FASB 125 deals for 2nd quarter

As promised, here is an update of the deals we have planned to close this
quarter:

1. We will be rolling the Alchemy transaction into the Hawaii 125-0
structure. We are not sure if the current structure will be unwound
completely and reconstituted into new entities in the Hawaii structure or if
the current Alchemy entities will be used. Regardless, I'm fairly sure that
the original swap will be unwound and a new confirmation will be done using
the Hawaii Master Agreement. We are hoping to close by May 31st.

2. Resco II/McGarret B - We are doing part two of the first transaction in
the Hawaii Structure. EES has requested that we put additional warrants of
an entity they call Resco into the Hawaii structure. This should close
around June 15th. I am sending Resco I/McGarret A documents for the 3/31
transaction to Sara today.

That is all we know about so far. Gareth is working on both of these deals.
Blackbird has been put on indefinite hold. I will keep you posted on any
other information I get about any transactions involving swaps.

Call if you need any more info. I will make sure you are on the distribution
list for docs.

Thanks,
B