TCR_Public/960227.MBX BANKRUPTCY CREDITORS' SERVICE, INC.


Bankruptcy News For - February 27, 1996



  1. ENVIROGEN REPORTS 1995 FINANCIAL RESULTS
  2. HEALTH MANAGEMENT, INC. EXPECTS PRE-TAX CHARGE
  3. ISD anticipates possible operating losses
  4. Micron Electronics, Inc., closing Minneapolis manufacturing operation
  5. FORMER ITB CHAIRMAN ROBERT BRENNAN TO FILE PLAN OF DIVESTITURE
  6. HARVARD BREAST IMPLANT RESEARCHERS FIND NO LARGE CONNECTIVE TISSUE DISEASE RISK




ENVIROGEN REPORTS 1995 FINANCIAL RESULTS
        


            LAWRENCEVILLE, N.J., Feb. 27, 1996 - Envirogen, Inc.
        (Nasdaq: ENVG) (ENVIROGEN) reports that its revenues for the year
        ended December 31, 1995, were $8,033,698, an increase of 31% over
        the year ended December 31, 1994.  The 1995 net loss applicable to
        common stock decreased by 44% to $2,385,833 (or $.31 per share)
        compared to a net loss of $4,257,753 (or $.57 per share) for 1994.
        


            The Company's net loss applicable to common stock for the fourth
        quarter of 1995 decreased by 49% from the fourth quarter of 1994,
        continuing a trend that began with the Company's strategic
        restructuring of operations in the third quarter of 1994.  Revenues
        for the fourth quarter of 1995 increased by 41% from the fourth
        quarter of 1994, primarily due to a 44% increase in commercial
        revenues during the period.

        
            "ENVIROGEN showed greatly improved financial results in 1995
        over prior years.  Our ability to grow revenues by 31% over 1994
        while over the same period actually realizing a decline in total
        costs and expenses is a striking indication of the improved
        efficiencies and more aggressive commercial focus of the Company,"
        said Dr. Harch Gill, President and CEO of ENVIRO EN.  In 1995,
        ENVIROGEN'S revenues from commercial services grew by 47% over 1994.
        Additionally, the Company reports it had a backlog of approximately
        $6 million going into 1996.
   

     
                            ENVIROGEN, INC.
        
                                        Fourth Qtr      Fourth Qtr.
                                      Ended 12/31/95  Ended 12/31/94
        Revenues                       $2,465,618      $1,751,885
        Net loss applicable
         to common stock                 (423,934)       (837,908)
        Net loss per share
         applicable to common stock          (.05)           (.11)
        
                                          Year           Year
                                      Ended 12/31/95 Ended 12/31/94
        Revenues                       $8,033,698      $6,134,577
        Net loss applicable
         to common stock               (2,385,833)     (4,257,753)
        Net loss per share
         applicable to common stock          (.31)           (.57)
        
        Weighted average number
         of shares of common stock
         outstanding                    7,669,639       7,461,821

        
            ENVIROGEN is a leading technology-based environmental systems
        and services company that provides solutions to industrial effluent
        and hazardous waste remediation problems.  The Company also designs
        and implements vapor extraction systems and other integrated systems
        for the on-site treatment of organic contaminants from soils and
        groundwater.
       


        CONTACT:  Gale Smith, Corporate Communications of ENVIROGEN,
        609-936-9300



HEALTH MANAGEMENT, INC. EXPECTS PRE-TAX CHARGE BETWEEN
$15-$20 MILLION FOR FISCAL THIRD QUARTER ENDED JANUARY 31
        


            HOLBROOK, N.Y., Feb. 27, 1996 - Health Management, Inc.
        ("HMI") (Nasdaq-NNM: HMIS) announced today that while the Company's
        financial results for the third quarter ended January 31, 1996 have
        not yet been finalized, the Company intends to take significant
        write-offs for accounts receivable and inventory, as well as planned
        operational consolidations.  The Company estimates that the total
        charges shall be in the range of $15 to $20 million.
        


            The Company further announced that it has discovered certain
        accounting irregularities and that it believes it may have to
        restate its financial statements for the fourth quarter of the
        fiscal year ended April 30, 1995 and for the subsequent two fiscal
        quarters ended July 31, 1995 and October 31, 1995.  These
        irregularities were discovered in the course of an inquiry of the
        Special Committee of the Company's Board of Directors.  The extent
        of the adjustments to past financials is still unknown.  Based on
        the preliminary results of the Special Committee's review, which has
        not yet been completed, the Company believes that these matters were
        limited to periods stated above and may not have had an impact on
        prior fiscal periods.  In addition, the Company expects that it will
        be in default under its loan agreements.

        
            HMI accepted the resignation of Dr. Clifford E. Hotte as
        Chairman of the Board, Chief Executive Officer and President of the
        Company.  Dr. Hotte will assume the office of Vice-Chairman-Business
        Development. Directors of the Corporation have formed a committee of
        three outside Board members, consisting of Andre C. Dimitriadis, D.
        Mark Weinberg and Dr. Timothy Triche, to assume the office of the
        CEO until a suitable successor is selected.

        
            Mr. Dimitriadis, who will chair the Committee, is the Chairman
        and CEO of LTC Properties, Inc. (NYSE: LTC), a New York Stock
        Exchange-listed REIT that invests in long-term care and other health
        care related facilities and was instrumental in the turnaround of
        Beverly Enterprises.  D. Mark Weinberg is a director and the
        Executive Vice President for WellPoint Health Networks, Inc. (NYSE:
        WLP), in charge of its national and specialty businesses.  WellPoint
        is the second largest publicly traded managed care company in the
        U.S.  Dr. Timothy Triche is the Chairman and CEO of OncorMed, Inc.
        (AMEX: ONM), a publicly held medical services company, and the
        chairman of the Department of Pathology & Laboratory Medicine at
        Children's Hospital in Los Angeles.
   

     
            In addition, the Company has announced the resignation of Drew
        Bergman, the Chief Development Officer and the former Chief
        Financial Officer of HMI.
      

  
            The day-to-day operations of the Company will continue to be run
        by James Mieszala, the President of HMI's wholly owned subsidiary,
        HMI Pharmaceutical Services, who will now be the acting President of
        the Company, and by Paul Jurewicz, the Corporation's new Chief
        Financial Officer.

        
            Messrs. Hotte, Mieszala and Jurewicz will each report to the
        office of the CEO.
   

     
            Paul Jurewicz stated, "The Company will be revising its
        accounting systems and procedures and is intending to take
        significant write-offs. These write-offs include those for accounts
        receivable and inventory as well as planned operational
        consolidations necessary to restore profitability.  The total
        charges shall be in the range of $15 million to $20 million pre-tax,
        and we expect a loss for the third quarter."
      

  
            Mr. Dimitriadis said, "We believe that with the actions
        undertaken today and the focused efforts on cost reduction, HMI can
        be restored to profitability."

        
            Health Management, Inc., is a national provider of integrated
        health management services to patients with chronic medical
        conditions and to health care professionals, drug manufacturers and
        third-party payers involved in their care.
   

     
        CONTACT: Analysts: Diane Perry, 212-704-8293, or Joseph Kist,
        212-704-8239 or Ruth Markowitz, 212-704-4451, all of Edelman
        Financial, or Media: Mark Danes of Edelman Financial, 212-704-4464



ISD anticipates possible operating losses for first and
second quarters of 1996
        


            SAN JOSE, Calif. -- Feb. 27, 1996 -- ISD
        (Information Storage Devices, Inc.) (NASDAQ:ISDI) today announced
        that, based on the best information currently available, it
        anticipates possible operating losses for the first quarter and
        potentially the second quarter of fiscal 1996, ending March 31 and
        June 30, 1996, respectively.  The company attributed its
        expectations of quarterly operating losses to two factors:

        
            1) A potential six-month delay in the conversion of 0.8-micron
        production of chips from Line 2 of the company's foundry, Samsung.  
   

     
            While the initial engineering product had been fully qualified,
        approved and signed off by ISD and the foundry, the first production
        runs have exhibited a reliability problem which, in ISD's technical
        judgment, is solely related to the foundry's manufacturing process.
        ISD believes that the conversion to 0.8-micron production could be
        delayed by as much as six months.  The cost of in-line inventory is
        not known at this point, and the company is currently evaluating the
        potential financial impact.  
      

  
        2) Taking a write-down for excess inventory.  
        


    The company's foundry manufactured additional wafers under a co-
        sourcing agreement originally designed to give ISD more capacity and
        to give certain ISD customers two sources of supply.  The company
        believes that it will have to acquire approximately 2,000 wafers
        that the foundry had built in order to meet previously anticipated
        demand. In addition, these wafers have been found to have higher
        than normal failure rates in accelerated life tests.  While the
        company believes that chips from these wafers are satisfactory for
        consumer applications, they do not meet the full specifications for
        communications and industrial applications.  Given current consumer
        market conditions, ISD is no longer confident that originally
        anticipated selling prices for this inventory can be achieved, and
        therefore, margins in the first and second quarters on this
        inventory may be adversely affected.  If that occurs, it will be
        necessary to take a write-down of this inventory.  Furthermore, ISD
        is in negotiations with the foundry to restructure the co-sourcing
        agreement because ISD believes that current market conditions can no
        longer support previously anticipated volume requirements.  

        
            This press release contains forward-looking statements regarding
        potential write-downs, adverse pricing, margin developments,
        potential losses and other matters.  In addition to the factors
        discussed above, other factors that could cause actual results to
        differ materially include the following: availability of foundry
        capacity and raw materials; fluctuations in manufacturing yields;
        competitive pricing pressures; the timing of significant orders;
        changes in the mix of products sold; changes in the mix of
        customers; availability and cost of products from the company's
        suppliers; the timing of new product announcements; the cyclical
        nature of the semiconductor industry; certain markets addressed by
        the company's products; the gain or loss of significant customers;
        increased research and development expenses; economic conditions
        generally or in various geographic areas; and the risk factors
        listed from time to time in the company's SEC reports, including but
        not limited to its report on Form 10-Q for the quarter ended
        September 30, 1995 and the company's prospectus dated September 19,
        1995.  

        
            ISD designs, develops and markets integrated circuit solutions
        for voice applications in the consumer, communications and
        industrial markets.  The company is located at 2045 Hamilton Avenue,
        San Jose, CA 95125.  Telephone: (408) 369-2400.  Fax: (408) 369-
        2422.  World Wide Web home page: href="http://www.isd.com." target=_new>http://www.isd.com">http://www.isd.com.  
   

     
        CONTACT: Information Storage Devices, Inc.,
                 Felix Rosengarten, 408/369-2520
        



Micron Electronics, Inc., closing Minneapolis manufacturing
operation


            BOISE, Idaho -- Feb. 27, 1996 -- Micron
        Electronics, Inc. today announced it will discontinue its
        Minneapolis manufacturing operations effective April 30, 1996.  This
        action will not include the Company's Minneapolis call center which
        will continue its sales and technical support for Micron's product
        lines.  The Company also confirmed that it will be discontinuing
        sales of the Company's ZEOS line of personal computers.  Technical
        and warranty support for ZEOS brand personal computers will continue
        to be provided by the Company.  

        
            Approximately 300 jobs in the Minneapolis manufacturing
        operations will be affected by today's announcement, although
        qualified candidates will have the opportunity to apply for
        alternative positions within the Company, including positions in the
        Minneapolis call center and at other Company locations.  
   

     
            The Company plans to take an approximate $30 million
        restructuring charge, including provision for the disposition of
        inventory, write-off of goodwill and other costs associated with the
        discontinuance of operations.  Due to this restructuring charge, the
        Company expects to report a net loss for the Company's 2nd fiscal
        quarter of 1996 when its results are announced in March.  

        
            Micron Electronics, Inc., manufactures electronic products for a
        wide range of computing and digital applications.  The Company
        develops, markets, manufactures and supports PC systems for
        consumer, business, and government use, provides contract
        manufacturing services to original equipment manufacturers and
        maintains a component recovery operation.  The Company is
        approximately 80 percent owned by Micron Technology, Inc.  Micron
        Electronics, Inc., common stock trades on the NASDAQ Stock Market
        under the symbol MUEI. More product information is available by
        calling 1-800-515-9197 or via Micron Electronics home page on the
        Internet at http://www.mei.micron.com.  
   



        CONTACT:  Micron Electronics, Inc.
                  Steve Laney, 208/893-3900
                  Website www.mei.micron.com
                  Fax-on-demand: 1-800-926-0993
        


FORMER ITB CHAIRMAN ROBERT BRENNAN TO FILE PLAN OF
DIVESTITURE WITHIN
        TWO WEEKS; ACTION WILL SEVER ALL REMAINING TIES WITH COMPANY
        


            CHERRY HILL, N.J., Feb. 27, 1996 - International
        Thoroughbred Breeders, Inc. (AMEX: ITB) said today that it has been
        informed by its former chairman, Robert E. Brennan, that he will
        file a plan of divestiture for all of his remaining shares in ITB
        with the U.S. Bankruptcy Court within the next two weeks.
        


            As previously announced, Mr. Brennan has entered into an
        agreement in principle with Cambridge Partners Ltd., a privately-
        held investment partnership, which includes several new ITB board
        members, to divest himself of his remaining 2,904,016 shares of ITB
        common stock.  On August 9, 1995, Mr. Brennan filed for protection
        under Chapter 11 of the U.S. Bankruptcy Code, and the transaction is
        subject to approval by the Bankruptcy Court.  In addition, as a
        holder of more than 5 percent of ITB's common stock, Cambridge
        Partners will require approval by the New Jersey Racing Commission
        as well as the Casino Control Commission for casino simulcasting by
        ITB's racetrack subsidiaries.

        
            Robert J. Quigley, chairman and president of ITB, said, "Mr.
        Brennan resigned as chairman, chief executive officer, and a board
        member on November 2, 1995 at the urging of the Company's board of
        directors, and in addition, has given me an irrevocable proxy to
        vote his shares. Mr. Brennan has further agreed to place his shares
        into an irrevocable liquidating trust, pending the completion of his
        divestiture in accordance with a directive from the Division of
        Gaming Enforcement and the New Jersey Racing Commission.  Upon
        approval of the plan of divestiture by the Bankruptcy Court, Mr.
        Brennan will have completely severed all remaining ties with the
        Company.  It should be clearly understood that he will not be
        involved in any way with Orion Casino Corporation's recently
        announced Starship Orion project, nor in the Company's Nevada
        licensing process."

        
            Mr. Quigley said that ITB is already licensed by the New Jersey
        Racing Commission as an owner and operator of two racetracks within
        the state and is also licensed by the New Jersey Casino Control
        Commission to simulcast its races into the Atlantic City Casinos.
   

     
            Francis W. Murray, chairman and president of Orion Casino
        Corporation , said, "We believe that the Starship Orion will be
        located on one of the most strategically desirable sites in the
        city, positioned directly on the Las Vegas Strip, opposite Circus
        Circus, and a block south of the Stratosphere project, which is
        scheduled to open in April of this year."
      

  
            On February 21, 1996, Orion Casino Corporation announced plans
        to develop a $1 billion, 5.4 million square foot multiple casino,
        hotel, retail and entertainment complex on the Las Vegas Strip
        opposite Circus Circus on the 21 acres formerly occupied by the El
        Rancho Hotel and Casino.  The Project, which will be called Starship
        Orion, will consist of seven separately owned and operated 30,000
        square foot casinos (210,000 square feet of aggregate casino space),
        300,000 square feet of retail space, 2,400 first-class hotel rooms,
        an Alien Circus, Galactic Theaters and various interactive
        simulators, alternative reality, and motion-based entertainment
        experiences and theaters.  Starship Orion is expected to "land" on
        The Strip in April of 1998.

        
            International Thoroughbred Breeders is headquartered in Cherry
        Hill, New Jersey.  The Company owns and operates Garden State Park
        in Cherry Hill, New Jersey and Freehold Raceway in Freehold, New
        Jersey.  Orion Casino Corporation is a wholly-owned subsidiary of
        ITB's International Thoroughbred Gaming Development Corporation
        (ITG) subsidiary.
   


        CONTACT:  Michael Sitrick or Jeffrey Lloyd of Sitrick And Company,
        310-788-2850



HARVARD BREAST IMPLANT RESEARCHERS FIND NO LARGE CONNECTIVE TISSUE DISEASE RISK

        
               February 27, 1996 in re: Dow Corning


        Women's Hospital today released the largest cohort study to
               date of health risks associated with breast implants.  In
               their study -- "Self-reported Breast Implants and Connective
               Tissue Diseases in Female Health Professionals" -- the
               doctors have concluded that breast implants do not present a
               large Risk of developing connective tissue diseases.
        


               Despite the fact that no major epidemiological study has
               found a large risk of women with breast implants developing
               connective tissue diseases, plaintiff lawyers continue to
               pursue lawsuits based upon science that has never been peer
               reviewed and is not accepted by the mainstream of scientific
               and medical thought -- "junk science."

        
               This massive litigation -- some 20,000 lawsuits filed and
               more than 400,000 women registered in the most generous class
               action settlement in history -- has placed a tremendous
               strain on the court system, sent one company into bankruptcy,
               and forced remaining solvent manufacturers to negotiate a
               settlement even though there is no evidence that breast
               implants cause the diseases these women have.
   

     
        WHO:   Legal experts are available to discuss:
        

   
   

  
            WHY:  The Center for Civil Justice Studies is a non-profit
        corporation conducting programs of research and education on matters
        involving the civil justice system.  Among its many programs is a
        project focusing particularly on issues surrounding mass tort
        litigation including the use of scientific evidence in the
        courtroom.
     

   
            CONTACT: Rose Marshall of the Center for Civil Justice Studies,
        703-525-6623.