HEAT IS ON: GRIGSBY BACK INTO MUNICIPAL- BOND BUSINESS

     Dade County, FL officials confirmed yesterday that Calvin
Grigsby is getting back into the municipal-bond business, and
wants to continue as an underwriter on Dade County financing,
including the proposed $130M deal to build a new arena for the
Heat, according to Charles Gasparino of the WALL STREET JOURNAL.
Grigsby recently resigned as CEO of Grigsby Branford & Co., which
is being investigated in an ongoing federal grand jury probe into
municipal bond dealings in Miami.  Grigsby's new firm is called
Grigsby & Associates, and Dade officials say Grigsby informed
them he will maintain offices in NY, Miami, LA, San Francisco,
Sacramento and San Diego. (WALL STREET JOURNAL, 10/8). The probe
of Grigsby Branford's dealings with Dade County is profiled by
DeGeorge, et. al in BUSINESS WEEK.  Grigsby Branford's "travails
reflect grim times for minority-owned municipal-bond firms. Amid
severe industry competition, several have suffered from notoriety
surrounding government investigations" (BUSINESS WEEK, 10/14).