RE: Potts Opinion

Not unexpectedly this seems to me consistent with our thinking so far..

I am with Diane - I think ISDA can serve a valuable function by coming out with a statement saying that a) we have canvassed many dealers in the market and the prevailing opinion is that the
particular Railtrack Convertible is deliverable b) we do not see it as ISDA's place to make binding interpretations on the market, but our own interpretation is consistent with this view and c) attach
the Potts QC Opinion (if we are permitted to do so)

But we shouldn't play this up as another "issue" for the Credit Derivative market beyond what it is. And as more of these types of matters arise we should consider what criteria dictate our
involvement

K

-----Original Message-----
From: Kimberly Summe [mailto:KSumme@isda.org]
Sent: Tuesday, October 16, 2001 4:30 PM
To: ISDA BOARD
Cc: Robert Pickel
Subject: Potts Opinion

Attached is the draft Robin Potts opinion on Railtrack. This opinion is not
for distribution at this point. Could you please let me know if you have
any questions or issues by Wednesday morning?

Thanks,

Kimberly

<<1V75514G.pdf<<