At February 29, 2008 we had short-term investments in auction rate securities of approximately $15.6 million. Auction rate securities generally have long-stated maturities of 20 to 40 years. These securities have certain economic characteristics of short-term investments due to a rate-setting mechanism and the ability to liquidate them through a Dutch auction process that occurs on pre-determined intervals of less than 90 days. Due to the frequent resetting of interest rates, the carrying value of auction rate securities approximates fair value.

During the quarter ended February 29, 2008, investment banks were reporting an inability to successfully obtain subscribers for high credit quality auction rate securities. As of February 29, 2008 we held such auction rate securities with a par value totaling $10.4 million that failed in February 2008 to sell at auction.

If I'm reading those two statement as...the ARS are now worth 5 MM less and maybe even less than that as of 4/11/08....then for get M&A for long while.

If I'm correct, not only was the decision to invest in these items a terrible risk of out money but to do so TWICE...at 7.5MM end of November and 15.6Mm end of February was really a reason for someone or all of them to hit the streets.