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To: Marty Lee who wrote (380)	7/1/2001 6:04:10 PM
From: hdl	Read Replies (1) \| Respond to of 449

Your prayer didn't sound like it was written by Pat Robertson or Billy Graham.

To: Marty Lee who wrote (380)	7/1/2001 8:01:51 PM
From: James Calladine	Read Replies (1) \| Respond to of 449

WHAT WILL HAPPEN? From what I have read so far, it is really quite impossible to say. It is one scenario if all of the original players still think things can work out in some way or another and want to pull together to see that happen. That sort of situation is relatively rare, however. If most everybody has given up and has lost confidence in the management's ability to make things work, then I guess it comes down to the questions of: -- what rev$$ can be generated with what is now completed? -- how can all other cash be preserved? -- what else can be turned into cash? -- is it sensible to continue? If the answer to the last question is still no, even in the best of circumstance, I would imagine that in full liquidation that the 1.2 billion bondholders, stated to be Chase/DLJ would be the only people who would see anything coming back to them. My own prediction is that the grimness of the payout under complete liquidation will eventually cause the option to be selected that the company continue in very much diminished "walking-dead" form under a new corporate entity, with huge amounts of debt converted to equity, and with the Chase/DLJ people the controlling shareholder. And maybe it could come back, in time, to being some kind of a player within a diminished expectation. But I think the existing common TSIX holders should all ask their brokers for their share certificates, because I think that piece of paper is the only thing they are going to see coming their way. Namaste! Jim