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86-7 Bartel Securities, Inc. 1 Oxford Valley, Suite 702 Langhorne, Pennsylvania 19047

TO: All NASD Members

ATTN: Operations Officer, Cashier, Fail-Control Department

On January 27, 1986, the United States District Court of Pennsylvania, Eastern Division, appointed a 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

Victoria Hirschland, Esquire
Securities Investor Protection Corporation
Farragut Building, Suite 800
900 Seventeenth Street, N.W.
Washington, D. C. 20006
Telephone Number: (202) 223-8400

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