TCR_Public/950626.MBX


BANKRUPTCY CREDITORS' SERVICE, INC.




         

        BRADLEES BANKRUPTCY NEWS: FIRST ISSUE FREE
   

      

            PRINCETON, N.J.--June 26, 1995--Bankruptcy
Creditors'
        Service, Inc. today announced publication of BRADLEES
BANKRUPTCY
        NEWS. As widely reported, Bradlees, Inc. (NYSE:
BLE)
,
based in
        Braintree, Massachusetts, filed for protection from its
creditors
        under chapter 11 of the United States Bankruptcy Code
this past
        Friday.
   

      

            "BRADLEES BANKRUPTCY NEWS - like our other
case-specific
        bankruptcy newsletters - will provide on-going, in-depth
news and
        reporting about the chapter 11 reorganization undertaken
by
        Bradlees, Inc.," says Peter A. Chapman, President of
Bankruptcy
        Creditors' Service, Inc., and Editor of BRADLEES
BANKRUPTCY NEWS.
   

      

            Chapman explains that attorneys, creditors, and
investors
        involved in chapter 11 bankruptcy cases the size of
Bradlees' BCSI's
        case- specific newsletters to be an invaluable resource
while
        attempting to wade through the mountains of paper that
are filed
        with the Bankruptcy Court and long hours of court
hearings.
   

      

        The first issue of BRADLEES BANKRUPTCY NEWS includes:

         

            Chapman said that next week's issue will provide
subscribers
        with a detailed review of
   

      
         

            BRADLEES BANKRUPTCY NEWS is distributed on a
subscription basis
        by e-mail or facsimile transmission for $45 per issue
plus nominal
        transmission charges.  New issues are published as
significant
        activity occurs (generally every 10 to 20 days) in the
Bradlees
        cases.
   

      

            Chapman stated that one copy of today's first
issue of BRADLEES
        BANKRUPTCY NEWS is available at no charge upon request.
   

      

            Chapman further advised that individuals with
access to the
        Internet may obtain copies of the first issue of BRADLEES
BANKRUPTCY
        NEWS at http://bankrupt.com/chap11.bradlees.htmlor  
        ftp://bankrupt.com/Bankruptcy_News/Bradlees from the
InterNet
        Bankruptcy Library.
   


        /CONTACT: Peter A. Chapman of Bankruptcy Creditors'
Service, Inc.,
        609-924-8949, or fax, 609-924-8963, or E-Mail:
peterbankrupt.com/


         


         

        ELJER REPORTS ON U.S. BRASS BANKRUPTCY; RECEIVES
        FAVORABLE RULING IN DIRECT CLAIMS CASE; REPORTS RULING IN
SUIT
        AGAINST HOUSEHOLD INTERNATIONAL  
   

      

            DALLAS Texas--June 26, 1995--Eljer
Industries, Inc.
        (NYSE:ELJ) today reported on recent developments in the
Chapter 11
        bankruptcy of United States Brass
Corporation
, its
indirect, wholly-
        owned subsidiary; a favorable court decision in a direct
        polybutylene plumbing claims case against Eljer
Industries and its
        wholly-owned subsidiary Eljer Manufacturing, Inc.  
("EMI"); and a
        Delaware Chancery Court ruling in Eljer's suit against
Household
        International, its former parent.   
   

      

            Eljer reported that U.S. Brass, Eljer Industries
and EMI have
        filed an amended Plan of Reorganization and Proposed
Disclosure
        Statement in the U.S. Brass Chapter 11 bankruptcy
proceeding.  The
        companies believe the amended Plan addresses concerns
raised by the
        Bankruptcy Court in connection with the earlier plan
filed by U.S.
        Brass, Eljer Industries and EMI.  As with the earlier
Plan, the
        amended Plan includes a separate proposed settlement with
Eljer, EMI
        and Shell Oil Company ("Shell").  In addition to other
contributions
        from Shell, Eljer and EMI, Shell would contribute up to
$200 million
        to a Trust to pay claims related to the U.S.  Brass
polybutylene
        plumbing system.  Shell made the resin from which U.S.  
Brass
        extruded the polybutylene pipe used in the system.  A
hearing date
        has not yet been set on the amended Disclosure Statement.  

   

      

            Eljer also reported that a hearing was held last
week by the
        Bankruptcy Court on an amended Disclosure Statement filed
by the
        Official Polybutylene Claimants Committee (the "PB
Committee") in
        conjunction with its proposed Plan of Reorganization.  
The lengthy
        hearing addressed objections previously raised by U.S.  
Brass, Eljer
        and EMI, along with other parties.  The Bankruptcy Court
gave no
        indication when it would rule.   
   

      

            In response to the PB Committee Plan, Hoechst
Celanese
        Corporation ("Hoechst") filed a motion to convert the
Chapter 11
        reorganization case of U.S. Brass to a Chapter 7
liquidation.  The
        Hoechst motion asserts that a reorganization of U.S.  
Brass was not
        feasible under the PB Committee Plan.  The Hoechst motion
did not
        address the amended plan filed by U.S. Brass and the
Eljer entities.
        A unit of Hoechst made the resin from which U.S. Brass
molded Celcon
        acetyl fittings formerly used in the polybutylene
plumbing systems.
        U.S.  Brass, Eljer and EMI will oppose the Hoechst
motion.  The
        Bankruptcy Court has not set a date for a hearing on the
Hoechst
        motion.   
   

      

            In a ruling favorable to Eljer Industries and EMI,
a Denver,
        Colorado District Court dismissed Eljer and EMI from a
proposed
        class action that alleged that Eljer and EMI were
directly liable
        for defective polybutylene plumbing systems.  In its
decision in
        Adams et. al. v. Shell Oil Company, et. al., the Court
ruled that
        the plaintiffs had failed to set forth any facts that
would
        establish Eljer or EMI directly participated in the
design,
        manufacture or distribution of allegedly defective
plumbing systems.
   

      

            Scott G. Arbuckle, President and Chief Executive
Officer of
        Eljer Industries, commented: "We are particularly
encouraged by the
        favorable Denver District Court decision finding that
plaintiffs had
        failed to establish any basis for holding that Eljer has
direct
        liability in this polybutylene plumbing system matter.  
It has
        always been our position that U.S. Brass alone
participated in the
        design, manufacture and distribution of the polybutylene
systems.
        Also, we are convinced that the amended Plan of
Reorganization filed
        by U.S.  Brass, Eljer and EMI represents a viable means
of
        satisfactorily resolving the polybutylene-related issues
for all
        parties involved.  The motion by Hoechst to challenge the
PB
        Committee Plan by converting the case to a Chapter 7
liquidation
        should not succeed because U.S.  Brass is reorganizable,
especially
        under our amended plan."   
   

      

            Eljer also reported that the Delaware Chancery
Court has issued
        a decision that Eljer and EMI must proceed with their
litigation
        against Household International, Inc., in the Superior
Court in
        Delaware rather than in any other court.  If the ruling
stands, it
        will prevent Eljer and EMI from prosecuting their suit
against
        Household in state court in Texas where it is currently
set for
        trial in October.  Eljer and EMI are considering whether
to appeal
        the Chancery Court's ruling.   
   

      

            Mr. Arbuckle noted: "While we believe the case
should proceed in
        Texas, we are as prepared to seek justice in the Delaware
court as
        we are in the Texas court."   
   

      

            Eljer Industries, Inc. is a leading manufacturer
and marketer of
        high quality building products, including plumbing,
heating and
        ventilating products, for the residential and commercial
        construction, remodeling and repair, and do-it-yourself
markets.   
   

      
         
         CONTACT: Eljer Industries, Inc., Dallas
                  George Hanthorn, (214) 407-2600
                               or
                  Morgen-Walke Associates, New York
                  Lynn Morgen/June Filingeri/Edward Nebb
                  (212) 850-5600
                  Ken Pieper
                  (214) 663-9390
                  Media Contact:  Stan Froelich
                  (212) 850-5600
     

         



        NASDAQ STOCK MARKET, INC.  DENIES NEW VALLEY
CORPORATION'S APPLICATION TO LIST EQUITY SECURITIES
         
            MIAMI, Florida--June 26, 1995--New Valley
Corporation

announced
        today that the Nasdaq Stock Market, Inc. denied its
application to
        list its equity securities (the Common Stock, Class A
Senior
        Preferred Shares and Class B Cumulative Convertible
Preferred
        Shares) on the Nasdaq National Market System because of
New Valley's
        failure to satisfy certain minimum listing standards.  
New Valley is
        currently considering its options, including an appeal of
Nasdaq's
        decision.
         
            During the first quarter of fiscal 1995, New Valley
emerged from
        bankruptcy reorganization proceedings and in connection
with its
        Plan of Reorganization, agreed to exercise its best
efforts to list
        its equity securities.  New Valley's equity securities
are currently
        traded on the OTC Bulletin Board under the symbols NVLY,
NVLYA and
        NVLYB, respectively.
         
        /CONTACT:  George Sard or Anna Cordasco of Sard Verbinnen
& Co.,
        212-687-8080/