TCR_Public/951113.MBX BANKRUPTCY CREDITORS' SERVICE, INC.



Tropic announces opening of trading on
        the Boston Stock Exchange

        
            COLUMBUS, Ohio--Nov. 13, 1995--Tropic
        Communications, Inc. (Boston Exchange:  TRO) (the "Company") a
        broadcasting and equipment leasing company, announced that its
        common stock will resume trading on the Boston Stock Exchange today
        under the trading symbol TRO.

        
            Trading in the Company's common stock was suspended by the
        Boston Stock Exchange on October 14, 1995 pending completion and
        filing of the Company's financial statements with the Securities &
        Exchange Commission.  The financial statements for the year ending
        April 30, 1995 and the first fiscal quarter ending July 31, 1995
        were filed with the SEC on November 7, 1995.  The Company's common
        stock no longer trades on the Nasdaq SmallCap Market, having been
        delisted on October 2, 1995, however, the Company has requested that
        the Nasdaq Review Committee reverse this decision and restore the
        Company's SmallCap listing.  A decision on this request is expected
        to be forthcoming in January, 1996, which, according to Nasdaq, is
        the next earliest meeting date of the Nasdaq Review Committee.  
   

     
            The Company reported a loss from operations of $1,767,616 and
        $223,748 for the fiscal year ending April 30, 1995 and the first
        fiscal quarter ending July 31, 1995 compared to $2,639,593 and
        $363,852 for the previous fiscal year and previous first fiscal
        quarter.
      

  
            During the second fiscal quarter ending October 31, 1995 the
        material contingencies related to the Company's acquisition
        transaction with Tradewinds Airlines, Inc. were completed, including
        the funding of over $2,500,000 in Tradewinds Acquisition Corp. and
        approval of the Florida West Airlines,
Inc.
Plan of Reorganization
        by the Bankruptcy Court on October 18, 1995 which included approval
        of the acquisition.  Closing has been scheduled to be completed
        during the week of November 26, 1995.  
        


        CONTACT:  Tropic Communications Inc., Columbus,
                  John E. Rayl, 614/538-0660
        
        SPECTRUM INFORMATION TECHNOLOGIES ANNOUNCES FRAMEWORK TO SETTLE
        CLASS ACTION LAWSUIT

        
            PURCHASE, N.Y., Nov. 13, 1995 -- href="chap11.spectrum.html">Spectrum Information
        Technologies, Inc.
(Nasdaq: SPCL) today announced that an
agreement
        in principle has been reached on a framework for settlement of the
        federal securities class action lawsuit that has been pending
        against Spectrum and certain of its present and former employees
        since May 1993.  The class plaintiffs in that lawsuit filed a claim
        against Spectrum in its bankruptcy proceedings in the amount of $676
        million.  The settlement, if consummated, would be in satisfaction
        of that claim as well as all claims between Spectrum and the other
        defendants in the suit.
        


            The settlement is contingent on numerous factors, including
        among other things successfully resolving a litigation regarding
        insurance coverage, negotiation and execution of a definitive
        settlement agreement, Spectrum's ability to develop and confirm a
        plan of reorganization in Spectrum's pending bankruptcy proceeding
        satisfactory to all interested parties including plaintiffs in the
        class action, and approval of the settlement by the Bankruptcy Court
        and by the United States District Court in which the class action
        suit is pending.
        


            Under the terms of the agreement in principle, Spectrum and the
        class plaintiffs have agreed to a framework under which it is
        contemplated that Spectrum will issue to the class plaintiffs in its
        plan of reorganization a number of shares of its common stock that
        would be equal to the number of shares of its stock to be issued to
        existing shareholders in the reorganization.  This understanding is
        subject to contingencies which could alter the framework of the
        settlement, including without limitation the percentage of
        Spectrum's stock to be issued to the class.  In a related agreement,
        the class plaintiffs are also to receive the proceeds, net of
        certain fees and expenses, from $10 million of insurance policies
        covering Spectrum's directors and officers and, as a result of court
        supervised negotiations and at the recommendation of the Court,
        $1,350,000 from the various individual defendants in the action and
        $250,000 from Spectrum.  The individual defendants are to place
        their contributions to the settlement in escrow by November 15,
        1995.
        


            Donald J. Amoruso, Spectrum's CEO since January 1995, stated
        that he was pleased to be able to reach this agreement in principle
        on framework to settle the class action since the heavy costs of the
        litigation had been a significant factor in Spectrum's filing for
        chapter 11 bankruptcy protection in January.  He also stated that he
        was pleased that the indicated settlement, if consummated, would
        enable the Company to resolve the class action suit without unduly
        depleting its cash position and permit existing stockholders to
        maintain a stock interest in a reorganized Spectrum, but that there
        were a number of uncertainties that had to be resolved.
        


            Among the uncertainties is that insurers that issued policies
        for $6 million of the insurance necessary to fund the settlement
        have disclaimed coverage.  This dispute is the subject of a
        litigation pending in the U.S. District Court for the Eastern
        District of Long Island, which must be successfully resolved in
        order for the settlement to be implemented.  Spectrum's plan of
        reorganization must also address other material litigation, claims
        by the Company's creditors and Spectrum's need for additional
        capital.  There can be no assurance that Spectrum will be successful
        in its efforts to resolve those matters or that the other conditions
        to the settlement will be achieved. Spectrum's exclusive right to
        file a plan of reorganization expires on January 26, 1996.

        
            Based in Purchase, New York, 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 in the U.S. Bankruptcy Court for the
        Eastern District of New York and is in the process of reorganizing
        its business.
   

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



        DVL, INC.  ANNOUNCES THIRD QUARTER LOSS

        
            BOGOTA, N.J., Nov. 13, 1995 -- DVL,
Inc. (OTC: DVLN)
        ("DVLN") announced today a loss of $1,387,000 or ($.15) per share on
        operating revenues of $732,000 for the third quarter ended September
        30, 1995. This compares to a loss of $3,688,000 or ($.44) per share
        on operating revenues of $736,000 in the third quarter of 1994.
        DVLN's loss primarily resulted from continued losses from operations
        (including accrual of approximately $250,000 for interest on a loan
        which is in default, for which settlement negotiations are
        continuing) and from an increase in the provision for losses
        considering DVLN's anticipated liquidation of certain loans to meet
        its operating cash flow deficiency and its mandatory repayment
        obligations on certain indebtedness.
        


            DVLN is currently seeking to refinance a portion of its mortgage
        portfolio to meet certain mandatory debt repayment requirements and
        is working with an interested party in connection with the
        refinancing of certain assets pursuant to which the lender would
        replace certain existing lenders and in consideration of such loans
        would receive equity and rights to acquire equity in DVLN.
        


            DVLN is a real estate investment, management and finance company
        located in Bogota, New Jersey.
        



                                   DVL, INC.
                      THIRD QUARTER RESULTS OF OPERATIONS
                        (in thousands except share data)
        
                                    Three Months            Nine Months
                                 Ended September 30     Ended September 30
        
                                 1995          1994      1995         1994
        
        Operating revenues      $   732      $   736    $ 2,455     $ 2,929
        Loss before
         extraordinary item     $(1,387)     $(3,688)   $(3,499)    $(6,573)
        Extraordinary gain on the
         settlements of
         indebtedness                --           --      1,809       1,935
        Net loss                $(1,387)     $(3,688)   $(1,690)    $(4,638)
        Earnings per share data:
        Loss before
         extraordinary item     $  (.15)     $  (.44)   $  (.39)    $  (.79)
        Extraordinary gain on the
         settlements of
         indebtedness                --           --        .20         .23
        Net loss                $  (.15)     $  (.44)   $  (.19)    $  (.56)
        Average shares
         outstanding          9,210,661    8,472,450  8,907,825   8,292,970


        /CONTACT:  Joel Zbar of DVL, Inc., 201-487-1300/



Rexon and Legacy Storage Systems make announcement
        


            MONTREAL--Nov.  13, 1995--Rexon
Inc.
and
        Legacy Storage Systems International Inc.  today announced that The
        United States Bankruptcy Court for the District of Colorado has made
        an order approving the proposal of Legacy Storage Systems
        International Inc.  and management of Rexon Inc.  to each provide
        debtor in possession financing to Rexon of US$2 million for an
        aggregate of US$4 million.  Legacy management and Rexon's management
        announced earlier their proposal to provide this financing to Rexon
        subject to the Court's approval.  
        


            As a result of the order, Legacy and Rexon's management each
        advanced approximately US$930,000 to Rexon on November 10, 1995 and
        anticipate making an additional advance of approximately US$1
        million by November 16, 1995.  This financing will primarily be used
        by Rexon to purchase inventory and to resume operations.  

        
            Legacy has proposed an acquisition of certain assets of Rexon
        for a purchase price to be satisfied by assumption of the secured
        indebtedness of Rexon and the court approved debtor in possession
        financing of US$4 million and a cash payment to Rexon.  There is no
        assurance that an agreement will be reached between Rexon and Legacy
        as to the purchase of these assets or that the Court will approve
        any agreement that the parties may reach.  

        
            Rexon Inc.  manufactures and distributes 1/4 inches cartridge
        (QIC) tape drives under the Wangtek brand name, digital audio tape
        (DAT) drives under the WangDat brand name and Tecmar tape back-up
        solutions.  Rexon Inc.  distributes its tape back-up products
        through a field sales force and international network of more than
        100 distributors.  Rexon Inc.  also has OEM and VAR relationships
        with a number of major U.S.  computer companies.  Rexon operates its
        own manufacturing facility out of Singapore.  
   

     
            Legacy Storage Systems International Inc.  is a personal
        computer peripheral systems corporation operating in the data
        storage subsystems sector of the computer systems industry.  Legacy
        manufactures, assembles and distributes data storage subsystems for
        the personal computer local area network environment, provides
        technical support services to any users of its products, conducts
        research and development to upgrade its existing products, develops
        new products and distributes computer products and components.
        Legacy manufactures products for all major operating systems.
        Legacy's products are marketed worldwide to Fortune 500 companies.  
      

  
        CONTACT: David Killins,
                 President & C.E.O.,
                 Legacy Storage Systems International Inc.
                 905/475-1077
                        or
                 Alain Lambert,
                 Director of Investor Relations,
                 Legacy Storage Systems International Inc.
                 514/844-7212
                        or
                 Bob Genesi,
                 Chief Executive Officer,
                 Rexon Inc.
                 303/682-3753


        

Visual Cybernetics announces that today
        it has filed a voluntary petition for reorganization under Chapter
        11 of the Bankruptcy Code.

        
            NEW YORK--Nov. 13, 1995--Visual
Cybernetics
        Corporation
(OTC:VSCY) announces that today it has filed a
voluntary
        petition for reorganization under Chapter 11 of the Bankruptcy Code.
        


            The Company has retained the legal services of bankruptcy
        specialist Angel & Frankel, P.C. of New York City.  The Company's
        Board of Directors believes that a reorganization in bankruptcy will
        provide the most expedient forum for resolving the Company's
        financial and past managerial problems.  The Company's new
        management, which was elected to office in July pursuant to a
        special shareholders meeting, has stabilized the Company and will
        oversee its operations throughout the bankruptcy proceeding.  The
        Company intends to emerge from bankruptcy in February, 1996.  As
        part of its reorganization plan the Company will eliminate its
        medical software division and renew its focus on personal computer
        software.
        


        CONTACT: Daniel W. Dowe, Esq.,
                 Dowe & Dowe,  New York
                 212/293-7299
        




Kamine/Besicorp Allegany L.P. files for
        chapter 11

        
            KINGSTON, N.Y.--Nov. 13, 1995--href="chap11.kamine.html">Kamine/Besicorp
        Allegany L.P.
("Allegany") today filed in United States
Bankruptcy
        Court for the District of New Jersey under Chapter 11 of the United
        States Bankruptcy Code.  On Nov.  2 the U.S.  District Court for the
        Western District of New York denied the partnership's motion for a
        preliminary injunction compelling Rochester Gas & Electric ("RG&E")
        to accept power from Allegany at contract prices based on an
        antitrust complaint.  
        


            In a previous decision RG&E was ordered to purchase power from
        Allegany at $.06 per kilowatt hour ("kwh") pending a hearing on its
        request for a preliminary injunction.  RG&E refuses to abide by its
        obligation and has unilaterally decided to pay approximately $.02
        per kwh, which is its SC5 tariff rate.
        


            Michael F. Zinn, president of Besicorp Group Inc. (AMEX Emerging
        Company Marketplace: BGLEC), a 50 percent owner of the Allegany
        project, said the project could not survive at the SC5 tariff rate,
        which is effectively the rate utilities charge for excess power
        dumped on the market on a short-term interruptible basis.
        


            "We noted last week that the project was in grave danger due to
        the Federal Court's adverse ruling.  It is our hope that the Chapter
        11 process will allow us to reorganize the partnership in order to
        save this project.  We remain confident that Allegany will prevail
        in the ultimate resolution of these claims, and that we will
        convince the proper court that the Allegany power contract is a
        binding and enforceable obligation of RG&E," Zinn said.
        


            "RG&E is seeking to prevent Allegany from ever getting a chance
        to litigate these issues.  RG&E knows full well that if they succeed
        in avoiding their contract, they will kill the project.  It is our
        continued belief that the provisions of the Power Purchase Agreement
        ("PPA") prevent RG&E from exercising the very self-serving predatory
        behavior they are attempting to use to kill Allegany," Zinn said.
        


            In a related development, as a result of continuing defaults
        under the financing agreement, precipitated by RG&E's breaches,
        project lender General Electric Capital Corp. ("GECC") has exercised
        its rights to install new corporate officers and new boards of
        directors for each of the corporations that are general partners in
        the Allegany Partnership.  The long term effect on Besicorp and
        Kamine's ownership interests in the project will depend on whether
        the Court requires RG&E to fulfill its contractual obligations.  The
        interests of Allegany and all parties that have relied on the PPA
        are identical in that RG&E's refusal to honor its contractual and
        legal obligations is the sole cause of the existing problem.
        


        CONTACT: William Escobar, 212/808-7771
                         or
                 Michael F. Zinn, 914/336-7700
        




        MERRY-GO-ROUND ENTERPRISES ANNOUNCES INCREASED WORKING CAPITAL
        AVAILABILITY

        
            JOPPA, Md., Nov. 13, 1995 -- Merry-Go-Round Enterprises,
        Inc.
(NYSE: MGR) announced today that it has reached an agreement
        with its DIP lenders and certain unsecured creditors of the Company
        (the "Term Lender"), for increased availability of up to $22.5
        million through the holiday ordering season under its current DIP
        facility.
        


            Of the increased availability, $7.5 million is to be advanced
        immediately in full, up to $7.5 million is available immediately
        (subject to the advance terms and conditions of the agreement and to
        a satisfactory store closing plan), and $7.5 million is available in
        the discretion of the Term Lender, upon request by the Company.
        


            "Management believes that this increased availability under the
        DIP facility supports its new merchandising strategy and its
        decision to concentrate on operating only its best performing
        stores," said a spokesman for the Company.  "The increased
        availability under the DIP facility will help facilitate a steady
        stream of fresh inventory receipts as the Company moves into the
        important holiday season."
        


            The spokesman noted that the current adverse retail conditions
        have had an impact on sales for many specialty retailers, including
        MGRE. This general weakness and uncertainty within the specialty
        retail market has caused certain factors and vendors to take a
        conservative approach to their extension of credit.  MGRE sought the
        additional DIP credit availability to help ensure timely merchandise
        receipts prior to the commencement of the holiday season.
        


            The amendment to the loan agreement also provides a limited
        waiver of compliance with a certain covenant for the third quarter,
        modifies or waives certain covenants to enable the proposed store
        closings, and sets certain cash and borrowing base requirements for
        the latter half of January 1996.  The agreement is subject to
        approval by the Bankruptcy Court, final documentation and payment of
        fees.

        
            Merry-Go-Round Enterprises, Inc. is specialty apparel chain
        selling contemporary fashions for young men and women.
   

     
        /CONTACT:  Michael W. Kempner of MWW/Strategic Communications, Inc.,
        201-507-9500, or Isaac Kaufman of Merry-Go-Round Enterprises, Inc.,
        410-538-1000/




        BRISTOL-MYERS SQUIBB COMPANY APPROVES REVISED BREAST IMPLANT
        SETTLEMENT

        
         Offers Claimants Certainty, Resolution and Realistic Funding;
                    Resolves Problems of Original Agreement
      

  
            NEW YORK, Nov. 13, 1995 -- Women who registered
with the
        national breast implant class action settlement and have implants
        made by four manufacturers or their predecessors and subsidiaries
        can have "certainty" and "closure" from a revised settlement
        program, according to Bristol-Myers Squibb Company (NYSE: BMY).  The
        company's Board of Directors has approved the settlement, subject
        only to final details.
        


            The revised settlement, overseen by Federal District Judge Sam
        C. Pointer, Jr., enables qualified claimants to receive timely and
        certain payment from participants.  In addition to Bristol-Myers
        Squibb, the settling companies include three other implant
        manufacturers - Baxter Healthcare Corporation, 3M Company and McGhan
        Medical Corporation - and Union Carbide Corporation, which made gels
        for some implants.
        


            "This settlement provides needed certainty, resolution and
        closure to claimants," said John L. McGoldrick, senior vice
        president and general counsel of Bristol-Myers Squibb.  "Current
        claimants will receive equitable compensation in a timely manner.
        They can make informed choices under a claims processing system that
        Judge Pointer describes as 'user-friendly.'  Future claimants have
        benefits similar to insurance. Those claimants with the most serious
        illnesses will receive the highest awards.  All claimants can bypass
        the hassles, expense, delays and uncertainties of the tort system.
        No one has to prove that the implants caused illness.  And no one is
        precluded from pursuing any other legal options regarding non-
        participating parties.
        


            "Perhaps most important for claimants," McGoldrick commented,
        "the revised settlement empowers women to put this behind them and
        move on with their lives.  It is an option that we think they will
        and should consider very seriously compared to the courtroom."
        


            The settlement provides for timely payments of $10,000 to
        $50,000 - with up to $50,000 in additional compensation if implants
        rupture - to registrants who currently have claims against the
        settling companies that meet the original agreement's medical
        criteria.  Current claimants can receive up to $250,000 for
        conditions such as lupus, if they provide additional supporting
        medical documentation verifying the severity of their condition.
        These awards are fully guaranteed for individuals whose pending
        claims are approved or contain minor deficiencies.
        


            The settlement also offers benefits similar to an "insurance
        policy" for registrants who may have future claims, funded at
        reasonable, realistic levels, according to the companies.
        


            An October 27 message on Judge Pointer's toll-free hotline
        compared the original and revised settlements.  The award amounts in
        the revised settlement, the message states, "although substantially
        less than amounts shown in the initial notices for  1/8the original
        agreement 3/8, are greater for many claimants than the amounts that,
        after ratcheting, would have been offered under that program, and .
        . . are not subject to a walk-away by defendants because of . . .
        opt outs."
        


            Starting in December, a notice of the settlement will be mailed
        to current claimants. They will be offered an advance, non-
        refundable payment of $5,000, as soon as they provide evidence that
        they have or had an implant made by Bristol-Myers Squibb, Baxter
        Healthcare Corporation or 3M Company and agree to participate.  The
        $5,000 would be credited against future amounts payable.  Qualified
        claimants also have the right to receive $3,000 for an explant, if
        one occurred after April 1, 1994 or if they choose to have one over
        the next 15 years.
        


            A notice will also be mailed in December to women who registered
        under the original settlement but have not filed claims.  If they
        agree to participate in the settlement, they will be entitled to the
        explant benefit and the right to file a claim any time over the next
        15 years. They will also be entitled to an advance, non-refundable
        payment of $1,000 upon providing evidence that they have or had an
        implant made by Bristol-Myers Squibb, Baxter Healthcare Corporation
        or 3M Company and agree to participate.  The $1,000 would be
        credited against future amounts payable.
        


            Registrants not filing current claims will be eligible for the
        higher award levels available to current claimants if they meet the
        same new medical criteria that apply to these award schedules.
        While awards to future claimants are subject to annual aggregate
        limits, the companies have the right to exceed the caps to pay the
        full amounts to future claimants, and claimants have the right to
        opt out of the settlement if their awards are reduced.
        


            The companies admit no liability in the settlement.  It occurs
        in the wake of the American College of Rheumatology's finding that
        "silicone implants expose patients to no demonstrable additional
        risk for connective tissue or rheumatic diseases," and studies by
        the Mayo Clinic, Harvard and other independent organizations which
        show no association between implants and connective tissue
        disorders. McGoldrick commented that, "While there are good reasons
        for us to vigorously defend ourselves in the courts, we want
        claimants to have an important option to resolve their cases.  We
        know that most claimants are sincere in their beliefs and this
        settlement gives them a choice that we hope they will find fair and
        worthwhile.
        


            "Full funding of the settlement for qualified current claimants
        is assured," he said, "so we believe it is of greater practical
        value to them than the original agreement.  We encourage claimants,
        their attorneys and breast implant support groups to review this
        settlement carefully, comparing it with the realities of both the
        original agreement and the tort system."
        


            Unlike the terms of the original settlement, the revised terms
        do not cover claimants whose implants were made by href="chap11.dow.html">Dow Corning
        Corporation
, which is now in bankruptcy proceedings.  The revised
        settlement does not apply to non-U.S. residents.  In addition, the
        five companies that are parties to the revised settlement are bound
        by its terms regardless of the number of claimants who participate.
        While the revised settlement, if approved by Judge Pointer, may be
        subject to appeal, most of the benefits for current claimants will
        be payable prior to the determination of appeals and regardless of
        their outcome.
        


            It is expected that the court will shortly provide a new message
        to reflect this settlement on its toll-free number, 1-800-887-6828.
        


        /CONTACT:  Jane Kramer of Bristol-Myers Squibb Co., 609-252-5185, or
        home, 609-448-2233/