Upd Holding Corp. – Underwriting Agreements Watch

from 8-K 1 page [Letterhead of Arthur Andersen Llp] May 18, 1999 Office of the Chief Accountant Secps Letter File Securities and Exchange Commission Mail Stop 11-3 450 Fifth Street, N.W. Washington, D.C. 20549 Ladies and Gentlemen: We Have Read Item 4 Included in the Form 8-K Dated May 13, 1999, of Fbr Capital Corporation Filed With the Securities and Exchange Commission and Are in Agreement With the Statements Contained Therein. Very Truly Yours, /S/ Arthur Andersen Llp Copy To: Mr. Phillip R. Shumway, Fbr Capital Corporation