TCR_Public/950720.MBX

BANKRUPTCY CREDITORS' SERVICE, INC.






Sam Houston Race Park, Ltd., SHRP Acquisition, Inc.,
and SHRP Capital., debtors and debtors-in-possesion in Bankruptcy Case Nos.  
95-43739-H2-11 through 95-43778-H3-11, pending before the United States
Bankruptcy Court for the Southern District of Texas, Houston Division,
filed a Fifth Amended Joint Plan of Reorganization and a Disclosure
Statement relating thereto with the Court on July 13, 1995.  The Court has
scheduled a Confirmation Hearing for August 7, 1995.  The Effective Date
is contemplated to occur 11 days following Confirmation.  The Debtor is
represented by Zack A. Clement, Esq., L. Farrell Crane, Jr., Esq., and
John J. Bright, Esq., of Fulbright & Jaworski L.L.P., in Houston, Texas.  
A copy of the Debtor's Plan and Disclosure Statement is available from
Bankruptcy Creditors' Service, Inc., for $60.  






        TRANSCISCO ANNOUNCES EARNINGS FOR FIRST FISCAL QUARTER ENDED JUNE 30, 1995
   

      

            SAN FRANCISCO, Ca--July 20, 1995--
Transcisco Industries, Inc. (AMEX: TNI)
today announced earnings of $492,000 or
$.09 per share for the first fiscal quarter of 1996 (ended June 30, 1995).
        This compares with earnings of $19,000, or $0.00 per share for the
        comparable period last year.  Revenues for the quarter were
        $10,835,000 compared with $8,168,000 in the first quarter of 1994.
   

      

            In commenting on the company's earnings, Steve Pease, President
        & CEO, said: "Our first quarter was strong, particularly when
        compared with earnings for the entire fiscal 1995, which totaled
        $571,000. During the first quarter, all of our business units
        performed solidly, with the strongest contribution from Transcisco
        Leasing Company, whose railcar fleet under management continues its
        impressive growth."
   

      

            "We are also making progress on other fronts.  A major priority
        is working with two large institutions on a prospective refinancing
        of our Chapter 11 debt.  We have agreements with most of our Chapter
        11 creditors to purchase their debt at a significant discount.  If
        the refinancing is completed successfully, the company may earn
        substantial debt forgiveness income."
   

      
                                         Three Months Ended June 30

                                             1995           1994
        Revenue                          $10,835,000     $8,168,000
        Net Income                          $492,000        $19,000
        Earnings per Share                     $0.09          $0.00
        Shares used in calc.               5,460,630      5,239,995
         

            Transcisco Industries, Inc., based in San Francisco, is a
        holding company whose primary lines of business include: (1)
        Nationwide railcar maintenance through Transcisco Rail Services
        Company, operating 12 railcar repair and maintenance facilities from
        Georgia to Montana; (2) Specialty railcar leasing and management
        services through Transcisco Leasing Company, providing innovative
        railcar leasing and management services for large utilities and
        major railroads; and, (3) Russian rail transportation services
        through Transcisco Trading Company, a 20% shareholder of
        SovFinAmTrans (SFAT), Russia's leading privately held rail
        transportation firm.  SFAT's 5,400 tankcar fleet is used to
        transport petroleum and petrochemicals for export.
   

      

        /CONTACT:  Greg Saunders, Vice President, Controller, of Transcisco,
        415-477-9703/
   

      



         

        BATTERY PARK CITY AUTHORITY AND HOUSING NEW YORK CORPORATION DEBT NOT
        IMMEDIATELY IMPACTED BY BANKRUPTCY OF OLYMPIA & YORK FINANCING ENTITY
   

      

            NEW YORK, NY--July 20, 1995--Yesterday, Moody's
        Investors Service was notified by the Battery Park City Authority
        (BPCA) of the bankruptcy filing of Olympia & York
World Financial Center Finance Corporation
, a special purpose entity which provided
        the financing of Tower B of the World Financial Center located in
        New York City.  Moody's currently rates approximately $860 million
        of senior and junior lien debt, rated A1 and A respectively, issued
        by the Battery Park City Authority and the Housing New York
        Corporation. These bonds are primarily secured by certain lease
        revenues and payments in lieu of taxes on 18 commercial and
        residential properties located at the Battery Park City site in
        lower Manhattan.  Three of these leases are held by subsidiaries of
        Olympia & York.   
   

      

            While Olympia & York subsidiaries are responsible for the
        majority of revenues pledged to the bonds, the entity which filed
        bankruptcy is not a lessee responsible for any pledged revenues
        under the bond indenture.  Indeed, all ground rent payments and
        payments in lieu of taxes have been paid to date in full and on time
        to the Authority by the owner of Tower B - Olympia & York Tower B
        Company.  In addition, the Authority reports that since the
        bankruptcy filing of the financing entity, the owner expects to
        continue all scheduled payments due under the lease.  Moreover, the
        Authority reports that all World Financial Center office buildings
        are virtually fully occupied and appear to be operating
        successfully.   
   

      

            This bankruptcy does not immediately affect the ratings on the
        bonds as the initial credit analysis considered the possibility of
        an Olympia & York subsidiary or subsidiaries becoming involved in a
        bankruptcy proceeding given the precarious financial condition of
        the subsidiaries' parent company - Olympia & York Developments Ltd.
        The bonds were structured with a special reserve fund as well as a
        debt service fund for each of the two liens which together equal
        $106 million and is sufficient to provide more than two years of
        debt service on the bonds should all Olympia & York related revenues
        be interrupted.   
   

      

            As in any bankruptcy, it is difficult to determine what the
        final resolution will be.  One likely scenario is that the owner of
        the building will continue to make all payments that are due to the
        Authority while the bankruptcy of the financing entity is resolved.
        Another scenario which appears less likely to occur is that all
        revenues from the Tower B owner, which represent only a portion of
        total pledged revenues, cease.  Preliminary financial analysis from
        BPCA, however, indicates that if this scenario did occur, all other
        pledged revenues would be sufficient to pay debt service on the
        bonds indefinitely without invading the special fund or the debt
        service reserve funds.   
   

      

            The following is a list of Moody's outstanding ratings on
        Battery Park City Authority and Housing New York Corporation debt
        secured, in part, by payments from Olympia and York entities.  The
        ratings on the bonds have not been placed under review at this time.
        Moody's will continue to monitor the situation closely.   
   

      

            Battery Park City Authority Senior Revenue Refunding Bonds,
        Series 1993A:  A1 Housing New York Corporation Senior Revenue
        Refunding Bonds, Series 1993: A1 Battery Park City Authority Junior
        Revenue Refunding Bonds, Series 1993 A and B:A.
   

      
        CONTACT:  Housing Finance Group, New York

                  Wendy Ward Berry
                  Vice President, Manager
                  212/553-4104
                  or
                  Lloyd Alcorn
                  Assistant Vice President
                  212/553-1042



         
          

        Bidermann obtains court approval for $20 million interim DIP financing
   

      

            NEW YORK--July 20, 1995-
Bidermann Industries U.S.A. Inc.
announced today that it has obtained bankruptcy
court approval for use of $20 million in interim debtor-in-possession ("DIP")
financing.
   

      

            The company said it also obtained approval from the court for
        use of $15 million in cash collateral.  Bidermann announced on July
        17, 1995 that it had filed a voluntary petition under Chapter 11 of
        the U.S. Bankruptcy Code with the U.S. Bankruptcy Court for the
        Southern District of New York.
   

      

            The company said that it has received a commitment for $75
        million in DIP financing from a lending group including Bank of
        America and Credit Lyonnais and that it would seek and expects to
        receive court approval for use of the remainder of the financing in
        the coming weeks.
   

      

            The company said the approved funds would be sufficient to
        operate business on a normal basis during the reorganization
        proceeding, including payment to vendors in the ordinary course of
        business for goods and services delivered post-petition.   

         

            Bidermann Industries U.S.A. Inc. is a subsidiary of Bidermann
        International S.A., a French Company.  Bidermann is a major producer
        and distributor of men's and women's designer and branded apparel in
        the United States, Canada, Mexico and Central America.  Bidermann's
        core operations are the Shirt Group, the Hosiery Group and Ralph
        Lauren Womenswear.
   

      

        CONTACT: Robert Mead, 212/484-6701




         
         

        TELIOS ANNOUNCES JUDICIAL VALUATION OF STOCK TO BE ISSUED UNDER PLAN
        OF REORGANIZATION
   

      

            SAN DIEGO, Ca--July 20, 1995--Telios
Pharmaceuticals Inc. (Nasdaq: TLIOQ)
(the "company") announced that the U.S.
Bankruptcy Court for the Southern District of California had determined $8.65
        to be the share value of the Common Stock of Integra LifeSciences
        Corp. to be issued under the company's confirmed Plan of
        Reorganization (the "Plan").  The Plan provides for the acquisition
        of the company by Integra LifeSciences Corp. for stock.
   

      

            As previously announced, only holders of record on May 24, 1995,
        will be entitled to receive treatment under the Plan.
   

      

        /CONTACT:  Todd E. Simpson, CFO of Telios Pharmaceuticals,
        619-622-2615/