Exhibit 20




News Release


                              FOR IMMEDIATE RELEASE


          New York, N.Y. - December 20, 2001. The City Investing Company
Liquidating Trust (NASDAQ: CNVLZ) announced today that it has commenced an
active program to rationalize its remaining assets and contingent liabilities
with a view to distributing its remaining funds to Unit holders as promptly as
possible.

          A spokesman for the Trust noted that the Trust had not yet been able
to resolve all potential claims against the Trust assets. The spokesman also
cautioned that the timing of the final resolution of these claims and
distribution of the Trust's remaining assets could not be predicted with
accuracy.