November 242000

MicroAge Inc. Announces Intent to Sell MicroAge Technology
Services

MicroAge Inc. Wednesday announced that it would file a motion
proposing to sell the assets of its MicroAge Technology Services LLC
subsidiary through competitive bidding procedures under Section 363 of
the U.S. Bankruptcy Code.  In addition, the Tempe, Ariz.-based
company announced that the MicroAge board of directors has approved an
agreement with Sarcom Desktop Solutions Inc., in cooperation with Global
Technology Finance LLC, to purchase the assets of MicroAge Technology
Services, that is subject to higher and better bids at an auction to be
conducted before the court.  The sale is subject to additional due
diligence, court approval and other contingencies. Sarcom is a systems
integrator based in Columbus, Ohio, that provides enterprise technology
solutions to companies across the United States.  On April 13,
MicroAge and certain of its subsidiaries commenced a voluntary chapter
11 proceeding in order to facilitate the restructuring of its
business.

Colorado Casino Resorts Discharged From Bankruptcy

Colorado Casino Resorts Inc. announced Wednesday that it was discharged
from bankruptcy by a Colorado court and is now a private company,
according to a newswire report.  The casino and hotel resort
company said the U.S. Bankruptcy Court for the District of Colorado
confirmed the company's reorganization plan, which restructures its debt
and converts the company to private ownership.  Colorado Casino
Resorts filed for bankruptcy in November 1999.

IMX Pharmaceuticals Seeks Chapter 11 Protection

IMX Pharmaceuticals Inc. announced Wednesday that it has filed voluntary
chapter 11 petition with IMX Pharmaceuticals Inc., its wholly-owned
subsidiary, IMX ETI LifePartners Inc., in the U.S. Bankruptcy Court for
the Southern District of Florida, West Palm Beach Division, according to
a newswire release.

William Forster, the Chairman and Chief Executive Officer of IMX
Pharmaceuticals Inc. said, “In an attempt to reduce operating
costs, we substantially pared down all of our operational costs in
Florida, Minnesota, and Canada. We hope to begin working on an
acceptable reorganization plan shortly, and will keep our shareholders
and distributors informed of material events through our reorganization
process.”



Empire of Carolina Announces DIP Financing

In connection with its chapter 11 bankruptcy filing, Empire of
Carolina Inc. and Empire Industries entered into an interim
debtor-in-possession (DIP) financing facility with LaSalle National
Bank, according to a newswire report.  The Delray Beach, Fla.-based
company is seeking immediate approval of the financing facility by the
Bankruptcy Court.  The funding made available under the financing
facility will allow employees and suppliers of the company and Empire
Industries to be paid in the ordinary course.  Empire of Carolina
Inc. and Empire Industries, a wholly owned subsidiary, filed voluntary
chapter 11 petitions on Nov. 17 in U.S. Bankruptcy Court for the
Southern District of Florida, West Palm Beach Division.

Hit or Miss Receives $12 Million DIP Financing from Paragon
Capital

Specialized retail-lender Paragon Capital LLC, of Needham, Mass.,
announced Wednesday that it has provided a $12 million line of credit to
Hit or Miss Inc. of Stoughton, Mass., a women's apparel retailers. Hit
or Miss filed for chapter 11 bankruptcy on Nov. 17 in a New Jersey
Federal Bankruptcy Court, according to a newswire release.

“Paragon Capital, in our view, redefined the term
responsiveness in comparison to other lenders I have dealt with said Hit
or Miss President & CEO Donna Moore.  “Our facility, from
start to finish, was completed in less than seven days. This is a
reflection of Paragon's retail expertise and its ability to think like a
strategic financial partner.”  Based in Needham, Mass., with
offices in Philadelphia, Paragon Capital is an asset-based lender that
provides credit to retailers throughout North America.

ElderTrust Announces Agreements With Genesis, Multicare

ElderTrust, an equity health care real estate investment trust,
Wednesday announced that it has reached agreements, subject to the
approval of the U.S. Bankruptcy Court, with Genesis Health Ventures Inc.
and The Multicare Companies Inc. regarding the lease and loan
transactions between the entities, according to a newswire
report. 

Genesis and Multicare have advised the Kennett Square, Pa.-based
company that they intend to file motions with the U.S. Bankruptcy Court
that seek the court's approval to enter into the proposed transactions.
Depending on the court's schedule, the motions will likely be heard by
the Bankruptcy Court in January 2001. During the period between the
filing of the motions and the court hearing, the creditors for Genesis
and Multicare may object to all or any portion of the agreements.

Santa Clara Swim Club Pays Off IRS Bill

The Santa Clara Swim Club — where Olympic gold medalists Mark
Spitz, Donna de Varona and Pablo Morales trained — no longer has a
back tax bill of nearly $100,000 or a possible bankruptcy hanging over
its year-round facility, according to a newswire report.  Seeking
to get the swim club out of debt, coach Dick Jochums had asked the parks
and recreation department for a loan of $97,500 in May to pay the IRS
back taxes and penalties. 

While the Parks and Recreation Department recommended granting the
club a low-interest, two-year loan.  But, Jochums said, the city
never threw the center the financial life preserver he requested. 
Instead, Jochums said he and assistant head coach John Bitter came up
with the cash by giving clinics and making personal appearances.

In order to enhance its liquidity, Big V has obtained a $25 million
interim debtor-in-possession (DIP) financing commitment from CIT
Business Credit.  Upon court approval, $12 million of these funds
will be available immediately to the company to help fulfill obligations
associated with operating its business, including payment under normal
terms to suppliers and vendors for all goods and services that are
provided after the filing.

U.S. Courts Ask: Does the Internet Make Court Records Too
Public?

The Internet, which has made public court records more public than
ever, could lead to a more restrictive definition of which court records
are “public,” according to a newswire report.  The
Administrative Office of the U.S. Courts (AOUSC) is seeking comment
about whether to limit access to sensitive information in court files,
such as litigants' medical records, employment files or financial
information.  According to the AOUSC, public openness was fine in
an age when the daunting task of wading through paper files and weighty
tomes was enough to deter most snoops. “The inherent difficulty of
obtaining and distributing paper case files effectively insulated
litigants and third parties from the harm that could result from misuse
of information,” the AOUSC said in a statement. 
“Allowing access to case files through the Internet, depending on
how it is accomplished, can make such personal information available
easily and almost instantly to anyone who seeks it out,” the
statement said.  The AOUSC says the Judicial Conference, which is
studying how courts should handle these privacy issues as electronic
files become more available, will consider the public comments it
receives by Jan. 26. Options currently under consideration can be found
by clicking on the 'Document for Comment' box at
href='http://www.privacy.uscourts.gov/'>http://www.privacy.uscourts.gov.

Bankruptcy Court provides a glimpse into some of the privacy issues
that may be raised as more courts go online. E-filing has not yet been
approved for the U.S. Bankruptcy Court in New Jersey, but clerk James
Waldron said it's one of the leading candidates. Even if the AOUSC gives
the go-ahead and provides the software, Waldron says, the local
bankruptcy judges still have to vote on it, probably in early
fall.  Electronic access, meanwhile, is in full gear. New Jersey
court staffers create electronic files by scanning paper documents,
including the debtor's initial bankruptcy petition, notices sent to
creditors and court orders.  The documents can be accessed through
the Internet, and downloaded at seven cents a page at
href='http://www.njb.uscourts.gov/'>http://www.njb.uscourts.gov. 
The debtor's petition and entire court record have always been public,
but in the past, without a trip to the courthouse, creditors could only
obtain notice of a debtor's bankruptcy, which did not include a detailed
description of the debtor's financial information.



Practitioners like Glenn Reiser, of Hackensack, N.J.'s LoFaro &
Reiser, point out that creditors, by having easier access to the full
petition, can better detect a fraudulent filing. In addition, they have
more information to determine whether they are entitled to relief from
the automatic stay, which goes into effect in favor of the debtor once
the petition is filed.  Simon Kimmelman, who chairs the State Bar's
Bankruptcy Law Section, agrees that bankruptcy filings are — and
should remain — fully open to the public. “For the most
part, things should not be confidential. Courts are supposed to be
open,” said Kimmelman. 

But an attorney who represents debtors exclusively fears that the
ability to get bankruptcy petitions instantly over the Internet will
make it too easy for someone unconnected to the case to access personal
information. “Most people aren't going to make a trip to
Bankruptcy Court” to search files, says Paul Bakanauskas, who
heads a firm in Jersey City. The ability to access personal data by
punching a few keys changes the equation, he said.  Privacy
advocates point out that easier access to litigation files —
which, depending on the case, might include medical records or
employment files, not to mention Social Security numbers — could
lead to more commercial databases.   “A lot of this
information is being turned into a commodity, said David Sobel, general
counsel to the Electronic Privacy Information Center, a Washington,
D.C., organization that advocates for privacy rights.