SECURITIES AND EXCHANGE COMMISSION

     LITIGATION RELEASE NO. 15488 / September 11, 1997

     SECURITIES AND EXCHANGE COMMISSION v. DONALD C. FERGUSON, RENEE FERGUSON,
     DAVID L. FRIED, ALBERT L. FRIED, AND MATTHEW C. FERRY, Civil Action No. 96-
     1099-DRD (D. New Jersey, filed March 12, 1996)

          The Securities and Exchange Commission ("Commission") today announced
     that, on August 14, 1997, a Final Order of Permanent Injunction ("Final
     Judgment") was entered against David L. Fried ("D. Fried") of Robbinsville,
     New Jersey, by United States District Judge Dickinson R. Debevoise,
     District of New Jersey, for insider trading in violation of the federal
     securities laws.  The Final Judgment permanently enjoins D. Fried from
     violating Section 10(b) of the Securities Exchange Act of 1934 ("Exchange
     Act") and Rule 10b-5 thereunder, orders him to disgorge trading profits of
     $5,829, plus prejudgment interest of $2,479.79, and to pay a penalty of
     $5,829, for a total of $14,137.79.  In addition, the Final Judgment orders
     D. Fried to pay $27,871 and $1,613, representing disgorgement of all
     profits received by co-defendants Albert L. Fried ("A. Fried") and Matthew
     C. Ferry ("Ferry"), respectively.  Payment of these amounts will be offset
     by any sums subsequently paid by these co-defendants.  D. Fried consented
     to the entry of the Final Judgment without admitting or denying any of the
     substantive charges against him.  The litigation is ongoing against
     defendants A. Fried and Ferry.

          In its complaint, which was filed on March 12, 1996, the Commission
     charged that D. Fried, A. Fried and Ferry purchased securities of American
     Biltrite Inc. ("ABL") after receiving, from D. Fried's parents, co-
     defendants Donald and Renee Ferguson,  material, non-public information
     that ABL intended to enter into a joint venture agreement with Congoleum
     Corporation ("Congoleum").  The complaint alleged that, on November 30,
     1992, in connection with his responsibilities as vice-president of
     engineering of the Amtico division of ABL, Donald Ferguson learned that ABL
     planned to publicly announce the intended joint venture.  D. Fried, A.
     Fried and Ferry purchased a total of 6,550 shares of ABL stock on December
     1 and/or 2, 1992.  ABL made a public announcement of the intended joint
     venture on December 3, 1992, which caused the price of ABL's stock to
     increase four points, or approximately 25%.

          Final Judgments of Permanent Injunction were entered on March 13, 1996
     against Donald and Renee Ferguson enjoining them from committing further
     violations of Section 10(b) of the Exchange Act and Rule 10b-5 thereunder
     and imposing a penalty of $5,829 against each of them.  [See prior
     Litigation Release Nos. 14829 (February 27, 1996) and 14843 (March 12,
     1996)].







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