Jeff, I don't believe the offer I showed you of $39 M is unreasonable.
In  fact the team had recommended $42 M based on a number of measures.
I see the  6X multiple of annualized Q2 earnings as one of the best measures of the  potential value of this company.
I don't see it in the best interests of Enron to be transferring assets below  a reasonable market value between business units.
You can trust that I will  be keeping the Energy Capital Resources team's feet to the fire on the  realization of this value if you do not purchase the company.
If you and Steve can come up with a better indication of value, I will  support that transaction.
Regards

C-Gas
Jeff, I don't believe the offer I showed you of <CUR><NUMBER> M is unreasonable.
In fact the team had recommended <CUR><NUMBER> M based on a number of measures.
I see the 0X multiple of annualized Q0 earnings as one of the best measures of the potential value of this company.
I don't see it in the best interests of <COMPANY> to be transferring assets below a reasonable market value between business units.
You can trust that I will be keeping the Energy Capital Resources team's feet to the fire on the realization of this value if you do not purchase the company.
If you and Steve can come up with a better indication of value, I will support that transaction.
Regards
best measures unreasonable fact cur number based annualized q0 earnings transferring assets reasonable energy capital team regards believe offer showed potential value