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                SECURITIES AND EXCHANGE COMMISSION
                         Washington, D.C.

Litigation Release No. 14886 / April 22, 1996

SEC v. MICHAEL P. ANGELOS and G. GREGORY RUSSELL, Civil Action
No. B96-834 (D. Md. March 20, 1996)

     On March 20, 1996, the Securities and Exchange Commission
filed the above-referenced insider trading action.  Defendant
Michael P. Angelos agreed to settle this action by consenting to
the entry of a judgment, without admitting or denying any of the
allegations in the Commission's Complaint (see Litigation Release
No. 14850).  Statements made on behalf of defendant Angelos
subsequent to the filing of this action were construed by the
Commission as denials of the allegations in the Complaint and
thus violative of this agreement to settle the action without
admitting or denying these allegations.  As a result, on March
27, 1996, the Commission filed a motion to vacate the judgment
entered against defendant Angelos.  The Commission has agreed to
withdraw its motion to vacate after receiving the following
statement from defendant Angelos: 

          I settled this case without admitting or denying the
          allegations of the complaint.  To comply with my
          settlement with the Securities and Exchange Commission,
          I withdraw any statement made on my behalf that may
          have been inconsistent therewith.  I am pleased that
          this settlement resolves the SEC's   lawsuit against
          me.  I will have no further comment other than any
          sworn testimony I may give in this or any other matter. 
                                      Michael P. Angelos