SECURITIES AND EXCHANGE COMMISSION
                        Washington, D.C. 


Litigation Release No. 15020 / August 22, 1996


SECURITIES AND EXCHANGE COMMISSION v. CERTAIN PURCHASERS OF THE
COMMON STOCK OF CBI INDUSTRIES, INC., 95 Civ. 9651 (MP) (S.D.N.Y.
1995)


     The Securities and Exchange Commission today announced that
the Honorable Milton Pollack, United States District Judge for
the Southern District of New York, entered final judgments by
default against Ulbery Vermogensverwaltungs A.G. ("Ulbery"),
Benjamin Weiss, Fasan Anstalt, Axteria Establishment, Anstalt
Ducata, Anstalt Nifur, Gregory Stainow, Dornford Holdings Ltd.,
and Melilla Business Corp. in this insider trading case.  The
final judgments identify these individuals and entities as having
effected, or caused to be effected, the subject purchases of the
common stock of CBI Industries, Inc. ("CBI") in violation of the
federal securities laws.  At the time it commenced this action,
because all of the trading had been effected through foreign
financial institutions -- three Swiss and one German -- in a
manner that concealed the identities of the persons and entities
behind the trades, the Commission was unable to identify any of
the defendants.  Among other things, the final judgments
permanently restrain and enjoin each of the defendants from
violating Sections 10(b) and 14(e) of the Securities Exchange Act
of 1934 and Rules 10b-5 and 14e-3 thereunder and order defendants
to disgorge, in the aggregate, the sum of $1.4 million,
representing their illegal trading profits.

     The Commission's Complaint, which was filed on November 14,
1995, alleged that defendants made highly profitable purchases of
CBI common stock just two days before Praxair, Inc. ("Praxair")
publicly announced for the first time that it intended to
commence a tender offer for the common stock of CBI.  The
Complaint further alleged that defendants purchased the subject
CBI stock while in possession of material, nonpublic information
concerning Praxair's impending takeover of CBI.  In the
aggregate, defendants purchased 114,000 CBI shares during the
two-day period before Praxair's announcement -- representing
approximately 16% of the total volume of trades on those days. 
On the same day that the Commission filed its Complaint, Judge
Pollack entered a Temporary Restraining Order freezing the
subject CBI shares and any proceeds from the sales of the shares.

On December 12, 1995, Judge Pollack entered a Preliminary
Injunction continuing the asset freeze during the pendency of the
proceeding.  (See Litigation Release Numbers 14721 and 14756.) 
As a result of these Orders and two subsequent Orders, which had
the effect of substituting cash for frozen CBI shares, in excess
of $2 million was frozen and is presently held in the Court
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Registry Investment System ("CRIS").

     As set forth in the Commission's papers filed in support of
the final judgments, Ulbery, an asset management company located
in Zurich, effected the purchases of 63,000 of the CBI shares
involved in this action, through Nordfinanz Bank Zurich, on
behalf of Fasan Anstalt, Axteria Establishment, Anstalt Ducata,
and Anstalt Nifur -- all of which are believed to Liechtenstein
entities.  Benjamin Weiss, a Nordfinanz employee and one of the
two sole shareholders of Ulbery, made the decision to purchase
these shares and had discretionary trading authority over the
accounts maintained by the four Liechtenstein entities.  As is
also described in the Commission's papers, Stainow, a former
business associate of Weiss, directed the purchase of 1,000 CBI
shares through an account at another foreign financial
institution. The frozen funds presently on deposit with the CRIS
represent the proceeds from the sale or other disposition of all
of the CBI shares purchased by Ulbery and Stainow.

     With respect to the other 50,000 CBI shares involved in this
action, as described in the Commission's papers, a purchase of
15,000 shares was made on behalf of an entity known as Dornford
Holdings Ltd., which is registered in both Panama and the British
Virgin Islands and domiciled in Zurich; and a purchase of 35,000
shares was made on behalf of an entity known as Melilla Business
Corp., a Panamanian corporation domiciled in Zurich.

     The final judgment as to defendants Ulbery, Weiss, Fasan
Anstalt, Axteria Establishment, Anstalt Ducata, Anstalt Nifur,
and Stainow provides for satisfaction of their disgorgement
obligation from the frozen funds that are on deposit with the
CRIS.  The final judgment as to these defendants also imposes
civil penalties pursuant to the Insider Trading and Securities
Fraud Enforcement Act in an aggregate amount in excess of $1.2
million, also to be satisfied from the frozen funds that are on
deposit with the CRIS.

     The Commission expects to take steps to enforce the final
judgment as to Dornford Holdings Ltd. and Melilla Business Corp.
in Switzerland.