==========================================START OF PAGE 1======

                SECURITIES AND EXCHANGE COMMISSION
                         Washington D.C.

SECURITIES EXCHANGE ACT OF 1934
LITIGATION RELEASE NO. 15133 / October 22, 1996

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  (JFK)
(S.D.N.Y.)

     The Securities and Exchange Commission (the "Commission")
announced that on October 7, 1996, the United States District
Court for the Southern District of New York entered a Final
Consent Judgment of Permanent Injunction and Other Relief ("Final
Judgment") against Darrell Sandy Marsh ("S. Marsh").  According
to the Commission's amended complaint filed on March 4, 1993, S.
Marsh engaged in insider trading by purchasing the securities of
Motel 6, L.P. while in possession of material, nonpublic
information concerning a planned tender offer for the company. 
The complain also alleges that S. Marsh tipped his uncle, who
purchased Motel 6 securities as well.

     Without admitting or denying the allegations of the
complaint, S. Marsh consented to an injunction from further
violations of the antifraud provisions of the federal securities
laws (specifically, Sections 10(b) and 14(e) of the Securities
Exchange Act of 1934, and Rules 10b-5 and 14e-3 promulgated
thereunder), and agreed to disgorge his trading profits and
prejudgment interest in the amount of $152,272.

     The Commission's amended complaint alleged that between late
May 1990 and until and including July 12, 1990, Hugh Thrasher, an
insider at Motel 6, L.P. ("Motel 6"), for his personal benefit
and in breach of his duty to Motel 6 and its shareholders,
communicated material, nonpublic information concerning
negotiations for the acquisition of Motel 6 to his longtime close
personal friend, Carl Harris ("Harris").  Harris thereafter
tipped numerous people, including Gregg Shawzin ("Shawzin"), who
agreed to share trading profits with him.  Harris' tippees also
went on to tip others; Shawzin tipped his friend, John Anderson,
who then tipped S. Marsh and S. Marsh's father, Jack Marsh, among
others.  (See prior Litigation Release No. 13544 for a further
description of the allegations contained in the Commission's
complaint.)

     S. Marsh is also the subject of a criminal judgment entered
==========================================START OF PAGE 2======

on December 15, 1994, which is based on the same conduct as is
alleged in the amended complaint.