dorado trend watch q3 2011

TrendWatch 2.0 Q2 2011

Payments System Industry Synopsis

Notice: Materials contained in this document are drawn from several media sources and Dorado Industries is not responsible for their accuracy. Opinions expressed herein are presented without warranty. Brand names are the trademarks of their respective service offerors.

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Random Thoughts

"People, I just want to say, you know, can we all get along?"

Rodney King, May 1, 1992

If TrendWatch 2.0 followed and commented on the consumer electronics or alternative energy industries we would often cite Moore’s law and his observation that the rate of technology advancement doubles every two years. Stuck as we are with the electronic payments industry, we’re not so privileged. Instead we continually wonder “what’s taking so long?”

Take same-day ACH processing for instance. Here we sit a bit more than one year since the FedACH SameDay Service has been available and fewer than fifty FIs are engaged while the UK’s Faster Payments Service has been met with broad acceptance and huge volumes.

EMV and its associated chip-and-PIN solution to card fraud flourishes throughout the developed countries of the world but is stone walled in the U.S. despite its demonstrated ability to deter crime at ATMs and in merchant checkout lanes.

Meanwhile, mobile handset telephones for merchant payments and P2P transfers are becoming commonplace in Europe and Asia while U.S. consumers are fed morsels of RFID and SMS options with limited acceptance points and meager functionality.

“Mandate” is a word that bristles our industry yet it appears that mandates may be what it’s going to take to bring the U.S. electronic payments industry into the current millennium. Unfortunately, it appears that collaboration just doesn’t work anymore. And, since ubiquity is required to make our systems work, we either have to “all get along” or bow to mandates. Sad but true.

“Don't look back. Something might be gaining on you.”

Satchel Paige

Seems to us that the industry ignores Mr. Paige’s sage advice all too often. For instance, we pilot new payments solutions and form factor changes so long that the competition swoops in and captures the flag (e.g., Arco PayPoint PIN debit).

We have “field tested,” “trial ballooned,” and jaw-boned ACH interchange for decades while unregulated payments schemes (e.g., PayPal) have made a fortune settling ad hoc transactions; so much so, that WEB , TEL, POP and POS are the system’s fastest growing Standard Entry Class Codes.

It probably follows then, that when the payments industry is handed a huge opportunity to fast-track new payments on the coattails of meteoric smartphone adoption rates, we would spend most of our time looking over our shoulder. Don’t bother; we know who is gaining on us – a group of profit motive-driven, greased-lightening players like Google, PayPal, Facebook, Apple, and Isis.

Hopefully we’re not waiting for someone to deliver a mandate because if that’s the case, we’re toast.

What would Jobs do?

Thanks for the ride, Steve!




Table of Contents

2011 Predictions 4 TrendWatch Scorecard/Summary 5 2011 Payments Industry Yields 6 Interesting Quarterly News That Got No Respect 7 New Names to Watch 10 Q2 M&A/Investor Activity 11 Useful Links for More Information 16 Back in the Day 17




2011 Predictions

• Despite good efforts to the contrary and Visa’s plan to support dual interchange schedules, exempt debit card issuers will suffer major product profitability declines as a consequence of Durbin.

Mar. Won’t know until the end the year. Sit tight. Jun. Fed’s final rules changed things somewhat by raising the floor and putting the industry on notice that big brother will be watching. Sep. Already happening as networks lop off 15-20 basis points here and there while kicking up the small ticket fees. Nobody happy.

• A major retailer will take first-mover action to propel mobile payments out of its holding pattern in cottage industry land – doesn’t include early players McDonald’s, Starbucks, Coca Cola, or Jack in the Box.

Mar. Major retailers at the Alternative Payments Systems Innovation conference stated that they wanted lower costs, shorter lines, strong security, dial tone reliability, easy implementation, and low maintenance in mobile payments. A tall order; might not happen this year. Jun. Now that the Fed has reneged on its first Durbin offer, it’s likely that retailers will move on with mobile. Sep. Press releases popping all the time with this or that retailer joining Google or Isis. No full-blown movement yet.

• Isis, the mobile payments consortium, will launch to a lukewarm response. Mar. Didn’t see any skyrockets when Isis announced its 2012 (really?) transportation pilot in Salt Lake City. Jun. Yet another change of direction announced – entering Austin market for pilots. We see the term “flip-flop” being used a lot. Sep. Isis may actually get stronger through its “heads or tails” approach. Google launch delay has allowed time for others to re-think.

• Major retailer profits will grow in the second half of 2011 but we will not be able to cite Durbin as the reason. (And, if the issue is raised, the MPC will brush it off.)

Mar. Waiting to see what happens in Q3 and Q4. Jun. Fed Chairman poured cold water on this prediction. Sep. Heartland’s “Durbin Dollars” report is pretty clever and suggests that the money is flowing in already. Where it’s going isn’t clear.

• Having lost the pricing advantage between their products and POS debit, two providers of alternative payments schemes will fold or sell out cheap.

Mar. Again tied to the Fed’s final rules – which won’t be ready by April 21 as required. Nice. Jun. Three on a match! FaceCash and Bling Nation shut down to “re-think” their business models. Tempo is both in a ditch and liquidating. Sep. Game over.

• Starbucks will selectively open use of its proprietary prepaid card to retail partners. Target, with its 1,000 in-store coffee facilities, might be first.

Mar. Nothing yet but it’s going to happen! Jun. Still waiting; come on guys, it’s the next logical step. Sep. Guys must be using too much of their decaf product. This is a slam dunk, Starbucks! If Facebook can it with Credits, so can you.




TrendWatch Scorecard/Summary – Q2 2011

Market & Industry Situation 1 – The niche players are working the edges hard to avoid irrelevance. 2 – Cardtronics has become acquisitive again. – Access To Money, et al. 3 – FIs are starting to kick up their penetration, activation and usage ratios to

build debit volume moats in light of Durbin. Good move. 4 – Banks and networks sued for ATM price fixing; states taking a shot at

debit card fees, etc. We sense good holiday pay-outs for attorneys. 5 – Fed’s last minute loop-hole closure is starting to hurt. Not what prepaid

is, but what it could have been. 6 – Players are hitting their numbers but putting out weak 2012 guidance

numbers; not particularly comforting. 7 – Last quarter’s investment pace came to a grinding halt as the big money

moved back into gaming and device technology. So it goes.

Industry Players To Watch Google and Partners: All may not be quite right as Google goes quiet about NFC and Verizon balks at supporting the search engine’s wallet. Heartland: If for no other reason to see what comes of its “Durbin Dollars” promotion. USPS: If it survives, the Post Office plans to do a land office business with its prepaid gift card sales promotion during the holidays. An interesting study in human behavior if nothing else. Visa and MasterCard: New merchant incentives will arrive Jan 2 in preparation for the April 2012 effective date for the network exclusivity ban. Wonder how much of the $576 million in incentives Visa paid to issuers last quarter will find its way into retailers’ pockets. Discover: Pretty much unscathed by Durbin and its cash rewards programs are still considered top-of-the-heap. “Off-brand” Mobile: Bling Nation may be gone and mPayy is now part of another company but folks like Payfone and Billing Revolution are still gaining respect and big shares of a shrinking PE investments pie.

5. Prepaid Card Growth 4. Legal/Regulatory Issues

1. New Payment Forms

2. ATM Restructuring 3. POS Volume Trend

High

Med

Low

High

Mixed

Med

Low

Positive

Mixed

Negative

6. Earnings Announcements

7. Industry Investments




2011 Payments Industry YTD Yields

Sources: Company releases, Morningstar.com, Bloomberg.com 2011 YTD yield excludes dividends; based on 9/30/11 and 12/31/10 closing prices

What a difference a quarter makes! Our basket of payments equities gave up $3.1 billion in market cap in Q3 while the Dow and S&P reversed their positive flows on a year-to-date basis, winding up the first nine months of 2011 with cumulative declines of 5.7 and 10 percent, respectively. Card brands and mainline processors were able to out-perform the indices while everyone else pretty much took it on the chin. Troubles in both the US economy and that for Europe might suggest a rocky Q4 as well.

Industry Player 12/31/2010 9/30/2011 Price Cap Value YTD 2011 Yield

Alliance Data Systems 71.03$ 92.70$ 21.67$ 1,289.4$ 30.5%Cardtronics 17.70$ 22.92$ 5.22$ 212.5$ 29.5%Discover Financial Services 16.68$ 22.94$ 6.26$ 3,010.4$ 37.5%Euronet Worldwide 17.44$ 15.74$ (1.70)$ (85.7)$ -9.7%Fidelity National Information Services 27.39$ 24.32$ (3.07)$ (585.8)$ -11.2%First Data (Future Use)Fiserv Inc. 58.56$ 50.77$ (7.79)$ (1,214.5)$ -13.3%Global Cash Access Holdings 3.19$ 2.56$ (0.63)$ (48.6)$ -19.7%Green Dot 56.74$ 31.32$ (25.42)$ (1,035.9)$ -44.8%Heartland Payment Systems 15.42$ 19.72$ 4.30$ 160.8$ 27.9%Jack Henry & Associates 29.15$ 28.98$ (0.17)$ (14.3)$ -0.6%MasterCard Worldwide 224.11$ 317.16$ 93.05$ 12,040.7$ 41.5%NetSpend 12.82$ 5.14$ (7.68)$ (674.2)$ -59.9%Online Resources 4.65$ 2.55$ (2.10)$ (62.4)$ -45.2%TNS 20.80$ 18.80$ (2.00)$ (50.2)$ -9.6%Total System Services 15.38$ 16.93$ 1.55$ 306.0$ 10.1%Visa 70.38$ 85.72$ 15.34$ 12,976.1$ 21.8%




Interesting News This Quarter

Subject Source/Date Substance

Google PaymentsSource October

• Those of us who believe mobile wallet is far less about payments than it is about offers won a point when Google launched its “Featured Offers” service that includes only those discounted products and services that are unique to the Google wallet. And these offers ain’t chump change either; 10 to 15 percent off a basket of goodies at American Eagle, Macy’s and other swank shops.

Tagattitude PaymentsSource October

• If you were amused by last quarter’s note regarding Zoosh by Naratte, here’s another chuckle. Like Zoosh, France-based electronic transactions provider Tagattitude has introduced a TagPay application that uses sound to generate a one-time password at inaudible frequencies. The scheme currently works between smartphones or devices lacking NFC capabilities. Presently designed for the closed-loop market, plans for adaptation for use in the branded world are afoot. May not work well in pet stores or concession stands located at city zoos. The PaymentsSource article includes a priceless quote from Gareth Lodge, a Celent analyst, “debit cards are the overnight success that took 20 years to happen.” No truer words.

NYCE Payments Network, LLC and LINK

Paybefore News July

• Its been quite a while since the announcement of a bilateral networking agreement has been published without reference to China UnionPay. This quarter, there were two. NCYE, the network owned by FIS, and LINK, the UK payments network, agree to mutual ATM access. Both networks insist that the agreement is designed to better customer service for their respective users. Guess Plus and Cirrus weren’t cutting it.

PULSE and NETS BusinessWire October

• On the heels of the NYCE/LINK announcement PULSE, the ATM and POS network owned by Discover, announces an ATM sharing arrangement that also enables NETS’ 285 member institutions to utilize PULSE for PIN debit transactions. The agreement also extends to ATM use in the ten-state market held by NETS for Discover and Diners Club cardholders.

Online Virtual Good Fraud WSJ July

• Concern about fraud rearing its ugly head in online transactions was first raised by TrendWatch three years ago. Back then, we were concerned by stolen credit cards being used at online gambling sites. Now we know that fraudsters are moving on to virtual goods purchased at non-gambling sites using stolen cards then sold at discounts at any number of secondary market websites. For instance, Cybersource announced at 1.9 percent of all online digital goods sales involved fraud. This compares unfavorably to 1.1 percent fraud experience posted by physical goods sellers. Just a word to the wise.




Interesting News This Quarter – Continued Subject Source/Date Substance

Jumio PaymentsSource July

• Jumio is another one of those start-up companies doing the best it can to conquer the challenge of online payments fraud. Its Netswipe system launched in July using a consumer’s webcam to verify that a shopper has a valid payment card before allowing a transaction to occur. The basic concept is that of converting the webcam into a card reader in an attempt to shift fraud liability away from the accepting merchant. Thus far, the card companies have yet to agree and transactions handled by Jumio’s technology remain card-not-present for pricing and fraud risk purposes. Two side benefits of the Netswipe system are a proven reduction in the number of “false positive” fraud hits when the app was subjected to side-by-side testing and halving of the cart abandonment rate in the same type of trial. Smile for the camera, Peggy.

Google PaymentsSource July

• Had to happened sooner or later department. Google has entered the credit card market albeit in a limited way. The search engine (and self-professed digital wallet guru) now offers a co-branded, limited purpose credit card dubbed “AdWords Business” in the hopes that the targeted segment of small retailers will use the card to pay for AdWords promotions and other business-related purchases. World Financial Capital Bank, an ILC owned by Alliance Data Systems, is the co-branding FI. One small step for Google, one giant leap for whom? Ah, Google.

MasterCard American Banker August

• The rationale behind the acquisition of the TravelEx Card Program Management division by MasterCard seemed a bit murky at first but now we have been given some clarity. The business unit has been rebranded as “Access Prepaid Worldwide” and Debra Janssen, already the group executive for MasterCard’s Integrated Processing Solutions division has been given a bigger hat to wear. Now, in addition to the payments technology she already leads, Ms. Janssen will apply her very capable skills to the task of earning a piece of the entire prepaid card value chain for MasterCard. Big job.

FIS CU Times August

• What started out as footnote to the company’s quarterly earnings report in May appears to have taken on a life of its own. Seems that the major transaction and core systems processor FIS has experienced a $13 million loss due to unauthorized activities associated with its Sunrise prepaid card processing system. Apparently cyber thieves were able to increase or eliminate the withdrawal limits for a mere 22 prepaid cards which they then cloned and distributed to “associates” all across Europe, Russia and the Ukraine. “Investigations remain on-going” says the August information update. We’re sure that’s the case. If the loss winds up being uninsured, FIS shareholders will take a 3¢ per share haircut.




Interesting News This Quarter – Continued Subject Source/Date Substance

Prepaid card industry in California

Paybeforelegal Others

September

• The few of us business people who are still California residents have got to wonder why we bother. The Sacramento legislature’s latest hare-brained idea was to put a stake through the heart of employers opting to pay wages to employees not having bank accounts with prepaid payroll cards. CA S 931 would have required employers to offer a host of free services including: a replacement card every year, four free ATM withdrawals per pay period in network and one free withdrawal per pay period out of network, two free POS transactions per pay period, three free telephone calls to a live customer service representative per month, and so on. Fortunately, Governor Jerry Brown (“Moonbeam” to his closest friends) vetoed the bill but left the door open for Sacramento to give it another try next year. Need to check out the closest Ryder location.

China UnionPay Finextra August

• Retail Banking Research reports that China UnionPay is now larger than Visa based on the number of cards in circulation. CUP holds a slight advantage with 29.2 percent share. Not bad for a payments scheme that began operations a scant nine years ago; particularly when you consider that 99 percent of CUP’s cards are held by Chinese citizens. Note to merchants: 60 million Chinese traveled abroad last year.

Gitanjali Group Fox News October

• No one seemed particularly amused when the first gold-dispensing ATMs were launched in Dubai and Boca Raton earlier this year so perhaps the announcement made by Gitanjali Group will be a yawner too. The global manufacturer of branded jewelry has opened an ATM in a high-end shopping mall in Mumbai, India that dispenses diamond-studded pendants along with your run-of-the-mill gold coins and such. The company plans to roll out 75 of the devices throughout India in malls, airports and Hindu temples. Interchange pricing must be interesting.

Office Depot BusinessWire October

• Office Depot partners with payments ISO Century Payments to offer merchant services processing for small and medium-sized businesses. Century is led by a group of ex-Chase Paymentech executives with over 100 years of combined merchant services experience. Office Depot isn’t the first retailer to enter the payments fray (e.g., Costco) but their B2B approach looks pretty intriguing.

Google Various September

• It’s one thing to pilot a new form of payments; it’s quite another to test your new widget in exactly the same space as someone else. No matter, that’s what Google has decided to do with its announced launch of its wallet targeted at the NJ transit system – precisely the same field Isis plans to plow in Salt Lake City. Excuse me, but why? How about testing in a market where no one’s playing, learn from that Petri dish and learn from what the other guys experience in their pasture. It’s not like Isis intends to keep the results a secret and finding out how things went shouldn’t be tough. Lots of noise, it worked. Crickets, it didn’t. Seriously, guys.




New Names to Watch

FinovateFall 2011 was held in San Francisco in early September. Sixty-four companies presented seven minute demos (no PowerPoint slideshows) of their emerging financial services products. Here, courtesy of our friends at Payments Views (Glenbrook Partners consultancy) are snippets on those companies we consider to be up-and-comers.

Firm/Product Highlights

Cartera Commerce • Merchant funded rewards linked to cards • Banks promote the rewards on statements and at portal sites • Redemption happens when the consumer uses the linked card

BankSimiple • In the news for the past year • Picking up partners and processors • Online and mobile app approach to low-cost, uncomplicated banking

Fuze Network • Works with banks and card issuers to direct consumers to sources of cash or to load cash on cards • Allows consumer to make cash deposits to a traditional debit card • Enables merchants to use POS terminals to process cash bill payments

BillFloat • Bill payment website with immediate funding for consumers short of cash • Used as an alternative payment form when integrated with billers or Billeo bill payment service

Authentify • Uses mobile phones for out-of-band authentication • Links a bank with its customer’s mobile unit to permit confirmation • Also available in a desktop version

ReadyForZero • Debt burden reduction service • Guides consumers to organize and accelerate repayments • Can assist banks in their efforts to collect delinquent accounts




M&A/Alliance Activity

Buyer/Investor Target Payments Emphasis Possible Strategy Yorkshire Building Society

Citibank Egg Holdings Banking portfolio In its scurry to shed non-strategic assets, Citibank agrees to sell what was left of its 2007 acquisition of Egg Banking plc after having already sold off the credit card portfolio to Barclay’s earlier in the year. Yorkshire acquired a £2.5 billion savings book and £430 million in mortgages for what appears to be pocket change.

Advent International Oberthur Technologies Card systems unit Advent International adds another arrow to its payments system quiver by acquiring 90 percent of Oberthur’s cards systems and identity divisions. The pick up extends Advent’s reach globally and particularly in Latin America. Companions in Advent’s portfolio include RBS WorldPay, Fifth Third and Cetip (Brazil).

Capital One HSBC US card and retail services business lines

Capital One pays an 8.75 percent premium from $30.4 billion in receivables from HSBC, the global financial player currently facing pressure from regulators and its respective markets.

IA Ventures, Shasta Ventures and Returning firms

BankSimple Streamlined financial services BankSimple founder Joshua Reich raises another $10 million for continuation of efforts to build out his dream of a simplified approach to financial services. Concurrently, the company announced additional relationships with Visa, Bancorp Bank, and CBW Bank. The trio joins other BankSimple players TxVia and Allpoint.




M&A/Alliance Activity - Continued Buyer/Investor Target Payments Emphasis Possible Strategy

Cardtronics Access To Money ATM ISO Cardtronics adds 10,350 ATMs to its already huge fleet of devices for total consideration of $21.2 million. Timing is everything, they say. TRM, the predecessor company to Access To Money, paid $150 million to eFunds Corporation to purchase these devices (17,000 in number at the time) in 2004.

Mohr Davidow Ventures, BlueRun Ventures, others

Kabbage Working capital financier for online merchants

New and returning investors raise $17 million for start-up Kabbage, increasing outside capitalization to $23.7 million. Kabbage makes advances to merchants selling goods online including those on eBay and Yahoo! Scheduled future additions include Facebook, Etsy, and Marketplace at Sears.com. PayPal is used to pushed approved advances to Kabbage merchants.

GTCR BankServ FI money transfer and payments solutions

BankServ recently (9/10) acquired NetDeposit, the check electronic capture, storage and settlement firm and has now been acquired by GTCR for $150 million. GTCR has also committed a similar amount for add-on acquisitions and expansion. BankServ takes GTCR into 500 banks located in 52 countries.

Aksoy Internet Ventures

Tinypay.me Simplified online merchant services

So, here’s a geographic trifecta; Turkey-based investment firm Aksoy puts up $1.0 million to facilitate relocation of Netherlands-based Tinypay.me to Silicon Valley. Tinypay.me claims to enable sellers to extend payment services to buyers through execution of a single-page form. Twitter and Facebook are the marketing platforms and PayPal is the settlement system. Seems like a lot to pay to relocate. Guess U-Haul was out of trucks.




M&A/Alliance Activity - Continued

Buyer/Investor Target Payments Emphasis Possible Strategy Google Zave Networks Mobile couponing tool Google continues to expand its presence in the mobile

wallet space by purchasing start-up Kansas City company Zave Networks. Zave allows consumers to load discounts from social media websites and emails while also enabling merchants to offer enhanced couponing across multiple UPCs and SKUs. This acquisition comes on the heels of Google’s purchase of Punchd, a punch-card loyalty promotion tracking firm.

CO-OP Financial Services

Financial Service Centers Cooperative

Credit Union shared branching The credit union shared branching segment has been dominated by two competitors for decades; now FSCC and CO-OP Shared Branching are merging to form a common network consisting of 4,300 branches and 2,200 advanced function kiosks. The merger creates the fourth largest branch network in the country behind the three largest commercial banks. FSCC executives will remain with the merged organization to drive strategy, operations and marketing.

American Express Sometrics Virtual currency engine AXP acts to strengthen its Serve digital payments play by paying $30 million for Sometrics, a respected virtual currency enabler in the electronic games realm. Coupled with AXP’s earlier partnerships with Foursquare, Facebook, and Zynga, the traditional high-end magnetic stripe card issuer is investing heavily in virtual currency intellectual property. Wonder why.





ACI Worldwide S1 Corp. E-commerce At last, the jousting match is over and we have a winner! ACI agrees to pay $520 million for S1, a marquee offeror of enterprise software with an emphasis on debit. The price paid is roughly 35 percent higher than ACI’s initial bid sixty days ago. Buying S1 further strengthens ACI’s grip on the Latin America and Africa markets.

TransFirst Solveras Payments ISO TransFirst pays an undisclosed amount for one of its large ISOs in a forward integration move made popular late in the last decade.

Index Ventures, others iZettle Mobile POS scheme Swedish start-up iZettle lands $11.2 million in Series A funding. iZettle offers small businesses a secure remote POS app for smartphones. Unlike some of the others in this space, iZettle allows merchants to accept chip-enabled cards and has been approved by EMV and certified to be PCI compliant. Funds will be used to expand outside of Sweden; naturally, the U.S. is on its roadmap.

Khosla Ventures, Innovation Endeavors, Founders Fund

BillGuard Crowdsourced card fraud protection system

Despite not having found a way to monetize its credit and debit card fraud protection system as yet, BillGuard raises $10 million in Series B funding. BillGuard is currently free for consumers to use while the company is exploring the notion of having large banks offer the service on a per-customer basis. For banks scrambling to build new value in their deposit and credit relationships, this sounds like a pretty good idea.





Blackhawk Network Cardpool Prepaid card acquisition and trading site

Initially backed by Mitch Kapor (of Lotus Software fame), Cardpool competes with the likes of Plastic Jungle for the issuance and trading of prepaid gift cards. Blackhawk Network paid an undisclosed amount to extend its already-expansive footprint in the prepaid distribution space.

SVM LP GiftZip.com Digital gift card player In another example of prepaid gift card industry scurrying about, SVM, a supplier of petroleum and retail gift cards to businesses, make a forward integration move by acquiring the consumer-facing e-gift card website GiftZip.com. GiftZip supports all the major online and brick and mortar retailers. This move supports the notion that being in the prepaid arena may require that the survivors build internal symmetry by being involved on both the issuer and acquirer side of things.




Useful Links for More Information

We threw a lot of new names out again this quarter. Here’s a list of links for you to learn more.

Company Role Link GiftZip Consumer prepaid card exchange www.gfitzip.com

BankSimple Streamlined online banking www.banksimple.com

China UnionPay World largest card scheme En.unionpay.com

Tagattitude Sonic based POS system www.tagattitude.fr

Jumio CNP system using webcams https://pay.jumio.com

ReadyForZero Consumer debt reduction system www.readyforzero.com

Authentify Out-of-band authentication www.authentify.com

BillGuard Fraudulent transaction tracker www.billguard.com

BillFloat Immediate credit lending for consumers www.billfloat.com

http://www.gfitzip.com/�

http://www.banksimple.com/�

http://www.tagattitude.fr/�

https://pay.jumio.com/�

http://www.readyforzero.com/�

http://www.authentify.com/�

http://www.billguard.com/�

http://www.billfloat.com/�




Back in the day!

Twenty-one plus years ago two young payments consultants wandered into a 420# blue marlin were they were eating lunch in the cockpit of a 28 foot cruiser in the East Cape region of Baja California. Four hours later, the deed was done. Lesson learned: sometimes skinny guys get all the luck!

dorado trend watch q3 2011

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