Roger Reed-migration

First, Jeri Jackson should have been paid the other half of her revenue by Friday of the previous week, no excuses. And in focusing almost exclusively on the income side of the business, instead of communicating with Ms. Jackson about her payment prospects, I made a poor judgment call. As of May 28, she has been paid in full. We do have an unusual situation in that two of our major clients add up to a six-figure accounts receivable. This is too big a gap to quickly close, but we will close it, even if those two clients fail to pay us, by selling art Illustration House owns, which we still have solid holdings in. We have not had any auction consignments taken back, because our consignors know, or should know, that they will be paid in full. We’ve been a consignment house for over 30 years, and paid out tens of millions of dollars to consignors; I expect we will continue to do so. Have any questions or concerns or comments? I’m here: 212/966-9444. An additional note: Zaddick Longenbach is a collector of art, and a valued employee at Illustration House. He often buys and sells of his own accord that has nothing to do with his job here. He has had great ideas for cutting expenses and weathering the downturn, but he is not responsible for paying consignors. He does not appear on the television segment, and I’ve never seen him wear a baseball cap. Roger T. Reed Illustration House