From the tomorrow's Times on the Rudy's sub-prime campaign ...

A half-dozen senior officials of the Rudy Giuliani Presidential Committee conferred this week on how to wind down their affairs, and at least one piece of their correspondence painted what appeared to be a bleak picture of the dormant campaign’s financial situation.

“We are deeper in the hole than I thought we would be,” John Gross, the campaign’s treasurer, wrote in an e-mail message to several senior campaign aides that was obtained by The New York Times.

“Windown is likely to be less than projected, but travel expenses are higher,” Mr. Gross continued. “We cannot prefer any one creditor. We probably could make a 10% payment to all qualified creditors at this point, but probably not much more.”