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To: stan_hughes who wrote (192284)	9/17/2002 8:48:14 AM
From: reaper	Read Replies (3) \| Respond to of 436258

ACF guys insisting on the call that everything is fine. 'we have shown that our business model works in good times and bad' -- i think that's what i just heard. of course, now they just said that due to 'seasonal' patterns they might have breached the delinquency triggers over the winter. at some point presumably they'll explain how breaching triggers on their securitizations is consistent w/ a business model that 'works'. i'm really not sure what is going to happen to the stock today. there is a way to spin this positive -- cleaner accounting, better capital base, 'transition period' after which earnings will be high. they haven't sold any stock yet, to my knowledge. so of course the lower the stock goes, the more stock they have to sell to get to $500mm. for example, if the stock somehow went to $5, they'd have to sell 100mm shares, which would better than double the share base. will be curious to see what happens today. Cheers