英文早读第66篇，选自巴菲特年度信，友才翻译。
The following are excerpts from some of the telephone conversations we had with company officials in ensuing months:
下面是一些接下来几个月我们参加的和公司管理层电话会议的摘录：
On June 18th the secretary stated "Union has been told a favorable IRS ruling has been formulated but must be passed on by additional IRS people. Still hoping for ruling in July."
在6月18日，秘书说“联合石油被告知一个有力的国税局裁定已经形成了，但是需要国税局额外人士通过。仍然希望在7月裁定。”
On July 24th the president said that he expected the IRS ruling "early next week."
在7月24日，总裁说他希望美国国税局下周早些时候裁定。
On August 13th the treasurer informed us that the TNP, Union Oil, and USC people were all in Washington attempting to thrash out a ruling.
在8月13日，财务总监告知我们TNP、Union Oil和USC三方的人士都在华盛顿试图争取讨论出裁定。
On September 18th the treasurer informed us "No news, although the IRS says the ruling could be ready by next week."
在9月18日，财务总监告知我们“没有消息，尽管国税局说裁定下周会好”。
The estimate on payout was still 7.42.
预估的付款价格仍是7.42美金。
The ruling was received in late September, and the sale closed October 31st. Our bonds were called November 13th. We converted our warrants to common stock shortly thereafter and received payments on the common of 3.50 December 14, 1962, 3.90 February 4, 1963, and 15 cent on April 24, 1963. We will probably get another 4 cent in a year or two. On 147,235 shares (after exercise of warrants) even 4 cent per share is meaningful.
裁定在9月末收到了，出售在10月31日完成。我们的债权在11月13日被赎回。我们在此之后很快将我们的认股权转化为一般股，并收到了支付，1962年12月4日3.50美金，1963年2月4日3.90美金，1963年4月24日15美分。我们或许在接下来的一两年收到另外4美分。基于14万7235股（在认股权行使后），甚至每股4美分都是有意义的。
This illustrate the usual pattern: (1) the deals take longer than originally projected; and (2) the payouts tend to average a little better than estimates. With TNP it took a couple of extra months, and we received a couple of extra percent.
这说明常规的类型：（1）交易比最初计划的更久；（2）支付比预估的平均好一点点。随着TNP花费了额外的几个月，我们收到了额外的百分比。
111.ensuing：（年、月）接下来的；随后的
112.treasurer：司库；财务主管
113.thrash out：讨论解决；商讨解决；反复讨论制定出
114.stub：存根；票根；残余部分；残端
115.abreast：并排；并肩；并列
116.fall through：失败；落空
117.shrink：收缩；缩小；缩水；退缩
118.occasionally：偶尔的；偶然的
