OTHER NEWS - July 13, 1996

SEC Probe of Milken Focuses on MCI-News Corp. Deal: An attorney for former junk bond king Michael Milken said the Securities and Exchange Commission has interviewed Milken in the last few months and obtained documents from him that relate to his work on an MCI Communications Corp. joint venture with Rupert Murdoch’s News Corp. and its $1-billion investment in the company. The Wall Street Journal, which first reported the inquiry focus, said the SEC has also subpoenaed e-mail messages and other computer records from MCI. “We’re confident that when the SEC is finished, they’ll agree that he’s acted in good faith, within the letter and spirit of his restrictions,” said Milken’s attorney, Richard M. Phillips. The SEC declined to comment, as did a spokesman for MCI Chairman Bert C. Roberts Jr. Murdoch couldn’t be reached. Milken pleaded guilty in 1990 to six felony securities violations. He served two years in prison and paid more than $1 billion in fines and restitution. He is banned from the securities industry.