TCR_Public/951129.MBX BANKRUPTCY CREDITORS' SERVICE, INC.





JAMESWAY TAKES TO THE INTERNET TO MAXIMIZE RETURNS
        FOR CREDITORS

        
            SECAUCUS, N.J.--November 29, 1995--href="chap11.jamesway.html">Jamesway
        Corporation
has added to the traditional methods of liquidating
        commercial real estate by advertising its holdings on the Internet
        and World Wide Web.  Jamesway is the first company to take advantage
        of the powers of the Internet for conducting a real estate
        liquidation.  Within hours of posting its holdings on November 18,
        the company began receiving e-mail requests for additional
        information about its assets.  
        


            Ken Simon, Vice President for Real Estate at Jamesway, said, "We
        have placed information about all 90 of our stores, our 800,000
        square foot warehouse, and our 100,000 square foot corporate office
        in all of the Internet's major commercial real estate forums,
        mailing lists, and newsgroups.  In addition, we have made the
        information available on the World Wide Web via a home page."  
        


            Traditionally, a retail chain liquidates its real estate
        holdings by placing advertisements in newspapers and trade
        publications, sending mass mailings to and calling other retailers
        who might purchase leases, and then auctioning off their remaining
        leaseholds.  These methods can raise millions of dollars for the
        company's creditors.  
        


            Michael J. Sherman, Executive Vice President - Special Projects,
        said, "From the beginning of this Chapter 11 process, Jamesway has
        committed itself to maximizing the return for creditors and equity
        holders.  This innovative step of searching for buyers on the
        Internet illustrates how we are exploring every opportunity to
        extract the economic value of the company's assets."  
        


            Jamesway consulted with TKO/the Deal Makers to list its holdings
        on TKO's electronic real estate services.  TKO/the Deal Makers is
        the largest information provider on the Internet concerning
        commercial real estate.  TKO/the Deal Makers can be reached at 609-
        587-6200.  
        


        Jamesway's on-line postings can be reached at:
         Home Page:
href="http://www.property.com" target=_new>http://www.property.com">http://www.property.com

         
Newsgroups:

misc.invest.real-estate ;
alt.realtor ;
alt.real-estate-agents ;
alt.buildings.realestate ;
alt.developers.realestate ;
RealtyNet.east ;
RealtyNet.south ; and
RealtyNet.Investment
        


         Mailing Lists:

href="mailto:Commercial-realestate@property.com">Commercial-realestate@property.com ;
href="mailto:Investment-realestate@property.com">Investment-realestate@property.com ; and
href="mailto:Realestate-appraisers@property.com">Realestate-appraisers@property.com.
        


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



El Paso Electric announces 1995 third quarter
        results

        
  EL PASO, Texas--Nov. 29,
        1995--El Paso Electric ("EPE" or
the "Company") reported net income
        of $11.6 million ($.33 per share) for the quarter ended Sept. 30,
        1995, compared to net income of $7.2 million ($.20 per share) for
        the same period in 1994.The Company also reported a net loss for the
        nine months ended Sept.30, 1995, of $14.5 million ($.41 per share),
        compared to the net lossfor the same nine month period in 1994 or
        $13.2 million ($.37 per share).

    The net income reported
for the
        third quarter in both years is primarily resulted from seasonal
        sales and rate factors occurring in the summer months.  The
        principal reason for the net losses reported for both nine month
        periods is that revenues continued to be insufficient to meet the
        Company's costs of serving its customers andservicing its
        indebtedness.

    The Company has filed its Fourth Amended Plan of
        Reorganization (the "Plan") and, on Nov. 8, 1995, the bankruptcy
        court approved theCompany's related disclosure statement and
        established the schedule for solicitation of votes on the Plan.  The
        solicitation period ends in early January 1996, and, assuming a
        favorable vote on the Plan, the Company currently anticipates that
        confirmation and effectivenessof the Plan could occur in early 1996.
        Pursuant to the Plan, on Nov. 22, 1995, the Company filed a
        registration statement on Form S-1 withthe Securities and Exchange
        Commission with respect to up to $1,009,000,000 of its first
        mortgage bonds and $100 million of its preferred stock.  The
        offering of such securities is contingent upon the effectiveness of
        the Plan.  The Company intends to use the net proceeds from this
        offering to finance distributions to existing creditors under the
        Plan.

    The Plan provides for two alternative methods by
which the
        Company may emerge from bankruptcy.  Both alternatives would allow
        for the Company to reduce its total indebtedness and simplify its
        capital structure.  The capital structure of the reorganized Company
        would consist of approximately (i) $1.2 billion in debt, (ii) $100
        million of preferred stock and (iii) common equity.

    The
Company
        filed a voluntary petition under Chapter 11 of the United States
        Bankruptcy Code on Jan. 8, 1992.  EPE is an electric utility serving
        approximately 273,000 customers in El Paso, Texas, anarea of the Rio
        Grande valley in west Texas and southern New Mexico and wholesale
        customers located in such diverse locations as southernCalifornia
        and Mexico.  

   El Paso Electric Company's results of
operations for
        the three and nine months ended Sept. 30, 1995 and 1994 are as
        follows (in thousands except share data):


        Three Months Ended
        -------------------------                                               9/30/95
               9/30/94
        -----------   -----------Operating revenues
        $   148,177   $   157,448Operating expenses
        (117,002)     (126,101)Interest charges
        (18,438)      (24,229)Income before reorganization items
        12,258         9,493Reorganization items (expense), net of tax
        (658)       (2,343)Net income
        11,600         7,150
        Weighted average number of common shares outstanding
        35,544,330    35,544,330
        Net income per weighted average share of common stock
        $      0.33   $      0.20
        Nine Months Ended
        -------------------------                                               9/30/95
               9/30/94
        -----------   -----------Operating revenues
        $   385,249   $   421,371Operating expenses
        (324,273)     (360,872)Interest charges
        (69,538)      (68,855)Loss before reorganization items
        (9,321)       (6,250)Reorganization items (expense), net of tax
        (5,129)       (6,961)Net loss
        (14,450)      (13,211)
        Weighted average number of common shares outstanding
        35,544,330    35,544,330
        Net loss per weighted average share of common stock
        $     (0.41)  $     (0.37)


CONTACT:  El Paso Electric Company,
        Henry Quintana Jr., 915/543-5824  



New joint venture between PennCorp
        Financial Group and Knightsbridge Capital Fund I is successful
        bidder in bankruptcy auction

        
            NEW YORK--Nov. 29, 1995--PennCorp Financial
        Group Inc. announced today that Southwestern Financial Corp., a
        newly formed company organized by PennCorp Financial Group Inc. and
        Knightsbridge Capital Fund I L.P., is a successful bidder in a
        bankruptcy-court supervised auction for the stock of Southwestern
        Life Insurance Co. and Union Bankers Insurance Co., which are
        subsidiaries of I.C.H. Corp.
        


            I.C.H. commenced a proceeding for reorganization under Chapter
        11 of the Bankruptcy Code in early October 1995.  Southwestern
        Financial Corp. agreed to purchase Southwestern Life and Union
        Bankers for a total consideration of $260 million.  For the 12
        months ending Sept. 30 the companies to be acquired had combined
        revenues of approximately $405 million and assets of approximately
        $2.0 billion.
        


            Southwestern Financial Corp. is a newly formed company organized
        by PennCorp Financial Group Inc. (NYSE: PFG) and Knightsbridge
        Capital Fund I L.P., a merchant banking fund formed in association
        with PennCorp.  The $260 million purchase price consists of $210
        million in cash, $40 million in convertible notes of Southwestern
        Financial Corp. and $10 million in PennCorp common stock.  On a
        fully diluted basis, immediately after giving effect to the closing
        of the acquisition, Knightsbridge will own approximately 27% of the
        economic interest in Southwestern Financial Corp. while PennCorp
        will own 55% and the seller 18% (assuming conversion of the
        convertible notes).
        


            Steven W. Fickes, vice chairman of PennCorp said, "We are
        delighted that our bid to acquire Southwestern Life and Union
        Bankers was successful.  These businesses are premier insurance
        companies with widespread name recognition.  They, unfortunately,
        have suffered from being associated with an overleveraged holding
        company.  Under the joint sponsorship of Knightsbridge and PennCorp,
        we believe that these companies will have increased opportunities to
        grow without the distractions created by the problems at their
        former parent."
        


            Fickes continued, "This acquisition represented a tremendous
        opportunity for PennCorp and is consistent with our marketing and
        operational philosophy.  Furthermore, we anticipate that PennCorp's
        ownership interest in Southwestern Financial Corp. will immediately
        be additive to PennCorp earnings."
        


            PennCorp Financial Group Inc. is an insurance holding company.
        Through its subsidiaries, the company underwrites and markets life
        insurance and fixed benefit accident and sickness insurance to the
        middle market throughout the United States, Canada, Puerto Rico and
        the Caribbean.
        


        CONTACT: PennCorp Financial Group Inc.,
                 Steven Fickes (Analysts), 301/656-1777 or
                 Carol Spencer (Media), 212/832-0700
        




Allegany owners hail FERC decision ratifying
        plant's qualifying facility status

        
            KINGSTON, N.Y.--Nov. 29, 1995--The Federal
        Energy Regulatory Commission ("FERC") today reaffirmed the
        Qualifying Facility ("QF") status of the 55 Megawatt cogeneration
        facility in the Town of Hume, New York, owned by href="chap11.kamine.html">Kamine/Besicorp
        Allegany L.P.
("Allegany").
        


            The FERC, in granting a limited waiver of the Commission's
        operating and efficiency standards, reaffirmed that Allegany has
        been and continues to be a QF under the federal Public Utilities
        Regulatory Policies Act ("PURPA") laws.  The plant's QF status has
        been continually attacked by Rochester Gas & Electric Corporation
        ("RG&E"), as RG&E attempts to abrogate its 25-year Power Purchase
        Agreement ("PPA") with Allegany.
        


            The FERC found that Allegany's requested waiver was consistent
        with PURPA's goal of encouraging cogeneration and alternative
        generation technologies.  Cogeneration is the simultaneous
        production of two forms of energy from one fuel source and Allegany
        is the only natural gas-fired plant in RG&E's service territory.
        


            "We are gratified that FERC reaffirmed its commitment to clean,
        high-efficiency cogeneration facilities such as Allegany," said
        Michael F. Zinn, president of Besicorp Group Inc. (AMEX Emerging
        Company marketplace - BGI.EC), a 50 percent owner of the Allegany
        project.
        


            "While we awaited this decision, RG&E continued its attempts to
        destroy Allegany's business, including refusing to take power and
        denying back-up power in violation of federal law.  Also, RG&E has
        been attempting to litigate Allegany to death by making
        unsubstantiated contract claims requiring expensive legal
        proceedings.  Unfortunately, as a result of RG&E's pressure tactics,
        Allegany was forced to file for Chapter 11 protection in Bankruptcy
        Court for the District of New Jersey.
        


            "Now we will proceed with litigating the remaining contract
        disputes.  We are confident RG&E will be forced to honor its
        contractual obligations," Zinn said.
        


        CONTACT: Besicorp Group Inc., Kingston,
                 Michael F. Zinn or Patrice Courtney, 914/336-7700
        




        ASHLAND INC. RECEIVES PAYMENT FROM BANKRUPTCY PROCEEDING

        
            ASHLAND, Ky., Nov. 29, 1995 -- Ashland Inc.
(NYSE: ASH)
        announced today that it has received payment of $74.6 million as a
        result of the bankruptcy proceedings involving href="chap11.columbia.html">Columbia Gas
        Transmission Corporation
.  Ashland will record a $47 million
after-
        tax profit during the quarter related to this item.
        


            The payment results from the settlement between Columbia Gas and
        Ashland Exploration, a wholly-owned subsidiary of Ashland Inc., as
        part of Columbia's previously approved plan of reorganization.
        


            Ashland Inc. is a large energy and chemical company engaged in
        petroleum refining and marketing; coal; highway construction; and
        oil and gas exploration and production.  Ashland Chemical is the
        largest distributor of chemicals and plastics in North America and a
        leading supplier of specialty chemicals worldwide.  Ashland's major
        consumer brands include Valvoline(R) motor oils, Zerex(R) antifreeze
        and Pyroil(R) Performance Products automotive chemicals.  As one of
        the largest independent refiners in the nation, Ashland is also a
        leading regional gasoline marketer, with products marketed under the
        SuperAmerica(R) and Ashland(R) brand names.
        


        /CONTACT:  Stan Lampe of Ashland Inc., 606-329-4061/