-------------- BEGINNING OF PAGE #1 --------------------------


SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.

September 26, 1995

LITIGATION RELEASE NO. 14651
ACCOUNTING AND AUDITING ENFORCEMENT RELEASE NO. 718

SECURITIES AND EXCHANGE COMMISSION v. EXCAL ENTERPRISES, INC.,
(ASSIX INTERNATIONAL, INC.), ET AL., Civil Action No. 95-1583-
CIV-T-23(B) (SDM) (M.D.Fla.)

     The Securities and Exchange Commission today filed a
financial fraud and insider trading action in the United States
District Court for the Middle District of Florida against Excal
Enterprises, Inc. (formerly known as Assix International, Inc.);
R. Park Newton, III; Fredric S. Schadt; Charles A. Ross; Douglas
S. Gardner; George Crook; Richard I. Brewer and J. Theodore
Biesanz.  The Commission alleges that the senior management of
Assix fraudulently misled the investing public into believing
that Assix was a financially sound and growing company when, in
fact, it was not.  In particular, the Commission alleges that,
during fiscal 1991 to 1993, Assix concealed its loss of all three
of its principal customers, which represented 92% of Assix'
revenue in 1991, 95% in 1992 and 90% in 1993, and reported non-
existent revenues from one of the lost customers.  In fiscal
1994, Assix' senior management materially understated its tax
liability, and thereby materially overstated the company's
working capital, by recording a grossly understated value for the
Jacksonville Center, a large commercial building it received in
settlement of a lawsuit by a lost customer.

     Assix and its senior management, among other things, filed
false periodic reports with the Commission; created false books
and records; and repeatedly lied to the company's auditors.  The
scheme was devised and implemented by Newton, Chairman of the
Board and former CEO of Assix, with the direct knowledge and
active participation of other members of Assix' senior
management:  Ross, a former outside director; Gardner, the former
Secretary and Treasurer; Crook, the former Chief Operating
Officer; and Brewer, the former Controller.

     The Commission also alleges that Newton and Biesanz sold or
transferred Assix stock in violation of insider trading
prohibitions while they knew about the ongoing fraud, and that
Newton personally avoided losses of over $500,000 through his
insider trading.  In addition, Newton and Schadt also allegedly
engaged in a second episode of insider trading when Newton
disclosed to Schadt material nonpublic information concerning
Assix' settlement negotiations with one of its customers, after
which Schadt purchased 63,500 shares of Assix stock, which
represented 5.5% of the company's outstanding securities.

     The Commission seeks permanent injunctions; the disgorgement
by defendants Newton, Schadt and Biesanz of illicit profits
received and losses avoided as a result of their insider trading;
an order prohibiting Newton from serving as an officer or
director of any public company; an order requiring Assix to
restate its financial statements for fiscal year 1994 based on a
new appraisal of the Jacksonville Center; and civil penalties.

     Defendants Ross, Gardner, Crook and Biesanz consented,
without admitting or denying the allegations, to the entry of

-------------- BEGINNING OF PAGE #2 --------------

Final Judgments that permanently enjoin them from violating the
antifraud provisions of the federal securities laws and order
Ross to pay a $50,000 penalty; Gardner to pay a $30,000 penalty;
Crook to pay a $25,000 penalty; and Biesanz to pay $22,835 in
disgorgement, prejudgment interest, and a penalty pursuant to the
Insider Trading Sanctions Act of 1984.

     The Commission also instituted related administrative
proceedings against Terry R. Kuntz, Richard J. Scheer and Richard
D. Russell for participating in the fraud at Assix.  The
Commission's Orders find that:  Kuntz and Scheer, officers of an
Assix' customer, Western Auto, prepared fictitious documents that
were used to falsify Assix' books and records and to lie to
Assix' auditors; and Russell, Assix' controller from 1992 until
1995, recklessly signed a false and misleading periodic report
filed with the Commission.  Without admitting or denying the
Commission's findings, Kuntz, Scheer and Russell consented to
cease and desist from violating or causing violations of the
antifraud, periodic reporting, and recordkeeping provisions of
the Exchange Act.  See In the Matter of Terry R. Kuntz and
Richard J. Scheer, Administrative Proceeding 3-8831, and In the
Matter of Richard D. Russell, Administrative Proceeding 3-8830.