SCHEDULE 14A INFORMATION
Proxy Statement Pursuant to Section 14(a) of the
Securities Exchange Act of 1934
(Amendment No. __)

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[ ]   Soliciting Material Pursuant to Section 240.14a-11(c)
      or Section 240.14a-12

LADISH CO, INC.
(Name of Registrant as Specified in its Charter)

GRACE BROTHERS LTD.
(Name of Person(s) Filing Proxy Statement if other than the
Registrant)

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GRACE BROTHERS, LTD.
1560 Sherman Avenue, Suite 900
Evanston, IL  60201

April 30, 2003

VOTE THE ENCLOSED GREEN PROXY CARD TODAY!

Dear fellow Ladish Shareholder:

We are pleased to enclose our proxy materials, and
encourage you to read then carefully and then vote the
enclosed GREEN proxy card.

As you may know, we are Ladish's largest holder (holding
approximately 29.6%), and we are extremely disappointed
with the performance of the Company.  At this point, we
feel there is no recourse other than to modify the existing
Board, with a team of business and industry professionals
who are committed to enhancing value for all Ladish
shareholders. That is why we are asking you to join with us
in electing an independent slate of nominees to serve as
directors who will work more effectively in the best
interests of all shareholders.

Recently Ladish issued a press release defending their
recent performance and attacking our effort to nominate and
elect an independent board.  Let us take this opportunity
to respond!


Management claims that the current Ladish Board and
management team are actively focused on delivering value to
all Ladish shareholders and for the past five years, Ladish
has consistently outperformed its industry peer group based
on total cumulative shareholder return on its common stock.

*  We don't know about their peer group comparison!  Ladish
failed to identify in its proxy statement the identity of
the individual peer group issuers as required by SEC rule.
Here is what our 1 year performance graph shows, along with
the identity of the 12 companies in our peer group. Year to
date, Ladish shareholders lost 45%, while the average
return of the peer group is down only 11%.

(see attached graphic)




Management claims the current Ladish Board of Directors has
demonstrated its commitment to strong corporate governance
principles. Ladish has a progressive corporate governance
structure that includes the annual election of all
directors and a highly qualified, independent Board.

*  Our proxy statement summarizes for you just how
independent this board is.  We are concerned about these
relationships and think you should be too.  They note the
"progressive" nature of the board's governance structure
that includes the annual election of all directors.  What
is so "progressive" about a management team that is
vigorously fighting the effort of a major shareholder to
nominate an alternative independent slate for consideration
by shareholders?  Let's allow the shareholders to choose!


In the Company's proxy statement, management states
"Stockholder proposals . . . will be considered untimely
under the Company's By-laws if received less than 45 days
in advance of the Annual Meeting of Stockholders in 2003
and the Company will not be required to present such
proposals at the meeting."  In recent public statements,
senior officials of the Company have advised the press
that the "deadline has passed for Grace to place any board
candidates in nomination at this year's annual meeting."

*  We have reviewed the by-laws of the Company on file with
the Securities and Exchange Commission.  We have reviewed
their newly restated by-laws.  We see no such provision.
We would characterize these statements as misleading.
Management would likely refer to them as "progressive."


Management asserts that Grace Brothers has no plan for the
Company. They say that Grace Brothers "does not have any
current specific plans or proposals for maximizing
shareholder value."

*  If the current board has a strategy and operating plan,
it has not been working.  Our qualified slate will help to
implement a strategic plan for the Company and its
shareholders only after they have had the chance work
closely with management and to carefully study the
Company's business and prospects.  The current board has
had plenty of time to lead.  It is time for a change!


Management claims that Grace Brothers is attempting to take
control of Ladish without paying for it; that Grace
Brothers is already represented by 2 board members out of 7
- -- proportional to their 29% equity stake in the Company.


*  We do not have two representatives on the board.  We
have one.  Mr. Sullivan has no relationship with Grace
Brothers.  The Company admits as much in its 2003 proxy
statement, where it identifies the creation of an
INDEPENDENT COMMITTEE, which by its terms is to exclude
10%+ shareholders ( i.e. Grace Brothers), yet the Company
includes Mr. Sullivan as a member of this INDEPENDENT
COMMITTEE.  We also recognize the value of the independent
guidance he has brought to the board and feel that he has
earned the right to continue.  Our other nominees are
independent from the Company and independent from Grace
Brothers.  They are nominated for the benefit of all
shareholders, large or small.



Management claims that Grace Brothers "would take control
of the Board without paying the Company's remaining
shareholders anything at all " if our slate is elected.

*  This analogy is simply wrong!  We are not buying any
stock; we are not seizing for ourselves the control premium
that might arise if the Company is sold in the future  - -
we are exercising our right to vote our shares.  All
shareholders will retain their ability to participate in
any share value growth, including any control premium, that
may be generated in the future.


Management asserts that Grace Brothers' interests are not
aligned with the interests of other shareholders. Grace
Brothers acquired the majority (74%) of their shares
through the exercise of warrants at an exercise price of
$1.20 per share. Its relatively low basis in these shares
may lead them to view strategic opportunities for the
Company and its shareholders very differently from the
Company's other shareholders.

*  Frankly we are embarrassed for the board that it has
chosen to deflect attention from its own performance by
attacking the validity of our ownership position.  Of
course, management chooses not to share with you that we
have acquired over 1 million shares of Ladish in the open
market since its initial public offering.  We are in the
business of making investments and maximizing the value of
those investments.   Regardless of the basis we may have in
any of our investments, our objective is to maximize the
value of that investment.  All shareholders would benefit
by that objective.


Management has quoted favorable sounding comments from
industry analysts regarding the Company's financial
performance.

*  Here's the rest of the story!

"Large headcount reductions remain unlikely:  While
management has reduced headcount in certain areas, we are
unlikely to see the 15-20% reductions in workforce we have
seen at other commercial suppliers." (Adam Weiner, CSFB
11/12/02)

"Intensifying pricing pressure from both customers and
competitors, a shifting unfavorable product mix, and a
relatively high and inflexible cost structure should
further pressure results."  (Adam Weiner, CSFB,  11/02/02)

*  Mr. Weiner's view of Ladish and PCP as investments....

LADISH:  "Ladish stock is down 52% thus far in 2002 versus
30% decline in the S&P 500 and a 3% decline for all
aerospace and defense stocks. ...we believe there is no rush
to buy the stock near-term."  (Adam Weiner, CSFB, 11/02/02)
(emphasis added)

PRECISION CASTPARTS:   "Unfortunately, we missed a nice
rebound in the stock over the last few months (up 63% from
its low of $17.20 on October 10, 2002)....PCP is a good
investment for any true long-term investor willing to be
patient through what will likely be a volatile 6-9 months
or so."  (Adam Weiner, CSFB, 1/15/03) (emphasis added)

*  *  *  *  *


It is time to focus on shareholders!
It is time to clean up the corporate governance at Ladish.


We urge you to read the enclosed proxy material carefully.
If you have any questions or require assistance in voting
your proxy, please call MacKenzie Partners, Inc.


Thank you for your support

Sincerely,


GRACE BROTHERS, LTD


TO RESTORE VALUE AND INVESTOR CONFIDENCE IN LADISH, CO.,
INC., SIGN AND RETURN YOUR GREEN PROXY CARD TODAY


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