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Re: ULTRA post# 1814

Friday, 05/09/2008 12:30:01 AM

Friday, May 09, 2008 12:30:01 AM

Post# of 4437
We will earn our share of equity upon Silver Point realizing a specified return under the terms of the Purchase and Sale Agreement. We have the opportunity to earn up to 50% equity in the partnership. Until such time as we begin to earn our equity share we are not allowed to consolidate the results of these operations into our own in accordance with EITF Abstracts, Issue No. 04-5, Determining Whether a General Partner, or the General Partners as a Group, Controls a Limited Partnership or Similar Entity When the Limited Partners Have Certain Rights. For the quarter ended December 31 2006, we have not earned our share of equity and therefore we have not recorded any financial transactions relating to this venture.




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