NEW YORK, May 30, 1995 -- The Unofficial Committee (the
   "Committee") of TWA's 10% Senior Secured Notes due
1998 (the 10%
   Notes"), which represents over 37% of the outstanding 10% Notes, has
   reached agreement with TWA on the terms of TWA's latest restructuring
   proposal dated May 12, 1995. The Committee believes that the current
   proposal is fair and reasonable and that, based upon TWA's current
   financial condition and forecasts, it is the best alternative
   available to 10% Noteholders. For a variety of reasons the Committee
   believes that the restructuring should be accomplished through the
   Prepackaged Plan of Reorganization and not through the Exchange Offer.
   Therefore, the Committee urges all 10% Noteholders to vote "ACCEPTS"
   on the light green single page ballot headed "United States Bankruptcy
   Court" and identified as the "Ballot for Accepting or Rejecting
   Prepackaged Plan," and to sign and return it pursuant to the
   instructions enclosed with the solicitation materials being circulated
   by TWA. No further action is necessary on the part of 10% Noteholders
   wishing to support the Prepackaged Plan. In particular, the Committee
   believes that 10% Noteholders should not tender their 10% Notes and
   should not sign or return the dark green multipage "Consent and Letter
   of Transmittal" or the "Consent to Consent Matters" included in that

   Under the terms of the Prepackaged Plan, each $1,000 face amount of
   10% Notes would receive the following (each of which is more fully
   described below):

   - $754.4892 face amount of 12% Senior Secured Notes due 1998

   - 10.2078 shares of Common Stock
   - 24.4099 TWA Equity Rights
   - the right to receive Conditional Consideration of up to:
   - 14.6460 ten-year Warrants or $48.8199 Cash or some combination of the two
   - 19.9718 additional shares of Common Stock
   - 1 Contingent Payment Right with a maximum face amount of $80.1796.

   12% Senior Secured Notes due 1998

   The 12% Senior Secured Notes due 1998 (the "New 12% Notes") will have
   a total of $170 million face amount outstanding and will be secured by
   all the collateral which currently secures the existing 10% Notes with
   the exception of the second liens on four 767-200 aircraft. The New
   12% Notes will accrue interest from February 1, 1995, and will
   therefore have accrued a full six months of interest by the next
   scheduled interest payment date of August 1, 1995. The New 12% Notes
   will be transferable. The principal of the New 12% Notes will be
   redeemable for cash only. So long as, among other things, no default
   has occurred, the common stock is listed, and the common stock has not
   traded below $3.00 per share during certain specified time periods,
   the first four interest payments due on the New 12% Notes may be paid
   at TWA's option in common stock valued at 90% of the average trading
   value prior to the interest payment date. If the New 12% Notes trade
   at a price of greater than approximately 93% of face during a specific
   pricing period following the restructuring, and are listed and there
   is no default under the New 12% Notes, then the interest rate may be
   reset prospectively to as low as 10%. This reset mechanism is a
   one-time occurrence.

   Common Stock

   The shares of Common Stock to be issued to holders of 10% Notes will
   be transferable. 10% Noteholders should bear in mind that each of
   these shares of Common Stock is not equivalent to the existing shares
   which are currently trading for approximately $1 each. The Company's
   capital structure is being altered. Significant amounts of debt
   (including a portion of the 10% Notes, the 8% Notes, and the PBGC
   Notes) are being eliminated, and the existing Common Stock is being
   reduced in a 46.8722- to-one reverse split.

   TWA Equity Rights

   The TWA Equity Rights to be issued to holders of 10% Notes will allow
   the holders to purchase additional shares of Common Stock during the
   21-day period beginning on the 23rd day after the Effective Date of
   the Prepackaged Plan at a 40% discount, subject to a minimum level of
   $7.20 per share. This minimum may be lowered by TWA. The TWA Equity
   Rights are not transferable.

   Conditional Consideration

   The right to receive Conditional Consideration is triggered if the
   value of the equity securities received by 10% Noteholders is less
   than certain target levels. This right to receive Conditional
   Consideration will be transferable. Should the value of the Equity
   Rights received by 10% Noteholders not reach a minimum of $48.8199 per
   $1,000 face amount of 10% Note, TWA would be obligated to issue up to
   14.6460 ten-year Warrants or up to $48.8199 in cash per $1,000 face
   amount of 10% Note or some combination of the two. In addition, if the
   value of the Common Stock, Equity Rights, Warrants, and/or cash
   received per $1,000 face amount of 10% Note does not reach $199.7177
   (plus interest at 12% from Aug. 15, 1995 to the 90th day after the
   Effective Date), TWA would be obligated to issue up to 19.9718
   additional shares of Common Stock per $1,000 face amount of 10% Note.

   Contingent Payment Rights

   The Contingent Payment Rights are designed to provide an additional
   layer of protection if the entire package of securities to be received
   by 10% Noteholders is worth less than certain target levels. The
   Contingent Payment Rights will be transferable, and TWA's obligations
   under the Contingent Payment Rights will be secured by the collateral
   backing the New 12% Notes. Should the New 12% Notes trade at an
   average price of approximately 87% of face or less during a specified
   pricing period, TWA would be obligated to pay $25 on each of Feb. 1,
   1996 and Aug. 1, 1996 in cash, together with interest at 12% from Feb.
   1, 1995. Further, if the value of the Common Stock, Equity Rights,
   Warrants and/or cash received by 10% Noteholders does not reach
   $199.7177 (plus interest at 12% from Aug. 15, 1995 to the 90th day
   after the Effective Date) per $1,000 face amount of 10% Note after
   receipt of the Conditional Consideration, TWA would be obligated to
   pay up to $15.0898 (plus accrued interest at 12% from the 90th day
   after the Effective Date) on each of Feb. 1, 1997 and Aug. 1, 1997.
   Thus, TWA's obligations under the Contingent Payment Rights could
   total as much as $80.1796 plus accrue interest per $1000 face amount
   of 10% Note.

   The above description is a brief summary of the major elements of the
   Prepackaged Plan as it relates directly to the holders of 10% Notes.
   It is not a complete description. Information in this Notice was
   derived from information set forth in TWA's Proxy Statement/Prospectus
   dated May 12, 1995, and is qualified in its entirety by the
   information set forth therein. 10% Noteholders should refer to the
   Proxy Statement/Prospectus for the specifics of TWA's out-of-court
   restructuring proposal and its proposals to other creditor and
   shareholder groups and for the formal and more detailed description of
   the Prepackaged Plan.

   The Committee believes that this proposal, if implemented through the
   Prepackaged Plan of Reorganization, provides the best outcome to 10%
   Noteholders. In particular, the Committee believes that if the
   Prepackaged Plan is not endorsed by affected creditors and confirmed,
   the recoveries of creditors would be significantly delayed and
   uncertain in amount. For further information please call Morrow & Co.
   at 800-662-5200. Questions regarding missing solicitation materials or
   ballots or how or where to return ballots should be directed to TWA's
   Information Agent, D.F. King & Co., at 800-207-3156.

   /CONTACT: Charles MacDonald of Elliott Associates, L.P., 212-974-2151
   for the Committee/


   ATLANTA, Georgia--May 26, 1995-- SportsTown,
Inc. (Nasdaq-NNM: SPTNQ)
   announced that it has agreed to sell its inventory and certain of its
   other assets to The Sports Authority (NYSE: TSA). Under the proposed
   agreement, The Sports Authority will also take by assignment sixteen
   of the company's leases on sixteen of the twenty- three stores
   presently operated by the company.

   The company filed for reorganization under Chapter 11 of the
   Bankruptcy Code on Feb. 7, 1995. The sale to The Sports Authority
   was requested by The Official Committee of Unsecured Creditors in that
   reorganization preceding. The terms of such sale were negotiated with
   the assistance of the Creditors' Committee. The proposed sale is
   subject to approval by the Bankruptcy Court.

   Net proceeds from this sale, after payment of certain expenses, will
   be distributed among the company's creditors pursuant to a plan which
   the company expects to file within the next ninety days.

   SportsTown was founded in 1987 and, prior to filing for
   reorganization, had grown to a chain of 31 sporting goods mega-stores
   operating in Georgia, Texas, Virginia, Oklahoma and the Carolinas with
   annual revenues of approximately $200 million.

   /CONTACT: Thomas K. Haas, Chairman and CEO, or Gary L. Stewart, Senior
   Vice President, 404-246-5300, both of SportsTown, Inc./


   The Sports Authority Inc. confirms an offer to purchase assets of
   Sportstown Inc.

   FORT LAUDERDALE, Fla.--May 26, 1995--The Sports
   Authority Inc. (NYSE:TSA), the nation's largest full-line sporting
   goods retailer, Friday confirmed published reports that the company
   has submitted an offer to purchase certain assets of HREF="chap11.sportstown.html">SportsTown, Inc. (Nasdaq-NNM: SPTNQ).

   This offer was jointly submitted with two other firms, Nassi Bernstein
   Co. Inc. and Alco Capital Group Inc. It was filed with a motion by the
   Creditors Committee in U.S. Bankruptcy Court and is subject to
   approval by the court.

   Jack Smith, Chairman, Chief Executive Officer, and President stated:
   "We are excited about the opportunity to solidify our position in
   existing markets, but equally as excited about our advancement into
   new markets. The locations fit into our long term strategic plans of
   pursuing market share and being the nation's first choice for sporting
   goods." Smith also added, "The success of our strategies has provided
   us with the financial wherewithal to step up and make the offer we

   Sportstown is an operator of large format retail sporting goods and
   recently filed Chapter 11 Bankruptcy on Feb. 7, 1995. Sportstown
   currently operates 23 locations in Georgia, Texas, Oklahoma, and the

   The Sports Authority operates 110 megastores in 22 states across the
   United States. The company has opened stores in Fort Myers, Fla.,
   Kissimmee, Fla., and Danbury, Conn., in 1995.

  CONTACT: The Sports Authority Inc., Fort Lauderdale

   Jack A. Smith, Chairman, President & CEO
   Richard J. Lynch Jr., Sr. VP & Chief Financial Officer
   Alexander L. Stanton, Investor Relations/
   Treasury Manager, 305/677-6003

   Confirmation hearing regarding Plan of Reorganization for Value
   Merchants is recessed

   MILWAUKEE, Wisconsin--May 26, 1995--The confirmation hearing
   today in The United States Bankruptcy Court in Milwaukee regarding the
   Plan of Reorganization for Value Merchants Inc.
   recessed to June 15, 1995 pending finalization of a commitment for an
   exit financing facility for the company and notification to creditors
   and shareholders of Plan modifications.

   A notice will be sent to all creditors and shareholders explaining the
   modifications which have been made to this Plan. The Plan will be
   considered for confirmation on June 15, 1995. It is anticipated that
   if the Plan is confirmed, the effective date will be approximately
   June 27, 1995.

   In the balloting in connection with the Plan, unsecured creditors and
   shareholders of Value Merchants Inc. and unsecured creditors of its
   subsidiary company Everything's A Dollar voted to accept the Joint
   Plan of Reorganization. Of those casting ballots, 98 percent of the
   Value Merchants unsecured creditors, 96 percent of the Everything's A
   Dollar unsecured creditors and 93 percent of the Value Merchants
   shareholders voted to accept the Joint Plan.

   ``Over the past several weeks, we have been in intense negotiations
   with our lenders to reformulate the company's exit financing package
   to satisfy their requirements and improve the company's capital
   structure,'' Steven J. Appel, president and chief executive officer
   stated. ``When implemented, the new financing package is expected to
   significantly improve the company's working capital and ability to
   properly merchandise its operations,'' he said. According to Appel,
   what remains is for the lenders to formally commit and for all
   participants to document the transaction in writing. Drafts have
   already been circulated.

   Regarding corporate governance, the Alternate Board of Directors as
   provided for in the Plan will become effective 10 days after the
   company emerges from bankruptcy since it is unlikely that the sale of
   unsecured creditors new stock will take place at this time. To assure
   the company's lenders there will be continuity of management, Appel
   has been added to the new board as its chairman and will continue to
   serve as chief executive officer.

   CONTACT: Value Merchants Inc., Milwaukee

   Gary I. Kastel, 414/274-2976