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Enron Mail |
Here's a recap for everyone.
Our original negotiation with Bear (for the Securities Loan Agreement) was in the name of ENA, and, ENA had an existing account agreement with Bear. However, Bear insisted that the account agreement was "too old" and that we negotiate a new agreement. I agreed on the condition that this not hold up execution of the Securities Loan Agreement. We have one or two final points remaining on the new account agreement which we'll execute for both ENA and Enron Credit Inc.. ("ECI"). We have the authorized trader list for ECI and are waiting for Richard to designate the new officer/director slate but we are prepared for execution by the existing officers in London. The assignment instrument will be very short for transferring the ECI book from ENA to ECI. It will take only a few days to replace the existing ENE guaranty for the Securities Loan Agreement. Jeff and Sheila: Please verify that both ENA and ECI do not need the Securities Loan Agreement. I believe it is just ECI and we can transfer the existing agreement to ECI. Sara Shackleton Enron North America Corp. 1400 Smith Street, EB 3801a Houston, Texas 77002 713-853-5620 (phone) 713-646-3490 (fax) sara.shackleton@enron.com Tom Doukas@ENRON 03/21/2001 12:28 PM To: Sara Shackleton/HOU/ECT@ECT cc: Jeff Kinneman/Enron@EnronXGate, Sheila Glover/HOU/ECT@ECT, Richard Sage/LON/ECT@ECT, David A Wall/Risk Mgmt/LON/ECT@ECT Subject: BEAR Guarantee letter Sara, I just spoke with Russ Miron from Bear Sterans regarding our Guaranty to Reduce funding to 20% per side. I had asked him about when they will be executing the agreement. He said that his lawyers are ready to sign but are under the impression that you have one remaining point to resolve and that this point is holding up the finalization of the agreement. Is there an issue from our side? If not we should be able to get this execution taken care of immediately? Thanks, Tom 713-853-9074
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