EXHIBIT 99.1
[DANIELSON HOLDING CORPORATION LETTERHEAD]
FOR IMMEDIATE RELEASE
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Contact: Martin J. Whitman
Chairman of the Board &
Chief Investment Officer
Lisa D. Levey
General Counsel and Secretary
212/888-0347
DANIELSON HOLDING CORPORATION AND MIDLAND FINANCIAL
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GROUP
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TERMINATE PENDING MERGER TRANSACTION
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New York City - July 24, 1996
Danielson Holding Corporation (DHC-AMEX) today announced that Danielson and
Midland Financial Group, Inc. (MDLD-Nasdaq/NM) have terminated, by mutual
consent, the proposed merger of Midland with Danielson following the deaths of
senior executives of both companies. As the companies announced last week, C.
Kirk Rhein, Jr., President and Chief Executive Officer of Danielson, William R.
Story, President and Chief Executive Officer of National American Insurance
Company of California (the principal operating subsidiary of Danielson) and
Charles H. Gray, III, President and Chief Operating Officer of Midland, were
aboard TWA flight 800 that crashed after take-off from New York's John F.
Kennedy International Airport.
Danielson also announced that it intends to set a new date for its Annual
Meeting of Stockholders, which is currently scheduled to be held on August 2,
1996. Danielson will announce a new date for the meeting as soon as
practicable.
Danielson Holding Corporation is an American Stock Exchange listed company,
engaging in financial services businesses through its subsidiaries, including
specialty insurance and trust services.
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