TCR_Public/950831.MBX BANKRUPTCY CREDITORS' SERVICE, INC.



Cypros Pharmaceutical repurchases
        common stock

        
            CARLSBAD, Calif.--Aug. 31, 1995--Cypros
        Pharmaceutical Corp. (NASDAQ:CYPR) announced Thursday that it has
        purchased and retired 280,000 shares of its outstanding common stock
        in a privately negotiated transaction, which included an additional
        170,000 shares purchased by a group of individuals familiar with the
        company.
        


            The 450,000 shares were purchased from Edwin Mishkin, trustee
        for the liquidation of the business of href="chap11.adler.html">Adler Coleman Clearing Corp.
        This transaction completes the liquidation of the approximate 1
        million shares of Cypros common stock owned by the Adler bankruptcy
        trustee.
        


            Paul J. Marangos, chief executive officer of the company,
        commented, "Over the past six weeks, the price of our stock has
        declined to an artificially low level.  It has suffered from the
        public knowledge that the Adler trustee had a substantial number of
        shares of stock available for sale.  
        


            "This price decline has occurred despite our recent reported
        progress on the product acquisition, clinical trial commencement and
        patent prosecution fronts during that same period.  However, the
        various sales by the trustee during the month of August did result
        in major institutional buying of Cypros common stock."  
        


        
        CONTACT:  Cypros Pharmaceutical Corp.,
                  David W. Nassif, 619/929-9500
                     or
                  Financial Sciences of America,
                  Francesca Daniels, 310/278-4413
        




Solo Serve Corporation
reports August sales and
        second quarter operating results

       
            SAN ANTONIO, Texas--Aug. 31, 1995--href="chap11.solo.html">Solo Serve
        Corporation
(NASDAQ:SOLOQ) Thursday reported sales of $10.1
million
        for the four week period ended Aug. 26, 1995 compared to $9.2
        million from the prior year.  
        


            The Company's comparable store sales increased 12.0 percent
        during the four week period ended Aug. 26, 1995, as compared with
        the same period in 1994.  
        


            The Company's year-to-date sales of $63.5 million for the 30
        weeks ended Aug.  26, 1995 represent a decrease of 29.2 percent from
        total store sales of $89.7 million for the same period in 1994.  The
        Company's year-to-date comparable store sales decreased 5.6 percent.
        


            Separately, the Company also reported net income for the second
        quarter ended July 29, 1995, of $1.8 million or $.60 per share,
        compared to a net loss of $11.0 million, or $3.87 per share for the
        same period last year.  
        


            Of the $1.8 million net income for the quarter ended July 29,
        1995, $2.8 million or $.91 per share was attributable to an
        extraordinary item, gain on discharge of debt, which the Company
        recorded as it emerged from Chapter 11.  The Company's Plan of
        Reorganization became effective on July 18, 1995.  
        


            The Company recorded a net loss before extraordinary items of
        $.9 million or $.31 per share for the quarter ended July 29, 1995
        compared to a net loss before extraordinary items of $3.6 million or
        $1.22 per share from the same period in the prior year.  
        


            The Company recorded a net loss for the 26 weeks ended July 29,
        1995 of $.8 million or $.28 per share compared to a net loss in the
        same period last year of $12.7 million or $4.46 per share.  
        


            Solo Serve Corporation operates a chain of off-price retail
        stores offering a wide selection of name brand and other merchandise
        at prices substantially below traditional department and specialty
        stores.  The Company currently has 29 Solo Serve stores in Texas,
        Louisiana and Alabama.  

        
                          SOLO SERVE CORPORATION
                         CONDENSED BALANCE SHEETS
                                (unaudited)
         
                                             July 29, 1995    July 30, 1994
              Assets                                 ($ in thousands)
                                             ------------------------------
         
        Current Assets:
          Cash and time deposits                    $  7,876   $  6,731
          Restricted Cash                              2,500       --
          Inventory                                   22,209     22,420
          Other current assets                         3,633      6,684
                                             ---------------------------
         Total current assets                     36,218         35,835
        
        Property and equipment, net                   16,531     19,436
        
        Goodwill and service marks, net                  470        593
                                             ---------------------------
         Total Assets                           $ 53,219       $ 55,864
                                             

                 Liabilities and Stockholders' Equity
         
        Liabilities not subject to compromise:
        Current Liabilities:
          Current portion of long-term debt         $    683   $    --
          Pre-petition unsecured indebtedness         14,359        --
          Accounts payable and accrued expenses       10,578       8,362
                                             ---------------------------
         Total current liabilities                25,620           8,362
        
          Long-term debt                              11,920        --
        
          Post-retirement benefit obligation             538         414
         
        Liabilities subject to compromise              1,316      32,093
                                             ---------------------------
         Total Liabilities                        39,394          40,869
                                             ---------------------------
         Total Stockholders' Equity               13,825          14,995
                                             ---------------------------
         Total Liabilities and
          Stockholders' Equity                  $ 53,219        $ 55,864
                                             
        
                       SOLO SERVE CORPORATION
                    CONDENSED STATEMENTS OF INCOME
                               (unaudited)
         
         
                                   13 Weeks Ended         26 weeks ended
                                 July 29,   July 30,   July 29,   July 30,
                                   1995       1994       1995       1994
                                  (in thousands except per share amounts)
                                 -----------------------------------------
        Net sales                    $ 28,271   $ 42,294   $ 53,448  $ 80,460
        
        Cost of goods sold
         (including buying and
         distribution, excluding
         depreciation shown below)     20,959     31,749     40,053    58,587
                                    -----------------------------------------
        Gross Profit                    7,312     10,545     13,395    21,873
         
        Selling, general, and
         administrative expenses        7,374     11,902     14,803    23,425
         
        Depreciation and
         amortization expense             709      1,112      1,466     2,206
                                    -----------------------------------------
        Operating loss                   (771)    (2,469)    (2,874)   (3,758)
         
        Interest expense                  169        418        334       770
                                    -----------------------------------------
        Loss before reorganization
         expense and taxes               (940)    (2,887)    (3,208)   (4,528)
         
        Reorganization expense          1,413      4,500      1,786     4,500
                                    -----------------------------------------
        Loss before income taxes
         and extraordinary item        (2,353)    (7,387)    (4,994)   (9,028)
        
        Income tax expense (benefit)   (1,418)     3,662     (1,418)    3,662
                                     -----------------------------------------
        Net loss before
         extraordinary item              (935)   (11,049)    (3,576)  (12,691)
         
        Extraordinary item:  gain on
         discharge of debt              2,753                 2,753
                                     -----------------------------------------
        Net income (loss)            $  1,818   $(11,049)  $   (823) $(12,691)
                                 
        Income per common share
         before extraordinary item   $   (.31)  $  (3.87)  $  (1.22)  $ (4.46)
         
        Gain on discharge of debt         .91         --        .94       --
                                     -----------------------------------------
        Net income per common share  $    .60   $  (3.87)  $   (.28)  $ (4.46)
                                 
        Weighted average common
         shares outstanding         3,024,014  2,856,126  2,940,070  2,843,334
                                
        

        CONTACT:  Solo Serve Corporation,
                  Timothy L. Grady, 210/662-6262
        


UDC ANNOUNCES AGREEMENT WITH
EQUITY COMMITTEE;
        BANKRUPTCY COURT APPROVES ADDENDUM TO DISCLOSURE STATEMENT

        
            TEMPE, Ariz.--August 31, 1995--UDC
Homes, Inc.

        (the "Company") announced that it reached a settlement with the
        Official Committee of Equity Security Holders appointed to represent
        the interests of all UDC equity security holders (the "Equity
        Committee") with respect to the treatment of UDC equity interests in
        the Company's Second Amended Reorganization Plan, dated August 3,
        1995 (the "Plan").  The settlement with the Equity Committee
        provides that the holders of allowed interests arising from the
        Company's prime preferred exchangeable stock (the "Prime Preferred
        Stock") would receive trust certificates representing a pro rata
        interest in $3,000,000 in principal amount of New C Subordinated
        Notes (the "C Notes") under the modified Plan.  The terms of the
        settlement are embodied in a modification to the Plan.  As a result
        of the settlement, the Equity Committee has agreed, among other
        things, to withdraw its opposition to the modified Plan and all
        provisions thereof.  

        
            The Company also announced that the United States Bankruptcy
        Court for the District of Delaware (the "Bankruptcy Court") entered
        an order dated August 31, 1995 (a) approving the Company's addendum
        to its Second Amended Disclosure Statement (the "Disclosure
        Statement") which embodies the settlement with the Equity Committee,
        and (b) establishing solicitation procedures for voting by holders
        of Prime Preferred Stock on the modified Plan.  
   

     
            Richard Kraemer, president and chief executive officer, said,
        "The Company is pleased that another critical element of the
        restructuring has been completed on a consensual basis.  The Company
        looks forward to confirming its plan of reorganization in early
        October and anticipates that it will emerge from Chapter 11 shortly
        thereafter."  
      

  
            The confirmation hearing on the Plan remains scheduled for
        October 2, 1995.  
        


        CONTACT: Michael D. Singer,
                 Arthur Schmidt & Associates,
                 212/953-5555