LETTER addressed to Judge Louis L. Stanton from David J. Sheehan dated April 13, 2009, re: We write with respect to the Court's Opinion dated April 10, 2009 (the "Opinion"). In the Opinion, the Court noted that there is a distinction under SIPA among those who invested in BLMIS directly as its customers and entities which invested through intermediaries. Opinion at 2. We respecffully disagree. In fact; there is no such distinction and all entities, whether they invested directly or through intermediaries, will benefit from the Trustee's liquidation of BLMlS on a pro rata basis. We do not seek any relief from the Court at this time but, instead, merely seek to provide clarification on this important point. (rw)

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