EXHIBIT (a) (17)


                ICAHN UNIT ANNOUNCES PROPOSAL FOR ACQUISITION OF
                 HALLWOOD REALTY PARTNERS, L.P. AT $222 MILLION


     New York,  New York,  July 29, 2003.  Carl C. Icahn stated today that he is
pleased that, after many years of litigation with its limited partners, Hallwood
Realty Partners,  L.P (AMEX: HRY) (the  "Partnership") is being put up for sale.
Counsel to Hallwood Realty LLC, the general partner of the Partnership, stated
on July 24, 2003 before the Court of Chancery of  Delaware that the company is
being put up for sale. As a result,  High River Limited Partnership,  an
affiliate of Mr. Icahn,  today announces a proposal to purchase the Partnership
in a merger  transaction for an aggregate purchase price of $222 million,
subject to existing debt. Based upon the distribution and allocation provisions
of the partnership agreement of 1% to the general partner and 99% to the limited
partners, the High River proposal would provide value of approximately $132.50
per unit to limited partners  (assuming  the  exercise of all  options).  High
River is prepared to immediately negotiate and complete a merger agreement on
typical terms and conditions to implement its proposal.

     Mr. Icahn noted that a $132.50 payment per unit would be an increase of
approximately  $61.70 or 87% over the average closing  price ($70.80) of units
during  the 60 days  prior  to  March 3,  2003,  the date on which it was first
publicly disclosed that he had purchased units in the Partnership.

     The High River  proposal is conditioned  on the  Partnership  continuing to
operate  in the  ordinary  course  of  business,  including  the  following:  no
amendment  to the Hallwood  partnership  agreement,  no purchase of  partnership
units by the  Partnership  or its  general  partner or  affiliates  thereof,  no
extraordinary  or  related  party  transactions,  no golden  parachute  or other
employee severance,  termination or similar arrangements,  and no declaration or
payment of any distribution.

     High  River has  proposed  this  transaction  without  the  benefit  of due
diligence  and would be willing to consider the  possibility  of  negotiating  a
higher price and other terms, if given due diligence.