EXHIBIT 14

                               MM COMPANIES, INC.
                       CODE OF BUSINESS CONDUCT AND ETHICS

              PRINCIPALS GOVERNING PROFESSIONAL AND ETHICAL CONDUCT

         This Code of Business Conduct and Ethics ("Code") has been adopted by
the Board of Directors of MM Companies, Inc. (the "Company") to help ensure
compliance with legal and ethical requirements and our standards of business
conduct. It is the policy of the Company that its directors, officers and
employees adhere to, advocate and promote the following principles:

      o     Honest and ethical conduct, including the ethical handling of actual
            or apparent conflicts of interest between personal and professional
            relationships and the avoidance of the exploitation of corporate
            opportunites for personal gain;

      o     Full, fair, accurate, timely and understandable disclosure in
            reports and documents that the Company files with, or submits to,
            the SEC and other public communications made by the Company;

      o     Compliance with laws, rules and regulations applicable to the
            Company;

      o     Adherance to the Company's Insider Trading Policy; and

      o     Protection and proper use of the Company's assets and proprietary or
            confidential information.

REPORTING AND TREATMENT OF VIOLATIONS

         Persons who become aware of suspected violations of this Code should
report such suspected violations promptly to the Board of Directors, who will
forward such report to the Company's Audit Committee of the Board of Directors.
To assist in the response to or investigation of the alleged violation, the
report should contain as much specific information as possible to allow for
proper assessment of the nature, extent and urgency of the alleged violation.
Without limiting the foregoing, the report should, to the extent possible,
contain the following information:

      o     the alleged event, matter or issue that is the subject of the
            alleged violation;

      o     the name of each person involved;

      o     if the alleged violation involves a specific event or events, the
            approximate date and location of each event; and

      o     any additional information, documentation or other evidence
            available relating to the alleged violation.


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         The Audit Committee shall have the power to monitor, investigate, make
determinations and recommend action to the Board of Directors with respect to
violations of this Code. In determining whether a violation of this Code has
occurred, the Audit Committee may take into account:

      o     the nature and severity of the violation;

      o     whether the violation was a single occurrence or involved repeated
            occurrences;

      o     whether the violation appears to have been intentional or
            inadvertent;

      o     whether the person in question had been advised prior to the
            violation as to the proper course of action;

      o     whether the person in question had committed other violations in the
            past; and

      o     such other facts and circumstances as the Audit Committee shall deem
            advisable in the context of the alleged violation.

CONSEQUENCES OF VIOLATIONS

         If a violation is substantiated, the Board of Directors, upon the
recommendation of the Audit Committee, may impose such sanctions or take such
actions as it deems appropriate, including, but not limited to, the following:

      o     Disciplinary action (including censure, re-assignment, demotion,
            suspension or termination);

      o     Pursuit of any and all remedies available to the Company for any
            damages or harm resulting from a violation, including injunctive
            relief; and

      o     Referral of matters to appropriate legal or regulatory authorities
            for investigation and prosecution.

REQUESTS FOR WAIVERS AND CHANGES IN CODE

         A waiver of a provision of this Code shall be requested whenever there
is reasonable likelihood that a contemplated action will violate the Code. Any
waiver (including an implicit waiver) that constitutes a material departure from
a provision of this Code shall be publicly disclosed on a timely basis, to the
extent required by applicable rules and regulations of the SEC. In addition, any
amendments to this Code (other than technical, administrative or other
non-substantive amendments) shall be publicly disclosed on a timely basis, to
the extent required by applicable rules and regulations of the SEC.

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