Subject: File No. S7-38-04
From: David Thickens
Affiliation: Deephaven Capital Management

January 14, 2005

To whom it may concern:

I am an institutional investor, and I am EXTREMELY troubled by the proposed rule changes that would treat powerpoint slide presentations differently if they are used in live roadshow presentations than when they are used in archived internet roadshows.

I cannot fathom why the SEC would wish to make such a change - there is no logical reason for it. ALL institutional investors should be treated the same under the rules - whether the presentation is "live" or archived should make no difference whatsoever in the presentations we are allowed to see.

We run our business 175 miles away from the nearest major market where live roadshow presentations can reasonably be expected to be offered. However, advances in technology have made it possible to deal with this distance in every other facet of running our business - please do not let bureaucratic silliness get in the way of our ability to do our jobs. We need the institutional roadshow in order to make an informed decision on public offerings, but cannot make it to all the live roadshows.

David Thickens
Deephaven Capital Management
Duluth, MN


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