/raid1/www/Hosts/bankrupt/TCR_Public/960614.MBX BANKRUPTCY CREDITORS' SERVICE, INC.


Bankruptcy News For: June 14, 1996



  1. Reorganized Fingermatrix issues first audited statements
  2. Emerson Radio announces final settlement of all litigation relating to reorganization financing
  3. Gold River Hotel & Casino Corporation files plan and disclosure statement
  4. PERSONAL BANKRUPTCY BECOMING THE AMERICAN WAY, BARRON'S REPORTS
  5. U.S. Electricar Reports Third Quarter 1996 Financial Results





Return To The InterNet Bankruptcy Library Homepage



Reorganized Fingermatrix issues first audited statements



            DOBBS FERRY, N.Y. -- June 14, 1996 -- Fingermatrix
        Inc.
(NASDAQ EBB:FINX), inventors of electronic fingerprinting
        technology, which came out of Chapter 11 bankruptcy a year ago with
        a new management and board of directors, has filed its first post-
        bankruptcy audited annual report (10-K) with the Securities and
        Exchange Commission.
        


            The report covers the reorganized company's first fiscal year
        ended last Sept. 30, during the first half of which the company was
        still in Chapter 11.  Quarterly 10-Qs will also be filed for the
        current fiscal year and beyond, the company said.
        


            Revenues for the year were minimal, standing at $3,277 against
        $29,764 the previous year.  Operating losses were reduced to
        $1,772,429 from $2,604,658 in fiscal 1994, but the bankruptcy
        settlement provided an extraordinary credit of $1,781,128, leaving
        net income of $8,699 -- the first in the company's 20-year history.
        


            There were 10,446,601 average shares outstanding during the
        year.  The current share total, reflecting last year's
        reorganization and the exercise by shareholders of nearly 3 million
        warrants, is approximately 7,090,000, according to the company.
        


            Thomas T. Harding, president and chief executive officer,
        explained that the lateness of the report was due to the SEC's
        requirement that the document cover not only the past fiscal year
        but also the entire period since the previous management's last
        filing, which was for the February 1993 quarter.  This was made
        especially difficult because much of the pre-Chapter 11 data was
        unavailable, he said.
        


            "Such history was rendered largely academic for investors,
        however, by the company's total restructuring last year under the
        bankruptcy law," he noted.  The company is now well financed and has
        a tax loss carry-forward of more than $45 million, Harding added.
   

     
            Fingermatrix has long been a leader in electronic fingerprinting
        technology and possesses nearly a dozen key patents in the field,
        including those covering the latest and most advanced live finger
        scanning technique.



                             Fingermatrix Inc.
                             Financial Summary

        
                                                    Fiscal Year Ended
                                                                       Sept. 30
                                                   1995           1994
        
Revenues                                      $3,277        $29,764
Loss (before extraordinary items)         1,772,429      2,604,658
Extraordinary credit (Reorganization)     1,781,128            -- Net
income (loss)                              8,699      (2,604,658)
Earnings/share (loss)                           .00          (2.41)
Average shares outstanding               10,446,601     16,811,267
April 30, share total                      7,090,547            -- *T
        

CONTACT:  Molesworth Associates Inc., Green Valley, Ariz.
                  Gordon Molesworth, 520/625-0035


Emerson Radio announces final settlement of all litigation relating to reorganization financing



PARSIPPANY, N.J. -- June 14, 1996 -- Emerson Radio
        Corp.
(AMEX:MSN) announced today that Emerson and its chairman and
        controlling shareholder, Geoffrey P. Jurick, have entered into a
        final settlement agreement with Jurick's former partners, Donald and
        Petra Stelling and entities under their control as well as certain
        third party claimants relating to shares of Emerson and a number of
        investments and venture-stage companies jointly controlled by Jurick
        and the Stellings.
        


             The settlement resolves in Jurick's favor the ownership of
        approximately 75% or 29.2 million shares, of Emerson's outstanding
        common stock held by Jurick and his affiliates and provides for the
        payment of $49.5 million allocated among all claimants, other than
        Jurick and his affiliates who will separately receive $3.5 million,
        payable out of future sales of Emerson common stock held by Jurick
        and his affiliates.
        


            Such shares will be sold over an extended number of years by a
        financial advisor to be selected by Emerson in consultation with the
        various claimants and Jurick.
        


            The litigation ensued following Donald Stelling's unexpected
        resignation as chairman of Emerson on Dec. 2, 1993, and the
        simultaneous withdrawal of his family's contractually committed
        financial support to Emerson's then-pending Chapter 11
        reorganization.
        


            The resignation of Stelling was the first step in the Stelling-
        initiated unraveling and dissolution of a number of Stelling/Jurick
        controlled investment vehicles primarily incorporated in the Bahamas
        and the United States.
        


            Emerson commenced litigation against the Stellings for breach of
        contract and breach of fiduciary duty following the successful
        consummation of Emerson's reorganization with substitute equity
        capital raised by Geoffrey Jurick and supplemented by new credit
        facilities arranged by Emerson.
        


            The settlement agreement, which ultimately will be enforced
        through an order issued by Judge Nicholas Politan in the Federal
        District Court in Newark, N.J., and which will only become effective
        after the return later this year of certain share certificates
        currently held in foreign jurisdictions, also provides mechanisms to
        minimize competition with Emerson in raising funds in the capital
        markets, restricts the sale of any of the shares in a manner that
        may unreasonably impact the value of shares held by outside
        shareholders and restricts any change of control, which would
        negatively impact on Emerson's current or future credit
        arrangements, other than as specifically permitted by action of
        disinterested members of Emerson's board of directors.
        


            Gene Davis, president of Emerson, said, "We are gratified that
        the litigation over these matters is at an end.  While Emerson had
        suffered due to the abandonment by the Stellings and their
        affiliates during our restructuring process, the principal damage
        has been done to Mr. Jurick and his affiliates, who chose to stand
        by their commitments to Emerson, enabling Emerson to continue to
        serve its employees, creditors, customers, vendors and shareholders.
        This settlement reflects a reaffirmation of Geoffrey Jurick's long-
        term commitment to Emerson, its shareholders, and strategic plan.
        


            "Emerson is also pleased that, through the hard work and
        effective mediation of Judge Politan, a global settlement has been
        achieved that removes any cloud of uncertainty over ultimate control
        of the company and its dedication to its long-term plan of
        profitability and growth.
        


             "The various provisions of the settlement agreement confirm Mr.
        Jurick's control over Emerson and Emerson's control over its own
        destiny and takes specific note of the interests of its minority
        shareholders."
        


            Emerson Radio Corp., founded in 1948, is headquartered in
        Parsippany.  The company designs and markets, throughout the world,
        full lines of televisions, home and personal security equipment,
        timepieces, car audio, home theater, video and audio and microwave
        oven products.
        



CONTACT: Emerson Radio Corp., Parsippany
                  Eugene I. Davis, 201/428-2000
                                or
                  KCSA Public Relations, New York
                  Adam I. Friedman or Joseph A. Mansi, 212/682-6300
                   ext. 215/205



Gold River Hotel & Casino Corporation files Joint Plan of Reorganization and Proposed Disclosure Statement with United States Bankruptcy Court




            LAS VEGAS -- June 14, 1996 -- Gold River Hotel &
        Casino Corporation
(GRHC) and its wholly owned subsidiary, Gold
        River Operating Corporation (collectively, the "Company"), owners
        and operators of the Gold River Resort & Casino located in Laughlin,
        Nev., filed a Joint Plan of Reorganization and Proposed Disclosure
        Statement with the United States Bankruptcy Court for the District
        of Nevada at Las Vegas on Friday, June 7.  
        


            The Official Bondholders Committee, whose members own over two-
        thirds in dollar amount of the increasing rate mortgage notes, are
        co-proponents of the plan.  Under the plan, the increasing rate
        mortgage notes will be converted into not less them 93.75 percent of
        the equity in the reorganized debtors and general, unsecured
        creditors will be paid in full (without interest) in four semi-
        annual installments.  
        


            According to John H. Midby, chairman of the board, "The new
        capital structure provided under the plan will make the Company more
        competitive in the Laughlin market."  
        


            Implementation of the plan is subject to, among other things,
        creditor acceptance of the plan and approval of the adequacy of the
        disclosure statement and confirmation of the plan by the bankruptcy
        court.
        


CONTACT:  Gold River Hotel & Casino Corporation
                  John Midby, 702/362-0040
                  Gerald Schaffer, 702/362-0040



PERSONAL BANKRUPTCY BECOMING THE AMERICAN WAY, BARRON'S REPORTS




            NEW YORK -- June 14, 1996 -- Americans are walking
        away from their debts in record numbers as bankruptcy 'loses its
        badness,' Barron's reports in its June 17 issue.
        


            Barron's says a surge in personal bankruptcy filings, expected
        to top one million this year for the first time, reflects a
        significant change in society's perception -- from stigma to an
        acceptable way of managing obligations.
        


            The financial weekly from Dow Jones & Company cites several
        factors for the increase in such filings, starting with the
        liberalization of bankruptcy laws.  There's also been a steady blip
        up in the charts since bankruptcy lawyers have been allowed to
        advertise their services.
        


            Easy access to credit, Barron's says, is a major culprit,
        principally in the form of plastic.  A consumer credit expert tells
        Barron's, "There's more credit in the hands of more people than
        we've ever seen before, and they're using it in more ways,"
        including credit cards to start businesses, invest in stocks, pay
        for medical care and even to gamble.
        


            Barron's suggests the use of bankruptcy laws by wealthy
        individuals and corporate America to restructure their financial
        affairs also adds to the acceptability of such filings.  Among
        filers cited: Arizona Gov. Fife Symington, former Major League
        Baseball Commissioner Bowie Kuhn and Orange County, Calif., the
        richest county in the nation.
        


            What's more, in the case of many bankruptcy filings, bankers say
        there were no signs of distress before debtors ducked out; their
        accounts were in good standing and considered high quality, perhaps
        suggesting this trend is far from over.
        


            In addition to Barron's and other periodicals, Dow Jones
        publishes The Wall Street Journal, electronic information services,
        including Dow Jones Telerate, and the Ottaway group of community
        newspapers.
        


CONTACT: Lawrence Budgar, 212/416-2606



U.S. Electricar Reports Third Quarter 1996 Financial Results




            SAN FRANCISCO, CA -- June 14, 1996 -- U.S. Electricar
        Inc. (Symbol: ECAR) today announced its financial results for the
        third quarter of fiscal year 1996, which ended April 30, 1996.
        


            For the quarter ended April 30, 1996, U.S. Electricar reported
        net sales of $478,000 and a net loss of $3,498,000 or ($0.06) per
        share, compared with fiscal year 1995 third quarter net sales of
        $897,000 and a net loss of $11,942,000 or ($0.63) per share.
        


            The Company reported that a gain on debt restructuring of
        $1,858,000 reduced the loss for the fiscal 1996 third quarter to the
        reported $3,498,000 from a loss before gain on debt restructuring of
        $5,356,000.
        


            For the nine months ended April 30, 1996, the Company reported
        sales of $3,489,000 and a loss of $7,898,000 or ($0.13) per share,
        as compared to sales of $10,794,000 and a loss of $37,392,000 or
        ($2.08) per share for the first nine months of fiscal 1995.
        Reducing the net loss figures for the nine months ended April 30,
        1996 was a gain on debt restructuring of $2,248,000.  
        


            The Company indicated that the decline in both sales and net
        loss continues to be attributed to the lack of available funding for
        marketing and production and corporate downsizing which has occurred
        since the Company announced a restructuring of its operations in
        March 1995.
        


            U.S. Electricar develops and manufactures electric vehicles for
        markets in the United States and internationally, with products
        ranging from converted sedans and light trucks to transit buses and
        industrial/commercial vehicles.
        



          U.S. Electricar Inc. and Subsidiaries
             Consolidated Statements of Operations

            (Unaudited)
                 (In thousands, except for per share and share data)
        
                           Three Months Ended     Nine Months Ended
                               April 30,             April 30,
        
                            1995        1996       1995         1996
                      
        Net Sales               $  897     $  478    $ 10,794     $ 3,489
        Cost of Sales            3,209      1,571      18,298       5,060
        Gross Margin            (2,312)    (1,093)     (7,504)     (1,571)
        
        Other costs and expenses:
         Research & Development  1,080        413       6,057       1,129
         Selling, general &
          administrative         4,248      2,503      13,042       5,186
         Interest and financing
          fees                   1,708        453       5,417       1,366
         Impairment of long-lived
          assets                    --        894          --         894
         Provision for facility
          closures, liquidation of
          inventory, consolidation
          of operations & contract
          terminations           2,594         --       5,372          --
          
          Total other costs and
           expenses              9,630      4,263      29,888       8,575
        
        Loss before gain on
         debt restructuring    (11,942)    (5,356)    (37,392)    (10,146)
        Gain on debt
         restructuring              --      1,858          --       2,248
        Net Loss              $(11,942)   $(3,498)   $(37,392)    $(7,898)
        
        Per common share:
         Loss before gain on
          debt restructuring  $  (0.63)   $ (0.09)   $ (2.08)    $ (0.17)
         Gain on debt
          restructuring              --      0.03         --        0.04
          Net loss per
           common share       $  (0.63)   $ (0.06)   $  (2.08)    $ (0.13)
        
        Weighted average
         shares outstanding 18,933,774 62,665,378  17,953,724  58,803,907
        


CONTACT: U.S. Electricar Inc.
                 Roy Y. Kusumoto, 415/656-2400