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                SECURITIES AND EXCHANGE COMMISSION
                         Washington D.C.

LITIGATION RELEASE NO.  15246 / February 6, 1997

SECURITIES AND EXCHANGE COMMISSION V. HUGH THRASHER, JOHN H.
ANDERSON, EZRA CHAMMAH, STANLEY ELBAUM, SCOTT FORBES, GUILLERMO
GOMEZ a/k/a WILLIAM GOMEZ, STEPHEN V.R. GOODHUE, JR., IRA GORMAN,
GORMAN COMMODITIES & SECURITIES, INC., JONATHAN S. HIRSH, RONALD
KUZNETSKY, DARRELL SANDY MARSH, JACK P. MARSH, MICHAEL R. NEWMAN,
ROGER K. ODWAK, ANGELO PETROTTO, LEE ROSENBLATT, ROBERT SACKS,
JEFFREY A. SANKER, DAVID SCHAEN, LEONARD SCHAEN, JULIAN SCHOR,
GREGG R. SHAWZIN, AND MARK R. SHAWZIN, 92 Civ. 6987  (JFK)
(S.D.N.Y.)

     The Securities and Exchange Commission ("Commission")
announced that the United States District Court for the Southern
District of New York recently entered judgments against five
defendants:  Ezra Chammah ("Chammah"), Stanley Elbaum ("Elbaum"),
David Schaen ("Schaen"), Ira Gorman ("Gorman"), and Angelo
Petrotto ("Petrotto").  According to the Commission's amended
complaint filed on March 4, 1993, the defendants engaged in
insider trading by purchasing the securities of Motel 6, L.P.
("Motel 6") while in possession of material, nonpublic
information concerning a planned tender offer for the company. 

     On November 27, 1996, January 15, 1997, and January 28,
1997, the Court entered Final Consent Judgments of Permanent
Injunction and Other Relief against Chammah, Elbaum, and Schaen,
respectively.  Without admitting or denying the allegations of
the amended complaint, Chammah, Elbaum, and Schaen each consented
to a permanent injunction from violating Sections 10(b) and 14(e)
of the Securities Exchange Act of 1934, and Rules 10b-5 and 14e-3
thereunder.  Chammah agreed to pay $206,542.51 in disgorgement of
profits and prejudgment interest thereon and to pay a civil
penalty of $127,098.09 pursuant to the Insider Trading and
Securities Fraud Enforcement Act of 1988 ("ITSFEA").  The
Commission agreed that Elbaum would not pay a civil penalty
pursuant to ITSFEA in light of a demonstrated inability to pay
based upon his sworn representations in a statement of financial
condition.  Schaen agreed to pay $217,332.48 in disgorgement of
profits and prejudgment interest thereon, but in light of a
demonstrated inability to pay based upon his sworn
representations in a statement of financial condition, the
Commission agreed that payment of all but $36,000 would be waived
and Schaen would not pay a civil penalty pursuant to ITSFEA.

     On December 20, 1996 and January 14, 1997, the Court entered
Judgments by Default against Gorman and Petrotto, respectively. 
The default judgments permanently enjoin Gorman and Petrotto from
further violations of Sections 10(b) and 14(e) of the Securities
Exchange Act of 1934, and Rules 10b-5 and 14e-3 thereunder. 
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Gorman was ordered to disgorge trading profits of $717,233 and
prejudgment interest thereon in the amount of $519,634.76, and to

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pay a civil penalty of $2,151,699 pursuant to ITSFEA.  Petrotto
was ordered to disgorge trading profits of $16,274 and
prejudgment interest thereon in the amount of $11,790.51, and to
pay a civil penalty of $48,822 pursuant to ITSFEA.  

     The Commission's amended complaint alleges that between late
May 1990 and until and including July 12, 1990, Hugh Thrasher, an
insider at Motel 6, for his personal benefit and in breach of his
duty to Motel 6 and its shareholders, communicated material,
nonpublic information concerning negotiations for the acquisition
of Motel 6 to his close personal friend, Carl Harris ("Harris"). 
The Commission alleges that Harris thereafter tipped numerous
people, including Petrotto, Schaen (the son of Leonard Schaen,
Harris' stepfather), and Gregg Shawzin ("Shawzin").  Harris,
along with Shawzin, tipped Gorman and Michael Newman ("Newman"). 
Harris' tippees also went on to tip others.  Newman tipped
Elbaum.  Shawzin tipped his brother, Mark Shawzin, who then
tipped Chammah.  (See prior Litigation Release No. 13544 for a
further description of the allegations contained in the
Commission's amended complaint.)