TCR_Public/960701.MBX BANKRUPTCY CREDITORS' SERVICE, INC.


Bankruptcy News For:  July 1, 1996



  1. Tommyknocker Casino receives payment from Country World Casinos
  2. ROCKEFELLER CENTER PROPERTIES, INC. EXTENDS OUTSIDE DATE FOR MERGER CLOSING
  3. Levitz Furniture Inc. reports fiscal 1996 results
  4. ELCOTEL TO DELAY FILING FORM 10-KSB





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Tommyknocker Casino receives payment from Country World Casinos


        
            DENVER, CO -- July 1, 1996 -- Tommyknocker Casino Corp.
        (TKCC), a wholly owned subsidiary of New Allied Development Corp.
        (NADC), whose bulletin board identification is NEAL, received a
        payment of $988,390.52 from Country World Casinos Inc. (CWCI).
        


            The payment represents the undisputed portion of the amount due
        to satisfy the note and deed of trust on the Casino property in
        Black Hawk, Colo., sold by TKCC to CWCI in 1993.
        


            The payment was made in connection with CWCI's closing on May
        31, 1996 of a $5 million financing package previously announced by
        CWCI.
        


            A hearing to resolve the disputed portion of the amount due has
        been scheduled for July 25, 1996.  TKCC claims an additional
        $1,758,722.97 as the amount due as of June 27, 1996 plus interest at
        the rate of 18% per annum until paid.  CWCI has segregated funds
        from the financing to pay the disputed amount.
        


            These events transpired pursuant to a March 12, 1996 order of
        the Bankrupty Court in CWCI's bankruptcy proceeding under Chapter
        11. The order authorized CWCI to obtain a financing package of $5
        million secured by a first deed of trust on the casino property.
        The proceeds from the financing are to be used to pay TKCC's lien
        and all other liens in full as well as unsecured creditors of CWCI.
        


            Country World Casinos seeks to construct a casino for limited-
        stakes gambling in Black Hawk, Colo.
        


            New Allied Development Corp., headquartered in Denver, has one
        subsidiary, Tommyknocker Casino Corp.
        


CONTACT:  New Allied Development Corp., Denver
                  Erica J. Hull, 303/778-8125  -  
                  fax:  303/670-9390


        

ROCKEFELLER CENTER PROPERTIES, INC. EXTENDS OUTSIDE DATE FOR MERGER CLOSING TO JULY 19, 1996


        


NEW YORK -- July 1, 1996 -- Rockefeller Center
        Properties, Inc.
(RCPI) announced today that it has agreed with the
        Goldman Sachs - led Investor Group to extend the outside date for
        the closing of the $8 per share merger approved by RCPI's
        stockholders in March from June 30, to July 19, 1996.  As part of
        the extension agreement, Goldman Sachs Mortgage Company has agreed
        to make an additional $2.35 million loan to RCPI to cover its cash
        needs in July.  RCPI has been informed by the Investor Group that it
        expects that the Merger will be consummated by July 12.  
        


            As part of the extension agreement RCPI and the Goldman Sachs
        - led Investor Group agreed that if the merger is not concluded by
        July 12, 1996 the merger consideration payable to stockholders of
        RCPI will be increased by $1.7 million divided by the number of
        shares of common stock outstanding rounded to the nearest $0.01 per
        holder.  
        


            RCPI is a mortgage real estate investment trust whose principal
        asset is a $1.3 billion participating convertible mortgage loan to
        the owners of Rockefeller Center (collectively, "the Borrower").
        The Borrower is 100% controlled by Rockefeller Group, Inc.  (RGI).
        Mitsubishi Estate Company, Ltd.  controls an 80% equity interest in
        RGI and Rockefeller Family Interests hold the remaining 20%.  On May
        11, 1995, the Borrower commenced cases under Chapter 11 of the
        federal bankruptcy law in the United States Bankruptcy Court for the
        Southern District of New York.  RCPI is listed on the New York Stock
        Exchange as "RCP".  As of June 28, 1996, there were 38,260,704
        shares of common stock outstanding.  
        


CONTACT:  Bozell Sawyer Miller Group
                  Gary Holmes - 212/484-7736         



Levitz Furniture Inc. reports fiscal 1996 results


        


BOCA RATON, Fla. -- July 1, 1996 -- Levitz
        Furniture Inc. (NYSE:LFI) Monday reported sales and net income for
        the fiscal year ended March 31, 1996.  
        


            Net sales for the fourth quarter were $223.4 million compared to
        $245.1 for the quarter last year.  Net loss amounted to $7,895,000
        or $.26 a share as compared to a net loss of $5,049,000 or $.17 per
        share for the fourth quarter last fiscal year.  
        


            For the fiscal year, net sales amounted to $986.6 million, a
        decrease of 5.8% from $1,047.2 million for the prior fiscal year.  
        


            Net loss amounted to $23,753,000 or $.80 a share.  For the prior
        year, net income amounted to $2,386,000 or $.08 a share.  Operating
        income for the fiscal year amounted to $16.4 million as compared to
        $54.1 million the prior year.  
        


            During fiscal 1996, Levitz recorded restructuring charges
        totalling $9,000,000.  The restructuring plan included the
        elimination of six regional/divisional offices and centralized all
        buying, inventory management and advertising in Levitz' home office
        in Boca Raton, Florida.  The restructuring increased net loss by
        $5.8 million or $0.20 per share in fiscal 1996.  
        


            Michael Bozic, Chairman and Chief Executive Officer, stated:
        "Fiscal '96 was the toughest year in the company's history.  We are
        making progress on multiple fronts to invigorate the company's
        marketing and merchandising while simultaneously reducing our cost
        structure.  Obviously, our entire organization looks forward to an
        improved 1997."  
        


            Levitz is the largest specialty retailer of furniture in the
        United States, with a chain of 68 warehouse-showrooms and 66
        satellite stores located in major metropolitan areas in 26 states.



                      LEVITZ FURNITURE INC. AND SUBSIDIARIES
                       CONSOLIDATED STATEMENTS OF OPERATIONS

                     (Dollars in thousands except share data)
        
                          Three months ended       Twelve months ended
                               March 31,                March 31,
                          1996         1995         1996        1995
        
        Net sales            223,380      245,124      986,622    1,047,226
        
        Cost and Expenses
         Cost of sales       122,785      129,548      534,953      555,860
         SG&A                 90,209      103,691      397,041      408,746
         Restructuring exp.        0            0        9,000            0
         Depr. & amort.        7,188        7,324       29,272       28,484
                         -------      -------      -------      -------
                         220,182      240,563      970,266      993,090
        
        Operating income       3,198        4,561       16,356       54,136
        
        Int. expense, net     15,100       12,522       53,035       47,797
                         -------      -------      -------      -------
        Inc.(loss) before inc.
         taxes               (11,902)      (7,961)     (36,679)       6,339
        
        Inc. tax exp.
         (benefit)            (4,007)      (2,912)     (12,926)       2,387
                         -------      -------      -------      -------
        Net inc.(loss)
         before extraordinary
         items                (7,895)      (5,049)     (23,753)       3,952
        Extraordinary items,
         net of tax benefit
         of $983                   0            0            0       (1,566)
                         -------      -------      -------      -------
        Net income (loss)     (7,895)      (5,049)     (23,753)       2,386
        
        Earnings(loss) per
         common share:
         Inc.(loss) before
         extraordinary items   (0.26)       (0.17)       (0.80)        0.13
         Extraordinary item        0            0            0        (0.05)
                         -------      -------      -------      -------
        Net inc.(loss) per
         common share          (0.26)       (0.17)       (0.80)        0.08
        
        Weighted avg. number of
         common shares
         outstanding      29,664,791   29,620,628   29,664,791   29,620,628
        

CONTACT:  Levitz Furniture Inc., Boca Raton
                  Patrick J. Nolan,
                  Sr. Vice President Finance --
                  561/994-5151
        

ELCOTEL TO DELAY FILING FORM 10-KSB



    SARASOTA, Fla., July 1, 1996 -- Elcotel, Inc. (Nasdaq: ECTL),
a company that develops, manufactures and markets smart payphone
products and software for both domestic and international telephone
networks, announced today that it would not be filing its Annual Report
on Form 10-KSB for the fiscal year ended March 31, 1996, by its due date
of July 1, 1996 because of the inability to complete its financial
statements.


    As previously reported, on August 3, 1995, one of the Company's
customers, Amtel Communications, Inc., and four related entities filed
voluntary petitions for relief under Chapter 11 of the Bankruptcy Code.
On the date of the bankruptcy filing, Amtel owed the Company
approximately $3.2 million.  Amtel is in the process of preparing a new
plan of reorganization which would cover the proposed treatment of the
Company's claims against Amtel.  Because the Company does not yet know
the proposed treatment of its claims under such a plan (although it does
expect that such proposed treatment will result in a reduction of the
receivable from Amtel), the Company was unable to complete its financial
statements on a timely basis.  The Company believes that it will be able
to evaluate the proposed treatment of its claims under such
reorganization plan and complete its financial statements in time to
file its Form 10-KSB by July 16, 1996.


    CONTACT: Tracey L. Gray, President and COO of Elcotel, Inc.,
    941-758-0389; or Tom Ennis of Cameron Associates, 212-644-9560