Since the December 1st effective date of Securities Act reform, lawyers have been more careful about what constitutes the "disclosure package" as more writings are being considered a potential offer and filed as a free writing prospectus.

1. Since '33 Act reform became effective, the most pieces included in a "disclosure package" in a deal that I have worked on has been: (Total responses: n=22)

(select only one)
n=1 (4.55%) 1 piece
n=5 (22.73%) 2 pieces
n=6 (27.27%) 3 pieces
n=9 (40.91%) 4 pieces
n=1 (4.55%) 5-6 pieces
n=0 (0.00%) 7 pieces or more

2. Since '33 Act reform became effective, the average number of pieces included in the "disclosure packages" in deals that I have worked on has been:(Total responses: n=22)
(select only one)
n=3 (13.64%) 1 piece
n=10 (45.45%) 2 pieces
n=8 (36.36%) 3 pieces
n=1 (4.55%) 4 pieces
n=0 (0.00%) 5-6 pieces
n=0 (0.00%) 7 pieces or more

3. Of the free writing prospectuses filed below, I find this one the most interesting: (Total responses: n=24)
(select only one)
n=1 (4.17%) AllScripts (2/21/06)
n=0 (0.00%) Ascent Solar #1 (3/13/06)
n=1 (4.17%) Ascent Solar #2 (3/16/06)
n=18 (75.00%) Chipotle (1/13/06)
n=1 (4.17%) Jameson Inn (3/17/06)
n=3 (12.50%) Spansion (12/15/05)

If you are aware of other interesting FWPs, please let us know at info@ccrcorp.com.