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86-77 John Franklin & Associates 1975 Hempstead Turnpike East Meadow, New York 11554

TO: All NASD Members

ATTN: Operations Officer, Cashier, Fail-Control Department

On November 5, 1986, the United States District Court for the Eastern District of New York, appointed the Securities Investor Protection Corporation (SIPC) Trustee for the above-captioned firm.

Members may use the "immediate close-out" procedures as provided in Section 59(i)(2) of the NASD's Uniform Practice Code to close out open OTC contracts. Also, MSRB Rule G-12(h)(iii) provides that members may use the above procedures to close out transactions in municipal securities.

Questions regarding the firm should be directed to:

SIPC Trustee

Securities Investor Protection Corporation
Farragut Building, Suite 800
900 Seventeenth Street N. W.
Washington, D. C. 20006
Attn: Ms. Josephine Wang
Telephone: (202) 223-8400

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