U.S. SECURITIES AND EXCHANGE COMMISSION

Litigation Release No. 17460 / April 5, 2002

   SECURITIES AND EXCHANGE COMMISSION v. SAMER EL BIZRI, CONRAD P.
   SEGHERS, JAMES DICKEY, INTEGRAL HEDGING LP, INTEGRAL ARBITRAGE LP, AND
   INTEGRAL EQUITY LP (Case No. CV 02-01251 MMM (FMOx))

   U.S. DISTRICT COURT ISSUES ORDER REQUIRING COMPLIANCE IN SEC SUBPOENA
   ENFORCEMENT ACTION

   The Securities and Exchange Commission announced that the U.S.
   District Court for the Central District of California granted its
   application for enforcement of investigative subpoenas against Samer
   El Bizri, Conrad P. Seghers, James Dickey, and three funds, Integral
   Hedging LP, Integral Arbitrage LP, and Integral Equity LP. In
   addition, the Court denied certain respondents' motions for a
   protective order to quash a Commission investigative subpoena, and for
   discovery from the Commission. The Court ordered Bizri, Seghers, and
   Dickey to provide sworn testimony and produce documents on or before
   April 25, 2002, and the funds to produce documents on or before April
   25, 2002. In finding that the subpoenas were enforceable as written,
   the Court held that Bizri, Seghers, Dickey, and the funds failed to
   demonstrate that the subpoenas were issued in bad faith or overbroad,
   and failed to show any circumstances warranted delaying the
   Commission's investigation.

   The Commission filed its application for enforcement of its subpoenas
   on February 8, 2002. The investigative subpoenas sought documents and
   testimony regarding, among other things, whether Bizri, Seghers, and
   Dickey offered and sold unregistered securities and made materially
   false and misleading statements or omitted to state material facts
   concerning the use of investor proceeds and the funds' rates of
   return.
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Modified 04/08/2002