Stan,
     The initial numbers from El Paso (as a Seller of their interest) would have equated to a 14 to 15x  EBITDA  with a valuation more in the range of $180m.  While we knew that they wouldn't be a buyer at that price, we expect that they would come in at $80-$90m.  They have yet to respond.  In the mean time, we are sitting on Deb's lowball (by her own admission) offer for two to three more days.

Dan

 -----Original Message-----
From: 	Horton, Stanley  
Sent:	Monday, October 01, 2001 1:45 PM
To:	McGowan, Mike W.; McCarty, Danny
Cc:	Neubauer, Dave; Dowd, Stephen
Subject:	RE: Trailblazer EBITDA

At 7 to 8 times EBITDA I think the valuations should be in the range of $85 to $100 million.  Both EOTT and NBP's have bought assets in this valuation range.

 -----Original Message-----
From: 	McGowan, Mike W.  
Sent:	Monday, October 01, 2001 10:56 AM
To:	Horton, Stanley; McCarty, Danny
Cc:	Neubauer, Dave; Dowd, Stephen
Subject:	Trailblazer EBITDA


Attached are the EBITDA numbers for Trailblazer you requested this morning.

Mike McGowan


 << File: ebitda.doc >>