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 1   UNITED STATES SECURITIES AND EXCHANGE COMMISSION
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 3   TRANSCRIPT OF RECORDED TELEPHONE CONVERSATIONS
 4   FILE NAME:   OSNATO Decl Ex 35-Ledford915518
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 1             [DIAL TONE -- DIALING SOUNDS]
 2             BRUCE SENIOR:   Hello.
 3             MR. LEDFORD:   Yeah, Mr. Bent, this is Patrick.
 4             BRUCE SENIOR:   Yeah.
 5             MR. LEDFORD:   Hey, I just wanted to get back to
 6   you.  Ready for a quick update?
 7             BRUCE SENIOR:   Yeah.
 8             MR. LEDFORD:   Yeah.  We're working with
 9   Barclay's, to set up a reverse repo tomorrow morning.  The
10   reason we couldn't get it done today was because it has to
11   go to London to be approved.  So, we're going to hopefully
12   get that on -- on tomorrow.
13             Also, Bruce and I spoke to the treasurer at -- at
14   State Street, to -- to do the same thing.  We -- we had had
15   a conference call earlier, and I had mentioned, you know,
16   if those guys would -- if they would, in fact, be in
17   agreement to do a repo, a reverse repo, because they have
18   the collateral.  It would just be a matter of moving the -- 
19             BRUCE SENIOR:   Right.
20             MR. LEDFORD:   -- collateral from one account to
21   another.  But, the -- the -- we -- unfortunately, we were
22   talking to some guys at the bottom of the food chain.  So,
23   Bruce very quickly got the -- the head guy on, and he is --
24   he thought it was a good idea, and he was going to huddle
25   with a couple of people and call us back.
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 1             Now, at this point, it's 5:20 and we haven't
 2   heard back from him yet.  But hopefully, we'll get that --
 3   if we don't get that done today, we'll get it done
 4   tomorrow.  And that's -- 
 5             BRUCE SENIOR:   Okay.  The problem is how many
 6   redemptions didn't go out?
 7             MR. LEDFORD:   Yeah, well -- well, you know, what
 8   happened was John in the institutional sales -- John -- the
 9   sales force did a good job, because they reached out to a
10   lot of clients, and they got them to wait until tomorrow. 
11   So, that -- that mitigated it somewhat.
12             But, I just, I don't -- 
13             BRUCE SENIOR:   Okay.
14             MR. LEDFORD:   -- I don't know what the number
15   is, though, on how many did not go out.  But what we're
16   hoping is we're going to get this reverse repo on and so we
17   can get out, and make possibly another 5 million --
18   $5 billion.
19             So, -- 
20             BRUCE SENIOR:   Five billion what?  Today or
21   tomorrow?
22             MR. LEDFORD:   Well, hopefully, if we can get it
23   done with State Street, even though it is pretty late. 
24   But, you know, this will just be, you know, a temporary
25   liquidity facility for us.  It's not -- and, as I explained
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 1   to him, we're not going to leave it on any -- at any -- for
 2   any length of time.  Just until the market tone gets
 3   better.  So hopefully, we're going to get that in tonight.
 4             But, if not, we'll get it done tomorrow morning,
 5   and then we'll get the wires out.  So, -- 
 6             BRUCE SENIOR:   Okay, very good.
 7             MR. LEDFORD:   -- that's it, on this end.
 8             BRUCE SENIOR:   Okay.  And, no more scuttlebutt,
 9   no more useless gossip?
10             MR. LEDFORD:   No, no, no, Mr. Bent.  The -- 
11             BRUCE SENIOR:   Nothing.
12             MR. LEDFORD:   -- the -- the CSA -- the capital
13   support agreement, that -- apparently, that's going out to
14   all the institutional, you know, all our clients, so that's
15   going to help tremendously.  And, it also went out to
16   Moody's and S and P.  So, they're all set, and at least fat
17   and happy tonight.
18             BRUCE SENIOR:   Okay, very good.
19             MR. LEDFORD:   Okay.  Have a good evening, and
20   I'll talk to you tomorrow.  'Bye.
21             BRUCE SENIOR:   Thank you.
22                [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 5 pages is a complete,
 5   true and accurate transcript of the recorded conversations
 6   contained in the recording labeled "OSNATO Decl Ex 35-
 7   Ledford915518."
 8             The foregoing transcript has been typed and
 9   proofread by me.
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12   Typist/Proofreader                      Date
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