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Sara:
Please call me or stop by to discuss as they need an answer quickly. I have e-mailed Mark Evans and Justin Boyd about this. Carol St. Clair EB 3889 713-853-3989 (Phone) 713-646-3393 (Fax) carol.st.clair@enron.com ----- Forwarded by Carol St Clair/HOU/ECT on 05/24/2001 08:41 AM ----- Tracy Ngo/ENRON@enronXgate 05/23/2001 06:17 PM To: Carol St Clair/HOU/ECT@ECT cc: Greg Wolfe/ENRON@enronXgate Subject: Kaiser US/UK Setoff w/MG and ENA Carol, West power is looking to do a financial swap with Kaiser Aluminum & Chemical Corporation ("Kaiser Aluminum") whereby Kaiser Aluminium would buy the swap and pay ENA float. Kaiser Aluminum International Inc. ("Kaiser International") has a big market presence in the UK and MG has significant forward financial and physical metals positions with Kaiser International which I believe are quite out-of-the-money. Can we find out whether or not we can perform a bilateral, affiliate NETTING AGREEMENT between Kaiser International and Kaiser Aluminum with MG and EPMI? If the UK is going to continue to do short-term new metals business with Kaiser International and if we can get comfortable with metals forward positions that are OTM, we would like to use this position and leverage off of it for trading liquidity in the states. Secondly, does the netting need to just pertain to global financial business or can it include physical as well? If possible, I'd like to see if you and a UK trading attorney can speak about the overall concept and briefly address any UK and domestic law conflicts. Please call when you have a opportunity to discuss. ENA is looking to enter into a power swap for June '01. I'm not sure if this concept is achievable, and if it is, in the time frame we're facing. However, if we can't do a June swap, then we'll try for a July swap. Regards, Tracy
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