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VANERIC EXTENDS TENDER OFFER FOR TREYTON OAK TOWERS BONDS, DEMANDS BONDHOLDER LIST

 VANERIC EXTENDS TENDER OFFER FOR TREYTON OAK TOWERS BONDS,
 DEMANDS BONDHOLDER LIST
 BALTIMORE, May 29 /PRNewswire/ -- Vaneric Management, Inc. announced today that it is extending its tender offer and solicitation of revocable bondholder proxies for the county of Jefferson, Kentucky First Mortgage Residential Care Facilities revenue bonds (Treyton Oak Towers Economic Development Project), Series 1988 until Friday, June 19, 1992, at 5 p.m., Baltimore, Md., time, unless further extended. Vaneric is soliciting revocable bondholder proxies and is offering to purchase for cash $11,400,000 principal amount of the bonds at $220 per $1,000 original principal amount. The solicitation and offer to purchase was commenced by Vaneric on April 28, 1992.
 Vaneric stated that it has extended the tender offer and bondholder proxy solicitation to allow all bondholders to fully consider its proposals. The refusal of the indenture trustee to furnish a bondholder list or mail the tender offer materials has left many bondholders uninformed of Vaneric's proposal. Vaneric now holds sufficient bondholder proxies to secure the bondholder list and has made a formal demand for the list.
 The Treyton Oak Towers Project, a long-term care facility located in Louisville, Ky., has been in default on the bonds since December 1991. Vaneric is seeking proxies and tendered bonds in order to effect the removal of the current bond trustee and replace it with a new trustee that would assume ownership of the project and operate it for the exclusive benefit of the bondholders. Vaneric, whose principals are experienced in owning and operating retirement and nursing home facilities, would offer its services to the new trustee in the marketing and management of the project.
 For further information regarding Vaneric's tender offer and solicitation of revocable bondholder proxies please call contact.
 -0- 5/29/92
 /CONTACT: Larry Vander Maten of HSM Development Corporation,


314-576-0050/ CO: Vaneric Management, Inc.; Treyton Oak Towers Project ST: Maryland, Kentucky IN: SU: OFR

PS -- NY085 -- 5410 05/29/92 22:07 EDT
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Publication:PR Newswire
Date:May 29, 1992
Words:327
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