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Enron Mail |
Mary, further to your voicemail of today, the status of Lakeside is as
follows: I spoke with Derek and Ed Sacks and we determined that, since we were having difficulty in getting Lakeside to provide the agreed upon guarantee and execute the ISDA, we would send out the confirm to try and at least get some paper signed that might provide us with some rights against them if they decide not to perform. The confirm was drafted in a way that it referenced the 1992 form of ISDA rather than a specific ISDA between the parties, such that, if they execute the confirm but not an ISDA, at least we can point to the base ISDA contract to create some provisions around the transaction. If the ISDA gets signed, the transaction will roll up under it. The confirm has not yet been executed by Lakeside. Derek is exerting as much commercial pressure on them to perform as he can, short of threatening to sue them. If we do not get action on this by Lakeside this week, we are contemplating elevating our actions to perhaps commencing an action against them (or at least making the threat thereof). Hope this helps. Greg
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