8/26/2003
Dear Customer/Dealer
Imperial Capital, LLC is a wholly-owned subsidiary of Imperial Capital Group, LLC,
a financial services holding company.
Imperial Capital, LLC is a registered securities broker/dealer specializing in distressed and high-yield bonds, bank debt, convertibles, preferred
securities, and equities.
Imperial Capital, LLC clears its securities transactions, on a fully disclosed basis,
through Pershing, Inc., a wholly-owned subsidiary of Bank of New York. Accordingly,
Pershing will settle any bonafide transactions effectuated through them by Imperial
Capital.
Customer accounts are provided unlimited protection of which $500,000 is protected
through Securities Investors Protection Corporation (up to $100,000 in cash) and
the remainder through an excess insurance policy issued by Travelers Casualty and
Surety Company (This coverage can be charged or eliminated upon 30 days notice).
The excess protection is subject to and follows the same terms, conditions and limitations
as SIPC protection up to the full net asset value of your account with Pershing.
Accordingly, securities which are held in a cash account or which are in a margin
account but are fully paid for would be distributed to you in the event of a SIPC
liquidation. Securities purchased on margin, if any, would be distributed
on a pro rata basis. Any shortfall would be reimbursed to you up to the total
value as provided by SIPC and/or Travelers Casualty and Surety Company.
Sincerely yours,
Imperial Capital, LLC