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ROOM 953 230 PARK AVENUE NEW YORK 17, N.Y. July 26, 1954 Mr. Michael Gitt 94 Kings Point Road Great Neck, New York Dear Mike: This is to let you know that we are proceeding along the lines on the resolution that you gave me. Before we can put this scheme into effect, we have to get an exemption under the Investment Company Act from the Securities and Exchange Commission. I am in the process of doing this now and I anticipate no difficulty in this connection. These technicalities, however, make for a certain degree of delay. Sincerely yours, James M. Landis JML:m