Subject: File No. JOBS Act Title I
From: David R Hopkinson
Affiliation: Compliance Auditor/Owner, Abandoned Property Experts, LLC

June 29, 2012

I am an investor in common stocks as well as a compliance auditor. In my opinion, the loosening of IPO standards will increase the cost of capital to small companies in two ways.

Experienced potential investors in new "small" companies will have considerably more difficulty getting the kind of due diligence information they will require to gain comfort with an investment in such companies. The higher cost to the investor will translate into a higher cost of capital to the company.

Inexperienced investors who do not pursue such due diligence will experience some significant losses that will cause a loss of confidence in US market standards. As a result demand for issues by new "small" companies will decline. Lower demand translates into higher cost of capital to such companies.

Old Arabic saying, "Be careful what you wish for. You just might get it."