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Enron Mail |
Richard:
Mark is being asked to deliver his customary "no litigation" legal opinion in connection with this project, which is a securitization of eligible receivables generated by EPMI and ENA as a result of power and gas transactions. Please note that ENA and EPMI have been performing under a similar agreement for over a year; this transaction is an amendment of the existing transaction to add another purchaser, and we are being asked to deliver new legal opinions. I understand that Derrick delivered the opinion on behalf of ENA and EPMI when the transaction was first closed. This is a revolving facility, with ENA and EPMI selling receivables to Sequoia on a monthly basis as those receivables are generated. The transaction documents define the type of receivables that may go into this facility (we are required to represent that we have title, there are no adverse claims, there are no restrictions on assignment, etc.). Therefore, as long as our back office is doing their job right, we should not be selling any receivables into the project that are problematic. Are you aware of any judgment, injunction, order, decree, or pending or threatened litigation: 1. Against Sequoia Financial Assets, LLC; Cherokee Finance V.O.F.; or Enron Finance Partners LLC (these are the special purpose entities that exist only for this transaction); 2. Against ENA or EPMI (Derrick is giving the opinion for Enron Corp.) that would prohibit ENA or EPMI from selling/transferring/conveying receivables owned by them and generated in connection with power/crude/natural gas sales? Travis McCullough Enron North America Corp. 1400 Smith Street EB 3817 Houston Texas 77002 Phone: (713) 853-1575 Fax: (713) 646-3490
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