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                SECURITIES AND EXCHANGE COMMISSION
                         Washington D.C.


LITIGATION RELEASE NO. 15245 / February 5, 1997

SECURITIES AND EXCHANGE COMMISSION v. EDWARD R. DOWNE, JR.,
STEVEN A. GREENBERG, MARTIN E. REVSON, DAVID SALAMONE, FRED R.
SULLIVAN, THOMAS WARDE, MILTON WEINGER, and BROADSWORD, LTD., 92
Civ. 4092 (SAS) (S.D.N.Y.)

     The Securities and Exchange Commission announced today that
on Thursday January 30, 1997, Thomas Warde, a resident of Sun
Valley, Idaho and Los Angeles, California, was found liable for
insider trading following a four-day jury trial in the United
States District Court for the Southern District of New York, the
Honorable Shira A. Scheindlin presiding.  The jury found that
Warde violated the antifraud provisions of the federal securities
laws (Sections 10(b) and 14(e) of the Securities Exchange Act and
Rules 10b-5 and 14e-3 thereunder).

     The Commission alleged that, in June and July 1987, Edward
R. Downe, Jr. ("Downe") provided Warde with material, nonpublic
information concerning a possible buyout, restructuring or tender
offer for Kidde, Inc. ("Kidde").  At that time, Downe was a
member of Kidde's Board of Directors and Warde's friend.  The
Commission alleged that, after receiving this information from
Downe, Warde purchased Kidde warrants for various accounts at
Shearson Lehman Brothers, Inc. and Dean Witter Reynolds, Inc.  

     The jury unanimously found that Downe breached his fiduciary
duty as a Kidde director by providing material nonpublic
information to Warde and that Warde violated the antifraud
provisions of the federal securities laws when he and his half-
brother bought Kidde warrants on several occasions from June 29,
1987 through the early morning of July 7, 1987.  Later during the
morning of July 7, 1987, Kidde announced publicly that, inter
alia, it was considering options for a buyout or a restructuring,
had retained investment bankers and was talking with prospective
bidders.  The jury also unaminously found that Downe again
illegally tipped Warde and Warde violated the antifraud
provisions when Warde and his half-brother bought more Kidde
warrants on July 20, 1987.  On August 5, 1987, Kidde announced
that it had reached an agreement with the Hanson Trust PLC
("Hanson") for Hanson to acquire Kidde.  The Commission alleged
that this trading activity resulted in $950,000 in illicit
profits.

     For relief, the Commission seeks:  a) a permanent injunction
against Warde, enjoining him from violating the antifraud
provisions set forth above; b) disgorgement of illicit trading
profits and prejudgment interest; and c) payment by Warde of
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civil penalties under the Insider Trading Sanctions Act of 1984
of up to three times those illicit trading profits.  The court
has yet to decide the issues of relief.

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     Warde is the last defendant in this civil action that was
filed in 1992 against eight defendants (seven socially prominent
individuals and one corporation). Five defendants previously
settled the Commission's allegations; judgments on default were
entered against two other defendants.  See Litigation Releases
Nos. 13260, 13858, 14150, 14234, and 15208.