Exhibit 99.06

            Description of Certain Pending Legal Proceedings Against
           Salomon Smith Barney Holdings Inc. and/or its Subsidiaries

                                                        Salomon Inc.'s Form 10-Q
                                                              September 30, 1997
                                                                         Page 19

Item 1. Legal Proceedings

      On June 9, 1997, Salomon Smith Barney Inc.'s (formerly, Salomon Inc, and
referred to herein as "Salomon Smith Barney") subsidiary, Philipp Brothers,
Inc., received an information request from USEPA pursuant to Section 104(e) of
the Comprehensive Environmental Response, Compensation and Liability Act of 1980
(CERCLA) regarding activities relating to the Bunker Hill Superfund Site in
Kellogg, Idaho. On June 26, 1997, the U.S. Departments of Agriculture and
Interior and the Coeur D'Alene Tribe gave notice to Philipp Brothers, Inc. of
their intention to join Philipp Brothers, Inc. as a defendant in an action
brought, under CERCLA, in the Federal District Court in Idaho to recover natural
resource damages caused by activities in the "Coeur D'Alene Basin," an area in
northern Idaho encompassing the Bunker Hill Superfund Site. On August 29, 1997,
the United States moved, in the Federal District Court in Idaho, for leave to
amend its complaint in United States v. Asarco Incorporated et al (D.C. Ida.,
Civ. No. 96-0122-N-EJL) to join 23 additional parties, including Philipp
Brothers, Inc., as defendants in an action brought by the United States to
recover response costs and natural resource damages under CERCLA. On the same
date, the Coeur D'Alene Tribe moved, in the same court, for leave to amend its
complaint in Coeur D'Alene Tribe v. Asarco Incorporated et al (D.C. Ida., Civ.
No. 91-0342-N-EJL) to join 13 additional parties, including Philipp Brothers,
Inc., as defendants in an action brought by the Tribe to recover natural
resource damages under CERCLA. The court has not ruled on plaintiff's motion in
either action. Salomon Smith Barney cannot determine at this time the extent of
its liability, if any, under CERCLA with respect to the Bunker Hill Superfund
Site, although Salomon Smith Barney believes that it conducted no activities
which give rise to such liability.