Looking at JDA's recent track record of absorbing Manugistics, JDA has executed well in terms of stopping Manugistics customer defections and stemming declines in maintenance revenues. JDA however has yet to demonstrate capability to really leverage the Manugistics acquisition as a growth vehicle. This specifically applies to the Manugistics Supply Chain Management product that in our view is still a strong and viable competitor to SAP. With regards to i2, JDA could leverage the i2 ITLS logistics and transportation solution, - a product that is best in class and still has headroom opportunity for growth. It remains to be seen if in mergers JDA is going to be able to move beyond the role of a good custodian and leverage merger opportunities beyond just insuring product fixes, improving support and collecting maintenance in an orderly fashion. In observing many other mergers - successful and not, we have often remarked how a successfully executed combination leads to higher combined efficiency of the the business as reflected by higher MGI Index scores. We have seen numerous examples of such improvement with Oracle and other companies. On a conference call announcing the merger today JDA management projected savings of about $20Million - a puny figure that is not likely to move the needle of the MGI Index efficiency rankings.