If Case and Parsons sold stock knowing there was bad news coming out of the company, that would be ugly.

All in all, we find the restructuring removes several overhangs on the stock, namely TWE-related complexities and lack of AOL carriage, on terms favorable to the company.

The question is, what kind of acquisition can they make? The company has been extremely tight-lipped as to what their long term strategy is.

The AOL business has been in terrible shape the last year and a half,

I think it's a trend. Problem is, you can't quantify it.

We maintain a bullish view, however predicated on indications that the fourth quarter is tracking inline/slightly ahead of expectations, an upward bias to fiscal 2006 earnings estimates, the fact that investors are beginning to look at and discount fiscal 2007 estimates, which make valuation multiples more palatable, and further consolidation into the New Year.