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LANDIS, TAYLOR & SCOLL
COUNSELORS AT LAW

JAMES M.LANDIS
TELFORD TAYLOR
DAVID E. SCOLL
GEORGE J. SOLOMON
KENNETH SIMON

400 MADISON AVENUE
NEW YORK 17, N.Y.
MURRAY HILL 8-8990
CABLE ADDRESS: LANTALAW

December 6, 1954.

Mr. Michael A. Gitt,
94 Kings Point Road,
Kings Point, L.I., N.Y.

Dear Mike:

I have postponed writing the information letter we discussed in my office the other day. I am now working on the exemption application to the S.E.C. which I hope to have ready for submission in the next day or two. I think it important that we file this exemption application before we go too deeply into the sale of these securities. When the application has been filed, I will then file a notification form with the New York office of the S.E.C., which would then make it legal for us to push the sale of this stock among all employees.

On reflection I thought it too dangerous to start sending out letters to the employees before these other two steps had been taken. In the future the Fund may well become involved in proxy fights in Colonial, and I do not think we can afford to run the risk of being charged with any technical violations of the Securities Act. I shall call you in a day or two after I have had a chance to discuss the draft of the proposed exemption application with Mr. Landis.

Sincerely,
George J. Solomon

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