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To: NYBellBoy who wrote (30985)	6/24/1998 10:04:00 PM
From: Charlie Smith	Read Replies (1) \| Respond to of 31386

Bellboy: <<Malone already has them so confused, just wait.>> Exactly. I listened to the conference call announcing the deal this morning, and Zeglis and Armstrong were both at sea regarding the financial details of this VERY COMPLEX deal. Malone comes from a world where cash flow and minimizing taxes are all that matters, and the AT&T guys only understand EPS. With the various tracking stocks and huge cash transfer to Liberty, this deal his Malone written all over it. Charlie