TCR_Public/950630.MBX


BANKRUPTCY CREDITORS' SERVICE, INC.





        TRITON GROUP LTD. ANNOUNCES FISCAL 1995 RESULTS

         

            SAN DIEGO, CA,--June 29, 1995--Triton
Group Ltd. (AMEX: TGL)
today reported a net loss of $24.2 million, $1.21 per share,
for the year ended March 31, 1995.  The fiscal 1995 loss included a loss
        from continuing operations of $11.7 million, or $.58 per share,
        which included Triton's share of the losses of 25.5% owned The
        Actava Group Inc. (NYSE: ACT) of approximately $7.1 million.
        Additionally, Triton reported a loss from discontinued operations of
        $12.5 million, $.63 per share, primarily the loss on the sale of
        National Airmotive Corporation sold by Triton on June 2, 1995.

         

            Revenues for fiscal 1995 were $27.3 million compared to $34.5
        million for the same period in the prior year.  The Company's fiscal
        1995 revenues consisted only of 100% owned Western Metal Lath as a
        result of Triton's sale of Ridgewood Properties, Inc. in August 1994
        and National Airmotive, combined with the deconsolidation of Mission
        West Properties (AMEX: MSW) resulting from a decline in Triton's
        ownership in Mission West to 49.4% in February 1995.  The prior year
        included $8 million of revenues attributable to Mission West.

         

            In the prior year, Triton's reported results consisted of only
        nine months due to the Company's emergence from bankruptcy in June
        1993.  For the nine months ended March 31, 1994, Triton reported a
        net loss of $15.2 million, or $.76 per share, which included income
        from discontinued operations of $2 million.

         

            For the quarter ended March 31, 1995, Triton reported a net loss
        of $16.3 million, or $.82 per share, on revenues of $7.2 million,
        which consisted primarily of the loss on the sale of National
        Airmotive.  The loss from continuing operations in the current
        quarter was $1.4 million, or $.07 per share.  In the prior year, the
        Company reported a net loss of $12.4 million, or $.62 per share, on
        revenues of $9.8 million.  The prior year included $7.5 million of
        equity losses from Actava.

         

            Triton owns 25.5% of Actava, 49.4% of Mission West and 100% of
        Western Metal Lath, a privately owned building products company in
        Riverside, California.

         
                                 TRITON GROUP LTD.

                         CONSOLIDATED OPERATING HIGHLIGHTS
                      (in thousands except per-share amounts)
         
                                                          Nine      Three
                             Three Months       Year     Months    Months
                            Ended March 31,     Ended     Ended     Ended
                                              March 31, March 31,  June 25,
                            1995      1994      1995      1994      1993..
         
        REVENUES          $7,202    $9,828   $27,282   $27,251    $7,621
        Costs and expenses:
         Cost of sales     6,170     7,329    23,150    22,132     5,801
          Selling and
           administrative  2,399     3,825     7,273     7,206     2,116
                           8,569    11,154    30,423    29,338     7,917
        OPERATING LOSS    (1,367)   (1,326)   (3,141)   (2,087)     (296)
        Interest expense    (822)   (1,673)   (3,227)   (4,943)   (1,921)
        Equity in losses    (765)   (7,488)   (6,929)   (8,956)   (1,911)
        Other income
         (expense)            45    (2,258)       56    (1,566)      544
        Reorganization
         costs               ---       ---       ---       ---   (10,736)
        LOSS BEFORE INCOME
         TAXES AND MINORITY
         INTEREST         (2,909)  (12,745)  (13,241)  (17,552)  (14,320)
        Income tax benefit 1,519       236     1,512       668        80
        Minority interest    ---      (573)      ---      (294)       89
        LOSS FROM
         CONTINUING
         OPERATIONS       (1,390)  (13,082)  (11,729)  (17,178)  (14,151)
        Discontinued
         operations      (14,894)      677   (12,538)    2,018    (1,010)
        LOSS BEFORE
         EXTRAORDINARY
         ITEM            (16,284)  (12,405)  (24,267)  (15,160)  (15,161)
        Extraordinary items  ---       ---       ---       ---   177,903
        NET INCOME
         (LOSS)         ($16,284) ($12,405) ($24,267) ($15,160) $162,742
        Per share:
          Loss from
          continuing
          operation       ($0.07)   ($0.65)   ($0.58)   ($0.86)      ---
          Discontinued
          operations       (0.75)     0.03     (0.63)     0.10       ---
             Net loss     ($0.82)   ($0.62)   ($1.21)   ($0.76)    N/A
        

        ..  Reflects results of Predecessor Company, Intermark Inc.  Triton
        emerged from Chapter 11 on June 25, 1993.


       /CONTACT:  Michael M. Earley, President, or Mark G. Foletta, Senior
        Vice President and Chief Financial Officer, of Triton Group Ltd.,
        619-231-1818/

         




  LAWSUIT ASKS RECEIVERSHIP FOR DEL MONTE

   

   MIAMI, Florida--June 30, 1995-- In a lawsuit that cites
   activities ranging from racketeering to embezzlement to
   flight-from-justice to conspiracy, and even linkages to the BCCI
   scandal, a Florida court has been asked to place the long-respected
   Del Monte agribusiness name into receivership.

    

   The suit seeks to prevent "a scheme to denude" the company of its
   assets and to recover the value of previous "fraudulent transfers."

    

   The plaintiffs are creditors of Del Monte Fresh Produce Co., under
   Florida law, by virtue of pending claims against the company.

    

   The lawsuit, filed in State Court located in Dade County, names as
   defendants several Del Monte corporations and officials, including the
   former CEO of Del Monte - himself an international fugitive from
   Mexico. Carlos Cabal Peniche is charged by the Mexican government with
   embezzling some $700 million from two banks he had controlled. Cabal
   has been reported by the media as having had connections with
   principals of the BCCI as well as brushes with the law involving
   illicit drugs. He is believed to be hiding somewhere in Europe.

    

   Plaintiffs seek return of $350 million in assets removed from the
   company by Cabal and others.

    

   According to the Florida suit, the defendants profited from a "scheme
   to denude the assets" of Del Monte Fresh Produce and attempted "to
   funnel money to various defendants and their affiliated entities."

    

   Acting through shell companies to conceal their activities, the court
   papers say the defendants "created new entities and used existing
   legitimate entities for illicit purposes, including the payment of
   substantial funds to themselves through various insider transactions
   and transferring assets..."

    

   The court documents further state that the monies from the Mexican
   banks which Cabal is accused of embezzling involved "insider loans"
   among various Cabal-owned subsidiaries and shell corporations which
   were hidden from regulators through illegal accounting methods.

    

   In addition, according to the complaint, Cabal formed a holding
   company known as Fresh Del Monte Produce which issued some $300
   million of Series A notes which was used in connection with his
   purchase of the Del Monte company and eliminated the outstanding
   balances of the organization which he had used to make the purchase as
   well as the bridge financing facility to the Cabal-controlled banks.

    

   The Cabal investigation by the Mexican authorities evolved from a U.S.
   probe of Khalid bin Mahfouz in connection with the Saudi Royal
   banker's involvement with the Bank of Credit & Commerce International
   (BCCI). The collapse of BCCI, of which Mahfouz was a Director,
   resulted in world-wide losses of more than $12 billion.

    

   CONTACT: Douglas G. Hearle & Co. | 212/972-1836

    




        TWA moves to implement financial restructuring through
        prepackaged plan; company files restructuring agreement as
        prepackaged plan of reorganization to speed implementation

         

            ST. LOUIS, MO--June 30, 1995--Trans World
Airlines Inc. (AMEX:TWA)
announced today that it filed a prepackaged plan of
        reorganization under Chapter 11 of the U.S. Bankruptcy Code with the
        bankruptcy court in St. Louis.

         

            The company had announced on June 28th that its prepackaged plan
        had been accepted by creditors entitled to vote on the plan.

         

            When confirmed by the Court, the plan will decrease TWA's
        outstanding debt by approximately $500 million and significantly
        reduce the company's interest expense.

         

            "The strong support our plan has received from our creditors is
        a significant victory for the company," said Jeffrey H. Erickson,
        CEO of TWA.  "This is a good day for TWA - the restructuring
        significantly improves our financial strength, and combined with the
        solid improvement we have already made in operating efficiency, it
        gives us the financial flexibility we need to invest in our future.
        As a truly low-cost, full-service carrier, we can now aggressively
        pursue our strategy of becoming the airline of choice for the value-
        conscious business traveler and the price-conscious leisure
        traveler."

         

            TWA said that normal operations would continue throughout the
        court-assisted restructuring.  The company also said that its Trans
        World Express (TWE) subsidiary was not affected by the court
        proceeding.

         

            Under the plan of reorganization filed with the court today,
        TWA's trade creditors will not be impaired by the proceeding.

         

            Terms of TWA's financial restructuring plan were detailed in the
        company's Form S-4 Registration Statement declared effective by the
        Securities and Exchange Commission on May 12, 1995 and provided to
        creditors affected by the plan as part of the company's solicitation
        of acceptances.  The plan includes the following elements:


         
        o   A debt-for-equity swap where certain of TWA's outstanding  
            debt would be exchanged for combinations of new debt and  
            equity;
         
        o   A recapitalization of outstanding preferred stock into common  
            stock and a reverse stock split of existing common shares;
         
        o   Extension of loan facilities from Karabu Corp. (a Delaware  
            Corporation controlled by Carl Icahn);
         
        o   An equity rights offering;
         
        o   Distribution of warrants to current equity holders;
          
        o   Changes to labor agreements; and
          
        o   Amendments to the company's Certificate of Incorporation.
         
        CONTACT: Robinson Lake Sawyer Miller, New York
                 Robert Mead, 212/484-6701
        




        Moody's Views Orange County's Proposed Extension of Notes
        as a Default

         

           NEW YORK, NY--June 30, 1995--Orange
County
's plan to extend the maturities on some of its notes due this summer
received bankruptcy court approval on Tuesday, June 27.  Noteholders will
        vote by July 7 on whether to accept the proposed extension.   

         

            It appears that the county's perspective is to seek the
        extension because it does not have the resources to fully repay the
        noteholders at this time.  Thus, the rollover, which would affirm
        the county's obligation on the notes, is an effort at accommodating
        the municipal market to maintain access for the county.  It is
        important to note that the county, because it is in bankruptcy, is
        under no obligation to make payment on the notes by the stated due
        dates.   

         

            From Moody's perspective, the county's affirmation of its
        obligations should be unconditional and outside the terms of an
        extension agreement.  An extension agreement should be intended to
        compensate creditors for their consideration.   

         

            If the county had offered noteholders a voluntary workout plan
        that adequately compensated those who accepted an extension and
        offered others payment from available cash, it could have
        represented a realistic contingency in the attempt to gain order
        during a difficult period in the county's bankruptcy.   

         

           Instead, as discussed below, the county is agreeing that payment
        on the notes is not limited to revenues from fiscal year 1994-95, in
        contrast to the state constitution's debt limitation provisions.
        But the county offers no significant compensation to noteholders for
        extending the maturity and the county's wavier may still be subject
        to challenge.  The county, in effect, is attempting to pressure
        noteholders to accept extension through the threat of nonpayment.   

         

            In addition, the county has not identified any potential revenue
        streams to repay the debt next year.  The half cent sales tax vote
        failed on Tuesday, and expected increased revenues at its landfill
        through imported garbage are unlikely.  These revenue streams would
        have supported debt that could have financed a means by which to pay
        noteholders next year.  Now the prospects for an economically
        sufficient plan remain dismal for the coming year.   

         

            The following is a review of the evolution of the extension
        agreement, its terms and its shortcomings.  The Dilemma  

         

            The county has $800 million in short-term notes due in July and
        August that would be affected by the rollover, comprised of $600
        million Taxable Notes due July 10; $169 million Tax and Revenue
        Anticipation Notes, Series A, due July 19; and $31 million Tax and
        Revenue Anticipation Notes, Series B, due August 10.  The Taxable
        Notes were issued to provide arbitrage earnings to the county as a
        source of operating revenues; the Tax and Revenue Anticipation Notes
        were issued to finance the county's cash flow requirements for the
        1994-95 fiscal year.  The county has other notes not affected by the
        agreement which it expects to repay from various sources.  Teeter
        Notes, due June 30, are expected to be repaid with the proceeds of
        Teeter Bonds sold this week; Pooled TRANs are expected to be repaid
        with the money school districts have set aside.   

         

            The county's dilemma from the pool's losses was two fold: the
        investment income it expected for operations has not been realized,
        and the money set aside to repay some of the notes was reduced by
        the investment losses.  In sum, the county does not have the
        resources to meet its financial obligations at this time, including
        the payment obligation on the notes.   

         

            With the filing of the bankruptcy and loss of investment income,
        the county elected to not make set asides as promised when it sold
        the Series A&B TRANs.  This action was contested by the noteholders,
        but was upheld by the bankruptcy court.  Thus, while funds would
        have normally been set aside for TRAN repayment throughout the
        fiscal year as revenues were collected, no post-petition set asides
        were made by the county.  Only $29 million in pre-petition set
        asides remain.   

         

            The Taxable Notes were issued by the county to provide money to
        generate investment income.  The proceeds of the Taxable Notes were
        invested in the Orange County Investment Pool, and were thus
        decimated by the pool's losses.  The investments made with the
        proceeds of the Taxable Notes, which were specifically intended for
        note repayment, were valued at $429 million when the pool was
        liquidated in late December, well below the $600 million principal
        amount due.   

         

       The Proposal  

         

            After protracted negotiations, the county's final proposal seeks
        noteholder approval of the following:  

         

            The interest payments would be an administrative expense of the
        bankruptcy, which would provide them with a higher priority to some
        other creditors.  However, any payments yet to be made remain
        subject to a later attack or renegotiation under the bankruptcy
        code.   

         

            In addition to the terms of the extension, the agreement and
        related documents addressed several legal issues.  Key among these
        issues is the treatment of the extended short-term notes under
        California's debt limitation laws.   

         

            The County's Waiver of Right to Assert Constitutional Debt
        Limitations May Still Be Subject to Challenge  

         

            California law limits a local government's ability to incur
        obligations in one fiscal year that would be satisfied from income
        and revenues derived in future fiscal years.  With certain
        exceptions, expenditures in any given fiscal year cannot exceed the
        resources available in that fiscal year to pay them.  The issuance
        of short-term notes does not fall within that debt limitation
        because the revenues available during the fiscal year are expected
        to be sufficient to repay the notes.   

         

            The county has posited that its lack of resources for fiscal
        1995 resulting from the investment losses may be interpreted as a
        loss of security for the notes issued during the year.  The county
        has suggested that, given that the revenues for 1995 may be less
        than the potential expenditures - operating costs and repayment of
        TRANs - the county would be violating the debt limitations to carry
        over any liabilities into subsequent fiscal years.   

        

            As part of the stipulation, the county "agrees that each of the
        issues of the note debt .  .  .  shall constitute a valid, fully
        liquidated and non-contingent, undisputed and enforceable claim
        against the county."  It goes on to state that the County waives and
        releases all defenses and objections to any of the debt under the
        Bankruptcy Code or related to the application or operation of the
        state debt limitation provisions.   

         

            Basically, the county is saying to noteholders, "If you agree to
        extend for a year, we will agree that you have a valid claim not
        subject to the debt limitation."  However, while the bankruptcy
        court has approved the county's waiver of these rights, another
        interested person, such as a taxpayer, could seek to invalidate the
        obligation as a violation of the constitutional debt limitation.   

         

            County Maintains Right to Repudiate the Taxable Notes More
        troubling than the coercive nature of the extension agreement and
        the potential for third party objection is the county's insistence
        on retaining the right to seek to invalidate some of the obligations
        it is presently asking holders to extend.  Specifically, the
        agreement would enable the county to retain the right to contend
        that the Taxable Notes did not constitute a valid and enforceable
        obligation of the county at the time of issuance.  We find the
        county's attempted retention of this right in the context of an
        extension agreement to be unacceptable.  Such action would set a
        dangerous precedent that would affect all California municipal
        issuers.   
   

      

        Difficult Decision  

        

            Noteholders are faced with the following, limited choices:
        accept the county's proposal, and have the county acknowledge some,
        but not all, of its obligations; or reject the county's proposal
        with the likelihood of default and litigation.  Even with approval
        of the agreement by noteholders, given the county's lack of
        resources and retention of rights to repudiate the Taxable Notes,
        litigation may ensue.   

         

            The county could have demonstrated a good faith effort toward
        noteholders by releasing the accumulated reserves toward repayment
        of the notes.  Instead, the county has chosen to retain the note
        reserve possibly to use the money for other county purposes or to
        reallocate among creditors.  The extension merely offers noteholders
        what they already had, a pledge of the county to repay the
        obligations when due.  The extension, as proposed, would be, in
        effect, a default on these obligations.   
  

       
        CONTACT: Mary Francoeur, Assistant Vice President

                (212) 553-7240 or  
                 Karen S. Krop, Assistant Vice President
                 (212) 553-4860 or   
                 Barbara J. Flickinger, Vice President and Assistant Director
         
                 Manager, Far West Regional Ratings (212) 553-7736 or  
                 Katherine McManus, Vice President and Assistant Director  
                 Manager, Legal Analysis Group (212) 553-4036
         




        Confirmation hearing date set on TWA's prepackaged plan; TWA
        receives court permission to pay trade creditors in ordinary couse
        of business

         

            ST. LOUIS, MO--June 30, 1995--Trans World
Airlines  Inc. (AMEX:TWA)
announced today that the confirmation hearing for
        its prepackaged plan of reorganization was set for Aug. 2, 1995.

         

            Should the Court confirm the plan of reorganization on that
        date, TWA expects to complete its restructuring and emerge from
        Chapter 11 no later than Aug. 31, 1995.  TWA announced earlier today
        that it had filed the plan under Chapter 11 of the U.S. Bankruptcy
        Code in bankruptcy court in St. Louis.  The presiding judge is Barry
        Schermer.

         

            TWA also said that the Court has given the company permission to
        pay both the pre- and post-petition debt of its trade creditors in
        the ordinary course of business.

         

       CONTACT: Robert Mead
                 212/484-6701

         



        CENTEX RAISES ITS BID FOR VISTA PROPERTIES

         

            DALLAS, TX--June 30, 1995-- Centex Corporation (NYSE: CTX)
        announced today that it has offered to amend its Securities Purchase
        Agreement with Vista Properties, Inc. (OTC:
VTPY-A)
, to provide aggregate consideration of $94.5 million for Vista's
noteholders and stockholders.  Centex agreed to increase the consideration by $1
        million to $95.5 million if Vista initiates its prepackaged
        bankruptcy proceedings on or before Aug. 18, 1995.  Centex indicated
        that it believes it is important to provide incentives to Vista to
        accelerate the solicitation of securities holders and the initiation
        of the bankruptcy proceeding in view of Vista's continuing
        restructuring and operating costs.  Under the terms of the proposed
        revised agreement, the Centex consideration will no longer be
        reduced by certain expense allocations to Vista's securities
        holders.

         

            The purchase price provided in Centex's amended agreement
        exceeds the Qualified Overbid of $92.45 million offered earlier this
        week by Lennar Corporation.  Centex retains its continuing right to
        increase its consideration in response to any other Qualified
        Overbids for Vista.

         

            Centex said that it is committed to consummation of the
        acquisition which it undertook in December 1994 when Centex executed
        the initial Securities Purchase Agreement as part of Vista's
        restructuring plan. The transaction should close during late
        September or October 1995, subject to certain approvals by Vista's
        securities holders and the bankruptcy court.  The Centex offer is
        subject to the review and execution of a revised amended agreement.
        Centex currently owns 4 percent of Vista's common stock.

         

            Centex Corporation, through its subsidiaries, is the nation's
        largest builder of single-family detached homes, a leading retail
        mortgage originator and general building contractor, and has a 49
        percent equity interest in a construction products company.

         

        /CONTACT:  David W. Quinn, executive vice president and chief
        financial officer, or Sheila E. Gallagher, vice president-corporate
        communications, both of Centex Corporation, 214-559-6500/

         



       BONNEVILLE PACIFIC CORP. ANNOUNCES SETTLEMENT
  

       

            SALT LAKE CITY,Utah--June 30, 1995--
Bonneville Pacific Corporation
, through its Chapter 11 Bankruptcy Trustee
(Roger G. Segal), announces today that settlements have been reached with two
        (2) of the numerous defendants in the civil action entitled Roger G.
        Segal, Trustee v. Portland General, et al, now pending in the United
        States District Court for the District of Utah, Case No. 92-C-364J.

         

            The settlements with Parsons Behle & Latimer and David P.
        Hirschi provide for payment to Bonneville Pacific Corporation of the
        total sum of Six Million Nine Hundred and Sixty Five Thousand
        Dollars ($6,965,000.00).

         

            The settlements are conditioned upon approval by the Untied
        States Bankruptcy Court and the entry of an appropriate dismissal
        order by the United States District Court.

         

        /CONTACT:  Vera Hopkinson, 801-532-2666/
  

       



        COURT GRANTS ORDER FOR RELIEF FOR WAREHOUSE AUTO CENTERS

         

            ROCHESTER, N.Y.,--June 30 , 1995--
Warehouse Auto Centers, Inc. (OTC Bulletin Board: WHAC)
, announced today that
subsequent to an involuntary petition for relief under Chapter 11 of the
        Bankruptcy Code being filed on June 6, 1995, the Bankruptcy Court
        formally ordered such relief be granted on June 29, 1995.

         

            The Company currently operates one warehouse style auto parts
        superstore in Rochester, New York.

        

        CONTACT:  Gene O'Donovan of Warehouse Auto Centers, Inc.,
        716-424-4500/





        EPE COMMON STOCK NOW TRADED ON NASD'S OTC BULLETIN BOARD

         

            EL PASO, Texas,--June 30, 1995--El Paso
Electric (EPE)
announced today that, effective immediately, the company's common
        stock will trade through the National Association of Securities
        Dealers, Inc. (NASD) automated quotation system on the OTC Bulletin
        Board under the unchanged symbol of "ELPAQ".

         

            Pricing information on EPE common stock is available through
        brokers, although the information will not be published in the
        financial section of newspapers.  Individuals also can call EPE's
        toll-free phone numbers (1-800-351-1621 or 1-800-592-1634) to learn
        the high/low/closing price and trade volume of EPE common stock on
        the previous business day.

         

           EPE's listing on the OTC Bulletin Board was necessitated by
        Nasdaq's notification to the company on June 21, 1995, that EPE's
        common stock would no longer be traded on the Nasdaq National Market
        System.  The company is reviewing Nasdaq's initial decision and has
        appealed the decision of the Listing Qualifications Committee to the
        Board of Governors of Nasdaq.

         

            EPE filed a voluntary petition under Chapter 11 of the United
        States Bankruptcy Code on Jan. 8, 1992.  El Paso Electric is an
        electric utility serving approximately 270,000 customers in El Paso,
        Texas, and an area of the Rio Grande Valley in West Texas and
        Southern New Mexico, and to wholesale customers located in such
        diverse locations as Southern California and Mexico.

         

        CONTACT:  National and regional media:  Alan Lee Bunnell, corporate
        spokesperson, 915-543-5823; local media:  Henry Quintana Jr.,
        supervisor of Corporate Communications, 915-543-5824;  
        financial analysts:  John Droubay, treasurer, 915-543-5710; stockbrokers and
        shareholders: Office of the Secretary, 1-800-592-1634 or 1-800-351-1621;  
        all of El Paso Electric/