TCR_Public/950524.MBX


BANKRUPTCY CREDITORS' SERVICE, INC.





JURY CLEARS GRANT THORNTON LLP FROM NEGLIGENCE IN AUDIT OF TEXAS DEPARTMENT
  STORE CHAIN FIRM SHOWS PLAINTIFF USED FALSIFIED EVIDENCE; JUDGE AWARDS
  $165,000 IN SANCTIONS


    

   CHICAGO, Ill.--May 23, 1995--A jury absolved
Grant
   Thornton LLP from charges that its 1986 audit of a Fort Worth, Texas,
   department store chain was negligent. The verdict was confirmed by the
   trial judge by order dated May 17.


    

   The two-week trial followed a contested hearing before the trial judge
   in which the national accounting and management consulting firm
   established that the plaintiff, Kenneth E.  
Landers
, a bankrupt Forth Worth developer, attempted to use falsified  
evidence in order to hold Grant Thornton responsible for his own mismanagement.



   According to Margaret Maxwell Zagel, general counsel for Grant
   Thornton LLP, the jury affirmed on May 5 that the firm's audit was
   performed in accordance with professional standards. The trial judge
   held that the false evidence by plaintiff could not be used at trial
   and awarded the firm $165,000 in fees as sanctions for the actions of
   plaintiff, she adds.


    

   "We are pleased to have been vindicated," Zagel says. "The audit was
   performed professionally, and we worked very hard to explain the
   complex audit issues to the jury. As have other businesses in going to
   trial in Texas, we faced the enormous risk of a large damage award."


    

   The plaintiff's attempt to use false evidence was a critical factor in
   this case, Zagel adds. "This was the worst case of lawsuit abuse I've
   seen," she says. "A serious injustice might have been done had he been
   successful in using the false evidence."


    

   The trial was the culmination of a lawsuit originally commenced in
   June 1988. Landers and his company, Vingt Trois, Inc., acquired
   Monnigs and its holding company, M.D.G.C., in 1986. The three
   corporations were subsequently bankrupt.


    

   Landers originally sued Texas American Bank and two of its officers
   for conspiring with the prior management of Monnigs to misstate
   financial statements in order to induce Landers to purchase the
   company.


    

   In October 1988, Grant Thornton, the former auditors of Monnigs, was
   added as a defendant. Texas American Bank was subsequently dismissed
   when it was placed in receivership by the Federal Deposit Insurance
   Company.


    

   The case then proceeded in a state court in Fort Worth with Grant
   Thornton as the sole remaining defendant. The plaintiffs sought more
   than $13 million in out-of-pocket damages, plus $40 million to $60
   million additional damages.


    

   Although a previous trial resulted in a hung jury, the firm was
   committed to defending the professionalism of its audit rather than
   pay an unjustified settlement, Zagel says.


    

   Robert W. Coleman, John E. Richards, and Tracy W. Berry of the law
   firm of Vial, Hamilton, Koch & Knox represented Grant Thornton LLP in
   both trials with the assistance of Zagel.


    

   /CONTACT: Liz DeIuliis or John Koegel of Grant Thornton LLP, Public
   Relations Dept., 212-599-0100; or Margaret Maxwell Zagel, General
   Counsel for Grant Thornton, 312-856-0001/






CENTRAL AND SOUTH WEST CORPORATION REPORTS SENDING EL PASO ELECTRIC COMPANY
  BREACH LETTER RECEIVES EL PASO ELECTRIC REQUEST TO EXTEND MERGER


   

   DALLAS, Texas--May 23, 1995-- Central and South West
   Corporation (NYSE: CSR) said it notified El Paso
   Electric Company (Nasdaq-NNM: ELPAQ)
today in a letter that El Paso Electric  
   is in breach of the companies' proposed merger agreement.


    

   Central and South West also said it had received on May 22, 1995, a
   request from El Paso Electric to extend the merger agreement for six
   months until Dec. 8, 1995, but had not made a decision about the
   extension.


    

   Central and South West said it was notifying El Paso Electric to
   protect its rights and to give El Paso Electric 10 days to remedy the
   breaches, as required in the merger agreement. The company said it was
   not terminating the merger and was continuing to use its best efforts
   to fulfill its obligations under the merger agreement.


    

   "EPE's failure to remedy its breaches will be among the factors CSW
   considers in deciding what action to take on or after the Termination
   Date" of the merger agreement, which is June 8, 1995, the company said
   in its letter to El Paso Electric.


    

   Central and South West cited a number of actions by El Paso Electric
   that constitute breaches of the agreement.


    

   On May 11, 1995, El Paso Electric made a filing in federal bankruptcy
   court, seeking a temporary restraining order to prevent the Public
   Utility Commission of Texas from issuing an interim order in El Paso
   Electric's rate and merger case pending before the commission (Docket
   12700). As a result, the Texas PUC on May 12, 1995, suspended
   indefinitely a decision in the proceedings, "thereby severely
   jeopardizing the prospects of timely and favorable action by the
   PUCT," the company said.


    

   On Sept. 12, 1994, Central and South West had advised El Paso Electric
   that adverse developments could constitute material adverse effects
   unless resolved in a timely manner by El Paso Electric. Central and
   South West cited El Paso Electric's lack of timely remedy of these
   adverse developments that could prevent closing of the proposed merger
   agreement.


    

   "Instead of undertaking to remedy the Material Adverse Effects
   identified in the Sept. 12, 1994 letter and directing its efforts to
   satisfying the closing conditions under the Merger Agreement," Central
   and South West said, "EPE has pursued a course of conduct...to promote
   a stand-alone plan in lieu of the proposed merger. In so doing, EPE
   committed other breachers of the Merger Agreement."


    

   Central and South West said El Paso Electric has breached the merger
   agreement by participating in discussions and spending large sums on a
   possible stand-alone reorganization plan.


    

   The proposed merger between Central and South West and El Paso
   Electric was announced May 4, 1993. El Paso Electric's plan of
   reorganization was confirmed by the federal bankruptcy court on Dec.
   8, 1993.


    

   The proposed merger is contingent upon receiving regulatory approvals
   or authorizations from state and federal agencies as well as on other
   conditions. The merger agreement provides that the proposed merger can
   be terminated by either company if any required regulatory approvals
   have not been obtained within 18 months after confirmation by the
   federal bankruptcy court of a reorganization plan for El Paso
   Electric.


    

   Central and South West Corporation is a public utility holding company
   based in Dallas. It owns Central Power and Light Company, Public
   Service Company of Oklahoma, Southwestern Electric Power Company and
   West Texas Utilities Company. These four subsidiaries provide electric
   utility service to 1.6 million customers in Texas, Oklahoma, Louisiana
   and Arkansas. Central and South West also owns Transok, Inc., an
   Oklahoma intrastate natural gas pipeline company, and several other
   subsidiaries.


    

   El Paso Electric Company is an electric utility serving approximately
   268,000 customers in El Paso, Texas, and an area of the Rio Grande
   Valley in West Texas and southern New Mexico as well as wholesale
   customers located in Southern California and Mexico.


    

   /CONTACT: Media, Gerald R. Hunter, manager of external communications,
   214-777-1165, or Analysts, Sharon R. Peavy, director of investor
   relations, 214-777-1277, both of Central and South West Corporation/
   (CSR ELPAQ)






  SLM INTERNATIONAL ANNOUNCES 1994 YEAR END AND 1995 FIRST QUARTER
          RESULTS



   NEW YORK, N.Y.--May 24, 1995--SLM International, Inc.
   (Nasdaq:SLMIE), announced operating results for the year ended
   December 31, 1994 and first quarter ended April 1, 1995. The Company
   also announced it had filed both its Form 10-K for the year ended
   December 31, 1994 and its first quarter Form 10-Q for the quarter
   ended April 1, 1995 with the Securities and Exchange Commission on May
   23, 1995.


    

   Net sales from continuing operations for the year ended December 31,
   1994 increased 43.5% to $180.8 million, compared to $126.0 million for
   the same period in 1993. Loss from continuing operations was $6.2
   million, or $0.33 per share, in 1994, compared to income of $5.7
   million, or $0.30 per share, in 1993. The net loss for 1994 was $112.0
   million, or $5.94 per share, compared to net income of $8.1 million,
   or $0.42 per share, for the prior year. The 1994 loss from continuing
   operations which includes the Company's sporting goods business
   primarily reflected the impact of the baseball and hockey strikes,
   unusual charges and acquisition related items. The 1994 net loss was
   principally attributable to the Company's toy and fitness businesses
   which have been accounted for as discontinued operations.


    

   Net sales from continuing operations for the first quarter ended April
   1, 1995 increased 23.7% to $30.8 million, compared to $24.9 million
   for the same period in 1994. Loss from continuing operations was $7.3
   million, or $0.39 per share, in 1995, compared to a loss of $0.8
   million, or $0.03 per share, in 1994. The net loss for 1995 was $7.3
   million, or $0.39 per share, compared to a net loss of $1.4 million,
   or $0.07 per share, for the prior year. The Company's results in the
   first quarter of 1995 were adversely impacted by an inventory
   reduction program, selling, general and administrative expenses,
   higher professional fees and interest costs.


    

   Howard Zunenshine, Chief Executive Officer of SLM International,
   noted, "We are continuing with plans to concentrate our efforts on
   maximizing profits in our sporting goods division, an effort which
   will be advanced by our decision to exit Buddy L. We have expanded our  
product offerings of in-line roller skates in response to a surge in popularity of  
recreational skating and roller hockey. Additionally, sales of our hockey skates  
and protective equipment increased as a result of the growing popularity of  
   ice hockey reflective of the expansion of the National Hockey League into  
   warm weather markets."


    

   On May 9, 1995, Buddy L Inc. accepted the  
bid of Empire of Carolina, Inc. to purchase certain assets and liabilities of  
Buddy L's toy business, as the highest and best bid in the bankruptcy court
   sanctioned auction process. Upon closing of the transaction Empire
   will pay the creditors of Buddy L a combination of common stock, cash
   and an earnout with a minimum consideration equal to $15 million. As
   part of the transaction, Empire will also purchase certain accounts
   receivable and inventories of Buddy L, subject to certain terms.


    

   Although Empire's offer has been approved by the Bankruptcy Court for
   the District of Delaware at a court hearing held on May 19, 1995, it
   is still subject to the satisfaction of certain other conditions. It
   is currently expected that the sale of these discontinued operations
   will be completed by June 30, 1995, although there can be no assurance
   that this transaction will be completed.


    

   Mr. Zunenshine continued, "We are pleased to note that the sale of
   Buddy L, which is expected to be completed by June 30, 1995, will
   significantly reduce our total indebtedness. We look forward to
   continuing our initiatives to build SLM International into a leader in
   the sporting goods industry in the future." The Company and its
   lenders are in discussions regarding a standstill agreement that would
   provide for a period of continued financing by its lenders, a sharing
   of certain collateral by its lenders and provide the Company a period
   in which to restructure its debt without further judicial proceedings.
   However, there can be no assurance that the Company will be able to
   complete the standstill agreement.


    

   SLM International, Inc. designs, develops, manufactures and markets a
   broad range of sporting goods products on a worldwide basis.


    
                           SLM INTERNATIONAL, INC.
                   CONSOLIDATED STATEMENT OF OPERATIONS
                     (In thousands, except share data)

                                                  Years Ended
                                                  December 31,
                                                 1994       1993

                                                        (Restated)


Net Sales                                    $ 180,806  $126,034

Cost of goods sold                             113,577    75,104

   Gross profit                                 67,229    50,930

Selling, general and administrative expenses    67,031    38,600

   Operating income                                198    12,330

Interest expense                                 6,713     3,356

Other (income)                                    (260)     (499)

   (Loss) income from continuing operations
    before income taxes                         (6,255)    9,473

Income taxes                                       (11)    3,779

(Loss) income from continuing operations        (6,224)    5,694

(Loss) income from discontinued operations
net of income taxes(a)                        (94,390)    2,402

(Loss) from disposition of discontinued
operations, net of income taxes               (11,335)

   Net (loss) income                         $(111,969) $  8,096

(Loss) income per share from continuing
operations                                  $   (0.33) $   0.30

(Loss) income per share from discontinued
operations(a)                                   (5.01)     0.12

(Loss) per share from discontinued operations    (0.60)

   Net (loss) income per share               $   (5.94) $   0.42

Weighted average common and common
equivalent shares outstanding             18,844,097 19,232,700

(a) Loss from discontinued operations primarily consist of Buddy L
toy and fitness businesses

                          SLM INTERNATIONAL, INC.
                   CONSOLIDATED STATEMENT OF OPERATIONS
                                (Unaudited)
                     (In thousands, except share data)

                                               Three Months Ended
                                             April 1,   April 2,
                                               1995       1994

                                                        (Restated)

Net Sales                                    $30,778    $24,885

Cost of goods sold                            20,247     15,630

   Gross profit                               10,531      9,255

Selling, general and administrative expenses  13,171      9,061

Debt related fees (a)                          1,721

   Operating (loss) income                    (4,361)       194

Interest expense                               2,872      1,065

Other expense (income)                            34        (82)

   (Loss) from continuing operations before
    income taxes                              (7,267)      (789)

Income taxes                                               (264)

(Loss) from continuing operations             (7,267)      (525)

(Loss) from discontinued operations,
net of income tax benefit (b)                             (877)

   Net (loss)                                $(7,267)   $(1,402)

(Loss) per share from continuing operations    (0.39)     (0.03)

(Loss) per share from discontinued operations(b)          (0.04)

   Net (loss) per share                      $ (0.39)   $ (0.07)

Weighted average common and common equivalent
shares outstanding                       18,859,679 18,825,000


   a) Legal and professional fees associated with additional debt
incurred by the Company

   b) Loss from discontinued operations primarily consist of Buddy L
toy and fitness businesses


    CONTACT:  SLM International, Inc.
              Howard Zunenshine
              Chief Executive Officer
              514/331-5150
              John A. Sarto
              Chief Financial Officer
              212/675-0070
                    or
              IR CONTACT:
              Amy Weisman/Melissa Garelick
              Press:  Lisa Bradlow
              Morgen-Walke Associates
              212/850-5600