shares. The shipyard has been managed by a receiver since last year. Shares of the company are currently owned by Cedar Canada Group, which filed for bankruptcy protection last year. (ABI 01-Oct-99) FEDCO: Order Authorizes Debtor To Retain Deloitte & Touche -------------------------------------------------------------- The US Bankruptcy Court, Central District of California entered an order on September 27, 1999, authorizing the debtor, Federal Employees' Distributing Company, d/b/a FEDCO, Inc. to retain the accounting firm of Deloitte & Touche LLP as its tax accountants and employee benefits consultants, effective as of September 7, 1999. FULCRUM DIRECT: Seeks To Extend Exclusivity ------------------------------------------- The debtors, Fulcrum Direct Inc. and its debtor affiliates seek an extension of their exclusive period within which they may file a plan or plans of reorganization through and including November 30, 1999 and an extension of the exclusive period within which they may solicit acceptances of any such plan through and including January 31, 2000. The debtors believe they have sufficient cause to seek such extensions due to the complexity of these cases, the tasks faced by management in the initial months of the cases in liquidating the debtors' assets, the progress made to date in liquidating their assets, and the need for additional time to investigate and pursue potential causes of action. GENEVA STEEL: Raises Price of Steel Plate ----------------------------------------- Geneva Steel, which is operating under the protection of Chapter 11 of the U.S. Bankruptcy Code, has raised the price of its steel plate. The $ 20 per ton price hike announced Wednesday follows Geneva's announcement three weeks ago that demand for its products had grown in recent months to the point where it could fire up an additional blast furnace. Prices have improved, particularly in the hot-rolled coil market, said Dennis Wanlass, Geneva's vice president and chief financial officer. "And while up to this point the plate market has been only so-so, we are starting to see signs of improvement there as well." Geneva is not the only steel producer that has raised prices. Bethlehem Steel, the country's third-largest steel producer, raised the price for its plate steel last week. USX-U.S. Steel Group, WHX Corp.'s Wheeling-Pittsburgh Steel Corp. and Weirton Steel followed Bethlehem's lead. "Even with this increase, prices are still depressed," said John Armstrong, spokesman for USX-U.S. Steel. "We're really just trying to make up for some of the ground we lost as a result of all the foreign imports." Nucor Steel, which operates a minimill in Plymouth, has not raised its prices. Unlike Geneva, which makes its steel directly from iron ore, Nucor uses electric-arc furnaces to melt scrap metal, which then is rolled and shaped into hundreds of different products. "We have not raised our prices all year," said J. Curtis Broadbent, controller for Nucor's Utah plant. "Our business is good, but for us the flood of foreign imports is not over." GOSS GRAPHICS: Debtor and Committee Object To Trustee ----------------------------------------------------- Both the debtor, Goss Graphics Systems, Inc. and the Official Committee of Unsecured Creditors object to the motion of LaSalle Bank, NA for the immediate appointment of an interim Chapter 11 trustee for Goss Realty LLC. The debtor states that LaSalle has shown no mismanagement or fraud and no cause for the appointment of the trustee. The debtor states that LaSalle continues to improperly pressure Realty to execute a cash collateral order - apparently for the sole purpose of permitting LaSalle to receive adequate protection payments. Realty's refusal to execute such a cash collateral order is in the best interests of the estate. In support of its objection, the Committee states that LaSalle has failed to demonstrate any cause to justify the appointment of a Chapter 11 trustee for Goss Realty. A hearing on confirmation of the plan is scheduled for October 19, 1999. Despite LaSalle's apparent displeasure regarding its treatment under the plan, the committee believes that the plan provides for the appropriate treatment for LaSalle's secured claim. If LaSalle continues to remain dissatisfied with its treatment under the plan, the Committee states that its recourse is to object to the confirmation. The Committee further alleges that the appointment of a Chapter 11 trustee at this time would significantly derail the debtors' reorganization process to the substantial detriment and expense of all unsecured creditors of these estates. GREATER SOUTHEAST: Judge Ready To Order Sale -------------------------------------------- Bankruptcy Judge S. Martin Teel Jr. yesterday gave Washington's Greater Southeast Community Hospital a deadline of Tuesday to propose a plan to keep the hospital in business or sell its assets to meet creditors' claims, The Washington Post reported. The city has already loaned the Greater Southeast Healthcare System, a non-profit foundation that runs the hospital, $8.5 million since the spring. Creditors, who are owed more than $70 million, yesterday said the hospital continues to lose money and asked the judge to take the steps toward liquidation of its assets. D.C. Mayor Anthony Williams and hospital officials objected and urged a delay in liquidation plans so that a health panel, consultants and officials would have time to decide how to reorganize the hospital. Judge Teel indicated yesterday that additional help from the city seems to be the only hope and said "there is evidence that the [hospital] can turn around if the District of Columbia advances the $8 million to $10 million. (ABI 01-Oct-99) IONICA PLC: Applies to Employ Arkin, Schaffer & Kaplan -------------------------------------------------------------- The debtor, Ionica PLC seeks entry of an order authorizing the retention and employment of Arkin, Schaffer & Kaplan LLP as its special counsel for the purpose of investigating and pursuing claims against entities which the debtor's counsel, Cadwalader, Wickersham & Taft may not pursue due to potential conflicts of interest. LONDON FOG: Considers Move to Seattle to Cut Costs -------------------------------------------------- London Fog Industries Inc., which filed chapter 11 on Monday, is considering moving its headquarters in the Baltimore area to its Seattle office to cut costs and eliminate duplication of tasks, The Baltimore Sun reported. Based in Eldersburg, Md., the company employs more than 150 people at headquarters and 130 in an adjoining distribution center. Five years ago London Fog purchased Pacific Trail Inc., a Seattle company, and in March, Pacific Trail's former president, William Dragon Jr., was named CEO of London Fog. Dragon has remained in Seattle. A move of the headquarters would be the third move since 1994. In 1994 the chairman moved the company to Darien, Conn., near his home; after he was fired one year later, the company moved back to Eldersburg. During the last five years there also have been four changes in top management. (ABI 01-Oct-99) MAC PLASTICS: Disclosure Statement & Plan Approved and Confirmed ---------------------------------------------------------------- The Combined Disclosure Statement and Plan of Reorganization filed by MAC Plastics, Inc. is approved and confirmed by the US Bankruptcy Court for the Western District of Pennsylvania. In accordance with the plan, all remaining assets of the debtor's estate are assigned to National City Bank in full satisfaction of its secured claim against the estate. National City Bank shall receive any and all premium refunds due under the terms of the debtor's policies with Zurich Insurance Company. MERRY GO ROUND: Judge Rejects Trustee's Lawsuit ----------------------------------------------- Bankruptcy Judge E. Stephen Derby dismissed a lawsuit filed by Merry-Go-Round Enterprises Inc. Trustee Deborah H. Devan, according to The Baltimore Sun. The suit alleged that four banks had improperly transferred about $10 million between accounts to cut the retailer's debt to them before Merry-Go-Round filed for bankruptcy protection. Judge Derby said that Devan failed to prove that a reduction in the net amount owed to the banks for $61.3 million to $50.6 million within 90 days before the filing represented "set-offs." Devan is overseeing the company's liquidation in chapter 7, and First Union National Bank and Bank of America, which now own two of the banks involved in the 1993 transactions, asked the judge to award the banks summary judgment. Judge Derby ruled that according to the bankruptcy law, the transfers must be made unilaterally without any attempt to satisfy a mature debt to be considered "set-offs" subject to recovery by the trustee and that the amount owed the banks was not considered mature debt. Merry-Go-Round filed chapter 11 in January 1994 and converted to chapter 7 in March 1996. (ABI 01- Oct-99) NATIONSWAY: Bar Date Fixed - October 29, 1999 --------------------------------------------- October 29, 1999 is established by the US Bankruptcy Court for the District of Arizona as the deadline within which any and all persons asserting a claim against NationsWay Transport Service, Inc., NW Transport Service, Inc. and Salt Lake Transfer Company must file a proof of claim. PAISA INC: Case Summary & 20 Largest Unsecured Creditors -------------------------------------------------------- Debtor: PAISA, Inc. 1940 No. Tustin Avenue, #105 Orange CA 92865-4642 Court: Central District of California Chapter 11 Filed: 10/01/99 Debtor's Attorney: Christopher L. Blank 4695 MacArthur Court #1200 Newport Beach, CA 92660 Twenty Largest Unsecured Creditors: Name Amount ---- ------ Arter & Hadden $1,008,933 RAI International Inc. 560,454 Hanif Hirji 259,769 ADVO, Inc. 257,028 Sukhjinder Randhawa 50,000 Hanover & Schnitzer 50,000 Mostafa Badou 42,094 Southrim Properties LLC 37,442 IRS 218,287 Salina Esmail 1,830,000 Shamshjudin Kirji 149,323 BaIwindez Sukhija 104,770 Sher Ahmad Johangiry 94,375 Cypress Enterprises 92,892 VBC Capital Corp. 82,626 Akon-Car, Inc. 70,069 Bashir Matin 68,477 Reynaldo C. Rivera 66,108 Han Sun Lee 60,000 Chanderkala Grover 54,507 PRECISION AUTO: May Seek Buyer but Denies Plans For Bankruptcy -------------------------------------------------------------- Precision Auto Care Inc., Leesburg, Va., said yesterday that it is seeking options to get out of debt, including a sale, according to The Washington Post. The company is out of cash and facing an Oct. 15 deadline on $8.45 million in debt; the payment was due yesterday but Precision received an extension until mid- month. CEO Charles Dunlap said he has been negotiating with several companies for a cash infusion or sale of all or parts of the company, and optimistically said "We are certainly not looking at bankruptcy." Last fall the company delayed debt payments and laid off 10 percent of its employees, and in February, a board member loaned $5 million to the company. Aggressive acquisitions in 1998 severely hurt the company's cash flow. Yesterday Dunlap said "We're fairly close to resolving the debt extension issue." Precision Auto has more than 600 auto care centers, including Precision Tune Auto Care, Precision Auto Wash and Precision Lube Express. (ABI 01-Oct-99) RAND ENERGY: Approval of Disclosure Statement -------------------------------------------------------------- The US Bankruptcy Court for the Northern District of Texas entered an order approving the final Disclosure Statement of Rand Energy Company, debtor. The hearing on confirmation of the plan shall commence on November 2, 1999 at 9:30 AM before the Honorable Steven A. Felsenthal, 1100 Commerce Street, 14th Floor, Dallas, Texas 75202. RENAISSANCE COSMETICS: Seeks Order Extending Exclusivity -------------------------------------------------------- The debtors, Renaissance Cosmetics, Inc., et al. are seeking an extension of the exclusive period during which the debtors may file and solicit acceptances of a plan or plans of reorganization. The debtors seek an extension up to and including January 31, 2000. Since the closing of the sale to DPC Acquisition Corp., which occurred on July 30, 1999, the debtors have terminated all but one of their employees, sought authority to terminate 401(k) benefit plans, begun the process of marshalling their remaining assets for the benefit of their creditors, and litigated their rights to receive approximately $29 million of the consideration to be paid for the sale. The debtors hope to continue the analysis of their business, and, if appropriate to draft and circulate to their principal creditor constituencies such a liquidating plan. SGSM ACQUISITION: Hearing on Approval of Disclosure Statement ------------------------------------------------------------- The hearing to consider the approval of the Disclosure Statement of SGSM Acquisition Company LLC, filed on September 14, 1999 will be held before T.M. Brahney, III, Bankruptcy Judge in Courtroom 709, Hale Boggs Federal Building, 501 Magazine Street, New Orleans, Louisiana, November 4, 1999 at 10:00 AM SOUTHERN PACIFIC: Ocwen Wins Southern Pacific Servicing Contract ---------------------------------------------------------------- West Palm Beach, FL-Ocwen Financial Corp. has entered into a contract with Southern Pacific Funding Corp., to service 17,660 subprime loans with a principal balance of $ 1.3 billion. According to an Ocwen spokesman, the transference of this amount of subprime servicing is the largest ever. The loans will be serviced in Ocwen's National Servicing Center in Orlando, Fla. The spokesman said that the center has the capacity for 900 loan consultants and currently has 300 consultants in the center. "Now that the loans have been boarded, we have begun the administration process. Our ability to implement a seamless transition results from the advanced servicing platform that we put into place several years ago. This platform offers our customers several benefits, including lower delinquency rates, compression of loan resolution timelines, efficient management of third-party costs and selection of optimal loan resolution strategies," said the chairman and chief executive officer of Ocwen, William C. Erbey. At this point Ocwen is servicing only the 17,660 loans, and cannot say whether the company will take on more loans from SPFC to service. SPFC, Lake Oswego, Ore., filed for Chapter 11 bankruptcy protection last fall. Ocwen's servicing business is growing and has increased 94% in the second quarter compared to the second quarter of 1998, according to the spokesman. Ocwen currently services approximately 170,944 mortgage loans for others with an unpaid principal balance of $ 12.1 billion. Ocwen has also been designated special servicer of securitized mortgage loans, having an unpaid principal balance of $ 8.2 billion. STUART ENTERTAINMENT: Court Approves Attorneys ---------------------------------------------- The US Bankruptcy Court for the District of Delaware entered two separate order s authorizing the employment and retention of Squire, Sanders & Dempsey LLP as attorneys for the debtor, and Saul, Ewing, Remick & Saul LLP as co-counsel for the debtor. STUART ENTERTAINEMNT: Hearing Date for Disclosure Statement ----------------------------------------------------------- A hearing to consider the court's approval of the Disclosure statement of Stuart Entertainment Inc. is set for October 27, 1999 at 12:00 PM. STUART ENTERTAINMENT: Order Approves Entry Into HQ Lease --------------------------------------------------------- The US Bankruptcy Court for the District of Delaware entered an order in the case of Stuart Entertainment Inc. approving and authorizing the debtor's entry into a commercial office space lease for its corporate headquarters in 8200 Normandale Boulevard, Bloomington, Minnesota. The base rent is $226,525 annually, with annual upward adjustments to $262,769 in 2003. STUART ENTERTAINMENT: Order Authorizes Standby Funding Commitment ----------------------------------------------------------------- The US Bankruptcy Court for the District of Delaware entered an order authorizing the debtor, Stuart Entertainment Inc. To obtain unsecured credit by entering into a certain Standby Funding Commitment with Contrarian Capital Management LLC. SUN TV: Exclusivity Extended ---------------------------- The US Bankruptcy Court for the District of Delaware entered an order extending the exclusive period within which Sun TV may file a plan of liquidation through and including September 30, 1999; and extending the exclusive period within which Sun TV may solicit acceptances of any such plan through and including November 29, 1999. TALK AMERICA: Order Authorizes Employment of Joseph Finn Co ----------------------------------------------------------- The US Bankruptcy Court, District of Maine entered an order on September 28, 1999 authorizing the debtor, Talk America, Inc. to employ Ross J. Finn and Joseph Finn Co., Inc. to serve as appraisers for the debtor. TRANSTEXAS: Second Committee of Unsecured Creditors --------------------------------------------------- The US Trustee provides notice of the second reconstituted Committee of Unsecured Creditors of TransTexas Gas Corporation. Members: First Union National Bank, Indenture Trustee Halliburton Energy Services Newpark Drilling Fluids, Inc. Zurich America Insurance Co. c/o Risk Management Ltd. Texas Gas Plants, LP Hanson Production Company Schlumberger Technology Corporation Key Energy Services, Inc. TRANSTEXAS: Committee of Holders of 13 3/4% Series C and D Notes ---------------------------------------------------------------- The United States Trustee provides notice of the appointment of the Official Committee of Holders of 13 3/4% Series C and D Senior Subordinated Notes Due 2001 of TransTexas Gas Corporation, debtor: Bank One, NA, Indenture Trustee CFSC Wayland Advisors, Inc. Alliance Capital Management Corp. VENCOR: Applies to Employ Counsel --------------------------------- Pursuant to 11 U.S.C. Sec. 327(e), the Debtors sought and obtained Judge Walrath's authority to employ Reed Smith Shaw & McClay as special counsel in these chapter 11 cases to represent them: (1) in Medicare and Medicaid regulatory, reimbursement and related matters, as will be necessary in the chapter 11 cases; (2) in pending litigation in the United States District Court for the District of Columbia against the Department of Health and Human Services regarding the exemption of long-term care hospitals from the Prospective Payment System, and HHS' anticipated appeal; and (3) to advise and assist in negotiations and/or litigation concerning recoupment of payments by the Medicare program or amounts due to the Debtors from the Medicare program. Reed Smith will bill the Debtors for services rendered by its professionals at their customary hourly rates: Partners Thomas C. Fox $300 Eugene Tillman $300 Elizabeth B. Carder $285 Stephanie Wickouski $295 Kevin R. Barry $275 Carol Colborn Loepere $265 Jospeh W. Metro $240 Healthcare Francis M. Bhambhani $180 Associates Gina M. Cavalier $170 Scott D. Chenevert $165 Joan P. Dailey $185 Scot T. Hasselman $155 Cadance J. Rosen $145 Tamara V. Scoville $165 Paralegals Lynne W. Evans $100 Daniel A. Lewis $85 Reed Smith's engagement will be led by Messrs. Fox and Tillman from Reed Smith's Washington, D.C., office. The Debtors obtained Judge Walrath's permission to pay Reed Smith a $25,000 general retainer following the Petition Date, provided the retainer is applied against the first fee application filed in the Debtors' case. Mr. Tillman discloses that Reed Smith has represented and does represent certain of the Debtors' lenders in matters wholly unrelated to Vencor. Additionally, it is likely that Reed Smith represents certain creditors of the Debtors, again, in matters wholly unrelated to Vencor. The Debtors have also sought and obtained the Court's authority to employ the Wilmington-based law firm of Morris, Nichols, Arsht & Tunnell as their local counsel in their chapter 11 cases. Specifically, Morris Nichols will: a. perform all necessary services as the Debtors' counsel, including, without limitation, providing the Debtors with advice concerning their rights and duties as debtors in possession, representing the Debtors, and preparing all necessary documents, motions, applications, answers, orders, reports and papers in connection with the administration of these chapter 11 cases on behalf of the Debtors; b. take all necessary actions to protect and preserve the Debtors' estates during the pendency of their chapter 11 cases, including the prosecution of actions by the Debtors, the defense of any actions commenced against the Debtors, negotiations concerning all litigation in which the Debtors are involved and objecting to claims filed against the estates; c. represent the Debtors at hearings, meetings, conferences, etc., on matters pertaining to the affairs of the Debtors as debtors in possession; and The Debtors will pay Morris Nichols its customary hourly rates. The attorneys and paralegals who are likely to play an active role in this engagement, together with their current hourly rates, are: William H. Sudell, Jr. Partner $365 Robert J. Dehney Partner $255 Eric. D. Schwartz Associate $210 Derek C. Abbott Associate $190 Gregory W. Werkheiser Associate $170 Laura Balick Paralegal $95 Denise S. Stitik Paralegal $95 Mr. Sudell discloses that Morris Nichols received $210,000 from Vencor for services performed prior to the Petition Date. The Firm does not believe it holds and prepetition claim nor any retainer. (Vencor Bankruptcy News Issue 3; Bankruptcy Creditor's Service Inc.) ********* 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 e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each. For subscription information, contact Christopher Beard at 301/951-6400. * * * End of Transmission * * *