January 252000

January 25, 2000

Winter Storm Delays Senate Action on S. 625; Deal on Amendments
Reported

A surprise snowstorm has shut down the government in Washington today,
including the U.S. Senate, where the leadership is reportedly close to a
deal that would allow the remaining amendments to be voted on before
final passage. Majority Leader Lott plans to vitiate the planned cloture
vote in exchange for a unanimous consent agreement that would allow
limited debate and votes on the following amendments: Wellstone 2537,
2538; Craig 2651; Levin 2658 (gun manufacturer dischargeability);
Feingold 2748; Dodd 2753; Harkin 2270; Schumer 2759, 2761, 2763 (clinic
violence dischargeability). (For the full text of each of these
amendments, go to the Legislative News section of ABI World and click on
'S. 625 Amendments' under S. 625.)

The Senate is expected to return to session on Wednesday at 10 am,
with S. 625 being the order of business. If the agreement holds, the
Senate could reach final passage on the bill before Thursday night's
State of the Union address.

ABI members will receive a Network Update via email as more details
are available.

NextWave Announces Court Denies Motion Filed by FCC

NextWave Telecom Inc., Hawthorne, N.Y., announced that yesterday
afternoon the U.S. Court of Appeals for the Second Circuit issued an
order denying a motion filed yesterday morning by the Federal
Communications Commission (FCC) that sought to stay further proceedings
concerning NextWave’s bankruptcy case. The FCC had asked the
Second Circuit to stop the bankruptcy court from 'incurring upon the
FCC’s exclusive jurisdiction' concerning NextWave’s PCS
spectrum of licenses by conducting proceedings on the question whether
the FCC’s Jan. 12 announcement canceling those licenses is null
and void due to the operation of numerous provisions of the Bankruptcy
Code. Bankruptcy Judge Adlai S. Hardin held a hearing on that issue on
Friday, and he is expected to issue a decision shortly. Confirmation of
NextWave’s reorganization plan has been on hold since the Jan. 12
FCC announcement.

AgriBio to File Chapter 11

AgriBio Tech Inc., Las Vegas, announced that it and its operating
subsidiaries intend to file chapter 11 this week in the District of
Nevada to implement an operational restructuring and financial
reorganization, according to a newswire report. The company is
negotiating debtor-in-possession financing with its current group of
lenders, led by Bank of America N.A. The company’s efforts during
the last several months to obtain a new financing packaged from GE
Capital were unsuccessful.

Dega Ordered into Bankruptcy

Spectre Industries Inc. made this announcement yesterday: The U.S.
Bankruptcy Court for the Central District of California has advised that
on the consideration of the petition filed against Dega Technology Inc.
and that Dega failed to answer or otherwise plead to the petition within
the period prescribed in the Bankruptcy Rules, an order of relief under
chapter 7 is granted. Bankruptcy Judge Robin Riblet granted the order on
Jan. 7. The court also ordered Dega to prepare and file a schedule of
all of its property, the location of the property and the money value in
detail within 15 days. Dega has also been ordered to provide a list of
its creditors and debts. The court appointed a trustee, who will hold a
meeting of creditors Feb. 29. Spectre will exercise all of its rights,
including those applicable under security agreements as a secured
creditor.

ABI is closed today due to a snowstorm in the Washington
metropolitan area.