Hi Carolyn.  I'm running the numbers and the rest of you, team, are 
responsible
for the strategy and interpretation of the numbers for case 2.  Case 1 was 
fine.
I have a few questions for our beloved professor and when she responds I'll
e-mail out my spreadsheet models.

**********************************************
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