SECURITIES AND EXCHANGE COMMISSION
                                  Washington, D.C.

          Litigation Release No.  16052 / February 3, 1999

          Securities and Exchange Commission v. Donna Yun and Jerry Burch,
          99 CIV-117-22A
          (M.D. Fla., February 3, 1999)

               The Securities and Exchange Commission announced today that
          it filed an insider trading action against two real estate
          brokers, Donna Yun, of Longwood, Florida and Jerry Burch, of
          Heathrow, Florida.  The Complaint alleges that on February 18,
          1997, Yun learned from her husband, an officer of Scholastic
          Corporation ("Scholastic"), material non-public information about
          an unanticipated earnings announcement by Scholastic: that it
          expected to post a loss of 20-30 cents per share for the quarter
          ending February 28, 1997.  Her husband also told her that he
          expected the share price of Scholastic common stock, which was
          trading at approximately $65, to decline to $55 per share as a
          result of the announcement.  Yun’s husband told her this
          information with the understanding that she would hold it in
          confidence.  The Complaint alleges further that at a cocktail
          party that evening Yun disclosed to Burch, a co-worker, her
          husband’s prediction regarding a decline in Scholastic’s stock
          price and the reasons for that prediction.  On February 19 and
          20, 1997, Burch purchased 130 Scholastic put option contracts,
          including 10 February series contracts which expired on February
          21, 1997, and 90 put option contracts with a strike price of $60
          or below.

               Scholastic’s announcement concerning its loss for the
          quarter was released publicly after the close of trading on
          February 20, 1997.  That day, Scholastic common stock closed
          before the announcement at $61.50 per share.  The following day,
          the price of Scholastic common stock dropped approximately 40 per
          cent, and closed at $36.75 per share.  On February 21, Burch
          exercised his put options for a net profit of approximately
          $269,000.

               The Commission is seeking permanent injunctions against
          Donna Yun and Jerry Burch from violations of Section 10(b) of the
          Securities Exchange Act of 1934 and Rule 10b-5 thereunder, as
          well as disgorgement of Jerry Burch’s illegal profits,
          prejudgment interest and civil penalties.

               The Commission acknowledges the assistance of the Chicago
          Board Options Exchange in investigating this matter.