As per yesterday's discussion, I thought I would try and clarify what you will be doing on the Regency case. Essentially you will need to complete two interrelated tasks as follows: Derive "Pro forma" Financial Projections and "Distributable Cash" for Regency. This need not, and indeed, should not, be a massive quantitative undertaking. Rather, you should review the disclosure in the Regency 10-K to understand the company's business and then create a projection for 2014-2015, based on your review of the company's business mix and recent performance. You can use the EXcel spreadsheets contained in yesterday's slides as a reference point