Despite several requests from New Jersey officials, Lazard, Freres & Co. has so far refused to disclose allocations on the largest deal Cypress Securities has co-managed - the state's $1.8 billion refunding last December, for which Lazard was senior manager.

David Thompson, president of Cypress, said the firm was allocated $45 million, or 2.5% of the issue, but sold only $20 million of bonds. That earned the company $100,000 in commissions, he said.

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