KNOLL TO BUY AMERICAN SAVINGS <AAA> SHARES
American Savings and Loan Association of
Florida said <Knoll International Holdings Inc> has offered to
purchase 500,000 new shares of American Savings for 10 mln
dlrs, and the board has accepted Knoll's offer.
    Knoll already owns 796,413 shares or 9.9 pct of American
Savings.
    American Savings said the purchase will resolve a
previously-announced disagreement between American Savings and
the Federal Home Loan Bank of Atlanta on the replacement of the
capital American Savings used to repurchase common shares in
January 1985 from former chairman Marvin L. Warner.
    It said completion of the transaction would give Knoll 15
pct ownership in American Savings.
    American Savings said Knoll also had talks with chairman of
the executive committee Shepard Broad and chairman Morris Broad
on the purchase of their American Savings shares as well at 20
dlrs each but no agreement was reached.
    American Savings said The company said Knoll's offer to buy
the new shares is not conditioned on other purchase of common
stock from any person or entity.
    It said its previously-announced engagement of Salomon Inc
<SB> to evaluate alternatives to enhance shareholder values,
including the possible sale of American Savings, is still being
actively pursued.
 Reuter
