TCR_Public/991104.MBX    T R O U B L E D   C O M P A N Y   R E P O R T E R
       
      Thursday, November 4, 1999, Vol. 3, No. 214
                     
                     Headlines

AVOCA NATURAL GAS: Seeks Administrative Claims Bar Date
CALDOR: Kranzco Signs Lease With Ames
CLARIDGE HOTEL: Chairman of Board Resigns
COLORADO CASINO: Files Chapter 11  
COSTILLA ENERGY: Objects To Dawson's Request For Relief

CRIIMI MAE: Hearing Postponed Until after Nov. 15  
DAEWOO: Rescue Plans Set For Major Daewoo Firms
DAUPHIN TECHNOLOGY: Engages Grant Thornton LLP As New Auditors
EAGLE CAPITAL: Trustee's First Amended Disclosure Statement
FORCENERGY: Voting Procedures Approved By Court

GENESIS DIRECT: Seeks Authority To Sell Assets
GREATER SOUTHEAST: Judge Grants One Day Delay in Announcement
HARNISCHFEGER: IAM-Backed Group Makes Offer for Beloit Corp
HVIDE MARINE: Court Approves Disclosure Statement
JITNEY-JUNGLE: Creditors Attempt to Move Case to Mississippi

JUST FOR FEET: Shoe Retailer Files Pre-packaged Bankruptcy
MAXIM GROUP: Change Of Corporate Name On Meeting Agenda
MONTGOMERY WARD: Klaff Announces $8.6M Sale of Two Properties
NIAGARA MOHAWK: Cash Flow Significantly Improves
OPTEL: Files Chapter 11 Bankruptcy/Lists Assets & Liabilities

OPTEL: Fiscal Year & Fourth Quarter Results Reported
PLAY BY PLAY TOYS: Delays Year-End Financial Filings
PRESLEY COMPANIES: Waiver of Minimum Requirement In Tender Offer
PURINA MILLS: Reports Bankruptcy Filing To SEC
SGL CARBON: Positive Outlook for the Fourth Quarter of 1999

STEEL HEDDLE: Names New President
STUART ENTERTAINMENT: Court Approves Key Executive Agreements
STUART ENTERTAINMENT: Court OK's Corporate Headquarters Lease
STUART ENTERTAINMENT: Extension of Period To Assume/Reject Leases
STUART ENTERTAINMENT: Objects To Power Bingo's Motion For Relief

TENET HEALTHCARE: First Year in Philly a Success
TOROTEL: Reduction Of Par Value Of Common Stock On Agenda
TRANSTEXAS GAS: Claimants Seek To Intervene
UNITED COMPANIES: Equity Objects To Exclusivity Extension
USCI INC: Zuckerman Holding Less Than 5% Of Common Stock

WSR CORP: Hearing To Consider Bonus Program
ZENITH: Receives Favorable Bankruptcy Court Ruling
         
                     *********

AVOCA NATURAL GAS: Seeks Administrative Claims Bar Date
-------------------------------------------------------
The debtors, Avoca Natural Gas Storage and affiliates request the
entry of an order establishing a bar date for filing requests for
payment of administrative claims against the debtors.  The
debtors request that the court fix 4:00 PM on January 17, 2000 as
the deadline for all creditors to file requests with the court
for administrative claims.


CALDOR: Kranzco Signs Lease With Ames
-------------------------------------
Nov. 3, 1999--Kranzco Realty Trust (NYSE:KRT), a real estate
investment trust, announced it has signed a lease with Ames
Department Stores, Inc. (NASDAQ:AMES) for the 113,000 square foot
former Caldor store at Bristol Commerce Park, Bristol, PA. The
20-year lease is valued at more than $ 6 million.  

Ames, headquartered in Rocky Hill, CT, is the nation's largest
regional full-line discount retailer with annual sales of nearly
$ 4 billion. It operates more than 455 stores, including 155
Hills Stores acquired earlier this year, in 19 states and the
District of Columbia.

The Bristol Commerce Park store is scheduled to open in March
2000, in time for the Easter shopping season.


CLARIDGE HOTEL: Chairman of Board Resigns
-----------------------------------------
The Claridge Hotel and Casino Corporation, which operates the
Claridge Casino Hotel through its subsidiary, The Claridge at
Park Place, Incorporated, announced today that Robert M.
Renneisen has resigned as Chairman of the Board of Directors but
will remain a member of the Board.  Additionally, Mr. Renneisen
will no longer serve as Chief Executive Officer.

James M. Montgomery, President of Houze, Shrouds and
Montgomery, Incorporated, a management consulting firm, and a
director of the Claridge since March 1995, has been named
Chairman.

Frank A. Bellis, Jr., currently Senior Vice President and General
Counsel, has been appointed by the Board of Directors to succeed
Mr. Renneisen as Chief Executive Officer.  Additionally, Mr.
Bellis has been named to serve as a member of the Board of
Directors.  This action is being taken in order to streamline the
executive management team and, through the appointment of Mr.
Bellis, bring greater focus to the bankruptcy reorganization
efforts. Mr. Renneisen will work with the current executive
management team to assure a smooth transition.

On August 16, 1999, The Claridge Hotel and Casino Corporation and
The Claridge at Park Place, Incorporated filed voluntary
petitions under Chapter 11 of the U.S. Bankruptcy Code in order
to facilitate a financial restructuring. The Claridge Casino
Hotel opened in July 1981 and has 59,000 square feet of
casino gaming space.  The Claridge Hotel and Casino Corporation
is a closely held public corporation and is the issuer of $85
million of 11-3/4% First Mortgage Notes which are publicly traded
on the New York Stock Exchange under the symbol CLAR02.


COLORADO CASINO: Files Chapter 11  
---------------------------------
Colorado Casino Resorts, Inc., announced that it has filed for
restructuring under Chapter 11 of the U.S. Bankruptcy Code.  The
Company's subsidiaries, Double Eagle Resorts, Inc., and
Creeker's, Inc., were not part of the filing.  The Company's
subsidiary casino operations will not be negatively affected by
the restructuring.  Gaming operations will continue as usual,
with no effect on employees, customers, or vendors.

"Casino operations will continue as normal," said Michael S.
Smith, the Company's acting president and CEO.  "The filing was
necessary to restructure the large debt load burdening the parent
corporation.  Even if improving subsidiary operational cash flows
increase by 200% over its 1998 numbers, absent restructuring, the
parent corporation still cannot service its $27 million debt."
Smith added, "So far, most creditors recognize CCRI's fiscal
predicament and they understand our restructuring goals.
Continued cooperation and ongoing discussions will hopefully lead
to a smooth and quick restructuring.  The Company remains
committed to the new marketing and operational plans that have
been implemented recently at the subsidiaries."

The Company anticipates no loss of jobs as a result of the
filing.

Colorado Casino Resorts, Inc. is in the business of developing
and operating casino and hotel resort properties.  Through its
wholly owned subsidiaries, Creeker's Inc. and Double Eagle
Resorts, Inc., CCRI is the owner of Creeker's Casino and the
Double Eagle Hotel & Casino, both located in Cripple Creek,
Colorado.


COSTILLA ENERGY: Objects To Dawson's Request For Relief
-------------------------------------------------------
Costilla Energy, Inc., debtor, objects to the motion of Dawson
Geophysical Company for relief from the automatic stay.

The debtor is in the business of exploring, developing, and
producing oil, gas, and other petroleum resources.  Its mineral
interests are located in South Texas, the Permian Basin Region of
West Texas and Southeast New Mexico and East Texas.

The debtor asserts that Dawson did not engage in the activities
required in order to be granted a lien.  According to the debtor,
Dawson is an unsecured creditor and therefore not entitled to a
secured claim and has no standing to assert the right to
foreclose on property of the estate. Further, the debtor states
that Dawson is adequately protected by the collateral securing
its obligation. Dawson's asserted lien claim is $521,883 and the
leases are worth $1.5 million.  The debtor continues to pursue
the sale of its assets, and argues that any deviation from that
effort with a lifting of the stay may harm the reorganization
process.


CRIIMI MAE: Hearing Postponed Until after Nov. 15  
-------------------------------------------------
On November 1, 1999, Judge Duncan W. Keir of the United States
Bankruptcy Court in Greenbelt, MD approved a motion
(filed by CRIIMI MAE Inc. with the support of the Official
Committee of Unsecured Creditors and the Official Committee of
Equity Securities Holders (the "Committees")) to postpone until
after November 15, 1999 the hearing on the pending motion to
approve the bidding protection provisions in the Stock Purchase
Agreement ("Agreement") entered into by CRIIMI MAE with an
affiliate of Apollo Real Estate Advisors IV, L.P. ("Apollo") on
September 9, 1999. Likewise, the date for the Company and two
affiliates to file the proposed disclosure statement with respect
to its Joint Plan of Reorganization was extended to the same
date. The Court approved the immediate payment of $400,000 to
Apollo for reimbursement of expenses incurred with respect to the
Agreement, continuing negotiations, due diligence and related
matters. The Court was advised of active discussions among the
Company, Apollo and the Committees to fashion an amended plan of
reorganization that can be supported by such parties.

On October 5, 1998, the Company and two affiliates filed for
protection under Chapter 11 of the U.S. Bankruptcy Code. Before
filing for reorganization, the Company had been actively involved
in acquiring, originating, securitizing and servicing multi-
family and commercial mortgages and mortgage related assets
throughout the United States. Since filing for Chapter 11
protection, CRIIMI MAE has suspended its loan origination, loan
securitization and CMBS acquisition businesses. The Company
continues to hold a substantial portfolio of subordinated CMBS
and, through its servicing affiliate, acts as a servicer for its
own as well as third party securitizations.

  
DAEWOO: Rescue Plans Set For Major Daewoo Firms
-----------------------------------------------
SEOUL, Nov 2 (Reuters) - Domestic creditors of South Korea's four
key Daewoo Group units proposed on Tuesday swapping up to $25
billion of their debt for equity as one measure to nurse the
firms through a group-wide liquidity crisis.

Most creditors of unlisted Daewoo Motor Co, Daewoo Corp, Daewoo
Heavy Industries Co and Daewoo Electronics Co expressed their
consent on the steps at meetings on Tuesday, officials at
creditor banks said.

After Tuesday's meetings, final discussions on the proposals
involving all creditors will be held in about two weeks to
approve or reject the proposals, they said.

"It will take two weeks or so until meetings of all creditors
take place because domestic creditors will have to discuss with
foreign creditors," said a spokesman for Korea Development Bank,
main creditor to Daewoo Motor and Daewoo Heavy.

Foreign creditors last week balked at freezing Daewoo's debt,
insisting that they be consulted on the restructuring plans.
About $5 billion of Daewoo Group's $51 billion debt is owed to
foreigners.

Financial Supervisory Commission (FSC) chairman Lee Hun-jai said
in an unscheduled meeting with local reporters he was optimistic
that foreign creditors would accept the proposals.

"The negotiations would be based on the approved workout plans.
The negotiations would take time but not more than one month,"
Lee said.

The Korean stock market appeared optimistic about a resolution,
with foreign buying pushing the composite index up 1.55 percent
to 890.18 at the close.

Shares of the three listed major affiliates all gained, with
Daewoo Corp grabbing the highest turnover at 34.7 million shares,
up 130 won to 1,040.

Korea First Bank, Hanvit Bank and Korea Development Bank said
separately they proposed swapping a combined five trillion won
($4.2 billion) of debt owed by the four Daewoo firms for equity.

They also proposed local creditors jointly buy a combined 25
trillion won worth of new convertible bonds from the four
companies either in cash or in exchange for debt.

South Korea's second-largest business conglomerate is in the
midst of a major workout to stave off bankruptcy stemming from
its mountain of debt.  The process involves restructuring its 12
main affiliates.

Workout plans for the four affiliates are being closely
scrutinised as these are the biggest businesses in the group and
have the most exposure to foreign loans.

Separately, a spokeswoman for Korea Asset Management Corp
(KAMCO), a state agency that buys bad debt for resale, told
Reuters on Tuesday it was ready to play a key role in selling off
units of the Daewoo Group.

"We would have to decide whether to put (loan assets) up for
international auction or whether we work it ourselves," KAMCO's
Michelle Han said.

She said a meeting of economy ministers on Thursday would
determine the value of the Daewoo affiliates' non-performing
loans and how much of that KAMCO would take over.

These and other plans for the 12 Daewoo Group affiliates would
still be subject for discussion among foreign creditors which
hold some 10 percent of the group's debt.

FSC chairman Lee also said he believed restructuring plans for
Daewoo Telecom Co and Ssangyong Motor Co, which were turned down
on Monday, would in the end be approved.

Domestic creditors of Daewoo Telecom and Ssangyong are due to
meet again within 10 days but officials at the two banks have
said they were unsure whether the workout proposals would be
revised for the new meetings.

Korea First Bank, the main creditor bank of Daewoo Telecom, had
proposed exchanging 1.49 trillion won of Daewoo Telecom's debt
for equity or convertible bonds.

Ssangyong's main creditor Chohung Bank had proposed swapping 130
billion won of the company's debt for equity plus $240 million in
trade financing.($1-1,196 won)


DAUPHIN TECHNOLOGY: Engages Grant Thornton LLP As New Auditors
--------------------------------------------------------------
On October 27, 1999, Dauphin Technology, Inc.engaged Grant
Thornton LLP as its new independent accountants to audit the
company's financial statements.  No further information was
given, neither was there any information proffered concerning the
company's former accounting firm.


EAGLE CAPITAL: Trustee's First Amended Disclosure Statement
-----------------------------------------------------------
Prior to its bankruptcy filing, the debtor sold pools of mortgage
loans in transactions commonly known as "securitizations."  In
such securitizations, a pool of mortgage loans then owned by the
debtor were sold by the debtor to third parties and the debtor
was separately retained in such by the securitizations as a
contract servicer of the respective pool of mortgage loans.  On
January 14, 1999, the Bankruptcy Court appointed Walter O'Cheskey
as Trustee.  He has conducted an orderly liquidation and wind
down of the debtor's affairs.

Under this plan, the secured creditors which have not obtained
their collateral will be allowed to do so.  Any remaining claim
of the Secured Creditors will be treated under this plan as an
unsecured claim.  This plan provides for the sale, liquidation or
retention of substantially all other assets of the debtor by the
Trustee for the benefit of the holders of allowed claims and/or
interests.  The plan provides for the settlements with several
secured creditors, notably, Heller Financial Inc.  The plan also
provides for the distribution of the Retained Assets for the
payment of the debtor's creditors.


FORCENERGY: Voting Procedures Approved By Court
-----------------------------------------------
The debtors are authorized by the court to employ Arthur Andersen
LLP as the voting agent. The voting deadline proposed by the
debtors for accepting or rejecting the plan and approved by the
court is 5:00 PM on November 30, 1999.  All procedures proposed
for voting by each class are approved by the court.


GENESIS DIRECT: Seeks Authority To Sell Assets
----------------------------------------------
The debtors, Genesis Direct, Inc., et al. seek court authority to
sell substantially all of their assets of the Proteam.com an d
Voyager businesses.  There shall be a minimum bid of $10 million
to begin the auction sale.  All offers subsequent to the opening
bid must exceed the prior offer by no less than $250,000. A
hearing on the motion shall be conducted on November 4, 1999 at
10:00 AM before the Honorable Rosemary Gambardella, US Bankruptcy
Court, District of New Jersey.

The debtor states that the proposed auction sale is not a sub
rosa plan of reorganization, and that such a sale prior to filing
of a plan is permissible.  

By separate motion, the debtors seek an immediate sale of The
Edge Company Catalog, LLC pursuant to a certain  Asset Purchase
Agreement with Damark International Inc.  The purchaser has
insisted that the asset sale close on or before December 7, 1999,
in order to take advantage of the up-coming holiday season.


GREATER SOUTHEAST: Judge Grants One Day Delay in Announcement
-------------------------------------------------------------
Bankruptcy Judge S. Martin Teel Jr. yesterday granted a one-day
delay in the announcement of Greater Southeast Community
Hospital's proposed sale to this afternoon, The Washington
Post reported. David E. Rice, an attorney for the Washington
hospital, did not disclose the name of the firm bidding for the
hospital but said he would provide details today. If the hospital
fails to find an investor, the judge would have to order Greater
Southeast's liquidation. (ABI 03-Nov-99)


HARNISCHFEGER: IAM-Backed Group Makes Offer for Beloit Corp
-----------------------------------------------------------
The International Association of Machinists and Aerospace Workers
(IAM) is pleased to announce that a consortium of KPS Special
Situations Fund, L.P. and Pegasus Capital and Advisors L.P. ("the
KPS/Pegasus Group") submitted a letter of intent on October 27th,
1999 to purchase the assets of Beloit Corporation, a subsidiary
of Harnischfeger Industries Inc.  Harnischfeger filed for
protection from its creditors pursuant to the Chapter 11
Bankruptcy code on June 7, 1999.

The Consortium intends to finalize discussions with the creditors
of Harnischfeger on an expeditious basis, and a buyout could
occur within 60 days of the court's approval of the KPS-Pegasus
Group's letter of intent.  IAM understands that completion of the
buyout is subject to additional due diligence that would be
completed within the 60 day period, but is not subject to
financing contingencies.

The IAM strongly advocates the sale of the Beloit assets to
the KPS/Pegasus Group and encourages the Harnischfeger Creditors
Committee to complete a sale on an accelerated basis. The IAM
strongly encourages the political leadership of each affected
community, state and region to express their public support of
the sale of Beloit to the KPS/Pegasus as a going concern. The IAM
and the KPS/Pegasus Group are in advanced discussions with
respect to an employee participation in the buyout, and we are
pleased that KPS/Pegasus intends to work with all
Beloit's employees and stakeholders to make the company a
success. The KPS/Pegasus Group plans to continue to operate the
Blackhawk facility, which the IAM believes will bring substantial
value to the creditors. Blackhawk is the only facility capable of
completing the APP order for two paper-making machines.

Beloit employs about 5,000 workers in the U.S., Poland, Canada,
England, Brazil and France. The majority of the workers are in
the U.S. The IAM represents several hundred employees in plants
in Wisconsin, Illinois, and Pennsylvania. IAM understands,
subject to a final due diligence review, that the KPS/Pegasus
Group intends to recapitalize and restructure Beloit
and continue a substantial portion of Beloit's operations as a
going concern.  If Beloit did not continue operation as a viable
going concern, it would be an inexcusable tragedy for thousands
of working families in the United States, America's manufacturing
base and technological leadership.

Beloit is one of the worlds leading, and the only U.S. based,
manufacturer of capital equipment, replacement parts, roll and
technical service providers to the global pulp, paper and forest
products industries. Beloit has installed approximately 70% of
the world's paper machines and is a technological leader in this
field. The retention of this technology and manufacturing base is
a strategic U.S. asset.

KPS Special Situations Fund, L.P. is a $210 million private
equity fund, which invests, in distressed situations, often in
partnership with employees. Pegasus Capital and Advisors, L.P. is
a $600 million private equity fund with a similar investment
focus. These two groups have a strong knowledge of the pulp,
paper and forest products industries through other investments.


HVIDE MARINE: Court Approves Disclosure Statement
-------------------------------------------------
Hvide Marine Incorporated (OTC Bulletin Board: HMARQ) announced
approval by the United States Bankruptcy Court for the District
of Delaware of the Disclosure Statement regarding the Company's
proposed Plan of Reorganization.  The Plan, which was filed on
October 1 and amended on November 1, has the support of the
Official Committee of Unsecured Creditors in Hvide's
Chapter 11 case, including representatives of the holders of
approximately 63% of Hvide Marine's $300 million of 8 3/8% Senior
Notes and nearly 50% of its outstanding Trust Convertible
Preferred Securities.

"The decision by the Court allows us to proceed with the
solicitation of votes on the Plan of Reorganization," commented
Jean Fitzgerald, Chairman, President and CEO. "The solicitation
package will be mailed later this week to creditors, shareholders
and other interested parties, and a confirmation hearing is
scheduled for Wednesday, December 1.  We are encouraged
by developments to date and remain on schedule to emerge from
Chapter 11 by year- end or early next year."

As previously announced, the Company filed for Chapter 11
protection on September 8, 1999.  At that time, the Company also
entered into a $60 million debtor-in-possession credit facility
to provide sufficient liquidity throughout the period of
reorganization to fulfill customer contracts and pay employees,
vendors and trade creditors.

Under the terms of the Plan of Reorganization, holders of the
Company's 8 3/8% Senior Notes would exchange their Senior Notes
for 9,800,000 shares of common stock of the reorganized Hvide
Marine, representing 98% of the new common equity; holders of the
Trust Convertible Preferred Securities would receive 200,000
shares of common stock of the reorganized Hvide Marine,
representing 2% of the new common equity, together with warrants
to purchase an additional 125,000 shares; and holders of the
Common Stock would receive warrants to purchase 125,000 shares of
the common stock of the reorganized Hvide Marine.  The warrants
would be exercisable at $38.49 per share and would have a term of
four years.

Completion of the Plan is subject to various conditions, among
them obtaining refinancing for the Company's bank borrowings,
including those under the debtor-in-possession credit facility
announced on September 9. Discussions with potential lenders
regarding a refinancing package are ongoing.  Completion of the
Plan is also subject to confirmation by the Court.

With a fleet of 275 vessels, Hvide Marine is one of the world's
leading providers of marine support and transportation services,
primarily to the energy and chemical industries.  Visit Hvide on
the Web at www.hvide.com.


JITNEY-JUNGLE: Creditors Attempt to Move Case to Mississippi
------------------------------------------------------------
Stating that "[T]his case has brought forum shopping to an
entirely new level of inappropriateness," three Mississippi power
companies are asking the U.S. Bankruptcy Court for the District
of Delaware to transfer Jitney-Jungle Stores of America Inc.'s
bankruptcy case to Southern Mississippi. Specifically, the power
companies assert that Jitney-Jungle created its Delaware bankrupt
subsidiary P&S Operations Inc. solely to allow the company to
file for  bankruptcy in the state. (The Daily Bankruptcy Review  
and ABI November 3, 1999)


JUST FOR FEET: Shoe Retailer Files Pre-packaged Bankruptcy
----------------------------------------------------------
Just For Feet Inc., Birmingham, Ala., announced yesterday that it
has agreed to file a pre-packaged chapter 11 one day after
missing an $11 million interest payment on $200 million
in bond debt and less than a week after it announced it would
close 85 specialty shops, according to the Associated Press. The
company reached the agreement with a majority of holders of its
11 percent senior subordinated notes due 2009; they would gain
control of 100 percent of the reorganized company's stock after
it emerges from bankruptcy. Per the agreement, the majority of
the noteholders have agreed not to take action against the
company.  The athletic footwear chain said the agreement will cut
the company's overall indebtedness by 50  percent and "allow the
company to aggressively pursue its operational turnaround."
(ABI 03-Nov-99)


MAXIM GROUP: Change Of Corporate Name On Meeting Agenda
-------------------------------------------------------
The annual meeting of shareholders of The Maxim Group, Inc. will
be held on Tuesday, December 14, 1999 at 10:00 a.m., at the
principal office of the company located at 210 TownPark Drive,
Kennesaw, Georgia, during which time the following matters will
be considered:

(1) Election of three (3) directors to serve for a term of three
years and until their successors are elected and qualified;
and
(2) Approval of an amendment to the Certificate of Incorporation
of the company to change the corporate name to "Flooring America,
Inc.".

Only shareholders of record at the close of business on November
1, 1999 will be entitled to notice of and to vote at the meeting
or any adjournments or postponements thereof.


MONTGOMERY WARD: Klaff Announces $8.6M Sale of Two Properties
-------------------------------------------------------------
Klaff Realty LP has announced the sale of two retail properties
it had previously acquired from Montgomery Wards in two separate
transactions.  The properties, totaling 195,000 square feet, were
sold for a total of $8.6 million.

The first property sold comprises a vacant, 110,000-square-foot
facility that is part of Valley View Mall, a regional mall in
Roanoke, Va. This property was sold to the owner of the mall,
Faison, for $5.25 million. Klaff originally acquired the facility
at a bankruptcy auction of Montgomery Wards properties in the
spring of 1999.

The second property sold is an 88,000-square-foot facility
attached to College Hills Mall in Normal, Ill. Klaff originally
acquired the property at a bankruptcy auction of Montgomery Wards
properties in 1998. That same year, Klaff leased 94 percent of
the space to Hobby Lobby, the national hobby store chain. The
facility was just sold to a private investor for $3.35
million.

Klaff is continuing to redevelop and reposition the nine
remaining properties of the former Montgomery Wards retail sites
it acquired in two separate portfolios in 1998 and 1999. In
partnership with Lubert-Adler Real Estate Opportunity Fund, Klaff
purchased 49 retail stores located around the country from the
Chicago-based retailer in March 1998. In a May 1999 transaction,
Klaff purchased a second portfolio of 22 Montgomery Wards sites.

The following are the remaining properties in the portfolio of
Montgomery Ward sites that Klaff Realty LP acquired in 1999.
  
    Southridge Mall
    1111 S.E. Army Post Rd.
    Des Moines, IA
    109,054 sf
  
    Kirkwood Mall
    513 Kirkwood Mall
    Bismark, ND
    101,438 sf
  
    Sunbury Plaza SC
    1125 N. 4th Street
    Sunbury, PA
    57,402 sf
  
    Cheyenne
    1510 E. Pershing Road
    Cheyenne, WY
    88,243
  
The following are the remaining properties in the portfolio of
Montgomery Ward sites that Klaff Realty LP acquired in 1998.
  
    Orange Blossom
    7531 S. Orange Blossom
    Orlando, FL
    101,351 sf
  
    Outlet World Site
    301 34th Street North
    St. Petersburg, FL
    14,200 sf
  
    Terrace Mall
    3545 W. Broadway
    Robbinsdale, MN
    189,672 sf
  
    Mohawk Mall
    420 Baltown Road & State
    Schenectady, NY
    169,194 sf
  
    Prestonwood Town Center
    Prestonwood Blvd.
    Dallas, TX
    24,411 sf
  

NIAGARA MOHAWK: Cash Flow Significantly Improves
------------------------------------------------
Niagara Mohawk Holdings, Inc.'s cash flow has significantly
improved as the company completes the first year of the full
impact of the Master Restructuring Agreement with a group of
Independent Power Producers, and the POWERCHOICE agreement.  
Niagara Mohawk Holdings, Inc. is the parent company of Niagara
Mohawk Power Corporation, a regulated energy delivery
company.

Although the Master Restructuring Agreement has and will continue
to depress earnings because of the amortization of the $4 billion
regulatory asset recorded in connection with it (a non-cash
charge), the lower payments to Independent Power Producers more
than offset the higher interest costs incurred to finance the
Master Restructuring Agreement.  The increased cash flow from
operations, together with the proceeds from the sale of the
company's coal and hydro electric generating assets and a cash
refund from the Internal Revenue Service received earlier this
year, has allowed Niagara Mohawk to retire over $1 billion in
debt during 1999.

"We have followed through on our strategy to retire capital and
have begun to rebuild shareholder value," said William E. Davis,
chairman and chief executive officer of Niagara Mohawk Holdings.

Earnings before interest, income taxes, depreciation and
amortization (EBITDA) for the 12 months ended September 30, 1999,
were $1.3 billion, an increase of approximately $400 million
compared to the 12 months ended September 30, 1998.  The
significant improvement in EBITDA is due primarily
to the reduction in payments to the Independent Power Producers.

The company reported a loss in the third quarter of 1999 of $31.7
million, as compared to earnings of $8.5 million, for the third
quarter in 1998.  The non-cash amortization of the Master
Restructuring Agreement regulatory asset reduced earnings in the
third quarter of 1999 by $62.8 million, and by $20.9 million, in
the third quarter of 1998.  Results in the third quarter of 1999
also reflect the cost of the early redemption of approximately
$670 million of long-term debt, which reduced earnings in the
third quarter by $13.1 million.  Earnings for the third quarter
of 1998 were lower by 5 cents per share as a result of
incremental expenses incurred to restore service following a
severe windstorm.

The company reported a loss of $43.4 million, for the 12 months
ended September 30, 1999, as compared to a loss of $132.3
million, for the 12 months ended September 30, 1998.  Niagara
Mohawk's lower aggregate fuel and purchased power costs, partly
offset by increased interest charges, improved earnings by $158.7
million during the 12-month period ended September 30, 1999.  
This improvement was offset by the non-cash amortization of the
regulatory asset of $230.3 million.  This reflects the
first year of the full impact of the Master Restructuring
Agreement and POWERCHOICE.  Results for the 12 months ended
September 30, 1999, also reflect the costs of the early
redemption of approximately $822 million of long-term debt, which
reduced earnings in this period by $23.8 million.  The loss for
the 12-month period ended September 30, 1998, includes the
impact of the one-time, non-cash POWERCHOICE charge of $171.1
million after-tax taken in June 1998 and the incremental costs of
the January ice storm.

Electric revenues in the third quarter of 1999 were $853.6
million, down 0.7 percent from the third quarter of 1998,
primarily due to POWERCHOICE rate reductions and lower wholesale
sales.  For the 12 months ended September 30, 1999, electric
revenues were $3.2 billion, down 3.0 percent compared to the 12
months ended September 30, 1998.

Natural gas revenues in the third quarter of 1999 were $73.7
million, up 3.8 percent from the third quarter of 1998.  For the
12 months ended September 30, 1999, natural gas revenues were
$573.9 million, down 3.4 percent compared to the 12 months ended
September 30, 1998.


OPTEL: Files Chapter 11 Bankruptcy/Lists Assets & Liabilities
-------------------------------------------------------------
On October 28, 1999, OpTel, Inc. and certain of its affiliates
and subsidiaries announced a voluntary Chapter 11 filing in the
United States Bankruptcy Court in Delaware. The filing allows the
company to operate its businesses in the normal fashion under
court protection while it continues discussions with
representatives of certain major creditors and others on a
restructuring plan.

The company expects to have sufficient liquidity throughout the
period of reorganization to ensure payment of its obligations
incurred on an ongoing basis. The company anticipates that it
will complete its restructuring and emerge from Chapter 11 during
2000.

The petitions filed by the company have appended a consolidated
exhibit which reflects that on a consolidated basis, the company
has assets of approximately $540,424,000 and liabilities of
approximately $496,220,567. The company's assets consist
primarily of its video and telecommunications networks and
customers, and its liabilities include primarily secured debt
owed to two banks of approximately $10,000,000, other secured
debt, capital lease claims, publicly traded 13% Senior Notes
of approximately $226,218,611, publicly traded 11 1/2% Senior
Notes of approximately $203,833,333, and unsecured trade
liabilities. The instant filing is occasioned by the continued
need for substantial capital and, in its existing condition,
inability to obtain additional public or private debt and/or
equity financing.

"Today's filing helps the company to serve its customers and
operate its systems while it restructures its business,"
commented Michael Katzenstein, newly appointed President and CEO.
R. Douglas Leonhard, an OpTel director since 1998 and who was
named Chairman of the Board today said, "The company will be
managed to preserve the value of its assets and customers and to
conserve capital to fund our ongoing operations. We
believe we have embarked on a course of action which will benefit
our creditors, employees and customers."

Optel Inc. is a provider of communications services, including
local and long distance telephone, cable television and high
speed Internet access services, to residents of multiple dwelling
units in the United States. In each market that it serves, it
seeks to become the principal competitor in the multiple dwelling
units marketplace to the incumbent local exchange carrier and the
incumbent franchise cable television operator by providing
a package of voice, video and Internet access services at
competitive prices. The company currently provides cable
television and telephone services in a number of metropolitan
areas including Houston, Dallas-Fort Worth, Los Angeles, San
Diego, San Francisco, Miami, Fort Lauderdale, Orlando, Tampa,
Phoenix, Denver, Chicago, Atlanta, Indianapolis, and Greater
Washington, D.C. The company currently provides Internet access
services in Houston, Dallas-Fort Worth, Denver and San Francisco.


OPTEL: Fiscal Year & Fourth Quarter Results Reported
----------------------------------------------------
OpTel, Inc released its unaudited financial results for the
fourth quarter and the twelve months of the fiscal year ended
August 31, 1999.  Net loss attributable to common equity for the
quarter amounted to $30.7 million versus $30.8 million for the
fourth quarter of 1998. Net loss attributable to common equity
for twelve months of fiscal 1999 amounted to $114.6 million
versus $83.1 million in fiscal 1998. These results are subject to
potential audit adjustments.

On October 28, 1999 OpTel, and certain of its affiliates and
subsidiaries, filed for protection under Chapter 11 of the US
bankruptcy laws. The filing allows the company to operate its
businesses in the normal fashion under court protection while it
continues discussions with representatives of certain major
creditors and others on a restructuring plan.  Optel indicates it
expects to have sufficient liquidity throughout the period of
reorganization to ensure payment of its obligations incurred on
an ongoing basis. The company anticipates that it will complete
its restructuring and emerge from Chapter 11 during 2000.

OpTel is a leading network based provider of integrated
communications services, including local and long distance
telephone, cable television and high speed Internet access
services in the United States. The company currently provides
cable television and telecommunications services in a
number of metropolitan areas including Los Angeles, San Diego,
San Francisco, Phoenix, Denver, Houston, Dallas-Fort Worth,
Chicago, Indianapolis, Atlanta, Miami-Ft. Lauderdale and Orlando-
Tampa. OpTel is majority owned by Le Groupe Videotron Ltee, owner
of the second largest cable television operator in Canada.


PLAY BY PLAY TOYS: Delays Year-End Financial Filings
----------------------------------------------------
On October 25, 1999, Play By Play Toys & Novelties completed a
refinancing of its senior indebtedness, a restructuring of its
subordinated debentures, and settlement of a lawsuit with the
former shareholders of an acquired company. The company's
existing senior credit facility had expired July 31,
1999, although the company had obtained extensions through
October 29, 1999. In addition, the company was in default under
its subordinated debentures prior to the restructuring.

According to the company, due to the significant burden placed on
its accounting and finance staff by the refinancing and
restructuring, and the timing of these very significant
subsequent events, the company could not, without unreasonable
effort or expense, have prepared its financial information and
other required disclosures in order to timely file its
annual report for the fiscal year ended July 31, 1999.

Play By Play Toys & Novelties, Inc. expects to report a
significant loss for the year ended July 31, 1999 versus net
income of $8.4 million for the prior fiscal year.  The company
attributes the anticipated loss to a decline in net sales of
approximately 12%, principally in the company's domestic retail
and international operations and certain significant charges to
be recorded in the fourth quarter in connection with the
company's decision to accelerate its inventory reduction
initiatives and to write-down the guaranteed royalty advances on
certain entertainment character licenses the company believes it
will be unable to earn out over the lives of the agreements.  
Because the company is in the process of finalizing its financial
statements it is unable to quantify with certainty the impact of
the above-described charges.


PRESLEY COMPANIES: Waiver of Minimum Requirement In Tender Offer
-----------------------------------------------------------------
William Lyon and William H. Lyon have waived the minimum share
tender requirement in connection with their tender offer for up
to 10,678,792 outstanding shares of Series A common stock of The
Presley Companies, a Delaware corporation, at a price of $0.655
per share. The offer initially was conditioned upon there being
validly tendered and not withdrawn prior to the expiration of the
offer at least 1,989,180 Series A shares. The offer is no longer
conditioned upon the tender of a minimum number of Series A
shares. All other terms and conditions of the offer remain
unchanged from those set forth in the offer to purchase dated
October 7, 1999.


PURINA MILLS: Reports Bankruptcy Filing To SEC
----------------------------------------------
On October 28, 1999, Purina Mills, Inc., as part of an overall
financial restructuring, the company and ten of its affiliates
commenced reorganization cases under Chapter 11 of the United
States Bankruptcy Code in the United States Bankruptcy Court for
the District of Delaware. The company said it will promptly file
a proposed plan of reorganization, underscoring its goal of
completing its reorganization and emerging from Chapter 11 as
quickly as possible. During the restructuring, the company says
its operations and ingredient supply will not be affected.

According to the company, the business will continue to supply
and service its customer base without interruption. The financial
restructuring is necessary due to the current downturn in
commodity prices and depressed agricultural markets, particularly
in the swine sector, that have restricted the company's ability
to service debt associated with the purchase of Purina Mills by
Koch Industries, Inc. in 1998. The company said all operations
otherwise were cash flow positive. In papers filed with the
Bankruptcy Court, the company listed unsecured debt of over $350
million arising largely from the 1998 purchase transaction.

Purina Mills also announced that it has received a commitment for
up to $50 million in Debtor-In-Possession (DIP) financing from a
group of lenders led by Chase Bank of Texas, N.A. This new
financing will provide the company with working capital during
its reorganization. According to the company, Chase Bank of
Texas, N.A. agreed to provide the DIP financing after a review of
the company's business plan.

Purina Mills said it anticipates focusing on its core businesses,
implementing its strategic business plan and taking the steps
necessary to become a strong, stand-alone enterprise, independent
of Koch Industries. Under the company's anticipated plan of
reorganization, all unsecured debt will be converted to equity in
a reorganized Purina Mills. Koch Industries' equity interests in
Purina Mills through its parent corporation, PM Holdings, would
be canceled.

The company said that the original concept of the Koch-Purina
relationship was to develop a number of operational synergies and
strategic initiatives to create a world-class agriculture
business. This included taking advantage of Koch's expertise in
commodity trading, risk management and use of alternative
ingredients in feed products through a proprietary
Koch technology. According to the company, however, these
synergies failed to materialize.

"Unquestionably, under these circumstances, the current downturn
of the agriculture markets, especially swine, had a dramatic
impact on our ability to service our acquisition-related debt,"
said Brad Kerbs, Purina Mills' President and Chief Operating
Officer. "But apart from that debt, our financial condition is
sound. We anticipate we will operate on a positive cash flow
basis going-forward."

Plans call for Koch to return all operational functions, which
had been transferred to Koch's base in Wichita, back to Purina
Mills' headquarters in St. Louis.

According to Mr. Kerbs, the Chapter 11 filing will allow Purina
Mills to restructure its debt and emerge from the reorganization
as a properly capitalized company. The reorganized Purina Mills,
said Mr. Kerbs, will have a clear commitment to customers and
employees, control of its own destiny and a financial structure
that will give the 105-year-old animal nutrition company a
healthy balance sheet as it begins the new millennium.

In September, Purina Mills announced management and operational
changes designed to better serve local markets by segmenting its
business into two profit centers, its Dealer and Livestock
Production Systems businesses. Both profit centers will take
independent actions to evolve to best serve their respective
dealers and customers, the company said.

Mr. Kerbs emphasized that the decision to engage in a financial
restructuring will allow Purina Mills to continue to focus on its
long-standing relationships with independent dealers and
livestock production systems. "But, given current markets where
there is an oversupply of both feed and animal products, we have
adjusted our business models to better manage our resources,"
said Mr. Kerbs. "Supporting the substantial acquisition-related
debt in this environment was just not possible."

Darrell Swank, Purina Mills' Chief Financial Officer, said that,
without the company's $350 million subordinated debt and with the
financial security of the $50 million in DIP financing, the
company is well positioned to adjust to current market
conditions.

Purina Mills is America's largest producer and marketer of animal
nutrition products. Based in St. Louis, Missouri, the company has
49 plants and 2500 employees nationwide. Purina Mills is not
affiliated with Ralston Purina Company, which is the registered
owner of the trademarks "Purina," the checkerboard logo and
Purina Dog Chow brand and Purina Cat Chow brand pet foods.


SGL CARBON: Positive Outlook for the Fourth Quarter of 1999
-----------------------------------------------------------
"The positive upward trend in both sales and earnings recorded in
the second quarter of the year continued in the third quarter
with a slightly slower pace. Third quarter operating results in
the Carbon and Graphite Business Area (CG) improved slightly
compared to the previous quarter despite lower volumes due to
seasonal and shipment effects.  The Technical Products Business
Area (TE) was affected by once-off costs," explained Robert
Koehler, Chairman of the Executive Committee of SGL CARBON AG
(NYSE: SGG), at the presentation of third quarter results in
Frankfurt/Main, Germany.  Consolidated sales in the third quarter
of 1999 were DM 479 million, 5% lower than in the second quarter.

In the Carbon and Graphite Business Area, seasonal influences and
delays in some delivery dates led to sales of DM 262 million,
dropping 9% against the excellent results recorded in the second
quarter of 1999.  Third quarter sales in the Specialty Graphite
Business Area (SG) rose by 4% to DM 101 million. In the
semiconductor business, a gradual improvement in business
conditions is now noticable.  Third quarter sales in the
Technical Products Business Area (TE) decreased slightly to DM
115 million.  Although development in brake disc materials and
fuel cells components remained strong, the slump in the chemicals
industry and seasonal effects in the corrosion protection
business had a negative impact.  Sales for the first nine months
of the year amounted to DM 1,396 million, down 15% year on year.

At DM 55 million, third quarter operating results were 12% below
the previous quarter's level.  The operating results for the CG
business however increased, despite a seasonally influenced drop
in graphite electrode volumes. The reasons for the rise were
improved capacity utilization and initial cost savings from our
restructuring program.  The results of SG exhibit the beginning
of the expected turnaround with slightly improved operating
results over the previous quarter, while TE results declined
compared to the previous quarter due to seasonal effects, higher
research and development cost and start-up costs relating to the
expansion of carbon fiber capacity in Scotland. At DM 136
million, the operating results for the first nine months of this
year were still substantially less than those for 1998, mainly
due to the weak first quarter.

The anti-trust proceedings in North America are nearing their
conclusion. Most of the remaining US civil suits have now been
almost completely settled. The settlement agreements, which must
be approved by the U.S. bankruptcy court overseeing the Chapter
11 case filed by SGL CARBON Corporation, will release both SGL
CARBON Corporation and SGL CARBON AG of all claims.  This will
allow the Company to start resolving the Chapter 11 proceedings
of the US subsidiary.

The acquisition of Siershahn/Germany-based Keramchemie GmbH
(KCH),  which is subject to the approval of the anti-trust
authorities, represents a major step in our previously
communicated TE expansion strategy. With 1998 sales of
approx. DM 530 million, KCH is one of the leading suppliers in
the industrial corrosion protection business.  The company's
activities supplement SGL CARBON's own business -- currently
approx.  DM 200 million in sales -- in terms of both products and
regional presence.  The merger is intended to produce a global
corrosion protection business with a competitive market
position and technological edge.

As previously announced in our outlook for the second half of
1999, we expect strong sales and earnings in the last quarter
especially in the CG Business Area.  All in all, fourth quarter
results should be above those for same quarter of the previous
year, thus confirming the upward trend of the second and third
quarters.  "As already explained at the beginning of the
year, 1999 is to be seen as a transitional year to create the
basis for future growth.  The expected resolution of our anti-
trust problems in the near future, the expansion of the TE
Business Area and the planned price increases for graphite
electrodes in Western Europe make us confident that we are on
track to regain our former strength," said Koehler.


STEEL HEDDLE: Names New President
---------------------------------
Robert W. Dillon has been named President of Steel Heddle, the
Greenville, South Carolina, based textile machinery accessory
manufacturer.

Mr. Dillon, a thirty-year Steel Heddle veteran, brings to his new
position a strong and unusual combination of experience and
expertise in textile technology, sales, marketing, and
manufacturing. His career at Steel Heddle began in 1969 following
his graduation from the Philadelphia College of Textiles &
Science where he received his degree in Textile Marketing &
Management.

Mr. Dillon's responsibilities have included District Sales
Engineer, Marketing Manager, Vice President of the Heddle
Division, and Executive Vice President. In these positions, many
of Steel Heddle's major accomplishments have been achieved by
expanding its presence in the growing international markets of
Japan and Southeast Asia. Steel Heddle, in addition to its
leadership position in domestic markets, is now recognized
as a global leader in supplying weaving accessories to the world
market.

Mr. Dillon becomes only the twelfth President of Steel Heddle in
its 101 years of operation. He succeeds B. G. (Bennie) Team, who
stepped down at the end of October, after serving as president
for eight years.

Steel Heddle also operates an expanding Rolled Wire Products
Division in Westminster, South Carolina. In addition to its
textile wire capabilities, this operation is producing products
for the growing photovoltaic wire market, as well as flat wire
products for the automotive, electronics, computer and aircraft
markets. Other Steel Heddle plants are located in North Carolina
and Mexico.


STUART ENTERTAINMENT: Court Approves Key Executive Agreements
-------------------------------------------------------------
On October 26, 1999, the US Bankruptcy Court for the District of
Delaware entered an order approving and authorizing the debtor,
Stuart Entertainment Inc. to enter into certain portions of thw
employment agreements, as amended, with the five key executives.


STUART ENTERTAINMENT: Court OK's Corporate Headquarters Lease
-------------------------------------------------------------
By court order entered on October 22, 1999, the debtor, Stuart
Entertainment Inc. is authorized to enter into a commercial
office space lease for its corporate headquarters with L&B 8200
Normandale, Inc.  The lease covers a building located at 8200
Normandale Boulevard, Bloomington, Minnesota.


STUART ENTERTAINMENT: Extension of Period To Assume/Reject Leases
-----------------------------------------------------------------
On October 27, 1999, the US Bankruptcy Court for the District of
Delaware entered an order extending the period within which the
debtor must assume or reject executory contracts and unexpired
leases.  The period is extended through and including December
14, 1999.


STUART ENTERTAINMENT: Objects To Power Bingo's Motion For Relief
----------------------------------------------------------------
Power Bingo Group has filed a motion seeking to compel the
debtor, Stuart Entertainment, Inc. to comply with the terms of a
License Agreement.  The debtor believes that PBG is not entitled
to compel the debtor's specific performance of an executory
contract that has not yet been assumed or rejected, and the
debtor objects to the relief requested in the motion.

The debtor asserts that this is a distribution agreement, not a
license agreement.  The debtor further argues that it cannot be
compelled to specifically perform an executory contract pending
the debtor's assumption or rejection of that contract.


TENET HEALTHCARE: First Year in Philly a Success
------------------------------------------------
The eight Philadelphia-area Tenet hospitals, formerly bankrupt
and hemorrhaging one million dollars a day, are collectively
beyond break even and are keenly focused on customer satisfaction
and community benefit as they prepare to commemorate their first
anniversary under new ownership.

Lee Domanico, senior vice president of Tenet Healthcare's
Pennsylvania Region, told a press briefing today that after one
year "there is no question that the healing has begun and that
our vital signs are getting stronger." Despite many challenges,
he said the hospitals are collectively operating in the black and
that they are fixated on achieving excellence in every facet of
customer service.

Domanico, praising the hospitals' new, comprehensive customer
service program, said there has been "remarkable improvement" in
the patient satisfaction ratings since Tenet began operating the
formerly bankrupt hospitals last November 10.  The hospitals in
the group are: City Avenue, Elkins Park, Graduate, Hahnemann
University, Medical College of Pennsylvania, Parkview, St.
Christopher's Hospital for Children, and Warminster.

The Tenet official said each hospital and every employee should
feel proud of their accomplishments over the past year.  And
there are tribute activities taking place across the area to mark
the milestone.


TOROTEL: Reduction Of Par Value Of Common Stock On Agenda
---------------------------------------------------------
Matters to be considered at the annual meeting of the
shareholders of Torotel, Inc., a Missouri corporation, will be
the election of three members to serve on the Board of Directors
of the corporation until the next annual meeting of shareholders
and until their successors have been duly elected and qualified,
unless they shall sooner die, resign or be removed; and to
consider and vote upon a proposal to reduce the par value
of the corporations common stock from $.50 per share to $.01 per
share and to reduce the stated capital of the corporation
effective upon the close of business on the day a Certificate of
Amendment to the corporations Articles of Incorporation and any
other documents necessary to effect a reduction in stated capital
are filed with the Secretary of State of Missouri.

While the exact date has not yet been announced the company
intends to hold it on a Monday at 4:30 p.m. local time, at the
corporations offices in Grandview, Missouri.


TRANSTEXAS GAS: Claimants Seek To Intervene
-------------------------------------------
Alykonis Shipping Corp. and Seaport Shipping Corp. seek leave to
intervene and join in the motion of High River Limited
Partnership for leave to file a fraudulent transfer complaint or
in the alternative for emergency discovery.

The claimants state that they were the victims of a fraudulent
transfer by TARC and/or TEC and/or Orion Refining Corp., debtors.  
The claimants assert that they have requested the schedules of
liabilities transferred ultimately to Orion and those retained by
TARC.  The debtor has refused to provide the requested schedules.  
They also have asked for an explanation of the basis on which
certain of TARC creditors were paid, and why they were the only
creditors not paid. They particularly wonder why the provisions
of the Bulk Sales Act were waived.

The creditors claim that the TARC transaction is avoidable as an
intentional and constructive fraudulent transfer.

Due to the fact that the confirmation hearing is set for November
9, the creditors seek relief on an expedited basis.  The
creditors have filed a separate motion objecting to the
Disclosure Statement of the debtors stating that the plan seeks
court approval of a fraudulent transfer.


UNITED COMPANIES: Equity Objects To Exclusivity Extension
---------------------------------------------------------
The Official Committee of Equity Security Holders objects to the
motion of the debtors for an order extending the exclusivity
period during which the debtors may file a plan of reorganization
and solicit acceptances thereto.

The Equity Committee objects to the extension on the grounds that
the debtors have failed to make any progress toward a consensual
plan of reorganization, the debtors have failed to protect and
preserve the remaining assets in the estates; the debtors have
failed to develop or implement a business plan at any time during
the eight month pendency of these cases; and the debtors have
failed to minimize their fees and expenses.


USCI INC: Zuckerman Holding Less Than 5% Of Common Stock
--------------------------------------------------------
USCI Inc. has reported that Howard Zuckerman, as beneficial owner
of  3,000,000 shares of common stock in the company, exercising
sole voting and dispositive powers over those shares, now holds
less than 5% of the outstanding shares of common stock of USCI
Inc.


WSR CORP: Hearing To Consider Bonus Program
-------------------------------------------
A hearing will be held on November 11, 1999 to consider the
motion of the debtors, WSR Corporation and its affiliates,
seeking authorization for a reorganization bonus program and
amending the employment contract of Alfred Woods.


ZENITH: Receives Favorable Bankruptcy Court Ruling
--------------------------------------------------
Zenith Electronics Corporation announced that the U.S. Bankruptcy
Court said that Zenith's prepackaged plan of reorganization will
be confirmed subject to technical modifications to the plan.  The
modifications apply to releases in favor of third parties and do
not affect any distributions to creditors or other provisions of
the plan. "We are very pleased with the court's ruling," said
Jeffrey P. Gannon, Zenith president and chief executive officer.  
"We expect the confirmation order will be entered and Zenith will
emerge from Chapter 11 shortly."

  
                     *********

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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