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InterNet Bankruptcy Library - News for June 19, 1997

Bankruptcy News For June 19, 1997

  1. Med/Waste, Inc. terminates plan
            funding of Biomedical Waste Systems, Inc.

  3. CUNA: Consumers Would Lose Under New
            Bankruptcy Reform Proposal

  5. New Ownership Will Mean 'Business as
            Usual at KIWI' says CEO Murphy

  7. Merrill Lynch Agrees to Civil
            Settlement with Orange County D.A.

Med/Waste, Inc. terminates plan funding of name="BIOMEDICAL">Biomedical Waste Systems, Inc.

OPA LOCKA, Fla.--June 19, 1997--Med/Waste, Inc. (NASDAQ:MWDS)
today announced that it has terminated its previously-announced
contract to become a reorganization plan funder of Biomedical
Waste Systems, Inc. ("Biomed") because it was unable to
reach final agreement with Biomed's creditors and prospective
lenders to Biomed.

Med/Waste is planning to continue to negotiate with the
creditors for the purchase of individual assets of Biomed. Biomed
filed Chapter 11 bankruptcy proceedings approximately two years

Med/Waste, Inc., through its wholly-owned subsidiary, Safety
Disposal System. provides medical waste management services to
more than 5,000 healthcare facilities, including hospitals,
throughout Florida. The Company's Safety Disposal System of South
Carolina subsidiary provides disposal and incinerator services
for medical and special waste for customers in the Eastern United

Through its subsidiary, Safety Disposal System of Pennsylvania
the Company provides disposal and autoclave services for medical
waste customers along the Eastern United States. Another
subsidiary, the Kover Group, Inc. provides cleaning services
under the "Coverall" name to more than 1,300 commercial
buildings throughout the South Florida and Cleveland, Ohio
metropolitan areas.

CONTACT: Med/Waste, Inc., Opa Locka Daniel A. Stauber,
President & CEO (305) 688-3931 EXT. 23 or INVESTOR RELATIONS
COUNSEL: The Equity Group Inc., New York Linda Latman, (212)
836-9609 Caroline Royall, (212) 836-9611

CUNA: Consumers Would Lose Under New
Bankruptcy Reform Proposal

DETROIT, MI - June 19, 1997 - The Credit Union National
Association is urging a "no" vote Friday on a proposal
that would drive up the cost of credit for tens of millions of

"The proposal before the National Bankruptcy Review
Commission would penalize consumers who pay their bills on
time," said CUNA President & CEO Daniel A. Mica.
"On behalf of America's 72 million credit union members,
CUNA opposes any bankruptcy reform that blocks credit unions from
fulfilling their mission of providing credit at an affordable

The nine-member Bankruptcy Review Commission is scheduled to
vote Friday in Detroit on a package of recommendations that would
make it harder for lenders to recover unpaid debts. The
Commission was established as part of the 1994 bankruptcy bill,
and its recommendations are due to Congress this October.

What's wrong with the latest proposal? Mica points to a number
of issues, such as these:

- Before being able to collect unpaid credit card charges from
people who have filed bankruptcy, card issuers would have to
prove to a judge that they had no way of knowing the person was
in financial trouble.

- The proposal would allow gamblers to ignore debts from
credit card cash advances taken within half a mile of a casino.

"CUNA advocates bankruptcy reform that would bring a
better balance between creditor and debtor rights," said
Mica. "Unfortunately, the latest proposal tilts the scales
back toward bankruptcy debtors - at the expense of the majority
of consumers who use credit wisely." CUNA will represent
those consumers at the Bankruptcy Review Commission's meeting,
along with the Michigan Credit Union League and four Michigan
credit unions.

Mica also called on credit unions to take the lead in
educating consumers on wise use of credit. "Credit unions
are not-for-profit cooperatives owned by 72 million
consumers," Mica explained. "Part of our mission is to
help our owners better manage their money. We especially need to
reach America's youth before they're caught by the lure of
pre-approved credit solicitations."

CUNA supports a "needs-based" Bankruptcy Code, where
bankruptcy filers would repay some of their debt once they could
afford it.

With its network of affiliated state credit union leagues,
CUNA represents America's 12,000 credit unions - which in turn
are owned by 72 million consumers. Credit unions are
not-for-profit cooperatives providing affordable financial
services to people from all walks of life.

SOURCE Credit Union National Association, Inc. -0- 06/19/97
/CONTACT: Scott Sutherland, 202-218-7752, or Steve Bosack, 202-
218-7746, both of the Credit Union National Association/

New Ownership Will Mean 'Business as Usual at KIWI'
says CEO Murphy

NEWARK, N.J., June 19, 1997 - "KIWI will have a seamless
transition to new ownership. Passengers will not notice any
changes in service ... it will be business as usual," said
Jerry Murphy, President and CEO of KIWI
International Air Lines, Inc.

KIWI has received a $16 million bid from Kiwi International
Holdings, Inc. ("Kiwi") for its assets, which will
continue to operate the airline. U.S. Bankruptcy Court in Newark,
NJ has set a date of July 10 for all bids to be submitted

Kiwi Holdings is a corporation formed by Dr. Charles Edwards.
Dr. Edwards/Edwards-Wasatch Enterprises, LLC has provided over
$10 million in debtor-in-possession financing to KIWI.

"I want to reassure passengers and travel professionals
that they will not notice any change in service," said
Murphy. "KIWI will be a debt-free company, and the
additional financing will allow us to expand cities, obtain more
efficient aircraft, and raise the level of our marketing
programs." Murphy added Dr. Edwards has indicated he will
retain current management and employees.

KIWI serves Newark, Chicago, Atlanta, Orlando, West Palm
Beach, Las Vegas, and San Juan. KIWI has over 600 employees and
eight 727- 200 aircraft. Its perfect flying record is supported
by pilots who average 23 years flying experience, and mechanics
who average 18. Reservations are available from any travel agent
or by calling 800- JET-KIWI.

SOURCE KIWI International Air Lines/CONTACT: Rob Kulat of KIWI
International Air Lines, 201-645- 8445/

Merrill Lynch Agrees to Civil Settlement
with Orange County D.A.

NEW YORK, NY - June 19, 1997 - Merrill Lynch today announced
that, while expressly denying any wrongdoing, its broker-dealer
subsidiary has entered into a civil settlement with the Orange
County, California, District Attorney's Office. Merrill Lynch is
pleased that this settlement resolves all issues related to the
District Attorney's investigation of the company's relationship
with Orange County, which focused primarily on Merrill Lynch's
role as an underwriter of four County note issues during 1994.

Under the terms of the settlement, Merrill Lynch agreed to a
$27 million payment to Orange County and to reimburse the $3
million costs of the investigation. The company also agreed to
institute enhanced procedures for internal coordination on
certain California municipal offerings. Merrill Lynch cooperated
fully throughout the investigation.

The company stated: "We continue to believe that we acted
properly and professionally in all facets of our relationship
with Orange County, and have entered into this settlement to
resolve this matter in a way that avoids the substantial cost and
distraction of protracted litigation."

The settlement will have no effect on pending litigation
stemming from Orange County's bankruptcy declaration in December,

SOURCE Merrill Lynch & Co., Inc. /CONTACT: Timothy Gilles
of Merrill Lynch, 212-449-0475/