TCR_Public/960105.MBX BANKRUPTCY CREDITORS' SERVICE, INC.


Stride Rite reports fourth quarter results
        including previously announced restructuring charge

        
            LEXINGTON, Mass.--Jan. 5, 1996--The Stride Rite
        Corp. (NYSE:SRR) today reported sales and earnings for its 1995
        fiscal year and the fourth quarter.
        


            Net sales for the 1995 fiscal year totaled $496.4 million, off 5
        percent from 1994's total of $523.9 million.  The company incurred a
        net loss of $8.4 million ($.17 per share) in fiscal 1995 compared to
        earnings of $19.8 million ($.40 per share) in the 1994 fiscal year.
        The 1995 results include a non-recurring, pretax charge of $16.6
        million ($10 million, net of income tax benefits, or $.20 per share)
        related to the cost reductions and product and business unit
        realignments, which were announced previously.  Before the non-
        recurring charge, the company's earnings for fiscal 1995 were $.03
        per share, down from the $.40 per share earned in fiscal 1994.
        


            Net sales for the fourth quarter of fiscal 1995 totaled $78.1
        million, down 8 percent from $85.1 million reported in the
        comparable period of fiscal 1994.  The company incurred a net loss
        of $20.9 million or $.42 per share in the 1995 quarter compared to a
        net loss of $1.2 million or $.02 per share in last year's fourth
        quarter.  The 1995 fourth quarter loss includes the non-recurring
        charge described above which amounted to $.20 per share.
        


            Robert C. Siegel, Stride Rite's chairman and chief executive
        officer, commented, "The company's success depends heavily on the
        progress of our Keds brand.  Sales for the Keds division in fiscal
        1995 finished 16 percent below last year's level.  Keds' 1995
        results were hurt by weak retail sales trends and changes in women's
        fashions.  We made progress in both the Sperry Top-Sider and
        International divisions in 1995 as sales of these business units
        exceeded the 1994 totals by 10 percent and 26 percent, respectively.
        However, revenues of Stride Rite children's business were soft in
        1995 as sales to independent retailers were off 6 percent from last
        year and comparable store sales of our company-owned retail stores
        decreased 2.1 percent from 1994.  Total sales our Retail division
        increased 17 percent from last year because of new stores opened
        over the last two years."
        


            Siegel continued, "Many of the same pressures which hurt our
        performance in fiscal 1995 are still present in the marketplace.  In
        mid-Novemeber, we announced a series of actions to realign certain
        businesses and product lines.  While the cost of these decisions
        negatively impacted our 1995 fourth quarter results, the related
        reduction in annual operating costs of $20 million will increase our
        profitability in fiscal 1996.  This week, Jonathan Caplan, who has
        been president of the Keds division for the past two years, resigned
        from the company.  I have immediately assumed direct responsibility
        for the Keds business while we search for a new leader.  I have also
        asked Gerrald Silverman, who has been the president of our
        International division, to take on a key leadership role in the Keds
        organization.  I am optimistic about the Spring 1996 product
        direction for each of our business.  However, the retail outlook
        continues to be a difficult one and in spite of the product
        improvements, our backlog of orders for spring delivery is currently
        below last year's level.  A portion of this decrease in Spring 1996
        advance orders was anticipated because our Keds division is
        emphasizing the quick-response capabilities of our Kentucky
        distribution facility in an effort to reduce retailer inventories
        and to improve the profitability of the Keds brand for our major
        retail customers.  The increased reliance on quick-response reorders
        has resulted in lower advance bookings for Spring and is expected to
        change Keds normal shipping pattern by shifting sales from the first
        quarter to the second quarter of 1996.  We will continue to spend
        aggressively to market our brands in 1996 and will place a renewed
        emphasis on improving the presentation of our products at point of
        sale."
        


            The Stride Rite Corp. markets the leading brand of high quality
        children's shoes in the U.S.  Other footwear products for children
        and adults are marketed by the company under its well known brand
        names, including Sperry Top-Sider, Keds and Grasshoppers.
        


            A summary of sales and net income (loss) for the fourth quarter
        and fiscal year is as follows.
        



                    For the Quarter Ended          For the Year Ended
                   Dec. 1,1995  Dec. 2,1994    Dec. 1,1995    Dec. 2,1994
        
        Net Sales     $78,134,000   $85,137,000     $496,432,000
        $523,877,000
        
        Net income
          (loss)(a)   (20,893,000)  (1,237,000)      (8,430,000)
        19,798,000
        
        Net income (loss)
          per share of
          common stock(a)   $(.42)       $(.02)           $(.17)
        $.40
        
        Average common
          shares and common
          equivalent shares
          outstanding
          during the
          period         49,673,000    49,662,000     49,780,000
        49,904,000
        
        (a) The net loss for the 1995 fourth quarter and fiscal year
        includes a non-recurring charge, net of income tax benefits, of
        $9,972,000 or $.20 per share
        

        CONTACT: Stride Rite Corp.,
                 John M. Kelliher, V.P., Finance and Treasurer
                 617/824-6028



ACCESS AMERICA EXPECTS TO PAY
$1,000,000 IN REGENCY
        CRUISE CLAIMS

        
            RICHMOND, Va.--January 5, 1996--Access America
        announced today that it expects to pay more than $1,000,000 in
        claims to hundreds of purchasers of its Access America Travel
        Protection products following the cessation of services of href="chap11.regency.html">Regency
        Cruise Line
.
        


            Beth Godlin, Senior Vice President of Travel Industry Sales &
        Marketing stated, "Access America products are designed to cover a
        wide range of emergencies - bankruptcy of a travel supplier is one
        that effects a large number of travelers."  She went on to say that,
        "it is important for agents to realize that the products offered
        through cruise lines and tour operators do not protect purchasers if
        the supplier offering the product ceases operations as in the case
        of Regency Cruise Line."
        


            Coverage for supplier bankruptcy provided by "third-party"
        insurance products can vary greatly.  Many "third party" insurance
        products offer limited coverage for tour operator and cruise line
        bankruptcy.  Others exclude coverage from the basic trip
        cancellation/interruption benefit and sell default/bankruptcy
        coverage at an extra cost to the customer.
        


            Regency Cruise Line is not the first major supplier to abruptly
        cease operations.  In the past Access America coverage has also
        benefited customers of Eastern Airlines and Exploration Cruise Lines
        when those suppliers went bankrupt.  Access America's trip
        cancellation and interruption benefit also covers non-refundable
        payments or deposits if the customer cancels or interrupts his trip
        for unexpected illness, injury or death of the traveler, family
        members and traveling companions, and several other unforeseen
        events.
        


            Access America is a division of World Access Service
        Corporation, the country's largest full service provider of
        insurance services and products to organizations in the travel,
        health care, and financial service industries.  World Access travel
        and medical assistance and insurance, credit card enhancements and
        managed care programs cover more than 50 million persons.  World
        Access provides all product development and distribution, claims
        administration, customer service, and emergency assistance services
        for all of the products it markets.
        


        CONTACT:  Access America,
                  Beth Godlin
                  212/499-9200
        




        ANACOMP FILES PRE-NEGOTIATED PLAN OF REORGANIZATION

        
            ATLANTA, Jan. 5, 1996 -- Anacomp,
Inc.
(NYSE: AAC) today
        filed a pre-negotiated plan of reorganization under Chapter 11 of
        the United States Bankruptcy Code.  The plan is based on an
        agreement-in- principle for a financial restructuring between
        Anacomp and representatives of an unofficial committee of holders of
        the company's 15% Senior Subordinated Notes.
        


            Anacomp's business operations will continue as normal.  Under
        the terms of the reorganization plan, the company's trade creditors
        will not be impaired and will be paid in full in the ordinary course
        of business. In addition, the bankruptcy court has allowed the
        company to continue to pay its vendors on normal trade terms, to
        honor all obligations to customers (including pre-petition warranty
        claims), and to pay all employees as usual.
        


            The plan filed by Anacomp calls for the company's current debt
        and accrued unpaid interest and dividends of approximately $457
        million (including preferred stock) to be reduced by approximately
        $173 million. In very general terms, the plan calls for:
        


            A disclosure statement will contain an official description of
        Anacomp's proposed financial restructuring.  Once this statement is
        approved by the bankruptcy court, it will be mailed to all debt and
        preferred stock holders.
        


            "This is an important step for Anacomp's future," noted P. Lang
        Lowrey III, the company's new president and chief executive officer.
        "Our reorganization plan, which has the support of our largest group
        of debt holders, would significantly reduce our debt and would
        position us to maintain our on-going operations while investing in
        new digital technologies."
        


            Certain representatives of Anacomp's senior secured lenders have
        indicated they oppose the plan filed by the company today.  "We will
        continue to work with all of Anacomp's lenders under the Chapter 11
        umbrella to try to reach a consensual agreement," added Lowrey.
        


            Anacomp is a leading provider of multiple-media data management
        solutions, delivering cost-effective strategies that incorporate
        micrographic, digital, and magnetic output media.
        


        /CONTACT:  Jeff Withem, Corporate Communications, 404-876-3361,
        ext. 8527; or Nancy Vandeventer, Investor Relations, 800-350-3044,
        both
        of Anacomp/




        SEARCH CAPITAL ANNOUNCES LOSS FOR YEAR ENDED SEPTEMBER 30, 1995

        
            DALLAS, Jan. 5, 1996 -- Search Capital Group, Inc.
        ("Search") (OTC Bulletin Board: SRCG.OB) today reported a
        consolidated net loss of $20.1 million for the fiscal year ended
        Sept. 30, 1995, comprised of a loss of $10.6 million for the parent
        company, excluding Fund subsidiaries, and a loss of $9.5 million for
        the Fund subsidiaries.  For the fiscal year ended Sept. 30, 1994,
        Search had reported a consolidated net loss of $26.2 million,
        comprised of a loss of $8.9 million for the parent company and a
        loss of $17.3 million for the Fund subsidiaries. Net interest income
        for the 1995 fiscal year was $2.7 million for the parent company,
        excluding the Fund subsidiaries, and net interest loss was $430,000
        for the Fund subsidiaries, compared to net interest income in fiscal
        1994 of $2.7 million and $1.4 million, respectively.
        


            The net loss for the parent company, excluding the Fund
        subsidiaries, increased $1.7 million, from $8.9 million for fiscal
        1994, to $10.6 million for fiscal 1995, primarily due to (i) special
        charges of $2.4 million related to settlement of shareholder
        litigation and $315,000 related to costs associated with the
        bankruptcy filings of certain Fund subsidiaries, and (ii) an
        increase of $2.9 million in general and administrative expenses
        primarily incurred in severance of former management, opening retail
        lots for sale of repossessed vehicles and opening branch offices for
        collection of excessively past due accounts, all of which were
        partially offset by an improvement in the provision for credit
        losses of $3.4 million.
        


            The net loss for the Fund subsidiaries decreased $7.8 million,
        from $17.3 million for fiscal 1994 to $9.5 million for fiscal 1995,
        primarily due to a significant decrease in the provision for credit
        losses of $13.7 million, partially offset by (i) decreased net
        interest income of $1.8 million related to a run off of older loan
        portfolios and (ii) increased administrative expenses of $4.0
        million incurred in the repossession, repair and sale of the higher
        numbers of repossessed vehicles and also due to increased costs
        arising from intensified collection efforts.
        


            "1995 has been a year of significant change and progress for
        Search. After considerable pain, effort and expense to restructure
        operations, settle the shareholder litigation, and reposition Search
        for growth in the finance industry, we are now poised and ready to
        pursue internal growth as well as acquisitions.  We anticipate that
        with a favorable vote and confirmation of the Joint Plan of
        Reorganization, Search will be able to attain profitability in
        fiscal 1996," stated George Evans, chairman and CEO of Search.
        


            Prior to Evans' appointment as CEO and the restructuring of the
        management team, Search had created wholly-owned single purpose
        entities, referred to as Fund subsidiaries to fund contract
        receivable purchasing.  Search has eight active non-recourse Fund
        subsidiaries, which issued $72.5 million in notes, of which, $68.3
        million was still outstanding at Sept. 30, 1995.  Neither Search nor
        any other subsidiary or affiliate of Search has guaranteed repayment
        of the Fund subsidiaries' notes.
        


            In August 1995, the Fund subsidiaries filed for protection and
        reorganization under Chapter 11 of the U.S. Bankruptcy Code.  The
        Parent entity, Search, has not filed for bankruptcy protection but
        is a co-proponent with the non-recourse Fund subsidiaries in a plan
        of reorganization in those bankruptcy proceedings.  Search believes
        that the majority of the noteholders will elect the Search Equity
        Option. Upon the completion of a successful conversion of debt to
        equity, Search would be positioned with approximately $10 million in
        cash, $40 million in equity, and prospective credit lines ranging
        from $100 million to $300 million with various lenders.
        


            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.
        



                  SEARCH CAPITAL GROUP, INC. AND SUBSIDIARIES
                     Consolidating Statements of Operations
                       ($000's except per share amounts)
        
                                      Year Ended September 30, 1995
                                  Search &       Fund
                                  Non-Fund       Subsidiaries
                                  Subsidiaries   & Eliminations Consolidated
        Interest revenue           $  2,949       $ 10,523       $ 13,472
        Interest expense                252         10,953         11,205
        Net Interest Income (loss)    2,697           (430)         2,267
        Provision for credit losses   1,365          1,763          3,128
        Net interest income (loss)
         after provision for credit
         losses                       1,332         (2,193)          (861)
        General and administrative
         expenses                     8,930          7,368         16,298
        Class Action settlement
         charges                      2,420             --          2,420
        Restructuring Charges           315             --            315
        Other (income) expense           --             --             --
        Loss before income taxes    (10,333)        (9,561)       (19,894)
        Preferred stock dividends      (240)            --           (240)
        Net loss attributable to
        common stockholders       $(10,573)      $ (9,561)      $(20,134)
        Net loss per share attributable
         to common shareholders                                  $  (2.26)
        Weighted average number of
         common shares outstanding                              8,967,000
        
                                       Year Ended September 30, 1994
        
                                  Search &       Fund
                                  Non-Fund       Subsidiaries
                                  Subsidiaries   & Eliminations Consolidated
        Interest revenue           $  2,921       $ 11,133       $ 14,054
        Interest expense                237          9,731          9,968
        Net Interest Income (loss)    2,684          1,402          4,086
        Provision for credit losses   4,757         15,423         20,180
        Net interest income (loss)
         after provision for credit
         losses                      (2,073)      (14,021)        (16,094)
        General and administrative
         expenses                     5,996          3,324          9,320
        Class Action settlement
         charges                        560             --            560
        Restructuring Charges            --             --             --
        Other (income) expense          (24)            --            (24)
        Loss before income taxes     (8,605)       (17,345)       (25,950)
        Preferred stock dividends      (240)            --           (240)
        Net loss attributable to
         common stockholders       $ (8,845)      $(17,345)      $(20,190)
        Net loss per share attributable
          to common shareholders                                  $  (2.33)
        Weighted average number of
         common shares outstanding                             11,258,000
        
                  SEARCH CAPITAL GROUP, INC. AND SUBSIDIARIES
                          Consolidating Balance Sheets
                                    ($000's)
                                              September 30, 1995
        
                                  Search &       Fund
                                  Non-Fund       Subsidiaries   Consolidated
                                  Subsidiaries   & Eliminations    Totals
        
        ASSETS
        Gross Contracts
         Receivable                $  7,365       $ 59,312       $ 66,677
        Unearned Interest            (1,300)       (11,806)       (13,106)
        Net Contract Receivables     6,065         47,506         53,571
        Allowance For Credit Losses  (2,862)       (15,761)       (18,623)
        Loan Origination Fees           591          3,163          3,754
        Amortization of Loan
         Origination Fees              (506)        (2,431)        (2,937)
        Net Contact Receivables
         after Allowance for
         Credit Losses & Loan
         Origination Fees             3,288         32,477         35,765
        Cash and Cash Equivalents       442             --            442
        Restricted Cash                  --          8,105          8,105
        Vehicles Held for Resale         93            508            601
        Deferred Note Offering Costs     42          9,011          9,053
        Accumulated Amortization        (41)        (5,950)        (5,991)
        Net Deferred Note Offering
         Costs                            1          3,061          3,062
        Property and Equipment        2,126             --          2,126
        Accumulated Depreciation       (820)            --           (820)
        Net Property and Equipment    1,306             --          1,306
        Inter-company Balances          646           (646)            --
        Other Assets, Net               650             (9)           641
        TOTAL ASSETS              $  6,426       $ 43,496       $ 49,922
        
        LIABILITIES
        Line of Credit             $  1,058       $     --       $  1,058
        Notes Payable                    --         68,253         68,253
        Cash Overdraft                   --             --             --
        Accrued Settlement            2,912             --          2,912
        Accrued Restructuring           214             --            214
        Accounts Payable and other
         Liabilities                  1,804            247          2,051
        Accrued Interest                  2          1,067          1,069
         Total Liabilities            5,990         69,567         76,557
        
        STOCKHOLDERS' EQUITY
        Preferred Stock - 12%
         Senior Convertible, $.01
         Par Value, Cumulative,
         $400,000 Shares Issued
         and Outstanding                  4             --              4
        Common Stock, $.01 Par
         Value, 20,000,000 Shares
         Authorized, 11,897,630
         issued                         117             --            117
        Additional Paid-in
         Capital                     26,766             --         26,766
        Accumulated Deficit         (25,301)       (26,071)       (51,372)
        Treasury Stock at Cost,
        3,026,389 Shares            (1,150)            --         (1,150)
        Total Shareholder Equity        436        (26,071)       (25,835)
        TOTAL LIABILITIES AND
         STOCKHOLDERS' EQUITY      $  6,426       $ 43,496       $ 49,922
        
                                              September 30, 1994
                                  Search &       Fund
                                  Non-Fund       Subsidiaries   Consolidated
                                  Subsidiaries   & Eliminations    Totals
        ASSETS
        Gross Contracts
         Receivable                $ 35,255       $ 98,848       $134,103
        Unearned Interest            (6,785)       (20,862)       (27,647)
         Net Contract Receivables    28,470         77,986        106,456
         Allowance For Credit Losses(12,803)       (31,830)       (44,633)
        Loan Origination Fees           518          2,221          2,739
        Amortization of Loan
        Origination Fees              (331)        (1,559)        (1,890)
        Net Contact Receivables
         after Allowance for
         Credit Losses & Loan
         Origination Fees            15,854         46,818         62,672
        Cash and Cash Equivalents       939             --            939
        Restricted Cash                  --          3,586          3,586
        Vehicles Held for Resale        185            506            691
        Deferred Note Offering Costs     42          8,813          8,855
        Accumulated Amortization        (39)        (3,112)        (3,151)
        Net Deferred Note Offering
         Costs                            3          5,701          5,704
        Property and Equipment        1,459             --          1,459
        Accumulated Depreciation       (397)            --           (397)
        Net Property and Equipment    1,062             --          1,062
        Inter-company Balances          752           (752)             0
        Other Assets, Net               472             --            472
        TOTAL ASSETS              $ 19,267       $ 55,859       $ 75,126
        
        LIABILITIES
        Line of Credit             $  3,487      $      --      $   3,487
        Notes Payable                    --         70,768         70,768
        Cash Overdraft                1,218             --          1,218
        Accrued Settlement              560             --            560
        Accrued Restructuring            --             --             --
        Accounts Payable and other
         Liabilities                  1,864            122          1,986
        Accrued Interest                  5          1,478          1,483
         Total Liabilities            7,134         72,368         79,502
        
           STOCKHOLDERS' EQUITY
        Preferred Stock - 12%
        Senior Convertible, $.01
        Par Value, Cumulative,
        $400,000 Shares Issued
        and Outstanding                  4             --              4
        Common Stock, $.01 Par
         Value, 20,000,000 Shares
         Authorized, 11,897,530
         issued                         117             --            117
        Additional Paid-in
         Capital                     27,006             --         27,006
        Accumulated Deficit         (14,969)       (16,509)       (31,478)
        Treasury Stock at Cost,
        3,026,389 Shares               (25)            --            (25)
        Total Shareholder Equity     12,133        (16,509)        (4,376)
        TOTAL LIABILITIES AND
         STOCKHOLDERS' EQUITY      $ 19,267       $ 55,859       $ 75,126


        /CONTACT: Robert D. Idzi, CFO of Search Capital, 214-965-6000/