TCR_Public/960109.MBX BANKRUPTCY CREDITORS' SERVICE, INC.



        BURNHAM PACIFIC BEGINS RE-NEGOTIATION OF ANACOMP LEASE

        
            SAN DIEGO, Jan. 9, 1996 -- Burnham Pacific
Properties,
        Inc. (NYSE: BPP), a California based real estate investment trust
        (REIT), announced today that it has begun to re-negotiate its lease
        with one of its tenants, Anacomp,
Inc.
, which filed a pre-negotiated
        plan of reorganization last week under Chapter 11 of the U.S.
        Bankruptcy Code.
        


            Burnham Pacific stated that it has been in continual contact
        with Anacomp's senior management since Anacomp's financial condition
        became public last year, and that Anacomp has expressed its strong
        desire to remain in the facility it leases from Burnham Pacific in
        Poway, California.
        


            "We have anticipated this event," stated David Martin, president
        and chief executive officer of Burnham Pacific, "and have taken the
        possibility into account in making recent strategic decisions
        including the reduction of our dividend payout level.  Now that
        Anacomp has filed for bankruptcy, negotiations are formally underway
        to restructure the lease in order to accommodate Anacomp's desire to
        remain a tenant."
        


            Founded in 1963, Burnham Pacific Properties, Inc. is the owner
        of commercial real estate properties throughout California.
        


        /CONTACT:  Belena Stanford, Investor Relations Manager of Burnham
        Pacific, 415-352-1700/



Micropolis Corp. announces intention to sell
        disk drive assets, continue as systems company

        
            CHATSWORTH, Calif.--Jan. 9, 1996--Micropolis
        Corp. (NASDAQ/NMS:MLIS) Tuesday announced that it had reached an
        agreement in principle with a prospective buyer to sell
        substantially all of the assets related to its disk drive business.
        


            The transaction includes a payment for the value of intangibles,
        including the name Micropolis.  While the terms are not yet
        definitive, the transaction is not expected to generate a material
        gain or loss.
        


            Micropolis will seek shareholder approval for the transaction
        and of the corporate name change early in 1996 after the two
        companies have reached a definitive agreement and such agreement has
        been approved by the boards of directors of each company.
        


            Shareholder approval will be sought through a proxy statement
        which is expected to be mailed to shareholders in February 1996.
        There can be no assurance that such agreements will be reached or
        approvals received.
        


            After the transaction has been completed, the company's
        remaining business will be focused on value-added storage systems,
        including video servers, digital disk recorders, the RAIDION family
        of fault-tolerant disk arrays and external storage devices such as
        Microdisk.
        


            J. Larry Smart, chairman and chief executive officer, said: "We
        are pleased to be in discussions with a buyer who we feel can
        rejuvenate the disk drive business.  Our disk drive customers and
        suppliers can look forward not only to the release of our newest
        drives as scheduled, but also to a relationship with a world-class
        organization, and a continuing high level of service and support."
        


            Smart continued, "We also look forward with excitement to the
        prospect of focusing 100 percent of our attention on the systems
        business, and to the improved financial condition of the company,
        assuming a successful conclusion to the discussions we are now in."
        


            The company also reported that revenues during the fourth
        quarter ended Dec. 29, 1995, were approximately $43 million in
        comparison with the $58.8 million reported during the third quarter
        ending Sept. 29, 1995, and that it expects to report a larger net
        loss than the $1.12 per share that it reported for the third
        quarter.
        


            The company's cash balance declined from the Sept. 29 level of
        $37.3 million to approximately $28 million as of Dec. 29, 1995.  The
        results of the fourth quarter do not include any impact from the
        proposed transaction.  
        


            To conserve cash, the company has reduced its production plan to
        a level that is expected to reduce inventories during the first
        quarter.  The company also announced that it had reduced its
        Chatsworth corporate headquarters work force in order to prepare for
        the sale of the disk drive assets and the related restructuring into
        a value-added systems business.  The cost of the work force
        reduction is estimated at $400,000, and this cost will be included
        in the first-quarter 1996 results.
        


            Founded in 1976, Micropolis designs and manufactures Super-
        Capacity disk drives, and information storage and video systems.
        Its products are sold to OEMs and system integrators and through
        distributors and VARs.  Micropolis has headquarters in Chatsworth,
        sales offices throughout the world and manufacturing facilities in
        Singapore and Thailand.
        


        CONTACT:  Micropolis Corp.,
                  Barbara V. Scherer, 818/718-5118
                    or
                  Coffin-KCSA,
                  Bill Coffin, 818/789-0100




        MERRILL LYNCH NEVER OFFERED SETTLEMENT IN ORANGE COUNTY CASE
        


            NEW YORK, Jan. 9, 1996 -- Merrill Lynch & Co.,
Inc. (NYSE:
        MER) today issued the following statement:
        


            An article in today's Los Angeles Times reporting that Merrill
        Lynch had offered to settle the lawsuit by href="chap11.orange.html">Orange County, California
        is totally and completely false.  Merrill Lynch has never initiated
        a settlement proposal as described in this article, nor has it ever
        made any other settlement proposal.
        


            The article referred to a meeting in May, 1995 between Merrill
        Lynch officials and former County Executive William Popejoy.  That
        meeting was requested by Mr. Popejoy who did not specify its purpose
        and who traveled to New York for it.  Any amounts put forth as
        possible settlement figures were advanced unilaterally by Mr.
        Popejoy, and were rejected flatly by Merrill Lynch.
        


            On June 21, 1995, in response to public statements made at the
        time by Mr. Popejoy, Merrill Lynch made clear that it did not
        consider its meeting with Mr. Popejoy to be a settlement discussion.
        


            Merrill Lynch acted professionally and properly in its
        relationship with Orange County, and has consistently maintained
        that it bears no responsibility for the County's decision to declare
        bankruptcy, nor for the subsequent consequences of that decision.
        


        /CONTACT:  Timothy Gilles, Media Relations of Merrill Lynch & Co.,
        Inc., 212-449-0475/




        US FARATHANE ANNOUNCES PLANS TO ACQUIRE ORTHANE DIVISION OF EAGLE-
        PICHER INDUSTRIES

        
            DENTON, Texas, Jan. 9, 1996 -- US Farathane
Corporation
        has made public its plans, subject to federal Bankruptcy Court
        approval, to purchase the Orthane Division of href="chap11.epi.html">Eagle-Picher
        Industries, Inc.
  William Kemner, president and chief executive
        officer of US Farathane and Wayne Wickens, senior vice president,
        and president - Automotive Group, Eagle-Picher Industries, Inc.,
        announced the multi-million dollar acquisition today during a
        special meeting held at Orthane's headquarters in Denton, Texas.
        


            The acquisition represents a significant expansion of US
        Farathane's presence in the automotive industry as a supplier of
        high-quality custom engineered plastics, plastic and rubber parts
        and assemblies.  It also provides the company with the foundation
        necessary to further expand operations into new recreational and
        agricultural/industrial markets.
        


            "Orthane's capabilities complement what we already do at US
        Farathane," said Kemner.  "As a competitor, we were well aware of
        their reputation for quality.  It had a strong influence on our
        decision to purchase.  And it's an important step toward fulfilling
        our strategic objectives, both as a Tier I supplier in the
        automotive sector - and as a company expanding and diversifying for
        the future."
        


            Orthane, a division of Eagle-Picher Industries, Inc., is a
        supplier of injection molded polyurethane parts for automotive and
        other selected original equipment applications, with annual sales in
        excess of $8 million.  Orthane currently manufactures approximately
        150 active parts, and is the sole source for a number of products
        sold to Ford, Chrysler and General Motors.  The company also serves
        as a Tier II supplier to automotive parts manufacturers across the
        United States including ITT Automotive, TRW Automotive, Gabriel,
        Polaris, Nagle and ACCO.
        


            US Farathane Corporation, based in Royal Oak, Mich., is a
        leading designer and supplier of automotive suspension parts, as
        well as functional molded, cast and extruded plastic and rubber
        products for the automotive, appliance and recreational industries.
        Current customers include Ford, Chrysler, General Motors, Textron,
        Johnson Controls, Lear Seating and United Technologies.  US
        Farathane, with annual sales of $40 million, is one of the few
        companies that has the capabilities to formulate urethanes for
        customer specific applications and design, mold, manufacture, test
        and ship a finished part.
        


        /CONTACT:  William Kemner of US Farathane, 810-585-1888; or Robert
        Kuzawinski of The Agency & Partners, 810-380-2030/




        BANKRUPTCY COURT GRANTS PATENT LICENSE TO CAMBRIDGE BIOTECH FROM
        INSTITUT PASTEUR COVERING HIV-1 WESTERN BLOT TEST
        


            WORCESTER, Mass., Jan 9, 1996 -- href="chap11.cambridge.html">Cambridge Biotech
        Corporation
today announced that the United States Bankruptcy
Court
        for the District of Massachusetts (Western Division) has declared a
        non- exclusive patent license to be in effect between Institut
        Pasteur and Cambridge Biotech as of January 1, 1996, covering
        Cambridge's HIV-1 Western Blot test.  Introduced in the U.S. in
        1987, Cambridge Biotech's HIV-1 Western blot confirmatory test is
        used in the diagnosis of AIDS to confirm the results of less
        sensitive screening assays.
        


            The terms outlined by the court include a one percent royalty on
        net sales without an upfront license fee.  The court ordered
        Cambridge Biotech to pay damages equal to a one percent royalty for
        the pre- license period from July 7, 1994, through December 31,
        1995.  In addition, the court terminated its prior injunction
        against Cambridge selling the Western Blot kits.  The court rejected
        Institut Pasteur's allegation that Cambridge willfully infringed
        Institut Pasteur's patent.
        


            "We are delighted with the court's decision as it allows us to
        continue marketing our Western Blot product," said Alison Taunton-
        Rigby, President and CEO of Cambridge Biotech.  "The ruling also
        allows the Company to move forward with its efforts to reorganize
        and emerge from Chapter 11."
        


            The ruling stems from a lawsuit filed by Institut Pasteur and
        Genetic Systems Corporation against Cambridge Biotech in March 1995,
        alleging that Cambridge infringed three patents owned by Pasteur and
        licensed to Genetic Systems.  In September 1995, the court ruled
        that Cambridge has a valid license under two of the Pasteur patents
        covering HIV-2 strains of the AIDS virus (which Pasteur has appealed
        to the U.S. District Court), but that the company's HIV-1 Western
        Blot test infringed Pasteur's U.S. patent No. 5,217,861.
        


            Cambridge Biotech Corporation, which filed for protection under
        Chapter 11 of the U.S. Bankruptcy Code on July 7, 1994, is a
        therapeutics and diagnostics company involved in developing
        vaccines, adjuvants, and diagnostics for infectious diseases and
        cancer in humans and animals.
        


        /CONTACT: Alison Taunton-Rigby, President and Chief Executive
        Officer of Cambridge Biotech Corporation, 508-797-5777, or Robert
        Gottlieb, Senior Vice-President of Feinstein Partners, 617-577-8110/


        

        FEDERAL BANKRUPTCY COURT CONFIRMS PLAN TO REORGANIZE EL PASO
        ELECTRIC
        


            EL PASO, Texas, Jan. 9, 1996 -- A federal
bankruptcy court
        has confirmed El Paso Electric's Fourth Amended Plan of
        Reorganization after El Paso
Electric
obtained nearly unanimous
        acceptance of its reorganization plan by all of its creditors and
        stockholders and after obtaining all necessary federal and state
        regulatory approvals.
        


            The confirmation order issued today by the U.S. Bankruptcy Court
        for the Western District of Texas in Austin, will enable El Paso
        Electric to emerge from bankruptcy after four years of bankruptcy
        proceedings.
        


            At the confirmation hearing, Judge Monroe complimented the
        parties on the manner in which they quickly settled the major issues
        in the case.  "All involved worked in a very efficient manner and
        timely basis under harsh time constraints," Judge Monroe said.  "The
        City (of El Paso) and the company should be congratulated," he
        further stated.
        


            Under the confirmed plan, the company's capital structure will
        include approximately $1.2 billion of senior secured debt, including
        approximately $200 million of pollution control bonds, $100 million
        of preferred stock, and common shares.
        


            As previously announced, the Plan of Reorganization contemplates
        two alternative methods for the company to emerge from bankruptcy.
        Under the preferred alternative, EPE proposes to use the proceeds of
        an underwritten public offering of first mortgage bonds to repay the
        claims of existing secured creditors in full.  If market conditions
        in early- 1996 will not permit an underwritten offering, the
        company's Plan would be consummated through a distribution of new
        senior secured debt to existing secured creditors in satisfaction of
        their claims.
        


            Under the confirmed plan, unsecured creditors will receive cash,
        new secured debt, preferred stock, and 85 percent of the reorganized
        company's common stock.
        


            When the reorganization plan becomes effective, existing
        preferred and common shares of the company will be canceled, and
        holders will receive 15 percent of the reorganized company's common
        stock, with 12 percent of the new common stock going to the existing
        preferred shareholders and 3 percent going to the existing common
        shareholders. In addition, the existing preferred and common
        shareholders will share equally in the first $20 million of any
        recovery by EPE in its pending litigation with Central and South
        West Corporation.
        


            El Paso Electric 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, an area of the Rio Grande valley in west Texas and southern
        New Mexico and wholesale customers located in such diverse locations
        as southern California and Mexico.
        


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



Shaman Reports Year-End Results for
        1995

        
            SOUTH SAN FRANCISCO, Calif.--Jan. 9, 1996--
        Shaman Pharmaceuticals, Inc. (NASDAQ:SHMN) today reported fourth
        quarter and year-end results.
        


            For the three month period ended Dec. 31, 1995, Shaman reported
        a net loss of $5,268,000, or $0.40 per share, compared to a net loss
        of $5,951,000, or $0.46 per share, for the same period in 1994.  For
        the twelve months ended Dec. 31, 1995, the company reported a net
        loss of $18,004,000, or $1.37 per share, compared to a net loss of
        $19,481,000, or $1.50 per share, during 1994.
        


            Contract revenues for the fourth quarter of 1995 were $500,000,
        compared to no revenue for the same period in 1994.  Contract
        revenues for all of 1995 were $2,210,000, compared to $1,360,000
        during 1994.  The 1995 revenues result from a three year research
        collaboration with Japan-based Ono Pharmaceutical Co., Ltd., which
        was initiated in May 1995.  The 1994 revenues resulted from a
        collaborative relationship that was discontinued in September 1994.
        


            Research and development expenses for the quarter ended Dec. 31,
        1995 decreased to $5,003,000 from $5,123,000 in the fourth quarter
        of the previous fiscal year.  General and administrative expenses
        also decreased to $1,006,000 in the quarter ended Dec. 31, 1995 from
        $1,121,000 in the final quarter of fiscal 1994.  This reduction in
        operating expenses resulted from a restructuring that was
        implemented in December 1994.
        


            Lisa Conte, president and chief executive officer of Shaman,
        stated, "The highlight of the fourth quarter was our positive Phase
        II Virend results for the treatment of genital herpes.  The data
        from this rigorous trial further demonstrates Shaman has the
        resources to develop promising new drugs to treat serious medical
        problems.  We will begin a definitive Phase III study this year as
        we simultaneously begin discussions with potential marketing
        partners in Europe."
        


            Shaman Pharmaceuticals uses an integrated approach to discover
        new chemical entities from tropical plants with a history of
        medicinal use.  Shaman relies on ethnomedical investigation and
        sophisticated screening models which result in a more efficient drug
        discovery process.  Shaman's diabetes program has resulted in the
        discovery of multiple new compounds, and forms the basis for a
        collaborative relationship with Ono Pharmaceutical Co., Ltd.
        


            In addition, Shaman has three compounds in development, Virend,
        a topical antiviral for the treatment of herpes, is ready to begin
        pivotal Phase III testing.  Provir, for the treatment of secretory
        diarrhea, is beginning Phase II trials.  Nikkomycin-Z, an oral anti-
        fungal for the treatment of endemic mycosis, is in late pre-clinical
        development.
        



                            Selected Financial Data
               (in thousands except share and per share amounts)
                               (unaudited)
        
                              Three Months Ended     Twelve Months Ended
                                 December 31,            December 31,
                               1995       1994         1995       1994
        
        Contract revenues        $  500     $    0      $  2,210    $ 1,360
        Operating expenses:
         Research and
          development             5,003      5,123        17,008     18,385
         General and
          administrative          1,006      1,121         4,332      3,803
        Total operating expenses  6,009      6,244        21,340     22,188
        Interest income (net)       241        293         1,126      1,347
        Net loss                $(5,268)   $(5,951)     $(18,004)  $(19,481)
        Net loss per share      $ (0.40)   $ (0.46)     $  (1.37)  $  (1.50)
        Shares used in the
         calculation of net
          loss per share      13,243,000  13,018,000   13,161,000
        12,986,000
        
                            Selected Balance Sheet Data
                                 (in thousands)
                                   (unaudited)
        
                                       December 31,      December 31,
                                          1995              1994
        
        Cash, cash equivalents and
         investments                       $ 26,665           $ 39,843
        Prepaid expenses                   $    859           $  1,135
        Property and equipment (net)       $  6,158           $  8,313
        Total assets                       $ 33,810           $ 49,673
        Current liabilities                $  4,674           $  4,441
        Long-term debt                     $  4,930           $  3,932
        Accumulated deficit                $(63,832)          $(45,828)
        Total stockholders' equity         $ 24,205           $ 41,300
        

        CONTACT:  Shaman Pharmaceuticals, Inc.,
                  Kurt Amundson, 415/266-7464