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MCORP REPORTS THIRD QUARTER FINANCIAL RESULTS

 DALLAS, Nov. 16 /PRNewswire/ -- MCorp today reported a net loss of $5.0 million for the third quarter of 1993 compared with net income of $.3 million for the third quarter of 1992. MCorp is currently the subject of a voluntary reorganization case under Chapter 11 of the United States Bankruptcy Code and no longer owns any banking subsidiaries.
 MCorp's third quarter 1993 net loss of $5.0 million resulted primarily from interest income of $3.0 million offset by non-interest expense of $7.9 million and claims settlements of $.1 million.
 The net income of $.3 million reported in the third quarter of 1992 resulted primarily from interest income of $4.3 million offset by interest expense of $.1 million, non-interest expense of $3.4 million and claims settlements of $.5 million.
 On Oct. 1, 1993 the Houston District Court confirmed the joint Chapter 11 plans of reorganization for MCorp and two of its subsidiaries. On Oct. 15, 1993 the Fifth Circuit Court of Appeals issued a stay of the consummation of the Plans pending a hearing of an appeal of the confirmation. The appeal is expected to be heard the week of Jan. 3, 1994.
 MCorp (Pacific Stock Exchange: M.P.) is a Texas-based financial services organization.
 MCorp and Subsidiaries
 Condensed Consolidated Statements of Operations
 (dollars in thousands, except per share amounts)
 Three months ended Nine months ended
 September 30, September 30,
 1993 1992 1993 1992
 Interest income $ 3,040 $ 4,255 $ 9,187 $ 11,714
 Other income -- -- -- 73
 Total income 3,040 4,255 9,187 11,787
 Interest expense 47 114 275 520
 Personnel expense 546 590 1,826 3,732
 Net occupancy expense 36 40 110 118
 Professional fees 5,981 1,646 11,021 9,281
 Net realized losses (gains),
 writedowns and expenses of
 investments and other assets
 held for sale 298 373 (663) 722
 Other expense 1,005 740 2,618 2,642
 Total expense 7,913 3,503 15,187 17,015
 (Loss) income from continuing
 operations before
 claims settlements (4,873) 752 (6,000) (5,228)
 Claims settlements (150) (460) (150) (1,760)
 (Loss) income from
 continuing operations (5,023) 292 (6,150) (6,988)
 Extraordinary item:
 Gain on settlements of
 pre-petition debt and
 interest payable, net
 of tax -- -- -- 7,975
 Net (loss) income $ (5,023) $ 292 $ (6,150) $ 987
 Per common share(A):
 (Loss) income from
 continuing
 operations $ (0.12) $ 0.01 $ (0.14) $ (0.17)
 Net (loss) income (0.12) 0.01 (0.14) 0.02


(A) Common stockholders may not receive a distribution from the bankrupt
 estate of MCorp
 MCorp and Subsidiaries
 Condensed Consolidated Balance Sheets
 (dollars in thousands, except per share amounts)
 September 30, December 31,
 1993 1992 1992
 Assets:
 Cash and cash equivalents $ 331,474 $ 288,530 $ 314,216
 Assets held for sale:
 Other investments 19,425 54,564 31,486
 Land and other real estate
 owned 8,845 14,628 12,165
 Loans and other 2,203 5,354 3,428
 Other assets 10,248 16,939 13,773
 $ 372,195 $ 380,015 $ 375,068
 Liabilities and stockholders'
 deficit
 Liabilities:
 Accounts payable and accrued
 liabilities $ 29,027 $ 18,487 $ 20,895
 Other liabilities 17,847 18,015 18,163
 Long-term debt 3,124 7,663 7,663
 Liabilities deferred pursuant
 to Chapter 11 reorganization
 proceedings:
 Long-term debt 459,417 465,538 459,417
 Other liabilities 43,366 44,822 43,366
 Total liabilities 552,781 554,525 549,504
 Stockholders' deficit:
 Preferred stock; $1.00 par value;
 20,000,000 shares authorized;
 959,920 shares issued; aggregate
 liquidation preference $234,924,
 $229,756 and $231,496,
 respectively 960 960 960
 Common stock; $5.00 par value;
 100,000,000 shares authorized;
 42,790,257 issued 213,951 213,951 213,951
 Capital surplus 596,957 596,957 596,957
 Accumulated deficit (988,595) (982,519) (982,445)
 Treasury stock, at cost
 218,660 shares (3,859) (3,859) (3,859)
 Total stockholders' deficit (180,586) (174,510) (174,436)
 $ 372,195 $ 380,015 $ 375,068
 -0- 11/16/93
 /CONTACT: W. Mack Goforth of MCorp, 214-939-5892/
 (MP)


CO: MCorp ST: Texas IN: FIN SU: ERN

SB -- CH009 -- 4988 11/16/93 10:38 EST
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Date:Nov 16, 1993
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