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To: Rajiv who wrote (368)	4/15/1999 10:59:00 PM
From: peter michaelson	Respond to of 489

Thanks, Rajiv. It was a very quick and dirty. Excuse me. The $17 per share for the remaining holdings I get by assuming that UPCOY and Austar represent 80% of total holdings value. How's that for science! Oh, debt? Does that have to be repaid? That's later - I don't think we need to worry about it right now. I'm talking about the value this year, not the year that the debt is due. I'm gonna say that $360 of the $1,800 million of UIHIA debt (20%)is not applicable to the remaining operations. That's about $3 per share. Peter