Bill and Tracy,

Elizabeth, Shari and I  have gone over the three part exposure reducing trade 
idea together internally, and are going to review it with our outside 
counsel, Ken Raisler, before giving you our definitive comments on the merits 
or demerits of the proposed structure.  Unfortunately Ken is out until Monday 
and unavailable by phone.  If all goes well Monday,  we will have something 
to you by the end of the day or maybe on Tuesday. ----cgy