June 4, 1993

A group of creditors today filed an involuntary bankruptcy petition against Catherine Duffy Petit. The petition was filed in the U.S. Bankruptcy Court in Portland by creditors holding claims in excess of $90,000.00 against Ms. Petit.

Ms. Petit is best knows for her former ownership of the Pier at Old Orchard Beach. Ms. Petit lost the Pier to creditors several years ago, but she sued Key Bank and her former lawyers, Berstein, Shur, Sawyer & Nelson, claiming that they colluded to take the Pier away from her. The law firm settled for an undisclosed sum of money, but Ms. Petit's action against Kay Bank continues. None of the proceeds from the settlement with Bernstein, Shur et al. were distributed to any of the creditors involved in today's bankruptcy petition.

According to John Connor, the lawyer for the largest creditor is the bankruptcy, the petition was filed to assure that any funds derived from Ms. Petit's action against Key Back will go to Ms. Petit's creditors in an equitable manner to pay off Ms. Petit's considerable debts.

John Conner, Attorney

75 Pearl Street

Portland, ME 04101

Tel.No. (207)775-5015