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  • NO SMILEY HAPPY FACES HERE? THE NORTH FACE IN TURMOIL

              NASDAQ "halted trading of shares" of The North Face on
         Thursday as "shareholder lawsuits mounted against" the CO
         sporting goods company, according to Dina Bunn of the ROCKY
         MOUNTAIN NEWS.  Groups of shareholders filed "five separate
         class-action suits against" The North Face following the
         company's announcement that it is "auditing its accounting
         procedure and expects to restate its financial reports" for
         '97 and '98.  The complaints allege The North Face
         executives reported "false financial results and exaggerated
         sales increases, which led to inflated stock prices." 
         Shares of The North Face are down 52% from a high of $27 on
         March 11 of last year.  The stock closed at $13 on Thursday
         when trading stopped (ROCKY MOUNTAIN NEWS, 3/12).
              IN FOCUS: The North Face is the subject of the WALL
         STREET JOURNAL's "Corporate Focus" and Coleman & Berner
         write, "Just because urban kids are falling in love with a
         brand of apparel doesn't mean investors should" (WSJ, 3/12).
    
    

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  • OGDEN SPLITS ITS BUSINESS DIVISION INTO TWO PUBLIC COMPANIES

              Ogden Corp. "intends to break its three business lines
         into two publicly traded companies in an effort to prop up
         its lagging share price," according to Allanna Sullivan of
         the WALL STREET JOURNAL.  The company "said it will put its
         entertainment and aviation businesses into one company and
         its energy operations into another company in a deal that
         Ogden executives hope will be done on a tax-free basis." 
         Ogden will first sell "as much" as 20% of the "newly created
         entertainment and aviation company" in an IPO this fall and
         then "spin off the remainder to shareholders by year end." 
         Ogden Chair R. Richard Ablon will run the entertainment and
         aviation division (WALL STREET JOURNAL, 3/12).
    
    

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