Bankruptcy News For - March 6, 1996

  3. RJR Nabisco releases letter to shareholders
  6. Legacy acquires Rexon, creating major new player in data storage industry


            FREMONT, Calif., March 6, 1996 - Aureal Semiconductor
        (OTC Bulletin Board: MVSN) announced today financial results for its
        fourth quarter and year ended December 31, 1995.  A $3.8 million
        loss for the fourth quarter largely reflects the company's exit from
        the retail PC multimedia products market, as well as continued R&D
        efforts in the audio solutions arena.  This loss compares with a
        loss in the third quarter of $5.6 million before restructuring
        charges of $8 million.  Having effectively exited the retail market
        in the third quarter, the company recorded $487,000 of sales in the
        fourth quarter as it continued limited sales of its previously
        developed audio chip sets.

            Total operating expenses for the fourth quarter were
        approximately $3.0 million as the company continued its audio
        technology development efforts.  R&D expenditures increased slightly
        to $1.7 million in the fourth quarter, from $1.6 million in the
        third quarter.  SG&A costs continued to decline from $2.7 million in
        the third quarter to $659,000 in the fourth quarter, as the last of
        the retail products support costs were eliminated.

            "The fourth quarter results reflect the fact that our operations
        now resemble a development stage company, looking to bring our first
        products to the market in the second half of 1996," said David
        Domeier, V.P.-Finance and CFO.  "This is exactly the position we had
        planned for year-end 1995 when we announced the restructuring of the
        business last August.  We expect the financial results for the first
        half of 1996 to reflect the continuation of spending on R&D as well
        as costs to commence manufacturing marketing and sales efforts for
        our new products."

            The funding outlook for these continuing development efforts has
        been strengthened of late as the company recently announced a
        private placement of $5 million of common stock to two of its
        largest existing shareholders in the first quarter of 1996.  The
        company is continuing to explore potential further equity infusions.
        In addition, the company's $22 million line of credit has been
        extended for two additional years through March, 1998.

            Forward-looking statements in this release are made pursuant to
        the safe harbor provisions of the Private Securities Litigation Act
        of 1995. Investors are cautioned that such forward-looking
        statements involve risks and uncertainties, including, without
        limitation, dependence on new technology, on foundries, on the PC
        industry and on a single product line; dependence on a new
        management team; competition and pricing pressures; and other risks
        detailed from time to time in the company's periodic reports filed
        with the Securities and Exchange Commission.

            Aureal Semiconductor designs, develops and markets advanced
        audio solutions for the PC market, as well as the consumer
        electronics and musical instrument industry.  The company's initial
        products are targeted to implement physical modeling audio
        synthesis, FM and Wavetable synthesis, true positional 3-D audio,
        Windows Direct Sound acceleration, digital mixing and a wide range
        of other sound-processing effects and algorithms.

                              AUREAL SEMICONDUCTOR
                         Year-End Financial Information
                (dollars in thousands, except per share amounts)
        Statement of Operations:                          1995
                                                 Quarter 4     Full Year
        Net Sales                                $     487     $  47,747
        Gross Profit                                     5        (6,055)
        Operating Expenses:
         Research and Development                    1,704         6,730
         Selling, General and Administrative           659        17,790
         Amortization of Reorganization Asset          625         8,596
         Restructuring Charges                          --        61,626
        Total Operating Expenses                     2,988        94,742
        Operating Loss                              (2,983)     (100,797)
        Interest Expense and Other                     799         3,036
        Net Loss                                 $  (3,782)    $(103,833)
        Loss per Share                           $   (0.19)    $   (5.19)
        Balance Sheet:                                   Year-End
        Current Assets                                   $  1,767
        Property, Equipment and Other Assets                1,181
        Reorganization Asset                                5,000
         Total Assets                                    $  7,948
        Current Liabilities                              $  7,305
        TCW Credit Facility                                19,300
        Other Long-term portion of obligations              5,176
         Total Liabilities                                 31,781
         Stockholders' Deficit                            (23,833)
         Total Liabilities and Stockholders' Deficit     $  7,948

        CONTACT:  Editor and Shareholder Contact: Ms. Sher Hoff,
        Shareholder Relations of Aureal Semiconductor, 510-252-4582, or
        Investor/Financial Analyst Hotline: New Number, 510-252-4242


            WALLINGFORD, Conn., March 6, 1996 - PolyVision
        Corporation (AMEX: PLI) today reported results for the quarter and
        nine months ended January 31, 1996.

            Revenues for the third quarter ended January 31, 1996 were
        $7,354,000 compared with revenues of $3,447,000 for the same period
        a year ago, an increase of 113%.  The Company reported an operating
        loss of $1,667,000 for the quarter ended January 31, 1996 compared
        with an operating loss of $1,293,000 for the quarter which ended
        January 31, 1995.

            For the nine months ended January 31, 1996, revenues were
        $28,417,000 compared with $5,947,000 for the same period a year ago,
        an increase of 378%.  The Company reported an operating loss of
        $2,346,000 for the nine months ended January 31, 1996 compared with
        a loss of $3,066,000 for the same period a year ago.

            Ivan Berkowitz, Chief Executive Officer of PolyVision, stated
        that, "Third quarter and year-to-date operating results demonstrate
        the success of our continuing efforts to strengthen the Company's
        existing business operations.  At PolyVision Corporation we have
        experienced significant year-over-year revenue growth.  This revenue
        increase will be accompanied in the future by continued margin

            "Reducing operating costs and integrating sales and marketing
        functions have been key restructuring accomplishments achieved over
        the past nine months.  Management reporting systems throughout the
        operating divisions have been refined to facilitate better control
        of business activity and provide vital benchmarks for planning.
        Manufacturing consolidations and the successful negotiation of a
        labor / management collaboration agreement have created a business
        structure that can aggressively compete in our established market
        sectors.  In the last quarter of fiscal 1996, we expect to continue
        to strengthen our financial and organizational foundation in our
        constant effort to enhance shareholder value.

            "PolyVision's product development process in our proprietary
        display technology has proceeded with increased focus.  Our emphasis
        on achieving commercialization remains a priority.  As a product of
        the Company's continuing technology development effort, we have
        scheduled the installation of prototypes at key point-of-purchase
        sites for beta testing during the next three weeks."

            PolyVision Corporation is an information display company with
        operations encompassing its Greensteel division, a leading
        manufacturer of custom-designed and engineered writing, projection
        and other display surfaces for educational and institutional
        markets; Posterloid, a custom manufacturer of point-of-sale display
        products for fast food systems and financial services institutions;
        and its proprietary PolyVision display technology.

                             POLYVISION CORPORATION
                            Summary Income Statement
               (Dollars in Thousands, Except Share and Per Share)
                                   Three Months Ended   Nine Months Ended
                                        January 31,         January 31,
                                      1996      1995       1996      1995
        Net sales                   $7,354    $3,447    $28,417    $5,947
        Cost of goods sold           5,962     2,779     21,606     4,356
         Gross profit                1,392       668      6,811     1,591
         Research and development      735       848      2,131     2,488
         Selling, general and
          administrative             2,334     1,113      7,026     2,169
        Operating (loss)            (1,677)   (1,293)    (2,346)   (3,066)
        Other income (expense):
         Interest & other income
          (expense)                    ---       ---         71       ---
         Interest expense             (161)      (46)      (384)     (129)
        (Loss) before income taxes  (1,838)   (1,339)    (2,659)   (3,195)
        Income taxes (benefit)         ---        ---       ---       ---
        Net (loss)                  (1,838)    (1,339)   (2,659)   (3,195)
        Preferred stock dividends      508        112     1,530       366
        Loss applicable to
         common stock              $(2,346)   $(1,451)  $(4,189)   $(3,561)
        Loss per share of
         common stock               $(0.28)    $(0.14)   $(0.50)    $(0.35)
        Average common shares
         outstanding             8,301,033 10,241,922 8,301,033 10,241,922

        CONTACT:  Ivan Berkowitz, Chief Executive Officer of PolyVision
        Corporation, 212-767-0120

RJR Nabisco releases letter to shareholders

            NEW YORK -- March 6, 1996 -- RJR Nabisco (NYSE: RN)
        said that the company is mailing the following letter to its
        shareholders today, accompanied by the proxy materials for the
        company's annual meeting.  

                                                 March 6, 1996

        Dear Fellow Shareholder:

            Enclosed is your copy of RJR Nabisco's proxy materials, which
        includes important information concerning the company's annual
        meeting of shareholders on April 17, 1996.  

            As you know, a group controlled by corporate raiders Bennett
        LeBow and Carl Icahn has nominated an alternate slate of directors
        to replace your company's board and give the LeBow/Icahn group
        control of RJR Nabisco.  We do not believe that electing the
        LeBow/Icahn slate of directors is in your interest.  There are a
        number of well- known companies where LeBow or Icahn gained control
        only to bankrupt them, use corporate assets for their personal gain
        or take other actions that benefited themselves but not other

            This year's annual meeting vote requires you to make an
        important choice: between a board slate that was hand-picked by
        Bennett LeBow and Carl Icahn, whose careers are marked by self-
        dealing transactions (LeBow), greenmailing activities (Icahn), and
        self-enrichment (both), or your current board of directors, a board
        committed to maximizing value for all shareholders and to managing
        RJR Nabisco responsibly, for your benefit.  We strongly urge you NOT
        to sign or return the BLUE proxy cards sent to you by the
        LeBow/Icahn group or its agents, including Brooke Group.  

            The company has finally gotten out from under billions of
        dollars of debt from the leveraged buy-out in 1989 and is focused on
        delivering the solid operating and financial performances which are
        essential to improving the company's share price.  The board has
        adopted a policy to return increased levels of RJR Nabisco's free
        cash flows to shareholders.  This policy will result in two
        immediate actions:

            o A 23 percent increase in the company's annual common dividend,
        to $1.85 per common share from $1.50 per common share ($.4625 per
        common share from $.375 per common share on a quarterly basis,
        effective as of the April 1, 1996 dividend payment).  The increase
        in the dividend rate is equivalent to the amount of dividend income
        the company currently receives from its 80.5 percent interest in
        Nabisco Holdings Corp.  We believe this approach is the responsible
        means of allowing shareholders to participate in the dividend income
        the company receives from Nabisco until we can achieve a spin-off.  

            o The adoption of a share repurchase objective of approximately
        10 million common shares over the next several years based on the
        achievement of performance targets, and the authorization by the
        board for the company to repurchase up to $100 million of stock in
        1996.  The board intends to regularly review repurchases to
        determine appropriate additional activity, based on improving cash

            We took these actions because we recognize the tremendous
        earnings potential our company has that can be put to work
        immediately for shareholders.  In recent months, we've met with and
        heard from many of our shareholders, large and small.  Many told us
        they took the opportunity to vote in the recent consent solicitation
        to tell RJR Nabisco in no uncertain terms to take immediate action
        to improve the performance of their investment, including finding a
        responsible way to spin off Nabisco as soon as we can.  

            The dividend and share repurchase actions mark an important step
        in our effort to add value to your investment in RJR Nabisco but we
        want you to know that this is not the last step.  Your board of
        directors is committed to spinning off Nabisco as soon as we believe
        that it can be done successfully.  A spin-off remains a front-burner
        issue for RJR Nabisco.  Overall, we believe these actions allow us
        to be responsive to our shareholders' needs while managing the
        company in a responsible manner.  

            Over the past 18 months, RJR Nabisco has evolved from a company
        controlled by one leveraged buy-out investment group to a company
        with broad common stock ownership.  The board recently voted to form
        a new corporate governance and nominating committee to provide a
        formal means to determine what additional steps are necessary to
        complete the company's transition as well as to step up efforts to
        recruit additional outstanding outside directors.  

            The new committee assumes responsibility for recruiting and
        nominating new directors, reviewing corporate governance issues,
        and, in coordination with the company's compensation committee,
        recommending changes to director compensation and incentives.  Only
        outside directors of the company will be members of the committee,
        which will be chaired by Ambassador Rozanne Ridgway, co-chair of the
        Atlantic Council of the United States.  

            The steps the board is taking to add immediate value to your
        investment, along with the progress the company is making in its
        operating performance, underscore our commitment to managing RJR
        Nabisco for the benefit of all shareholders.  We also are firmly
        committed to a Nabisco spin-off as soon as it can be done

            We do not believe that a board hand-picked by Bennett LeBow and
        Carl Icahn will represent your interests versus their personal
        financial interests.  LeBow and Icahn have well-publicized records
        of imposing self-serving policies that enrich them but leave other
        shareholders out in the cold.  

            We strongly urge you to vote for the company's current board at
        the annual meeting and to vote on the other proposals in the manner
        recommended by your board of directors.  We ask you to sign, date
        and return the accompanying WHITE card, using the enclosed postage-
        paid envelope, indicating your support of the company's board and
        management.  If you have any questions or need assistance in
        completing the enclosed WHITE card, please call our solicitors:
        MacKenzie Partners, Inc., toll free, at 1-800-322-2885 or D.F.  King
        & Co., Inc., toll free, at 1-800-290-6430.  

                On Behalf of your Board of Directors,
                Charles M. Harper         Steven F. Goldstone
                Chairman                  President and
                                          Chief Executive Officer

        CONTACT: RJR Nabisco, New York;
                 Carol Makovich,   
                 (212) 258-5785


            NEW YORK, March 6, 1996 - Marvel Entertainment Group,
        Inc. (NYSE: MRV) announced that it is revamping its Fleer/SkyBox
        business by concentrating the distribution of its sports trading
        card products in hobby specialty stores and selected mass market
        accounts. Principally in anticipation of product returns from the
        points of distribution being eliminated by today's action and
        because of the obsolescence of certain 1995 product in the
        marketplace, Marvel has taken a reserve of $70 million as of the end
        of 1995.  This decision will allow the Company to start 1996 with
        its new distribution strategy in place.

            "By selling through trading card specialty stores and targeted
        mass retailers, Fleer/SkyBox will focus its sales efforts directly
        on retailers and distributors with strong performance histories,"
        said William C. Bevins, President and CEO of Marvel.  "With their
        focused customer base and proven efficiencies, these distribution
        channels should allow the Company to realize significant bottom line
        improvement in this business.  We anticipate greatly increased gross
        profit margins and a marked reduction in product returns."

            After accounting for the reserve, Marvel reported a loss for the
        year of $48.4 million or $0.46 per share, compared to net income of
        $61.8 million and $0.60 per share in 1994.  Revenues for 1995, which
        for the first time included SkyBox, Toy Biz and a full year of
        Panini, were $829 million compared to $515 million in 1994.

            "With this move, Marvel will have simplified and re-focused its
        trading card unit in much the same way it has done with its
        publishing unit by concentrating on the strongest elements of the
        business, delivering popular products to a motivated customer base
        and using the most efficient available channels of distribution,"
        Mr. Bevins continued.  "Our other businesses - character licensing
        and promotions, childrens activity stickers and toys - performed
        well in 1995 and are anticipated to perform well in 1996.  We expect
        results to strengthen through the year with a small loss during the
        first half and a healthy performance in the second half with results
        which should approximate $0.40-$0.55 per share in 1996.

            "We continue to be confident that the diversity of our products
        and the enduring strength of our characters will result in a return
        to strong growth for the Company over the long run."

                          MARVEL ENTERTAINMENT GROUP, INC.
                    (Dollars in millions, except per share data)
                                             Quarter Ended     Year ended
                                                Dec 31            Dec 31
                                             1995     1994  1995 (A)    1994
        Net revenues                       $232.4   $163.9   $829.3   $514.8
        Cost of sales                       183.8     95.2    538.3    275.3
        Selling, general & administrative
         expense                             70.4     39.4    231.3    119.7
        Restructuring charges                25.0       --     25.0
        Amortization of goodwill, intangibles and
         deferred charges                    11.3      3.1     29.5     10.9
        Interest expense, net                13.0      6.6     43.2     16.5
        Other income                           --       --     14.3      1.7
        Equity in net income of
         unconsolidated subsidiaries          0.1      4.9      1.7     10.2
        (Loss) income before (benefit) provision
         for income taxes, minority interest and
         extraordinary item                 (71.0)    24.5    (22.0)   104.3
        (Benefit) provision for income
         taxes                              (19.9)    10.0      5.7     42.5
        (Loss) income before minority interest
         and extraordinary item             (51.1)    14.5    (27.7)    61.8
        Minority interest                     7.4       --     17.4       --
        (Loss) income before extraordinary
         item                               (58.5)    14.5    (45.1)    61.8
        Extraordinary item, net of taxes       --       --     (3.3)      --
        Net (loss) income                  ($58.5)   $14.5   ($48.4)   $61.8
        (Loss) earnings per share:
        (Loss) income before extraordinary
         item                              ($0.56)   $0.14   ($0.43)   $0.60
        Extraordinary item, net of taxes       --       --   ($0.03)      --
        Net (loss) income                  ($0.56)   $0.14   ($0.46)   $0.60
        Weighted average number of common
         and common equivalent shares outstanding
         (in millions)                      103.9    103.8    104.0    103.7
            (A) Includes pre-tax charges of $70 million in the quarter ended
        December 31, 1995 and of $40 million in the quarter ended June 30,
        1995 for additional reserves for returns and inventory obsolescence
        related to trading cards.  The extraordinary item relates to writing
        off deferred financing costs in connection with reconfiguring debt
        in the quarter ended June 30, 1995.

        CONTACT:  Terry Stewart, Vice Chairman, Marvel Entertainment Group,
        212-696-0808; or Investor Relations:  Gary Fishman, 212-685-6890,
        for Marvel Entertainment        


             VANCOUVER, March 6, 1996 - Goldrush Casino & Mining
        Corporation announces that the transaction between Cambria Partners,
        LLC, Cambria Entertainment, LLC, and Goldrush has been delayed due
        to documentation.

             Beyond this, there are no anticipated or foreseeable delays
        between the parties. Cambria LLC is working diligently to expedite
        the agreement being placed into escrow.

             Colorado. Goldrush is pleased to announce that it has received
        official notification from the United States bankruptcy court that
        it has been dismissed from bankruptcy on its Central City Casino

             Goldrush has held meetings on its Central City Casino Project
        with its architects and contractor to develop the casino site
        located on the border of Central City and Blackhawk Colorado. It has
        met with the city manager and planning department and is submitting
        an amended design for approval. The amended design will enable the
        company to move forward immediately upon receipt of construction

             The company, together with its subsidiaries, is principally
        engaged in the development of casino/hotel entertainment facilities.

        For further information:  John Yee, (604) 936-2829

Legacy acquires Rexon, creating major new player in data storage industry

            MARKHAM, Ontario -- March 6, 1996 -- LEGACY STORAGE
        (TSE: LEG) The agreement between Rexon Inc. of Longmont, Colorado,
        and Legacy Storage Systems International Inc. of Markham, Ontario,
        which was finalized on March 5, 1996 when Legacy acquired the shares
        of Rexon Incorporated, has created a
major new player in the global
        data storage industry.  The purchase price for the acquisition is
        U.S. $20 million.  

            Rexon, established in 1978, is one of the longest-established
        manufacturers of high-performance tape drives for the PC-LAN
        environment.  In the 1980s and early 1990s, the company developed a
        comprehensive distributor network in the U.S. and Europe for its
        products, as well as extensive manufacturing and R&D facilities.  

            Legacy, established in 1983, is an innovative developer of high-
        end mass data storage systems incorporating RAID disk array, CD-ROM
        and tape technologies.  Legacy launched the world's first "hot
        swappable"  RAID disk array in 1991.  Last year, Legacy acquired
        Quasarmetrics Inc.  with its unique new 12mm tape technology called
        VAST HSS.  

            "Rexon has been a valued, long-standing supplier of backup tape
        products to Legacy for over 11 years," said David Killins, President
        & CEO of Legacy.  "The agreement between our two companies enables
        Rexon to emerge from its Chapter XI bankruptcy filing to be reborn
        as part of a completely debt-free, financially-healthy and product-
        rich company with a leading market share of the worldwide data
        storage market."  

            He stated that Rexon will continue to manufacture and distribute
        Wangtek, WangDAT and Tecmar brand products and sell these products,
        as well as Legacy-manufactured SmartARRAY RAID and CD Server
        products, through Rexon's established channel partners in North
        America and Europe.  Meanwhile, Legacy will concentrate on expanding
        sales of its breakthrough VAST HSS mass storage system.  

            Legacy's VAST HSS (Hierarchical Storage Server) employs 12mm
        tape and stores from 100 GB to 1,500 GB of data and images near on-
        line.  VAST HSS uses no robotics or mechanical loading devices.
        Each tape stores up to 50 GB of uncompressed data.  Each system
        comes with a 4-GB cache and appears to the user to be a large disk
        drive.  It is this seamless and transparent interface that makes the
        VAST HSS truly unique.  The system works in standard client/server
        environments and is compatible with any system that supports NFS,
        including UNIX, Macintosh, Windows NT, Windows 95, OS/2 and DOS.  

            Legacy Storage Systems International Inc. is a global leader in
        the design, development and manufacture of data storage systems
        incorporating the latest advances in hard disk, CD-ROM and tape
        technologies.  Founded in 1983, the company is well known for its
        pioneering work in the development of mass storage.  Legacy launched
        the world's first SCSI multiple-disk storage system in 1988, and the
        first "hot-swap" RAID in 1991.  The company is now leading the way
        in hierarchical storage server technology with the introduction of
        VAST HSS.  Legacy sells its products to Fortune 500 companies
        through high-end distributors and systems integrators throughout
        North America, Europe and the Pacific Rim.  

        CONTACT:  Legacy Storage Systems International Inc.
                  David Killins, 905/475-1077
                  Legacy Storage Systems International Inc.
                  Press Contact: Bill Robertson, 905/475-1077
                  905/475-1088 (Fax)
                  Legacy Web Site -