The uncertainty surrounding Xerox's bank loan is reflected in the cautious approach vulture investors are taking toward the company.

Often, vulture investors will hedge their purchases of debt by shorting a company's stock.

But in this case, several vulture investors said they were afraid to bet against Xerox's shares.

"The numbers say this is not a company that needs to go into bankruptcy," said one vulture investor, who spoke on condition of anonymity.

But as a vulture investor, Mr. Rubin doesn't always build things.

Many vulture investors said they preferred to focus on this unit of Enron rather than hazard a guess about the worth of the overall company.

Some vulture investors, who declined to be identified, said they were tempted to gamble on the parent company's debt.

Another vulture investor said he was staying away from Enron.

Such investors, known as vulture investors, once anticipated making a fortune off an acquisition of Barney's.

At the moment, it appears that the vulture investors would not accept an equity stake by itself.