SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, D.C.

     Litigation Release No. 15452/August 21, 1997

     Securities and Exchange Commission v. Steve McMichael, et al.,
     (Civil Action No. 396-CV-405, May 2, 1996)

          The Commission announced that on September 26, 1996, the United States
          District Court for the District of Minnesota entered an Agreed Order
          of Permanent Injunction (Injunction Order) against Defendant Steve
          McMichael (McMichael).  McMichael consented to the entry of the
          injunction without admitting or denying the allegations made against
          him in the Commission's Complaint, which was filed on May 2, 1996. 
          The Injunction Order left open the issue of the amount of disgorgement
          of ill-gotten gains owed by McMichael as a result of the illegal
          conduct alleged in the Complaint.

          On April 3, 1997, the District Court entered an Agreed Order Waiving
          Disgorgement against McMichael (Order).  McMichael again consented to
          the entry of the Order without admitting or denying the allegations
          made in the Commission's Complaint.  In the Order, the Court set the
          amount of disgorgement at $1,704,651.00, but waived payment of that
          amount based on McMichael's demonstrated inability to pay.

          In its Complaint, the Commission alleged that from about 1989 until
          June 1991, several individuals engaged in a fraudulent scheme
          involving the common stock of Angeion Corporation (Angeion), a
          Minnesota corporation, which was designed to create the appearance of
          activity in Angeion stock.  To do so, these individuals employed
          various manipulative devices, including matched trades, wash trades
          and stock parking.  After the manipulative activities ceased, the
          stock price of Angeion fell from a high of $10 3/8 in March 1991, to a
          low of $2 3/4 in July 1991.  The Commission's Complaint alleged that
          McMichael masterminded the scheme and that he personally engaged in
          several manipulative devices.  The Complaint alleges that McMichael
          violated the antifraud sections of the securities laws, Section 17(a)
          of the Securities Act of 1933, Section 10(b) of the Securities
          Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.













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