UNITED STATES SECURITIES AND EXCHANGE COMMISSION

     Litigation Release No. 15439 / August 12, 1997

     SECURITIES AND EXCHANGE COMMISSION V. WILLIAM M. FISHER, JR., U.S. District
     Court for the Northern District of Illinois, Civil Action No. 97 C 5623
     (N.D. Ill. August 8, 1997)

          The Securities and Exchange Commission announced that on August 8,
     1997, it filed a Complaint for Permanent Injunction in the United States
     District Court for the Northern District of Illinois against William M.
     Fisher, Jr., a resident of Tyler, Texas.  The Complaint alleges that
     Fisher, while the president of an affiliate of Advance Ross Corporation,
     engaged in trading of Advance Ross' stock while in possession of material,
     nonpublic information.  Advance Ross was formerly a publicly-held company
     based in Chicago, Illinois

          Fisher has consented, without admitting or denying the allegations in
     the Complaint, to the entry of Final Judgment and Order of Permanent
     Injunction which will enjoin him from future violations of Section 10(b) of
     the Securities Exchange Act of 1934 and Rule 10b-5 thereunder.  The Final
     Judgment will also require Fisher to disgorge his illegal profits of
     $144,000 plus prejudgment interest and to pay a civil penalty of $144,000
     pursuant to Section 21A of the Exchange Act.

          In its Complaint, the Commission alleges that on October 4, 1995,
     Fisher was informed confidentially by Advance Ross' management that the
     company was considering an offer from CUC International, Inc., a company
     based in Stamford, Connecticut, to purchase all the outstanding stock of
     Advance Ross.  The Complaint further alleges that later that same day,
     Fisher purchased 15,000 shares of Advance Ross stock.  According to the
     Complaint, on October 18, 1997, Advance Ross and CUC publicly announced
     CUC's intended purchase of Advance Ross' stock.  The Complaint alleges
     that, as a result, the stock price of Advance Ross closed up approximately
     $11 1/4 per share from the previous day's close.  The Complaint alleges
     that Fisher received profits of approximately $144,000 as a result of this
     price increase.
















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