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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 37-Ledford915409PM
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0002
 1             MR. LEDFORD:   Hey.
 2             MR. DRAHZAL:   Hi, yeah.  I'm having my guys call
 3   all the 60 clients, and say that "We just had an
 4   unprecedented volume day.  As a result, there are about 60
 5   clients that are impacted from a wire perspective.  You're
 6   not going to be one of them.  You can let the money sit
 7   uninvested overnight, or we could just cancel your
 8   redemption and leave it in the fund."
 9             MR. LEDFORD:   Oh, good -- good job, John.
10             MR. DRAHZAL:   So, well, -- 
11             MR. LEDFORD:   yeah.
12             MR. DRAHZAL:   -- good job.  We'll see what the
13   fuck happened.  I am not letting this thing out in The Wall
14   Street Journal.  Just -- 
15             MR. LEDFORD:   Yeah.
16             MR. DRAHZAL:   -- there's no way.  We have to
17   manage this and manage -- so, we'll just see what happens
18   [unintelligible]  Did you get any -- any update from State
19   Street?  Are they -- 
20             MR. LEDFORD:   Yeah, they're not -- they just --
21   I'm sorry.  I just got off the phone with them about five
22   minutes ago, and just didn't -- somebody else called, that
23   we're trying to work with, work on a -- a reverse repo on.
24             No, State Street did not do anything.  They will
25   not go to the Fed window on our -- 
0003
 1             MR. DRAHZAL:   Yeah, fuckers.
 2             MR. LEDFORD:   -- they have to -- they will not
 3   -- yeah, that's what I said.  And, they will not do a
 4   reverse with us.  Because, the way they described it is --
 5   is -- it's -- it's the same as -- it's the same as the way
 6   Pat described it.  Is the way they look at it is it's just
 7   moving money from one account to another, which is -- I
 8   think is bullshit.  They could have called their dealer
 9   operation, and we could have just segregated, and moved the
10   collateral over, you know, to a third party.  And, I mean,
11   it would have been so much easier.
12             But, anyway, we've got Barclay's working on this. 
13   We just sent Barclay's a copy of the portfolio.  They
14   wanted it.  We think -- we're pretty confident that we'll
15   get something done with them tomorrow, upwards of -- in a
16   reverse repo, upwards of five billion.
17             MR. DRAHZAL:   Beautiful.
18             MR. LEDFORD:   Yeah, so -- 
19             MR. DRAHZAL:   So, we'll free up some collateral,
20   and we'll get them these wires out first thing in the
21   morning.  And that, you know, something -- State Street?
22             MR. LEDFORD:   Yeah.
23             MR. DRAHZAL:   The -- I appreciate everyone is
24   being polite to them.  We're not going to be polite
25   tomorrow.
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 1             MR. LEDFORD:   No, no, I -- you know, Bruce is --
 2   was playing the elder statesman there.  But, you know, this
 3   is bullshit.  You know, they -- they work for us, and they
 4   could have done a hell of a lot more.
 5             MR. DRAHZAL:   Okay.
 6             MR. LEDFORD:   All right.  I'll talk to you
 7   later.  Right.
 8             MR. DRAHZAL:   All right.
 9             MR. LEDFORD:   'Bye.
10             MR. DRAHZAL:   'Bye.
11                [END OF RECORDING]
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0005
 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 37-
 7   Ledford915409PM."
 8             The foregoing transcript has been typed and
 9   proofread by me.
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12   Typist/Proofreader                 Date
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