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certain stipulated exhibits on grounds of hearsay. "'Hearsay' is
a statement, other than one made by the declarant while testify-
ing at trial or hearing, offered in evidence to prove the truth
of the matter asserted." Fed. R. Evid. 801(c). Petitioners
objected to the following exhibits on those grounds: (1) "The
Story of Bausch & Lomb", (2) "articles from a 'manufacturing
journal' prepared by Petitioners", (3) two "newspaper articles"
from "Democrat and Chronicle, July 20, 1987" and "USA Today, May
6, 1987", (4) "Bausch & Lomb Magazine, Vol. 4, No. 3, dated
September 1987", (5) "advertisements that appeared in Boating
Monthly, a Hong Kong Yachting Association publication, dated
November 1979", and (6) "a document prepared by petitioners". We
find that, with the exception of the two newspaper articles,
petitioners and/or their agents prepared the exhibits in question
and that they are admissions by a party opponent within the
meaning of rule 801(d)(2) of the Federal Rules of Evidence that
are not hearsay. We find that the two newspaper articles in
question are hearsay as defined in rule 801 of those rules, and
respondent has not argued that any exception to the hearsay rule
applies to those articles.
Respondent objected to one paragraph of a "memorandum from
D.L. McGinnis to D. Earhart, dated November 14, 1979" (McGinnis
memorandum) on the ground that it is hearsay included within
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