Agreed.

 -----Original Message-----
From: 	Miller, Michael L.  
Sent:	Wednesday, May 16, 2001 10:46 AM
To:	Colwell, Wes; Kettler, Kyle
Subject:	RE: Q4 2000 Gains/Losses

Sounds like a plan.  The only potential obstacle would be if timing (completion of latest funding round) necessitates recognition of gain/loss in 2Q 2001.  At this juncture, this does not appear likely, but could still happen.  We'll keep you posted.

MLM

 -----Original Message-----
From: 	Colwell, Wes  
Sent:	14 May 2001 16:16
To:	Kettler, Kyle
Cc:	Miller, Michael L.
Subject:	RE: Q4 2000 Gains/Losses

Talked to Lavorato.  He would like to write down Syntroleum, but wait and see what the fundings bring for Dais and EnCorp.  That probably makes the most sense for me on the earnings front and provides some certainty to the valuations of those two.  Call me if you have questions.  Thanks!

Wes

 -----Original Message-----
From: 	Kettler, Kyle  
Sent:	Friday, May 11, 2001 1:06 PM
To:	Colwell, Wes
Cc:	Miller, Michael L.
Subject:	Q4 2000 Gains/Losses

Wes,

Per your request.

4Q00 gains are as follows:

Dais Analytic		$  6,850,463
EnCorp			$ 12,107,669
MTC Metering		$  1,060,606
Utiliquest (RASH)	$ 722,735 gross  ($451,79 net to ENA)

1Q01 we took no gains, but we did write down Utiliquest (per a RASH) by $3,597,735 gross ($2,248,584 net to ENA).

Please call if you have any questions (x30423).

Regards,

Kyle Kettler