InterNet Bankruptcy Library - News for December 24, 1996

Bankruptcy News For December 24, 1996

  1. Bradlees Appoints Peter Thorner New Chairman and CEO; Mark A. Cohen, Chairman and CEO Resigns

  2. Tom Brown, Inc. closes acquisition of Presidio Oil Company

Bradlees Appoints Peter Thorner New Chairman and CEO; Mark A. Cohen, Chairman and CEO Resigns

BRAINTREE, Mass., Dec. 24, 1996 - Bradlees, Inc. (NYSE: BLE) today announced that its Board of Directors appointed
Peter Thorner as the Company's new Chairman and Chief Executive Officer, effective immediately. Mr. Thorner will
succeed Mark A. Cohen, who has resigned.

"Bradlees is grateful for Mark's past leadership, particularly his abilities to refocus the quality and fashion content of the
Company's merchandising," said Board member John Friedman. "Peter Thorner is a proven leader in achieving operating
efficiencies at retailers, such as Ames, and we are delighted that he has agreed to accept the post of Chairman and CEO.
Peter will provide the continuity of leadership needed to reposition Bradlees for future growth."

The Bradlees management change is supported by both its creditors and Chase Manhattan Bank, as agent for a group of
lenders providing Debtor-in- Possession financing. The Official Committee of Unsecured Creditors has advised the
Company of its intention to support Bradlees request for a further extension of exclusivity when the current period expires at
the end of January 1997.

Peter Thorner joined Bradlees in March 1995 as Vice Chairman with responsibilities for Finance, Distribution, Information
Systems and Loss Prevention. He was appointed President and Chief Operating Officer in June 1995 and assumed
additional oversight for Bradlees' Human Resources, Legal, Real Estate and Public Affairs. Mr. Thorner was elected to the
Company's Board of Directors in July 1995.

Prior to Bradlees, Mr. Thorner was President, Chief Operating Officer and Acting Chief Executive Officer and a Director
of Ames Department Stores, a 305-store chain based in Rocky Hill, CT. Before joining Ames, he was Managing Director
and Chief Financial Officer of Wheelabrator Technologies Inc.; Executive Vice President, Chief Financial and
Administrative Officer and Director of Rapid- American Corporation; and Senior Vice President and Chief Financial
Officer of Ogden Corporation. Mr. Thorner was a Partner at Deloitte Haskins & Sells (now Deloitte & Touche LLP) from
1968 to 1982.

Mr. Thorner is a graduate of City University, Brooklyn College, where he received his B.S. in Economics.

Bradlees, Inc. operates 110 discount department stores in Maine, New Hampshire, Massachusetts, Connecticut, New York,
New Jersey and Pennsylvania. Bradlees' common stock is listed and traded on the New York Stock Exchange under the
symbol "BLE." For additional Bradlees press releases, please call 1-800-758-5804, extension 105750.

SOURCE Bradlees, Inc.  /CONTACT: Rhonda Barnat or Matthew Sherman of Abernathy MacGregor Group,

Tom Brown, Inc. closes acquisition of Presidio Oil Company

MIDLAND, Texas--Dec. 24, 1996--Tom Brown, Inc. (NASDAQ:TMBR) announced that yesterday it had closed the
acquisition of Presidio Oil Company. The net consideration paid was approximately $105 million in cash and 2.71 million
shares of Tom Brown, Inc. Common Stock. This transaction was completed through Presidio Oil Company's Chapter 11
Bankruptcy reorganization plan, which was confirmed by the United States Bankruptcy Court for the District of Delaware on
Dec. 10, 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."

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