Dear Friends and Fellow Investors,                  Dec.10, 2008                     

  We are aware that you have not received a message from the UCCR for some time now. That should not be taken to mean that we have given up hope or that we are no longer monitoring the situation here.  We made clear in our last report that with the conclusion of the legal process against Osvaldo the ball is back in Enrique’s court, and we have no choice but to await the development of   “Plan B’.  We have full confidence that there is, or their will be, such a plan.

 Many of you have suggested that Plan B might be to allow the statute of limitations to expire; and you have asked about the specifics that would apply in this case. We will share with you what we have been able to learn. 

 First of all, it would have nothing to do with Osvaldo or the duration of his imprisonment. The limit in this case is ten years – which is the maximum time limit set for any crime in Costa Rica, regardless of the severity of that crime. What is not so clear is the date when the clock starts ticking.  One legal opinion has stated that it begins when the formal charges are served against LEV. To date this has not been done and it is unlikely to happen until or unless he is in custody.  Another opinion is that the time begins on the date when the criminal act took place. Who determines that? We have no idea. We believe the most logical date would be when the raids were carried out (July 4, 2002). The truth is that there is confusion about this matter, and it would be foolish to make any assumption knowing the propensity of the fiscalia to ignore the law or to distort its interpretation.  The procedure to be followed is for the accused to submit a request at the appropriate time (?) to have all charges against him dropped and to have his passport reinstated. We should emphasize, however, that we have never heard anything from LEV to suggest that this is his strategy.  On the contrary, we believe that he is as anxious as we are to begin the payback.

 A number of you have written to us that you have decided to throw in the towel - and in doing so, appear to be looking for our validation of that decision.  The answer is that we are not prepared to go along with it.

We are a group of six board members – four of whom are presently living in Costa Rica. We are loosely and unofficially organized to represent our own interests as well as those of likeminded investors.  We try to be objective in analyzing information and taking a position.  It is also fair to say that upon occasion our collective judgment may be based upon information that cannot be made public.

 Although we are not able to send you a message befitting the spirit and mood of the upcoming  holiday season, we can assure you that we are still here  and functional.

 UCCR