TCR_Public/951018.MBX BANKRUPTCY CREDITORS' SERVICE, INC.



        PRELIMINARY TALLY INDICATES COLUMBIA GAS' CREDITORS, SHAREHOLDERS
        ACCEPT CHAPTER 11 REORGANIZATION PLANS; COMPANY RECEIVES FAVORABLE
        IRS RULING

        
            WILMINGTON, Del., Oct. 18, 1995 -- href="chap11.columbia.html">The Columbia Gas
        System, Inc.
(NYSE: CG) today announced two favorable
developments
        in its Chapter 11 bankruptcy proceedings.
        


            Columbia said that preliminary results compiled by its balloting
        agent indicate that the separate Chapter 11 reorganization plans
        filed by the Corporation and by Columbia Gas Transmission Corp., its
        principal pipeline subsidiary, have been accepted by the necessary
        majorities of each company's creditors and the Corporation's
        shareholders.  Balloting on the plans was concluded Friday, October
        13.
        


            The Corporation also announced that the Internal Revenue Service
        has issued a ruling that payments Columbia Gas Transmission will
        make to producers under its reorganization plan are deductible in
        the year in which the payments are made.  The issuance of the IRS
        ruling was a condition of both the Corporation's and Columbia
        Transmission's reorganization plans.
        


            Columbia System Chairman and CEO Oliver G. Richard III said he
        was "elated with the results of the balloting and the favorable
        ruling by the IRS, which eliminate two major hurdles in our
        bankruptcy proceedings.  We are increasingly optimistic that our
        plans of reorganization will be confirmed and we will be able to
        emerge from Chapter 11 before the end of the year."
        


            Richard said final results of the balloting will be available by
        November 13, 1995, the scheduled date for the commencement of the
        confirmation hearings on both plans.
        


            The two companies have been operating as debtors-in-possession
        under the U.S. Bankruptcy Code since July 31, 1991.
        


        /CONTACT:  Media, H.W. Chaddock, 302-429-5261, or W.R. McLaughlin,
        302-429-5443, or Analysts, T.L. Hughes, 302-429-5363, or K.P.
        Murphy,
        302-429-5471/




Belden & Blake Corporation to Sell Subsidiary

        
            NORTH CANTON, OHIO--October 18, 1995--Belden & Blake Corporation
        (NASDAQ: BELD) today announced that it plans to sell Engine Power
        Systems, Inc. (EPS), a wholly-owned subsidiary.  EPS is engaged in
        engine sales and system packaging for power generation, co-
        generation, gas compression and air compression applications.  The
        company acquired EPS in February 1994 with the objectives of
        increasing its vertical integration in gas marketing and
        strengthening its gas marketing capability.  
        


            The decision to sell EPS will result in a pre-tax charge of
        approximately $1.1 million in the third quarter to account for
        operating losses, the write-down of various assets and inventories
        to estimated realizable value and to provide for the estimated costs
        related to asset disposals and future losses prior to the sale.
        Including this charge, EPS' losses for the year total approximately
        $1.5 million.  
        


            ``EPS did not perform up to expectations.  To advance additional
        funds to its operations would not be a prudent use of the company's
        capital,'' said Henry S. Belden IV, Chairman and Chief Executive
        Officer.  
        


            Taking the special charge for EPS into account, the company
        expects net income for the quarter ending September 30, 1995 to
        equal the $1.1 million reported in the third quarter of 1994.  On a
        per share basis, net income for the 1995 period is expected to be
        approximately $0.11 per share with a weighted average of 9.7 million
        shares outstanding.  This compares to net income of $0.15 per share
        for the 1994 period with a weighted average of 7.1 million shares
        outstanding.  

        
            The company also identified other factors affecting earnings and
        cash flow for the third quarter of 1995.  Exploration expense in the
        1995 period is expected to be more than double the $732,000 spent in
        the third quarter of 1994, primarily due to higher levels of seismic
        activity and technical staffing.  The company's 1995 drilling budget
        is more than double drilling expenditures for 1994, and the increase
        in exploration expense reflects this growth.  Through September 30,
        1995, exploration expenses for the year total approximately $3.4
        million compared to $2 million for the same period of 1994.  
   

     
            The company has also voluntarily curtailed gas production since
        July of 1995.  Gas production was further curtailed during this
        period by interstate pipeline repairs and construction.  Lower
        volumes as a result of these curtailments are expected to reduce gas
        revenue in the third quarter of 1995 by approximately $1.5 million.
        October 1995 curtailments, which are primarily due to new
        construction on the Michigan Consolidated pipeline system, are
        expected to reduce fourth quarter revenues by approximately
        $600,000. In November and December of 1995 the company expects gas
        production to be at or near full capacity.  
      

  
            ``These decisions were made and actions were taken with the
        objective of maximizing long term value to the shareholders.  With
        respect to exploration expenses, we are committed to being able to
        grow the company through drilling.  You see that commitment
        reflected in our exploration expenditures in 1995, and the growth in
        oil and gas reserves added through drilling has exceeded the
        increase in exploration expense.'' Mr. Belden said.  
        


            ``When we made a number of our recent acquisitions, we were
        confident that part of the upside to the properties acquired would
        be our ability to realize higher gas prices over time.  Some of the
        properties purchased from Quaker State Corporation in July 1995 had
        gas wells shut in when the transaction closed.  In addition, when
        spot market gas prices fell this summer, we deemed it prudent to
        temporarily shut in certain wells to conserve resources.  That
        decision is validated by the fact that we expect the wells to
        produce at nearly full capacity and at prices consistent with our
        acquisition economics for the last two months of the year,'' Mr.
        Belden continued.  
        


            Earnings in the third quarter of 1995 will include the
        recognition of anticipated proceeds from contract rejection claims
        that have been filed in the bankruptcy proceedings of href="chap11.columbia.html">Columbia Gas
        Transmission Corporation
.  Although the company has not
reached any
        settlement agreement with Columbia on the rejected contract claims,
        Columbia has included a payout amount for claims filed by the
        company in excess of $1.3 million in Columbia's plan of
        reorganization.  The company intends to pursue the recovery of a
        greater amount from Columbia and anticipates hearings with respect
        to its claims to take place in early 1996.  The exact amount and
        timing of any recovery has not been determined.  
        


            Belden & Blake Corporation is actively engaged in producing oil
        and natural gas, acquiring producing oil and gas properties,
        exploratory and development drilling and gas gathering and marketing
        in the Appalachian and Michigan Basins.  
        


        CONTACT: Belden & Blake Corporation, North Canton,
                 Charles P. Faber, 216/499-1660
        




        SPECTRUM INFORMATION TECHNOLOGIES SELLS TECHNICAL STAFFING
        SUBSIDIARY

        
            PURCHASE, N.Y., Oct. 18, 1995 -- href="chap11.spectrum.html">Spectrum Information
        Technologies, Inc.
today announced that it received bankruptcy
court
        approval and completed the sale of its wholly owned subsidiary,
        Spectrum Global Services, Inc., to The Lori Corporation (AMEX: LRC)
        and COMFORCE Corporation for approximately $6 million.
        


            "This sale is consistent with our desire to focus our energies
        and resources towards strengthening our proprietary direct-connect
        technology business," said Donald J. Amoruso, Spectrum's Chairman
        and Chief Executive Officer.
        


            Spectrum Global Services provides telecommunications and
        computer technical staffing services to its clients on a contract
        basis.  For the fiscal year ended March 31, 1995, Spectrum Global
        had revenues of $9 million and, on a stand-alone basis excluding
        certain corporate allocations, would have earned $920 thousand on a
        pretax basis.  As of June 30, 1995, Spectrum Global had
        approximately $2.5 million in cash and accounts receivable.
        


            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, for itself and three subsidiaries, in the U.S.
        Bankruptcy Court for the Eastern District of New York.  In May 1995,
        the chapter 11 case of its Computer Bay subsidiary was converted to
        a case under chapter 7. Spectrum is in the process of developing a
        plan of reorganization.
        


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




Jamesway files Chapter 11 bankruptcy petition

        
            SECAUCUS, N.J.--Oct. 18, 1995--href="chap11.jamesway.html">Jamesway
        Corporation
announced today that it has filed a petition for
relief
        under Chapter 11 of the United States Bankruptcy Code in the U.S.
        Bankruptcy Court for the Southern District of New York.  
        


            The filing was made as a result of weak sales results, continued
        operating losses and increasingly constricted trade credit.  
        


            Jamesway Corporation operates a chain of regional discount
        department stores in seven Northeastern and mid-Atlantic States.
        All of the company's 90 retail stores will be open for business
        today.  Jamesway plans to operate its stores so as to yield the
        greatest possible return to its creditors and equity holders.  This
        will include aggressive merchandise promotions and, possibly,
        conducting "going out of business"  sales.  
        


            Jamesway and a group of banks, led by CIT Group/Business Credit,
        Inc., the company's pre-petition lender, have negotiated the terms
        of a debtor-in-possession financing facility in an amount up to $25
        million.  
        


            Jamesway also announced that Michael J.  Sherman, a member of
        the Board of Directors with extensive experience supervising
        corporate reorganizations, has been appointed Executive Vice
        President-Special Projects with general responsibility for the
        Chapter 11 process.  
        


            In connection with the filing, Jamesway has asked the Court for
        permission to immediately pay recently terminated employees up to
        $4,000 each, the amount allowed as a priority claim under the
        Bankruptcy Code, for severance, vacation pay and medical claims
        under the company's self-insured medical plan.  
        


        CONTACT: Kekst and Company,
                 Jim Fingeroth/Jason Lynch, 212/593-2655
        



        FILENE'S BASEMENT RESPONSE TO DORFMAN
        


            WELLESLEY, Mass., Oct. 18, 1995 -- In response to Mr.
        Dorfman's comments today on CNBC's "The Money Wheel," Filene's
        Basement (Nasdaq: BSMT) issues the following response:
        


            Mr. Dorfman implied that Filene's Basement may be on the verge
        of a Chapter 11 filing.  This is absolutely not the case; the
        Basement has no plans or considerations for such an action.
        


            As a matter of record, the company has in fact closed on an
        expanded credit facility which provides greater flexibility in its
        operating covenants.  Additionally, the company expects increased
        availability from its factors as a result of the recently announced
        agreement.
        


            Filene's Basement Corp. operates specialty stores which offer
        focused, quality, branded assortments of men's and women's apparel
        at prices generally 20-60% below department and specialty store
        regular prices.  The company has 49 stores operating primarily in
        the Northeast and Midwest.
        


        /CONTACT: Steve Siegel, CFO of Filene's Basement,
        617-348-7100/



Diamond Multimedia reports sales and
        earnings for the third quarter ended Sept. 30, 1995

        
            SAN JOSE, Calif.--Oct. 18, 1995--Diamond
        Multimedia Systems, Inc. (NASDAQ: DIMD) reported increased sales and
        earnings for the three and nine months ended September 30, 1995.  
        


            For the third quarter of 1995, revenues increased 129 percent to
        $102.2 million from $44.6 million in the same quarter a year ago.
        Supra, acquired by Diamond on September 20, 1995, accounted for
        approximately $5 million in revenues.  For the quarter ended
        September 30, 1995, Diamond recorded net income of approximately
        $8.3 million, or 30 cents per share, on approximately 28.0 million
        shares, before a one-time in-process technology write-off related to
        the acquisition of Supra Corporation of $38.7 million or
        approximately $1.38 per share.  This compares to the third quarter
        of 1994, when the company reported net income of $3.7 million, or 17
        cents per share on approximately 20.9 million shares.  
        


            For the nine months ended September 30, 1995, revenues were
        $277.6 million compared with $142.7 million for the same period a
        year ago.  Including the $38.7 million of in-process technology
        write-off, the company reported a net loss of $16.4 million, or 66
        cents per share on approximately 24.9 million shares, for the nine
        month period.  Without the one-time write-off, Diamond would have
        reported net income of $22.3 million, or 89 cents per share.  In the
        nine months of 1994, Diamond reported net income of $14.6 million,
        or 70 cents per share on approximately 20.9 million shares.  
        


            Separately, Diamond's Board approved execution of a definitive
        agreement with the unsecured Creditors' Committee of href="chap11.hayes.html">Hayes
        Microcomputers
to provide for the purchase of Hayes in the
event the
        Creditors Committee's Plan is confirmed by the Bankruptcy Court in
        Atlanta.  
        


            On October 12, 1995, the United States Bankruptcy Court in
        Atlanta approved certain bidding procedures submitted by the
        Creditors' Committee and Diamond allowing for other qualified
        bidders to participate in bidding provided certain guidelines are
        followed.  In addition, the court noted that any creditor could
        submit an offer and separate plan of reorganization.  
        


            The Committee's Plan and Disclosure Statement, which currently
        includes Diamond's purchase offer, will be heard before the Court at
        a Disclosure Statement hearing scheduled for October 27, 1995.  
        


            Gary B. Filler, Diamond's Chief Financial Officer, noted that
        "while we are encouraged by our progress to date, there can be no
        assurance that we will prevail at confirmation."  
        


         Diamond Multimedia
        


            Diamond Multimedia Systems, Inc.  designs, manufactures and
        markets high-performance multimedia solutions for the PC, PowerPC
        and PCI Power Macintosh markets.  Products include Stealth
        multimedia accelerators, which incorporate graphics, video and MPEG
        acceleration in a single subsystem, and Supra fax/modems.  Diamond
        also manufactures graphic accelerators, sound cards, audio/telephony
        subsystems and multimedia upgrade kits.  Headquartered in San Jose,
        Calif., Diamond has marketing and technical support facilities in
        Tokyo, Munich, France and Slough (U.K.).  
        


          Diamond's Supra Communication Division is located in Vancouver,
        Wash.  Diamond's products are sold through regional, national and
        international distributors as well as to major computer retailers,
        mass merchants and OEMs worldwide.  Diamond's common stock is traded
        on the Nasdaq Exchange under the symbol DIMD.



                        Diamond Multimedia Systems, Inc.      
                       Consolidated Statements of Income          
                   (in thousands, except per share amounts)      
                      
                                                            
                                         Three Months      Nine Months
                                            Ended            Ended
                                             (unaudited)      (unaudited)
        
                                                            
                                           Sept. 30,         Sept. 30,          
        
                                        1995       1994   1995      1994
                                                                Net Sales
        $102,193  $44,625  $277,579  $142,725  Cost of Sales
        77,640   32,026   209,254   101,791  Gross Profit
        24,553   12,599    68,325    40,934  Research and development
        2,318    1,099     6,562     2,472  Selling, general and
        
         administrative                     8,735    5,560    23,957
        14,388  In process research and
        
         development                       38,710        -    38,710
        -
        
                                                                Total
        Operating Expenses           49,763    6,659    69,229    16,860  
        
                                                                Income
        (loss) from operations     (25,210)   5,940      (904)   24,074  
        
         Interest income (expense), net       168      197    (1,299)
        425
        
         Other income (expense), net          (50)       -       (50)
        -
        
                                                                Income
        (loss) before
        
         provision for taxes              (25,092)   6,137    (2,253)
        24,499  Provision for income taxes          5,275    2,484    14,182
        9,917  
        
         Net income (loss)                ($30,367)  $3,653  ($16,435)
        $14,582  
        
                                                                Common
        shares and equivalents      28,014   20,900    24,949    20,900  
        
                                                                Net income
        per share               ($1.08)   $0.17    ($0.66)    $0.70
        
                                                             
         
                      Diamond Multimedia Systems, Inc.   
                    Condensed Consolidated Balance Sheets      
                               (in thousands)    
                                    
                                           Dec. 31,    Sept. 30,
                                             1994        1995
                                                         (Unaudited)
        ASSETS                                Current assets:
        
                                    
           Cash and short-term investments       $72,922    $20,821      
           Accounts receivable                    20,462     64,279         
           Inventories                            18,572     66,393         
           Deferred taxes and other current
        assets                                 7,222     11,583         
                                    
          Total current assets               119,178    163,076        
                                    
        Fixed assets, net                      1,676      8,156          
        Goodwill and other intangibles, net        -     10,948       
          
          Total assets                      $120,854   $182,180       
                                        LIABILITIES AND STOCKHOLDERS' EQUITY
        (DEFICIT)                          
        
                                        Current liabilities:
        
                                    
           Notes payable, current               $ 82,664   $    541     
           Bank line of credit                         -      8,255
        
           Trade accounts payable and other
        accrued liabilities                   30,488     67,505         
           Income taxes payable                      310      1,539
        
                                    
          Total current liabilities              113,462     77,840         
                                    Obligations under capital leases,
         less current portion                          -      1,453
        Notes payable, less current
        
         portion                                       -      1,777
        Subordinated promissory notes
        
         payable                                  34,167
        -     Deferred taxes                                 -      1,879
        
                                    
         Total liabilities                       147,629     82,949         
                                        Mandatorily redeemable preferred
        stock    29,174          -       Stockholders' equity (deficit)
        (55,949)    99,231         
        
                                    Total liabilities and
         stockholders' equity (deficit)         $120,854   $182,180  -0-
        

        How to Contact Diamond Multimedia

        
        There are many ways to reach Diamond for sales support, technical
        assistance, driver updates and general information:
   

     
        The Main Phone number is  408-325-7000; Fax:  408-325-7070
        Supra Communications Division Main Phone number: 360/604-1400;
         fax: 360/604-1401;
        Product Support:  408-325-7100; Supra: 360/604-1499;
        Product Support Fax: 408-325-7171
        24-Hour Fax On Demand Service: 1-800-380-0030; Supra: 503/967-0072
        America OnLine (Keyword: DIAMOND)
        CompuServe (GO DMNDONLINE or GO GRAPHBVEN) [75300,3673]
        Internet Web site: http://www.diamondmm.com;" target=_new>http://www.diamondmm.com">http://www.diamondmm.com;
                    Supra: http://www.supra.com" target=_new>http://www.spra.com">http://www.supra.com
        FTP site:  ftp.diamondmm.com
        For information on Diamond products: 1-800-468-5846; Supra:
         1-800-727-8772
        BBS numbers at 408-325-7080 (to14.4K) or 408-325-7175 (to 28.8K
        baud)
        For Supra BBS: 503/967-2444.

        For more information on Diamond Multimedia at no cost, please call
        (800) PRO-INFO.  
         
        CONTACT:  Diamond Multimedia,
                  Gary Filler, 408/325-7204   
                          or
                  FRB San Francisco,
                  Ann Trunko, Kevin Mirise, 415/986-1591