Theresa,

I've been out of town the last couple of days, can we get together later today to discuss this?  

Would you be available for lunch or right after lunch?  

Thanks, Kim.

 -----Original Message-----
From: 	Branney, Theresa  
Sent:	Thursday, July 19, 2001 4:00 PM
To:	Watson, Kimberly
Subject:	FW: Economics on Unwind of Hedges

Kim,

Have you thought about buying a call on the spread instead of unwinding the spread outright?  (Just a thought)

Thanks,
Theresa

 -----Original Message-----
From: 	Mercaldo, Vernon  
Sent:	Thursday, July 19, 2001 3:40 PM
To:	Neubauer, Dave; Miller, Kent; Williams, Jo; Watson, Kimberly
Cc:	Branney, Theresa; Lokay, Michelle
Subject:	Economics on Unwind of Hedges

See the attached spreadsheet.  Let me know if you have any questions.