From: Michael Levy
Sent: July 12, 2005
Subject: File No. 4-500


I am writing to request greater transparency in the Bulletin Board & Pink Sheets stock markets.

It's past time for the regulators not doing their jobs, more protective of the phat cats and hedge funds over the small investor and the start-up companies they invest in. Strange a concept as it is to some at the SEC, yes, we would like our shares go up in price and the companies we invest in to have a fair chance to succeed.

Michael Levy
Washington, DC