SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.

LITIGATION RELEASE NO. 17624 / July 22, 2002

   SECURITIES AND EXCHANGE COMMISSION v. HUGH THRASHER, JOHN H. ANDERSON,
   EZRA CHAMMAH, STANLEY ELBAUM, SCOTT FORBES, GUILLERMO GOMEZ a/k/a
   WILLIAM GOMEZ, STEPHEN V. R. GOODHUE, JR., IRA GORMAN, GORMAN
   COMMODITIES & SECURITIES, INC., JONATHAN S. HIRSH, RONALD KUZNETSKY,
   DARRELL SANDY MARSH, JACK P. MARSH, MICHAEL R. NEWMAN, ROGER K. ODWAK,
   ANGELO PETROTTO, LEE ROSENBLATT, ROBERT SACKS, JEFFREY A. SANKER,
   DAVID SCHAEN, LEONARD SCHAEN, JULIAN SCHOR, GREGG R. SHAWZIN and MARK
   R. SHAWZIN, 92 Civ. 6987 (S.D.N.Y.) (JFK)

   On June 11 and June 17, 2002, the United States District Court in
   Manhattan entered final judgments against Hugh Thrasher, Jonathan S.
   Hirsh, Lee Rosenblatt, and Mark R. Shawzin, the four remaining
   defendants in SEC v. Hugh Thrasher, et al, an insider trading case
   brought by the Commission against twenty-four defendants. According to
   the Commission's amended complaint, filed on March 4, 1993, Thrasher,
   while employed as an officer of Motel 6, L.P., communicated material,
   nonpublic information to a close friend concerning a planned tender
   offer for the company by Accor S.A. in August 1990. The other
   twenty-three defendants named in the amended complaint, including
   Hirsh, Rosenblatt, and Mark Shawzin, engaged in insider trading by
   purchasing the securities of Motel 6 while in possession of that
   information before the tender offer was announced on July 12, 1990.

   The Commission's complaint alleges that based on this conduct, all of
   the defendants violated Sections 10(b) and 14(e) of the Securities
   Exchange Act of 1934, and Rules 10b-5 and 14e-3 thereunder.

   Specifically, the Commission's amended complaint alleges as follows
     * Between late May 1990 through July 12, 1990, Thrasher, then Motel
       6's executive vice president in charge of corporate
       communications, told Carl Harris, a close friend whom Thrasher
       supported financially, that Accor and Motel 6 were in negotiations
       for Accor's acquisition of Motel 6.
     * Harris, in exchange for a share of trading profits, tipped
       relatives, roommates, friends, and acquaintances, setting off a
       chain of illegal trading. Among those tipped by Harris was Gregg
       Shawzin, who then tipped his brother, Mark Shawzin.
     * Between June 12, 1990 and July 5, 1990, Mark Shawzin purchased
       Motel 6 securities and tipped others about the planned tender
       offer while in possession of material, non-public information.
       Mark Shawzin profited in the amount of approximately $126,000 from
       his unlawful trading and tipping.
     * Harris also tipped Jeffrey Sanker, his roommate, who tipped his