Exhibit 99.1

                                                                October 30, 2003

FOR IMMEDIATE RELEASE
Contact:  Laura Ulbrandt (212) 460-1900

              LEUCADIA NATIONAL CORPORATION EXTENDS EXCHANGE OFFER
             PERIOD FOR SHARES OF WILTEL COMMUNICATIONS GROUP, INC.

Leucadia National Corporation (LUK - NYSE and PCX) announced today that it has
extended the expiration date for its exchange offer for the outstanding shares
of common stock of WilTel Communications Group, Inc. (WTEL - Nasdaq). The new
expiration date is Wednesday, November 5, 2003 at 5:00 p.m., New York City time.
As of the previous expiration date of 5:00 p.m., New York City time, on October
30, 2003, 22,406,339 shares of WilTel common stock had been tendered,
representing approximately 85.2% of the outstanding WilTel common stock not
already owned by Leucadia. Subject to the terms of the Leucadia-WilTel merger
agreement, Leucadia may extend the period of the exchange offer to a later date.

Leucadia is offering 0.4242 of a Leucadia common share and one contingent sale
right for each share of WilTel common stock tendered, on the terms and subject
to the conditions described in the offer documents. Copies of the offer
documents may be obtained at no charge from the website maintained by the
Securities and Exchange Commission ("SEC") at www.sec.gov. WilTel stockholders
can call Innisfree M&A Incorporated, the information agent for the offer, toll
free at (888) 750-5834 (banks and brokers may call collect at 212-750-5833) with
questions relating to the offer.

Leucadia has obtained all required approvals of the FCC for the transaction, and
expects that FCC public notice formally announcing the final approval will be
released on or before November 5, 2003.

A registration statement relating to the Leucadia common shares being offered
has been filed with the SEC but has not yet become effective. The Leucadia
common shares may not be sold nor may offers to buy be accepted prior to the
time the Registration Statement is declared effective by the SEC. This news
release shall not constitute an offer to sell or the solicitation of an offer to
buy nor shall there be any sale of the Leucadia common shares in any state in
which such an offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such state. The
offer may only be made pursuant to the Offer to Exchange/Prospectus and the
accompanying Letter of Transmittal.

This news release may contain "forward-looking statements" as defined by federal
law. Although Leucadia believes any such statements are based on reasonable
assumptions, there is no assurance that actual outcomes will not be materially
different. Leucadia assumes no obligation to update those statements to reflect
actual results, changes in assumptions and 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. Additional information that could lead to material changes in
performance is contained in filings with the SEC made by Leucadia.