Bankruptcy News For - April 19, 1996

  1. Notice to investors in The Bennett Funding Group
  2. Members Committee, SWEPCO, GSU file reorganization plan for Cajun

Notice to investors in The Bennett
Funding Group

        The following is an announcement of a securities fraud class action
        lawsuit brought by Bernstein Litowitz Berger & Grossmann LLP and the
        Law Offices of Bernard M. Gross, P.C. on behalf of investors in The
        Bennett Funding Group.  

            You are hereby notified that a securities fraud class action has
        been commenced in the United States District Court for the Southern
        District of New York by plaintiff David J. Stern and other
        plaintiffs who have a significant investment interest in Bennett
        Funding Group ("Bennett" or the "Company").  The action has been
        brought on behalf of all persons who purchased Bennett "leases",
        "contracts", and/or "notes" (collectively, the "Securities") during
        the period January 1, 1991 to March 29, 1996 (the "Class Period").
        The named plaintiffs, collectively, invested more than $3.5 million
        in those Securities.

            The Complaint, which sets forth claims under the federal
        securities laws and common law fraud, alleges that defendants
        (officers and directors of Bennett) issued materially false and
        misleading statements during the Class Period which portrayed
        Bennett as a full service equipment leasing and finance company
        which had enjoyed tremendous growth and financial success.  The
        Complaint alleges that, in fact, these results were achieved through
        a "Ponzi" scheme being operated by defendants and the companies they
        controlled.  Thus, Bennett sold the Securities to the investing
        public without disclosing that, among other things: defendants were
        selling leases that did not exist; where leases did exist, the same
        lease was being "sold" to more than one investor; millions of
        dollars were improperly funneled to persons and entities related to
        Bennett; and, payments to investors in the "fictitious" leases were
        dependent on defendants' ability to continue raising funds from
        other sources and additional investors.  

            As a result of defendants' scheme to defraud, purchasers of
        Bennett Securities invested in either non-existent securities or in
        securities worth far less than represented and, therefore, have
        suffered considerable losses.  In their action, plaintiffs seek to
        recover losses suffered by the Class as a result of the defendants'
        wrongful conduct.

            On March 29, 1996, the Securities and Exchange Commission filed
        suit against Bennett claiming that the company had engaged in the
        Ponzi scheme described above.  Additionally, the Manhattan U.S.
        Attorney has charged defendant Patrick Bennett with criminal
        securities fraud and perjury.  On March 29, 1996, Bennett filed for
        protection under the bankruptcy laws and, thus, due to legal
        prohibitions regarding suit against a bankrupt entity, is not a
        defendant in the class action.

            If you are a member of the Class described above who invested in
        or purchased Bennett leases, contracts or notes between Jan. 1, 1991
        and March 29, 1996 you may, not later than 60 days from today, move
        the Court to serve as lead plaintiff of the Class, if you so choose.
        In order to serve as lead plaintiff, however, you must meet certain
        legal requirements.

            Plaintiffs are represented by the law firms of Bernstein
        Litowitz Berger & Grossmann LLP and the Law Offices of Bernard M.
        Gross, P.C., which have extensive experience in prosecuting class
        actions on behalf of defrauded investors nationwide.  If you wish to
        discuss this Action or have any questions concerning this notice or
        your rights or interests, please contact Vincent R. Cappucci, a
        partner in Bernstein Litowitz Berger & Grossmann LLP at 212/554-
        1409, by Bloomberg E-Mail to Mr. Cappucci or on the Internet at
        BLBG@BLBGLAW.COM or Deborah R. Gross, a partner in the Law Offices
        of Bernard M. Gross, P.C. at 1-800-258-9349.

        CONTACT: Bernstein Litowitz Berger & Grossmann LLP
                 Vincent R. Cappucci, 212/554-1409
                 Bernard M. Gross, P.C.
                 Deborah R. Gross, 1-800-258-9349

Members Committee, SWEPCO, GSU file
reorganization plan for Cajun

            DALLAS, TX -- April 19, 1996 -- The Cajun Electric
        Members Committee, Southwestern Electric Power Company (SWEPCO) and
        Gulf States Utilities Company (GSU) today filed a reorganization
        plan for Cajun Electric Power
Cooperative, Inc.
, in the U.S.
        Bankruptcy Court for the Middle District of Louisiana (Case No. 94-

            Under the plan, wholesale rates to the member distribution
        cooperatives that buy power from Cajun would be reduced from 4.88
        cents per kilowatt- hour to a proposed 3.74 cents per kilowatt-hour.
        That, in turn, would allow the cooperatives to reduce retail rates
        to residential customers by 20 to 25 percent.  The Louisiana
        cooperatives serve a population of more than 1 million people.  

            Also under the plan, Cajun's creditors would receive a total
        value in excess of $1.2 billion.  That includes $405 million in cash
        from SWEPCO to purchase the Big Cajun II coal-fired power plant, Big
        Cajun I gas-fired power plant and related non-nuclear assets.  It
        also includes approximately $500 million or more in net present
        value from future payments the member cooperatives would make to the
        federal government's Rural Utilities Service (RUS), Cajun's largest
        creditor, using a portion of the cooperatives' future income from
        their retail customers.  The remaining value comes from existing
        liquid assets and a ratepayer trust fund that was established as
        part of the bankruptcy procedure.  

            Finally, the plan resolves the complex legal and financial
        issues resulting from Cajun's investment in the River Bend nuclear
        power generating plant.  It gives the RUS a choice of auctioning
        Cajun's 30 percent ownership interest in River Bend to the highest
        bidder, acquiring the ownership interest itself, or conveying the
        ownership at no cost to GSU, which owns the other 70 percent of the
        plant.  In each case, the plan provides for full funding of
        decommissioning costs.  

            "The key to this plan is that it provides competitive wholesale
        rates to the Cajun member cooperatives, which serve more than 1
        million Louisiana residents, while maximizing value to the Cajun
        estate,"  said David Kleiman, attorney for the members committee,
        which consists of 10 of the 12 distribution cooperatives served by
        Cajun.  "It's important to provide the creditors with fair
        compensation, and this plan certainly does that.  But from the
        members' standpoint, it also means that for the first time in 15
        years, the cooperatives in Louisiana will have rates that are
        competitive, and they will be able to see the kind of growth and
        development the rural areas of the state deserve."  

            Noting the bankruptcy of one cooperative, the sale of another,
        the pending sale of still another and the financial difficulties of
        all cooperatives in the state, Kleiman said other proposals may
        provide more value to the estate, but that means higher,
        uncompetitive rates for the cooperatives and their customers.  "That
        is not acceptable to the members committee.  The joint proposal of
        the members, SWEPCO and GSU provides a permanent solution to these
        long-standing problems,"  he said.  

            The court-appointed trustee for Cajun has indicated he will
        submit a plan based on a competing proposal.  

            SWEPCO President and Chief Executive Officer Richard H.  Bremer
        said the comprehensive nature of the members/SWEPCO/GSU plan makes
        it a winner.  "We also feel it can be supported by the Louisiana
        Public Service Commission.  The Commission has been a strong
        proponent of competitive rates for the cooperatives, and we
        appreciate the encouragement from the Commission for the direction
        we've taken with this joint proposal.  We are committed to providing
        competitive wholesale rates, and we look forward to providing the
        information the Commission needs from us to evaluate the Cajun
        proposals and conduct its regulatory approval process,"  Bremer

            GSU President Frank Gallaher said, "This plan provides for
        resolution of various legal and regulatory matters involving GSU and
        Cajun.  The resolution of these cases would be a major step forward
        and a positive feature of the plan."  

            SWEPCO is a wholly owned electric subsidiary of Central and
        South West Corporation (NYSE: CSR).  GSU is a wholly owned
        subsidiary of Entergy Corporation (NYSE: ETR).  

        CONTACT:  Dann Pecar Newman & Kleiman (Indianapolis)
                  for the Cajun Electric Members Committee  
                  David Kleiman, 317/632-3232
                  Southwestern Electric Power Company
                  Scott McCloud or Peter Main, 318/673-3532
                  Central and South West Corporation
                  Gerald Hunter, 214/777-1165
                  Gulf States Utilities Company/Entergy Corporation
                  Cyril Guerrera, 504/576-4238


            SOUTHFIELD, Mich., April 19, 1996 - Questor Partners
        Fund, L.P., announced today that it is making a tender offer for up
        to 44 percent of the common shares of href="chap11.anacomp.html">Anacomp, Inc., Atlanta, Ga.,
        to be issued when Anacomp emerges from bankruptcy proceedings next

            Questor's offer, at $7.75 per share, is for up to 4.4 million of
        those shares that will be issued to Anacomp debtholders after
        approval of its reorganization plan.  Under the plan, all presently
        outstanding Anacomp stock will be cancelled.  Consummation of the
        reorganization is expected in late May.

            Anacomp, which sought Chapter 11 bankruptcy protection in
        January 1996, is the world's leading full-service provider of
        micrographics for data storage.  The company, which operates 45 data
        service centers nationwide, had fiscal 1995 revenues of $591

            Questor Management Company, headquartered in Southfield, manages
        Questor Partners Fund, which was created to acquire and turn around
        underperforming companies.  The fund's principals are private
        investors Dan W. Lufkin, co-founder of Donaldson, Lufkin & Jenrette
        (DLJ); Melvyn N. Klein, a merchant banker, attorney and former
        senior executive of DLJ; Edward L. Scarff, former president of
        Transamerica Corporation; and Jay Alix, founder and a principal of
        Jay Alix & Associates, a nationally recognized firm of corporate
        turnaround managers and restructuring advisors.

        CONTACT:  Harry Savage of Robert Marston Corporate Communications,
        Inc., 212-371-2200


            DENVER and RICHARDSON, Texas, April 19, 1996 -- Ascent
        Entertainment Group (Nasdaq: GOAL) and href="chap11.spectra.html">SpectraVision Inc. (AMEX:
        SVN) announced today that their boards have approved a transaction
        in which Ascent would acquire the assets of SpectraVision, which is
        currently operating in bankruptcy.  SpectraVision's creditors'
        committee has also approved the transaction.

            Ascent intends to combine its 85 percent owned subsidiary, On
        Command Video Corporation, with SpectraVision's assets and certain
        of its liabilities, to form a new company which will be 72.5 percent-
        owned by Ascent and current minority shareholders of On Command
        Video.  The new company, expected to be named On Command Video,
        would provide pay- per-view entertainment and information services
        to approximately one million hotel rooms worldwide.

            The SpectraVision bankruptcy estate will receive 27.5 percent of
        the new company's stock, which will be distributed through a
        bankruptcy plan to SpectraVision's creditors to resolve claims of
        approximately $600 million.  The new company will also issue
        warrants to be distributed by Ascent to purchase 13 percent of the
        new company's common stock and warrants to SpectraVision's estate to
        purchase another 7 percent of the stock.

            "The combined company will be a dynamic competitor in the fast
        growing and profitable media distribution and information services
        business," said Charlie Lyons, president and chief executive officer
        of Ascent Entertainment Group.  "It will have the resources to
        deliver high quality product where and when customers want it."

            "The merger with On Command Video enables SpectraVision to
        maximize the recovery for our creditors and emerge from Chapter 11
        as part of a new company with the financial strength to compete
        effectively in the worldwide entertainment and information services
        market," said Gary Welk, chairman and chief executive officer of
        SpectraVision.  "All of us in the SpectraVision family can feel
        proud about being part of this new company."

            The transaction is subject to bankruptcy court approval, Hart-
        Scott- Rodino clearance and other conditions.  Shares of the new On
        Command Video are expected to be publicly traded upon completion of
        the transaction, which is expected by the end of the third quarter
        of 1996.

            Ascent and On Command Video have been advised in the transaction
        by Gary Wilson Partners and by Allen & Company, Incorporated.
        SpectraVision has been advised by Salomon Brothers, Inc.

            Ascent Entertainment Group's principal business is providing
        pay- per-view entertainment and information services.  In addition,
        it is involved in other entertainment-related businesses including
        ownership and operation of the NBA Denver Nuggets and NHL Colorado
        Avalanche, and Beacon Communications, a motion picture and
        television production company.

            At March 31, 1996, On Command Video served approximately 386,000
        hotel rooms and had a backlog of approximately 106,000 rooms.

            SpectraVision Inc., which filed for bankruptcy in June 1995,
        supplies in-room, pay-per-view entertainment and information
        services to the worldwide lodging industry and serves customers in
        the U.S., Canada, Mexico, the Caribbean, Australia and the Pacific
        Rim.  As of March 31, 1996, SpectraVision served approximately
        526,000 rooms.

        CONTACT:  Media:  Paul Jacobson, 303-572-0381, or George Sard, or
        Paul Verbinnen, or Karen Amrhine, 212-687-8080; or Investors:  Denny
        Minami, 301-214-3632, all for Ascent Entertainment; or Media:
        Robert Mead, 212-484-6701, or Investors:  Dick Gozia, 214-301-9066, both
        for SpectraVision


            SALT LAKE CITY, April 19, 1996 - href="chap11.bonneville.html">Bonneville Pacific
, through its Chapter 11 Bankruptcy Trustee (Roger G.
        Segal), announces today that a settlement has been reached with
        another defendant (of numerous remaining defendants) in the civil
        action entitled Segal v. Portland General, et. al. now pending in
        the United States District Court for the District of Utah, Case No.

            The settlement is with L. Wynn Johnson who at various times was
        President, a Director and Managing Director of Bonneville Pacific

            The Settlement provides for payment to Bonneville Pacific
        Corporation of the total sum of one million six hundred fifty
        thousand and no/100 dollars ($1,650,000.00) payable over a period of
        two years, plus other consideration.  Mr. Johnson has also agreed to
        meet with the Trustee and his counsel in order to disclose his
        knowledge about all matters related to Bonneville Pacific

            The settlement is conditioned upon approval by the United States
        Bankruptcy Court (the Honorable John H. Allen) and by the United
        States District Court (the Honorable Bruce S. Jenkins).

        CONTACT:  Roger G. Segal, Chapter 11 Trustee for Bonneville
        Pacific, 801-532-2666


            RICHMOND, Va., April 19, 1996 - href="chap11.consumat.html">Consumat Systems, Inc.
        (Nasdaq: RCMS), announced today its financial results for the
        quarter ended March 31, 1996.  The Company reported net income for
        the quarter of $127,067 or $.13 per share on revenues of $1,284,178.
        The Company reported income from operations of $78,623 and
        additional income of $48,444 from a contract cancellation fee.  The
        Company's operating results reflect approximately $25,000 in added
        costs associated with the Company's reorganization.

            As previously reported the Company filed for protection under
        Chapter 11 of the United States Bankruptcy Code in October 1995, had
        its Plan of Reorganization confirmed by the Court in February, 1996,
        and the Plan became effective on March 12, 1996.

            As part of the reorganization of the Company, new stock
        certificates were issued to all shareholders of record as of March
        12, 1996, and the Company's symbol on the Nasdaq Bulletin Board was
        changed to "RCMS".

            In addition, the Company announced today that Robert L. Massey
        has been elected to the position of Chairman and will continue to
        serve as President and CEO.  Also, the Company announced that Robert
        S. Lee has been elected as Vice President.

            Consumat Systems is the Richmond, Va. based Company which
        designs and manufactures incineration and air pollution control

        CONTACT:  Robert L. Massey or Mark E. Hills, Consumat Systems,
        Inc., 804-746-4120