Stan,
      As of today, El Paso's offer stands at $550m., and our value (Rod's and Corps.) stands at $800m.  Rod has been told by El Paso that the deal (if any) is on hold.  Due to the value gap, we're skeptical that we'd reach terms that we could submit to a Trustee.  As for the PSA, Staci has only prepared an outline of the necessary terms and has been told to slow play this one due to the value gap and El Paso's signal that this is on hold for the time being.
      If you'd like us to turn up the fire on this, we can.  I am a bit unclear (especially based on McMahon's comments on Sunday as to what is core, how we might restructure, and that asset sales were not on the front burner) as to what our key priorities are besides running the going concerns and preservation of value.
      Let me know your thoughts on this one.

Dan