SECURITIES AND EXCHANGE COMMISSION
                                   Washington, D.C.


     LITIGATION RELEASE NO. 15375 / May 29, 1997

     ACCOUNTING AND AUDITING ENFORCEMENT
     Release No. 918 / May 29, 1997

     SECURITIES AND EXCHANGE COMMISSION v. STEVEN W. KOINIS, Case No.
     1:97CV00521 (GK) (D.D.C.)


          On May 29, 1997, the Commission filed with the United States District
     Court for the District of Columbia a proposed final judgment imposing a
     $35,000 civil penalty against Steven W. Koinis, formerly the President and
     Chief Operating Officer of Octagon, Inc. and a member of the company's
     board of directors.  Without admitting or denying the allegations of the
     Commission's complaint in the case, which was filed on March 14, 1997,
     Koinis has consented to entry of the proposed final judgment.

          The Commission's complaint alleged that Koinis violated Section 10(b)
     of the Securities Exchange Act of 1934 (the "Exchange Act") and Exchange
     Act Rules 10b-5 and 13b2-2 by making materially false and misleading public
     disclosures on behalf of Octagon.  More specifically, the complaint alleged
     that Koinis failed to make timely and accurate disclosures about material
     related-party transactions between Octagon and PRK Group, Inc., a company
     of which Koinis's wife was a one-third owner, and that he made materially
     false and misleading disclosures about a major contract between Octagon and
     James Mackenzie International Trading PLC ("JMIT").  The complaint also
     alleged that Koinis failed to tell Octagon's accountants all material facts
     about Octagon's contractual relationships with PRK Group and JMIT.

          In a related matter, the Commission issued an administrative order
     pursuant to Section 21C of the Exchange Act against Koinis, finding that he
     violated Exchange Act Section 10(b) and Exchange Act Rules 10b-5 and 13b2-2
     and ordering him to cease and desist from committing or causing any
     violation and any future violation of those provisions.  Without admitting
     or denying the matters set forth in the Commission's order, Koinis
     consented to its entry.


            










                              ======END OF PAGE 1======