TCR_Public/991011.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 11, 1999, Vol. 3, No. 196
                     
                     Headlines


ACME METALS: Alpha Tube Taps Connolly Bove
AMPACE CORP: Committee Objects To Third Disclosure Statement
COSMETIC CENTER: Court OK's Assumption and Assignment of Leases
CRIIMI MAE: Seeks To Extend Date To File Disclosure Statement
CROWN BOOKS: Court Confirms Reorganization Plan

FEDCO: Order Approves Employment of Reish & Luftman
GOSS REALTY: Memorandum In Support of Appointment of Trustee
GULF STATES STEEL: Sales Down/Losses Increase
HARNISCHFEGER: Considering Sale of Beloit
HARVARD INDUSTRIES: To Build Outboard Motor Parts

HVIDE MARINE: Plans To Increase Creditors' Shares In Company              
JUMBOSPORTS: Seeks Authority to Sell Real Property
JUNO LIGHTING: Farallon Groups Own 21.6% Or 518,978 Shares
LOUIS ALLIS: Milwaukee Judge Approves Sale of Former Factory  
MANN THEATRES: May Be Bought By Warner Bros. And Paramount

MAXIM GROUP: Delays Filing Quarterly Figures
NU-KOTE: Sells Certain Pelikan Subsidiaries
ONEITA INDUSTRIES: Trustee Seeks To Sell Certain Property
PAXSON COMMUNICATIONS: Agreements Forged With NBC
PLUMA INC: Order Grants Extension of Exclusivity

PLUMA INC: Seeks To Sell Inventory and Trademark to Wal-Mart
PRICHARD ALA: Auditors to Investigate City's Finances
PRINCETON UNIVERSITY: Order Grants Extension of Exclusivity
SERVICE MERCHANDISE: Financial Report For August, 1999
SHOE CORP: Order Authorizes Debtor To Implement Severance Plan

TALK AMERICA: Order Grants Extension of Exclusivity
TERRY PRODUCTS INC: Case Summary & 20 Largest Unsecured Creditors
TRANSTEXAS: Gets Court Approval of Disclosure Statement  
UNIVERSAL SEISMIC: Hearing on Motion For Appointment of Trustee
WSR CORP: Order Extends Time to Assume or Reject Leases
ZENITH ELECTRONICS: Grants Authority To Sell Assets At Auction

                     *********

ACME METALS: Alpha Tube Taps Connolly Bove
------------------------------------------
The debtor, Alpha Tube Corporation, seeks authorization to retain
and employ Connolly Bove Lodge & Hutz LLP as co-counsel in their
case and to substitute the firm for Williams Hershman & Wisler
PA. The attorney Jeffrey C. Wisler was an attorney at Williams
Hershman with primary responsibility for this case, and he has
moved to Connolly Bove.


AMPACE CORP: Committee Objects To Third Disclosure Statement
------------------------------------------------------------
The Official Committee of Unsecured Creditors of Ampace
Corporation and Ampace Freightlines, Inc. objects to the third
amended Disclosure Statement to the third amended plan of
reorganization.

The Committee has a continuing objection to the fact that "the
debtors, through their intransigence, have succeeded in
generating a cumulative operating loss through July, 1999 of
nearly $3 million.  These losses total nearly half of the
debtors' gross revenues during the same period." The Committee
states further that despite such losses, the debtor refuses to
include the Committee in the process of formulating a plan.  The
Committee states that the disclosure statement does not provide
adequate information, and fails to set forth any estimate of
administrative cure costs and rejection claims.  The Disclosure
statement should incorporate the debtors' analysis of avoidance
actions and the Committee lists the following material
information which is not disclosed or inadequately disclosed:

The debtors fail to disclose the current status of the sale of
the Monroe facility and why closing has not occurred over five
months after Court approval.

The debtors fails to identify the components of their estimation
of accrued administrative expense claims.

The debtors fail to disclose the potential material tax
consequences of the formation of a liquidating trust, which may
implicate "phantom income" and resulting taxes, and related
valuation issues for the creditor beneficiaries of such a trust.

The debtors fails to disclose which of the creditors in the
secured classes, if any, have agreed to the proposed treatment,
ant he full economic consequences if such agreement is not
reached.

There are wholly inadequate disclosures respecting plan
feasibility.  No explanation whatsoever is given of the
projections and their underlying assumptions.


COSMETIC CENTER: Court OK's Assumption and Assignment of Leases
---------------------------------------------------------------
By order entered on October 6, 1999, the US Bankruptcy Court for
the District of Delaware entered an order authorizing the
assumption and assignment of leasehold interests in certain non-
residential real properties. Ultra Stores, Inc. shall have 60
days from the he Transfer Date to commence its business at the
premises related to the leases that it has assumed and assigned.  
The United Retail Group, Inc. shall be permitted to use premises
in Greenbelt, Maryland. The order covers the assumption and
assignment of leases covering 23 locations located in Maryland,
Indiana, Pennsylvania, California, Iowa, Oregon, Florida, Texas,
Louisiana, North Carolina and Hawaii.


CRIIMI MAE: Seeks To Extend Date To File Disclosure Statement
-------------------------------------------------------------
The debtors, CRIIMI MAE Inc., et. al. seek to extend the date for
the debtors to file a Disclosure Statement. The debtors and
Apollo Real Estate Advisors IV, LP are currently in active
discussions with the Creditors' Committee of the debtor and the
Equity Security Holders Committee.  The debtors request an
extension from October 7, 1999 to October 15, 1999.


CROWN BOOKS: Court Confirms Reorganization Plan
-----------------------------------------------
Crown Books Corporation (OTC Bulletin Board: CRWNQ) today
announced that the United States Bankruptcy Court overseeing
Crown's reorganization case has confirmed its plan of
reorganization, and that the Company plans to emerge from
bankruptcy protection within the next 30 days as a much
healthier, financially stable company.

Under the plan of reorganization, all of Crown's unsecured claims
will be converted into common stock of the reorganized company.  
The Company plans to list its stock shortly on a national
exchange.  Crown will thus emerge from Chapter 11 debt free
except for a $35 million working capital line of credit provided
by Paragon Capital, LLC.  An affiliate of Shenkman Capital
Management, Inc., a New York based money management firm with
$2.5 billion under management, will be the largest individual
shareholder of the reorganized company, with approximately one-
third of the stock. Shenkman Capital has nominated a majority of
the new directors of reorganized Crown.

In a related announcement, Crown stated that Anna Currence, the
Company's president and CEO, will be leaving the Company to
pursue other interests.  Ms. Currence will be replaced on an
interim basis by Steve Panagos of Zolfo Cooper, Crown's financial
advisor, until a permanent successor can be found. Zolfo Cooper,
a leading consulting firm specializing in advising companies in
operational and financial restructurings, has worked closely with
Crown on all aspects of the restructuring since the filing date.  
The Company also announced that it has entered into a consulting
relationship with Gordon Macomber, former President of Macmillan
Reference USA and a director-elect to the new Crown board of
directors, to assist Crown during the transition period.

Ms. Currence has been CEO of Crown since it entered Chapter 11
and has skillfully guided the Company through the reorganization
process.  "We all owe a large debt of gratitude to Anna and the
Crown management team.  At the time of the filing of the Chapter
11 proceedings, Crown faced an uncertain future, but thanks to
Anna's leadership, hard work and determination Crown is
now back on its feet and is about to emerge from Chapter 11,"
said Mr. Panagos. "One of Anna's strengths has been her ability
to attract and maintain a strong management team in both
operations and merchandising.  I look forward to working with
these talented individuals as we implement Crown's growth plan."

Robert Miller, Senior Managing Director of Shenkman Capital,
said: "Anna was particularly effective, among other things, in
managing the Company's reorganization efforts.  We now look
forward to finding a new leader to build upon the strong
foundation Anna set to help identify new opportunities
in the marketplace and position Crown for continued growth."

Headquartered in Landover, Maryland, Crown is among the country's
largest bookstore chains, with 92 stores located in five major
metropolitan areas: Washington, D.C., Chicago, San Francisco, Los
Angeles and San Diego. Crown is known for its ability to
profitably sell books at the lowest price of any traditional or
Internet bookseller in the market today.  Crown employs 1,700
associates and has annual sales of approximately $200 million.


FEDCO: Order Approves Employment of Reish & Luftman
---------------------------------------------------
The US Bankruptcy Court for the Central District of California
entered an order on September 30, 1999 approving the employment
of Reish & Luftman as special pension plan counsel.


GOSS REALTY: Memorandum In Support of Appointment of Trustee
------------------------------------------------------------
LaSalle Bank NA represents that in the case of Goss Realty LLC,
it is without an independent, impartial fiduciary to realize on
the assets of Realty to pay its debt.

The bank alleges that inter-company financial transactions
require the appointment of a trustee to protect the debtor's
creditors where the principals of the debtor and realty company
are the same.  A neutral, independent fiduciary is needed to
examine inter-company claims and transactions.  LaSalle states
that it is owed over $30 million on its mortgage note.  LaSalle
is the only creditor of the debtor. LaSalle states that it is
entitled to have an independent, impartial fiduciary examine the
lease, rent required, rent paid, and bring a claim on debtor's
behalf against Systems for these millions of dollars of unpaid
rent.


GULF STATES STEEL: Sales Down/Losses Increase
---------------------------------------------
Quarterly net sales of Gulf States Steel Inc., for the quarter
ended July 31, 1999, decreased 23.3% to $82.3 million from $107.4
million for the 1998 period.  Net losses mounted to $13.4 million
in the 1999 quarter as compared to net loss of $1.2 million in
the 1998 period.

In the nine months ended July 31, 1999 net sales decreased 24.9%
to $235.9 million for the 1999 period from $314.3 million for the
1998 period.  The nine month 1999 net loss was $49.0 million
compared to the net loss of $4.8 million in the 1998 period.

The company has been operating as a debtor-in-possession since
July 1,1999.  As a result of the voluntary petition for
reorganization under Chapter 11 of the Bankruptcy Code in the
Bankruptcy Court and under the terms of the bankruptcy case,
liabilities in the amount of approximately $228.0 million
are subject to compromise under a plan of reorganization.

Liabilities subject to compromise are Bonds, and Accrued Interest
net of Debt Issuance Cost (First Mortgage Notes) of $203,929,
Notes Payable (Secured Equipment Notes) of $2,800, Vendor Notes
Payable (Unsecured) of $2,908, Capitalized Lease Obligations
(Secured) of $746, Real Estate and Personal Property Taxes
(Unsecured) of $1,554 and Accounts Payable (Unsecured) of $16,109
totalling $228,046.

Given current market conditions, the levels of debt and
associated interest expense, required capital expenditures and
improvements and the potential realization of loss contingencies,
Gulf States Steel believes that it will continue to incur losses
in fiscal 1999.  If the level of foreign imports is not reduced
and if the company is unable to increase sales and pricing,
continue to reduce costs, implement productivity improvements,
comply with the covenant requirements contained in the company's
financing documents and maintain its borrowing availability under
the DIP Credit Facility and the Term Loan, the company may not
have sufficient liquidity and capital resources to meet its
projected fiscal year 1999 requirements.


HARNISCHFEGER: Considering Sale of Beloit
-----------------------------------------
Harnischfeger Industries, Inc. (NYSE: HPH) today announced it is
actively considering the sale of Beloit Corporation, the sole
North American based producer of pulp and paper machinery and
systems.  The company believes an expeditious sale of Beloit,
either as a whole or as separate business units, offers the best
opportunity at this time to maximize the value of the Beloit
business to its creditors and other stakeholders.

Robert N. Dangremond, Chief Restructuring Officer of the company,
will direct this process.  The company indicated it has recently
received several unsolicited indications of interest in all or
parts of Beloit. PricewaterhouseCoopers Securities LLC has been
retained by the company as investment bankers to assist in the
sale of Beloit.  The company cautioned that, while it will pursue
all legitimate offers, there can be no assurance as to whether or
when any transaction will take place.

On June 7, 1999, the company and its U.S. subsidiaries, including
Beloit, filed for reorganization under Chapter 11 of the U.S.
Bankruptcy Code. Any sale of Beloit would require the approval of
the Bankruptcy Court and the company's board of directors.  
Government agency approvals may also be required.  The company
owns 80% of the stock of Beloit.  The remaining 20% is owned by
Mitsubishi Heavy Industries.

Harnischfeger Industries, Inc. is a global company with business
segments involved in the life-cycle management of equipment for
underground mining (Joy Mining Machinery), surface mining (P&H
Mining Equipment), and pulp and papermaking (Beloit Corporation).


HARVARD INDUSTRIES: To Build Outboard Motor Parts
-------------------------------------------------
Harvard Industries, Inc. (Nasdaq: HAVA) announced today it has
been selected by Outboard Marine Corporation (OMC) to provide
drive and propeller shafts to the outboard motor manufacturer.  
The deal could be worth as much as $50 million over the length of
the contract.

"This contract represents a significant step forward for Harvard
Industries, since we have been very interested in developing this
area of our business," said Roger Pollazzi, Harvard's chairman
and chief executive officer.

Pollazzi said Harvard would manufacture the outboard motor parts
at its facility in Rock Valley, Iowa, a machining plant with
particular expertise in the areas of shaft machining and heat
treatments. Harvard is building a 16,000 square-foot addition to
the 86,000 square-foot manufacturing plant to accommodate the new
OMC work.

The agreement is in keeping with the strategies of both Harvard
and OMC, Pollazzi said. Harvard, a major manufacturer of OEM
automotive parts, has been trying to increase its non-automotive
operations; OMC has wanted to divest itself of a number of in-
house manufacturing operations and move those functions to
outside suppliers.

"We are very excited about this contract because it reaffirms our
position as a premier precision shaft manufacturer, " said James
Gray, president of Harvard. "OMC did a very extensive search of
machining sources throughout North America before selecting us.  
We're pleased to prevail over some very fine suppliers.
This is one more step in our strategy of diversifying our
business base and becoming an end product producer."

Pollazzi said the OMC contract fits into the new business
strategy that Harvard has been pursuing since it emerged from
Chapter 11 protection late last year.

"We know our best opportunity for growth involves strengthening
our traditional role as a quality maker of OEM automotive parts
while developing  new areas of operation," Pollazzi said. "This
agreement with OMC is a major step forward for Harvard in the
industrial products arena."

Harvard Industries designs, develops and manufactures a broad
range of components for OEM manufacturers and the automotive
aftermarket, as well as aerospace and industrial and construction
equipment applications worldwide. The Company has approximately
3,000 employees at 10 plants in the United States and Canada.


HVIDE MARINE: Plans To Increase Creditors' Shares In Company              
------------------------------------------------------------
Chemical News & Intelligence reports on October 5, 1999 that
Hvide Marine plans to reorganise under US bankruptcy law in a
move that will keep the company's supply and tanker fleet afloat
by increasing creditors' shares in the company, CNI learned
Tuesday.

Headquartered in Fort Lauderdale, Florida, Hvide's fleet of 276
vessels primarily provides transport and supply services to
offshore rigs.  But the company also performs harbour towing, and
it has some 39 tankers for transport of oil and petrochemical
cargoes.

Under Hvide's bankruptcy reorganisation plan, unsecured creditors
including holders of some 63% of the firm's Dollars 300m
(Euro280m) in Senior Notes will exchange those notes for 9.8m
shares of common stock of the reorganised Hvide Marine,
"representing 98% of the new common equity," according to Hvide.

Hvide said the plan would restore its liquidity and "enhance the
company's competitive position in the marketplace."

The reorganisation plan must be approved by the US bankruptcy
court in Delaware. The company filed for bankruptcy protection
under the US federal Chapter 11 bankruptcy law on 8 September.


JUMBOSPORTS: Seeks Authority to Sell Real Property
--------------------------------------------------
The debtor, JumboSports, Inc. seeks authority to sell real
property located in Rockford, Illinois to First Rockford Group,
Inc. The total purchase price for the real property is $1.75
million

Foothill Capital Corporation filed a statement in support of the
debtors' motion for authority to sell real property located in
Ft. Lauderdale, Florida to City Furniture, Inc.  The debtor seeks
authority to consummate the sale of certain real property, with
certain improvements thereon, located in Ft. Lauderdale, Florida
for the amount of $5,910,000.  AS of July 23, 1999, the principal
amount due under the DIP Loan Agreement totaled approximately
$75,308,307.


JUNO LIGHTING: Farallon Groups Own 21.6% Or 518,978 Shares
----------------------------------------------------------
The following partnerships and partnership managers hold an
aggregate of 518,978 shares of common stock, which is 21.6% of
the class of securities, of Juno Lighting Inc.  Shared voting and
dispositive power is held by each party according to their share
interest. The principal business of each of the partnerships is
that of a private investment fund engaging in the
purchase and sale of investments for its own account.

Andrew B. Fremder, 518,978 shares or 21.6%; David I. Cohen,
518,978 shares or  21.6%; Enrique Boilini, 518,978 shares or
21.6%; Farallon Capital (CP) Investors, L.P., 2,176 shares or  
0.1%; Farallon Capital Institutional Partners II, L.P., 24,711
shares or 1.0%; Farallon Capital Institutional Partners III,
L.P., 40,864 shares or 1.7%; Farallon Capital Institutional
Partners, L.P., 95,557 shares or 4.0%; Farallon Capital
Management LLC, 234,984 shares or 9.8%; Farallon Capital
Partners, L.P., 110,734 shares or 4.6%; Farallon Partners,
L.L.C., 283,994 shares or 11.8%; Fleur E. Fairman, 283,994 shares
or 11.8%; Jason M. Fish, 518,978 shares or 21.6%; Joseph F.
Downes, 518,978 shares or 21.6%; Meridee A. Moore, 518,978 shares
or 21.6%; Richard B. Fried, 518,978 shares or 21.6%; Stephen L.
Millham, 518,978 shares or 21.6%; Thomas F. Steyer, 518,978
shares or 21.6%; Tinicum Partners, L.P., 9,952 shares or 0.4%;
William F. Duhamel, 518,978 shares or 21.6%; and William F.
Mellin, 518,978 share or 21.6%.

The net investment cost (including commissions) for the shares
held by each of the partnerships and managed accounts is set
forth below:

Entity         Shares Held          Approximate Net Investment
Cost
------------   -----------          --------------------------
FCP             110,734              $1,316,757.27
FCIP             95,557              $1,134,542.31
FCIP II          24,711                $282,442.30
FCIP III         40,864                $481,481.65
Tinicum           9,952                $116,176.05
FCCP              2,176                 $30,212.93
Managed         234,984              $2,731,961.21
Accounts

The purpose of the acquisition of the shares is for investment,
and the acquisitions of the shares by each of the partnerships
and the managed accounts were made in the ordinary course of
business and were not made for the purpose of acquiring control
of the company according to the reporting entities.


LOUIS ALLIS: Milwaukee Judge Approves Sale of Former Factory  
------------------------------------------------------------
Bankruptcy Judge James E. Shapiro (E.D. Wis.) this week approved
the sale of the former Louis Allis factory to Industrial
Properties LLC, The Milwaukee Journal Sentinel reported.
Industrial Properties, a recently organized company linked to
Industrial Erecting Co., a welder and steel fabricator, submitted
the winning bid of $1.37 million for the 550,000 square-foot
plant on 23 acres. The majority of the proceeds of the sale will
go to Bank One, which was Louis Allis' principal creditor. Robert
K. Steuer, attorney for bankruptcy trustee Patrick K. Noonan,
said the sale will yield about $30,000 for the bankruptcy estate.
Louis Allis, which was at one time a major manufacturer of
electric motors and generators, ceased operations last October
and filed for chapter 7 to liquidate.


MANN THEATRES: May Be Bought By Warner Bros. And Paramount
----------------------------------------------------------
Las Vegas Review-Journal reports on October 7, 1999 reports that
Mann Theatres, the financially troubled anchor tenant of the
planned Neonopolis entertainment center downtown, may be bought
by Warner Bros. and Paramount.

The two entertainment companies announced this week that they
intend to buy WestStar Cinemas, Mann Theatres' parent company,
which filed for Chapter 11 bankruptcy in September.

What effect the purchase would have on Neonopolis is uncertain, a
project developer said.  'We don't know what the dispensation of
the Neonopolis lease will be should Warner Bros. and Paramount be
successful in buying (Mann Theatres) through the bankruptcy
court,' said Rob Snowden, executive vice president of Neonopolis
developer World Entertainment Centers.

Mann Theatres has signed a lease to open an 11-screen theater in
Neonopolis, which would be at the corner of Las Vegas Boulevard
and Fremont Street.


MAXIM GROUP: Delays Filing Quarterly Figures
-------------------------------------------
Maxim Group Inc's. quarterly report for the quarter ended August
7, 1999 will not be filed timely because the company's audited
financial statements for the year ended January 31, 1999 have not
yet been completed.  Preparation of financial statements for the
second quarter ended August 7, 1999 requires completion of the
fiscal 1999 audit.

The company expects to report a substantial increase in revenues
for the quarter ended August 7, 1999 as compared to the
comparable prior year period. The revenue increase for the
quarter ended August 7, 1999 resulted principally from the
acquisition of the retail store assets of Shaw Industries, Inc.
subsequent to the prior year quarter.


NU-KOTE: Sells Certain Pelikan Subsidiaries
-------------------------------------------
Nu-kote Holding, Inc. (OTC Bulletin Board: NKOT) announced today
that as part of its overall strategic objective of restructuring
its operations, Nu-kote International, Inc., a wholly owned
subsidiary of Nu-kote Holding, has sold certain of its
subsidiaries to Pelikan Hardcopy Europe Limited ("Pelikan"), a
Scottish corporation.  The subsidiaries sold include Pelikan
Productions A.G., Pelikan Scotland Limited, Greif-Werke GmbH,
Pelikan Hardcopy Asia Pacific Limited, and Dongguan Pelikan
Hardcopy Limited.

Under terms of the agreement, Pelikan will pay $16.5 million at
the close of the transaction in exchange for all of the capital
stock or equity interests of the Companies.  Previously, Nu-kote
had filed a motion in the United States Bankruptcy Court for the
Middle District of Tennessee and received approval for
the sale.  This disposition is part of Nu-kote's efforts to
dispose of non-essential assets and focus on the restructuring of
its core business in North America.

Nu-kote's North American Operations will retain the rights to
market its products under the Pelikan brand name in the United
States, Canada and Mexico, with the purchaser having the right to
market its products under the Pelikan brand name throughout the
rest of the world.  In addition, Nu-kote will continue to market
its products under the Nu-kote brand name anywhere in the world.  
The Company will also maintain its business forms operations
in France.

Through its operating subsidiaries, Nu-kote produces supplies for
printers, copiers, fax machines and ink jet printers, sold
primarily in North America and Europe.


ONEITA INDUSTRIES: Trustee Seeks To Sell Certain Property
---------------------------------------------------------
Michael B. Joseph, the Chapter 7 trustee for the estate of Oneita
Industries, Inc. seeks approval to sell certain parcels of
nonresidential real property located in Fayette, Alabama  
commonly known as the Fayette Textile Plant, the Fayette Apparel
Plant and a vacant lot, together with furniture fixtures and
equipment located thereon to Fayette Manufacturing Company, Inc.
The purchase price is $4.2 million.  


PAXSON COMMUNICATIONS: Agreements Forged With NBC
-------------------------------------------------
On September 15, 1999, Paxson Communications Corporation entered
into an Investment Agreement with National Broadcasting Company,
Inc. under which, on September 16, 1999, wholly-owned
subsidiaries of NBC purchased shares of convertible exchangeable
preferred stock and common stock purchase warrants
from the company for an aggregate purchase price of $415 million.

Concurrently with the Investment Agreement, a wholly-owned
subsidiary of NBC entered into an agreement with Lowell W.
Paxson, the company's Chairman and controlling stockholder and
certain entities controlled by Mr. Paxson, under which the NBC
subsidiary was granted the right) to purchase all (but
not less than all) 8,311,639 shares of Class B Common Stock of
the company beneficially owned by Mr. Paxson.

Additional terms were included in the Investment Agreement, and a
Stockholder Agreement was executed between the parties as well.  
For further information on the transactions access
http://www.sec.gov/cgi-bin/srch-edgar?0000950144-99-011435on the  
Internet, free of charge.


PLUMA INC: Order Grants Extension of Exclusivity
------------------------------------------------
The Honorable William L. Stocks entered an order on September 30,
1999 extending the exclusivity period within which only the
debtor may file a plan of reorganization is extended to and
through September 24, 1999 and it is further order that the
exclusivity period for the debtor to obtain acceptance of its
plan is extended to and through November 24, 1999.

The court also entered an order granting the debtor's motion for
authority to continue to sell excess inventory pending
confirmation of liquidation plan.


PLUMA INC: Seeks To Sell Inventory and Trademark to Wal-Mart
-----------------------------------------------------------
The debtor, Pluma, Inc. seeks authorization to sell certain
inventory, and the trademark "Pluma" together with the goodwill
of the business to Wal-Mart Stores, Inc. d/b/a Sam's Club.  The
total purchase price for the property identified above is
$3,168,819. In light of the debtor's announced intention to
liquidate its assets, the retention of its trademark is not
necessary for the continued reorganization efforts of the debtor.


PRICHARD ALA: Auditors to Investigate City's Finances
-----------------------------------------------------
The Alabama Examiners of Public Accounts will be investigating
the city accounts in Prichard, Ala., which filed for chapter 9
protection this week after defaulting on $2 million in debt,
according to a newswire report. Mobile County District Attorney
John Tyson is expected to schedule a hearing in circuit court on
the possible impeachment of Prichard Mayor Jesse Norwood and the
City Council. Tyson plans to ask the court to hold them liable
for the city's debt. Prichard has not paid state and federal
withholding taxes from employees' paychecks even though it
deducted the taxes from the paychecks. (ABI 08-Oct-99)


PRINCETON UNIVERSITY: Order Grants Extension of Exclusivity
-----------------------------------------------------------
The US Bankruptcy Court for the Middle District of Florida
Orlando Division entered an order in the case of Princeton
Hospital, Inc. extending the debtor's exclusive period through
and including November 30,1999.  The debtor's acceptance period
is extended through and including the date of the confirmation
hearing in this case.


SERVICE MERCHANDISE: Financial Report For August, 1999
------------------------------------------------------
Debtor-in-Possession Service Merchandise Co. Inc. reports net
receipts of $117,761 for the month of August 1999.  In that month
the company had net losses of $64,948.


SHOE CORP: Order Authorizes Debtor To Implement Severance Plan
--------------------------------------------------------------
The US Bankruptcy Court for the Southern District of Ohio,
Eastern Division, entered an order on September 30, 1999
authorizing the debtors, Shoe Corporation of America, Inc., and
its debtor affiliates to implement a Stay Bonus and Severance
Plan.  


TALK AMERICA: Order Grants Extension of Exclusivity
---------------------------------------------------
By order of the US bankruptcy Court, District of Maine, entered
October 4, 1999, the exclusive period for the debtor, Talk
America, Inc. to file its plan and Disclosure Statement is
extended to November 8, 1999. The exclusive period for the debtor
to gain the acceptance of a plan of reorganization by each class
of impaired claims or interests is extended to January 7, 2000.


TERRY PRODUCTS INC: Case Summary & 20 Largest Unsecured Creditors
-----------------------------------------------------------------
Debtor:  Terry Products, Inc.
         1333 Broadway
         New York, NY 10001

Type of business: Infant/Children's Apparel Manufacturer

Court: Southern District of New York

Case No.: 99-10791    Filed: 10/06/99    Chapter: 11

Debtor's Counsel:  
Bruce Frankel
Angel & Frankel, P.C.
460 Park Avenue
New York, NY 10022
(212) 752-8000
Fax : (212) 752-8393
Email: bfrankel@angelfrankel.com
   
                             
Jeffrey K. Cymbler
Angel & Frankel, P.C.
460 Park Avenue
New York, NY 10022
(212) 752-8000
Fax : (212) 752-8393
Email: jcymbler@angelfrankel.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:            $26,703,000
Total Liabilities:       $21,145,000
                                                   No. of
                                         Amount    Holders
                                         ------    -------
Fixed, liquidated secured debt      $15,993,339          9
Contingent secured debt                      $0        N/A
Disputed secured Claims                      $0        N/A
Unliquidated secured debt                    $0        N/A

Fixed, liquidated unsecured debt       $4,313,100    1,027
Contingent unsecured debt                    $0        N/A
Disputed unsecured debt                      $0        N/A
Unliquidated unsecured debt                  $0        N/A

No. of shares of preferred stock              0        N/A
No. of shares of common stock            13,305        3

20 Largest Unsecured Creditors:

   Name                              Nature         Amount
   ----                              ------         ------
Polar Industrial, SA                  Trade       $465,756
Guilford Mills, Inc.                  Trade        339,921
Scovill Fasteners, Inc.               Trade        214,379
MSAS Global Logistics                 Trade        154,890
Piedmont Customhouse                  Trade        153,561
Marcrest Knitting Mills               Trade        144,952
Southtrust Bank                       Trade        133,942
Specialty Shearing & Dye              Trade        128,311
Integrated Dist. Systems              Trade        123,469
Brothers Cutting Services             Trade        106,765
Carolina Paper Box Co.                Trade         88,664
Joint Venture Textiles                Trade         83,755
Amalee Corp.                          Trade         69,324
Dependable Air Freight                Trade         67,760
Hafner, Inc.                          Trade         62,987
Intex Corporation                     Trade         57,805
Caribex Worldwide                     Trade         56,362
Platinum Apparel Enterprise           Trade         54,789
Latt Green                            Trade         53,492
Belding Hausman, Inc.                 Trade         53,121


TRANSTEXAS: Gets Court Approval of Disclosure Statement  
-------------------------------------------------------
The U.S. Bankruptcy Court in Corpus Christi, Texas, approved
TransTexas Gas Corp.'s amended disclosure statement on Sept. 28,
according to sources familiar with the matter. The statement
contained "lots of amendments," said one attorney working on the
case, adding that the version to be sent to interested parties
eligible to vote "should be filed tomorrow." The attorney added
that "serious objections" to the plan are expected, but "the
matter will likely be resolved by the end of the year."
(The Daily Bankruptcy Review and ABI Copyright c October 8, 1999)


UNIVERSAL SEISMIC: Hearing on Motion For Appointment of Trustee
---------------------------------------------------------------
The hearing of the debtors' motion for appointment of Chapter 11
Trustee has been scheduled for October 6, 1999 at 9:00 AM before
the Honorable Letitia Z. Clark , 515 Rusk, 4th Floor, Courtroom
401, Houston, Texas 77002.


WSR CORP: Order Extends Time to Assume or Reject Leases
-------------------------------------------------------
The US Bankruptcy Court for the District of Delaware entered an
order extending the time within which the debtors may assume or
reject remaining unexpired leases of nonresidential real
property.  The time within which the debtors may assume or reject
unexpired leases of nonresidential real property is extended to
and including December 6, 1999.


ZENITH ELECTRONICS: Grants Authority To Sell Assets At Auction
--------------------------------------------------------------
The debtor, Zenith Electronics Corporation, seeks authority to
retain an auctioneer and establish auction procedures in order to
sell certain surplus assets in Chicago related to Zenith's
Microcircuits facility.  The equipment at this facility was used
to produce hybrid microcircuits and wafers used in electronic
equipment.  Zenith intends to discontinue its electronics
manufacturing operations of which Microcircuits was a component.
Microcircuits was operationally closed in early August, 1999. The
debtor has been guaranteed a minimum sale price of $190,000.

                    
                     *********

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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.

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