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NOTICE OF DEFAULT DELIVERED TO OLYMPIA & YORK MAIDEN LANE UNIT; BONDHOLDERS DISCONTINUE LAWSUIT

 NEW YORK, Feb. 9 /PRNewswire/ -- Dickstein & Co., L.P. and Third Avenue Value Fund, Inc. announced today that in light of the fact that the identure trustee for the Olympia and York Maiden Lane Finance Corp. 10-3/8 percent secured notes due 1995, has sent a Notice of Default to the company, they have decided to discontinue prosecution of their lawsuit against the company and its affiliates without prejudice to their ability to file a new complaint in the future.
 The Notice of Default sent to the company by the indenture trustee relates to the company's failure to deliver the required unqualified auditor's opinion with respect to the company's 1991 year-end financial statements. If this default is not cured within the next 30 days, an Event of Default will exist under the Indenture. The Indenture expressly prohibits the distribution of excess cash flow during the pendency of an Event of Default.
 The lawsuit alleged that the company's upstreaming of excess cash flow at a time when the company is insolvent constitutes an unlawful distribution and sought, among other things, an injunction against any more diversions of the building's rents to parties other than the bondholders. Dickstein and Third Avenue Fund have discontinued the lawsuit pending the indenture trustees pursuit of the default.
 Dickstein & Co., L.P. and Third Avenues Value Fund, Inc. together with several other bondholders who in the aggregate own approximately 10 percent of the $200 million issue formed a bondholder group. Dickstein and Third Avenue have recently jointly retained the law firm of Debevoise & Plimpton.
 -0- 2/9/93
 /CONTACT: Alan S. Cooper of Dickstein & Co., 212-744-8877/


CO: Dickstein & Co., L.P.; Olympia & York Maiden Lane Finance Corp. ST: New York IN: SU:

SH-SM -- NY070 -- 4777 02/09/93 15:17 EST
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Publication:PR Newswire
Date:Feb 9, 1993
Words:295
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