0001
1 IN THE UNITED STATES BANKRUPTCY COURT
NORTHERN DISTRICT OF ILLINOIS
2 EASTERN DIVISION
3
In the Matter of: ) No. 02 B 48191
4 ) Judge Wedoff
UAL CORPORATION, ) April 30, 2003
5 ) 5:30 p.m.
Debtor. )
6
TRANSCRIPT OF PROCEEDINGS
7 BEFORE THE HONORABLE EUGENE R. WEDOFF
8
APPEARANCES:
9
MR. JAMES H. M. SPRAYREGEN
10 MR. ALEX DIMITRIEF
MR. DAVID R. SELIGMAN
11 on behalf of the debtors;
12 MR. WILLIAM P. SMITH
on behalf of Bank of New York as Indenture Trustee;
13
MR. BRUCE H. SIMON
14 on behalf of ALPA;
15 MR. FRUMAN JACOBSON
on behalf of the Creditors Committee;
16
MR. HAROLD KAPLAN
17 MR. MARK HEBBEIN
on behalf of HSBC, as Trustee.
18
19 Court Reporter: Carol Raber
219 S. Dearborn, #667
20 Chicago, IL 60604
(312) 953-6272
21
22
23
24
25
0002
1 THE CLERK: UAL Corporation, 02 B 48191.
2 MR. SPRAYREGEN: Good afternoon, your
3 Honor. James Sprayregen on behalf of the debtors
4 and debtors in possession.
5 Would you like me to wait for the
6 people to finish signing in, or --
7 THE COURT: Yes, I think it would be
8 courteous to them if you'd let them do that.
9 I apologize to everyone who is not
10 able to get a seat. Obviously, we're strained in
11 our capacity here and we'll try to get these
12 proceedings over with as quickly as possible so
13 that you're not made unduly uncomfortable.
14 I would ask, though, if anyone needs
15 to carry on a conversation, if you could do that in
16 the hallway, I would appreciate it.
17 (Lengthy pause.)
18 THE COURT: I'm really serious about that.
19 If you carry on conversations in the hallway, it
20 makes it a lot easier for us to conduct business
21 here.
22 (Lengthy pause.)
23 THE COURT: Mr. Sprayregen.
24 MR. SPRAYREGEN: Good afternoon, your
25 Honor.
0003
1 One, we apologize for the delay; and,
2 two, I think on behalf of the company and all the
3 people in the courtroom, we appreciate your coming
4 back early from the conference for this.
5 Your Honor, we're here today to
6 present the motion for approval of the company's
7 agreements, the re-structured agreements, with its
8 unions.
9 The way I would propose to proceed is
10 to have a few procedural remarks. Mr. Dimitrief is
11 going to present the motion. We expect some
12 limited objection to some of the bankruptcy aspects
13 of the relief requested, and I would propose at the
14 appropriate time to address those.
15 We did, per the protocol, agree at the
16 April 16 proceedings, serve the ratified ALPA
17 agreement or posted it on the web site. And last
18 night, after we were informed of the ratifications
19 by AFA and IAM, posted those on the web site. We
20 filed the motion this morning, also as discussed at
21 the April 16 hearing.
22 And with that, I would turn it over to
23 Mr. Dimitrief to proceed.
24 THE COURT: Fine.
25 MR. DIMITRIEF: Thank you, your Honor.
0004
1 Alex Dimitrief on behalf of the debtors.
2 The consensual agreements being
3 presented to the Court this afternoon represent
4 tremendous progress for United Airlines. They are
5 a major step forward in making United a more
6 competitive enterprise and represent a collective
7 accomplishment by United's employees and management
8 that few thought would be possible when these
9 proceedings began December 2002.
10 This process has not been easy for
11 anyone involved. And on behalf of Glenn Tilton and
12 the other officers of United Airlines, we would
13 like to thank the employees at all levels of United
14 Airlines who have agreed to make sacrifices in
15 order to deal with the difficult circumstances that
16 required United to file for bankruptcy back in
17 December 2002.
18 In this and in other respects, the
19 agreements are a tribute to the leadership of
20 United's unions. The employees of United are
21 making a significant contribution to the successful
22 transformation of United Airlines into a
23 sustainable and profitable business.
24 The agreements being presented to your
25 Honor for approval not only provide substantial and
0005
1 necessary cost savings, they also give United
2 greater flexibility that is critical to its
3 long-term success. The works, rule, and scope
4 changes are dramatic and they are durable.
5 To be sure, United continues to face
6 extraordinary short-term challenges that are
7 presently endemic to the entire airline industry.
8 With this Court's approval of the restructuring
9 agreements, however, the management employees of
10 United Airlines will be able to meet and overcome
11 these challenges with a common purpose and a
12 determination to prevail.
13 And on behalf of all of the
14 professionals and everyone else who has been
15 involved in the Section 1113 process, we would like
16 to thank your Honor and the court staff for your
17 patience that you have displayed in stewarding us
18 through this process to date.
19 THE COURT: Thank you.
20 There are objections to be heard?
21 MR. SMITH: There are, your Honor.
22 Your Honor, my name is Bill Smith.
23 I'm here on behalf of the Bank of New York. We are
24 indentured trustee for 100 percent of the corporate
25 taxable debt; that is the bonds, the notes and
0006
1 debentures which trade publicly. We are also
2 indentured trustee for certain bonds issued to
3 finance improvements at JFK and O'Hare and at San
4 Francisco. The Bank of New York collectively
5 represents unsecured claims against United Airlines
6 of $1.87 billion.
7 As your Honor will recall from our
8 chamber's conference on the 16th, we indicated to
9 you, and we wish to reiterate, that these
10 agreements represent milestones in the history of
11 this particular corporation and, we think, in the
12 history of the main line network air carrier
13 business. The work that has been done by the
14 company and by the unions is extraordinary.
15 Bank of New York sits on the Creditors
16 Committee and we are privileged to work with the
17 union members. And they have indicated to us in
18 graphic detail the sacrifices which the union
19 members have made as a consequence of these
20 agreements. The effect is real, it is personal,
21 and we understand that completely.
22 Having said that, we do have, however,
23 have a few minor quarrels with the debtors' motion.
24 There are two issues that trouble us, your Honor.
25 First, obviously, is notice.
0007
1 The notice, as you will recall, was
2 served the afternoon of April 18th. It is two
3 pages in duration. It makes reference to certain
4 web sites where information may be obtained. And
5 the motion, the actual motion itself, wasn't served
6 until, at least in my case, 12:40 p.m. this
7 afternoon. The attachments to the motion weren't
8 served until 1:51 p.m. this afternoon. The
9 substance of the attachments were available on the
10 debtors' web site at 10:43 a.m. this morning.
11 As we appreciate the relief which is
12 being requested, you're being asked to approve
13 under Section 363 these agreements. The Section
14 363 process, as you have suggested in your
15 Telesphere opinion, requires the Court to make an
16 assessment. And we suggest to your Honor that you
17 do not have an adequate basis on which to make such
18 an assessment, at least with respect to one portion
19 of these agreements.
20 The company and the unions have
21 negotiated hard and long, and they have come up
22 with a formula for the allowance of consideration
23 to go to them. The considerations expressed in
24 diverse attachments to diverse agreements; but, in
25 effect, it creates a formula for allowance of a
0008
1 prepetition unsecured claim. And the allowance is
2 roughly the average savings over the six years of
3 the agreement for 30 months or two-and-a-half-years
4 of the savings.
5 The savings are to be calculated
6 pursuant to labor model 1.1A, which, as we
7 appreciate it, is it an Excell spread sheet which
8 exists in the mind of UAL staffers and, presumably,
9 in some of the union bargaining representatives,
10 but which is particularly opaque to us.
11 And as we apply as what we can
12 appreciate to the formula to the aggregate amount
13 of the savings in the amounts to be publicly
14 announced, we have a significant difficulty
15 determining the scope of the claims that result
16 from this.
17 If you simply do the math as set forth
18 in the motion, you can come to the conclusion that
19 one effect of these agreements is allowance in
20 aggregate of a claim of approximately $6.3 billion
21 as an unsecured claim in the case, with a
22 protective formula that in the event that a plan
23 sponsored by United, or proposed, does not include
24 these savings, there is to be an allowed unsecured
25 claim of 110 percent of that amount.
0009
1 The claim is spread among the various
2 unions. And in fairness to the company and the
3 unions, it includes the number I have you includes
4 the management portion as well. If you were to
5 subtract out the management portion, our best math
6 indicates that the effect is an allowance of a
7 claim of $5.497 billion as an unsecured claim.
8 We suggest to your Honor that that may
9 very well be the right amount, but we don't know.
10 There is no question that the unions have
11 sacrificed, will sacrifice, and should receive an
12 unsecured claim in some form; and, indeed, we
13 commend that to you. It's not that we object to a
14 claim. It is simply we are not able to calculate
15 the claim. And in the inability to calculate the
16 claim, you end up with a difficulty knowing
17 precisely what it is we're doing here today other
18 than, hopefully, saving United as a main line
19 network carrier.
20 THE COURT: Let me interpret you for just
21 a second. You say you can't calculate the claim,
22 but you've just done it.
23 MR. SMITH: I have calculated the claim,
24 your Honor, based on a series of assumptions, none
25 of which, in candor, I can verify.
0010
1 What I've done in order to calculate
2 the claim is I've taken the amounts which are cited
3 in paragraph 14 of the debtors' motion; I have
4 added them together, the total is 2.533 billion;
5 I've then multiplied that -- I divided that amount
6 by 12, since they are expressed as annual savings,
7 and I've multiplied it by 30.
8 Because I don't know what is in labor
9 model 1.1A, I don't know whether this is measuring
10 or whether these savings represent United as it
11 existed on December 9th, as it exists today, or as
12 it will exist at some point in the future. I don't
13 know the underpinnings of what assumptions are
14 made. I don't know whether it is reasonable to
15 allow a claim in the amount of 30 months. Under
16 these circumstances, there's a whole host of
17 questions in effect.
18 For allowance of a claim which, let's
19 be honest, as large as United is, is a
20 heart-stopping allowance. So, as a consequence, we
21 have a suggestion for you. And the suggestion is
22 relatively simple. We believe it cannot have been
23 contemplated by our friends at United nor the
24 unions that they would actually expect you, as a
25 court on a record like this under the time frames
0011
1 that are being presented to you, actually approve a
2 claim of that magnitude as a final determination.
3 And so as a consequence, we suggest to
4 you, your Honor, that the restructuring agreements
5 should be approved, but they should be approved
6 with the understanding that the claim and the
7 consideration that is contemplated by them is
8 subject to the claim allowance process in the
9 Bankruptcy Code.
10 As you recall, under Section 502, we
11 expect that the unions collectively will file
12 claims. And it may be this amount or it may be
13 another amount, I don't really know. Those claims
14 are allowed and they are allowed from the time of
15 filing.
16 We simply suggest to you that a party
17 in interest, which might include the indentured
18 trustees, it might include other creditors, should
19 have the opportunity to object to those claims, if
20 appropriate. I can stand before you today and I
21 can't tell you that an objection is appropriate.
22 And that, in effect, is the gravamen of our
23 concern, that somehow this Court's approval --
24 which can and should follow in this hearing -- will
25 be considered a final adjudication of these
0012
1 amounts.
2 THE COURT: Okay.
3 MR. SMITH: If the amounts are prefatory,
4 if the bankruptcy process rolls forward, we have no
5 quarrel with this; in fact, we urge you to adopt
6 it, and we suggest to you that sophisticated
7 counsel working under tight time frames must not
8 have contemplated that you actually allow claims of
9 this magnitude as a final determination. Indeed, I
10 presume they have, as I have, read Telesphere, have
11 read American Reserve and read the other cases that
12 deal with this type of thing and understand how the
13 bankruptcy works. But as a bindery arrangement
14 between the company on the one hand and the unions
15 on the other, this is fixed. And as an arrangement
16 in the claims adjudication process --
17 THE COURT: Your point is very simple, as
18 I understand it. It is that the debtor and the
19 unions may agree that the unions will file a claim
20 in a particular amount as to which the debtor will
21 make no objection.
22 MR. SMITH: That's correct.
23 THE COURT: But that they cannot agree
24 that no other party will make an objection.
25 MR. SMITH: That's correct, your Honor.
0013
1 And they cannot, therefore, bind you in terms of a
2 adjudication, nor should they bind other parties in
3 interest, although it may be, in candor, those are
4 the right amounts. We simply can't determine that
5 today.
6 THE COURT: Is there any other objection
7 that you wanted to make?
8 MR. SMITH: No, your Honor.
9 THE COURT: I thought at the beginning you
10 said there were a couple of minor objections.
11 MR. SMITH: Well --
12 THE COURT: I think there's only one.
13 MR. SMITH: I won't task you, there is
14 only one. We are concerned, as fiduciaries, that
15 these agreements which are so important to United,
16 so important to the unions and, in candor, so
17 important to our constituency, should not pass
18 without at least some observation that the
19 bankruptcy process will be permitted to deal --
20 THE COURT: Fine.
21 MR. SMITH: And with that, your Honor,
22 thank you. And I also apologize for delaying you
23 and appreciate your coming --
24 THE COURT: Oh, no, there is no need for
25 apology.
0014
1 Mr. Dimitrief, if you would respond to
2 this objection. Or, Mr. Sprayregen, if you would
3 like to.
4 MR. SPRAYREGEN: Your Honor, I think the
5 simplest way to respond to the objection would be
6 to present to you what we would propose to be the
7 order granting this motion where we were obviously
8 aware of this objection and we have attempted to
9 deal with it in the way that the proposed order is
10 drafted.
11 If I might approach.
12 THE COURT: Sure.
13 (Document tendered.)
14 MR. SMITH: Jamie, have you got another
15 one?
16 (Document tendered.)
17 MR. SPRAYREGEN: Just for the parties'
18 benefit -- at least the ones that we spent the last
19 10 hours with -- it's the most recent order that I
20 will show to Mr. Smith here.
21 The paragraph 4, I would direct you to
22 in particular, the end of it.
23 MR. SMITH: What have we got? Here, just
24 give me half a second.
25 (Document tendered.)
0015
1 MR. SMITH: Thanks.
2 (Lengthy pause.)
3 THE COURT: All right. I read this order
4 at pages 2 and 3 to acknowledge that other parties,
5 which would include Mr. Smith's clients, state that
6 the claims set forth in the agreements may be
7 challenged at a later date and the debtors and the
8 unions state that the restructuring agreements
9 speak for themselves in that regard. That appears
10 to be an effort to avoid that issue being resolved
11 at the present time.
12 If Mr. Smith is comfortable with that
13 solution, we can move on to other matters. If he's
14 not comfortable with it, then we'll have to address
15 the matter further.
16 MR. SMITH: Your Honor, it will shock you
17 not at all to know that we've spent I don't know
18 how much in terms of legal fees reading those two
19 sentences. It will shock you not at all that the
20 indentured trustees find themselves in a peculiar
21 situation where we're going to be criticized
22 regardless of what we do, so our observation is if
23 it is the Court's understanding that you're not
24 adjudicating the claim so that Section 502 is still
25 alive with respect to these claims, then we are
0016
1 satisfied.
2 If, however, it is your view that --
3 and it certainly is the view of I believe United
4 and the unions that the order constitutes an
5 adjudication and we have the right later on to
6 quarrel with the math, then we're dissatisfied.
7 And the reason is simply because given
8 the speed that has been imposed on the parties here
9 -- which, in all candor, is the result of external
10 forces, and I don't blame them. But we're all
11 running hard trying to keep up. And if we come
12 into a plan negotiation at some point in the future
13 -- and we think these are matters quintessentially
14 to be left to a plan -- the public debt, if you
15 will, would like the opportunity to say, "You know,
16 we've looked at the Exhibit J formula, or Exhibit F
17 formula, or whatever it is, and Judge Wedoff
18 approved these agreements and United has agreed
19 with these agreements and you agreed with these
20 agreements, but we have some questions on the
21 calculation."
22 THE COURT: Let me just make an
23 observation.
24 I don't know, and can't possibly have
25 given sufficient consideration to know, the
0017
1 appropriateness of a claim to be asserted by the
2 unions in connection with these restructurings. I
3 have every reason to believe that it was the
4 subject of considerable negotiation between United
5 and the unions. If there's also no question that
6 the agreement of the unions to accept reductions in
7 the compensation of their members as this case
8 moves forward would be essential to the continued
9 operation of the airline, it's continued ability to
10 generate income and, hence, the potential for your
11 clients recovering anything on their general
12 unsecured claims -- with those observations, I
13 would suggest that it is highly likely that the
14 claims that are set forth in this agreement would
15 ultimately be approved by the Court if there were a
16 challenge made to the claims.
17 However, I have to believe that the
18 provisions of Section 502 of the Bankruptcy Code
19 which would allow other parties to challenge claims
20 asserted by any creditors of the estate, could not
21 be undone by a bilateral agreement between the
22 debtor and a particular creditor.
23 So those -- those would be my
24 observations. If that's troubling to either party
25 in such a way as to cause them not to want me to
0018
1 sign this order, I will hear from them. But that's
2 the way I would view the situation at the present
3 time.
4 MR. SMITH: Your Honor, with that
5 clarification, subject to being told what I think,
6 since I'm not entirely sure what I think at any
7 given time, I believe that I would stand content.
8 Am I wrong?
9 Your Honor, with that clarification, we
10 couldn't be happier, and we urge you, for the good
11 of all of us, to approve these agreements and grant
12 the motion.
13 MR. SPRAYREGEN: If I might take a moment.
14 MR. JACOBSON: Good afternoon, your Honor.
15 Fruman Jacobson on behalf of the Creditors
16 Committee. We, too, have struggled long and hard
17 and we do support the debtors' and the unions'
18 attempts to find peace, and a very productive
19 peace, and a future for this airline.
20 And on the assumption and
21 understanding that was just expressed by Mr. Smith,
22 based upon your Honor's comments, we support the
23 entry of the order granting the motion.
24 THE COURT: Thank you, Mr. Jacobson.
25 MR. SIMON: Your Honor, Bruce Simon for
0019
1 the Airline Pilots Association.
2 Mr. Smith remarked that the
3 concessions made by the unions was significant.
4 But he stated that the claim represented by that is
5 heart stopping. Let me suggest to you that if
6 anything is heart stopping, it's that the unions
7 collectively have agreed to over $16 billion of
8 concessions. That is not merely unprecedented in
9 United or in the airline industry, but I
10 respectfully suggest to you anywhere in any
11 industry in the United States. That's what is
12 heart stopping about this case.
13 With the Court's observations, and
14 with Mr. Smith's observations, if there is nothing
15 in the Court's approval of this order that creates
16 any rights for the creditors which Section 502 in
17 its fullness would otherwise give them in the face
18 of a court approved order in that form, with the
19 agreement between the parties speaking for itself,
20 with the court order speaking for itself, whatever
21 rights the creditors might have at that point, they
22 have; whatever rights they do not have, they do not
23 have. With that we have no problem.
24 With anything that casts a shadow on
25 the restructuring agreement that was reached
0020
1 tortuously between these parties or that casts a
2 shadow on the order that has been submitted for
3 your Honor's approval and signature today, if there
4 is that shadow, then we do have a significant
5 problem with it.
6 Because, as the Court indicated, the
7 one thing that the employees got in response for
8 their $16 billion of the heart-stopping concessions
9 is a provision at the end of the case for a
10 profit-sharing program that may or may not ever
11 yield anything and for a formula that would define
12 in the plan of reorganization terms proposed by the
13 company a manner of calculating the worth of that
14 claim going forward.
15 THE COURT: Okay. Mr. Simon, I only
16 observed that your remarks just now I believe are
17 completely consistent with what I should said.
18 MR. SIMON: Thank you, your Honor.
19 MR. BARLIANT: Ronald Barliant on behalf
20 of U.S. Bank, in its capacity as indentured
21 trustee, for aircraft of United Airlines.
22 I join in the congratulations to the
23 parties for reaching this agreement. And I think
24 -- especially in light of what was just said --
25 that I do not have a problem.
0021
1 But I must tell the Court that I was
2 not involved in these negotiations, I don't sit on
3 the committee, and I first learned about this
4 roughly three-and-a-half hours ago and pulled down
5 the papers from the web site and talked with my
6 co-counsel in Boston a little bit after that. So
7 that whatever I say has to be on that basis and
8 it's quite possible we'll be back here once we have
9 a chance to digest all of this on some other terms.
10 But having heard what I've heard, I
11 just want to point out to the Court one other
12 matter. And I think what the Court has said may
13 address the problem that I'm about to point out, if
14 it is a problem. The order that's been tendered
15 provides in paragraph 3 that the Court, pursuant to
16 Section 363 -- this is at page 2 -- approves --
17 essentially says that the Court is approving the
18 restructuring agreements and authorizes the debtors
19 to perform under those restructuring agreements.
20 And, again, I haven't -- I barely
21 looked at the attachments that were on the web
22 site. I certainly haven't read the agreements. But
23 paragraph 7 of the motion which I also just saw
24 maybe a couple of hours ago -- not paragraph 7,
25 excuse me, page 7 of the motion says, about a third
0022
1 of the way down, beginning with the words "and
2 third" -- "and, third, the restructuring agreements
3 ..."
4 Page 7. I may not even have the right
5 motion.
6 I'm sorry, I meant page 7. Okay.
7 "The restructuring agreements provide
8 that any plan of reorganization proposed or
9 supported by the debtors shall provide that upon
10 the effective date of such a plan the unions will
11 receive a percentage distribution of the equity,
12 securities, and other consideration provided to
13 general unsecured creditors under the plan as
14 calculated by a formula agreed to in the
15 restructuring agreement." It then goes on to say
16 that only if that doesn't happen do the unions get
17 the claim.
18 I think all I'm suggesting is that
19 what the Court said about essentially our rights
20 under Section 502 being preserved that needs to be
21 expanded or be construed to be expanded to include
22 our rights under Section 1129 in Chapter 11.
23 So, otherwise, this -- this language,
24 which apparently as I understand it, is a part of a
25 restructuring agreement would be approved by the
0023
1 Court, and the debtors would be required to propose
2 that plan. If the Court is saying that the parties
3 are free to object to such a plan, that is quite
4 something else.
5 THE COURT: It's quite clear to me there
6 would be nothing in the order that I enter today
7 that would preclude the right of any party or limit
8 the right of any party to object to anybody's plan
9 of reorganization that's filed in this case.
10 That's just not part of what is before the Court.
11 MR. BARLIANT: It's also a problem --
12 since this is a Section 363 order, it would be a
13 problem under the Braniff Airline decision. But I
14 take it, as the Court is indicating, that this is
15 subject to a later determination.
16 THE COURT: I don't think there could
17 reasonably be construed to be any limitation on
18 parties' rights to object to plans of confirmation,
19 apart from the debtors. If the debtor wants to
20 limit itself to the kind of plan that it's going to
21 propose, it's certainly free to do that.
22 MR. BARLIANT: Understood. Thank you,
23 your Honor.
24 Again, I can't quite say that I
25 endorse this because of the short notice and the
0024
1 time I need to talk to other people, but I do
2 appreciate what the debtors and the unions have
3 done.
4 Thank you.
5 THE COURT: Anyone else?
6 MR. KAPLAN: Yes, your Honor. Harold
7 Kaplan, with Mark Hebbein, Gardner & Carton. We
8 represent HSBC. We represent a billion dollars of
9 the public debt.
10 I think, your Honor, the issues were
11 phrased and the same issue -- Mr. Smith defined the
12 issues and we're happy with the statements that
13 were made here and how the situation resolves to
14 the extent there is any issue about us raising
15 those issues. We are fine with the resolution as
16 it is, and we support the entry with those
17 understandings.
18 THE COURT: Fine. Thank you, Mr. Kaplan.
19 Is there anyone else who wishes to
20 address the Court?
21 (No response.)
22 THE COURT: If not, then let me simply
23 advert to the remarks that I made when this case
24 first came before the Court, and that is that the
25 power of the Court in a situation like this is
0025
1 really very limited. In the context of Section
2 1113 of the Bankruptcy Code, for example, the only
3 power the Court has is to either grant or deny a
4 motion by the debtor to reject a collective
5 bargaining agreement. It's an all or nothing
6 proposition. The parties themselves have the
7 opportunity to create solutions of considerably
8 more subtlety and appropriateness for the case.
9 And what has happened here is that the parties have
10 done so.
11 I certainly appreciate the effort that
12 went into this. And thanking me is really a
13 superfluity. The amount of work that I've had to
14 do here, thanks to the work that you all have done,
15 is virtually nill. But I am confident that all of
16 the parties who are affected by the operations of
17 United Airlines are very grateful for the time,
18 effort, and sacrifice that has gone into this
19 process.
20 So it is with a great deal of relief
21 and gratefulness that I will sign the order that
22 has been presented to me.
23 MR. SPRAYREGEN: Thank you, your Honor.
24 That's all we have for today, your Honor. Thank
25 you.
0026
1 MR. DIMITRIEF: Thank you, your Honor.
(Which were all the proceedings had
2 in the above-entitled cause,
April 30th, 2003.)
3
4 I, CAROL RABER, C.S.R., DO HEREBY CERTIFY
THE FOREGOING IS A TRUE AND ACCURATE
5 TRANSCRIPT OF PROCEEDINGS HAD IN THE
ABOVE-ENTITLED CAUSE.
6
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