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WITCO TO FILE OPPOSITION PAPERS TO EMERGENCY PETITION FILED BY LIGHTNING LUBE

 WITCO TO FILE OPPOSITION PAPERS TO EMERGENCY PETITION
 FILED BY LIGHTNING LUBE
 NEW YORK, July 14 /PRNewswire/ -- Witco Corporation (NYSE: WIT) announced that opposition papers will be filed on July 17 to the emergency petition filed with U.S. District Court Judge William G. Bassler demanding that Witco increase to 100 percent the bond posted in connection with the recent federal jury award for Lightning Lube.
 Witco Group Vice President Carl R. Soderlind maintained that the contemplated acquisition cited in Lightning Lube's petition is favorable for Witco and its shareholders and that completion of this acquisition would not impair Witco's ability to satisfy the judgment.
 Witco reiterated that it strongly believed that the May 1, 1992 verdict against the company is completely unjustified and totally without merit. It has filed a motion for relief from this judgment which includes seeking a new trial, dismissal and/or other relief as deemed appropriate by the court. Argument will be heard by the court on this motion on July 31, 1992. Should the court reject Witco's motion, the company will appeal to the Third Circuit. If a bond is ordered for the full amount of the judgment from which Witco is seeking relief, the company will post such a bond although it believes such a bond is not necessary.
 Witco had on June 3 fulfilled its court directive to post a $30 million bond. Soderlind also stated that the company does not understand why plaintiff's counsel in this matter is making this motion to increase the bond or publicizing it since the only effect would be to force Witco to pay approximately an additional $60,000 in order to augment the existing bond.
 -0- 7/14/92
 /CONTACT: C.R. Soderlind, group vice president, 212-605-3813, or S.L. Levy, 212-605-3815, both of Witco/
 (WIT) CO: Witco Corporation; Lightning Lube ST: New York IN: OIL SU :


LD-SM -- NY088 -- 9322 07/14/92 18:20 EDT
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Publication:PR Newswire
Date:Jul 14, 1992
Words:321
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