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IN RE TOWERS FIN. CORP. NOTEHOLDERS LITIG.

January 8, 1998

In re TOWERS FINANCIAL CORPORATION NOTEHOLDERS LITIGATION


The opinion of the court was delivered by: KNAPP

 WHITMAN KNAPP, SENIOR DISTRICT JUDGE

 On December 11, 1997, Magistrate Judge Andrew J. Peck issued a Report and Recommendation ("the Report") recommending that we grant plaintiffs' uncontested motion for summary judgment against defendants Steven Hoffenberg, Marvin Basson, Arthur Ferro and Charles Chugerman based on their convictions on guilty pleas to criminal violations of the security laws. No objections have been filed.

 Finding the Report reasonable, we adopt it in its entirety. Accordingly, plaintiffs' motion is granted; the Clerk is directed to enter judgment in the amount of $ 250,000 against each of these four defendants.

 SO ORDERED.

 New York, New York

 January 8, 1998

 WHITMAN KNAPP, SENIOR U.S.D.J.

19980108

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