U.S. Securities & Exchange Commission
                        Washington, D.C.

     Litigation Release No.  16058 / February 11, 1999

     SECURITIES  AND  EXCHANGE  COMMISSION v. SAMIR TRABOULSI, ET. ALS., U.S.
     District Court for the Southern  District  of  New  York  (97 Civ. 5759)
     (RPP)

     SEC SETTLES WITH TWO FOR $4.2 MILLION IN TRIANGLE INDUSTRIES INSIDER
     TRADING CASE; TOTAL RECOVERIES NOW $ 5.7 MILLION

          The United States District Court for the Southern  District  of New
     York  Monday  entered  final judgments of permanent injunction and other
     relief against Socofinance,  S.A.  and  Charbel Ghanem.  Both defendants
     had previously been charged along with six  other  foreign nationals and
     another foreign entity with insider trading before the 1988 tender offer
     for Triangle Industries, Inc. by Pechiney Corporation. The judgments, to
     which Socofinance and Ghanem consented without admitting  or denying the
     allegations   in  the  Commission’s  Complaint,  provide  for  permanent
     injunctions against future violations of Sections 10(b) and 14(e) of the
     Securities Exchange  Act  of  1934  ("Exchange Act") and Rules 10b-5 and
     14e-3  thereunder, disgorgement of the  approximately  $3.6  million  in
     illegal  profits  that  have  been frozen in Switzerland and prejudgment
     interest totaling $720,000.

          The Commission’s Complaint alleged that Ghanem was tipped about the
     tender offer by his friend, Samir Traboulsi, who served as an advisor to
     Triangle  during  the tender offer  negotiations.   The  Complaint  also
     alleged that Ghanem, a Swiss national born in Lebanon, who was a founder
     and  director of a Swiss  currency  brokerage  firm,  Socofinance,  then
     directed  the purchase of 91,000 shares of Triangle stock in the account
     of  International   Discount   Bank   &  Trust  (West  Indies)  Ltd.  at
     Socofinance.  The  Complaint  alleged  that   Ghanem   controlled   both
     Socofinance  and  International Discount Bank & Trust at the time of the
     trading.  After the  tender  offer, the 91,000 shares in the Socofinance
     account were sold for profits  of  approximately  $3.6  million.   Those
     profits  are  being  retained  by order of the government of Switzerland
     pursuant  to a request by the Commission.   The  Commission’s  Complaint
     alleged that  by  virtue  of  Ghanem’s  criminal  conviction  in  France
     resulting  from  the  events  alleged  in the Complaint, Socofinance and
     Ghanem are collaterally estopped from denying liability in this action.

          The  Commission  previously reached settlements  with  three  other
     defendants in this case;  Traboulsi,  Alain Boublil, and Patrick Gruman.
     Including  the monies to be disgorged by  Ghanem  and  Socofinance,  the
     Commission has now recovered $5.7 million in illegal trading profits and
     prejudgment interest as a result of settlements in this case.

          Earlier,  on  October 30, 1998, the Commission won summary judgment
     against the four defendants  with whom it has not settled: International
     Discount Bank & Trust, Max Theret,  Robert  Reiplinger,  and Jean-Pierre
     Emden.   Each of those defendants was permanently enjoined  from  future
     violations  of Exchange Act Section 10(b) and Rule 10b-5 thereunder, and
     International  Discount  Bank  & Trust, Theret, and Reiplinger were also
     enjoined from future violations  of  Exchange Act Section 14(e) and Rule
     14e-3 thereunder.  They were ordered to  disgorge illegal profits in the
     following  amounts,  plus prejudgment interest  thereon:   International
     Discount  Bank  &  Trust,   $3,659,713   (jointly   and  severally  with
     Socofinance and Ghanem), Theret and Reiplinger $1,479,183  (jointly  and
     severally), Reiplinger, an additional $82,147, and Emden, $244,417.

          The Commission acknowledges the assistance of the Swiss Federal
     Office of Police Matters in this matter.