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To: Roads End who wrote (17323)	2/12/1998 2:09:00 PM
From: Charles Skeen	Respond to of 97611

You are right that there would be little effect on invested capital, unless they took the cash to pay off some liabilities or to buy back some stock. Still baffles me why they are doing this. Selling receivables is normally an expensive way to raise cash (the bankers have to make a profit on the transaction). Another possibility raised previously is that they are denominated in foreign currencies and selling receivables is cheaper than hedging. Charlie.