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MEGO FINANCIAL CORP. CONVERTS STOCK

 MEGO FINANCIAL CORP. CONVERTS STOCK
 LAS VEGAS, June 19 /PRNewswire/ -- Mego Financial Corp.


(NASDAQ: MEGO) announced today that holders of its "A" and "B" common shares have approved conversion of the "B" common shares to "A" common shares and a change in the designation of the "A" shares to "common stock." After the conversion of the 1,116,652 "B" shares, which will be effective June 24, 1992, Mego Financial Corp. will have 16,700,222 common shares outstanding. The common stock will trade under the symbol "MEGO."
 "We believe this streamlined equity structure will benefit our shareholders, allowing us to more quickly capitalize on acquisition opportunities in the marketplace," said Robert Nederlander, chairman.
 Mego Financial Corp. shareholders also approved an increase in authorized shares of common stock to 50,000,000 from 25,200,000; the authorization of 5 million shares of preferred stock; and recently approved a change in the company's name to Mego Financial Corp., to more accurately reflect the nature of the company's operations.
 Mego Financial Corp. is a financial services company providing consumer financing to purchasers of its timeshare interests and land parcels. The company operates through a wholly owned subsidiary, Preferred Equities Corporation, and an 80 percent owned subsidiary, Vacation Spa Resorts, Inc.
 -0- 6/19/92
 /CONTACT: JoAnn Horne or Jaideep Khanna, of Morgen-Walke Associates, 212-986-5900, for Mego Financial Corp./
 (MEGO) CO: Mego Financial Corp. ST: Nevada IN: FIN SU:


TQ-LR -- NY047 -- 1966 06/19/92 13:53 EDT
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Publication:PR Newswire
Date:Jun 19, 1992
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