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LANDIS, TAYLOR & SCOLL
COUNSELORS AT LAW
      
James M. Landis            
Telford Taylor             
David E. Scale                   
George J. Solomon
Kenneth Simon

400 Madison Avenue  
New York 17, N.Y.  
Murray Hill 8-8990
Cable Address:LANTALAW

August 16, 1954.

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

Dear Mr. Gitt:

There is enclosed a copy of a letter Mr. Landis wrote to the S.E.C. a few weeks ago in which a request is made for an exemption from the provisions of the Investment Company Act in order to permit the establishment of the fund we discussed.

We still have not heard from S.E.C about this, and I plan to write to them again in order to speed the matter up as much as possible.

I think all the facts stated in the letter agree with the discussions you had with me and Mr. Landis. We can, of course, change or modify the set-up if you think it necessary, although I suggest that all basic changes be submitted to the S.E.C before they have ruled on the matter so that it will not be necessary to obtain another ruling from them.

Sincerely yours,

George J. Solomon
George J. Solomon

GJS:bp
Enclosure