To all of our clients and friends:

We want to thank you for making us the Largest aged Petrobras dealer in the world.

This Friday, 28 July 2008, the Petrobras market will collapse because of the new Brazilian tax laws that go into affect.

During the last 23 months we have played a major role in providing liquidity to this market. To all of you who are stuck with Petrobras bonds, you should have listened to us and liquidated your holdings while you had the chance to do so.

Who or what will fill our vaccum on 28 July?

Expect a surge of street vultures to decend upon you with offers of as little as $5 per bond and as much as $50 per bond. Our advice is to take the higher offers. The price of the bonds will eventually drop under the $10 per bond level.

Oh yes, there will be rumors that banks are buying the bonds but these rumors are nothing more than fables and myths.

What I find so amusing is that we provided liquidity in more than 1.300 transactions and yet sellers could be easily fooled by hotel brokers and intermediaries who promised them fantasy riches beyond their belief.

I remember one such incident where a intermediary claimed he could get $35,000 per bond. We later dicovered that this Big Shot intermediary worked in a Burger King in St. Louis, Mo., and for the most part was living out of his rusted automobile.

Another funny incident was the time we were approached by Her Majesty of Belarus. She was the heir to the throne. She was an heir alright a real airhead who worked at Friday's in Denver.

In closing, this has been a wonderful ride for the last 23 months. On behalf of the staff I want to thank you for your loyalty and support.
It has been a privilage to serve you.