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Cameron -

Accountants like to say everything on the balance sheet is an estimate, except cash. Now, cash is also an estimate, it seems.

You ask good questions. But I do not have enough information about ARS's to speculate about the size of a writedown, if any. Plus, I think this credit squeeze is going to linger. So I want to see how things play out.

I pay attention to how management treats stockholders, and I note AEO does not have this press release in the press release section of its website This omission bothers me.

For now, Wall Street isn't worried about AEO's ARS's, as the stock hasn't moved much. I prefer to wait on the sidelines until the situation is resolved, however.

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