OTHER NEWS - June 27, 1996

Investment Banker to Set Up Shop: Michael E. Tennenbaum, veteran investment banker with Bear, Stearns & Co. in Los Angeles and one of the city’s highest-profile figures in corporate finance, will leave Bear Stearns to form Tennenbaum & Co. in Century City on July 1. Tennenbaum, 60, said his firm will focus on making equity investments in businesses, real estate and securities. Tennenbaum has been a principal advisor and financier to such companies as MGM Grand, Tosco Corp. and Jenny Craig Inc., and to the state of California on the privatization of Blue Cross of California. He also served as chairman of the special financial advisory committee set up by Los Angeles Mayor Richard Riordan to review the city’s fiscal situation.