July 3, 1984, Tuesday, BC cycle

SECTION: Financial

DISTRIBUTION: Texas, New Mexico

LENGTH: 281 words

DATELINE: ALBUQUERQUE, N.M.

KEYWORD: Horizon

 BODY:     Horizon Corp., a Tuscon-based land development company with 
holdings in New Mexico, Arizona and Texas, Tuesday announced 
restructuring plans that rely heavily on a $2.8 million stock sale.

   Horizon said MCO Holdings Inc. of Los Angeles acquired about 18 
percent of its common stock under an agreement where MCO will assist 
Horizon in managing the real property, joint ventrues and other assets of 
Horizon.

   As part of the negotiations, three MCO officers will be added to 
Horizon's board of directors. In addition, MCO president Dr.  William C. 
Leone  will join Horizon president Floyd W. Bailey in a newly created 
chief executive office.

   A spokesman said the $2.8 cash infusion will be used to retire some of 
the company's immediate debts and to cover future developments.

   MCO paid $8.27 a share for 339,152 shares of common stock Horizon had 
previously authorized but not issued, a spokesman said. MCO also obtained 
an option to buy an additional 678,308 shares of Horizon common stock any 
time between Dec. 29 and June 29, 1989.

   Horizon owns and operates approximately 30,000 acres of land in 
Arizona, Texas and New Mexico.

   In New Mexico, Horizon is developing Rio Communities near Belen, and 
Paradise Hills in west Albuquerque. Horizon also owns Waterwood, 80 miles 
north of Houston; Rancho del Lago, south of Tuscon, and Sunsites, near 
Wilcox, Ariz.

   MCO, through its subsidiaries, is engaged in real estate development, 
natural resources exploration and production and gas transmission and 
processing.

   MCO is also involved in the home sewing market through its ownership 
of 38.7 percent of outstanding common stock in Maxxam Group, formerly 
Simplicity Pattern Co., Inc.



                                                                       
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