The Securities and Exchange Commission gave notice for public comment of an application by Gates Capital Partners (Gates) and Bear Creek, Inc. for exclusion from the definition of investment adviser under the Investment Advisers Act of 1940. Gates was formed to manage investment of the lineal descendants of Charles C. and Hazel R. Gates, their spouses, trusts for their benefit, companies owned by them and present and future pooled investment vehicles owned by them and senior management of Bear Creek. Gates currently manages Evergreen 37, LLC, a pooled investment vehicle owned by the owners of Gates and senior management of Bear Creek that is exempt from the definition of investment company under Section 3(c)(1) of the Investment Company Act of 1940. Bear Creek serves as trustee of trusts formed or to be formed in the future for Gates family members. Neither Gates nor Bear Creek holds itself out to the public as an investment adviser, and their sole clients are and will be family members.

 http://www.sec.gov/rules/ia/2007/ia-2590.pdf