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GLENFED BEGINS STOCKHOLDERS SOLICITATION FOR PLAN APPROVAL, ESTABLISHES 800 NUMBERS FOR STOCKHOLDER QUESTIONS

 GLENDALE, Calif., July 6 /PRNewswire/ -- Moving ahead with its announced recapitalization, GLENFED Inc. (NYSE: GLN) today mailed proxy materials to stockholders soliciting their approval for a reorganization plan that has been unanimously recommended by GLENFED's board of directors.
 In a letter to stockholders, Chairman and Chief Executive Officer Stephen J. Trafton said it is essential that the reorganization plan be approved and that the recapitalization transactions be completed as soon as possible. Because a failure to vote has the same effect as voting against the plan, he urged stockholders to vote for approval of the plan by signing, dating and returning their proxy card without delay.
 Trafton also said that officers and representatives of the company would be available to answer stockholder questions through two toll-free telephone numbers. The company's information agent, McCormick & Pryor Ltd., may be reached at 800-543-3054 between the hours of 7:30 a.m. and 4:30 p.m. EDT, and the company's Investor Relations Hotline may be reached at 800-998-4432 between the hours of 8:30 a.m. and 7 p.m. PDT.
 -0- 7/6/93
 /CONTACT: Judy Cunningham, 818-500-2274, or Jeff Misakian, 818-500-2824, both of GLENFED/
 (GLN)


CO: GLENFED Inc. ST: California IN: FIN SU: RCN

JL-LS -- LA031 -- 8736 07/06/93 15:33 EDT
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Publication:PR Newswire
Date:Jul 6, 1993
Words:212
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