InterNet Bankruptcy Library - News for March 15, 1997

Bankruptcy News For March 15, 1997

  1. Barneys Expresses Outrage at
            Misleading Statement by Isetan

Barneys Expresses Outrage at Misleading
Statement by Isetan

NEW YORK, NY - March 15, 1997 - Barney's,
today said that statements issued late Friday by Isetan
Co. "seriously misrepresent and mischaracterize" the
21-page ruling by the Bankruptcy Court regarding Barneys' request
for partial summary judgment on its "true" lease
dispute with Isetan.

According to a spokesperson for Barneys, "Attorneys for
Isetan in a public statement knowingly and purposely misled the
press and the public by quoting a portion of the Court ruling
completely out of context and without regard for the clear
language of the decision. In stating that, 'The movants' position
is untenable,' the Court was clearly referring to Barneys'
request for partial summary judgment prior to trial, and not - as
Isetan misstates - to Barneys' position with respect to the
'true' lease dispute for the three flagship stores.

"In fact, in its decision, the Court goes on to say later
in the same paragraph that contains the statement Isetan quotes
in its public announcement that:

To be sure, analysis of the leases in accordance with the PCH
Associates factors indicates that they contain terms and were
entered into under circumstances that may not be commonly
associated with true leases of real


"That Isetan would so boldly misuse the language of the
Court is an outrage to the public and a mischaracterization of
the Court decision."

SOURCE Barneys, Inc. /CONTACT: Sandra Sternberg of Sitrick and
Company, 310-788-2850, ext. 722/