The CFTC brought a $25 million Hedge Fund fraud case against Lake Dow Capital and Mr. Hays was appointed as Receiver in the United States District Court in the Northern District of Georgia. We prepared a funds tracing database, determined claims against the estate and investigated causes of action recovering significant funds from the primary broker. Funds were also traced, located and recovered from European accounts. We filed a Plan of Distribution and investors were paid approximately 80% of their investments. A major issue in the case was the segregation of IRA accounts and traditional investment accounts. The case was the subject of an article in Business Week in June 2006. A final distribution to investors was made in January 2009.