Exhibit 99.2

SUMMARY

The Restructuring and Senior Refinancing Transaction

     This offer to exchange Old Notes for New Notes and solicitation of acceptances of the Prepackaged Plan are part of, and are being conducted pursuant to, the Restructuring, which may be accomplished either through an out-of-court process that includes the Exchange Offer or, in the alternative, if the conditions to the Exchange Offer are not satisfied or waived, through the in-court Prepackaged Plan. The Restructuring is designed to improve our liquidity over time by decreasing our outstanding consolidated debt and significantly reducing our annual interest expense, and it consists of two transactions:

	•		the exchange of Old Notes for New Notes; and
	•		the cancellation of senior indebtedness in an aggregate principal amount of $110 million plus accrued PIK interest, which will eliminate our Tranche C term loan.

     On October 15, 2009, we refinanced our senior debt pursuant to a transaction in which third parties and affiliated entities acquired our then-existing $136.5 million senior secured credit facility indebtedness and amended the credit agreement governing such indebtedness. As a result of this senior debt refinancing, (1) an affiliate of ACON Investments, L.L.C. named Tranche Holdings, LLC now holds the Tranche A term loan, which has an aggregate principal amount of $19.7 million, (2) a Morris affiliate holds the Tranche B term loan, which has an aggregate principal amount of $6.8 million plus accrued PIK interest since the date of the Existing Credit Agreement, and (3) certain Morris affiliates now hold the Tranche C term loan, which has an aggregate principal amount of $110 million plus accrued PIK interest since the date of the Existing Credit Agreement. In this Offering Memorandum and Disclosure Statement, we refer to this senior debt refinancing as the “Senior Refinancing Transaction.” Pursuant to the Support Agreement, on or before 150 days after the consummation of the Exchange Offer or the Prepackaged Plan, we must refinance our Tranche A term loan and we may, at our option, refinance our Tranche B term loan, in each case through one or more new credit facilities provided solely by one or more commercial banks unaffiliated with us. If the Tranche A term loan and/or the Tranche B term loan is refinanced in this way, the refinanced debt will rank senior in right of payment to the New Notes. For more detailed information regarding the Restructuring and the completed and planned refinancing of our senior debt, see “The Restructuring — Senior Refinancing Transaction and Related Transactions in Connection with the Restructuring.”

Our Business Post-Restructuring

     Following the consummation of the Recapitalization Plan or the Prepackaged Plan, we will continue to pursue our broader business restructuring strategy. The Restructuring — whether implemented through the out-of-court or in-court process — will enable us to continue as a going concern. On the effective date of the Restructuring, we expect to use our available cash in excess of $7 million, after the payment of restructuring costs and expenses, to prepay our senior indebtedness, and will be dependent upon this remaining $7 million of available cash and our cash flow from operations for our liquidity. In conjunction with a refinancing of the remaining portion of our Tranche A term loan, which has an aggregate principal amount of $19.7 million, and our Tranche B term loan, which has an aggregate principal amount of $6.8 million plus accrued PIK interest since the date of the Existing Credit Agreement, we intend to seek a $10 million revolving working capital facility, which we refer to as the “Working Capital Facility,” to provide our primary source of liquidity (other than cash flow from operations), and to use all remaining available cash to further reduce the senior indebtedness.

     After the Restructuring, the New Notes Indenture generally requires that cash flow from operations be used to repay any remaining Tranche A term loan (or the refinanced Tranche A and Tranche B term loans, if applicable) and/or the Working Capital Facility, if applicable, and then the New Notes and any remaining Tranche B term loan on a pro rata basis.

     Thus, so long as the New Notes are outstanding, we do not expect to have any significant reserves of cash or liquidity beyond a limited amount of cash on hand or a Working Capital Facility of $10 million. After the Restructuring, if our monthly average available cash (including amounts available under any Working Capital

Facility) falls below $2 million, then we would be in default under the New Notes Indenture and our Amended Credit Agreement, and our ability to continue as a going concern could be in jeopardy.

     After the Restructuring, we will continue to focus on owning and operating newspapers and other publications in small and mid-size communities. We also will continue to implement strategies for responding to declining revenues and changing market conditions, including by restructuring the operations of our businesses and implementing various initiatives to increase revenues and decrease costs of the Company. We believe that our streamlined business model, combined with cost-cutting initiatives, will improve our ability to return to sustained profitability.

Summary of the Exchange Offer

Overview		We are offering an aggregate of $100 million principal amount of New Notes in exchange for an aggregate of $278,478,000 principal amount of Old Notes, plus any accrued and unpaid interest thereon.
		Holders of Old Notes will receive their pro rata share of the New Notes in full satisfaction of the principal amount of, plus all accrued and unpaid interest through the consummation of the Exchange Offer on, the Old Notes so tendered and accepted. See “The Exchange Offer — Terms of the Exchange Offer.”
		None of Morris Publishing, its subsidiaries, their respective boards of directors or comparable bodies, the exchange agent, the information agent, their legal advisors, their financial advisors or any of their respective affiliates makes any recommendation as to whether holders of Old Notes should exchange Old Notes for New Notes in the Exchange Offer.
Conditions to Completion of the Exchange Offer		The Exchange Offer is subject to the satisfaction of certain conditions, including (1) the minimum tender condition, which requires that at least 99% of the aggregate principal amount of outstanding Old Notes be validly tendered and not withdrawn in the Exchange Offer, (2) our having received the requisite approval of the Old Notes Indenture Amendment, and (3) the absence of an order, statute, rule, regulation, executive order, stay, decree, judgment or injunction that might prohibit, prevent, or delay consummation of the Exchange Offer. See “The Exchange Offer — Conditions to the Completion of the Exchange Offer.”
Expiration Date		The Exchange Offer will expire at 11:59 p.m. New York City time, on January 12, 2010. We may extend the Expiration Date for any purpose, including in order to permit the satisfaction or waiver of any or all conditions to the Exchange Offer, but we may not extend the Expiration Date beyond January 12, 2010 without an amendment to or waiver of the Support Agreement.
Procedures for Tendering Old Notes		If you wish to participate in the Exchange Offer and your Old Notes are held by a nominee, such as a bank, broker, dealer, trust company or other nominee, you must instruct that nominee to tender your Old Notes on your behalf. See “The Exchange Offer — Procedures for Tendering Old Notes.”
Acceptance of Old Notes for Exchange and Delivery of New Notes		We will accept any Old Notes that are properly tendered for exchange before 11:59 p.m., New York City time, on the Expiration Date. The New Notes will be delivered within 3 business days after expiration and acceptance of the Exchange Offer, subject to satisfaction of the terms and conditions of the Exchange Offer, including without limitation, the minimum tender condition. See “The Exchange Offer — Acceptance of Old Notes for Exchange and Delivery of New Notes.”

Exchange Date		We will notify the exchange agent of the date that Old Notes are deemed to have been accepted for exchange.
Withdrawal of Tenders		If you tender your Old Notes for exchange in the Exchange Offer and later wish to withdraw them, unless you are restricted from doing so by the Support Agreement, you may do so at any time before 11:59 p.m., New York City time, on the Expiration Date. See “The Exchange Offer — Withdrawal of Tenders.”
Consequences of Failure to Tender		Claims with respect to any Old Notes not tendered in the Exchange Offer will be effectively subordinated to claims with respect to any New Notes (to the extent of the value of the collateral securing the New Notes). In addition, due to the Old Notes Indenture Amendment, holders of Old Notes will have fewer protections and remedies upon the effectiveness of the Exchange Offer. For a description of the consequences of failing to exchange your Old Notes in this case, see “Risk Factors — Risks to Holders of Non-Tendered Old Notes.”
Consequences of Failure to Consummate the Exchange Offer		If the conditions of the Exchange Offer are not satisfied but the Prepackaged Plan is accepted, we will pursue the Prepackaged Plan. Although we would seek authority from the Bankruptcy Court on the petition date to continue to use the prepetition lenders’ cash collateral or to enter into debtor-in-possession financing, there can be no assurance that the Bankruptcy Court would grant this relief or that the bankruptcy case would not disrupt operations or cause the Company to lose revenue. No decision has been made by the board of directors to file petitions for relief under chapter 11 of the Bankruptcy Code (outside the context of the Prepackaged Plan). See “Risk Factors — Risks Related to NOT Accepting the Exchange Offer and Rejecting the Prepackaged Plan.”
Exchange Agent		Wilmington Trust Company is the exchange agent for the Exchange Offer. The address and facsimile and telephone numbers of the exchange agent are listed on the back cover page of this Offering Memorandum and Disclosure Statement.
Information Agent		Ipreo Holdings LLC is the information agent for the Exchange Offer. The address and telephone number of the information agent are listed on the back cover page of this Offering Memorandum and Disclosure Statement.
Accounting Treatment		For a description of the accounting treatment of the Restructuring, see “Accounting Treatment.”
Certain U.S. Federal Income Tax Considerations		For a discussion of certain U.S. federal income tax considerations for holders of the New Notes, see “Certain U.S. Federal Income Tax Considerations.”
Use of Proceeds		We will not receive any cash proceeds from the Exchange Offer. Old Notes that are validly tendered and exchanged pursuant to the Exchange Offer will be retired and canceled.

Summary of the Prepackaged Plan

Overview		We have prepared the Prepackaged Plan as an alternative to the Recapitalization Plan for accomplishing the Restructuring if the conditions to completion of the Recapitalization Plan, including, for example, the minimum tender condition, are not satisfied or waived (to the extent waivable), but we receive acceptances from a sufficient number of holders of impaired claims in an impaired class of claims to allow the Prepackaged Plan to be confirmed under the Bankruptcy Code, including through the nonconsensual “cram-down” provisions of section 1129(b) of the Bankruptcy Code with respect to any non-accepting impaired claims classes.

		The Prepackaged Plan consists of a plan of reorganization under chapter 11 of the Bankruptcy Code that would effect the same transactions contemplated by the Recapitalization Plan. A copy of the Prepackaged Plan is attached to this Offering Memorandum and Disclosure Statement as Exhibit A. If confirmed, the Prepackaged Plan will bind all of our creditors, regardless of whether such creditors voted to accept or reject the Prepackaged Plan. See “The Prepackaged Plan.”
		Under the Prepackaged Plan, holders of Old Notes and the lenders under our Existing Credit Agreement (as well as the holders of all other claims and equity interests) would receive essentially the same treatment with respect to their claims as they would receive under the Recapitalization Plan. Existing holders of our equity would continue to hold such equity. See “The Prepackaged Plan.”
		If we do not receive acceptances from a sufficient number of holders of Old Notes to allow the Prepackaged Plan to be confirmed under the Bankruptcy Code, and the Prepackaged Plan is not otherwise confirmed through the nonconsensual “cram-down” provisions of section 1129(b) of the Bankruptcy Code with respect to any non-accepting impaired claims classes, the Prepackaged Plan will not be confirmed or become effective.
Voting Record Date		The voting record date for determining the holders of claims entitled to vote on the Prepackaged Plan is December 9, 2009, which we refer to as the “Voting Record Date.” See “The Prepackaged Plan — Holders of Claims Entitled to Vote — Voting Record Date.”
Conditions to the Effectiveness of the Prepackaged Plan		The Prepackaged Plan will not be effective until the conditions set forth below have been satisfied or waived:
		•   the order confirming the Prepackaged Plan is a final order in form and substance acceptable to the Company and to the Requisite Holders and the administrative agent for the Company’s secured lenders;
		•   the Prepackaged Plan and certain related supplemental documents are in form and substance reasonably acceptable to the Company, the Requisite Holders and the administrative agent for the Company’s secured lenders;
		•   all actions, documents, certificates and agreements necessary to implement the Prepackaged Plan have been effected or executed and delivered to the required parties and, to the extent required, filed with the appropriate governmental entities in accordance with applicable laws;
		•   all other documents and agreements necessary to implement the Prepackaged Plan have been executed and delivered by all necessary parties, and all other required actions have occurred or have been otherwise satisfied or waived;
		•   the Support Agreement, the Escrow Agreement and the Company’s tax sharing agreement remain in full force and effect and have not been terminated;
		•   the Company has paid all undisputed fee claims of the Ad Hoc Committee Advisors and the indenture trustee; and
		•   no event of default has occurred and is continuing under the Existing Credit Agreement, other than an event of default related to the default on the payment of interest when due in respect of the Old Notes.

		We retain the right to waive any condition in our sole and absolute discretion, subject to our obligations under the Support Agreement and applicable law. See “The Prepackaged Plan — Conditions to the Effective Date of the Prepackaged Plan.”
Tabulation Agent		Kurtzman Carson Consultants LLC is the tabulation agent. The address and telephone number of the tabulation agent are listed on the back cover page of this Offering Memorandum and Disclosure Statement.

Comparison of the New Notes and Old Notes

     The following is a brief summary of the terms of the New Notes, compared against the terms of the Old Notes. For a more detailed description of the New Notes, see “Description of the New Notes.”

		Old Notes		New Notes
Securities Offered		As of the date of this Offering Memorandum and Disclosure Statement, there are outstanding approximately $278.5 million aggregate principal amount of 7% Senior Subordinated Notes due 2013, plus accrued and unpaid interest after we failed to make the February 1, 2009 and August 1, 2009 interest payments thereon		$100 million aggregate principal amount of Floating Rate Secured Notes due 2014
Issuers		Morris Publishing and Morris Publishing Finance		Same as Old Notes
Indenture Trustee		Wilmington Trust FSB, as successor Trustee		Wilmington Trust FSB, referred to as the “Trustee”
Maturity Date		August 1, 2013		Four years and six months after the date of original issuance (i.e., four years and six months after the effective date of the Exchange Offer or Prepackaged Plan, as the case may be).
Interest		7% per year, payable semiannually in cash on each February 1 and August 1, commencing on February 1, 2004		•   If the $19.7 million Tranche A term loan has not been repaid or refinanced on or prior to the date of the original issuance of the New Notes, interest on the New Notes will be payable quarterly in arrears in cash, at a rate of 5% per year, and the New Notes also will accrue paid-in-kind interest (i.e., interest that is not payable in cash but instead is added to the principal amount) at a rate of 10% per year, compounded quarterly in arrears, from the date of original issuance until the earlier of (a) repayment in full of the Tranche A term loan and (b) the maturity of the New Notes.

		Old Notes		New Notes
				•   In the event of a refinancing of the Tranche A term loan through which the Tranche A term loan is repaid in full, either alone or in conjunction with a refinancing of our Tranche B term loan, the New Notes will accrue interest at a rate of 5% per year plus the highest regular interest rate payable on the refinanced debt, with a minimum aggregate interest rate of 10% per year. While any such refinanced debt remains outstanding, interest on the New Notes will be payable quarterly in arrears, 50% in cash and 50% paid-in-kind. For example, if the refinanced debt has a per year interest rate of 7%, the per-year interest rate of the New Notes will be 12% (payable 6% in cash and 6% paid-in-kind).
				•   At such time as neither the Tranche A term loan nor any refinanced debt is outstanding, the New Notes will accrue interest at a rate per year of 10%, payable quarterly in arrears in cash, until maturity. See “Description of the New Notes — Principal, Maturity and Interest.”
Guarantees		Each of our existing and future restricted subsidiaries, other than the co-issuer Morris Publishing Finance, has jointly, severally and unconditionally guaranteed the Old Notes on a senior subordinated basis. All of our existing subsidiaries are restricted subsidiaries. We may designate a restricted subsidiary as an unrestricted subsidiary, and terminate its guarantee, under procedures set forth in the Old Notes Indenture, including, until the effectiveness of the Old Notes Indenture Amendment, compliance with the “Limitation on Restricted Payments” covenant.		Each of our existing and future restricted subsidiaries, other than the co-issuer Morris Publishing Finance, will jointly, severally and unconditionally guarantee the New Notes on a second priority secured basis. Such guarantees of the New Notes are referred to as the “Guarantees.” All of our existing subsidiaries will be restricted subsidiaries. We may designate a restricted subsidiary as an unrestricted subsidiary, and terminate its Guarantee, under procedures set forth in the New Notes Indenture. See Exhibit B for a list of the guarantor subsidiaries, which are referred to as “Guarantors,” and “Description of the Notes — Guarantees” for a more detailed description of the Guarantees.
Security and Ranking		The Old Notes are our unsecured senior subordinated obligations and are subordinated to all of our existing and future senior debt, including secured indebtedness under the Existing Credit Agreement, rank equally with all of our existing and future senior subordinated debt and rank senior to all of our future subordinated debt.		The New Notes and the related Guarantees will be secured, senior subordinated obligations of the Company and the Guarantors and will be secured by a second lien on substantially all of the assets of Morris Publishing, Morris Publishing Finance and the Guarantors that currently secure our existing first lien indebtedness. See “Description of the New Notes — Collateral and Security.”
		The guarantees by our restricted subsidiaries are subordinated to existing and future senior debt of such subsidiaries, including each such subsidiary’s guarantee of the indebtedness		The New Notes will rank: •   junior in right of payment to the Tranche A

		Old Notes		New Notes
		under the Existing Credit Agreement. The guarantees rank equally with all of the guarantors’ existing and future senior subordinated debt, and rank senior to all of the guarantors’ future subordinated debt. The Old Notes are effectively subordinated to all of our and our restricted subsidiaries’ existing and future secured debt to the extent of the value of collateral securing each debt. The Old Notes are effectively subordinated to all existing and future liabilities, including trade payables, of any subsidiary that is not a guarantor. At this time, other than Morris Publishing’s subsidiary, Morris Publishing Finance, which is a co-issuer of the Old Notes and will be a co-issuer of the New Notes, we have no non-guarantor subsidiaries.		term loan (or, if refinanced, to such refinanced debt) and any Working Capital Facility; •   equal in right of payment with the Tranche B term loan, but if the Tranche B term loan is refinanced on or before 150 days after the consummation of the Restructuring with a new facility provided solely by a commercial bank unaffiliated with us, the New Notes would rank junior to this refinanced debt; and •   senior in right of payment to any current and future subordinated obligations of Morris Publishing, Morris Publishing Finance and the Guarantors. The New Notes and the Guarantees effectively will be senior to all existing and future unsecured obligations of Morris Publishing, Morris Publishing Finance and the Guarantors, including the Old Notes, to the extent of the value of the assets securing the New Notes. The New Notes effectively are subordinated to all existing and future liabilities, including trade payables, of any subsidiary that is not, or any future subsidiary that does not become, a Guarantor. At the time the New Notes are originally issued, other than Morris Publishing’s subsidiary, Morris Publishing Finance, which will be a co-issuer of the New Notes, we have no non-Guarantor subsidiaries.
				See “Description of the New Notes — The Intercreditor Agreement and Subordination.”
Intercreditor Agreement		There was no intercreditor agreement with respect to the Old Notes.		The Trustee, the Tranche B term loan lender and the agent for the Tranche A term loan will enter into an intercreditor agreement in respect of the collateral securing all such obligations, as well as obligations related to the Tranche B term loan. This intercreditor agreement is referred to as the “Intercreditor Agreement.” The Intercreditor Agreement will include provisions relating to payment subordination, lien subordination, turnover obligations with respect to proceeds of collateral, restrictions on exercise of remedies, releases of collateral, restrictions on amendments to senior and junior lien documentation, bankruptcy related provisions and other intercreditor matters. The Intercreditor Agreement is designed to provide the lenders of any refinanced debt with the benefits of senior creditor status when we refinance the Tranche A term loan and, if applicable, the Tranche B term loan, with a commercial bank unaffiliated with us within 150 days of the consummation of the

		Old Notes		New Notes
				Restructuring. If and when we enter into the Working Capital Facility, we expect that the Intercreditor Agreement will be amended to provide the lender of the Working Capital Facility with the benefits of senior creditor status. See “Description of the New Notes — The Intercreditor Agreement and Subordination.”
Mandatory Redemption with Excess Free Cash Flow		Not applicable.		Generally, free cash flow will be used, on a monthly basis, first to repay the Tranche A term loan (or the refinanced debt if the Tranche A term loan is refinanced either alone or in conjunction with a refinancing of the Tranche B term loan), and second to redeem the New Notes and to repay the Tranche B term loan on a pro rata basis, at 100% of their respective principal amounts, plus any accrued and unpaid interest to the date of payment. Such payments will not be required if and to the extent such payments would reduce the Company’s cash working capital balance below $7 million, unless the Company has established the Working Capital Facility. See “Description of the New Notes — Redemptions and Repurchases — Mandatory Redemption.”
				If the Company establishes a Working Capital Facility, the cash working capital balance and any excess free cash flow generally will be used, on a monthly basis, to repay the Tranche A term loan, any refinanced debt and any Working Capital Facility, and then to redeem the New Notes and to repay the Tranche B term loan on a pro rata basis, at 100% of their respective principal amounts, plus any accrued and unpaid interest to the date of payment.
Repurchase upon a Change of Control		Subject to certain qualifications or exceptions, we are obligated to repurchase the Old Notes at 101% of their principal amount, plus accrued and unpaid interest to the date of repurchase, upon the occurrence of a change of control.		Subject to certain qualifications or exceptions, we will be obligated to repurchase the New Notes at 101% of their principal amount, plus accrued and unpaid interest to the date of repurchase upon the occurrence of a change of control. This repurchase obligation will be subordinate to repayment of the Tranche A term loan and, if applicable, the refinanced debt if the Tranche A term loan is refinanced either alone or in conjunction with a refinancing of the Tranche B term loan and the Working Capital Facility. See “Description of the New Notes — Redemptions and Repurchases — Repurchase upon a Change of Control.”

		Old Notes		New Notes
Optional Redemption		We may redeem some or all of the Old Notes at any time at a redemption price equal to approximately 102.3% of the aggregate principal amount of the Old Notes redeemed in the twelve-month period commencing on August 1, 2009, approximately 101.2% of the aggregate principal amount of the Old Notes redeemed in the twelve-month period commencing August 1, 2010 and 100% of the aggregate principal amount of the Old Notes redeemed thereafter, plus accrued and unpaid interest, if any, to the date of redemption.		We may redeem some or all of the New Notes at any time at a redemption price equal to 103% of the aggregate principal amount of the New Notes redeemed in the first year after issuance of the New Notes, 102% of the aggregate principal amount of the New Notes redeemed in the second year after issuance of the New Notes, 101% of the aggregate principal amount of the New Notes redeemed in the third year after issuance of the New Notes and 100% of the aggregate principal amount of the New Notes redeemed thereafter, plus accrued and unpaid interest, if any, to the date of redemption. See “Description of the New Notes — Redemptions and Repurchases — Optional Redemption.”
Repurchase upon Event of Loss		Not applicable.		If the proceeds from an event of loss are not reinvested as permitted in the New Notes Indenture, we will be required to use these proceeds first to prepay the Tranche A term loan or other senior debt. The Existing Credit Agreement does not permit us to reinvest proceeds from an event of loss and requires that these proceeds first be applied to reduce the balance of the Tranche A term loan. With any remaining proceeds, we will offer to repurchase New Notes and reduce the balance of the Tranche B term loan, on a pro rata basis, at 101% of the principal amount thereof, plus accrued and unpaid interest to the repurchase date. See “Description of the New Notes — Redemptions and Repurchases — Repurchase upon Event of Loss.”
Repurchase upon Consummation of an Asset Sale		The Old Notes are subject to repurchase by us, at the option of holders of Old Notes, with any net cash proceeds arising from an asset sale that remain after prepaying our senior indebtedness or reinvesting in replacement assets as permitted by the Old Notes Indenture. Such proceeds are required to be applied on a pro rata basis to repay indebtedness that ranks pari passu with the Old Notes and redeem the Old Notes at a redemption price of 100% of the principal amount of the Old Notes being repurchased, plus accrued and unpaid interest to the date of repurchase.		The New Notes will be subject to repurchase by us, at the option of holders of New Notes, on a pro rata basis with the Tranche B term loan, with any net cash proceeds arising from an asset sale that remain after prepaying our senior indebtedness for a repurchase price, payable in cash, equal to 101% of their respective principal amounts plus accrued and unpaid interest to the repurchase date. See “Description of the New Notes — Redemptions and Repurchases — Repurchase upon Consummation of an Asset Sale.”
Covenants		The Old Notes Indenture currently restricts our ability and the ability of our restricted subsidiaries to, among other things:		Same as Old Notes, except that the New Notes Indenture contains certain additional covenants, including financial covenants. See “Description of the New Notes — Certain Covenants.”

		Old Notes		New Notes
		•   incur additional debt and issue preferred stock;
		•   make certain distributions, investments and other restricted payments;
		•   create certain liens;
		•   enter into transactions with affiliates;
		•   limit the ability of restricted subsidiaries to make payments to us;
		•   merge, consolidate or sell substantially all of our assets;
		•   issue preferred stock of a restricted subsidiary;
		•   sell certain assets; and
		•   enter into new lines of business.
		Upon the effectiveness of the Old Notes Indenture Amendment, however, we and our subsidiaries no longer will be subject to the above-described covenants, so the holders of Old Notes who do not tender no longer will enjoy the protection (and associated remedies) of such restrictions.
Governing Law		New York law.		Same as Old Notes.
Book-Entry Form		The Old Notes are issued in book-entry form and are represented by permanent global certificates deposited with, or on behalf of, DTC and registered in the name of a nominee of DTC. Beneficial interests in any of the Old Notes are shown on, and transfers are effected only through, records maintained by DTC or its nominee, and any such interests may not be exchanged for certificated securities, except in limited circumstances.		Same as Old Notes.
Market Trading		The Old Notes are not listed for trading on any securities exchange.		The New Notes will not be listed for trading on any securities exchange. The New Notes will be new securities for which there is currently no market. There can be no assurance that a liquid market for the New Notes will develop or be maintained.
Public Reporting		Under the Old Notes Indenture, we were required to file all regular periodic reports with the SEC as a voluntary filer.		Under the New Notes Indenture, we will be required to file all regular periodic reports with the SEC as a voluntary filer.