Session: 1234567891011121314151617         Page 375376377378379380381382383384385386387388389390391392393394395396397398399400401402403404405406407408409410411412413414415416417418419420421422423424425426427428429430431 of 824

“One thing or the other” meaning what?

Meaning you're in one business--

I see.

And here we were in three businesses: we were in publishing, in video--whatever you want to call it--and in forest products. And you had different analysts following--analysts are all experts in certain fields, and when you're in three fields, you're very unlikely to get three analysts sitting down together and discussing Time Inc. as a whole. So that caused us some problems in the marketplace.

You mean because of the structure of the securities analysts community.

Exactly.

Tell me: from going from a cash-rich position, how serious was the cashflow problem after all these acquisitions, once you had Inland? Did you have to raise money in the public markets?

Yes, we went--we raised some money in the public markets. We had no trouble raising it--as I remember we were triple A's--or double A. Double A.