FW: Raptor 2 - Sale of CEG/RioGas

Just to clarify... the transfer of the swap has not been put on hold, but the
sale of the assets hedged by the swaps. I have been working on the asset
sale out of Rawhide, but I'm not familiar with the transfer of the swap.

Sara,

I will send executed copies of the swaps shortly.

Thanks,
B

-----Original Message-----
From: Funk, Brenda L.
Sent: Wednesday, February 28, 2001 11:35 AM
To: Ephross, Joel
Cc: Shackleton, Sara
Subject: RE: Raptor 2 - Sale of CEG/RioGas

Just an update... I spoke with V&E this morning and the sale has been put on
hold. The negotiations broke down last week and, with the holiday, there has
been no further progress.

I'll let you know when I get an update.

Thanks,
B

-----Original Message-----
From: Ephross, Joel
Sent: Wednesday, February 28, 2001 11:31 AM
To: Shackleton, Sara; Funk, Brenda L.
Subject: FW: Raptor 2 - Sale of CEG/RioGas

-----Original Message-----
From: Baker, Ron
Sent: Thursday, February 15, 2001 9:12 AM
To: Siurek, Ryan; McKean, George; McKillop, Gordon; Ephross, Joel
Subject: Raptor 2 - Sale of CEG/RioGas

FYI
I was just notified that the sale of CEG and RioGas which are hedged in
Raptor 2 will likely close next week. Current estimates indicate that the
loss on the sale will be around $30MM. It is expected that the sale of the
one remaining South American LDC will result in gains that will more than
offset this loss. Obviously, those expectations can change, but I wanted to
keep everyone informed on this.

Ryan - This expected realized loss is exactly the situation which most
concerned us in the meeting with Patti this week. Is there anything we can
do to push them towards resolving that timing of realized losses is
irrelevent, and this is not an issue?