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Technology Stocks : Lucent Technologies (LU) -- Ignore unavailable to you. Want to Upgrade?

To: stilts who wrote (11883)	12/22/1999 8:53:00 PM
From: Chuzzlewit	Read Replies (3) \| Respond to of 21876

Stilts, read this section very carefully: In September 1999, a subsidiary of Lucent sold approximately $625 million of accounts receivable to a non-consolidated qualified special purpose entity ("QSPE") which, in turn, sold an undivided ownership interest in these receivables to entities managed by an unaffiliated financial institution. Additionally, Lucent transferred a designated pool of qualified accounts receivable of approximately $700 million to the QSPE as collateral for the initial sale. Lucent's retained interest in the QSPE's designated pool of qualified accounts receivable has been included in Receivables. Lucent will continue to service, administer and collect the receivables on behalf of the purchaser. The QSPE is part of Lucent; it is simply not a consolidated part. Who the QSPE sold the security to is anybody's guess. The only unaffiliated party that's mentioned in this deal is the financial institution managing the pool and the security. TTFN, CTC