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REXENE APPOINTS SPECIAL COMMITTEE TO INVESTIGATE FORMER CHAIRMAN'S ALLEGATIONS

 DALLAS, Feb. 5 /PRNewswire/ -- Rexene Corporation (NYSE: RXN) today announced that its board of directors has appointed a special committee to investigate allegations made by its former chairman, William J. Gilliam of wrongdoing by certain executive officers of the company. Art Goeschel, chairman of the board and of the special committee, said while the investigation is ongoing at this time, it has had no impact on management of the company.
 "The board is cognizant of its fiduciary duties and is investigating these charges in a prompt, orderly manner with the assistance of outside counsel, Weil, Gotshal & Manges. However, a preliminary review of the charges shows that some are as many as 10 years old and involve persons who have not been with the company for many years, while others are of a more general nature and there is a lack of specific information supporting them," said Goeschel.
 At the most recent board meeting, Goeschel said the board examined the charges and a preliminary report and expressed confidence in management. "Unless and until the investigation verifies the accusations by Mr. Gilliam, there is no need to take action," Goeschel said.
 Gilliam joined Rexene in April, 1988 as part of a leveraged buyout of the company. He resigned in March, 1992. Rexene emerged from bankruptcy proceedings on Sept. 18, 1992.
 Rexene Corporation manufactures thermoplastic resins and petrochemical products including polyethylene and polypropylene resins and plastic films. Rexene, headquartered in Dallas, has manufacturing facilities in Texas, Wisconsin, Georgia, Delaware and Utah.
 -0- 2/5/93
 /CONTACT: Neil J. Devroy of Rexene Corporation, 214-450-9101/
 (RXN)


CO: Rexene Corporation ST: Texas IN: CHM SU:

SH -- NY039 -- 3591 02/05/93 14:27 EST
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Publication:PR Newswire
Date:Feb 5, 1993
Words:278
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