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<SEC-DOCUMENT>0000791963-08-000009.txt : 20081119
<SEC-HEADER>0000791963-08-000009.hdr.sgml : 20081119
<ACCEPTANCE-DATETIME>20081119161757
ACCESSION NUMBER:		0000791963-08-000009
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20081118
ITEM INFORMATION:		Other Events
FILED AS OF DATE:		20081119
DATE AS OF CHANGE:		20081119

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			OPPENHEIMER HOLDINGS INC
		CENTRAL INDEX KEY:			0000791963
		STANDARD INDUSTRIAL CLASSIFICATION:	SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211]
		IRS NUMBER:				980080034
		STATE OF INCORPORATION:			A6
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12043
		FILM NUMBER:		081201232

	BUSINESS ADDRESS:	
		STREET 1:		SUITE 1110, P.O. BOX 2015
		STREET 2:		20 EGLINTON AVE. WEST
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M4R 1K8
		BUSINESS PHONE:		(416)322-1515

	MAIL ADDRESS:	
		STREET 1:		PO BOX 2015 SUITE 1110
		STREET 2:		20 EGLINTON AVENUE WEST
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M4R 1K8

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FAHNESTOCK VINER HOLDINGS INC
		DATE OF NAME CHANGE:	19950725

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	VINER E A HOLDINGS LTD
		DATE OF NAME CHANGE:	19880622

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GOLDALE INVESTMENTS LTD
		DATE OF NAME CHANGE:	19861030
</SEC-HEADER>
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<TYPE>8-K
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<FILENAME>f8k111808.htm
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>UNITED STATES</TITLE>
<META NAME="author" CONTENT="eroberts">
<META NAME="date" CONTENT="11/19/2008">
</HEAD>
<BODY style="line-height:12pt; font-size:10pt; color:#000000">
<P style="margin:0pt; font-family:Times New Roman" align=center>As filed with the Securities and Exchange Commission on November 19, 2008</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>___________________________________________________</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>UNITED STATES</B></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>SECURITIES AND EXCHANGE COMMISSION</B></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>Washington, D.C. 20549</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>FORM 8-K</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>CURRENT REPORT </B></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>PURSUANT TO SECTION 13 OR 15(d)</B></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>OF THE SECURITIES EXCHANGE ACT OF 1934</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>Date of Report (date of earliest event reported): November 18, 2008</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>OPPENHEIMER HOLDINGS INC.</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><B><BR></B></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><I>Commission File Number 1-12043</I></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><B><BR></B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><BR></P>
<TABLE style="font-size:10pt" cellspacing=0 align=center><TR><TD width=512><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>Ontario, Canada &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98-0080034</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>(State of incorporation) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(IRS employer identification number)</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>PO Box 2015, Suite 1110</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>20 Eglinton Avenue West</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>Toronto Ontario Canada &nbsp;&nbsp;M4R 1K8</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>(Address of principal executive offices) (Zip code)</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>(416) 322-1515</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>(Registrant&#146;s telephone number, including area code)</P>
</TD></TR>
<TR><TD width=512><P style="margin:0pt; font-family:Times New Roman; font-size:12pt">&nbsp;</P>
</TD></TR>
</TABLE>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2.): </P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">|_| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">|_| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CRF 240.14a-12) </P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">|_| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) </P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">|_| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR>
<BR></P>
<P style="page-break-before:always; margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>SECTION 8 &#150; OTHER EVENTS</B></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>ITEM 8.01. Other Events.</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">The Securities Division of the office of the Secretary of the Commonwealth of Massachusetts filed an administrative complaint against Oppenheimer &amp; Co. Inc. (&#147;Oppenheimer&#148;) and certain of its executives and employees alleging various causes of action with respect to the sale by Oppenheimer of auction rate securities (&#147;ARS&#148;) to its clients. In addition, the complaint alleges that such individuals knew of the imminent failure of the ARS market, and that they acted on such information without informing Oppenheimer clients of such failure. The Massachusetts Securities Division seeks&nbsp;various relief including an order requiring Oppenheimer to offer rescission of sales of ARS&nbsp;at par and requiring Oppenheimer to make full restitution to&nbsp;investors who have already sold their ARS&nbsp;below par.&nbsp; The Division also seeks an order revoking the Chairman of Oppenheimer&#146;s Massachusetts regis
tration as a broker-dealer agent and requiring Oppenheimer and&nbsp;the named executives and other personnel to pay an administrative fine in an amount to be determined. Oppenheimer and the named parties deny that the allegations made by the Massachusetts Securities Division have any basis in fact or law and they intend to vigorously defend themselves. </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Oppenheimer has worked with regulators and financing sources to try to find a means for its clients to find liquidity from their ARS holdings and continues to do so. &nbsp;Oppenheimer is reviewing the availability of the TARP program and other programs recently announced by the federal government to provide a solution to this serious issue for its clients. Oppenheimer has taken certain actions and is exploring other actions to facilitate the purchase of client-held ARS.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Oppenheimer and the named parties intend to file an answer to the complaint as soon as it has been reviewed.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>SECTION 9 &#150; FINANCIAL STATEMENTS AND EXHIBITS</B></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>ITEM 9.01. &nbsp;Financial Statements and Exhibits</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">(d) Exhibits</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD valign=top width=55.2><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">99.1</P>
</TD><TD valign=top width=535.2><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Oppenheimer Holdings Inc. Press Release issued November 18, 2008</P>
</TD></TR>
</TABLE>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt">&nbsp;</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR>
<BR></P>
<P style="page-break-before:always; margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>SIGNATURES</B></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>Oppenheimer Holdings Inc. </B></P>
<TABLE style="font-size:10pt" cellspacing=0 align=center><TR><TD width=519.2><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><I>Date: November 19, 2008</I></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><I><BR></I></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><I>By: &quot;E.K. Roberts&quot;</I></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><I>---------------------------------</I></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><I>E.K. Roberts</I></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><I>President and Treasurer</I></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><I>(Duly Authorized Officer and</I></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><I>Principal Financial Officer)</I></P>
</TD></TR>
</TABLE>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt">&nbsp;</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt">&nbsp;</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR>
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<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>ex99.htm
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<HEAD>
<TITLE>EXHIBIT 99</TITLE>
<META NAME="author" CONTENT="robertse">
<META NAME="date" CONTENT="11/19/2008">
</HEAD>
<BODY style="line-height:12pt; font-size:10pt; color:#000000">
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">EXHIBIT 99.1</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>PRESS RELEASE</B></P>
<P style="margin:0pt; line-height:16pt; font-family:Times New Roman; font-size:14pt" align=center>Oppenheimer Responds to MSD Complaint</P>
<P style="margin:0pt; font-family:Garamond; font-size:14pt"><U><BR></U></P>
<P style="margin:0pt; font-family:Garamond; font-size:14pt"><U><BR></U></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><U>New York and Toronto, November 18, 2008 </U>&nbsp;The Securities Division of the Commonwealth of Massachusetts today filed a complaint against Oppenheimer &amp; Co. Inc. and certain of its executives and employees alleging various causes of action with respect to the sale by Oppenheimer of auction rate securities to its clients. In addition, the complaint alleges that such individuals knew of the imminent failure of the ARS market, and that they acted on such information without informing Oppenheimer clients of such failure. Oppenheimer and the named parties deny that the allegations made by the Massachusetts Securities Division have any basis in fact or law and they intend to vigorously defend themselves.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Oppenheimer offered auction rate securities in the same manner as the entire securities industry &#150; as a cash management tool similar to a money market fund. &nbsp;Oppenheimer and its executives and employees, like dozens of other &#147;downstream&#148; brokerages nationwide, had no knowledge of the conduct of the major dealers which caused the entire auction rate securities market to collapse.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">While there were sales by executives of auction rate securities, there were also executive purchases during the period contemplated by the complaint and all these same executives continue to hold significant amounts of auction rate securities. &nbsp;In fact, Oppenheimer provided documentary evidence to the Massachusetts Securities Division in their investigation that Chairman and CEO Albert Lowenthal had no knowledge of the placement of the orders to sell the ARS securities, as alleged in the complaint.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Oppenheimer believes&nbsp;that at all times it acted in its clients&#146; best interests and that it relied on the representations of underwriters and other participants that the auction rate market was continuing to function normally despite isolated auction failures in the &nbsp;weeks leading up to the collapse of the ARS market. </P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Oppenheimer has worked with regulators and financing sources to try to find a means for its clients to find liquidity from their ARS holdings and continues to do so. &nbsp;Oppenheimer is reviewing the availability of the TARP program and other programs recently announced by the federal government to provide a solution to this serious issue for its clients.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Prior to the filing of this complaint, Oppenheimer has taken the following actions to facilitate the purchase of client held auction rate securities:</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; text-indent:-18pt; line-height:14pt; font-family:Symbol; font-size:12pt">&#183;</P>
<P style="margin:0pt; padding-left:72pt; line-height:14pt; font-family:Symbol; font-size:12pt"><FONT FACE="Times New Roman">Oppenheimer Trust Company has filed an amendment to its charter to become &nbsp;a depository bank and become eligible for FDIC insurance &nbsp;as well as obtain access to the U.S Federal Reserve &#147;Discount Window&#148;;</FONT></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; text-indent:-18pt; line-height:14pt; font-family:Symbol; font-size:12pt">&#183;</P>
<P style="margin:0pt; padding-left:72pt; line-height:14pt; font-family:Symbol; font-size:12pt"><FONT FACE="Times New Roman">Oppenheimer Trust is preparing an application to the FDIC for deposit insurance;</FONT></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; text-indent:-18pt; line-height:14pt; font-family:Symbol; font-size:12pt">&#183;</P>
<P style="margin:0pt; padding-left:72pt; line-height:14pt; font-family:Symbol; font-size:12pt"><FONT FACE="Times New Roman">Oppenheimer Trust and Oppenheimer Holdings have filed applications to participate in the U.S. Treasury Capital Purchase Program;</FONT></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; text-indent:-18pt; line-height:14pt; font-family:Symbol; font-size:12pt">&#183;</P>
<P style="margin:0pt; padding-left:72pt; line-height:14pt; font-family:Symbol; font-size:12pt"><FONT FACE="Times New Roman">Oppenheimer Holdings is reviewing the possibility of becoming a U.S. corporation;</FONT></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; text-indent:-18pt; line-height:14pt; font-family:Symbol; font-size:12pt">&#183;</P>
<P style="margin:0pt; padding-left:72pt; line-height:14pt; font-family:Symbol; font-size:12pt"><FONT FACE="Times New Roman">Oppenheimer Holdings is exploring becoming a U.S. Bank Holding Company. </FONT></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Oppenheimer and the named parties intend to file an answer to the complaint as soon as it has been reviewed and are confident that the matter will ultimately be favorably resolved. </P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Oppenheimer Holdings Inc. (OPY on the NYSE), through its principal subsidiaries, Oppenheimer &amp; Co. Inc. (a U.S. broker-dealer) and Oppenheimer Asset Management Inc., offers a wide range of investment banking, securities, investment management and wealth management services from 86 offices in 21 states and through local broker-dealers in 3 foreign jurisdictions. OPY Credit Corp. offers syndication as well as trading of issued corporate loans. Oppenheimer employs over 3,300 people. Oppenheimer offers trust and estate services through Oppenheimer Trust Company. Evanston Financial Corporation is engaged in mortgage brokerage and servicing. In addition, through its subsidiary, Freedom Investments, Inc. and the BUYandHOLD division of Freedom, Oppenheimer offers online discount brokerage and dollar-based investing services.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:6pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify><I>This press release includes certain &#147;forward-looking statements&#148; relating to anticipated future performance. For a discussion of the factors that could cause future performance to be different than anticipated, reference is made to the Company&#146;s Annual Report on Form 10-K for the year ended December 31, 2007.</I></P>
<P style="margin:0pt; font-family:Garamond; font-size:14pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Contact:</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Brian Maddox (212) 850-5661</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
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