TCR_Public/960718.MBX BANKRUPTCY CREDITORS' SERVICE, INC.


Bankruptcy News For:  July 18, 1996



  1. PINNACLE MICRO ANNOUNCES OFFSHORE PLACEMENT OF CONVERTIBLE NOTES...
  2. ROBINSON NUGENT, INC. MAKES ANNOUNCEMENT
  3. IMMUNEX REPORTS SECOND QUARTER RESULTS
  4. MARVEL 1996 PERFORMANCE UPDATE
  5. BANKRUPTCY COURT CONFIRMS CAMBRIDGE BIOTECH REORGANIZATION PLAN
  6. MODEL IMPERIAL FILES A VOLUNTARY CHAPTER 11 PETITION
  7. BRAUN'S FASHIONS REPORTS  ON 1st QUARTER AND FILES PLAN OF REORGANIZATION
  8. EAGLE-PICHER INDUSTRIES, INC. FILES SECOND AMENDED PLAN OF REORGANIZATION





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PINNACLE MICRO ANNOUNCES OFFSHORE PLACEMENT OF CONVERTIBLE NOTES; REPAYMENT TO LENDER OF OUTSTANDING LOAN


        


            IRVINE, Calif., July 18, 1996 - Pinnacle Micro, Inc.
        (Nasdaq: PNCL) today announced the sale of approximately $8 million
        of an aggregate of $10 million, less fees and expenses, of
        convertible notes through an offshore private placement.  The sale
        of the remaining balance of convertible notes and completion of
        closing documents is expected to occur on or before July 22, 1996.
        


            The Company used a portion of the proceeds received to payoff
        the Company's outstanding loan from Bank of America, and will use
        the remainder for working capital.  The Company had been operating
        pursuant to a forbearance agreement following Bank of America's
        declaration of a default, as previously announced.  The Company is
        actively engaged in negotiations for a replacement lender.
        


            "This is an important milestone for the Company and a
        significant step in our progress," said Roger Hay, chief financial
        officer.  "This placement indicates confidence on the part of the
        investors in the new management team, and in management's ability to
        accomplish its goals. In addition to obtaining needed capital, I am
        pleased to report that Vertex is now in full production and shipping
        in quantities sufficient to fulfill the backlog and current orders."
        


            Pinnacle Micro, Inc. is a recognized leader in recordable CD
        technology and optical storage systems for general data storage and
        data intensive applications such as network storage, imaging,
        desktop publishing and prepress, as well as emerging applications
        such as digital audio/video editing and commercial multimedia.
        Founded in 1987, Pinnacle Micro, Inc. is headquartered in Irvine, CA
        with offices in North America, Europe and the Pacific Rim.
        


CONTACT:  Megan Morrow, Investor Relations of Pinnacle Micro,
        800-553-7070, ext. 3114, or direct: 714-789-3114, or
        " target=_new>http://www.pinnaclemicro.com">http://www.pinnaclemicro.com



Robinson Nugent, Inc. makes announcement


        


            NEW ALBANY, Ind.  --  July 18, 1996  --  Robinson
        Nugent, Inc. (OTC:RNIC) announced that it anticipates a net loss for
        the fourth quarter and year ended June 30, 1996.
        


            The Company stated the following major reasons for the negative
        quarter:  lower revenues in the U.S. and Europe, severance and
        restructuring charges associated with a work force reduction, and
        additional equipment depreciation.
        


            Robinson Nugent, Inc. designs, manufacturers, and markets
        electronic connectors, integrated circuit sockets and cable
        assemblies.  Its products are sold throughout the world for use by
        manufacturers of computers, networks and telecommunications
        equipment, automobiles and industrial controls, and a wide variety
        of other products to interconnect components of electronic systems.
        


        CONTACT:  Robinson Nugent, Inc., New Albany
                  Larry W. Burke or Anthony J. Accurso, 812/945-0211



IMMUNEX REPORTS SECOND QUARTER RESULTS


        


            SEATTLE, July 18, 1996 - Immunex Corporation (Nasdaq:
        IMNX) today reported a net loss of $6.3 million, or 16 cents per
        share, for the quarter ended June 30, on total revenues of $41.6
        million.  In the second quarter of 1995, the company reported a net
        loss of $2.6 million, or seven cents per share, on total revenues of
        $39.2 million.
        


            In the first half of 1996, revenues increased seven percent, to
        $83.4 million from $78.1 million for the same period in 1995.  The
        company reported a net loss of $12.5 million in the six-month period
        of 1996, or 31 cents per share.  The loss included special charges
        of $1.5 million recorded in the first quarter.  Excluding these
        charges, the loss would have been $10.9 million, or 28 cents per
        share, which compares to a loss of $6.6 million, or 17 cents per
        share in the first half of 1995.
        


            "Over the past year, we have increased research investments in
        order to capitalize on opportunities with new and existing
        products," said Ed Fritzky, Immunex chairman and CEO.  "In keeping
        with the strategy of optimizing our research spending, we have
        announced a restructuring of the oncology research agreement with
        American Home Products."
        


            R&D expenses for the second quarter were $25.3 million, compared
        to $25.0 in the first quarter of 1996, and $20.6 million for the
        second quarter in 1995.
        


            As announced yesterday, research expenses under collaborative
        agreements are expected to decline beginning in the second half of
        1996, as a result of a revised oncology research and development
        collaboration between Immunex and its majority shareholder, American
        Home Products Corporation (AHP). Effective July 1, Immunex's
        obligations to contribute to discovery oncology research at AHP will
        be re-set at a maximum $16 million annual rate (adjusted for
        inflation in the years after 1996).  Immunex paid $13 million under
        the prior agreement for the first six months of 1996, and is
        projected to pay $8 million under the new agreements for the last
        six months of 1996.  Thus, Immunex's total contribution for 1996
        will be approximately $21 million, versus $26.1 million for the full
        year specified under the prior agreement. Immunex's contribution for
        1997 will be $16 million, plus 50 percent of shared development
        costs if an AHP oncology product is selected for clinical testing.
        The prior agreement called for Immunex to contribute up to $38.3
        million, provided that this amount was at least 50 percent of AHP's
        oncology research and development expenses.
        


            "Our research investments are focused on new opportunities,"
        said Fritzky.  "During the second quarter, Immunex launched the
        first Phase III trial with a new agent for rheumatoid arthritis, the
        TNF receptor. We also filed data with FDA seeking approval for
        Novantrone(R) (mitoxantrone) in the treatment of hormone refractory
        prostate cancer. FDA has stated that Novantrone would qualify for
        priority review of six months, since there is no currently approved
        chemotherapy for this indication."
        


            Sales, general and administrative expenses were $16.7 million in
        the second quarter compared to $14.6 million a year earlier.  The
        company has increased its investment in marketing and product
        promotion to capitalize on new claims and indications for existing
        products.
        


            Net sales of oncology products in the quarter increased to $35.3
        million from $34.4 million in the second quarter of 1995, and from
        $32.0 million in the first quarter of 1996.  Increased revenue was
        due primarily to increased shipments of Leukine(R) (sargramostim),
        the company's flagship biologic drug.  Net sales of Leukine were
        $13.1 million in the second quarter of 1996, compared to $10.7
        million in the first quarter of 1996 and $9.1 million for the second
        period in 1995.  In the current quarter, a new and convenient five-
        vial package was introduced.  Distributors increased inventories to
        stock the new package configuration.
        


            At the end of the first six months, cash and marketable
        securities totaled $40.8 million.


CONTACT:  Valoree Dowell or Robin Shapiro, of Immunex,
        206-587-0430



MARVEL 1996 PERFORMANCE UPDATE


        


            NEW YORK, July 18, 1996 - Marvel Entertainment Group,
        Inc. (NYSE: MRV) announced today that it had made significant
        progress during the first half of 1996 in implementing numerous
        strategic initiatives intended to strengthen and improve the results
        of its publishing and trading card businesses.  However, soft
        conditions in some markets and slower timing in realizing benefits
        from various restructuring programs and other new business
        activities have delayed the Company's anticipated improvement in
        performance.  Meanwhile, Toy Biz, Inc. continues on track.
        


            As a result, Marvel expects to report a loss of approximately
        ($0.11) per share for the second quarter ended June 30, 1996 as
        compared to a net loss of ($0.17) per share for the year ago
        quarter.  The Company added that it continues to foresee improved
        second half results. For the full year 1995, the Company reported a
        net loss of ($0.48) per share, but expects to return to
        profitability in 1996.  Results for the second quarter will be
        released in early August.
        


            Recently announced new business activities based on the
        continuing worldwide popularity of the Marvel characters include:
        


            Taken as a whole, the Company believes that it will begin to
        realize significant benefits from these developments in 1997.
        Looking further ahead, the Company expects to benefit from the
        Marvel theme park segment scheduled to open in 1999 as part of the
        expansion of Universal Studio's facility in Orlando, Florida.
        


            Marvel Entertainment Group, Inc. (NYSE: MRV) is a leading
        creator, publisher and distributor of youth entertainment products
        for domestic and international markets based on action adventure
        characters owned by Marvel, licenses from professional athletes,
        sports teams and leagues and popular entertainment characters owned
        by third parties.
        


            Forward Looking Statements: Statements in this news release
        which are not historical are forward-looking statements that involve
        risks and uncertainties.  Such statements include, without
        limitation, Marvel's expectation as to financial performance for the
        remainder of 1996.  In addition to factors that may be described in
        Marvel's Securities and Exchange Commission filings, the following
        factors, among others, could cause Marvel's financial performance to
        differ materially from that expressed in any forward-looking
        statements made by, or on behalf of, Marvel:  (i) the failure of fan
        interest in baseball to return to traditional levels prior to the
        1994 baseball strike, thereby negatively impacting the Company's
        baseball card business; (ii) continued weakness in the comic book
        market which can not be overcome by the Company's new editorial and
        production initiatives in comic publishing; (iii) continued weakness
        in the trading card market which can not be overcome by the
        Company's new initiative in trading card distribution; (iv) a
        decrease in the level of media exposure of the characters on which
        Marvel's animated television series are based, resulting in a
        corresponding decrease in Marvel's licensing revenues; and (v) the
        lack of continued commercial success of properties owned by major
        licensors which have granted Marvel licenses for its sports and
        entertainment trading card and sticker businesses.
        


CONTACT:  Media:  Terry Stewart, Executive Vice President of Marvel
        Entertainment Group, Inc., 212-696-0808; or Investor Relations:
        Gary Fishman or David Pasquale, Investor Relations, 212-685-6890k, for
        Marvel Entertainment Group



U.S. BANKRUPTCY COURT CONFIRMS CAMBRIDGE BIOTECH REORGANIZATION PLAN; AQUILA BIOPHARMACEUTICALS TO CONTINUE THERAPEUTIC PROGRAMS


        


            WORCESTER, Mass., July 18, 1996  --  Cambridge Biotech
        Corporation
(OTC BB: CBCXQ) (CBC) announced today that the U.S.
        Bankruptcy Court has confirmed the company' plan of reorganization
        under Chapter 11.  A new company, Aquila Biopharmaceuticals, Inc.,
        has been formed to advance the development and commercialization of
        CBC' therapeutic programs.  These therapeutic programs are focused
        on products which stimulate the immune system to treat infectious
        diseases and cancer.
        


            Final consummation of the reorganization plan, including the
        sale of CBC's remaining retroviral diagnostic operations and
        issuance of new stock in Aquila in exchange for CBC stock and claims
        against CBC, is scheduled to occur within 30 days.
        


            "We are excited about emerging from Chapter 11, and we are
        looking forward to building Aquila," said Alison Taunton-Rigby,
        Ph.D., President and CEO of Aquila (and of Cambridge Biotech).  "The
        court ruling allows us to focus fully on advancing our therapeutic
        programs.  These include the Stimulon(TM) family of adjuvants, led
        by QS-21, and our proprietary vaccines for tick-borne diseases,
        streptococcal infections and malaria, and in the animal health area,
        vaccines for feline leukemia, canine Lyme disease and bovine
        mastitis."
        


            On the consummation date, CBC will transfer to Aquila all of its
        assets, liabilities and intellectual property except for the
        retroviral diagnostic operations assets.  As previously announced,
        CBC will then be sold to bioMerieux Vitek, Inc., for $6.5 million
        cash.
        


            Aquila will be capitalized initially with 5 million shares of
        common stock.  The court set the reorganizathe creditors and class
        action shareholder s. Unsecured creditors who elected to receive
        cash will receive cash payments equal to 51 percent of their claims.
        Other unsecured creditors will receive shares of Aquila common stock
        of a value (at $9.50 per share) equal to 100 percent of their
        claims.  Under a previously announced settlement agreement relating
        to a shareholder class action, the settlement class will receive
        1.25 million shares of Aquila common stock representing 25 percent
        of the equity of Aquila.  In addition, Aquila shares will be
        distributed to employees under the court approved incentive plan to
        retain key employees during the Chapter 11 reorganization.
        


            Under the court approved plan, Aquila will offer rights to its
        shareholders to purchase units consisting of one share of Aquila
        common stock and a three year warrant to purchase one additional
        share of Aquila common stock.  The rights, which are transferable,
        will be exercisable for a 20-day period after the consummation date.
        


            Confirmation of the reorganization plan followed a hearing on
        July 15, during which the court overruled all objections to the plan
        confirmation and objections to the assumption and assignment of
        licenses and executory contracts.
        


            Cambridge Biotech Corporation, which filed for protection under
        Chapter 11 of the United States Bankruptcy Code on July 7, 1994, is
        a therapeutics and diagnostics company focusing on infectious
        diseases and cancer.  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 in the areas of tick-borne diseases,
        streptococcal infections, bovine mastitis and canine Lyme disease.
        Cambridge Biotech's remaining diagnostic business (to be sold to
        bioMerieux Vitek under the Chapter 11 plan) is primarily focused on
        retroviral and Lyme diseases.
        


            Statements in this release which relate to plans and objectives
        of management for future operations or which 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 & Chief Executive Officer
        of Cambridge Biotech Corp., 508-797-5777 or Robert Gottlieb, Senior
        Vice President of Feinstein Partners, Inc., 617-577-8110



MODEL IMPERIAL FILES A VOLUNTARY PETITION FOR PROTECTION UNDER CHAPTER 11 OF BANKRUPTCY CODE


       


            BOCA RATON, Fla., July 18, 1996 - Model Imperial, Inc.
        (OTC Bulletin Board: MODL) today announced that it had filed a
        voluntary petition seeking protection under Chapter 11 of the
        Bankruptcy Code. The voluntary petition was filed in the United
        States Bankruptcy Court for the Southern District of Florida.  The
        Company indicated that the Chapter 11 filing became necessary to
        allow the Company to continue operations while it attempts to
        reorganize, a process that was begun with the Company's secured
        lenders and trade creditors pursuant to a forbearance agreement
        entered into in April of this year.  The Company also announced that
        it intends to propose and confirm a plan of reorganization which
        will allow the Company to emerge from bankruptcy proceedings.
        


            The Company also announced that it had been unable to reach a
        definitive written agreement with Perfumania, Inc. incorporating the
        terms of a Letter of Intent between the Company and Perfumania, Inc.
        pursuant to which the Company was to sell a 51% equity interest to
        Perfumania.
        


            Model Imperial, Inc. is one of the largest wholesale
        distributors of brand-name fragrances in the United States.  The
        Company primarily distributes prestige fragrances, but also offers
        mass market fragrances and certain cosmetic and beauty care
        products, for men and women.  The Company is also one of the largest
        operators of licensed retail departments in the country with over
        650 retail locations throughout the U.S.  The Company's principal
        customers include many of the nation's leading mass merchants,
        discount retailers and drug store and supermarket chains, as well as
        numerous independent pharmacies and other specialty retailers.
        Model Imperial's fragrance and cosmetic distribution product line
        comprises approximately 4,000 individual brand- name items.
        


CONTACT:  Leonard Silverstein, Model Imperial, 407-241-8244/



BRAUN'S FASHIONS CORPORATION REPORTS FIRST QUARTER RESULTS AND FILES PLAN OF REORGANIZATION


        


            MINNEAPOLIS, July 18, 1996 - Braun's Fashions Corporation
        (Nasdaq-NNM: BFCI) today announced results for the first quarter
        ended June 1, 1996.  Sales were $21,504,000, down 2 percent from
        $21,967,000 for the same period last year.  Same store sales
        decreased 2 percent.  The net loss for the first quarter was
        $218,000 or $.06 per share, compared to a net loss of $659,000 or
        $.17 per share for the same quarter last year.

        
            The reduced first quarter loss was the result of significantly
        higher gross margins realized in all three months.  Sales, however,
        were adversely affected by an unseasonably cold spring.  Nicholas H.
        Cook, Chairman and Chief Executive Officer stated, "Our strategy at
        the end of last year to minimize our remaining inventory of fall and
        holiday merchandise paid dividends in the first quarter in the form
        of reduced markdowns and higher gross margins."
       


            The Company also reported that it has filed its Plan of
        Reorganization in the United States Bankruptcy Court for the
        District of Delaware.  This Plan of Reorganization follows the
        Chapter 11 petition filed with the Bankruptcy Court on July 2 and
        outlines the proposed terms and conditions for the treatment of the
        Company's various creditors as the Company attempts to emerge from
        bankruptcy.
        


            The Company has also begun final liquidation sales in the 39
        unprofitable store locations for which it has rejected leases under
        the provisions of Chapter 11.  Further, negotiations have been
        initiated with landlords to restructure lease terms of certain
        remaining stores which very likely will result in additional store
        closings where landlords are unwilling to modify lease terms.
        


            Mr. Cook further noted, "As predicted, the early filing of our
        Plan of Reorganization and our move to restructure our store
        organization are clear indications of our desire to emerge quickly
        from Chapter 11 as a strong and financially viable corporation."
        


            Braun's Fashions Corporation based in Minneapolis, Minn. is a
        regional retailer of women's fashions that currently operates 219
        stores in 22 states, primarily in the Midwest and Pacific Northwest.
        



                           Braun's Fashions Corporation
                               Financial Highlights

                 (Dollars in thousands, except per share amounts)
                                   (Unaudited)
        
                                              Three Months Ended
        
                                          June 1, 1996    May 27, 1995
        Net sales                            $21,504         $21,967
        
        Net income (loss)                    $  (218)        $  (659)
        
        Net Income (loss) per common share(a)$ (0.06)        $ (0.17)
        
                                              Three Months Ended
                                               % of                   % of
                               June 1, 1996   Sales   May 27, 1995   Sales
        
        Net sales                  $ 21,504   100.0       $ 21,967   100.0
        Cost of sales                14,798    68.8         15,867    72.2
        Gross profit                  6,706    31.2          6,100    27.8
        Selling, general and
         administrative               5,936    27.6          6,066    27.6
        Depreciation and amortization   763     3.6            786     3.6
        Operating Income (loss)           7     0.0           (752)   (3.4)
        Interest, net                   359     1.6            310     1.4
        Income (loss) before
         income taxes                  (352)   (1.6)        (1,062)   (4.8)
        Income tax provision (benefit) (134)   (0.6)          (403)   (1.8)
        Net income (loss)             $(218)   (1.0)         $(659)   (3.0)
        Net income (loss) per
         common share (a)            $(0.06)     --         $(0.17)     --
        

            (a)  Based on the weighted average number of outstanding shares
        of common stock and common stock equivalents of 3,793,312 for the
        period ended June 1, 1996 and 3,791,272 for the period ended May 27,
        1995.
        


CONTACT:  Stephen W. Clark, Vice President and Chief Financial
        Officer of Braun's Fashions, Inc., 612-551-5106



EAGLE-PICHER INDUSTRIES, INC. FILES SECOND AMENDED PLAN OF REORGANIZATION


        


            CINCINNATI, July 18, 1996 - Eagle-Picher Industries, Inc.
        (OTC: EPIHQ.U) today announced that a Second Amended Consolidated
        Plan of Reorganization (the "Plan") was filed late in the day of
        July 17, 1996.
        


            The previous plan that was filed on April 9, 1996 provided that
        each holder of a prepetition general unsecured claim (including
        environmental claims) would receive its pro rata share of the cash,
        notes, and stock to be distributed under the plan to all such
        claimants and to a trust to be established to satisfy all present
        and future asbestos and lead-related personal injury claims against
        the Company.  The Plan provides that each holder of a prepetition
        general unsecured claim will receive its pro rata share of the value
        of the aggregate consideration, which consists of cash, notes and
        stock of the reorganized company (the "Distribution Value"), to be
        distributed under the Plan to holders of general unsecured claims,
        environmental claims, asbestos and lead personal injury and asbestos
        property damage claims.  Each such holder shall have the option of
        receiving the amount of such pro rata share as follows: (a) 1/2 of
        such pro rata share in cash and 1/2 of such pro rata share in notes
        with a three year maturity; or (b) 1/6 of such pro rata share in
        cash, 1/2 of such pro rata share in notes with a three year
        maturity, and 1/3 of such pro rata share in stock of the reorganized
        Company.
        


            The Plan also modifies the consideration to be distributed to a
        trust that will be established to resolve and satisfy asbestos
        property damage claims.  That trust will receive $3 million in cash
        if the class of asbestos property damage claims accepts the Plan.
        If the class rejects the Plan, however, the aggregate value of
        asbestos property damage claims will be estimated and, based on such
        estimated amount, the trust will receive its pro rata share of the
        Distribution Value in the form of debentures of the reorganized
        Company having a ten year maturity.
        


            Pursuant to the Plan the trust to be established to resolve and
        satisfy all asbestos and lead-related personal injury claims will
        receive all of the Distribution Value that is not distributed to
        other claimants.
        


            Based on the decision of the Bankruptcy Court (which currently
        is on appeal) which estimated the Company's liability with respect
        to present and future asbestos-related personal injury claims at
        approximately $2.5 billion, and the Company's estimate that all
        other prepetition unsecured claims aggregate approximately $157
        million, the Company estimates that the percentage of the
        Distribution Value that will be distributed to the trust established
        to resolve and satisfy asbestos and lead-related personal injury
        claims will be approximately 94% and the percentage of the
        Distribution Value that will be distributed with respect to other
        prepetition general unsecured claims will be approximately 6%.
        


            As was the case with the previous plan, the Company's equity
        security holders will receive no distribution under the Plan and
        their shares will be cancelled.
        


CONTACT:  J. Rodman Nall of Eagle-Picher Industries, 513-721-7010