Teb - would you have time to brainstorm with me on some middle of the road rate treatment scenarios on Monday?

 -----Original Message-----
From: 	Howard, Kevin A.  
Sent:	Friday, March 22, 2002 5:00 PM
To:	Hayslett, Rod; Corman, Shelley
Subject:	NNG buyback model

Rod:
For purposes of using an LLC in the model, is there some level of value that we think we can keep relative to the tax allowance?  I don't think assuming that you give away 100% of the value you derive from not paying taxes at the LLC level +  still having to deduct your ADIT from rate base makes a lot of sense.  There should be some middle point here.  I could be wrong however.  The reason I ask is that if we assume both TW and NNG are C-Corps and we need to make the earnings per common unit accretive (leaving aside the fact that the CASH distritbution per unit is very accretive), this may not work.  Shelley, any help would be appreciated.
Kevin