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                SECURITIES AND EXCHANGE COMMISSION
                         Washington D.C.

LITIGATION RELEASE NO. 15346 / April 23, 1997

SECURITIES AND EXCHANGE COMMISSION V. MICHAEL BORLINGHAUS, JOSEPH
LATONA, LEONARD BELLEZZA, JEFFREY F. GREEN, JOSEPH P. GREENWALD,
and HEINZ GREIN, 95 Civ. 1520 (S.D.N.Y.) (JFK)

     The Securities and Exchange Commission announced that on
March 3, 1997, the United States District Court for the Southern
District of New York entered a Final Consent Judgments of
Permanent Injunction and Other Relief against Joseph Latona and
Jeffrey F. Green.  According to the Commission's Complaint, filed
on March 6, 1995, Latona and Green, both securities traders,
engaged in insider trading by purchasing the stock of Motel 6,
L.P., and Norton Co. while in possession of material, nonpublic
information concerning planned tender offers for those companies.

     According to the Commission's complaint, the original source
of the Motel 6 information was a company officer, Hugh Thrasher,
who disclosed the information to Carl Harris.  Harris disclosed
the information to Gregg Shawzin who tipped John Anderson. 
Anderson tipped his friend, Joseph P. Greenwald, who thereafter
tipped Green and Latona.
 
     The Commission previously charged Thrasher, Shawzin,
Anderson, Greenwald, and others with insider trading in
connection with Motel 6 securities.  SEC v. Thrasher, et al., 92
Civ. 6987 (JFK) (S.D.N.Y. 1992).

     The Commission alleges that the original source of the
Norton information was a paralegal working on the proposed deal
at a law firm which represented the financial advisor to the
company making the tender offer.  Leonard Bellezza, who had been
tipped by a friend, thereafter tipped Heinz Grein and Michael
Borlinghaus, who tipped Latona, who tipped Greenwald.  Greenwald
then tipped Green.  Bellezza, Grein, Borlinghaus, Latona, and
Green are all defendants in SEC v. Borlinghaus.

     The consent judgments permanently enjoin Green and Greenwald
from further violations of the antifraud provisions of the
federal securities laws (specifically, Sections 10(b) and 14(e)
of the Securities Exchange Act of 1934, and Rules 10b-5 and 14e-3
promulgated thereunder).  Latona's final judgment orders him to
disgorge profits of $3,238,486, plus prejudgment interest on that
amount.  However, all but $457,000 of the disgorgement and
prejudgment interest is waived based on Latona's demonstrated
inability to pay.  Also based on Latona's inability to pay, a
civil penalty was not imposed.

     Green's final judgment orders him to disgorge profits of
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$421,261, plus prejudgment interest on that amount.  All but
$179,800 of the disgorgement and prejudgment interest is waived
based on Green's demonstrated inability to pay.  Also based on
Green's inability to pay, a civil penalty was not imposed.

     Latona and Green also each consented to the entry of an
administrative order barring each from association with any
broker, dealer, investment company, investment adviser or
municipal securities dealer.