Rule 497(b)
Registration No. 2-98184
Changes in Trust Portfolio
MUNICIPAL SECURITIES TRUST MULTI-STATE PENNSYLVANIA SERIES 15
Delaware County, Pennsylvania, Authority
Sacred Heart Medical Center Hospital Revenue Bonds
Refunding Series of 1985
9.75% due 09/01/2011
In March 1992 the Sponsor notified unitholders of certain events
of default reported by the Trustee for the Bonds, the Trustee's
acceleration of the Bonds, and the formation of an unofficial bondholder
committee.
In October 1992 the Sponsor notified unitholders of additional
developments reported by the Bond Trustee, including the filing of a
bankruptcy petition, the sale of the Medical Center to Crozer-Keystone
Health System, and certain distributions to bondholders. These
distributions to bondholders came from proceeds of the sale of the Medical
Center, from sums held in Medical Center bank accounts and from partial
collection of accounts receivable, all of which were subject to the lien
of the Bond Indenture.
Recently the Bond Trustee notified the Sponsor of the U.S.
Bankruptcy Court's confirmation of the Medical Center's Modified Second
Amended Liquidation Plan of Reorganization and of the availability of
additional funds for distribution to Bondholders.
In particular, on February 4, 1994, the Bond Trustee distributed
$400,000 to bondholders. This sum was generated from asset sales and the
collection of Medical Center receivables, after payment of certain
expenses, administrative and priority claims, and unsecured creditor
settlements, all as provided in the Medical Center's Reorganization Plan.
To date and including the February 1994 distribution, the Bond
Trustee has distributed to bondholders an amount equal to 45.5% of the
outstanding principal of, and accrued unpaid interest on, the Bonds up to
the date of acceleration, November 18, 1991.
The Medical Center has submitted expense reimbursement claims to
the Federal Medicare Program, the Pennsylvania Medicaid Program, and to
Independence Blue Cross of Philadelphia. The Medical Center has received
a small portion of the allowed claims to date, and it expects to receive
additional payments in 1994 and 1995. It is impossible to predict with
any certainty the amount and timing of additional distributions to
bondholders from these or other sources.
CUSIPS: 62624J310
62624J328 United States Trust Company
62624J336 of New York, Trustee
