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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Litigation Release No. 14690 / October 16, 1995 

SECURITIES AND EXCHANGE COMMISSION v. CONTINENTAL WIRELESS CABLE
TELEVISION, INC., ROBIN J. MCPHERSON, JAY R. BISHOP AND GENE R.
CARDENAZ, Civil Action No. 94-0737S (BTM) (S.D. Cal.)

     The Securities and Exchange Commission announced that on
September 20, 1995, the Honorable Edward J. Schwartz, United
States District Judge for the Southern District of California,
entered an Order granting the Commission's motion for summary
judgment against Defendant Jay R. Bishop, and permanently
enjoining Bishop from further violations of the securities
registration provisions of Sections 5(a) and 5(c) of the
Securities Act of 1933, the antifraud provisions of Section 17(a)
of the Securities Act and Section 10(b) of the Securities
Exchange Act of 1934 and Rule 10b-5 thereunder, and the broker-
dealer registration provisions of Section 15(a)(1) of the
Exchange Act.  The Commission also sought disgorgement of
$995,000 in ill-gotten gains received from Bishop and prejudgment
interest thereon, which claim the Court determined will be
decided at a later date.

     The Commission's complaint, filed May 11, 1995, alleged that
Defendants Bishop, Robin J. McPherson and Gene R. Cardenaz,
through Defendant Continental Wireless Cable Television, Inc.,
fraudulently offered and sold securities in the form of interests
in two wireless cable television "general partnerships." 
Defendants Bishop, McPherson and Cardenaz raised approximately
$39 million from 2,574 investors nationwide, misrepresenting to
investors that the investors' monies would be used to acquire,
develop and market wireless cable televisions systems in
Nashville, Tennessee and New Orleans, Louisiana.  In fact, the
Defendants used only approximately $4 million to acquire, develop
and market the wireless cable television systems, and
misappropriated and misused the remainder of investor monies to
pay Continental's own overhead expenses in selling the
partnership interests, including to pay at least $11 million in
sales commissions and salaries, and to "loan" officers Bishop,
McPherson and Cardenaz approximately $1 million each.  

     McPherson and Cardenaz were previously enjoined from future
violations of the above provisions by orders entered August 7,
1995, pursuant to their consents, and ordered to disgorge their
ill-gotten gains, with the exception of amounts that they had
demonstrated they were unable to pay.  The action is ongoing with
respect to Defendant Continental Wireless Cable Television, Inc.,
which has been in receivership pursuant to Court order since July
12, 1995.  For further information see LR-14118, LR-14163 and LR-
14630.