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DISCOUNT CORPORATION OF NEW YORK ANNOUNCES SALE OF ITS ASSET MANAGEMENT SUBSIDIARY, DISCOUNT ADVISERS

 DISCOUNT CORPORATION OF NEW YORK ANNOUNCES SALE OF ITS
 ASSET MANAGEMENT SUBSIDIARY, DISCOUNT ADVISERS
 NEW YORK, Feb. 13 /PRNewswire/ -- Discount Corporation of New York (NYSE: DCY) today announced that it has sold its fixed income asset management subsidiary, Discount Corporation of New York Advisers, to Patricia de Blank Klink, a founder of Discount Advisers.
 As a result of the sale, Discount Advisers has become an independent investment advisory firm; however, the company's personnel, systems, and address will remain the same. The purchase price was not disclosed, but the sale will not have a material effect on Discount Corporation's net income or financial condition.
 Commenting on this development, Raphael de la Gueronniere, chairman of Discount Corporation, stated: "The sale of Discount Advisers is consistent with Discount Corporation's focus on its primary dealership and related activities. We wish Ms. Klink and her colleagues at Discount Advisers all the best."
 Klink stated: "This action fulfills the goals of both entities. We are particularly pleased that Discount Advisers will function as an independent investment adviser, and it should be noted that Discount Advisers now qualifies as a minority-owned manager given its ownership and management by a woman."
 -0- 2/13/92
 /CONTACT: Patricia de Blank Klink, president of Discount Corporation of New York Advisers, 212-248-8989; or Desmond Towey or Bernadette McLaughlin of Desmond Towey & Associates, 212-888-7600, for Discount Corporation of New York Advisers/
 (DCY) CO: Discount Corporation of New York Advisers ST: New York IN: SU: TNM


GK-CK -- NY037 -- 9658 02/13/92 10:47 EST
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Publication:PR Newswire
Date:Feb 13, 1992
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