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         UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Litigation Release No. 15196 / December 19, 1996

SEC v. BLYTHE OLIN SELDEN AND SHIAWASSEE SHORES RETIREMENT PARK,
INC. (USDC E.D. Mich., No. 94-40148, filed April 21, 1994)  

    The Securities and Exchange Commission announced that on
August 5, 1996, the United States District Court for the Eastern
District of Michigan issued a Disgorgement Order (Disgorgement
Order) against Blythe Olin Selden (Selden), a resident of Linden,
Michigan, and Shiawassee Shores Retirement Park, Inc.
(Shiawassee), a Michigan corporation of which Selden is the sole
shareholder.  Specifically, the Disgorgement Order set
disgorgement in the amount of $5,682,294, plus prejudgment
interest against Selden and Shiawassee.  However, the
Disgorgement Order also provided that disgorgement would be
deemed fully satisfied by distributions made to investors in the
pending bankruptcy proceedings of Shiawassee and Selden in the
United States Bankruptcy Court for the Eastern District of
Michigan, Case No. 95-30468 and Case No. 95-30469, respectively. 
The Court also ordered that, based upon Selden and Shiawassee's
sworn representations concerning their financial condition, which
are contained in Selden and Shiawassee's bankruptcy petitions
filed in the bankruptcy proceedings, Selden and Shiawassee did
not have to pay a civil penalty.

     The Commission's Complaint in this matter alleged that
Selden and Shiawassee engaged in the fraudulent offer and sale of
unregistered promissory notes. Specifically, the Commission's
Complaint alleged that, from at least 1984 to the early April
1994, Selden and Shiawassee offered and sold at least $5.1
million in promissory notes to approximately 200 investors, 85%
of whom were retirees, in at least four states.  In addition, it
alleged that a balance of at least $4.87 million was outstanding
on the promissory notes to approximately 170 investors. 
Furthermore, the Complaint alleged that Selden and Shiawassee
omitted to state material facts and made material
misrepresentations to investors concerning the use of proceeds
obtained from the investors, the financial condition of
Shiawassee and the risks involved in investing in the promissory
notes.  On April 28, 1994, the Court issued an Order of
Preliminary and Permanent Injunction (Injunctive Order) against
Selden and Shiawassee, which Selden and Shiawassee consented to,
without admitting or denying the allegations in the Commission's
Complaint.  Among other things, the Injunctive Order enjoined
Selden and Shiawassee from further violations of Sections 5(a),
5(c) and 17(a) of the Securities Act of 1933 and Section 10(b) of
the Securities Exchange Act of 1934 and Rule 10b-5 thereunder.   

  
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