SECURITIES AND EXCHANGE COMMISSION


     LITIGATION RELEASE NO. 15501 / September 18, 1997

     SECURITIES AND EXCHANGE COMMISSION v. INTERNATIONAL BREEDERS, INC., FIRST
     WESTERN OSTRICH CORP., OSTRICH BREEDERS OF AMERICA, INC., NSA, INC.,
     CAPITAL MANAGEMENT AND DEVELOPMENT CORP., JEFFREY DAVIS, BOB STEWART,
     FREDDIE DON STEWART, STEVEN STEWART, HOMER RIOS, CLIFFORD STAHL AND RIK
     FOXX  (United States District Court for the District of Massachusetts,
     Civil Action No. 95-11810-REK).

          The Commission announced that, on September 12, 1997, the Honorable
     Robert E. Keeton, of the U.S. District Court for the District of
     Massachusetts entered Final Judgments granting permanent injunctions
     against Freddie Don Stewart ("F. Stewart"), Clifford Duane Stahl ("Stahl"),
     Homer James Rios ("Rios") and Rik Foxx ("Foxx") for their role in a
     fraudulent unregistered offering of securities in the form of partnership
     interests in ostrich breeding ventures.  

          In its Complaint, filed on August 15, 1995, the Commission alleged
     that F. Stewart, Stahl, Rios and Foxx, along with other individual and
     corporate defendants, operating from Arizona, Texas, Florida, Nevada,
     Massachusetts and Oklahoma used "boiler-room" high pressure sales tactics
     fraudulently to induce over 700 investors nationwide to invest at least
     $6.5 million in partnerships purportedly formed for the purpose of breeding
     and selling ostriches.  Among the misrepresentations and omissions made by
     defendants were the following: statements that investors could receive
     returns of 500% or more; statements that the investment was fully insured
     and virtually risk free when in fact ostrich breeding is a high-risk,
     highly speculative investment; and the failure to disclose that many of the
     defendants had been ordered by several states to cease and desist their
     offer and sale of the ostrich investments.  

          The injunctions granted on September 12, 1997, enjoin defendants F.
     Stewart, Stahl, Foxx and Rios from committing future violations of the
     anti-fraud, registration and broker-dealer registration provisions of the
     federal securities laws.   The Final Judgments also order each defendant to
     pay disgorgement of ill-gotten gains and note the appropriateness of
     imposing civil penalties, but waive disgorgement because of defendants'
     inability to pay and do not impose penalties for the same reason.  F.
     Stewart, Stahl, Rios and Foxx consented to the entry of the injunctions
     without admitting or denying the allegations of the Commission's Complaint.

          The action is continuing against the remaining defendants.




          The Commission also announced that, on September 17, 1997, it entered
     an administrative order by consent permanently barring F. Stewart from the
     securities industry on the basis of the injunction entered against him.  

                              ======END OF PAGE 1======







          See Litigation Release No. 14607 (August 17, 1995) and Litigation
     Release No. 14618 (August 28, 1997) for additional information.



















































                                                   ======END OF PAGE 2======