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TOWERS FINANCIAL RECEIVES $200 MILLION OFFER

 NEW YORK, Dec. 10 /PRNewswire/ -- Alan Cohen, the operating Trustee for Towers Financial Corporation and its subsidiaries, announced today that he has received an offer from CF Healthcare Finance, Inc., an affiliate of Colony Financial Services, to acquire substantially all of Towers' ongoing businesses in a joint venture for a package of consideration stated to be more than $200 million, based upon the projected earnings of the venture. Mr. Cohen also reported that the Bankruptcy Court has approved procedures under which the businesses of Towers Financial Corporation may be sold for a higher and better offer at a public auction to be held on Jan. 21, 1994.
 "We are extremely pleased to have received this proposal," said Mr. Cohen. "Our strategic plan has been to revitalize Towers' businesses and sell them as going concerns in order to maximize recoveries for defrauded creditors. The offer from Colony demonstrates that we have been succeeding with our plan."
 Towers filed for protection under chapter 11 of the Bankruptcy Code earlier this year when it was discovered that the Company and its creditors had been the victims of a massive fraud. Mr. Cohen was appointed by the Bankruptcy Court to investigate the fraud, operate the Company and develop a strategic plan for the Company's future. Towers' businesses include financing healthcare providers, collecting accounts receivable, and reinsuring casualty and property risks.
 -0- 12/10/93
 /CONTACT: Alan Cohen, Trustee for Towers Financial, 212-696-0505, or Terrence Corrigan of Fried, Frank, Harris, Shriver & Jacobson, 212-820-8032/


CO: Towers Financial Corporation; CF Healthcare Finance, Inc. ST: New York IN: FIN SU: JVN

WB-SH -- NY076 -- 2741 12/10/93 15:50 EST
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Publication:PR Newswire
Date:Dec 10, 1993
Words:272
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