TCR_Public/960313.MBX BANKRUPTCY CREDITORS' SERVICE, INC.


Bankruptcy News For - March 13, 1996



  1. CAMBRIDGE BIOTECH REPORTS ON RESEARCH
  2. CONSUMAT SYSTEMS, INC. CONSUMATES PLAN OF REORGANIZATION
  3. TODAY'S MAN RECEIVES COURT APPROVAL ON DEBTOR-IN-POSSESSION FINANCING
  4. WICKES LUMBER COMPANY REPORTS FOURTH QUARTER AND FULL YEAR RESULTS
  5. SPECTRUM INFORMATION TECHNOLOGIES & MOTOROLA ISSUE JOINT STATEMENT
  6. MARRIOTT INTERNATIONAL EXTENDS TENDER OFFER FOR FORUM GROUP




CAMBRIDGE BIOTECH-LED RESEARCH TEAM REPORTS CO-INFECTION WITH EHRLICHIA,
LYME BACTERIA RESULTS IN SIGNIFICANT DECREASE IN WHITE BLOOD CELL LEVELS
        


            PACIFIC GROVE, Calif., March 13, 1996 - href="chap11.cambridge.html">Cambridge Biotech
        Corporation
(CBC) scientists today announced results of
laboratory
        experiments indicating that animals co-infected with two tick-borne
        pathogenic bacteria, one of which causes Lyme disease and the other
        Human Granulocytic Ehrlichiosis (HGE), a recently described and
        potentially fatal human disease, suffered a significant drop in
        white blood cell levels in comparison with animals infected with
        either pathogen alone.  CBC scientists presented the data at the
        twelfth sesqui-annual meeting of the American Society for
        Rickettsiology and Rickettsial Diseases.

        
            "These results reveal that co-infection with both Lyme disease
        and HGE bacteria may place people at greater risk of serious, life-
        threatening consequences.  Along with other recently published data
        indicating that ticks can transmit both Lyme disease and HGE
        simultaneously, these results underscore the need for an accurate
        diagnostic test for HGE and further research to develop effective
        vaccines," said Richard Coughlin, Ph.D., Senior Director of
        Microbial Disease Research, Cambridge Biotech Corp. and the study's
        principal investigator.
   

     
            "Through our collaborations with leading institutions including
        Yale University School of Medicine, University of Rhode Island, the
        California Department of Health, and the Centers for Disease Control
        and Prevention, we are working to develop both diagnostics and
        vaccines and possibly combination vaccines for both HGE and Lyme
        disease," added Dr. Coughlin.

        
            In the experiments described at the conference, the scientists
        used ticks collected in the wild to infect laboratory animals.
        Blood samples from the animals were then tested for antibodies to
        the bacteria that cause Lyme disease and HGE.  The researchers found
        in this experiment that compared to animals that had been infected
        with only one of the bacteria, animals that had been infected with
        both bacteria had a 35% decrease in neutrophils, a type of white
        blood cell which is integral in fighting disease pathogens and is a
        target of infection by granulocytic Ehrlichia, the type of bacteria
        that causes HGE.  Animals that had been infected with only one
        bacterium had normal neutrophil counts, suggesting that co-infection
        with both pathogens is more dangerous than the "sum" of both
        diseases individually.
   

     
            Lyme disease is caused by the bacterium Borrelia burgdorferi and
        is transmitted by bites from infected ticks.  Infection results in a
        characteristic skin lesion called "erythema migrans" which may be
        accompanied by flu-like symptoms.  Untreated cases of Lyme disease
        can progress to involve the heart, nerves and joints, frequently
        resulting in arthritis.  HGE produces symptoms similar to, but
        usually more severe than, those of Lyme disease, including severe
        head and muscle aches, and the sudden onset of high fever.  Such
        similarities have often caused HGE to be misdiagnosed as Lyme
        disease.  This is important because some of the currently
        recommended treatments for Lyme disease are ineffective for treating
        HGE.  HGE was first recognized in 1991, and since then over 400
        cases have been reported in 30 states, with as much as a 5%
        mortality rate.  In 1994, company scientists and academic research
        collaborators, building on tick-borne disease research begun several
        years ago, developed culture methods for HGE and have subsequently
        isolated nine strains of HGE from the northeastern U.S.  The
        research team also demonstrated that HGE is transmitted in this area
        by the deer tick, the same tick that carries Lyme disease.

        
            "We believe the agent of HGE is widely distributed in the
        northeast and is quite prevalent in deer ticks," said Durland Fish,
        Ph.D., Research Scientist at the Department of Epidemiology and
        Public Health of the Yale University School of Medicine and an
        investigator in the study.
   

     
            Through collaborations with the University of Rhode Island and
        Yale University School of Medicine as well as under a Collaborative
        Research and Development Agreement (CRADA) with the Centers for
        Disease Control and Prevention (CDC), Cambridge Biotech is
        developing immunoflourescence and other assays to help characterize
        the Ehrlichia bacterium and to more fully describe the prevalence of
        HGE.  In addition to isolating the organism in HL60, a cell line
        that is widely used in this area of research, the company has
        isolated the organism in at least six other unrelated cell lines.
        CBC is developing HGE diagnostic tests and vaccines for
        commercialization.

        
            In addition to Dr. Coughlin and Dr. Fish, other investigators in
        the study are Cindy Gingrich-Baker, also with Cambridge Biotech
        Corp., and Thomas Mather, Ph.D., Director of the Center for Vector-
        borne Diseases of the University of Rhode Island.
   

     
            Cambridge Biotech Corporation, which filed for protection under
        Chapter 11 of the United States Bankruptcy Code on July 7, 1994, is
        a therapeutics and diagnostics company focusing on infectious
        disease and cancer.  The company is developing and commercializing
        therapeutic and prophylactic vaccines for infectious diseases and
        immunotherapeutics for cancer.  The company's therapeutics business
        includes the Stimulon(TM) family of adjuvants, the most advanced of
        which, QS-21, is in clinical development through corporate and
        academic partners, and proprietary vaccines.  The proprietary
        vaccines include a feline leukemia vaccine currently on the market
        and vaccines in development in the areas of tick-borne diseases,
        streptococcal pneumonia, bovine mastitis and canine Lyme disease.
        Cambridge Biotech's diagnostic business is primarily focused on
        retroviral Lyme and enteric diseases.


        CONTACT: Gerald Beltz, Ph.D., VP of Research and Development of
        Cambridge Biotech Corporation, 508-797-5777, or Robert Gottlieb,
        Senior Vice-President of Feinstein Partners Inc., 617-577-8110



CONSUMAT SYSTEMS, INC. CONSUMATES
PLAN OF REORGANIZATION

        
            RICHMOND, VA., March 13 /PRNewswire/ - href="chap11.consumat.html">Consumat Systems, Inc.
        (OTC-Bulletin Board: CSMT), the Richmond, Virginia based
        incineration and pollution control equipment manufacturer, announced
        today that it had consummated the Plan of Reorganization that the
        United States Bankruptcy Court for the Eastern District of Virginia
        in Richmond confirmed on February 28, 1996.  Accordingly, the
        Company's name has been changed to Reorganized Consumat Systems,
        Inc., and, effective March 12, 1996, all trading in the firm's stock
        will be in the shares of Reorganized Consumat Systems, Inc.  Under
        the Plan of Reorganization, each share of the pre-reorganization
        Company is being exchanged for approximately .36 shares of
        Reorganized Consumat Systems, Inc.


        CONTACT:  Mark E. Hills of Consumat Systems, Inc., 804-746-4120



TODAY'S MAN RECEIVES COURT APPROVAL ON
DEBTOR-IN-POSSESSION FINANCING FACILITY FROM CIT GROUP/BUSINESS CREDIT

        
            MOORESTOWN, N.J., March 13, 1996 - href="chap11.todays.html">Today's Man, Inc.
        (Nasdaq National Market: TMANQ) announced that it has received
        formal approval from the U.S. Bankruptcy Court for its $20 million
        debtor-in- possession (DIP) financing facility.  The $20 million
        facility, which is being financed by CIT Group/Business Credit,
        Inc., had been previously approved by the Court as interim
        financing.
        


            "Now that our financing is in place and formally approved,
        Today's Man will enjoy greater operating flexibility  as we move
        through the spring selling season and beyond," said David Feld,
        President and Chief Executive Officer.  "Our $20 million DIP
        facility helps to ensure a steady flow of fresh merchandise,
        supporting our efforts to increase sales and restore Today's Man to
        profitability."

        
            Today's Man operates 28 menswear superstores in  the
        Philadelphia, New York and Washington markets.  The company offers a
        wide selection of tailored clothing, furnishings, accessories and
        sportswear at every day low prices.
   


        CONTACT:  Michael W. Kempner or Carreen Winters of MWW/Strategic
        Communications, Inc. Public Relations, 201-507-9500



WICKES LUMBER COMPANY REPORTS FOURTH QUARTER AND FULL YEAR
RESULTS AND REVOLVING CREDIT FACILITY EXTENSION
        


            VERNON HILLS, Ill., March 13, 1996 - Citing weaker
        housing demand, lumber price deflation, and a fourth quarter
        restructuring charge, Wickes Lumber Company (Nasdaq: WIKS) today
        reported a net loss for fiscal 1995.  Company also announced the
        extension of its bank revolving credit facility to January 1998.
        


            The net loss for 1995 was $15.6 million, or $2.54 per common
        share, compared to income of $28.1 million, or $4.59 per common
        share, in 1994. Eliminating unusual items, the net loss for 1995 was
        $2.7 million, or $0.44 per common share, compared to fully taxed and
        adjusted income of $1.60 per common share in 1994.

        
            1995 full year sales declined 1.4 percent to $972.6 million from
        $986.9 million reported in 1994.  The results for 1995 include 52
        weeks of activity compared to 53 weeks in the previous year.  On a
        same store basis, sales declined 3.8 percent for the year or 2.1
        percent when adjusted for the extra week of activity included in the
        1994 results. Lumber deflation was a major contributor to the sales
        decline estimated at approximately $45 million, or 4.6 percent of
        total sales.  Gross profit dollars were reduced by approximately $8
        million due to lumber deflation related sales declines.
   

     
            The Company reported a fourth quarter 1995 net loss of $15.4
        million, or $2.50 per common share, compared to net income of $18.7
        million, or $3.06 per common share, in the fourth quarter of 1994.
        Eliminating the unusual items discussed below, net loss for fourth
        quarter 1995 was $0.41 per common share compared to a fully taxed
        and adjusted net income of $0.53 per common share in the fourth
        quarter of 1994.

        
            Lumber price deflation and declines in housing starts and
        consumer sales, as well as an extra week of activity in 1994,
        contributed to the fourth quarter sales decline of 23.9 percent
        - $223.6 million compared to $293.8 million for the year ago period.
        On a same store basis, sales declined 20.1 percent for the quarter
        and 14.9 percent adjusted for the extra week of activity.  Lumber
        deflation was estimated to be nearly $12 million in the fourth
        quarter, or 5.1 percent of sales.
   

     
            In the 1995 fourth quarter, the Company charged $17.8 million
        for restructuring and unusual items, or a negative $1.75 per share
        net of taxes.  Also included in the 1995 results was a $3.5 million
        operating loss in connection with the start up of its Russian
        operations, or $0.35 per share net of taxes, compared to a loss of
        $366 thousand for the full year of 1994.  The accounting for the
        Company's interest in Riverside International Corporation, which
        conducts these operations, was changed from the consolidation
        reporting method to the equity reporting method in the fourth
        quarter of 1995 in connection with the recently announced agreement
        with two investment funds to each acquire a 25 percent interest in
        these operations for a $10 million equity infusion.  Riverside
        International operates logging, sawmill and finishing mill
        operations in Russia, principally in the Archangel area.

        
            In the 1994 fourth quarter, the Company reversed a previously
        established deferred tax asset valuation reserve, which resulted in
        a benefit of $14.4 million, or $2.35 per share.  Also included in
        the 1994 fourth quarter was a $2.0 million charge for post-
        employment and other related costs, or a negative $0.20 per share
        net of taxes, and a $1.2 million gain on sale of the private label
        credit card portfolio, or $0.11 per share net of taxes.

        
            "Our disappointing 1995 results were caused by several factors,"
        said J. Steven Wilson, Wickes Chairman and Chief Executive Officer.
        "We began 1995 with a view that market demand would be sufficiently
        positive so that we could focus our energies on executing our
        strategic repositioning of becoming a pro-oriented distributor.  We
        believed that our success in growing professional sales would offset
        most of the costs of optimizing the Company for builder customers.
   

     
            "We did succeed in growing professional sales," stated Wilson.
        "Our sales to residential builders grew by 6.2 percent, and sales to
        commercial builders grew by 46 percent.  An analysis of regional
        housing starts data indicates that Wickes builder sales outperformed
        housing start performance in each of our three regions.  We believe
        our strategy is sound.
      

  
            "However, Wickes - like our industry - faced the unexpected
        challenges of weaker home construction and consumer markets,
        compounded by a sharp decline in lumber prices which left us with
        the costs of handling higher unit volume with a reduced margin
        dollar stream.  We have taken cost cutting actions consistent with
        the level of demand, but we did not reduce costs as quickly as
        margin dollars were impacted.  To further strengthen our position,"
        Wilson explained, "we took a $17.8 million charge in the fourth
        quarter which primarily reflects the costs of closing six
        uncompetitive facilities, consolidating ten others with nearby
        centers, other restructuring planned for 1996 and unusual items.

        
            "Most importantly," emphasized Wilson, "we are continuing to
        scrutinize every asset and activity as we stress improvement in
        return on assets and productivity and continued growth in our
        professional business.  Most market forecasters are calling for a
        better year in residential building, and another solid year in
        commercial construction. We believe we are much better positioned in
        1996 as a result of our initiatives on expense reduction, asset
        management, and building professional sales growth.  We are also
        studying strategies designed to reduce our sensitivity to commodity
        price fluctuations."
   

     
            The Company also announced today that its Bank Group has agreed
        to an extension of the Company's revolving credit agreement to
        January 1998.  In addition, the facility was reduced from $145
        million to $130 million and certain covenants were amended.  "We are
        very pleased with the Bank Group's continued support of our strategy
        and the proactive measures we've taken to improve our financial
        results," said Wilson.

        
            Wickes Lumber is one of the largest suppliers of building
        materials in the United States.  The Company sells its products and
        services primarily to building professionals, as well as do-it-
        yourselfers involved in major home improvement projects.  The
        Company operates building centers in 24 states in the Midwest,
        Northeast and South and component manufacturing facilities that
        produce pre-hung door units, window assemblies, roof and floor
        trusses and framed wall panels.  Visit Wickes on the World Wide Webb
        at http://www.wickes.com." target=_new>http://www.wickes.com">http://www.wickes.com.


        
                    WICKES LUMBER COMPANY AND SUBSIDIARIES
             UNAUDITED CONSOLIDATED SUMMARY STATEMENTS OF EARNINGS
                 (in thousands, except share and per share amounts)
        
                            13 Weeks    14 Weeks    52 Weeks    53 Weeks
                              Ended       Ended       Ended       Ended
                            12/30/95    12/31/94    12/30/95    12/31/94
        
        Net sales           $223,629    $293,787    $972,612    $986,872
        Cost of Sales        175,173     226,307     751,800     753,041
          Gross Profit        48,456      67,480     220,812     233,831
        
        Selling, general and
          administrative
          expense             46,726      56,665     201,111     197,043
        Depreciation,
          goodwill and
          trademark
          amortization         1,401       1,394       5,882       4,543
        Restructuring and
          unusual charges(A)  17,798       2,000      17,798       2,000
        Other operating
          income(B)           (1,447)     (3,141)     (5,831)     (6,772)
            Total             64,478      56,918     218,960     196,814
              Earnings (loss)
                from
                operations   (16,022)     10,562       1,852      37,017
        
        Interest expense       5,985       6,014      24,351      21,663
        Equity in loss of
          Riverside
          International,
          Inc. unit(C)         3,543         ---       3,543         ---
            Earnings (loss)
              before income
              taxes          (25,550)      4,548     (26,042)     15,354
        
        Provision for
          income taxes:
            Current            1,485         174       1,353       1,660
            Deferred(D)      (11,796)    (14,360)    (11,796)    (14,360)
            Minority interest    159         ---         ---         ---
            Net earnings
              (loss)        ($15,398)    $18,734    ($15,599)    $28,054
        
        Per share data:
        Fully taxed net
          earnings (loss)
          before unusual
          items(E)            ($0.41)      $0.53      ($0.44)      $1.60
            Restructuring
              and unusual
              charges          (1.74)      (0.20)      (1.75)      (0.20)
            Equity in loss of
              Riverside
              International,
              Inc. unit        (0.35)        ---       (0.35)        ---
            Gain on sale of
              private label
              credit card
              portfolio          ---        0.11         ---        0.11
            Decrease in
              deferred tax
              asset valuation
              allowance          ---        2.35         ---        2.35
            Income taxes(F)      ---        0.27         ---        0.73
        
        Net earnings (loss)
          per common share    ($2.50)      $3.06      ($2.54)      $4.59
        
        Weighted average
          common and common
          equivalent shares
          outstanding      6,157,964   6,118,977   6,151,771   6,106,279
        
            (A) -- In 1995, this charge relates to the centers closed on
        December 29, 1995, other restructuring planned for 1996 and unusual
        items.  In 1994, this charge related to the headquarters cost
        reduction program announced in July of 1994.
        
            (B) - In 1994, a $1.175 million gain on the sale of our private
        label credit card portfolio is included in other income.
        
            (C) - The accounting for our Riverside International unit was
        changed to the equity method in the fourth quarter of 1995 to
        reflect the recently announced transaction with NIS Regional Fund
        and Russia Partners Company.  For the year of 1994, this operation
        reported a loss of $366 thousand.
        
            (D) - In 1994, a deferred tax benefit resulted from management's
        reassessment of the deferred tax asset valuation allowance
        established as part of the October 1993 recapitalization.
        
            (E) - The per share unusual items data, reported below fully
        taxed net earnings (loss) before unusual items, is net of income
        taxes at a 39.7% effective rate.
        
            (F) - For comparison purposes, 1994 income taxes on income
        before unusual items is adjusted to the 1995 39.7% effective tax
        rate.
        
                   WICKES LUMBER COMPANY AND SUBSIDIARIES
                       UNAUDITED CONSOLIDATED SUMMARY
                               BALANCE SHEETS
                      (in thousands except share data)
        
                                                      Fiscal Year Ended
                                                    12/30/95    12/31/94
        
        ASSETS
        
        Current assets:
        Cash                                            $87      $2,037
        Accounts receivable, less allowance
          for doubtful accounts of $8,208 in 1995
          and $4,657 in 1994                         81,792      97,629
        Inventory                                   110,639     124,084
        Deferred tax asset - current                 25,906      14,360
        Prepaid expenses                              1,051       1,584
          Total current assets                      219,475     239,694
        
        Property, plant and equipment, net           56,545      56,847
        Trademark (net of accumulated amortization
          of $9,830 in 1995 and $9,608 in 1994)       7,170       7,392
        Deferred tax asset - noncurrent                 250         ---
        Other assets (net of accumulated amortization
          of $4,464 in 1995 and $2,071 in 1994)      19,075      15,640
            Total                                   302,515     319,573
        
        LIABILITIES & STOCKHOLDERS' EQUITY
        
        Current liabilities:
          Current maturities of long-term debt         $424        $709
          Accounts payable                           41,457      46,620
          Accrued liabilities                        37,972      28,854
        
            Total current liabilities                79,853      76,183
        
        Long-term debt, less current maturities     205,221     211,139
        Other long-term liabilities                   2,312       2,105
        Commitments and contigencies
        
        Common stockholders' equity:
          Common stock (6,143,473 issued and
            outstanding in 1995 and 6,100,549 shares
            issued and outstanding in 1994)              61          61
          Additional paid-in capital                 76,773      76,190
          Accumulated deficit                       (61,705)    (46,105)
            Total                                    15,129      30,146
        
        Total common stockholders' equity          $302,515    $319,573



        CONTACT:  George A. Bajalia, Chief Financial Officer, of Wickes
        Lumber Company, 708-367-3400; or Bill Murphy of The Financial
        Relations Board, 312-266-7800


MSPECTRUM INFORMATION TECHNOLOGIES & MOTOROLA ISSUE JOINT STATEMENT

        
            PURCHASE, N.Y., March 13, 1996 - href="chap11.spectrum.html">Spectrum Information
        Technologies, Inc.
and Motorola, Inc. (NYSE: MOT) announced that,
        subject to U.S. Bankruptcy Court approval, they have reached an
        agreement to their mutual satisfaction which settles the patent
        litigation that has been pending between the parties since December
        1994.  Spectrum's bankruptcy is pending in the United States
        Bankruptcy Court for the Eastern District of New York.
        

4~
            The settlement agreement provides that Spectrum and Motorola
        will cross license each other for use of specified intellectual
        property. Motorola will be licensed to utilize Spectrum's basic
        technology in modems and modem chipsets.  "This agreement will
        assist Spectrum's development of its wireless communications
        software business," said Donald J. Amoruso, Spectrum's Chief
        Executive Officer.  "We are pleased to have reached this cooperative
        resolution."


        CONTACT:  Michael Freitag, media contact, of Kekst and Company,
        212-593-2655, or Spectrum Information Technologies, Inc. Investor
        Relations, 914-251-1800 ext. 182



MARRIOTT INTERNATIONAL EXTENDS TENDER
OFFER FOR FORUM GROUP
        


            WASHINGTON, March 13, 1996 - Marriott International, Inc.
        (NYSE: MAR) and Forum Group, Inc.
today announced that the $13 per
        share cash tender offer by a wholly owned Marriott subsidiary (FG
        Acquisition Corp.) to purchase all of the outstanding shares of
        Forum's common stock has been extended from 12:00 midnight, New York
        City time on Thursday, March 21, 1996 until 12:01 a.m. New York City
        time, Saturday, March 23, 1996.
        


            Marriott also confirmed that the condition to the tender offer
        requiring entry of an order by the U.S. Bankruptcy Court has been
        satisfied.  In addition, the company said that it has waived the
        condition to the tender offer requiring that Forum acquire all of
        the equity interest in Forum Retirement Communities II, L.P.  In
        consideration of this waiver, and of Marriott's agreement under
        certain circumstances, not to assert after March 21, 1996 that
        several other conditions to the tender offer have not been
        satisfied, Forum has permitted Marriott to extend the tender offer
        for one day.

        
            Based on the latest count of shares tendered, approximately
        2,953,713 shares of Forum common stock have been validly tendered
        and not withdrawn pursuant to the tender offer.  In addition, shares
        representing approximately 83% of the outstanding shares of Forum's
        common stock have been committed to be tendered, resulting in the
        tendering of a total of approximately 93% of Forum's shares.

       
            Marriott International, Inc., based in Washington, D.C., is a
        diversified hospitality company involved in lodging and services
        management.
    


        CONTACT:  Nick Hill of Marriott International, 301-380-7484