SECURITIES AND EXCHANGE COMMISSION

Litigation Release No. 17260 / December 6, 2001

SEC v. Devin A. Danehy, (U.S.D.C. W.D. Kentucky, Civil Action No. 3:01CV555, filed September 21, 2001)

The Securities and Exchange Commission ("Commission") announced that on November 19, 2001, it filed a civil contempt action against Devin A. Danehy, a resident of Orlando, Florida in federal court in Louisville, Kentucky.

These proceedings are based on Danehy's alleged violation of a Final Judgment and Order of Permanent Injunction and Other Relief ("Final Judgment") entered against him in a settled insider trading case on September 25, 2001, by the Honorable John G. Heyburn II, U.S. District Judge for the Western District of Kentucky. The Final Judgment, in part, required Danehy to pay his first installment of $50,000 of a total of $134,327 in disgorgement and prejudgment interest by October 25, 2001. Danehy did not make any payment.

The Final Judgment was based on the Commission's complaint filed on September 21, 2001. The Commission's Complaint alleged that from July 22, 1998 through October 9, 1998, Danehy engaged in insider trading in the securities of Tricon Global Restaurants, Inc. ("Tricon"), a company headquartered in Louisville, Kentucky. Danehy was a manager in the Business Analysis Group at Tricon and in this capacity, participated in the preparation of confidential internal Tricon documents reporting Tricon's financial results and forecasts of its financial results for the third and fourth quarter of 1998. Against Tricon's insider trading policies, Danehy purchased 210 Tricon call options on July 22, August 17 and 18, and October 8 and 9, while in possession of this information. Danehy subsequently sold those options after significant, positive public announcements about Tricon's financial results were made and gained a profit of $110,301.

Without admitting or denying the allegations in the Commission's Complaint, Danehy consented to entry of the Final Judgment, which permanently enjoins him from violating Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder and orders him to disgorge $110,301 in trading profits, including an additional $24,026 in prejudgment interest.

Danehy has filed for Chapter 13 bankruptcy and a hearing on the Commission's motion for an or order of civil contempt has been set for January 4, 2002.