sec var for may i know that you do not need numbers until late next month , but i thought you might want an early look at may . one number is particularly interesting : var for the total return swaps . you will notice that it decreased substantially from about $ 20 million in march to about $ 8 million in may . we had several deals that expired ( churchill , piti guam , and blackbird ) , reducing risk , and only one new one ( motown ) . most importantly , we cut back on our exposure to rhythms from 5 . 4 million shares in april to 4 . 7 million in may , and the stock price continued to fall from $ 36 to $ 21 to $ 16 per share ( the less the investment is worth , the less we can lose in it ) . we will send you june numbers as we collect them . regards , eugenio