Just as everyone thought that the excitement was over, the Morgan Stanley Dean Witter/West LB securitization for Bernie Ecclestone's Formula One Group was back on the front pages, as the European Union competition commission again called into question the validity of the television contracts that back the deal.

The commission's "formal objection" which was apparently leaked to the Financial Times before getting to Formula One caused an initial flurry of concern among investors, the four rating agencies that have rated the deal single-A, and the underwriters. However, both WestLB and Morgan Stanley were soon saying that the issues that the E.U. raises are no different from those that have already been aired and fully discussed with investors, rating agencies and the various legal advisors involved in the transaction.

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