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Andrew HeiskellAndrew Heiskell
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Session:         Page of 824

probably did. We were more likely--in the old cast we were more likely to create our own things. In this cast, probably because of him, we were more likely to consider acquisitions. The new management is practically totally committed, currently, to acquisitions--as opposed to creating.

Q:

With hindsight, was it a good acquisition?

Heiskell:

[pause] Not as good as ATC. It could have put things on[?]. It was not a bad acquisition.

Q:

Not as bad as The Star but not as good as ATC [laughter]?

Heiskell:

Oh, God. No, I would say it was about 80% as good as ATC, and 80% better than The Star [laughter].

Q:

Anything else on Inland?

Heiskell:

The problem with an Inland is that it's a--it's in a competitive world where the product doesn't have any identifiable superiority. It's a commodity world. In the commodity world you have very little control over the pricing of the product. The market makes the pricing. And that's what makes it very cyclical--you can make an awful lot of money. I don't think it ever lost any money. No, it didn't. In some years--some years were very good.

Q:

We were talking about things related to--[laughter] it's not





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