Subject: File No. S7-04-11
From: Bill Blair
Affiliation: CEO/Sr RF Engineer/Jr Accountant

January 27, 2011

Bad rule. This further hampers the ability of small entities to raise capital. Small Companies are disadvantaged and this rule further harms small companies and indirectly all of commerce which is directly proportionate to the economy and national debt. Thank you. Kind and best regards.

Most respectfully submitted.