RE: Response to PX Answer to Chargeback Complaint

Joe Eisenberg has said much the same thing to one of our clients, saying
that the PX filed, not the trust, and the the bankruptcy relates only to the
PX in its own capacity and not as trustee. Eisenberg plans to file some
sort of motion soon to clarify this.

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Subject: Re: Response to PX Answer to Chargeback Complaint

I spoke with Lisa Urich, in-house attorney for the PX. She said that the
bankruptcy filing did not list the collateral or dollars received as part of
the PX's clearinghouse function as assets, and has been advised by the PX's
bankruptcy attorney that they are not involved in the bankruptcy action.
She said that the purpose of the bankruptcy filing relates only to vendors.

<<< Jeffrey Watkiss 03/12/01 02:07PM <<<
The Chapter 11 filing, I suspect, will receive a lot of attention on the
3:00 pm call.

<<< "Howard Shapiro" <HES@vnf.com< 03/12/01 12:24PM <<<
Thanks for the draft. We are informed that the PX has filed in Chapter 11.
It may argue that FERC's proceedings fall within the automatic stay, and
that even if they don't, the accounting we are proposing inappropriately
overlaps the role of the bankruptcy court.

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