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MANVILLE REASSERTS INJUNCTION IS PERMANENT; PERSONAL INJURY TRUST REMAINS SOLE AVENUE FOR ASBESTOS LIABILITY CLAIMS

 MANVILLE REASSERTS INJUNCTION IS PERMANENT; PERSONAL INJURY TRUST
 REMAINS SOLE AVENUE FOR ASBESTOS LIABILITY CLAIMS
 DENVER, Oct. 6 /PRNewswire/ -- Manville Corporation (NYSE: MVL) today said Congressional action to drop a provision from the Amendment to the Bankruptcy Act currently under review, which would forbid the filing of asbestos-related lawsuits against the company and its subsidiaries, may perpetuate a misperception in the investment community about the permanent injunction issued in 1986 and reaffirmed in 1991.
 "We are disappointed that the United States Congress did not move to codify the court's authority through force of law," said Tom Stephens, Manville chairman, president and CEO. "Unfortunately, political considerations unrelated to the injunction itself, coupled with the time pressures facing Congress in its waning hours, prevented this issue from being acted upon.
 "The permanent injunction has been in effect for six years and will continue indefinitely," Stephens added. "But Wall Street investors, bankers, and some in the media have continued to speculate that the court injunction might be vulnerable in the future, possibly allowing a new round of asbestos lawsuits against the company. We had hoped to end this speculation permanently through this Amendment to the Bankruptcy Act, thereby allowing Manville securities to be valued fairly in the marketplace, free of any asbestos overhang. A fairly valued stock ultimately would benefit the asbestos victims, since the Trust effectively owns 80 percent of Manville Corporation's stock."
 As part of the company's 1986 Plan of Reorganization, an independent Manville Personal Injury Settlement Trust (Trust) replaced the company as the party responsible for compensating persons injured by exposure to Manville asbestos-containing products. In doing so, the Trust became solely responsible for resolving all asbestos-related personal injury lawsuits that were, or may in the future be, filed against Manville or its subsidiaries, or any of its predecessor companies.
 Manville Corporation is an international holding company with two principal subsidiaries - wholly owned Schuller International, Inc., and Riverwood International Corporation (NYSE: RVW). Products sold by Schuller International, Inc. include insulation, reinforcements, filtration and building products. Many of its products are marketed under the Manville brand name. Riverwood International Corporation is a global packaging systems and paper products company. Founded in 1858, Manville Corporation and its subsidiaries employ approximately 16,000 people at more than 50 locations worldwide. Manville and its subsidiaries had approximately $3 billion in assets as of December 31, 1991.
 -0- 10/6/92
 /CONTACT: Sharon Sweet of Manville, 303-978-4694/
 (MVL RVW) CO: Manville Corp. ST: Colorado IN: PAP SU:


BB -- DV007 -- 7209 10/06/92 16:10 EDT
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Publication:PR Newswire
Date:Oct 6, 1992
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