|
|
Enron Mail |
Don't know about the Shell intermediary part. I hope that will be spelled
out in his email. Also, we have about a 5 year old Local Currency ISDA in Place with them, so we could put the trades under that master. I don't know if we want to upgrade the master at this time, or just stay where we are. He said we didn't have a master w/Apache, but when entered my notes into lotus notes I noticed we did. I called him back, he didn't know ERMS was the same as ENA. Tanya Rohauer 01/25/2001 02:15 PM To: Tana Jones/HOU/ECT@ECT cc: Subject: Re: Fletcher Challenge/Apache Assignment Apache is investment grade, but they are not bank quality. In actuality, I think they are about the same quality as Fletcher, regardless of Saul's comments. What is the purpose of the Shell for a day transaction? From: Tana Jones on 01/25/2001 01:49 PM To: Tanya Rohauer/HOU/ECT@ECT cc: Subject: Fletcher Challenge/Apache Assignment Per a conversation I just had with Saul Laureles, an attorney with Chamberlain, Hrdlicka, who has been hired to assist Apache/Shell with the assignment of the Fletcher Challenge business. He said: Fletcher Challenge would like to assign their petro business to Shell Holdings for a short time (like one day or so). Shell would then immediately transfer the agreement/transactions to Apache. He proposes we get a new master in place with Apache, since Apache is a better credit than Fletcher Challenge. He said he will send me some letter showing how he would like to do this, along with a draft Apache ISDA (without collateral, of course, since Apache is such a good credit). I told him that I can't speak for Credit, but we probably are going to have a big problem on that last point. We never enter into masters without a collateral annex attached. I'll keep you posted when I hear from him.
|