Hi Golf,

As a matter of fact, in my own spreadsheet for CUU, I had noted your valuation of $1.2B for CUU's portion of Schaft. At that time, there were just under 475 million shares outstanding I believe, so there's an indication of how long long ago you had crunched those numbers.

While I don't understand exactly the calculations in their entirety I do very much appreciate this kind of dialogue here. MoneyK, keep those analyses coming!

In the end, it will be EE defining what is fair value but such calculations allow for our own postulations in the meantime....I cannot see how sharing these with the office would be a bad thing either.

K