Please read the memo I constructed using the previously forwarded work.  You
will see that I took the opposite tactic in approving the loan as opposed to 
the
original memo that recommended denial.

Read it and see if you disagree or not.  As you will see, I base most of the
rationale on the pro forma 1996 financial statements.  However, I kept most of
the dissenting language in the memo to highlight our reservations and/or
concerns.

My guess is that we can go either way since our beloved professor stated last
week that there is no wrong answer.  However, we some of the numbers in the
spreadsheet forwarded to me, I couldn't recreate some of your stats and there
were no formulas behind the numbers.  That is why I changed some of the 
numbers
in the memo to reflect my calculations.

Please provide me with any feedback.





**********************************************
Mark D. Guinney, CFA
Consultant
Watson Wyatt Investment Consulting
345 California Street, Ste. 1400
San Francisco, CA  94104
(415) 733-4487 ph.
(415) 733-4190 fax
 - Clarkson Case Memo final.doc