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84-5 Jay W. Kaufmann & Co. Ill Broadway New York, New York

TO: All NASD Members

ATTN: Operations Officer, Cashier, Fail-Control Department

On January 23, 1984, the United States District Court for the Southern District of New York appointed a SIPC Trustee for the above captioned firm.

Members may use the "immediate close-out" procedures as provided in Section 59(i) of the NASD's Uniform Practice Code to close out open OTC contracts. Also, MSRB Rule G-12 (h)(iv) 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

Irving H. Picard, Esquire
Moses & Singer
Time & Life Building
1271 Avenue of the Americas
New York, New York 10020
Telephone: (212) 246-3700

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