I'm sure that our dear professor will be discussing more in depth the 
structure
of swap arrangements tonight.  Anyway, I've added some comments to the memo 
that
hopefully addresses some of the issues.



**********************************************
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
 - BFG Dylan- memo.doc