Subject: File No. S7-08-05
From: Danielle Stariha, CISA
Affiliation: Director of Internal Audit, Gander Mountain

October 25, 2005

Two points for consideration pertaining to the purposed rule:
1. We believe the definition of an accelerated filer needs to be re-defined promptly. The current public float test of less than 75M includes less then 1 percent of all U.S. public companys total market capitalization. In comparison, fund managers often consider a company with a market cap of less that 1B to be a smaller company, which is significantly larger than 75M. I believe the limit should be over 500M for accelerated filers and 1B for large accelerated filers. There is still time to impact filers for 2005 if the definition is modified soon; otherwise internal resources will continue to be spent and additional audit fees incurred. I do believe Market Cap is the measurement to use, as that is what is at stake in the market place.

2. We support the retention of the 40-day filing deadline for Quarterly 10-Q reports for accelerated filers. We also strongly encourage retention of the 75-day filing deadline for Annual 10-K reports and discourage the 60-day deadline for any filer. Our concern is that accelerated deadlines would be burdensome because the window to complete the reports is less but with the same amount of resources to accomplish the task, unless additional staff is hired, which is more costly. The burden outweighs the benefits because the investor would be getting the same information and maybe not as good of information if the company does not have enough time to do analytics and research but now at an added cost to the company.

We appreciate your consideration of these comments.