Hi, sponged this from the latest issue of the NME (dated 11 December '93):

K-Foundation nailed

The K-Foundation may be charged with defacing the Queen's currency
following their antics at the Turner Prize art awards last month.
  A source close to the K-Foundation say the bank which loaned
Foundation members Bill Drummond and Jimmy Cauty 1 million pounds
deemed the money unusable after the pair had nailed it to a board
as part of their stunt to upstage the Turner award. The pair face
a possible fine - which could run to thousands of pounds - to
recoup the cost of manufacturing the cash.
  Journalists and critics were invited to a field in Surrey on
November 23 to view the cash, as a piece of art titled "Nailed To
The Wall", before travelling to the Tate Gallery to award 40,000
pounds to Rachel Whiteread, the Turner Prize winner, for the worst
piece of contemporary art.
  A representative for The K-Foundation's accountants said the 
bank were considering further action, but the bank denies that it
has any contact with Drummond and Cauty.
  NME understands that the fine has not deterred the pair from 
going ahead with plans to stage a future exhibition titled "Money:
A Major Body Of Cash" early next year.
  The 8,400 pounds that went missing from the 40,000 pounds award
money has yet to be recovered. Press reports last week suggested
that several magazine journalists may have helped themselves to 
some of the money and one is rumoured to have tipped a chauffeur
100 pounds on leaving the Tate.

* Meanwhile, mystery surrounds the reissue of The KLF/Extreme Noise
Terror collaboration "3AM Eternal" on the Discipline label.
  The single was issued on mail order only flexi only in the wake of
their infamous appearance at 1992's Brit Awards. Insiders suggest
that the latest release is an attempt by bootleggers to cash in on
the K-Foundation's recent publicity.
  A spokesperson for Drummond and Cauty told NME: "We have no idea 
who is behind this release. The KLF ceased to work within the music
industry some time ago."