Joseph J. Porco, Managing Director, Independent Asset Management

I don't believe that David Rosenfeid, David Markowitz and Sanjay Wadhwa dispute that we were
damaged. You now have 130 million dollar surplus left over. What considerable resources would it
take to sit down with us and determine an amount, which the Commission feels is reasonable to
reimburse us for our lost income caused by the specialist fraud?
The Commission stated that "if speculative consequential damages are entertained, there are
potentially millions of claimants (there are over 2.6 million violative trades, each of which may have
resulted in some consequential harm to some person), and the process of adjudicating the relative
merits of all these claims would quickly dissipate the Remaining Funds." Respectfully, this position is
now erroneous because the funds have not been dissipated and there is a surplus. Furthermore, have
any other people (of these potentially millions of claimants) who suffered consequential harm from
the 2.6 million violative trades come forward to ask for relief? I do not believe they have. Still, to
date, only a handful of comments have been submitted. We however, did come forward and have
made every effort and have endured much personal hardship while we pursued this matter over the
last few years.
The Commission disagreed with Empire's suggestion that the Remaining Funds should be
distributed pro-rata to the injured, because The Commission believed at the time that such
payments would result in the injured customers obtaining an undeserved windfall. Independent
Asset Management and its principals never asked the Commission for a pro-rata distribution and
we are not asking the Commission for a windfall. Rather, we ask for reasonable payment for
damages, from which we have never recovered. Our damages are not speculative, remote, nor
"notoriously" difficult to calculate.
I therefore request that the SEC reconsider our special circumstances, and recognize that were
financially devastated by the NYSE Fraud, and therefore conclude that we are entitled to financial
relief. We seek and claim damages suffered as a result of the NYSE Fraud. We seek and claim
that we are entitled to an amount to be paid from the estimated $130 million of funds left over
now that the contemplated payments have been made. We hope that your office will consider our
original request, submitted on January 24th 2006, but we areopen to any discussions with your
office that will result in a fair resolution to this matter. Our previous office location has been
closed. I can be reached at the address below.
Sincerely, ^
/JosephJ. Porco,
Managing Director
Independent Asset Management LLC
PO Box 379
Newtown CT 06470
jp@independentfunds.com
http://www.sec.gOv/litigation/admin/311445.shtml