FOR IMMEDIATE RELEASE

Contact:  Tony Smith (441) 295-9166



                 PRESIDIO HOLDING COMPANY, LLC SEEKS TO REPLACE
                    PRESIDIO CAPITAL CORP. CLASS A DIRECTORS



         HAMILTON HM DX, BERMUDA,  July 28, 1997. - Wexford  Management LLC, the
management  company for  Presidio  Capital  Corp.  (PCC),  received  notice from
Presidio Holding Company,  LLC, which has stated that it is holder of 63% of its
outstanding  Class A common  shares,  that it was  seeking  to remove  the three
current Class A directors and replacing them with Edward Sheetz,  David Hamamoto
and David King effective noon on September 2, 1997.  Wexford  Management has not
determined  whether  Presidio  Holding  Company,  LLC has the  right to seek and
obtain removal or replacement of the current Class A directors  pursuant to such
notice. If such holder's ownership is confirmed,  the other Class A shareholders
will be entitled to certain representation on the Board.

         Presidio Capital Corp.,  the successor entity to Integrated  Resources,
Inc., is engaged in the liquidation and disposition of the assets of Integrated,
which  were  acquired  pursuant  to the  Sixth  Amended  Plan of  Reorganization
submitted by the Subordinated  Bondholders  Committee and the Steinhardt  Group.
The plan of reorganization was consummated on November 3, 1994.

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