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SECURITIES AND EXCHANGE COMMISSION
Washington D.C.


LITIGATION RELEASE NO. 14734 / November 27, 1995

SECURITIES AND EXCHANGE COMMISSION V. MICHAEL BORLINGHAUS, JOSEPH
LATONA, LEONARD BELLEZZA, JEFFREY F. GREEN, JOSEPH P. GREENWALD,
and HEINZ GREIN, 95 Civ. 1520 (S.D.N.Y.) (JFK)

     The Securities and Exchange Commission announced that on
November 16, 1995, the United States District Court for the
Southern District of New York entered a default judgment against
Michael Borlinghaus ("Borlinghaus").  According to the
Commission's Complaint, filed on March 6, 1995, Borlinghaus
engaged in insider trading by purchasing the stock of Motel 6,
L.P., and Norton Co. while in possession of material, nonpublic
information concerning planned tender offers for those companies.

More specifically, Borlinghaus and others of the defendants
engaged in a scheme to purchase the stocks through offshore
accounts in order to conceal the illegal trades.  Borlinghaus
tipped others who purchased as well.

     The default judgment permanently enjoins Borlinghaus 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 orders Borlinghaus to disgorge
profits of $4,459,838, plus $2,432,683.69 in prejudgment interest
on that amount.  He is also ordered to pay a civil penalty of
$13,379,514, pursuant to the Insider Trading and Securities
Enforcement Act of 1988, as amended.