Elizabeth:  I got in touch with Sam.  He agrees that you can do a 
"back-to-back" arrangement in the interim between signing and closing--i.e., 
before you receive the 203 approval for the assignment of the contracts.  
Also, you are correct that there is no statutory or regulatory deadline that 
FERC must meet in granting (or denying) 203 approval.  I can add that in a 
couple of relatively similar and uncontoversial situations with which we have 
been involved recently or are otherwise aware of, 203 approval has been 
received in as short as 45-60 days.  However, it is possible that at this 
time of year, dealing with summer vacations, it could take somewhat longer 
even in the most straightforward cases.  Let me know if you need anything 
else.  Low to high.  Thanks.  John

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John Klauberg
LeBoeuf, Lamb, Greene & MacRae, L.L.P.
212 424-8125
jklauber@llgm.com