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KEENE FILES PETITION FOR REHEARING AND STAY

 NEW YORK, Dec. 2 /PRNewswire/ -- Stuart E. Rickerson, vice president and general counsel of Keene Corporation, issued the following on Keene Corporation's Limited Fund, Mandatory Class Action Keene v. Fiorelli, et al, cv 93-2129 (E.&S.N.Y.), Docket No. 93-7712(I) (2nd Circuit):
 On Dec. 1, 1993, a three judge panel of the United States Court of Appeals for the Second Circuit issued a decision vacating U.S. District Judge Jack B. Weinstein's July 1, 1993 preliminary injunction and dismissing Keene's limited fund, mandatory settlement class action lawsuit.
 In response to the decision of the Second Circuit, early this morning Keene filed its petition for rehearing and stay with suggestion for rehearing en banc with the United States Court of Appeals for the Second Circuit.
 Rule 41(a) of the Rules of Appellate Procedure provides, in pertinent part, as follows:
 "The timely filing of a petition for rehearing will stay the mandate until disposition of the petition..."
 In addition, the rule further provides:
 "If the petition is denied, the mandate shall issue 7 days after the entry of the order denying the petition..."
 On its face the rule appears to call for an automatic stay upon the timely filing of a petition. The petition has been filed. If you decide to execute on a surety bond and violate a stay or affect Keene's assets in any way, Keene will take whatever steps necessary to recover any assets wrongfully taken and will seek consequential damages and such other damages as may be appropriate, including personal liability.
 -0- 12/2/93
 /CONTACT: Stuart E. Rickerson, vice president and general counsel of Keene Corporation, 212-466-3200/


CO: Keene Corporation ST: New York IN: SU:

TW-SH -- NY092 -- 9936 12/02/93 15:50 EST
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Publication:PR Newswire
Date:Dec 2, 1993
Words:290
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