  We show that a novel optical parametric oscillator, based on concurrent
$\chi^{(2)}$ nonlinearities, can produce, above threshold, bright output beams
of macroscopic intensities which exhibit strong tripartite continuous-variable
entanglement. We also show that there are {\em two} ways that the system can
exhibit a new three-mode form of the Einstein-Podolsky-Rosen paradox, and
calculate the extra-cavity fluctuation spectra that may be measured to verify
our predictions.
