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INDENTURE TRUSTEES ISSUE DISCLAIMER WITH RESPECT TO TEXAS COMMERCE BANK BONDHOLDER MEETING

 SAN FRANCISCO, Calif., July 30 /PRNewswire/ -- The following was released today by Pillsbury Madison & Sutro at the request of Commercial National Bank in Shreveport, La., and other indentured trustees represented by the Pillsbury law firm:


$150,000,000 Louisiana Housing Agency Securitized Multi-family Housing Revenue Bonds Series 1986A, trustee, COMMERCIAL NATIONAL BANK IN SHREVEPORT;
 CUSIP No. 546265PL7 $300,000,000 Adams County, Colorado Industrial Development Revenue Bonds Series 1986A, trustee, FIRST INTERSTATE BANK OF DENVER, N.A.;
 CUSIP No. 005614DS8 $150,000,000 Louisiana Agricultural Finance Authority Securitized Agricultural Revenue Bonds Series 1986A, trustees, SUNBURST BANK AND PREMIER BANK, N.A. (CO-TRUSTEES);
 CUSIP No. 546418AC8 $150,000,000 Louisiana Agricultural Finance Authority 8.25 percent Agricultural Revenue Bonds Series 1986A, trustees, SUNBURST BANK AND PREMIER BANK, N.A. (CO-TRUSTEE);
 CUSIP No. 546418AB0 $400,000,000 The Health, Educational and Housing Facility Board of the City of Memphis, Tenn., 8.68 percent Securitized Multi-family Housing Revenue Bonds Series 1986A, trustee, FIRST TENNESSEE BANK NATIONAL ASSOCIATION;
 CUSIP No. 586169AN4 $300,000,000 The Southeast Texas Housing Finance Corporation Securitized Multi-family Housing Revenue Bonds Series 1986A, trustee, NATIONSBANK OF TEXAS, N.A.;
 CUSIP No. 841514AU6 $100,000,000 Nebraska Investment Finance Authority Agricultural Revenue Bonds Series 1986A and $100,000,000 Nebraska Investment Finance Authority Agricultural Revenue Bonds, 1986 Series B, trustee, NORWEST BANK MINNESOTA, N.A.;
 CUSIP No. 63967HAA9
 CUSIP No. 63967HAB7
 The proceeds of the municipal bond issues listed above were invested in guaranteed investment contracts ("GICs") issued by Executive Life Insurance Co. of Los Angeles ("ELIC") pending their disbursement for other purposes. ELIC is currently in court-supervised rehabilitation proceedings. The trustees for the issues listed above are in litigation with the Insurance Commissioner of the State of California relating to the GICs and other questions.
 Texas Commerce Bank-El Paso, National Association ("TCB") is the trustee for a similar municipal bond issue and has until recently been active in contesting matters in the ELIC proceedings. TCB has circulated an information statement in connection with a special bondholder meeting to be held on Aug. 4, 1993. The information statement is addressed only to bondholders of the TCB bonds. It was issued in anticipation of a proposed bondholder vote on actions taken by TCB to settle its challenges to the ELIC rehabilitation proceedings. THE TRUSTEES FOR THE ABOVE ISSUES DID NOT PARTICIPATE IN THE PREPARATION OF THE INFORMATION STATEMENT. THE TRUSTEES HAVE NOT UNDERTAKEN TO ASSESS THE ACCURACY OR COMPLETENESS THEREOF AND MAKE NO REPRESENTATIONS WITH RESPECT TO THE INFORMATION STATEMENT. THE TRUSTEES WILL NOT BE BOUND BY ANY ACTIONS TAKEN AT THE AUG. 4 MEETING OR BY TCB.
 -0- 7/30/93
 /CONTACT: Philip Warden of Pillsbury Madison & Sutro, 415-983-7260/


CO: Commercial National Bank in Shreveport, La. ST: Louisiana IN: SU:

LH-GT -- SF008 -- 8017 07/30/93 21:02 EDT
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Publication:PR Newswire
Date:Jul 30, 1993
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