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KEENE SUIT SEEKS TO PUT ASBESTOS LITIGATION BEHIND IT; LIMITED FUND CLASS ACTION FILED IN NEW YORK

 NEW YORK, May 13 /PRNewswire/ -- Earlier today Keene Corporation (NASDAQ: KEEN) reported that it filed a lawsuit in federal court in New York seeking a declaration that it has only limited funds available to resolve numerous asbestos-related claims against it, including claims that might be filed in the future. The purpose of the filing is to fairly allocate, by settlement, Keene's remaining funds among all competing claimants, including people suing Keene for injuries said to be caused by asbestos, suits alleging property damage for use of asbestos-containing building products and other asbestos-related claims, while maintaining the viability of the company.
 Senior Judge Jack B. Weinstein has been assigned to handle this case and has now issued the first order governing the early stages of the case.
 The next step in the process is expected to be the hearing that Judge Weinstein has set for Wednesday, May 19, 1993 at 9:30 a.m. in Room 10 at the federal courthouse in Brooklyn, N.Y.
 -0- 5/13/93
 /NOTE TO EDITORS: A copy of the Federal Court filing is available upon request./
 /CONTACT: Stuart E. Rickerson, vice president - general counsel, 212-557-1900, ext. 16, or Rose Marshall or Pat Pellerin, 202-337-5990, all for Keene Corporation/
 (KEEN)


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

TM-LD -- NY097 -- 8363 05/13/93 17:57 EDT
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Publication:PR Newswire
Date:May 13, 1993
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