TCR_Public/951031.MBX BANKRUPTCY CREDITORS' SERVICE, INC.



JAMESWAY SIGNS CONTRACT WITH THREE INVENTORY
        LIQUIDATORS; Receives Permission for Going-Out-of-Business Sales

        
            SECAUCUS, NEW JERSEY--Oct. 31, 1995--href="chap11.jamesway.html">Jamesway
        Corporation
yesterday submitted to the U.S. Bankruptcy Court
for the
        Southern District of New York a contract it has signed with a joint-
        venture of three firms for the liquidation of its inventory.  The
        contract calls for the firms -- Jubilee Limited Partnership, Alco
        Capital Group, Inc., and Nassi Bernstein Company, Inc. -- to make a
        cash payment to Jamesway in an amount equal to 51% of the retail
        value of the company's inventory.  A hearing for final approval of
        the contract has been set for November 3.  
        


            Under the agreement, Jamesway has represented that the retail
        value of its inventory will not be less than $207 million.  
        


            Michael J. Sherman, Executive Vice President - Special Projects,
        said, "We are very pleased with the contract.  A guaranteed 51%
        return on the value of our inventory is excellent given the current
        industry climate and the number of retailers under Chapter 11."  
        


            The company expects that going-out-of-business sales will begin
        immediately following court approval of the contract.  All 90
        Jamesway stores are currently open for business.  
        


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


        
        STRAWBRIDGE & CLOTHIER ENGAGES FINANCIAL ADVISOR

        
            PHILADELPHIA, Oct. 30, 1995--Strawbridge &
Clothier
        (Nasdaq: STRWA) announced today that its Board of Directors has
        engaged the Peter J. Solomon Co. as financial advisor to explore
        strategic alternatives for the Company, including possible merger,
        acquisitions or sales.
        


            The Company also announced that due to continued softening in
        the retail market, it expects to report a loss for the Third Quarter
        ending October 28, 1995.
        


            Management said they were cautiously optimistic with respect to
        prospects for the Fourth Quarter, which, with the holiday season, is
        the Company's most important quarter.
        


        /CONTACT:  F.R. Strawbridge III, 215-629-6456, or P.S. Strawbridge,
        215-629-6607, both of Strawbridge & Clothier/




        STEVEN KUMBLE RESIGNS FROM BOARD OF DIRECTORS OF
COBRA INDUSTRIES

        
            GOSHEN, Ind., Oct. 31, 1995--Cobra
Industries, Inc.

        (NYSE: COI) today announced that Steven J. Kumble has resigned from
        the company's Board of Directors effective immediately.  This
        resignation is subsequent to the Board's approval of the company
        filing a voluntary petition under Chapter 11 of the United States
        Bankruptcy Code on October 27, 1995.
        


            Mr. Kumble is the Chairman of the Board and Director of
        Lincolnshire Management, Inc., a New York City-based merchant
        banking firm.  He had served as the Vice Chairman of Cobra's Board
        since 1993.
        


            Cobra Industries, Inc., headquartered in Goshen, Indiana, is one
        of North America's largest recreational vehicle manufacturers.
        Cobra manufactures conventional trailers, park trailers, folding
        camper trailers and van conversions.  The company has manufacturing
        and distribution facilities in Indiana, California, Texas and
        Georgia.
        


        /CONTACT:  James J. Roop or Robert G. Berick of Watt, Roop & Co.,
        216-566-7019/




        JUERGEN BOESSLER RESIGNS FROM BOARD OF DIRECTORS OF C0BRA
        INDUSTRIES
        


            GOSHEN, Ind., Oct. 31, 1995--Cobra
Industries, Inc.

        (NYSE: COI) today announced that Juergen Boessler has resigned from
        the company's Board of Directors effective immediately.  This
        resignation is subsequent to the Board's approval of the company
        filing a voluntary petition under Chapter 11 of the United States
        Bankruptcy Code on October 27, 1995.
        


            Mr. Boessler will remain as Cobra's Executive Vice President and
        Secretary.  He had served as the Executive Vice President and
        Secretary of Cobra's Board since 1993.
        


            Cobra Industries, Inc., headquartered in Goshen, Indiana, is one
        of North America's largest recreational vehicle manufacturers.
        Cobra manufactures conventional trailers, park trailers, folding
        camper trailers and van conversions.  The company has manufacturing
        and distribution facilities in Indiana, California, Texas and
        Georgia.
        


        /CONTACT:  James J. Roop or Robert G. Berick of Watt, Roop & Co.,
        216-566-7019/




Racotek agrees to acquire
assets of BPSI

        
            MINNEAPOLIS--Oct. 31, 1995--Racotek Inc.
        (Nasdaq: RACO) a mobile data communication services company, today
        announced that the company has agreed to acquire the assets of
        Business Partner Solutions Inc.
(BPSI) of Chicago.
        


            Racotek plans to acquire all of BPSI's software product lines
        which are targeted at users of UNIX and IBM AS/400 systems.  The
        acquisition is subject to approval by BPSI's creditors and Judge
        John H. Squires of the United States Bankruptcy Court for the
        Northern District of Illinois located in Chicago.  BPSI filed for
        protection under Chapter 11 of the U.S. Bankruptcy Code on Mar. 31,
        1995.
        


            Minneapolis-based Racotek provides mobile networking software to
        extend corporate information systems to people in the field.
        Racotek's product, KeyWare, serves as an interface between a
        customer's information systems and the components of a wireless
        communications system, including existing application environments,
        multiple wireless networks and most portable computers.  In
        addition, the company provides professional services, systems
        integration, training and end-to-end wireless system support.
        


            EDITORS NOTE: Racotek and KeyWare are trademarks of Racotek Inc.
        Other trademarks used herein belong to other companies.
                CONTACT: Racotek Inc.,
                 Patrick J. Milan, 612/893-3919 or
                 href="mailto:74171.1357@Compuserve.com">74171.1357@Compuserve.com
        




LESLIE FAY FILES PLAN OF REORGANIZATION; Company Will
        Emerge From Chapter 11 Rebuilt Around Core Businesses; Sassco Will
        Be Sold Or Spun Off To Creditors And Management

        
            NEW YORK--October 31, 1995--The
Leslie Fay
        Companies, Inc.
today filed a plan of reorganization with the
U.S.
        Bankruptcy Court for the Southern District of New York.  The
        fundamental elements of the plan were developed with the support of
        Leslie Fay's Creditors' Committee.  It provides for the company to
        sell or spin off its Sassco Fashions business and emerge from
        chapter 11 restructured around its Leslie Fay Dress, Leslie Fay
        Sportswear, Outlander and Castleberry businesses.  
        


            Leslie Fay plans to file a disclosure statement with the court
        by November 15, 1995, and to begin the process of soliciting
        creditor approval of the plan shortly thereafter.  The company
        expects to consummate the plan and emerge from chapter 11 in early
        1996.  
        


         Highlights of the plan of reorganization are as follows:


         New Leslie Fay
    

        The reorganized company, known in the plan as New Leslie Fay,
        will continue to serve its long-standing department store customers
        with its Leslie Fay Dress, Leslie Fay Sportswear, Outlander and
        Castleberry product lines.  The company will also continue to own
        the HUE trademark.  Leslie Fay is currently engaged in discussions
        to dispose of its retail store division.  
        


            New Leslie Fay will be 100% owned by creditors and management.
        Leslie Fay's current equity will be extinguished.  
        


            New Leslie Fay will be led by John J. Pomerantz, Chairman and
        Chief Executive Officer.  Other senior executives of the streamlined
        company will include John Ward, President; Cate Bandel, Executive
        Vice President; Warren Wishart, Senior Vice President and Chief
        Financial Officer; and Dominick Felicetti, Vice President of
        Manufacturing.  New Leslie Fay will continue to be based in New York
        City and Wilkes-Barre, Pennsylvania.  The company is expected to
        have more than $125 million in annual revenues after it emerges from
        chapter 11.  
      

         Sassco
    

        The Sassco Fashions business will either be sold to a private
        investor group led by its senior management or spun off to such
        management and Leslie Fay's creditors.  Sassco manufactures women's
        suits, dresses and sportswear under the Kasper for A.S.L.  and
        Albert Nipon labels.  On a standalone basis, Sassco is expected to
        have more than $270 million in annual revenues.  
        


            Under a sale agreement that would be entered into if a purchase
        of Sassco is to be consummated, Leslie Fay would receive $226
        million in cash, certain contingent payment rights and the right of
        its creditors to invest in up to 12 percent of Sassco's equity.  The
        contingent payment rights would enable the creditors to benefit in
        the event that Sassco is a party to a transaction and is valued at
        more than $300 million within 18 months of the effective date of the
        plan of reorganization.  
        


            If the proposed sale is not consummated by January 31, 1996,
        Leslie Fay would receive 70 percent of the new equity from a spin-
        off of Sassco and $125 million in cash, which Sassco would borrow
        from lenders under a new credit agreement.  Members of Sassco's
        management would receive the other 30 percent of the new equity.  
        


            The consideration from a sale or spin-off of Sassco would be
        distributed to Leslie Fay's creditors pursuant to its reorganization
        plan.  
        


            John J. Pomerantz, chairman and chief executive officer of
        Leslie Fay, said, "We are very pleased to have successfully
        developed a plan of reorganization and appreciate the support of our
        Creditors' Committee throughout this long and complicated process.
        We look forward to concluding the company's chapter 11 case within
        several months and emerging as a viable competitor in the women's
        apparel industry."  
      

  
            "On behalf of everyone at Leslie Fay, I cannot emphasize enough
        how appreciative we are of the strong support of our customers and
        suppliers," Mr. Pomerantz said.  "I am confident that their
        continued faith in our company will be fully rewarded in the years
        ahead as we return to focusing all of our attention on serving the
        needs of our customers."  
        


            Founded in 1947, The Leslie Fay Companies, Inc., is one of the
        nation's leading manufacturers of women's apparel, including
        dresses, suits and sportswear.  Its brand names include Leslie Fay,
        Albert Nipon, Kasper for A.S.L., Castleberry, Outlander, and HUE.  
        


        CONTACT: James Fingeroth,
                 Michael Freitag,
                 Kekst and Company
                 (212) 593-2655




        ELSINORE FILES FOR CHAPTER 11 PROTECTION

        
           Flagship Property, Four Queens, Remains Fully Operational
   

     
            LAS VEGAS, Oct. 31, 1995--href="chap11.elsinore.html">Elsinore Corporation (AMEX:
        ELS; Pacific) disclosed that it has filed for Chapter 11 protection
        under the U.S. Bankruptcy Code for itself and certain subsidiaries.
        The filing is a result of the non-payment of interest in the amount
        of $3,562,500 on $57 million principle amount of First Mortgage
        Notes and $150,000 on $3 million of secured notes due October 1,
        1995.  The Company has been unable to reach a negotiated compromise
        during the thirty-day grace period provided for under the Company's
        debt instruments, which expires effective November 1, 1995.
        


            "Despite previous attempts, as disclosed earlier, we have been
        unable to reach a consensual restructuring with noteholders," said
        Thomas E. Martin, president and chief executive officer for
        Elsinore. "By filing for Chapter 11 protection, we believe that we
        can achieve an optimal solution regarding debt obligations while
        maintaining the integrity and viability of our flagship property,
        the Four Queens Hotel and Casino in downtown Las Vegas.
        


            "While the well publicized construction and the related
        disruption in downtown Vegas has had a negative impact on the Four
        Queens, this Chapter 11 filing should have no effect on patrons of
        the Four Queens Hotel and Casino.  The Four Queens has been a vital,
        dynamic Las Vegas property for more than 30 years and will continue
        to contribute to the revitalization of downtown and the growth of
        Las Vegas overall," Martin stated.
        


            Martin observed that the suspension of Elsinore's involvement in
        the Spotlight 29 Casino near Palm Springs and the initial lack of
        return from its management of the 7 Cedars Casino in Washington
        state also have contributed to the Company's inability to meet its
        current debt service obligations.
        


        At The Four Queens - It's Business As Usual


            "The Four Queens is open for business as usual," said Martin.
        "In fact, as part of our long-term strategic planning, we've
        upgraded the physical property, increased slot capacity and
        intensified our marketing efforts.

        
            "Our goal over the last 24 months has been to set the stage for
        maximizing operating cash flow over the longer term with initial
        emphasis on preparing for the unveiling of the Fremont Street
        Experience.  We believe we are very close to accomplishing that
        goal," said Martin.
   

     
        Poised To Benefit From Fremont Street Experience


            "The issue is timing," said Martin.  "The Four Queens is
poised
        to benefit from the Fremont Street Experience, scheduled to open in
        four weeks on December 1, 1995."

        
            During the last two years the Company has achieved significant
        improvements in the cost structure of the Four Queens' operations
        through staff reductions, personnel realignment and other measures.
        Other operating improvements include significant renovation of the
        property, upgrading of slot casino operations through an increase of
        the number of and improvement in the mix of slot machines, the
        reconfiguring of the casino slot layout, more efficient use of
        player tracking databases and focused marketing efforts.
   

     
            "However," said Martin, "the positive impact of these efforts
        has been overshadowed to date by the dramatic negative impact on
        cash flow from Fremont Street Experience construction.
      

  
            "When the Fremont Street Experience opens to the public, we
        expect a significant increase in traffic to the Four Queens
        positively affecting gaming hotel and restaurant activities.  We
        expect the benefits derived from a revitalized downtown Las Vegas
        combined with our cost containment efforts to produce improved cash
        flows in both the near and long term," Martin concluded.
        


             Martin noted that the Company was unable to speculate as to the
        effect of the Chapter 11 filing on existing shareholders.  However,
        he stated that the American Stock Exchange was conducting an
        evaluation of the Company with respect to its continued listing on
        the Exchange and no assurance could be given that the listing on the
        Exchange would be continued.
        


        /CONTACT:  Liz Gamble, Sean Gamble or Jamie McKee of Dunn Reber
        Glenn Marz, 702-256-0065/




        PACIFIC INTERNATIONAL SERVICES CORP. (PISC)
TRANSACTION PROCEEDS

        
            HONOLULU, Hawaii, Oct. 31, 1995--href="chap11.pacific.html">Pacific International
        Services Corp.
(the "Company") previously announced that it had
        entered into an agreement with Dollar Systems, Inc. ("Dollar"), to
        sell (the "Sale") its vehicle rental operations, which includes an
        exclusive license to operate as a Dollar Rent A Car licensee in the
        State of Hawaii.  The Sale is subject to various conditions which
        must be satisfied by the time of the closing which is currently
        expected to occur on or about November 30, 1995.  Upon closing,
        Dollar Systems will acquire substantially all of the assets of the
        company's rental car operations and will assume substantially all of
        the company's trade debt and certain other liabilities not retained
        by PISC.  As previously announced, Dollar Systems expects to honor
        all commitments to the Company's customers, and to retain most or
        all of the employees of PISC's Dollar Rent A Car operations in
        Hawaii, subject to Dollar's customary employment practices.
        

            In connection with the Sale, the Company announced today
that it
        has commenced an Exchange Offer (the "Exchange Offer") for
        $5,250,000 in principal amount of the Company's 10% Convertible
        Subordinated Debentures due September 1, 2007 (the "Old
        Debentures").
   

     
            Under the Exchange Offer, the Company will invite the holders of
        its Old Debentures to tender $1.00 in face amount of Old Debentures
        for (i) $0.50 in cash (the "Cash Payment"); (ii) 0.769505 shares of
        the Company's common stock; and (iii) a pro rata share of new
        debentures (the "New Debentures") of the Company in an aggregate
        principal amount equal to $1,050,000 less the face amount of any Old
        Debentures not tendered and less the original principal amount, if
        any, of a new promissory note which may be issued to Dollar as part
        of the Sale (the "Dollar Note"), upon and subject to the terms and
        conditions set forth in the Exchange Offer and in the related Letter
        of Transmittal.
      

  
            Accrued interest will not be paid on the Old Debentures tendered
        and accepted for exchange.  The Company will not accept for exchange
        less than $4,988,000 in face amount of outstanding Old Debentures
        and will accept up to 100% of the outstanding Old Debentures.  The
        Exchange Offer, prorations period and withdrawal rights will expire
        at midnight New York City time on November 29, 1995, unless the
        Exchange Offer is extended by the Company.
        


            The Company has been advised that Scott H. Lang is the only
        director of the Company that owns any Old Debentures.  Mr. Lang owns
        $73,000 in principal amount of Old Debentures and has indicated to
        the Company that he will tender the full amount of such Old
        Debentures.
        


            Georgeson & Company Inc. will serve as Information Agent for the
        Exchange Offer, and First Fidelity Bank, N.A. will serve as
        Depositary.
        


            In order to expedite closing of the proposed Sale and Exchange
        Offer in the event that the minimum tender of at least 95% of the
        face amount of Debentures is not received, the Company is also
        soliciting (the "Solicitation") from the holders of its Old
        Debentures, as of the close of business on October 27, 1995,
        acceptances (the "Plan Acceptances") of a prepackaged plan of
        reorganization (the "Plan") of the Company pursuant to which the Old
        Debentures would be exchanged for consideration described below.
        Such Solicitation of acceptances for the Plan is being made, and may
        only be made, pursuant to the Solicitation and Disclosure Statement
        For Prepackaged Plan of Reorganization issued by the Company dated
        October 31, 1995.
        


            If the Exchange Offer is not consummated but the requisite Plan
        Acceptances are obtained, the Company currently intends to commence
        promptly a case under Chapter 11 of title 11 of the United States
        Code and rules and regulations promulgated thereunder and to use
        such Plan Acceptances to obtain timely confirmation of the Plan by a
        United States Bankruptcy Court of competent jurisdiction (the
        "Bankruptcy Court").
        


            Under the prepackaged plan of reorganization, the Company would,
        with the court's approval, maintain its ordinary course of business,
        including normal payment of its trade creditors.  If the Plan is
        confirmed by the Bankruptcy Court, each holder of the Old Debentures
        (whether or not such holder voted to accept the Plan) will receive
        for each $1.00 of face amount of Old Debentures (I) its pro rata
        portion of the cash proceed of the Sale plus certain allowed
        priority claims, (II) .769505 shares of the Company's common stock
        and (III) its pro rate portion of the New Debentures less the
        original principal amount of the Dollar Note.  The Company
        anticipates that the consideration received by a bolder of an Old
        Debenture through the Plan would be less than the consideration
        received a holder of an Old Debenture under the Exchange Offer.
        


        /CONTACT:  Alan Robin of PISC, 808-926-4242/