SECURITIES AND EXCHANGE COMMISSION
                         Washington, D.C.


LITIGATION RELEASE NO. 15157 / November 13, 1996

ACCOUNTING AND AUDITING ENFORCEMENT
RELEASE NO. 856 / November 13, 1996

SECURITIES AND EXCHANGE COMMISSION v. CHRISTOPHER KENT
BAGDASARIAN AND SAM LANCE WHITE  Civil Action No. 96-CV-7306
(S.D.N.Y.)

     On November 13, 1996, Christopher K. Bagdasarian, chief
executive officer of Normandy America Inc., pleaded guilty to
eight felony counts of securities fraud, bank fraud, conspiracy
and perjury in the United States District Court for the Southern
District of New York.  United States v. Bagdasarian, No. 96-CR-
901 (S.D.N.Y.).  The securities fraud, conspiracy and perjury
counts relate to Mr. Bagdasarian's actions in connection with
Normandy America Inc.'s August 1995 initial public offering of
approximately $200 million of common stock, and his conduct in
connection with the Commission's investigation of that offering. 
Both the Commission's civil injunctive action and the U.S.
Attorney's criminal actions allege that Mr. Bagdasarian and Mr.
White fabricated Mr. Bagdasarian's investment track record which
was included in Normandy's registration statement and was the
focus of the Company's marketing efforts.  Mr. White has pleaded
not guilty to a separate criminal indictment containing the same
charges as the information to which Mr. Bagdasarian pleaded
guilty.  United States v. White, No. 96-CR-869 (S.D.N.Y.).