TCR_Public/951214.MBX BANKRUPTCY CREDITORS' SERVICE, INC.



Caldor reports third quarter 1995 results

        
            NORWALK, Conn.--December 14, 1995--href="chap11.caldor.html">The Caldor
        Corporation
(NYSE:CLD) reported today a net loss of $32.6
million,
        or $1.92 per share, for the third quarter ended October 28, 1995,
        compared to net earnings of $1.1 million, or $0.06 per share, for
        the third quarter of 1994.  The loss before reorganization items and
        income taxes was $49.0 million, compared to earnings of $1.7 million
        in 1994.  Sales were $591 million, a decrease of 5.4% from third
        quarter 1994 sales of $625 million.  Comparable store sales declined
        11.4% during the quarter.  
        


            The net loss, for the 39 weeks ended October 28, 1995, was $43.7
        million, or $2.58 per share, compared to net earnings of $5.3
        million, or $0.31 per share in the same period last year.  Before an
        extraordinary charge for the early retirement of debt, the Company's
        loss for the 39 week period was $38.5 million, or $2.28 per share.
        The loss before reorganization items, income taxes and extraordinary
        loss was $58.5 million, compared to earnings of $8.6 million for the
        first three quarters of 1994.  Sales during the nine month period
        were $1.826 billion, an increase of 0.9% over sales of $1.811
        billion in the same period last year.  Comparable store sales
        decreased 6.0% during the first three quarters of the year.  
        


            On September 18, 1995, The Caldor Corporation and certain of its
        subsidiaries filed for protection under Chapter 11 of the United
        States Bankruptcy Code in order to stabilize the confidence of their
        vendors and factors, and to avoid jeopardizing the important fourth
        quarter selling season.  On October 17, 1995, the Company obtained
        final approval for its $250 million Debtor-in-Possession financing
        facility, along with the use of its cash collateral.  
        


            The Company's performance in the third quarter was adversely
        impacted by a decrease in sales, which was primarily attributable to
        merchandise disruption and a difficult retail environment.  The
        decline in gross margin as a percentage of sales was mainly
        attributable to increased promotional activity, disruption of vendor
        support due to the Chapter 11 filing and an increased shrinkage
        reserve.  The increase in SG&A expenses as a percentage of sales was
        mainly attributable to a decrease in same store sales, the
        incurrence of bankruptcy related expenses, and an increase in costs
        attendant to operating new stores in urban markets.  
        


            At the end of the third quarter, the Company had approximately
        $231 million of availability on its DIP financing facility, in
        addition to approximately $96 million in usable cash, for total
        available resources of about $327 million.  As well, the Company had
        no direct borrowings under its DIP facility, other than for letters
        of credit, and was receiving shipments from virtually all of its
        factored and non-factored vendors.  Nevertheless, changes in vendor
        terms and allowances caused by the filing may continue to affect
        margins, and the Company continues to face a difficult retail
        environment.  
        


            The Caldor Corporation is the fourth largest discount department
        store chain in the U.S. with sales of $2.8 billion during the last
        12 months, and operates 166 stores in ten East Coast states,
        compared to 164 a year earlier.  With a consumer franchise in high-
        density urban/suburban markets, Caldor offers a diverse merchandise
        selection, including both softline and hardline products.



                 The Caldor Corporation and Subsidiaries
                  Consolidated Statements of Operations
            (Dollars in thousands, except per share amounts)
                              (Unaudited)
        
                                   13 weeks ended        39 weeks ended
                                 Oct. 28,   Oct. 29,   Oct. 28,   Oct. 29,
                                   1995       1994       1995       1994
        
        Net sales                    $591,386   $625,043 $1,826,466
        $1,810,606
        Cost of goods sold            450,289    447,333  1,347,685
        1,303,187
        SG&A expenses                 178,734    161,322    505,898
        466,990
        Preopening expense                942      1,509        942
        1,872
        Facilities relocation expense              3,786
        3,786
        Interest expense, net          10,404      9,356     30,454
        26,210
        (Loss) earnings before
           reorganization items,
           income taxes and
           extraordinary loss         (48,983)     1,737    (58,513)
        8,561
        Reorganization items:
           Bankruptcy expenses          1,984                 1,984
           Professional Fees            2,653                 2,653
        (Loss) earnings before
           income taxes and
           extraordinary loss         (53,620)     1,737    (63,150)
        8,561
        Income tax (benefit)
           provision                  (21,020)       669    (24,651)
        3,297
        (Loss) earnings before
           extraordinary loss         (32,600)     1,068    (38,499)
        5,264
        Extraordinary loss                                   (5,164)
        Net (loss) earnings          ($32,600)    $1,068   ($43,663)
        $5,264
        
        Per Share Amounts:
        (Loss) earnings before
           extraordinary loss          ($1.92)     $0.06     ($2.28)
        $0.31
        Net (loss) earnings            ($1.92)     $0.06     ($2.58)
        $0.31
        
        Weighted average common and
           common equivalent shares
           outstanding             16,964,074 16,766,400 16,913,820
        16,754,267
        
        Notes to Consolidated Statements of Operations:
        
        (1) In connection with the petition for relief under Chapter 11
            of the United States Bankruptcy Code on September
            18, 1995, and The Caldor Corporation's reorganization
            proceedings, the Company incurred professional fees
            (principally legal, accounting, and financial advisory) in
            the amount of $2,653 and other bankruptcy expenses
            (principally the accelerated write-off of certain
            pre-petition financing costs) in the amount of $1,984
            during both the 13 and 39 weeks ended October 28,
            1995.
        
        (2) There were no LIFO charges for both the 13  and 39
            weeks ended October 28, 1995 and for both the 13
            weeks and 39 weeks ended October 29, 1994.
        
        (3) The net loss for the 39 weeks ended October 28, 1995
            includes an extraordinary charge for the early
            retirement of debt in the amount of $5,164 ($0.30 per
            share).
        
        (4) In connection with the relocation of certain
            administrative office functions and the relocation of its
            Westview store to Catonsville in the Baltimore market,
            the Company incurred a pre-tax charge of $3,786
            ($2,328 or $0.14 per share on an after-tax basis) for
            both the 13 weeks and 39 weeks ended October 29,
            1994.
        
                  The Caldor Corporation and Subsidiaries
                       Consolidated Balance Sheets
         (Dollars in thousands, except share and per share amounts)
                              (Unaudited)
        
                                           Oct. 28,   Oct. 29,   Jan. 28,
                                             1995       1994       1995
        ASSETS
        Current assets:
           Cash and cash equivalents            $105,171     $8,114
        $7,171
           Accounts receivable                    14,211     11,541
        8,226
           Merchandise Inventories               709,174    699,338
        550,932
           Prepaid expenses & other
          current assets                      13,808     19,314     12,430
            Total current assets             842,364    738,307    578,759
        Property and equipment:
           Land                                    6,752      2,252
        6,752
           Buildings, leasehold interests
          and improvements                   279,021    245,476    279,267
           Furniture, fixtures and equipment     296,946    277,025
        246,325
           Property under capital leases         121,452    116,452
        121,452
                                             704,171    641,205    653,796
           Less accumulated depreciation
          and amortization                   149,928    101,506    112,223
            Net property and equipment       554,243    539,699    541,573
        Debt issuance costs                        6,144      4,492
        4,531
        Other assets                              15,157     10,640
        10,680
                                          $1,417,908 $1,293,138 $1,135,543
        
        LIABILITIES AND STOCKHOLDERS' EQUITY
        Current liabilities:
           Accounts payable                     $144,695   $392,657
        $307,642
           Accrued expenses                       29,894     25,652
        24,725
           Accrued wages and benefits             18,685     19,328
        24,132
           Other accrued liabilities               3,041     18,752
        25,436
           Federal & state income
          taxes payable                        4,049     24,430     39,204
           Current deferred income taxes           4,539      6,290
        4,539
           Borrowings under revolving credit     222,096    199,492
        70,243
           Current maturities of long-term debt              19,684
        40,618
            Total current liabilities        426,999    706,285    536,539
        
        Long-term debt                           252,145    269,273
        236,699
        Deferred income taxes                      7,131      3,686
        7,131
        Other long-term liabilities               12,442     16,522
        18,008
        
        Liabilities subject to compromise:
           Accounts payable                      260,466
           Accrued expenses                       94,644
           Construction loan                      18,718
           Bond payable                            3,385
           Obligations under capital leases       47,210
           Other                                     480
            Total liabilities subject
               to compromise                 424,903
        
        Stockholders' equity
           Common stock, par value                   170        166
        167
           Additional paid-in capital            205,047    198,758
        199,456
           Retained earnings                      93,880     98,448
        137,543
           Unearned compensation                  (4,809)
            Total stockholders' equity       294,288    297,372    337,166
                                          $1,417,908 $1,293,138 $1,135,543


        CONTACT: Robert S. Schauman,
                 Chief Financial Officer: (203) 849-2004
                 Dave Peterson: (203) 849-2037
                       or
                 Media Contact:
                 Wendi Kopsick, Kekst & Company: (212) 593-2655



        NEW ERA TRUSTEE REACHES REFUND AGREEMENT WITH LANDIS HOMES; MAY
        BEGIN LITIGATION AGAINST OTHER NON-PROFIT INSTITUTIONS

        
            PHILADELPHIA, Dec. 14, 1995 -- Arlin M. Adams,
Trustee for
        the bankruptcy estate of the href="chap11.newera.html">Foundation for New Era Philanthropy,
        announced today that he has reached a settlement with Landis Homes
        Retirement Community, located in Lititz, Pennsylvania.  If the
        settlement is approved by the United States Bankruptcy Court in
        Philadelphia, Landis Homes will refund $180,900.00 to the bankruptcy
        estate that it had received prior to New Era's demise.
        


            "This agreement is a major settlement in our Voluntary Refund
        Program and an important step toward recovering the assets
        improperly distributed to New Era beneficiaries," Adams said.
        


            Adams was elected Trustee by New Era creditors last summer to
        build a consensus for resolving how the creditors might be equitably
        reimbursed for losses.  He said that several million dollars have
        been refunded voluntarily by a number of creditors.  "However," said
        Adams, "the pace of voluntary refunds has been much slower than
        anticipated."
        


            Under the Voluntary Refund Program, non-profit corporations may
        return to the bankruptcy estate amounts equal to payments received
        from New Era, rather than be subjected to litigation brought by the
        Trustee. However, Adams said, if the program does not generate
        significant additional refunds in the next month or so, he will have
        no choice as Trustee but to file lawsuits against non-profit
        organizations, such as educational institutions that still hold
        multi-million-dollar payments received from John Bennett that belong
        to other charities.
        


            Under bankruptcy law, Adams may collect from non-profit
        corporations substantial funds which they had received from New Era.
        These funds may include amounts equal to their original investments
        plus returns on those payments as well as outright grants.  In an
        effort to treat the non-profit corporations fairly, the Trustee is
        requesting that the recipients refund the extra money they received
        and not their original payments to New Era.  However, if the Trustee
        must collect the improper payments by New Era by instituting suit
        for fraudulent payment, the Trustee will seek the fullest recovery
        permitted by law.
        


            The Trustee thus far has been successful in persuading a number
        of non-profit corporations to voluntarily make refunds.  The Trustee
        said that he is pursuing a number of well-known colleges and
        universities, as well as other secular and non-secular institutions,
        that were recipients of substantial funds during the operation of
        New Era's highly improper scheme.
        


        /CONTACT:  The Hon. Arlin M. Adams, Trustee of the Foundation for
        New Era Philanthropy, 215-751-2072, or Kenneth E. Aaron, 215-665-
        3921,
        or Mark Miner, 215-665-1072, both of Buchanan Ingersoll/




        HOUSE OF FABRICS REPORTS IMPROVEMENTS IN THIRD-QUARTER OPERATING
        RESULTS
        


            SHERMAN OAKS, Calif., Dec. 14, 1995 -- href="chap11.hf.html">House of Fabrics,
        Inc.
(NYSE: HF) reported continued improvements in sales and
gross
        margins today, as well as a substantial decrease in the net loss
        reported for the period ended October 31, 1995.
        


            House of Fabrics reported that for the three months ended
        October 31, 1995, sales increased by 1.9 percent to $92.3 million,
        as compared with sales of $90.6 million during the comparable period
        the previous year.  According to the company, a 12.4 percent
        increase in store-for-store sales resulted from the improvements in
        the company's merchandising and store operation activity in the
        current quarter.
        


            For the nine-month period ended October 31, 1995, the company
        reported sales of $238 million, as contrasted with sales of $315.4
        million in the same period the prior year.  The reduction in nine-
        month sales is largely attributed to the reduction in sales from
        closing over 250 stores.
        


            At the same time, the company said that gross profit as a
        percentage of sales increased.  For the three months ended October
        31, 1995, the company reported that gross profit increased to 43.1
        percent from 24.6 percent for the prior-year period.  For the nine
        months ended October 31, 1995, gross profit as a percentage of sales
        increased to 45.2 percent from 38.1 percent for the prior-year
        period.  The prior- year results had been impacted by a $19 million
        charge in October 1994 to markdown and liquidate inventories that no
        longer fit the company's merchandising model.
        


            "Operationally, the company is performing at a much-improved
        level," said Gary L. Larkins, House of Fabrics' president and chief
        executive officer.  "We expect to continue to see positive results
        from activities related to our expense reduction programs and the
        continued elimination of marginal or unprofitable stores.
        


            "We continue to closely monitor and assess operations to
        maximize performance on a store-by-store basis.  We believe this is
        the best way to compete successfully and position the company for
        long-term growth," Mr. Larkins stated.
        


            House of Fabrics reported a net loss for the third quarter of
        fiscal 1996 of $5.5 million, or $0.40 per share, contrasted with a
        net loss of $73.2 million, or $5.34 per share, for the same period
        in fiscal 1995. Per share earnings for the quarter are based on
        13,697,107 weighted average shares outstanding, which is the same
        number of weighted average shares outstanding in the comparable
        period a year earlier.
        


            For the nine months ending October 31, 1995, the company
        reported a net loss of $24.5 million, or $1.79 per share, contrasted
        with a net loss of $86.3 million, or $6.30 per share, for the same
        period in fiscal 1995.  Per share earnings for the quarter are based
        on 13,697,107 weighted average shares outstanding, which is the same
        number of weighted average shares outstanding in the comparable
        period a year earlier.
        


            The company said that reorganization costs, primarily from
        professional fees associates with its Chapter 11 restructuring,
        amounted to $2.1 million for the quarter and $7.5 million for the
        nine-month period ended October 31, 1995.
        


            House of Fabrics operates 361 continuing company-owned House of
        Fabrics, Sofro Fabrics, Fabricland and Fabric King retail fabric and
        craft stores in 34 states and employs approximately 8,600 people.
        The company and its subsidiaries filed to restructure under Chapter
        11 on November 2, 1994.


        
                     Consolidated Statements of Operations
                                  (Unaudited)
                    House of Fabrics, Inc. and Subsidiaries
                            (Debtors-in Possession)
        
         For the Three Months Ended October 31,     1995           1994
        
         Sales                                  $92,307,000    $90,575,000
         Expenses:
          Cost of Sales                          52,482,000     68,322,000
          Selling, General and Administrative    39,973,000     44,480,000
          Interest                                3,263,000      4,029,000
          Restructuring Charge                                  49,600,000
         Total Expenses                         $95,718,000   $166,431,000
         Loss Before Income Taxes (Benefit)
          and Reorganization Costs              (3,411,000)   (75,856,000)
         Reorganization Costs                     2,054,000            ---
         Loss Before Income Taxes (Benefit)     (5,465,000)   (75,856,000)
         Income Taxes (Benefit)                      50,000    (2,655,000)
         Net Loss                              $(5,515,000)  $(73,201,000)
         Loss Per Share                             $(0.40)        $(5.34)
         Weighted Average Number
          of Shares Outstanding                  13,697,107     13,697,107

        
        /CONTACT:  Sandra Sternberg or Rivian Bell of Sitrick And Company,
        310-788-2850/



ARC discontinues effort to acquire
        billiards/sports bar establishments

        
            SACRAMENTO, Calif.--Dec. 14, 1995--American
        Recreation Centers Inc. (NASDAQ: AMRC) announced today that it has
        discontinued any further efforts to finalize the purchase of Team
        Players Billiards from Sinecure Financial Corp.
        


            ARC took this action pending the outcome of a recently filed
        Chapter 11 proceeding by Team Players of
Nevada
, a subsidiary of
        Sinecure, which owns five of Team Players' seven facilities.
        


            In early November, ARC had announced its intent to acquire the
        assets of Team Players, which consists of seven sports bar/billiards
        clubs in California and New Mexico.
        


            Robert A. Crist, president and chief executive officer of ARC,
        expressed disappointment that unforeseen circumstances prompted Team
        Players of Nevada to seek Chapter 11 bankruptcy protection from
        creditors for the assets of its five Team Players clubs.
        


            "We were moving ahead with our due diligence and had anticipated
        a January 1, 1996 closing when Sinecure informed us of TPN's need to
        seek protection under Chapter 11," Crist said.  "This action created
        an unanticipated delay in our ability to acquire the assets of the
        business, pending the settlement of outstanding claims by the
        courts.  We were not prepared to be a part of this process."
        


            Crist reiterated ARC's interest in eventually acquiring the
        billiards/sports bar chain once Team Players' current difficulties
        are resolved.
        


            "The underlying business is still very interesting and we
        believe Team Players could make an excellent fit with our existing
        bowling business," Crist said.  "Assuming the reorganization takes
        place as planned, we would be interested in rethinking our position
        at that time."
        


            ARC is the largest public company in the United States whose
        principal business is bowling.  ARC operates 40 bowling centers with
        1,592 lanes in six states.
        


        CONTACT:  American Recreation Centers Inc.,
                  Robert A. Crist or Karen B. Wagner, 916/852-8005




Managed High Yield Fund makes
        announcement

        
            NEW YORK--Dec. 14, 1995--Managed High Yield
        Fund Inc. (NYSE: PHT) is a closed-end management investment company
        seeking high current income through investments primarily in U.S.
        and foreign debt securities.  The Fund does not utilize leverage.
        


        CURRENT INVESTMENT STRATEGY
        


          o  On November 22, 1995, the Fund's investment in notes issued by
        Grand Palais Casinos Inc. were adversely affected by the Chapter 11
        filing of
Harrah's Jazz, a New
Orleans casino project, one-third of
        the equity in which was owned by Grand Palais and secured the notes.
        The Fund's investment in the notes is now valued at zero.  The
        impact of this action reduced the Fund's NAV by 2.8% ($0.40).  As a
        result, this situation will not result in any further decline.  The
        Fund is continuing to consider what options, if any, may be
        available to the Fund in connection with the bankruptcy filing by
        Harrah's Jazz.
        


          o  The Fund's strategy continues to focus on increasing the
        overall credit quality of the portfolio.  The Fund attempts to
        maintain the portfolio's BB exposure between 25-30% of the
        portfolio. In addition, between 30-35% of the portfolio remains in
        smaller, better quality securities.  These smaller, growth-oriented
        companies offer the potential for price appreciation as well as the
        possibility of credit upgrades.
        


          o  We have been in the process of evaluating the Fund's monthly
        dividend for 1996.  At this point, it seems likely that there will
        be a reduction in the Fund's current monthly dividend of $0.1160 per
        share.  This reduction could be up to $0.01 per month, with the goal
        of maintaining a steady dividend stream for clients during 1996.  We
        will keep you informed of changes in the dividend.
        


          o  Positive Supply/Demand Characteristics in High Yield Market.
        During 1995, there have been record inflows into high yield mutual
        funds.  New issue supply has been low this year.  With fewer bonds
        entering the market, demand is generally exceeding supply, pushing
        up the prices of existing bonds.
        


          o  Economic Environment Positive for High Yield Bonds.  We believe
        the slow growth, low interest rate environment will continue
        throughout 1995, which should be beneficial to high yield, high risk
        securities.


        PORTFOLIO STATISTICS
        (as a % of Net Assets on 11/30/95)
        
        Quality
        BB                32.8%      Weighted Average Maturity   7.4 Years
        B                 46.4       Weighted Average Price     $77.350
        CCC                3.5
        Non Rated          9.8
        Equity/Preferred   1.6
        Cash               5.9
        
        Top Five Sectors                 Top Five Holdings
        Food/Beverage          10.5%     Comcast                3.8
        Energy                 10.0      Universal Outdoor      2.8
        Communications          9.4      Empire Gas             2.7
        Media                   9.4      Viacom                 2.6
        Consumer Manufacturing  9.2      Specialty Equipment    2.6
    

        
        CONTACT: Managed High Yield Fund Inc.,
                 Linda Buckley, 201/902-5450



        FOX PROMOTIONS GETS COURT OK FOR SYCAMORE STORES LIQUIDATION
        


            INDIANAPOLIS, Dec. 14, 1995 -- A federal bankruptcy
court
        judge in Indianapolis has approved Fox Promotions as liquidator for
        the 126-unit Sycamore Stores
chain, which filed for Chapter 11
        protection December 8.
        


            Fox Promotions, headquartered in Cranford, N.J., was initially
        retained by Sycamore Stores to liquidate inventory at 22 locations,
        with the expectation that the remaining 104 would continue
        operating.  With the retailer's subsequent decision to file for
        bankruptcy, Fox required court approval to coordinate the chainwide
        liquidation.  The approval was granted December 12.
        


            Sycamore Stores serves markets throughout Indiana, Illinois,
        Ohio, Kentucky and Michigan, presenting moderate priced women's
        apparel in strip centers and regional malls.  The company,
        headquartered in Indianapolis, has been in business since 1969.
        


            President and CEO Erik Risman says Sycamore chose Fox Promotions
        over other liquidators offering guaranteed returns of 30 to 35 cents
        on the dollar because the company believes Fox's team approach will
        generate a better return for its creditors.
        


            "The traditional liquidators offer a guaranteed return, but it
        is generally in the best interests of secured creditors, and does
        not always protect unsecured creditors.  We feel that the
        methodology Fox uses is more appropriate to protect all the
        creditors, both secured and unsecured," Risman explains.
        


            Fred Marech, president of Fox Promotions, says the safe but
        small guarantees offered by other liquidators are no longer the most
        appropriate choice for many retail companies confronting tough
        choices about liquidation.
        


            "A liquidator's guarantee may bring some small comfort to
        retailers trying to determine their worst case scenario, but with an
        increase in the number of Chapter 11 filings, the amount of those
        guarantees is shrinking," says Marech.
        


            "We believe that by using our experience as merchants and
        marketers in a coordinated selling effort with the retail client
        that we deliver consistently better returns than others who offer
        small, up front guarantees," he adds.
        


            "Through Fox Promotions," says Risman, "we hope to distribute
        additional profits to our creditors that might normally have gone to
        a traditional liquidator."
        


        /CONTACT:  Fred Marech of Fox Promotions, 908-272-0155; or Bill
        Parness of Parness & Associates, 908-290-0121, PR agency for Fox
        Promotions/




        SEARCH CAPITAL FILES CONSENSUAL PLAN OF REORGANIZATION FOR
        SUBSIDIARIES

        
            DALLAS, Dec. 14, 1995 -- Search
Capital Group, Inc.
(OTC:
        SRCG) today announced it has filed a Joint Plan of Reorganization
        with the United States Bankruptcy Court for eight of Search's
        subsidiaries.  The announcement was made by George C. Evans, Search
        chairman and chief executive officer.
        


            Evans noted that Search itself is not in bankruptcy but it is a
        co-proponent of the subsidiaries' plan of reorganization.  The
        subsidiaries filed for Chapter 11 bankruptcy protection in August
        1995.
        


            Last week, Search announced it had completed a $3 million
        interim financing transaction with Dallas-based Hall Financial
        Group, Inc.
        


            Evans said negotiations between the creditors' committee
        representing the subsidiaries' Noteholders in the bankruptcy have
        been intense.
        


            "After three months of negotiations with the Committee, I am
        very pleased we have filed a consensual Joint Plan with the Court,"
        said Evans.  "There was a lot of give and take on both sides, but we
        believe we have agreed on a Joint Plan that will be received
        favorably by the Noteholders."
        


            Since joining Search as president and CEO in January 1995, Evans
        has been charged with restructuring Search and its subsidiaries.
        


            "Final resolution of the subsidiaries' bankruptcy proceedings
        will be another significant achievement in Search's restructuring
        efforts," said Evans.  "Moving forward, we are aggressively pursuing
        long-term financing to effect future growth."
        


            According to Evans, Search has made significant progress in its
        restructuring during 1995.  By May 1995, four Search board members
        had been replaced and Evans was elected chairman of the board.  In
        addition, the company has intensively recruited management with more
        than 200 years combined experience in the sub-prime automobile and
        consumer finance industry.  The new management team has made
        important operational improvements and have developed a strategic
        business plan to achieve profitability.
        


            Search Capital Group, Inc. is a specialized financial services
        company engaging in the purchase, management, and securitization of
        used motor vehicle receivables.  Search shares (SRCG.OB) are
        currently being traded on the OTC Bulletin Board.
        


        /CONTACT: Chris Anderson of Stern, Nathan & Perryman, 214-373-1601/
        (SRCG)



        DCR PLACES AUTO BOND TRANSACTIONS ON RATING WATCH--DOWN

        
            CHICAGO, Dec. 14, 1995 -- Duff & Phelps Credit
Rating Co.
        (DCR) placed the 'A+' (Single-A-Plus) rating of all Auto Bond
        Acceptance transactions on Rating Watch-Down.  The Auto Bond
        Receivable Trusts consist of subprime auto loan receivables.  The
        following public transactions have been placed on Rating Watch-Down:
        


        Auto Bond Receivables Trust 1993-G
        Auto Bond Receivables Trust 1993-H
        Auto Bond Receivables Trust 1993-I
        Auto Bond Receivables Trust 1993-J
        Auto Bond Receivables Trust 1993-K
        Auto Bond Receivables Trust 1994-A
        Auto Bond Receivables Trust 1994-B
        Auto Bond Receivables Trust 1994-C
        Auto Bond Receivables Trust 1994-D
        

            This rating watch addition results from information not provided
        to DCR regarding the status of repossession inventories for each DCR
        rated transaction.  For example, Auto Bond Receivables Trust 1994-D,
        after only sixteen months, has 19.16% total cumulative
        repossessions, with almost 55% still in the repossession inventory.
        Also, due to overadvancement on receivables in excess of the maximum
        allowed per the documents certain of these loans were not eligible
        for claims under the Default Insurance provided by Agricultural
        Excess and Surplus Insurance Company.  Additionally, DCR has
        information that certain loan amounts have not been repurchased by
        the seller per representations and warranties or have not been
        charged off against available cash reserves. DCR believes that this
        issue must be addressed, however repeated requests by DCR for a
        resolution of this situation have stagnated.
        


            Consequently, all DCR-rated Auto Bond transactions will remain
        on Rating Watch-Down until this situation is completely resolved to
        DCR's satisfaction.  DCR will maintain its position of not rating
        any new Auto Bond transactions until these issues are resolved.
        Future rating actions will be taken as necessary.
        


        /CONTACT:  Andrew Leszczynski, 312-368-3177, or Steven M. Pena,
        312-368-3137, both of Duff & Phelps Credit Rating Co./




Quality Products Inc. announces subsidiary
        files Chapter 11 bankruptcy

       
            TAMPA, Fla.--Dec. 14, 1995--Quality Products
        Inc. (OTC:QPID) announced Thursday that it is pursuing a liquidating
        Chapter 11 Plan for its wholly owned subsidiary, href="chap11.qpi.html">QPI Consumer
        Products Corp.
in Lakeland, Fla.  
        


            Additionally, the resignations of two of its Directors, Bruce
        Daigle (effective Oct. 27, 1995) and Micah Eldred (effective Nov. 4,
        1995) were announced.  
        


            The company also announced that it will seek to convert other
        non-performing assets into cash if possible.  
        


            Thomas Raabe, the chief executive officer of the company since
        March 23, 1995, stated that former management's use of approximately
        $5.5 million of the company's cash resources for open market
        repurchases of its common stock during 1994, left the company owing
        over $7 million to its senior secured creditor and in a severe
        liquidity crisis.  This debt prevented the company from successfully
        implementing a turn-around plan.  When new management took over in
        March 1995, the $7 million line of credit was due in 60 days.  The
        company negotiated an extension of the line of credit but on a month
        to month basis and subject to increased interest rates and loan
        facility fees.  Raabe stated that sales of assets and attempts to
        obtain a new lender and/or equity capital have not been successful
        to date.  
        


        CONTACT:  Quality Products Inc., Tampa,
                  Thomas P. Raabe, 813/248-4842
        



        NIAGARA MOHAWK POWER RATINGS AFFIRMED BY FITCH -- FITCH FINANCIAL
        WIRE --

        
            NEW YORK, Dec. 14, 1995 -- Niagara Mohawk Power's
(NMPC)
        $2.6 billion outstanding 'BB' First Mortgage Bonds and Secured
        Pollution Control Bonds are affirmed by Fitch.  NMPC's $545 million
        outstanding preferred stock is affirmed 'B+'.  The credit trend is
        declining.
        


            At the conclusion of Fitch's annual review of NMPC employing
        Fitch's Global Power Guidelines, a 3.70 Fitch Competitive Indicator
        (FCI) score was assigned.  The FCI, applicable to corporate and
        public power utilities, is a number ranging from 1 (least vulnerable
        to competition) to 5 (most vulnerable).  NMPC's 3.70 FCI positions
        the company at the bottom of Fitch's spectrum and compares poorly
        with the average FCI of 2.71.
        


            The declining credit trend reflects NMPC's inadequate cash flow
        from operations.  In 1996, further contraction of profit margin is
        expected as revenues are constrained by lackluster sales and price
        discounting and expenses continue to be pressured by uneconomic
        contracts for purchased power.  NMPC is becoming increasingly
        reliant on commercial bank credit and currently faces a need to
        arrange funding for seasonal working capital needs.  Presently, the
        company seeks to establish a revolving credit arrangement and may
        increase its sales of customer accounts receivable.  Fitch
        anticipates NMPC will be successful in obtaining bank credit and
        expects this action will increase mortgage debt outstanding by up to
        $500 million.
        


            Prospectively, NMPC may need bank credit to finance reformation
        of contracts with its unregulated generators; (NUGs) and, going
        forward, bank debt could play a significant role in the company's
        plan to split its business into separate corporate units.
        


            To bolster the company's competitive position and improve cash
        flow, management is focused on current efforts to renegotiate many
        of its 157 separate power supply contracts with NUGs, and gain
        relief from the New York State gross receipts taxes.  Recently,
        Governor George Pataki supported eliminating the $1 billion
        statewide tax, but the outcome of this favorable recommendation is
        uncertain given the $4 billion deficit in the state's budget.
        


            NMPC is likely to file two separate petitions with the NYS
        Public Service Commission (PSC).  The first petition could be filed
        by Dec. 31, 1995 and will request the PSC require certain NUGs to
        post collateral securing NMPC's power purchase payments.  Shortly
        thereafter, the company will request the PSC's assistance in
        expediting procedures used in condemnation of NUGs via eminent
        domain.  Additionally, Fitch expects NMPC will file for increased
        base rates by February 1996, and may ask for these rate increases to
        be effective immediately on an emergency basis.  Fitch believes that
        the PSC requiring collateral and providing emergency rate relief are
        more likely options than NMPC's condemnation strategy.
        


            Fitch notes that while the PSC staff recommendation on
        competitive issues favors NUG renegotiation, strict contract
        administration and the posting of collateral, Fitch doubts the
        ability of the PSC to actually order steps that could improve NMPC's
        competitiveness, even though the PSC may feel a responsibility to
        assist the company to achieve cost cutting measures.  On December 8,
        John O'Mara became the new Chairman of the PSC.  A change in the
        commission chairmanship often results in delay of some matters as a
        new leadership structure is put into place.  It also remains
        uncertain that the PSC can focus on NMPC's situation given potential
        distraction stemming from New York State's activity to facilitate a
        takeover of the Long Island Lighting Co.
        


            NMPC has proposed disaggregating into a gas and electric
        distribution/transmission company and a separate electric generating
        company.  As part of its "Power Choice" strategy, NMPC considers
        much of its $1.0 billion annual NUG expense to be stranded costs in
        a competitive industry and seeks extensive NUG concessions in order
        to preserve the present value available to bondholders, preferred
        and common shareholders.  NMPC has expressed its willingness to file
        bankruptcy to shed the stranded cost burden should relief from high
        taxes and uneconomic contracts be unattainable through concessions
        and negotiations.
        


        /CONTACT:  John Watt, 212-908-0523, or Ellen Lapson, 212-908-0504,
        both of Fitch/