TCR_Public/960813.MBX BANKRUPTCY CREDITORS' SERVICE, INC.


Bankruptcy and Troubled Company News


August 13, 1996



  1. Coventry Corp. reports 2nd quarter results
  2. Tom Brown, Inc. reports second quarter results
  3. Piper Jaffray Inc. announces agreement in Bonneville Pacific litigation
  4. Bankruptcy court orders confirmation of plan of reorganization for Elsinore
  5. Sam & Libby, Inc. reports 2nd quarter results
  6. Fleming/Megafoods Settlement Agreement Approved By Court
  7. Hollywood Park Announces Second Quarter Results





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COVENTRY CORPORATION REPORTS SECOND QUARTER RESULTS


        


        NASHVILLE, Tenn.  --  Aug. 13, 1996 --
         


        SECOND QUARTER HIGHLIGHTS:
         


            Coventry Corporation (Nasdaq/NM:CVTY) reported operating results
        for the second quarter and six months ended June 30, 1996.  
        


            For the second quarter ended June 30, 1996, revenues totaled
        $257.7 million, a 23.4% gain over the prior year's $208.9 million.
        Net loss was $8.5 million, or $0.26 per share, compared with net
        earnings of $2.2 million, or $0.07 per share, for the prior year.  
        


            The Company's quarterly results were impacted by recognized
        charges of approximately $9.9 million, or $0.18 per share, relating
        to a provision for losses on multi-year contracts in the St. Louis
        market and an accrual for a related settlement with the U.S. Office
        of Personnel Management.  The contracts giving rise to the loss
        provision were the subject of discussions through mid-July, at which
        time efforts to modify the premium or benefit structure were
        determined to be unfruitful.  In addition, at quarter end, the
        Company recognized a charge of approximately $2.7 million, or $0.05
        per share, primarily related to the curtailment of Medicaid
        development in non-core markets.  
        


            In addition, total medical costs as a percentage of premium
        revenue increased to 87.9% compared to 82.4% in the same period last
        year.  In particular, increased pharmacy and outpatient services
        costs, resulting from increases in utilization and pricing,
        contributed to rising medical loss ratios in each operating region.
        


            For the first six months of 1996, revenues were $494.7 million,
        up 18.2% over prior year revenues of $418.5 million.  Net loss was
        $9.5 million, or $0.29 per share, compared with net earnings of
        $12.0 million, or $0.37 per share, in the year earlier period.
        Excluding the charges for multi-year contracts, Medicaid development
        costs and termination costs recognized in the first and second
        quarters, net earnings would have been $1.1 million, or $0.04 per
        share.  
        


            As a result of the operating loss and other charges recognized
        during the quarter, the Company currently is in violation of a
        covenant calculation in its credit facility and is negotiating an
        amendment to the terms of the facility that would include a waiver
        of the default.  
        


            The Company continued to realize increases in enrollment,
        particularly with respect to its Medicaid and Medicare initiatives.
        The Company announced that, as of June 30, 1996, enrollment in the
        Company's health plans increased by 218,900 members, or 35.0% over
        the prior year, to 844,900.  During the same period, HMO and at-risk
        enrollment grew by 154,000, or 28.3%.  At quarter end, membership in
        government programs totaled 120,400, comprised of 107,100 Medicaid
        and 13,300 Medicare-risk members.  
        


            Also, Coventry is making progress in reducing its selling,
        general and administrative (SG&A) expenses.  In the quarter ended
        June 30, 1996, SG&A, excluding the charges previously discussed,
        declined 3.5% on a per member basis.  The Company indicated that
        this favorable SG&A trend is due to ongoing administrative
        restructuring and cost-cutting measures.  
        


            Lawrence N. Kugelman, interim president and chief executive
        officer of Coventry Corporation, said, "Our financial results were
        adversely affected by certain charges as well as by increases in
        some medical cost components.  We believe we are continuing to make
        progress in the recontracting of medical services, and we continue
        to post significant enrollment gains.  Although the benefits of
        streamlining our company and the cost-cutting initiatives are
        expected to increase in the third and fourth quarters, the effects
        realized in the second quarter were not sufficient to offset higher
        utilization of outpatient medical services and higher pharmacy
        costs. We believe we are now and have been focused on the correct
        items operationally."  
        


            During the second quarter, Coventry Corporation and Southwest
        Integrated Delivery Network (SIDN) announced that a strategic
        agreement recently consummated by HealthAmerica, a Coventry
        Corporation subsidiary, and SIDN to serve Medicare HMO members was
        expanded to include up to 70,000 commercial HMO members.  This
        contract, which went into effect July 1, 1996, is expected to reduce
        certain medical costs for the third and fourth quarters, improve
        access and enhance patient care management and outcomes.  Coventry
        is currently negotiating additional similar arrangements in
        Pittsburgh, as well as in St.  Louis and Central Pennsylvania, which
        are anticipated to be effective later in the year or first quarter
        of 1997 and cover a significantly larger portion of the membership.
        


            In closing, Mr. Kugelman said, "We continue to seek to operate
        more efficiently and to focus our operational objectives, which
        include global capitation of medical costs, capitation of
        specialists and ancillary services, improved health center
        operations, controlling SG&A costs and expanding Medicare and
        Medicaid products in our core markets.  We are pleased with our
        improvement in controlling our selling, general and administrative
        expenses.  We believe we are on the right track and focused on the
        right issues, we are making progress, and we remain very optimistic
        about our company and the managed care industry."  
        


            Coventry Corporation, headquartered in Nashville, Tennessee, is
        a managed health care company that provides a wide range of health
        benefits and services to a broad cross section of employer and
        government-funded groups in Pennsylvania, Ohio, West Virginia,
        Missouri, Illinois, Virginia and Florida.  The Company operates from
        regional headquarters in Pittsburgh and Harrisburg, Pennsylvania;
        St. Louis, Missouri; Richmond, Virginia; and Jacksonville, Florida.
        


            This press release contains forward-looking information.  The
        forward-looking statements are made pursuant to the safe harbor
        provisions of the Private Securities Litigation Reform Act of 1995.
        Forward-looking statements may be significantly impacted by certain
        risks and uncertainties described herein and in the Company's Annual
        Report on Form 10-K filed with the Securities and Exchange
        Commission for the year ended December 31, 1995.


        
                           COVENTRY CORPORATION
                       Unaudited Financial Highlights
             (In thousands, except per share and membership data)
         
                            Three Months Ended       Six Months Ended
                                June 30,                 June 30,
                                         Percent                    Percent
                         1996     1995   Change     1996     1995   Change
        Operating
         revenues         $257,737  $208,868   23.4%  $494,674 $418,520
        18.2%
        Operating earnings
         (loss)           $(14,346) $  4,764 (401.1%) $(17,118)  21,017
        (181.4%)
        Earnings (loss)
         before income
         taxes and minority
         interests        $(14,265) $  5,216 (373.5%) $(15,863) $21,907
        (172.4%)
        Net earnings
         (loss)           $ (8,528) $  2,177 (491.7%) $ (9,496) $12,047
        (178.8%)
        Earnings (loss)
         per share        $  (0.26) $   0.07 (471.4%) $  (0.29) $  0.37
        (178.4%)
        Weighted average
         number of common
         and common
         equivalent shares
         outstanding        33,041    32,157    2.7%    32,947   32,162
        2.4%
         
                            COVENTRY CORPORATION
                        UNAUDITED FINANCIAL HIGHLIGHTS
         
                                              June 30,             
                                           1996      1995    % Change
        Total enrollment by market:
        Western Pennsylvania              292,882   248,621    17.8%
        Central Pennsylvania              224,297   150,009    49.5%
        St. Louis/1                       233,623   138,845    68.3%
        Richmond                           68,913    61,523    12.0%
        Jacksonville                       25,234    27,094    (6.9%)
            Total                         844,949   626,092    35.0%
        
        Risk enrollment by market:
        Western Pennsylvania              248,960   223,734    11.3%
        Central Pennsylvania              154,424   114,382    35.0%
        St. Louis/1                       210,617   126,976    65.9%
        Richmond                           58,161    51,245    13.5%
        Jacksonville                       25,234    27,094    (6.9%)
            Total                         697,396   543,431    28.3%  
        Non-risk enrollment                   147,553    82,661    78.5%
            Total                         844,949   626,092    35.0%
         
        Total enrollment by product:
        Commercial HMO                    421,676   420,737      - %
        Commercial POS                    155,340    95,600    62.5%
        Medicare risk                      13,284        -       - %
        Medicaid                          107,096    27,094   295.3%
        Non-risk                          147,553    82,661    78.5%
            Total                         844,949   626,092    35.0%
         
        1/ St. Louis enrollment includes Medicaid enrollment.
        
                            COVENTRY CORPORATION
                     CONSOLIDATED STATEMENTS OF OPERATIONS
                 (amounts in thousands except per share data)
         
                               Three Months Ended        Six Months Ended    
                                     June 30,                 June 30,        
                                1996         1995        1996         1995   
         
        Operating revenues:
         Managed care premiums $   254,012  $   206,802 $   487,675  $
        414,309
         Management services         3,725        2,066       6,999
        4,211
          Total operating revenues 257,737      208,868     494,674
        418,520
                                                  
        Operating expenses:
         Health benefits           223,343      170,348     422,644
        335,221
         Selling, general and
          administrative            35,592       27,697      66,946
        53,074
         Depreciation and
          amortization               4,146        3,809       7,997
        6,958
         Termination and
          related costs                759         -          5,962
        -   
         Provision for multi-year
          contracts                  8,243         -          8,243
        -   
         Merger costs                 -           2,250
        -           2,250
          Total operating
           expenses                272,083      204,104     511,792
        397,503
                                                  
        Operating earnings (loss)  (14,346)       4,764     (17,118)
        21,017
        Other income, net of
         interest expense               81          452       1,255
        890
        Earnings (loss) before
         income taxes and
         minority interest         (14,265)       5,216     (15,863)
        21,907
        Provision for
         (benefit from)
         income taxes               (5,715)       3,054      (6,345)
        9,875
        Minority interest in
         earnings (loss) of
         consolidated subsidiary,
         net of income tax             (22)         (15)        (22)
        (15)
         
        Net earnings (loss)    $    (8,528) $     2,177 $    (9,496) $
        12,047
         
        Net earnings (loss)
         per common and
         common equivalent
         share                 $     (0.26) $      0.07 $     (0.29) $
        0.37
         
        Weighted average number
         of common and common
         equivalent shares
         outstanding                33,041       32,157      32,947
        32,162
         
                                COVENTRY CORPORATION
                        CONDENSED CONSOLIDATED BALANCE SHEETS
                             (amounts in thousands)
         
                                            June 30,      December 31,
                                              1996           1995    
                                          (Unaudited)
        ASSETS:
        Current assets:
         Cash and short term investments     $      89,956 $      85,843
         Other current assets                       70,528        57,593
          Total current assets                     160,484       143,436
        Long-term investments                       65,642        68,258
        Other long-term assets                     207,920       173,981
          TOTAL ASSETS                       $     434,046 $     385,675
        
        LIABILITIES AND STOCKHOLDERS' EQUITY:
        Current liabilities:
         Medical claim liabilities           $     107,123 $      92,160
         Other current liabilities                  73,857        64,103
          Total current liabilities                180,980       156,263
        Long-term liabilities                      101,894        75,561
          Total liabilities                        282,874       231,824
        Stockholders' equity                       151,172       153,851
           TOTAL LIABILITIES AND
        STOCKHOLDERS' EQUITY             $     434,046 $     385,675
        

        CONTACT:  Conventry Corporation, Nashville -
                  Richard H. Jones, 615/391-2448 or
                  Scott Whitaker, 615/231-1159             
        

Tom Brown, Inc. reports second quarter results


        


            MIDLAND, Texas  --  Aug. 13, 1996  --  Tom Brown, Inc.
        (NASDAQ:TMBR) today reported net income of $1,012,000 or $.05 per
        share on revenues of $14,071,000 for the second quarter of 1996
        compared to net income of $273,000 or $.02 per share on revenues of
        $9,162,000 for the second quarter of 1995.  The Company's cash flow
        was $6.7 million for the three months ended June 30, 1996 as
        compared to $3.3 million for the comparable period in 1995, a 103%
        increase.
        


            The Company's natural gas production reached a record level of
        4,347 million cubic feet ("MMcf") for the three months ended June
        30, 1996 as compared to 2,781 MMcf for the comparable period in
        1995, which represents a 56% increase.  Oil production for the three
        months ended June 30, 1996 increased 16% to 123 thousand barrels
        ("MBbls") as compared to 106 MBbls for the same period in 1995.
        


            The Company announced on June 24, 1996 that an Exploration
        License Agreement with the Eastern Shoshone and Northern Arapaho
        Tribes of the Wind River Indian Reservation had been executed, and,
        when combined with existing option and undeveloped acreage, the
        Company now controls approximately 1,043,000 gross (644,000 net)
        acres located in the Wind River Basin of central Wyoming.  The
        license agreement covers in excess of 300,000 gross acres and
        contains two Exploration Option Agreements for a maximum of 150,000
        gross acres each.  The Company has a 60 percent working interest in
        this agreement.  Each agreement provides for specific work
        commitments by the Company and its partners.  Additionally, the
        Company has 28,000 gross (14,500 net) developed acres in the basin.
        


            The Company announced in mid-July 1996 that it had established a
        significant position in the Cotton Valley Pinnacle Reef Trend in the
        East Texas Salt Basin.  The Company currently controls approximately
        50,000 gross (37,000 net) acres in two large blocks within the
        trend. The success of 3-D seismic surveys in this trend has created
        one of the most prolific onshore exploration plays in the contiguous
        48 states.  Among recently completed wells by other operators in
        this trend are individual wells producing at rates of up to 28
        million cubic feet of gas per day with estimated reserves of up to
        75 billion cubic feet.  The Company has identified over forty 2-D
        seismic anomalies which are potential pinnacle reefs in two prospect
        areas and has contracted for an 80 square mile 3-D survey to be
        conducted in one of these prospect areas later this year.  Drilling
        should commence during the first half of 1997.  The Company expects
        to retain approximately 60 percent of the working interest ownership
        in these prospect areas and is currently seeking a partner.
        


            On Aug. 6, 1996, the Company announced that it executed a
        definitive agreement with Presidio Oil Company for the acquisition
        of Presidio for $183 million, which is comprised of approximately
        $101 million of cash and 5 million shares of the Company's Common
        Stock (approximately 2.677 million shares after deducting the
        portion representing the Company's previous investment in the
        Presidio Gas Indexed Notes) valued at $16.50 per share, plus the
        assumption of certain liabilities.  The transaction would be
        consummated through a Chapter 11 bankruptcy proceeding which was
        filed by Presidio on Aug. 5, 1996.  The Company's obligation to
        consummate the transaction is conditioned upon, among other things,
        the receipt of a final bankruptcy court confirmation order approving
        the transaction by Nov. 15, 1996.
        


            Tom Brown, Inc. is an independent energy company engaged in the
        domestic exploration for, and the acquisition, development,
        production and sale of natural gas and crude oil.  Its stock is
        traded in the over-the-counter market and appears on the NASD
        National Market system under the symbol "TMBR."
        



                       Tom Brown, Inc. and Subsidiaries
                 Consolidated Statements of Operations (Unaudited)
        
                       Three Months Ended        Six Months Ended
                      June 30     June 30      June 30      June 30
                       1996         1995         1996         1995
        Revenues:
        Gas and oil
         sales         $ 8,324,000  $ 5,187,000  $16,757,000  $10,121,000
        Marketing, gathering
         and processing  5,635,000    3,708,000   10,289,000    7,980,000
        Interest income
         and other         112,000      267,000      230,000      489,000
        Total revenues  14,071,000    9,162,000   27,276,000   18,590,000
        Costs and expenses:
        Gas and oil
         production      1,648,000    1,189,000    3,087,000    2,280,000
        Taxes on gas and
         oil production    477,000      476,000    1,174,000    1,048,000
        Cost of gas
         sold            3,835,000    3,129,000    7,486,000    6,858,000
        Exploration
         costs             515,000      380,000      926,000    1,948,000
        Impairments of
         leasehold costs     2,000      198,000       67,000      344,000
        General and
         administrative  1,403,000    1,018,000    2,757,000    2,026,000
        Depreciation,
         depletion and
         amortization    3,980,000    2,386,000    7,697,000    4,706,000
        Writedown of
         properties              -            -            -    8,368,000
        Interest expense    10,000       27,000       17,000       27,000
        Total costs and
         expenses       11,870,000    8,803,000   23,211,000   27,605,000
        Income (loss)
         before income
         taxes           2,201,000      359,000    4,065,000   (9,015,000)
        Income tax provision:
        Recognition of
         deferred tax
         asset                   -            -            -   13,967,000
        Income tax
         expense           752,000       86,000    1,386,000      149,000
        Net income     $ 1,449,000  $   273,000  $ 2,679,000  $ 4,803,000
        Preferred stock
         dividend      $   437,000  $         -  $   797,000  $         -
        Net income
         available to
         common
         shareholders  $ 1,012,000  $   273,000  $ 1,882,000  $ 4,803,000  
        Weighted average
         number of
         common shares
         outstanding    21,121,775   15,536,860   21,117,484   16,195,448
        Net income per
         common share  $       .05  $       .02  $       .09  $       .30
        Natural gas
         production
         (MMcf)              4,347        2,781        8,221        5,330
        Crude oil  
         production
         (MBbls)               123          106          258          200
        Average natural
         gas sales price
         ($/Mcf)       $      1.32  $      1.18  $      1.45  $      1.25
        Average crude oil
         sales price
         ($/Bbl)       $     20.90  $     18.06  $     18.80  $     17.18


        CONTACT:  Tom Brown, Inc., Midland
                  Donald L. Evans, 915/682-9715


PIPER JAFFRAY INC.
ANNOUNCES $10 MILLION SETTLEMENT AGREEMENT IN BONNEVILLE PACIFIC LITIGATION


        


            MINNEAPOLIS, MN  -- Aug. 13, 1996  --  Piper Jaffray Inc.,
        the major subsidiary of Piper Jaffray Companies Inc. (NYSE: PJC),
        today announced that it has reached a $10 million agreement to
        settle litigation (Segal v. Portland General et al.) brought on
        behalf of the bankruptcy trustee for Bonneville Pacific Corporation.
        


            The terms of the settlement call for a payment of $7 million
        within seven days of the dismissal of the litigation by the U.S.
        District Court or by Sept. 9, 1996, whichever is later.  Two
        additional payments of $1.5 million each will be made in September
        1997 and September 1998.  
        


            Piper Jaffray's involvement with Bonneville Pacific relates to
        public offerings of that company's securities between 1986 and 1989.
        Bonneville Pacific filed for Chapter 11 bankruptcy in 1991 and Piper
        Jaffray was one of more than 100 named defendants in the Bankruptcy
        Trustee's complaint.  The Trustee's revised damages study of March
        31, 1996, sought $573 million in damages.  Other defendants in the
        Bonneville Pacific litigation also have settled, including Deloitte
        & Touche for $65 million; the Mayer Brown law firm for $30 million
        and the Perkins Coie law firm for $12.75 million.  
        


            The Company has decided to settle all disputes with the Trustee
        to avoid the associated risks, uncertainty and expenses of
        litigation.  
        


            "We're pleased to put this aspect of the litigation behind us,"
        said Addison L. Piper, chairman and chief executive officer of Piper
        Jaffray Companies.  "We have adequate reserves to provide for this
        settlement and there should be no impact on our earnings or the net
        capital position of our broker/dealer."  
        


            The settlement agreement requires approval by the Bankruptcy
        Court and the U.S. District Court.  
        


            Piper Jaffray continues to be a defendant, along with other
        underwriters, accountants and attorneys, in a purported class action
        related to Bonneville Pacific's debt and equity underwritings and
        secondary trading of its stock.  Piper Jaffray and the other
        defendants' motion to dismiss that case is still pending.  No
        damages have been specified.  
        


            Piper Jaffray Companies Inc. was founded in 1895 and has built a
        reputation as one of the nation's premier full-service investment
        companies.  Piper Jaffray Companies is the parent company of Piper
        Jaffray Inc., an investment firm with 78 retail sales offices in 17
        Midwest, Mountain, Southwest and Pacific Coast states and capital
        markets offices in 15 cities.  Other subsidiaries include Piper
        Capital Management Incorporated, a money management company with
        approximately $9 billion under management; and Piper Trust Company,
        a provider of trust services to individuals and institutions.  Piper
        Jaffray Inc. is a member of SIPC, the New York Stock Exchange and
        other major stock exchanges.  For more information about Piper
        Jaffray Companies, visit our home page on the Internet at
        http://www.piperjaffray.com." target=_new>http://www.piperjaffray.com">http://www.piperjaffray.com.
        


        CONTACT: Marie Uhrich
                 612/342-6583


        

Bankruptcy court orders confirmation of plan of reorganization for Elsinore


        


            LAS VEGAS, NV  --  Aug. 13, 1996  --  Elsinore Corp.
        (ASE/PSE:ELS) Tuesday announced that on Aug. 8, 1996, in the Chapter
        11 proceedings of Elsinore and a number of subsidiaries pending in
        the U.S. Bankruptcy Court for the District of Nevada, the Bankruptcy
        Court entered an order (the "Confirmation Order") confirming a
        modified plan of reorganization for Elsinore and certain of the
        other debtors.
        


            The plan was proposed jointly by the Elsinore Debtors and by an
        unofficial committee of the 1993 noteholders in the cases (the
        "Bondholders Committee").  The plan that was confirmed on Aug. 8,
        1996, differs in certain respects from the prior versions of the
        plan that were the subject of previous releases.  The modified plan,
        which the Bankruptcy Court confirmed, results from an agreement
        among various junior parties which had objected to plan
        confirmation.  
        


           The confirmed plan contemplates the ongoing operation of Elsinore
        and at least three of its subsidiaries, Four Queens Inc. ("FQI"),
        Elsub Management Corp. ("Elsub") and Palm Springs East Limited
        Partnership ("PSELP").  The plan calls for a restructuring of the
        debts of the Elsinore entities, and it calls for a redistribution of
        equity interests in the companies.
        


            Creditors and former shareholders of Elsinore, FQI, Elsub and
        PSELP will receive the distributions provided under the plan as
        modified by the Confirmation Order that was entered by the
        Bankruptcy Court on Aug. 8, 1996.  Distributions will be made out of
        cash flow generated by the ongoing operations of the businesses,
        supplemented by a $5 million rights offering and the issuance of
        stock in the reorganized companies which is called for under the
        plan.
        


            The plan also calls for a change in management for the
        reorganized Debtors.  Effective at noon on Aug. 12, 1996, Elsinore
        has entered into an Interim Management Agreement with Riviera Gaming
        Management Corp.-Elsinore Inc.  to manage the business operations of
        the Debtors subject to direction of the existing board of directors
        for the companies.
        


            When the plan eventually becomes fully effective (which is
        expected to occur before the end of the year), the existing board of
        directors will be reconstituted with new directors, four of whom
        will be chosen by the Bondholders Committee and one of whom will be
        chosen by the Equity Committee appointed in the case (with input
        from other creditor constituencies in the cases.)
        


                In summary, the plan provides for the following:  Elsinore's
        1994 noteholders will retain their lien interests as collateral for
        repayment of approximately $3.8 million in outstanding principal,
        accrued interest, costs and fees, which will be paid over four years
        with interest at a rate of 11.5 percent per annum.
        


            Elsinore's 1993 noteholders (represented largely by the
        Bondholders Committee) will receive at least 87.5 percent of the new
        common stock (and a corresponding percentage of the rights offering)
        in reorganized Elsinore in exchange for a reduction in their secured
        claims from approximately $61 million to $30 million.  The $30
        million secured claim of the 1993 noteholders will be paid over five
        years with interest at a rate of 13.5 percent per annum.  
        


            Unsecured creditors who hold claims of $500 or less will receive
        payment in full on the effective date of the plan which is expected
        to occur before the end of the year.  Larger general unsecured
        creditors will receive pro rata recoveries from a fund of
        approximately $1.4 million which will be paid out over three years
        following the effective date of the plan.
        


            In addition, general unsecured creditors of Elsinore will
        receive on a pro rata basis 1 percent of the new common stock in
        reorganized Elsinore, and general unsecured creditors of FQI will
        receive on a pro rata basis 2.5 percent of the new common stock and
        a 2.5 percent participation in the rights offering for reorganized
        Elsinore.  
        


            The IRS will receive full payment of its secured claim with
        interest at 8 percent over 4 years, and the IRS will receive in
        respect of its unsecured claim proportionately the same type of
        recovery which is provided for larger general unsecured creditors in
        the case.  In addition, the IRS will receive 1.9 percent of the new
        common stock to be issued in reorganized Elsinore.  
        


            Elsinore's convertible subordinated noteholders, who hold claims
        of approximately $1.5 million, will receive on a pro rata basis up
        to 3.5 percent of the new common stock plus a 3.5 percent
        participation interest in the rights offering for reorganized
        Elsinore.  Finally, the old shareholders of Elsinore will receive on
        a pro rata basis 3.6 percent of the new common stock and a 6.5
        percent participation interest in the rights offering.
        


            Under the plan, the Bondholders Committee has guaranteed a 100
        percent subscription for the $5 million rights offering.  If,
        pursuant to its guaranty, the Bondholders Committee is required to
        subscribe to more than 87.5 percent of the rights offering, then the
        Bondholders will receive a higher percentage of the new common stock
        issued in reorganized Elsinore, and the stock recoveries of the
        general unsecured creditors, the IRS, the convertible noteholders
        and the old shareholders will be diluted in a corresponding amount.
        


            While Elsinore's senior management, Thomas E. Martin, president
        and chief executive officer, and Frank L. Burrell Jr., chairman of
        the board, will cease to be employees of the corporation, the
        balance of jobs for the 1,000 or so employees of Elsinore and its
        subsidiaries (including FQI) will be unaffected by confirmation of
        the modified plan.  
        


            Trading in the company's common stock continues to be halted by
        the American Stock Exchange and by the Pacific Stock Exchange.  As
        previously reported, Elsinore intends to pursue a reactivation of
        its listings with the American Stock Exchange and the Pacific Stock
        Exchange so that the new common stock in reorganized Elsinore can be
        traded publicly following the effective date of the plan.
        


            There can be no assurance that the listing on the American Stock
        Exchange and the Pacific Stock Exchange will be continued.  
        


            Elsinore, through a subsidiary, owns and operates the Four
        Queens Hotel and Casino, a downtown Las Vegas hotel and casino
        offering 690 rooms, meeting facilities, four restaurants, 1,050 slot
        machines and numerous blackjack, craps and other table games.  
        


            For information on Elsinore Corp. via facsimile at no cost,
        simply call 800/PRO-INFO and dial company code 177.  
        



        CONTACT:  Elsinore Corp., Las Vegas
                  Thomas E. Martin, 702/387-5110
                      or
                  Financial Relations Board, Los Angeles
                  Daniel Saks, 310/442-0599



SAM & LIBBY, INC. REPORTS FISCAL 1996 SECOND QUARTER RESULTS


        


            NEW YORK  --  August 13, 1996  --  Sam & Libby, Inc.
        today reported its financial results for the second quarter and six
        months ended June 29, 1996.  
        


            Net revenue was $5,353,000 for the fiscal 1996 second quarter,
        compared with $11,772,000 for the same period of fiscal 1995.  The
        net loss for the recent quarter was $2,767,000, or $0.24 per share,
        versus net income of $505,000, or $0.04 per share, in the comparable
        fiscal 1995 quarter.  
        


            For the first six months of fiscal 1996, net revenue was
        $17,310,000, compared with $22,230,000 for the year-ago period.  The
        net loss for the recent six months was $2,160,000, or $0.19 per
        share, compared with net income in the first six months of fiscal
        1995 of $861,000, or $0.08 per share.  
        


            The reduction in net revenue for the fiscal 1996 second quarter
        was primarily the result of weak customer reception to the Company's
        product line, and lower levels of production due to financing
        constraints.  Profitability was adversely impacted by off-price
        sales and markdowns to reduce inventory position, and to the lower
        level of sales.  
        


            As previously reported, Sam & Libby signed a letter of intent
        with Maxwell Shoe Company Inc.  (Nasdaq:MAXS) under which the
        Company plans to sell the worldwide rights to Sam & Libby's
        trademarks and tradenames for approximately $5.5 million.  The
        transaction is currently expected to close in the third quarter of
        calendar 1996.  Sam & Libby is continuing to market and sell
        existing inventory and to ship Fall 1996 orders under the Sam &
        Libby name through October 1996.  
        


            The Company stated that it has not decided on the nature of its
        future operations subsequent to the transaction with Maxwell.
        However, it is considering various investment alternatives, such as
        either acquiring a business or commencing a new business.  Sam &
        Libby's continued existence is dependent upon the successful
        completion of the sale of its trademark and its ability to maintain
        sufficient liquidity during 1996.  The Company also noted that it
        has net operating loss carryforwards at December 30, 1995 of
        approximately $18.7 million for Federal income tax purposes expiring
        between 2007 and 2010.  
        


            Also as previously reported, Sam & Libby, Inc.  has completed a
        financial restructuring of certain prior debts owed to two of its
        principal trade creditors.  The restructuring consisted of debt
        forgiveness of $1,288,000 and the issuance of an aggregate 2,697,868
        shares of common stock representing slightly less than 20% of Sam &
        Libby, Inc.'s issued and outstanding shares, at a purchase price (by
        conversion of debt) of $0.75 per share, for an additional debt
        reduction of $2,023,000.  The balance of the debt owed to the two
        trade creditors is to be paid out over an agreed period.  These
        transactions reduced the outstanding debt of the Company by a total
        of $3,311,000.  
        


            Sam & Libby, Inc. designs, develops and distributes women's and
        children's footwear.  The common stock of the Company is traded over-
        the-counter in the "Pink Sheets."  
        




                           SAM & LIBBY, INC.
            Condensed Consolidated Statements of Operations
            (In thousands except per share data, unaudited)
        
                         Three Months Ended            Six Months Ended
                    June 29, 1996  July 1, 1995  June 29, 1996  July 1, 1995
                             
        Net revenue         $5,353       $11,772       $17,310
        $22,230
        
        Cost of sales        5,464         8,210        13,778
        15,537
        
        Gross (loss) profit  (111)         3,562         3,532
        6,693
        
        Selling, general and
        administrative
         expense             2,388         2,845         5,238
        5,498
        
        Operating (loss)
         income            (2,499)           717        (1,706)
        1,195
        
        Interest expense      268            212           454
        334
        
        Net (loss) income $(2,767)          $505       $(2,160)
        $861
        
        Net (loss) income
         per share         $(0.24)         $0.04        $(0.19)
        $0.08
        
        Weighted average
        shares outstanding  11,406        11,422        11,375
        11,375


        CONTACT: Sam & Libby, Inc.
                 Kenneth Sitomer
                 Chief Operating Officer
                 (212) 944-4830



Fleming/Megafoods Settlement Agreement Approved By Court


        


            OKLAHOMA CITY, OK  --  Aug. 12, 1996  --  Fleming Companies, Inc.
        (NYSE: FLM) confirmed that the settlement agreement with Megafoods,
        Inc.
was conditionally approved by the U.S. Bankruptcy Court in
        Phoenix, Arizona today.
        


            "Fleming was wrongfully attacked and we are glad to have
        amicably resolved this litigation," said Senior Vice President and
        General Counsel David Almond. "The terms of the agreement are in the
        best interests of Fleming's shareholders and we will avoid the
        expense of further litigation.  Fleming shareholders receive more
        value from this settlement than if Fleming had prevailed in court
        and Megafoods did not reorganize."
        


        Major highlights of the settlement agreement include:
        


            "Fleming was not the cause of Megafoods' bankruptcy and this
        settlement agreement does not change this position.  We accept no
        responsibility for Megafoods' bankruptcy," said Almond.  "Fleming
        intends to continue to vigorously pursue its counterclaims against
        Dean Miller and Jack Walker, the two principal founders of
        Megafoods, for fraud and negligent misrepresentation.  We also
        intend to continue to defend against the remaining wrongful and
        spurious allegations in their lawsuit against Fleming," said Almond.
        


            Fleming is a leading food marketing and distribution company,
        serving 3,500 supermarkets and operating about 350 company-owned
        retail stores in the United States.  The company employs more than
        42,000 associates across the country.
        


CONTACT:  Nancy Del Regno, 405-841-4225, or Shane Boyd, 405-858-5956,
        both of Fleming Companies



Hollywood Park Announces Second Quarter Results


        


            INGLEWOOD, Calif.  --  Aug. 13, 1996  --  Hollywood Park, Inc.
        (Nasdaq: HPRK) today reported financial results for the quarter and
        six-month period ended June 30, 1996.
        


            For the three months ended June 30, 1996, Hollywood Park's
        revenues reached $46.4 million up from $42.8 million reported for
        the second quarter of 1995.  Net income increased to $5.2 million,
        or $0.26 per share, compared with $4.9 million, or $0.24 per share,
        for second quarter in 1995.
        


            For the six-month period ended June 30, 1996, revenues increased
        to $74.3 million up from $67. 3 million reported for the first six
        months of 1995. Income before taxes and before write-off of the
        investment in Sunflower Racing, Inc. was $5.7 million for the six
        months ended June 30, 1996, versus $6.4 million for the same period
        in 1995.  The Company wrote off its investment in Sunflower Racing,
        Inc.
, which resulted in a non-cash, pre-tax charge of $11.4 million,
        as a result of that subsidiary's filing for reorganization under
        Chapter 11 of the U.S. Bankruptcy Code.  After taxes and the write-
        off, the Company reported a net loss of $8.1 million, or $0.49 per
        share, compared with net income of $4.3 million, or $0.18 per share
        for the same period last year.  In addition, with Sunflower's
        bankruptcy filing, the consolidated balance sheet as of June 30,
        1996, does not include any assets or liabilities of that subsidiary,
        resulting in a balance sheet for Hollywood Park that is essentially
        free of long-term debt.
        


            Revenues increased during the second quarter and first six
        months of 1996 compared with the second quarter and first six months
        of 1995, based on Hollywood Park's assumption of management control
        of the Hollywood Park - Casino in November 1995.  Legislation passed
        last year allowed Hollywood Park to assume operations and market
        gaming activities for the Casino, which previously have been
        licensed to a third party in compliance with former California
        gaming law.
        


            Operating expenses for the Hollywood Park - Casino as a
        percentage of revenues improved by 6% in the second quarter of 1996
        as compared with the first quarter of 1996 as the Company continues
        to implement marketing programs aimed at increasing revenues while
        improving efficiency.
        


            On April 24, 1996, Hollywood Park and Boomtown, Inc., a casino
        owner/operator, announced plans to merge subject to various
        conditions.  The final steps to complete the merger include gaming
        licensing, the consent from Boomtown's bondholders, and approvals
        from shareholders of both companies. Hollywood Park and Boomtown
        continue to expect the merger to be completed by the end of 1996, or
        the first quarter of 1997.
        


            In addition, on August 12, 1996, Boomtown completed an agreement
        with Ed Roski, Jr., owner and lessor of Boomtown's Las Vegas
        property lease, to terminate the lease and effectively transfer
        Boomtown's interest in the operations of the Las Vegas property to
        Mr. Roski.  Concurrently with the completion of Boomtown's agreement
        with Mr. Roski, Hollywood Park entered into a stock purchase
        agreement with him through which Hollywood Park will purchase Mr.
        Roski's 714,386 shares of Boomtown common stock at its current
        value.  The stock purchase agreement is contingent upon the closing
        of the merger with Boomtown.
        


            As a result of the need to reflect the transactions relating to
        Boomtown's agreement with Mr. Roski regarding the Las Vegas property
        in the Joint Proxy/S-4 Registration Statement, Hollywood Park has
        moved its annual meeting date to mid-October 1996 from September 6,
        1996, and amended its record date for the annual meeting to
        September 10, 1996, from July 19, 1996.
        


            Hollywood Park, Inc., headquartered in Inglewood, California, is
        a gaming and entertainment holding company which owns and operates:
        the Hollywood Park Race Track, one of America's premier thoroughbred
        racing facilities and site of the 1997 Breeders' Cup(R), Turf
        Paradise, Inc., a premier thoroughbred racing facility in Phoenix,
        Arizona; and the Hollywood Park - Casino, one of California's finest
        card club casinos.  Hollywood Park owns other attractions located on
        378 acres near Los Angeles International Airport.
        



        
                                 Hollywood Park, Inc.
                   Selected Financial Data by Operational Location
                      (In thousands, except for per share data)
        
                                  For the three months ended  For the six
        months ended
        
                                             June 30,                  June 30,
                                      1996       1995          1996      1995
        Revenues:                                      (unaudited)
         Hollywood Park, Inc.
          and Race Track           $28,035    $27,542       $33,736   $33,328
         Sunflower Racing, Inc.         --      2,835         1,782     5,473
         Turf Paradise, Inc.         3,219      3,624         9,816    10,067
         Hollywood Park, Inc. -
          Casino Division           15,173      8,827        28,946    18,416
                                    46,427     42,828        74,280    67,284
        Expenses:
         Hollywood Park, Inc.
          and Race Track            19,522     19,697        28,857    28,214
         Sunflower Racing, Inc.         --      2,337         1,703     4,602
         Turf Paradise, Inc.         2,700      3,148         6,822     7,678
         Hollywood Park, Inc. -
          Casino Division           12,576      6,519        24,873    12,831
                                    34,798     31,701        62,255    53,325
         Income (loss) before
          interest, income taxes,
          depreciation and amortization
          and write-off of investment
          in subsidiary:
           Hollywood Park, Inc.
             and Race Track          8,513      7,845         4,879     5,114
           Sunflower Racing, Inc.       --        498            79       871
           Turf Paradise, Inc.         519        476         2,994     2,389
           Hollywood Park, Inc. -
            Casino Division          2,597      2,308         4,073     5,585
                                    11,629     11,127        12,025    13,959
        Write-off of investment in subsidiary:
        Write-off of Investment in Sunflower
         Racing, Inc.                   66         --        11,412        --
        Depreciation and amortization:
        
         Hollywood Park, Inc.
          and Race Track             1,450      1,368         2,843     2,719
         Sunflower Racing, Inc.         --        616           536     1,237
         Turf Paradise, Inc.           301        369           610       698
         Hollywood Park, Inc.
          - Casino Division            736        509         1,411     1,000
                                     2,487      2,862         5,400     5,654
        Interest Expense:
        
         Hollywood Park, Inc.
          and Race Track                54         49           117        98
         Sunflower Racing, Inc.         --        922           781     1,810
          Turf Paradise, Inc.           --          3            --        20
                                        54        974           898     1,928
        Income before income tax benefit:
         Hollywood Park, Inc.
          and Race Track             7,009      6,428         1,919     2,297
         Write-off of investment in
          Sunflower Racing, Inc.      (66)         --      (11,412)        --
         Sunflower Racing, Inc.         --    (1,040)       (1,238)   (2,176)
        Turf Paradise, Inc.            218        104         2,384     1,671
        Hollywood Park, Inc. -
         Casino Division             1,861      1,799         2,662     4,585
                                     9,022      7,291       (5,685)     6,377
        Income tax expense           3,773      2,434         2,444     2,114
        
        Net income (loss)           $5,249     $4,857      ($8,129)    $4,263
        
        Dividend requirements on
         convertible preferred stock  $481       $481          $962      $962
        
        Net income (loss) available to
        (allocated to) common
        shareholders                $4,768     $4,376      ($9,091)    $3,301
        
        Per common share:
        Net income (loss) - primary  $0.26      $0.24       ($0.49)     $0.18
        Net income (loss) - fully
        diluted                      $0.25      $0.24       ($0.49)     $0.18
        

                                 Hollywood Park, Inc.
                             Consolidated Balance Sheets
                                    (In thousands)
        
                                                     June 30, 1996
        December 31, 1995
        
                                                  (unaudited)
        Assets
        Cash and short-term investments           $45,037      $31,979
        Other assets                               57,721       76,607
        Fixed assets                              121,043      174,717
        Total assets                             $223,801     $283,303
        
        Liabilities and Stockholders' Equity
        Liabilities                               $63,491      $69,618
        Notes payable                               3,662       47,939
         Total liabilities                         67,153      117,557
        Stockholders' Equity                      156,648      165,746
          Total Liabilities and Stockholders' Equity$223,801  $283,303


CONTACT:  R.D. Hubbard, Chairman & CEO, or G. Michael Finnigan, CFO &
        President, Sports and Entertainment, 310-419-1539, both of Hollywood
        Park; AT THE FINANCIAL RELATIONS BOARD: Daniel Saks, General Info, Steven Seiler, Media Contact, 310-442-0599, Kathy Brunson, Investor Contact, 312-266-
        7800, Sue Dooley, Investor Contact, 415-986-1591