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To: Box-By-The-Riviera™ who wrote (146758)	1/29/2002 10:57:30 AM
From: Lucretius	Respond to of 436258

LOL......

To: Box-By-The-Riviera™ who wrote (146758)	1/29/2002 11:04:35 AM
From: reaper	Read Replies (2) \| Respond to of 436258

these guys have all sorts of fun "mark to market" accounting going on where they do a 15-year energy deal and take all the profits into the P&L at the time of the transaction. just like ENE. given the very low cash flow compared to P&L "net income" as well as high debt levels and huge balance sheet trading liabilities/assets, there's no reason why this one couldn't go to $10, or even to nil if another crisis of confidence arises. not sure what they are on the hook for vis-a-vis Williams Communications, but if its big, could be a problem. like with Enron, any big decline in availability of capital kills the trading operation, the source of much of their "profits". btw, anybody notice deadbeat credit card issuer and accounting fraud Metris at a new low today?? Cheers