EXHIBIT 99.(A)(1)(I)

                        GIANT GROUP Amends Tender Offer

   LOS ANGELES, May 8 /PRNewswire/ -- GIANT GROUP, LTD. (OTC Bulletin Board:
GPOL) announced that it is amending its previously filed tender offer.  The
tender offer, originally filed on April 19, 2001, offering to purchase any
and all outstanding shares of its Common Stock for $0.50 per share was
conditioned upon, among other things, the tender by a sufficient number of
shareholders such that following the tender offer GIANT would have less than
300 shareholders.  This condition has been waived.  GIANT is also extending
the expiration of the tender offer to May 23, 2001, at 5:00 p.m., New York
City time, unless further extended.  Accordingly, GIANT will purchase all
shares of its common stock validly tendered and not withdrawn prior to May
23, 2001, unless the offer is further extended by GIANT at its discretion.

   The tender offer is intended as a first step towards GIANT becoming a
privately-held company.  Following the consummation of the tender offer,
GIANT intends to deregister its shares under the Securities Exchange Act of
1934 if it has less than 300 shareholders.

   For further information regarding the Offer, contact GIANT's Corporate
Secretary at (310) 273-5678, or the Shareholder Relations Department at
American Stock Transfer & Trust Company at (718) 921-8200.