Abstract: A shutheight adjustment mechanism for a mechanical press including an adjustment screw rotatable to vary shutheight. A pressurized chamber is formed between the adjustment screw and the housing of the adjustment mechanism. Fluid is injected into the chamber to create an oil squeeze-film capable of supporting high impulse working loads and also preload the adjustment screw in the direction of press closure. A rebound damping mechanism is included having a two part takeup nut assembly. Upon actuation of the takeup nut assembly, the two part takeup nut assembly separates to bear on opposite facing thread surfaces of the adjustment screw thereby reducing clearance space and possible changes in shutheight.