H.B. Shaine & Co., Inc. Ill Pearl Street, N.W. Grand Rapids, Michigan 49503

TO: All NASD Members

ATTN: Operations Officer, Cashier, Fail-Control Department

On October 20, 1987, the United States District Court for the Western District of Michigan 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
Cyril Moscow, Esquire
c/o Honigman, Miller, Schwarz & Conn
2290 1st National Building
Detroit, Michigan 48226
Telephone: (313) 256-7800

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