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BANKER'S NOTE ANNOUNCES CONFIRMATION OF REORGANIZATION PLAN

 SMYRNA, Ga., May 6 /PRNewswire/ -- The Banker's Note, Inc. (OTC: BKNTQ), a chain of 34 career women's apparel specialty stores announced the company's Plan of Reorganization has been confirmed by the United States Bankruptcy Court for the Southern District of New York at a hearing held today.
 The plan, which was approved by the company's unsecured creditors and shareholders, provides that unsecured creditors will receive 10 percent of their allowed claims payable in cash. Stock options totaling 1,600,000 shares at prices averaging $.2163 per share (the fair market value at the date of grant) will be issued to Steve Toth Jr. in consideration for providing $1,500,000 in debtor-in-possession financing, reducing the principal balance of the company's secured bank debt by $117,000 and eliminating such bank as a secured creditor, and providing $2,103,000 post-reorganization financing for a three-year period. Exercise of these options would result in Toth's owning approximately 32.5 percent of the company's common stock.
 The company had filed for Chapter 11 protection on Aug. 7, 1991, and, by the confirmation of its Plan of Reorganization, has successfully emerged from Chapter 11.
 The company recently reported net earnings for the year ended Jan. 30, 1993 of $427,000, or $.13 per share.
 -0- 5/6/93
 /CONTACT: Harold D. Cannon, senior vice president of The Banker's Note, 404-432-0636/
 (BKNTQ)


CO: The Banker's Note, Inc. ST: Georgia IN: REA SU:

RA-BR -- AT019 -- 5687 05/06/93 17:12 EDT
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Publication:PR Newswire
Date:May 6, 1993
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