Winston Chang's model.
---------------------- Forwarded by Mike J Miller/HOU/ECT on 04/07/2000 09:12 
AM ---------------------------
From: Eric LeDain on 04/06/2000 11:44 AM MDT
To: Mike J Miller/HOU/ECT@ECT, Ben Jacoby/HOU/ECT@ECT
cc:  
Subject: Models

Mike, Ben,
I had sent both models but just noticed that they didn't go through as they 
were too large.  So you'll get this in two parts.
Here is Winston Cheng's model.  In Kate's view it would be better to use 
Winston's model as it incorporates the intrinsic and extrinsic valuation 
elements and the curves, but also covers the US tax situation (plus she says 
it is MORE SOPHISTICATED...!).

Our model will follow by another note.