SECURITIES AND EXCHANGE COMMISSION
                                   Washington D.C.

     Litigation Release No. 15535 / October 20, 1997

     Accounting and Auditing Enforcement
     Release No. 979 / October 20, 1997

     SECURITIES AND EXCHANGE COMMISSION v. JERALD BEAGELMAN, FRED LYMAN, JOSEPH
     SANFELLIPO AND ELLIOT STUMACHER, 96 Civ. 3899 (DRH) (E.D.N.Y.)

          The Commission announced today that on September 23, 1997, it filed a
     notice of dismissal of the claims against defendant Elliot Stumacher
     ("Stumacher"), of Woodmere, New York, in the above action.  The Commission
     agreed to dismiss with prejudice its claims against Stumacher in light of
     Stumacher's consent, without admitting or denying the Commission's
     findings, to the entry by the Commission of an order requiring him to cease
     and desist from committing or causing any violation and any future
     violation of Section 10(b) of the Securities Exchange Act of 1934 and Rule
     10b-5 thereunder, and denying him the privilege of appearing or practicing
     before the Commission as an accountant.

          For further information, see Litigation Release No. 15003 (August 6,
     1996) and Securities Exchange Act Release 34-39124
     (September 24, 1997).




























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