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To: j g cordes who wrote (35984)	1/24/2002 11:28:53 AM
From: j g cordes	Respond to of 69633

Andersen testimony.. imagine Enron, their most prominent client, who they knew was on the ropes financially, is a hot button in national politics, was left entirely in the hands of point man Duncan.. and he independent of company direction or knowledge organized and directed shredding! Excuse me, but does that make any sense? Ah well....

To: j g cordes who wrote (35984)	1/24/2002 4:47:49 PM
From: Logain Ablar	Respond to of 69633

Jim: Yes but from what I've read (not much issued @ this point) I would suspect Balch Capital didn't invest $3.9 million equity in conjunction with Berg forcing a floorless so I would think the convertible is not onerous from a floorless perspective (but will give him priority if there is a bankruptcy and I'm sure good conversion terms). The CPQ is not new news if you've followed the company (which I started doing after Mattie brought it up and I remembered them from the days I owned ancr, now part of qlgc). This should allow them to stay above the $10M capital requirement but they have less than 60 days to get back above $1 or they will be delisted. In their 2nd qtr call they expected 40% sequentisl growth this qtr but after 9/11 last qtr they indicated this qtr to be flat or slightly down (depending on the cpq sales). This and cash burn has impacted the stock price. Tough to win new customers is the worry is there that you won't be able to survive to meet sale and service. Maybe they can generate enough press to get over this hump.