Investors should remain on the sidelines and mind our speculative risk rating. Share prices could remain volatile amid bankruptcy speculation until management is more forthcoming with refinancing and restructuring progress.

In our opinion, it went beyond what should have ever occurred.

Ford will trail the industry in product age by third-quarter 2006. On average, Ford's product portfolio will be the oldest in the industry from fourth quarter of 2006 through the first half of 2008.

It wasn't just friendship. It was detailing feelings toward each other. There was some sexual involved in the letters.

They knew each other as children. He grew up in the same neighborhood. She ran into him here, and one thing lead to another.

Although we believe GM can reduce capacity and structural costs over the long term, the company will emerge from restructuring with lower earnings power and operating leverage. With a lower dividend, the costs of investing in this longer-term restructuring story have increased dramatically.

We expect management to bring capacity in line with demand by one million units, but question whether this will be enough, given continued declines in market share.

We do not, however, share the belief that any of these objectives can be achieved in the near term, given the structural impediments to rationalizing GM's cost base. These structural impediments include union contracts, legacy liabilities, and dealer agreements.

With high costs to GM, Delphi and the UAW, a strike still looks unlikely, despite the potential for increased rhetoric over the next several weeks.

Too many times, you read too many instances where relationships develop and all of a sudden an officer is going to do something that's wrong on behalf of the inmates such as being in stuff he should not be having. We just wanted to cut that off before it even gets to that.