FOR IMMEDIATE RELEASE

Date:      February 5, 2002

Contact:   Richard Moyer, Cameron Associates

Phone:     212.245.8800 Fax: 212.245.4165

E-mail:    richard@cameronassoc.com
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ICH Corporation and Subsidiaries File Voluntary Chapter 11 Petitions to
Separate Ongoing Arby's Business from Holding Company Liabilities

Company's Arby's Restaurants Will Continue to Operate Without
Interruption

New York, New York; February 5, 2002 -- I.C.H. Corporation (AMEX:IH) ("ICH" or
the "Company") today announced that, in order to separate its ongoing Arby's
business from various holding company liabilities related primarily to the
Company's former ownership of the California-based Lyon's restaurant chain,
and to enhance the overall financial condition of the Company's operating
subsidiaries,  the Company and its principal subsidiaries have voluntarily
filed for financial restructuring under Chapter 11 of the United Stated
Bankruptcy Code. The filings, which were made today in the United States
Bankruptcy Court for the Southern District of New York, will allow the
Company to resolve its non-Arby's related holding company liabilities, while
preserving and enhancing the value of the underlying Arby's restaurant
operations of its subsidiaries. Through its principal operating
subsidiaries, the Company currently operates 240 Arby's restaurants located
primarily in Michigan, Texas, Pennsylvania, New Jersey, Connecticut and
Florida. As part of the restructuring proceedings, the Company expects that
those Arby's restaurant operations will continue without interruption. The
Company currently expects to close only one Arby's restaurant in connection
with the Chapter 11 case.

ICH is a Delaware holding corporation which, through its principal operating
subsidiaries, currently operates 240 Arby's restaurants located primarily in
Michigan, Texas, Pennsylvania, New Jersey, Connecticut and Florida.

Note: Certain information discussed above may constitute forward-looking
statements within the meaning of the federal securities laws. Although the
Company believes that the expectations reflected in any such forward-looking
statements are based upon reasonable assumptions, it can give no assurance
that its expectations will be achieved. Forward-looking information is
subject to certain risks, trends and uncertainties that could cause actual
results to differ materially from projected results. Among those risks,
trends and uncertainties are the general economic climate, costs of food and
labor, consumer demand, interest rate levels, the availability of financing
and other risks associated with the acquisition, development and operation of
new and existing restaurants.