Al,

I would guess that the circles might have to do with Smith's unwillingness to answer certain questions, or provide certain details, he feels he should not, or will not, no matter what sort of question is posed to elicit the information sought.

I don't know the man, and you have spoken to him much more than I have, but for what its worth, that was my impression. He seemed straightforward, but disciplined in what he chooses to discuss with shareholders.

I would like to give him the benefit of the doubt, and suggest that his 'non-committalness' on specific timeframes has to more with the fact he is not sure given all of the variables at play, rather than any sinister motives, or incompetence, but obviously that's just my very limited opinion.

Changing the subject... You do not have any negative thoughts regarding NOT's PP?

Regards,

B.