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<SEC-DOCUMENT>0000950136-08-000196.txt : 20080404
<SEC-HEADER>0000950136-08-000196.hdr.sgml : 20080404
<ACCEPTANCE-DATETIME>20080117124500
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000950136-08-000196
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20080117

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CKRUSH, INC.
		CENTRAL INDEX KEY:			0001064539
		STANDARD INDUSTRIAL CLASSIFICATION:	 [3949]
		IRS NUMBER:				650648808
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		336 WEST 37TH STREET
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10018
		BUSINESS PHONE:		212-564-1111

	MAIL ADDRESS:	
		STREET 1:		336 WEST 37TH STREET
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10018

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CEDRIC KUSHNER PROMOTIONS INC
		DATE OF NAME CHANGE:	20030220

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ZENASCENT INC
		DATE OF NAME CHANGE:	20020329

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FUSION FUND INC /DE/
		DATE OF NAME CHANGE:	20000515
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>


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<DIV STYLE=""></DIV><BR>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10pt'><img src="img1.gif"><br> </font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>October 9, 2007</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><U><font style='font-size:10pt'>DRAFT</font></U></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>David R. Humphrey</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>Branch Chief</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>Securities and Exchange Commission</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>Washington, DC  20549</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>Mail Stop 3561</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>Re: &nbsp;</font></p> </td>
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						Ckrush, Inc. </font></p> </td> </tr>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'>
						<font style='font-size:10pt'>
						Supplemental response letter dated August 2007 regarding the</font></p> </td> </tr></table>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>Form 10-KSB for the year ended December 31, 2006</font></p> </td> </tr>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>File No. 0-25563</font></p> </td> </tr>
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<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>Dear Mr.&nbsp;Humphrey:</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>This letter responds to your letter dated September 11, 2007. Paragraph numbers correspond to those in the September 11, 2007 letter and as per my conversation with Ms.&nbsp;Beverly A. Singleton, this letter is being presented in a draft format so that, if necessary, we may further discuss with the Staff our response. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><u><i><font style='font-size:10pt'>FORM 10-KSB (Fiscal Year Ended December 31, 2006)</font></i></u></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><u><i><font style='font-size:10pt'>Management&#146;s Discussion and Analysis</font></i></u></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><u><i><font style='font-size:10pt'>Year Ended December 31. 2006 versus Year Ended December 31, 2005.page 19</font></i></u></p>
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      <p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;'><i><font style='font-size:10pt'>1.</font></i></p> </td>
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      <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><font style='font-size:10pt'>We have reviewed your response to prior comment 2. Please expand your proposed future filing disclosures to also quantify the amount of significant impairment losses and/or costs written-off, by film or project, for each period for which financial statements are provided. In addition, for clarity, the discussion should also indicate the year of the film&#146;s release and the amount of revenue attributed to each film or project for each year presented.</font></i></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:5%;text-align:left;'><font style='font-size:10pt'>As appropriate, in future filings, we will expand disclosures concerning impairment losses and/or costs written, to quantity significant amounts, by film or project, for each period for which financial statements are provided. In addition, for clarity, as necessary, we will indicate the year of the film&#146;s release and attribute the amount of revenue for each film or project for the periods presented. </font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font style='font-size:8pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font style='font-size:10pt'>&nbsp;</font></p>
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      <td valign=top ><p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>David R. Humphrey</font></p></td>
      <td valign=top ><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>October 9, 2007</font></p></td>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font style='font-size:10pt'>&nbsp;</font></p>


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      <p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;'><i><font style='font-size:10pt'>2.</font></i></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><font style='font-size:10pt'>We have reviewed your response to prior comment 3. We note that you will revise disclosures to future filings to explain the nature of and reasons for individually significant components of other income and expenses. We note that your MD&amp;A disclosures in the June 30, 2007 Form 10-QSB does not provide detailed discussions of these items for the comparative fiscal year 2006 interim period. For example, the fiscal year 2006 statement of operations line item &#147;gain on settlement with related parties&#148; shown in the June 30, 2007 Form 10-QSB has not been sufficiently described, as compared with the details provided in supplemental response number 3(a) of your draft letter dated August 2007. Upon resolution of the related comments below, please revise and expand the disclosures in future filings beginning with your September 30, 2007 Form
10-QSB.</font></i></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:5%;text-align:left;'><font style='font-size:10pt'>As requested by the Staff, we will expand our discussions in future filings, beginning with our September 30, 2007 filing, to explain the nature of and reasons for individually significant components of other income and expenses for both the current and comparative periods.</font></p>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;'><i><font style='font-size:10pt'>3.</font></i></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><font style='font-size:10pt'>Refer to Item (a) of your response to prior comment. You appear to have entered into a &#147;binding&#148; term sheet on February 10, 2005 according to the filed agreements. However, your footnote refers to a settlement agreement dated November 1, 2005. Please indicate the commitment date and clarify in your footnote. If there was a subsequent amendment to the original agreement in November 2005, please tell us when and how this amendment was filed and indicate the beneficial ownership interest held by these counterparties as of the date of the amended agreement. Finally, please tell us the date upon which you valued the equity instruments and why.</font></i></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:6pt; margin-left:5%;text-align:left;'><font style='font-size:10pt'>The Company accounted for this agreement as binding in November 2005, although the letter of intent, dated February 10, 2005 indicated that it was &#147;binding&#148;. The letter of intent signified the completion of one stage of very extensive negotiations and as stated in the Press Release at the time (as well as mentioned in the February agreement) &#147;The parties have executed a binding term sheet reflecting their agreements, </font><b><font style='font-size:10pt'>which will be amplified by the execution and delivery of definitive agreements by the parties</font></b><font style='font-size:10pt'>.&#148;   As in many negotiations until the final closing there is no agreement until both parties sign-off. In the course of the eight months between the letter of intent and the signing of the final agreement there were 4 amendments to the letter of intent principally to allow
extensions of payment as the Company had to seek financing for both operations and to make the required payments. The passage of time, the Company&#146;s inability to be in compliance with the terms of the letter of intent and the continued negotiations led management to believe that the commitment date for recognition that both parties were in agreement was in November 2005 and not February 2005. </font></p>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;'><i><font style='font-size:10pt'>4.</font></i></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><font style='font-size:10pt'>It appears that the settlement of the recorded loans and related payables, including those relating to consulting services received, may be accounted for under SFAS 15. We refer to the guidance in paragraph 4 of the Statement. However, it is not appropriate to account for the settlement of unrecorded sums due and payable in the future under a contract for future services under SFAS 15. If this was the case, you should allocate the settlement payment between payments relating to recorded obligations and payment for</font></i></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><font style='font-size:10pt'>2</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font style='font-size:10pt'>&nbsp;</font></p>
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      <td valign=top ><p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>David R. Humphrey</font></p></td>
      <td valign=top ><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>October 9, 2007</font></p></td>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font style='font-size:10pt'>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:5%;text-align:left;'><i><font style='font-size:10pt'>termination of the service contract. In these circumstances, the portion of the payment allocable to the contract termination fee would be accounted for as an expense in the operating section of the income statement. If the present value of the future obligations was recorded on your balance sheet, please explain your basis in GAAP for your accounting, including how this present value was derived and when it was recorded. Your response should be detailed and specific. Illustrate, in dollar terms, your accounting entry to record the obligation and the entries recorded in subsequent periods as the services are received and the payments are due. We may have further comments upon review of your response.</font></i></p>
<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:5%;text-align:left;'><font style='font-size:10pt'>The Company in 2002 acquired the Cedric Kushner group of companies in a reverse merger transaction. In the Form 10-KSB/A-1 for the year ended December 31, 2002, filed June 23, 2003, the transaction was described as follows:</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:10%; text-indent:5%;text-align:left;'><font style='font-size:10pt'>On April 30, 2002, a wholly owned subsidiary (&#147;Merger Sub&#148;) of the Company merged with and into CKB. The Merger Sub ceased to exist and CKB became a wholly owned subsidiary of the Company. CKB&#146;s shareholders received 399,752 shares and 27,923 shares of Series B and Series C convertible preferred stock of the Company, respectively, and a warrant to purchase 1,000,000 shares of the Company&#146;s common stock. The warrant was exercisable immediately at an exercise price of $1.24 per share and could be executed through a cashless exercise, at the option of the holder. On September 10, 2002, the Company executed an agreement to amend the terms of the warrant agreement. The total number of shares under the original agreement was reduced from 1,000,000 to 500,000 and the exercise price was reduced from $1.24 per share to $.62 per share. The warrant
expires on April 30, 2007.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:10%; text-indent:5%;text-align:left;'><font style='font-size:10pt'>Additionally, the Company entered into </font><b><font style='font-size:10pt'>a consulting agreement</font></b><font style='font-size:10pt'> with one of CKB&#146;s shareholders whereby the shareholder will receive, at a minimum, $5,000 per week for ten years. The consulting agreement also entitles the stockholder to 10% of net profit, as defined in the agreement, for events generating total revenues in excess of $500,000, 20% of net profit from sales related to the acquired video library and 15% of net proceeds of any qualified financing, as defined in the agreement, to be used to redeem the stockholder&#146;s Series C Convertible Preferred stock at a share price equal to the liquidation preference value per share. The Company, however, has the ability to terminate the consulting agreement after covered payments, as defined in the agreement, of $4,300,000 if
made no later than March 25, 2005 or $5,300,000 if made no later than March 25, 2012. </font><b><font style='font-size:10pt'>As such, the Company recorded the consulting agreement commitment as additional purchase consideration at a present value of approximately $1,449,000 as of Big Content merger date of March 15, using an imputed interest rate of 15%.</font></b></p>
<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:5%;text-align:left;'><font style='font-size:10pt'>As described above, the &#147;Consulting Agreement&#148; was in fact an obligation arising from the reverse merger and the liability represented the present value of a defined series of payments as a portion of the consideration for the acquisition. </font></p>
<p style=' margin-right:7%; margin-bottom:0pt; margin-top:0pt; margin-left:17%;text-align:justify;'><font style='font-size:10pt'>&nbsp;</font></p>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6pt;margin-bottom:0pt;'>&nbsp;<i></i></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;'><i><font style='font-size:10pt'>5.</font></i></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><font style='font-size:10pt'>Please show us, in dollar terms, the accounting entry you recorded in your financial statements to account for the settlement described in Response 3(a). Explain how the future service obligations are recorded in this entry.</font></i></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><font style='font-size:10pt'>3</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font style='font-size:10pt'>&nbsp;</font></p>
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      <td valign=top ><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>October 9, 2007</font></p></td>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font style='font-size:10pt'>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:5%;text-align:left;'><font style='font-size:10pt'>The entry for the transaction is as follows:</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
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                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Debit</font></b></p> </td>
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                        <p style=' margin-left:0in;text-indent:0pt;text-align: center;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
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                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Credit</font></b></p> </td> </tr>
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                        <p style=' margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Notes and loan and interest payable</font></p> </td>
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                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>$1,676,000</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align: center;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:25.9pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Consulting agreement obligation&#150;net </font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>1,563,000(1)</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align: center;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:34.55pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Common stock</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
      <td valign=bottom >&nbsp;</td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align: center;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>$&nbsp; 8,000</font></p></td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:34.55pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Additional Paid-in Capital</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
      <td valign=bottom >&nbsp;</td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align: center;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>136,000</font></p></td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:34.55pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Additional Paid-in Capital (warrants)</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'></font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align: center;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>1,200,000</font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:34.55pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Cash</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
      <td valign=bottom >&nbsp;</td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align: center;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>400,000</font></p></td> </tr>
 <tr>
        <td valign=bottom style='background:white; '>
                        <p style=' margin-left:34.55pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Gain on extinguishment of debt</font></p> </td>
        <td valign=bottom style='background:white;'>
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='background:white; '>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='background:white;'>
                        <p style=' margin-left:0in;text-indent:0pt;text-align: center;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='background:white;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>1,495,000</font></p> </td> </tr></table>
</div>
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 <tr>
        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>(1)</font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>This is the &#147;future service obligation&#148; which as noted in 4 above was related to obligations recorded in connection with the reverse merger.</font></p> </td> </tr></table>
</div>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;'><i><font style='font-size:10pt'>6.</font></i></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><font style='font-size:10pt'>Please refer to Item (b) of your response to prior comment 3. We assume that the statute of limitations has run out on the liabilities you have derecognized. If this is not the case, please explain in greater detail why you believe that the debtor has met condition (b) of paragraph 16 of SPAS 140.</font></i></p> </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:5%;text-align:left;'><font style='font-size:10pt'>The liabilities that were derecognized were principally beyond the statute of limitations. </font></p>
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        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;'><i><font style='font-size:10pt'>7.</font></i></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><font style='font-size:10pt'>Please refer to Item (c) of your response to prior comment 3. You state that you indemnified Kushner for any liability resulting from his service as a director or officer &#147;subject to the limitations of the Delaware corporate statute.&#148; As you are aware, the indemnification of officers or directors by the company for certain types of liabilities are, in the opinion of the Securities and Exchange Commission, against public policy and are therefore unenforceable. Please confirm that your indemnifications do not fall into this category or advice.</font></i></p> </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:5%;text-align:left;'><font style='font-size:10pt'>The Company will not provide indemnification to the extent that such indemnification would be contrary to public policy.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><u><i><font style='font-size:10pt'>Liquidity and Capital Resources, page 20</font></i></u></p>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;'><i><font style='font-size:10pt'>8.</font></i></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><font style='font-size:10pt'>We have reviewed your response to prior comment 4. We note you will provide disclosures of any financial commitments, loans, or advances from officers, directors or shareholders in future filings. With respect to your disclosure in the third paragraph on page 21, please revise to clarify the fact that your &#147;independent accountants have raised substantial doubts&#148; regarding your ability to continue as a going concern, in a manner consistent with your discussion of risk factors on page 8. In this regard, we invite your attention to the interpretive guidance included in our Release Nos. 33-8350 and 3448960. One of the principal objectives of MDBA is to provide information about the quality and potential variability of earnings and cash flow, so that readers can ascertain the likelihood that past performance is
indicative of future performance. We would consider the expression of substantial doubt in the independent accountants&#146; report a significant event or uncertainty that constitutes a qualitative factor which is peculiar to, and necessary for, an understanding and evaluation of your particular company.</font></i></p> </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:5%;text-align:left;'><font style='font-size:10pt'>The Company will provide in &#147;Management&#146;s Discussion and Analysis&#148; information about the quality and potential variability of earnings and cash flow, so that readers can ascertain the likelihood that past performance is indicative of future performance</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><font style='font-size:10pt'>4</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font style='font-size:10pt'>&nbsp;</font></p>
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      <td valign=top ><p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>David R. Humphrey</font></p></td>
      <td valign=top ><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>October 9, 2007</font></p></td>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font style='font-size:10pt'>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:5%;text-align:left;'><font style='font-size:10pt'>including a significant event such as the independent accountants including an explanatory paragraph concerning going concern.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><u><i><font style='font-size:10pt'>Note 4. Film Costs and Minority Interests, page F-12</font></i></u></p>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;'><i><font style='font-size:10pt'>9.</font></i></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><font style='font-size:10pt'>We have reviewed your response to prior comment 6. Please expand your disclosures to also provide a table of the significant components reflected in the balance sheet line item &#147;Minority Interests,&#148; including that of minority interests for the &#147;LiveMansion: The Movie&#148; project. Please supplementally provide us with a schedule of activity in this balance sheet account for fiscal 2006. In addition, please show us how these cash receipts and the disbursements of each type appear in the fiscal 2006 cash flow statement.</font></i></p> </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:5%;text-align:left;'><font style='font-size:10pt'>The following is a summary of the significant components of the balance sheet caption &#147;minority interests&#148; as of December 31, 2006:</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td valign=bottom style='border-bottom: solid black .5pt;'>
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:8pt'>Arrangements</font></b></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-bottom: solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><b><font style='font-size:8pt'>Investment in: Beer</font></b><br> <b><font style='font-size:8pt'>League/TV:the Movie</font></b></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-bottom: solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><b><font style='font-size:8pt'>Investment in</font></b><br> <b><font style='font-size:8pt'>LiveMansion: the Movie</font></b></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-bottom: solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><b><font style='font-size:8pt'>Total</font></b></p> </td> </tr>
 <tr>
        <td width="23%" valign=bottom >
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Non-guaranteed</font></b></p> </td>
        <td width="2%" valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align: center;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td width="23%" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>$1,183,410</font></p> </td>
        <td width="2%" valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align: center;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td width="23%" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>$1,009,031</font></p> </td>
        <td width="2%" valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align: center;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td width="23%" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>$2,192,441</font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Guaranteed</font></b></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align: center;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;border-bottom: solid black .5pt;'><font style='font-size:10pt'>3,040,000</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align: center;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
      <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;border-bottom: solid black .5pt;'><font style='font-size:10pt'>&#151;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align: center;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;border-bottom: solid black .5pt;'><font style='font-size:10pt'>3,040,000</font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Total</font></b></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align: center;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;border-bottom: double black 2.25pt;'><font style='font-size:10pt'>$4,223,410</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align: center;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;border-bottom: double black 2.25pt;'><font style='font-size:10pt'>$1,009,031</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align: center;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;border-bottom: double black 2.25pt;'><font style='font-size:10pt'>$5,232,441</font></p> </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:5%;text-align:left;'><font style='font-size:10pt'>The following is a summary of the activity for the balance sheet caption &#147;minority interests&#148; for the year ended December 31, 2006 with the classification of the amounts for presentation in the Statement of Cash Flows. In future filings a similar summary will be provided.</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td valign=bottom style='border-bottom: solid black .5pt;'>
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:8pt'>Balance </font></b><i><b><font style='font-size:8pt'>&#150;</font></b></i><b><font style='font-size:8pt'> December 31, 2005</font></b></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align: center;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>$4,708,130</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align: center;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-bottom: solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-bottom:0pt;'><b><font style='font-size:8pt'>Statement of Cash Flows</font></b><br> <b><font style='font-size:8pt'> Classification</font></b></p> </td> </tr>
 <tr>
        <td width="31%" valign=bottom >
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Issuance of production interests &#150; </font></p> </td>
        <td width="2%" valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
      <td width="31%" valign=bottom >&nbsp;</td>
        <td width="2%" valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td width="31%" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p>
            <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p>      </td>
 </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:17pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Cash</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>1,762,618</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Financing activity</font></p></td>
 </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:17pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Conversion of notes payable</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>55,000</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Non-cash financing activity</font></p></td>
 </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Return of investment &#150; cash</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>(450,000)</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Financing activity</font></p></td>
 </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Minority credit</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-bottom: solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>(843,307)</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Operating activity</font></p></td>
 </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'><b>Balance &#150; December 31, 2006</b></font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-bottom: double black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>$5,232,441</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0in;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p></td>
 </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;'><i><font style='font-size:10pt'>10.</font></i></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><font style='font-size:10pt'>These arrangements appear, in substance, to be subject to the guidance in EITF 88-18, including Issue 2, thereunder. Please discuss the consideration given to this guidance. To the extent that your accounting differs significantly from the EITF guidance, please explain why you believe that your present accounting methodology is appropriate. Separately address guaranteed arrangements and non-guaranteed arrangements in your response.</font></i></p> </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:5%;text-align:left;'><font style='font-size:10pt'>In order to determine the appropriate classification of the investment in the equity of our subsidiaries by third parties in order to participate in our film projects, the Company, in accordance with EITF 88-18 reviewed the following factors:</font></p>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="5%" valign=top style='padding:8.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:8pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td width="3%" valign=top style='padding:8.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>1.</font></p> </td>
        <td valign=top style='padding:8.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>The transaction does not purport to be a sale (that is, the form of the transaction is debt). </font></p> </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><font style='font-size:10pt'>5</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font style='font-size:10pt'>&nbsp;</font></p>
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      <td valign=top ><p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>David R. Humphrey</font></p></td>
      <td valign=top ><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>October 9, 2007</font></p></td>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font style='font-size:10pt'>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:5%;text-align:left;'><i><font style='font-size:10pt'>The participants purchased equity interests rather than debt type instruments and can only be paid from the gross receipts, as defined, if any.</font></i></p>
<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:5%;text-align:left;'><font style='font-size:10pt'>2. The enterprise has significant continuing involvement in the generation of the cash flows due the investor (for example, active involvement in the generation of the operating revenues of a product line, subsidiary, or business segment).</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:5%;text-align:left;'><i><font style='font-size:10pt'>The Company is the managing agent of each of the entities and was solely responsible for production and distribution of each film.</font></i></p>
<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:5%;text-align:left;'><font style='font-size:10pt'>3. The transaction is cancelable by either the enterprise or the investor through payment of a lump sum or other transfer of assets by the enterprise. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:5%;text-align:left;'><i><font style='font-size:10pt'>There is no such provision. </font></i></p>
<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:5%;text-align:left;'><font style='font-size:10pt'>4. The investor&#146;s rate of return is implicitly or explicitly limited by the terms of the transaction. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:5%;text-align:left;'><i><font style='font-size:10pt'>There is no such provision.</font></i></p>
<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:5%;text-align:left;'><font style='font-size:10pt'>5. Variations in the enterprise&#146;s revenue or income underlying the transaction have only a trifling impact on the investor&#146;s rate of return. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:5%;text-align:left;'><i><font style='font-size:10pt'>The investors are at risk that the film was completed, distributed and had market acceptance and there is no certainty as to any return on investment.</font></i></p>
<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:5%;text-align:left;'><font style='font-size:10pt'>6. The investor has any recourse to the enterprise relating to the payments due the investor.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:5%;text-align:left;'><i><font style='font-size:10pt'>All investors were totally at risk by terms of the investment. One investor did receive a guarantee from the Company which was contingent on the films not generating sufficient cash flow to pay off the investment. The Company considered this a contingent obligation and did not require the investment to be accounted for as debt. </font></i></p>
<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:5%;text-align:left;'><font style='font-size:10pt'>Since none of the above factors seemed to be present, the Company accounted for the investment as a minority interest to be amortized by the units of production method in accordance with the accounting for the related film projects. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:5%;text-align:left;'><font style='font-size:10pt'>The Company accounted for the guaranty related to a portion of the investment by the participants as a contingency until the fourth quarter 2006, when the Company recognized a liability as a result of the Company&#146;s evaluation of the market potential for the film projects.</font></p>
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<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="3%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6pt;margin-bottom:0pt;'>&nbsp;<i></i></p> </td>
        <td width="3%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;'><i><font style='font-size:10pt'>11.</font></i></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><font style='font-size:10pt'>We have reviewed your response to prior comment 7. Please provide us with your detailed computation in arriving at the minority interest income of $833,313 recorded in fiscal 2006. In addition, expand your disclosures in MD&amp;A to discuss the impairment related to these films, including your offset of the guaranteed return of investment to one investor.</font></i></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><font style='font-size:10pt'>6</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font style='font-size:10pt'>&nbsp;</font></p>
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      <td valign=top ><p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>David R. Humphrey</font></p></td>
      <td valign=top ><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>October 9, 2007</font></p></td>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font style='font-size:10pt'>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:5%;text-align:left;'><font style='font-size:10pt'>The minority interest income was calculated as follows:</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="79%" style=' border-collapse:collapse;'>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Liability for production interests sold applicable to Beer</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td colspan="2" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td width="72%" valign=bottom >
                        <p style=' margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>League and TV: the Movie</font></p> </td>
        <td width="3%" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td width="17%" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>$5,465,000 </font></p> </td>
        <td width="6%" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>(a)</font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Less: projected cash flow for the above films</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'> </font></p> </td>
        <td valign=bottom style='border-bottom: solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>2,671,000 </font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>(b)</font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Projected unrecovered production interests (minority interest)  </font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom ><p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>2,794,000 </font></p></td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Less: liability for guaranteed portion (approx 49%)</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'> </font></p> </td>
        <td valign=bottom style='border-bottom: solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>1,420,000 </font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>(c)</font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Gross income for unrecoverable minority interest</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'> </font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>1,374,000</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:8.65pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>Expense for guaranteed preferred return</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'> </font></p> </td>
        <td valign=bottom style='border-bottom: solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>540,000 </font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>(d)</font></p> </td> </tr>
 <tr>
        <td valign=bottom >
                        <p style=' margin-left:17.3pt;text-indent:-8.65pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>Minority interest income</font></b></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-bottom: double black 2.25pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:center;margin-top:2pt;margin-bottom:0pt;'><b><font style='font-size:10pt'>$ 834,000</font></b></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:2pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td> </tr></table>
</div>
<b><font style='font-size:10.5pt'>______________</font></b>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
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        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>(a)</font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#150; LiveMansion: the Movie has not gone into production</font></p> </td> </tr></table>
</div>
<div align=left>
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        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>(b)</font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#150; Based upon distribution guarantees and distributors forecasts, etc.</font></p> </td> </tr></table>
</div>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
 <tr>
        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>(c)</font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>&#150; Guaranteed investment represents approx 49% of total investments</font></p> </td> </tr></table>
</div>
<div align=left>
<table border="0" cellspacing=0 cellpadding=0 width="100%" style=' border-collapse:collapse;'>
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        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>(d)</font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>- Guaranteed preferred return of 20% on $2.7 million</font></p> </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:7%;text-align:justify;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:5%;text-align:left;'><font style='font-size:10pt'>The Company in future filing will expand its disclosures in Management&#146;s Discussion and Analysis to discuss the impact of impairment charges its impact on the minority interest as well as on the carrying value of its investment in films. In addition, the Company will expand its disclosure of the counter impacts of guarantees. </font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><u><i><font style='font-size:10pt'>Note 5. Accounts Payable and Accrued Expenses, page F-14</font></i></u></p>
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        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;'><i><font style='font-size:10pt'>12.</font></i></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><font style='font-size:10pt'>We note your response to prior comment 9. For clarity, please provide appropriate disclosures in future filings as to this accrued liability, given that you disclose elsewhere in the filing that you have not paid dividends on your common stock in the past.</font></i></p> </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:5%;text-align:left;'><font style='font-size:10pt'>In future filings the Company will disclose the unpaid cumulative dividend obligation of the predecessor Company.</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><u><i><font style='font-size:10pt'>Controls and Procedures, Page 23</font></i></u></p>
<div align=left>
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        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;'><i><font style='font-size:10pt'>13.</font></i></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><font style='font-size:10pt'>We have reviewed your response to prior comment 12. Please revise your disclosures to indicate, if true, that the Chief Executive Officer and Chief Financial Officer concluded that your disclosure controls and procedures were &#147;ineffective.&#148; To the extent they were ineffective, disclose the reasons therefore and discuss your plans to remediate any weaknesses and your progress to date in implementing these plans. Alternatively, if the Chief Executive Officer and Chief Financial Officer concluded that your disclosure controls and procedures were &#147;effective,&#148; please revise to so state. If material weaknesses in the internal controls over financial reporting existed but management concluded that disclosure controls and procedures were effective, please clearly state this fact, explain how the conclusion was reached and describe the
alternate factors relied upon. Management must conclude that disclosure controls ate either &#147;effective&#148; or &#147;ineffective.&#148; Expressions such as &#147;effective except for&#148; or &#147;may not be sufficient&#148; are not appropriate. Please revise accordingly. In this regard, please note that Item 4(b) of the Exhibit 31 certifications requires the presentation of your conclusion about the effectiveness of the disclosure controls and procedures- Finally, we note your continued disclosure in Item 3</font></i></p> </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><font style='font-size:10pt'>7</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font style='font-size:10pt'>&nbsp;</font></p>
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  <table width="100%" border="0" cellpadding=0 cellspacing=0 style=' border-collapse:collapse;'>
    <tr>
      <td valign=top ><p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>David R. Humphrey</font></p></td>
      <td valign=top ><p style=' margin-left:0pt;text-indent:0pt;text-align:right;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>October 9, 2007</font></p></td>
    </tr>
  </table>
</div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font style='font-size:10pt'>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:5%;text-align:left;'><i><font style='font-size:10pt'>of the June 30, 2007 Form 10-QSB that &#147;disclosure controls and procedures may not be sufficient.&#148; Please revise future filings to fully comply with the disclosure requirements of Item 307 of Regulation S-B.</font></i></p>
<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:5%;text-align:left;'><font style='font-size:10pt'>In future filings the Company will fully comply with the disclosure requirements of Item 307 of Regulation S-B.</font></p>
<div align=left>
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        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;'><i><font style='font-size:10pt'>14.</font></i></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><i><font style='font-size:10pt'>We note you did not provide us with the requested written acknowledgement from the last page of our previous comment letter; as such, we are reiterating the request as shown below.</font></i></p> </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:5%;text-align:left;'><font style='font-size:10pt'>In accordance with the Staff&#146;s request the Company acknowledges that:</font></p>
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        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>-</font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>the Company is responsible for the adequacy and accuracy of the disclosure in the filing;</font></p> </td> </tr></table>
</div>
<div align=left>
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        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>-</font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>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</font></p> </td> </tr></table>
</div>
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        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:6pt;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td width="5%" valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:justify;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>-</font></p> </td>
        <td valign=top style='padding:6.0pt 0in 0in 0in;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;'><font style='font-size:10pt'>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.</font></p> </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>

<p STYLE="border-bottom:1px solid #000000"></p>
<p style=' margin-bottom:0pt; margin-top:8pt; text-indent:5%;text-align:left;'><font style='font-size:10pt'>If any of the foregoing requires further clarification, or expanded answers, please contact me directly. I am available for both telephonic and written responses, and, as need be, will have our auditors at Rosenberg, Rich, Baker, Berman &amp; Company participate in any telephone conversation. </font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:8pt; margin-left:5%;text-align:left;'><font style='font-size:10pt'>Thank you for your consideration.</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
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        <td width="49%" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td width="2%" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td width="5%" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td width="44%" valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>Very truly yours,</font></p> </td> </tr>
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        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'>  </p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=bottom style='border-bottom: solid black .5pt;'>
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><br> <font style='font-size:10pt'>Jan E. Chason</font></p> </td> </tr>
 <tr>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>&nbsp;</font></p> </td>
        <td valign=top >
                        <p style=' margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0in;margin-bottom:0pt;'><font style='font-size:10pt'>Executive Vice President</font><br> <font style='font-size:10pt'>and Chief Financial Officer</font></p> </td> </tr></table>
</div>
<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;'><font style='font-size:10pt'>8</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font style='font-size:10pt'>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font style='font-size:10pt'>&nbsp;</font></p>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
