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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