ELKINS PARK, Pa., Sept. 29, 1995 -- href="">Mortgage and Realty
(NYSE: MRT) announced today that the United States
        Court for the Central District of California has declared today to
        be the effective date of the prepackaged plan of reorganization.
        MRT commenced its bankruptcy case under Chapter 11 of the Bankruptcy
        Code on August 18, 1995, to implement an agreement in principle
        reached with certain holders of MRT's Senior Secured Uncertificated
        Notes due 1995 which was incorporated into its prepackaged plan of

            MRT is a self-administered real estate investment trust with a
        portfolio of over 72 commercial, industrial and other real estate
        assets.  MRT has offices in Elkins Park, Pennsylvania, and Burbank,

        /CONTACT:  Daniel F. Hennessey, Treasurer of Mortgage and Realty
        Trust, 215-881-1525/


            TRENTON, Mich., Sept. 29, 1995 -- href="chap11.mclouth.html">McLouth Steel Company
        announced today that it had filed a voluntary petition seeking
        reorganization under Chapter 11 of the U.S. Bankruptcy Code.  The
        Company said that it had taken this step after determining that a
        Chapter 11 filing should enable a reorganization for the benefit of
        the Company's creditors, customers and employees.

            Mr. Joseph D. Corso, the Company's President and Chief Executive
        Officer, said that the Company "expects to meet its day-to-day
        operating needs, including the prompt payment of post-petition
        invoices, and to pay employee wages in a normal manner."  He also
        said that McLouth Steel was having discussions with potential
        investors regarding an investment in the Company with the objective
        of substantially modernizing existing steelmaking operations.
        McLouth Steel had previously announced the retention of Salomon
        Brothers to assist in these discussions.

            McLouth Steel is an integrated steel company with manufacturing
        operations in Trenton and Gibraltar, Michigan, where it produces hot-
        rolled and cold-rolled flat steel products.

        /CONTACT:  John Stoker, Vice President Finance & CFO  of McLouth
        Steel, 313-246-4153/

        (ELSINORE-CORP)(ELS) Elsinore to miss note payments

            LAS VEGAS, Nevada -- Sept. 29, 1995 -- Consistent
with its
        earlier announcement, Elsinore Corp. (ASE/PSE:ELS) confirmed Friday
        that it would not make the quarterly interest payment of $150,000
        due Sept. 30, 1995, on its $3 million in mortgage notes and the $3.5
        million semi-annual interest payment due Oct. 1, 1995, on the
        company's $57 million outstanding amount of first mortgage bonds.

            Thomas E. Martin, president and chief executive officer,
        observed that the well-publicized construction disruption in
        downtown Las Vegas, the suspension of involvement in the Spotlight
        29 Casino in Palm Springs, Calif., and the lack of any return from
        its management of the 7 Cedars Casino in the state of Washington
        have all contributed to the company's inability to meet its debt
        service obligations.

            Martin said management was entering into negotiations with major
        noteholders to restructure the company's financial obligations which
        could lead to a negotiated compromise accomplished through a
        consensual plan of reorganization under the Bankruptcy Code.  

            Martin added that the reorganization could involve a conversion
        of a portion of the company's existing debt for common stock
        resulting in a significant dilution to the equity of existing

            In addition, Martin noted that the American Stock Exchange was
        conducting a near term evaluation of the company with respect to its
        continued listing on the exchange.

            Martin concluded that there could be no assurance that an
        agreement would be reached with existing noteholders or that listing
        on the American Stock Exchange would be continued.

            For information on Elsinore via facsimile at no cost, call
        800/PRO-INFO and dial company code 177.

        CONTACT:  Elsinore Corp., Las Vegas,
                  Thomas E. Martin, 702/387-5110;
                  Gary Acord, 702/387-5146
                  The Financial Relations Board Inc.,
                  Daniel Saks, 310/442-0599 (general info);
                  Sue Caulton, 415/986-1591 (analysts)

EPE Files Fourth Amended Plan Of Reorganization

            EL PASO, Texas--Sept. 29, 1995--El
        Electric Company
(EPE) announced today that it has filed a
Plan of
        Reorganization which reduces the company's total debt by
        approximately $800 million and should allow EPE to emerge from
        bankruptcy during the first quarter of 1996.  The company has
        developed the primary elements of the Plan with the Unsecured
        Creditors' Committee and the Equity Security Holders' Committee, and
        believes those committees will support the Plan.  

            Under the proposed Plan of Reorganization, EPE's capital
        structure will consist of approximately $1.2 billion of senior
        secured debt, including approximately $200 million of pollution
        control bonds, $100 million of preferred stock, and common shares.  

            The Plan of Reorganization contemplates two alternative methods
        for the company to emerge from bankruptcy.  Under the first
        alternative, EPE proposes to use the proceeds of an underwritten
        public offering of mortgage bonds to repay the claims of existing
        secured creditors in full.  If market conditions in early-1996 will
        not permit an underwritten offering, the company's Plan would be
        consummated through a distribution of new senior secured debt to
        existing secured creditors in the full amount of their claims.  

            Under the company's Plan of Reorganization, unsecured creditors
        will receive approximately $150 million in cash, $450 million of new
        secured debt, $100 million of preferred stock, and 85 percent of the
        reorganized company's common stock.  

            Existing preferred and common shares of the company will be
        cancelled, and holders will receive 15 percent of the reorganized
        company's common stock, with 12 percent of the new common stock
        going to the existing preferred shareholders and 3 percent going to
        the existing common shareholders.  In addition, the existing
        preferred and common shareholders will share equally in the first
        $20 million of any recovery by EPE in its pending litigation with
        Central and South West Corporation.  

            The proposed Plan also contemplates certain management changes.
        David H.  Wiggs Jr. has agreed to remain as chairman and chief
        executive officer until a replacement has been named.  The search
        for a new CEO is being conducted by a five-member management search
        committee headed by Wiggs, a current Board member, and the three
        members of the Official Committee of Unsecured Creditors.  

            The company also will have a new 11-member Board of Directors,
        consisting of Wiggs, three members of the current Board, and seven
        new members to be selected through a process directed by the
        management search committee.  

            After completing his service as chairman and CEO, Wiggs will
        serve for two years as a consultant and member of the Board of
        Directors.  He will retire thereafter.  

            The company expects that voting on the Plan will begin in mid-
        November, promptly after Bankruptcy Court approval of EPE's
        Disclosure Statement.  Plan confirmation is expected in early-
        January 1996, with a projected effective date later that month.  

            El Paso Electric is an electric utility serving approximately
        270,000 customers in El Paso, Texas, and an area of the Rio Grande
        Valley in West Texas and Southern New Mexico, and wholesale
        customers located in such diverse locations as Southern California
        and Mexico.

        CONTACT:  El Paso Electric,
                  National and regional media:  
                  Alan Lee Bunnell, 915/543-5823 (corporate spokesperson)
                  local media:  
                  Henry Quintana Jr., 915/543-5824 (supervisor, corporate
                  financial analysts:  
                  John Droubay, 915/543-5710 (treasurer)
                  stockbrokers and shareholders:  
                  Office of the Secretary, 800/592-1634 or 800/351-1621


            WARREN, Mich., Sept. 29, 1995 -- F & M
Distributors, Inc.
        (Nasdaq: FMDDQ) a debtor in possession, announced today it will
        close twenty stores in the Chicago market area during the next 90
        days.  F & M will continue to operate six locations in Chicago.
        After these store closures, the Company will have 57 store locations
        operating in Detroit, Chicago, Baltimore and Washington, D.C.

            In connection with these store closings and the previously
        announced sale of six stores in Toledo, Ohio and Milwaukee,
        Wisconsin, the Company has recorded a charge of approximately $17
        million for reserves related to these store closures.  F & M has
        also reduced the recorded net book values of its long-lived assets
        related to its total business operations by approximately $40
        million based on its experience to date in the divestiture of the
        Chicago, Milwaukee and Toledo store locations.

            The Company will continue its previously announced strategy to
        seek purchasers for the remainder of its business operations.

            F & M operates super drugstores offering a wide selection of
        branded health and beauty care merchandise, cosmetics and household
        consumables and supplies at every day low prices.  The Company is
        operating and managing its business as a debtor in possession under
        chapter 11 of the United States Bankruptcy Code.  The chapter 11
        reorganization case was commenced by the Company on December 5,

         184 W. Roosevelt Road, Villa Park, IL
         520 Lake Street, Addison, IL
         4532 S. Kedzie, Chicago, IL
         2611 Grand Avenue, Waukegan, IL
         1608 Larkin, Crest Hill, IL
         1206-1208 W. 75th Street, Downers Grove, IL
         3305 W. 115th Street, Merrionette Park, IL
         215 N. Harlem, Forest Park, IL
         16717 Torrence Avenue, Lansing, IL
         4553 W. 211th Street, Matteson, IL
         4343 N. Kedzie, Chicago, IL
         5140 W. Diversey Avenue, Chicago, IL
         16040 S. Harlem (159th), Tinley Park, IL
         850 W. Main, West Dundee, IL
         402 W. Army Trail Road, Bloomingdale, IL
         1400 E. Golf Road, Space .650, Rolling Meadows, IL
         5593 Northwest Hwy., Crystal Lake, IL
         1556 Butterfield, Downers Grove, IL
         1035 E. Oakton, Des Plaines, IL
         1900 S. Harlem, North Riverside, IL

        /CONTACT:  Laura Kendall, Sr. V.P. & Chief Financial Officer of
        F & M Distributors, 810-758-1400, Ext. 251/