21.   But a senior Journal executive acknowledged that the company had already scouted alternative locations to Hong Kong.

22.   But company executives acknowledged Tuesday that the stock market valuations were too low to do that before the second half of this year.

23.   But ABC executives acknowledged on Monday night that the company has had recent problems with union members.

24.   But executives acknowledge that the face of television is changing and that it is getting harder to keep some sitcoms on the air because of the intense competition.

25.   But bank executives acknowledge that many customers are skeptical that this big merger will benefit them.

26.   But other ABC executives acknowledged that the tests did show some cannibalization of the audience for the daytime broadcasts.

27.   But the Apple executives also acknowledged that the decision was triggered by the return of Apple founder Steve Jobs to a dominant decision-making role in the company.

28.   But the argument has some serious shortcomings, as stock analysts and executives alike acknowledge when pressed.

29.   But the executives did acknowledge that overseas coverage had been scaled back in recent years.

30.   But the privately held company, based in Ann Arbor, Mich., stumbled badly, executives now acknowledge.