Jeff:

I just got done ready your memo.  I really liked what you have done.  I did
not want to make any direct changes, but rather just pose a few questions
for discussion.

First, when I calculated how long it would take to purchase the shares
without debt I did use the net income number.  It might be better to change
them to the operating cash flow number.  If you guys would like, I can
recalculate them.

I agree that having higher amounts of debt will fend off take overs.

Are we planing to calculate the amount the tax shield will increase the
value of the company.  If we assume that the debt will be held in
perpetuity, we can directly compute the amount.  Let me know and I can run
the numbers.

Also, Jimmy when you do the color graphs you want to do.  Try some MM pie
charts (just kidding)

Good job,

Let me know what I can do to help.

Dylan