NEW VALLEY CORPORATION COMMENCES CASH TENDER OFFER TO ACQUIRE
150,000 SHARES OF ITS CLASS A SENIOR PREFERRED SHARES
MIAMI, Jan. 20 /PRNewswire/ -- New Valley Corporation announced today that
it has commenced a tender offer to purchase up to 150,000 shares of its $15.00
Class A Increasing Rate Cumulative Senior Preferred Shares at a price of $80
in cash net to the seller without interest or accrued dividends thereon. The
offer, along with the proration period and withdrawal rights, will expire at
12:00 midnight, New York City time, on Friday, February 17, 1995, unless
extended.
The offer is being made pursuant to definitive offering materials filed
today with the Securities and Exchange Commission and being mailed today to
holders of Class A Senior Preferred Shares. The offer is not conditioned upon
any minimum number of shares being tendered.
New Valley is making the offer pursuant to terms of its First Amended Joint
Chapter 11 Plan of Reorganization, as confirmed on November 1, 1994 by the
United States Bankruptcy Court for the District of New Jersey. As a result,
the New Valley Board of Directors expresses no opinion and is remaining
neutral toward the offer. D.F. King & Co., Inc. is acting as the Information
Agent for the offer.
New Valley will not pay any fees or commissions to any broker, dealer,
commercial bank, trust company, other nominee or other person in connection
with the offer. Tendering shareholders will not be obligated to pay brokerage
fees or commissions in connection with the offer (except those fees or
commissions that may be charged by their own brokers).
As previously announced, on January 18, 1995, New Valley disbursed the
initial distributions to creditors authorized by its court-approved
reorganization plan and paid a cash dividend of $50 per share on its Class A
Senior Preferred Shares to holders of record of such shares on December 20,
1994. On January 13, 1995, New Valley completed the sale of its money
transfer business to First Financial Management Corporation.
/CONTACT: George Sard or Anna Cordasco of Sard Verbinnen & Co.,
212-687-8080/
MPTV REACHES AGREEMENT IN PRINCIPLE FOR MORTGAGE FINANCING
NEWPORT BEACH, Calif., Jan. 20 /PRNewswire/ -- MPTV, Inc. (Nasdaq: MPTV), a
Nevada corporation announced that it has reached an agreement in principle,
subject to final documentation and approvals, for mortgage financing to
restructure its junior debt on the Lake Tropicana Timeshare project located in
Las Vegas, Nevada, which is owned by its wholly owned subsidiary, Consolidated
Resort Enterprises, Inc. ("CRE").
CRE has been operating under the protection of a Chapter 11 bankruptcy
filing since October 11, 1994. The restructure of the mortgage debt, which is
subject to certain conditions including the execution of a definitive loan
agreement, should allow CRE to emerge from bankruptcy. This refinancing will
allow the Lake Tropicana Timeshare Project to proceed with its established
business plan including the renovation of the property in phases and the
commencement of an aggressive timeshare sales program.
The resort "Lake Tropicana" is located near the MGM Grand Hotel, and
consists of 7.5 acres, featuring 22 buildings, tennis court, spa, swimming
pool and recreation facility. When completed, the resort will be a walled,
gated and guarded community catering primarily to the growing family market.
Management has estimated that sales of the timeshare intervals at the resort
will approach $100 million. The business plan calls for the project to be
sold out within 24 months. To facilitate the sales program, the Company has
obtained a $100 million commitment for receivable financing.
/CONTACT: James C. Vellema, Chairman OF MPTV, Inc., 714-760-6747/