Finally have some more time after our traditional big Halloween party on Saturday. About 40 people mostly "wise" generation (50 to 60+) dressed in crazy costumes, socializing, drinking and dancing. Could not get them out of my house before 2PM. What the mess.

Regarding the CLL refinancing (replacing the original debt with new Notes).

I think the management knows well that this is their Achilles problem and I suspect they are trying their best to resolve it.

CLL credit rating and luck of free cash flow (for long time to go) are not the best bargening chips they have. We may have to be cerfull what we wish for.

When you look at some TERMS attached to their Debt one can worry that they may be forced to have a new Equity Issue (dilution) to get the new Notes with lower rates.

Remember, when last time CLL negotiated their debt with the banks we ended up doubling the number of outstanding shares.