There are still some fundamental concerns over Prop. 98. What strings are attached to this money? Some are tied in grants.

We can say we are positively certified and can meet financial obligations for the next two years. The three percent required reserve has been met but we must be vigilant in watching the budget.

I understand [Schwarzenegger] met with education coalition. As part of the education community we are always excited that there is a proposal for bringing money back to the schools.

Our new outlook is based on recent customer feedback, which indicates that a meaningful recovery of spending by our telecommunications customers will occur much more slowly than we had previously anticipated,

Recognizing the many uncertainties about the broader economy, we are carefully walking the line between realism and optimism, ... Although it appears that our revenue stream will improve as the year plays out, the pace and timing of recovery is uncertain.

United may have to pay more cash to the PBGC and others … and it'd be difficult to find the money. They'll either have to get the banks to advance more or go find an equity sponsor who will put enough cash in there that creditors will get a meaningful distribution.