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Enron Mail |
FYI. You won't hear from me again until I have a constructive solution to this potentially insolveable problem.
-----Original Message----- From: "ROBERT ANDERSON" <robert.anderson@blakes.com<@ENRON [mailto:IMCEANOTES-+22ROBERT+20ANDERSON+22+20+3Crobert+2Eanderson+40blakes+2Ecom+3E+40ENRON@ENRON.com] Sent: Thursday, August 09, 2001 2:39 PM To: Keohane, Peter Subject: Triangular setoff The draft I sent you of the triangular setoff provision may still require significant revision. I have the following primary concerns which are not easily reconciled: 1. for an assignment to be effective it must take effect prior to bankruptcy or mutuality will be lost by the interposition of a bankruptcy trustee; 2. although words of present assignment are used, under the current wording the assignment probably does not occur at least until there is a defaulting party; 3. if we should wish to characterize it as a general assignment for security purposes (perfection of which would require registration), there does appear to be any obligation between X and XA (as opposed to Y) for which the assignment is to secure performance. When you are available, I would like to speak to you regarding the foregoing. Regards, A. Robert Anderson Blake, Cassels & Graydon LLP 3500, 855 Second Street SW Calgary, AB T2P 4J8 Tel: 403.260-9624 Fax: 403.260.9700 E-mail: raa@blakes.com This e-mail communication is confidential and legally privileged. If you are not the intended recipient, please notify me at the telephone number shown above or by return e-mail and delete this communication and any copy immediately. Thank you.
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