... highly doubt that there are any new COBOL projects in the works
Then prepared to be surprised ;-) There are a heck of a lot of new COBOL work in the works. I know a couple of people doing COBOL development work and they're continually in work - a lot of it new code (and they're paid very well for it too).
According to this little list of COBOL facts Gartner are predicting that 15% of new code in 2005 will be in COBOL.
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