SECURITIES AND EXCHANGE COMMISSION
                                   Washington D.C.

             Litigation Release No.  15961 / October 28, 1998

             SECURITIES AND EXCHANGE COMMISSION v. JERALD BEAGELMAN, FRED
             LYMAN, JOSEPH SANFELLIPO AND ELLIOT STUMACHER, 96 Civ. 3899
             (DRH) (E.D.N.Y.)

            	 The Commission announced today that on October 20,
             1998, the United States District Court for the Eastern
             District of New York entered a final judgment against Jerald
             Beagelman ("Beagelman"), the only remaining defendant in SEC
             v. Beagelman, 96 Civ. 3899 (DRH)(E.D.N.Y.) and a former
             officer and director of Packaging Plus Services, Inc.
             ("Packaging Plus").  The final judgment permanently enjoins
             Beagelman from future violations of the antifraud, corporate
             reporting, books and records, and other provisions of the
             Securities Exchange Act of 1934 ("Exchange Act"). The final
             judgment also orders Beagelman to pay a civil penalty of
             $40,000, payable over 18 months.  Beagelman consented to the
             entry of the final judgment against him without admitting or
             denying the allegations in the Commission's Complaint.

                  In this action, the Commission alleges, in pertinent
             part, that during 1990 and 1991, Beagelman, together with
             others, engaged in a fraudulent scheme to overstate the
             assets, revenue and income of Packaging Plus on its books
             and records and in reports filed with the Commission.  The
             Commission also alleges that, in furtherance of this scheme,
             Beagelman improperly recorded franchise fee revenue and
             franchise fee receivables on Packaging Plus's books and
             records, and executed backdated and otherwise fraudulent
             franchise agreements.  The Commission further alleges that
             Beagelman made material misrepresentations and provided
             materially false and misleading documents to a certified
             public accountant in connection with the accountant's audit
             of certain Packaging Plus financial statements.  By engaging
             in the foregoing conduct, Beagelman allegedly violated
             Sections 10(b), 13(a) and 13(b)(2)(A) of the Exchange Act
             and Rules 10b-5, 12b-20, 13a-1, 13b2-1, and 13b2-2.

                  For further information, see Litigation Release No.
             15003 (August 6, 1996) and Litigation Release No. 15535
             (October 20, 1997).