DALLAS, Texas--August 4, 1995--Search
Capital Group, Inc., ("Search")
announced today that it and an ad hoc committee
        representative of noteholders in all eight of its non-recourse
        Securitization Subsidiaries ("Subsidiaries") have reached an
        agreement in principle to exchange approximately $68 million of the
        Subsidiaries' indebtedness for Search common stock and a new class
        of preferred stock.  The debt-to-equity exchange proposal was a
        Search decision which is supported by the input and recommendations
        of the ad hoc committee.   


            In order to consummate the exchange program, each of the
        Subsidiaries (but not Search or its affiliate, AutoCredit) will file
        for reorganization under Chapter 11 of the U. S. Bankruptcy Code.
        After filing, Search and the Subsidiaries will seek approval from
        the Bankruptcy Court to solicit acceptance of the exchange from
        noteholders.  Upon receipt of the requisite acceptances, Search and
        the Subsidiaries will request the Court to confirm the exchange as
        expeditiously as legally possible thereby allowing for the transfer
        of assets to equity of over $40 million on Search's balance sheet.   


            As previously announced, Search engaged the investment banking
        firm of Alex. Brown & Sons to assist in developing the debt-to-
        equity exchange program.  Alex. Brown & Sons is a highly
        sophisticated and experienced investment firm with years of success
        in assisting companies in their restructurings.   


            George C. Evans, Search's Chairman and Chief Executive Officer
        said, "We have made some tough decisions to make improvements to the
        situation we inherited.  By completing our debt-to-equity exchange
        program, we believe we can return Search to profitability and
        restore investor confidence.  We are pleased with the structure of
        the exchange program and believe that it is equitable to noteholders
        who, as stockholders, will benefit from Search's future financial
        performance and that it is far superior to a liquidation of the
        Subsidiaries' assets."   


            The ad hoc committee chairman, Mr. Doug Powell stated, "I have
        reviewed the proposed debt-to-equity exchange with interest and
        intensity.  I feel it is fair and reasonable to both the noteholders
        and shareholders.  Given the condition of Search and its
        Subsidiaries only seven months ago, this exchange upon being duly
        executed, provides a vehicle whereby the noteholders have the
        opportunity to recover their original investment plus upside


            If a plan of reorganization is confirmed as filed, the
        noteholders' convertible preferred shares (assuming ultimate
        conversion to common stock) and common shares will represent
        approximately 70% of Search's total common stock.  Under terms of
        the exchange, noteholders will receive preferred stock valued at
        approximately $45 million and common stock valued at approximately
        $9 million.   


            Search will also increase its Board of Directors from five to
        seven with one of the new directors being recommended by the ad hoc
        committee.  The person recommended by the ad hoc Committee and
        approved by Search's Board of Directors is Mr. Doug Powell, Chairman
        of The Dominion Companies, an investment company based in Dallas.   


            "Simultaneously with our ongoing operational improvements and
        our debt to equity exchange program, Search has executed a letter of
        intent with a major lender for a $100 million line of credit subject
        to our plan being confirmed and due diligence by the lender.  Also,
        our senior management team is negotiating to acquire another sub-
        prime automobile finance company.  Immediately following
        confirmation of our plan, Search will effect these transactions and
        `jump start' our business plan,"  said Mr. Evans.   


            Mr. Evans projected that upon completion of the debt-to-equity
        exchange, Search will have equity in the range of $40-45 million, no
        debt, and a $100 million line of credit available to more than
        double its current size.  With over $40 million in equity, Search
        will qualify to be relisted with NASDAQ and will issue tradable
        securities to its noteholders.  Evans stated, "This new structure
        takes a company that was very sick when the new management team came
        on board in January 1995 and allows it to become a premier player in
        the sub- prime auto finance market and a prospectively strong
        company in the financial services arena."   


            He emphasized that by leveraging the new equity base, additional
        financing, and ability to purchase higher quality automobile loans,
        Search will be in a position to dramatically improve earnings and
        increase shareholder value thus permitting the noteholders, as
        stockholders, to receive returns on their stock similar to earnings
        levels that other sub-prime finance company stocks are experiencing.


            Search Capital Group, Inc. is a specialized financial services
        company engaging in the purchase, management and securitization of
        used motor vehicle receivables.  To fund contract receivable
        purchasing, Search created wholly-owned single purpose entities,
        referred to as non-recourse Securitization Subsidiaries.  As of
        August 1995 there are eight active non-recourse Securitization
        Subsidiaries which have issued approximately $68 million in notes.
        Neither Search nor any affiliate has guaranteed repayment of the
        non- recourse Securitization Subsidiaries' notes.  Search's common
        stock, which had been traded until March 1995 on NASDAQ under the
        symbol "SRCG", was delisted due to late filings with the SEC (which
        are now current) and net tangible assets on a consolidated basis
        that did not meet NASDAQ criteria.  Search shares are being traded
        by several market makers, who trade the shares independently, and
        Search shares are listed on the OTC Bulletin Board.   


        CONTACT: George C. Evans
                 Chairman, President & CEO
                 Search Capital Group, Inc.
                 (214) 965-6000


        TWA prepackaged reorganization plan confirmed by court; effective date
anticipated in mid-August


            ST. LOUIS, Mo.,--Aug. 4, 1995--Trans World
Airlines Inc. (ASE:TWA)
announced today that the U.S. Bankruptcy Court in St.
        Louis has confirmed its prepackaged reorganization plan and has
        targeted mid-August for the plan to become effective.


            The company said that, when implemented, the plan will decrease
        TWA's outstanding debt by approximately $500 million and
        significantly reduce the company's interest expense.  TWA filed its
        prepackaged plan of reorganization under Chapter 11 of the U.S.
        Bankruptcy Code on June 30, 1995.


            The company said the reorganization plan received strong support
        from its creditors, labor leadership and employee-owners.


            "The confirmation of TWA's plan of reorganization effectively
        concludes our prepackaged bankruptcy proceeding and clears the way
        for the implementation of our financial restructuring later this
        month," said Jeffrey H. Erickson, president and chief executive
        officer of TWA.  "We are very pleased that the reorganization has
        proceeded quickly and according to plan -- thanks in large part to
        the support of our creditors and employee-shareholders."


            Erickson added, "TWA is making a strong comeback -- with a
        significantly improved balance sheet and dramatically enhanced
        ability to compete profitably for the value-conscious business
        traveler and price-conscious leisure traveler."


            St. Louis-based Trans World Airlines Inc. is a major domestic
        and international airline that flies to 73 destinations in the
        United States and Caribbean and provides service to 12 destinations
        in Europe and the Middle East.  The airline operates hubs in St.
        Louis and New York's John F. Kennedy Airport.


        CONTACT:  Trans World Airlines, New York
                  Robert Mead, 212/484-6701