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                   LYNCH CORPORATION - LIST OF SUBSIDIARIES           Exhibit 21

LYNCH CORPORATION    (38-1799862)
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                                                                   STATE OF                PARENT                     OWNED BY
SUBSIDIARY                                                      INCORPORATION              COMPANY                     LYNCH
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<S>                                                              <C>                         <C>                          <C>
BRIGHTON COMMUNICATIONS CORPORATION                              DELAWARE                    100.0%                       100.0%
   LYNCH TELEPHONE CORPORATION IV                                DELAWARE                    100.0%                       100.0%
      BRETTON WOODS TELEPHONE COMPANY, INC.                      NEW HAMPSHIRE               100.0%                       100.0%
      WORLD SURFER, INC.                                         NEW HAMPSHIRE               100.0%                       100.0%
   LYNCH-KANSAS TELEPHONE CORPORATION                            DELAWARE                    100.0%                       100.0%
   LYNCH TELEPHONE CORPORATION VI                                DELAWARE                     90.0%                        98.0%
      J.B.N. TELEPHONE COMPANY, INC.                             KANSAS                      100.0%                        98.0%
         J.B.N. FINANCE CORPORATION                              DELAWARE                    100.0%                        98.0%
  GIANT COMMUNICATIONS, INC.                                     KANSAS                      100.0%                        98.0%
   LYNCH TELEPHONE CORPORATION VII                               DELAWARE                    100.0%                       100.0%
      USTC KANSAS, INC.                                          KANSAS                      100.0%                       100.0%
         HAVILAND TELEPHONE COMPANY, INC.                        KANSAS                      100.0%                       100.0%
            HAVILAND FINANCE CORPORATION                         DELAWARE                    100.0%                       100.0%
DFT COMMUNICATIONS CORPORATION                                   DELAWARE                    100.0%                       100.0%
      DUNKIRK & FREDONIA TELEPHONE COMPANY                       NEW YORK                    100.0%                       100.0%
           CASSADAGA TELEPHONE COMPANY                           NEW YORK                    100.0%                       100.0%
                 MACOM, INC.                                     NEW  YORK                   100.0%                       100.0%
           COMANTEL, INC.                                        NEW YORK                    100.0%                       100.0%
                 D&F CELLULAR TELEPHONE, INC.                    NEW YORK                    100.0%                       100.0%
                      ERIE SHORE COMMUNICATIONS, INC.            NEW YORK                    100.0%                       100.0%
       DFT LONG DISTANCE CORPORATION                             DELAWARE                    100.0%                       100.0%
    LMT HOLDING CORPORATION                                      MICHIGAN                    100.0%                       100.0%
        LYNCH MICHIGAN TELEPHONE HOLDING CORP.                   MICHIGAN                    100.0%                       100.0%
              UPPER PENINSULA TELEPHONE CORP.                    MICHIGAN                    100.0%                       100.0%
              ALPHA ENTERPRISES LIMITED                          MICHIGAN                    100.0%                       100.0%
                      UPPER PENINSULA CELL. NORTH, INC.          MICHIGAN                    100.0%                       100.0%
                      UPPER PENINSULA CELL. SOUTH, INC.          MICHIGAN                    100.0%                       100.0%

GLOBAL TELEVISION, INC.                                          DELAWARE                    100.0%                       100.0%

HOME TRANSPORT SERVICES, INC.                                    DELAWARE                    100.0%                       100.0%

LYNCH CAPITAL CORPORATION                                        DELAWARE                    100.0%                       100.0%

LYNCH ENTERTAINMENT CORPORATION                                  DELAWARE                    100.0%                       100.0%
LYNCH ENTERTAINMENT CORPORATION II                               DELAWARE                    100.0%                       100.0%

LYNCH INTERNATIONAL EXPORTS, INC.  (B)                           U.S. VIRGIN ISL.            100.0%                       100.0%

LYNCH MANUFACTURING CORPORATION                                  DELAWARE                    100.0%                       100.0%
   LYNCH DISPLAY TECHNOLOGIES, INC.                              DELAWARE                    100.0%                       100.0%
   LYNCH MACHINERY, INC.  (C)                                    DELAWARE                     90.0%                        90.0%
   M-TRON INDUSTRIES, INC.                                       SOUTH DAKOTA                 94.0%                        94.0%
      M-TRON INDUSTRIES, LTD                                     HONG KONG                   100.0%                        94.0%
   SPINNAKER INDUSTRIES, INC.  (D)                               DELAWARE                     63.0%                        63.0%
      ENTOLETER, INC.                                            DELAWARE                    100.0%                        63.0%
      SPINNAKER COATING, INC.                                    DELAWARE                    100.0%                        63.0%
      SPINNAKER COATING-MAINE, INC.                              DELAWARE                    100.0%                        63.0%
      CENTRAL PRODUCTS COMPANY                                   DELAWARE                    100.0%                        63.0%
   MAC SAW, INC.                                                 DELAWARE                    100.0%                       100.0%
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                                                                  STATE OF                  PARENT                OWNED BY
SUBSIDIARY                                                      INCORPORATION               COMPANY                LYNCH
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<S>                                                              <C>                   <C>                     <C>
LYNCH MULTIMEDIA CORPORATION                                     DELAWARE                    100.0%                  100.0%
   CLR VIDEO, L.L.C.                                             KANSAS                       60.0%                   60.0%

THE MORGAN GROUP, INC.                                           DELAWARE              66.24%(V)/50.95%(O)     66.24%(V)/50.95%(O)
   MORGAN DRIVE AWAY, INC.                                       INDIANA                     100.0%            66.24%(V)/50.95%(O)
      TRANSPORT SERVICES UNLIMITED, INC.                         INDIANA                     100.0%            66.24%(V)/50.95%(O)
   INTERSTATE INDEMNITY COMPANY                                  VERMONT                     100.0%            66.24%(V)/50.95%(O)
   MORGAN FINANCE, INC.                                          INDIANA                     100.0%            66.24%(V)/50.95%(O)
   TDI, INC.                                                     INDIANA                     100.0%            66.24%(V)/50.95%(O)
   HOME TRANSPORT CORPORATION                                    INDIANA                     100.0%            66.24%(V)/50.95%(O)
    MDA CORPORATION

LYNCH PCS COMMUNICATIONS CORPORATION                             DELAWARE                    100.0%                  100.0%
   LYNCH PCS CORPORATION A                                       DELAWARE                    100.0%                  100.0%
   LYNCH PCS CORPORATION F                                       DELAWARE                    100.0%                  100.0%
   LYNCH PCS CORPORATION G                                       DELAWARE                    100.0%                  100.0%

LYNCH  INTERACTIVE CORPORATION                                   DELAWARE                    100.0%                  100.0%
LYNCH TELECOMMUNICATIONS CORPORATION                             DELAWARE                    100.0%                  100.0%
   LYNCH TELEPHONE CORPORATION                                   DELAWARE                     83.1%                   83.1%
      WESTERN NEW MEXICO TELEPHONE CO., INC.                     NEW MEXICO                  100.0%                   83.1%
      WNM COMMUNICATIONS CORPORATION                             DELAWARE                    100.0%                   83.1%
        WESCELL CELLULAR, INC.                                   NEW MEXICO                  100.0%                   83.1%
                WESCEL CELLULAR OF NEW MEXICO
                 LIMITED PARTNERSHIP                             COLORADO                     51.0%                   42.4%
      WESCEL CELLULAR, INC. II                                   NEW MEXICO                  100.0%                   83.1%
                NORTHWEST NEW MEXICO CELLULAR, INC.              NEW MEXICO                   50.0%                   40.6%
                NORTHWEST NEW MEXICO CELLULAR OF
                NEW MEXICO LIMITED PARTNERSHIP                   COLORADO                     51.0%                   20.7%
                       ENCHANTMENT CABLE CORPORATION             DELAWARE                    100.0%                   80.1%
   LYNCH TELEPHONE CORPORATION II                                DELAWARE                     83.0%                   83.0%
      INTER-COMMUNITY TELEPHONE COMPANY                          NORTH DAKOTA                100.0%                   83.0%
            INTER-COMMUNITY TELEPHONE COMPANY II                 NORTH DAKOTA                100.0%                   83.0%
               INTER-COMMUNITY ACQUISITION CORPORATION           DELAWARE                    100.0%                   83.0%
   LYNCH TELEPHONE CORPORATION III                               DELAWARE                     81.0%                   81.0%
      CUBA CITY TELEPHONE EXCHANGE COMPANY                       WISCONSIN                   100.0%                   81.0%
      BELMONT TELEPHONE COMPANY                                  WISCONSIN                   100.0%                   81.0%
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