TCR_Public/951201.MBX BANKRUPTCY CREDITORS' SERVICE, INC.



        HARRAH'S SAYS RECENT LAWSUITS ARE WITHOUT MERIT

        
            MEMPHIS, Dec. 1, 1995 -- Harrah's Entertainment,
Inc.
        (NYSE: HET) announced it is aware of two lawsuits that have been
        filed against it pertaining to the announcement last week that
        Harrah's Jazz Company had filed a
voluntary bankruptcy petition
        under Chapter 11.  A subsidiary of Harrah's Entertainment, Inc. is
        one of three partners in Harrah's Jazz Company.  The lawsuits were
        brought on behalf of certain purchasers of 14, first Mortgage Notes
        due 2001 of Harrah's Jazz Company and allege, among other things,
        violations of the federal securities laws.  The complaints, which
        seek certification as class actions and unspecified damages, were
        filed in U.S. District Court for the Eastern District of Louisiana.
        The complaints also name as defendants certain directors and
        officers of Harrah's Entertainment, and, in the case of one of the
        complaints, a subsidiary of Harrah's Entertainment which is a
        general partner of Harrah's Jazz Company, as well as certain
        unrelated parties.  Harrah's Entertainment believes such allegations
        are without merit and intends to vigorously defend against such
        lawsuits.
        


        /CONTACT:  Ralph Berry, Harrah's Entertainment, Inc., 901-762-8629/




        A.M. BEST NOTES PROPOSED ACQUISITION OF I.C.H. UNITS

        
            OLDWICK, N.J., Dec. 1, 1995 -- A.M. Best
announced today
        that the Best's Ratings of several of the insurance company
        subsidiaries of I.C.H. Corporation
(I.C.H.), will remain under
        review with developing implications in light of the announcement on
        November 29, 1995 of an agreement by an affiliate of PennCorp
        Financial Group to acquire these companies.  The buyer will be a
        newly formed entity, Southwestern Financial Corp., sponsored by
        PennCorp and Knightsbridge Capital Fund I.L.P.
        


            The ICH subsidiaries that are the subject of this acquisition
        are Southwestern Life Insurance Company, Dallas, Constitution Life
        Insurance Company, Louisville, Ky., and Union Bankers Insurance
        Company, Dallas, all of which have Best's Ratings of "B+" (Very
        Good) under review with developing implications, and Marquette
        National Life Insurance Company, Louisville, Ky., whose "NA-4"
        (Rating Procedure Inapplicable) is not changed as a result of the
        proposal.
        


            The agreement to acquire these companies was concluded pursuant
        to a bankruptcy court auction in which Southwestern Financial made
        the winning bid of $260 million, of which $210 million is to be in
        cash, $40 million in convertible notes, and $10 million in PennCorp
        common stock.
        


            The status of these ratings reflects the proposed acquisition,
        which, if accomplished as planned, will provide these companies with
        better capitalized and more stable ownership than they presently
        have. It is the opinion of A.M. Best that these life insurance
        companies are well capitalized, have ample liquidity, maintain
        strong asset and liability portfolios, and have viable marketing
        franchises in their fields of operation.  A.M. Best has closely
        monitored these companies over the last several months and noted
        that week-to-week overall surrenders remained manageable, and new
        business growth remained reasonable, despite the well publicized
        problems of the parent organization.
        


            As it has throughout the recent history of difficulties at
        I.C.H., A.M. Best will maintain frequent and regular contact with
        all significant participants in its ongoing review of the companies'
        situations.  As open issues are resolved, definitive conclusions
        with respect to ratings under review will be announced to the
        public.
        


        /CONTACT:  Tom Upton of A.M. Best Company, 908-439-2200 x5380/




        STANSBURY HOLDINGS CORPORATION ANNOUNCES DEVELOPMENTS

        
            PHILADELPHIA, Dec. 1, 1995 -- href="chap11.stansbury.html">Stansbury Holdings
        Corporation
, a development-stage mining company ("STBY"),
announced
        today its results for the quarter ended September 30, 1995.  The
        Company continued to have no business operations and no revenue.
        However, there were the following additional developments:
        


            First, the Company said that it is continuing to perform
        preliminary procedures in connection with an audit of its financial
        statements for the year ended June 30, 1995.  As previously
        announced, Arthur Andersen & Co., LLP, has been engaged to perform
        an audit once the preliminary work is complete.

        
            Second, the Company announced that it has filed suit in federal
        court in Salt Lake City, Utah, and has obtained a preliminary
        injunction freezing all shares in the hands of former management.
        The injunction was entered against Robert V. Murton, Stansbury's
        former president, Charles McLaughlin, also a former president, Dr.
        Sami Samani, Peter Samani and Thomas DeRosa, former treasurer, for
        violations of Sections 13(d) and 10(b) of the Securities Exchange
        Act of 1934.  The Company's suit also attacks a stock issuance in
        December 1994, by former management to themselves whereby they
        obtained approximately two (2) million shares.
   

     
            The injunction freezes, until time of trial, all of defendants'
        shares and bars the defendants from selling, pledging, transferring
        or voting any of their shares of Stansbury.
      

  
            Third, the Company announced that, as part of its audit
        procedures, it has determined that over $3,100,000.00 in old
        judgments disclosed in its partial Form 10-K as still on court
        dockets in Utah have been discharged in bankruptcy and, therefore,
        are no longer a liability of the Company.  There remain
        approximately $200,000.00 in unsatisfied judgments against the
        Company.
        


        /CONTACT:  Donald Sanford, President of Stansbury Holdings,
        818-763-0460, or James G. Wiles, Counsel for the Company, 215-854-
        6360/




        HAYES REPORTS COMPLETION OF ITS PLAN OF REORGANIZATION FINANCING AND
        ANNOUNCES ITS UNAUDITED FY 95 FINANCIAL RESULTS

        
            ATLANTA, Dec. 1, 1995 -- Hayes
Microcomputer Products,
        Inc.
announced today completion of a comprehensive financing
package
        which exceeds the $85 million New Capital Funding requirement to
        complete its Plan of Reorganization, permitting the company to pay
        creditors in full plus interest as promised.  Highlighting the
        effectiveness of the company's continuing turnaround, Hayes also
        released today its unaudited FY 95 financial results in which it
        recorded an operating profit of $6.5 million before one time
        restructuring charges on $265.9 million in net sales.
        


            As part of its comprehensive financing package, Hayes announced
        the execution of final agreements with Northern Telecom Inc.
        (Nortel) and ACMA Limited for a $35 million equity investment in
        Hayes.  In addition, Hayes reported the execution of a Commitment
        Letter with The CIT Group/Credit Finance for a secured line of
        credit of up to $65 million with immediate availability of at least
        $38 million upon closing. Further, Hayes announced the execution of
        a contract to sell approximately 230 acres of land in Gwinnett
        County, Ga. for a total net gain to Hayes of $12.8 million.  In the
        aggregate, the comprehensive financing package provides total funds
        to the company in excess of the $85 million required to complete the
        Hayes Plan of Reorganization.
        


            "I am enormously pleased and gratified that we have achieved our
        financing goals which will fully fund our Plan of Reorganization,"
        said Dennis C. Hayes, Chairman and CEO of Hayes.  "We are proceeding
        to our confirmation hearing on Dec. 18 with all of our ducks in a
        row and with full faith in the system and Judge Hugh Robinson."
        


            Upon the closing of the investment in Hayes, Nortel and ACMA
        will together require a 49% minority stake in Hayes in exchange for
        a combined investment of $35 million.  Dennis Hayes and the Hayes
        Profit-Sharing, Saving and Stock Plan will own 51% of the company,
        allowing it to remain independent.  Mr. Hayes will continue as
        Chairman and CEO of the company and the search for a new
        President/Chief Operating Officer, begun earlier in the year, will
        continue.  A Board of Directors consisting of six people will be
        established with two Directors appointed by Nortel, ACMA, and Dennis
        Hayes each.  A closely held company since 1977, Hayes expects to
        initiate efforts to conduct an initial public offering of stock
        within two years.  As part of the agreements, Hayes and Nortel will
        establish a strategic business relationship in which Nortel
        developed technologies and products or Hayes and Nortel co-developed
        technologies and products can be sold through Hayes global
        distribution channels under the Hayes brands.
        


             "When leaders such as Nortel and ACMA make a substantial
        minority investment in an independent Hayes, it underscores their
        confidence in the competitive capability of our team," said Dennis
        Hayes.  "These investors support Hayes' unwavering commitment to
        customers to provide cutting edge superior products and services at
        competitive prices."
        


            The Commitment Letter from the CIT Group/Credit Finance provides
        for a $65 million secured line of credit of which $38 million will
        be available under agreed to lending formulas.  Said Dennis Hayes,
        "This three year facility with CIT provides Hayes the financial
        flexibility to fully participate in the rapidly growing
        communications marketplace."
        


            The execution of a contract between Hayes and a confidential
        buyer for approximately 230 acres of unimproved real estate in
        Gwinnett County, Ga., which is surplus to the company's operations,
        will net Hayes approximately $12.1 million.  The Georgia Department
        of Transportation is acquiring 8.2 acres for road improvements which
        will net the company an additional $700,000 for a total net gain to
        the company of $12.8 million.
        


        FY 95 Financial Results


            Hayes also announced its unaudited FY 95 financial results,
        reporting a $6.5 million operating profit before one time
        restructuring charges of $5.8 million on $265.9 million in revenue
        for the year. Compared to FY 94 results in which the company
        recorded an operating loss of $30.3 million on $246.3 million in
        revenue, the FY 95 results indicate a $36.8 million operating
        turnaround by the company in just one year.

        
            As a result of a series of operational changes, operating
        expenses for the year were $62.8 million, a $26.7 million reduction
        from 1994 operating expenses.  Expenses related to Hayes Chapter 11
        proceedings and reorganization (including fees for attorneys,
        accountants, and various consultants) were $10.2 million which
        combined with the $5.8 million in one time restructuring charges led
        to a $9.2 million net loss for the year.
   

     
            "Our FY 95 results prove that Hayes is back on track and that
        our turnaround is working," said Dennis Hayes.  "Not only have the
        employees of Hayes worldwide made the turnaround work, we continue
        to deliver innovative products that consistently win top awards from
        independent reviewers and support from our customers.  The
        commitment and loyalty our customers have shown to Hayes products
        and brands over the past year has been a critical factor in the
        success of our business."
      

  
            Hayes turnaround has been further aided by the support of its
        many suppliers.  The numerous component shortages from earlier in
        the year have been eliminated through close cooperation between the
        company and its supplier partners.  Hayes efforts to reestablish
        trade credit with suppliers is generating response in excess of the
        company's expectations.
        


            Hayes filed for voluntary Chapter 11 protection under the U.S.
        Bankruptcy Code on Nov. 15, 1994.  The Hayes Plan of Reorganization,
        which will pay all valid creditors' claims at 100% plus interest,
        was filed on May 15, 1995 and the Hayes Disclosure Statement was
        approved by the Bankruptcy Court on July 10, 1995.  The Confirmation
        Hearing for the Hayes Plan is currently scheduled for Dec. 18, 1995
        


            Best known as the inventor of the PC modem, Hayes is recognized
        around the globe as a leader in technical innovations, computer
        communications standards, functional and feature-rich products, and
        superior support and service.  Founded in 1977, Hayes develops,
        manufactures, and markets value-based computer communications
        solutions for software, business, network, and consumer market
        segments.  The company maintains an extensive global network of
        authorized distributors, dealers, mass merchants, VARs, system
        integrators and original equipment manufacturers.  Hayes customers
        include Fortune 1000 corporations, mid-size companies and corporate
        branch offices, small and home office businesses, on-line and
        telecommunications network providers, and millions of individual PC
        users around the globe.
        


        /CONTACT:  Andrew W. Dod, Director of Corporate Communications,
        Hayes Microcomputer Products, Inc., 770-840-9200, ext. 6365;
        Fax: 770-441-1238; or E-Mail: adodhayes.com/




        MARGO'S BEGINS STORE CLOSING SALES

        
                   All Merchandise Goes On Sale in 70 Stores
   

     
            DALLAS, Dec. 1, 1995 -- Margo's, the 70-store
chain of
        ladies' specialty apparel shops located in malls in six states,
        began its store closing sales today.  Open for six decades, Margo's
        is renowned for the value, quality and style of its merchandise.
        Discounts will be given on all categories of merchandise.  All
        stores are fully stocked with merchandise for the Christmas holiday
        season.  The store closing sales will continue until all merchandise
        has been sold.
        


            Margo's, a subsidiary of href="chap11.elder.html">Elder-Beerman Stores Corp., of Dayton,
        Ohio, filed for Chapter 11 bankruptcy protection in Federal Court on
        October 17, 1995.  Gordon Brothers Partners, of Boston,
        Massachusetts, has been appointed by the United States Bankruptcy
        Court for the Southern District of Ohio, Western Division, to
        oversee the sale.
        


            "It's always a disappointment when a long-term player in a
        market such as Margo's has to close its doors," said Robert Sager,
        president of Gordon Brothers Partners.  In explaining why the stores
        are closing, Sager commented, "It was a combination of many factors,
        including the rapidly changing retail environment.  It is a shame
        that these factors overshadowed Margo's legacy of providing value
        and great merchandise, and has so impacted its loyal hardworking
        employees."
        


            "The good news is that unlike other store closing sales, Margo's
        is fully stocked with current merchandise ordered specifically for
        the Christmas season and the closing sales will be a great
        opportunity for long-time customers to obtain big bargains," pointed
        out Sager.  "And, the earlier they come to the sale, the better
        selection they'll have." Merchandise includes ladies' ready-to-wear,
        accessories and shoes. While the product mix may vary slightly from
        store to store, the total retail value of goods to be sold is over
        $24 million.  Margo's are located in malls in Texas, Arkansas,
        Oklahoma, New Mexico, Louisiana and Tennessee.
        


        The stores that are closing are located in the
        following cities and states:
        


        Arkansas: Fayetteville, Little Rock, and Pine Bluff.
        Louisiana: Alexandria Mall, Kenner, and Monroe.
        New Mexico: Albuquerque and Santa Fe.
        Oklahoma: Norman, Oklahoma City, and Tulsa.
        Tennessee: Memphis.
        Texas: Amarillo, Arlington, Austin, Baytown, Beaumont, College
        Station, Corpus Christi, Dallas, Denton, Ft. Worth, Houston, Humble,
        Hurst, Irving, Killeen, Lake Jackson, Laredo, Lewisville, Longview,
        Lubbock, Lufkin, Mesquite, Midland, Nacogooches, Odessa, Plano, San
        Antonio, Sherman, Texarkana, Texas City, Tyler, Victoria, Waco and
        Witchita Falls.


        /CONTACT:  Linn Parrish of Cone Communications, 617-720-0131,
Ext.
        304, or Elizabeth Wicks of Gordon Brothers, 617-422-6299/