As filed,  via EDGAR,  with the  Securities  and Exchange  Commission on
October 13, 1998.

                                  SCHEDULE 14A
                                 (Rule 14a-101)

                     INFORMATION REQUIRED IN PROXY STATEMENT

                            SCHEDULE 14A INFORMATION
                Proxy Statement Pursuant to Section 14(a) of the
                         Securities Exchange Act of 1934

      Filed by the registrant  [_]
      Filed by a party other than the registrant [X]

      Check the appropriate box:

     [_]  Preliminary proxy statement
      
     [_]  Confidential,  for Use of the  Commission  Only (as  permitted by Rule
          14a-6(e)(2)

     [_]  Definitive proxy statement

     [_]  Definitive additional materials

     [X]  Soliciting material pursuant to Rule 14a-11(c) or Rule 14a-12


                      INTERACTIVE FLIGHT TECHNOLOGIES, INC.
                (Name of Registrant as Specified in Its Charter)

       MERCURY SHAREHOLDER ASSOCIATES LLC, BARINGTON CAPITAL GROUP, L.P.,
                    BANNER AEROSPACE, INC., and DONALD MILLER
    (Name of Person(s) Filing Proxy Statement, if other than the Registrant)


Payment of filing fee (Check the appropriate box):

     
     [X]  No fee required.

     [_]  Fee  computed on table below per Exchange  Act Rules  14a-6(i)(1)  and
          0-11.

          (1)  Title of each class of securities to which transaction applies:
           
          (2)  Aggregate number of securities to which transaction applies:
          
          (3)  Per unit price or other underlying value of transaction  computed
               pursuant to Exchange Act Rule 0-11:
           
          (4)  Proposed  maximum  aggregate value of transaction:  (5) Total fee
               paid:

     [_]  Fee paid previously with preliminary materials.

     [_]  Check box if any part of the fee is offset as provided by Exchange Act
          Rule  0-11(a)(2)  and identify the filing for which the offsetting fee
          was paid  previously.  Identify  the previous  filing by  registration
          statement number, or the form or schedule and the date of its filing.

          (1)  Amount previously paid:
          
          (2)  Form, schedule or registration statement no.: 

          (3)  Filing party:
          
          (4)  Date filed:




FOR IMMEDIATE RELEASE                                     CONTACT:
                                                          John Cornwell
                                                          D.F. King & Co., Inc.
                                                          (212) 269-5550

                       MERCURY SHAREHOLDER ASSOCIATES LLC
                         TO COMMENCE PROXY SOLICITATION
                                FOR DIRECTORS OF
                      INTERACTIVE FLIGHT TECHNOLOGIES, INC.


         NEW YORK, NEW YORK, October 13, 1998 -- Mercury Shareholder  Associates
LLC, a company  controlled  by Barington  Capital  Group L.P. and certain  other
persons,  announced  today that it intends to commence a solicitation of proxies
to elect directors of Interactive Flight Technologies,  Inc. (NASDAQ/NMS:  FLYT)
at the  Company's  upcoming  annual  meeting,  in  opposition  to the  directors
nominated  by the  Company's  current  Board.  The annual  meeting is  currently
scheduled to be held on October 30, 1998. The solicitation  will also oppose the
proposal of the current  Board to amend the  Company's  charter to provide for a
staggered  board and  propose a reverse  split of the  Company's  Class A Common
Stock of one share for every three  shares  currently  outstanding.  The Company
filed preliminary proxy materials with the Securities and Exchange Commission on
October 5, 1998.


         As a stockholder of the Company, Barington has repeatedly expressed its
view  to  management  that  pursuit  of  the  Company's  inflight  entertainment
business,  which  has  been  consistently  unprofitable  and  has  depleted  the
Company's capital,  is not viable in the current market climate.  By redirecting
the Company's  activities and effectively  using the Company's capital and other
resources,  however, new management can substantially  enhance stockholder value
from  current  levels.  Mercury  believes  that the  individuals  it  intends to
nominate as directors -- Michael McManus,  Joseph Wright, Richard Daniel, Donald
Miller, and Seymour




Holtzman -- have the  experience  necessary  to plan and  implement an effective
business  strategy  for the Company and have a proven  track record in enhancing
stockholder value.  Mercury opposes staggering the Company's Board of Directors,
since it believes that the Company's  stockholders should have an opportunity on
an annual basis to replace the Board if it has not served in the Company's  best
interests. Mercury believes that a three-to-one reverse stock split is necessary
to preserve the marketability of the Company's Class A Common Stock.

         Mercury intends to file  preliminary  proxy  materials  pursuant to the
Securities Exchange Act of 1934 as soon as practicable.


         Barington  is  a  full  service  investment  banking  firm  focused  on
providing capital and advisory services to small and emerging growth companies.


                   CERTAIN INFORMATION CONCERNING PARTICIPANTS


         The  following  is a list of the names and  stockholdings,  if any,  of
persons who may be deemed to be  "participants"  in Mercury's  solicitation with
respect to the Company's  annual meeting:  Barington  (289,626 shares of Class A
Common  Stock);  Banner  Aerospace  Inc.,  an 83%  subsidiary  of The  Fairchild
Corporation (4,000 shares of Class A Common Stock, 112,500 Class C Warrants, and
112,500 Class D Warrants);  and Messrs. McManus,  Wright, Daniel, Miller (20,500
shares of Class A Common Stock), and Holtzman.  Barington,  in the course of its
broker-dealer business,  maintains accounts on behalf of its customers,  certain
of which hold additional shares of Class A Common Stock. Barington does not have
or share  the  right to vote or  dispose  of such  shares.  If  Mercury's  proxy
solicitation  is  successful,  it is possible  that  Barington may in the future
provide investment banking services to the Company.




         On March 6, 1998,  Barington  filed a derivative  action in the Supreme
Court of the State of New York against the former  directors and officers of the
Company alleging  various breaches of fiduciary duty.  Barington filed a similar
action on September 9, 1998 in the Superior  Court of the State of Arizona.  The
Arizona  action  added as a  defendant  Ocean  Castle  Partners,  LLC, an entity
controlled by Irwin Gross, the Company's Chief Executive Officer and Chairman of
its Board of Directors.  Among other things, the complaint in the Arizona action
seeks a  declaration  that the  shares  of Class B Common  Stock  whose  vote is
controlled by Ocean Partners have been converted into Class A Common Stock. Each
share of Class A Common  Stock has one vote per share and each  share of Class B
Common Stock has six votes per share.  On September  25, 1998,  the court in the
Arizona  action  issued a  preliminary  injunction,  the  effect  of which is to
provide that the Class B Common Stock whose vote is controlled by Ocean Partners
is  converted  into  Class A Common  Stock,  having  one vote per  share.  Ocean
Partners has appealed the issuance of the  preliminary  injunction and a hearing
on the appeal has been  scheduled for October 27, 1998.  In connection  with the
appeal,  the  Company  accepted  the  Court's  suggestion  to adjourn the annual
meeting to October 30, 1998.