Mr. Alan Dukes:

I would be reluctant to do it because of the effects that it has on your subsequent capacity to borrow, the effects it has on markets. I know there's a great deal of talk about it, and various pop economists talked about the mirth and the joy there was among senior bondholders and champagne corks popping and all that and how they would come back the following day and lend you more money. I think a lot of that is very fanciful. If you look at the experiences of countries where senior bondholders have been burned, I don't think you can conclude that it's an exercise that doesn't have very serious costs involved in it.