William Lyon Homes' Special Committee Finds General Lyon Offer Inadequate

William Lyon Homes' Special Committee Finds General Lyon Offer
Inadequate 


NEWPORT BEACH, Calif., June 20  /PRNewswire/ -- The Special Committee of the
William Lyon Homes (NYSE: WLS; the "Company") Board of Directors ("Special
Committee") announced today that it has determined that the previously
announced proposal by General William Lyon ("General Lyon"), the controlling
stockholder, Chairman of the Board and Chief Executive Officer of the Company,
to acquire the outstanding publicly held minority interest in the Company's
common stock for $82 per share in cash is inadequate.  The conclusion of the
Special Committee was reached after careful consideration, including a thorough
review of the proposal with its independent financial advisor, Credit Suisse
First Boston LLC, and its independent legal advisor, Skadden, Arps, Slate,
Meagher & Flom LLP.

William Lyon Homes is primarily engaged in the design, construction and sale of
single family detached and attached homes in California, Arizona and Nevada and
at March 31, 2005 had 36 sales locations. The Company's corporate headquarters
are located in Newport Beach, California. For more information about the
Company and its new home developments, please visit the Company's website at
http://www.lyonhomes.com/. 

DATASOURCE: The Special Committee of the William Lyon Homes Board of Directors



CONTACT: Brian McCarthy of Skadden, Arps, Slate, Meagher & Flom LLP,

[phone]



Web site:  http://www.sasmf.com/

http://www.lyonhomes.com/

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