Norbay Securities, Inc. 36-35 Bell Boulevard Bayside, New York 11361

TO: All NASD Members

ATTN: Operations Officer, Cashier, Fail-Control Department

On October 14, 1986, the United States District Court for the Eastern 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)(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

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