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To: silicon warrior who wrote (5687)5/3/1998 8:10:00 PM
From: James Fink  Respond to of 12468
 
<<Any earnings in excess of debt service requirements---i.e., the payment then due,is free cash to the shareholders.>>

WRONG! I am suprised at an alleged Princeton graduate -- and a corporate lawyer no less -- being so dense. Ever heard of debt covenants? Debtholders usually do not agree to loan money unless the borrower agrees not to issue dividends to common shareholders until the debt is repaid in full.