U.S. SECURITIES AND EXCHANGE COMMISSION


                Litigation  Release No. 15811 / July 15, 1998

                Securities and Exchange Commission v. Carlos Roman, Karla Dorsch and
                William E. Dorsch, 94 Civ.3621 (SAS) (S.D.N.Y)

                      On July 14, 1998, U.S. District Court Judge Shira A. Scheindlin
                entered a final judgment of permanent injunction and other relief as to
                defendant Karla Dorsch on consent.

                      The complaint in this insider trading case was filed on May 17,
                1994.  It alleged illegal trading from June 1989 through March 1990 by
                Carlos Roman, his then wife, Karla Dorsch, and Karla Dorsch's father,
                William Dorsch, and by Roman's stockbroker, Andrew Cohen.  The complaint
                alleged that Roman and Karla Dorsch were tipped by Lee A. Haddad, an
                analyst employed by Morgan Stanley, and Co., Inc., to planned corporate
                acquisitions involving Time, Inc., Squibb Corporation, Combustion
                Engineering, Inc., Lin Broadcasting, Inc. and American General
                Corporation.

                      The complaint alleged that Karla Dorsch and Roman made unlawful
                trading profits of $714,118.75; that they tipped William Dorsch who made
                $1,083,250 in unlawful profits and that Roman tipped Andrew Cohen who
                made $300,233.81 in unlawful profits.  Haddad and Cohen previously
                settled the Commission's complaint against them without admitting or
                denying the allegations. [See Litigation Release No. 13473, SEC v.
                Haddad et al., December 17, 1992]

                      During the course of the Commission's investigation into her
                conduct, Karla Dorsch left the United States for Greece, where the
                Commission served her with the summons and complaint in this action.
                After Karla Dorsch left the United States she was indicted in the
                Southern District of New York and charged with conspiracy and securities
                fraud.  In March, 1998, she returned to the United States and thereafter
                pled guilty before Judge Lawrence M. McKenna.  She is awaiting
                sentencing in that criminal case.

                      Without admitting or denying the Commission's allegations against
                her, Karla Dorsch consented to the entry of a court order permanently
                enjoining her from violating Sections 10(b) and 14(e) of the Exchange
                Act and Rules 10b-5 and 14e-3 thereunder and ordering her to disgorge
                all unlawful profits realized by herself and her tippees, payment of all
                but $70,000 of which to be waived based upon her sworn statement of
                financial condition demonstrating an inability to pay full disgorgement
                or civil penalties.