SECURITIES AND EXCHANGE COMMISSION
                                   Washington, D.C.


     LITIGATION RELEASE No.  15374 / May 27, 1997

     SECURITIES AND EXCHANGE COMMISSION v. BROADCAST ASSOCIATES - I, BROADCAST
     ACQUISITIONS, INC., BROADCAST HOLDINGS, INC., ARTHUR A. GRAVES, III, and
     GREGORY P. MOELLER , United States District Court for the Central District
     of California, Civil Action No. 96-CV-0252 WJR (ANx).

          The Securities and Exchange Commission ("Commission") announced that
     on April 25, 1997, the Honorable William J. Rea of the United States
     District Court for the Central District of California entered a Final
     Judgment of Permanent Injunction and Other Equitable Relief against
     Broadcast Associates - I, Broadcast Acquisitions, Inc., Broadcast Holdings,
     Inc., Arthur A. Graves, III, and Gregory P. Moeller (hereinafter the
     "defendants").

          According to the Commission's Complaint filed on January 23, 1995,
     from November 1992 to January 1995, the defendants engaged in a scheme to
     sell unregistered securities in wireless cable ventures through the use of
     false and misleading statements.  Graves and Moeller created and controlled
     co-defendants Broadcast Associates -I, Broadcast Acquisitions, Inc., and
     Broadcast Holdings, Inc., and utilized these entities as vehicles for
     perpetuating this fraudulent scheme.  False statements made by the
     defendants included unsupported predictions in offering materials that
     investment in the defendants' venture would return 223% to 900% within one
     to three years.  The defendants also falsely stated to investors that they
     had acquired licenses to certain wireless cable television markets when, in
     fact, they had not.  

          The defendants sold approximately $4.6 million in partnership
     interests to approximately 300 investors in at least 37 states.  Although
     the defendants had told investors that their funds would be used to acquire
     wireless cable systems or licenses, the defendants actually exhausted those
     funds paying sales commissions, operational expenses, options to acquire
     wireless cable systems, and salaries and fees for Graves and Moeller.

          Without admitting or denying the allegations of the Complaint, each
     defendant agreed to the entry of a Final Judgment of Permanent Injunction
     enjoining them from violating the registration and antifraud provisions of
     the Securities Act of 1933, and the Securities Exchange Act of 1934.  The
     defendants also agreed to pay disgorgement in the amount of $4.6 million. 
     In light of the defendants' demonstrated inability to pay based on their
     sworn representations in their respective statements of financial
     condition, the Commission agreed that the entire amount of disgorgement and
     pre-judgment interest would be waived, and that the defendants would not
     pay a civil penalty.

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          As part of the settlement, Graves consented to the institution by the
     Commission of public administrative proceedings against him and the
     simultaneous issuance of an administrative order ("Order") pursuant to Rule
     102(e) of the Commission's Rules of Practice.  The Order, which was issued
     today by the Commission, denies Graves the privilege of appearing or
     practicing before the Commission as an attorney under Rule 102(e)(3) of the
     Commission's Rules of Practice.

          For further information, see Litigation Release No. 14388 (January 23,
     1995) and the May 27, 1997 Administrative Release
     34-38674.










































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