TCR_Public/950721.MBX
BANKRUPTCY CREDITORS' SERVICE, INC.






        Rockefeller Center Properties announces results of operations for the second
quarter and six months ended June 30, 1995
   

      

            NEW YORK, NY--July 21, 1995--Rockefeller
Center Properties Inc.
(RCPI) announced today a net loss in the second
        quarter of 1995 of $17,818,000, or $.46 per share, as compared to
        net income of $6,551,000, or $.17 per share, for the same period in
        1994.  The company also reported a net loss of $25,296,000, or $.66
        per share, for the six months of 1995 as compared to net income of
        $13,218,000, or $.35 per share, for the previous year's comparable
        period.
   

      

            The loss during the current second quarter and six month period
        is a result of the May 11, 1995 chapter 11 filing by the Borrower
        (two partnerships, Rockefeller Center Properties and RCP
        Associates).  As a result of the Borrowers' action the company is
        required for accounting purposes to limit recognition of income on
        the mortgage loan for six months ended June 30, 1995 to the cash
        interest actually received from the Borrower.  The results for the
        six months ended June 30, 1995 also include higher general and
        administrative expenses principally due to the Borrowers' chapter 11
        filing in addition to higher interest expense and amortization of
        deferred debt issuance costs, partially offset by a recorded
        increase in earnings of $1,428,000, or $.04 per share, representing
        a current non cash adjustment for the stock appreciation rights
        which were issued in December 1994.
   

      

            The company also reported cash flow from operating and investing
        activities of $53,415,000 for the six months ended June 30, 1995.
        Cash flow from investing activities consisted of $50 million
        realized from draw downs under the company's letters of credit
        following the Borrowers' failure to make the interest payment due
        May 31, 1995.  Due to the uncertainties caused by the Borrowers'
        chapter 11 filing, for accounting purposes only, this $50 million
        has been applied to reduce the carrying value of the mortgage loan.
   

      

            RCPI stated that it continues to explore a wide range of
        strategic alternatives.  The company emphasized that no decisions
        have been reached concerning any course of action and that no
        assurances could be given that any transaction will be entered into.
        The exploration of a broad range of possibilities is part of the
        company's continuing efforts to insure that RCPI considers all
        possibilities that could be in the best interests of the company and
        its stockholders.
   

      

            RCPI is a mortgage real estate investment trust whose principal
        asset is a $1.3 billion participating convertible mortgage loan to
        the Borrower, which is 100% controlled by Rockefeller Group Inc.
        (RGI).  Mitsubishi Estate Company Ltd. controls an 80% equity
        interest in RGI and Rockefeller Family Interests hold the remaining
        20%.  On May 11, 1995, the Borrower commenced cases under Chapter 11
        of the bankruptcy law in the United States Bankruptcy Court for the
        Southern District of New York.
   

      

            RCPI is listed on the New York Stock Exchange as "RCP".  As of
        July 20, 1995 there are 38,260,704 shares of common stock
        outstanding.



                          Quarters ended June 30,    Six Months ended June 30,  
                              1995        1994          1995        1994
         
        Revenues           $   339,000  $27,262,000  $20,785,000   $54,532,000
        Interest expense   $21,203,000  $19,407,000  $42,568,000   $38,679,000
        General and          
         administrative    $ 1,933,000  $ 1,128,000  $ 3,209,000    $2,283,000
        Amortization of  
         deferred debt
         issuance costs    $   883,000  $   176,000  $ 1,732,000    $  352,000
        Reduction in  
         liability for
         stock apprecia-
         tion rights       $ 5,862,000  $        --  $ 1,428,000    $       --
        Net (loss) income $(17,818,000) $ 6,651,000 $(25,296,000)   $13,218,000
        Net (loss) income
         per share         $     (0.46) $      0.17  $     (0.66)   $      0.35
         
        CONTACT: Rockefeller Center Properties Inc.
                 Stephanie Leggett Young, 212/698-1440
                 Michael Kinnicutt, 212/373-0225




    

        PENNSYLVANIA ATTORNEY GENERAL TO JOIN CRIMINAL INVESTIGATION OF NEW ERA
   

      

            HARRISBURG, Pa.--July 21, 1995--The Pennsylvania
        Attorney General's Office will join with the U.S. Attorney's Office
        for the Eastern District of Pennsylvania in the criminal
        investigation of the collapse of the Foundation
for New Era Philanthropy
, U.S. Attorney Michael R. Stiles and Acting Attorney
        General Walter W. Cohen announced today.
   

      

            Stiles and Cohen said Senior Deputy Attorney General Lawrence
        Barth of the Attorney General's Charitable Trusts and Organizations
        Section will be cross-designated to work on the criminal
        investigation with the U.S. Attorney's Office.
   

      

            At the request of the U.S. Attorney, the Attorney General's
        office will move to stay its civil action in Commonwealth Court
        against John G. Bennett Jr., president of the Foundation for New Era
        Philanthropy, and will cease enforcement of subpoenas issued to
        other individuals associated with New Era.
   

      

            The Foundation for New Era Philanthropy, based in Radnor, filed
        for bankruptcy in May, owing millions of dollars to individuals and
        nonprofit groups, including charities, colleges, libraries and
        museums.
   

      

             The Attorney General's Charitable Trusts and Organizations
        Section filed suit in Commonwealth Court on May 16 against New Era
        and Bennett, charging that the defendants defrauded many of the
        charitable institutions they promised to help.  Commonwealth Court
        froze the defendants' assets at the state's request.
   

      

            The Attorney General's office on June 8 agreed to remove New Era
        as a defendant in its lawsuit.  Cohen said that forcing New Era to
        litigate the suit would have depleted funds that ultimately can be
        used for restitution to charities that lost their investments.
   

      

             Under a consent agreement negotiated by the Attorney General's
        office with New Era, the foundation is permanently barred from
        conducting charitable solicitations in Pennsylvania.
   

      

             "We are pleased to be working with the U.S. Attorney's office
        in this investigation, and we will continue to actively participate
        in all proceedings before the Bankruptcy Court," Cohen said.
   

      

        /CONTACT:  Jack Lewis, assistant press secretary of the Office of
        Attorney General, 717-787-5211, or at home, 717-657-9840/
   

      



         

        GRAND PALAIS RIVERBOAT INC., RECEIVES LETTER OF INTENT FOR SALE OF
        NEW ORLEANS RIVERBOAT
   

      

            DENVER, Co.--July 21, 1995--Hemmeter Enterprises Inc., and
        the joint venture between affiliates of Hyatt Corporation and
        Players International Inc. (Nasdaq-NNM: PLAY), today announced they
        have entered into a letter of intent with respect to a sale by HREF="chap11.gpalais.html">Grand
        Palais Riverboat Inc.
, an affiliate of Hemmeter, of a New Orleans-
        based casino riverboat. The joint venture will petition the
        regulatory authorities to approve the transaction.
   

      

            The agreement calls for the purchase of all of Grand Palais'
        assets for a price of $55 million plus the assumption of certain
        liabilities. Grand Palais must deliver the assets free and clear
        with all liabilities satisfied, including bondholder debt, bank debt
        and trade payables.  It is expected that in order to timely
        accomplish the sale while providing for the protection of creditors,
        Grand Palais will file a petition seeking reorganization under
        Chapter 11 of the Federal Bankruptcy Code.
   

     

            The purchaser has indicated that it is prepared to provide
        interim financing to permit Grand Palais to maintain its riverboat
        and pay for the associated costs of its reorganization.
   

      

            The parties intend to close the sale and make distributions to
        creditors by Oct. 15, 1995.  Such closing is subject to a number of
        contingencies, including regulatory, director and bondholder
        approvals and appropriate court order.
   

      

            The Hyatt/Players joint venture announced it is prepared to
        recommence negotiations with Capital Gaming International Inc., for
        the purchase of its New Orleans casino riverboat in the hope that a
        two-boat purchase can be consummated with one boat remaining in New
        Orleans.
   

      

        /CONTACT:  Stephen J. Szapor Jr., executive VP of Hemmeter
        Enterprises, 303-863-2443/
   


      

         

Belle Casinos, Inc., and Biloxi Casino Belle, Inc.,
debtors and
debtors-in-possesion in Bankruptcy Case Nos.  94-08533-SEG and
94-08534-SEG, pending before the United States Bankruptcy Court for the
Southern District of Mississippi, Biloxi Division, filed a Joint
Liquidating Chapter 11 Plan of Reorganization and a Disclosure Statement
relating thereto with the Court on July 17, 1995.  No hearing on the
adequacy of the disclosure statement has been scheduled. The Effective
Date will occur 10 business days following Confirmation.  The Debtor is
represented by Jeffrey D. Rawlings, Esq., of Rimmer, Rawlings, MacInnis &
Hedglin, P.A., in Jackson, Mississippi.  A copy of the Debtor's Plan and
Disclosure Statement is available from Bankruptcy Creditors' Service,
Inc., for $40.  






BMI Land Co., Inc.


BMI Land Co., Inc., debtor and debtor-in-possesion in
Bankruptcy Case No.  
B-94-31231, pending before the United States Bankruptcy Court for the
Western District of North Carolina, Charlotte Division, filed a Chapter 11
Plan of Reorganization and a Disclosure Statement relating thereto with
the Court on July 5, 1995.  A hearing on the adequacy of the disclosure
statement is scheduled for August 22, 1995.  The Effective Date will occur
60 days following Confirmation.  The Debtor is represented by Charles M.
Ivey, III, Esq., and James K. Talcott, Esq., of Ivey, Ivey, McClellan &
Gatton, L.L.P., in Greensboro, North Carolina. A copy of the Debtor's Plan
and Disclosure Statement is available from Bankruptcy Creditors' Service,
Inc., for $20.