/raid1/www/Hosts/bankrupt/TCR_Public/951010.MBX BANKRUPTCY CREDITORS' SERVICE, INC.



        MORTGAGE AND REALTY TRUST ANNOUNCES REORGANIZATION

        
            ELKINS PARK, Pa., Oct. 10, 1995 -- href="chap11.mortgage.html">Mortgage and Realty
        Trust
(NYSE: MRTWI) announced today that its Prepackaged Plan of
        Reorganization under Chapter 11 of the Bankruptcy Code was declared
        effective by the United States Bankruptcy Court for the Central
        District of California on Friday, September 29, 1995.
        


            Under the Prepackaged Plan, holders of the Trust's $290,000,000
        principal amount of Senior Secured Uncertificated Notes due 1995
        received (i) $110,000,000 principal amount of newly issued 11-1/8%
        Senior Secured Notes due 2002, (ii) $71,000,000 in cash and (iii)
        approximately 10,889,430 new Common Shares representing in the
        aggregate approximately 97% of the Common Shares outstanding after
        the effective date.  In connection with the Prepackaged Plan, the
        Trust effected a 33.33 for one reverse stock split of its
        outstanding Common Shares.
        


            Jeffrey Altman, Martin Bernstein, Richard S. Frary, Richard B.
        Jennings, John B. Levy, Carl A. Mayer, Jr. and George R. Zoffinger
        have been designated to serve on the Board of Trustees of the
        reorganized Trust, and Mr. Altman has been designated Chairman of
        the Board.  The newly constituted Board of Trustees held its first
        meeting on Monday, October 2, 1995, and appointed Mr. Zoffinger
        President and Chief Executive Officer.  Mr. Zoffinger most recently
        served as Chairman of the Board of CoreStates New Jersey National
        Bank.  The Board also appointed Mr. Jennings Chairman of the Audit
        Committee and Mr. Bernstein Chairman of the Compensation and
        Nominating Committee.
        


            The Board of Trustees also voted to (i) propose to the
        shareholders of the Trust that the name of the Trust be changed to
        "Value Property Trust" (which was approved by over 94% of the
        Trust's shareholders in written consents received on October 6,
        1995) and (ii) move the Trust's principal place of business from
        Elkins Park, Pennsylvania, to New Brunswick, New Jersey.
        


            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,
        California.
        


        /CONTACT:  George R. Zoffinger, President of Mortgage and Realty
        Trust, 215-881-1525/




Academic Press Publishes the
First Account of the
        Largest Municipal Failure in U.S. History

        
            SAN DIEGO, Calif.--Oct. 10, 1995--This October,
        Academic Press will release "Big Bets Gone Bad: Derivatives and
        Bankruptcy in Orange County."  In December 1994, href="chap11.orange.html">Orange County
        became the largest municipality in U.S. history to become bankrupt.
        By borrowing heavily and placing the wrong bets, Orange County
        Treasurer Robert Citron lost $1.7 billion of Orange County's $7.4
        billion investment portfolio.
        


            "Big Bets Gone Bad: Derivatives and Bankruptcy in Orange County"
        is the first detailed description of the Orange County bankruptcy.
        Author Phillipe Jorion, the only professor in Orange County who
        teaches and researches derivatives, is uniquely placed to understand
        the technical details of the portfolio and climate in Orange County
        municipal government that encouraged the decisions that led to the
        bankruptcy.
        


            "Big Bets Gone Bad" provides an introduction to the U.S. bond
        market and details Federal Reserve Chairman Greenspan's efforts to
        tighten credit.  Its description of the $35 trillion derivatives
        market makes the losses of Barings Bank, Kashima Oil, West Virginia,
        and Metallgesellschaft more understandable.
        


        This book is beneficial because it:
       


        
            "Big Bets Gone Bad: Derivatives and Bankruptcy in Orange County"
        will be available in bookstores mid-October for $19.95.
        


            Academic Press, a subsidiary of Harcourt Brace & Company, is one
        of the world's leading publishers of scientific and technical books
        and journals.
        


        CONTACT:  Tomi Holt Enterprises,
                  Kathlene Carney, 707/765-1234
        




Southwestern Life
Corporation makes
        announcement


        DALLAS--Oct. 10, 1995--


        
            Southwestern Life Corporation (ASE: SLC) (the "Company") and
        Shinnecock Holdings Inc., a newly-formed corporation jointly owned
        by The Shinnecock Group LLC and investment partnerships managed by
        Kelso & Company and an affiliate of Goldman, Sachs & Co., today
        announced the signing of a definitive agreement to sell the
        Company's principal insurance subsidiaries -- Southwestern Life
        Insurance Company, Union Bankers Insurance Company, and Constitution
        Life Insurance Company -- and substantially all of the assets of the
        Company's management subsidiary, Facilities Management Installation,
        Inc. (FMI), to Shinnecock Holdings.  

        
            Net proceeds from the sale are estimated at $202 million in
        cash, subject to adjustment under certain circumstances.  The
        Company hopes to complete the sale, on an accelerated basis, within
        approximately 30 to 45 days.  
   

     
            The Company also announced that, to avoid any policyholder
        confusion between the holding company (Southwestern Life
        Corporation) and its Southwestern Life Insurance Company subsidiary,
        it has restored, effective immediately, the name of the holding
        company to I.C.H. Corporation (ICH), by which the Company was known
        prior to June 1994.  
      

  
            To preserve the value of its financially strong insurance
        subsidiaries for the benefit of its creditors and stockholders and
        to facilitate the successful completion of the Shinnecock Holdings
        transaction, ICH also said that it and FMI have filed voluntary
        petitions for relief under Chapter 11 of the U.S. Bankruptcy Code
        and have requested expedited approval for the sale of the insurance
        subsidiaries and the FMI assets.  Following the sale, and prior to
        any distributions to securityholders, ICH will present a plan of
        reorganization to the Bankruptcy Court that will address the
        resolution of its financial obligations.  
        


            The Company emphasized that none of its insurance companies are
        involved in the bankruptcy filing and that its insurance businesses
        will continue to operate in their ordinary course, including the
        payment of claims and the issuance of new policies, and will not be
        subjected to any extraordinary regulatory supervision.  The Company
        said that all of the insurance companies are well-capitalized, with
        more than sufficient liquidity to fulfill all of their obligations
        to policyholders.  The Company also said that it has been working
        closely with state insurance regulatory authorities and that they
        are supportive of the actions being taken by ICH to protect the
        interests of the policyholders of its insurance subsidiaries.  
        


            At closing, Shinnecock Holdings' management subsidiary, which is
        expected to employ substantially all of ICH's Dallas-based
        employees, will enter into agreements to provide administrative and
        investment management services to ICH and its retained insurance
        subsidiaries, which will continue to operate as ICH subsidiaries.  
        


            Glenn Gettier, ICH Chairman and Chief Executive Officer, said:
        "We believe our agreement with Shinnecock Holdings, which followed a
        broad solicitation of investment proposals and a careful review of
        alternatives by us and our financial advisor, Donaldson, Lufkin &
        Jenrette, permits ICH to realize fair value for the companies being
        sold and provides needed liquidity to the holding company.
        Additionally, the policyholders and agents doing business with these
        insurance companies should be encouraged by the new owners'
        financial strength, industry experience and commitment to success.  
        


            "At the same time, the decision to seek a court-supervised
        reorganization for the holding company enhances our ability to
        preserve ICH's value for its creditors and stockholders and to
        complete both the Shinnecock Holdings transaction and the financial
        reorganization of which it is a part."  
        


            Alan C. Snyder, Chief Executive Officer of The Shinnecock Group
        LLC, who will also serve as Chief Executive Officer of Shinnecock
        Holdings Inc., said: "The well-established insurance companies we
        are acquiring have proud names, a talented and experienced
        management team, and a long-standing tradition of providing enduring
        value and efficient service to their policyholders.  They have
        strong relationships with their agents, who have served them well.
        We look forward to building on those important strengths.  We
        believe that these companies and their dedicated employees and
        agents will provide a solid platform for profitability and growth."
        


            Snyder served as Chief Executive Officer of Aurora National Life
        Assurance Company and Chief Operating Officer of Executive Life
        Insurance Company, where, working with state regulators, he guided
        that company through a successful rehabilitation and conservation
        process.  Prior to that, he was Executive Vice President and a
        director of Dean Witter Financial Services Group.  
        


            Consummation of the transaction is subject to receipt of
        regulatory approvals, to certain purchase price adjustments, and to
        customary closing conditions, in addition to court approval.  
        


            Of the cash proceeds from the sale, up to $115 million will be
        subject to certain escrow arrangements, including $67 million to
        satisfy a previously disclosed tax settlement and $33 million to
        protect Shinnecock Holdings with respect to various
        indemnifications. In addition, the Company has agreed to withhold
        $50 million from distribution until the later of August 31, 1997 or
        the date at which all claims against the Company have been resolved,
        to the extent such claims are pending.  
        


            Donaldson, Lufkin & Jenrette has rendered an opinion to ICH that
        the consideration to be received by ICH from the transaction is fair
        from a financial point of view.  
        


            Kelso Investment Associates V is an investment fund with more
        than $700 million in committed capital managed by Kelso & Company.
        GS Capital Partners II is an investment fund with $1.8 billion in
        capital managed by an affiliate of Goldman, Sachs & Co.  The capital
        of both funds is derived largely from investments by individuals,
        trusts and institutional investors.  
        


            I.C.H. Corporation is an insurance holding company whose
        insurance subsidiaries market life insurance, individual and group
        health insurance, annuities and fee-based administrative services.  


        CONTACT:  I.C.H. Corporation,
                  Gerald J. Kohout, 214/954-7414
                  or
                  Shinnecock Holdings Inc.,
                  Stan Levenson, Levenson Public Relations, 214/880-0200
        




        AMERICAN FILM TECHNOLOGIES EMERGES FROM BANKRUPTCY

        
            SAN DIEGO, Oct. 10, 1995 -- href="chap11.amerifilm.html">American Film Technologies,
        Inc.
(OTC BULLETIN BOARD: AFTC, AFTC.U) today announced that the
        United States Bankruptcy Court has approved the Company's Plan of
        Reorganization.  AFT filed for reorganization under Chapter 11 in
        October, 1993.  The Company has been the dominant supplier of film
        coloring services to the motion picture and television industries.
        


            The Company's emergence from bankruptcy coincides with the
        successful completion of a private placement of AFT common stock.
        The proceeds will be used to pay a portion of past debts and restart
        colorization operations.  Under the Plan all secured and
        administrative claims will be paid in full; unsecured claims will be
        paid in full pursuant to a five-year note bearing interest at 7
        percent.  Existing shareholders will retain approximately 47 percent
        of the equity of the reorganized company.

        
            AFT intends to concentrate on the development and exploitation
        of substantial domestic and international libraries of colorized
        film and television product.
   

     
        /CONTACT:  John Karl, VP - Finance of American Film Technologies,
        619-259-8112/



        A.M. BEST REVISES "UNDER REVIEW" STATUS OF SOUTHWESTERN LIFE CORP.
        INSURANCE SUBSIDIARIES; DOWNGRADES OTHER UNITS

        
            OLDWICK, N.J., Oct. 10, 1995 -- Effective
immediately, the
        "under review" status of several insurance company subsidiaries of
        Southwestern Life Corp. (Southwestern), the holding company, have
        been revised in response to the announcement earlier today of the
        execution of a definitive agreement to sell certain of those
        subsidiaries.
        
            Simultaneously, Southwestern announced the restoration of its
        former name, I.C.H. Corporation (ICH)
and the filing of a voluntary
        petition for relief under Chapter 11 of the U.S. Bankruptcy Code.
        


            The ratings changes were made pursuant to an exhaustive review
        of the entire operations of the holding company and its subsidiaries
        over a period of several months in consultation with company
        management, prospective partners, financial intermediaries, and
        prominent regulators. The actions taken today by ICH were consistent
        with the representations made by all parties in the course of the
        referenced review.
        


        The changes in the ratings of the ICH subsidiaries were as follows:
           

The "B+" (Very Good) ratings of Southwestern Life Insurance
        Company, Dallas, Constitution Life Insurance Company, Louisville,
        Ky., and Union Bankers Insurance Company, also of Dallas, which had
        been under review with negative implications, remain under review,
        but with developing implications as a result of the proposed
        acquisition of these companies by Shinnecock Holdings, Inc. a
        corporation jointly owned by The Shinnecock Group LLC, investment
        partnerships managed by Kelso & Company, and an affiliate of Goldman
        Sachs.
        


            Marquette National Life Insurance Company, Louisville, Ky.,
        another subsidiary of ICH, will be acquired by the same investor
        group, but its Best's Rating of "NA-4" (Rating Procedure
        Inapplicable) is not changed as a result of the proposal.
        


            The change in the "under review" status from "negative" to
        "developing" reflects the proposed acquisition, which, if
        accomplished as planned, will provide these companies with better
        capitalized and more stable ownership than they presently have.
        


            Best believes that these life insurance companies are well
        capitalized, have ample liquidity, maintain strong asset and
        liability portfolios, and have viable marketing franchises in their
        fields of operation.  None of the insurance companies are involved
        in the bankruptcy filing and all continue to operate without direct
        supervision of their regulators.
        


            A.M. Best has closely monitored these companies over the last
        several months and noted that week-to-week overall surrenders
        remained manageable, and new business growth remained reasonable,
        despite the well publicized problems of the parent organization.
        


            The realization of the potential for an enhanced outlook for
        these companies depends, however, on the timely closing of the
        proposed sale. If the holding company is unsuccessful in its efforts
        to receive expeditious court approval of the disposition of the
        companies in accordance with the proposed agreement or should any
        action on the part of interested parties or an unforeseen event
        reduce the likelihood of a successful closing of the sale, Best's
        Ratings of Southwestern Life Insurance, Constitution Life and Union
        Bankers Insurance would be downgraded into the "Vulnerable" rating
        range.
        


            Some of the other insurance subsidiaries of ICH, which are not
        part of the proposed sale mentioned above, also had their ratings
        changed as a result of today's announcement.
        


            Bankers Multiple Line Insurance Company, Chicago, and
        Philadelphia American Life Insurance Company, Philadelphia, had
        their Best's Ratings lowered from "B+" (Very Good) to "B"
        (Adequate). Both ratings had been under review with negative
        implications prior to the downgrade and remain so at their new
        rating level. Two final insurance subsidiaries of ICH, Western
        Pioneer Life Insurance Company, Louisville, and Modern American Life
        Insurance Company, Springfield, Mo., had their Best's Financial
        Performance Ratings affirmed at "4" (Average).
        


            The ratings of Bankers Multiple Line and Philadelphia American
        were downgraded and those of Western Pioneer and Modern American
        affirmed in consideration of the bankruptcy filing of the holding
        company and the consequent uncertainties about future operations.
        These companies have maintained the confidence of both clients and
        regulators over the past several months, and Best believes that all
        four companies continue to have adequate capital and liquidity to
        meet their obligations.
        


            Moreover, these insurers continue to operate and have not been
        placed under the direct supervision of their respective state
        insurance departments, despite the bankruptcy filing of their
        parent. It is expected that Bankers Multiple Line will continue to
        support the operations of the other entities.
        


            However, the future of the overall organization of which they
        are a part is uncertain and its ongoing operation is rendered
        questionable by the plan to dispose of its most dominant and
        profitable elements.
        


            As it has throughout the recent history of difficulties at the
        holding company, A.M. Best will maintain frequent and regular
        contact with all significant participants in its ongoing review of
        the companies' situations. As open issues are resolved, definitive
        conclusions with respect to ratings under review, as well as any
        rating adjustments, will be announced to the public.
        


        /CONTACT:  Tom Upton of A.M. Best Company, 908-439-2200, x5380/




        EASTERN AIRLINES PAYS ANOTHER $14 MILLION TO LARGE CREDITORS

        
            MIAMI, Oct. 10, 1995 -- Reorganized href="chap11.eastern.html">Eastern Airlines
        announced today that it had made a third distribution totaling $14.1
        million to holders of general unsecured claims greater than
        $100,000.  Combined with two earlier distributions, the total
        distribution to date exceeds $90 million.  The Pension Benefit
        Guaranty Corporation, the federal agency that guarantees the pension
        benefits of former Eastern employees, received over $7 million of
        the most recent distribution.
        


            This third distribution represents 1.25 cents per dollar of the
        allowed claims greater than $100,000.  Combined with the initial
        distributions totaling 6.75 cents per dollar, the total distribution
        to date to large creditors amounts to 8.0 cents per dollar of the
        allowed claim.  This compares with the allowed claims under $100,000
        (including all employee and consumer claims) which were paid 11
        cents per dollar in February in accordance with the plan of
        reorganization approved by the U.S. Bankruptcy Court.
        


            Eastern plans to continue distributions to creditors with claims
        over $100,000 throughout 1996.  "The amount and timing of these
        subsequent distributions will depend upon the actual recovery
        experience and claims disposition process," said John J. Sicilian,
        Chairman and Liquidating Agent.  The remaining recoveries are
        contingent upon the successful prosecution of several multimillion
        dollar litigations, the sale of remaining assets and the passage of
        certain proposed legislation.
        


        /CONTACT:  John J. Sicilian, Eastern Airlines, 305-873-3455/




        DCR PLACES 21 PUBLIC TRANSACTIONS ON RATING WATCH

        
            CHICAGO, Oct. 10, 1995 -- Duff & Phelps Credit
Rating Co.
        (DCR) has placed 21 transactions on Rating Watch - Uncertain.  The
        Rating Watch status is an indication that there are changes in the
        structure of the transaction.  The original servicer on the 21 DLJ
        transactions was Lomas Mortgage
USA.
  While Lomas Mortgage was the
        active servicer of the mortgages, DLJ had acquired the servicing
        rights for the transactions in light of Lomas' financial
        difficulties.  On Oct. 10, 1995, the Lomas Mortgage declared
        bankruptcy.  The affected public transactions are listed as follows:
        


        Transactions:
        DLJ 1993-Q3              DLJ 1994-Q1         DLJ 1995-Q1
        DLJ 1993-Q6              DLJ 1994-Q7         DLJ 1995-Q3
        DLJ 1993-Q9              DLJ 1994-Q8         DLJ 1995-Q5
        DLJ 1993-Q13             DLJ 1994-Q9
        DLJ 1993-Q15             DLJ 1994-Q12
        DLJ 1993-Q16             DLJ 1994-Q13
        DLJ 1993-Q18             DLJ 1994-Q14
        DLJ 1993-QE5             DLJ 1994-Q16
        DLJ 1993-QE11            DLJ 1994-15
        

            The transactions have been placed on Rating Watch until a new
        servicer acceptable to DCR can be found.  There are neither downward
        nor upward implications associated with the servicer change at this
        juncture.  The performance statistics for these issues are available
        on Bloomberg DCR GO, or on the DCR Residential Mortgage Electronic
        Bulletin Board System.
        


        /CONTACT:  Michelle Lyn Russell, 312-368-2087, or Jennifer