TCR_Public/950816.MBX

BANKRUPTCY CREDITORS' SERVICE, INC.






        SPECTRUM INFORMATION TECHNOLOGIES FILES 10-Q FOR THE QUARTER ENDED
        JUNE 30, 1995
   

      

            PURCHASE, N.Y.--Aug. 16, 1995--Spectrum
Information Technologies, Inc.
announced today that it has filed a Form 10-Q
        with the Securities and Exchange Commission for the first quarter of
        fiscal 1996.
   

      

            Spectrum noted that the financial statements within the report
        do not include Computer Bay, which the Company closed in January
        1995, and represented approximately 90 percent of the Company's
        revenues on a consolidated basis.  Computer Bay filed a voluntary
        chapter 11 petition, along with Spectrum and two of Spectrum's other
        operating subsidiaries. The Computer Bay case was converted to
        chapter 7 during the quarter reported and is being handled by a
        court appointed trustee.
   

      

            In the three months ended June 30, 1995, Spectrum reported a
        loss from continuing operations of $1.9 million, a decrease of 13%
        as compared with a loss of $2.2 million during the same quarter in
        the last fiscal year.  Revenues increased 33% from $3 million to $4
        million over the same quarter in fiscal 1995.  Spectrum's net income
        for the quarter was $641,000 or $0.01 per share, as opposed to a net
        loss of $2.1 million or $0.03 per share during the first quarter of
        fiscal 1995.
   

      

            Spectrum's income was largely the result of a gain of $2.5
        million recorded by writing off the net liabilities of its Computer
        Bay subsidiary following its conversion to a chapter 7 case.
        Spectrum reported a loss of $0.02 per share from continuing
        operations.
   

      

            In the 10-Q, Spectrum also announced that it has entered a
        contract to sell its Dallas facility for approximately $780,000.
        The sale is subject to bankruptcy court approval.
   

      

            Based in Purchase, Spectrum Information Technologies develops
        and licenses direct connect technology related to the wireless
        transmission of data.  In January, the Company filed a voluntary
        chapter 11 petition in the U.S. Bankruptcy Court for the Eastern
        District of New York and is in the process of reorganizing its
        business.
   

      

        /CONTACT:  Media, Michael Freitag of Kekst and Company,
        212-593-2655, or Investors, Spectrum Information Technologies, Inc.
        Investor Relations, 914-251-1800 ext. 182/
   


      


         

        Rockefeller Center Properties, Inc. signs Letter of Intent with Zell
Investment Group  
   

      

            NEW YORK, NY--August 16, 1995--Rockefeller
Center Properties, Inc.
("RCPI") today announced that it has signed a
        letter of intent with Equity Office Holdings, L.L.C., a national
        office building investment and management company led by Samuel
        Zell, for a $250 million investment by Mr. Zell and other investors
        (the "Zell Group") in a recapitalization and deleveraging that would
        result in a new company owned in approximate equal proportions by
        the Zell Group and existing equity holders of RCPI.  A majority of
        the new company's board of directors would be independent of the
        Zell Group.   
   

      

            Mr. Zell's investment would be through Zell/Merrill Lynch Real
        Estate Opportunity Partners Limited Partnership III, an
        institutional real estate investment fund sponsored by Zell and
        Merrill Lynch.  The Zell Group also includes The Walt Disney
        Company.  In addition, the letter of intent allows RCPI to call upon
        the Zell/Merrill Lynch III fund for an initial $33 million cash
        infusion in the form of a $10 million working capital loan later
        this month and the purchase of $23 million of common stock in the
        fourth quarter of 1995.   
   

      

            RCPI is a mortgage real estate investment trust whose principal
        asset is a $1.3 billion participating convertible mortgage loan on
        Rockefeller Center.  Rockefeller Center is a 12-building landmark
        office and retail complex in the heart of midtown Manhattan with 6.2
        million square feet of net rentable space.  The current owners of
        Rockefeller Center, two partnerships controlled by Mitsubishi Estate
        Company, Ltd. and Rockefeller family interests, filed for protection
        under Chapter 11 on May 11, 1995.  The recapitalization will enable
        RCPI to pursue a viable plan of reorganization for Rockefeller
        Center.  The proceeds of the working capital loan and the equity
        investments would allow RCPI to service its debts and pay its
        operating expenses as it pursues the plan of reorganization.   
   

      

            Consummation of the transaction contemplated by the letter of
        intent is subject to a number of conditions, including the
        negotiation of definitive agreements, the proposal of a
        reorganization plan to be filed by RCPI in the Rockefeller Center
        bankruptcy, the consent of RCPI shareholders and the receipt of any
        other required consents.  There can be no assurance that these
        conditions will be satisfied and therefore that the transaction
        contemplated by the letter of intent will be consummated.   
   

      

            RCPI is listed on the New York Stock Exchange as "RCP."  As of
        August 15, 1995, there were 38,260,704 shares of common stock
        outstanding.   
   

      

            Equity Office Holdings, L.L.C. is a Chicago-based privately held
        office building owner/operator headed by Samuel Zell, Chairman of
        the Board.  Equity Office and its subsidiaries manage and operate
        more than 27 million square feet of office space in 45 markets
        nationwide, on behalf of ownership affiliated with Mr. Zell.
        Zell/Merrill Lynch III, the third in a series of funds which invest
        in high-quality, diversified portfolios of real estate assets,
        closed in 1994 with $682.1 million in equity capital commitments.   
   

      

        CONTACT:  Stephanie Leggett Young
                  (212) 698-1440
                       or
                  Gary Holmes
                  (212) 484-7736

          



        INTEGRA LIFESCIENCES CORPORATION COMPLETES ACQUISITION OF TELIOS
        PHARMACEUTICALS
   

      

            PLAINSBORO, N.J.--Aug. 16, 1995--Integra LifeSciences
        Corporation (Nasdaq-NNM: IART) ("Integra") announced today that it
        completed its acquisition of Telios
Pharmaceuticals, Inc.
("Telios")
        (Nasdaq: TLIOQ) on August 15, 1995 pursuant to an Acquisition
        Agreement between Integra and Telios and a Plan of Reorganization
        ("Plan") for Telios which was previously confirmed by the U.S.
        Bankruptcy Court for the Southern District of California.  The Plan
        provides for the issuance to Telios' creditors and interest holders
        of approximately 3,543,000 shares of Integra Common Stock, valued by
        the Bankruptcy Court at $8.65 per share for purposes of the
        distribution provisions of the Plan. Stockholders of Telios Common
        Stock as of the May 24, 1995 record date are entitled to receive as
        an initial distribution an aggregate of approximately 497,000 shares
        of Integra Common Stock, or .02 shares of Integra Common Stock for
        each share of Telios Common Stock.  A subsequent distribution of
        Integra Common Stock may be made upon final determination of
        remaining disputed claims.  Integra's Common Stock is scheduled to
        commence trading at 10:00 a.m. today on the Nasdaq National Market
        System under the symbol "IART."  The shares of Telios Common Stock,
        which were formerly traded on the Nasdaq National Market System
        under the symbol "TLIOQ", have been delisted.
   

      

            Integra believes the acquisition strengthens its position as an
        emerging leader in the field of regenerative medicine.  Telios'
        proprietary core technology in the application of RGD (argidene-
        glycine-aspartic acid) peptides to promote directed cell behavior
        complements Integra's strengths in the late-stage development and
        commercialization of biomaterials-based technologies.
   

      

            Telios' products under development include a cell adhesive
        coating designed to improve the performance of implantable devices
        and their acceptance by the body, and a platelet aggregation
        inhibitor designed to prevent unwanted blood clotting without
        causing bleeding at therapeutic doses, unlike certain therapies now
        existing or under development by others.
   

      

            Integra is dedicated to the development and use of proprietary
        technology which enables the body to create functional substitutes
        to replace damaged and diseased body tissues.  Integra is currently
        focusing this technology on the creation of functional substitutes
        for dermal skin, articular cartilage and peripheral nerves.
   

      

        /CONTACT:  John R. Emery, CFO of Integra LifeSciences Corporation,
        609-936-2370, or Todd E. Simpson, 619-622-2615, for Integra/
   


      


         

        TRENTON INDUSTRIES INC. -- COURT APPROVAL ADJOURNED  
   

      

            TORONTO--Aug. 16, 1995--The Court has today
        adjourned the motions for approval of the Proposals under the
        Bankruptcy and Insolvency Act of Trenton
Industries Inc. (TSE:TII)

        and its two subsidiaries, Trenton Machine Tool Inc. and Sailrail
        Enterprises Limited.  The motions for court approval will now be
        heard on September 19, 1995.  The adjournment was sought by the
        Trenton Group in order to provide it with an additional period of
        time in which to obtain financing for its obligations under the
        Proposals and to support a return to normal business operations.   
   

      

        CONTACT:  Trenton Industries Inc.  
                  Dean Antonakes, 905/508-0405  

         


         

        UDC ANNOUNCES RECEIPT OF LETTER OF INTEREST FROM PACIFIC GREYSTONE
CORPORATION  
   

      

            TEMPE Ariz.--Aug. 16, 1995--UDC Homes,
Inc.

        ("UDC") announced today that it has received a letter from Pacific
        Greystone Corporation ("PGC") in which PGC has indicated that it is
        "interested in exploring a transaction with UDC."  PGC also stated
        in its letter to UDC that it "will need to complete a certain amount
        of analysis and due diligence before making a well-based preliminary
        pricing proposal."  According to PGC's letter to UDC, PGC believes
        that it is likely that such analysis should permit PGC to deliver an
        offer containing a preliminary pricing proposal in excess of the
        value contained in the existing offer from DMB Property Ventures
        Limited Partnership.   
   

      

            If a preliminary pricing proposal is presented by PGC, UDC's
        board of directors will consider such a proposal in light of its
        fiduciary duties.  There can be no assurance, however, that a
        transaction with PGC will be proposed or, if proposed, what the
        terms of such a proposal might be.  As a matter of corporate policy,
        UDC does not expect to comment on the details of any proposal which
        might be received by UDC from PGC.   
   

      

            On May 16, 1995, UDC entered into a Stock Purchase Agreement
        (the "DMB Stock Purchase Agreement") with DMB Property Ventures
        Limited Partnership ("DMB"), a Phoenix based real estate investment
        and development company, pursuant to which DMB would acquire all of
        the equity of reorganized UDC, subject to certain terms and
        conditions provided therein.  On May 17, 1995, UDC filed a petition
        for relief under Chapter 11 of the Bankruptcy Code with the United
        States Bankruptcy Court for the District of Delaware.  On August 3,
        1995, the Bankruptcy Court entered an order approving UDC's Second
        Amended Disclosure Statement with respect to its Second Amended
        Reorganization Plan.  The Second Amended Disclosure Statement and
        the Second Amended Reorganization Plan is being mailed to the
        company's creditors and equity holders today and tomorrow.  The
        Bankruptcy Court has scheduled a confirmation hearing on the
        Reorganization Plan for October 2, 1995.   
   

      

        CONTACT: Michael D. Singer
                 Arthur Schmidt & Associates
                 (212) 953-5555