TCR_Public/950214.MBX SKYLANDS PARK MANAGEMENT FILES BANKRUPTCY
REORGANIZATION PLAN; PLAN HAS  BACKING OF UNSECURED CREDITORS




  NEWARK, N.J., Feb. 14, 1995 -- Less than nine months after HREF="chap11.skylands.html">Skylands Park (Nasdaq: href="SKYP)," target=_new>http://www.secapl.com/cgi-bin/edgarlink?SKYP">SKYP),home of the
pennant-winning New Jersey Cardinals, filed for bankruptcy protection
under Chapter 11 of the federal Bankruptcy Code, HREF="dir.firm.wolff.sampson.html">Wolff & Samson, the ballpark's
bankruptcy
counsel, today filed a plan of reorganization with the U.S. Bankruptcy
Court for the District of New Jersey.


   Robert Nies, lead attorney for
Roseland-based Wolff & Samson's bankruptcy team, said that Judge Novalyn
Winfield of the U.S. Bankruptcy Court for the District of New Jersey will
consider confirmation of the plan within the next six weeks.


  Skylands Park Management's financial difficulties were caused by
construction cost overruns on its professional baseball stadium and recreation
complex as a result of last year's unprecedented winter storms, and the
subsequent withdrawal of $3.5 million in loan commitments from area banks.


  "As promised when Skylands Park entered bankruptcy, the plan of
reorganization calls for payment in full of unsecured creditor claims over a
three-year period," Nies said.  "The plan is endorsed by all of Skylands
Park's major creditors constituents."


  Under the proposed plan, the company's creditors -- who were owed $5.1
million when the Chapter 11 proceedings began last June -- will receive an
initial distribution of $1.6 million.  This distribution follows the
nearly $1 million already received by creditors from the sale of their
Class B common stock purchase warrants of the company. The proceeds, as
agreed, were applied to reduce the creditors' claims. Skylands Park
Management is traded on Nasdaq under HREF="SKYP" target=_new>http://www.secapl.com/cgi-bin/edgarlink?SKYP">SKYPand HREF="SKYPW.

" target=_new>http://www.secapl.com/cgi-bin/edgarlink?SKYPW">SKYPW.


  The remainder of the creditors' claims, about $2.5 million, will be paid
over time, and will be secured by a first lien and mortgage on the company's
stadium complex and other fixed assets.


  "We are optimistic that the plan will be approved, and we expect Skylands
Park to emerge from bankruptcy before opening day in early June," Nies
said.


  /CONTACT:  Robert E. Nies, Esq. of
Wolff & Samson, 201-533-6523, or
Evelyn Butler href="dir.firm.marcus.html">The
Marcus Group, Inc.
, 201-902-9000, or 201-209-0384/



SKYLANDS PARK MANAGEMENT FILES REORGANIZATION PLAN WITH U.S. BANKRUPTCY
COURT



Company's Plan Has Backing of Official Committee of Unsecured Creditors



  AUGUSTA, N.J., February 14, 1995 -- HREF="chap11.skylands.html">Skylands Park Management, Inc. (Nasdaq: href="SKYP" target=_new>http://www.secapl.com/cgi-bin/edgarlink?SKYP">SKYPand href="SKYPW)" target=_new>http://www.secapl.com/cgi-bin/edgarlink?SKYPW">SKYPW)today
filed a plan of reorganization with the U.S. Bankruptcy Court for the
District of New Jersey.


  The plan, which has the endorsement of the Company's Official Committee of
Unsecured Creditors, was filed less than nine months after the Company sought
protection under Chapter 11 of the Federal Bankruptcy Code.  Skylands Park
Management's financial difficulties arose following construction cost overruns
on its professional baseball stadium and recreation complex due to the
unprecedented severity of last winter's weather, and the subsequent withdrawal
of a $3.5 million loan commitment from area banks.


  The plan is now subject to review and approval by the Bankruptcy Court.
  Under the proposed plan, the Company's creditors -- who were owed
approximately $5.1 million at the time the Company's Chapter 11 proceedings
commenced -- will receive an initial distribution of $1.6 million.  Such
distribution is in addition to approximately $1 million already received by
creditors from sale of their Class B Common stock purchase warrants of the
Company (which proceeds, by agreement with the Company, have been applied to
reduce the creditors' claims).


  The remainder of the creditors' claims, in the approximate amount of $2.5
million, are intended to be paid in full pursuant to the plan, and are to be
secured by a first lien and mortgage on the Company's stadium complex and
other fixed assets.


  The Company has entered into a construction contract with EPIC Incorporated
of Piscataway, N.J., for completion of the stadium complex. The contract
contains a $2,187,500 guaranteed maximum price, with "substantial completion"
scheduled for April 14, 1995, and "project closeout" within one month
thereafter.


  A portion of the funding required to implement the proposed plan of
reorganization, including construction activities and working capital, has
been received through the exercise of common stock purchase warrants.  Any
material expenditure of such warrant proceeds, and any further warrant
proceeds received by the Company during the pendency of the Chapter 11
proceedings, is and will be subject to approval by the Bankruptcy Court.


  /CONTACT:  Robert A. Hilliard of Skylands Park Management, 201-383-7644/