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To: Activatecard who wrote (55974)8/11/1999 7:53:00 AM
From: Haim R. Branisteanu  Read Replies (1) | Respond to of 86076
 
Steve I am not sure what they portfolio looks like but it well may be that they can not fullfill their anuities due to the sharp drop and possible default in certain high yield commercial paper (corporate paper).

Iridium bonds are one example or AMZN convertible bonds who are also severely under water at 70% of face value.

Haim