IMPORTANT

OFFICERS, PARTNERS AND PROPRIETORS

TO: All NASD Members and Other Interested Persons

The Securities and Exchange Commission has approved a recodification of the NASD By-Laws ^1/ and a revised Code of Procedure. ^2/ The text of these amendments, which were effective upon approval by the Commission, ^3/ is attached.

TO: All NASD Members

ATTN: Operations Officer, Cashier, Fail-Control Department

On April 16, 1985, the Federal District Court for the Eastern District of Arkansas appointed a Temporary Receiver 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.

TO: All NASD Members and Other Interested Persons

ATTN: Direct Participation Programs Department

TO: All NASD Members

The Securities and Exchange Commission recently issued proposals designed to clarify the obligations of brokers and issuers under its previously adopted direct communications program. The SEC had earlier mandated a program for issuers' direct communications with beneficial shareowners to go into effect on January 1, 1985.

TO: All NASD Members and Level 2 and Level 3 Subscribers

On Tuesday, May 7, 1985, 82 issues are scheduled to join the NASDAQ National Market System bringing the total number of issues in NASDAQ/NMS to 1,934. These 82 issues, which will begin trading under real-time trade reporting, are entering the NASDAQ/NMS pursuant to the Securities and Exchange Commission's criteria for voluntary designation.

The 82 issues scheduled to join NASDAQ/NMS on Tuesday, May 7, 1985, are:

TO: All NASD Members and Other Interested Persons

TO: All NASD Members

ATTN: Operations Officer, Cashier, Fail-Control Department

On May 3, 1985, the United States District Court for the Central District of California 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.

TO: All NASD Members and Municipal Securities Bank Dealers

ATTN: All Operations Personnel

Securities markets and the NASDAQ System will be closed on Monday, May 27, 1985, in observance of Memorial Day. "Regular Way" transactions made on the business days noted below will be subject to the following schedule.

Trade Date-Settlement Date Schedule For "Regular-Way" Transactions

TO: All NASD Members

ATTN: Operations Officer, Cashier, Fail-Control Department

On May 8, 1985, the United States District Court for the District of New Jersey appointed a SIPC Trustee for the above-captioned firm.

Please refer to Notice to Members 85-25 regarding the previous appointment of a Temporary Receiver.

Questions regarding the firm should be directed to:

SIPC Trustee

Richard W. Hill, Esquire
McCarter & English
550 Broad Street
Newark, New Jersey 07102
Telephone: (201) 622-4444

TO: All NASD Members and Level 2 and Level 3 Subscribers

On Tuesday, May 21, 1985, 42 issues are scheduled to join the NASDAQ National Market System bringing the total number of issues in NASDAQ/NMS to 1,976. These 42 issues, which will begin trading under real-time trade reporting, are entering the NASDAQ/NMS pursuant to the Securities and Exchange Commission's criteria for voluntary designation.

The 42 issues scheduled to join NASDAQ/NMS on Tuesday, May 21, 1985, are: