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To: Chuzzlewit who wrote (91504)	1/26/1999 5:19:00 PM
From: jim kelley	Respond to of 176387

CTC, I believe the original question was how CPQ could write its severance checks for 19,600 people and the checks for facilities closures without reducing their working capital by another couple of billion dollars. They declared this on their income taxes but had not realized the cash expenditures. There were a number of other questions having to due with the write offs they took and what effect they might have on their cash position. However, it became clear to me that CPQ had sufficient lines of credit in place to borrow the necessary money. Most of this information came from the 10-Q's for Q2 and Q3. Regards, Jim Kelley