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GAINSCO, INC. AMENDS SHAREHOLDER RIGHTS PLAN

 FORT WORTH, Texas, Aug. 6 /PRNewswire/ -- GAINSCO, INC. (AMEX: GNA) announced today that its Board of Directors has approved amendments to its Shareholder Rights Plan which are designed to further protect the interests of all shareholders of Gainsco and make it more difficult for an acquiror to gain control of Gainsco without offering what the board believes is a fair price to all of Gainsco's shareholders. Gainsco originally adopted its Shareholder Rights Plan in 1988.
 The amendment extends the final expiration date of the plan from March 18, 1998 to May 25, 2003 and changes the exercise price of the rights from $20.00 to $70.00.
 These amendments were not made in response to any specific effort to acquire control of the company, and the board is not aware of any such effort. The amendments were made in order to update the plan so that the board will continue to protect the interests of the company's shareholders.
 Gainsco, Inc. is a vertically integrated property and casualty insurance holding company specializing in underwriting excess and surplus lines. Its insurance companies are General Agents Insurance Company of America, Inc., MGA Insurance Company, Inc. and GAINSCO County Mutual Insurance Company. The insurance service subsidiaries include General Agents Premium Finance Company, which offers premium financing programs for general agents in connection with their marketing activities; Agents Processing Systems, Inc., which markets a computer software policy management system to general agents; and Risk Retention Administrators, Inc., which assists managing general agents in forming and operating risk retention groups.
 -0- 8/6/93
 /CONTACT: Lynn Morgen, or Edward Nebb, both of Morgen-Walke Associates, Inc., 212-850-5600, for Gainsco, Inc./
 (GNA)


CO: Gainsco Inc. ST: Texas IN: INS SU: SRP

LD -- NY005 -- 0176 08/06/93 08:15 EDT
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Publication:PR Newswire
Date:Aug 6, 1993
Words:292
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