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GREAT AMERCIAN FILES WITH IRS TO SPIN-OFF EAGLE INDUSTRIES

 GREAT AMERCIAN FILES WITH IRS TO SPIN-OFF EAGLE INDUSTRIES
 CHICAGO, June 23 /PRNewswire/ -- Great American Management and Investment, Inc. (NASDAQ: GAMI) announced that it has filed a request with the Internal Revenue Service for a revenue ruling under Section 355 of the Internal Revenue Code seeking approval that a spin-off of its subsidiary, Eagle Industries, Inc., would not be taxable. The board of directors will meet to approve the proposed spin-off after the revenue ruling is received. Other approvals, primarily from Great American's lenders, will also be required before the spin-off could occur. Because of the need for such approvals, the receipt of any of which is uncertain, Great American can give no assurance that such spin-off will occur.
 -0- 6/23/92
 /CONTACT: Susan Obuchowski of Great American Management and Investment, 312-466-4010/
 (GAMI) CO: Great American Management and Investment Inc. ST: Illinois IN: CNO SU:


LR -- NY052 -- 2873 06/23/92 13:02 EDT
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Publication:PR Newswire
Date:Jun 23, 1992
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