Cusack, Light & Company, Inc. 101 Old Short Hills Road West Orange, New Jersey 07052

TO: All NASD Members

ATTN: Operations Officer, Cashier, Fail-Control Department

On June 25, 1986, the United States District Court for the District of New Jersey 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

Frederick B. Lacey, Esquire
LeBouef, Lamb, Leiby & MacRae
Gateway One, Gateway Center
Newark, New Jersey 07102
Telephone: (201) 643-8000