Mike/Jeff,
 
We have updated the business summary form that you asked me for yesterday.  In addition to your requests we have included estimates for business liquidation costs.  As you will see there is very little difference ($1.8 MM) between our assumed scaled down (Top Team) costs for 2002 and the costs to liquidate the business ($ 7.8 MM).  Given that we are seeing deal flow and transactions after less than 1/2 year with EGM in a brand new market, we would expect to break even for 2002.  If this is then compared to the liquidation costs, I believe an obvious question to shutdown would be why ($1.8MM difference assuming no earnings for 2002... and we will make earnings)?  My experience at Enron with startup businesses usually entails investment the first year, break even the second and break out the third.  I believe we are on track to do this.  The head start from other competitors, the state of the Japanese market and the demand for risk mgt products further underscores the value in the proposition.
 
It has been sometime since either you or Jeff have been over to Japan and allowed us to give you a full business review.  A lot has changed over this period.  We had hoped to do this with Jeff, but events of the last week have clearly overshadowed and precluded this.  While I understand everyone is trying to gain clarity as soon as possible, I believe that it is imperative that Japan be given a chance to present its case over the next 1-2 weeks.  I am fully prepared to visit Houston and demonstrate the clear case for this business as a prime marketing/origination vehicle for Japan and Asia with clear options to develop a local trading presence.  
 
I look forward to speaking with you further about this.
 
Joe