Court Approves Asset Purchase Agreement
CINCINNATI, OH - April 8, 1997 -
(Nasdaq: CNMWQ) announced today that the previously announced
sale of substantially all of the assets of the Company's radar
detector business and its real property to Escort Acquisition
Corp. for $10.9 million plus the aggregate amount of certain
interim advances was approved yesterday by the United States
Bankruptcy Court for the Southern District of Ohio, Western
Division. Escort Acquisition Corp. is a company owned by Matthew
Coleman, a Chicago-area businessman. The parties anticipate that
the transaction will close on Thursday, April 10, 1997.
The Company is continuing its efforts to find purchasers for
its phone and modem businesses, and to determine whether a plan
of reorganization is possible. To date, it appears that, even if
the Company is able to reorganize and emerge from bankruptcy
proceedings, there is little likelihood that any plan of
reorganization would provide any value, or more than only minimum
value, to its existing shareholders.
At the present time, the Company is unable to complete its
Annual Report on Form 10-K and its quarterly reports that will be
due on Form 10-Q in a timely fashion. In lieu of filing those
reports with the Securities and Exchange Commission, the Company
will be filing copies of the Financial Reports that it is
required to file with the United States Bankruptcy Court for the
Southern District of Ohio, Western Division, each month under
cover of Form 8- K within ten days of filing the Financial
Reports with the Bankruptcy Court. On April 4, 1997, the Company
filed its Financial Reports with the Bankruptcy Court for its
operations during the period ended February, 1997. The Financial
Reports consist of the following: (i) Operating Statement, (ii)
Balance Sheet, (iii) Summary of Operations, (iv) Monthly Cash
Statement, and (iv) Statement of Compensation.
Cincinnati Microwave designs, manufactures and markets
ultrahigh frequency and microwave wireless communications
products. The Company's product lines include radar warning
devices, digital spread spectrum cordless telephones and wireless
data modems for use on the Cellular Digital Packet Data (CDPD)
network.
SOURCE Cincinnati Microwave, Inc. /CONTACT: Elaine Bacon of
Cincinnati Microwave, 513-489-5400, shinfocnmw.com, or Bill
Schmidle, Analyst Inquiries, 312-640-6753, or Karl Plath, General
Inquiries, 312-640-6738, both of The Financial Relations Board/
Grossman's debtor financing status
CANTON, Mass.---Apr. 8, 1997-- Grossman's
Inc. (Nasdaq-GROS) which announced its Chapter 11 Bankruptcy
Code filing yesterday, announced today that GDI Company, Inc.,
which, as stated in yesterday's release, had committed to provide
up to $50 million in debtor-in-possession financing, advised last
night that it is not currently prepared to proceed with that loan
until it resolves certain issues with Congress Financial
Corporation, the company's existing revolving credit lender.
There can be no assurance that the negotiation with Congress
will be successful. Three executive officers of JELD-WEN, inc.,
an affiliate of GDI and a major supplier of the company, are
three of the seven members of the company's Board of Directors.
Statements contained in this release that are not based on
historical fact are "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of
1995. Important factors, beyond the company's control, that could
cause actual results to differ materially from those in the
forward-looking statements include, but are not limited to, the
need for approvals by the Bankruptcy Court, competition,
stability of customer demand, and the sufficiency of its capital
resources. Undue reliance should not be placed on these
forward-looking statements, which speak only as of the date
hereof. The company undertakes no obligation to publicly release
revisions to these forward-looking statements to reflect events
or circumstances after the date hereof or to reflect the
occurrence of unanticipated events.
Grossman's Inc. operates 15 stores under the name Contractors'
Warehouse in California, Indiana, Kentucky and Ohio, and 28
stores under the name Mr. 2nd's Bargain Outlet in Massachusetts,
New York and Rhode Island.
Grossman's Inc. press releases and public filings can be
accessed on the Internet through Business Wire's Home Page:
http://www.businesswire.com/cnn/gros.htmMr. 2nd's
Bargain Outlet maintains a web site for product information,
store locations and feedback:
http://www.bargain-outlets.com
CONTACT: Grossman's Inc. Steven L. Shapiro, 617/830-4020
Nomas Corporation - Formerly Lomas
Mortgage USA, Inc. - Makes Announcement
DALLAS, TX - April 8, 1997 - Nomas
Corporation, formerly Lomas Mortgage USA, Inc., announced
today it plans to cause its creditor trust to make an interim
distribution on or about April 15, 1997 of $150 million to $200
million for unsecured claims under its confirmed chapter 11 plan.
Approximately 69% to 81% of this amount will be distributed pro
rata to the indenture trustee for the 9.75% Senior Notes due
October 1, 1997 and the 10.25% Senior Notes due October 1, 2002.
The amount distributed per $1,000 debenture plus prepetition
accrued interest thereon is currently contemplated to approximate
between $289.57 and $450.24. Additionally, Nomas Corporation
anticipates distributing its stock to the distribution agent for
distribution to creditors. Approximately l3.3% to 25.6% of the
stock will be reserved for disputed claims.
Under the confirmed chapter 11 plan, as amended, for Nomas
Corp., the Record Date for distribution shall be April 11, 1997.
Pursuant to the chapter 11 plan, as of the close of business on
the Record Date, the transfer ledgers for all the Senior Notes
shall be closed, there shall be no registration of or other
changes in the holders of any Senior Notes on the books of Nomas
Corp. (or any trustee, transfer agent or registrar), and none of
Nomas Corp., or the indenture trustee or any other trustee,
transfer agent or registrar shall have any obligation to
recognize any transfer of Senior Notes occurring thereafter, but
shall instead be entitled to recognize and deal with for all
purposes hereunder, except as otherwise provided herein, only
those holders reflected on its books as of the close of business
on the Record Date for distribution.
No distribution shall be made to or on behalf of a holder of
Senior Notes under the Nomas Corp. chapter 11 plan unless the
holder shall surrender the holder's Senior Notes. Instructions
for surrendering notes shall be mailed to the record holders of
the notes with further instructions for holders of lost, stolen,
mutilated, or destroyed Senior Notes.
Nomas Corp. contemplates causing the creditor trust to make
further distributions in the future, subject to the outcome of
certain contested claims and the liquidation of other assets. The
creditor trust is currently reserving approximately $26.5 million
to $38.4 million of cash or other assets pending the resolution
of disputed claims. Nomas Corp.'s remaining net assets consist
primarily of real estate having a book value (not necessarily
market value) of approximately $9 million, approximately $5
million cash, and certain tax attributes.
SOURCE Nomas Corporation /CONTACT: Nomas Corp., 214-665-6312/
Today's Man Appoints Frank Johnson to
Executive Vice President and Chief Financial Officer
MOORESTOWN, N.J., April 8, 1997 - David Feld, Chairman and CEO
of Today's Man, Inc. (Nasdaq:
TMANQ), announced today that the Company has appointed four
associates to key management positions as it continues its
efforts to finalize a plan of reorganization and ultimately to
emerge from Chapter 11. The promotions include the elevation of
Frank Johnson to Executive Vice President and Chief Financial
Officer. Other promotions include Mycal Webster to Vice
President, Human Resources and Logistics: Barry Pine to Vice
President and Controller and Joseph Manion to Director of
Corporate Reporting and Internal Audit.
"Financial Management and Human Resources are two
critical areas for any corporation, and are particularly critical
for a company working to implement a turnaround plan," said
Feld. "The contributions of these individuals since we filed
for Chapter 11 protection to retain our talented personnel and
manage our finances have played a critical role in our improved
performance."
Frank Johnson, formerly Vice President, Chief Financial
Officer and Treasurer for Today's Man, has been promoted to
Executive Vice President, Chief Financial Officer and Treasurer
for the menswear retailer. He is responsible for overseeing the
Company's financial and real estate dealings during the
reorganization process. Johnson joined Today's Man in 1986 as
controller.
Another key move is the appointment of eleven-year veteran
Mycal Webster to Vice President of Human Resources and Logistics.
In this function, Webster will oversee human resource functions
for the Company's 25 stores. Webster joined Today's Man as
director of distribution in 1986, and was appointed Vice
President of Distribution in 1995.
Formerly Controller for Today's Man, Barry Pine will serve as
Vice President and Controller for the Company. Pine was hired by
the Company in July 1990 as Assistant Controller.
Joseph Manion will serve as Director of Corporate Reporting
and Internal Auditing. He joined Today's Man in June 1995 as
Assistant Controller.
Today's Man, Inc. currently operates 25 men's superstores in
the New York, Philadelphia and Washington markets. It offers a
wide selection of tailored clothing, furnishings, sportswear and
shoes at everyday low prices.
SOURCE Today's Man, Inc. /CONTACT: Michael Kempner,
mkempnermww.com, or Carreen Winters, cwintersmww.com, both of
MWW/Strategic Communications, Inc., 201-507- 9500, for Today's
Man; or David Feld, Chairman and CEO of Today's Man, 609-
722-6340/