Phoenix Associates Land Syndicate (fka PBLSQ)

[dlaserman]

Ren,

Your reply is a bit disingenuous as well - an increasing O/S decreases proportionally the value of an increase in earnings of the EPS. The energy, cost, and time to produce higher earnings to offset the higher O/S compared to the energy, cost, time to achieve a similar EPS on a lower O/S can be considerable. We all should be concerned that PBLS has the ability to increase the earnings to match the O/S increases that have occurred to create an equivalent EPS to what would have been achieved at 800 million O/S. If they can do that, hurray. That's what we're all waiting on hearing. But let's not minimize the fact that the effort to do that increases with the increase in the O/S dramatically.

D -