SPEAKER INDEX    CONTENTS   INSERTS   
HILL            38     39     40     41     42     43     45     46     47  
KELLY           34     35     36     37  
KENNEDY         11     17     18     26     27     28     29     30     31  
KIES             6     27     28     29     35     46     47     48     49  
                50  
LAZIO            1      4      5     10     14     15     17     18     21  
                22     26     32     34     37     38     47     48     49  
                50     51     52     54     55     56     57     58  
LEACH           10     11     22     32     33     34  
MALONEY          4  
RAVITCH         22     33     36     44     49     50     52     53     56  
REZNICK         15     30     37     42     43     45     54     55  
SMITH           18     30     35     36     37     38     39     40     41  
                42     43     45     46     50     51     53     54     57  

CONTENTS    SPEAKERS   INSERTS   
STATEMENT OF KENNETH J. KIES, CHIEF OF STAFF, JOINT COMMITTEE ON TAXATION
                                                                 PAGE     6

STATEMENT OF DAVID REZNICK, PARTNER, REZNICK, FEDDER & SILVERMAN
                                                                 PAGE    15

STATEMENT OF DAVID A. SMITH, PRESIDENT, RECAPITALIZATION ADVISORS, INC. 
                                                                 PAGE    18

STATEMENT OF RICHARD RAVITCH, PRESIDENT, RAVITCH, RICE & COMPANY, LLC 
                                                                 PAGE    22


INSERTS    SPEAKERS   CONTENTS   
NO INSERTS IN THIS HEARING