To be honest, my gut reaction was to take the cash, but since Dylan had
already
done a lot of work in the other direction I didn't have the time to redraft
everything so, like you, I went with the flow.  Interesting thing about last
nights discussion, almost the entire class disagreed with much of his
premise
which was that there was no real need for Time to vertically integrate.

**********************************************
Mark D. Guinney, CFA
Consultant
Watson Wyatt Investment Consulting
345 California Street, Ste. 1400
San Francisco, CA  94104
(415) 733-4487 ph.
(415) 733-4190 fax


____________________Reply Separator____________________
Subject:    Re:RE: Time Warner
Author: "Jeff.Dasovich@enron.com" <SMTP:Jeff.Dasovich@enron.com>
Date:       05/01/2001 1:34 PM

there was a strong case for that. only thing preventing was the internal
DCF of the time-warner deal being 183-212 (or something)---so why didn't
the market put that value on it?  I went with what i thought the flow of
the group was, but it was a tough row to hoe.  where were you on it?