Greg,

Our P&L losses over the last few days have been due to four things primarily.

1) We have been short crude, and are still short, in a $2.00 up move. (today the market was down)
2) We are liquidating many of our portfolios, and are paying large bid/offers. We are also abandoning some of our P+ options with Koch since credit has indicated our inability to access cash will completely hamper our ability to exercise puts.
3) As a company we are short vol, and vol has been extremely strong, and continues to move against us.
4) being long physical inventories in europe in a falling market. In addition, none of our counterparts/customers/competitors are willing to take the product from us.

We will continue to work out of positions.