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We note in your response to comment number five that as of September 30, 2010, all of
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the relevant provisions in the securities that allow them to receive PIK;
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the reasons why the securities are receiving PIK;
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the risk to security holders;
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how PIK impacts the different tranches of the securities and how it impacts the specific tranche that you own; and
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when you expect the securities to begin paying cash interest; and how the fact that the securities were receiving PIK was incorporated into the cash flow analysis that you performed.
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The Company is responsible for the adequacy and accuracy of the disclosure in the filing;
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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
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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.
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