UNITED STATES SECURITIES AND EXCHANGE COMMISSION           

     LITIGATION RELEASE NO. 15507 / September 25, 1997

     SECURITIES AND EXCHANGE COMMISSION V. MICHAEL BORLINGHAUS, JOSEPH LATONA,
     LEONARD BELLEZZA, JEFFREY F. GREEN, JOSEPH P. GREENWALD, and HEINZ GREIN,
     95 Civ. 1520 (S.D.N.Y.) (JFK)

          The Securities and Exchange Commission announced that on     
     September 23, 1997, the United States District Court for the Southern
     District of New York entered a Final Consent Judgment of Permanent
     Injunction and Other Relief against Joseph P. Greenwald.  According to the
     Commission's Complaint, filed on March 6, 1995, Greenwald, a securities
     trader, engaged in insider trading by purchasing the stock of Motel 6,
     L.P., and Norton Co. while in possession of material, nonpublic information
     concerning planned tender offers for those companies.

          According to the Commission's complaint, the original source of the
     Motel 6 information was a company officer, Hugh Thrasher, who disclosed the
     information to Carl Harris.  Harris disclosed the information to Gregg
     Shawzin who tipped John Anderson.  Anderson tipped his friend, Greenwald,
     who thereafter tipped Jeffrey Green and Joseph Latona.
      
          The Commission previously charged Thrasher, Shawzin, Anderson and
     others with insider trading in connection with Motel 6 securities.  SEC v.
     Thrasher, et al., 92 Civ. 6987 (JFK) (S.D.N.Y. 1992).

          The Commission alleges that the original source of the Norton
     information was a paralegal working on the proposed deal at a law firm
     which represented the financial advisor to the company making the tender
     offer.  Leonard Bellezza, who had been tipped by a friend, thereafter
     tipped Heinz Grein and Michael Borlinghaus, who tipped Latona, who tipped
     Greenwald.  Greenwald then tipped Green.  Bellezza, Grein, Borlinghaus,
     Latona, and Green were all defendants in SEC v. Borlinghaus.

          The consent judgment permanently enjoins Greenwald from further
     violations of the antifraud provisions of the federal securities laws
     (specifically, Sections 10(b) and 14(e) of the Securities Exchange Act of
     1934, and Rules 10b-5 and 14e-3 promulgated thereunder), and orders
     Greenwald to disgorge profits of $1,725,059.65, plus prejudgment interest
     on that amount.  All but $75,000 of the disgorgement and prejudgment
     interest is waived based on Greenwald's demonstrated inability to pay. 
     Also based on Greenwald's inability to pay, a civil penalty was not
     imposed.

          Greenwald also consented to an administrative order to be entered
     barring him from association with any broker, dealer, investment company,
     investment adviser or municipal securities dealer.





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