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                SECURITIES AND EXCHANGE COMMISSION
                         WASHINGTON, D.C.

LITIGATION RELEASE NO. 15135 / October 24, 1996

SECURITIES AND EXCHANGE COMMISSION v. KENTON CAPITAL, LTD., et
al., Civ. No. 95-0829 (GK) (D.D.C., filed May 3, 1995).

     The Securities and Exchange Commission announced that on
October 17, 1996, Judge Gladys Kessler of the United States
District Court for the District of Columbia entered a Final
Judgment of Permanent Injunction and Other Equitable Relief
against Harry Watson, Tracy French and Deltaur Partners.  The
Commission's Complaint, filed May 3, 1995, and amended on July
17, 1996 (the "Complaint"), alleges that Watson and French,
through their joint venture called Deltaur Partners, and in
conjunction with other promoters, solicited investors beginning
in the middle of March 1995 through early May 1995 to invest in
certain "bank instrument" trading programs offered by Kenton
Capital, Ltd.  The Complaint alleges that Watson, French, Deltaur
and other promoters projected to investors annual returns on
these trading programs ranging from 34,200% to over 1,200,000%.
The Complaint further alleges that Watson, French and Deltaur
were paid at least $60,000 in commissions or fees by Kenton
Capital, Ltd. for procuring investors.

     Without admitting or denying the Commission's allegations,
Watson, French and Deltaur consented to the entry of a final
judgment permanently enjoining them from future violations of
Sections 5(a), 5(c) and 17(a) of the Securities Act of 1933,
Sections 10(b) and 15(a) of the Securities Exchange Act of 1934
and Rule 10b-5 thereunder, and Section 203(a) of the Investment
Advisers Act of 1940, and ordering them to disgorge, jointly and
severally, $60,000, plus prejudgment interest of $3,709.90, for a
total disgorgement sum of $63,709.90, within one year.  The
judgment further orders Watson, French and Deltaur to pay,
jointly and severally, a civil penalty of $60,000.  Based upon
their inability to pay either disgorgement or a penalty at this
time, the civil penalty shall be waived if full disgorgement is
paid within one year.

     On May 3, 1995, the Court issued a temporary restraining
order and an asset freeze in this action.  (See Lit. Rel. No.
14490, May 4, 1995).  The terms of those orders were generally
carried over into a preliminary injunction on June 23, 1995.