OTHER NEWS - March 27, 1993

Hoffenberg Firm in Bankruptcy Filing: Towers Financial Corp., a bill collection company headed by spurned New York Post bidder Steven Hoffenberg, has filed for bankruptcy protection. The filing affects about $215 million of Towers Financial notes. The move comes on the heels of a similar filing by five affiliates of Towers Financial, which sought Chapter 11 protection in Manhattan bankruptcy court earlier in the week. Those affiliates had about $200 million in bonds. The combined filings put at risk more than $400 million of Towers debt securities. Towers and Hoffenberg also face securities-fraud lawsuits from the SEC and private investors. The SEC accuses Towers of grossly overstating assets and earnings.