Warrant Based Swaps

Based upon discussions with Andrea Reed, the res of the swap will be the
warrant itself, not the underlying stock. The warrants are valued separately
with a "warrant model" and carry a price of their own differentiated from,
although affected by, the stock price. I did not get into further detail on
the specifics of the modeling. The will provide us the number of warrants,
the strike price as of August 3. Otherwise they will work similarly to the
stock based swap I think. She said they do not plan to exercise them, but
may sell them as warrants. Let me know what you think. Mary