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CRI LIQUIDATING REIT FILES PRELIMINARY PROSPECTUS

 CRI LIQUIDATING REIT FILES PRELIMINARY PROSPECTUS
 ROCKVILLE, Md., Sept. 4 /PRNewswire/ -- CRI Liquidating REIT,


Inc. (NYSE: CFR), yesterday filed a Preliminary Prospectus with the Securities and Exchange Commission (SEC) in connection with the sale of 3 million shares of Liquidating REIT common stock by the company's largest and controlling shareholder, CRI Insured Mortgage Association, Inc., known as CRIIMI MAE (NYSE: CMM).
 The 3 million shares being offered for sale represent nearly 15 percent of the Liquidating REIT shares owned by CRIIMI MAE. CRIIMI MAE currently owns approximately 66.9 percent of the Liquidating REIT's issued and outstanding shares.
 After CRIIMI MAE sells 3 million Liquidating REIT shares, CRIIMI MAE will own approximately 57.1 percent of the total. There will be no change in the number of Liquidating REIT shares issued and outstanding.
 The 3 million Liquidating REIT shares being offered by CRIIMI MAE have not previously been registered with the SEC for sale to the public. Under the terms of a Registration Rights Agreement between the two companies, CRIIMI MAE is paying the fees and expenses of registering the shares. The Liquidating REIT will receive none of the proceeds from the sale of shares.
 Underwriters for the stock sale will be Merrill Lynch & Co. and Dean Witter Reynolds Inc.
 CRIIMI MAE has granted the underwriters a 30-day option to purchase up to 450,000 additional shares to cover over-allotments.
 CRI Liquidating REIT is a finite-life, self-liquidating REIT which owns a portfolio of 73 U.S. government insured and guaranteed mortgage investments secured by multifamily housing complexes located throughout the United States. Total assets as of June 30, 1992, were approximately $288.70 million. The company intends to liquidate its mortgage portfolio by 1997 and distribute the proceeds to shareholders.
 A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective.
 This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any state.
 -0- 9/4/92
 /CONTACT: James T. Pastore, 301-231-0323, Susan Bressler-Railey, 301-468-3120, both for CRI Liquidating REIT, Inc./
 (CFR CMM) CO: CRI Liquidating REIT, Inc.; CRI Insured Mortgage Association,
 Inc. ST: Maryland IN: FIN SU:


TW -- DC006 -- 6835 09/04/92 09:59 EDT
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Publication:PR Newswire
Date:Sep 4, 1992
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