GABELLI EXPLAINS SALE OF GENCORP &lt;GY> SHARES

  Mario Gabelli, head of New York
  investment firm Mario Gabelli and Co, said he sold some shares
  of GenCorp Inc &lt;GY> as part of a "portfolio rebalancing"
  process to meet the needs of his more than 600 clients.
      He said as the stock moved up following acquisition
  proposals from a group formed by AFG Industries Inc &lt;AFG> and
  Wagner and Brown, some of his clients were overweighted.
      Regarding the company's shareholders meeting Tuesday,
  Gabelli told Reuters, "there was nothing said that caused me to
  sell or buy." He still thinks "values are 140 dlrs per share or
  more" and has clients that asked to buy more.
      Gabelli said he amended certain filings with the Securities
  and Exchange Commission because his clients are now passive
  investors. "We wanted to remove our clients from the process
  unfolding between GenCorp and Wagner and Brown," he said.
      He said he was pleased that chairman A. William Reynolds
  stated at the meeting that he found the concept of greenmail to
  be "repugnant." Greenmail refers to a corporation buying out a
  shareholder at a premium not available to others.
  

