/raid1/www/Hosts/bankrupt/TCR_Public/951117.MBX BANKRUPTCY CREDITORS' SERVICE, INC.



Grand Union announces second quarter and first
        half results

        
            WAYNE, N.J.--Nov. 17, 1995--The Grand
Union
        Company
, a regional retail food company, announced that sales for
        the 12 weeks ended October 14, 1995, totaled $523.7 million,
        compared with sales of $556.7 million for the 12 weeks ended October
        15, 1994.  
        


            Operating Cash Flow (EBITDA) was $33.0 million, or 6.3% of
        sales, for the 12 weeks ended October 14, 1995, compared to EBITDA
        of $38.7 million, or 7.0% of sales, for the 12 weeks ended October
        15, 1994.
        


            Sales for the 28 weeks ended October 14, 1995 totaled $1,244.3
        million compared with $1,304.4 million for the 28 weeks ended
        October 15, 1994.  EBITDA for the 28 weeks ended October 14, 1995
        was $77.3 million compared with $98.9 million for the 28 weeks ended
        October 15, 1994.
        


            The sales decline for both the 12 and 28 weeks ended October 14,
        1995, compared with the same periods of the prior year, principally
        resulted from the sale or closure of 24 stores last year which were
        not replaced and same store sales declines, offset by sales from
        incremental new stores.
        


            Same store sales declined 2.8% and 1.1% for the 12 and 28 week
        periods ended October 14, 1995.  Same store sales comparisons were
        negatively influenced by (a) strong promotional programs during last
        year's second quarter and (b) the anniversary of three replacement
        stores early in this year's second quarter which diminished the
        incremental benefit previously experienced for those stores.  Same
        store sales were positively influenced by the Northern Region
        marketing program, which includes both lower everyday prices and
        stronger sales promotion programs, begun on a limited basis last
        year and fully implemented on May 1, 1995.  Additionally, this
        year's 28 week period was favorably influenced by the timing of the
        pre-Easter holiday shopping period which was included in this year's
        first quarter but not in last year's first quarter.
        


            EBITDA (defined as earnings before LIFO provision, depreciation
        and amortization, amortization of excess reorganization value,
        reorganization items, charges relating to voluntary resignation
        incentive program, interest expense, income taxes and extraordinary
        gain on debt discharge) for the 12 weeks ended October 14, 1995 was
        affected on an overall dollar basis by the reduced sales level.
        EBITDA, as a percentage of sales, was negatively impacted by (a)
        reduced margins and increased advertising costs associated with the
        previously mentioned Northern Region marketing program and (b)
        increased store labor.  EBITDA, as a percentage of sales, was
        positively impacted by savings generated by the conversion of a
        distribution of Northern Region merchandise from a Company operated
        warehouse to a wholesaler.  In addition, the Company, which emerged
        from bankruptcy on June 15, 1995, was affected during the 28 weeks
        ended October 14, 1995 by bankruptcy related items including its
        inability to be fully invested in forward buy inventory throughout
        most of last year's fourth quarter which negatively impacted gross
        profit in the first quarter, lower vendor promotional allowances in
        the early part of the first quarter and by gains on sales of stores
        in the first quarter of $3.6 million compared to gains of $1.8
        million last year.

        
            The Company reported a net loss of $30.1 million for the 12
        weeks ended October 14, 1995 ($3.01 per share).  The Company's loss
        for the period before amortization of excess reorganization value
        was $5.4 million or $.54 per share.  The Company reported net income
        of $785.9 million for the 28 weeks ended October 14, 1995, which
        included an extraordinary gain on debt discharge of $854.8 million,
        amortization of excess reorganization value of $34.8 million and
        reorganization expenses of $18.6 million.
   

     
            Joseph J. McCaig, President and Chief Executive Officer, said,
        "During the second quarter we began to realize the benefits of
        converting the distribution of product in the Northern Region from
        our Waterford, N.Y. distribution center to C&S Wholesale Grocers,
        Inc., of Brattleboro, Vt. which helped to offset the cost of our
        Northern Region marketing program in the second quarter.  During the
        second quarter we also terminated our joint health and beauty care
        and general merchandise buying arrangements with the Penn Traffic
        Company.  Additionally, the company completed `special voluntary
        resignation incentive' programs in both of its operating regions
        which had limited effect on store labor costs in the second quarter,
        but will moderate store labor costs over the remainder of the year."
      

  
            Roger E. Stangeland, Chairman of the Company's Board of
        Directors, noted that the Company has taken steps to reduce costs
        and be more competitive.  Stangeland said that the Company will
        continue to identify areas in which it can take steps to enhance its
        competitive position and long-term profitability.
        


            McCaig said, "After two quarters of results, it appears that our
        EBITDA will fall short of our original projection.  Sales
        improvement strategies are being implemented on a market by market
        basis and additional cost control initiatives are planned in the
        third and fourth quarters to improve operating results."  McCaig
        went on to say, "One area of cost reduction and efficiency currently
        under review is the distribution of merchandise for the Company's
        New York Region stores.  We are currently considering several
        alternative  product supply arrangements, including a proposal from
        C&S Wholesale Grocers, Inc., who began supplying product to our
        Northern Region stores this summer.  We are also discussing
        alternative operating methods and cost considerations with the
        unions who represent our New York Region warehouse and trucking
        employees."
        


            McCaig said the Company recently opened replacement stores in
        Morrisville, Vt. and Valatie, N.Y., and will shortly open a new
        store in Tannersville, N.Y. and complete store enlargements in
        Darien, Conn., West Islip, N.Y. and Lake Placid, N.Y.  The Company
        expects capital spending this year to be $45 to $50 million,
        including capitalized leases other than real estate leases.
        


            As previously announced, Grand Union emerged from bankruptcy on
        June 15, 1995.  The implementation of the company's plan of
        reorganization resulted in the reduction of Grand Union's debt and
        unpaid interest by approximately $1 billion, significantly reducing
        Grand Union's ongoing interest expense.  As of June 15, 1995, the
        company adopted "fresh start" reporting in accordance with American
        Institute of Certified Public Accounts Statement of Position 90-7,
        "Financial Reporting by Entities in Reorganization under the
        Bankruptcy Code."  Adoption of fresh-start reporting resulted in an
        adjustment of the basis of assets, liabilities and equity to their
        respective fair values.  Under fresh-start reporting, the company is
        required to separate the results of its pre-emergence operations
        from its post-emergence operations.  Accordingly, pre-emergence
        periods are not comparable with post-emergence periods.  The company
        has combined the pre-emergence and post emergence operations for
        press release purposes and, because of the lack of comparability of
        net earnings, the company has chosen to discuss Sales and EBITDA
        since these measures are generally unaffected by the restructuring.
        


            Grand Union currently operates 230 retail food stores in six
        Northeastern states.  Its common stock is traded under the GUCO
        symbol on the NASDAQ National Market.


        
                       THE GRAND UNION COMPANY
                 CONSOLIDATED STATEMENT OF OPERATIONS
                             (unaudited)
                      (in thousands of dollars)
        
                             12 Weeks Ended           28 Weeks Ended
                           Oct. 14,   Oct. 15,     Oct. 14,    Oct. 15,
                             1995      1994         1995         1994
        
        Sales                   $523,711   $556,663  $1,244,256   $1,304,355
        Gross profit (a)         162,937    171,121     380,258      402,237
        Operating and
         administrative
         expense (a)            (129,932)  (132,391)   (302,968)
        (303,360)
        Earnings before LIFO
         provision,
         depreciation
         and amortization,   
         amortization of excess
         reorganization value,
         reorganization items,
         charges relating to  
         voluntary resignation
         incentive plan, interest
         expense, income tax
         benefit and extraordinary           
         gain on debt                                                       
         discharge (EBITDA)       33,005     38,730      77,290       98,877
        LIFO provision              (300)      (225)       (700)
        (525)
        Depreciation and
         amortization            (17,002)   (20,758)    (41,172)
        (46,020)
        Amortization of excess
         reorganization value    (24,717)      --       (34,827)        --
        Reorganization items        --         --       (18,627)        --
        Charges relating to
         voluntary resignation
         incentive                (4,500)      --        (4,500)        --
        Earnings (loss) before
         interest expense,
         income tax benefit and
         extraordinary gain on
         debt discharge          (13,514)    17,747     (22,536)      52,332
        Interest expense         (22,433)   (47,212)    (51,770)
        (106,779)
        Loss before income
         tax benefit and
         extraordinary gain on
         debt discharge          (35,947)   (29,465)    (74,306)
        (54,447)
        Income tax benefit         5,872       --         5,372         --
        Loss before extraordinary
         gain on debt discharge  (30,075)   (29,465)    (68,934)
        (54,447)
        Extraordinary gain on
         debt discharge             --        --        854,785         --
        Net income (loss)        (30,075)   (29,465)    785,851
        (54,447)
        Accrued preferred
         stock dividends            --       (6,411)
        --         (11,704)
        Net income (loss)
         applicable to common
         stock                  $(30,075)  $(35,876)   $785,851
        $(66,151)
        
        (a) Gross profit and operating and administrative expenses reflect
        certain reclassifications made for the 28 and 12 week periods ended
        Oct. 15, 1994 to conform to current year presentation.

        
        CONTACT: The Grand Union Company,
                 Donald C. Vaillancourt, 201/890-6100



        JAY JACOBS, INC. RECEIVES COURT APPROVAL OF REORGANIZATION PLAN;
        RETAILER SET TO EMERGE FROM CHAPTER 11 PRIOR TO HOLIDAY SELLING
        SEASON

        
            SEATTLE, Nov. 17, 1995 -- Jay Jacobs,
Inc.
(Nasdaq: JAYJQ)
        announced that the United States Bankruptcy Court has approved its
        plan of reorganization after only 18 months in Chapter 11
        protection.  The consensual plan has the support of all the major
        stakeholders in the reorganization, including the creditors'
        committee, and received the formal approval of the overwhelming
        majority of unsecured creditors. The emergence will be effective 11
        days after docketing by the court. The company expects the emergence
        to become effective on or about November 28, 1995.
        


            "This is a great day for Jay Jacobs and its 1050 employees
        nationwide," said Rex Steffey, President and CEO.  "With many
        merchandising changes in place, we are optimistic about the holiday
        season and a profitable future."
        


            Steffey and his management team will remain at Jay Jacobs once
        the company emerges from Chapter 11, and will emphasize a
        merchandise trategy built on increased private label merchandise,
        core items and a strong emphasis on current fashion.  The newly-
        reorganized company will also continue its strategic growth plans,
        which included the opening of approximately 10 new stores in
        calendar 1995 and 25 new stores in 1996. The company will focus
        those openings on its most profitable concept - the combination
        men's and women's format.

        
            "Coming out of Chapter 11 is only a first step to restoring Jay
        Jacobs as a leader in the specialty retailing business," added
        Steffey. "Now that we are emerging from Chapter 11, we plan to
        continue our efforts to improve the company's performance and return
        to profitability."
   

     
            Under the terms of the plan the unsecured creditors have the
        option of a cash payout over two years equaling 60 percent of their
        allowed claims; or a forty-five percent cash payout over two years
        and notes equaling forty-two percent of the allowed claim, for a
        total payout of eighty-seven percent of the allowed claim by the
        year 2001.
      

  
            Shareholders of common stock will retain their current equity
        interest in the company.
        


            "I'd like to thank the creditors committee for their support
        over the past 18 months and the employees of Jay Jacobs, whose
        dedication and expertise made this reorganization possible," added
        Steffey.  "I would also like to recognize the leadership of the
        entire management team, who put the changes in place to revitalize
        the organization and complete the reorganization process in such a
        short time."
        


            The company has completed the negotiations of the terms of its
        exit financing in the form of a $10 million line of credit, which
        will be provided by Lasalle National Bank.  Once this financing has
        been approved by the court, the Company can emerge from Chapter 11.
        A hearing has been set for November 20, 1995.
        


            Seattle-based Jay Jacobs, Inc. carries fashionable merchandise
        for young men and women in its 145 apparel stores located primarily
        in regional shopping malls in 21 states.
        


        /CONTACT:  Carreen Winters of MWW Strategic Communications,
        201-507-9500, or via e-mail, cwintersmww.com/




        OLYMPIA & YORK UNSECURED CREDITORS' COMMITTEE RETAINS ROTHSCHILD
        INC. AND KRAMER, LEVIN AS ADVISORS
        


            NEW YORK, Nov. 17, 1995 -- The Official
Committee of
        Unsecured Creditors in the eleven href="chap11.olympia.html">Olympia & York bankruptcy cases
        announced today that it has retained Rothschild Inc. as its
        financial advisor and Kramer," target=_new>http://www.kramer-levin.com">Kramer,
Levin, Naftalis, Nessen, Kamin &
        Frankel as its counsel.  Both retentions are subject to U.S.
        Bankruptcy Court approval. The Committee represents approximately
        $450 million of unsecured claims.
        


            In New York City, O&Y owns three towers at the World Financial
        Center, One Liberty Plaza, 237 Park Avenue, 1290 Avenue of the
        Americas and 245 Park Avenue.  In addition, Olympia & York owns
        11601 Wilshire Boulevard in Los Angeles, Olympia Center in Chicago
        and 53 State Street in Boston.
        


        /CONTACT:  Wilbur L. Ross Jr. of Rothschild, 212-403-3581/




Syncor acquires eight Pyramid Diagnostic
        pharmacies; Syncor to acquire assets for $3.15 million

        
            CHATSWORTH, Calif.--Nov. 17, 1995--Syncor
        International Corp. (NASDAQ:SCOR) Friday announced the acquisition
        of all of the assets of Pyramid
Diagnostic Services Inc.
pursuant to
        an order entered in the bankruptcy case in the U.S. Bankruptcy
        Court, Western District of Tennessee.  
        


            On Nov. 13, 1995, the court approved the sale of all of the
        assets and the assumption and assignment of certain contracts for
        $3.15 million.
        


            ``We are extremely pleased with the court's ruling,'' said Gene
        R. McGrevin, Syncor's president and chief operating officer.  
        


            ``Today, we will begin to provide radiopharmacy services to at
        least 50 new customers as a result of this acquisition.  Our
        expansion into three new markets further exemplifies our commitment
        to expand our nationwide network of radiopharmacies through
        acquisitions, new start-ups or joint ventures.''
        


            Pyramid had nine radiopharmacies, which were located mainly in
        the Midwest and Southeast regions of the United States.  Six of
        these radiopharmacies were in direct competition with existing
        Syncor sites.  For some time, Pyramid was competing with Syncor by
        engaging in illegal or tortuous activities.
        


            Syncor filed a lawsuit on April 6, 1995, and obtained an
        injunction stopping some of the illegal activities.  Because of the
        findings during the discovery, on Oct. 5, 1995, Pyramid agreed to an
        entry of a stipulated judgment in favor of Syncor.  On Oct. 6, 1995,
        Pyramid filed for voluntary Chapter 11 bankruptcy protection.
        


            Five of Pyramid's sites that were in direct competitive markets
        with Syncor will close immediately, and one radiopharmacy location
        was closed by Syncor earlier this month.  The three remaining
        radiopharmacies will be incorporated into Syncor's nationwide
        distribution network.  These new Syncor sites are located in
        Springfield, Mo., and Jackson and Memphis, Tenn.  
        


            Syncor anticipates that the three new radiopharmacies will add
        $7 million to $8 million in net sales for 1996; however, at this
        time it is unable to determine their profit contribution.
        


            Syncor International operates an expanding network of 117
        domestic and eight international nuclear-pharmacy service centers.
        The company compounds and dispenses patient-specific unit dose
        radiopharmaceutical prescriptions, as well as distributes bulk
        radiopharmaceutical products, for use in diagnostic imaging and
        provides a complete range of advanced pharmacy services.
        


            Syncor services more than 7,000 customers and is the only
        national pharmacy network of its kind that provides a combination of
        diagnostic and information services to hospitals and alternate site
        markets.
        


        CONTACT:  Syncor International Corp., Chatsworth,
                  Haig Bagerdjian, 818/717-4549;
                  Mary L. Meusborn, 818/717-4643



        CVD FINANCIAL CORPORATION ANNOUNCES LOAN DEFAULT BY BETA WELL
        SERVICE INC.

        
            VANCOUVER, B.C., Nov. 17, 1995 -- CVD Financial
        Corporation (OTCBB: CVDF) on November 16, 1995, declared an "Event
        of Default" as defined in the Loan Agreement dated February 10, 1995
        (the "Loan Agreement") between the Company ("CVD") and Beta Well
        Service Inc. ("Beta Well").  Beta Well is a publicly traded company
        (OTCBB: BTWLF) engaged in the oil and gas well servicing business.
        CVD reports that Beta Well is in default of a number of terms of the
        Loan Agreement.
        


            Under the Loan Agreement, CVD was committed to lending to Beta
        Well up to $U.S. 10,000,000 under a revolving line of credit with a
        maturity date of February 15, 1999.  The loan is personally
        guaranteed by the Chairman of Beta Well, William Gordica.  Mr.
        Gordica's personal guarantee is secured by a pledge of 300,000
        shares of common stock of Beta Well (the "Pledged Shares").  The
        current outstanding principal amount under the Loan Agreement is
        $U.S. 3,000,000.
        


            CVD declared the Event of Default following Beta Well's closing
        of a certain transaction with Mannai Corporation ("Mannai"), a
        related party. The Loan Agreement prohibits Beta Well from issuing
        securities or giving a third party a security interest in certain of
        Beta Well's assets without CVD's express consent.  In the "Mannai
        Transaction", Beta Well issued Mannai preferred shares and a
        debenture secured by Beta Well's personal property in settlement of
        certain claims that Mannai had against Beta Well and Gordica.
        Mannai and Mr. Gordica are Beta Well's two largest shareholders.
        CVD has also declared Events of Default based upon violations of the
        Loan Agreement, including the failure of Beta Well to provide and
        maintain adequate security for the loan and the failure of Beta Well
        to comply with certain financial covenants.
        


            Prior to consummating the Mannai Transaction, Beta Well
        requested CVD's consent, which was refused.  CVD notified both Beta
        Well and Mannai that it objected to the transaction and that closing
        of the Mannai Transaction without CVD's consent would be a default
        under the Loan Agreement.  On September 25, 1995, Beta Well informed
        CVD that the Mannai Transaction had been closed.  Details regarding
        the Mannai Transaction were made available to CVD upon its recent
        receipt of a schedule 13-D filed by Mannai with the Securities and
        Exchange Commission.
        


            Under the Loan Agreement, and Event of Default gives CVD the
        right to certain remedies, including the acceleration of the
        maturity date of the loan.  CVD has informed Beta Well that is has
        accelerated the maturity of the loan and that all amounts borrowed
        by Beta Well are now immediately due and payable.  This action
        terminates any obligation of CVD under the Loan Agreement to allow
        further advances under the $10,000,000 line of credit.
        


            CVD believes that another lender to Beta Well, the Alberta
        Treasury Board, has a security position in most of Beta Well's
        assets; hence, the recovery to CVD from Beta Well is uncertain.  In
        the year ended June 30, 1995, CVD established a loan loss reserve
        with respect to the Beta Well loan.
        


            CVD intends to vigorously pursue collection of the amounts
        outstanding, including pursuing claims against Beta Well, Mannai,
        William Gordica, and other parties.  CVD also intends to sell the
        Pledged Shares with proceeds of sale to be applied against the
        outstanding balance of the loan.
        


        /CONTACT:  Rene Randall of CVD Financial Corporation, 604-683-5312/



MICC Investments Limited announces
        financial results for period ending September 30, 1995

        
            TORONTO--Nov. 17, 1995--MICC
Investments Limited ("MICC Investments") announced
        today its financial results for the nine month period ended
        September 30, 1995, and also announced that it has signed an
        agreement with its principal creditor and major shareholder, CIGL
        Holdings Ltd.  ("CIGL"), to restructure the debt owing by MICC
        Investments to CIGL and to restructure the capital of MICC
        Investments.


        FINANCIAL RESULTS FOR NINE MONTH PERIOD ENDED SEPTEMBER 30, 1995  
        
                                                                      
                            Nine Months Ended September 30, 1995      
                                           (unaudited)                
                                          1995                1994
        Revenue                       $ 29,001,000      $ 38,051,000
        Net Earnings (Loss)           $ (2,878,000)     $  (386,000)
        Profit (Loss) Per                                                 
        
          Common Share                $  (0.11)         $  (0.04)         
                                                                      
                                                                      
                           Three Months Ended September 30, 1995      
                                           (unaudited)                
                                          1995                1994
        Revenue                       $ 10,338,000      $ 13,597,000
        Net Earnings (Loss)           $ (1,715,000)       $  298,000
        Profit (Loss) Per                                                 
        
          Common Share                $  (0.06)           $  (0.01)       
        

            MICC Investments recorded a net loss of $2.9 million, compared
        to a net loss of $0.4 million a year ago.  Total revenue for the
        period was $29.0 million, compared to $38.1 million in 1994.  Claims
        losses were $20.5 million, compared to $21.4 million last year.
        Fully diluted loss per common share was $0.11 compared to $0.04 in
        1994.  

        
            For the three months ended September 30, 1995, MICC Investments
        reported a net loss of $1.7 million, compared to net earnings of
        $0.3 million in 1994.  Total revenue for the quarter was $10.3
        million, compared to $13.6 million a year ago.  Claims losses were
        $8.1 million, compared to $7.2 million last year.  Fully diluted
        loss per common share was $0.06 in 1995 compared to a loss per
        common share of $0.01 in 1994.  
        
   

         The dividends normally payable on the Preferred Shares of MICC
        Investments and The Mortgage Insurance Company of Canada ("MICC") on
        December 15th and December 31st were not approved for payment by the
        Board.  Until paid, the preferred dividends continue to accrue at
        the applicable rates.  

        
        MEETINGS TO APPROVE RESTRUCTURING PLAN
   

     
            Meetings of the holders of Series A Preferred Shares, Series C
        Preferred Shares, Series F Preferred Shares and Common Shares of
        MICC Investments have been called for December 14, 1995 at 3:00 p.m.
        (Eastern time).  MICC Investments will today mail a management proxy
        circular to shareholders which describes the Restructuring Plan.  At
        the meetings, shareholders will be asked to consider a resolution
        approving the proposed Restructuring Plan.  Shareholders of record
        on November 16, 1995 will be entitled to receive notice of the
        meetings.
      

  
        RESTRUCTURING PLAN The Restructuring Plan is as follows:
        


            1.  MICC Investments will repay its Existing Debt to CIGL with
        funds drawn under its new credit facility from CIGL ( the "New
        Debt").  The New Debt, which will replace the Existing Debt, will be
        on substantially the same terms as the Existing Debt except that:
        (i) the maturity date of the New Debt will be December 31, 1997
        rather than September 30, 1995, (ii) the interest rate on the New
        Debt will be the greater of the prime rate from time to time plus 3d
        percent per annum and 13a percent per annum, compounded monthly and
        payable on maturity, rather than the prime rate from time to time
        plus 3d percent per annum and (iii) subject to obtaining necessary
        consents, the New Debt will have the benefit of a security interest
        over all of MICC Investments' assets, including the shares it holds
        of MICC - the Existing Debt is unsecured.  

        
            2.  The Common Shares of MICC Investments will be consolidated
        on the basis of one Common Share consolidated into 0.0662804 Common
        Shares (which is the equivalent of 100 consolidated Common Shares
        for each approximately 1509 existing Common Shares).  Following the
        consolidation, there will be approximately 2,349,348 Common Shares
        outstanding, of which CIGL will hold 1,722,931 (continuing to
        represent 73.3 percent of the Common Shares) and holders of Common
        Shares other than CIGL will hold 626,417 (continuing to represent
        26.7 percent of the Common Shares).  

        
            3.  Following the consolidation of the Common Shares, the
        Preferred Shares will be changed into Common Shares on the following
        basis:

There are currently 40,000 Series A Preferred Shares, 459,700
        Series C Preferred Shares and 63,000 Series F Preferred Shares
        outstanding.  After giving effect to the consolidation of the Common
        Shares and the change of Preferred Shares into Common Shares there
        will be approximately 7,987,098 Common Shares outstanding.  
     

   
            4.  The attributes of the Preferred Shares and all other shares
        of MICC Investments other than the Common Shares will be deleted
        from its articles.  
        


            5.  MICC Investments will then issue to CIGL from treasury an
        additional 23,333,736 Common Shares with the result that, after
        giving effect to that issue, the consolidation of the Common Shares
        and the change of the Preferred Shares into Common Shares, the
        Common Shares will be held as follows:
        


                                                                      
           Shareholder Group   Number of Common         Percentage of
        
           Outstanding         Shares                    Shares
        
                                                                          CIGL
                           25,056,667              80.00 percent     Former
        Series A                                                   
        
         Preferred Shareholders    300,000               0.96 percent     
                                                                          Former
        Series C                                                   
        
         Preferred Shareholders  3,447,750              11.00 percent     
                                                                          Former
        Series F                                                   
        
         Preferred Shareholders  1,890,000               6.04 percent     
                                                                          Existing
        Common                                                   
        
         Shareholders              626,417               2.00 percent     
                             ---------               ------------     
          (other than CIGL)                                               
                                                                          Total
                      31,320,834                100 percent     
        

        
            6.  MICC Investments and CIGL will also enter into a memorandum
        of agreement establishing the process and procedures to be followed
        by MICC Investments to complete a sale of, or other transaction
        involving or affecting, MICC and/or MICC Investments.  Starting
        during the first quarter of 1996, MICC Investments will take all
        reasonable action to facilitate a sale, including retaining a
        financial advisor and taking steps to make MICC more attractive to
        interested buyers.  MICC Investments is required to use all
        reasonable efforts to complete a sale as soon as practicable but in
        any case before the end of 1997.  CIGL and MICC Investments have
        acknowledged that it is their present intention to maintain
        directors on the Board of MICC Investments who are independent from
        CIGL.  

        
        BACKGROUND TO AND REASONS FOR THE RESTRUCTURING
   

     
            In July 1995, CIGL advised MICC Investments that it would
        require payment in full of the Existing Debt when due on September
        30, 1995. In August 1995, a Special Committee of directors who are
        independent of CIGL was formed to develop and consider proposals to
        deal with the Existing Debt, including the possibility of
        restructuring the share capital of MICC Investments.  The Special
        Committee determined early in its deliberations that the
        alternatives available to address the Existing Debt were limited.
        MICC, MICC Investments' only significant asset, cannot, at the
        present time, provide the liquidity necessary to retire the Existing
        Debt.  The Special Committee and its financial advisors examined the
        possibility of attracting new investors to MICC Investments but
        concluded that new investment is unrealistic at the present time,
        given the current financial situation of MICC Investments.  The
        Special Committee concluded that the only alternative to a
        consensual resolution with CIGL respecting the Existing Debt was the
        bankruptcy of MICC Investments.  
      

  
            If the Restructuring Plan is approved, MICC Investments will be
        able to continue as a going concern and will have the opportunity to
        realize value on behalf of all of its present Preferred and Common
        Shareholders.  If the Restructuring Plan is not approved, MICC
        Investments will be unable to meet its debt obligation to CIGL, it
        would likely be unable to continue as a going concern and the
        Preferred and Common Shareholders would not recover any value on
        their investment.  
        


            The Special Committee has determined that, in its view, the
        Restructuring Plan is fair to, and as between, all holders of
        Preferred Shares and Common Shares generally and to shareholders
        other than CIGL.  The Special Committee has recommended to the Board
        that the Restructuring Plan be approved for submission to the
        shareholders.  
        


            Richardson Greenshields, financial advisor to the Special
        Committee, has prepared a valuation of the Preferred Shares and the
        Common Shares in which it concluded that their value is nil and has
        delivered a written opinion to the Special Committee that the
        Restructuring Plan is fair from a financial point of view to, and as
        between, the Preferred and Common Shareholders other than CIGL.  
        


        RECOMMENDATION OF THE BOARD
        


            The Board has determined that the terms of the Restructuring
        Plan are fair to, and as between, all shareholders generally and to
        shareholders other than CIGL, and that the Restructuring Plan is in
        the best interests of MICC Investments.  The Board unanimously
        recommends that shareholders vote in favour of the resolution
        approving the Restructuring Plan.  
        


        CONDITIONS TO THE RESTRUCTURING PLAN BECOMING EFFECTIVE
        


            In order for the Restructuring Plan to be approved, the
        resolution approving it must be passed, with or without variation,
        by at least two-thirds of the votes cast at the meetings by holders
        of each of the Series A Preferred Shares, Series C Preferred Shares
        and Series F Preferred Shares, voting separately, and by holders of
        the Common Shares.  In addition, in accordance with applicable
        securities laws and policies, the resolution approving the
        Restructuring Plan must be passed, with or without variation, by at
        least a majority of the votes cast at the Meetings by holders of the
        Preferred Shares, voting as a class, and by holders of the Common
        Shares, other than those held by the CIGL and its insiders,
        associates and affiliates.  Each Preferred Share and Common Share
        carries one vote.  MICC Investments will not implement the
        Restructuring Plan unless it has obtained all other required
        consents, orders and approvals on terms satisfactory to MICC
        Investments, including the receipt of an exemption from certain
        prospectus requirements under Quebec securities laws.  
        


            Once the foregoing conditions have been satisfied, MICC
        Investments intends to cause articles of amendment to be filed to
        implement the Restructuring Plan.  The Board of MICC Investments may
        decide at any time before or after the meetings, but before the
        Restructuring Plan is implemented, to cause MICC Investments not to
        proceed with the Restructuring Plan without further notice to, or
        action on the part of, the shareholders.  
        


        DELISTING OF THE COMMON SHARES, SERIES A PREFERRED SHARES AND SERIES
        C PREFERRED SHARES
        


            The Common Shares, the Series A Preferred Shares and the Series
        C Preferred Shares of MICC Investments are currently listed on the
        Toronto Stock Exchange ("TSE").  As a listed company, MICC
        Investments is subject to the rules of the TSE.  MICC Investments
        applied to the TSE for its approval to various elements of the
        Restructuring Plan.  After considering that application, the Filing
        Committee of the TSE did not accept notice of the Restructuring Plan
        and so its approval was not given.  The TSE recognized, however, the
        difficulties that would be faced by MICC Investments should the
        Restructuring Plan not receive Shareholder approval.  For that
        reason, it suggested to MICC Investments that it voluntarily delist
        the Common Shares, the Series A Preferred Shares and the Series C
        Preferred Shares, in which case MICC Investments would no longer
        require the TSE's consent to the Restructuring Plan before it could
        be put directly to the Shareholders.  

        
            After considering the alternatives available to it, MICC
        Investments has decided to apply to the TSE to delist the Common
        Shares, the Series A Preferred Shares and the Series C Preferred
        Shares.  The delisting of the Common Shares, the Series A Preferred
        Shares and the Series C Preferred Shares will not affect the
        recommendation of the Special Committee or of the Board that the
        Restructuring Plan is fair to all holders of Preferred Shares and
        Common Shares or the conclusion of Richardson Greenshields in its
        valuation and fairness opinion.  Following the delisting, which is
        expected to occur within a few days, the Common Shares, the Series A
        Preferred Shares and Series C Preferred Shares will trade in the
        over-the-counter market.  The delisting is not expected to adversely
        affect the trading of those shares since there is limited trading of
        those shares on the TSE.  

        
        INTEREST OF CIGL IN THE RESTRUCTURING
   

     
            CIGL is the registered and beneficial owner of 25,994,582 Common
        Shares representing approximately 73.3 percent of the issued and
        outstanding Common Shares.  CIGL has advised MICC Investments that
        it intends to vote its Common Shares in favour of the Restructuring
        Plan.  
      

  
        RIGHTS OF DISSENTING SHAREHOLDERS
        


            Holders of Preferred Shares and of Common Shares have the right
        to dissent from the resolution approving the Restructuring Plan and
        to be paid the fair value of their Preferred Shares or Common
        Shares, as the case may be.  
        


        CONTACT:   David A. Rattee,
                   Chairman, President & CEO,
                   MICC Investments Limited
                   (416) 591-5105
        




        BETA WELL CHALLENGES NOTICE OF EVENT OF DEFAULT

        
            CALGARY, Alberta, Nov. 17, 1995--Beta Well Service
Inc.
        (OTC BULLETIN BOARD: BTWLF).
        


            On November 16, 1995, the Company received notification from
        counsel to CVD Financial Corporation (AMEX: CVL) ("CVD") that CVD
        considers the Company to be in default under the terms of a loan
        agreement and certain loan documents.  CVD purported to declare the
        loan note and any accrued interest owing by Beta to CVD under the
        loan documents to be immediately due and payable.
        


            The Company and its counsel dispute the claim of occurrence of
        events of default.  The Company has made all of its interest
        payments to CVD on a timely basis.  The Company has continually
        acted in good faith in the best interests of its shareholders to
        mitigate potential damages caused by CVD's breaches of its
        commitments and obligations to the Company under a US$10 million
        line of credit.
        


            If required to do so, the Company intends to defend its position
        in the State of California as provided under the loan documents.
        The Company has notified CVD that it reserves all of its options
        which may include filing suit to recover substantial damages from
        CVD.  The outcome of the dispute is not determinable at this time.


            The principal amount of the indebtedness to CVD currently is
        recorded in the Company's financial statements at US$3 million.
        


            Beta Well Service Inc. provides specialized equipment and crews
        to conduct well servicing operations, workovers and Completions
        under adverse climatic and geographic conditions.  The Company has
        been active in the Canadian oil and gas industry since 1952 and has
        a client base in excess of 300 operating oil and gas Companies.
        


        /CONTACT:  Art Bray, CFO of Beta Well Service, 403-290-0660/




Jones Plumbing Systems makes announcement

        
            BIRMINGHAM, Ala.--Nov. 17, 1995--href="chap11.jones.html">Jones Plumbing
        Systems Inc.
(AMEX:JPS) announced today that it and its wholly
owned
        subsidiary, Jones Manufacturing Co. Inc., who filed for relief under
        Chapter 11 of the United States Bankruptcy Code on Nov. 9, 1995, in
        the United States Bankruptcy Court for the Southern District of New
        York, today filed to convert their Chapter 11 bankruptcy cases to
        cases under Chapter 7.
        


            At the time the cases were originally filed, both Jones Plumbing
        Systems Inc. and Jones Manufacturing Co. Inc. had hoped they would
        be able to put together a plan of reorganization with their
        creditors and file that reorganization plan with the court.  
        


            As part of the reorganizational efforts, they approached their
        principal secured lender, SouthTrust Bank of Alabama, N.A., to
        negotiate a consensual cash collateral stipulation.  However, they
        were unable to reach a consensual cash collateral stipulation with
        SouthTrust, and in a hearing before the United States Bankruptcy
        Court on Nov. 16, 1995, the Jones entities were denied the use of
        cash collateral.
        


            Based on the fact that there would not be any cash collateral
        available to conduct operations, the Jones entities reached the
        decision that it was in the best interests of all creditors and
        other constituents that they immediately convert the Chapter 11
        cases to cases under Chapter 7 of the United States Bankruptcy Code
        so that a trustee could be appointed to liquidate the assets of the
        corporations in an orderly fashion.
        


        CONTACT:  Butler, Fitzgerald & Potter
                    (counsel to Jones Plumbing Systems Inc.)
                  David G. Samuels, 212/704-3418