SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.

LITIGATION RELEASE NO. 17775 / OCTOBER 8, 2002

   MICHAEL NICOLAOU AND PANAYIOTIS PAPASERAPHIM PERMANENTLY ENJOINED FROM
   VIOLATING ANTIFRAUD PROVISIONS OF THE SECURITIES EXCHANGE ACT;
   NICOLAOU BARRED FROM ASSOCIATION WITH ANY BROKER OR DEALER

   Securities and Exchange Commission v. Eric Patton, et al., Civil
   Action No. 02 CV 2564 (RR)(E.D.N.Y) (filed April 30, 2002)

   The Securities and Exchange Commission ("Commission") announced today
   that, on August 16, 2002, the United States District Court for the
   Eastern District of New York entered final judgments against Michael
   Nicolaou and Panayiotis Papaseraphim. Without admitting or denying the
   Commission's allegations, Nicolaou consented to the entry of a
   judgment that permanently enjoins him from violating Sections 10(b) of
   the Securities Exchange Act of 1934 ("Exchange Act") and Exchange Act
   Rule 10b-5. The judgment requires Nicolaou to pay disgorgement, along
   with prejudgment interest, in the amount of $22,419, and, based upon
   his sworn representations in his Statement of Financial Condition,
   waives payment of $21,859 and does not order him to pay a civil
   penalty. In a related administrative action, without admitting or
   denying the Commission's findings, Nicolaou consented to the entry of
   a Commission order barring him from association with any broker or
   dealer.

   In addition, Papaseraphim consented to the entry of a judgment that
   permanently enjoins him from violating Sections 10(b) of the Exchange
   Act and Exchange Act Rule 10b-5. The judgment requires Papaseraphim to
   pay disgorgement, along with prejudgment interest in the amount of
   $5,906 and a penalty of $5,297.

   The Commission alleged that Eric Patton, an executive with WLR Foods,
   Inc. ("WLRF"), at the time a large poultry producer headquartered
   Virginia, communicated to his brother, Steven Patton, that there would
   be an announcement within two or three days that a company would
   acquire WLRF at a price of $14 per share. On or about September 26,
   Steven Patton passed that information to Nicolaou, who, at the time,
   was his registered representative, and indicated the news came from
   his brother, Eric Patton. Nicolaou then passed material, nonpublic
   information concerning the announcement of the WLRF acquisition to,
   among others, Papaseraphim, his cousin, who bought 700 shares of stock
   and earned profits of $5,297.

   The Commission's civil action against Eric and Steven Patton and other
   defendants is currently stayed while the parallel criminal case in the