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InterNet Bankruptcy Library - News for May 21, 1997

Bankruptcy News For May 21, 1997

  1. Price Waterhouse and Robert
            Edwards Associates Form Alliance to Aid Wireless
            Communications Companies

  3. Work Recovery Announces 3rd Quarter

Price Waterhouse and Robert Edwards
Associates Form Alliance to Aid Wireless Communications Companies

NEW YORK NY, May 21, 1997 - Price Waterhouse LLP and Robert
Edwards Associates today announced the formation of The Wireless
Communications Alliance (TWCA) to help wireless communications
companies [e.g., MobileMedia]
solve complex business and financial issues and improve their
operations, financial position and stakeholder value.

TWCA combines the industry and business operations, management
and financial expertise of Price Waterhouse with the specific
wireless communication industry management knowledge of Robert
Edwards Associates. In addition, the alliance has close
relationships with legal counsel specializing in FCC and other
matters relevant to helping companies navigate the complex legal
structure governing their industry.

"We believe that the wireless industry is a fundamentally
healthy sector that is going through a business correction. Many
of these troubled companies could have significant upside
potential if they can focus on bottom line profitability as well
as cash flow management.

"To achieve this goal, TWCA can help these companies face
the challenges of integrating their operations following mergers
or acquisitions, effectively controlling costs, determining
necessary levels of capital improvements, accessing investment
and bank capital, and efficiently meeting customer service
demands," said Robert Edwards, Senior Managing Director of
Robert Edwards Associates.

Key members of the Alliance are:

- Robert Edwards, Senior Managing Director, Robert Edwards
Associates. Considered one of the founding fathers of paging, Mr.
Edwards has created and built two multimillion dollar public
companies: EAC Industries, Inc., and Radiophone Corporation. In
the course of his distinguished career, Mr. Edwards pioneered
many innovations in the wireless communications industry
including the development of the first multistate, wide area
paging network and the original concepts for the first digital
and then alpha-numeric paging. For many years, Mr. Edwards served
as an advisor to Motorola, Inc.

- Ray Windle, Managing Director, Robert Edwards Associates.
Mr. Windle has been involved in the wireless and communications
business for many years, most notably with Motorola and as the
founder of Communications Services Co. and NMI (a subsidiary of
NEC America). Mr. Windle has also acted as a turnaround advisor
to a number of wireless companies, successfully assisting with
the revitalization of their business operations.

- Michael Korotkin, Partner, Price Waterhouse. A seasoned
business turnaround veteran, Michael has handled complex
operational turnarounds for a variety of companies across many
industry sectors. Mr. Korotkin has advised on complex corporate
reorganizations from both an operational and financial standpoint
and acted as interim CFO and COO of many companies in transition.

- Andrew Miller, Partner, Price Waterhouse. Mr. Miller is the
head of the Price Waterhouse Corporate Recovery group in New York
and has over 25 years experience advising companies on all
aspects of their business operations, with particular emphasis on
those operating in severe distress or bankruptcy.

"The wireless communications industry was the glamour
sector of Wall Street, until it lost over $4 billion in market
capitalization in the past few months. Many of these companies
have unique problems such as the C-Block PCS licensees who cannot
access capital to build out their systems. Others, such as paging
companies and the more established cellular telephone providers,
have acquired large numbers of smaller competitors and must find
ways of quickly consolidating operations to remain competitive.
The Alliance can help these companies address these operational
difficulties and become viable, growth oriented
organizations," noted Michael Korotkin.

For nearly 150 years, Price Waterhouse has been helping the
world's leading companies solve complex business problems. Today,
through a worldwide network comprising 56,000 professionals,
Price Waterhouse assists clients in effecting organizational and
strategic change; using information technology for competitive
advantage; complying with statutory audit and tax requirements;
and implementing strategies to improve business performance and
increase shareholder value. Price Waterhouse LLP, with more than
15,000 men and women in principle cities throughout the United
States, is a vital part of the worldwide Price Waterhouse

Price Waterhouse has a worldwide practice that provides
comprehensive financial and economic consulting to companies
involved in all types of investigation, litigation, arbitration
and mediation, reorganization, restructuring, bankruptcy,
acquisition and divestiture. It has worked with hundreds of major
corporations throughout the world in resolving a broad range of
business and financial problems. Price Waterhouse has a
substantial commitment to providing consulting services to the
telecommunications business, and has created major consulting
groups focused exclusively on serving clients in this industry
through a worldwide network of experienced professionals.

Robert Edwards Associates is a wireless industry consulting
firm with executive and managerial skills in the paging cellular
and PCS market sectors. Mr. Edwards' firm has significant
expertise with all of the significant financial, operational and
regulatory issues facing the wireless industry today.

SOURCE Price Waterhouse LLP/CONTACT: Fred Roffman of Price
Waterhouse, 212-596-8033/

Work Recovery Announces 3rd Quarter Results

TUCSON, Ariz., May 21, 1997 - Work
Recovery, Inc.
announced its financial results of operations
for the quarter ended March 31, 1997. As a result of adopting
Fresh-Start Reporting upon emergence from bankruptcy effective
February 1, 1997, a new entity has been deemed created for
financial reporting purposes. The Company reported a net loss of
$1,441,000 for the two-month period ended March 31, 1997 with a
loss per common share of $.10. The results of operations include
a charge of $675,000 relating to the amortization of $40,350,000
of excess reorganization value. The excess reorganization value
is scheduled to be amortized over a ten- year period. The Company
also reported a net loss of $5,537,000 for the one month period
ended February 1, 1997. This loss includes costs and gains
associated with implementation of the Company's Plan of
Reorganization. Loss per common share is not meaningful for
periods prior to February 1, 1997 due to significant change in
the capital structure of the Company upon emergence from

Dorcas R. Hardy, President and Chief Executive Officer,
stated, "The Company is continuing to reduce its costs of
operations and is seeking strategic alliances with other
companies for enhanced sales and marketing opportunities. Ms.
Hardy further said that the Company continue to improve its
ERGOS(R) product line and has released ERGOS(R) Version 4.3

Work Recovery, Inc. manufactures and markets its proprietary
and objective Functional Capacity Evaluation technology,
ERGOS(R), which evaluates an individual's capacity to perform

SOURCE Work Recovery, Inc. /CONTACT: Jodi Stefaniak of Work
Recovery, Inc., 520-322-6634/