Subject: File No. S7-25-10
From: Joseph J. Kochanek
Affiliation: Bodman LLP

November 18, 2010

Comments on File No. S7-25-10

We write on behalf of a client which is a single family office to express support for the views expressed by Martin Lybecker, as attorney for the Private Investors Coalition. We believe that his comments appropriately address a number of concerns with the proposed rule which are applicable to many family offices. We appreciate this opportunity to comment.