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To: Carl R. who wrote (46493)	6/21/1999 4:11:00 PM
From: phbolton	Read Replies (1) \| Respond to of 53903

Carl: "Cash", on a balance sheet, usually means the company can spend it on whatever they want. Encumbered, in this case, means they have to meet deadlines or face penalties. The details of the deadlines and the penalties are not public information. IMHO putting the Intel $500 mil as "cash" is a stretch of accounting since these funds are already committed.. However, these are the same folks who carry Lehi on the books as a $750 mil asset.