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Volume 24 No. 117

Finance

          Atlanta-based Bull Run Corp. "has struck an investment
     agreement that could lead to" a 20% stake in MO-based
     sporting goods company Rawlings, according to Al Stamborski
     of the ST. LOUIS POST-DISPATCH.  Bull Run will pay $2.84M
     for 926,000 Rawlings warrants, or $3.07 each.  Each warrant
     will allow Bull Run to buy a share of Rawlings' common stock
     for $12.  But the stock will have to "close at or above
     $16.50 for 20 consecutive trading days."  In addition,
     Rawlings signed a five-year marketing agreement with Bull
     Run-subsidiary Host Communications.  Stamborksi adds that
     Host Communications "will help Rawlings sell sporting goods
     through corporate promotions and at amateur athletic
     contests" like Hoop-It-Up.  Rawlings CFO Paul Martin said
     that sales through such promotions "could have a fairly
     sizeable effect two or three years from now," much like a
     previous Rawlings promo with Pizza Hut on a basketball
     giveaway (POST-DISPATCH, 11/25).  Rawlings gained 11/16
     yesterday to close at $11 (WALL STREET JOURNAL, 11/25).

          CNN's Lou Dobbs reported that Nike fell yesterday 2 1/8
     to 48 3/4.  Dobbs added that Donaldson, Lufkin and Jenrette
     trimmed Nike's earning estimates, expecting international
     sales to fall rapidly" ("Moneyline," CNN, 11/24)....PCH
     Investments, owners of L.A. Gear, said that the CA-based
     company "will default" on a November 30 payment "on certain
     notes, and added that it hasn't paid cash dividends on its
     preferred stock."  The stock closed down $0.0625 to $0.625 
     (WALL STREET JOURNAL, 11/25).  CNBC's Terry Keenan: "Another
     sign ... that L.A. Gear may be in a lot of financial
     difficulty.  The retailer of athletic footwear says that it
     has, quote, insufficient resources, to pay interest on some
     of its outstanding debt" ("Market Wrap," CNBC, 11/24).