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86-24 Kobrin Securities Inc. 415 Route 18 East East Brunswick, New Jersey 08816

TO: All NASD Members

ATTN: Operations Officer, Cashier, Fail-Control Department

On March 26, 1986, the United States District Court, of New Jersey appointed a SIPC Trustee for the above-captioned firm. Previously, a Trustee in Bankruptcy had been appointed for the firm on July 29, 1985.

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

Jack Birnberg, Esquire
Jack Birnberg & Associates
2201 Lower Notch Road
Little Falls, New Jersey 07424
Telephone: (201) 256-8280

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