SECURITIES AND EXCHANGE COMMISSION
                                   Washington D.C.

          Litigation Release No.  15962 / October 28, 1998

          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 March 10, 1998, it
          filed a notice of dismissal of the claims against defendant
          Joseph Sanfellipo ("Sanfellipo"), of Del Mar, California, in the
          above action.  The Commission agreed to dismiss its claims
          against Sanfellipo in light of Sanfellipo'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 and 13b2-2.

               For further information, see Litigation Release No. 15003
          (August 6, 1996).