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M HOLDINGS ISSUES STATEMENT ON LAWSUIT

 NEW YORK, March 2 /PRNewswire/ -- M Holdings Corp. (formerly, MacGregor Sporting Goods, Inc.) announced today that the United States Bankruptcy Court for the district of New Jersey has granted its motion for an order authorizing it to prosecute jointly with the Official Committee of Unsecured Creditors of the company (the "Committee") a lawsuit against Riddell Sports, Inc. and others ("Riddell") seeking, among other things, the rescission of certain sales of assets made to Riddell in April 1988 and February 1989.
 The lawsuit, stipulated to commence within 45 days, will allege that the sales were fraudulent conveyances as provided in the United States Bankruptcy Code and applicable state law. The court also approved the retention of special counsel for the purpose of bringing the litigation on behalf of M Holdings Corp. and the Committee.
 The assets conveyed in the April 1988 sale included substantially all of the assets of two subsidiaries of M Holdings Corp. One subsidiary owned the right to use the MacGregor trademark with respect to certain products in perpetuity, royalty free. The other subsidiary manufactured and marketed football helmets and shoulder pads under the "Riddell" trademark. The assets sold in the February 1989 sale included the rights to the Riddell trademarks on products other than football protective gear.
 M Holdings Corp. filled a voluntary petition under Chapter 11 of the Bankruptcy Code on March 16, 1989. The matter is still pending in the Bankruptcy Court. M Holdings Corp. changed its name from MacGregor Sporting Goods, Inc. in August 1989 as part of a sale of its remaining assets.
 -0- 3/2/93
 /CONTACT: J. Harrison Beal, executive vice president of M Holdings, 615-690-9151; or Donald Schneider, Esq. of Feltman, Karesh, Major & Farbman, special counsel for the committee, 212-586-3800/


CO: M Holdings Corp.; Riddell Sports, Inc. ST: New Jersey IN: REA SU:

LR-WB -- NY093 -- 2094 03/02/93 15:43 EST
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Publication:PR Newswire
Date:Mar 2, 1993
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