51.   But agency officials counter that such high-profile cases as the bankruptcy of Orange County, Calif., are proof enough that muni investors face significant risk.

52.   But efficient market theorists regard those cases as rare.

53.   But he defended using the case as an example of ATF excess.

54.   But industry and public health officials see the recent cases as evidence of a mounting problem.

55.   But Rodriguez pursued the case as doggedly as if she had been a society matron.

56.   But Schreiber did not present this case as a failure-to-protect situation.

57.   But now there is an appreciation of the photograph as art and the Union case as historic artifact.

58.   But others see the case as a cautionary tale for our time.

59.   But she cannot build as good a case as Valentino and Mr. Ungaro, who have large global businesses with their design signatures.

60.   But the Florida grand jury is expected to hand up the first indictments in the case as soon as the next few months.