TCR_Public/951116.MBX BANKRUPTCY CREDITORS' SERVICE, INC.



        F & M DISTRIBUTORS, INC. TO CLOSE REMAINING 34 RETAIL STORES

        
            WARREN, Mich., Nov. 16, 1995 -- F & M
Distributors, Inc.
,
        a debtor in possession, announced that it will close its remaining
        34 F & M super drugstore locations in Detroit, Chicago, Baltimore
        and Washington, D.C. during the next ninety days after the
        completion of inventory liquidation sales.  After these closures the
        Company will have completed the program previously announced in
        August to market its business operations.  The Company will continue
        its warehouse operations for a limited time as it supplies
        merchandise to twenty-three stores previously sold to Drug Emporium,
        Inc. (Nasdaq-NNM: DEMP) which is continuing to operate these stores
        in the Detroit and Baltimore markets. F & M will continue to market
        owned real estate and lease interests as it completes its asset
        liquidation.
        


            F & M is managing its business as a debtor in possession under
        Chapter 11 of the United States Bankruptcy Code.  The Company
        anticipates filing a plan of liquidation with the U.S. Bankruptcy
        Court in early 1996.  This plan would provide for the distribution
        of amounts realized from the liquidation of the Company's assets to
        creditors in accordance with priorities established under the United
        States Bankruptcy Code.  Although the amount of the distribution to
        creditors cannot be determined at this time, it is unlikely that
        holders of F & M senior subordinated notes due 2003 and shareholders
        of the Company will receive a distribution.
        


        /CONTACT:  Laura Kendall, Chief Financial Officer of F & M ,
        810-758-1400, Ext. 25l/




LESLIE FAY REPORTS IMPROVED
FINANCIAL RESULTS FOR 1995
        THIRD QUARTER

        
            NEW YORK--November 16, 1995--The
Leslie Fay
        Companies, Inc.
today reported improved financial results for the
        third quarter and first nine months of fiscal 1995.  
        


            For the 13 weeks ended September 30, 1995, Leslie Fay reported
        operating income of $10.8 million on sales of $140.3 million,
        compared with operating income of $1.4 million on sales of $171.0
        million in the third quarter of fiscal 1994.  After reorganization
        costs of $10.7 million and $1.4 million for income taxes, Leslie Fay
        reported net income of $0.8 million, or $0.04 per share, in the 1995
        third quarter, compared with a net loss of $17.7 million, or $0.94
        per share, in the same quarter of 1994 (after reorganization costs
        of $17.6 million and a provision of $0.3 million for income taxes).
        


            The sales decline of $30.7 million from the year ago quarter
        reflects the absence of $35.9 million in sales from divisions that
        were closed or divested in 1994.  On a comparable basis, after
        removing this impact, the remaining business had a net increase in
        sales of $5.1 million, or 3.8 percent, in the third quarter of 1995.
        


            For the 39 weeks ended September 30, 1995, Leslie Fay reported a
        net loss of $14.7 million, or $0.78 per share, on sales of $366.7
        million, compared with a net loss of $36.0 million, or $1.92 per
        share, on sales of $429.3 million in the first nine months of 1994.
        


            Separately, Leslie Fay today filed a disclosure statement and
        amended plan of reorganization with the U.S.  Bankruptcy Court for
        the Southern District of New York.  The company originally filed a
        plan of reorganization with the court on October 31, 1995 and
        intends to emerge from chapter 11 in early 1996.  In a related
        development, Leslie Fay has reached an agreement with its lenders,
        subject to court approval, to extend its post-petition credit
        agreement to June 1996.  The company has also filed chapter 11
        petitions for several retail outlet subsidiaries in order to resolve
        the liability of those entities as part of the amended plan of
        reorganization.  
        


            "We are very pleased with the company's progress on all fronts
        -- particularly our ongoing actions to enhance profitability in our
        core businesses," said John J. Pomerantz, chairman and chief
        executive officer of Leslie Fay.  "The filing of a disclosure
        statement is an important step towards the conclusion of our chapter
        11 case.  We look forward to emerging from bankruptcy early next
        year as a viable competitor in the women's apparel industry."  
        


            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.


        
              The Leslie Fay Companies, Inc. and Subsidiaries
                            (Debtor In Possession)
                 Condensed Consolidated Financial Information
                    (In thousands, except per share data)
        
                                  (Unaudited)           (Unaudited)
                               Thirty Nine Weeks    Thirteen Weeks Ended
                                Sept. 30,  Oct. 1,   Sept. 30,  Oct. 1,
                                 1995        1994      1995       1994
        
        Statement of Operations
         Data:
        
        Net sales                  $366,653    $429,313   $140,290  $171,043
        Operating income (loss)       4,858      (1,435)    10,782     1,424
        
        Loss before taxes           (15,573)    (35,192)      (612)
        (17,366)
        Taxes on loss                  (888)        838     (1,430)      284
        Net loss                    (14,685)    (36,030)       818
        (17,650)
        
        Net loss per share of
         common stock                ($0.78)     ($1.92)     $0.04
        ($0.94)
        
        Weighted average common
         shares outstanding          18,772      18,772     18,772    18,772
        
                                  (Unaudited)
                                     as of          as of
                                   Sept. 30,        Dec. 31,
                                     1995            1994
        Balance Sheet Data:
        
        Total assets                    $250,493        $290,997
        Total liabilities                403,398         428,932
        Stockholders' deficit           (152,905)       (137,935)
                        

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



Forest Oil to receive $6.8 million from Columbia
        bankruptcy settlement

        
            DENVER--Nov. 16, 1995--Forest Oil Corporation
        reported today that it will receive $6,840,000 resulting from
        yesterday's ruling by U.S. Bankruptcy Court Judge Helen Balik
        confirming Columbia Gas System,
Inc.
's Chapter 11 reorganization
        plans.  
        


            Forest expects to receive its cash distribution in December 1995
        or January 1996.  Forest may receive up to an additional $360,000
        which represents a holdback amount attributable to the company's
        allowed claim.  As a result of this ruling, Forest expects to record
        income of approximately $4,000,000.  
        


            After payments to third parties, including the repayment of a
        participation interest in the Columbia claim, Forest expects to
        realize net cash proceeds of at least $1.1 million.  
        


            Forest Oil Corporation is engaged in the exploitation and
        acquisition of, exploration for and development and production of
        natural gas and crude oil.  The company's principal reserves and
        producing properties are located in the Gulf of Mexico and Texas,
        Oklahoma and Wyoming.  The company's common and preferred stocks are
        traded on the Nasdaq National Market System under the FOIL and FOILO
        symbols, respectively.  
        


        CONTACT:  Forest Oil Corp., Denver,
                  Zack Hager, 303/812-1610
        




        BONNEVILLE PACIFIC CORPORATION ANNOUNCES SETTLEMENT

        
            SALT LAKE CITY, Nov. 16, 1995 -- href="chap11.bonneville.html">Bonneville Pacific
        Corporation
, through its Chapter 11 Bankruptcy Trustee (Roger G.
        Segal), announces today that a settlement has been reached with two
        related defendants of the numerous defendants in the civil action
        entitled Roger G. Segal, Trustee v. Portland General, et al now
        pending in the United States District Court for the District of
        Utah, Case No. 92-C-364J.
   

     
            The settlement is with Houlihan Dorton & Associates and Houlihan
        Dorton James Nicolatus and Stuart, Inc. and provides for a payment
        to Bonneville Pacific Corporation of the total sum of Five Hundred
        Thirty-Three Thousand Two Hundred Sixty-Four and 99/100 Dollars
        ($533,264.99).
      

  
            The settlement is conditioned upon approval by the United States
        Bankruptcy Court for the District of Utah and the entry of an
        appropriate dismissal order by the United States District Court.
        


        /CONTACT:  Roger G. Segal, Chapter 11 Trustee for Bonneville Pacific
        Corporation, 801-532-2666/


        
        KMART CORPORATION REPORTS 1995 THIRD-QUARTER RESULTS

        
        TROY, Mich., November 16, 1995 -- Kmart Corporation
        (NYSE: KM) today reported a net loss of $69 million, or $.15 per
        share, in the third quarter of 1995, compared with net income of
        $39 million, or $.08 per share, in the third quarter of 1994.
        Discontinued operations in the third quarter of 1995 included a net
        gain of $48 million, or $.11 per share, resulting from the sale of
        the company's remaining interest in The Sports Authority, Inc.
        Before giving effect to the impact of discontinued operations, the
        net loss from continuing operations was $118 million, or $.26 per
        share, in the third quarter of 1995, compared with net income from
        continuing operations of $21 million, or $.04 per share, in the
        third quarter of 1994.

        
        Operating results were affected by aggressive clearance of
        discontinued inventory, continued promotional activity, liquidating
        closed stores, and shifts in the company's merchandise mix.  Results
        were also affected by weak performances at Builders Square and
        Kmart's Canadian operation.
   

     
        The gross margin for the third quarter was 21.2% of sales versus
        24.4% last year, reflecting increased volumes of lower margin
        promotional items and consumables.  Margins were also significantly
        affected by clearance of discontinued merchandise, continued higher
        than estimated shrinkage, and the implementation of a new inventory
        accounting system earlier this year.
      

  
        Total sales in the third quarter were $7.98 billion, an increase of
        2.5% from $7.78 billion for the third quarter of 1994.
        


        Commenting on third quarter results, Floyd Hall, chairman, president
        and chief executive officer, said, "Sales in our U.S. Kmart stores
        increased 4.1% on a comparable store basis in the third quarter and
        5.4% for the first nine months of 1995.  In light of the current
        retail environment, we consider this level of sales momentum to be
        satisfactory.  However, our gross margin shortfalls continue to be a
        major problem."
        


        "Throughout the year, we have made significant progress in clearing
        unproductive discontinued inventory.  In the first nine months of
        1995, we eliminated over $500 million, at retail, of discontinued
        goods and we anticipate that the impact on gross margin rate will
        moderate during the fourth quarter."
        


        The selling, general and administrative (SG&A) expense ratio for the
        third quarter was 23.0% of sales versus 23.3% for the comparable
        1994 period.
        


        The pretax LIFO credit for the 1995 period was $7 million, compared
        with $13 million for the 1994 third quarter.  For the 39 week
        periods, the pretax LIFO charge was $8 million in 1995 compared to
        no charge in 1994.
        


        Net loss, including discontinued operations, for the 39 weeks of
        1995 was $151 million, or $.34 per share, compared with earnings of
        $151 million, or $.32 per share, in the year-ago period.  Results in
        1995 were positively affected by $.18 per share due to the freezing
        of the Kmart defined benefit pension plan and implementation of a
        profit sharing program, and negatively affected by $.22 per share
        due to a previously-announced new inventory accounting system.
        Sales rose 5.4% to $23.86 billion from $22.64 billion for the same
        period in 1994.
        


        Kmart Corporation serves America with 2,167 Kmart and 168 Builders
        Square retail outlets, and operates 147 stores internationally.
        


        Kmart Corporation common stock is listed on the New York, Pacific,
        and Chicago Stock Exchanges.
        



                                    KMART CORPORATION
                          SALES AND OPERATING RESULTS BY BUSINESS
                    13 WEEKS ENDED OCTOBER 25, 1995 AND OCTOBER 26, 1994
                                       (UNAUDITED)
        
                                          SALES
        
                                                            % Change
                                                         All    Comparable
        (Millions U.S. $)          10-25-95  10-26-94   Stores    Stores
        
        General Merchandise
          United States            $ 7,012   $ 6,733     4.1       4.1
          International                305       288     5.9       3.7   (a)
        Total General Merchandise    7,317     7,021     4.2       4.1
        
        Specialty Retail
          Builders Square              658       762   (13.7)    (11.1)
        
        Total Kmart                $ 7,975   $ 7,783     2.5       2.6
        
            (a) International Comparable Store Sales Change is calculated on
        sales in the applicable local currency.
        
                                    OPERATING RESULTS
        
        (Millions U.S. $)          10-25-95 10-26-94   % Change
        
        General Merchandise
          United States            $   (81)   $  141       -
          International                  5         7   (28.6)
        Total General Merchandise      (76)      148       -
        
        Specialty Retail
          Builders Square               (3)        1       -
        
        Total Kmart                $   (79)   $  149       -
        
                                    KMART CORPORATION
                          SALES AND OPERATING RESULTS BY BUSINESS
                    39 WEEKS ENDED OCTOBER 25, 1995 AND OCTOBER 26, 1994
                                       (UNAUDITED)
                                          SALES
        
                                                           % Change
                                                        All    Comparable
        (Millions U.S. $)          10-25-95  10-26-94   Stores    Stores
        
        General Merchandise
          United States            $20,962   $19,593     7.0       5.4
          International                850       773    10.1       3.8   (a)
        Total General Merchandise   21,812    20,366     7.1       5.3
        
        Specialty Retail
          Builders Square            2,046     2,272   (10.0)     (7.8)
        
        Total Kmart                $23,858   $22,638     5.4       4.1
        
            (a) International Comparable Store Sales Change is calculated on
        sales in the applicable local currency.
        
                                    OPERATING RESULTS
        
        (Millions U.S. $)          10-25-95 10-26-94   % Change
        
        General Merchandise
          United States             $  138   $  476    (71.0)
          International                (10)       9       -
        Total General Merchandise      128      485    (73.6)
        
        Specialty Retail
          Builders Square               (5)       30       -
        
        Total Kmart                $   123    $  515   (76.1)
        
                                     KMART CORPORATION
                             CONSOLIDATED STATEMENTS OF OPERATIONS
                                        (UNAUDITED)
        
                                                                      %
                                                13 Weeks Ended       Inc.
        (Amounts in millions, except per share  10-25-95  10-26-94   (Dec.)
        data)
        
        Sales                                     $7,975    $7,783     2.5
        Licensee fees and other income                66        62     6.5
        Gross revenue                              8,041     7,845     2.5
        
        Cost of merchandise sold                   6,286     5,883     6.9
        Selling, general and
         administrative expenses                   1,834     1,813     1.2
        Interest - net
         Debt                                         40        73   (45.2)
         Capital leases and other                     56        60    (6.7)
        
        Income (loss) from continuing
         operations
         before income taxes and equity income     (175)        16      -
        Equity in net income of
         unconsolidated companies                      7        12  (41.7)
        
        Income tax provision (credit)               (50)         7      -
        Income (loss) before discontinued
         operations                                (118)        21      -
        
        Income from discontinued operations,
         net of income taxes                           1        18   (94.4)
        Gain on disposal of discontinued
         operations, net of income taxes              48         -      -
        
        Net income (loss)                      ($    69)   $    39      -
        
        Earnings (loss) per common and common
         equivalent share:
        
         Income (loss) before discontinued
          operations                           ($  0.26)   $  0.04
        
         Income from discontinued operations,
          net of income taxes                          -      0.04
         Gain on disposal of discontinued
          operations, net of income taxes           0.11         -
        
         Net income (loss)                     ($  0.15)   $  0.08
        
        Weighted average shares outstanding        460.1     456.8
        
                                     KMART CORPORATION
                             CONSOLIDATED STATEMENTS OF OPERATIONS
                                        (UNAUDITED)
                                                                      %
                                                 39 Weeks Ended       Inc.
        (Amounts in millions, except per share  10-25-95  10-26-94   (Dec.)
         data)
        
        Sales                                    $23,858   $22,638     5.4
        Licensee fees and other income               187       195    (4.1)
        Gross revenue                             24,045    22,833     5.3
        
        Cost of merchandise sold                  18,618    16,999     9.5
        Selling, general and
         administrative expenses                   5,428     5,319     2.0
        Gain on pension curtailment                (124)         -      -
        Interest - net
         Debt                                        152       197   (22.8)
         Capital leases and other                    167       176    (5.1)
        
        Income (loss) from continuing
         operations
         before income taxes and equity income     (196)       142      -
        Equity in net income of
         unconsolidated companies                     23        32   (28.1)
        
        Income tax provision (credit)               (52)        54      -
        
        Income (loss) before discontinued
         operations                                (121)       120      -
        
        Income (loss) from discontinued
         operations,
         net of income taxes                         (1)        31      -
        Loss on disposal of discontinued
         operations, net of income taxes            (29)         -      -
        
        Net income (loss)                      ($   151)   $   151      -
        Earnings (loss) per common and common
         equivalent share:
        
         Income (loss) before discontinued
          operations                           ($  0.28)   $  0.25
        
         Income from discontinued operations,
          net of income taxes                          -      0.07
         Loss on disposal of discontinued
          operations, net of income taxes         (0.06)         -
        
         Net income (loss)                     ($  0.34)   $  0.32
        
        Weighted average shares outstanding        459.3     456.2
        
                                     KMART CORPORATION
                                 CONSOLIDATED BALANCE SHEETS
        
        (Amounts in millions, except per share  10-25-95  10-26-94 1-25-95
         data)
                                              (Unaudited) (Unaudited)
        ASSETS
        Current Assets:
         Cash (includes temporary investments
         of                                       $   470   $   375 $   480
          $178, $121 and $93, respectively)
          Merchandise inventories                   8,409     9,549   7,382
          Accounts receivable and other current     1,695     1,961   1,325
          assets
         Total current assets                      10,574    11,885   9,187
        
         Investments in Affiliated Retail              80       649     368
          Companies
         Property and Equipment - net               5,900     6,399   6,280
         Other Assets and Deferred Charges            508       654     910
         Goodwill - net of accumulated
          amortization of                              25       698     284
         $9, $73 and $45, respectively
           TOTAL ASSETS                           $17,087   $20,285 $17,029
        
        LIABILITIES AND SHAREHOLDERS' EQUITY
        Current Liabilities:
         Long-term debt due within one year      $     9   $   249 $   236
         Notes payable                             1,944     3,300     638
         Accounts payable - trade                  3,206     3,512   2,910
         Accrued payrolls and other                1,046     1,289   1,313
         liabilities
         Taxes other than income taxes               304       418     272
         Income taxes                                  -        75     257
        Total current liabilities                  6,509     8,843   5,626
        
        Capital Lease Obligations                  1,704     1,865   1,777
        Long-Term Debt                             1,954     2,022   2,011
        Other Long-Term Liabilities (includes
         store                                     1,202     1,596   1,583
         restructuring obligations)
        
        Shareholders' Equity:
         Preferred stock, 10,000,000 shares
           authorized;
         Series C, 790,287 shares authorized;
         shares
         issued 654,815, 784,938 and                131       157     132
          658,315, respectively
        Common stock, 1,500,000,000 shares
          authorized; shares issued
           465,251,468,                             465       463     465
          462,782,539 and 465,249,073,
          respectively
        Capital in excess of par value            1,514     1,484   1,505
        Performance restricted stock deferred
          compensation                              (6)       (2)       -
        Retained earnings                         3,752     4,035   4,074
        Treasury shares                             (86)      (88)    (86)
        Foreign currency translation                (52)      (90)    (58)
         adjustment
        Total shareholders' equity                5,718     5,959   6,032
           TOTAL LIABILITIES AND                $17,087   $20,285 $17,029
           SHAREHOLDERS' EQUITY

        
        /CONTACT:  Robert M. Burton, Director, Investor Relations of Kmart,
        810-643-1040/



        GANTOS, INC. REPORTS THIRD QUARTER 1995 RESULTS

        
            GRAND RAPIDS, Mich., Nov. 16, 1995 -- href="chap11.gantos.html">Gantos, Inc. (Nasdaq-
        NNM: GTOS) today reported net income for the third quarter ended
        October 28, 1995, of $127,000, or $0.02 per share, compared to a net
        loss of $662,000, or ($0.25) per share, for the same period a year
        ago.
        


            Net income for the nine months ended October 28, 1995, was
        $577,000, or $0.09 per share, compared to a net loss of $1,860,000,
        or ($0.70) per share, for the same period a year ago.
        


            Commenting on the Company's results, L. Douglas Gantos, Chief
        Executive Officer and Chairman, stated, "We are pleased with the
        nearly $800,000 positive earnings swing experienced in the third
        quarter, particularly in light of the highly promotional women's
        specialty apparel environment.  Contributing to this improved
        performance were higher margins, combined with lower general and
        administrative costs. Our management team remains focused on our
        long range plan of fresh merchandise assortments, exceptional
        customer service and expense discipline as we enter the all-
        important Holiday season."
        


            Gantos, Inc. is a specialty retailer of quality women's wear and
        accessories.  The Company currently operates 113 stores in 23
        states.
        



                                  GANTOS, INC.
                CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
            (Amounts in thousands, except per share and store data)
                                   Unaudited
        
                               Third Quarter Ended       Year-To-Date
                                Oct. 28,   Oct. 29,    Oct. 28,   Oct. 29,
                                  1995       1994       1995       1994
        
        Net sales                $42,068    $43,549   $136,733    $139,136
        Cost of sales (including
         buying, distribution and
         occupancy costs)        (33,448)   (35,310) ($108,820)  ($114,968)
        Gross income               8,620      8,239     27,913      24,168
        Selling, general and
         administrative expense   (9,037)    (9,666)  ($29,014)   ($28,808)
        Finance charge and
         other revenue             1,037      1,113     $3,178      $3,634
        Operating income (loss)      620       (314)     2,077      (1,006)
        Interest expense            (493)       (32)   ($1,221)       ($91)
        Income (loss) before
         reorganization items
         and income taxes            127       (346)      $856     ($1,097)
        Reorganization items:
         Professional fees                     (755)     ($530)    ($2,031)
         Interest earned on
          accumulating cash from
          Chapter 11 proceedings     ---        439       $251      $1,268
        Net reorganization items       0       (316)      (279)       (763)
        Income (loss) before
         income taxes                127       (662)      $577     ($1,860)
        Provision (benefit) for
         income taxes                ---        ---        ---         ---
        Net income (loss)           $127      ($662)      $577     ($1,860)
        Per share amounts:
         Net income (loss)
          per share                $0.02     ($0.25)     $0.09      ($0.70)
        Shares outstanding         7,600      2,665      7,600       2,665
        Weighted average shares
         outstanding               7,600      2,665      6,504       2,665
        Stores open at end of
         period                      113        114        113         114
        
                                  GANTOS, INC.
                     CONDENSED CONSOLIDATED BALANCE SHEETS
                             (Amounts in thousands)
                                   Unaudited
        
                                              Oct. 28,    Oct. 29,
                                                1995        1994
        ASSETS
        Current assets:
        Cash and cash equivalents              $1,790      $27,969
        Accounts receivable (net)              22,975       25,226
        Merchandise inventories                31,350       34,401
        Prepaid expenses and other              2,760        3,503
        Income tax receivable                     ---          ---
        Total current assets                   58,875       91,099
        Cash - restricted                         ---          ---
        Property and equipment (net)           18,458       18,255
        Total assets                          $77,333     $109,354
        
        LIABILITIES AND SHAREHOLDERS' EQUITY
        Current liabilities:
        Accounts payable                      $17,987      $17,177
        Accrued expenses and other             11,201       10,903
        Current provision for facilities
         closing                                3,810          ---
        Total current liabilities              32,998       28,080
        Long-term debt                         18,540           39
        Long-term provision for
         facilities closing                                  4,544
        Liabilities subject to compromise         400       75,956
        Shareholders' equity                   25,395          735
        Total liabilities and
         shareholders' equity                 $77,333     $109,354
        

        /CONTACT:  Frederick Marx, 810-855-6777, for Gantos/




REXON receives acquisition proposal from Legacy

        
            LONGMONT, Colo.--Nov. 16, 1995--href="chap11.rexon.html">Rexon Inc.
        (NASDAQ:REXNQ) Thursday announced that it has received a term sheet
        proposal from Legacy Storage Systems International Inc. ("Legacy")
        to acquire substantially all of the assets of REXON and its
        subsidiaries for total consideration of approximately $15 million
        including the assumption of REXON's pre-petition secured debt of
        approximately $5.7 million and the $4 million loan facility from
        Legacy and REXON's management.
        


            The balance of approximately $5.3 million would be available to
        REXON's and REXON/Tecmar's bankruptcy estate for payment of
        administrative and priority claims and a distribution to unsecured
        creditors.  
        


            The proposal does not provide sufficient proceeds to satisfy the
        claims of unsecured creditors that exceed $38 million, so a plan of
        reorganization or other conclusion of REXON's bankruptcy
        proceedings, which is based solely on this proposal, would not
        include any distribution to REXON's shareholders.  
        


            Under the proposal, Legacy would acquire the stock of REXON's
        Singapore subsidiary, with the intent of its operation and
        production outside REXON's bankruptcy proceedings.  
        


            Legacy's proposal does not constitute an offer, and there can be
        no assurance that the parties will reach agreement on this or any
        other proposal or that any agreement between Legacy and REXON would
        receive the necessary approval of the bankruptcy court.  This
        proposal is subject to numerous conditions, including Legacy's due
        diligence examination and completion of any transaction by Feb. 21,
        1996.  
        


            REXON manufactures and distributes 1/4-inch 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 distributes its tape back-up products through a direct field
        sales force and an international network of distributors.  REXON
        also has OEM and VAR relationships with a number of the major
        computer companies.
        


        CONTACT:  REXON Inc.,
                  J. Embry, 310/355-0761
        




        DISTRIBUTION TO CUSTOMERS AUTHORIZED IN ADLER, COLEMAN CLEARING
        CORP. LIQUIDATION

        
            NEW YORK, Nov. 16, 1995 -- The Honorable
James P. Garrity,
        Jr. of the United States Bankruptcy Court, Southern District of New
        York, today issued an order authorizing Edwin B. Mishkin of Cleary,
        Gottleib, Steen & Hamilton, the SIPA Trustee for the liquidation of
        the business of Adler, Coleman Clearing
Corp.
to make a distribution
        of customer property to customers of Adler, Coleman whose approved
        claims have not been fully satisfied.  To date, the Trustee has
        distributed approximately $685 million of customer assets in
        fulfillment of customer claims that fell within the limits of SIPC
        protection.  The Bankruptcy Court today authorized the Trustee to
        distribute an additional $35 million to 206 customers whose approved
        claims exceed SIPC protection.  The distribution, in conjunction
        with SIPC protection, will result in the complete satisfaction of
        all but 25 of the 206 customers. Of the approximately 61,000
        customers who had accounts at Adler, Coleman at the commencement of
        the liquidation proceeding, over 98% will be satisfied in full.
        


        /CONTACT: Thomas J. Moloney, 212-225-2460, or Mitchell A. Lowenthal,
        212-225-2760, both of Cleary, Gottleib/