We are currently exempt from reporting and regulation under the 40 Act due to an exemption in Section 6(a)(2) of such act.  We believe we qualify under this exemption and do not believe that maintaining this exemption will materially constrain our operations.  This exemption states that:

“Any company which since the effective date of this title or within five years prior to such date has been reorganized under the supervision of a court of competent jurisdiction, if (a) such company was not an investment company at the commencement of such reorganization proceedings, (b) at the conclusion of such proceedings all outstanding securities of such company were owned by creditors of such company or by persons to whom such securities were issued on account of creditors' claims, and (c) more than 50 per centum of the net asset value of such company, and securities representing more than 50 per centum of the net asset value of such company, are currently owned beneficially by not more than twenty-five persons; but such exemption shall terminate if any security of which such company is the issuer is offered for sale or sold to the public after the conclusion of such proceedings by the issuer or by or through any underwriter. For the purpose of this paragraph, any new company organized as part of the reorganization shall be deemed the same company as its predecessor, and beneficial ownership shall be determined in the manner provided in Section 3(c)(1).”