IN: This is an email
Mary, Here is another one from Candy. Might want to check with AEW to make sure she hasn't taken care of this already. Thanks for your help.

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OUT: HPL Resources Company

IN: This is an email
Just to follow-up on our discussion yesterday regarding the accounting treatment assuming that USTeleNet owns the switch and that we purchase the switch and lease it back to them under a "capital" lease, the following would occur: The asset would stay on their books (however it would be "marked-up" to FMV as evidenced by the purchase price) They would defer the gain, if any, over the asset's life. They would record a payable on their balance sheet and recognize interest expense in their P&L as payments are made We would record the payment of cash to them and book a receivable and deferred interest income (to be recognized over the lease term) Essentially we are lending them money equal to the FMV of their asset and receiving interest payments in return (i.e. direct financing lease) I would be happy to go into more detail at your request. Please let me know as issues develop and I will assist as necessary. Regards,

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OUT: USTeleNet Transaction

IN: This is an email
Bianca, Could you please fax up to me confirms for the following deals: QE1352.2 QF4333.2,3 QF6287.1 QF6446.1 N60753.4&6 I'm gathering these for Arthur Andersen auditing purposes, so it would be a great help if I could get this pretty quickly. The fax # is 646-2496. Thanks,

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OUT:
Confirms