NEW YORK, NY -- May 6, 1996 -- Plaid
announced today that James J. McCorry has joined the company as
chief operating officer and chief financial officer.
Prior to joining Plaid, McCorry spent 24 years in the Aris
Isotoner Division of the Sara Lee Corp. where he most recently
served as chief financial officer and vice president-operations and
administration. Previously, he spent four years at Arthur Anderson
& Co. in New York.
"Jim McCorry's extensive financial background and experience in
the apparel manufacturing industry will make him a valuable asset to
Plaid as we continue to work to complete our reorganization plan and
emerge from Chapter 11," said William V. Roberti, president and
chief executive officer of Plaid.
Plaid, based in New York City, is the nation's second largest
manufacturer of men's and boys' tailored clothing. The company owns
various trademarks and holds licenses for the manufacture of a
number of prestigious brands.
CONTACT: Sard Verbinnen & Co. -
Paul Verbinnen/Debbie Miller, 212/687-8080
SEATTLE, WA -- May 6, 1996 -- Perkins Coie, a
headquartered law firm, has agreed to settle all claims in a lawsuit
brought by the bankruptcy trustee for href="chap11.bonneville.html">Bonneville Pacific Corp., a
company located in Salt Lake City.
Perkins Coie was added in 1993 to the more than 50 defendants
originally named in the lawsuit by the Trustee, including other law
firms, accounting firms, underwriters, and other professional
The settlement amount to be paid by Perkins Coie is $12,750,000,
which is approximately 2 percent of the damages claimed by the
Trustee in the litigation. According to the firm, the entire
settlement will be paid by insurance. Perkins Coie and the Trustee
stated that the firm vigorously disputes and denies any wrongdoing
and contests the merits of the Trustee's claims. The Settlement
Agreement provides that the settlement should not be construed in
any way as an admission or suggestion of liability. According to a
spokesperson for the firm, it elected to settle the matter now by
payment of a portion of its insurance coverage to avoid future costs
and the time and distraction of trial of the lawsuit.
The lawsuit alleges that the activities of certain officers and
directors of the corporation defrauded creditors and investors of
Bonneville Pacific and forced the company into bankruptcy in 1991.
Professional advisors to Bonneville Pacific, including Perkins Coie,
are alleged to have either failed to discover or failed to disclose
the activities of these officers and directors, several of whom have
been indicted for securities fraud. Perkins Coie provided limited
legal advice to Bonneville Pacific in connection with one of its
many projects in the mid-1980s, and also represented one of the
company's underwriters in connection with the company's initial
public offering in 1986.
CONTACT: Byrnes & Keller,
Peter Byrnes, outside counsel for Perkins Coie,
206/622-2000. Byrnes will be the sole spokesperson
for the firm.
NORWALK, Conn. -- May 6, 1996 -- href="chap11.caldor.html">The Caldor
Corporation (NYSE:CLD) today announced the filing of its
for approval of its Reclamation Program in the Bankruptcy Court for
the Southern District of New York. The Program permits Caldor to
settle the claims of those vendors that served reclamation demands
at the time of Caldor's Chapter 11 filing.
The Program has been developed and is being filed with the
support of the Committees representing all Unsecured Creditors and
Equityholders, along with the Steering Committee representing
Caldor's Banks. The filing provides for each reclamation vendor
that extends credit support to receive both a cash payment of up to
50% of its eligible reclamation claim and priority treatment for the
remainder of its claim.
Don Clarke, Chairman and Chief Executive Officer of Caldor,
said, "We are extremely pleased to have this important program
resolved for our vendors, who have been increasingly supportive of
the Company's efforts. We look forward to approval of the Program
by the Court and believe that it is a key step for the Company, our
vendors and our reorganization process."
The Caldor Corporation is the fourth largest discount department
store chain in the U.S., with annual sales of approximately $2.8
billion and approximately 24,000 Associates. It currently operates
170 stores in ten East Coast states and has announced the closing of
12 stores and the opening of 7 stores. With a strong consumer
franchise in high density urban/suburban markets, Caldor offers a
diverse merchandise selection, including both softline and hardline
CONTACT: Wendi Kopsick/Jim Fingeroth,
Kekst and Company: (212) 593-2655
SYRACUSE, N.Y., May 6, 1996 - Anaren Microwave, Inc.
(Nasdaq-OTC: ANEN) announces its third quarter results together with
the closing of its maintenance and repair facility in the United
Kingdom, and a management buy-out of its Electronic Warfare
Simulator business also located in that facility. Anaren Microwave
Limited, the wholly owned subsidiary operating in the United
Kingdom, will remain as a sales and marketing function in Europe.
These transactions were necessitated by the severe downsizing of
the military budgets in Europe which resulted in a substantial
reduction in new orders and losses of $(577,000) for the first nine
months of fiscal 1996 from this operation. This action will allow
the company to focus on its growing domestic operation including its
defense and expanding wireless communications business.
Anaren recorded sales of $4,101,685 and a net loss of
$(1,197,795) for the third quarter ended March 31, 1996. These
figures compare to sales of $4,684,707 and a net loss of $(124,272)
for the comparable period of the prior year. The loss per share for
the third quarter was $(.30) compared to a loss per share of $(.04)
for the third quarter of last year.
Net sales for the nine month period ended March 31, 1996 were
$12,992,779, up 10 percent from net sales of $11,794,489 for the
nine months ended April 1, 1995. The net loss for the nine month
period ended March 31, 1996 was $(1,121,004) or $(.28) per share,
compared to a net loss of $(2,746,534) or $(.67) per share for the
comparable period of the prior fiscal year.
Included in the results for both the nine months and three
months ended March 31, 1996 was a third quarter restructuring charge
against income of $810,000 resulting from a provision for the costs
associated with a management buy-out and divestiture of the
company's EW Simulator business at its foreign subsidiary in the
United Kingdom. This charge, which includes provisions for the
write-down of EW Simulator assets to realizable value, legal and
professional fees, and costs to complete an existing EW Simulator
contract in excess of expected revenue, reduced earnings for both
the three months and nine months ended March 31, 1996 by $810,000,
or $(.20) per share.
3 Months 3 Months 9 Months 9 Months
Ended Ended Ended Ended
March 31, April 1, March 31, April 1,
1996 1995 1996 1995
Net Sales $ 4,101,685 $ 4,684,707 $12,992,779 $11,794,489
(loss) $(1,197,795) $ (124,272) $(1,121,004) $(2,746,534)
share $ (0.30) $ (0.04) $ (0.28) $ (0.67)
Anaren Microwave, Inc., located in Syracuse, N.Y., designs and
manufactures microwave components and subsystems for wireless
communications, satellite communications and electronic defense
equipment. Anaren is traded on the Nasdaq Over-the-Counter National
Market under the symbol ANEN.
CONTACT: Hugh A. Hair or Joseph E. Porcello of Anaren - 315-432-8909
WORCESTER, Mass., May 6, 1996 - href="chap11.cambridge.html">Cambridge Biotech
Corporation today announced that it has signed an agreement to
its enterics (intestinal disease) and human Lyme EIA diagnostic
businesses to Carter-Wallace (NYSE: CAR) for $4.5 million in cash.
The transaction, which is subject to approval of the Bankruptcy
Court, is expected to close in one to two months.
Under the agreement, Carter-Wallace will acquire four diagnostic
tests for intestinal pathogens, and a diagnostic test for Lyme
Disease. The tests will be sold through Carter-Wallace's Wampole
Laboratories Division. The transaction also includes a six-month
contract for Cambridge Biotech to manufacture the products for
Carter-Wallace at its manufacturing facility in Worcester,
Massachusetts. The enteric diagnostic products include tests for
rotavirus (Rotaclone(R)), adenovirus (Adenoclone(R) and Adenoclone
40/41(R)), and C. difficle (Cytoclone(R)).
Alison Taunton-Rigby, President and CEO of Cambridge, said,
"This agreement will complete the sale of our diagnostics
operations, facilitating the move forward on our reorganization
plan. Our future as Aquila Biopharmaceuticals, Inc. will be focused
on our remaining business, the development and commercialization of
biopharmaceuticals that stimulate the immune system for treating
infectious diseases and cancer."
Aquila will continue advancing the development of the
Stimulon(TM) adjuvants, led by QS-21, and proprietary vaccines for
tick-borne diseases, streptococcal infections and malaria, and in
the animal health area, vaccines for canine Lyme disease and bovine
mastitis. Dr. Taunton-Rigby noted that the company recently
announced the sale of its retroviral diagnostics business to
bioMerieux Vitek, Inc., for $6.5 million in cash and also filed a
reorganization plan under Chapter 11 of the U.S. Bankruptcy Code.
Cambridge Biotech Corporation is a therapeutics and diagnostics
company focusing on infectious diseases and cancer. The company
filed for protection under Chapter 11 of the United States
Bankruptcy Code on July 7, 1994, and filed a plan of reorganization
with the bankruptcy court on April 10, 1996. 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 for tick-
borne diseases, streptococcal infections, malaria, bovine mastitis
and canine Lyme disease. Cambridge Biotech's diagnostic business is
primarily focused on retroviral, Lyme and enteric diseases.
Aquila Biopharmaceuticals, Inc. is a new company. After
bankruptcy court approval, under the reorganization plan, the
assets, liabilities, and intellectual property of CBC, except for
the diagnostics business, will be transferred to Aquila.
Statements in this release which relate to plans and objectives
of management for future operations or otherwise relate to future
performance are forward looking statements. Actual results may
differ from those projected as a result of the company's success in
emerging from bankruptcy, product demand, pricing, market
acceptance, the effect of economic conditions, intellectual
property, competitive products, risks in product and technology
development, and other risks identified in the Company's Securities
and Exchange Commission filings.
CONTACT: Alison Taunton-Rigby, President and Chief Executive
Officer of Cambridge Biotech Corporation, 508-797-5777, or Robert
Gottlieb, Senior Vice President of Feinstein Partners Inc.,
COLORADO SPRINGS, Colo., May 6, 1996 - href="chap11.star.html">Star Casinos
International, Inc. (OTC BULLETIN BOARD: SCAS) announced today
it has filed for protection from its creditors under Chapter 11 of
the Federal Bankruptcy Code. Additional information will be
forthcoming as it becomes available.
CONTACT: John Bagalini, 954-941-1422
BILOXI, Miss., May 6, 1996 - Casino America, Inc.
(Nasdaq: CSNO) today announced it has consummated the transaction
whereby Crown Casino Corporation exchanged its 50% interest in St.
Charles Gaming Company, Inc. ("SCGC") for 1,850,000 registered
shares of Casino America common stock, and the modification and
enhancement of certain payment and other terms of an existing $20
million note issued by Louisiana Riverboat Gaming Partnership
("LRGP") to Crown, which increases the number of shares of Casino
America stock Crown may purchase pursuant to warrants from 416,667
shares to 833,334 shares. The warrants are exercisable by converting
a portion of the LRGP note into Casino America stock at $12.00 per
share. SCGC owns the Isle of Capri themed riverboat gaming casino
in Lake Charles, Louisiana which is being operated by Casino
As a result, SCGC is owned 50% by Casino America and 50% by
LRGP, a joint venture owned 50% by Casino America and 50% by
Louisiana Downs, Inc. LRGP owns the Isle of Capri themed dockside
riverboat casino in Bossier City, Louisiana. Casino America has
also announced that it has consummated its agreement withhref="chap11.gpalais.html">Grand
Palais Riverboat, Inc. ("GPRI") and several creditor groups to
acquire GPRI out of bankruptcy and move its riverboat casino to
SCGC's site in Lake Charles, Louisiana. The Grand Palais Riverboat
and SCGC's riverboat will operate from SCGC's new 104,000 sq. ft.
pavilion which opened last week. An early summer opening of the
Grand Palais is planned.
Bernard Goldstein, Chairman of Casino America, stated, "We are
extremely excited to have completed these transactions and opened
our new pavilion. It is the culmination of months of hard work that
we hope will result in a significant positive impact to the
financial performance of Casino America."
Casino America, Inc. owns and operates four riverboat and
dockside casinos. The Company currently operates the Isle of Capri
Casino in Biloxi, Mississippi, the Isle of Capri Casino in
Vicksburg, Mississippi and the Isle of Capri Casino in Bossier City,
Louisiana. The Isle of Capri Casino in Bossier City, Louisiana is a
joint venture between Casino America, Inc. and Louisiana Downs.
CONTACT: Allan B. Soloman, Executive Vice President, 407-995-6660,
or Rex Yeisley, Chief Financial Officer, 601-436-7052, both of