SAN FRANCISCO - Amid continuing turmoil in the auction-rate securities market, bond attorneys who gathered here yesterday suggested ways that their issuer clients might be able to avoid the high interest costs associated with their auction-rate bonds.

The discussion at the National Association of Bond Lawyers' Tax and Securities Law Institute centered on whether issuers can enter bids for their own auction-rate securities. But the bond lawyers were concerned about whether issuer's bidding on their bonds would violate the Securities and Exchange Commission's anti-fraud rules, or any other SEC rules or guidance.

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