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         UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Litigation Release No. 14885 / April 19, 1996 

SECURITIES AND EXCHANGE COMMISSION v. GARY HOWARD FELSHER, IHOR
G. KUPCHYNSKY, KIM BUBOLO, RICHARD D. ZIPES, JAMES A. WEIL,
RONALD A. LEICHTNER, GEORGE KUPCHYNSKY, ROMAN KUPCHYNSKY, JASON
COHEN, AND JON TURNQUIST, 94 Civ. 4150 (LLS) 

The Commission announced today that the United States District
Court for the Southern District of New York entered final
judgments against defendants Ihor G. Kupchynsky, Roman Kupchynsky
and Kim Bubolo permanently enjoining each of them from future
violations of Sections 10(b) and 14(e) of the Securities Exchange
Act of 1934 and Rules 10b-5 and 14e-3 thereunder.  The final
judgments order a total of $48,440.50 in disgorgement plus
prejudgment interest, of which defendants Ihor Kupchynsky and Kim
Bubolo are jointly and severally liable for $8,175.39.  The final
judgments also order defendants Ihor Kupchynsky and Kim Bubolo to
pay civil penalties totaling $6,627.09 under the Insider Trading
and Securities Fraud Enforcement Act of 1988.  These defendants
each consented to the entry of the final judgment against him or
her without admitting or denying the allegations in the
Complaint, as amended.  The final judgments were entered by the
court on December 10, 1995, and on February 6, and April 1, 1996,
respectively.  To date in this action, the court has ordered a
total of $1,262,928.15 in disgorgement, prejudgment interest and
penalties.  

     Any disgorgement and prejudgment interest paid by defendants
is being held by the court for the benefit of persons who submit
valid claims arising under the federal securities laws by reason
of the conduct alleged against these defendants in the Complaint,
as amended.  Such claims must be submitted within one year after
the date of entry of each final judgment.  The Commission intends
to petition the court to appoint a special claims master to
develop a distribution plan.

     In this action, the Commission alleges that, on or before
June 6, 1989, defendant Ihor Kupchynsky learned of a planned
tender offer for Colorado Prime Corp. ("Colorado Prime") and
communicated that information to, among others, defendant Kim
Bubolo.  Defendants Ihor Kupchynsky and Kim Bubolo then purchased
Colorado Prime securities on or about June 6, 1989, while in
possession of this material, nonpublic information.  The
Commission also alleges that, on or about October 30, 1989,
defendant Richard D. Zipes misappropriated material, nonpublic
information concerning a planned tender offer for DeSoto, Inc.
("DeSoto").  Defendant Zipes allegedly communicated that
information to defendant Ihor Kupchynsky, who then allegedly
tipped, among others, defendants Roman Kupchynsky and Kim Bubolo.

While in possession of the misappropriated information, 
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defendants Ihor Kupchynsky, Roman Kupchynsky and Kim Bubolo 
purchased DeSoto securities prior to public announcement of the
tender offer on November 9, 1989.

     The litigation is pending as to defendant George Kupchynsky.

For further information, see Litigation Release No. 14115 (Jun.
7, 1994) and Litigation Release No. 14738 (Nov. 28, 1995).