TCR_Public/951120.MBX BANKRUPTCY CREDITORS' SERVICE, INC.



Rockefeller Center Properties, Inc.
        announces results of operations for the third quarter and nine
        months ended Sept. 30, 1995

        
            NEW YORK--Nov. 20, 1995--Rockefeller Center
        Properties, Inc. (RCPI) announced today a net loss in the third
        quarter of 1995 of approximately $141 million, or $3.69 per share,
        as compared to net income of approximately $3 million, or $.09 per
        share, for the same period in 1994.
        


            The Company also reported a net loss of approximately $166
        million, or $4.35 per share, for the nine months ended Sept. 30,
        1995 as compared to net income of approximately $17 million, or $.43
        per share, for the previous year's comparable period.
        


            On Nov. 7, 1995, the Company entered into a Merger Agreement
        (see Note below).  Consummation of the transactions contemplated by
        the Merger Agreement would resolve many of the significant
        uncertainties created by the Borrower's [href="chap11.rcp.html">Rockefeller Center Properties] chapter 11
filings.  
        


            Prior to the execution and delivery of the Merger Agreement, the
        Company had based the value assigned to the Property on an
        independent appraisal as of Dec. 31, 1994, which had received a
        concurring review.  The appraisal, at that time, gave the clearest
        indication as to the value of the Property.  However, the terms of
        the Merger Agreement could be considered to indicate that the market
        value of the Property now may be less than the carrying value of the
        mortgage loan as reported in the June 30, 1995 interim financial
        statements.  Accordingly, the Company has reflected in its Sept. 30,
        1995 interim financial statements a valuation reserve, totaling $74
        million, to reduce the carrying value of its mortgage loan to
        reflect the economics of the transactions contemplated by the Merger
        Agreement.  
        


            In addition, the Company has recorded certain deal expenses and
        transaction costs aggregating $25.2 million which reflect the
        breakup fee related to the termination of the Combination Agreement
        (see Note below), professional fees, and certain liquidation
        expenses and other liabilities specifically provided for in the
        Merger Agreement.  These accrued transaction costs and deal expenses
        are recorded as a liability on the Balance Sheet and included in the
        Statement of Operations as a component of Effects of the Execution
        and Delivery of the Merger Agreement (see table below).  
        


            As a result of the Borrower's chapter 11 filings, the Company is
        required for accounting purposes to limit recognition of income on
        the mortgage loan for the nine months ended Sept. 30, 1995 to the
        cash actually received from the Borrower.

        
            The Company also reported cash flow from operating and investing
        activities of approximately $48 million for the nine months ended
        Sept. 30, 1995.  Cash flow from investing activities consisted of
        $50 million realized from draw downs under the Company's letters of
        credit following the Borrower's failure to make the interest payment
        due May 31, 1995.  

        
            Due to the significant uncertainties caused by the Borrower's
        chapter 11 filings and solely for accounting purposes, this $50
        million had been applied to reduce the carrying value of the
        mortgage loan to $1.25 billion.  As noted above, consummation of the
        transactions contemplated by the Merger Agreement would resolve many
        of the significant uncertainties created by the Borrower's chapter
        11 filings.  Accordingly, the Company has reflected a valuation
        reserve totaling $74 million to reduce the carrying value of the
        mortgage loan to reflect the economics of the transactions
        contemplated by the Merger Agreement.  
   

     
            RCPI is a mortgage real estate investment trust whose principal
        asset is a $1.3 billion participating convertible mortgage loan to
        the Borrower, which is 100% controlled by Rockefeller Group, Inc.
        (RGI).  Mitsubishi Estate Company, Ltd. controls an 80% equity
        interest in RGI and Rockefeller Family Interests hold the remaining
        20%  On May 11, 1995, the Borrower commenced cases under chapter 11
        of the bankruptcy law in the United States Bankruptcy Court for the
        Southern District of New York.
      

  
            RCPI is listed on the New York Stock Exchange as "RCP".  As of
        Nov. 17, 1995 there are 38,260,704 shares of common stock
        outstanding.


        
                            Quarters ended         Nine Months ended  
                               Sept. 30                Sept. 30
                           1995         1994        1995         1994
        
        Revenues           $   556,000  $27,417,000  $21,342,000
        $81,949,000
        Interest expense   $21,707,000  $22,622,000  $64,275,000
        $61,301,000
        General and         
         administrative    $ 2,902,000  $ 1,328,000  $ 6,112,000  $
        3,611,000
        Amortization of
         deferred debt
         issuance and
          letter of
           intent
        costs          $ 6,384,000  $   177,000  $ 8,116,000  $   529,000
        Stock appreciation
         rights liability  $11,478,000  $        --  $10,050,000  $
        --
        Effects of the
         execution and
          delivery of the
           merger agree-
        ment           $99,163,000  $        --  $99,163,000  $        --
        Net (loss) income
         before non-
          recurring
           income        $(141,078,000) $ 3,290,000
        $(166,374,000)$16,508,000
        Non-recurring
         income (gain on
          sales of port-
           folio
        securities)  $          --  $    31,000  $        --  $    31,000
        Net (loss)
         income         $(141,078,000)  $ 3,321,000
        $(166,374,000)$16,539,000
        Net (loss)
         income
          per share        $     (3.69) $      0.09  $     (4.35) $
        0.43


            Note to Editors:  On Nov. 7, 1995, the Company executed and
        delivered an Agreement and Plan of Merger dated as of Nov. 7, 1995
        (the "Merger Agreement") with a group of investors (the "Investor
        Group") including Exor Group S.A., David Rockefeller, Rockprop
        L.L.C., Troutlet Investments Corporation and Whitehall Street Real
        Estate Limited Partnership V pursuant to which, subject to
        satisfaction of the conditions specified in the Merger Agreement, a
        corporation formed by the Investor Group would merge with the
        Company, the surviving company would be wholly owned by the Investor
        Group, and shareholders of the Company would receive $8 in cash for
        each of their shares of Company Common Stock.  

        
            On Nov. 7, 1995, the Company terminated the Agreement and Plan
        of Combination (the "Combination Agreement") dated as of Sept. 11,
        1995 with Equity Office Holdings, L.L.C.    
   

     
        CONTACT:  Rockefeller Center Properties, Inc.,
                  Stephanie Leggett Young, 212/698-1440
        




        SPECTRUM INFORMATION TECHNOLOGIES FILES 10-Q FOR THE QUARTER ENDED
        SEPTEMBER 30, 1995

        
            PURCHASE, N.Y., Nov. 20, 1995 -- href="chap11.spectrum.html">Spectrum Information
        Technologies, Inc.
announced that it has filed its Quarterly
Report
        on Form 1O-Q with the Securities and Exchange Commission for the
        quarter ended September 30, 1995, the second quarter of its fiscal
        year.  The quarterly report reflects Spectrum Global Services, which
        the Company sold on October 17, 1995, as a discontinued operation.
        


            Spectrum reported an operating loss of $819 thousand on revenues
        of $669 thousand for the three months ended September 30, 1995, as
        compared with an operating loss of $2.8 million on revenues of $281
        thousand for the same quarter last fiscal year.  For the first six
        months of fiscal 1996, Spectrum reported operating losses of $2
        million on revenues of $1.7 million, compared to an operating loss
        of $5.2 million with revenues of $1.2 million for the same period
        last fiscal year.
        


            Based in Purchase, New York, Spectrum Information Technologies
        develops and licenses direct-connect technology related to the
        wireless data transmission.  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:  Michael Freitag, Media, of Kekst and Company,
        212-593-2655; or investors, Spectrum Information Technologies, Inc.,
        Investor Relations, 914-251-1800, ext. 182/