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To: Jim Bishop who wrote (15770)	12/3/1999 3:52:00 PM
From: SSP	Respond to of 150070

ARMGA...... forget it - ARM says to file for bankruptcy, to sell life units NEW YORK, Dec 2 (Reuters) - Institutional investment company ARM Financial Group (OTC BB:ARMGA.OB - news) said Thursday it would enter bankruptcy proceedings and sell its annuity subsidiaries Integrity Life Insurance Co. and National Integrity Life Insurance Co. ARM and Integrity Life put themselves under the supervision of Ohio insurance regulators in August after investor clients withdrawing short-term funding agreements caused losses of $174 million in the second quarter. ARM put itself up for sale in July and said in August it was considering bankruptcy proceedings. ARM said it anticipated commencing Chapter 11 bankruptcy proceedings as part of the agreement to sell the Integrity subsidiaries to Western & Southern Life Insurance Co., which it signed Thursday. A spokeswoman for ARM said any sale would have to be approved by the bankruptcy court. The spokeswoman said Integrity and its subsidiary National Integrity had assets under management of about $5 billion, but would not comment on the value of ARM's total assets under management. ARM's agreement to sell the Integrity companies give Cincinnati-based Western and Southern exclusivity to negotiate the final terms of an acquisition agreement, but Western and Southern said in a statement Thursday that the agreement did not assure that it would go ahead with the deal.