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To: JoeinIowa who wrote (1345)	2/15/2003 8:53:05 PM
From: Crossy	Respond to of 23958

re: IPSU (Imperial Sugar) Joe, Sergio - I read their 10Q and it appears they are more than fully hedged against natgas price increases. (they even showed their hedge positions on their 10Q) but the real bummer is this: I re-read their filings and buried deep in their fine print is that IPSU would have made $0.41 pretax this quarter on a going forward basis (if you apply the post-refinancing charges instead of the ones given in the quarterly 10Q and strip out the $2.1m in extra SG&A due to professional fees involved with refinancing and restructure) see my analysis here: Message 18586392 best rgrds CROSSY