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To: Arthur Tang who wrote (431)	12/25/1997 8:14:00 AM
From: Crueldog	Respond to of 872

I am aware of Intrafed's historical operations. But there is no debt shown on the balance sheet or disclosed in the footnotes on the last quarterly 10q filing. There is also no mention or reference to any debt in the 8k's which disclosed the transaction. Where or how are you getting this conclusion? Again, it is not in the last quarterly report nor is it in the proforma's. I believe that the Company had no debt at that time. In the footnotes, it is noted that the company has no debt but that it could become necessary to borrow money in the future to fund future acquisitions and operations. Merry Christmas