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To: John Koligman who wrote (84940)	12/11/1998 5:50:00 PM
From: jim kelley	Read Replies (3) \| Respond to of 176387

John, I suggest you read carefully the latest 10Q filing from CPQ. The filing is replete with estimates and writedowns that are subject to change during future quarters. A lot of the assets are pie in the sky intangibles. If you were to take all the questionable items out of the CPQ balance sheet you would come up with a company that is worth much less than is stated in the filing. I posted the link to the filing in my earlier post to CTC. Also, CPQ has hardly begun to implement the restructuring and layoffs in their stated plan. It is likely that the cost of these will be much higher as they actually occur. So it is quite a mess to wade through their balance sheet and income statement. It must be even more difficult to run a company that has a hybrid business model with many unrelated legacy products. Regards, Jim Kelley