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DISTRIBUTION      (Page 191)

Customer related property of the debtor is allocated in the following order:

(1), to SIPC in repayment of advances made to the extent they were used to recover securities apportioned to customer property;

(2), to customers of the debtor on the basis of their net equities;

(3), to SIPC as subrogee for the claims of customers; and

(4), to SIPC in repayment of advances made by SIPC to transfer or sell customer accounts to another SIPC member firm.

15 U.S.C. 78fff-2(c)(1). 

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