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         UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Litigation Release No. 14716 / November 9, 1995

SEC v. MICHAEL MONUS, PATRICK FINN, JOHN ANDERSON AND JEFFREY
WALLEY, Case No. 4:95 CV 975, (N.D. OH, filed May 2, 1995)

     The Securities and Exchange Commission announced that an
     Order of Permanent Injunction was entered against Michael
     Monus on November 2, 1995, by the Honorable Kathleen
     O'Malley, District Court Judge for the Northern District of
     Ohio.  The Order also bars Monus from serving as an officer
     or director of a public company.  Additionally, the Order
     leaves open the issue of determining the appropriate amount,
     if any, of disgorgement, prejudgment interest and civil
     penalties to be imposed.  Monus is the former President and
     Chief Operating Officer of Phar-Mor, Inc.

     Previously, on May 2, 1995, the Commission filed a complaint
     against Monus, as well as Patrick Finn, Jeffrey Walley and
     John Anderson, alleging violations of the antifraud
     provisions of the securities laws.  The Complaint alleged
     that from at least 1987 through 1992, Monus, Finn and
     Anderson, and, beginning in July 1990, Walley, while
     employed at Phar-Mor, engaged in a fraudulent scheme in
     which they falsified Phar-Mor's books, records and financial
     statements in order to artificially increase corporate
     profits.  As a result of the defendants' fraudulent
     activities, from fiscal year 1987 through 1991, Phar-Mor
     cumulatively overstated income by $290 million.  (In fiscal
     year 1992, the year in which the fraud was detected, Phar-
     Mor overstated income by approximately $238 million.) 
     Further, the complaint alleged, false financial statements
     and records concealed Phar-Mor's growing financial problems
     and, during the course of the fraudulent scheme, induced
     investors to invest over $500 million in Phar-Mor.