TCR_Public/960422.MBX BANKRUPTCY CREDITORS' SERVICE, INC.


Bankruptcy News For - April 22, 1996



  1. Ruling in Rockefeller litigation dismisses securities fraud suit
  2. FURR'S/BISHOP'S ANNOUNCES RESULTS FOR FIRST-QUARTER 1996
  3. TANDYCRAFTS, INC. REPORTS THIRD QUARTER, NINE MONTHS RESULTS
  4. ANACOMP ANNOUNCES COURT DECISION, CLARIFIES THIRD-PARTY TENDER OFFER
  5. HARMONY BROOK FIRST QUARTER REVENUES INCREASE 21 PERCENT




Federal ruling in Rockefeller Center Properties litigation dismisses securities fraud suit
        


           NEW YORK, NY -- April 22, 1996 -- Judge Lewis A. Kaplan
        of the Southern District of New York has granted href="chap11.rcp.html">Rockefeller Center
        Properties Inc.'s
motion to dismiss a complaint alleging that
it had
        improperly failed to disclose material information in its
        registration statement filed on Sept. 29, 1993 in connection with
        the offer to certain RCPI securities.
        


           The complaint was filed by L.L. Capital Partners, L.P., which had
        purchased 700,000 shares of RCPI stock, for approximately $5 million
        in the offering.

        
           The complaint alleged that, as of the fourth quarter of 1993,
        RCPI had been aware of and, accordingly, improperly failed to
        disclose information concerning Mitsubishi's and the Rockefeller
        family's intention to cease funding the continuing deficits in
        connection with the property and that the two partnerships that
        owned Rockefeller Center were likely to default on the mortgage held
        by RCPI.  These allegations were based on RCPI's purported attempt
        to urge Mitsubishi to restructure the mortgage or acquire RCPI and
        Mitsubishi's purported refusal to meet with RCPI's representatives
        to discuss these matters.  Approximately eighteen months after
        plaintiff's purchase of stock, Mitsubishi did cease its funding of
        the deficits and the two partnerships filed a voluntary petition for
        bankruptcy.
   

     
           The district court held that RCPI's registration statement
        "accurately disclosed the existence of the deficits, the prior
        funding by Mitsubishi and the Rockefellers, the lack of any
        obligation on their part to continue to fund the deficits, and the
        risk that they might cease to do so at any time."

        
           Joseph T. McLaughlin of Shearman & Sterling, a New York-based
        international law firm, who represented RCPI in the case, said:
        "Securities issuers and underwriters now have a clearer path through
        the minefield of disclosing forward-looking information thanks to
        this very well-reasoned opinion by Judge Kaplan."
   


           CONTACT: Shearman & Sterling, New York
                Tom Coster, 212/848-7433



FURR'S/BISHOP'S ANNOUNCES FINANCIAL RESULTS FOR
FIRST-QUARTER 1996


            LUBBOCK, Texas -- April 22, 1996--Furr's/Bishop's,
Incorporated (NYSE:CHI) today announced its financial results for the
13 week first quarter ended April 2, 1996.
        


            The company reported Operating Income improved 350 percent to
        $2.1 million in the first quarter of 1996 vs. $600 thousand in the
        first quarter of 1995.  The company also reported Net Income of $2.0
        million in the first quarter of 1996 vs. a net loss of $6.7 million
        in the first quarter of 1995.  The improved results reflect lower
        food cost, reduced operating and depreciation expenses and the
        impact of the recently completed financial restructuring.  

        
            Sales for the first quarter of 1996 were $48.8 million as
        compared to $52.8 million for the first quarter of 1995.  The
        decrease is primarily a result of fewer units being included in
        operations in the 1996 period.  
   

     
            Restaurant sales in comparable units in the first quarter of
        1996 were nearly flat to the 1995 period despite severe January
        weather and substantially reduced advertising expenditures in 1996.
      

  
            "We are pleased to see guests responding to our improved food
        quality and service," said Kevin E. Lewis, chairman and chief
        executive officer of Furr's/Bishop's, Incorporated.  "With the
        financial restructuring behind us, we are focusing all of our
        attention on rebuilding our cafeteria business."  
        


            Furr's/Bishop's, Incorporated is one of the largest operators of
        cafeterias and buffets in the United States, operating 113
        cafeterias, buffets and specialty restaurants in 13 states in the
        Southwest, West and Midwest under the names "Furr's,"  "Bishop's"
        and "Zoo-Kini's."


        
                           FINANCIAL DATA (UNAUDITED)
               (Amounts in thousands, except per share amounts)
        
                                            Thirteen Weeks Thirteen Weeks
                                            -------------- --------------
                                                Ended          Ended
                                            April 2, 1996  April 4, 1995
                                            -------------- --------------
           Sales                                $       48,817 $
        52,773
                                             
           Operating Income                              2,091
        600
           Interest Expense                                 66
        6,717
                                            -------------- --------------
           Net Income (Loss)                    $        2,025 $
        (6,117)
                                             
           Weighted average number of shares
        of common stock outstanding:
              Primary                           48,650,496     48,648,955
                                             
              Fully Diluted                     51,350,817     51,350,817
                                             
           Net income (loss) per share:
              Primary                       $         0.04 $        (0.13)
                                             
              Fully Diluted                 $         0.04 $          N/A
                                             
        
            For the period ended April 4, 1995, net income per share is
        restated using 48,648,955 shares, which reflects the financial
        restructuring and the reverse stock split and is the weighted
        average shares of common stock and common stock equivalents (stock
        options and warrants, when dilutive) outstanding at Jan.  2, 1996.
        Fully diluted earnings per share are not presented for the first
        quarter of 1995 because the effect of exercising outstanding stock
        options and warrants would be antidilutive.  The earnings per common
        share in the first fiscal quarter of 1995 excludes any consideration
        of the preferred stock dividend requirements, which were not paid
        and were cancelled as a part of the restructuring.  
      

  
        CONTACT:  Furr's/Bishop's, Incorporated,
                  Alton R. Smith, executive vice president,
                    806/792-7151





TANDYCRAFTS, INC. REPORTS THIRD QUARTER, NINE MONTHS RESULTS
    

    
            FORT WORTH, Texas,  April 22, 1996 - Tandycrafts, Inc.
        (NYSE: TAC) announced today results for its fiscal third quarter and
        the nine months ended March 31, 1996.
        


            For the three months ended March 31, 1996, net sales were
        $53,556,000, a 2.4% decrease compared to the $54,891,000 reported
        for the comparable period of the prior year.  Net income was
        $364,000, or $0.03 per share compared to a net loss of $1,056,000 or
        $0.09 per share for the same quarter of fiscal 1995.  Excluding the
        results of operations to be divested as part of the Company's
        strategic restructuring program, net sales for the quarter were
        $46,620,000, a 5.1% increase over the $44,367,000 reported for the
        same operations last year.
        


            Total retail sales for the quarter increased 7.2% when compared
        to the same period in fiscal 1995.  Manufacturing sales for the
        quarter decreased 12.0% when compared to the same period last year.
        


            For the nine months ended March 31, 1996, net sales were
        $190,252,000, a 2.9% decrease compared to the $196,022,000 reported
        for the comparable period of the prior year.  The net loss for the
        nine months ended March 31, 1996 was $12,006,000, or $1.01 per share
        as compared to net income of $5,095,000, or $0.45 per share for the
        corresponding period of the prior fiscal year.  The Company's
        earnings for the nine-month period reflect a $12.6 million charge,
        net of income taxes, associated with the strategic restructuring
        program recorded in December 1995.

        
            In commenting on the strategic restructuring program, the
        Company stated that it is moving ahead aggressively and expects the
        actions contemplated in the plan to be substantially completed by
        year-end.
   

     
            Tandycrafts, Inc. is a specialty retailer and manufacturer.
        Included in its Specialty Retail segment are Tandy Leather Company,
        Joshua's Christian Stores, Cargo Furniture & Accents, and Sav-On
        Discount Office Supplies.  The Specialty Manufacturing segment is
        comprised of two manufacturing divisions: Frames and Framed Art and
        Tandy Wholesale International ("TWI").
      


  
                       TANDYCRAFTS, INC. AND SUBSIDIARIES
                       Consolidated Statements of Income
                    (in thousands, except per share amounts)
                                  (unaudited)
        
                            Three Months Ended          Nine Months Ended
                          March 31,     March 31,    March 31,     March 31,
                            1996          1995        1996           1995
        Net sales           $53,556     $54,891     $190,252       $196,022
        Operating costs and
         expenses:
         Cost of goods sold  32,834      33,160      119,532        117,534
         Selling, general and
          administrative     18,186      20,902       62,362         63,790
         Restructuring charge  (501)        --        18,317             --
         Depreciation and
          amortization        1,482       1,465        4,722          4,021
         Total operating costs
          and expenses       52,001      55,527      204,933        185,345
         Operating income
          (loss)              1,555        (636)     (14,681)        10,677
         Interest expense, net  996       1,001        3,198          2,777
         Income (loss) before
          income taxes          559      (1,637)     (17,879)         7,900
         Provision for
          income taxes          195        (581)      (5,873)         2,805
        Net income             $364     $(1,056)    $(12,006)        $5,095
        Net income (loss)
         per share             $.03      $(0.09)      $(1.01)         $0.45
        Weighted average common
         and common equivalent
         shares              12,109      11,500       11,937         11,366


        CONTACT:  Michael J. Walsh, Executive Vice President, and Chief
        Financial Officer of Tandycrafts, Inc., 817-551-9603


ANACOMP ANNOUNCES COURT DECISION,
CLARIFIES THIRD-PARTY TENDER OFFER
        

            ATLANTA, April 22, 1996 - Anacomp,
Inc.
announced today
        that the U.S. Bankruptcy Court in Delaware has denied a motion
        seeking the appointment of an official committee of equity security
        holders.  With this ruling, the company remains on track for a May
        17, 1996, confirmation hearing to allow Anacomp to emerge from
        Chapter 11 proceedings.
        


            Anacomp also clarified today that a tender offer announced last
        week by a third party is not for shares of existing common stock.
        Questor Partners Fund, L.P., said on Friday that it was seeking to
        purchase 15% to 44% of the new common stock that Anacomp will issue
        when it emerges from Chapter 11.  Under Anacomp's plan of
        reorganization, the existing common and preferred stock will be
        exchanged at that time for warrants to purchase an aggregate of 1%
        of the new common stock.

        
            Anacomp's primary focus continues to be its successful emergence
        from Chapter 11.  The company filed its Chapter 11 petition on
        January 5, 1996, and since then its business operations have
        continued as normal.
   

     
            Although Anacomp did not solicit or negotiate the Questor offer,
        Anacomp understands that Questor is supportive of both management
        and the company's restructuring plan.  "We believe that Questor's
        interest in the company shows confidence in Anacomp's new business
        plan and strategic direction," said P. Lang Lowrey III, Anacomp's
        president and chief executive officer.  "We are pleased that our
        restructuring and business prospects have attracted the attention of
        a respected investment firm such as Questor."  The Questor offer is
        conditioned upon the successful confirmation of Anacomp's
        refinancing plan.

        
            Anacomp is a leading provider of multiple-media data management
        solutions, delivering cost-effective strategies that incorporate
        micrographic, digital, and magnetic output media.
   


        CONTACT:  Jeff Withem, Corporate Communications, 404-876-3361,
        Ext. 8527, or E-mail: jwithem@anacomp.com, or Nancy Vandeventer,
        Investor Relations, 800-350-3044, or E-mail:nvandeventer@anacomp.com,



HARMONY BROOK FIRST QUARTER REVENUES INCREASE 21 PERCENT

        
            ST. PAUL, Minn., April 22, 1996 - Harmony Brook, Inc.
        (Nasdaq: HBRK) announced a 21 percent increase in revenues for its
        first quarter ended March 31, 1996, to $1,882,000 from $1,562,000.
        The company reported a net loss of $226,000 or $0.03 per share for
        the quarter, an improvement over last year's first quarter net loss
        of $456,000 or $0.09 per share, which included a one-time charge of
        $123,000 or $0.03 per share related to the write-off of a
        questionable account receivable.
        


            James C. Hawley, president and chief executive officer, said,
        "The first quarter performance has Harmony Brook on track to meet
        its 1996 targets.  The revenue increase was right in line with our
        goal to grow at twice the estimated ten percent growth rate for the
        U.S. bottled water market, with our core water revenue sharing
        business growing 30 percent.  Another of our key objectives is to
        continue to make progress toward achieving annual operating
        earnings: while we did not expect to report operating earnings in
        the first quarter, we did make progress toward break-even with an
        operating loss of $58,000 compared to an operating loss of $207,000
        a year ago - not including a one-time charge in last year's first
        quarter.  Operating activities generated cash - also a key objective
        - of $131,000 during the quarter.  We continue to explore
        opportunities to restructure the company's debt financing."

        
            Harmony Brook, Inc. develops, manufactures, markets and operates
        equipment which processes ordinary tap water into high quality
        drinking water at the point of sale.  The company's principal
        product line consists of the Harmony Brook(R) Premium Drinking Water
        System, a self- serve purification and dispensing system for use in
        supermarkets and other retail stores.  In addition, the company
        develops, manufactures and markets a line of reusable plastic
        containers for sale with its dispensing systems and to other
        wholesale customers.


        
                              HARMONY BROOK, INC.
                         FINANCIAL SUMMARY INFORMATION
        
                                        First Quarter Ended March 31
                                           1996              1995
        
        Total revenues               $1,882,000        $1,562,000
        Gross profit                  1,003,000           807,000
        Operating loss                  (58,000)         (330,000) ....
        Net loss                       (226,000)         (456,000) ....
        Net loss per share                ($.03)            ($.09) ....
        Number of shares used
         to compute per share amounts    7,791,000     4,799,000

        
        1995 includes charges of $123,000 or $.03 per share, related to
        the write-off of a questionable account receivable.
        


        CONTACT:  James C. Hawley, President and Chief Executive Officer of
        Harmony Brook, 612-681-9000