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sbc357

04/23/06 4:28 PM

#4705 RE: Telephonics #4694

That is a good argument and does offer some comfort.
I am always watchful of any deal of compensation that may be deep in the filings. These deals can be set up to the owners'/directors' benefit regardless of how a company does. So, I keep these in mind so that I do not get blindsided down the road with misplaced trust.