11.   Analysts also said a merged company could have an extremely high debt load.

12.   And they say the merged company still suffers from culture clashes.

13.   Another problem is created by the fact that the merged company will own key cable programs that every cable system needs to offer customers.

14.   AOL Time Warner boasted of a bright future as it held its first annual meeting as a merged company.

15.   Antitrust lawyers say the FTC has become more assertive in their opinions on market power, the ability of a merged company to force higher prices on the public.

16.   Any assets that the merged company would have to sell would be eminently marketable.

17.   As for his own job, as chairman of the merged companies, Smith has agreed to relinquish it to Seidenberg after two years.

18.   Betty, of Earthlink, said one challenge for the merged company will be to avoid alienating users with too much advertising.

19.   Beyond that, analysts said it would be extremely difficult to decide who would control a merged company.

20.   Billings for the combined BP Amoco account are difficult to determine because the merged company is only now deciding how to proceed with brand advertising.