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                                   EXHIBIT 14

                             BUSINESS CONDUCT POLICY

                                  INTRODUCTION


         This Business Conduct Policy ("Policy") is issued by Lynch Corporation
(the "Company") to provide its employees with guidelines and a frame of
reference for their actions when representing the Company. Since the actions of
the Company's employees directly affect how the Company is viewed within the
community in which it conducts business, these guidelines are meant to ensure
that employees conduct that business fairly, impartially and ethically.

         Employees are responsible for acquiring the knowledge necessary to
ensure that they perform their particular duties legally and to know when and
where to seek advice when unsure of the business ethics involved or the
potential liabilities associated with their actions. Employees who are unsure,
or question whether any action they are performing is illegal or inappropriate
in nature, should confer with the President of their subsidiary or Chief
Financial Officer of Lynch Corporation for a recommended course of action. Any
violation of this Policy may be cause for termination of employment.

         This Policy serves as only one reference to which employees should
refer when conducting their duties. It is not an all-inclusive treatise on
prohibited or inappropriate behavior but rather a guideline intended to raise
employees' awareness to potential infractions and illegal conduct. It is the
responsibility of employees to ensure that their own conduct, or the conduct of
anyone in the Company of which they become aware, does not violate either the
letter or spirit of this Policy.

         Prior to the issuance of this Policy, the Company has adopted various
guidelines and policies for employees to follow which are now incorporated
herein. These include:

         (1)      Sexual Harassment in the Workplace
         (2)      Anti-Harassment Policy
         (3)      Internet Code of Conduct
         (4)      E-mail/Telephone Usage Policy
         (5)      Computer System Policy
         (6)      Drug-Free Workplace Policy
         (7)      Affirmative Action/Equal Opportunity Policy
         (8)      Non Compete Agreement Policy (Certain Individuals)
         (9)      Workplace Safety Policy
         (10)     Employee Handbook
         (11)     Human Resource Policy Manual

         From time to time, the Company and its subsidiaries may adopt
additional guidelines that will be incorporated into this Policy and they will
be subject to the same enforcement procedures.



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CONFLICTS OF INTEREST

         Employees must conduct business free from actual or potential conflicts
of interest. Such conflicts might compromise their loyalties to the Company and
adversely affect it both economically and ethically. Employees are expected to
act at all times in a manner beneficial to the Company and may not, directly or
indirectly, benefit improperly from their positions as employees of the Company.
They may not derive a personal benefit, directly or indirectly, from any sale,
purchase, transaction or other activity of the Company other than under a
Company compensation arrangement. Employees should avoid situations that may
give rise to a conflict or to the appearance of a conflict between their duties
to the Company and any personal gain. Any employee faced with a potential
conflict of interest situation should seek advice from the subsidiary President
or Chief Financial Officer of the Company. In order to facilitate understanding
of what may cause potential conflicts of interest, various examples are provided
below:

    -   Seeking or accepting  any payment or loan (other than on prevailing
        terms from a financial institution), or seek or accept any gratuity,
        gift, travel or other favor of more than nominal value from any
        individual or corporation doing business or seeking to do business with
        the Company. Under no circumstances should any employee accept cash
        gifts. Any non-cash gift received by an employee should be accepted
        only if it is of nominal value. If a non-cash gift of greater than
        nominal value is offered, or if the value of a gift given is uncertain,
        then the employee should seek advice from the subsidiary President or
        Chief Financial Officer. Inappropriate gifts received should be
        returned to the donor. The Company will follow with a letter to the
        donor explaining its reasons for rejecting the gift.

    -   Serving as a director, employee, officer, consultant, partner,
        representative, agent or advisor of any supplier, customer, partner,
        subcontractor or competitor of the Company.

    -   Holding a substantial financial interest (either directly or indirectly)
        in any supplier, customer, or competitor of the Company. A "substantial
        interest" means, among other things, an economic, personal or family
        interest that might influence a person's judgment or action. A
        substantial interest does not include an investment representing less
        than one percent of the outstanding equity of a publicly held business.

    -   Acquiring any interest, whether in real estate, patent rights,
        securities or any other type of property in which the Company has, or
        might have, an interest.

    -   Dealings with competitors for the purpose of setting or controlling
        prices, rates, trade practices, costs or any other activities are
        prohibited by law.

    -   Engaging in any business unrelated to the Company on Company premises
        or during normal working hours, except with the permission of the
        President.

CONFIDENTIAL INFORMATION

         Employees are obligated to protect any of the Company's confidential
and proprietary information to which they have access. Confidential and
proprietary information includes any non-public information that may be of use
to our competitors or harmful to the Company if made public.

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CONFIDENTIAL INFORMATION (CONTINUED)

         Employees must ensure that any use, acquisition or disposition of
confidential and proprietary information is undertaken in accordance with the
authorization given to them by their supervisor(s). The unauthorized disclosure
or use of confidential and proprietary information, whether owned by the Company
or by a third party, is a violation of Company policy and a violation of law.
Employees should take appropriate steps to ensure the confidentiality of such
information. These steps include, but are not limited to, properly filing
documents, marking documents "confidential" and otherwise limiting access to
such information. Questions as to whether information is confidential should be
referred to the subsidiary President or Chief Financial Officer.

         The term "confidential and proprietary information" includes, among
other things, trade secrets, customer names and lists, vendor names and lists,
employees names, compensation, titles and positions, business plans, capital
expenditure plans, marketing plans, non-public financial data, product
specifications and designs, the nature and results of research and development
projects, concepts, inventions, discoveries, formulas, processes, drawings,
documents, records, software, pricing, or customer preferences. The term also
encompasses any information that is communicated to an employee, learned of by
an employee, or developed or otherwise acquired by an employee in the course of
employment with the Company and that is not generally known to the public.

COMPANY PROPERTY

         The Company's property consists of tangible property, i.e.: desks,
chairs, computers, tools, equipment, financial records; and intangible property,
i.e.: trademarks, copyrights and confidential and proprietary information. No
employee may remove property of the Company from the Company's premises without
the written permission of an officer of the Company. Written permission will not
only protect the Company and its property, it will also protect the employee
should any questions arise in the future as to why or when the property was
removed. Permission to remove Company property from the Company's premises does
not affect in any way an employee's obligation to protect the property from
damage, disclosure or improper use, and to return it to the Company on request,
or when the reason for its removal no longer exists.

FINANCIAL AND ACCOUNTING ENTRIES

         Accounting entries must accurately and fully record all the financial
transactions of the Company. The intent is to have the Company's books reflect
generally accepted accounting principles. Employees must comply with the
Company's prescribed accounting procedures and controls. No secret or unrecorded
funds or assets may be created or maintained and all liabilities must be
recorded. Recording false or fictitious transactions is strictly prohibited.
Employees who have any questions regarding this policy, should direct them to
the Chairman of the Company's Audit Committee.

BRIBES AND OTHER IMPROPER PAYMENTS

         The Company prohibits employees from giving any bribes, kickbacks or
using any other unlawful or improper methods to remunerate any person or entity.
No employee may make any payment to an employee or agent of any domestic or any
foreign government or agency. Any

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questions employees have regarding this provision, should be directed to the
President of the Company.

         Payments in excess of $10,000 made by any person or corporation to an
entity outside of the United States may have to be reported under federal law.
As a result of this regulation, the Company requires any employee intending to
make such a payment to notify the President of the Company.

UNITED STATES FOREIGN CORRUPT PRACTICES ACT

         The Foreign Corrupt Practices Act ("FCPA") is a federal law that, among
other things, prohibits payments that may influence any act or decision of a
foreign government official. The FCPA makes it a criminal offense to offer
anything of value to a foreign official, candidate, political party or
intermediary of any of these groups as an inducement to obtain, retain or direct
business to any person or entity. The FCPA applies to agents and consultants of
a company and applies to both domestic and foreign business operations.

         Employees intending to make payments to a foreign government official,
candidate or political party or any third party connected with such entity
should first seek approval from the corporate President.

         In order to detect and prevent any illegal payments, the FCPA requires
that accurate accounting records be maintained and that there be an internal
control system in place to ensure that Company assets are preserved and only
used for bona fide purposes.

BUSINESS GIFTS

         The rules governing the giving of gifts to outsiders follow:

         -        Gifts in the form of cash or its equivalent may not be given
                  under any circumstances.

         -        Individuals other than government officials. Gifts must be
                  lawful and in accordance with the generally accepted business
                  practices of the applicable government jurisdictions.

         -        Specific prior approval of the subsidiary President or Chief
                  Financial Officer must be obtained when any gift is to be
                  given with a value in excess of $100. In no event may the
                  value of any gift exceed $500. These limitations do not apply
                  to gifts made in public presentations, the nature of which
                  indicates that the gift is being made by an individual acting
                  on behalf of the Company.

         -        Gifts should be appropriately identified and recorded in the
                  Company's records.

         -        Government Officials. No gift is to be given to any employee
                  of a government agency or any other public official without
                  the prior approval of the Company President.

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         -        Political Contributions. No employee at any time may make a
                  contribution for or on behalf of the Company in connection
                  with any election without the approval of the Board of
                  Directors of the Company.

         -        Only the following gifts are permitted to be given: candy,
                  beverages, food products and fruit of nominal value given for
                  personal consumption; flowers of nominal value; souvenirs of
                  nominal value; and gifts of a value that is usual under the
                  circumstances given to persons upon their promotion, transfer,
                  retirement, etc.

BUSINESS ENTERTAINMENT

         In appropriate circumstances, employees may entertain, with prior
approval of their supervisor, at Company expense, individuals representing
entities with which the Company maintains or may establish a business
relationship. The entertainment should be reasonable in scope and in accordance
with generally accepted local practice. What is "reasonable" will depend on the
circumstances and will also be subject to the Company's established expense
approval procedures.

         Employees may also entertain public/government officials in appropriate
circumstances. Entertainment of such officials must comply with the rules and
regulations of the applicable government agency or legislative body. In some
cases, government employees may not be permitted to accept any entertainment.

BUSINESS COURTESIES


         The term "business courtesy" is a present, gift, gratuity, hospitality,
or favor from persons or firms with which the Company maintains or may establish
a business relationship and for which fair market value is not paid by the
recipient. A business courtesy may be a tangible or intangible benefit,
including, but not limited to, such items as gifts, meals, drinks, entertainment
(including tickets and passes), recreation (including golf course and tennis
court fees), door prizes, honoraria, transportation, discounts, promotional
items, or use of a donor's time, materials, facilities, or equipment.

         The Company expects all employees to act responsibly, ethically, and
with the best interests of the Company in mind when dealing with business
courtesies and that their business judgments are not compromised by any outside
factors.

         Employees may accept business courtesies that may promote working
relationships and goodwill with persons or firms with which the Company
maintains or may establish a business relationship. Employees, however, should
not accept business courtesies that are inappropriately lavish, create a
conflict or interest, create the appearance of an improper attempt to influence
business decisions, or are unreasonable in light of generally accepted standards
and practice. Any concerns as to what are appropriate actions when offered a
business courtesy, or whether a business courtesy accepted is appropriate,
should be referred to an officer of the Company.

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ENVIRONMENTAL COMPLIANCE

         Environmental protection is a Company goal and environmental compliance
is an integral and essential part of good management. All management policies
and decisions must include, where appropriate, environmental considerations and
employees must also consider the environmental implications of their actions.


VIOLATION OF THIS POLICY

         Employees are expected to comply with this Business Conduct Policy in
all respects. Failure to do so can result in disciplinary action up to and
including dismissal. In addition, where violation of this Policy also
constitutes a criminal offense, the Company may file a criminal complaint with
the appropriate authorities.

         Employees may be requested to certify that they have read this, and the
other Company policies, that they have understood them, and have not violated
them. Any employee who fails to return a certificate, who submits a certificate
containing a false statement or that omits material information requested by the
certificate, or who knowingly permits a subordinate to violate this policy, will
also be subject to disciplinary action, up to and including dismissal.

         Employees will be expected to disclose promptly any acts or
transactions known to them that may be in violation of this Policy. All
disclosures will be received and treated in confidence to the extent legally
permissible and should be directed to:

         The Lynch Corporation

         Attention:    President, Chairman of the Audit Committee,
                       and the Chief Financial Officer


IMPLEMENTATION

         All managerial level personnel have an obligation to implement this
policy and to ensure compliance with it by all employees within their area of
responsibility. The provisions of this policy will be reviewed on a periodic
basis, and all new employees should be given a copy and acknowledge, in writing,
that they have read it.



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LYNCH CORPORATION


BUSINESS CONDUCT POLICY

CERTIFICATION OF COMPLIANCE


I certify that I have read, understand, and am in compliance with, the Business
Conduct Policy.


Date: ______________________          ______________________________
                                      (Signature)


                                      ______________________________
                                      (Please print name)