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7/2/91-Called (redacted) and advised that, in our view, an officer or director who takes stock in the company which employs him cannot avail himself of 802.9 if the stock value held will exceed $15 MM...

None noted

None noted

Called on 7/18 - Confirmed (redacted) advice given.

None noted

Called on 7/22 Advised that under §802.51(c) it is the transaction size or in this case, the consideration or fair market value, the governs the applicability of this exemption.

I agree with this letter. PS RS TH concur see #202 new PMPM

None noted

A person may acquire voting stock pursuant to a default under 802.63. Facts ofthis case show a default.

None noted

6/26/91 - OK

A5

Talked to (redacted) Advised that I discussed with JS who stated that if acquired person still in lease financing business and no entity or substantially all of the assets of a division or entity...

6/4/91- John Sipple advised (redacted) that the issue of whether merger betweenagricultural cooperatives are exempt from the antitrust laws is still not resolved. Theposition of the PMN Office is that...