EXHIBIT 20.01

                         DVL, INC. ANNOUNCES ACQUISITION

New York, New York, DVL, Inc. (OTC Bulletin Board: "DVLN") announced today that
a wholly-owned subsidiary ("Subsidiary") has entered into an agreement for the
purchase of Receivables II-A LLC, a limited liability company ("Receivables
II-A"), which indirectly owns all of the equity interest in four securitized
portfolios of periodic payment receivables totaling approximately $300 million,
subject to underlying debt of approximately $200 million.

The Subsidiary will purchase its interest for an aggregate purchase price of
$25,399,000. The purchase price will be paid by the issuance of promissory notes
in the aggregate amount of $25,325,000, which are limited recourse and payable
from the future monthly cash flow received by the Subsidiary. The notes will
mature on December 31, 2021, bear interest at the rate of 8% annually, and will
be secured by a pledge of the Subsidiary's interest in Receivables II-A and all
proceeds and distributions related to such interest. The principal amount of the
notes and the purchase price may be increased or decreased, from time to time,
based upon the performance of the underlying receivables. In addition, DVL will
issue warrants for the purchase of 2 million shares of DVL, exercisable until
February 15, 2011 at a price of $.20 per share. DVL will also issue its guaranty
of up to $2,532,500 of the purchase price, which may not be called upon for
payment until January 1, 2022.

The Company anticipates that, as a result of this transaction, the Subsidiary
will earn approximately $1 million per year over the next 10 years and a total
of approximately $24 million over the life of the assets.

Alan Casnoff, President of DVL, commented "this transaction is a major step
forward in DVL's goal of growing and diversifying its asset base. The
acquisition should provide significant growth in earnings over an extended
period." Gary Flicker, Chief Financial Officer of DVL, commented "that as a
result of this acquisition, we anticipate adding $700,000 ($.04 per primary
share) to net income for 2001 and $1 million ($.06 per primary share) for 2002."

The closing of the purchase is subject to satisfaction of certain conditions,
including the receipt of certain consents and approvals. The transaction is
expected to close by May 1, 2001, but there can be no assurance that such
consents and approvals will be obtained or that the transaction will close.

This press release contains statements which constitute forward-looking
statements within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as amended.
Included are statements regarding the intent, belief and/or current expectations
of the Company and its management. The Company's stockholders and prospective
investors are cautioned that any such forward-looking statements are not
guarantees of future performance and involve risks and uncertainties, and that
actual results may differ materially from those projected in the forward-looking
statements. Such risks and uncertainties include, among other things, general
economic conditions, and the actual performance of the portfolios of periodic
payment receivables.

For more information, contact Gary Flicker at (212) 350-9900.