TCR_Public/970403.MBX



content="text/html; charset=iso-8859-1">

InterNet Bankruptcy Library - News for April 2, 1997







Bankruptcy News For April 3, 1997




        
  1. EarthLink Network acquires customer
            accounts of nationwide Internet service provider Internet
            In A Mall

  2.     
  3. Rexene Corporation Announces
            "Dutch Auction" Self-Tender Offer to Purchase
            up to 2,156,250 Shares at Prices Between $14 and $16 per
            share






EarthLink Network acquires customer accounts of nationwide
Internet service provider Internet In A
Mall



PASADENA, Calif.--April 3, 1997-- First significant
acquisition of an ISP's customer base by EarthLink EarthLink
Network Inc. (NASDAQ: ELNK) Thursday announced that it has
completed the purchase of Internet access dial-up accounts from href="chap11.internet.html">Internet In A Mall Inc., a
nationwide Internet service provider based in Southern
California.



The deal marks the first significant acquisition of another
company's customer base by EarthLink Network.



In February 1997, Internet In A Mall announced reorganization
of its operations. The sales of its dial-up customer accounts was
recently approved in bankruptcy court. The acquisition
supplements EarthLink's growth strategy to continue to
cost-effectively add new members through marketing efforts and
significantly increase its base of customers. Financial details
of the deal were not disclosed.



According to Howard Lefkowitz, CEO of Internet In A Mall,
"EarthLink has an excellent reputation as a dependable and
service- oriented Internet access provider. EarthLink's
first-rate service will deliver the same level of support and
service to which our customers have become accustomed. I feel
very secure putting our customers in EarthLink's capable
hands."



EarthLink's Founder and Chairman Sky Dayton added, "We
are committed to providing a smooth and easy transition of
Internet In A Mall's customers; at the same time, we are excited
to introduce them to the benefits of EarthLink membership."



EarthLink will assume responsibility for providing service to
Internet In A Mall's customer base on April 7, 1997. EarthLink
will also ensure service by distributing its award-winning
registration software, TotalAccess, one of the Internet's
easiest, turnkey, one- click software registration packages ever
developed.



New EarthLink members will also receive a free 2 megabyte home
page, email capabilities, browsers Netscape Navigator 3.0 or
Microsoft's Internet Explorer 3.0, EarthLink's Personal Start
Page, access to premium service offerings at a discount, 24-hour,
7 days a week member service and technical support, 800-number
access option, an annual subscription to EarthLink's regular
printed newsletter bLink and an Internet users' guide,
"Getting the Most Out of EarthLink."



About EarthLink Network



EarthLink Network, a publicly held company, is dedicated to
making the Internet a relevant and useful communications tool by
coupling fast and reliable Internet access with content-rich
products and robust services for individuals and businesses. With
headquarters in Pasadena, the company provides local access to
thousands of local communities from more than 597 points of
presence (POPs) in the United States and Canada.



EarthLink offers unlimited Internet access for $19.95 a month,
with a $25 set-up fee. A free, 24-hour member Help Line is
accessible seven days a week. Additional product and pricing
information is available by calling 800/395-8425 and through
EarthLink's Web site at http://www.earthlink.net



It's your Internet.



CONTACT: EarthLink Network Inc. Kirsten Kappos, 818/296-2467
kirstenk@earthlink.net or Shafer Sheryl Smith, 714/863-3238
ss1@shafer.usa.com






Rexene Corporation Announces "Dutch
Auction" Self-Tender Offer to Purchase up to 2,156,250
Shares at Prices Between $14 and $16 per share



DALLAS, TX - April 3, 1997 - Rexene Corporation (NYSE: RXN)
announced today that its Board of Directors has authorized the
purchase by the Company of up to 2,156,250 shares of its common
stock (or approximately 11.5% of its outstanding shares) pursuant
to a "Dutch Auction" self-tender offer. The offer is
expected to commence on or about April 4, 1997. The "Dutch
Auction" self- tender offer replaces the first part of a
planned $85 million stock repurchase program announced by the
Company on March 19, 1997. The prior open market purchase program
has been discontinued following the purchase of 11,500 shares
between March 24 and March 27. As previously announced, the
Company plans to submit an additional $50 million part of the
repurchase program for stockholder consideration at the special
stockholders' meeting scheduled for April 30, 1997. The
"Dutch Auction" self-tender offer does not impact the
planned second part of the repurchase program.



Under the terms of the self-tender offer, the Company will
invite stockholders to tender shares at prices between $14.00 and
$16.00 per share. Based upon the number of shares tendered and
the prices specified by the tendering stockholders, the Company
will determine the single per share price within that price range
that will allow the Company to purchase up to 2,156,250 shares or
such lesser number of shares as are properly tendered. The
Company expects to fund the offer from the Company's existing
long term credit facilities. The Company reserves the right to
purchase additional shares in the offer subject to the terms of
the offer. The price of the Company's common stock closed at
$13.00 per share on the New York Stock Exchange on April 3, 1997.



Andrew J. Smith, Rexene's Chairman and CEO said, "The
Board of Directors believes that, given the Company's business
and prospects, the purchase of shares is an attractive investment
that will benefit the Company and its remaining stockholders. The
Company's offer will afford those stockholders who desire
liquidity an opportunity to sell their shares at a premium to
current market without the usual transaction costs associated
with open market sales. We believe the "Dutch Auction"
will more effectively implement the first part of our recently
announced $85 million share repurchase program than our prior
plan to purchase shares in the open market."



Stockholders who tender shares in accordance with the self-
tender offer may vote those shares at the Special Meeting,
whether the shares have been tendered prior to, on or after the
record date for the Special Meeting. Consummation of the
self-tender offer will be conditioned upon, among other things,
the continued availability of funds to purchase the tendered
shares under the Company's long term credit facilities if there
is a change of control of the Company.



Smith Barney Inc. and Schroder Wertheim & Co. Incorporated
will act as Dealer Managers and D.F. King & Co., Inc. will
act as Information Agent for the offer.



The specific terms and conditions concerning this offer will
be stated in the Company's Offer to Purchase documents that will
be mailed to stockholders shortly.



Rexene Corporation, through its Rexene Products and CT Film
divisions, manufactures thermoplastic resins and plastic film.
Headquartered in Dallas, Texas, the Company has manufacturing
facilities in Texas, Wisconsin, Georgia, Delaware, Utah and in
England. (Information Concerning the Participants attached)



Under applicable resolutions of the SEC, each director and
executive officer of the Company, as well as certain other
employees and advisors of the Company, may be deemed to be
"participants" in the Company's solicitation of
proxies. Set forth below is certain information concerning the
directors and executive officers of the Company and such
employees and advisors.



Lavon N. Anderson, age 61, has been President and Chief
Operating Officer of the Company since January 1991 and a
director since February 1990. From May 1988 to January 1991, Dr.
Anderson was Executive Vice President - Manufacturing and
Technical of Rexene. Prior thereto, Dr. Anderson served the
Company in various capacities since 1972. Dr. Anderson
beneficially owns 54,383 shares of the Company's Common Stock,
including 52,583 shares which Dr. Anderson has the right to
acquire within 60 days upon the exercise of options granted to
him pursuant to the Company's stock option plans.



James R. Ball, age 52, has been a director of the Company
since April 1996. He is a private investor and is engaged in
private consulting. Mr. Ball served Vista Chemical Company in a
number of capacities from 1984 to 1994, including Vice President,
Marketing from July 1984 to August 1987, Senior Vice President,
Commercial from August 1987 to February 1992, Executive Vice
President and Chief Operations Officer, from February 1992 to
July 1992, and President and Chief Executive Officer from July
1992 to December 1994. Prior to July 1984, Mr. Ball held various
positions with Conoco since 1969. Mr. Ball is a director of The
Carbide/Graphite Group. Mr. Ball beneficially owns 2,000 shares
of the Company's Common Stock, all of which Mr. Ball has the
right to acquire within 60 days upon the exercise of options
granted to him pursuant to the Company's stock option plans.



Harry B. Bartley, age 68, has served as a director of the
Company since April 1995. He is currently retired. Mr. Bartley
served Hoechst Celanese Corporation in a number of capacities
from 1950 to 1989, including President of Celanese Chemical Co.
from 1976 to 1987, President of Hoechst Celanese Chemical Group
from 1987 to 1989 and director of Hoechst Celanese Corporation
from 1987 to 1989. Mr. Bartley beneficially owns 7,000 shares of
the Company's Common Stock, including 4,000 shares which Mr.
Bartley has the right to acquire within 60 days upon the exercise
of options granted to him pursuant to the Company's stock option
plans.



Conrad L. Bringsjord, age 36, has served as a Managing
Director of Smith Barney Inc. since 1994, as Co-Head of the
Advisory Group of Smith Barney Inc. since 1995 and in various
other capacities at Smith Barney Inc. since 1993. Before joining
Smith Barney Inc, Mr. Bringsjord was a Vice President in the
Advisory Department at Morgan Stanley & Co. Incorporated from
1987 to 1993 . Prior to joining Morgan Stanley & Co.
Incorporated, Mr. Bringsjord was a senior accountant at Deloitte,
Haskins & Sells. Mr. Bringsjord does not beneficially own any
shares of Common Stock. Mr. Bringsjord's address is c/o Smith
Barney Inc., 388 Greenwich Street, New York, New York 10013.



John E. Capano, age 27, has been an associate in Smith Barney
Inc.'s Advisory Group since 1996. Previously, Mr. Capano was an
audit and tax analyst at American Home Products Corporation from
1991 to 1994. Mr. Capano does not beneficially own any shares of
the Company's Common Stock. Mr. Capano's address is c/o Smith
Barney Inc., 388 Greenwich Street, New York, New York 10013.



R. James Comeaux, age 57, has served as a director of the
Company since April 1995. He has served as President of
Petrochemical Management, Inc., a consulting firm, since April
1993. From August 1989 to January 1993, Mr. Comeaux was
President, Chief Executive Officer and Director of Arcadian
Corporation, a fertilizer manufacturer. Prior to such time. Mr.
Comeaux was Senior Vice President of FINA, Inc. from 1984 to 1989
and served Gulf Oil Corporation in a number of capacities from
1967 to 1984. Mr. Comeaux beneficially owns 7,000 shares of the
Company's Common Stock, including 4,000 shares which Mr. Comeaux
has the right to acquire within 60 days upon the exercise of
options granted to him pursuant to the Company's stock option
plans.



Neil J. Devroy, age 49, has served as Vice President of
Communications and Support Services of the Company since March
1995. From November 1990 to February 1995 Mr. Devroy served as
Director of Communications and Public Affairs of the Company. Mr.
Devroy beneficially owns 11,408 shares of the Company's Common
Stock, which includes 10,408 shares which Mr. Devroy has the
right to acquire within 60 days upon the exercise of options
granted to him pursuant to the Company's stock option plans.



William B. Hewitt, age 58, has served as a director of the
Company since February 1990. He has been President of Union
Corporation, a receivables management and customer service
outsourcing company, since May 1995 and Chairman of the Board and
Chief Executive Officer of Capital Credit Corporation, a
receivables management company, since September 1991. Mr. Hewitt
was Executive Vice President of First Manhattan Consulting Group,
a management consulting firm, from 1980 to September 1991. He is
also a director of the Union Corporation. Mr. Hewitt beneficially
owns 29,000 shares of the Company's Common Stock, which includes
2,000 shares which Mr. Hewitt has the right to acquire within 60
days upon the exercise of options granted to him pursuant to the
Company's stock option plans.



Ilan Kaufthal, age 49, has served as a director of the Company
since September 1992. He has been a managing director of Schroder
Wertheim & Co. Incorporated since 1987. He is also a director
of United Retail Group, Inc., Cambrex Corporation and Russ Berrie
& Company. Mr. Kaufthal beneficially owns 29,000 shares of
the Company's Common Stock, all of which Mr. Kaufthal has the
right to acquire within 60 days upon the exercise of options
granted to him pursuant to the Company's stock option plans.



Jack E. Knott, age 42, has been a director of the Company
since April 1996 and Executive Vice President of the Company and
President of Rexene Products since March 1995. Prior to March
1995, Mr. Knott had been Executive Vice President-Sales and
Market Development of the Company since March 1992. Prior
thereto, Mr. Knott was an Executive Vice President of Rexene
since January 1991 and President of CT Film since February 1989.
Mr. Knott beneficially owns 47,333 shares of the Company's Common
Stock, including 4,000 shares which Mr. Knott has the right to
acquire within 60 days upon the exercise of options granted to
him pursuant to the Company's stock option plans.



Bernard J. McNamee, age 61, has been Executive Vice President,
Secretary and General Counsel of the Company since April 1995.
Prior thereto, Mr. McNamee had been Vice President, Secretary and
General Counsel of the Company since May 1993. From September
1989 to November 1992, Mr. McNamee was Vice President and General
Counsel of Ferro Corporation, a multinational manufacturer of
specialty materials. Mr. McNamee beneficially owns 37,000 shares
of the Company's Common Stock, which includes 34,000 shares which
Mr. McNamee has the right to acquire within 60 days upon the
exercise of options granted to him pursuant to the Company's
stock option plans.



Charles E. O'Connell, age 65, has served as a director of the
Company since April 1995. He is currently retired. From 1985 to
1988, Mr. O'Connell served as President of the Society of
Plastics Industries, a trade association. From 1964 to 1984, he
served Gulf Oil Corporation in a variety of capacities. Mr.
O'Connell beneficially owns 4,000 shares of the Company's Common
Stock, which includes 4,000 shares which Mr. O'Connell has the
right to acquire within 60 days upon the exercise of options
granted to him pursuant to the Company's stock option plans.



Geff Perera, age 43, has been Executive Vice President and
Chief Financial Officer of the Company since May 1996. Prior
thereto, Mr. Perera had been Vice President of the Company since
January 1991 and Controller since February 1989. Mr. Perera
beneficially owns 17,670 shares of the Company's Common Stock,
all of which Mr. Perera has the right to acquire within 60 days
upon the exercise of options granted to him pursuant to the
Company's stock option plans.



Thomas E. Reinhart, age 42, has served as a Managing Director
and head of Smith Barney Inc.'s West Coast Financial
Entrepreneurs Group since 1990. Prior thereto, Mr. Reinhart
worked at Drexel Burnham Lambert. Mr. Reinhart does not
beneficially own any shares of the Company's Common Stock. Mr.
Reinhart's address is c/o Smith Barney Inc., 350 California
Street, Suite 2100, San Francisco, California 94104.



James M. Ruberto, age 49, has been Executive Vice President -
Administration since January 1996. Prior thereto, Mr. Ruberto had
been Executive Vice President of the Company and President of CT
Film since March 1992. Prior thereto, Mr. Ruberto had been
Executive Vice President - Sales and Market Development of Rexene
since January 1991. From April 1989 to January 1991, Mr. Ruberto
was Executive Vice President - Marketing and Business Planning of
Rexene. Mr. Ruberto beneficially owns 43,333 shares of the
Company's Common Stock, all of which Mr. Ruberto has the right to
acquire within 60 days upon the exercise of options granted to
him pursuant to the Company's stock option plans.



James L. Shuman, age 30, has been vice president of Schroder
Wertheim & Co., Inc. since 1996 and was an associate at the
firm prior to such date. Mr. Shuman does not beneficially own any
shares of the Company's Common Stock. Mr. Shuman's address is c/o
Schroder Wertheim & Co. Incorporated, 787 Seventh Avenue, New
York, New York 10019.



Andrew J. Smith, age 55, has been Chairman of the Board of
Directors since April 1996 and Chief Executive Officer and a
director of the Company since March 1992. From December 1991 to
March 1992, he was a private consultant. From June 1991 to
December 1991 he was President and Chief Operating Officer of
Itex Enterprises, Inc., an environmental remediation company. Mr.
Smith also served as a consultant to Rexene from January 1991 to
June 1991. Immediately prior thereto, he had been a director of
Rexene since May 1988 and the President and Chief Executive
Officer of Rexene since June 1988. Mr. Smith joined the Company
in 1976. Mr. Smith beneficially owns 103,557 shares of the
Company's Common Stock, which includes 77,000 shares which Mr.
Smith has the right to acquire within 60 days upon the exercise
of options granted to him pursuant to the Company's stock option
plans.



Stephen C. Swid, age 56, has served as a director of the
Company since March 19, 1997. Mr. Swid has served as Chairman and
Chief Executive Officer of SCS Communications, an owner and
operator of diverse media properties, since late 1989. From
February 1990 to January 1995, Mr. Swid was the Chairman and
Chief Executive Officer of Westview Press. Prior thereto, Mr.
Swid had been the Chairman and Chief Executive Officer of SBK
Entertainment World, Inc., from November 1986 to May 1989. For
the twelve years prior thereto, Mr. Swid had been the Co-Chairman
and Co-Chief Executive Officer of Knoll International Holdings,
Inc. Mr. Swid beneficially owns 639,254 shares of the Company's
Common Stock.



Jonathan R. Wheeler, age 45, has been Executive Vice President
of the Company and President of CT Film since January 1996. Prior
thereto, Mr. Wheeler was Executive Vice President -
Administration since April 1995. Prior thereto, Mr. Wheeler had
been Senior Vice President - Administration of the Company since
December 1990. Mr. Wheeler beneficially owns 38,500 shares of the
Company's Common Stock, which includes 38,000 shares which Mr.
Wheeler has the right to acquire within 60 days upon the exercise
of options granted to him pursuant to the Company's stock option
plans.



J. Stuart White, age 33, has been a vice president of Smith
Barney since January 1997 and was an associate at the firm since
1993. From 1989 to 1993, Mr. White was an Assistant Vice
President at Skopbank. Mr. White does not beneficially own any
shares of Common Stock. Mr. White's address is c/o Smith Barney
Inc., 388 Greenwich Street, New York, New York 10013.



On July 7, 1992, the United States Bankruptcy Court for the
District of Delaware entered an order confirming a First Amended
Plan of Reorganization, which became effective on September 18,
1992, relating to the Company's bankruptcy proceedings pursuant
to voluntary petitions filed by the Company's predecessor under
Chapter 11 of the United States Bankruptcy Code on October 18,
1991. Messrs. Anderson, Hewitt and Smith, directors of the
Company, were also directors of the Company's predecessor that
filed such petitions.



The address of each of the persons listed above other than
Messrs. Bringsjord, Capano, Reinhart, Shuman, Siegel and White is
c/o Rexene Corporation, 5005 LBJ Freeway, Dallas, Texas 75244.



SOURCE Rexene Corporation /CONTACT: Neil Devroy of Rexene
Corporation, 972-450-9101/