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To: Wyätt Gwyön who wrote (120307)	6/13/2002 12:22:38 PM
From: cfoe	Read Replies (2) \| Respond to of 152472

$2.5BILLION put liability at Crisco. Did you mean Cisco? If not, what is "Crisco?"

To: Wyätt Gwyön who wrote (120307)	6/13/2002 1:29:59 PM
From: Jordan Levitt	Read Replies (1) \| Respond to of 152472

<<article in WSJ this morning noting that T may be on the hook for billions if AT&T Canada exercises its put option>> It Actually is not a put. AT&T Corp bought an interest in AT&T Canada (formerly Metronet)several years ago. They have a commitment to buy the rest of the outstanding shares if the Canadian Government lifts foreign ownership restrictions by June 30, 2003. If they don't, T must auction off the company and give shareholders the agreed upon price. This price accretes at 4% per quarter, and is currently trading just below the floor price. I have been long the Canadian stock for some time. The total obligation is about 4 Billion US plus there is about the same amount of debt outstanding.