The Federal Court set May 28 as a hearing date which could see International Shoe Machine/USM Corp. come out of Chapter XI bankruptcy. In the summer of 1998, Michael Taracano, who led a group of investors to acquire the assets of the International Shoe Machine Corp. in 1988, made an offer to acquire the USM Group of Leicester, England, with plans to merge USM and ISM word wide. The offer was rejected. In February, 2001, Taracano was able to purchase from the USM receiver the two North American companies, USM Corp., and USM Canada and the companies were merged into one.

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