Excal Enterprises, Inc., et al.

Litigation Release No. 17476 / April 18, 2002

SEC v. Excal Enterprises, Inc., et al., Civil Action No. 95-1583-CIV-T-23B (M.D. Fla.)

SEC AWARDS $29,000 AS BOUNTY IN INSIDER TRADING CASE

The Securities and Exchange Commission today announced the award of a $29,000 bounty to John L. Skipper of Lincoln City, Oregon, who provided information and testimony leading to the imposition and collection of civil penalties in this litigation.

Mr. Skipper, a former officer of Assix International, Inc., the predecessor to Excal Enterprises, Inc., notified the Commission of possible financial fraud at Assix and possible insider trading by individuals aware of the fraud. In addition to bringing this matter to the Commission's attention, he provided investigative testimony and a deposition in the litigation. The case was settled as to all defendants, who consented to the entry of injunctions and orders requiring the payment of penalties totaling $290,795 (as well as the payment of disgorgement and prejudgment interest totaling an additional $220,266).

Section 21A(e) of the Securities Exchange Act of 1934 authorizes the Commission, in its discretion, to award a bounty to a person who provides information leading to recovery of a civil penalty from an insider trader, a person who "tipped" information to an insider trader, or a person who directly or indirectly controls an insider trader. The bounty may be in an amount up to 10% of the civil penalty actually recovered in the Commission's action.

Additional information about insider trading bounties and applications for payment of a bounty is available on the Commission's Internet site at http://www.sec.gov.