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To: halftime who wrote (551)	3/27/1998 5:14:00 PM
From: Ken98	Respond to of 3873

KIWT has filed for 10-K filing extension with SEC. Any thoughts?

To: halftime who wrote (551)	3/29/1998 1:54:00 AM
From: Lorsung	Respond to of 3873

I'm surprised that you don't know exactly what the value of a Class D share is if you were a stockholder, as you claim. The price is [was] set only once each year and every Kiewit shareholder I ever met knew to the last penny what the price was, and most knew how it was established. Since 1992 when the class was created, a Kiewit employee's holdings were 75% Class D. Since then, the ratio has dwindled in comparison to the Class C share price for two reasons. One, Class D shares have only been sold to KDG employees, which is less than 10% of total Kiewit employees. Two, with the exception of the MFS spinoff in 1995, Class D increases have been substantially less than Class C increases, on a percentage basis. The book value of Kiewit Class D does not include the majority of the CalEnergy transaction, since the sale was closed in 1998. According to the November 1997 prospectus, KDG planned to recognize an after-tax gain of $50 million for 1997 for the CE transaction. The final paragraph states "KDG expects to recognize an after-tax gain on the disposition of its energy assets upon closing in 1998 of approximately $300 million. The after-tax proceeds from the transaction of approximately $960 million will be used to fund the Expansion Plan."