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<SEC-DOCUMENT>0001193125-10-198626.txt : 20101129
<SEC-HEADER>0001193125-10-198626.hdr.sgml : 20101129
<ACCEPTANCE-DATETIME>20100827060152
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-10-198626
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20100827

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ACTUATE CORP
		CENTRAL INDEX KEY:			0001062478
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-PREPACKAGED SOFTWARE [7372]
		IRS NUMBER:				943193197
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		2207 BRIDGEPOINTE PARKWAY
		STREET 2:		SUITE 500
		CITY:			SAN MATEO
		STATE:			CA
		ZIP:			94404
		BUSINESS PHONE:		650.645.3000

	MAIL ADDRESS:	
		STREET 1:		2207 BRIDGEPOINTE PARKWAY
		STREET 2:		SUITE 500
		CITY:			SAN MATEO
		STATE:			CA
		ZIP:			94404

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ACTUATE SOFTWARE CORP
		DATE OF NAME CHANGE:	19980527
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
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<TITLE>Correspondence</TITLE>
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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">August&nbsp;27, 2010 </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Ms.&nbsp;Kathleen Collins </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Accounting Branch
Chief </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Division of Corporate Finance </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Securities and Exchange Commission </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Washington,
D.C. 20549 </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>RE:</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B></B>Re: Actuate Corporation </FONT></TD></TR></TABLE>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Form 10-K for the Fiscal Year Ended December&nbsp;31, 2009, Filed March&nbsp;10, 2010 </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Form 10-Q for the Fiscal Quarter Ended March&nbsp;31, 2010, Filed May&nbsp;7, 2010 </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Form 8-K, Filed February&nbsp;2, 2010 </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Form 8-K, Filed May&nbsp;3, 2010 </FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px; margin-left:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">File No. 000-24607 </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Dear
Ms.&nbsp;Collins: </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">We are writing in response to the letter from the Securities and Exchange Commission (the &#147;Commission&#148;) dated
July&nbsp;30, 2010 (the &#147;Comment Letter&#148;) in which the Staff of the Commission (the &#147;Staff&#148;) requested certain additional information regarding the above-referenced filings. For your convenience, the numbering of this response
corresponds to the section headings and numbering used by the Staff in the July&nbsp;30th Comment Letter. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Company acknowledges that the
adequacy and accuracy of disclosures in our filings with the Commission are our responsibility. We acknowledge that the Staff&#146;s comments or changes to our disclosures in response to the Staff&#146;s comments do not foreclose the Commission from
taking any action with respect to our filings. We also understand that the Staff&#146;s comments may not be asserted as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States. We
also acknowledge that the Division of Enforcement has access to all information that we provide to the Staff of the Division of Corporation Finance. </FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I><U>Form 8-K Filed February&nbsp;2, 2010 </U></I></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>1.</I></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>We note your response to our prior comment 13 with regards to the investment test calculation used to determine the significance of the Xenos acquisition in which
you adjusted the numerator of such calculation for the cash acquired from Xenos. Please explain further why you believe it is appropriate to net Xenos&#146; cash balance at the time of the acquisition from the total consideration paid by the
company. In this regard, tell us why you believe that the total consideration paid to the former owners of Xenos ($34.3 million purchase price as disclosed in Note 2 to your March&nbsp;31, 2010 Form 10-Q) should not be used in your investment test
calculations and accordingly, how you concluded that this acquisition was not greater than 20% significant. Alternatively, revise to file financial statements required by Rule 3-05 of Regulation S-X and the related pro forma information as required
by Article 11 of Regulation S-X, as necessary.</I> </FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>We respectfully advise the staff that we based our
investment test calculation on the guidance presented in Rule 3-05 of regulation S-X. Section (b)(2) of Rule 3-05 sets forth the conditions for which separate financials are required to be filed for an acquisition. This rule stipulates the
following:</B> </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:13%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>&#147;The periods for which such financial statements are to be filed shall be determined using the
conditions specified in the definition of significant subsidiary in section 210.1-02(w) as follows:</I></B> </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="17%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>(i)</I></B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>If none of the conditions exceeds 20 percent, financial statements are not required&#133;.&#148;</I></B> </FONT></TD></TR></TABLE>
<P STYLE="margin-top:18px;margin-bottom:0px; margin-left:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Section&nbsp;210.1-02(w) further sets forth the specific details of the investment test as follows:</B> </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:13%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>&#147;The term significant subsidiary means a subsidiary, including its subsidiaries, which meets any of the following
conditions:</I></B> </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:17%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><I>(1) The registrant&#146;s and its other subsidiaries&#146; <U>investments in</U> and advances to
the subsidiary exceed 10% of the total assets of the registrant and its subsidiaries consolidated as of the end of the most recently completed fiscal year&#133;.&#148;</I></B> </FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px; margin-left:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>In applying this guidance above, the Company took the following considerations into account:</B> </FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="13%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>1)</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Section&nbsp;210.1-02 of Regulation S-X states that the calculation should use the registrant&#146;s &#147;investments in&#148; the subsidiary in the numerator of
the calculation. Although the purchase price of Xenos for GAAP purposes is $34.3 million, we believe that the GAAP purchase price overstates the Company&#146;s true investment. Consequently, we thought it was appropriate to adjust the GAAP purchase
price by the amount of cash to more accurately reflect the Company&#146;s &#147;investment in&#148; Xenos, as stipulated in section 210.3-05 of Regulation S-X.</B> </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="13%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>2)</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>The Company determined the use of the net cash investment was more appropriate and better reflected the substance of the transaction rather than the form of the
transaction. In substance, the Company was spending net cash of $27M for Xenos, even though in &#147;form&#148; the Company would pay out $34.3M and get back the difference in cash simultaneously upon the close of the acquisition. Perhaps this point
is best exemplified by the fact that if Xenos did not have any cash on hand at the time of the acquisition, the Company would only have paid $27M.</B> </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="13%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>3)</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>We believe that our approach to determining the investment amount is consistent with how acquirers analyze acquisitions.</B> </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="13%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>4)</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>The investment test is meant to determine whether or not the entity was a &#147;significant subsidiary&#148;. Therefore, it would be logical to use the net cash
outlay required to acquire the business for this test, rather than a less meaningful &#147;grossed up&#148; number, since the grossed up number is not truly reflective of the total net cash required to purchase/invest in the entity.</B>
</FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="13%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>5)</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>When evaluating potential acquisitions, it is common industry practice to analyze the &#147;investment&#148; on an &#147;enterprise value&#148; basis. The definition
of enterprise value is the market value (fully diluted shares outstanding multiplied by the stock price) of the potential acquiree, less the cash and cash equivalents, plus debt on the acquiree&#146;s balance sheet. In order to determine whether the
purchase price is fair and reasonable, the Company compared metrics such as enterprise value/revenues and enterprise value/EBITDA with other recent relevant acquisitions in the market. Although the market value paid to investors may be higher then
the enterprise value, the true value of the investment to the acquiror is the enterprise value (ie. net of the acquiree&#146;s cash) and based on this, we deemed that it would be appropriate to use this net investment number in our calculation.</B>
</FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="13%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>6)</B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>The gross purchase price of $34.3 million as stated in the 10-Q filed in May of 2010 includes $1,124K of cash payouts to Xenos employees for the exercise of their
stock options. This payout was made directly by Xenos to their employees and was specifically mandated by the terms of Xenos&#146; pre-existing stock option plan. Therefore, although it is appropriate to include this value as part of the purchase
price, one could argue that it should not be considered part of the &#147;investment&#148; for purposes of calculating the investment test.</B> </FONT></TD></TR></TABLE>
<P STYLE="margin-top:12px;margin-bottom:0px; margin-left:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>After taking all of the above considerations into account, the Company determined that it was appropriate to use total investments,
net of the cash acquired, as the numerator in the investment test. After doing so, the calculation did not meet the 20% threshold required to conclude that Xenos represented a significant subsidiary, and therefore we did not file the financials
described in Rule 3-05 of Regulation S-X or the related pro forma information as required by Article 11 of Regulation S-X.</B> </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; margin-left:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>In light of the Staff&#146;s recent inquiries, the Company performed further research for guidance and interpretation of the
investment test. During this additional research we identified a separate document entitled &#147;Financial Reporting Manual&#148; published by the Division of Corporation Finance. This document presents further guidance related to the investments
test. After reviewing this additional guidance, we have determined that an alternative interpretation of the &#147;Investment&#148; test as presented in Regulation S-X would be</B> </FONT></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2">
<B>to use the gross &#147;consideration transferred&#148; in the acquisition as the numerator. In applying this interpretation, cash on hand at the acquiree would not be netted out of the
numerator when performing the investment test. The hypothetical calculation of the investment test using this alternative guidance would be as follows (in 000&#146;s):</B> </FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="89%"></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Total investment in Xenos, consideration transferred</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>34,332</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Total Actuate assets as of 12/31/09</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>169,764</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-top:1px solid #000000">&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Investment as a % of total assets</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD ALIGN="right" COLSPAN="1" VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>20.2</B></FONT></TD>
<TD COLSPAN="1" NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>%&nbsp;</B></FONT></TD></TR></TABLE>
<P STYLE="margin-top:12px;margin-bottom:0px; margin-left:8%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Based on this revised calculation using the alternate interpretation, Actuate&#146;s consideration transferred to acquire Xenos would
marginally exceed 20 percent of Actuate&#146;s total assets as of the end of the fiscal year ended December&nbsp;31, 2009. Due to this slightness of this margin, and based on the specific considerations discussed in detail above, we respectfully
request that the Staff concur with our initial conclusion not to file the financial statements for Xenos for the annual period ended December&nbsp;31, 2010 as required by Rule 3-05 of Regulation S-X or the related pro forma information as required
by Article 11 of Regulation S-X, as necessary.</B> </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Should you have any further questions, please do not hesitate to call me at
(650)&nbsp;645-3494. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Sincerely, </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="2">/s./ Peter Cittadini</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Peter Cittadini</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">President and Chief Executive Officer</FONT></P></TD></TR></TABLE>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">cc:</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Mr.&nbsp;Robert Benton, Staff Accountant, Division of Corporate Finance </FONT></TD></TR></TABLE>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">2 </FONT></P>

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