PAY N' PAK &lt;PNP> GETS TWO OFFERS FOR COMPANY
  Pay N' Pak Stores Inc said it received
  two proposals in response to its previously announced
  solicitation of potential buyers for the company.
      The company said it is evaluating the proposals from Paul
  Bilzerian and from a third party which is active in the
  leveraged buyout field but which Pay N' Pak declined to
  identify.
      It said the Bilzerian proposal calls for shareholders to
  receive on a blended basis 16.67 dlrs in cash and 3.30 dlrs in
  liquidation value of cumulative exchangeable redeemable
  preferred stock for each common share.
     
      Pay N' Pak said the second proposal is structured as a
  merger in which each holder would receive a combination of
  17.50 dlrs in cash and 2.50 dlrs in liquidation value of 13-1/2
  pct cumulative preferred.
      The company said the dividend on the preferred offered by
  Bilzerian would be set so that in the opinion his financial
  advisor and the company's financial advisor the preferred would
  trade in the public market at its liquidation value.
      Dividends on the preferred could be paid at the option of
  the surviving corporation in cash or additional shares of
  preferred for the first five years, it added..
     
      Pay N' Pak said Bilzerian's proposal is subject to a
  physical inventory of merchandise at June 30. Bilzerian did not
  provide details with respect to financing of his proposal,
  which is not subject to a financing condition.
      The company said dividends on the preferred being offered
  in the second proposal would be paid in additional preferred in
  the first three years and the preferred would be redeemed in
  years 12 and 13.
      It said the second offer is contingent on the arrangement
  of financing, adding the party making the offer is confident of
  its ability to obtain the balance of the financing.
     
      Pay N' Pak said the second proposal is conditioned upon a
  satisfactory agreement with the company's management regarding
  its equity participation in the new company.
      The second party anticipates executing a letter of intent
  when it delivers its financing commitment to the Pay N' Pak
  board that would incorporate an expense reinbursement and
  option arrangement, the company said.
  

