	gencorp gy alternative plan due within a week a william reynolds chairman and chief executive of gencorp inc told shareholders he expects to announce a company alternative to a dlr per share hostile tender within a week last night the company urged shareholders to reject the tender reynolds urged shareholders to be patient saying the group sponsoring the tender offer had months to evaluate gencorp while we have had only days to respond reynolds also disclosed the company has resolved legal challenges to its planned sale of wor tv serving the new york city market and expects to complete the sale by friday reynolds said the company expects to book an after tax gain of mln dlrs from the sale of wor tv the company plans to sell the station to mca inc mca for mln dlrs reynolds did not specify whether the legal challenges were dropped or dismissed the federal communications commission has already approved the station s sale money from the sale of the station will play a role in helping develop an alternative to the tender offer co sponsored by afg industries inc afg and wagner and brown reynolds said he provided no other details randall hubbard chairman of afg and joel reed chief financial officer of wagner and brown attended the meeting which was shifted from a tire plant to a downtown hotel about people were present despite an overnight snowstorm hubbard and reed chatted briefly with reynolds after the meeting but declined to discuss their proposal with reporters reynolds told the shareholders friends and family members have been telling him bill just don t pay greenmail to end the takeover threat greenmail describes a buyout of a minority shareholder at a price not available to other holders reynolds said he considers it a repugnant device shareholders elected management s slate of directors mario gabelli head of a new york investment firm which owns a large block of stock proposed one nominee for the board gabelli said the unsuccessful attempt was designed to stiffen the backbone of the board to discourage greenmail hubbard and reed reiterated previous statements that they are open to negotiations with gencorp asked about severance contracts for key executives in the event of a shift in control of the company reynolds asserted we re developing alternatives that would not result in a change in control asked whether the company s plan would be superior to any proposal of afg and wagner and brown reynolds commented we know the company we know the values and we know the opportunities better than any outside group in response to a question about whether any units are up for sale he said only that gencorp is evaluating alternatives reuter 
