Exhibit 10.B


THE FINOVA GROUP INC. AND LEUCADIA NATIONAL CORPORATION ANNOUNCE MUTUAL
TERMINATION OF SECURITIES PURCHASE AGREEMENT

SCOTTSDALE, ARIZ. AND NEW YORK, NY, JAN. 24, 2001 -- The FINOVA Group Inc.
(NYSE: FNV) and Leucadia National Corporation (NYSE and PCX: LUK) announced
today that they have mutually agreed to terminate their Securities Purchase
Agreement dated December 20, 2000. The termination was agreed to after it became
evident that the parties would not likely conclude a restructuring agreement
with FINOVA's bank lenders and public debt holders on terms deemed mutually
acceptable to FINOVA and Leucadia. FINOVA intends to continue working with its
creditors and anticipates presenting a revised restructuring plan in the very
near future. As previously noted, it is expected that substantially all of the
company's lenders will have to agree to this restructuring to avoid the
possibility of reorganization under protection of the courts.

The FINOVA Group Inc., through its principal operating subsidiary, FINOVA
Capital Corporation, is a financial services company focused on providing a
broad range of capital solutions primarily to midsize business. FINOVA is
headquartered in Scottsdale, Ariz., with business development offices throughout
the U.S. and London, U.K., and Toronto, Canada. For more information, visit the
company's website at www.finova.com.

Leucadia National Corporation is a holding company for its consolidated
subsidiaries engaged in property and casualty insurance (through Empire
Insurance Company and Allcity Insurance Company), manufacturing (through its
Plastics Division), banking and lending (principally through American Investment
Bank, N.A.) and mining (through MK Gold Company). Leucadia also currently has
equity interests of more than 5% in the following domestic public companies;
Carmike Cinemas, Inc. (6% of Class A Shares), GFSI Holdings, Inc. (6%), Jordan
Industries, Inc. (10%) and PhoneTel Technologies, Inc. (7%).

This news release  contains  forward-looking  statements  such as predictions or
forecasts.  FINOVA and Leucadia assume no obligation to update those  statements
to  reflect  actual  results,  changes  in  assumptions  or other  factors.  The
forward-looking statements are subject to known and unknown risks, uncertainties
and other  factors that could cause  actual  results to differ  materially  from
those projected. Those factors include FINOVA's ability to address its financing
requirements in light of its existing debt  obligations  and market  conditions;
pending and potential litigation related to charges to earnings;  the results of
efforts to  implement  FINOVA's  business  strategy,  including  the  ability to
complete a debt  restructuring;  the ability to attract and retain key personnel
and customers;  conditions that adversely  impact  FINOVA's  borrowers and their
ability to meet their  obligations to FINOVA;  actual results in connection with
continuing  or  discontinued  operations;  the  adequacy of  FINOVA's  loan loss
reserves and other risks detailed in FINOVA's SEC reports,  including page 15 of
FINOVA's 10-K for 1999.