Subject: File No. S7-12-06
From: James Smith

April 30, 2007

I agree with the posts of Steven Jay, Derek W. Sch, Michael A. Lepis, Thomas Reilly, Bruce Mitchell, Noga Rosenthal, Glen Smith, Guy S. McCool, Karen Weldon and Jim Snell. The Grandfather clause needs to go. Thank you, Steven Jay, Derek W. Sch, Michael A. Lepis, Thomas Reilly, Bruce Mitchell, Noga Rosenthal, Glen Smith, Guy S. McCool, Karen Weldon and Jim Snell for pointing out the problems, but we also need good solutions.