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Enron Mail |
I wanted to review where I think we are in this transaction.
1. Escrow account. We are still awaiting closure on the issue of the lender's security interest in the escrow account. A proposal was discussed with them to ensure that we could still close the transaction even if Delta had defaulted under their loan arrangement. Indications were that this approach was generally acceptable, and Delta/Hancock are to send a letter agreement concerning this approach. This has not yet been received. This prevents the establishment of the escrow account. We have sent the escrow agreement to the bank, but Delta has not completely signed off on the agreement. 2. GE turbine contract. Delta sent requested changes yesterday, and these were forwarded to GE. I have not received a response from GE. 3. Miscellaneous docs. Enron has responded to all the documents requested by Hancock. We are awaiting responses to our drafts. 4. GE consent. Hancock requested some changes to the current draft, and a new letter agreement. GE hasn't responded to the requests yet. GE has dealt directly with Freshfields, so it is possible that there are discussions we aren't involved in. I've left Lee a message concernig the GE items and the timing of signing. Carolyn, please correct/add anything you think is important. Kay
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