TCR_Public/960110.MBX BANKRUPTCY CREDITORS' SERVICE, INC.



Holly Products announces completion of $3.5
        million private financing and relocation of its executive offices

        
            BALA CYNWYD, Penn.--Jan. 10, 1996--Holly
        Products Inc. (NASDAQ: HOPR, HOPRW, HOPRP; BSE: HOP, HOPP), today
        announced that it completed a $3.5 million private sale of
        convertible preferred stock which will be used to reduce debt and
        finance the working capital requirements of its subsidiaries.
        


            The company also completed moving its principal executive
        offices from the facilities of its recently closed Holly Wood
        Manufacturing Inc. subsidiary in Moorestown, N.J. to Bala Cynwyd, a
        suburb of Philadelphia.  William Patrowicz, Holly's president
        commented, "this financing places the company in a better position
        to develop the operations of its Navtech Inc. and href="chap11.country.html">Country World
        Casinos Inc.
  subsidiaries.  The closing of the Holly Wood
operation
        permits management to focus on the expansion of Navtech's
        specialized electronics manufacturing business and the development
        and consummation of a plan to permit Country World to emerge from
        its Chapter 11 proceeding and begin the development of a casino in
        Blackhawk, Colorado In all, the company is on a much firmer
        financial foundation and better positioned to capitalize on these
        opportunities."  
        


            Holly Products Inc., headquartered in Bala Cynwyd, has a wholly
        owned subsidiary, Navtech Industries Inc. of Blanding, Utah and a
        majority owned subsidiary, Country World Casinos Inc. of Denver.
        Navtech is a manufacturer and tester of electronic components for
        casino equipment, hotel equipment and sinage.  Country World Casinos
        Inc. is a development corporation, whose plan is to construct a
        casino in Black Hawk, as well as a hotel complex.

        
        CONTACT:  Holly Products Inc.,
                  William Patrowicz, 609/222-9327
        




Ladenburg, Thalmann to
invest in Thinking
        Machines Corporation

        
            NEW YORK--Jan. 10, 1996--Ladenburg, Thalmann
        Group Inc. announced today that its merchant banking subsidiary,
        Ladenburg, Thalmann Capital Corp., has signed a definitive agreement
        to provide a $10.6 million convertible bridge loan to finance
        Thinking Machines Corp., a
developer and marketer of parallel
        software for high-end and networked computing systems.  
        


            In November 1995, Thinking Machines filed a reorganization plan
        to emerge from Chapter 11 bankruptcy protection.
        


            Pursuant to the agreement, Ladenburg, Thalmann will provide
        funding to TMCA Corp., an entity formed to invest in Thinking
        Machines upon its emergence from bankruptcy.  The investment
        provided by Ladenburg, Thalmann will help fund Thinking Machines'
        advanced product development and marketing.  The transaction has the
        unqualified support of the official Creditor's Committee and the
        official Shareholder's Committee of Thinking Machines and is
        expected to close in February 1996.
        


            Founded in 1983, Thinking Machines is a pioneer in parallel
        technology for supercomputers and has created some of the world's
        most powerful computers.  Since filing for Chapter 11 protection in
        August 1994, Thinking Machines has cut costs and begun transforming
        operations to market its parallel software to add value and new
        levels of performance to mainstream computing systems.  The company
        has had four consecutive profitable quarters since Oct. 1, 1994.
        


            "Ladenburg sees Thinking Machines as a company with tremendous
        upside, especially in the areas of parallel software technology,
        networking and data mining applications.  We are excited about
        helping Thinking Machines achieve its full potential," said Brad
        Gevurtz, senior vice president of Ladenburg, Thalmann & Co. Inc. and
        head of the firm's high-tech investment banking area.
        


            "The challenges of the business world have reached complex
        proportions, requiring powerful, intelligent technologies.  There is
        a huge untapped market for our advanced software tools and
        solutions," said Robert L. Doretti, president and chief executive
        officer of Thinking Machines.  "Our parallel software technologies
        and data mining applications along with our new market driven focus
        position us to fully exploit these opportunities."
        


            "This transaction exemplifies the merchant banking direction
        that Ladenburg, Thalmann is pursuing as a result of its acquisition
        by New Valley Corp. last year," said Ronald J. Kramer, chairman and
        chief executive officer of Ladenburg, Thalmann Group Inc.
        Ladenburg, Thalmann & Co. Inc. served as financial advisor to TMCA
        Corp. in its negotiations with Thinking Machines and structured the
        investment made by its affiliate, Ladenburg, Thalmann Capital Corp.
        


            Ladenburg, Thalmann Group Inc., is the parent of Ladenburg,
        Thalmann & Co. Inc., a registered broker-dealer and investment bank,
        and is owned by New Valley
Corp.
       
        


        CONTACT:  Sard Verbinnen & Co.,
                  George Sard/Anna Cordasco/Paul Caminiti,
                  212/687-8080
        




        CAPITAL GAMING ANNOUNCES APPROVAL OF PLAN OF REORGANIZATION FOR
        CRESCENT CITY CAPITAL DEVELOPMENT CORP.

        
            ATLANTIC CITY, N.J., Jan. 10 -- href="chap11.capital.html">Capital Gaming
        International, Inc.
(OTC Bulletin Board: GDFI) today announced
that
        the plan of reorganization for its Louisiana subsidiary, Crescent
        City Capital Development Corp. ("Crescent City") was approved by the
        United States Bankruptcy Court, Eastern District of Louisiana.  Such
        plan of reorganization was submitted in Crescent City's bankruptcy
        case under Chapter 11 of the U.S. Bankruptcy Code seeking
        reorganization.
        


            As part of the plan of reorganization, Crescent City is to be
        sold to Mirage Resorts, Incorporated for approximately $55 million
        plus the assumption of certain equipment liability of up to $6.5
        million.  The Company estimates that approximately $50 million will
        be available for distribution to secured and unsecured creditors.
        The Mirage transaction is contingent upon certain regulatory and
        other approvals.

        
            Commenting on the development, Edward M. Tracy, Capital Gaming's
        President and CEO, stated, "We are pleased with the approval of
        Crescent City's plan of reorganization and the Company and Mirage
        can now focus on obtaining the regulatory approvals necessary to
        consummate the Mirage transaction."
   

     
            Based in Atlantic City, New Jersey, Capital Gaming International
        is a multi-jurisdictional casino development and management company
        with interests in the Native American gaming markets.
      

  
        /CONTACT:  Edward M. Tracy, President and Chief Executive Officer,
        of Capital Gaming International, Inc., 609-383-3333/



        COOPERS & LYBRAND APPOINTS DOMINIC DINAPOLI TO HEAD ITS
        REORGANIZATION SERVICES PRACTICE
        
            NEW YORK, Jan. 10, 1996 -- href="Coopers" target=_new>http://www.colybrand.com">Coopers& Lybrand L.L.P. today
        announced the appointment of Dominic DiNapoli as a partner and
        national leader of its reorganization services practice.  In
        addition he will lead the firm's New York reorganization practice
        and oversee its centers of excellence in Boston, Chicago, Dallas,
        Los Angeles, Philadelphia and San Francisco.  He will manage a
        national team of more than 70 professionals dedicated to serving the
        various parties in formal and informal restructurings.  DiNapoli
        joins the firm from Price Waterhouse where he served as co-head of
        its national corporate recovery services practice.
        


            In making the announcement, Raymond A. Ranelli, vice chairman,
        Financial Advisory Services for Coopers & Lybrand, said, "Dom is a
        'marque' player with exceptional technical ability and business
        development skills.  He has an outstanding reputation in the workout
        and bankruptcy community and is nationally recognized in his field.
        His highest priority is delivering top-quality value added services
        to his clients.  We are very pleased that Dom is joining our
        Financial Advisory Services."
        


            During his career DiNapoli has provided restructuring advice and
        counsel to all parties involved in restructurings, including
        troubled companies, shareholders, unsecured creditors and secured
        creditors.
        


            In addition to providing consulting advice, DiNapoli was
        retained by the federal government to act as Special Trustee in the
        second largest asset forfeiture in history, requiring him to manage
        the orderly liquidation of approximately $400 million in assets
        accumulated by a Long Island car dealer who swindled General Motors
        Acceptance Corporation.  These assets included two car dealerships,
        more than 100 pieces of property, two golf courses and two Nevada
        gold mines.
        


            One of the world's leading professional firms, Coopers & Lybrand
        L.L.P. provides services for enterprises in a wide range of
        industries. The firm offers its clients the expertise of more than
        16,000 professionals and staff in offices located in 100 U.S. cities
        and, through the member firms of Coopers & Lybrand International,
        more than 66,000 people in 125 countries worldwide.  The firm's
        Financial Advisory Services practice consists of more than 700
        professionals providing advice in litigation matters,
        restructurings, corporate finance transactions, and consulting to
        the real estate, hospitality and gaming industries.
        


        /CONTACT:  Dave Nestor of Coopers & Lybrand, 212-536-2965/




        RICKEL TO RESTRUCTURE

        

         Plan Would Lower Debt by Half, Reduce Interest Costs and Enable
        Trade
        
                   Creditors to Receive Full Value for Claims
               $97 Million in DIP Financing Commitments Arranged
            Will Position Company for Spring Home Improvement Season
                 Quick Implementation of Restructuring Expected
        Company to Operate on Business As Usual Basis Throughout Process

  

      
            SOUTH PLAINFIELD, N.J., Jan. 10, 1996 -- href="chap11.rickel.html">Rickel Home
        Centers, Inc.
today announced that it has reached an agreement in
        principle with respect to the key economic terms of a restructuring
        plan with representatives of, and advisors for, holders of more than
        two-thirds of its outstanding Senior Notes.  The restructuring will
        be effected through a chapter 11 case in the U.S. Bankruptcy Court
        for the District of Delaware, which was filed today.  The agreement
        is subject to formal documentation, including preparation of a
        definitive chapter 11 plan and disclosure statement, which the
        Company expects to file with the Court shortly.
        


            Rickel has received commitments, subject to Court approval, for
        $97 million in debtor-in-possession (DIP) financing.  The financing
        consists of an $80 million secured revolving credit facility from
        Congress Financial Corp., a subsidiary of CoreStates Financial
        Corp., and an additional $17 million in secured leasehold financing
        from West Windsor Holding Corporation, an affiliate of Vornado
        Realty Trust. Rickel also has recently completed the sale of certain
        underperforming leaseholds for cash proceeds totaling approximately
        $10 million.
        


            Under the terms of the proposed restructuring, the $126.5
        million of the Company's 13+ percent Senior Notes would be exchanged
        for $63.25 million of New 13+ percent Senior Notes, approximately 84
        percent of the common stock of the reorganized Company and a cash
        distribution of 7 percent of the principal amount of the old Senior
        Notes.  Vendors and other non-Note unsecured creditors would receive
        notes in principal amount equal to 100 percent of their allowed
        prepetition claims.  These 100 percent notes would mature on
        December 15, 2001 and bear interest at 8 percent per annum.   As an
        alternative to the 100 percent notes and interest, vendors and all
        other non-Note unsecured creditors may elect to receive an 80
        percent cash recovery of their allowed prepetition claims, with 40
        percent payable on the effective date of the plan and 40 percent
        payable over the following two years.
        


            The chapter 11 plan will be subject to a vote by the Company's
        creditors and confirmation by the Court.  During the restructuring
        process, Rickel will continue to conduct business as usual.
        


            Jules Borshadel, Chief Executive Officer of Rickel, said, "This
        restructuring, which we expect to complete in several months, should
        enable us to implement the plans we have in place to improve
        Rickel's performance, make sure that our stores are well stocked for
        the Spring home improvement season, and take the steps necessary to
        continue in our position as a significant force in the Northeast do-
        it-yourself market.
        


            "Since we effected the combination of Rickel and Channel in
        November 1994, we have more than realized the cost savings and other
        benefits we originally anticipated," said Mr. Borshadel.
        "Unfortunately, the recent difficult conditions in the retailing
        industry as a whole, and the severe downturn in the do-it-yourself
        marketplace, resulted in poor bottom-line performance, necessitating
        the restructuring."
        


            As of October 28, 1995, the company had consolidated assets of
        approximately $260 million and consolidated liabilities of $268
        million.
        


            Rickel is a full-service home improvement retailer serving the
        do-it-yourself marketplace, based on South Plainfield, New Jersey,
        with 86 stores operating in New Jersey, Pennsylvania, New York,
        Delaware and Maryland.
        


        /CONTACT:  Dawn Dover or Andrea Bergofin of Kekst and Company,
        212-593-2655/



        APPLE TO REPORT Q1 LOSS

        
            CUPERTINO, Calif., Jan. 10, 1996 -- Apple
Computer, Inc.
        (Nasdaq: AAPL) today said that it has completed a preliminary review
        of its financial results for its first fiscal quarter which ended
        December 29, 1995.  The Company stated that while unit shipments and
        revenues increased, compared to the same quarter a year ago, gross
        margins declined significantly, resulting in an operating loss for
        the Company.  Apple had disclosed on December 15, 1995 that unit
        shipments, revenues and gross margins were not meeting internal
        expectations, and a loss could result if the trend continued.
        


            For the quarter, unit shipments increased 12% over the year-ago
        quarter and revenues increased 11%.  However, gross margins dropped
        to approximately 15% compared to 20.7% last quarter and 28.7% in the
        year-ago quarter.  The Company's net sales and gross margins as a
        percentage of sales were both below the Company's internal
        projections, and as a result, the Company now expects to record a
        net operating loss of approximately $68 million after taxes, or $.55
        per share before restructuring charges.
        


            The Company is evaluating the quarter's results closely while it
        undertakes a thorough review of its operations.  Among the actions
        the Company will take is a restructuring of its business, and record
        a related charge against earnings in the final first quarter
        financial results.  The Company will be prepared to discuss the
        details of its financial results as well as the initial phase of its
        restructuring when it announces first quarter results on January 17,
        1996.
        


            The Company attributed the shortfall in gross margins and
        operating profits to price reductions the Company implemented in
        response to intense price competitiveness in the personal computer
        industry, especially in Japan, as well as inventory adjustments of
        approximately $80 million before taxes to reflect current pricing
        pressures.
        


            "We are obviously disappointed about the results for the quarter
        and are taking actions to meet our challenges," said Michael
        Spindler, Apple's chief executive officer.  "It is our top priority
        to return the Company to profitability and provide value to
        shareholders.
        


            "During this challenging business climate, we are gratified that
        the Macintosh platform continues to enjoy solid acceptance among our
        customers and developers.  As an example, yesterday's opening of
        MacWorld Expo in San Francisco attracted record-breaking crowds,
        with a projection of 80,000 attendees.  Apple's strong customer
        following is evident in recent industry recognition which shows
        Apple leading all other vendors in customer satisfaction and brand
        loyalty...
        


            "In addition, Apple's technologies continue to receive
        widespread acclaim in the industry, with new technologies and
        products such as Apple's QuickTime and QuickDraw 3D multimedia
        technologies, Internet solutions and Newton.  We are making great
        progress with promising new technologies and products for the
        future, including our next generation operating system called
        Copland, OpenDoc component software, and Internet solutions.
        


            "We believe Apple's technology is ideally suited to help users
        take full advantage of the Internet.  We will leverage our
        multimedia leadership in providing new ways for users to take
        advantage of this rapidly growing new area of communication," he
        said.
        


            These statements about estimated results are preliminary and
        based on partial information and management assumptions.  The
        Company will announce its actual results for the quarter on or about
        January 17.
        


            Except for the historical information contained herein, the
        matters discussed in this news release are forward looking
        statements that involve risks and uncertainties.  Potential risks
        and uncertainties include without limitation continued competitive
        pressures in the marketplace (especially in Japan); the effect any
        reaction to such competitive pressures has on current inventory
        valuations; and the need for and any effect of any business
        restructuring.  Further information on potential factors which could
        affect the Company's financial results are included in the Company's
        Form 10-K for the 1995 fiscal year, filed with the SEC.
        


            ..  Source:  JD Power and Associates, 1995, Desktop personal
        computer, end user satisfaction study and CI Infocorp. 1995 brand
        loyalty study.
        


            Apple Computer, Inc., a recognized innovator in the information
        industry and leader in multimedia technologies, creates powerful
        solutions based on easy-to-use personal computers, servers,
        peripherals, software, online services, and personal digital
        assistants. Headquartered in Cupertino, California, Apple develops,
        manufactures, licenses and markets solutions, products, technologies
        and services for business, education, consumer, entertainment,
        scientific & engineering and government customers in over 140
        countries.
        


        Apple's home page on the World Wide Web: http://www.apple.com/" target=_new>http://www.apple.com/">http://www.apple.com/


            NOTE:  Apple, the Apple logo, Macintosh, OpenDoc,
QuickTime, and
        Newton are registered trademarks and QuickDraw is a trademark of
        Apple Computer, Inc. registered in the USA and other countries.
        


        /CONTACT:  Bill Slakey, Investor Relations, 408-974-3488, or Betty
        Taylor, Public Relations, 408-974-3983, Pam Miracle, Public
        Relations,
        408-974-0688, all of Apple Computer, Inc./




        RICKEL HOME CENTERS, INC. RECEIVES COURT APPROVAL FOR DEBTOR IN
        POSSESSION FINANCING
        


            SOUTH PLAINFIELD, N.J., Jan. 10, 1996 -- href="chap11.rickel.html">Rickel Home
        Centers, Inc.
announced today that it has obtained approval
for $97
        million of debtor-in-possession (DIP) financing from the U.S.
        Bankruptcy Court for the District of Delaware, with an initial order
        approved for immediate use of $55 million.
        


            Earlier today, the Company reached an agreement in principle
        with respect to the key economic terms of a restructuring plan with
        representatives of, and advisors for, holders of more than two-
        thirds of its outstanding Senior Notes, to be effected through a
        chapter 11 case.
        


            The financing consists of an $80 million secured revolving
        credit facility from Congress Financial Corp., a subsidiary of
        CoreStates Financial Corp., and an additional $17 million in secured
        leasehold financing from West Windsor Holding Corporation, an
        affiliate of Vornado Realty Trust.  The agreement is subject to
        formal documentation, including preparation of a definitive chapter
        11 plan and disclosure statement, which the Company expects to file
        with the Court shortly.
        


            Rickel is a full-service home improvement retailer serving the
        do- it-yourself marketplace, based in South Plainfield, New Jersey,
        with 86 stores operating in New Jersey, Pennsylvania, New York,
        Delaware and Maryland.
        


        /CONTACT:  Dawn Dover or Andrea Bergofin, both of Kekst and Company,
        212-593-2655/