U.S. SECURITIES AND EXCHANGE COMMISSION

LITIGATION RELEASE NO. LR 17380 / February 25, 2002

   FINAL JUDGMENT ENTERED AGAINST FORMER MANAGING DIRECTOR OF INVESTMENT
   ADVISER

   SECURITIES AND EXCHANGE COMMISSION V. TANDEM MANAGEMENT INC., WILLIAM
   F. BRANSTON, EUGENE B. DEVENEY, AND PETER S. ALSOP, 95-CIV-8411
   (S.D.N.Y.)

   The Securities and Exchange Commission announced that on February 8,
   2002, the Honorable Judge John G. Koeltl, United States District Judge
   for the Southern District of New York, entered a Final Judgment on
   consent against Eugene B. Deveney ("Deveney") in connection with a
   civil injunctive action filed by the Commission on October 2, 1995
   against Tandem Management Inc. ("Tandem") and its principals Deveney,
   William F. Branston ("Branston"), and Peter S. Alsop ("Alsop"). At the
   time the Complaint was filed, Tandem was a registered investment
   adviser. The Commission alleged that Tandem, Deveney, Branston and
   Alsop misappropriated over $1 million in Tandem's client assets,
   principally in the form of "soft dollar" credits and commission
   rebates; distributed false information concerning Tandem's performance
   returns and assets under management to clients, investors in a limited
   partnership fund advised by Tandem, and a national money management
   ranking publication; filed false Forms ADV; failed to make required
   disclosures concerning Tandem's financial condition; and failed to
   keep required books and records. The Judgment, to which Deveney
   consented on a neither admit nor deny basis, permanently enjoined
   Deveney from violating Section 17(a) of the Securities Act of 1933,
   Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5
   thereunder, Sections 204, 206(1), 206(2), 206(4) of the Investment
   Advisers Act of 1940, and Rules 204-2, 206(4)-1, and 206(4)-4
   thereunder. The Final Judgment also orders payment of $139,048.54 in
   disgorgement plus prejudgment interest but waives payment based upon
   Deveney's financial statement. The Court previously entered a Final
   Judgment on consent against defendant Alsop on August 18, 1997. This
   case, which had been suspended without prejudice due to related
   criminal proceedings, was restored to the active docket in January
   2001 and thereafter the Court entered a default judgment against
   defendant Tandem on May 16, 2001 and summary judgment against
   defendant Branston on November 13, 2001.

   See Lit. Rel. Nos. , , and .
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Modified 02/25/2002