TCR_Public/991117.MBX    T R O U B L E D   C O M P A N Y   R E P O R T E R
       
      Wednesday, November 17, 1999, Vol. 3, No. 223
                     
                     Headlines

BIRMINGHAM STEEL: Letter To Stockholders
BREED TECHNOLOGIES: Court Approves Tatum CFO Partners
BREED TECHNOLOGIES: Court Approves Employee Retention Program
CONSUMER PORTFOLIO: Reports 1999 Third Quarter Results
COSTILLA ENERGY: Order Approves Employment of Counsel

COSTILLA ENERGY: Reports Third Quarter Results
CRIIMI MAE: Reports Third Quarter 1999 Results
DEVLIEG-BULLARD: Order Grants Extension of Exclusivity
DEVLIEG-BULLARD: Motion For Order Setting Bar Date
FORMAN PETROLEUM: Hearing on Approval of Disclosure Statement

GENEVA STEEL: Seeks Order Extending Exclusivity
HARNISCHFEGER: Seeking Approval of Beloit Auction Procedures
HEALTHSPHERE OF AMERICA: Seeks Extension To Exclusivity
IMAGYN MEDICAL: Entry of Confirmation Order and Effective Date
IMAGYN MEDICAL: Reports Monthly Losses Exceeding Revenues

JUST FOR FEET: Wins Interim Approval of $200 Million DIP Loan
PACE HEALTH: 1998 Asset Sale Supplies Income In Recent Qtr.
PHAR MOR: 13 Weeks Ended October 2, 1999 Yields $4,191 Net Loss
PLANET HOLLYWOOD: Meeting of Creditors
PLANET HOLLYWOOD: Hearing To Consider Disclosure Statement

PLANET HOLLYWOOD: Bar Date Order
POWER DESIGNS: Shows Net Sales Increase
PRIMARY HEALTH: Seeks Order Extending Exclusivity
PSI INDUSTRIES: Counsel for Committee Approved
RITE AID: KPMG Resigns as Auditor

SCORE BOARD: Order Confirming Chapter 11 Plan
SELECT SWITCH: Hearing Regarding Disclosure Statement
SMITH CORONA: Quarterly Sales Decrease But Net Loss Is Reduced
STARTER CORP: Committee Objects To Extension of Exclusivity
SUN HEALTHCARE: Government Seeks Stay of DIP Financing

TAPISTRON INTERNATIONAL: Fiscal Year Financials Offer Comparison
US PETSEC: May File for Bankruptcy Protection  
VIDIKRON TECHNOLOGIES: Files Chapter 7
WESTMORELAND COAL: Reports Third Quarter Results
WILSHIRE FINANCIAL: Reports Third Quarter Results of Operations

WISER OIL: 5.33% Of Stock Held By Paul Glenn & Revocable Trust
WORLDPORT COMMUNICATIONS: Involuntary Petition Filed By Employees

                     *********

BIRMINGHAM STEEL: Letter To Stockholders
----------------------------------------
Birmingham Steel Corporation (NYSE: BIR) said that it is sending
the following letter to its stockholders:

November 16, 1999

Dear Birmingham Steel Stockholder:

The dissident United Group, in what we see as an increasingly
desperate attempt to gain votes as the December 2 Annual Meeting
of Stockholders approaches, has pursued a campaign of
misinformation to try to discredit your Company's management and
Board of Directors. This is "attack campaigning" at its
worst -- and none of us should let them get away with it.

In order to set the record straight, we would like to reintroduce
you to Birmingham Steel's strong and experienced senior
management team and its exceptionally dedicated and accomplished
Board of Directors. (The Following bios are Summarized From
Letter)

ROBERT A. GARVEY, CHAIRMAN AND CHIEF EXECUTIVE OFFICER
Bob Garvey is a nationally recognized steel executive, with more
than forty years of industry experience. Before joining
Birmingham Steel in 1996, he held various quality-assurance and
operating positions in his 22 years at Laclede Steel, including
Chief Metallurgist and Melt Shop Superintendent; was President
of North Star Steel, a subsidiary of Cargill, Inc., for 12 years;
and also served as President of Cargill's worldwide steel
operations.

In fact, when former Birmingham Steel CEO James Todd -- now a
leader of the dissident United Group -- finally recognized that
he and his senior management team were not capable of addressing
the many problems at Birmingham Steel that arose under Todd's
stewardship, Todd actively recruited Bob Garvey to come in
and fix the problems. This is precisely what Bob has been doing
for the past few years.

We ask you to compare Bob Garvey's background, experience and
record of achievement to that of John Correnti -- the United
Group's pre-picked CEO. And when the United Group tries to tell
you that Correnti is the man for the job, ask them why he was
forced out as CEO of Nucor, another steel company, earlier
this year.

BRIAN F. HILL -- CHIEF OPERATING OFFICER

Brian Hill joined Birmingham Steel in June 1999 after serving for
31 years as a senior executive at Cargill, including 15 years of
senior-level steel and steel-related experience with both North
Star and Cargill.

KEVIN E. WALSH -- CHIEF FINANCIAL OFFICER

Kevin Walsh joined Birmingham Steel in July 1998. He was with
Johnson & Johnson for 20 years, holding both domestic and
international positions. He also has had extensive financial and
operational experience with other major multinational
corporations. In recent months, Kevin was instrumental in working
with the Company's lending institutions in successfully
restructuring our debt.

BIRMINGHAM STEEL'S BOARD OF DIRECTORS

Your Board of Directors is composed of nine extraordinarily
capable business leaders with proven records of performance.
Eight of our Board members are independent, unaffiliated
directors, and six of the eight have headed major steel or metal-
related companies, including ASARCO, Eaton Corporation,
LTV/Republic Steel, Precision Grinding, J. H. Roberts Industries
and Union Carbide. Our Board also includes the former Chairman
and CEO of Texaco, one of the world's leading explorers,
producers and marketers of oil and natural gas.

This is a Board of Directors where every single member is a
seasoned business executive, with the background and expertise to
guide Birmingham Steel successfully through its strategic
restructuring. Highlights of their careers and accomplishments
are enclosed as an attachment to this letter.

In marked contrast, the most notable thing we see about the
United Group's slate of nominees is a nearly complete lack of
steel industry experience. Here are some important facts about
the dissident nominees:

--   Seven of the nine nominees appear to have no steel industry
      experience.

--   Three of their nominees -- John Correnti, Donna Alvarado and
      Robert Gerrity -- serve together on the Board of Directors
      of Harnischfeger Industries. Harnischfeger recently filed
      for bankruptcy and in a current Fortune magazine article is
      labeled as "the worst stock in the S&P 500."(a)

     (a) Fortune, November 22, 1999, article by Andy Serwer.
           Permission to cite this article was neither sought nor
           obtained.

--   In June 1999, Correnti was forced to resign as CEO of Nucor,
      another steel company, after Nucor's Board determined he
      was not right for the job.

--   James Todd's tenure as Birmingham Steel's CEO was marked by
bad decisions, bad execution and bad performance. While Bob
Garvey and his senior management team have worked tirelessly to
remedy the problems created during the Todd years, Todd and his
dissident group have worked tirelessly to shift the blame to Bob
Garvey.

The dissident nominees, in our view, clearly lack the
qualifications, background and experience to build stockholder
value at Birmingham Steel. These shortcomings are evidenced by
their misguided platform to continue to spend millions of dollars
in the hope that they somehow can "fix" the SBQ business. We
urge stockholders to support your Company's strategic
restructuring, with its focus on our (more) core businesses and
the timely sale of the SBQ operations--a course of action that we
believe is essential to preserve and enhance the value of your
shares. The future of your investment in Birmingham Steel is far
too important to put in the hands of Correnti, who is looking for
a new job, and of Todd, who wants to return to a leadership
position at your Company no matter what the cost may be to you.

We urge you to reject the Todd-Correnti dissident group and its
nominees by signing, dating and mailing the enclosed WHITE proxy
card today. Do not sign any blue proxy card sent to you by the
dissident group.

We thank you for your continued confidence and support.

Very truly yours,

   BIRMINGHAM STEEL CORPORATION

                               
The Company has recently become aware of a discrepancy in the
number of shares reported to be outstanding as of October 7,
1999, the consent record date, and October 19th, 1999, the annual
meeting record date. The correct number of shares outstanding as
of both record dates was 29,730,351.


The Board of Directors of Birmingham Steel is composed of nine
individuals -- eight independent directors plus Chairman/CEO Bob
Garvey -- all of whom are committed to a single, over-riding
objective: building the value of Birmingham Steel for you. The
following are summaries of the individuals:

William J. Cabaniss, Jr. is Chairman and CEO of Precision
Grinding, Inc, which he co-founded in 1971 and built into one of
the largest steel plate grinding and machining companies in the
Southeast.

C. Stephen Clegg is Chairman and CEO of Diamond Home Services, a
contractor of installed home improvement products, and of Midwest
Spring Manufacturing Company, a manufacturer of specialty
springs, wireforms and metal stamping products.

Alfred C. DeCrane, Jr. served as Chairman of Texaco Inc., an
explorer, producer and marketer of oil and natural gas, from 1987
to 1996 and as CEO from 1993 to 1996.

E. Mandell de Windt, who was your Company's Chairman from 1985 to
1991 and has chaired the Board's Executive Committee since 1991,
served as Chairman and Chief Executive Officer of Eaton
Corporation, a diversified manufacturing concern, from 1969 to
1986.

E. Bradley Jones served as Chairman and CEO of LTV Steel Company
from June 1984 to December 1984, and as Chairman and CEO of
Republic Steel Corporation (which merged with The LTV Corporation
in 1984) from 1982 to 1984.

Robert D. Kennedy served as Chairman and Chief Executive Officer
of Union Carbide Corporation, one of the world's largest
manufacturers of chemicals and plastics, from 1986 to 1995.

Richard de J. Osborne was Chairman and Chief Executive Officer of
ASARCO Incorporated, a leading producer of nonferrous metals,
from 1995 to 1998.
  
John H. Roberts founded and headed J. H. Roberts Industries, a
leading manufacturer and distributor of carbon steel tubing and
chrome-plated steel bars, from 1982 until 1998.

Birmingham Steel operates in the mini-mill sector of the steel
industry and conducts operations at facilities located across the
United States. The common stock of Birmingham Steel is traded on
the New York Stock Exchange under the symbol "BIR."



BREED TECHNOLOGIES: Court Approves Tatum CFO Partners
------------------------------------------------------
By court order entered October 28, 1999, the debtors, BREED
Technologies, Inc., are authorized to retain Tatum CFO Partners,
LLP as financial management advisors.


BREED TECHNOLOGIES: Court Approves Employee Retention Program
-------------------------------------------------------------
By court order entered on October 28, 1999, BREED Technologies
Inc. is authorized to implement an employee retention program
except that 50% of each eligible employee's retention bonus
shall be payable on September 15, 2000 rather than September 30,
2000.


CONSUMER PORTFOLIO: Reports 1999 Third Quarter Results
------------------------------------------------------
Consumer Portfolio Services, Inc. (Nasdaq: CPSS) announced
financial results for its third quarter, ended September 30,
1999.

For the third quarter, total revenues decreased from a
positive$34.6 million for the three months ended September 30,
1998, to a negative $9.2 million. The Company's net loss for the
period was $16.6 million, or $0.82 per share, on 20.1 million
diluted shares outstanding, compared to net earnings of $6.2
million, or $0.38 per share, on 16.9 million diluted shares
outstanding for the same period in the prior year.

For the nine months ended September 30, 1999, total revenues
decreased 71.9% to $25.0 million, compared with $89.1 million for
the same period in the prior year. Net earnings decreased from
$17.8 million, or $1.08 per share, on 16.7 million diluted shares
outstanding for the nine months ended September 30, 1998,
to a net loss of $25.6 million, or $1.41 per share, on 18.2
million diluted shares outstanding for the nine months ended
September 30, 1999.

Purchases of contracts from automobile dealers decreased 70.4% in
the third quarter to $89.6 million, compared to $303.0 million
for the same period in 1998. Contracts sold during the third
quarter decreased 65.1% to $83.8 million, all of which was on a
servicing released basis, compared to $240.3 million, all
of which was on a servicing retained basis, for the same period
in the prior year. The aggregate outstanding balance of contracts
serviced by the Company at September 30, 1999, decreased by 19.4%
to $948.0 million, compared to $1,175.7 million at September 30,
1998.

Balances of accounts past due over 30 days represented 5.7% of
the servicing portfolio at September 30, 1999, compared with 4.7%
at September 30, 1998. The annualized net charge off rate for the
three month period ended September 30, 1999, was 9.8%, compared
to 6.5% for the three month period ended September 30, 1998. The
Company's non-discounted allowance for credit losses equaled
$95.5 million, or 10.1% of the contracts sold that it serviced as
of September 30, 1999. The on-balance sheet allowance for credit
losses was $2.2 million, or 32.3% of contracts held for sale at
September 30, 1999. As of September 30, 1999, the inventory of
repossessed vehicles was 3.1% of the servicing portfolio,
compared to 1.9% at September 30, 1998.

"This year has been a challenging one," said Charles E. Bradley,
Jr., President and Chief Executive Officer. "Our operating plan
up to this point has been to maintain the Company's
infrastructure and solve our liquidity problems. As we previously
announced, we have made tremendous progress towards solving our
liquidity needs with the signing of various agreements allowing
for releases of cash from our securitized portfolio. With
continued monthly releases of cash we will be positioned to
rebuild the Company to be once again an industry leader.
This year did give us the opportunity to reengineer our operating
procedures to make us more efficient in all areas of our
business," continued Bradley. "As the most difficult year in the
Company's history comes to a close, we look forward to a fresh
start in the new millennium and a successful 2000."


COSTILLA ENERGY: Order Approves Employment of Counsel
-----------------------------------------------------
The US Bankruptcy Court for the Western District of Texas,
Midland Division, entered an order approving the employment and
retention of Weil, Gotshal & Manges LLP as counsel for the
Committee of Unsecured Creditors of Costilla Energy, Inc.


COSTILLA ENERGY: Reports Third Quarter Results
----------------------------------------------
Costilla Energy, Inc. (OTC Bulletin Board: COSE) today reported
cash flow(1) of $2.1 million, or $0.15 per share, and a net loss
applicable to common equity of $5.9 million, or $0.42 per share,
for the third quarter ended September 30, 1999.  The net loss
included a non-cash charge of $943,000 as a result of the
impairment of an oil and gas property(2) due to the expiration of
leasehold acreage located in east Texas to which proved
undeveloped reserves had been attributed.

These results compare with cash flow of $2.6 million, or $0.26
per share, and a net loss applicable to common equity of $8.2
million, or $0.83 per share, for the quarter ended September 30,
1998.  Adjusted EBITDA(3) for the third quarter of 1999 was $6.0
million compared with $7.2 million for the quarter ended
September 30, 1998.

Costilla produced 4.3 Billion cubic feet of natural gas and
124,000 barrels of crude oil and condensate, or a total of about
5.0 Billion cubic feet of natural gas equivalent (Bcfe) during
the third quarter of 1999, an average rate of approximately 54.6
Million cubic feet of natural gas equivalent (Mmcfe) per
day.  This compares with 7.6 Bcfe, or approximately 82.3 Mmcfe
per day produced in the third quarter of 1998.  The reduction in
production is attributable primarily to various sales of
producing properties during the first half of 1999, and the
Company's inability to continue its drilling efforts due to
financial constraints.

During the third quarter of 1999, Costilla sold natural gas at an
average net price of $2.13 per thousand cubic feet (Mcf), after a
hedging cost of $0.17 per Mcf, compared with $2.06 per Mcf during
the third quarter of 1998, which included hedging revenue of
$0.22 per Mcf.  The Company sold oil at an average net price of
$14.87 per barrel, after a hedging cost of $4.75 per barrel
during the third quarter of 1999, compared with $14.96 per
barrel, including $4.58 per barrel from hedging, during the
quarter ended September 30, 1998.

Oil and gas revenues for the third quarter ended September 30,
1999, totaled $11.0 million, after hedging costs of $1.3 million,
compared with $16.8 million for the same quarter of 1998, which
included $3.2 million in revenues from hedging.

Costilla's cost management efforts resulted in continued
reductions in lease operating expenses (LOE) during the quarter
ended September 30, 1999. Third quarter LOE, excluding production
taxes, was $0.57 per Mcfe, down from $0.63 per Mcfe for the
second quarter of 1999, and $0.80 per Mcfe for the quarter ended
September 30, 1998.

General and administrative expenses (G&A) were also significantly
reduced for the three months ended September 30, 1999, to $1.9
million, which included $ 682,000 related to reorganization
costs, from $2.8 million in the third quarter of 1998.  Per Mcfe,
G&A for the third quarter of 1999 was $0.23, excluding
reorganization costs, compared with $0.37 per Mcfe for quarter
ended September 31, 1998.

The Company reported that the counter-party to its commodity
price hedging contracts elected an early termination of the
contracts and asserted claimed losses of approximately $15.9
million related to the open positions, and $3.6 million for
unpaid invoices.  The amount due for the hedging obligations and
the secured nature, if any, of those obligations is subject to
review by the Company.

The Company continues to conduct operations in ordinary course
under Chapter 11 of the United States Bankruptcy Code.  
Management is actively engaged in negotiations with certain
potential purchasers, equity investors or merger partners and
intends to submit a plan of reorganization for consideration by
the Bankruptcy Court as soon as practicable.  The consummation of
any plan of reorganization will require approval of the
Bankruptcy Court.

Costilla Energy, Inc. is an independent oil and gas company with
operations primarily in the Gulf Coast region of South Texas and
the Permian Basin of West Texas and Southeastern New Mexico.

(1) Cash flow is the net loss for the period, plus deferred
taxes, depreciation, depletion and amortization, impairment of
oil and gas properties, exploration and abandonments, other non-
cash items, and extraordinary items.

(2) In accordance with Statement of Financial Accounting
Standards No. 121, Accounting for the Impairment of Long-Lived
Assets and Assets to be Disposed Of, an impairment loss is
indicated if the sum of the expected undiscounted future
cash flows, on a depletable basis, is less than the carrying
amount of oil and gas assets.  The impairment loss is the amount
by which the carrying amount of the asset exceeds the fair value
of the asset, based upon discounted future net cash flows.

(3) Adjusted EBITDA is earnings before income taxes, interest,
depreciation, depletion and amortization, impairment of oil and
gas properties, exploration and abandonments, other non-cash
items and extraordinary items


CRIIMI MAE: Reports Third Quarter 1999 Results
----------------------------------------------
CRIIMI MAE Inc. (NYSE: CMM), the commercial mortgage company that
filed a voluntary petition to reorganize under Chapter 11 of the
U.S. Bankruptcy Code on October 5, 1998, today reported results
for the three and nine months ended September 30, 1999.

Under generally accepted accounting principles (GAAP), net income
available to common shareholders for the three months ended
September 30, 1999 was $8.1 million.  This compares to a net loss
for last year's third quarter of approximately $8.7 million. On a
per share basis, the third quarter's net income was 14 cents per
diluted share and 15 cents per basic share. This compares to
last year's net loss for the third quarter of 18 cents per
diluted share and 18 cents per basic share.

On a tax basis, CRIIMI MAE had a loss for the third quarter of
approximately $17.8 million, or 33 cents per share. For last
year's third quarter, tax basis income available to common
shareholders was approximately $19.9 million, or 41 cents per
share. For the first nine months of 1999, tax basis income was
approximately $13.7 million, or 26 cents per share, compared to
approximately $ 57.3 million, or $1.22 per share, for the first
nine months of 1998.

The sale of unsecuritized mortgage loans in one of the Company's
warehouse facilities in the third quarter of 1999 resulted in
cumulative losses of approximately $36.3 million under both GAAP
and tax accounting.  Under GAAP, $ 35.2 million of these losses
were recognized in prior quarters, and $1.1 million in losses
were recognized in the third quarter of 1999.  Under tax basis
accounting, the entire loss of $36.3 million was recognized in
the third quarter of 1999, when the actual loan sales took place.

CRIIMI MAE's shareholders' equity decreased to approximately $259
million ($ 3.86 per diluted share) at quarter end, from
approximately $281 million ($4.24 per diluted share) at June 30,
1999. The decrease in shareholders' equity during the quarter
primarily resulted from an aggregate $30.5 million decrease in
the fair value of the Company's portfolio of commercial mortgage-
backed securities (CMBS) and insured mortgage securities.

The Company's net interest margin decreased by approximately $1.2
million under GAAP and approximately $370,000 on a tax basis for
the third quarter of 1999 compared to the third quarter of 1998.  
The decreases in net interest margin were primarily due to an
increase in interest expense related to certain financing
facilities that were outstanding for only a portion of last
year's third quarter, versus the entire third quarter of 1999.

Other items that contributed to the changes in earnings during
these periods are identified in the tables that follow.

The date currently set by the Bankruptcy Court for CRIIMI MAE and
its two affiliates to file a proposed disclosure statement with
respect to their Joint Plan of Reorganization is December 6,
1999.  Judge Duncan W. Keir has also scheduled a hearing for that
date on a pending motion to approve the bidding protection
provisions in the Stock Purchase Agreement ("Agreement") entered
into on September 9, 1999 by CRIIMI MAE and an affiliate of
Apollo Real Estate Advisors IV, L.P. ("Apollo").  CRIIMI MAE,
Apollo and the Official Committee of Unsecured Creditors of
CRIIMI MAE and the Official Committee of Equity Securities
Holders (collectively, the "Committees") have been actively
engaged in discussions to fashion an amended plan of
reorganization that can be supported by these parties.

Before filing for reorganization, CRIIMI MAE had been actively
involved in acquiring, originating, securitizing and servicing
multifamily and commercial mortgages and mortgage related assets
throughout the United States. Since filing for Chapter 11
protection, CRIIMI MAE has suspended its subordinated CMBS
acquisition, origination and securitization programs. The
Company, however, 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.


DEVLIEG-BULLARD: Order Grants Extension of Exclusivity
------------------------------------------------------
By order of the court, the debtor, Devlieg-Bullard, Inc. has the
exclusive right up to and including January 14, 2000 to file a
plan of reorganization.

The debtor shall have, up to and including March 14, 2000 the
exclsuive right to obtain acceptance of its plan of
reorganization.


DEVLIEG-BULLARD: Motion For Order Setting Bar Date
--------------------------------------------------
The debtors, Devlieg-BUllard, Inc. seek an order establishing
January 15, 2000 as the Bar Date for filing proofs of claim
against the debtor.  The debtor identifies over 5,000 creditors
holding $78,283,448 in claims against the debtor.


FORMAN PETROLEUM: Hearing on Approval of Disclosure Statement
-------------------------------------------------------------
The hearing to consider approval of the Disclosure statement for
the first amended joint plan of reorganization filed by Forman
Petroleum Corporation will be held before Jerry A. Brown,
Bankruptcy Judge, Courtroom 705, Hale Boggs Federal Building 501
Magazine Street, New Orleans, Louisiana on November 10, 1999 at
9:00 AM.


GENEVA STEEL: Seeks Order Extending Exclusivity
-----------------------------------------------
Geneva Steel Company, debtor, with the consent of the Official
Bondholders' and Creditors' Committees seeks a 90 day extension
of the periods in which it has the exclusive right to file a plan
and solicit acceptances.  The primary obstacle to filing a plan
by Geneva is obtaining a commitment for adequate exit financing.

Geneva has a deadline of December 30, 1999 to file an application
for obtaining a guarantee under the Emergency Steel Loan Guarantee
Act of 1999.  Geneva cannot reasonably expect to receive a
decision on its application to file a plan prior to February 28,
2000.


HARNISCHFEGER: Seeking Approval of Beloit Auction Procedures
------------------------------------------------------------
Judge Walsh granted the Debtors' Motion at an expedited hearing
convened to consider the Debtors' proposed procedures for
auctioning Beloit's assets.  

Accordingly, on Friday, August 12, 1999, the Debtors caused
notice of the auction to be published in The Wall Street Journal,
The Asian Wall Street Journal and The Wall Street Journal Europe,
announcing that a public Auction for Beloit's assets will be
conducted at Young, Conaway, Stargatt & Taylor's offices at 10:00
a.m. on November 23, 1999.  Notice of the Auction was also served
on all potential qualified bidders known to the Debtors.

To participate in the Auction, Qualified Bidders (meaning
entities that enter into a confidentiality agreement and
demonstrate financial ability to complete a purchase) must send a
letter of interest to the Debtors' counsel, counsel to the
Creditors' Committee, counsel for Equity Committee,
counsel for the Prepetition Lenders, and counsel for the DIP
Lenders no later than 4:00 p.m. on November 18, 1999.

To establish a minimum bid at the Auction, the Debtors, with the
consent of the Creditors' Committee, have secured the right to
enter into one or more asset purchase agreements with one or more
purchasers.  The Debtors will notify every other Qualified Bidder
of any Stalking Horse Agreement into which the Debtors enter.  

After the Debtors, with the consent of the Creditors' Committee,
declare a Winning Bid as a result of the Auction process, they
will file a Motion with the Bankruptcy Court seeking approval of
the sale pursuant to 11 U.S.C. Sec. 363 and assumption and
assignment of any relevant contracts and leases pursuant to 11
U.S.C. Sec. 365.  Judge Walsh has scheduled a Sale Hearing for
5:00 p.m. on December 9, 1999.  Objections to that Sale Motion
must be presented no later than December 3, 1999.  

The Debtors contemplate that a Closing will take place
immediately following the Sale Hearing, allowing the sale of
Beloit's assets to be wrapped-up by year-end.  (Harnischfeger
Bankruptcy News Issue 15; Bankruptcy Creditor's Service Inc.)


HEALTHSPHERE OF AMERICA: Seeks Extension To Exclusivity
-------------------------------------------------------
The debtors, Healthsphere of America, Inc. and its affiliates
seek an extension of the debtors' exclusive period of time within
which to file a plan.  The hearing on the Disclosure Statement
has been scheduled for December 9, 1999.  Since the debtor cannot
solicit acceptances to the plan until approval of the Disclosure
Statement, the debtor is seeking an extension through and
including January 31, 2000.


IMAGYN MEDICAL: Entry of Confirmation Order and Effective Date
--------------------------------------------------------------
On October 18, 1999 the US Bankruptcy Court for the District of
Delaware entered an order confirming the Joint Amended Plan of
Reorganization of Imagyn Medical Technologies, Inc., et al.

The Effective Date as defined in the plan occurred on November 1,
1999.


IMAGYN MEDICAL: Reports Monthly Losses Exceeding Revenues
---------------------------------------------------------
Imagyn Medical Technologies, Inc., operating as debtor-in-
possession under its Chapter 11 bankruptcy action has reported,
for the month of September 1999, net revenues of $3,114,
sustaining net losses of $3,139.


JUST FOR FEET: Wins Interim Approval of $200 Million DIP Loan
-------------------------------------------------------------
Just For Feet Inc. on Wednesday won interim court approval of a
$200 million in debtor-in-possession (DIP) financing from Bank of
America Business Credit. Alan Miller of Weil Gotshal & Manges,
counsel to the shoe retailer, said the company has court
authorization to draw $60 million of the DIP loan. Bank of
America is also the lead bank in Just For Feet's pre-petition
senior secured credit facility.  (The Daily Bankruptcy Review and
ABI November 16, 1999)


PACE HEALTH: 1998 Asset Sale Supplies Income In Recent Qtr.
-----------------------------------------------------------
On October 7, 1998, Pace Health Management Systems Inc. completed
the sale of substantially all of its assets to, and the
assumption of certain of its liabilities by, Minnesota Mining and
Manufacturing Company.

In July 1999 the company received proceeds from the restricted
escrow account totaling $555,958, including interest of $25,671.
Approximately $195,000 currently remains in the escrow account
pending resolution of certain disputed indemnification claims.

The net proceeds from the sale will be retained by the company
pending a determination of whether to engage in a follow-on
transaction. The company has been seeking a business combination
with another entity, before considering possible liquidation and
distribution of its assets. If no suitable business combination
is identified within a reasonable period of time, the company may
elect to liquidate and distribute the remaining net
proceeds to shareholders. If the company liquidated at the
present time, all of the net assets of the company
would be paid to holders of the company's preferred stock.

Following the sales transaction, Pace Health Management has no
ongoing operations, no revenues and has minimal operating
expenses. The company presently has only one part-time employee,
reflected in general and administrative expenses.  While the
company showed no revenue for the three and nine months ended
September 30, 1999, the three month period yielded $17,348 in net
income, while the nine month 1999 period showed a net loss
of $51,040.

In the three and nine month comparable periods of 1998 revenues
were $403,685 and $1,110,305 respectively.  The net losses for
the period were $163,991 and $2,087,122 respectively.


PHAR MOR: 13 Weeks Ended October 2, 1999 Yields $4,191 Net Loss
---------------------------------------------------------------
Phar Mor Inc. reports net loss of $4,191 on net revenues of
$317,835 for the thirteen weeks ended October 2, 1999.  In the
same thirteen week period of 1998, ending September 26, 1998, the
company's net loss was $1,512 on net revenues of $269,412.


PLANET HOLLYWOOD: Meeting of Creditors
--------------------------------------
On October 12, 1999, Planet Hollywood International, Inc., et al.
and its affiliated debtors filed voluntary petitions under
Chapter 11.  A meeting of creditors is scheduled for December 10,
1999 at 11:00 AM at the J. Caleb Boggs Federal Building, 844 King
Street, Room 2313, Wilmington, DE.


PLANET HOLLYWOOD: Hearing To Consider Disclosure Statement
----------------------------------------------------------
A hearing to consider the adequacy of the Disclosure Statement
shall be held on December 9, 1999 at 12:30 PM at J. Caleb Boggs
Federal Building, 844 King Street, Wilmington, DE.


PLANET HOLLYWOOD: Bar Date Order
--------------------------------
The US Bankruptcy Court for the District of Delaware entered an
order requiring all persons and entities that assert a claim
against the debtors must file a written proof of such claim with
the Bankruptcy Court no later than 4:00 PM, December 13, 1999.


POWER DESIGNS: Shows Net Sales Increase
---------------------------------------
During the third quarter of fiscal 1999, Power Designs Inc. and
its wholly-owned subsidiary, continued manufacturing operations
as debtors-in-possession under Chapter 11 protection. The Vantage
Partners LLC, a management consulting firm retained under court
order, together with Melvin A. Becker, Vice President of
Operations, continued in their roles as senior management.
Product offerings were confined to three historical families of
products: military grade power supplies, variable
autotransformers, and linear switching power supply products.  
Employees and contracted consultants of the company at
March 31, 1999 numbered 26.

Results for the first nine months of fiscal 1999 reflect a
significant downsizing in operations which followed the company's
Chapter 11 filing, and therefore represent a substantial change
from the pre-petition figures for the same period in fiscal 1998.
Accordingly a period-to-period comparison of the historical
results of operations and financial condition of the company may
not be meaningful.

Net sales increased to $604,698 for the quarter ended March 31,
1999 as compared with $523,907 for the same period in 1998.  Net
loss in the 1999 quarter was $51,107, while in the same 1998
quarter net loss was $470,281.

Net sales increased from $1,760,746 for the nine months ended
March 31, 1998 as compared to $2,161,598 for the nine months
ended March 31, 1999.  Again, net loss in the 1998 nine month
period was considerably higher at $7,407,055 compared to the nine
months of 1999 net loss of $80,099.


PRIMARY HEALTH: Seeks Order Extending Exclusivity
-------------------------------------------------
The debtors, Primary Health Systems, Inc. and its affiliates,
seek an order further extending the exclusive periods during
which the debtors may file a plan of reorganization and solicit
acceptances thereof.

A hearing to consider the motion will be held on November 19,
1999 at 9:30 AM.  

The debtors assert that they have had continuing discussions with
their bank lenders concerning a plan, but because of the
complexity of the issues underlying the cases, the debtors have
not yet had an opportunity to complete those negotiations much
less begin tri-partite negotiations with the banks and the
Creditor's Committee.  the debtors request 110-day extensions of
each of the Exclusive Periods, through and including March 31,
2000 and May 30, 2000, respectively.

The debtors state that they have focused their efforts upon
stabilizing their business operations and implementing their
long-range business plan.


PSI INDUSTRIES: Counsel for Committee Approved
----------------------------------------------
The US Bankruptcy Court for the Southern District of Florida,
Palm Beach Division, entered an order authorizing the Official
Committee of Unsecured Creditors of PSI Industries Inc, debtor,
to retain Thomas R. Lehman of the law firm of Tew Cardenas Rebak
Kellogg Lehman DeMaria & Tague, LLP.


RITE AID: KPMG Resigns as Auditor
---------------------------------
Rite Aid Corp. disclosed that KPMG LLP, its auditor since 1968,
resigned last week, which raises more questions about the extent
of the drugstore chain's accounting problems, The Wall Street
Journal reported. Rite Aid disclosed last month that it would
restate earnings for the last three fiscal years, cutting off
about $500 million in pre-tax earnings over that period. In June,
Rite Aid already had restated those figures once to reverse
aggressive accounting maneuvers.

The Camp Hill, Pa., company anticipates a full investigation of
its accounting practices by the Securities and Exchange
Commission, and the company is facing numerous lawsuits from
investors whose stock has plunged during the last year. An
analyst with Maryland-based Center for Financial Research &
Analysis said that KPMG's resignation suggests that Rite Aid's
accounting problems are worse than disclosed and that KPMG is
trying to distance itself. An accounting professor at the Stern
School of Business in New York said that the resignation
could mean that the firm and Rite Aid disagree on the
restatements taken.


SCORE BOARD: Order Confirming Chapter 11 Plan
---------------------------------------------
An order confirming the Chapter 11 plan of The Score Board, Inc.
was entered on November 5, 1999.


SELECT SWITCH: Hearing Regarding Disclosure Statement
-----------------------------------------------------
The hearing to consider the approval of the Disclosure statement
of Select Switch Systems, Inc. will be held on December 14, 1999
at 10:30 AM before the Honorable Mitchel R. Goldberg, US
Bankruptcy Judge, Courtroom 301 of the US Bankruptcy Court, 3420
Twelfth Street, Riverside California.


SMITH CORONA: Quarterly Sales Decrease But Net Loss Is Reduced
--------------------------------------------------------------
Smith Corona's net sales of $8.3 million for the quarter ended
September 30, 1999 decreased 28 percent from last year's first
quarter net sales of $11.6 million.  The prior period net sales
included $1.8 million related to products, primarily facsimile
and telephony, that were discontinued during fiscal year 1999.  
Unit sales of typewriters were lower than a year ago, as
a result of a declining market, although industry data indicates
that the rate of decline in the typewriters and related supplies
market has been slowing.

The net loss experienced by the company in the three month period
ended September 30, 1999, of $315 was considerably less than the
net loss of the same period in 1998 when loss was $5,671.

The company has continued its plans to expand and diversify its
product offerings with a renewed emphasis on building on the
market's recognition of the Smith Corona brand in printed
document and data transmission products.  Late in the first
quarter of the fiscal year ending June 30, 2000, the company
introduced its Inkjet SolutionsTM, which represents inkjet
cartridges compatible with most major brand printers.  The
company expects to introduce an expanded line of commercial
headsets in its second fiscal quarter.  Smith Corona continues to
negotiate with numerous suppliers to expand product
offerings and develop new products such as inkjet printer
supplies, commercial products, and introducing new models of
typewriters and supplies.  The company says it is intent on
introducing products that drive consumable supplies businesses.


STARTER CORP: Committee Objects To Extension of Exclusivity
-----------------------------------------------------------
The Official Committee of Unsecured Creditors of Starter
Corporation, et al. objects to the second motion of Starter
Corporation, et al. for an order approving an extension of the
exclusive periods during which the debtors may file a plan of
reorganization and solicit acceptances thereof.  According to the
Committee, the debtors have made no serious overture to negotiate
a consensual plan with the Committee.  The Committee believes
that the debtors fail to understand the extent of administrative
and priority claims against the estates, and the Committee
believes that an important first step would be to fix bar dates.  
If given an opportunity, the Committee claims that it would seek
bar dates and would move forward with a liquidating plan or
conversion of these cases to a Chapter 7.


SUN HEALTHCARE: Government Seeks Stay of DIP Financing
------------------------------------------------------
At an emergency hearing convened to consider the Government's
Motion for a Stay of the Interim DIP Financing Order, Judge
Walrath rejected the Government's arguments, finding that the
Government does meet the standards for the issuance of a stay
pending appeal established by the Third Circuit in Evans v.
Buchanan, 435 F. Supp. 832, 841 (D. Del. 1977):

* HHS cannot demonstrate a likelihood of success on the merits;

* HHS cannot demonstrate that it has not been adequately
protected and, thus, irreparably harmed.  

* HHS cannot show that it is in the public interest to deprive
one of the nation's largest health care companies with financing
that is required to maintain the quality of service to over
40,000 elderly patients and residents.  

Balancing the hardships, Judge Walrath found, the interest of the
Debtors in continuing to operate in reliance on the proceeds of
the DIP Facility plainly is more important that the interest of
HHS in seeking to preserve an alleged interest that, based upon
the uncontroverted evidence presented at the October 22, 1999
hearing, if it exists at all, is adequately protected through the
time the Court will consider final approval of the
DIP Financing Facility.  

At the October 22 Hearing, the Debtors introduced evidence that
the interest, if any, of HHS in Medicare receivables generated
postpetition was adequately protected.  HHS did not contest this
evidence.  In light of the record, this Court ruled at the
October 22 Hearing that the interest of HHS arising from its
purported right to seek to lift the automatic stay to
setoff prepetition and postpetition obligations was adequately
protected through the final hearing on the DIP Facility,
scheduled for November 12, 1999.  That ruling, Judge Walrath
held, stands.  

Immediately thereafter, HHS rushed to the United States District
Court for the District of Delaware again seeking a stay of the
Interim DIP Financing order pending the outcome of its appeal of
Judge Walrath's ruling.  The District Court conducted a
preliminary hearing, but withheld ruling so that the Debtors and
HHS could attempt to reach an amicable resolution of their
dispute.  Ernest negotiation culminated in a Stipulation among
the Debtors and HHS providing that:

(a) if HHS can obtain relief from the automatic stay in order to
withhold postpetition payments on account of prepetition
overpayments, for other than the current fiscal year, then HHS
will not make any actual adjustment, but will be granted an
allowed administrative-priority claim for the amount that could
have been withheld;

(b) HHS will be granted allowed administrative priority claims
for all current fiscal year prepetition overpayments, subject to
the Debtors' right to object to the propriety of a setoff under
11 U.S.C. Sec. 553;

(c) any allowed administrative priority claims held by HHS will
be paid on the earliest to occur of:

(1) assumption of the Medicare Contract,

(2) the effective date of any confirmed plan of reorganization,

(3) dismissal of the Debtors' chapter 11 cases, and

(4) the time for payment of administrative expense claims under
any plan of liquidation;

(d) with respect to any underpayments for cost-years prior to
1999, HHS is granted the right to freeze payments to the Debtors
on account of those underpayments, subject to the Debtors' right
to file a motion to compel payment;

(e) HHS agrees to withdraw its objections to the DIP Financing
Facility and all motions and appeals arising from those
objections presented to the Bankruptcy Court and the District
Court and further agrees not to oppose entry of a Final DIP
Financing Order; and

(f) HHS acknowledges that its administrative priority claims, if
any, shall be subordinate to the superpriority claims, if any,
held by the DIP Lenders.  (Sun Healthcare Bankruptcy News; Issue
5; Bankruptcy Creditor's Service, Inc.)


TAPISTRON INTERNATIONAL: Fiscal Year Financials Offer Comparison
----------------------------------------------------------------
During its last three fiscal years, Tapistron International Inc.
has generated substantial revenue from foreign sales. Revenue
from foreign sales to unaffiliated customers totaled $892,675 in
Fiscal 1999, compared to $1,176,020 in Fiscal 1998, compared to
$2,584,903 in Fiscal 1997. The company has no identifiable assets
specifically attributable to foreign sales during the periods
presented, however, the company intends to expand its marketing
efforts to generate additional export sales in future years.

As of July 31, 1999, the company had 31 full-time employees and 1
part-time employee.  Tapistron filed a voluntary petition for
relief under Chapter 11 of the Bankruptcy Code on June 21, 1996
and operated its business as a debtor-in-possession under the
jurisdiction of the Court. On August 18, 1997, the Court
confirmed the Amended Plan of Reorganization. As of January 22,
1998, the Court closed the case by ordering the Final Decree.

The company's Fiscal 1999 sales were $4,725,881, compared with
$5,651,555 in Fiscal 1998 and $3,626,092 in Fiscal 1997.  The net
loss in Fiscal 1999 was $744,839, in Fiscal 1998, $208,608 and in
Fiscal 1997, net income was $316,375.


US PETSEC: May File for Bankruptcy Protection  
---------------------------------------------
Petsec Energy Ltd., Sydney, said that its U.S. subsidiary, Petsec
Energy Inc., may file for chapter 11 protection to effect a
restructuring, according to Reuters. The Australian group has
decided not to advance further funds to the U.S. group until a
capital reconstruction proposal is presented. The American
company did not have sufficient funds to meet its expected
capital commitments in the near-term and has been evaluating a
number of additional financing options. The U.S. unit has decided
not to make a $3.2 million principal payment to its banks, which
had caused a cross-default with noteholders. (ABI 16-Nov-99)


VIDIKRON TECHNOLOGIES: Files Chapter 7
--------------------------------------
Vidikron Technologies Group Inc., New York, which makes high-end
home theater products, said yesterday that it has filed chapter 7
of the Bankruptcy Code, according to a newswire report. In July
the company had announced it was considering the filing.


WESTMORELAND COAL: Reports Third Quarter Results
------------------------------------------------
Westmoreland Coal Company (Amex: WLB) today reported a net loss
of $3.1 million for the third quarter ended September 30, 1999,
which is a $1.1 million improvement over second quarter 1999
results.  The improvement was due to increased revenues at
Westmoreland Resources, Inc. ("WRI"), lower overhead costs
and higher interest income.  Set against a background of $6.4
million in retiree benefit expenses for the period, the loss for
the third quarter 1999 was influenced primarily by the continued
decline in the bond market during the quarter which caused a
$450,000 non-cash negative adjustment in the value of the
black lung trust fund investment; a continued reduction in coal
throughput at Dominion Terminal Associates ("DTA") due to the
further decline in the export coal market; and a reduction in
equity in earnings from Westmoreland Energy, Inc. ("WEI") due to
the previous sale of the Rensselaer project.  Net income was
$0.3 million for the comparable quarter in 1998 when certain
retiree benefit expenses were stayed while the Company operated
under protection of the Bankruptcy Court.

Christopher K. Seglem, Westmoreland's Chairman, President, and
CEO said:

"Results from operations were improved, but still somewhat lower
than expected this quarter.  Our independent power facilities
operated well, and endured the heat, drought and hurricanes that
plagued the east coast.  However, coal shipments from WRI, while
reflecting completion of the scheduled maintenance outage at
WRI's largest customer, fell short because of the loss of
shipments to another customer, Otter Tail Power, due to test
burns of other coals there. That contract will expire at the end
of this year when Otter Tail, whose power plant we supply is not
now scrubbed, shifts to lower sulfur coal in order to comply with
Phase II of the Clean Air Act.  DTA experienced increased losses
in the third quarter in connection with the further downturn in
the export coal market.  Finally, an additional decline in the
bond market resulted in a further negative non-cash adjustment of
our black lung trust fund investment. The Company is taking steps
to address these issues."

"In another important area, the impact of substantial
accumulated, unpaid preferred dividends was further lessened
during the third quarter as a result of the second tender offer
completed in October," continued Seglem.  "The decision
to offer that additional opportunity for our preferred
shareholders to sell their shares back at a price above current
market even when it might create a shareholders' deficit,
reflects the importance of the preferred dividend issue
to all of us and the strategic use of cash by the Company."

"Underlying all operating results, of course, are the very large
heritage costs which continue to burden the Company.  They will
cause the Company to operate at a loss until they are reduced or
new sources of income are brought on line.  On the legislative
front, we continue to follow developments regarding the
insolvency of the UMWA Combined Benefit Fund and the possible
transfer of additional subsidies to it from the Abandoned Mine
Land Reclamation Fund, at least as a stop-gap measure.  
Separately, we are also tracking the possible inclusion of  
prescription drug costs under Medicare coverage, which could
alleviate the UMWA Combined Benefit Fund situation and lower our
costs."

"Aside from such initiatives which could reduce our industry's
and Company's singularly high retiree costs, future profitability
lies in the growth and expansion of the Company.  The energy
industry is undergoing extraordinary change at this time,
presenting both great challenges and great opportunities.
We are concentrating current efforts on maximizing the value of
existing operations and assets and are actively pursuing
opportunities to use available cash to reinforce and grow our
base in the energy sector in order to achieve sustained
profitability.  Available cash balances of $31.9 million are
currently earning money market returns, pending investment in
higher return opportunities," Seglem concluded.

Net loss applicable to common shareholders was $3.8 million after
deduction of $0.7 million for unpaid preferred dividends for the
third quarter of 1999 compared to a net loss of $0.9 million for
the same period in 1998. As a result of the repurchase of 412,536
depositary shares through the second tender offer completed on
October 26, quarterly preferred stock dividends in future
quarters will be reduced from $0.7 million to $0.4 million.
Accumulated but unpaid preferred dividends were reduced to $8.9
million from $13.3 million because of the October tender offer
and from $22.0 million before the first tender.  The Company
currently has 834,833 depositary shares outstanding, each
representing one-quarter of a share of preferred stock. Payment
of preferred stock dividends are subject to restrictions under
Delaware law.

Shareholders' equity was $7.4 million at September 30, 1999, and
will be reduced at October 31, 1999 by $7.8 million, the cost of
repurchasing the depositary shares in the second tender offer.  
Consolidated cash and cash equivalents at September 30, 1999
totaled $31.9 million and will also be reduced by $7.8 million
for the tender offer.  If a shareholders' deficit results from
the second tender offer, payment of dividends is prohibited until
such time as positive shareholders' equity is attained and other
requirements under Delaware law are met.

Net income was $5.2 million for the first nine months of 1999 and
included increased equity in earnings from WEI as a result of the
sale of its remaining interest in the Rensselaer Project in the
first quarter.  Net income for the comparable period in 1998 was
$38.6 million and included increased equity in earnings from WEI
resulting from the restructuring of the Rensselaer Project
power purchase contract.  Net income applicable to common
shareholders was $3.2 million for the first nine months of 1999
and $35.0 million for the same period in 1998.

Cash used in operating activities was $30.8 million for the first
nine months of 1999 compared to cash provided by operating
activities of $56.5 million for the same period in 1998.  The
difference is largely due to the payment of pre-petition
liabilities and reorganization costs and the funding of
security deposits in 1999, and the cash received from the
restructuring of the Rensselaer Project power purchase contract
and the termination of the Company's over-funded salaried pension
plan in 1998.

Westmoreland will file its third quarter 1999 Form 10-Q with the
Securities and Exchange Commission today.  Shareholders and
others interested in receiving a copy of the third quarter 1999
Form 10-Q or 1998 Form 10-K/A can request copies by writing to
the Company at the following address: Westmoreland Coal
Company, 2 North Cascade Avenue, 14th Floor, Colorado Springs,
CO, 80903.  The Forms are also available electronically through
the Securities and Exchange Commission's EDGAR system.

Westmoreland Coal Company, headquartered in Colorado Springs, CO,
emerged from Chapter 11 on January 4, 1999 satisfying all debt
obligations with interest and with its shareholders' interests
undiluted.  The Company is currently engaged in western Powder
River Basin Coal mining through its 80%-owned subsidiary
Westmoreland Resources, Inc. and independent power production
through its wholly owned subsidiary Westmoreland Energy, Inc.  
The Company also holds a 20% interest in Dominion Terminal
Associates, a coal shipping and terminal facility in Newport
News, Virginia.


WILSHIRE FINANCIAL: Reports Third Quarter Results of Operations
---------------------------------------------------------------
Wilshire Financial Services Group Inc. (OTC BB:WFSG) today
reported results of operations for the quarter ended September
30, 1999, the first full quarter following the Company's
emergence from bankruptcy on June 10, 1999.

Excluding non-cash market valuation losses and impairments, the
Company reported operating income of $1.5 million for the
quarter.

"During and subsequent to the reorganization process, we have
diligently reduced Wilshire's overhead, put a new management team
in place, reduced our exposure to market valuation adjustments
and focused the Company on its core banking and loan servicing
businesses," said Stephen P. Glennon, Chief Executive
Officer of Wilshire Financial Services Group. "I am pleased to
report that the third quarter reflected our substantial progress
in these efforts, with total non-interest expenses, excluding
servicing fees, down some$9 million from a year ago. Servicing
revenue nearly doubled last year's level as a result of the
Company's acquisition of Wilshire Credit Corporation, our prior
third party servicer, and the inclusion of its revenues in this
year's quarter following our restructuring.

"So far during the fourth quarter, we have made substantial
progress in reducing short-term debt in our non-banking
operations and have initiated programs to streamline and reduce
the overhead associated with our European operations. In our
banking operations, we have taken steps to address OTS
regulatory concerns, including the appointment of a new CEO of
First Bank of Beverly Hills, FSB, and specific programs to
address interest rate risk. As a result of these continuing
initiatives, we believe that the Company will be strongly
positioned to achieve growth of our servicing and banking
business, with substantially reduced overhead."

Net loss for the quarter was $7.1 million, or $0.36 per share.
Results for the predecessor company (pre-reorganization) for the
comparable period in 1998 are not meaningful for comparative
purposes.

Net interest income for the quarter was approximately $7.3
million, which consisted of interest income of $16.7 million,
partially offset by interest expense of $9.4 million.
Approximately $13.1 million, or 79%, of interest income was
derived from the Company's portfolio of loans and discounted
loans, with the other $3.6 million, or 21%, from mortgage-backed
and other securities. Interest expense consisted of $6.5 million
of interest on deposits at First Bank and $2.9 million of
interest on short-term debt facilities.

Provision for losses on loans for the three months ended
September 30, 1999 was a net recovery of $0.7 million.

Other income was a net loss of $0.1 million, consisting primarily
of market valuation losses and impairments of $8.6 million,
partially offset by income from real estate operations of $2.6
million, servicing revenue of $1.9 million, and other income,
net, of $3.2 million.

Other expenses totaled approximately $14.7 million for the
quarter. These expenses consisted primarily of compensation and
employee benefits expenses of $ 8.7 million, loan service fees
and expenses of $139,000, professional services of $1.7 million,
corporate travel and development of $1.0 million and other
general and administrative expenses (consisting primarily of
insurance, taxes and general corporate overhead) of approximately
$2.1 million.

During the third quarter, the Company recorded market valuation
losses and impairments of $8.6 million, which was comprised
primarily of write-downs of mortgage-backed securities pending
sale ($5.1 million), write-downs of other assets ($1.9 million)
and a charge of approximately $1.6 million for the Company's
investment in Wilshire Real Estate Investment Inc. ("WREI"),
formerly an affiliate of WFSG.

Wilshire is committed to its goals of growing its core banking
and servicing businesses while maintaining controls on corporate
overhead, without a dependence on gain-on-sale transactions. The
Company's operations going forward are focused on two primary
business units:

--   First Bank of Beverly Hills, FSB, a thrift with
approximately $613 million of total assets and $460 million of
deposits. First Bank is engaged in the acquisition of mortgage
loans, origination of mortgage loans, and merchant bankcard
processing. The primary source of financing for First Bank's
acquisitions and originations is wholesale and brokered
certificates of deposit, and to a lesser extent, committed short-
term line of credit facilities and FHLB advances. First Bank is a
federally chartered savings bank and is regulated by the Office
of Thrift Supervision ("OTS"). Due to the bankruptcy filing of
WFSG and the resignation of the CEO of the bank, the OTS in June
designated First Bank a "Troubled Institution" under OTS
regulations. Separately today, the Company announced that the
bank has named a new CEO, Richard Cupp. The Company plans to
continue to work with the OTS to address its remaining concerns
regarding its "Troubled Institution" designation.

--   Loan Servicing through Wilshire Credit Corporation, a
subsidiary formed as part of the plan of reorganization. Its
principal business is servicing and resolving distressed and
management-intensive assets. Both Standard and Poor's and Fitch
IBCA have indicated reaffirmation of WCC's servicing strengths.


WISER OIL: 5.33% Of Stock Held By Paul Glenn & Revocable Trust
--------------------------------------------------------------
Paul F. Glenn, Trustee, of the Paul F. Glenn Revocable Trust, has
sole power to vote or dispose of 400,000 shares of the common
stock of Wiser Oil Company, and he has shared voting and
dispositive power over  77,500 such shares.  This amount
represents 5.33% of the outstanding shares of common
stock of Wiser Oil.

Mr. Glenn's principal occupation is investing for the Trust and
for his own account.  He is an executive officer and director of
the Paul F. Glenn Foundation for Medical Research, Inc., an
Arizona non-profit corporation.

All of funds used by Mr. Glenn to acquire the securities were his
personal funds or funds borrowed on margin accounts in the
ordinary course of business at various securities brokerage firms
at which he maintains securities trading accounts.  The
securities were acquired for investment purposes.

Mr. Glenn may make additional purchases of the company's
securities either in the open market or in private transactions,
depending upon his evaluation of the company's business,
prospects and financial condition; the market for the company's
securities; general economic conditions; money and stock market
conditions; and other future developments. Depending on these
same factors, he may decide to sell all or part of the
investments in the company's securities.


WORLDPORT COMMUNICATIONS: Involuntary Petition Filed By Employees
-----------------------------------------------------------------
WorldPort Communications, Inc. (OTC: WRDP) today announced that
four former employees have filed an involuntary bankruptcy
petition against the Company in the United States Bankruptcy
Court for the Northern District of Georgia, Atlanta
Division. The petitioners allege specific claims totaling $99,000
against the Company in their petition. The Company disputes the
petitioner's claims and intends to immediately contest the
petition.

The Company has previously announced the execution of a series of
definitive agreements to sell WorldPort Communications Europe
Holdings, B.V. and associated assets in an all cash transaction
to Energis plc for an estimated value of $570 million. The
Company intends to apply a portion of the net proceeds to be
realized from this sale to repay all existing debt, including its
bridge facility, trade credit and other liabilities. It is
expected that the Company will consider a new strategic focus
following this sale utilizing the remaining net proceeds.

WorldPort Communications, Inc., headquartered in Atlanta, Georgia
(USA), provides international telecommunications and Internet
services primarily to ISPs, long distance carriers, medium and
large corporate customers in Europe and North America. WorldPort
offers domestic and international voice, data, video, Internet
and other telecommunication services over a network of
terrestrial and undersea cables, switches, and other network
equipment and through interconnection agreements with major
carriers in Europe and North America. For more information,
please visit the WorldPort web site at www.wrdp.com.

                      *********

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

Troubled Company Reporter is a daily newsletter, co- published by
Bankruptcy Creditors' Service, Inc., Princeton, NJ, and Beard
Group, Inc., Washington, DC. Debra Brennan, Yvonne L. Metzler,
Editors.  Copyright 1999. All rights reserved. ISSN 1520-9474.

This material is copyrighted and any commercial use, resale
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