Transferring user Exchange cal items

The scenario is a common one – a user leaves the company, and has a number of recurring meetings & resources set up that must be continued. The messaging system is Exchange 2000.

Other than delegating the mailbox and having a replacement user delete & recreate these events is there a way of transferring them?

The thought of having to send a cancellation to all users/resources and then reinvite under different credentials seems counter to the technology we are using.

Best answer gets the 300 points – thanks!