11.   He also said the agreements with American and Delta have nothing to do with the proposed transaction.

12.   Corporate directors insist on having investment bankers sign off on proposed transactions to shield them from liability if shareholders sue.

13.   Hundt declined to comment Friday on the proposed transaction.

14.   Hudson said the proposed transaction, not including merger-related expenses, is expected to add to earnings.

15.   Interest payments on debt HFS assumes as part of any proposed transaction could sap the rapid earnings growth investors expect of the company.

16.   It is the third proposed transaction in the past five months that would combine electric and natural gas utilities.

17.   Kiwi spokesman Rob Kulat said, however, the proposed transaction is far from complete.

18.   Neither Worldcom nor America Online would comment on the proposed transaction on Sunday night.

19.   People could play the proposed transaction by buying convertible bonds of the two companies.

20.   Standard Federal shareholders will meet to vote on the proposed transaction tomorrow in Troy, Michigan.