9607003 Informal Interpretation

MEMORANDUM

VIA FACSIMILE

DATE: July 24, 1996
TO: John Sipple, Dick Smith and Jeff Kaplan
FROM: (Redacted)
SUBJECT: (Redacted)

Attached are two simple charts in connection with the (redacted) reorganization we have discussed. They show that while the (redacted) and (redacted) voting securities shares in the top tier holding company ((redacted)) will increase, their indirect per centum shares of voting securities in the operating company ((redacted)) will not increase (indeed, they will slightly decrease). Thanks very much.

(Redacted)

attachments

[Chart 1]

[Chart 2]