SECURITIES AND EXCHANGE COMMISSION
                                   Washington, D.C.



             LITIGATION RELEASE NO.  16007 / December 21, 1998

             SECURITIES AND EXCHANGE COMMISSION v. JACK D. SEIBALD,
             BERNHARD SEIBALD, STEWART R. SPECTOR, and ERIC S. FESSLER,
             Defendants, and FRON CAPITAL CORPORATION and DEKALB
             HOLDINGS, INC., Relief Defendants, Civil Action No. 95 Civ.
             2081 (LLS) (S.D.N.Y.)

                  On December 14, 1998, the U.S. District Court for the
             Southern District of New York signed a final judgment in the
             Commission's insider trading case against Jack D. Seibald,
             Bernhard Seibald, and Stewart R. Spector.  Without admitting
             or denying the Commission's allegations against them, the
             defendants consented to the final judgment, which orders
             Jack Seibald to pay disgorgement of $62,147.27, prejudgment
             interest of $57,267.55, and a civil penalty of $127,067.05;
             Bernhard Seibald to pay disgorgement of $9,712.24,
             prejudgment interest of $8,949.63, and a civil penalty of
             $9,712.24; and Stewart Spector to pay disgorgement of
             $21,932.37, prejudgment interest of $20,210.25, and a civil
             penalty of $21,932.37.  As part of the settlement, the case
             was dismissed as to the two relief defendants, Fron Capital
             Corporation and DeKalb Holdings, Inc.

                  In its complaint, filed on March 28, 1995, the
             Commission alleged that Jack Seibald, while employed as an
             equity research analyst at Salomon Brothers Inc. in 1990 and
             1991, obtained material, nonpublic information relating to
             public companies he followed and unlawfully conveyed such
             information to his brother Bernard, his father-in-law
             Stewart Spector, his friend Eric Fessler, and the chief
             financial officer of one of the public companies he
             followed.  The Complaint further alleged that after
             receiving such information from Jack Seibald, these
             individuals unlawfully traded in the securities of the
             subject companies for their own accounts and, in the case of
             Bernhard Seibald and Stewart Spector, for the accounts of
             the releif defendants Fron and DeKalb, whose beneficial
             owners were related to the Seibalds.  Fessler settled the
             case when it was filed (see Litigatoin Release No. 14449),
             and the chief financial officer settled in a separate action
             filed shortly before this one (see Litigation Release No.
             14445).

                  The Commission acknowleges the assistance and
             cooperation of the National Association of Securities
             Dealers and the New York Stock Exchange in connection with
             its investigation of this matter.