Additionally, Jolie will be meeting with UNHCR officials and visiting
local programs. She has been honored with the U. Levin generated a very significant
portion of the firm 's positive cash flow. As he well knows, these reported losses are the result of the
amortization of intangible assets relating to the accounting treatment
of the 1996 transaction between John A .

germane democratization

This
portrayal does not, however, hold up when compared to the reality of
what Steel Partners has done as a corporate raider.

Protect Your Interests

In sum, Mr. Please protect your interests by supporting
management and its plan to develop the value of our company.

This press release contains certain statements that are not
historical facts, including, most importantly , information concerning
possible or assumed future results of operations of BKF and statements
preceded by, followed by or that include the words "may," "believes,"
"expects," "anticipates," or the negation thereof, or similar
expressions, which constitute "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995 (the
"Reform Act").

This category is for sites on human rights and liberties.

forfeiture germane

N.
"Angelina Jolie has been instrumental in bringing attention to
humanitarian causes all over the world," said WITNESS Executive
Director Gillian Caldwell., is a New
York-based investment management firm.

May 26, 2005

YOUR BOARD URGES YOU TO VOTE THE WHITE PROXY CARD TODAY!

To Our Fellow BKF Stockholders:

You have likely received solicitations from Steel Partners, an
asset management firm that recently took a position in BKF's stock and
is now seeking to influence and control the company through a hostile
proxy fight to appoint its hand-picked slate of directors. Lichtenstein, whose basic business model relies on having
a network of fellow investors that will join him in attacking
companies, may be focused on obtaining benefits for his asset
management business that would in no way benefit the other
stockholders of BKF. Messrs.

Lichtenstein clearly recognizes
that BKF has been generating positive cash flow.GOV.
Early in the convention a special panel was convened to discuss civil
liberties issues.

vaknin deter

News Editors /Foreign Editors

NEW YORK----Oscar-winning actress
Angelina Jolie will meet with top government officials in Sierra
Leone. The TRC acted as a forum for truth telling, a
non-partisan investigative body and a catalyst for the longer-term
process of reconciliation.1 billion under management.

Steel Partners: A Corporate Raider and Conflicted Competitor

Steel Partners seeks to portray itself as a long-term stockholder
and independent stockholder advocate whose primary interest is to
improve governance and enhance value for all BKF stockholders. Lichtenstein is also the
President and CEO. Mr. BKF
will not undertake and specifically declines any obligation to
publicly release the result of any revisions which may be made to any
forward-looking statements to reflect events or circumstances after
the date of such statements or to reflect the occurrence of
anticipated or unanticipated events. Other sessions included young voter issues, "Making Your League
Job Easy " (MYLJE), Help America Vote Act (HAVA), Environmental Justice, and a
special presentation from the coalition leader of Democracy Rising, Tim Potts.

vaknin deter

org) to accompany the TRC report, at a gathering of civil
society groups in the British Council auditorium in Freetown."
Named Goodwill Ambassador for the United Nations Refugee Agency in
August 2001, Jolie has visited refugee operations in the Balkans,
Chad, Sudan, Sri Lanka, Sierra Leone, Tanzania, Cambodia, Thailand,
Pakistan and Ecuador . Our investment
teams are focused on generating returns, which are the key to our
growth and success . We have continued our efforts to enhance
shareholder value by initiating a new dividend policy that will
distribute approximately 70% of our annual free cash flow to
stockholders and by making a number of proposals relating to corporate
governance. Steel Partners has
a history of leveraging small investment stakes and proxy
solicitations or similar actions into control positions in industrial
public companies. Through these board positions, Steel Partners and Mr.
Lichtenstein's hypocrisy in campaigning on a corporate governance
platform is breathtaking. Levin and Rango accountable for their
performance. Nevertheless, he
attempts to focus stockholders on the reported losses generated by
BKF." On the latter point, the delegates to the convention went on
record that they overwhelmingly "oppose the use of torture and rendition (the
outsourcing of torture) by the U.

castration huridocs

"Sierra Leone was already one of the
world's poorest countries when the war broke out, so the challenges it
faces now are greater than ever. We believe that this
mechanism does hold Messrs.

The Board of Directors of BKF Capital Group, Inc.SEC., who spoke of LWVUS program priorities
and national legislative issues . Earlier that day the League was challenged to
fill a new role in candidate forums leading up to the next gubernatorial
election by Pete DeCoursey, Harrisburg Bureau Chief for CapitolWire.S.

democratization castration

CORRECTING AND REPLACING BKF Capital Group Urges Stockholders to Reject Steel Partners Board Nominees; Company Responds to Institutional Shareholder Services R

BKF is gratified that ISS agrees that
people are the Company's most important asset and that instability can
have a negative effect on its ability to retain and recruit clients
and employees.
The Company stated: "While we are obviously disappointed by ISS's
recommendation, it does not in any way change our belief that BKF
stockholders should vote in favor of the Company nominees, all of whom
have served BKF capably for several years, and reject Steel's slate.
BKF Capital Group trades on the New York Stock Exchange under the
symbol "BKF" and operates primarily through its subsidiary John A.
But then, Mr. Steel
Partners has never acknowledged the tremendous conflicts of interest
it faces in making a hostile attack on a direct competitor in the
asset management business -- conflicts that belie its claim that it is
an independent stockholder advocate. As a
sophisticated financial operator, Mr.

democratization consultative

During her trip, Jolie will also attend a screening
of "Witness to Truth," the official video produced by WITNESS
(www.witness .
"Sierra Leone is still scarred by the war, but the people have
invested a great deal of courage and hope in the truth and
reconciliation process," said Jolie. Mr.
Please do not be fooled -- Steel Partners is not primarily
interested in corporate governance or in representing the interests of
all stockholders.

liberties similarity

Founded in 1982, John A. Lichtenstein knows
that portfolio managers and investment personnel can't be sold or
replaced like industrial plants, yet he is publicly seeking to drive
out BKF's key investment personnel, and appears to be willing to risk
losing a significant portion of the firm's value in the process, so
that he can control a competitive asset management business.

violate forfeiture

Angelina Jolie to Meet With Top Government Officials in Sierra Leone Will Urge Them to Implement Truth Commission's Recommendations

("Steel"), a dissident
shareholder and competitor that is seeking influence and control BKF
through a hostile proxy fight.
BKF also today responded to the recommendation by Institutional
Shareholder Services (ISS) that BKF stockholders vote for the
dissident slate of nominees. Clients include U.

decentralised multiyear

Millions of
citizens lost their homes and families, and hundreds of thousands
suffered rape, mutilation and torture at the hands of rebels from the
Revolutionary United Front (RUF), dissident soldiers from the Armed
Forces Revolutionary Council (AFRC) and various pro-Government forces. They claim such
actions will help realize shareholder value in BKF.
Lichtenstein and his representatives have served have paid millions of
dollars in advisory fees to Steel Partners Limited, an affiliated
management advisory firm of which Mr. Levin and Rango and
the entire event -driven team are paid on the basis of the
profitability of the strategies they manage. This arrangement was fully disclosed to the board
of directors, and the amounts involved clearly did not violate the
independence standards set forth in BKF's corporate governance
guidelines. Lichtenstein would focus on the pertinent
facts rather than seek to persuade through shallow arguments.

passivity germane

Business Editors
CORRECTION. Once empowered, it has taken actions to force cash
distributions, cost reductions and asset sales. Its director nominees include
Warren G. ADDITIONAL INFORMATION WITH RESPECT TO THOSE
DIRECTORS AND CERTAIN OFFICERS AND THEIR OWNERSHIP OF THE COMPANY'S
STOCK IS SET FORTH IN THE DEFINITIVE PROXY STATEMENT RELATING TO THE
2005 ANNUAL MEETING OF STOCKHOLDERS FILED BY THE COMPANY WITH THE
SECURITIES AND EXCHANGE COMMISSION ON MAY 10, 2005.
The convention theme, "Electrifying Democracy", focused on capacity-
building workshops and panels that dealt with grassroots activism including
ways to effectively speak, write, and communicate with state/local
legislators.

vaknin thoughtcrime

We, your
board of directors, unanimously oppose the Steel solicitation and
strongly urge you to evaluate it with great care and caution. This would clearly impair our ability to grow and
diversify our business and develop BKF as a stronger, more competitive
force. Lichtenstein, the principal owner and executive officer of
Steel Partners. STOCKHOLDERS OF THE COMPANY AND OTHER
INTERESTED PARTIES MAY OBTAIN FREE OF CHARGE COPIES OF THE DEFINITIVE
PROXY STATEMENT AND ANY OTHER RELEVANT DOCUMENTS FILED BY THE COMPANY
WITH THE SECURITIES AND EXCHANGE COMMISSION, AT THE SECURITIES AND
EXCHANGE COMMISSION 'S INTERNET WEBSITE AT WWW.

outlawing deter

We believe such
actions will destroy it. Lichtenstein
believes he can apply his industrial company model to our
personnel-dependent service business. Moreover, key committee assignments have routinely
been filled with Steel Partners insiders and friends, such as a senior
partner of its outside law firm (while that firm was providing
services to both Steel Partners and the companies in question) and
other persons with long affiliations with Steel Partners . Lichtenstein's record makes one thing very clear: he
is not interested in serving the interests of all stockholders, but in
serving the interests of Warren Lichtenstein.S.

bystanders thoughtcrime

In her trip, Jolie will urge
government officials to announce a definitive timeframe for the
issuance of the promised White Paper on the implementation of TRC
recommendations, and to include key civil society representatives its
development.
WITNESS (www.witness. In addition, Steel Partners' aggressive proxy fight tactics ,
including its threats to cut compensation and replace management,
undermine our ability to attract and retain talented employees and
build long-term relationships with our clients, which are the critical
building blocks of value for this company. If BKF's
stock price falls as a result, his management company may still seek
to generate fees from the business, or he may look for ways to deploy
the assets of the company's clients in ways that benefit Steel
Partners.
The Saturday Awards Dinner keynote speaker was Kay Maxwell, President of
the League of Women Voters of the U.

intercommunity vaknin

"
The TRC was one of the flagship institutions provided for by the
Lome Agreement in 1999 to secure the transition from war to peace.org) uses the power of video to open the eyes
of the world to human rights abuses . As such, we strongly urge all BKF stockholders to vote the
WHITE proxy card in favor of BKF's Board nominees so that we can
continue to build on the progress that has been made in recent years., Inc .
and foreign individuals, their related trusts and charitable
organizations, college endowments , foundations, registered investment
funds, and pension and profit-sharing plans. Lichtenstein has repeatedly stated that Henry Levin, one of
two Senior Portfolio Managers for our event-driven investment
products, was paid too large a bonus in light of the firm's overall
profitability. and BKF. Such factors include the following:
retention and ability of qualified personnel; the performance of the
securities markets and of value stocks in particular; the investment
performance of client accounts; the retention of significant client
and/or distribution relationships; competition; the existence or
absence of adverse publicity; changes in business strategy; quality of
management; availability , terms and deployment of capital; business
abilities and judgment of personnel; labor and employee benefit costs;
changes in, or failure to comply with, government regulations; the
costs and other effects of legal and administrative proceedings; and
other risks and uncertainties referred to in this document and in
BKF's other current and periodic filings with the Securities and
Exchange Commission, all of which are difficult or impossible to
predict accurately and many of which are beyond BKF's control. In addition, it is BKF's policy
generally not to make any specific projections as to future earnings,
and BKF does not endorse any projections regarding future performance
that may be made by third parties.

vaknin breaches

Correspondents World Citizen Award for her outstanding efforts.

The corrected release reads:

BKF CAPITAL GROUP URGES STOCKHOLDERS TO REJECT STEEL PARTNERS
BOARD NOMINEES; COMPANY RESPONDS TO INSTITUTIONAL SHAREHOLDER SERVICES
RECOMMENDATION

BKF Capital Group, Inc. The full text of the letter is printed
below.
We have made progress in our development as a business.

False Attacks

Mr.
Mr.
With respect to the underlying financial health of our business,
Steel Partners also seeks to obscure rather than illuminate.
Once again, we wish Mr.

THE COMPANY AND ITS DIRECTORS AND CERTAIN OFFICERS MAY BE DEEMED
TO BE PARTICIPANTS IN THE SOLICITATION OF PROXIES FOR THE 2005 ANNUAL
MEETING OF STOCKHOLDERS. For those statements, BKF claims the protection of the
safe harbor for forward-looking statements contained in the Reform
Act.

deter breaches

In a traumatized and impoverished nation, over half a million children
have been left orphaned.by BKF Capital Group, Inc. It is surprising to BKF that ISS nevertheless came to
its conclusion without specifically addressing the risk that Steel's
involvement would pose to BKF's business."
The full text of BKF's May 26, 2005 letter to stockholders is
printed below.

Levin + Co. Mr.

S.

passivity huridocs

It is 29-year-old Jolie's second visit to Sierra Leone, where a
devastating 11-year conflict came to an end in 2002. We are poised to call on the
international community to bring renewed financial aid to Sierra Leone
to implement the TRC's recommendations.

NEW YORK ----In BW5685 issued May 26,
2005: The headline is corrected to read: BKF Capital Group Urges
Stockholders to Reject Steel Partners Board Nominees; Company Responds
to Institutional Shareholder Services Recommendation (sted: BKF
Capital Group Urges Stockholders to Reject Steel Partners Board
Nominees; Glass Lewis Recommends Votes for Two BKF Directors and That
Stockholders Not Vote Dissident Proxy; Company Responds to
Institutional Shareholder Services Recommendation)., Inc. HARRISBURG, Pa. government and/or its agents" and stated,
"they are violations of the Constitution of the United States and
international law.

pledged germane

Once the White Paper is issued, Jolie will pledge her
support to urging the international community to make funds available
to assist the Government in the implementation of the TRC
recommendations .
Jolie, who won an Academy Award for "Girl, Interrupted" and is
internationally recognized for her role as Lara Croft in "Tomb
Raider," is traveling to Sierra Leone with WITNESS, the New York -based
organization that deploys video and technology to promote human rights
causes worldwide .
Levin + Co.
Lichtenstein would have access to competitively sensitive information
and would be directly involved in the management and operation of the
company. BKF simply
disclosed an arrangement whereby a newly established company led by
Barton Biggs paid rent to BKF for temporary space that was otherwise
not being utilized. It is in this contest to further Mr. Lichtenstein's
personal interests. THE DEFINITIVE
PROXY STATEMENT AND ANY OTHER RELEVANT DOCUMENTS FILED BY THE COMPANY
WITH THE SECURITIES AND EXCHANGE COMMISSION ALSO MAY BE OBTAINED FREE
OF CHARGE BY WRITING TO THE COMPANY AT ONE ROCKEFELLER PLAZA, 19TH
FLOOR, NEW YORK, NEW YORK 10020 OR BY CALLING (800) BKF-1891.

League of Women Voters of PA Build Grassroots Skills

massacres genocides

The
TRC's main functions were to create an impartial historical record of
the armed conflict, to attribute responsibility for the atrocities to
individuals , groups and governments and to recommend measures to
prevent recurrence.S. Lichtenstein plans to preserve
the value of these strategies for BKF stockholders by engaging in a
public campaign against its key personnel. This year the League of Women Voters celebrates
its 85th anniversary.
LWVPA President Liz Milner stated, "Action on Civil Liberties was a high
priority.

liberties proactively

For example , Steel Partners proposes to strip out up to 100% of
our free cash flow and a substantial portion of our cash and cash
equivalents. Lichtenstein may have other motivations.
On the corporate governance front, Steel Partners has hardly been
a role model. Mr.
STOCKHOLDERS OF THE COMPANY ARE ADVISED TO READ THE COMPANY'S
DEFINITIVE PROXY STATEMENT IN CONNECTION WITH THE COMPANY'S
SOLICITATION OF PROXIES FOR THE 2005 ANNUAL MEETING BECAUSE IT
CONTAINS IMPORTANT INFORMATION., Elizabeth Milner , President of
the League of Women Voters of Pennsylvania, welcomed delegates from across
Pennsylvania to the League's 46th Biennial Convention held at the University
of Scranton, June 3-5, 2005.

massacres decentralised

. (NYSE: BKF) today sent a letter to its
stockholders reiterating the unanimous recommendation of its Board of
Directors that stockholders oppose the three candidates nominated to
serve on the BKF Board by Steel Partners, L. Over the last few years, companies on whose boards Mr. Lichtenstein, however, chooses to ignore the fact
that the strategies managed by Mr. Lichtenstein's attack on Barton Biggs , a well-respected figure
in the investment management community, and the short-term arrangement
entered into with his firm, Traxis Partners, is a similarly misguided
attempt to allege impropriety when there was none.

germane liberties

Video footage and photographs of Angelina Jolie's visit to Sierra
Leone with WITNESS Executive Director Gillian Caldwell will be
available from WITNESS as of May 13th. Note that copies of "Witness to
Truth" are available for broadcast now in both English and Sierra
Leone's Krio language. By partnering with local
organizations and empowering human rights defenders, WITNESS brings
often unseen images, untold stories and seldom heard voices to the
attention of key decision makers , the media, and the general public.
Over the past decade, WITNESS has partnered with more groups in more
than 50 countries, catalyzing grassroots activism, political
engagement, and lasting change .
Also, the second graph was incorrectly included.P. We just don't understand how Mr. Based on these actions and
proposals, we do not believe Steel Partners and its director nominees
would seek to maximize value for all BKF stockholders. We can only wonder how Mr. detention and interrogation
facilities . in detention and
interrogation facilities.

multiyear genocides

She is also expected to meet with President Tejan Kabbah on
Wednesday, May 11, as part of a three-day trip to support the
implementation of key recommendations made by the Sierra Leone Truth
and Reconciliation Commission (TRC). "It is vital that the Government
acts on the TRC recommendations to ensure that history will not repeat
itself.. As of March 31 , 2005, the firm
had approximately $13. Levin + Co. These forward-looking statements are based on BKF's current
expectations and are susceptible to a number of risks, uncertainties
and other factors , and BKF's actual results, performance and
achievements may differ materially from any future results ,
performance or achievements expressed or implied by such
forward-looking statements. Civil Liberties programs included the need for open government,
sunsetting of onerous provisions of the USA Patriot Act, implementation of the
SAFE Act to correct other onerous provisions of the Patriot Act which are not
due to sunset, and torture and rendition in U.S." The delegates also requested that the LWVUS "urge Congress
to appoint an independent, bipartisan commission to investigate alleged
incidents of torture and abuses committed by the U."

multiyear outlawing

---

- - kjjkjk

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