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                SECURITIES AND EXCHANGE COMMISSION
                         Washington D.C.


LITIGATION RELEASE NO. 14762 / December 21, 1995                 


SECURITIES AND EXCHANGE COMMISSION V. MICHAEL BORLINGHAUS, JOSEPH
LATONA, LEONARD BELLEZZA, JEFFREY F. GREEN, JOSEPH P. GREENWALD,
and HEINZ GREIN, 95 Civ. 1520 (S.D.N.Y.) (JFK)

     The Securities and Exchange Commission announced that on
December 10, 1995, the United States District Court for the
Southern District of New York entered a default judgment against
Heinz Grein ("Grein").  According to the Commission's Complaint,
filed on March 6, 1995, Grein engaged in insider trading by
purchasing the stock of Motel 6, L.P., and Norton Co. while in
possession of material, nonpublic information concerning planned
tender offers for those companies.  More specifically, Grein and
others of the defendants engaged in a scheme to purchase the
stocks through offshore accounts in order to conceal the illegal
trades.  Grein tipped others who purchased as well.

     The default judgment permanently enjoins Grein from further
violations of the antifraud provisions of the federal securities
laws (specifically, Sections 10(b) and 14(e) of the Securities
Exchange Act of 1934, and Rules 10b-5 and 14e-3 promulgated
thereunder), and orders Grein to disgorge profits of
$2,629,556.00, plus $1,498,369.18 in prejudgment interest on that
amount.  He is also ordered to pay a civil penalty of
$7,888,668.00, pursuant to the Insider Trading and Securities
Enforcement Act of 1988, as amended.