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To: SusieQ1065 who wrote (15037)	9/9/2001 9:25:32 AM
From: 2MAR$	Read Replies (2) \| Respond to of 208838

British Banks in for a another rough ride this week , with MONI closing friday just barely over $1 ... Marconi<MONI.L>talking to banks on long-term debt By Braden Reddall LONDON, Sept 9 (Reuters) - Marconi Plc said on Sunday it was talking to its banks about its long-term debt as the telecoms equipment maker attempts to restore confidence after last week's profit warning and executive purge. "We continue to talk to our banks and work closely to ensure Marconi remains securely financed in the medium to long term," the company spokeswoman told Reuters. Marconi has asked its banks to start renegotiating 4.6 billion pounds ($6.7 billion) in debt, according to the Sunday Business newspaper. Talks were due to start this week on merging the credit lines and extending the loan by at least two years to 2005, the newspaper said. Sources told Reuters on Friday that Marconi bankers might have to throw Marconi a three billion euro ($2.7 billion) lifeline on top of the existing debt, under a loan agreement signed just before the firm reported huge losses last week. The entire UK banking sector fell on concerns that lenders could end up with huge losses on their Marconi loans. Marconi's chairman and chief executive resigned last Tuesday after the company issued its second profit warning in two months and slashed a further 2,000 jobs. The company's already battered shares slumped to record lows after it posted a first-quarter operating loss of 227 million pounds, along with a forecast for a break-even second quarter. This led to the resignation of Chief Executive George Simpson, one of Britain's most respected industrialists until he mishandled the previous profit warning in July. Simpson was replaced by Mike Parton, head of the company's networks division. Chairman Roger Hurn also resigned, and non-executive director Derek Bonham took over in the interim while the company seeks a replacement. Several newspapers said Hurn, also chairman of the Prudential Plc <PRU.L>, could lose his job at the insurance group as a result of the Marconi troubles. The Sunday Times reported that the job of Finance Director Steve Hare could also be under threat because non-executive directors were not informed about the looming losses until last week. ((London newsroom, +44 20 7542 4042, fax +44 20 7583 3769, braden.reddall@reuters.com)) ($1=.6840 Pound) REUTERS * end of story *

To: SusieQ1065 who wrote (15037)	9/9/2001 10:28:08 AM
From: ChrisJP	Read Replies (2) \| Respond to of 208838

You know, I'm kind of surprised that no one has dubbed Friday as "The Emperor Has No Clothes" day. Meaning that Friday's unemployment number was the final fact the no longer allows people to deny that we're heading for a least a medium prolonged recession. (Actually the recession probably started 6 - 9 months ago). I expected some diving and bouncing tomorrow. Bouncing mostly in the form of temporary short interest covering/profit taking. I guess I should expect a bunch of you to post "Wheeeee !!" tomorrow ! lolol But for a while longer, money will mostly be coming out and les new money will be coming in. Wake me up when the wacky red and black lines cross above the crazy green and orange lines. quote.yahoo.com^IXIC&d=c&k=c2&a=v&p=m50,m200,e50,e200&t=1y&l=on&z=m&q=l Chris