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Dear Dale,

I absolutely recoil at prospectii ( uses? ) The brief comment on page 22 seems reasonable I guess from Third Ave's perspective ( new mgmt / uncertain objectives ).

As I invest in one or two option positions per position primarily for amusement, I don't particularly care to delve into the myriad nuances revealed in the close study of financial statements and so am glad for MF guidance and particularly the many thoughtful replies from the MF Community.

I apologize to those to whom I have not replied directly.

M*'s enthusiasm for JOE leap calls combined with a modest statistical study ( delta $/$ versus M* expected value ) provided me enough to pull that trigger. (1) Long Jan '13 $17.50 @ 2.85 Call.

Thanks !

Rob Glass
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