==========================================START OF PAGE 1======

         UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Litigation Release No. 14928 / June 3, 1996         
Accounting and Auditing and Enforcement Release No. 789

SECURITIES AND EXCHANGE COMMISSION V. ANW, INC., ET AL., Civil
Action No. 95-4990 ER (Mcx) (C.D. Cal.)

     The Securities and Exchange Commission announced that on May
13, 1996, the United States District Court for the Central
District of California granted the Commission's motion for
summary judgment as to liability on all causes of action against
defendant Irving N. Boren on claims of (1) securities fraud (15
U.S.C.  78j(b) and 17 C.F.R.  240.10b-5); (2) materially
false
filings with the Commission (15 U.S.C.  78m(a) and 17 C.F.R.

240.12b-20, 240.13a-1 and 240.13a-13); (3) failure to maintain
accurate books and records (15 U.S.C.  78m(b)(2)(A)); and (4)
failure to maintain a system of internal accounting controls (15
U.S.C.  78m(b)(2)(B)).

     The Complaint alleges, among other things, that from June
1990 through June 1995, ANW, Inc. failed to file fourteen out of
nineteen reports required by the Exchange Act and that the five
filings it did make materially overstated the value of ANW,
Inc.'s claimed assets.  The claimed assets which included up to
5,000,000 acres of undeveloped land, a $328,000 note and $3.4
million in artwork constituted between 78% and to 96% of ANW,
Inc.'s total holdings.  These false and misleading financial
statements were included in ANW, Inc.'s reports on Forms 10-Q and
Forms 10-K  filed with the Commission.  In addition, the
Commission alleged that ANW, Inc. failed to maintain accurate
books and records or maintain a system of internal accounting
controls in violation of securities laws.  Mr. Boren is the sole
officer and principal stockholder of ANW, Inc. and was found
liable under a control person theory.