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HEINE SECURITIES RESPONDS TO WALL STREET JOURNAL

 SHORT HILLS, N.J., June 9 /PRNewswire/ -- Heine Securities Corporation and its President Michael F. Price have issued the following statement in response to the article which appeared today in the Wall Street Journal.
 "The suggestion in today's Wall Street Journal article that Heine Securities Corporation or Michael F. Price have engaged in trading on the basis of `inside information' or tipped such information to others is completely false. Heine and Mr. Price have not traded on the basis of material, non-public information in the securities of Sunbeam-Oster Company, Inc., Zenith Laboratories, Inc., Constellation Bancorp, or any other corporation and have never revealed any such information to others.
 "Heine and Mr. Price are keenly aware of all their responsibilities under the federal securities laws and have previously adopted and will continue to adhere to strict measures to ensure that neither Heine nor any of its directors, officers or employees, acting in any capacity, trade on the basis of `inside information' or communicate any such information to others, especially to brokers with whom Heine does business.
 "As reported, several Heine employees are part-time registered representatives of the brokerage firm of Herzog, Heine, Geduld, Inc. These employees do not trade for the account of Herzog or for any Herzog institutional clients. These employees are subject to all of the restrictions regarding material, non-public information imposed by Heine's code of ethics. If Heine has information which prohibits it from trading on behalf of its clients, no Heine officer, director or employee, acting in any capacity, can trade on behalf of anyone.
 "Because Heine applies its prohibition against trading uniformly throughout its operation, no `Chinese Wall' is required. Some brokers use `Chinese Walls' to permit trading when their firms have `inside information'. Heine's internal controls prohibit all such trading. The suggestion in the article that the absence of such a mechanism is an indication of a weakness in Heine's internal controls is simply wrong.
 "Finally, the suggestion in the article that Heine had engaged in improper activity in connection with certain warrants issued by Sunbeam is unfounded. No Heine director, officer or employee has ever, directly or indirectly, traded in Sunbeam warrants or other Sunbeam securities. Mutual Shares Fund, Mutual Qualified Fund and Mutual Beacon Fund have an indirect ownership interest in Sunbeam, but neither they nor the limited partnership through which they own that interest have ever engaged in transactions in Sunbeam securities other than directly with Sunbeam. Moreover, neither Heine nor any director, officer or employee of Heine has ever passed on to others, including Herzog, and `inside information' about Sunbeam or any security issued by Sunbeam."
 -0- 6/9/93
 /CONTACT: Hedda C. Nadler, or Alan R. Mount both of Mount & Nadler Incorporated, 212-759-4440, or Steve Lamb, 302-651-3050, all for Heine Securities Corporation/


CO: Heine Securities Corporation ST: New Jersey IN: FIN SU:

LD -- NY073 -- 0358 06/09/93 18:18 EST
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Publication:PR Newswire
Date:Jun 9, 1993
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