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To: reaper who wrote (171938)	6/11/2002 5:50:38 PM
From: Box-By-The-Riviera™	Respond to of 436258

great input as always. thanks.

To: reaper who wrote (171938)	6/11/2002 6:03:41 PM
From: Earlie	Respond to of 436258

Reaper: I admire you balance sheet work immensely, and in my amateur way, try to emulate it to go with the grunt work. One of the many things that causes me to be concerned about IBM's situation is the fact that it has so much gear and systems out there on lease contracts. As the economy slows, many businesses are folding and a good percentage of them have IBM leased equipment. The residual value of that gear as listed on the contracts is but a tiny fraction of what can be fetched in today's glutted spot markets. Not visible on the balance sheet per se, but a consequential "gutting tool' if I am right. Reminds me of the evolving car lease disaster. Many thanks for the ACF comments. I have maintained a short position on and off several times but timing has been lousy. Keep us posted as I would dearly love to jump aboard that pony again. In the bio/pharma sector, I am long only Vasogen (a token position only until I see the market complete its triage on the sector). (g) Best, Earlie