This excerpt taken from the LBAI DEF 14A filed Dec 29, 2008.
SEC Comment: Footnote 1 to the pro forma balance sheet on page 13 should disclose the particular type of investment securities and where this rate is derived from (i.e. current
Company Response: Footnote 1 to the pro forma balance sheet and each of the pro forma income
statements has been modified to add the requested disclosure.
SEC Comment: Noting your disclosure in footnote 2 to the pro forma balance sheet on page 13, it appears that the company is determining the fair value of the warrants and
allocating that amount to the warrants with the difference allocated to the preferred stock. This is not a true relative fair value model as it is necessary to allocate the proceeds based on the fair value of each piece. Please revise your
disclosures as necessary.