My interpretation of the conference call was that excluding the September proposed stock contribution that you are correct in that no further contributions (assuming no further deterioration in the minimum liability) would be required until 2008. However, I assume they will be required to record pension expense (non-cash) and the fact remains that unless the liability is reduced or the assets increase, at some point in time a $51 million contribution is required. They don't have $51 million to contribute currently, the open question remains as to how much cash can they generater over the next five years? Remember, this liability is in addition to normal cash requirments to fund the business and any extraordinary issues that arise.
Folks, please keep in mind that as the stock market moves (up or down) and interest rates move (up or down) the movement in pension liability can be geometric. Many, man, many companies have underfunded pensions because the market has been negative and interest rates have been down for 2 to 3 years. That can be reversed in a New York minute if the market or interest rates (or both) goes up faster than the actuarial tables are figuring.