I am writing to comment on the Proposed Plan of Distribution in the matter of Tai Mo Shan Limited, File No. 3-22382. I am concerned that the proposed plan permits administrative costs, including Fund Administrator fees and other expenses, to be paid from the Fair Fund without establishing a clear maximum dollar amount or percentage cap. Because the purpose of the Fair Fund is to compensate harmed investors, I respectfully request that the Commission consider adding stronger safeguards to ensure that administrative expenses do not unnecessarily reduce the amount ultimately distributed to eligible claimants. Specifically, I ask the Commission to consider: * Establishing a reasonable maximum percentage or dollar cap on administrative expenses. * Requiring public disclosure of the Fund Administrator’s fee structure and anticipated expenses before final approval of the plan. * Requiring periodic public reporting of administrative expenses incurred and the remaining Net Available Fair Fund. * Requiring Commission approval for material administrative expenses that exceed an established threshold. * Ensuring that any savings, unused reserves, or excess administrative allocations are returned to the amount available for distribution to harmed investors. The Fair Fund contains more than $123 million intended to compensate investors who suffered losses related to TerraUSD. Even a relatively small percentage devoted to administration could represent millions of dollars that would otherwise be available to affected investors. I recognize that reasonable administrative costs are necessary to identify claimants, review claims, prevent fraud, calculate distributions, and make payments. My concern is not with legitimate administrative expenses, but with the absence of a clearly stated limit and sufficient transparency regarding those expenses. I respectfully encourage the Commission to incorporate an administrative-cost cap or additional cost-control and disclosure requirements into the final Plan of Distribution so that the greatest possible portion of the Fair Fund reaches the investors it was created to compensate. Thank you for considering this comment.