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                SECURITIES AND EXCHANGE COMMISSION
                         Washington, D.C.


LITIGATION RELEASE NO. 15296 / March 17, 1997

SECURITIES AND EXCHANGE COMMISSION V. STEVEN W. KOINIS, Case No.
1:97CV00521 (GK) (D.D.C.) (filed March 14, 1997)


     On March 14, 1997, the Commission filed a complaint in the
United States District Court for the District of Columbia against
Steven W. Koinis, formerly the President and Chief Operating
Officer of Octagon, Inc. and a member of the company's board of
directors.  In its complaint, the Commission alleges that Koinis
violated Section 10(b) of the Securities Exchange Act of 1934
(the "Exchange Act") and Exchange Act Rules 10b-5 and 13b2-2 by
making materially false and misleading public disclosures on
behalf of Octagon.  More specifically, the complaint alleges that
Koinis failed to make timely and accurate disclosures about
material related-party transactions between Octagon and PRK
Group, Inc., a company of which Koinis's wife was a one-third
owner, and that he made materially false and misleading
disclosures about a major contract between Octagon and James
Mackenzie International Trading PLC.