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To: mike iles who wrote (34086)	5/31/1998 1:46:00 PM
From: Kathleen capps	Respond to of 53903

Mike, You have to watch the MU 'masters of spin'. First they began to refer to Lehi as a "testing facility". Latest spin was in the article DJ posted where they referred to (and I'm paraphrasing from memory here) Lehi as an "empty shell". As usual, it will be interesting to do a close reading of the 10Q. MU keeps the same wording generally but then slips in 'Oh so cleverly' changes. Such as "may" to "will", etc. Also, when I wrote to MU and asked for copies of all the SEC documents, they negelected to send me the attachments (lots of goodies buried there) and also didn't send the admended documents -- just the originals. Even though by the time I wrote to them, it was months after the amended documents had been filed. Regarding those, in order to see the changes, you had to go through both of them word by word to see what changes. What I'm looking for: 1. Line of Credit terms -- Last quarter, JIT, MU got the bankers to agree to amend the terms of the credit agreement. Do you suppose the did it this quarter. If not, it will be very difficult for them not to be in technical default on the conditions. 2. S&P debt rating changes. Kathleen

To: mike iles who wrote (34086)	5/31/1998 1:52:00 PM
From: Kathleen capps	Read Replies (1) \| Respond to of 53903

Mike, As you pointed out, quarterly statements are "unaudited". Remember, as long as MU can make some kind of statement about revising previous estimates based on improved knowledge, they can in the final quarter revise their estimates of earlier quarter charges to reflect better knowledge they may suddenly aquire as 31 Aug approches. They just have to be able to make the statment with a sincere face (no worries there mate). In effect, what they do is at the end of the year adjust earlier quarterly financial reports. Kathleen P.S. I've still got my Jan 99 $15 puts I bought back in June 96. In retrospect, they were a really dumb purchase. They've been a long time underwater and I'd love to break even on them.