SECURITIES AND EXCHANGE COMMISSION
                                   Washington, D.C.


          LITIGATION RELEASE NO. 15885  / September 17, 1998

          SECURITIES AND EXCHANGE COMMISSION v. ROBERT FALBO, THERESA
          BILLINGS FALBO, LORRE MEADE, ANTHONY CAPRICUSO, MICHAEL NARDINO,
          MARK MUENSTER AND ERIC MUENSTER, Civil Action No. 92-CIV-6836-PKL
          (S.D.N.Y.)

                       SEC OBTAINS JUDGMENTS AGAINST FOUR MORE
                     DEFENDANTS IN PILLSBURY INSIDER TRADING CASE

          The Securities and Exchange Commission announced that it has
          obtained summary judgments against two defendants and settled
          judgments against two others in its insider trading case arising
          from the 1988 tender offer by Grand Metropolitan PLC for The
          Pillsbury Company.  Granting in substantial part the Commission's
          motion for summary judgment against defendants Robert Falbo and
          Lorre Meade, U.S. District Judge Peter K. Leisure ruled that
          Falbo would be enjoined from violating Sections 10(b) and 14(e)
          of the Securities Exchange Act of 1934 and Rules 10b-5 and 14e-3
          thereunder, and that both Falbo and Meade must disgorge their
          illicit trading profits and pay civil penalties.  Specifically,
          Falbo was ordered to disgorge $136,000 plus prejudgment interest
          and to pay a civil penalty of $50,000, while Meade was ordered to
          disgorge $34,125 plus prejudgment interest and to pay a civil
          penalty of $5,000.  Defendants Anthony Capricuso and Michael
          Nardino settled the case, without admitting or denying the
          allegations of the Commission's complaint, by consenting to entry
          of final judgments that permanently enjoin them from violating
          Exchange Act Sections 10(b) and 14(e) and Rules 10b-5 and 14e-3,
          and that order them to disgorge illicit trading profits of
          $301,447 and $177,317, respectively, plus prejudgment interest.
          Based on their demonstrated inability to pay, the disgorgement
          obligations of both Capricuso and Nardino were waived and no
          civil monetary penalties were imposed against them.

          The Commission's complaint, filed on September 16, 1992, alleged
          that the defendants violated Exchange Act Sections 10(b) and
          14(e) and Rules 10b-5 and 14e-3 thereunder by purchasing
          Pillsbury common stock and call options before Grand Met's tender
          offer was publicly announced and while possessing material
          nonpublic information about it.  Earlier this year, the
          Commission obtained judgments by settlement against two other
          defendants in the case, Eric Muenster and his brother Mark
          Muenster.  See Litigation Release No. 15773 (June 9, 1998).

          Falbo's wife, Theresa Billings Falbo, is also a defendant in the
          case.  The Commission did not move for summary judgment against
          her.  The litigation is continuing.