SAN DIEGO, Dec. 29, 1995 -- Triton
Group Ltd. (AMEX: TGL)
announced today that it has begun a review of trading losses
incurred by its predecessor companies through Jay Goldinger and the
Capital Insights firm. It is believed the losses were the result of
leveraged investments in the Treasury bond market, similar to those
described in the press relating to Pier 1 Imports and PairGain
Technologies. It is believed the losses were incurred in 1989-1990
and amounted to approximately $10 million. The origin and extent of
the investing relationship with Mr. Goldinger is not known by
current management, but it is believed that it was terminated in
connection with these losses.
Commenting on this situation Michael M. Earley, Triton's
President, stated, "We have noted the reported losses and related
allegations at Pier 1 and PairGain, and are reviewing the
circumstances regarding Triton and Intermark's trading losses with
Mr. Goldinger. Our understanding is that our predecessors allocated
a portion of the company's investment portfolio to this high-risk
strategy and lost the bet. If, however, the investigations
determine that the losses resulted from other than a failed
investment strategy, we will determine what options are available to
us, if any."
Triton emerged from Chapter 11 bankruptcy in June 1993, the
successor to Intermark Inc. and Triton Group Ltd. Triton currently
owns 49.4% of Mission West Properties (AMEX: MSW) and certain other
assets.
/CONTACT: Michael M. Earley, President of Triton, 619-231-1818/
HAMILTON HM DX, Bermuda, Dec. 27, 1995 -- The Board Of
Directors of Presidio Capital Corp., a British Virgin Islands
Corporation, approved the payment of a cash dividend of $1.00 per
share or approximately $10 million payable on January 12, 1996, to
all shareholders of record as of January 3, 1996. This represents
the fourth distribution paid by Presidio to its shareholders.
Presidio Capital Corp., the successor entity to href="chap11.integrated.html">Integrated
Resources Inc., is engaged in the liquidation and disposition
of the
assets of Integrated, which were acquired pursuant to the Sixth
Amended Plan of Reorganization submitted by the Subordinated
Bondholders Committee and the Steinhardt Group. The plan of
reorganization was consummated on November 3, 1994. Upon payment of
this dividend, Presidio will have made liquidating distributions to
date of $9.49 per share to its shareholders.
/CONTACT: Christopher Weatherhill of Hemisphere Management Ltd.,
809-295-9166/
ST. PETERSBURG, Fla., Dec. 28, 1995 -- Silver
King
Communications, Inc. (Nasdaq: SKTV) today announced its financial
results for the quarter ended November 30, 1995. Total revenue for
the first quarters of fiscal year 1996 and 1995 were unchanged at
approximately $11.6 million. For the first quarter of fiscal year
1996, the Company reported a net loss of $(3.3) million or $(.35)
per share compared to a net loss of $(31) thousand or less than one
cent per share in the same quarter last year. The primary reasons
for the net loss include the previously disclosed $2.0 million
Company-wide restructuring and relocation charges, an additional $.6
million charge related to the closing of the Denver facility of
Telemation, Inc., and $.8 million of charges under the terms of the
Equity and Bonus Compensation Agreement entered into between the
Company and its new Chairman, Barry Diller.
The Company also announced that James M. Lawless has resigned as
a member of the Company's Board of Directors, effective December 22,
1995, and no longer serves as President. Mr. Lawless served the
Company with distinction as Chairman of the Board from June 7, 1994
until August 24, 1995 and as President since January 12, 1994.
SKTV owns and operates 12 independent full power UHF broadcast
television stations which serve 8 of the 12 largest markets in the
United States, including New York, Los Angeles and Chicago, and the
stations reach approximately 28 million television households.
SILVER KING COMMUNICATIONS, INC.
FINANCIAL HIGHLIGHTS (Unaudited)
Quarter Ended
11/30/95 11/30/94
(In thousands, except per share data)
Selected Income Statement Information:
Revenue $11,553 $11,555
Net loss $(3,319) $ (31)
Per share basis:
Net loss $ (.35) $ ---
Weighted Average
Shares Outstanding 9,378 8,899
Selected Balance
Sheet Information As Of: 11/30/95 11/30/94
Cash and Cash Equivalents $21,580 $11,099
Total Debt Outstanding $111,456 $122,381