PAGE   14                                                         
Business Wire

                             May 9, 1984, Wednesday

DISTRIBUTION: Business Editors

LENGTH: 301 words

HEADLINE: HORIZON; MCO Holdings to assist in restructuring Horizon's 
indebtedness

DATELINE: TUCSON, Ariz.

 BODY:    An agreement in principal has been reached between Horizon 
Corp., Tucson, and MCO Holdings Inc., Los Angeles, under which MCO will 
assist Horizon in restructuring Horizon's real estate and other assets.

   Following the closing, Dr.  William C. Leone  and Charles E. Hurwitz 
and John Sommerhalder will be appointed to the expanded board of 
directors of Horizon. MCO will acquire 416,235 shares of the common 
stock, 1 cent par value, of Horizon currently authorized but unissued and 
receive an option, exercisable at any time within five years, to acquire 
an additional 832,485 shares of Horizon common shares.

   Exercise of the option is subject to certain restrictions. The 
purchase price of the common shares and the option price will be based 
upon the average closing price of Horizon common stock on the New York 
Stock Exchange for the 30 days preceding May 9.

   Horizon will receive a fairness opinion from its investment banking 
firm. The transaction is subject to certain conditions including the 
negotiations and execution of a definitive purchase agreement on or 
before June 30.

   Horizon is principally engaged in the business of developing and 
selling real estate properties in Arizona, New Mexico and Texas. Horizon 
owns approximately 30,000 acres of land in the three states where it 
operates, and five projects are currently in various stages of 
development.

   MCO, through its subsidiaries, is engaged in real estate development, 
natural resource exploration and production, gas transmission and 
processing and, through its ownership of 38.7 percent of the outstanding 
common stock of Simplicity Pattern Co. Inc., in the manufacture and sale 
of paper patterns for home sewing and related activities.

   CONTACT: Horizon Corp., Tucson             Richard R. Lovinger, 
602/886-5300


                                                                       
PAGE   15                                         Proprietary to the 
United Press International 1984