UNITED STATES SECURITIES AND EXCHANGE COMMISSION

     Litigation Release No. 15390 / June 20, 1997

     SECURITIES AND EXCHANGE COMMISSION v. EDWARD R. DOWNE, JR., STEVEN A.
     GREENBERG, MARTIN REVSON, DAVID SALAMONE, FRED R. SULLIVAN, THOMAS WARDE,
     MILTON WEINGER, and BROADSWORD, LTD. 92 Civ. 4092 (S.D.N.Y.) (SAS).

           The Securities and Exchange Commission ("Commission") announced today
     that United States District Judge Shira A. Scheindlin has ordered defendant
     Thomas Warde ("Warde") to pay $3,007,951 in disgorgement, prejudgment
     interest, and civil penalties based on a jury verdict rendered on January
     30, 1997 that Warde violated the federal laws against insider trading. 
     During June and July 1987, Warde purchased securities issued by Kidde, Inc.
     ("Kidde") after receiving nonpublic information concerning the possible
     sale of Kidde from then-Kidde director Edward R. Downe, Jr. ("Downe").  In
     her opinion and order dated June 17, 1997, Judge Scheindlin also issued a
     permanent injunction prohibiting Warde from engaging in further violations
     of certain provisions of the federal securities laws.  Finally, Judge
     Scheindlin denied Warde's motion to set aside the jury verdict.

          Judge Scheindlin held that Warde should disgorge $871,725 in profits
     that he received in connection with his illicit trading in Kidde
     securities, pay pre-judgment interest of $1,264,501 based upon interest
     rates utilized by the IRS for underpayment of taxes, and pay a civil
     penalty of $871,725.  Judge Scheindlin issued the permanent injunction
     because there was a reasonable likelihood of future violations in the
     absence of a permanent injunction.  

          In denying Warde's motion to set aside the jury's verdict, Judge
     Scheindlin found that the Commission had introduced ample circumstantial
     evidence at trial demonstrating: (a) Downe received material nonpublic
     information concerning the possible sale of Kidde from Fred R. Sullivan,
     then-Chairman of Kidde's Board; (b) Downe relayed the information he gained
     from Sullivan to Warde; (c) Warde knew that Downe was a Kidde director at
     the time; and (d) Downe benefitted from tipping Warde.  Judge Scheindlin
     held that, based on the Commission's circumstantial evidence, the jury was
     entitled to disregard the trial testimony offered by Downe and Warde in
     which they denied engaging in insider trading. 

          The Final Judgment of Permanent Injunction and Other Relief Against
     Defendant Thomas Warde will be entered in the United States District Court
     for the Southern District of New York.  As noted above, that judgment
     prohibits Warde from future violations of Sections 10(b) and 14(e) of the
     Securities Exchange Act of 1934, 15 U.S.C.  78j(b) and 78n(e), and Rules
     10b-5 and 14e-3 

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     thereunder, 17 C.F.R. 240.10b-5 and 240.14e-3.  The Commission announced
     the jury verdict against Warde in Litigation Release No. 15245, dated

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     February 5, 1997.




















































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