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From the Saturday, April 27, Tulsa World, page E1

Excerpt 1

In the third quarter, which ended Sept. 30, Williams Communications - under its wholly owned subsidiary, CG Investment LLC - purchased %551 million, or about 18 percent of the comany's senior redeemable notes for an average price of 43 percent of face value.

Excerpt 2

Quoting Lee Powell, "These same bonds...are characterized as liabilities. This is obvious and ridiculous. This represents 18 percent of the outstanding bonds that are actually owned by the shareholders but are being mischaracterized as a liability."

The article was written by D.R. Stewart, World business writer, who can be reached at [email protected]

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