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To: Bo Le who wrote (1648)	2/1/1999 2:45:00 PM
From: Sean Rieber	of 2489

>>>NASHVILLE, Tenn.--(BUSINESS WIRE)--Jan. 13, 1999--Service Merchandise Company, Inc. (NYSE: SME - news) today announced that it has made the approximately $13.5 million interest payment due on its 9% Subordinated Debentures (the ''Notes''). The payment was originally due on December 15, 1998. Today's payment falls within the thirty-day grace period available to the Company under the terms of the Notes' Indenture. <<< It was due December 15. They used every bit of the 30 day grace period. I have loans that have 10 day grace periods and I use every day of that period. I do so because it is 10 days more interest that I gain. But, SME announced that they would miss it and review their options over the next 30 days. They are in trouble and everyone knows it.

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