We all expected, before the court issued its decision, that if the money laundering charge was dropped, we would soon receive our funds. But we did not expect that the court would hold that there had been "aggravated fraud" combined with financial intermediation, and that Osvaldo would be sentenced as he was and confined to eight months of preventive detention. And so, the decision of the court will be appealed and the case cannot be closed until the supreme court has ruled on the appeal.

 The appeal must be made within 30 working days after the judges have issued their elaborated written decision on June 8th.  Thirty working days thereafter takes us to July 21st.  The appeal may then take another 4 to 8 months.  This means that there may not be a final decision until December at the earliest, and probably not until February 2008, after the court holidays.

 We of course are upset about the prison sentence imposed upon Osvaldo and for all of you who have already waited so very long for this case to come to an end.  We know how bad this situation can be for some of us whose life savings have been at stake for so long and who must now wait even longer.

 However, we are confident that LEV will not be idle during this period, but will be preparing appropriate ways and means for the return of our funds -- or re-investment, if so desired.  There's no doubt that he is as impatient as we are that the case be terminated and things be put right.

 Regarding the filers, their awards are tentative and must also await the final decision by supreme court.  Moreover, it is possible that we could receive relief before they do, without having it diminished by lawyers' fees of 30% or more.

 So, we must be patient once more.  Please don't hesitate to write or call if you need more information.

John Manners,  Pres.UCCR Board