SECURITIES AND EXCHANGE COMMISSION

             Litigation Release No.  15839 / August 11., 1998

             S.E.C. v. Autocorp Equities, Inc. fka Chariot Entertainment,
             Inc. et al., Docket No.  2:98CV 05625 (U.S.D.C., D.Ut.)

                  The Securities and Exchange Commission announced the
             filing of a Complaint in the United States District Court
             for the District of Utah, on August 10, 1998, seeking a
             permanent injunction and other relief against Autocorp
             Equities, Inc. fka Chariot Entertainment, Inc., Michael
             Carnicle, Robert Cord Beatty, Amotz Frenkel, Hillel Sher and
             Nili Frenkel.

                  The Commission alleges that in 1994 Diamond
             Entertainment, Inc., a privately-held company whose sole
             asset was the right to stage live performances of the
             American Gladiators at a single location adjacent to the
             Imperial Palace Hotel in Las Vegas, merged with Eagle
             Automotive, Inc., a company listed on NASDAQ which had just
             divested itself of all its assets.  It is further alleged
             that in order to maintain this NASDAQ listing after the
             anticipated merger with Eagle and a change of the company's
             name to Chariot, Carnicle, Beatty, Amotz Frenkel and Sher
             engaged in a scheme to inflate the assets of Diamond by
             acquiring $5 million in certificates of deposit ostensibly
             issued by a Russian bank but actually created by Sher at a
             Kinko's copy shop in Hollywood, Florida.  The Complaint
             alleges that to finance the acquisition of these
             certificates of deposit, Carnicle, Beatty, Amotz Frenkel and
             Sher arranged to have Chariot issue stock, ostensibly in
             reliance on Regulation S, to a California corporation
             controlled by Amotz Frenkel; those shares were then to be
             sold after forty days with $1.5 million of the proceeds used
             to pay for the certificates of deposit.  It is alleged that
             actual sales of the stock were made through Nili Frenkel.

                  It is also alleged that Chariot, Carnicle and Beatty
             misrepresented the status of the company's arrangement to
             lease a location from the Imperial Palace on which the
             American Gladiators performances would be staged.  The
             Complaint alleges that almost from the time Chariot entered
             into a lease with the hotel, it began to violate the terms
             of the lease by failing to secure a performance bond and by
             failing to meet other lease requirements.

                  The Complaint alleges the defendants violated Sections
             5(a), 5(c) and 17(a) of the Securities Act of 1933 and
             Sections 10(b), 13(a) and 13(b) of the Securities Exchange
             Act of 1934 and Rules 10b-5, 12b-20, 13a-13, 13b2-1 and
             13b2-2 thereunder.