We might be about to see a glut of used theatre projection equipment on the market with few takers.

As time permits I will obtain the actual court documents on the carmike case and post them here. All of this is public information.

....................................
....................................

CARMIKE CINEMAS: U.S. Trustee to Convene Meeting of Creditors on October 6
----------------------------------------------------------------- On August 8, 2000, the debtors, Carmike Cinemas, Inc., et al. filed voluntary petitions for relief under Chapter 11. A meeting of creditors is set for October 6, 2000 at 10:00 AM, Wilmington, DE. Counsel for the debtors are Mark D. Collins of Richard, Layton & Finger, PA, Wilmington and Harvey R. Miller, Weil, Gotshal & Manges LLP, New York.

===========================|

CARMIKE CINEMAS: Gets Okay to Reject 111 Theatre Leases
-------------------------------------------------------
Carmike Cinemas, Inc. (NYSE: CKE) announced results for the third quarter ended September 30, 2000. Total revenues for the quarter ended September 30, 2000 decreased to $127.9 million from $144.8 million for the quarter ended September 30, 1999. For the nine months ended September 30, 2000 revenues were $342.1 million compared to $367.8 million for the same period in 1999. Decreasing revenues are attributable to poor box office performance for the months of August and September 2000, as well as the closing of theatres as a component of the Company’s chapter 11 proceedings.

As previously announced, Carmike and its subsidiaries filed voluntary petitions with the U.S. Bankruptcy Court for the District of Delaware to reorganize under chapter 11 of the U.S. Bankruptcy Code. Since the filing of the chapter 11 cases, the Company has continued to conduct business in the ordinary course as a debtor-in-possession under the protection of the Bankruptcy Court. Management is in the process of evaluating operations in order to develop a plan of reorganization. To date, the Company has received approval from the Bankruptcy Court to reject leases relating to 111 theatre locations.

Carmike Cinemas, Inc. is a premiere motion picture exhibitor in the United States with 2,559 screens at 390 locations in 35 states as of September 30, 2000.

==================|

CARMIKE CINEMAS: NYSE Presses to Delist Common Stock
----------------------------------------------------
Carmike Cinemas, Inc. (NYSE: CKE) advises that it received notice from the New York Stock Exchange that the Big Board has determined that Carmike was “below criteria” under the NYSE continued listing standards. In order to retain its listing, Carmike initially must submit a plan to the NYSE within 45 days of the October 11 letter, showing how Carmike intends to regain compliance with the standards. While Carmike intends to submit a plan to the NYSE, acceptance of the plan is subject to the discretion of the NYSE and Carmike can give no assurances that trading in its securities on the NYSE will not again be halted or that its securities will not ultimately be delisted by the NYSE.

============================|

GC COMPANIES: General Cinema to Close 11 Theaters in Florida
------------------------------------------------------------ General Cinema Theaters Inc., will roll down its curtains of its 11 Florida theaters, according to the Sun-Sentinel. The information did not come out from Brian Callaghan, the company spokesman that refused to comment, but from customers that were informed by theater employees. Other theater companies in Florida has 30 screens compared to General Cinema’s 10 screens. According to parent company GC Cos., it considers “closings of unprofitable units, sales of certain of the company’s assets, or a potential restructuring or bankruptcy reorganization of the company.”

In South Florida, General Cinemas has Coral Square 8, Mission Bay Plaza 8 in Boca Raton and Fountains 8 in Plantation. There are four theaters in central Florida.

========================|

AMC ENTERTAINMENT: S&P Cuts Credit Rating To CCC+ & Says Outlook Negative
---------------------------------------------------------------- AMC Entertainment Inc., struggling with others in the movie exhibition industry because of an oversupply of screens, saw its corporate credit rating downgraded by Standard & Poor’s to CCC+ from B.

A credit rating of CCC+ means that if a company experiences adverse business conditions, it is not likely to have the capacity to meet its financial commitments. AMC declined to comment Wednesday on the downgrade.

S&P analyst Steve Wilkinson wrote in his report that the downgrade was made to reflect the company’s “high financial risk, along with continued weakness in AMC’s operating performance and the likelihood of a further decline in year-over-year” results.

Wilkinson noted in particular the decline in AMC’s earnings before interest, taxes, depreciation and amortization - a measure of cash flow scrutinized by the investment and lending communities. “The deterioration of these credit measures is a reflection of weak profitability and a substantial increase in rental obligations and debt, which financed the company’s rapid expansion of screens over the past several years,” Wilkinson wrote.

AMC and other movie exhibition companies have been losing money and seeing their debt ratings drop in the past year. One chain, Carmike Cinemas, filed for Chapter 11 bankruptcy protection earlier this month, and United Artists is battling to avoid bankruptcy. AMC has said it is in better shape than many of its competitors, in part because it has a bigger proportion of its screens concentrated in the more popular megaplexes.

Making matters worse for AMC and the entire exhibition industry is a weak film lineup for the fall and expected competition from the Summer Olympics, which begin next month. Historically, there has been a steep drop in movie attendance during the Olympics.

In conclusion, Wilkinson said his outlook is negative as he expects profitability to remain under pressure as the exhibition industry struggles under a glut of movie screens. He sees no measurable net decline in the number of movie screens in the United States.

=======================|

GC COMPANIES: Summit Park 6 Cinema in Wheatfield Suffers Closing Ripple
----------------------------------------------------------
After recently closing 24 unprofitable theaters, General Cinema Corp. closes its Summit Park 6 Cinema in Wheatfield, considered thrice in two years, The Buffalo News reports. Aside from notifying SEC that the theatre chain eyes several options, filing for bankruptcy protection was one of it. “We announced that we were looking to close or sell some locations,” said Brian Callaghan, a Boston-based spokesman for the theater chain. “Competition has been tough on everyone with the megaplex building boom that we’ve seen over the past five years.”

Summit Park opened initially started with opening up two screens back in 1973. The complex had six screens in 1985. There are three full-time and 16 part-time workers. Callaghan added, that one full-time employee will be relocated to another location.

========================|

GC COMPANIES: Gabelli Group Lowers Stake To 33.09% After Bankruptcy Filing
---------------------------------------------------------------- Dow Jones reports that investor group with Mario Gabelli, after GC Companies Inc. filing for bankruptcy, reduced its equity stake in the theater operator to 33.09%. An SEC filing states that the investor group together with Mr. Gabelli, has 2,590,921 common shares buying 105,900 shares and selling 219,003 shares from Sept. 22 to Oct. 6 at prices from $2.50 to $3.50 a share. The group reported a 34.2% stake in the company on Sept. 22.