TCR_Public/951024.MBX BANKRUPTCY CREDITORS' SERVICE, INC.



        PHAR-MOR FY1995 EBITDA FOR CONTINUING STORES INCREASES 39% TO $48.1
        MILLION

        
            YOUNGSTOWN, Ohio, Oct. 24, 1995 -- href="chap11.pharmor.html">Phar-Mor, Inc.
        announced today that it has filed a Registration Statement on Form
        10 with the Securities and Exchange Commission in order to register
        its securities. The National Association of Securities Dealers has
        informed the Company that it will be listed on Nasdaq's Small Cap
        market concurrent with the filing.  Upon completion of the SEC's
        review of Form 10, the Company expects to be listed on the Nasdaq
        National Market listing.
        


            For the 52-week period ended July 1, 1995, earnings before
        interest, taxes, depreciation and amortization (EBITDA) for the 102
        stores operating at the time the Company emerged from Chapter 11 on
        September 11, 1995, were $48.1 million, compared to $34.6 million
        for the 53 weeks ended July 2, 1994 (a 39% increase), while
        comparable store sales declined 4.5% for the same period.  EBITDA
        for all stores during the 52-week period ended July 1, 1995 was
        $55.9 million, compared with $52.6 million for all stores operating
        during the 53 weeks ended July 2, 1994.
        


            On a pro forma basis (including all adjustments for fresh start
        accounting, elimination of non-recurring reorganization costs and
        interest expense for the new debt of the reorganized Company) net
        earnings for the 102 stores for the 52 weeks ended July 1, 1995 were
        $7.6 million, or $.63 per share.

        
            The audited balance sheet of the reorganized Company was also
        included in the Form 10. The reorganized Company has $89.5 million
        in tangible net worth, $80.9 million in cash (net of reorganization
        costs and distributions) and approximately $158.1 million in long-
        term debt and capital lease obligations.  In addition, the Company
        has established a $100 million revolving credit facility with
        BankAmerica, which has not been drawn upon.
   

     
            The Company said it expects to announce its results for the 13
        weeks ended September 30, 1995 in early November.
      

  
            Phar-Mor improved EBITDA performance by eliminating a number of
        unprofitable product lines, repositioning other categories and
        enhancing the overall efficiency of its operations.
        


            Phar-Mor, headquartered in Youngstown, Ohio, is a deep-discount
        retail chain with 102 stores in 18 states.
        


        /CONTACT:  Gary Holmes of Robinson Lake Sawyer Miller, 212-484-7736/




Jamesway receives Court Approval for interim use of its
        $25 million DIP financing

        
            SECAUCUS, N.J.--Oct. 24, 1995--href="chap11.jamesway.html">The Jamesway
        Corporation
announced today that the U.S.  Bankruptcy Court
for the
        Southern District of New York has approved, on an interim basis, use
        of its $25 million debtor-in- possession financing facility, to be
        provided by a group of banks led by CIT Group/Business Credit, Inc.
        A hearing for final approval of the DIP financing is scheduled for
        November 7.  
        


            Separately, Jamesway informed the Court that it is soliciting
        bids from liquidators for the sale of the company's inventory.  
        


            Michael J.  Sherman, a member of the Board of Directors and
        Executive Vice President-Special Projects, said, "We are committed
        to following a course of action that will generate the greatest
        return to creditors and equity holders.  That commitment will guide
        our decision making as we explore our options."  
        


            Jamesway continues to operate 90 retail stores throughout New
        York, New Jersey, Pennsylvania, Delaware, Maryland, Virginia, and
        West Virginia.  All stores are currently open for business.  
        


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




Cleveland-Cliffs reports third quarter
        earnings increase over 1994

        
CLEVELAND, Ohio--October 24,
        1995--Cleveland-Cliffs Inc today reported third quarter earnings of
        $17.3 million, or $1.45 a share.  Earnings in the third quarter of
        1994 were $14.8 million, or $1.23 a share.     

The $2.5 million
        increase in third quarter earnings was principally due to increased
        North American sales volume, higher Australian earnings, and lower
        costs, partially offset by a higher effective income tax rate and a
        $1.8 million after-tax reserve against accounts receivable.    

Net
        income for the first nine months of 1995 was $43.2 million, or $3.61
        a share, including two large special items recorded in the second
        quarter:  a $12.2 million tax credit resulting from the settlement
        of prior years' tax issues, and a $6.7 million after-tax increase in
        the reserve for environmental expenditures.

    Excluding the
        special items, earnings for the first nine months of 1995 were $37.7
        million, or $3.15 a share.  In the first nine months of 1994,
        earnings were $27.4 million, or $2.27 a share.  The $10.3 million
        increase in nine month earnings (excluding the special items) was
        mainly due to increased North American sales volume, higher
        royalties and management fees, lower costs, and higher Australian
        earnings, partially offset by the higher effective income tax rate
        and the reserve for accounts receivable.

    Earnings in the third
        quarter and first nine months of 1995 were favorably impacted by the
        acquisition of Northshore Mining Company onSeptember 30, 1994.
        Cliffs-managed mines in North America produced 10.6 million tons of
        iron ore in the third quarter of 1995 compared with 9.3 million tons
        in 1994.  Nine month production was 29.4 million tons in 1995 versus
        25.7 million tons in 1994.  Full year production is expected to be
        approximately 40.0 million tons, a 4.8 million ton increase from
        1994.  Cliffs' share of scheduled production is approximately 10.0
        million tons in 1995 compared with 6.8 million tons in 1994.  Higher
        production in 1995 principally reflects the acquisition of
        Northshore.     Cliffs' North American pellet sales in the third
        quarter of 1995 were 3.2 million tons compared with 2.2 million tons
        in 1994.  Nine month sales were 7.0 million tons versus 4.6 million
        tons in 1994.  Higher sales in 1995 reflect the acquisition of
        Northshore and shipment timing.  Cliffs' pellet sales for the year
        1995 are estimated to be approximately 10.5 million tons versus 8.2
        million tons in 1994.  Sales volume in both years includes resale of
        purchased ore.

    On September 29, 1995, href="chap11.mclouth.html">McLouth Steel Products
        Company
, a significant customer, petitioned for protection under
        Chapter 11 of the U.S. Bankruptcy Code.  At the time of the filing,
        Cliffs had an unreserved receivable from McLouth of $5.0 million,
        secured by liens on certain McLouth fixed assets.  A $2.7 million
        reserve against the receivable was recorded in September, resulting
        in a $1.8 million after-tax charge.

    Since the petition,
McLouth
        has maintained operations and obtained access to debtor-in-
        possession financing and Cliffs has continued pellet shipments.  WCI
        Steel Inc., another significant customer, has reached a tentative
        settlement of its strike.  Cliffs' total expected shipments for 1995
        have not been affected by developments at McLouth or WCI.
        Cleveland-Cliffs Inc subsidiaries manage seven iron ore mines in
        North America and Australia.  The Company has equity interests in
        six of the mines, holds a substantial iron ore reserve position in
        the United States, is a major iron ore merchant, and is pursuing
        development of a direct reduced iron business.


      CONTACT:  Cleveland-Cliffs Inc,
        Cleveland.              Media:  David L. Gardner, Manager-Public
        Relations,                      216/694-5407;              Financial
        Community:  Fred B. Rice, Manager-Investor
        Relations, 800/214-0739




        MGI PROPERTIES ('MGI') REPORTS CONDITIONAL SALES CONTRACT

        
            BOSTON, Mass., Oct. 24, 1995 -- MGI Properties ("MGI")
(NYSE:
        MGI), today reported that a subsidiary has entered into a
        conditional agreement to sell to Jordan's Furniture for $11,500,000
        the approximate 105,000 square-foot building previously constructed
        for and leased to Bradlees in Peabody, Massachusetts.  The sale is
        conditioned upon Bradlees' formal rejection of its lease with MGI on
        or before December 31, 1995, subject to bankruptcy court approval,
        in the pending Bradlees'
Chapter 11 bankruptcy proceeding.  Bradlees
        filed for bankruptcy June 23, 1995.
        


        /CONTACT: Phillip C. Vitali, Executive Vice President and Treasurer
        of MGI, 617-330-5335/





        QUAKER CHEMICAL REPORTS THIRD QUARTER RESULTS

        
            CONSHOHOCKEN, Pa., Oct. 24, 1995 -- Quaker Chemical
        Corporation (Nasdaq: QCHM), a producer of industrial chemical
        specialty products, today announced record sales for the third
        quarter and nine months ended September 30, 1995.
        


            For the quarter, record net sales of $57.8 million were 15%
        higher than the third quarter of 1994.  Earnings for the quarter of
        $.24 per share, which were reduced by a one-time charge of
        approximately $.02 per share associated with a recently declared
        bankruptcy of [McLouth Steel Co.,]
one of the company's U.S. steel
        customers, declined $.02 per share when compared to the third
        quarter of 1994.  Through nine months, net sales increased 20% to
        $171.4 million, while earnings of $.74 per share were even with
        last year.
        


            Remarking on the company's third quarter performance, Ronald J.
        Naples, Quaker's recently named President and Chief Executive
        Officer, noted that the company generated another solid quarter in
        terms of net sales, particularly in Europe.  He also indicated,
        however, that pricing conditions in the company's major markets
        remained highly competitive thus making it difficult to fully
        recover gross margin losses resulting from significant year-to-year
        raw material cost inflation.
        


            Quaker Chemical Corporation, headquartered in Conshohocken,
        Pennsylvania, is one of the largest companies in the world devoted
        primarily to the production of chemical specialty products for the
        aerospace, automotive, bearing, can, fluid power, metalworking, pulp
        and paper, and steel industries.  Through its worldwide family of
        affiliates and licensees, Quaker manufactures and markets high
        quality performance products and provides total fluid management
        services to industrial customers around the globe.
        



                         QUAKER CHEMICAL CORPORATION
                      Consolidated Statement Of Income
                      For The Period Ended September 30
        
                                                    Unaudited
                                 Dollars in thousands except per share data
        
                                     Third Quarter           Nine Months
                                    1995        1994       1995       1994
        Net sales              $   57,872  $   50,117  $ 171,434  $ 142,557
        Other income, net             585         355      1,485      1,294
          Total                    58,457      50,472    172,919    143,851
        Costs and expenses:
          Cost of goods sold       34,434      28,220    102,269     80,352
          Selling, administrative
            and general expenses   20,030      18,143     58,705     51,882
               Total               54,464      46,363    160,974    132,234
        Income from operations      3,993       4,109     11,945     11,617
        Interest expense             (472)       (373)    (1,207)    (1,107)
        Interest income                52          50        202        346
        Income before taxes         3,573       3,786     10,940     10,856
        Taxes on income             1,429       1,539      4,354      4,332
          Total                     2,144       2,247      6,586      6,524
        Equity in net income of
          associated companies         23         231        220        555
        Minority interest in net
          income of subsidiaries      (68)       (125)      (321)      (286)
        Net income                 $2,099      $2,353     $6,485     $6,793
        Per share data:
        Net income                  $0.24       $0.26      $0.74      $0.74
        Based on weighted average
          number of shares
          outstanding           8,812,074   9,182,098  8,813,387  9,229,236

        /CONTACT:  Richard J. Fagan, Corporate Controller and Acting
        Treasurer of Quaker Chemical, 610-832-4160/



PC Service Source announces third quarter
        results

        
            DALLAS, Texas--Oct. 24, 1995--PC Service
Source Inc.
        (NASDAQ:PCSS) Tuesday announced third quarter results for the three
        months ended Sept. 30, 1995.
        


            Net revenues for the quarter increased 49 percent to $16.3
        million, compared with net revenues of $10.9 million for the quarter
        ended Sept. 30, 1994.  The company reported a net loss of $1,667,000
        ($.38 per share) compared with net earnings of $465,000 ($.11 per
        share) for the quarter ended Sept. 30, 1994.  
        


            For the nine months ended Sept. 30, 1995 net revenues increased
        59 percent to $48.4 million compared with net revenues of $30.5
        million for the nine months ended Sept. 30, 1994.  The year-to-date
        loss of $1,537,000 ($.35 per share) compares to net earnings of
        $1,377,000 ($.34 per share) in 1994.
        


            The loss for the quarter included one-time after tax charges
        totaling $1,156,000.  The one-time charges include certain items
        resulting from the bankruptcy of href="chap11.intelogic.html">Intelogic Trace.  
        


            The company has reached a settlement with Intelogic Trace
        pursuant to which the company will receive funds held in escrow of
        approximately $900,000 and release its remaining claims against the
        bankrupt estate of Intelogic Trace.  The company recognized a pretax
        charge to earnings of $340,000 for the unreserved portion of the
        Intelogic Trace receivable.  
        


            In addition, during the quarter, the company recognized a one-
        time pretax charge of $931,000 in connection with the write down of
        assets which were acquired from Intelogic Trace relating to the
        remanufacturing business that was consolidated into Cyclix
        Engineering (PCSS's remanufacturing subsidiary).  
        


             The company also recognized a pretax charge totaling $575,000
        due to items unrelated to Intelogic Trace, inHR, I+W0Dallas, is the
        leading supplier of outsourcing services, parts, parts exchanges and
        parts remanufacturing to service providers and original equipment
        manufacturers (OEMs) in the personal computing industry.  PCSS is
        providing parts from over 20 OEMs to more than 20,000 service center
        accounts worldwide.
        



                             PC Service Source Inc.
                           Comparative Financial Data
                                  (Unaudited)
            (Amounts in thousands except share and per share amounts)
        
                                Three Months Ended        Year-to-date      
        
                                     Sept. 30               Sept. 30
                                 1995        1994       1995        1994
        
        Net revenues               $16,301     $10,952     $48,357
        $30,523 Net earnings (loss)        $(1,667)       $465     $(1,537)
        $1,377 Earnings (loss) per share
        
         - Primary                  $(0.38)      $0.11      $(0.35)
        $0.34
         - Fully diluted            $(0.38)      $0.11      $(0.35)
        $0.34 Average common                                     
        
         shares outstanding      
         - Primary               4,382,000   4,333,000   4,401,000
        4,008,000
         - Fully diluted         4,394,000   4,352,000   4,394,000
        4,008,000

        CONTACT:  PC Service Source Inc., Dallas,    
                  Avery More, 214/373-9996
                        or
                  Jeffrey A. Nick, 214/406-8583
        




SLM INTERNATIONAL ANNOUNCES BANKRUPTCY
        FILING

        
            NEW YORK, N.Y.--October 24, 1995--SLM
        International, Inc.
(Electronic Bulletin Board: "SLMI"),
announced
        today that it has filed a voluntary petition for reorganization
        under Chapter 11 of the Federal Bankruptcy Code in the United States
        Bankruptcy Court for the District of Delaware.  Under Chapter 11,
        SLM International will continue to operate its business in the
        ordinary course under Court protection from creditors, while seeking
        to work out a plan of reorganization.  
        


            SLM International, Inc. designs, develops, manufactures and
        markets a broad range of sporting goods products on a worldwide
        basis.  
        


        CONTACT:  SLM International, Inc.,
                  Howard Zunenshine,
                  Chief Executive Officer,
                  514/331-5150
                      or
                  John Sarto,
                  Chief Financial Officer,
                  212/675-0070
                       or
                  David Walke/Melissa Garelick,
                  Suzanne Miller (media),
                  Morgen-Walke Associates,  
                  212/850-5600
        




U.S. Robotics makes bid for Hayes Microcomputer
        Products, Inc.

        
            SKOKIE, Ill.--Oct. 24, 1995--U.S. Robotics
        Corporation (NASDAQ:USRX) today announced that it is seeking to
        acquire Hayes Microcomputer Products,
Inc.
(Hayes), a leading
        manufacturer of computer modems that filed for Chapter 11 Bankruptcy
        in November of 1994.  Because Hayes is in Chapter 11, the
        acquisition of Hayes would require approval by the United States
        Bankruptcy Court.  
        


            U.S. Robotics has submitted a bid for Hayes to the Official
        Committee of Unsecured Creditors, pursuant to the bidding procedures
        approved by the United States Bankruptcy Court for the Northern
        District of Georgia (Bankruptcy Court) in connection with a pending
        plan of reorganization that the creditors committee has proposed for
        Hayes.  
        


            The bid proposes a transaction in which U.S. Robotics will pay
        100% of creditor's claims (including interest) and up to $97.5
        million in U.S. Robotics common stock to Hayes equity holders.  
        


            The acquisition would be accomplished through a merger of a
        wholly owned subsidiary of U.S. Robotics and Hayes, with Hayes
        becoming a wholly owned subsidiary of U.S. Robotics.  All common
        stock of Hayes outstanding prior to this merger would be converted
        into common stock of U.S. Robotics.  
        


            The acquisition would be subject to approval by the United
        States Bankruptcy Court, negotiation of definitive agreements and
        receipt of all necessary governmental and third party approvals and
        consents.  U.S. Robotics contemplates that the merger would qualify
        for pooling-of-interests accounting treatment.  
        


            U.S. Robotics is one of the world's leading suppliers of
        products and systems that provide access to information.  The
        company designs, manufactures, markets and supports remote access
        servers, enterprise communications systems, desktop/mobile client
        products and modems that connect computers and other equipment over
        analog, digital and switched cellular networks, enabling users to
        gain access to, manage and share data, fax and voice information.
        Its customers include Internet service providers, regional Bell
        operating companies and a wide range of other large corporations,
        businesses, institutions and individuals.  The company's 1994 sales
        were $499.0 million; sales for the first nine months of fiscal 1995
        were $596.0 million.  
        


        CONTACT:  U.S. Robotics, Skokie,
                  Karen J. Novak, 708/982-5244 (Media Relations),
                  C. David Hall, 708/982-5162 (Investor Relations)