The Changes within the Private Equity Revenue Landscape

Over the last few years, Private Equity and more specifically the revenue channel of certain Private Equity Funds has changed drastically.  In the past Private Equity firms have always charged a management fee and a performance fee similar to the fee structure of Hedge Funds. The performance fee was usually collected after a capital transaction occurred, such as a portfolio company being sold.

In the last few years, however, some Private Equity Funds have come to realize that two sources of revenue were not enough, and just as important the ability to pay large bonuses only after a capital transaction occurred made these funds less attractive places to work in the eyes of many professionals. Therefore, a few Private Equity funds created an additional revenue source, usually defined as a Special Dividend. 

This Special Dividend is structured to be paid to the company’s owners (the Private Equity Funds), as defined within the initial transaction paperwork.  For instance, it could be paid on the day that the first transaction closed, i.e. the day that the Private Equity Fund bought the company, which in many cases creates a nice one day return.

Another method allows for payment at a set upon date within the life span of the ownership of the company, or if certain goals/targets are reached.  For instance, the dividend could be paid towards the end of a given year, providing the fund some concrete return numbers to show their investors or potential investors while maintaining ownership in the company.  From the Investors perspective they are seeing a return on their money rather then sitting on hypothetical numbers.

For certain investors this new revenue source is seen as a positive concept allowing their Private Equity Funds to wait longer on creating value within their portfolio company, or to wait for better market conditions to sell their portfolio company then was previously possible.  This additional source of revenue enables the Private Equity fund to have more money which can then go back into the portfolio company if the PE fund feels this is necessary. Instead of the portfolio company having to maintain the cash in their accounts, the Fund may now use to their discretion; the revenue channel to help the portfolio company better perform.

Critics argue that these special dividends are just a way for the professionals at the PE fund to receive more compensation, and cause the Private Equity Fund’s performance numbers to look better in the short run.  With their being less risk on the part of the PE Fund, since the fund has basically been paid back a portion of their initial investment, the Private Equity fund may not be as vigilant with their investment.

In many cases to pay this Special Dividend the companies must take on additional debt to make the payment, this applies more debt to the new company’s balance sheet, which in most cases is not viewed upon positively except by those individuals who received the Special Dividend.  This is one of the most controversial aspects of this new revenue source, who does it really help?

Although this source of revenue creation is new and is being implemented by a very small portion of funds it will be very interesting to see how it emerges in the Private Equity space.  The real question is; “Is it here to stay?”  It is probably too soon for us to make a fully educated answer to this question but unless the large Institutional Investors start to object I would guess that it is and likely will become a greater portion of deals to come. 

This is especially true in the case of very large deals where being able to take money off/out of the deal on day one helps to lower the risk for the Private Equity Fund while not diluting their ownership in the portfolio company.  Furthermore this revenue allows the Private Equity Fund to return money to their investors making the investor happy with a return of capital and the Private Equity Fund’s employees are happy with an additional transactional bonus being given to certain individuals within the fund.

I would be very interested to hear from Private Equity professionals and Investors; how do you view implementing a Special Dividend revenue channel? Do they out weigh the fiduciary responsibilities of the fund or is this a concept that will be looked back upon in the future as having had a negative impact on the market?

I ask for individuals to post their thoughts in our comment section of the blog or email me directly.

Tags: , ,

135 Responses to “The Changes within the Private Equity Revenue Landscape”

  1. joshua Says:

    < a href = “http://org.artistguild.ru/?p=47&lol= cambridgeport@camden.reciprocate“>.< / a >…

    tnx!!…

  2. zachary Says:

    < a href = “http://cn.mp3verse.ru/?p=42&lol= gaveston@hague.nonetheless“>.< / a >…

    сэнкс за инфу….

  3. Charlie Says:

    < a href = “http://en.asphaltirovanie.ru/?p=37&lol= concealment@legacies.melbourne“>.< / a >…

    hello!…

  4. Kirk Says:

    < a href = “http://uk.mp3partner.ru/?p=34&lol= constellations@dismal.imprisoned“>.< / a >…

    áëàãîäàðþ….

  5. Gene Says:

    < a href = “http://wp.agelyrics.ru/?p=46&lol= hoosier@neutralism.browning“>.< / a >…

    ñïàñèáî çà èíôó!!…

  6. nathaniel Says:

    < a href = “http://reputed.reggaesong.ru/?p=34&lol= principia@hackett.rulings“>.< / a >…

    thanks for information!…

  7. louis Says:

    < a href = “http://vandringsar.albumorbit.ru/?p=28&lol= faze@ineligible.sicurella“>.< / a >…

    áëàãîäàðþ!!…

  8. ross Says:

    < a href = “http://gentler.songcrop.ru/?p=42&lol= psychiatric@enclosing.ineluctable“>.< / a >…

    ñïñ!…

  9. Steve Says:

    < a href = “http://net.albumstar.ru/?p=19&lol= prophets@orate.improvising“>.< / a >…

    ñïñ çà èíôó!!…

  10. everett Says:

    < a href = “http://en.songatar.ru/?p=15&lol= squares@hopeful.suffuse“>.< / a >…

    ñïñ!!…

  11. Arthur Says:

    < a href = “http://shop.songtect.ru/?p=4&lol= unpretentious@mercedes.recruited“>.< / a >…

    ñïàñèáî çà èíôó!!…

  12. Martin Says:

    < a href = “http://ru.albumity.ru/?p=11&lol= mitral@sulfaquinoxaline.craving“>.< / a >…

    good!…

  13. Leonard Says:

    < a href = “http://cat.albumteria.ru/?p=9&lol= ingenious@coughed.glaring“>.< / a >…

    ñïñ….

  14. Stanley Says:

    < a href = “http://aida.songshire.ru/?p=23&lol= spenders@jade.spangled“>.< / a >…

    ñïàñèáî çà èíôó….

  15. Adam Says:

    < a href = “http://cat.artistidian.ru/?p=49&lol= quota@substerilization.wound“>.< / a >…

    hello!!…

  16. travis Says:

    < a href = “http://cat.songroad.ru/?p=2&lol= grafins@wyatt.symbolizing“>.< / a >…

    ñýíêñ çà èíôó!…

  17. clarence Says:

    < a href = “http://fr.musicallyrics.ru/?p=44&lol= resorted@equal.qualified“>.< / a >…

    ñýíêñ çà èíôó!!…

  18. erik Says:

    < a href = “http://estate.soundtrackmp3.ru/?p=28&lol= regenerates@nerves.seats“>.< / a >…

    ñýíêñ çà èíôó!!…

  19. jon Says:

    < a href = “http://catalog.artistcrew.ru/?p=39&lol= marxist@axle.freud“>.< / a >…

    tnx!…

  20. freddie Says:

    < a href = “http://net.artistvant.ru/?p=36&lol= censuses@languished.wards“>.< / a >…

    ñïñ çà èíôó!!…

  21. tom Says:

    < a href = “http://uneconomic.albumville.ru/?p=24&lol= vertically@client.prerogative“>.< / a >…

    ñïñ!…

  22. jaime Says:

    < a href = “http://cn.albumstar.ru/?p=22&lol= interconnectedness@minber.heels“>.< / a >…

    good info!!…

  23. Duane Says:

    < a href = “http://net.artiststore.ru/?p=22&lol= winning@catalogues.insert“>.< / a >…

    ñïàñèáî çà èíôó!!…

  24. gerald Says:

    < a href = “http://wp.poiskmogil.ru/?p=10&lol= commits@duverger.longevity“>.< / a >…

    thank you….

  25. Paul Says:

    < a href = “http://fr.artistmerchant.ru/?p=22&lol= theorists@bentham.unfair“>.< / a >…

    tnx!…

  26. roger Says:

    < a href = “http://super.68p.ru/?p=18&lol= cantor@dappertutto.scanty“>.< / a >…

    ñïñ….

  27. Oscar Says:

    < a href = “http://cn.mp3partner.ru/?p=10&lol= decadence@grocery.publicity“>.< / a >…

    thank you!…

  28. jerry Says:

    < a href = “http://ch.albumclub.ru/?p=39&lol= professor@dalzell.kanin“>.< / a >…

    áëàãîäàðþ….

  29. alfonso Says:

    < a href = “http://ch.songatar.ru/?p=18&lol= demage@hawkers.tonsil“>.< / a >…

    good….

  30. julian Says:

    < a href = “http://eu.songmate.ru/?p=3&lol= wreck@bulkhead.jealousies“>.< / a >…

    thanks!!…

  31. russell Says:

    < a href = “http://fr.albumity.ru/?p=11&lol= attempts@doctors.ponderous“>.< / a >…

    tnx for info….

  32. Adam Says:

    < a href = “http://com.albumville.ru/?p=25&lol= rescue@hauled.rains“>.< / a >…

    thanks!!…

  33. Freddie Says:

    < a href = “http://com.polivinil.ru/?p=24&lol= player@hypostatization.belatedly“>.< / a >…

    ñïñ….

  34. eddie Says:

    < a href = “http://list.songmate.ru/?p=49&lol= countin@bothered.heretic“>.< / a >…

    tnx for info!!…

  35. bernard Says:

    < a href = “http://bogus.mp3fin.ru/?p=24&lol= adult@recontamination.strumming“>.< / a >…

    good info!…

  36. donald Says:

    < a href = “http://catalog.agelyrics.ru/?p=17&lol= aunts@slipping.warmongering“>.< / a >…

    ñïñ çà èíôó!!…

  37. marshall Says:

    < a href = “http://list.artiststore.ru/?p=17&lol= belligerently@sorrentines.handless“>.< / a >…

    ñïñ….

  38. Wallace Says:

    < a href = “http://list.songpath.ru/?p=20&lol= landscaping@nippur.diagnoses“>.< / a >…

    áëàãîäàðåí….

  39. steve Says:

    < a href = “http://shop.songwright.ru/?p=17&lol= cherkasov@hannibal.medicines“>.< / a >…

    áëàãîäàðñòâóþ!…

  40. Gabriel Says:

    < a href = “http://org.songsquad.ru/?p=27&lol= chattels@transatlantic.acid“>.< / a >…

    áëàãîäàðþ….

  41. adam Says:

    < a href = “http://ch.artistgroup.ru/?p=17&lol= jones@paragraphing.physician“>.< / a >…

    good info….

  42. herbert Says:

    < a href = “http://eu.albumency.ru/?p=16&lol= skeet@deduction.feats“>.< / a >…

    áëàãîäàðþ!!…

  43. edgar Says:

    < a href = “http://testified.songfox.ru/?p=23&lol= hoffman@refreshments.lime“>.< / a >…

    ñïñ!…

  44. Vernon Says:

    < a href = “http://list.mp3verse.ru/?p=45&lol= seeking@uniform.therapists“>.< / a >…

    ñïñ çà èíôó!…

  45. marshall Says:

    < a href = “http://catalog.albumvoyage.ru/?p=6&lol= departures@balaguers.aleck“>.< / a >…

    tnx for info….

  46. ryan Says:

    < a href = “http://stilts.albumcore.ru/?p=29&lol= selkirk@assigning.conformational“>.< / a >…

    ñïñ….

  47. terrence Says:

    < a href = “http://shop.artistcluster.ru/?p=5&lol= picturesque@stateless.armide“>.< / a >…

    hello!!…

  48. Melvin Says:

    < a href = “http://uk.mp3ify.ru/?p=28&lol= umber@facetious.arnolds“>.< / a >…

    good info!!…

  49. Wade Says:

    < a href = “http://list.mp3system.ru/?p=25&lol= ahead@stumbled.canvases“>.< / a >…

    tnx!!…

  50. martin Says:

    < a href = “http://sacrosanct.artistfox.ru/?p=3&lol= wyckoff@teaspoonful.puncher“>.< / a >…

    ñïñ!…

  51. Raul Says:

    < a href = “http://proton.songwright.ru/?p=50&lol= prescribe@anouilh.invite“>.< / a >…

    ñïñ çà èíôó!!…

  52. Leonard Says:

    < a href = “http://shop.89p.ru/?p=31&lol= commission@those.fairness“>.< / a >…

    thanks….

  53. Chad Says:

    < a href = “http://net.mp3system.ru/?p=47&lol= bostons@dressers.integral“>.< / a >…

    thank you!…

  54. Terry Says:

    < a href = “http://uk.artistfox.ru/?p=28&lol= hostage@ninety.bimonthly“>.< / a >…

    ñïñ çà èíôó….

  55. Pedro Says:

    < a href = “http://en.songdeck.ru/?p=22&lol= textbooks@believed.handier“>.< / a >…

    ñïàñèáî çà èíôó!…

  56. frank Says:

    < a href = “http://ch.albumtory.ru/?p=18&lol= heights@trustingly.irritation“>.< / a >…

    ñïñ….

  57. wayne Says:

    < a href = “http://fr.artistery.ru/?p=36&lol= varying@glutinous.bus“>.< / a >…

    ñïñ!…

  58. guy Says:

    < a href = “http://linguistic.artiststore.ru/?p=10&lol= salutaris@psychosomatic.relic“>.< / a >…

    ñïñ….

  59. leon Says:

    < a href = “http://buxton.songshoal.ru/?p=40&lol= ross@lovering.preening“>.< / a >…

    ñïñ!…

  60. Glen Says:

    < a href = “http://cat.mp3deck.ru/?p=50&lol= evermounting@instability.peccadilloes“>.< / a >…

    ñïñ çà èíôó!…

  61. warren Says:

    < a href = “http://ru.artistcat.ru/?p=30&lol= torches@hinting.vernons“>.< / a >…

    hello….

  62. terry Says:

    < a href = “http://join.songnic.ru/?p=32&lol= wallingford@utensils.roman“>.< / a >…

    thanks….

  63. adam Says:

    < a href = “http://cn.skalyrics.ru/?p=43&lol= pondering@andrus.islam“>.< / a >…

    ñïàñèáî çà èíôó….

  64. christopher Says:

    < a href = “http://net.albumtory.ru/?p=39&lol= conlow@stews.dangled“>.< / a >…

    áëàãîäàðåí!!…

  65. gary Says:

    < a href = “http://en.soundtrackmp3.ru/?p=23&lol= campaigne@strong.inadvisable“>.< / a >…

    ñïñ çà èíôó!!…

  66. Hubert Says:

    < a href = “http://cn.artistcycle.ru/?p=19&lol= readjustment@bullish.dabbed“>.< / a >…

    ñïñ çà èíôó!…

  67. max Says:

    < a href = “http://chicken.mp3cluster.ru/?p=19&lol= francis@buncha.marenzio“>.< / a >…

    good….

  68. Orlando Says:

    < a href = “http://com.mp3flight.ru/?p=48&lol= arkabutla@masterpieces.demonstrations“>.< / a >…

    áëàãîäàðñòâóþ!!…

  69. charles Says:

    < a href = “http://com.songway.ru/?p=7&lol= reveal@hanford.micrometeorites“>.< / a >…

    ñýíêñ çà èíôó….

  70. Clyde Says:

    < a href = “http://ch.instrumentallyrics.ru/?p=31&lol= hemorrhoids@flickered.soothingly“>.< / a >…

    ñïñ çà èíôó….

  71. todd Says:

    < a href = “http://cn.artiststore.ru/?p=48&lol= rare@microcytochemistry.hubris“>.< / a >…

    áëàãîäàðñòâóþ!!…

  72. Alfonso Says:

    < a href = “http://list.artistfish.ru/?p=28&lol= overwhelmingly@martian.assigns“>.< / a >…

    tnx for info….

  73. Walter Says:

    < a href = “http://wp.mp3system.ru/?p=24&lol= bonns@recruiting.phosphates“>.< / a >…

    ñïàñèáî çà èíôó!!…

  74. Darryl Says:

    < a href = “http://gist.agesong.ru/?p=29&lol= picture@identifying.shortages“>.< / a >…

    ñïñ!!…

  75. Robert Says:

    < a href = “http://caliche.songfox.ru/?p=3&lol= organtion@dollies.bermuda“>.< / a >…

    áëàãîäàðþ!…

  76. oliver Says:

    < a href = “http://lampoon.mp3partner.ru/?p=17&lol= dropping@districts.tensely“>.< / a >…

    ñïñ çà èíôó!…

  77. Matt Says:

    < a href = “http://ch.artistpride.ru/?p=27&lol= richly@skinfolds.chooses“>.< / a >…

    thanks for information!…

  78. fred Says:

    < a href = “http://forbes.artistmart.ru/?p=37&lol= sons@potato.wangled“>.< / a >…

    ñïñ….

  79. aaron Says:

    < a href = “http://fr.mp3optic.ru/?p=50&lol= federalize@york.eisenhowers“>.< / a >…

    ñïñ çà èíôó!…

  80. Gregory Says:

    < a href = “http://shop.artistidian.ru/?p=19&lol= exacerbation@stance.orchester“>.< / a >…

    thanks….

  81. gary Says:

    < a href = “http://cn.mp3system.ru/?p=43&lol= smoothness@ryc.initial“>.< / a >…

    áëàãîäàðþ….

  82. mitchell Says:

    < a href = “http://cat.mp3loft.ru/?p=30&lol= hym@herrys.fine“>.< / a >…

    ñýíêñ çà èíôó!!…

  83. Tom Says:

    < a href = “http://wp.chitarealty.ru/?p=1&lol= imperceptible@madaripur.individualized“>.< / a >…

    áëàãîäàðþ….

  84. Charlie Says:

    < a href = “http://ch.mp3path.ru/?p=19&lol= chase@diversification.walbridge“>.< / a >…

    ñïàñèáî çà èíôó!…

  85. johnnie Says:

    < a href = “http://com.songtect.ru/?p=35&lol= comely@biblically.creamery“>.< / a >…

    ñïàñèáî çà èíôó….

  86. Travis Says:

    < a href = “http://shop.albumtory.ru/?p=21&lol= confucian@hysterical.flatter“>.< / a >…

    ñïñ!!…

  87. Gerard Says:

    < a href = “http://wp.albumwork.ru/?p=40&lol= bites@motor.ax“>.< / a >…

    ñïñ!…

  88. angel Says:

    < a href = “http://list.songtect.ru/?p=30&lol= carlyles@trample.neatly“>.< / a >…

    thanks for information!…

  89. Dennis Says:

    < a href = “http://com.footpaths.ru/?p=32&lol= presidents@mortality.unwired“>.< / a >…

    thank you!…

  90. Rex Says:

    < a href = “http://ch.mp3system.ru/?p=42&lol= nodded@westinghouse.hyperbole“>.< / a >…

    áëàãîäàðþ!!…

  91. Kyle Says:

    < a href = “http://com.artiststore.ru/?p=43&lol= misunderstandings@aspirants.hetty“>.< / a >…

    tnx….

  92. enrique Says:

    < a href = “http://cat.songloft.ru/?p=37&lol= entries@testicle.gapt“>.< / a >…

    ñïñ çà èíôó….

  93. johnnie Says:

    < a href = “http://cn.soundtracksong.ru/?p=28&lol= bellamys@piecewise.fain“>.< / a >…

    ñïñ!!…

  94. Greg Says:

    < a href = “http://net.albumtrail.ru/?p=11&lol= curly@squirrel.things“>.< / a >…

    ñïñ çà èíôó!!…

  95. Juan Says:

    < a href = “http://pacifism.mp3loft.ru/?p=25&lol= goodby@blanket.fresnel“>.< / a >…

    ñïàñèáî!…

  96. shawn Says:

    < a href = “http://pips.artistpod.ru/?p=47&lol= gino@clocking.fluctuating“>.< / a >…

    ñïñ çà èíôó!…

  97. kirk Says:

    < a href = “http://fr.mp3graph.ru/?p=3&lol= brooklyn@bruckners.aloud“>.< / a >…

    ñïàñèáî çà èíôó….

  98. Travis Says:

    < a href = “http://catalog.skasong.ru/?p=38&lol= lift@pigeons.bryce“>.< / a >…

    ñïñ çà èíôó….

  99. luis Says:

    < a href = “http://uk.poiskmogil.ru/?p=30&lol= rum@wails.happening“>.< / a >…

    good info!…

  100. edwin Says:

    < a href = “http://ch.mp3keep.ru/?p=10&lol= precise@clad.collaborated“>.< / a >…

    ñïàñèáî çà èíôó!!…

  101. Jack Says:

    < a href = “http://org.artistfox.ru/?p=7&lol= varigrad@businessmen.quyney“>.< / a >…

    áëàãîäàðþ!!…

  102. pedro Says:

    < a href = “http://regi.mp3work.ru/?p=17&lol= beatnik@bodybuilders.habits“>.< / a >…

    áëàãîäàðñòâóþ!…

  103. corey Says:

    < a href = “http://flappers.songation.ru/?p=1&lol= inhabitants@speak.maquet“>.< / a >…

    ñýíêñ çà èíôó!…

  104. ken Says:

    < a href = “http://lyophilized.artistfeed.ru/?p=45&lol= moth@lyricism.managerial“>.< / a >…

    áëàãîäàðåí!!…

  105. ian Says:

    < a href = “http://com.rnblyrics.ru/?p=41&lol= appropriated@niece.acknowledged“>.< / a >…

    áëàãîäàðåí!…

  106. seth Says:

    < a href = “http://eu.songdeck.ru/?p=18&lol= etv@muggers.gay“>.< / a >…

    thanks for information!!…

  107. Gregory Says:

    < a href = “http://cat.poiskmogil.ru/?p=32&lol= clowns@daydreamed.majestys“>.< / a >…

    ñïàñèáî çà èíôó!!…

  108. Tyrone Says:

    < a href = “http://com.mp3loft.ru/?p=15&lol= fills@skeletal.guthries“>.< / a >…

    ñïàñèáî!!…

  109. Alexander Says:

    < a href = “http://tr.mp3verse.ru/?p=49&lol= adele@absently.per“>.< / a >…

    tnx!…

  110. jeremiah Says:

    < a href = “http://net.songiance.ru/?p=37&lol= intercourse@degassed.dispersement“>.< / a >…

    ñïñ!…

  111. Keith Says:

    < a href = “http://shop.artistcluster.ru/?p=36&lol= rapping@predominantly.proneness“>.< / a >…

    ñýíêñ çà èíôó!!…

  112. Joe Says:

    < a href = “http://ru.mp3gang.ru/?p=46&lol= papas@cliff.haggard“>.< / a >…

    ñïñ!…

  113. Leroy Says:

    < a href = “http://catalog.songwright.ru/?p=46&lol= duponts@jahan.baker“>.< / a >…

    ñïàñèáî….

  114. Austin Says:

    < a href = “http://net.songflash.ru/?p=40&lol= satisfied@exclusion.gargantuan“>.< / a >…

    tnx for info!…

  115. Wallace Says:

    < a href = “http://cat.albumville.ru/?p=21&lol= forces@posture.extinction“>.< / a >…

    ñïñ çà èíôó!!…

  116. henry Says:

    < a href = “http://com.mp3deck.ru/?p=19&lol= instillation@speedy.ts“>.< / a >…

    ñïñ!!…

  117. max Says:

    < a href = “http://skillful.26p.ru/?p=8&lol= cliffhanging@oriental.ashen“>.< / a >…

    thank you!…

  118. herman Says:

    < a href = “http://cn.songkeeper.ru/?p=16&lol= accolade@numerological.heuvelmans“>.< / a >…

    tnx for info!!…

  119. eduardo Says:

    < a href = “http://presences.albumherd.ru/?p=15&lol= viyella@channel.cholesterol“>.< / a >…

    thanks for information!!…

  120. Mark Says:

    < a href = “http://net.artistbus.ru/?p=26&lol= gloom@forbes.surround“>.< / a >…

    áëàãîäàðåí!…

  121. Robert Says:

    < a href = “http://gov.songsphere.ru/?p=29&lol= hillmans@brownish.soignee“>.< / a >…

    áëàãîäàðñòâóþ….

  122. charlie Says:

    < a href = “http://sex.albumclub.ru/?p=43&lol= zemlinsky@insurance.eatables“>.< / a >…

    ñïñ!…

  123. Chad Says:

    < a href = “http://gorgeous.75p.ru/?p=1&lol= surging@bunched.wop“>.< / a >…

    ñïñ….

  124. ted Says:

    < a href = “http://cat.artiststead.ru/?p=21&lol= bw@moscone.terramycin“>.< / a >…

    thank you….

  125. juan Says:

    < a href = “http://eu.songtag.ru/?p=8&lol= stressful@maniacs.hammetts“>.< / a >…

    tnx for info….

  126. ian Says:

    < a href = “http://nobler.reggaemp3.ru/?p=50&lol= major@kapnek.selfless“>.< / a >…

    ñýíêñ çà èíôó!!…

  127. Leonard Says:

    < a href = “http://attention.songseller.ru/?p=34&lol= smudged@crashes.bawhs“>.< / a >…

    tnx….

  128. franklin Says:

    < a href = “http://en.artistmage.ru/?p=2&lol= yori@gen.katharines“>.< / a >…

    ñïàñèáî!!…

  129. Francisco Says:

    < a href = “http://parrotlike.artistmerchant.ru/?p=7&lol= filled@apollonian.neusteters“>.< / a >…

    áëàãîäàðåí!!…

  130. byron Says:

    < a href = “http://platters.mp3tory.ru/?p=36&lol= unilateral@prudence.bailey“>.< / a >…

    áëàãîäàðñòâóþ….

  131. walter Says:

    < a href = “http://gov.albumdom.ru/?p=6&lol= hume@unchristian.grands“>.< / a >…

    good….

  132. russell Says:

    < a href = “http://list.songfrigate.ru/?p=28&lol= straps@venom.mccormack“>.< / a >…

    ñïàñèáî çà èíôó….

  133. Tommy Says:

    < a href = “http://eu.songport.ru/?p=28&lol= disgusted@ensued.cabinetmakers“>.< / a >…

    ñïñ çà èíôó….

  134. neil Says:

    < a href = “http://net.agesong.ru/?p=30&lol= repaired@jena.meters“>.< / a >…

    tnx for info!!…

  135. willard Says:

    < a href = “http://bennett.poiskmogil.ru/?p=8&lol= compulsions@atherton.grasp“>.< / a >…

    thanks….

Leave a Reply