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INSIGNIA FINANCIAL GROUP FILES REGISTRATION STATEMENT

 /REPEATING TO CORRECT GARBLE THROUGHOUT/
 GREENVILLE, S.C., Sept. 23 /PRNewswire/ -- Insignia Financial Group,


Inc. (the "Company") announced today that it has filed a registration statement with the Securities and Exchange Commission (the "Commission") for a public offering of 3,900,000 shares of its Class A Common Stock. 2,370,000 shares are being sold by the Company and 1,530,000 shares are being sold by certain stockholders of the Company.
 Lehman Brothers and Dillon, Read & Co. Inc. are acting as managing underwriters. The initial public offering price is expected to be between $13 and $15. A prospectus may be obtained from Lehman Brothers, Prospectus Department, 34 Hubert Street, New York NY 10013.
 Insignia Financial Group, Inc. is a fully integrated real estate service organization performing property management, asset management, investor services, partnership administration, mortgage banking, and real estate investment banking services for various ownership entities, including approximately 600 limited partnerships having approximately 132,000 limited partners. Insignia is the largest manager of multifamily residential properties in the United States and is a significant manager of commercial property. Insignia commenced operations in December 1990 and since then has grown to provide property and/or asset management services for over 1,000 properties, which include approximately 135,000 residential units and approximately 20,000,000 square feet of commercial space, located in over 400 cities in 44 states with aggregate annual rentals of approximately $1 billion.
 A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This communication shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
 -0- 9/23/93
 /CONTACT: Paulette Sintay, Director of Marketing of Insignia Financial Group, 803-239-1101/


CO: Insignia Financial Group, Inc. ST: South Carolina IN: FIN SU:

CM -- CH004 -- 5191 09/23/93 12:01 EDT
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Publication:PR Newswire
Date:Sep 23, 1993
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