INSIDE THE FRYING PAN

Michaels reports from the peace talks at the U.N.: "It's obvious at first sight who's winning thus far in these negotiations. Hidajet Biscevic from Croatia carries around a glossy three-colored sheet of four small maps showing how much territory Croatia has gained since August. Muhamed Sacirbey of Bosnia is empty-handed. Milo Milutinovic of Yugoslavia wears an unlit cigarette in his mouth. Chewed at both ends, it is what he 'must do' to stop smoking five packs of cigarettes a day. All three agree on one thing: They trust Richard Holbrooke. 'He hasn't ever gone back on his word with us,' says Milutinovic."