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 First Executive Corp. said 
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about 96% of the rights 
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to purchase its depositary shares and warrants 
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have been exercised.
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 Of the 17.6 million rights units issued, just under 17 million were exercised before the Oct. 10 expiration of the offering, 
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the insurance holding company said.
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 Remaining units will be sold to the underwriters, Drexel Burnham Lambert Inc. and Kidder, Peabody & Co., 
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which will also purchase an over-allotment of 2.3 million additional units.
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 First Executive said 
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the offering will raise about $299 million 
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-- minus underwriting fees and other expenses -- that
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 the company plans to use 
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to write new life insurance and annuity business. 
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In addition, analysts have viewed the rights offering as a takeover defense 
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that prospectively balloons the number of shares outstanding.
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 Each of the units consists of two warrants, 
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each of which could be used 
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to purchase a half-share of common stock, and one depositary preference share.
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 Depositary shares are convertible into common stock on a 1-to-1 basis.
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 Currently, the company has about 88.1 million common shares outstanding.
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 In over-the-counter trading Monday, the stock closed at $10.625, off 37.5 cents. 
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