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                SECURITIES AND EXCHANGE COMMISSION
                         Washington D.C.

LITIGATION RELEASE NO. 15208 / January 6, 1997

SECURITIES AND EXCHANGE COMMISSION v. EDWARD R. DOWNE, JR.,
STEVEN A. GREENBERG, MARTIN E. REVSON, DAVID SALAMONE, FRED R.
SULLIVAN, THOMAS WARDE, MILTON WEINGER, and BROADSWORD, LTD., 92
Civ. 4092 (SAS) (S.D.N.Y.)

     The Securities and Exchange Commission (the "Commission")
announced that on December 26, 1996, the Honorable Shira A.
Scheindlin, United States District Judge for the Southern
District of New York, ordered the entry of a Final Judgment of
Permanent Injunction and Other Relief As To Milton Weinger By
Consent ("Final Judgment").

     Milton Weinger ("Weinger") consented to the entry of the
Final Judgment, which permanently enjoins Weinger from violating
Sections 10(b) and 14(e) of the Securities Exchange Act of 1934
(the "Exchange Act"), and Rules 10b-5 and 14e-3 thereunder,
without admitting or denying the allegations contained in the
Commission's complaint.  The Final Judgment orders Weinger to pay
$316,497.84, representing disgorgement of illicit trading profits
obtained by Weinger and his customers, commissions realized by
Weinger on illicit trades, and prejudgment interest thereon.  In
addition, the Final Judgment orders Weinger to pay a civil
penalty in the amount of $6,650.00.  

     The Commission's complaint alleges, among other things, that
Edward R. Downe, Jr. ("Downe"), a New York businessman and one of
Weinger's customers, exploited his access to material,
confidential corporate information for his personal benefit and
the benefit of his family and friends.  Weinger, a registered
representative at Oppenheimer & Co., Inc., was the broker for
accounts held by Downe and his son (the "Downe Accounts"), as
well as for numerous discretionary accounts of Downe's friends
and relatives (the "Discretionary Accounts").  The complaint
alleges that Downe made investment decisions for the
Discretionary Accounts, and tipped and/or directed Weinger to
place trades in the securities of at least five public companies:

Kidde, Inc.; Bear Stearns Companies, Inc.; Bally Manufacturing
Corp.; Edgcomb Corp.; and Tyler Corp.  The complaint alleges that
Weinger ordered purchases of securities in some or all of these
five issuers for each of the Discretionary Accounts, which in
aggregate realized $2,120,679.56 in illicit profits as a result
of those trades.  Through those trades, and through other trades
Weinger executed in the same securities for the Downe Accounts,
Weinger received $89,056.69 in commissions.  Weinger also
realized $31,777 in illicit profits by purchasing certain of
these securities for his own account.
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     On September 17, 1992, Weinger pleaded guilty in the United
States District Court for the Southern District of New York to
one count of violating 18 U.S.C.  1621, by committing perjury
when testifying under oath before the Commission in its
investigation in this matter.  Weinger served his full sentence,
which included ten months in prison.
 

(See Litigation Releases Nos. 13260, 13858 and 14150 for a
further description of the allegations contained in the
Commission's complaint and related settlements).