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 1   UNITED STATES SECURITIES AND EXCHANGE COMMISSION
 2   
 3   TRANSCRIPT OF RECORDED TELEPHONE CONVERSATIONS
 4   FILE NAME:   OSNATO Decl Ex 32 Ledford9-15 218PM2
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 1             MR. LEDFORD:   -- pass, eventually.  Eventually. 
 2   You know, we -- we -- we're going to have to live with it
 3   for a year, though, because the shit's going to sit on our
 4   fucking books until, you know, they -- the -- they
 5   liquidate, and we get paid off.
 6             HENRY:   Right.  Well, they may be -- you know,
 7   that may become a bit of an issue in time.  This 15 billion
 8   that you think left, was it a particular character of
 9   investor?
10             MR. LEDFORD:   Institutional.
11             HENRY:   Well, I would think, yes.  But, a
12   particular type of institutional?
13             MR. LEDFORD:   No, no, nothing -- nothing -- 
14             HENRY:   There -- there was no -- 
15             MR. LEDFORD:   -- no, nothing stands out.
16             HENRY:   Um hmm.  I mean, for example, portal
17   versus non-portal?  Corporate versus non-corporate?
18             MR. LEDFORD:   No, no.  Surprisingly, the -- we
19   had a couple of conference calls with two portals -- with a
20   couple of portals today and, you know, they seem to be
21   okay.
22             HENRY:   Um hmm.
23             MR. LEDFORD:   So, no, it's -- it's not the
24   portal.  It's just corporate balance sheet cash, primarily.
25             HENRY:   Yeah.
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 1             MR. LEDFORD:   Listen, Henry, let me hop.  If I
 2   -- 
 3             HENRY:   Okay.
 4             MR. LEDFORD:   -- if I get anything else, I'll --
 5   I'll talk to you.
 6             HENRY:   Okay.  I -- 
 7             MR. LEDFORD:   If not -- 
 8             HENRY:   -- appreciate it.
 9             MR. LEDFORD:   -- if I don't talk to you today,
10   I'm sure I'll talk to you tomorrow morning [unintelligible]
11   a lot of call in.
12             HENRY:   Okay.
13             MR. LEDFORD:   All right, Henry.  Thanks for the
14   phone call.
15             HENRY:   [unintelligible]
16             MR. LEDFORD:   All right, yeah.  Thanks, Henry.
17                [END OF RECORDING]
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 1               C E R T I F I C A T I O N                        
 2   
 3             I, June Accornero, hereby certify that the
 4   foregoing transcript consisting of 4 pages is a complete,
 5   true and accurate transcript of the recorded conversations
 6   contained in the recording labeled "OSNATO Decl Ex 32
 7   Ledford9-15 218PM2."
 8             The foregoing transcript has been typed and
 9   proofread by me.
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