SECURITIES AND EXCHANGE COMMISSION
                         WASHINGTON, D.C.

LITIGATION RELEASE NO. 15006  / August 7, 1996


SECURITIES AND EXCHANGE COMMISSION v. AMERICOMM PROPERTIES, INC.,
et al., Civ. Act. No. 96-CV-01848 (D.D.C., filed August 7, 1996)

     The Securities and Exchange Commission ("Commission") today
filed a civil injunctive action in the United States District
Court for the District of Columbia against AmeriComm Properties,
Inc. ("AmeriComm"), Texas Communications, Inc. ("Texcomm"), James
Reinhart Coburn ("Coburn"), Morris Wayne Terry ("Terry"), Gerald
Schwartz Stein ("Stein") and Paul Jay Shiffman ("Shiffman").  The
Commission's complaint alleges that between approximately July
1993 and August 1994, the defendants engaged in the fraudulent
interstate offer and sale of unregistered securities in the
Golden Triangle Wireless Television Partnership, a California
general partnership (the "Golden Triangle Partnership").  The
complaint also alleges that the fraudulent offering raised $8
million and that the unregistered securities were sold to 550
investors in more than 35 states.  

     The complaint alleges that the Golden Triangle Partnership
was formed for the purpose of becoming a joint venture partner in
an entity that would own and operate a wireless television system
in the area of Texas known as the Golden Triangle, consisting of
the cities of Beaumont, Port Arthur and Orange.  The complaint
alleges that the defendants sold the units using telephone
solicitations and the mailing of materially false and misleading
written offering materials.  For example, the complaint alleges
that the offering materials distributed to investors contained a
chart showing that investors could expect a $10,000 investment to
yield a 100% return over a three-year period, even though there
was no credible basis for such projections.  The complaint also
alleges that the offering materials told investors that $5.8
million of the total offering proceeds would be used to purchase
licenses from defendant AmeriComm when, in fact, a substantial
portion of the $5.8 million was used to pay sales commissions,
operating expenses and the defendants' salaries.

     The Commission's complaint seeks permanent injunctions
against each of the defendants for violations of Section 17(a) of
the Securities Act of 1933 ("Securities Act") and Section 10(b)
of the Securities Exchange Act of 1934 ("Exchange Act") and Rule
10b-5 thereunder; against AmeriComm, Coburn, Terry, Stein and
Shiffman for violations of Sections 5(a) and 5(c) of the
Securities Act; and against AmeriComm for violations of Section
15(a) of the Exchange Act.  The Commission's complaint also seeks
disgorgement, prejudgment interest and civil penalties with
respect to each of the defendants.
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     Simultaneously with the filing of the Commission's
complaint, AmeriComm, Texcomm, Coburn, Terry and Stein have
consented, without admitting or denying the allegations of the
complaint, to the entry of a final judgment permanently enjoining
each of them from violating the above-described provisions of the
federal securities laws.  The final judgment will require Coburn
and Terry to pay the sum of $20,000, representing partial
disgorgement of their gains from the conduct alleged in the
complaint.  The Commission waived part of the disgorgement and
did not seek civil penalties with respect to Coburn and Terry
based on their demonstrated financial inability to pay. 
Similarly, the Commission waived disgorgement and/or did not seek
civil penalties against AmeriComm, Texcomm and Stein based on
their demonstrated financial inability to pay.

     The Commission is proceeding with its litigation against
Shiffman.