SBD/12/Franchises

ITT READY TO CONVERT BONDS OF FINANCE UNIT

     ITT Corp., owner of Madison Square Garden, continued its
"ambitious restructuring" as the company began its drive to
convert $3.4B in bonds of ITT Financial Corp, into corporate
bonds.  ITT is in the "midst of remaking itself from a
conglomerate into a company focused on insurance, manufacturing,
lodging and entertainment."  Part of the restructuring includes
the agreement to buy Caesars World, Inc. and Madison Square
Garden, and some analysts "expect the company to split up into
three separate companies within two years" (Eben Shapiro, WALL
STREET JOURNAL, 1/12).
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