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                SECURITIES AND EXCHANGE COMMISSION
                         Washington, D.C.

Litigation Release No. 14891 / April 25, 1996

SEC v. EDWARD WARREN EIZMAN, Civil Action No. 96 Civ. 3029
(PKL) (S.D.N.Y. April 25, 1996)

     On April 25, 1996, the Commission filed an insider trading
action against Edward Warren Eizman in the United States District
Court for the Southern District of New York.  The Commission
alleged that, from at least June through December 1994, Eizman
purchased the securities of six companies, and caused at least
thirteen others to purchase such securities, while in possession
of material nonpublic information about possible mergers or
acquisitions involving those companies he received from a close
friend, Richard Woodward, an attorney formerly associated with
Cravath, Swaine & Moore.  The six issuers were Cravath clients or
possible merger partners of Cravath clients.  The mergers and
acquisitions included the acquisition of Caesars World by ITT,
the acquisition of Chiron Corporation by Ciba-Geigy Ltd., and the
proposed acquisition of CBS, Inc. by QVC, Inc.  Eizman and the
people he caused to trade made total profits of approximately
$360,000.

     In a related action, on June 28, 1995, Richard Woodward and
his brother, John Woodward, each consented to the entry of a
permanent injunction filed by the Commission, [LR 14548].  On the
same day, Richard and John Woodward entered a plea of guilty in
the Southern District of New York to a one-count felony
information charging them with conspiracy to engage in an insider
trading scheme.

     The Commission acknowledges the assistance in this
investigation of the Chicago Board Options Exchange, the National
Association of Securities Dealers, the American Stock Exchange,
and the New York Stock Exchange.

Prior Litigation Release:  14548