Subject:

Update Letter to SEC Re: PGA Orderly Liquidation

To the Staff: Please see attached update letter regarding the ongoing orderly liquidation of the Paradigm hedge funds. Best regards, Marc X. LoPresti, Esq. Tagliaferro & LoPresti, LLP New York Office: 45 Broadway, Suite 2200 New York, New York 10006 (212) 732-4029 (212) 232-2398 (fax) Los Angeles Office: 12400 Wilshire Boulevard, Suite 820 Los Angeles, California 90025 (310) 312-1860 (310) 445-1866 CONFIDENTIALITY NOTICE: The information contained in this electronic mail message is private and confidential and may contain Attorney-Client privileged information. It is intended only for the use of the individual or entity to whom it is addressed. The information may be privileged, proprietary and exempt from disclosure under applicable federal, state or other law. Any recipient of this electronic mail message other than the intended recipient is hereby notified not to disclose, distribute or copy this electronic mail message, or take or refrain from taking any action in response to this message.