January 12, 2011
Jim B. Rosenberg
Senior Assistant Chief Accountant
Division of Corporation Finance
Securities and Exchange Commission
100 F Street, NE
Washington, DC 20549
| Re: | Hemispherx Biopharma, Inc. |
| Form 10-K for the year ended December 31, 2009 | |
| Form 10-K/A for the year ended December 31, 2009 | |
| (SEC filing No. 1-13441) |
Dear Mr. Rosenberg:
We hereby supplement our prior Response Letter dated January 3, 2011 (the “Response Letter”), which responded to the comments contained in your December 29, 2010 Comment Letter related to the above referenced Form 10-K and Form 10-K/A of Hemispherx Biopharma, Inc. (the "Company"). This letter specifically relates to Comment 3 of your letter.
Comment 3: Please provide us supplementally with the inputs used in the Black Scholes model at each valuation date (March 2010, June 2009/2010, September 2009/2010), to determine the fair value of the warrant liability, similar to that provided for the period ended December 31, 2009. In your response, explain why any assumptions remained consistent from those used at December 31, 2009 (i.e. volatility), if true, and the accounting literature that supports your accounting treatment.
Supplemental Response:
We have reevaluated the “Term” and “Volatility” inputs from our Black-Scholes calculations for each fiscal quarter closing period that the Warrants existed and determined that greater consistency in our application of these factors could impact our valuation of the Warrant’s Liability as presented in the Response Letter. Accordingly, we have revised our Black-Scholes calculations as follows:
| 1) | Term (period option expires) - where necessary, the Term has been revised to allow for a consistent decreased of .25 of a year for each subsequent fiscal quarter; |
| Corporate Headquarters | ||
| One Penn Center, 1617 JFK Blvd., Philadelphia, PA19103 t: 215-988-0080 | f: 215-988-1739 |
Jim B. Rosenberg
January 12, 2011
Page - 2
| 2) | Volatility used at 12/31/2009 has been recalculated with a revision made to the second issuance of Warrants to present a more accurate and common rate 138.000000% for both sets of Warrants. |
While we present below the complete Black-Scholes calculations for each fiscal period requested in your Comment Letter, a summary of the net dollar effect of the recalculation for all periods is as follows:
Period Of Fiscal Closing With Notation Of Revision (Term and/or Volatility) | Net Liability Value As Presented In Response Letter | Net Liability Value As Recalculated | Net Liability Impact of Recalculation | |||||||||
| 06/30/2009 (No Revision) | $ | 19,671,271 | $ | 19,671,271 | $ | -0- | ||||||
| 09/30/2009 (Term) | 14,177,473 | 14,142,907 | (34,566 | ) | ||||||||
| 12/31/2009 (Term & Volatility) | 3,162,123 | 3,061,263 | (100,860 | ) | ||||||||
| 03/31/2010 (Term) | 4,223,353 | 4,319,359 | 96,006 | |||||||||
| 06/30/2010 (Term) | 2,096,287 | 2,173,906 | 77,619 | |||||||||
| 09/30/2010 (Term) | 2,346,922 | 2,446,636 | 99,714 | |||||||||
| Net Accumulated Effect of Recalculation For The Periods | $ | 45,677,429 | $ | 45,815,342 | $ | 137,913 | ||||||
Based upon the revised computation, the total dollar difference between the Warrant’s Liability computation, and that contained in our prior response, is approximately $137,913. We do not believe that this dollar valuation difference between Black-Scholes calculations is material and, accordingly, do not believe that revision of the relevant numbers as communicated in our Response Letter is necessary. For fiscal periods after September 30, 2010, we will true-up our Term and Volatility inputs to utilize the more accurate calculations as disclosed in this Supplemental Letter.
Accordingly, we do not plan on revising any of the relevant financial information in the Form 10-K/A-2 presented in Appendix A to our Response Letter.
Jim B. Rosenberg
January 12, 2011
Page - 3
The following are the revised computations for the all the periods requested in Comment 3:
| BLACK - SCHOLES MODEL | RECOMPUTED | RECOMPUTED | ||||||||||||||||||
| 6/30/2009 | 6/30/2009 | 6/30/2009 | 6/30/2009 | |||||||||||||||||
| REVISED COMPUTATION DID NOT CHANGE | 6,136,364 | 750,000 | 2,272,440 | 654,884 | 9,813,688 | |||||||||||||||
| INPUT VARIABLES | ||||||||||||||||||||
| Stock Price | $ | 2.54 | $ | 2.54 | $ | 2.54 | $ | 2.54 | ||||||||||||
| Purchase Price | $ | 1.65 | $ | 1.38 | $ | 1.31 | $ | 1.34375 | ||||||||||||
| Term (period option expires) | 3.00 | 3.00 | 2.50 | 2.75 | ||||||||||||||||
| Volatility | 126.531118 | % | 126.531118 | % | 126.531118 | % | 126.531118 | % | ||||||||||||
| Annual Rate of Quarterly Dividends | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | ||||||||||||
| Discount Rate-Bond Equivalent Yield | 1.6300 | % | 1.6300 | % | 1.6300 | % | 1.6300 | % | ||||||||||||
| INTERMEDIATE COMPUTATIONS | ||||||||||||||||||||
| Present Value of Stock Ex-dividend | $ | 2.54 | $ | 2.54 | $ | 2.54 | $ | 2.54 | ||||||||||||
| Present Value of Exercise Price | $ | 1.57 | $ | 1.31 | $ | 1.26 | $ | 1.29 | ||||||||||||
| Cumulative Volatility | 219.16 | % | 219.16 | % | 200.06 | % | 209.83 | % | ||||||||||||
| CALL OPTION | ||||||||||||||||||||
| Proportion of Stock Present Value | 90.57 | % | 91.87 | % | 91.17 | % | 91.53 | % | ||||||||||||
| Proportion of exercise Price PV | -19.03 | % | -21.33 | % | -25.81 | % | -23.44 | % | ||||||||||||
| Call Option Value | $ | 2.00143433 | $ | 2.0532048 | $ | 1.9911035 | $ | 2.0235265 | ||||||||||||
| PUT OPTION | ||||||||||||||||||||
| Proportion of Stock PV | -9.43 | % | -8.13 | % | -8.83 | % | -8.47 | % | ||||||||||||
| Proportion of Exercise Price PV | 80.97 | % | 78.67 | % | 74.19 | % | 76.56 | % | ||||||||||||
| Put Option Value | $ | 1.03 | $ | 0.83 | $ | 0.71 | $ | 0.77 | ||||||||||||
| NUMBER OF WARRANTS SHARES | 6,136,364 | 750,000 | 2,272,440 | 654,884 | ||||||||||||||||
| VALUE OF WARRANTS SHARES | $ | 12,281,530 | $ | 1,539,904 | $ | 4,524,663 | $ | 1,325,175 | ||||||||||||
| RECOMPUTED TOTAL | $ | 13,821,433 | $ | 5,849,838 | $ | 19,691,271 | ||||||||||||||
| 1/03/11 PRESENTED TOTAL | $ | 13,821,433 | $ | 5,849,838 | $ | 19,691,271 | ||||||||||||||
| DIFFERENCE | $ | -0- | $ | -0- | $ | -0- | ||||||||||||||
Jim B. Rosenberg
January 12, 2011
Page - 4
| HEMISPHERX BIOPHARMA, INC. | ||||||||||||||||||||
| BLACK - SCHOLES MODEL | RECOMPUTED | RECOMPUTED | ||||||||||||||||||
| 9/30/2009 | 9/30/2009 | 9/30/2009 | 9/30/2009 | |||||||||||||||||
| REVISED COMPUTATION | 6,136,364 | 750,000 | 2,272,440 | 654,884 | 9,813,688 | |||||||||||||||
| INPUT VARIABLES | ||||||||||||||||||||
| Stock Price | $ | 2.00 | $ | 2.00 | $ | 2.00 | $ | 2.00 | ||||||||||||
| Purchase Price | $ | 1.65 | $ | 1.38 | $ | 1.31 | $ | 1.34375 | ||||||||||||
| Term (period option expires) | 2.75 | 2.75 | 2.25 | 2.50 | ||||||||||||||||
| Volatility | 121.159235 | % | 121.159235 | % | 121.159235 | % | 121.159235 | % | ||||||||||||
| Annual Rate of Quarterly Dividends | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | ||||||||||||
| Discount Rate-Bond Equivalent Yield | 1.1200 | % | 1.1200 | % | 1.1200 | % | 1.1200 | % | ||||||||||||
| INTERMEDIATE COMPUTATIONS | ||||||||||||||||||||
| Present Value of Stock Ex-dividend | $ | 2.00 | $ | 2.00 | $ | 2.00 | $ | 2.00 | ||||||||||||
| Present Value of Exercise Price | $ | 1.60 | $ | 1.34 | $ | 1.28 | $ | 1.31 | ||||||||||||
| Cumulative Volatility | 200.92 | % | 200.92 | % | 181.74 | % | 191.57 | % | ||||||||||||
| CALL OPTION | ||||||||||||||||||||
| Proportion of Stock Present Value | 86.77 | % | 88.58 | % | 87.60 | % | 88.10 | % | ||||||||||||
| Proportion of exercise Price PV | -18.58 | % | -21.05 | % | -25.40 | % | -23.10 | % | ||||||||||||
| Call Option Value | $ | 1.43816014 | $ | 1.4899044 | $ | 1.4276045 | $ | 1.4601957 | ||||||||||||
| PUT OPTION | ||||||||||||||||||||
| Proportion of Stock PV | -13.23 | % | -11.42 | % | -12.40 | % | -11.90 | % | ||||||||||||
| Proportion of Exercise Price PV | 81.42 | % | 78.95 | % | 74.60 | % | 76.90 | % | ||||||||||||
| Put Option Value | $ | 1.04 | $ | 0.83 | $ | 0.71 | $ | 0.77 | ||||||||||||
| NUMBER OF WARRANTS SHARES | 6,136,364 | 750,000 | 2,272,440 | 654,884 | ||||||||||||||||
| VALUE OF WARRANTS SHARES | $ | 8,825,074 | $ | 1,117,428 | $ | 3,244,146 | $ | 956,259 | ||||||||||||
| RECOMPUTED TOTAL | $ | 9,942,502 | $ | 4,200,404 | $ | 14,142,907 | ||||||||||||||
| 1/03/11 PRESENTED TOTAL | $ | 9,942,502 | $ | 4,234,970 | $ | 14,177,473 | ||||||||||||||
| DIFFERENCE | $ | -0- | $ | (34,566 | ) | $ | (34,566 | ) | ||||||||||||
Jim B. Rosenberg
January 12, 2011
Page - 5
| HEMISPHERX BIOPHARMA, INC. | ||||||||||||||||||||
| BLACK - SCHOLES MODEL | RECOMPUTED | RECOMPUTED | ||||||||||||||||||
| 12/31/2009 | 12/31/2009 | 12/31/2009 | 12/31/2009 | |||||||||||||||||
| REVISED COMPUTATION | 6,136,364 | 750,000 | 2,272,440 | 654,884 | 9,813,688 | |||||||||||||||
| INPUT VARIABLES | ||||||||||||||||||||
| Stock Price | $ | 0.56 | $ | 0.56 | $ | 0.56 | $ | 0.56 | ||||||||||||
| Purchase Price | $ | 1.65 | $ | 1.38 | $ | 1.31 | $ | 1.34375 | ||||||||||||
| Term (period option expires) | 2.50 | 2.50 | 2.00 | 2.25 | ||||||||||||||||
| Volatility | 138.000000 | % | 138.000000 | % | 138.000000 | % | 138.000000 | % | ||||||||||||
| Annual Rate of Quarterly Dividends | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | ||||||||||||
| Discount Rate-Bond Equivalent Yield | 1.4200 | % | 1.4200 | % | 1.1400 | % | 1.1400 | % | ||||||||||||
| INTERMEDIATE COMPUTATIONS | ||||||||||||||||||||
| Present Value of Stock Ex-dividend | $ | 0.56 | $ | 0.56 | $ | 0.56 | $ | 0.56 | ||||||||||||
| Present Value of Exercise Price | $ | 1.59 | $ | 1.33 | $ | 1.28 | $ | 1.31 | ||||||||||||
| Cumulative Volatility | 218.20 | % | 218.20 | % | 195.16 | % | 207.00 | % | ||||||||||||
| CALL OPTION | ||||||||||||||||||||
| Proportion of Stock Present Value | 72.97 | % | 75.61 | % | 70.95 | % | 73.39 | % | ||||||||||||
| Proportion of exercise Price PV | -5.82 | % | -6.84 | % | -8.08 | % | -7.42 | % | ||||||||||||
| Call Option Value | $ | 0.31593977 | $ | 0.3323654 | $ | 0.2938474 | $ | 0.3138219 | ||||||||||||
| PUT OPTION | ||||||||||||||||||||
| Proportion of Stock PV | -27.03 | % | -24.39 | % | -29.05 | % | -26.61 | % | ||||||||||||
| Proportion of Exercise Price PV | 94.18 | % | 93.16 | % | 91.92 | % | 92.58 | % | ||||||||||||
| Put Option Value | $ | 1.35 | $ | 1.10 | $ | 1.01 | $ | 1.06 | ||||||||||||
| NUMBER OF WARRANTS SHARES | 6,136,364 | 750,000 | 2,272,440 | 654,884 | ||||||||||||||||
| VALUE OF WARRANTS SHARES | $ | 1,938,721 | $ | 249,274 | $ | 667,751 | $ | 205,517 | ||||||||||||
| RECOMPUTED TOTAL | $ | 2,187,995 | $ | 873,268 | $ | 3,061,263 | ||||||||||||||
| 1/03/11 PRESENTED TOTAL | $ | 2,187,995 | $ | 974,127 | $ | 3,162,123 | ||||||||||||||
| DIFFERENCE | $ | -0- | $ | (100,860 | ) | $ | (100,860 | ) | ||||||||||||
Jim B. Rosenberg
January 12, 2011
Page - 6
| HEMISPHERX BIOPHARMA, INC. | ||||||||||||||||||||
| BLACK - SCHOLES MODEL | RECOMPUTED | RECOMPUTED | ||||||||||||||||||
| 3/31/2010 | 3/31/2010 | 3/31/2010 | 3/31/2010 | |||||||||||||||||
| REVISED COMPUTATION | 6,136,364 | 750,000 | 2,272,440 | 654,884 | 9,813,688 | |||||||||||||||
| INPUT VARIABLES | ||||||||||||||||||||
| Stock Price | $ | 0.74 | $ | 0.74 | $ | 0.74 | $ | 0.74 | ||||||||||||
| Purchase Price | $ | 1.65 | $ | 1.38 | $ | 1.31 | $ | 1.34375 | ||||||||||||
| Term (period option expires) | 2.25 | 2.25 | 1.75 | 2.00 | ||||||||||||||||
| Volatility | 144.306080 | % | 144.306080 | % | 144.306080 | % | 144.306080 | % | ||||||||||||
| Annual Rate of Quarterly Dividends | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | ||||||||||||
| Discount Rate-Bond Equivalent Yield | 1.0200 | % | 1.0200 | % | 1.0200 | % | 1.0200 | % | ||||||||||||
| INTERMEDIATE COMPUTATIONS | ||||||||||||||||||||
| Present Value of Stock Ex-dividend | $ | 0.74 | $ | 0.74 | $ | 0.74 | $ | 0.74 | ||||||||||||
| Present Value of Exercise Price | $ | 1.61 | $ | 1.35 | $ | 1.29 | $ | 1.32 | ||||||||||||
| Cumulative Volatility | 216.46 | % | 216.46 | % | 190.90 | % | 204.08 | % | ||||||||||||
| CALL OPTION | ||||||||||||||||||||
| Proportion of Stock Present Value | 76.50 | % | 78.96 | % | 74.69 | % | 76.98 | % | ||||||||||||
| Proportion of exercise Price PV | -7.46 | % | -8.70 | % | -10.67 | % | -9.63 | % | ||||||||||||
| Call Option Value | $ | 0.45 | $ | 0.47 | $ | 0.42 | $ | 0.44 | ||||||||||||
| PUT OPTION | ||||||||||||||||||||
| Proportion of Stock PV | -23.50 | % | -21.04 | % | -25.31 | % | -23.02 | % | ||||||||||||
| Proportion of Exercise Price PV | 92.54 | % | 91.30 | % | 89.33 | % | 90.37 | % | ||||||||||||
| Put Option Value | $ | 1.32 | $ | 1.08 | $ | 0.96 | $ | 1.02 | ||||||||||||
| NUMBER OF WARRANTS SHARES | 6,136,364 | 750,000 | 2,272,440 | 654,884 | ||||||||||||||||
| VALUE OF WARRANTS SHARES | $ | 2,735,215 | $ | 350,236 | $ | 943,937 | $ | 289,972 | ||||||||||||
| RECOMPUTED TOTAL | $ | 3,085,451 | $ | 1,233,909 | $ | 4,319,359 | ||||||||||||||
| 1/03/11 PRESENTED TOTAL | $ | 3,021,172 | $ | 1,202,181 | $ | 4,223,353 | ||||||||||||||
| DIFFERENCE | $ | 64,279 | $ | 31,728 | $ | 96,006 | ||||||||||||||
Jim B. Rosenberg
January 12, 2011
Page - 7
| HEMISPHERX BIOPHARMA, INC. | ||||||||||||||||||||
| BLACK - SCHOLES MODEL | RECOMPUTED | RECOMPUTED | ||||||||||||||||||
| 6/30/2010 | 6/30/2010 | 6/30/2010 | 6/30/2010 | |||||||||||||||||
| REVISED COMPUTATION | 6,136,364 | 750,000 | 2,272,440 | 654,884 | 9,813,688 | |||||||||||||||
| INPUT VARIABLES | ||||||||||||||||||||
| Stock Price | $ | 0.47 | $ | 0.47 | $ | 0.47 | $ | 0.47 | ||||||||||||
| Purchase Price | $ | 1.65 | $ | 1.38 | $ | 1.31 | $ | 1.34375 | ||||||||||||
| Term (period option expires) | 2.00 | 2.00 | 1.50 | 1.75 | ||||||||||||||||
| Volatility | 144.040336 | % | 144.040336 | % | 144.040336 | % | 144.040336 | % | ||||||||||||
| Annual Rate of Quarterly Dividends | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | ||||||||||||
| Discount Rate-Bond Equivalent Yield | 1.7900 | % | 1.7900 | % | 1.7900 | % | 1.7900 | % | ||||||||||||
| INTERMEDIATE COMPUTATIONS | ||||||||||||||||||||
| Present Value of Stock Ex-dividend | $ | 0.47 | $ | 0.47 | $ | 0.47 | $ | 0.47 | ||||||||||||
| Present Value of Exercise Price | $ | 1.59 | $ | 1.33 | $ | 1.28 | $ | 1.30 | ||||||||||||
| Cumulative Volatility | 203.70 | % | 203.70 | % | 176.41 | % | 190.55 | % | ||||||||||||
| CALL OPTION | ||||||||||||||||||||
| Proportion of Stock Present Value | 66.26 | % | 69.40 | % | 62.41 | % | 66.20 | % | ||||||||||||
| Proportion of exercise Price PV | -5.29 | % | -6.30 | % | -7.38 | % | -6.84 | % | ||||||||||||
| Call Option Value | $ | 0.23 | $ | 0.24 | $ | 0.20 | $ | 0.22 | ||||||||||||
| PUT OPTION | ||||||||||||||||||||
| Proportion of Stock PV | -33.74 | % | -30.60 | % | -37.59 | % | -33.80 | % | ||||||||||||
| Proportion of Exercise Price PV | 94.71 | % | 93.70 | % | 92.62 | % | 93.16 | % | ||||||||||||
| Put Option Value | $ | 1.35 | $ | 1.10 | $ | 1.00 | $ | 1.05 | ||||||||||||
| NUMBER OF WARRANTS SHARES | 6,136,364 | 750,000 | 2,272,440 | 654,884 | ||||||||||||||||
| VALUE OF WARRANTS SHARES | $ | 1,394,251 | $ | 181,682 | $ | 452,586 | $ | 145,387 | ||||||||||||
| RECOMPUTED TOTAL | $ | 1,575,933 | $ | 597,973 | $ | 2,173,906 | ||||||||||||||
| 1/03/11 PRESENTED TOTAL | $ | 1,524,202 | $ | 572,085 | $ | 2,096,287 | ||||||||||||||
| DIFFERENCE | $ | 51,731 | $ | 25,888 | $ | 77,619 | ||||||||||||||
Jim B. Rosenberg
January 12, 2011
Page - 8
| HEMISPHERX BIOPHARMA, INC. | ||||||||||||||||||||
| BLACK - SCHOLES MODEL | RECOMPUTED | RECOMPUTED | ||||||||||||||||||
| 9/30/2010 | 9/30/2010 | 9/30/2010 | 9/30/2010 | |||||||||||||||||
| REVISED COMPUTATION | 6,136,364 | 750,000 | 2,272,440 | 654,884 | 9,813,688 | |||||||||||||||
| INPUT VARIABLES | ||||||||||||||||||||
| Stock Price | $ | 0.56 | $ | 0.56 | $ | 0.56 | $ | 0.56 | ||||||||||||
| Purchase Price | $ | 1.65 | $ | 1.38 | $ | 1.31 | $ | 1.34375 | ||||||||||||
| Term (period option expires) | 1.75 | 1.75 | 1.25 | 1.50 | ||||||||||||||||
| Volatility | 142.712990 | % | 142.712990 | % | 142.712990 | % | 142.712990 | % | ||||||||||||
| Annual Rate of Quarterly Dividends | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | ||||||||||||
| Discount Rate-Bond Equivalent Yield | 1.2700 | % | 1.2700 | % | 1.2700 | % | 1.2700 | % | ||||||||||||
| INTERMEDIATE COMPUTATIONS | ||||||||||||||||||||
| Present Value of Stock Ex-dividend | $ | 0.56 | $ | 0.56 | $ | 0.56 | $ | 0.56 | ||||||||||||
| Present Value of Exercise Price | $ | 1.61 | $ | 1.35 | $ | 1.29 | $ | 1.32 | ||||||||||||
| Cumulative Volatility | 188.79 | % | 188.79 | % | 159.56 | % | 174.79 | % | ||||||||||||
| CALL OPTION | ||||||||||||||||||||
| Proportion of Stock Present Value | 64.93 | % | 68.37 | % | 60.84 | % | 64.95 | % | ||||||||||||
| Proportion of exercise Price PV | -6.62 | % | -7.93 | % | -9.33 | % | -8.63 | % | ||||||||||||
| Call Option Value | $ | 0.26 | $ | 0.28 | $ | 0.22 | $ | 0.25 | ||||||||||||
| PUT OPTION | ||||||||||||||||||||
| Proportion of Stock PV | -35.07 | % | -31.63 | % | -39.16 | % | -35.05 | % | ||||||||||||
| Proportion of Exercise Price PV | 93.38 | % | 92.07 | % | 90.67 | % | 91.37 | % | ||||||||||||
| Put Option Value | $ | 1.31 | $ | 1.07 | $ | 0.95 | $ | 1.01 | ||||||||||||
| NUMBER OF WARRANTS SHARES | 6,136,364 | 750,000 | 2,272,440 | 654,884 | ||||||||||||||||
| VALUE OF WARRANTS SHARES | $ | 1,575,361 | $ | 206,884 | $ | 500,711 | $ | 163,679 | ||||||||||||
| RECOMPUTED TOTAL | $ | 1,782,246 | $ | 664,390 | $ | 2,446,636 | ||||||||||||||
| 1/03/11 PRESENTED TOTAL | $ | 1,716,250 | $ | 630,673 | $ | 2,346,922 | ||||||||||||||
| DIFFERENCE | $ | 65,996 | $ | 33,717 | $ | 99,714 | ||||||||||||||
Jim B. Rosenberg
January 12, 2011
Page - 9
The Company acknowledges that:
| · | the Company is responsible for the adequacy and accuracy of the disclosures in the filing; |
| · | the 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 |
| · | 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. |
The Company further acknowledges, that the action of the Commission or the staff, acting pursuant to delegated authority, in reviewing the filing does not relieve the Company from its full responsibility for the adequacy and accuracy of the disclosure in the filing.
If you have any questions or comments with regard to the filing, please contact me at the above address.
Very truly yours, | |
| /s/ Charles T. Bernhardt | |
Charles T. Bernhardt Chief Financial Officer |