TCR_Public/991207.MBX    T R O U B L E D   C O M P A N Y   R E P O R T E R
      Tuesday, December 7, 1999, Vol. 3, No. 236

ALTIVA FINANCIAL: Auditors Seek More Time To Complete Financials
BEAMALLOY: Files Chapter 11
BOBBY ALLISON WIRELESS: Revolving Note Loan For $1M
BRADLEES: Board Adopts Shareholder Rights Agreement
CAMBEX: Annual Meeting Set For December 23, 1999

CAROL PUBLISHING: Taps Daley Hodkin As Auctioneer
CENTRAL EUROPEAN: Lauder Reports Holding 29.2% Interest
CRIIMI MAE: Hearing Postponed Until Dec. 16  
EGGHEAD COM: Merger Completed
GENESIS DIRECT: Court Approves Special Labor Counsel

GENESIS DIRECT: Last Date to File Claims
GRAEME LIMITED: Taps Gowling, Strathy as Special Canadian Counsel
HARNISCHFEGER: Announces NYSE Acts to Delist Stock
ICO GLOBAL: Court Approves Initial Financing Plan
JMC AVOCA: Notice of Bar Date

LL KNICKERBOCKER: Exercises Right to Convert to Chapter 11
NEVSTAR GAMING: Files Chapter 11  
NIAGARA MOHAWK: Underwriting Agreement Relating To 3M Shares
PLUMA, INC: Order Confirms Plan of Liquidation
POWER DESIGNS: Disclosure Statement

PREMIER LASER SYSTEMS: Extends Expiration Date of Warrants
PRINCETON HOSPITAL: Seeks Extension of Exclusive Periods
SCOVILL FASTENERS: Net Sales Decrease 2.7%
STREAMLINE COM: Sale of 6,752 Shares of Common Stock

TULTEX: Seeks Bankruptcy Protection  
WESTERN DIGITAL: Settles Lawsuit With Shares of Stock
XCL LTD: Report's Court Decision To SEC


ALTIVA FINANCIAL: Auditors Seek More Time To Complete Financials
Due to certain unresolved accounting issues, Deloite & Touche,
the auditors for Altiva Financial Corporation, require additional
time to fully complete their audit of the financial statements
necessary to complete the required filing of the company's
quarterly reports.

For the fiscal year ended August 31, 1998, Altiva Financial
reported a net loss before taxes of approximately $126 million.
The auditors have indicated that the net loss at that time
resulted primarily from a one time write-down in the value of the
company's mortgage related securities. Altiva did not experience
a similar write-down during the fiscal year ended
August 31, 1999, and, as such, expects to report a smaller loss.
The presence of outstanding accounting issues currently is
preventing the company from making a reasonable estimate of its
results of operations for the fiscal year ended August 31, 1999.

BEAMALLOY: Files Chapter 11
BeamAlloy Corporation today announced that it has filed a
voluntary petition for protection under chapter 11 of the
Bankruptcy Code in the United States Bankruptcy Court for the
Southern District of Ohio in Columbus, Ohio.

BeamAlloy develops and performs metal treatment services for
industrial customers using ion-implantation and ion-assisted
coating technology to treat the surfaces of tools, dies, molds
and other components to enhance resistance to wear, fatigue and

BOBBY ALLISON WIRELESS: Revolving Note Loan For $1M
On November 19, 1999, Bobby Allison Wireless Corporation
consummated a revolving note loan from Colonial Bank in the
amount of $1 million. The loan bears interest at Colonial Bank's
"Base Rate" as determined from time to time (currently 8.5%) and
matures on January 3, 2001 unless further extended by mutual

The loan has been unconditionally guaranteed by certain
shareholders of the company including James S. Holbrook, Jr., an
independent director of the company and a material shareholder of
the company, Sterne, Agee & Leach Group, Inc., a corporation of
which Mr. Holbrook is the President and Chief Executive Officer
and also a material shareholder of that company, and a
trust for the benefit of Mr. Holbrook's independent adult
children of which The Trust Company of Sterne, Agee & Leach,
Inc., a subsidiary of Sterne, Agee & Leach Group, Inc., is a co-

As consideration for the guaranties made by the guarantors, the
company granted the guarantors, in the aggregate, the right to
purchase, for a period of four (4) years, up to 45,000 shares of
the company's common stock at an exercise price of $10.00 per
share. In the event that the guarantors are required to make
payment against the guaranties, then the guarantors
each have an option, separate and apart from the warrants, to
acquire shares of the company's common stock equal to the payment
made on the guaranty at a price of $10.00 per share. In the event
that the loan is repaid by Bobby Allison Wireless or the
guarantors are otherwise released from the guaranties, then their
option will expire but the warrants will continue to exist until
fully exercised or their expiration at the end of four (4) years.

BRADLEES: Board Adopts Shareholder Rights Agreement
On November 23, 1999, the Board of Directors of Bradlees, Inc.,
a Massachusetts corporation, adopted a Shareholder Rights
Agreement and declared a dividend of one preferred stock purchase
right for each outstanding share of common stock, par value $.01
per share. The dividend was payable on November 26, 1999 to the
stockholders of record on that date.

The company states that its board of directors adopted the Rights
Agreement to protect its stockholders from coercive or otherwise
unfair takeover tactics. In general terms, it works by imposing a
significant penalty upon any person or group that acquires 15% or
more of the outstanding common stock of Bradlees without the
approval of its board. It was indicated in the action that the
Rights Agreement should not interfere with any merger
or other business combination approved by the board in the

For those interested in the specific terms of the Rights
Agreement as made between Bradlees and BankBoston, N.A., as the
Rights Agent, on November 23, 1999, a summary description made be
found by accessing
edgar?0000912057-99-007671 on the Internet, free of charge.
Please note, however, that this description is only a
summary and is not complete, and should be read together with the
entire Rights Agreement which is appended to that document as an

CAMBEX: Annual Meeting Set For December 23, 1999
The annual meeting of stockholders of Cambex Corporation will be
held in the Conference Room of Cambex Corporation, 360 Second
Avenue, Waltham, Massachusetts, on Thursday, December 23, 1999,
at 9:30 A.M. for the following purposes:

1. To fix the numbers of directors for the ensuing year and
to elect the Directors.

2. To approve an increase in the maximum number of shares
of common stock of the company authorized for issuance under the
Employee Stock Purchase Plan.

3. To approve the grant of certain options and to approve
the Year 2000 Equity Incentive Plan.

4. To consider and act upon any other matters which may
properly come before the meeting.

Shareholders of record at the close of business on November 12,
1999 are entitled to notice of and to vote at the meeting.

CAROL PUBLISHING: Taps Daley Hodkin As Auctioneer
The debtor, Carol Publishing Group Inc. has an inventory of more
than $1.8 million books located at the Secaucus, N.J. property.  
The debtor no longer conducts business, and the inventory lays
dormant and the rent at the Secaucus property is approximately
$39,000 per month.

The debtor is desirous of effecting a sale as soon as
practicable, but with a view towards maximizing the proceeds of
the sale.  The debtor desires to employ and retain Daley Hodkin
as its auctioneer and sales consultant.  

If approved by the court, the firm will provide the following

Explore and decide upon, together with the debtor,  the most
effective means for a sale of the book Inventory and Backlist;

Control the sale process, including the potential public auction
of the Book Inventory and Backlist at the Secaucus property;

Facilitate the dissemination of information to interest parties
with respect to a sale.

CENTRAL EUROPEAN: Lauder Reports Holding 29.2% Interest
Ronald S. Lauder is reported as holding a 29.2% interest in
Central European Media Enterprises by virtue of his beneficial
ownership of 7,644,095 shares of common stock in the company.  
Mr. Lauder exercises sole voting and dispositive power over
6,997,200 shares and shares powers over 646,895 shares with
EL/RSLG Media, Inc.  

CRIIMI MAE: Hearing Postponed Until Dec. 16  
CRIIMI MAE (NYSE: CMM) announced that Judge Duncan W. Keir of the
United States Bankruptcy Court in Greenbelt, MD has postponed
until December 16, 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

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.

EGGHEAD COM: Merger Completed
Onsale, Inc. and, Inc. have completed the merger
between the companies., the name of the combined
companies, is headquartered in Menlo Park, California, with
operations in Vancouver, Washington.

"With the approval of the Egghead stockholders last Friday
(November 19th), we are now executing on our integration plans,"
said Jerry Kaplan,'s CEO. "The first major task was
to bring our web sites together, to make sure that customers from
both companies had an easy-to-use, robust shopping site where
they could continue to use their existing accounts and

"I'm pleased to announce that.........we are ready and open for
business for the holiday season. Our new unified web site brings
together the best of and Onsale, with an expanded
selection of new and surplus merchandise, great prices, improved
product information, and a special `free shipping' promotion to
kick things off."

"Teams from both companies worked......... to make the
integration happen at `Internet speed'. The next task is to
integrate our advertising and promotional messages, which should
be completed shortly. I expect that this exemplary teamwork,
commitment, and fast execution will be the
hallmark of our new company going forward." will trade under the EGGS symbol on the Nasdaq stock
exchange. shareholders receive 0.565 shares of Onsale
common stock in exchange for each share of Egghead common stock. shareholders will be sent instructions on how to
exchange Egghead stock certificates for Onsale stock
certificates. Stock certificates currently held by Onsale
shareholders will automatically represent stock ownership of the
combined company.

The board of directors of are: George Orban,
chairman,; Jerry Kaplan, chief executive officer,; C. Scott Gibson, principal, Gibson Enterprises;
Robert T. Wall, president, On Point Developments; Karen White,
senior vice president, Oracle; Alan S. Fisher, chief technical
officer,; Peter L. Harris, president and chief
executive officer, The Picture People; and Kenneth J.
Orton, chief strategist, Cognitiative.  An additional board
member will be named at a later time. is a leading Internet retailer of new and surplus
computer products, consumer electronics, sporting goods, and
vacation packages.  Through its auction site - - the
company offers bargains on excess and closeout goods and
services. combines broad selection, low prices, and
excellent service to provide an outstanding online shopping
experience for businesses and consumers.

GENESIS DIRECT: Court Approves Special Labor Counsel
By order entered o November 17, 1999, the US Bankruptcy Court for
the District of New Jersey entered an order authorizing the
debtors to employ Seyfarth, Shaw, Fairweather & Geraldson as
special labor counsel to the debtors.

GENESIS DIRECT: Last Date to File Claims
The US bankruptcy Court for the District of New Jersey entered an
order requiring all entities that assert claims that arose or
that are deemed to have given rise prior to August 19, 1999, the
date of commencement of the debtors' Chapter 11 bankruptcy cases,
to file proofs of claim on or before 5:00 PM on December 23,

GRAEME LIMITED: Taps Gowling, Strathy as Special Canadian Counsel
Graeme Limited and its debtor affiliates request that the court
authorized the employment and retention of Gowling, Strathy &
Henderson  as special Canadian counsel to provide legal services
tot to the debtors in Canada involving issues of Canadian tax law
or legal proceedings pending or threatened in Canada.

The debtors conduct a substantial part of their business in
Canada and believe that it is necessary to retain special
Canadian counsel to provide legal services tot he debtors in
Canada.  The debtors need legal counsel in Canada in connection
with an ongoing audit, an appeal of a decision dismissing an
involuntary bankruptcy proceeding in Canada against Semi-Tech and
liquidating and enforcing an award of attorneys' fees made in
favor of Semi-Tech in the insolvency proceedings.

The firm currently charges:
Partners C$250-$450
Associates C$160-$290
Paralegals C$80-$120

HARNISCHFEGER: Announces NYSE Acts to Delist Stock
Harnischfeger Industries, Inc. (NYSE: HPH) today announced that
it has been notified by the New York Stock Exchange that the
Exchange intends to suspend trading in the common stock of
Harnischfeger on the NYSE after the close of the market
Wednesday, December 8, 1999 and has begun a process to delist the
stock. "It is likely that our stock will continue to trade over
the counter," said Kenneth A. Hiltz, Harnischfeger's senior vice
president and chief financial officer.  "Investors should contact
their brokers."

On June 7, 1999, the company and its U.S. subsidiaries filed for
reorganization under Chapter 11 of the U.S. Bankruptcy Code.

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

ICO GLOBAL: Court Approves Initial Financing Plan
ICO Global Communications, the global mobile communications
company, today announced that the US Bankruptcy Court in
Wilmington, Delaware, has granted final approval to the company's
$500 million in financing by a group of international investors
led by telecommunications pioneer Craig McCaw.

In a related development, Mr McCaw and Indian media entrepreneur
Subhash Chandra have joined together in a bid to provide the new
financing required by ICO. Mr McCaw and Mr Chandra have committed
to provide up to 62 percent and 38 percent, respectively, of the
equity funding required for ICO to exit from bankruptcy.

"These two entrepreneurs share a common vision of the benefits
that ICO can bring to the world," said ICO Chief Executive
Officer Richard Greco. "Both Craig McCaw and Subhash Chandra
contribute tremendous strengths to the ICO effort in their
respective parts of the world."

The court's decision ratifies an agreement reached on October 31,
1999, by which it was decided that Mr McCaw and his affiliated
companies, Teledesic LLC and Eagle River Investments LLC, would
lead a group of existing ICO investors to provide $225 million in
debtor-in-possession financing as well as, subject to the
satisfaction of certain conditions, $275 million in a second
round of debtor-in-possession financing expected to be completed
by the end of January 2000.

On November 9, the court approved $150 million in interim
debtor-in-possession financing led by Mr. McCaw and his
affiliated companies. The balance of the first tranche of $225
million and the second tranche of $275 million has now been

In the October 31 agreement as amended, McCaw and his affiliates
also agreed to commit up to an additional $700 million for exit
financing, to the extent that this financing is not provided by
other creditors or stakeholders. The refinancing is expected to
be completed by the end of the second quarter of 2000, subject to
court approval and consummation of the ICO reorganisation plan.

The total investment of $1.2 billion will enable ICO to complete
the currently planned build-out of its system and is expected to
provide working capital to the company up to the launch of its
global mobile satellite services in the second quarter of 2001.

Greco expressed his satisfaction at the progress toward
completion of ICO's financing needs. "The court's decision is
another important step forward for us.  We are delighted that
Craig McCaw's proposals have been accepted by the court,and we
will now get on with the business of making ICO a commercial

ICO Global Communications (Nasdaq: ICOFQ) was established in
January 1995 as a private company to provide global mobile
personal communications services by satellite, including digital
voice, data, facsimile, high-penetration notification, and
messaging services. ICO Global Communications was listed on
Nasdaq in July 1998. The stock was suspended from trading when
the company filed for Chapter 11 protection on August 27, 1999.

Craig McCaw is chairman of Teledesic LLC, which is building a
global broadband Internet-in-the-Sky satellite communications
network. Mr McCaw and Microsoft founder Bill Gates are the
company's two primary founding investors. Strategic investors
also include Motorola, Saudi Prince Alwaleed Bin Talal and The
Boeing Company. Teledesic (pronounced "tel-eh-DEH-sic") is a
private company based in Bellevue, Washington, a suburb of

Subhash Chandra is chairman of Essel Group, a leading Indian
conglomerate. Essel's flagship company, Zee Telefilms Ltd, is
India's leading private producer and multi-channel broadcaster of
television programming. Zee's popular programming is also
distributed throughout Asia as well as into Africa, Europe
and the United States. In total, over 150 million households
currently view Zee's programming. Mr Chandra is also chairman of
ASC Enterprises Ltd, which has been developing Agrani, a regional
multi-mission geostationary satellite system.

JMC AVOCA: Notice of Bar Date
On November 23, 1999, the US Bankruptcy Court for the District of
Delaware entered an order establishing January 17, 2000 as the
general claims bar date in the case of JMC Avoca, Inc., Et Avoca
Company, NGC Storage, Inc. and Avoca Natural Gas Storage,

LL KNICKERBOCKER: Exercises Right to Convert to Chapter 11
The L. L. Knickerbocker Co., Inc. (OTC Bulletin Board: KNIC)
announced it has exercised its right to convert the involuntary
petition in bankruptcy (Chapter 7) filed against it by three of
its Asian creditors on August 23, 1999 to a voluntary
reorganization proceeding under Chapter 11.  The Company intends
to promptly file a Plan of Reorganization which, when approved by
creditors and the Court, will allow it to emerge from the Chapter
11 restructured and revitalized.  The framework for the Plan is a
result of three months of negotiations with the creditors,
represented by their designated committee, to arrive at a
settlement that would satisfy the creditors, while protecting the
Company and shareholders' equity.

The L. L. Knickerbocker Co., Inc. sells collectible gifts and
toy-related merchandise, primarily porcelain and vinyl dolls and
teddy bears.  The Company also designs, manufactures and markets
fashion jewelry and accessories, in addition to offering an
extensive line of fine jewelry products and supplying other
jewelry manufacturers with loose cut stones.  The Company's
products are sold through diverse international distribution
channels, including its own web sites, television shopping
outlets, direct response sales and wholesale sales to
retailers.  The Company also currently holds a substantial equity
interest in Pure Energy Corporation, a privately held company,
and in Ontro, Inc., a publicly held company.  For more
information, visit the Company's Web site at

MONTGOMERY WARD: S&P Raises Montgomery Ward Insurance Co. Rating
Standard & Poor's today raised its financial strength rating on
Montgomery Ward Insurance Co. to double-'Bpi' from single-'Bpi'.

Montgomery Ward Insurance Co. is a stock company based in
Schaumburg, IL and licensed in 46 states and the District of
Columbia. The company primarily writes experience-rated liability
policies issued to affiliates, along with short-tail credit loss
of income and credit property insurance. The company, which
distributes its products primarily by means of direct marketing,
commenced operations in 1974. More than 85% of its business is in
its major states of operation -- Illinois and Texas.

Montgomery Ward Insurance Co. is a member of the Signature group,
which in turn was owned by Signature Financial/Marketing Inc., a
wholly owned subsidiary of Montgomery Ward & Co. Inc., a
merchandising organization which filed under Chapter 11
bankruptcy in mid 1997.

In August 1999, Montgomery Ward & Co. Inc. emerged from
bankruptcy, with GE Financial Assurance Holdings Inc.
(counterparty credit rating single-'A'-plus) agreeing to acquire
the Signature group.

Although the company is a member of the Signature group, the
rating does not include additional credit for implied group

-- Operating performance is strong, with a five-year average
return on revenue of 10.5%. The company's returns are volatile,
however, with return on assets, for example, ranging from 2.7% to
23.1% since 1994.

-- At year-end 1998, capitalization was very strong, as indicated
by Standard & Poor's capital adequacy ratio of 174.7%. Leverage,
as measured by premium and liabilities to surplus, is also
conservative. The 1998 value was 2.1x.

-- The company's historical instability in premium revenues
limits the rating. Year-to-year changes in net premiums written
have varied from negative 31.1% to positive 34.5% since 1993.

-- The company's geographic and product line concentration is
high, with heightened exposure to economic, legal and regulatory
risk. Currently, 82% of net premiums written are in Illinois.

The company operates in lines of insurance that may be subject to
liability claims related to the Year 2000 computer problem. At
the present time, this risk is not explicitly factored into the
company's rating due to uncertainties about the frequency,
severity and legal treatment of claims that may be filed. It is
possible that costs related to Year 2000 liability could affect
the insurer's earnings over the next few years.

'Pi' ratings, denoted with a 'pi' subscript, are insurer
financial strength ratings based on an analysis of an insurer's
published financial information and additional information in the
public domain. They do not reflect in-depth meetings with an
insurer's management and are therefore based on less
comprehensive information than ratings without a 'pi' subscript.
'Pi' ratings are reviewed annually based on a new year's
financial statements, but may be reviewed on an interim basis if
a major event that may affect the insurer's financial security
occurs. Ratings with a 'pi' subscript are not subject to
potential CreditWatch listings.

Ratings with a 'pi' subscript generally are not modified with
'plus' or 'minus' designations. However, such designations may be
assigned when the insurer's financial strength rating is
constrained by sovereign risk or the credit quality of a parent
company or affiliated group, Standard & Poor's said.

NEVSTAR GAMING: Files Chapter 11  
NevStar Gaming & Entertainment Corporation (Nasdaq: NVSTE) (or
the "Company") announced that it has filed for restructuring
under Chapter 11 of the U.S. Bankruptcy Code.  The Company's
casino operations at the Mesquite Star Hotel Casino in Mesquite,
Nevada will continue as usual, with no effect on employees and
customers. "Casino operations at the Mesquite Star will continue
as usual," said Michael J. Signorelli, the Company's Chairman,
President & CEO.  "The filing was necessary to restructure the
large debt load which was burdening the Corporation.  Even though
the Company's operational cash flow has increased by
approximately 20% over its 1998 numbers, the Company needs time
to reorganize in order to preserve future shareholder value."  
Signorelli added, "The Company is committed to focusing on new
operational and marketing plans which will be implemented at the
Mesquite Star, as well as, focusing on new financing to build
an additional 200 rooms."

NevStar Gaming & Entertainment Corporation is a company formed
for the purpose of acquiring, developing, constructing, owning
and managing hotel/casino projects.  Its initial hotel/casino,
the Mesquite Star in Mesquite, Nevada, has been operating since
July 1, 1998.

NIAGARA MOHAWK: Underwriting Agreement Relating To 3M Shares
On November 22, 1999, Niagara Mohawk Power Corporation entered
into an underwriting agreement with Salomon Smith Barney Inc.,
Donaldson, Lufkin & Jenrette Securities Corporation, Paine Webber
Incorporated, Banc One Capital Markets, Inc. and Robert W. Baird
& Co., Incorporated, related to the issuance and sale by the
company of 3,000,000 shares of Fixed Adjustable Rate Cumulative
Preferred Stock, Series D ($50 Liquidation Preference), $25 par
value for a purchase price of $150,000,000. The issuance and sale
of the stock was consummated on November 30, 1999, with
the total proceeds to the company being approximately
$148,125,000. Expenses payable by the company in connection with
the offering of the stock are estimated at approximately
$250,000. The underwriters will reimburse the company for all
these expenses.

PLUMA, INC: Order Confirms Plan of Liquidation
On November 20, 1999 an order confirming a modified plan of
liquidation of Pluma, Inc. was entered by the United States
Bankruptcy Court for the Middle District of North Carolina. The
plan provides for the orderly liquidation of the assets of the
company with the proceeds being distributed to creditors
generally in accordance with the priority of distribution rules
established in the Bankruptcy Code. The Bank Group,
consisting of Bank of America, Centura Bank, Suntrust Bank,
Atlanta, Crestar Bank, and Fleet Bank, N.A., holds uncontested
liens on substantially all of the company's assets and will
receive the net proceeds of all asset sales. Under the plan,
however, the Bank Group has agreed to "carve out" the sum of
$750,000.00 to be placed in a "Creditors Fund" to be used
primarily for the benefit of general unsecured creditors.

The plan anticipates that after the liquidation of all estate
assets, the Bank Group will be left with a deficiency claim in
the approximate amount of $50.0 million. The plan further
anticipates that general unsecured creditors (exclusive of the
Bank Group deficiency claim) will receive an aggregate
distribution of between five and fifteen percent of
the amount of their respective allowed claims. Under the plan of
liquidation all allowed general unsecured claims (approximately
$15.0 million) and the Bank Group deficiency claim must be paid
in full prior to their being any distribution to shareholders.
Consequently, it is most unlikely that shareholders will receive
any distribution in this case.

POWER DESIGNS: Disclosure Statement
The plan is the proposal of PDI (Power Designs Inc.) and PDIXF
(PDIXF Acquisition Corporation) to their creditors and the
holders of equity interests. The plan is the product of
discussions with the debtors' senior secured creditor, Inverness,
and with the debtors' creditors committees, all of which have
agreed to support the plan.  On the Effective Date, PDIXF shall
be authorized to merge, and shall merge into PDI which shall be
the corporation surviving he merger.  The name of the surviving
corporation shall be Power Designs, Inc.

Treatment of Claims and Equity Interests Under the Plan:
Note: All classes are impaired.

Class 1A and 1B - Allowed Secured Claim of Inverness
Inverness shall receive in satisfaction of its allowed secured
claims, a note in the original principal amount of $1.8 million,
and that number of shares of reorganized PDI common stock equal
to 2 million x .499.

Class 2A and 2B  - The Allowed Claims of Hayes
The allowed amount of the claim of Hayes shall be reduced to
$150,000 upon confirmation of the plan.  Hayes shall receive an
unsecured note in the principal amount of $150,000 payable in two
years at a fixed interest rate of 10% per annum, with the
outstanding principal and interest due and payable in full on the
second anniversary of the Effective Date of the plan; and that
number of shares of Reorganized PDI common stock to be

Class 3  - Allowed Employee Priority Claims
Holders shall receive the full amount of their allowed claims in
eight equal monthly payments together with interest at the rate
of 7% per annum.

Class 4A and 4B  - Allowed Unsecured Claims

4A - Holders shall receive their pro rata share of that number of
reorganized PDI common stock equal to 50.1% of 2 million shares.  
There will be 1,002,000 shares distributed pro rata to the
holders of allowed unsecured claims. In addition they will
receive an annual conditional payment equal to 10% of one-half of
the face amount of their allowed claims, payable to the extent
that reorganized PDI's free cash flow is greater than $400,000
unless there is a payment default on the Inverness Secured Note.

4B - Allowed claims shall receive a one-time payment of five
percent of the amount of their allowed claims in complete and
full satisfaction of their claims.

Class 5 - Allowed Equity Interests in PDI
Deemed canceled as of the Effective Date

Class 6  - Equity interests in PDIXF Acquisition Corporation -  
Deemed canceled as of the Effective Date and holders shall not
receive any distribution on account of such Equity Interests.

Tyco International Ltd. has completed its $5.50 per share cash
tender offer for all outstanding common shares of Praegitzer
Industries, Inc.  The offer expired by its terms at 12:00
midnight, New York City time, on November 30, 1999.

According to ChaseMellon Shareholder Services,  L.L.C., the
depositary, 12,637,632 common shares, representing approximately
96.25% of the outstanding common shares of Praegitzer, were
tendered by shareholders (including shares subject to guaranteed
delivery) prior to the offer's expiration.

Tyco International Ltd., a diversified manufacturing and service
company, is the world's largest manufacturer and servicer of
electrical  and electronic components and undersea
telecommunications systems, the world's largest manufacturer,
installer and provider of fire protection systems and of
electronic security services, has strong leadership  positions in
disposable medical products, plastics, and adhesives, and is the
largest manufacturer of flow control valves.  The company  
operates in more than 80 countries around the world and has
expected fiscal 2000 revenues in excess of $25 billion.

PREMIER LASER SYSTEMS: Extends Expiration Date of Warrants
Premier Laser Systems Inc. has extended the expiration date of
its Class B Redeemable Warrants.  The Class B Redeemable Warrants
are now exercisable at any time until 5:00 p.m. (New York time)
on Jan. 31, 2000 (the former expiration was Nov. 30, 1999),
provided that at that time a current prospectus relating to the
common stock underlying the warrants is in effect and the common
stock is qualified for sale or exempt from qualification under
applicable state securities laws.

Premier Laser Systems develops, manufactures and markets
diagnostic and therapeutic products for the eyecare, dentistry
and surgical markets including lasers, fiber optic delivery
systems and associated products for a variety of applications.

PRINCETON HOSPITAL: Seeks Extension of Exclusive Periods
The debtor, Princeton Hospital, Inc. seeks to extend its
exclusive period to file a plan of reorganization and to extend
the date for the debtor to solicit acceptances of a plan of

The debtor seeks to extend the Exclusive Period through and
including January 15, 2000 and to extend the period during which
only the debtor may solicit acceptances of a plan through and
including the date of the confirmation hearing in this case.

The debtor states that sufficient cause exists to extend the
Exclusive Period because the debtor, the Indenture Trustee and
the Creditors Committee are attempting to formulate a consensual
plan of reorganization.

SCOVILL FASTENERS: Net Sales Decrease 2.7%
Scovill Fasteners Inc. reports net sales decreased $1.9 million,
or 2.7%, from $70.9 million in the 1998 nine month period, to
$69.0 million in the nine months ended September 30, 1999.  The
1999 nine month net loss was $8.6 million compared to $7.5
million in the nine months ended September 30, 1998.

Net sales decreased $0.1 million, or 0.5%, from $21.9 million in
the 1998 three month period ended September 30, 1998, to $21.8
million in the three months ended September 30, 1999. The net
loss was $4.5 million in the 1999 quarter compared to $2.9
million in the 1998 quarter.

STREAMLINE COM: Sale of 6,752 Shares of Common Stock
DDJ Capital Management, LLC, on behalf of a certain institutional
account advised by it, has filed notification of the intended
November 30, 1999, sale of 6,752 shares of common stock of  The sale was to be handled through Spear, Leeds
& Kellogg Capital, 10 Exchange Place, Jersey City, NJ  07302.  As
of November 22, 1999, the aggregate market value of the stock was

The stock was formerly acquired September 18, 1998, in a cash
purchase transaction through private placement by  

TULTEX: Seeks Bankruptcy Protection  
Tultex Corporation announced that it has filed voluntary
petitions to reorganize under Chapter 11 of the Federal
Bankruptcy Code.  As part of the reorganization, the Company also
announced that its bank lenders have agreed to
provide a new $150 million secured debtor-in-possession credit
facility, which will allow the Company to continue day-to-day

As part of the reorganization, the Company announced it has made
further changes in its cost structure.  These reductions include
closing six manufacturing facilities in Virginia, North Carolina
and Jamaica, closing the distribution center in Martinsville,
downsizing the manufacturing operation in Martinsville and
conducting going-out-of-business sales at its 25 retail
outlets.  This immediate downsizing of the Company will result in
the loss of approximately 2,600 jobs.

O. Randolph Rollins, President and Chief Executive Officer, said:  
"Tultex is not alone in having to transform itself rapidly.  
Practically every company in the textile and apparel industry is
suffering today and is deciding that the only way to survive in
the face of foreign competition is to outsource manufacturing
needs.  Simply put, America's textile and apparel industry has
too much high-cost, domestic manufacturing capacity."

"We have explored every avenue to avoid this filing, but to no
avail. Reorganization of the business under the Federal
Bankruptcy Code is the only alternative that will give us
breathing space and relief from certain contractual obligations,"
he said.

Rollins added:  "With these changes, it was necessary to make
substantial personnel reductions.  We very much regret the
hardship these changes will cause for many of our employees, and
we will do everything we can to help them." The Company has
implemented an Employee Outreach Program by contracting with
the Career Management Group, a Lee Hect Harrison Company, with
offices in Roanoke, Virginia, in an effort to offer employees
career training and outplacement assistance.

For customers and the remaining employees, the Company stated
they should notice little difference in ongoing operations as a
result of the filing.  The DIP financing also will permit the
Company to satisfy customer obligations. While the law precludes
the Company from paying its vendors for goods and services
received prior to the filing until a reorganization plan becomes
effective, invoices for goods and services received after the
filing will be paid.

"We plan to contact our key vendors as soon as possible and
elicit their support," Rollins said.  "With the DIP financing
commitment from our lenders, the cash we have on hand and revenue
from ongoing operations, we will have liquidity to purchase the
goods and services we need.  We look to our vendor relationships
as partnerships and feel confident that the vast majority of our
suppliers will recognize the value of doing business with us long

Tultex Corporation is a consumer-oriented marketer, manufacturer
and distributor of activewear.  Its premium brands, Discus
Athletic(R) and Track Gear(R), are sold through department
stores, sporting goods stores and specialty chains.  Products
also are sold with the Tultex(R) label.

WESTERN DIGITAL: Settles Lawsuit With Shares of Stock
As partial consideration for settlement of a lawsuit that alleged
infringement of several patents by Western Digital, that company
is issuing to the holder of the patents 83,582 shares of the
company's common stock. The aggregate value of the common stock
offered, as of November 29, 1999, was $350,000 or $4-3/16 per
share, which was the closing price of the common stock on the New
York Stock Exchange on that date. Western Digital will not pay
any commissions or other compensation in connection with the
issuance of its common stock, neither will the company receive
any proceeds from the issuance of the common stock.

On November 29, 1999, the sales price of Western Digital's common
stock on the New York Stock Exchange was $4-3/16 per share. The
common stock issued was to be listed on the New York Stock

As of November 27, 1999 and before the issuance of these shares,
Western Digital Corporation had 127,126,676 shares of common
stock outstanding.

XCL LTD: Report's Court Decision To SEC
On December 1, 1999, XCL Ltd. issued a press release announcing
that on November 30, 1999, the U.S. Bankruptcy Court for the
Western District of Louisiana, in Opelousas, denied a motion
filed by its wholly owned subsidiary, XCL-China Ltd., to dismiss
the Petition for Involuntary Bankruptcy that had been filed
against XCL-China by Apache China LDC.   The Court's decision was
limited to a determination that Apache had standing to file that
petition.  The Court did not rule on the merits of Apache's  
petition, which will be decided at a later date.   In
addition, the Court ruled that Apache's filing of the Petition
for Involuntary Bankruptcy stayed the arbitration XCL-China had
filed  against Apache China. The Court noted that it would
consider a motion to lift that stay at the appropriate time,
which, if granted, could allow that arbitration to move forward.

If the Court does not lift the stay, then XCL-China's claims
against Apache China will be tried and decided by the Bankruptcy

The disputes center on operations in the companies' Zhao Dong
Block in the People's Republic of China.  Apache China has
asserted a $10 million claim against XCL-China for cash calls
relating to operations on the Block, and XCL-China has commenced
an arbitration proceeding challenging approximately $17 million
in charges by Apache.

XCL-China is reviewing the impact of the Court's ruling with its
counsel.  XCL-China indicates it will continue to vigorously
press its claims against Apache.


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
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