SECURITIES AND EXCHANGE COMMISSION
                                   WASHINGTON, D.C.

     Litigation Release No. 15593 / December 17, 1997

     Securities and Exchange Commission v. Holly Holdings, Inc. 
     Civil No. 97-CV-03018  (D.D.C.) (filed December 17, 1997)

     On December 17, 1997, the Commission filed a complaint in the United States
     District Court for the District of Columbia against Holly Holdings, Inc.
     ("Holly Holdings").  The complaint alleges that Holly Holdings,  a company
     involved in the development of a casino, hotel and parking complex in Black
     Hawk, Colorado, whose securities are quoted in the pink sheets, failed to
     make available to the investing public current and accurate information
     about its financial condition and results of operation through the filing
     of periodic reports with the Commission as required by the Securities
     Exchange Act of 1934 ("Exchange Act").  Specifically, the complaint alleges
     that Holly Holdings has not filed its Annual Report on Form 10-K for the
     fiscal year ended March 31, 1997, its Quarterly Reports on Form 10-Q for
     the fiscal quarters ended June 30, 1997 and September 30, 1997, and one
     Notification of Late Filing with respect to its delinquent reports.  The
     Commission seeks to compel Holly Holdings to file its delinquent periodic
     reports and enjoin Holly Holdings from further violations of Section 13(a)
     of the Exchange Act of 1934 and Rules 12b-25, 13a-1 and 13a-13 thereunder. 
     Simultaneously with the filing of the Commission's complaint, Holly
     Holdings consented to the entry of a Final Judgment granting the relief
     sought by the Commission and admitted that it had not filed the periodic
     reports as described above.























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