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To: Oeconomicus who wrote (135159)	11/27/2001 5:09:23 PM
From: Glenn D. Rudolph	Respond to of 164684

The next question is what price is right for its debt, which depends on whether the model can and will ever work or whether there is any significant salvage value in the assets. Glenn? I believe these partnership models can work although the DCs or all but two need to be shed. They are all leased so that could be done with a Chapter 11. Candidly, I do not know what a customer base is worth. They clearly have one. In today's environment customers are far more transient. The internet even increased that further. I do not believe their front end is as valuable as Bill believes. There are a lot of other excellent front ends out there now. I do not know except it is far less than the debt in total. Maybe $500 million??