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DWG CORPORATION ANNOUNCES CIRCUIT COURT ENTERS STAY

 DWG CORPORATION ANNOUNCES CIRCUIT COURT ENTERS STAY
 MIAMI, Feb. 21 /PRNewswire/ -- DWG Corporation (AMEX: DWG)


announced that the United States Circuit Court for the Sixth Circuit entered today an order staying pending appeal the previously reported decision and provisional order of Thomas D. Lambros, chief judge in the action, Granada Investments, Inc. vs. DWG Corporation et al., in the United States District Court for the Northern District of Ohio. A copy of such order of the Sixth Circuit follows:
 UNITED STATES COURT OF APPEALS
 FOR THE SIXTH CIRCUIT
 No. 92-3167


GRANADA INVESTMENTS, INC.,
 Plaintiff-Appellee, v. DWG CORPORATION, VICTOR POSNER, STEVEN POSNER, MELVIN R. COLVIN, BERNARD I. POSNER, RUSSELL A. BOYLE, MARCO B. LOFFREDO, JR., WILLIAM L. PALLOT, LEONARD H. ROBERTS, H. DOUGLAS KINGSMORE, MARTIN J. POSNER, THOMAS A. PRENDERGAST, ROGER D. STAKE, and BRENDA NESTOR CASTELLANO,
 Defendants-Appellees, DWG CORPORATION,
 Third-Party
 Plaintiff-Appellee, v. GRANADA INVESTMENTS, INC.,
 Counter-defendant, Third-
 Party Defendant-Appellee, FAIRVIEW FINANCIAL CORPORATION, G.H. ENTERPRISES, INC., PETER F. PELULLO, GLOBAL FINANCIAL CORPORATION, LEONARD PELULLO,
 Third-Party
 Defendants-Appellants, GEORGE P. HELLHAKE, JESSIE B. HELLHAKE, PAUL R. HELLHAKE, EGS LIMITED PARTNERSHIP, PATRICK C. CESTARO, IRVING G. BRILLIANT, BENICE BRILLIANT,
 Objecting Shareholds-Appellants. BEFORE: RYAN and SUHRHEINRICH, Circuit Judges; and
 CHURCHILL, District Judge.
 Order Granting Motion
 to Stay Provisional Order
 The Provisional Order issued ex parte by the United States District Court for the Northern District of Ohio on February 14, 1992, is, in reality, a preliminary injunction as distinguished from a temporary restraining order, because it does more than maintain the status quo. Among other things, it orders changes in the composition of the Board of Directors of DWG Corporation and the DWG Special Committee; replaces the chief executive officer; and requires Victor Posner to remit large, but unspecified, sums of money to the court forthwith.
 The order is appealable pursuant to 28 U.S.C. 1292 (a) (1).
 The Provisional Order should not have been granted without notice and an opportunity to be heard.
 NOW, THEREFORE, IT IS ORDERED that the Provisional Order entered February 14, 1992, is stayed pending appeal.
 Leonard Green
 Clerk of the Court
* The Honorable James P. Churchill, United States District


Court for the Eastern District of Michigan, sitting by designation.
 -0- 2/21/92
 /CONTACT: Chuck Nolan, vice president of DWG Corporation, 305-866-7771/
 (DWG) CO: DWG Corporation; Granada Investments ST: Florida IN: SU:


JJ-AW -- FL010 -- 1559 02/21/92 17:25 EST
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Copyright 1992 Gale, Cengage Learning. All rights reserved.

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Date:Feb 21, 1992
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