U.S. Securities and Exchange Commission


Litigation Release No. 15757 / May 27, 1998

SECURITIES AND EXCHANGE COMMISSION v. EQUISURE, INC.  United States
District Court for the District of Columbia  98 Cv. 01298 (TFH) (D.C.) 

The Securities and Exchange Commission announced today the filing of a 
Complaint in the United States District Court for the District of Columbia 
against Equisure, Inc. ( Equisure ) of Southpoint Office Center, 1650 
West 82nd Street, Minneapolis, Minnesota 55431.  Equisure is purportedly 
engaged in the business of providing reinsurance though its wholly-owned 
Belgian subsidiary Equihot Herverzekering N.V.  The Commission has alleged 
that Equisure repeatedly failed to fulfill its obligations as a public
company to file reports with the Commission that disclose important 
information about Equisure and its subsidiaries to public investors.

According to the Complaint, on October 16, 1997, Equisure s public 
accountants withdrew their audit opinion on the financial statements 
in Equisure's December 31, 1996 10-K and resigned as Equisure's auditors.  

Since that time, Equisure has failed to replace the audit 
opinion withdrawn by its outside auditor.  The Complaint also alleges 
that Equisure (1) failed to file an Annual Report on Form 10-K for its
fiscal year ended December 31, 1997; (2) filed its Quarterly Reports on
Form 10-Q for its fiscal quarters ended June 30, 1997 and September 30, 1997
nearly five months late; (3) failed to file a Current Report on Form 8-K 
disclosing the resignation of Equisure s auditors; and (4) failed to file 
a Notification of Late Filing on Form 12b-25 with respect to its Annual 
Report for its fiscal year ended December 31, 1997 and Quarterly Report 
for its fiscal quarter ended September 30, 1997.  

The Commission seeks a permanent injunction prohibiting Equisure from 
continuing to fail to file correct and timely Annual, Quarterly, 
Current Reports, and Notifications of Late Filing with the Commission 
and an order compelling Equisure to file complete and accurate 
(1) Annual Reports on Form 10-K for its fiscal years ended December 31, 1996
and December 31, 1997; and (2) a Current Report on Form 8-K disclosing 
the resignation of its public accountants.

























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NEWS DIGEST

COMPLAINT FILED AGAINST EQUISURE, INC. FOR FAILURE TO FILE ANNUAL 
REPORTS, QUARTERLY REPORTS, CURRENT REPORTS, AND NOTICES OF LATE 
FILING WITH THE COMMISSION
                                       

The Securities and Exchange Commission announced today the filing 
of a Complaint in the United States District Court for the District 
of Columbia against Equisure, Inc. ( Equisure ) of Southpoint Office
Center, 1650 West 82nd Street, Minneapolis, Minnesota 55431.  Equisure 
is purportedly engaged in the business of providing reinsurance though
its wholly-owned Belgian subsidiary Equihot Herverzekering N.V. The 
Commission has alleged that Equisure repeatedly failed to fulfill its 
obligations as a public company to file reports with the Commission that 
disclose important information about Equisure and its subsidiaries to 
public investors.

According to the Complaint, on October 16, 1997, Equisure's public 
accountants withdrew their audit opinion on the financial statements 
in Equisures' December 31, 1996 10-K and resigned as Equisure's auditors.

Since that time, Equisure has failed to replace the audit opinion withdrawn
by its outside auditor.  The Complaint also alleges that Equisure 
(1) failed to file an Annual Report on Form 10-K for its fiscal year ended
December 31, 1997; (2) filed its Quarterly Reports on Form 10-Q for its 
fiscal quarters ended June 30, 1997 and September 30, 1997 nearly five 
months late; (3) failed to file a Current Report on Form 8-K disclosing 
the resignation of Equisure s auditors; and (4) failed to file a Notification 
of Late Filing on Form 12b-25 with respect to its Annual Report for its fiscal
year ended December 31, 1997 and Quarterly Report for its fiscal quarter 
ended September 30, 1997.

The Commission seeks a permanent injunction prohibiting Equisure from 
continuing to fail to file correct and timely Annual, Quarterly, 
Current Reports, and Notifications of Late Filing with the Commission 
and an order compelling Equisure to file complete and accurate 
(1) Annual Reports on Form 10-K for its fiscal years ended December 31, 1996 
and December 31, 1997; and (2) a Current Report on Form 8-K disclosing the 
resignation of its public accountants.

SECURITIES AND EXCHANGE COMMISSION v. EQUISURE, INC.  United States District 
Court for the District of Columbia  98 Cv.    (  )(D.C.) 
Contact: Robert Knuts, Assistant Regional Director  
(212) 748-8192























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