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BERGER & MONTAGUE ANNOUNCE BOESKY FUND DISTRIBUTION

 PHILADELPHIA, June 11 /PRNewswire/ -- Distributions of approximately $31 million are being made today from the fund which Ivan Boesky established in settlement of the government's insider trading charges against him.
 The distributions have been approved by order of Federal Judge Milton Pollack of Manhattan and comprise one of the largest distributions of a Securities and Exchange Commission disgorgement fund in history.
 According to attorney David Berger, who with Stanley Nemser serves as counsel for the public investors, the $31 million will be allocated to 6,001 persons in the Boesky securities litigation pending before Judge Pollack who sold one or more of the following stocks during the applicable time periods: Nabisco Brands, Inc. during the period May 6, 1985 through May 30, 1985; Houston Natural Gas Corporation during the period April 30, 1985, through May 2, 1985; General Foods Corporation during the period Sept. 24, 1985 through Sept. 27, 1985; American Natural Resources during the period Feb. 14, 1985 through March 8, 1985; Union Carbide Corporation during the period Nov. 27, 1985 through Jan. 7, 1986; and FMC Corporation during the period Feb. 18 1986 through April 4, 1986.
 Berger also stated that the fund came into existence as a result of the criminal and civil prosecution of Ivan Boesky which triggered the notorious Wall Street scandals and became symbolic of the era of the 1980s. The prosecution of Boesky, once one of the leading arbitrageurs on Wall Street, ultimately led to the investigation, indictment and conviction of Michael Milken and his employer, Drexel Burnham Lambert.
 The distribution announced today represents one of the first distributions of funds from the large disgorgement funds established by the federal government to compensate individual investors defrauded by the activities of Boesky, Milken and Drexel. Claimants have already filed their claims with respect to this distribution. Berger also announced that efforts are being made to distribute the balance of the Boesky Fund, which exceeds $30 million, in the near future in conjunction with the SEC. Eligible claimants to the balance of the Boesky Fund are other persons defrauded by Boesky's insider trading activities in other securities.
 -0- 6/11/93
 /CONTACT: David Berger Esq. or Daniel Berger, Esq., 215-875-3000, or Jim Grossman, 212-489-6900, all of Berger & Montague, P.C./


CO: Berger & Montague, P.C. ST: Pennsylvania IN: SU:

LR-TP -- NY048 -- 1123 06/11/93 14:18 EST
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Publication:PR Newswire
Date:Jun 11, 1993
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