EXHIBIT 20.1



January 24, 2005

Dear BellaVista Shareholder:

I am writing to alert you to our upcoming communications as we approach the
March 14, 2005 shareholder meeting.

Repurchase Offer

We have completed our liquidation analysis and are finalizing our repurchase
offer. We expect to mail the offer before the end of this week. In making the
upcoming offer, the company intends to provide a mechanism for shareholders to
exit the investment without having to liquidate the company. This allows
shareholders who recognize value in the company's business plan to continue
their investment and preserve the assets (including tax free increases in share
value from the net operating loss) that would be forfeited upon liquidation of
the company.

Liquidation Proposal

Within the next month, you will receive BellaVista's proxy statement in answer
to the liquidation proposal advanced by Messrs. Black and Johnson. The proxy
statement will contain the Board of Directors' recommendation to shareholders
regarding this proposal. In addition to its recommendation, the Board will
include a discussion of the factors it considered in arriving at its
conclusions.

Business Plan

The company has gone through a significant transformation during the past year.
This includes right sized and significantly reduced operating expenses, the
implementation of a rigorous due diligence process for new investments,
diversification of the portfolio and four new performing investments that are
delivering attractive returns. Therefore, we provide for your thoughtful
consideration, the BellaVista Capital Business Plan which sets forth our
investment strategy and financial projections for 2005 and beyond. Enclosed you
will find a copy of that plan. We hope you find it informative and encourage you
to call our offices at (650) 328-3060 if you have any questions.

On behalf of the Board of Directors, management and our staff, we are pleased
with the significant progress we have made so far and are committed to deliver
to you, our valued shareholder, the results that are presented in our business
plan. Once you have reviewed our business plan, we hope that you share this
enthusiasm and thank you for your continued support.

Sincerely,



Michael Rider                                                 Eric Hanke
President                                                     Vice President