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MARC J. GABELLI AND BRUCE ALPERT, PETITIONERS v. SECURITIES AND EXCHANGE COMMISSION

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                   No. 11-1274

3n the 'upreme Court of the Muiteb otate


        MARC J. GABELLI AND BRUCE ALPERT,
                                     Petitioners,

                        V.

       SECURITIES AND EXCHANGE COMMISSION,
                                      Respondent.


   On Writ of Certiorari to the United States
   Court of Appeals for the Second Circuit


REPLY BRIEF FOR PETITIONERS


Lewis J. Liman
  Counsel of Record
Michael R. Lazerwitz
Alida Y. Lasker
Katherine L. Wilson-Milne
Jared M. Gerber
CLEARY GOTTLIEB STEEN
& HAMILTON LLP
One Liberty Plaza
New York, NY 10006
(212) 225-2000
lliman@cgsh.com


Edward A. McDonald
Kathleen N. Massey
Joshua I. Sherman
DECHERT LLP
1095 Avenue of the Americas
New York, NY 10036
(212) 698-3500
kathleen.massey@dechert.com


              Counsel for Petitioners

December 26, 2012


Becker Gallagher • Cincinnati, OH • Washington, D.C. • 800.890.5001


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