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To: VincentTH who wrote (8306)	8/20/1998 5:46:00 PM
From: Douglas Webb	Respond to of 14162

Everything you said about Creaf was correct. In addition, I'd point out that Creaf has some $350 million in cash reserves, and it's all or almost all in US dollars. Creaf has very little downside exposure to the Asian market crisis, and in fact when the crisis first started, it looked like Creaf would be in a good position to pay suppliers in devalued Asian currencies, while selling products in non-devauled American and European currencies. Whether or not this actually happened I'm not sure. I do know that I lost a great deal of money because Creaf happens to be on the wrong side of the Pacific. Doug.