OTHER NEWS - June 26, 1996

Mesa Shareholders Accept Recapitalization Plan: The $265-million plan in effect gives investor Richard Rainwater control of the Amarillo, Texas-based natural gas company. The way was cleared for Rainwater’s takeover two weeks ago when Mesa Inc.’s colorful founder, Boone Pickens, who had come under attack from dissident shareholders led by investors Marvin Davis and Dennis Washington, said he would retire as chief executive. According to the plan, Rainwater will get between 32% and 64% of Mesa’s stock and name four of seven board members. Rainwater and affiliates will buy $133-million worth of convertible preferred stock and any remaining stock not acquired by Mesa stockholders in a $132-million rights offering of convertible preferred stock to begin July 3.