1.  If the operating company is to be sold, the disposal can take place at the holding company level.

2.  Your management company provides management services to your operating companies and charges them for those services.

3.  This would mean in effect that the privately owned operating companies would have to shoulder all research and development, waste disposal and decommissioning costs.

4.  In the second phase three operating companies will be created -- for passengers, freight and infrastructure -- as part of the holding company.

5.  Americast is a partnership between Walt Disney Co. and five regional Bell operating companies.

6.  Analysts also expect MCI next week to announce an agreement with at least one regional Bell operating company and possibly GTE Corp. to resell cellular services.

7.  AMP Society and AMP Life and most other AMP operating companies will be a subsidiary of the holding company when it lists on the Australian Stock Exchange.

8.  Analysts said delays in orders from cable operators and regional Bell operating companies are hurting equipment makers.

9.  Analysts say Meditrust will have to aggressively buy operating companies that can take advantage of the tax benefit to make the premium worthwhile.

10.  Any such merger, however, will have to be approved by the board of the new joint operating company, hospital officials said.