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                SECURITIES AND EXCHANGE COMMISSION
                         Washington, D.C.

Litigation Release No.15013 / August 12, 1996

SEC v. EDWARD WARREN EIZMAN, Civil Action No. 96 Civ. 3029 (PKL)
(S.D.N.Y. April 25, 1996)

     On August 1, 1996, the United States District Court for the
Southern District of New York entered a default judgment against
Edward Warren Eizman in connection with an insider trading action
brought by the Commission on April 25, 1996.  Eizman was
permanently enjoined from violations of Sections 10(b) and 14(e)
of the Securities Exchange Act of 1934 and Rules 10b-5 and 14e-3
thereunder.  In addition, Eizman was ordered to disgorge $383,400
in profits and $52,324.84 in prejudgment interest, and to pay a
three-time civil penalty of $1,150,200.

     In its complaint, the Commission alleged that, from at least
June through December 1994, Eizman purchased the securities of
six companies, and caused at least thirteen others to purchase
such securities, while in possession of material nonpublic
information about possible mergers or acquisitions involving
those companies.  The Commission alleged that Eizman obtained the
nonpublic information from a close friend, Richard Woodward, an
attorney associated at the time with Cravath, Swaine & Moore. 
The six issuers were Cravath clients or possible merger partners
of Cravath clients.  The mergers and acquisitions included the
acquisition of Caesars World by ITT, the acquisition of Chiron
Corporation by Ciba-Geigy Ltd., and the proposed acquisition of
CBS, Inc. by QVC, Inc.  Eizman and the people he caused to trade
made total profits of approximately $360,000.

     In a related action, on June 28, 1995, Richard Woodward and
his brother, John Woodward, each consented to the entry of a
permanent injunction filed by the Commission, [LR 14548].  On the
same day, Richard and John Woodward entered a plea of guilty in
the Southern District of New York to a one-count felony
information charging them with conspiracy to engage in an insider
trading scheme.

Prior Litigation Releases:  14891, 14548