Given the lack of positive new data points since the company reported third quarter 2005 figures, we do not view the stock as compelling at these levels.

The key will be 1Q06 CAC, in our opinion, which will drive 2006 estimates. Given management provided guidance for 1Q06 CAC to be approximately the same as 1Q05 CAC, we have greater confidence the company will be able to achieve our estimates.

We are encouraged by very strong 1Q06 trends, which indicate that these concerns clearly haven't materialized.

We've really never been a perk company.

We're moving toward being a billion-dollar company, and we needed to formalize our development like other large companies do and not rely on the on-the-job training I had. These are things that are critical to running our business but aren't things you naturally learn in law school.

We got a great result for creditors and the company. We were also able to hang onto some other assets at the company that the bidders were prepared to let us hang on to.