MARTIN LIPTON H E R B E R T M. WACHTELL L E O N A R D M. R O S E N G E O R G E A. KATZ T H E O D O R E GEWERTZ B E R N A R D W. N U S S B A U M B E R T R A M M. K A N T O R WILLIAM C. STERL ING, JR. R I C H A R D D. KATCHER J A M E S H. F O G E L S O N D O U G L A S S. L I E B H A F S K Y PETER D. M C K E N N A L A U R E N C E D. C H E R K I S S T E V E N M. B A R N A C H A R L E S T. M E D E R R I C K LAWRENCE L E D E R M A N CHARM J. FORTGANG PETER C. C A N E L L O S M I C H A E L W. S C H W A R T Z A L L A N A. MARTIN D E N I S F. C R O N I N BARRY A. BRYER H E N R Y L E S S E R R O B E R T B. M A Z U R PAUL V I Z C A R R O N D O , JR. PAUL E. L E V I N E PETER C. H E I N H A R O L D S. N O V I K O F F DAVID M. E I N H O R N K E N N E T H B. F O R R E S T MEYER G. KOPLOW T H E O D O R E N. M I R V I S

LAWRENCE P. K ING OF COUNSEL

WACHTELL, LIPTON, ROSEN & KATZ 2 9 9 PARK AVENUE NEW YORK, N.Y. 10171

( 2 ] 2 ) 371-9200

TELEX:WU 127829 CABLE:"TELLROSE NEW YORK"

TELECOPIER: (2]2) 371-1658

September 23, 1983

Mr John Huber Director Division of Corporation

Finance Securities and Exchange

Commission 450 Fifth Street, NoW Washington, DCo 20549

EDWARD D. H E R L i H Y M I C H A E L H. BYOWITZ ~ R O B E R T N. MACRIS R I C H A R D D. F E I N T U C H D A N I E L A. N E F F J E R O L D M. W E I S S C L A U D E M. TUSK ERIC M. ROTH R E B E C C A C ITRON W A R R E N R. S T E R N BARRY A. WEPRIN LOUIS J. B A R A S H A N D R E W R. B R O W N S T E I N MARTIN N. FLICS M I C H A E L S. H I M M E L ILAN K. R E I C H PAUL K. ROWE R I C H A R D B. S K A F F J O A N N E R. WENIG AMY R. WOLF M I C H A E L B. B E N N E R R I C H A R D DE R O S E BRIAN P. F R I E D M A N DAVID G R U E N S T E [ N DAVID G. M c D O N A L D S H A R O N L . T I L L M A N MARC W O L I N S K Y JAY A. L E V E N S O N PATRICIA A . V L A H A K I S G E O R G I N A K . W I L H E I M SETH A. KAPLAN B A R B A R A R O B B I N S PAMELA S. S E Y M O N STEWART E . T A B I N

~OF D.C, BAR ONLY

Dear John,

I was extremely pleased to learn of your appointment as Director of the Division of Corpora- tion Finance It is a well-deserved honor, and I know that you will continue to be successful Your new posi- tion, along with your institutional sense of the Commis- sion's investor protection mandate, puts you on the path of Commission greatness following predecessors such as Manny Cohent Alan Levensen, Dick Rowe, et al I know that you will be as much a credit to the Commission as they have been

The Commission's compliance and oversight role cannot be overemphasized In your position you will have a unique opportunity to impose some perhaps lost discipline on the filing process and the Commission's comment process A vigorous Corpo Fin oversight and review of filings adds great value to the capital formation process and the markets in general

I wish you only the best

Sincerely,

Edward Do Herlihy