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AVATAR ANNOUNCES EXPIRATION OF RIGHT TO CONVERT 5 1/4 PERCENT CONVERTIBLE-PURCHASE SUBORDINATED DEBENTURES

 NEW YORK, July 1 /PRNewswire/ -- Avatar Holdings Inc. (NASDAQ: AVTR) announced today that the right to convert its 5 1/4 percent Convertible- Purchase Subordinated Debentures (the "debentures"), expired at 5 p.m., New York City time, on Tuesday, June 29, 1993. The debentures were called for redemption by the company on June 4, 1993.
 The company stated that approximately $30,838,000 (99.6 percent) principal amount of the debentures were converted since June 4, 1993. Pursuant to the indenture, each holder who converted his debentures was required to pay to the company, at the time of conversion, cash in an amount equal to the principal amount of the debentures then being converted for which such holder received an additional number of shares of common stock equal to the number issuable upon conversion. As a result of these conversions, the company expects to issue an aggregate of 2,681,455 shares of common stock and to receive aggregate cash proceeds of $30,838,000 (less expenses).
 Each of Odyssey Partners, L.P. ("Odyssey"), which owned $10,424,500 principal amount of debentures, and the Estate of Peter Sharp (the "estate"), which owned $10,464,000 principal amount of debentures, converted the entire principal amount of their debentures. As a result of these conversions, Odyssey owns 2,107,763 shares (or approximately 20.9 percent) of the common stock and the estate owns 2,016,044 shares (or approximately 20 percent) of the common stock.
 The remaining $135,000 principal amount of debentures outstanding will be redeemed by the company on Sunday, July 4, 1993 pursuant to the notice of redemption dated June 4, 1993. In accordance with the indenture, the redemption payment will be made on July 6, 1993, the first business day following the redemption date. Holders of debentures must surrender their debentures in order to receive the redemption payment.
 -0- 7/1/93
 /CONTACT: Juanita I. Kerrigan, vice president & secretary of Avatar Holdings, 305-442-7000, ext. 277/
 (AVTR)


CO: Avatar Holdings, Inc. ST: Florida IN: SU:

AW-RC -- FL002 -- 7531 07/01/93 08:32 EDT
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Publication:PR Newswire
Date:Jul 1, 1993
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