On the 12/11 MPR to be issued on 12/12, we will be taking a $56 million loss 
on Catalytica Energy Systems.  This asset will begin trading on the open 
market either Friday, 12/15 or Monday, 12/18 under the ticker CESIV.  The 
potential trading range of $10 - $20 per share is disclosed in the company's 
S-1.  This asset is in Raptor I and therefore this write-down will exhaust 
$56 M of the remaining Raptor I capacity.

 Please call me at x3-6983 with questions.
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