-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
 MRvJqn/qkhhEQsP9yr8UA+NJj3C6uMTbrz/p5X74pVbMEV5pDzHS3LUqGvOPCUIC
 PbBX5BqdRT38/eSz2SW48Q==

<SEC-DOCUMENT>0001182489-07-000074.txt : 20070125
<SEC-HEADER>0001182489-07-000074.hdr.sgml : 20070125
<ACCEPTANCE-DATETIME>20070125185753
ACCESSION NUMBER:		0001182489-07-000074
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20070123
FILED AS OF DATE:		20070125
DATE AS OF CHANGE:		20070125

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			MELLIN  WILLIAM F
		CENTRAL INDEX KEY:			0001245634

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31987
		FILM NUMBER:		07554290

	MAIL ADDRESS:	
		STREET 1:		C/O FARALLON CAPITAL MANAGEMENT
		STREET 2:		ONE MARTIME PLAZA STE 1325
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94111

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			MacMahon Douglas M
		CENTRAL INDEX KEY:			0001384996

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31987
		FILM NUMBER:		07554291

	BUSINESS ADDRESS:	
		BUSINESS PHONE:		(212) 916-3000

	MAIL ADDRESS:	
		STREET 1:		C/O FARALLON CAPITAL MANAGEMENT, L.L.C.
		STREET 2:		405 LEXINGTON AVENUE, 41ST FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10174

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			LANDRY MONICA R
		CENTRAL INDEX KEY:			0001245636

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31987
		FILM NUMBER:		07554292

	MAIL ADDRESS:	
		STREET 1:		C/O FARALLON CAPITAL MANAGEMENT
		STREET 2:		ONE MARTIME PLAZA STE 1325
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94111

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			DUHAMEL WILLIAM F
		CENTRAL INDEX KEY:			0001245638

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31987
		FILM NUMBER:		07554294

	MAIL ADDRESS:	
		STREET 1:		C/O FARALLON CAPITAL MANAGEMENT
		STREET 2:		ONE MARTIME PLAZA STE 1325
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94111

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			DING CHUN R
		CENTRAL INDEX KEY:			0001250077

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31987
		FILM NUMBER:		07554295

	BUSINESS ADDRESS:	
		STREET 1:		FARALLON CAPITAL MANAGEMENT
		STREET 2:		ONE MARITIME PLAZA STE 1325
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94111
		BUSINESS PHONE:		4154212132

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Farallon Capital Offshore Investors II, L.P.
		CENTRAL INDEX KEY:			0001340990
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31987
		FILM NUMBER:		07554296

	BUSINESS ADDRESS:	
		STREET 1:		HARBOUR CENTRE
		STREET 2:		P.O. BOX 896
		CITY:			GEORGE TOWN, GRAND CAYMAN
		STATE:			E9
		ZIP:			00000
		BUSINESS PHONE:		(415) 421-2132

	MAIL ADDRESS:	
		STREET 1:		C/O FARALLON CAPITAL MANAGEMENT, L.L.C.
		STREET 2:		ONE MARITIME PLAZA, SUITE 1325
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94111

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			FARALLON CAPITAL INSTITUTIONAL PARTNERS III LP
		CENTRAL INDEX KEY:			0001245629
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31987
		FILM NUMBER:		07554298

	MAIL ADDRESS:	
		STREET 1:		C/O FARALLON CAPITAL MANAGEMENT
		STREET 2:		ONE MARTIME PLAZA STE 1325
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94111

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			FARALLON CAPITAL MANAGEMENT LLC
		CENTRAL INDEX KEY:			0000909661

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31987
		FILM NUMBER:		07554299

	BUSINESS ADDRESS:	
		STREET 1:		ONE MARITIME PLAZA STE 11325
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94111
		BUSINESS PHONE:		4154212132

	MAIL ADDRESS:	
		STREET 1:		ONE MARITIME PLAZA
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94111

	FORMER NAME:	
		FORMER CONFORMED NAME:	FARALLON CAPITAL MANAGEMENT INC ET AL
		DATE OF NAME CHANGE:	19970210

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AFFORDABLE RESIDENTIAL COMMUNITIES INC
		CENTRAL INDEX KEY:			0001265131
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				841477939
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		7887 E. BELLEVIEW AVE., SUITE 200
		CITY:			ENGLEWOOD
		STATE:			CO
		ZIP:			80111
		BUSINESS PHONE:		303 383-7506

	MAIL ADDRESS:	
		STREET 1:		7887 E. BELLEVIEW AVE., SUITE 200
		CITY:			ENGLEWOOD
		STATE:			CO
		ZIP:			80111

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			FRIED RICHARD B
		CENTRAL INDEX KEY:			0001245637

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31987
		FILM NUMBER:		07554293

	MAIL ADDRESS:	
		STREET 1:		C/O FARALLON CAPITAL MANAGEMENT
		STREET 2:		ONE MARTIME PLAZA STE 1325
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94111

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			TINICUM PARTNERS LP FARALLON
		CENTRAL INDEX KEY:			0001245631
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31987
		FILM NUMBER:		07554297

	MAIL ADDRESS:	
		STREET 1:		C/O FARALLON CAPITAL MANAGEMENT
		STREET 2:		ONE MARTIME PLAZA STE 1325
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94111
</SEC-HEADER>
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<TYPE>4
<SEQUENCE>1
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<DESCRIPTION>FORM 4 -
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            <rptOwnerCity>SAN FRANCISCO</rptOwnerCity>
            <rptOwnerState>CA</rptOwnerState>
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    <reportingOwner>
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        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O FARALLON CAPITAL MANAGEMENT, L.L.C.</rptOwnerStreet1>
            <rptOwnerStreet2>ONE MARITIME PLAZA, SUITE 1325</rptOwnerStreet2>
            <rptOwnerCity>SAN FRANCISCO</rptOwnerCity>
            <rptOwnerState>CA</rptOwnerState>
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            <rptOwnerStateDescription></rptOwnerStateDescription>
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            <rptOwnerCity>SAN FRANCISCO</rptOwnerCity>
            <rptOwnerState>CA</rptOwnerState>
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            <rptOwnerName>Farallon Capital Offshore Investors II, L.P.</rptOwnerName>
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            <rptOwnerStreet2>ONE MARITIME PLAZA, SUITE 1325</rptOwnerStreet2>
            <rptOwnerCity>SAN FRANCISCO</rptOwnerCity>
            <rptOwnerState>CA</rptOwnerState>
            <rptOwnerZipCode>94111</rptOwnerZipCode>
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    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001250077</rptOwnerCik>
            <rptOwnerName>DING CHUN R</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O FARALLON CAPITAL MANAGEMENT, L.L.C.</rptOwnerStreet1>
            <rptOwnerStreet2>ONE MARITIME PLAZA, SUITE 1325</rptOwnerStreet2>
            <rptOwnerCity>SAN FRANCISCO</rptOwnerCity>
            <rptOwnerState>CA</rptOwnerState>
            <rptOwnerZipCode>94111</rptOwnerZipCode>
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            <rptOwnerCik>0001245638</rptOwnerCik>
            <rptOwnerName>DUHAMEL WILLIAM F</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O FARALLON CAPITAL MANAGEMENT, L.L.C.</rptOwnerStreet1>
            <rptOwnerStreet2>ONE MARITIME PLAZA, SUITE 1325</rptOwnerStreet2>
            <rptOwnerCity>SAN FRANCISCO</rptOwnerCity>
            <rptOwnerState>CA</rptOwnerState>
            <rptOwnerZipCode>94111</rptOwnerZipCode>
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    <reportingOwner>
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            <rptOwnerCik>0001245637</rptOwnerCik>
            <rptOwnerName>FRIED RICHARD B</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O FARALLON CAPITAL MANAGEMENT, L.L.C.</rptOwnerStreet1>
            <rptOwnerStreet2>ONE MARITIME PLAZA, SUITE 1325</rptOwnerStreet2>
            <rptOwnerCity>SAN FRANCISCO</rptOwnerCity>
            <rptOwnerState>CA</rptOwnerState>
            <rptOwnerZipCode>94111</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
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            <otherText>Member of Group Owning 10%</otherText>
        </reportingOwnerRelationship>
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    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001245636</rptOwnerCik>
            <rptOwnerName>LANDRY MONICA R</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O FARALLON CAPITAL MANAGEMENT, L.L.C.</rptOwnerStreet1>
            <rptOwnerStreet2>ONE MARITIME PLAZA, SUITE 1325</rptOwnerStreet2>
            <rptOwnerCity>SAN FRANCISCO</rptOwnerCity>
            <rptOwnerState>CA</rptOwnerState>
            <rptOwnerZipCode>94111</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
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    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001384996</rptOwnerCik>
            <rptOwnerName>MacMahon Douglas M</rptOwnerName>
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        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O FARALLON CAPITAL MANAGEMENT, L.L.C.,</rptOwnerStreet1>
            <rptOwnerStreet2>ONE MARITIME PLAZA, SUITE 1325</rptOwnerStreet2>
            <rptOwnerCity>SAN FRANCISCO</rptOwnerCity>
            <rptOwnerState>CA</rptOwnerState>
            <rptOwnerZipCode>94111</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
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            <isOfficer>0</isOfficer>
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    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001245634</rptOwnerCik>
            <rptOwnerName>MELLIN  WILLIAM F</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O FARALLON CAPITAL MANAGEMENT, L.L.C.</rptOwnerStreet1>
            <rptOwnerStreet2>ONE MARITIME PLAZA, SUITE 1325</rptOwnerStreet2>
            <rptOwnerCity>SAN FRANCISCO</rptOwnerCity>
            <rptOwnerState>CA</rptOwnerState>
            <rptOwnerZipCode>94111</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
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            <isOther>1</isOther>
            <officerTitle></officerTitle>
            <otherText>Member of Group Owning 10%</otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2007-01-23</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>X</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
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            <transactionAmounts>
                <transactionShares>
                    <value>414546</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>8.00</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>2127546</value>
                </sharesOwnedFollowingTransaction>
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            <ownershipNature>
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                    <value>D</value>
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        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
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            <transactionDate>
                <value>2007-01-23</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>X</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
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            <transactionAmounts>
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                <transactionPricePerShare>
                    <value>8.00</value>
                </transactionPricePerShare>
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                    <value>A</value>
                </transactionAcquiredDisposedCode>
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                    <value>2555539</value>
                </sharesOwnedFollowingTransaction>
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                    <value>D</value>
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        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
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                <value>Common Stock</value>
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            <transactionDate>
                <value>2007-01-23</value>
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            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>X</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
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            <transactionAmounts>
                <transactionShares>
                    <value>28725</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>8.00</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>147425</value>
                </sharesOwnedFollowingTransaction>
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            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
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        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2007-01-23</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>X</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>35380</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>8.00</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>181580</value>
                </sharesOwnedFollowingTransaction>
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            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                    <footnoteId id="F1"/>
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        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
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            <transactionDate>
                <value>2007-01-23</value>
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            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>X</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
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            <transactionAmounts>
                <transactionShares>
                    <value>13213</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>8.00</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>67813</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                    <footnoteId id="F7"/>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2007-01-23</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>X</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>63619</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>8.00</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>326509</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                    <footnoteId id="F8"/>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2007-01-23</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>X</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>1053422</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>8.00</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>5406412</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Footnotes</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                    <footnoteId id="F9"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2007-01-23</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>X</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>48160</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>8.00</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>247170</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Footnotes</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                    <footnoteId id="F10"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2007-01-23</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>X</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>1101582</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>8.00</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>5653582</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Footnotes</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                    <footnoteId id="F11"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Subscription Rights (right to buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>8.00</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2007-01-23</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>X</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>1713000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <value>2006-12-19</value>
            </exerciseDate>
            <expirationDate>
                <value>2007-01-23</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>414546</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>0</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                    <footnoteId id="F3"/>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
        <derivativeTransaction>
            <securityTitle>
                <value>Subscription Rights (right to buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>8.00</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2007-01-23</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>X</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>2057600</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <value>2006-12-19</value>
            </exerciseDate>
            <expirationDate>
                <value>2007-01-23</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>497939</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>0</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                    <footnoteId id="F4"/>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
        <derivativeTransaction>
            <securityTitle>
                <value>Subscription Rights (right to buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>8.00</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2007-01-23</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>X</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>118700</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <value>2006-12-19</value>
            </exerciseDate>
            <expirationDate>
                <value>2007-01-23</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>28725</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>0</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                    <footnoteId id="F5"/>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
        <derivativeTransaction>
            <securityTitle>
                <value>Subscription Rights (right to buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>8.00</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2007-01-23</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>X</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>146200</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <value>2006-12-19</value>
            </exerciseDate>
            <expirationDate>
                <value>2007-01-23</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>35380</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>0</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                    <footnoteId id="F6"/>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
        <derivativeTransaction>
            <securityTitle>
                <value>Subscription Rights (right to buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>8.00</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2007-01-23</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>X</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>54600</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <value>2006-12-19</value>
            </exerciseDate>
            <expirationDate>
                <value>2007-01-23</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>13213</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>0</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                    <footnoteId id="F7"/>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
        <derivativeTransaction>
            <securityTitle>
                <value>Subscription Rights (right to buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>8.00</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2007-01-23</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>X</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>262890</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <value>2006-12-19</value>
            </exerciseDate>
            <expirationDate>
                <value>2007-01-23</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>63619</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>0</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                    <footnoteId id="F8"/>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
        <derivativeTransaction>
            <securityTitle>
                <value>Subscription Rights (right to buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>8.00</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2007-01-23</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>X</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>4352990</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <value>2006-12-19</value>
            </exerciseDate>
            <expirationDate>
                <value>2007-01-23</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>1053422</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>0</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Footnotes</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                    <footnoteId id="F9"/>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeTransaction>
        <derivativeTransaction>
            <securityTitle>
                <value>Subscription Rights (right to buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>8.00</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2007-01-23</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>X</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>199010</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <value>2006-12-19</value>
            </exerciseDate>
            <expirationDate>
                <value>2007-01-23</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>48160</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>0</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Footnotes</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                    <footnoteId id="F10"/>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeTransaction>
        <derivativeTransaction>
            <securityTitle>
                <value>Subscription Rights (right to buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>8.00</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2007-01-23</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>X</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>4552000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <value>2006-12-19</value>
            </exerciseDate>
            <expirationDate>
                <value>2007-01-23</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>1101582</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>0</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Footnotes</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                    <footnoteId id="F11"/>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">The entities and individuals identified in the footnotes of this Form 4 may be deemed members of a group holding equity securities of the Issuer. The filing of this Form 4 shall not be deemed to be an admission that such entities and individuals are members of such group.</footnote>
        <footnote id="F2">Since the number of reporting persons that may be listed on a Form 4 is limited, Farallon Partners, L.L.C., the entities listed in footnotes (3) through (5) of this Form 4 and Stephen L. Millham, Jason E. Moment, Rajiv A. Patel, Derek C. Schrier, Thomas F. Steyer and Mark C. Wehrly, each as listed in footnote (11) of this Form 4, are filing a separate Form 4 on the same date as the filing of this Form 4 as reporting persons with respect to the holdings described in this Form 4 relating to such entities and individuals. Information regarding these entities and individuals is included on this Form 4 for purposes of clarification and convenience only, and is duplicative of the information reported in such other Form 4.</footnote>
        <footnote id="F3">The amount of securities shown in this row is owned directly by Farallon Capital Partners, L.P. (&quot;FCP&quot;).</footnote>
        <footnote id="F4">The amount of securities shown in this row is owned directly by Farallon Capital Institutional Partners, L.P. (&quot;FCIP&quot;).</footnote>
        <footnote id="F5">The amount of securities shown in this row is owned directly by Farallon Capital Institutional Partners II, L.P. (&quot;FCIP II&quot;).</footnote>
        <footnote id="F6">The amount of securities shown in this row is owned directly by Farallon Capital Institutional Partners III, L.P. (&quot;FCIP III&quot;).</footnote>
        <footnote id="F7">The amount of securities shown in this row is owned directly by Tinicum Partners, L.P. (&quot;Tinicum&quot;).</footnote>
        <footnote id="F8">The amount of securities shown in this row is owned directly by Farallon Capital Offshore Investors II, L.P. (&quot;FCOI II&quot;).</footnote>
        <footnote id="F9">The amount of securities shown in this row is owned directly by FCP, FCIP, FCIP II, FCIP III, Tinicum and FCOI II (collectively, the &quot;Partnerships&quot;). As the general partner to each of the Partnerships, Farallon Partners, L.L.C. (&quot;FPLLC&quot;) may be deemed to be the beneficial owner of the Issuer's securities held by the Partnerships. FPLLC disclaims any beneficial ownership of any of the Issuer's securities reported or excluded herein for purposes of Rule 16a-1(a) under the Securities Exchange Act of 1934, as amended (the &quot;'34 Act&quot;), or otherwise, except as to securities representing FPLLC's pro rata interest in, and interest in the profits of, the Partnerships.</footnote>
        <footnote id="F10">The amount of securities shown in this row is owned directly by an entity (the &quot;Managed Entity&quot;) managed by Farallon Capital Management, L.L.C. (&quot;FCMLLC&quot;). FCMLLC, as manager to such entity, may be deemed to be the beneficial owner of the Issuer's securities held by such entity. FCMLLC disclaims any beneficial ownership of any of the Issuer's securities reported herein for purposes of Rule 16a-1(a) under the '34 Act or otherwise.</footnote>
        <footnote id="F11">The amount of securities shown in this row is owned directly by either the Partnerships or the Managed Entity. Each of Chun R. Ding, William F. Duhamel, Richard B. Fried, Monica R. Landry, Douglas M. MacMahon, William F. Mellin, Stephen L. Millham, Jason E. Moment, Rajiv A. Patel, Derek C. Schrier and Mark C. Wehrly (collectively, the &quot;Managing Members&quot;) and Thomas F. Steyer (the &quot;Senior Managing Member&quot;), as either a managing member or the senior managing member of FPLLC and FCMLLC, may be deemed to be a beneficial owner of the Issuer's securities held by each of the Partnerships as referenced in footnotes (3) through (8) of this Form 4 and by the Managed Entity as referenced in footnote (10) of this Form 4. The Managing Members and the Senior Managing Member disclaim any beneficial ownership of any of the Issuer's securities reported or excluded herein for purposes of Rule 16a-1(a) under the '34 Act or otherwise.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Monica R. Landry, as attorney-in-fact and/or authorized signer for each of FCMLLC and the reporting persons listed in footnotes (6) to (8).</signatureName>
        <signatureDate>2007-01-25</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ Monica R. Landry, on her own behalf and as attorney-in-fact and/or authorized signer for each of  Chun R. Ding, William F. Duhamel, Richard B. Fried, Monica R. Landry, Douglas M. MacMahon, William F. Mellin.</signatureName>
        <signatureDate>2007-01-25</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>.</signatureName>
        <signatureDate>2007-01-25</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>.</signatureName>
        <signatureDate>2007-01-25</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>.</signatureName>
        <signatureDate>2007-01-25</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>.</signatureName>
        <signatureDate>2007-01-25</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>.</signatureName>
        <signatureDate>2007-01-25</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>.</signatureName>
        <signatureDate>2007-01-25</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>.</signatureName>
        <signatureDate>2007-01-25</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>.</signatureName>
        <signatureDate>2007-01-25</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----