<PAGE>

                                                                      EXHIBIT 24





                                POWER OF ATTORNEY

      KNOW ALL MEN BY THESE PRESENTS, that the undersigned, Director and Vice
Chairman of the Board of Directors of LYNCH CORPORATION, an Indiana corporation,
hereby appoints RALPH R. PAPITTO, RAYMOND H. KELLER and RICHARD E. McGRAIL, true
and lawful attorneys-in-fact and agents, and each of them (with full power to
act without the other) his true and lawful attorney-in-fact and agent, with full
power of substitution and resubstitution, for him and in his name, place and
stead, in any and all capacities, to sign, execute, deliver and file with the
Securities and Exchange Commission the Annual Report on Form 10-K of Lynch
Corporation for the fiscal year ended December 31, 2001, including any and all
amendments thereto, granting unto said attorneys-in-fact and agents, and each of
them, full power to do and perform every act and thing requisite, necessary or
desirable to be done in connection therewith, as fully to all intents and
purposes as he might or could do in person, hereby ratifying and confirming all
that said attorneys-in-fact and agents, or any of them, or their or his
substitutes or substitute, may lawfully do or cause to be done by virtue hereof,
and hereby revoking all prior appointments by him, if any, of attorneys-in-fact
and agents to sign and file the above-described document, including any and all
amendments thereto.

      IN WITNESS WHEREOF, the undersigned has hereunto set his hand and seal on
the date set forth below.



DATE:   March 15, 2002                    /s/  MARIO J. GABELLI
                                               ----------------
                                               MARIO J. GABELLI
<PAGE>
                                POWER OF ATTORNEY

      KNOW ALL MEN BY THESE PRESENTS, that the undersigned, Director, Chairman
of the Board of Directors and Chief Executive Officer of LYNCH CORPORATION, an
Indiana corporation, hereby appoints RAYMOND H. KELLER and RICHARD E. McGRAIL,
true and lawful attorneys-in-fact and agents, and each of them (with full power
to act without the other) his true and lawful attorney-in-fact and agent, with
full power of substitution and resubstitution, for him and in his name, place
and stead, in any and all capacities, to sign, execute, deliver and file with
the Securities and Exchange Commission the Annual Report on Form 10-K of Lynch
Corporation for the fiscal year ended December 31, 2001, including any and all
amendments thereto, granting unto said attorneys-in-fact and agents, and each of
them, full power to do and perform every act and thing requisite, necessary or
desirable to be done in connection therewith, as fully to all intents and
purposes as he might or could do in person, hereby ratifying and confirming all
that said attorneys-in-fact and agents, or any of them, or their or his
substitutes or substitute, may lawfully do or cause to be done by virtue hereof,
and hereby revoking all prior appointments by him, if any, of attorneys-in-fact
and agents to sign and file the above-described document, including any and all
amendments thereto.

      IN WITNESS WHEREOF, the undersigned has hereunto set his hand and seal on
the date set forth below.

DATE:   March 15, 2002                    /s/  RALPH R. PAPITTO
                                               ----------------
                                               RALPH R. PAPITTO
<PAGE>
                                POWER OF ATTORNEY

      KNOW ALL MEN BY THESE PRESENTS, that the undersigned, Director of LYNCH
CORPORATION, an Indiana corporation, hereby appoints RALPH R. PAPITTO, RAYMOND
H. KELLER and RICHARD E. McGRAIL, true and lawful attorneys-in-fact and agents,
and each of them (with full power to act without the other) his true and lawful
attorney-in-fact and agent, with full power of substitution and resubstitution,
for him and in his name, place and stead, in any and all capacities, to sign,
execute, deliver and file with the Securities and Exchange Commission the Annual
Report on Form 10-K of Lynch Corporation for the fiscal year ended December 31,
2001, including any and all amendments thereto, granting unto said
attorneys-in-fact and agents, and each of them, full power to do and perform
every act and thing requisite, necessary or desirable to be done in connection
therewith, as fully to all intents and purposes as he might or could do in
person, hereby ratifying and confirming all that said attorneys-in-fact and
agents, or any of them, or their or his substitutes or substitute, may lawfully
do or cause to be done by virtue hereof, and hereby revoking all prior
appointments by him, if any, of attorneys-in-fact and agents to sign and file
the above-described document, including any and all amendments thereto.

      IN WITNESS WHEREOF, the undersigned has hereunto set his hand and seal on
the date set forth below.

DATE:   March 15, 2002                    /s/  E. VAL CERUTTI
                                               --------------
                                               E. VAL CERUTTI
<PAGE>
                                POWER OF ATTORNEY

      KNOW ALL MEN BY THESE PRESENTS, that the undersigned, Director of LYNCH
CORPORATION, an Indiana corporation, hereby appoints RALPH R. PAPITTO, RAYMOND
H. KELLER and RICHARD E. McGRAIL, true and lawful attorneys-in-fact and agents,
and each of them (with full power to act without the other) his true and lawful
attorney-in-fact and agent, with full power of substitution and resubstitution,
for him and in his name, place and stead, in any and all capacities, to sign,
execute, deliver and file with the Securities and Exchange Commission the Annual
Report on Form 10-K of Lynch Corporation for the fiscal year ended December 31,
2001, including any and all amendments thereto, granting unto said
attorneys-in-fact and agents, and each of them, full power to do and perform
every act and thing requisite, necessary or desirable to be done in connection
therewith, as fully to all intents and purposes as he might or could do in
person, hereby ratifying and confirming all that said attorneys-in-fact and
agents, or any of them, or their or his substitutes or substitute, may lawfully
do or cause to be done by virtue hereof, and hereby revoking all prior
appointments by him, if any, of attorneys-in-fact and agents to sign and file
the above-described document, including any and all amendments thereto.

      IN WITNESS WHEREOF, the undersigned has hereunto set his hand and seal on
the date set forth below.

DATE:   March 15, 2002                    /s/  AVRUM GRAY
                                               ----------
                                                AVRUM GRAY
<PAGE>
                                POWER OF ATTORNEY

      KNOW ALL MEN BY THESE PRESENTS, that the undersigned, Director, President
and Chief Operating Officer of LYNCH CORPORATION, an Indiana corporation, hereby
appoints RALPH R. PAPITTO and RAYMOND H. KELLER, true and lawful
attorneys-in-fact and agents, and each of them (with full power to act without
the other) his true and lawful attorney-in-fact and agent, with full power of
substitution and resubstitution, for him and in his name, place and stead, in
any and all capacities, to sign, execute, deliver and file with the Securities
and Exchange Commission the Annual Report on Form 10-K of Lynch Corporation for
the fiscal year ended December 31, 2001, including any and all amendments
thereto, granting unto said attorneys-in-fact and agents, and each of them, full
power to do and perform every act and thing requisite, necessary or desirable to
be done in connection therewith, as fully to all intents and purposes as he
might or could do in person, hereby ratifying and confirming all that said
attorneys-in-fact and agents, or any of them, or their or his substitutes or
substitute, may lawfully do or cause to be done by virtue hereof, and hereby
revoking all prior appointments by him, if any, of attorneys-in-fact and agents
to sign and file the above-described document, including any and all amendments
thereto.

      IN WITNESS WHEREOF, the undersigned has hereunto set his hand and seal on
the date set forth below.


DATE:    March 15, 2002                   /s/  RICHARD E. McGRAIL
                                               -------------------
                                               RICHARD E. MCGRAIL
<PAGE>
                                POWER OF ATTORNEY

      KNOW ALL MEN BY THESE PRESENTS, that the undersigned, Director, Vice
President, Chief Financial Officer and Secretary of LYNCH CORPORATION, an
Indiana corporation, hereby appoints RALPH R. PAPITTO and RICHARD E. McGRAIL,
true and lawful attorneys-in-fact and agents, and each of them (with full power
to act without the other) his true and lawful attorney-in-fact and agent, with
full power of substitution and resubstitution, for him and in his name, place
and stead, in any and all capacities, to sign, execute, deliver and file with
the Securities and Exchange Commission the Annual Report on Form 10-K of Lynch
Corporation for the fiscal year ended December 31, 2001, including any and all
amendments thereto, granting unto said attorneys-in-fact and agents, and each of
them, full power to do and perform every act and thing requisite, necessary or
desirable to be done in connection therewith, as fully to all intents and
purposes as he might or could do in person, hereby ratifying and confirming all
that said attorneys-in-fact and agents, or any of them, or their or his
substitutes or substitute, may lawfully do or cause to be done by virtue hereof,
and hereby revoking all prior appointments by him, if any, of attorneys-in-fact
and agents to sign and file the above-described document, including any and all
amendments thereto.

      IN WITNESS WHEREOF, the undersigned has hereunto set his hand and seal on
the date set forth below.

DATE:   March 15, 2002                    /s/  RAYMOND H. KELLER
                                               -----------------
                                               RAYMOND H. KELLER