<SEC-DOCUMENT>0001140361-15-028167.txt : 20151119
<SEC-HEADER>0001140361-15-028167.hdr.sgml : 20151119
<ACCEPTANCE-DATETIME>20150721171850
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001140361-15-028167
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20150721

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TENGASCO INC
		CENTRAL INDEX KEY:			0001001614
		STANDARD INDUSTRIAL CLASSIFICATION:	CRUDE PETROLEUM & NATURAL GAS [1311]
		IRS NUMBER:				870267438
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		6021 S. SYRACUSE WAY
		STREET 2:		SUITE 117
		CITY:			GREENWOOD VILLAGE
		STATE:			CO
		ZIP:			80111
		BUSINESS PHONE:		720-420-4460

	MAIL ADDRESS:	
		STREET 1:		6021 S. SYRACUSE WAY
		STREET 2:		SUITE 117
		CITY:			GREENWOOD VILLAGE
		STATE:			CO
		ZIP:			80111
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<html>
<head>
<title></title>
<!--Licensed to: Summit Financial Printing, LLC
    Document created using EDGARfilings PROfile 3.5.0.0
    Copyright 1995 - 2015 Summit Financial Printing, LLC.  All rights reserved.-->
</head>
<body style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" bgcolor="#ffffff" text="#000000">
<div>
<hr style="TEXT-ALIGN: center; BACKGROUND-COLOR: #000000; HEIGHT: 4px; COLOR: #000000; MARGIN-LEFT: auto; MARGIN-RIGHT: auto" noshade="noshade">
</div>

<div>
<div style="TEXT-ALIGN: center"><img style="WIDTH: 213px; HEIGHT: 115px" src="image0.jpg"></div>

<div><br>
</div>

<div style="TEXT-ALIGN: center; FONT-VARIANT: small-caps; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Tengasco, Inc.</div>

<div style="TEXT-ALIGN: center; FONT-VARIANT: small-caps; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">6021 S. Syracuse Way, Suite 117</div>

<div style="TEXT-ALIGN: center; FONT-VARIANT: small-caps; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Greenwood Village, CO 80111</div>

<div style="TEXT-ALIGN: center; FONT-VARIANT: small-caps; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">720-420-4460</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">July 21, 2015</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">David L. Orlic, Special Counsel</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">United States Securities and Exchange Commission</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Division of Corporation Finance, Office of Mergers &amp; Acquisitions</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Washington, D.C. 20549-3628</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="a396a9f1efa84b138c5f87d05683a717" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Re:</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold"><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Tengasco, Inc. Schedule 14D-9 filed July 13, 2015 File No.</font>&#160; <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">005-59803</font></div>
</td>
</tr>
</table>
</div>

<div>&#160;</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Dear Mr. Orlic:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Tengasco, Inc.&#160; (the &#8220;Company&#8221;) has received your comment letter dated July 14, 2015 regarding the captioned filing.&#160; Set forth below are both of your two numbered comments and the Company&#8217;s responses.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Comments:</u></div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">&#8220;Reasons for the Recommendation</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">1. Please disclose in greater detail how the board of directors determined that the offer price is inadequate and would deprive tendering stockholders of the potential opportunity to realize the full long-term value of their investment. Please also disclose the value of the company&#8217;s assets and proved oil reserves, as considered by the board of directors in making its determination with respect to the offer.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">Signature</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 36pt; FONT-SIZE: 10pt">2. Please include a date with the signature.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>Company responses:</u></div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">We have filed Amendment No. 1 to our Schedule 14D-9 which amends the reasons for the Board of Director&#8217;s recommendation so that as amended the second paragraph of&#160; Item 4(b) reads in full as follows, with the information underlined being added by the amendment [underlining does not appear in the amendment]:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 25.75pt; FONT-FAMILY: 'Times New Roman', Times, serif; MARGIN-LEFT: 5.15pt; FONT-SIZE: 10pt">&#160; The reasons for the Board&#8217;s recommendation include, without limitation:</div>

<div><br>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="7814417278874e2b8817b815a0103e01" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 48px">&#160;</td>
<td style="WIDTH: 24px; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Symbol, serif; FONT-SIZE: 10pt">&#183;</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">the Board&#8217;s belief that, given the timing of the Offer and the Offer Price, the Offer represents an opportunistic attempt to purchase the Shares at an inadequate price level and thereby deprive the Company&#8217;s stockholders who tender Shares in the Offer of the potential opportunity to realize the full long-term value of their investment in the Company.&#160; <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>The Offer Price is 20% less than the average closing price of the Company&#8217;s stock for the past year before the Offer. The Offer Price is also 9% lower than the highest price at which the Company&#8217;s common stock traded in the last ninety days.&#160; In addition, the Board believes that the depressed crude oil commodity prices experienced industry-wide currently and in the last year have substantially affected the Company&#8217;s stock price and therefore that the Offer Price is not reflective of the long term value of the Shares. </u></font>(However, there can be no assurance as to the actual long term value of the Shares as such value is dependent on a number of factors including general economic conditions and the other factors discussed in Item 8 below);</div>
</td>
</tr>
</table>
</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; PAGE-BREAK-AFTER: always; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="3c943fb3f7e14f08b7f7dabbb75c80ea" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 48px">&#160;</td>
<td style="WIDTH: 25px; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Symbol, serif; FONT-SIZE: 10pt">&#183;</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">the Board&#8217;s knowledge of the value of the Company&#8217;s assets, <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>particularly its proved reserves</u></font>;</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="1f05fe059c8644e2ac944005bd60f158" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 48px">&#160;</td>
<td style="WIDTH: 24px; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Symbol, serif; FONT-SIZE: 10pt">&#183;</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">the fact that the Board believes the value of the Company&#8217;s proved oil reserves is in excess of the value represented by the Offer Price.&#160; <font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>The Board determined that the total value of the Offer was lower than the estimated value of future cash flows from the Company&#8217;s proved reserves, discounted at 10% (PV10), under three sets of assumptions.&#160; &#160; The reserve values to which the Offer was compared were calculated based on the year-end-2014 database of proved reserves under SEC standards, adjusted as of July 1, 2015 using three different future price scenarios.&#160; The first and most conservative scenario was based on the assumptions utilized in May 2015 by the Company&#8217;s senior lender to determine the Company&#8217;s borrowing base, i.e.&#160; use of a WTI NYMEX forward strip crude oil price.&#160; The second scenario used a WTI crude oil price of $60 per barrel in 2015 and $70 flat thereafter.&#160; The third scenario was the same as the second except that an $80 flat price was used after 2016.&#160; The value of the Offer was 19% less than the reserve value under the first price scenario, 31% less than the reserve value under the second price scenario, and 48% less than the reserve value under the third price scenario. The Board also considered the reserve value calculated in each manner to be both conservative and not reflective</u></font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u> of </u></font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>other future value that may be realized from acquiring and developing additional reserves or other strategic transactions</u></font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>. </u></font><font style="FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt"><u>The Board further noted that the estimated reserve values do not include the value of probable or possible reserves or other potentially recoverable resources associated with the Company&#8217;s properties;</u></font> and</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div>
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="891080122f7f4510ae39ff135fac927b" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr style="VERTICAL-ALIGN: top">
<td style="WIDTH: 48px">&#160;</td>
<td style="WIDTH: 24px; VERTICAL-ALIGN: top; align: right">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: Symbol, serif; FONT-SIZE: 10pt">&#183;</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; align: left">
<div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">the existence of errors and inconsistencies in the Schedule TO that, in the Board&#8217;s view, undermine the credibility and seriousness of the Offer (see Item 8 below for additional information regarding this issue).</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The amendment also amends the signature to add the date of signature of the Schedule 14d-9 as initially filed as July 13, 2015.</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Regarding the Schedule TO to which the Company&#8217;s Schedule 14d-9 responds, the Company would like to point out that among the errors and inconsistencies in the Schedule TO is an apparent failure to comply with the requirements of Item 1006(c)(1) of Regulation M-A, which requires disclosure of, among other things, the bidder&#8217;s plans for extraordinary transactions such as mergers.&#160; In the Schedule TO as initially filed, ICN Fund I, LLC (&#8220;ICN&#8221;) stated that it would complete a second step merger without a shareholder vote if it completed the offer (see page 7 of the initial Offer to Purchase: &#8220;As soon as practicable following the Acceptance Time, in accordance with the terms of the Tender Offer Agreement, we will complete the subsequent merger of Purchaser with and into Tengasco without a vote of the stockholders of Tengasco pursuant to Section 251(h) of the DGCL.&#8221;).&#160; In an amended Offer to Purchase filed on July 17, 2015, references to a second-step merger have been deleted.&#160; However, the amended document continues to state in multiple places that following completion of the offer, the Company will become a wholly-owned subsidiary of ICN.&#160; It does not explain how this will occur in the absence of a second-step merger given that it is extremely unlikely that all of the Company&#8217;s shareholders will accept the offer.&#160; Moreover, in the Summary Term Sheet included in the Offer to Purchase, ICN states that non-tendering Company shareholders will hold shares in a private company following the completion of the offer.&#160; <font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">The Company, in the Amendment No. 1 to its Schedule 149-D, is also now amending Item 8 of its Schedule 14D-9 to note the continuing serious defects perpetuated by the July 17, 2015 amendment by ICN to its Schedule TO</font><font style="FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">.</font>&#160; However, in light of the materiality of this issue to the Company&#8217;s shareholders, the Company believes that ICN should be required to amend its disclosures to clearly and coherently state its intentions with respect to any planned second-step merger, or the lack thereof.</div>

<div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
<hr style="BORDER-RIGHT-WIDTH: 0px; BACKGROUND-COLOR: #000000; PAGE-BREAK-AFTER: always; MARGIN: 4px 0px; WIDTH: 100%; BORDER-TOP-WIDTH: 0px; BORDER-BOTTOM-WIDTH: 0px; HEIGHT: 2px; COLOR: #000000; CLEAR: both; BORDER-LEFT-WIDTH: 0px" id="DSPFPageBreak" noshade="noshade">
</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">The Company acknowledges that:</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="5b54a5f5aadb4f8ba1dfbcd7cdb8934f" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="WIDTH: 18pt; FONT-FAMILY: Symbol, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">&#183;</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">the Company is responsible for the adequacy and accuracy of the disclosure in the filing;</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="809082f8468a48c3ad01819c46d6184d" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="WIDTH: 18pt; FONT-FAMILY: Symbol, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">&#183;</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">staff comments or changes to disclosure in response to staff comments do not foreclose the Commission from taking any action with respect to the filing; and</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: left">
<table style="WIDTH: 100%; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt" id="6aac0cc920404edc90d70411114e47da" class="DSPFListTable" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="WIDTH: 18pt; FONT-FAMILY: Symbol, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; align: right">&#183;</td>
<td style="TEXT-ALIGN: left; WIDTH: auto; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">the Company may not assert staff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States.</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Very truly yours,</div>

<div><br>
</div>

<div style="TEXT-ALIGN: left; FONT-VARIANT: normal; FONT-STYLE: normal; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt; FONT-WEIGHT: normal">/s/ Cary V. Sorensen</div>

<div style="TEXT-ALIGN: left; FONT-VARIANT: small-caps; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Cary V. Sorensen</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Vice President, General Counsel</div>

<div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-SIZE: 10pt">Tengasco, Inc.</div>

<div><br>
<hr style="TEXT-ALIGN: center; BACKGROUND-COLOR: #000000; HEIGHT: 2px; COLOR: #000000; MARGIN-LEFT: auto; MARGIN-RIGHT: auto" noshade="noshade">
</div>
</div>
</body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>image0.jpg
<TEXT>
begin 644 image0.jpg
M_]C_X  02D9)1@ ! 0$ 2 !(  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" !6 * # 2(  A$! Q$!_\0
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M/>O-K/Q#->ZE<:O-)F+[7'8VBY^7S&/SD?[J\9[YI?BIXH.FZ5)' X\QF\B
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MJ24?>ES77=*5SI]K",I.3T_X;_AOF</\(]0O]0\4VVF7MW))8PE[E('.5\P
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910 4444 %%%% !1110 4444 %%%% '__V0$!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
