SECURITIES AND EXCHANGE COMMISSION
   Washington, D.C.

   Litigation Release No. 16615 / June 30, 2000

   SECURITIES AND EXCHANGE COMMISSION v. MICHAEL BATTERMAN,
   RANDALL B. BATTERMAN III, AND DYNASTY FUND, LTD.
   00 Civ. 4835 (LAP) (S.D.N.Y.)

   The Commission announced today that it filed a Complaint in the United
   States District Court for the Southern District of New York on June
   29, 2000 charging a father and son, and a British Virgin Islands
   corporation, in connection with a fraudulent scheme to sell the
   corporation's securities and misappropriate at least $925,000 of
   investor funds.

   Named in the Complaint filed today are

   Michael Batterman ("M. Batterman") who is 67 years old and lives in
   Hackensack, New Jersey.

   Randall B. Batterman III ("R. Batterman") who is 37 years old, lives
   in New York, New York, and is M. Batterman's son.

   Dynasty Fund, Ltd. ("Dynasty") a British Virgin Islands corporation
   that claims to be an open-end investment management company.

   The Complaint alleges that, since at least November 1993, M.
   Batterman, R. Batterman, and Dynasty fraudulently sold at least
   $925,000 of Dynasty's securities by promoting M. Batterman as a
   successful investment adviser with an unblemished record who would
   manage Dynasty's funds. In fact, M. Batterman had previously pled
   guilty to two felony counts of federal income tax evasion in 1993, was
   found by the court in those proceedings to have converted unlawfully
   $1.5 million in investors' funds for personal use, and was sanctioned
   in 1976 by the Commission for securities law violations and the New
   York Stock Exchange ("NYSE") for violation of NYSE rules. In order to
   conceal their fraud and solicit additional investments in Dynasty, M.
   Batterman and R. Batterman misrepresented Dynasty's performance. The
   Complaint also alleges that M. Batterman misappropriated at least
   $925,000 of investors' funds, and that R. Batterman aided and abetted
   his father's misappropriation.

   As a result of the foregoing, the Commission alleges that M.
   Batterman, R. Batterman, and Dynasty committed securities fraud in
   violation of Section 17(a) of the Securities Act of 1933, 15 U.S.C.
   77q(a), Section 10(b) of the Securities Exchange Act of 1934, 15
   U.S.C. § 78j(b), and Rule 10b-5, 17 C.F.R. § 240.10b-5. The Commission