SECURITIES AND EXCHANGE COMMISSION
                                   Washington, D.C.



     LITIGATION RELEASE NO.  15773  / June 9, 1998

     SECURITIES AND EXCHANGE COMMISSION v. ROBERT FALBO, THERESA BILLINGS FALBO,
     LORRE MEADE, ANTHONY CAPRICUSO, MICHAEL NARDINO, MARK MUENSTER AND ERIC
     MUENSTER, Civil Action No. 92-CIV-6836-PKL (S.D.N.Y.)

          The Securities and Exchange Commission announced that it recently
     entered into settlements with Eric Muenster and Mark Muenster, two of the
     defendants in its insider trading case arising from the 1988 tender offer
     by Grand Metropolitan PLC for The Pillsbury Company.  The Commission s
     complaint, filed on September 16, 1992, alleged that both Muenster brothers
     violated Sections 10(b) and 14(e) of the Securities Exchange Act of 1934,
     and Rules 10b-5 and 14e-3 promulgated thereunder, by purchasing Pillsbury
     call options before the tender offer was publicly announced and while
     possessing material nonpublic information about it.  Without admitting or
     denying the Commission s allegations, Eric Muenster consented to entry of a
     final judgment that permanently enjoins him from violating these provisions
     of the federal securities laws and orders him to disgorge $42,678.02 in
     profits plus prejudgment interest in the amount of $53,889.14.  Also
     without admitting or denying the Commission s allegations, Mark Muenster
     consented to entry of a final judgment that permanently enjoins him from
     violating the same provisions and orders him to disgorge $43,389.39 in
     profits plus prejudment interest in the amount of $54,279.03.  Based on
     their demonstrated inability to pay, the disgorgement obligations of both
     Muensters were waived and no civil monetary penalties were imposed.

          The litigation is proceeding against the remaining defendants.

          In a related matter, the Commission on June 8, 1998 issued an
     administrative order barring Mark Muenster, who was formerly a broker in
     New York City, from association with any broker, dealer, investment
     company, investment adviser, or municipal securities dealer.  The
     Commission s order, to which Mark Muenster consented, was based on entry of
     the court s injunction against him.














                              ======END OF PAGE 1======