Subject: File No. S7-25-06
From: John A Shull, Jr.
Affiliation: Sr. Partner - Sonterra Mortgage Capital, LLC

January 26, 2007

File Number S7-25-06

Investing in a Hedge Fund as I do with Coadum Capital II, is MY right and a matter of Choice.

Investing in a Hedge Fund is a matter of Equal Access. It is a matter of Equal Opportunity. Congress should change the rules and allow all investors to be truly equal, at least as to opportunity.

Why do we assume those with less than $1,000,000 to be sophisticated enough to understand the risks in stocks (which have lost trillions of investor dollars), stock options (the vast majority of which expire worthless), futures (where 95 % of retail investors lose money), mutual funds (80% of which underperform the market), and a whole host of very high-risk investments, yet deem them to be incapable of understanding the risks in hedge funds?

I believe it is time to change a system where 95% (and maybe soon to be almost 99% if you raise the cap to 2.5 million) of Americans are relegated to second-class status based solely on their income and wealth and not on their abilities. It is simply wrong to deny a person equal opportunity and access to what many feel are the best managers in the world, based upon old rules designed for a different time and different purpose. I hope that someday Congress will see to it that small investors are invited to sit at the table as equals with the rich.