SECURITIES AND EXCHANGE COMMISSION
                                   Washington, D.C.


          LITIGATION RELEASE NO.    16013 / December 30, 1998

          SECURITIES AND EXCHANGE COMMISSION v. ROBERT FALBO, THERESA
          BILLINGS FALBO, LORRE MEADE, ANTHONY CAPRICUSO, MICHAEL NARDINO,
          MARK MUENSTER AND ERIC MUENSTER, No. 92-CIV-6836-PKL (S.D.N.Y.)

                                SEC OBTAINS FINAL JUDGMENTS
                         CONCLUDING PILLSBURY INSIDER TRADING CASE

               The Securities and Exchange Commission has obtained final
          judgments against the remaining defendants in its insider trading
          case arising from the 1988 tender offer by Grand Metropolitan PLC
          for The Pillsbury Company.  In accordance with a decision by U.S.
          District Judge Peter K. Leisure in August 1998 that granted in
          substantial part the Commission’s motion for summary judgment
          against defendants Robert Falbo and Lorre Meade, the Court has
          .entered a final judgment that enjoins Falbo from violating
          Sections 10(b) and 14(e) of the Securities Exchange Act of 1934
          and Rules 10b-5 and 14e-3 thereunder, and that orders both Falbo
          and Meade to disgorge their illicit trading profits and pay civil
          penalties. Specifically, Falbo was ordered to disgorge $136,000
          plus prejudgment interest and to pay a civil penalty of $50,000,
          while Meade was ordered to disgorge $34,125 plus prejudgment
          interest and to pay a civil penalty of $5,000.  The Commission
          did not press the only claim not resolved on summary judgment for
          an additional $22,316.14 in insider trading profits by Robert
          Falbo.

               Simultaneously, the Court entered a final judgment on
          consent against defendant Theresa B. Falbo, Robert Falbo’s wife.
          Without admitting or denying the allegations of the Commission’s
          complaint, Theresa Falbo agreed to a final judgment that enjoins
          her from violating Exchange Act Sections 10(b) and 14(e) and
          Rules 10b-5 and 14e-3, and that orders her to disgorge
          $158,316.14 in illicit trading profits realized through her
          husband, plus prejudgment interest.  Based on her demonstrated
          inability to pay, all but $15,000 of the disgorgement obligation
          was waived and no civil monetary penalties were imposed against
          her.
               The Commission’s complaint, filed on September 16, 1992,
          alleged that the defendants violated Exchange Act Sections 10(b)
          and 14(e) and Rules 10b-5 and 14e-3 thereunder by purchasing
          Pillsbury common stock and call options before Grand Met’s tender
          offer was publicly announced and while possessing material
          nonpublic information about it.  Earlier this year, the
          Commission obtained judgments by settlement against the four
          other defendants in the case:  Eric Muenster, his brother Mark
          Muenster, Anthony Capricuso,  and Michael Nardino. See Litigation
          Release No. 15773 (June 9, 1998) and Litigation Rel. No. 15885,
          (Sept. 17, 1998).

               The final judgments entered against Robert Falbo, Lorre
          Meade, and Theresa Falbo conclude the litigation against all
          defendants.