Enron Mail

From:carol.clair@enron.com
To:savitabi@llgm.com, pwright@llgm.com
Subject:Update on Insurance/Derivative Transaction
Cc:leslie.hansen@enron.com, gaurav.babbar@enron.com
Bcc:leslie.hansen@enron.com, gaurav.babbar@enron.com
Date:Wed, 31 May 2000 03:25:00 -0700 (PDT)

Scott and Bruce:
I understand from talking to Jane this morning that we will be able to work
with you as our counsel on the above transaction that we are working with ACE
on. My understanding from our commercial people is that we should be getting
a redraft of the insurance policy sometime today with ACE which we will need
your help in reviewing. Leslie Hansen and I will be working on this from the
legal end, with Leslie's focus being on the "power" issues and mine on the
"derivative" issues. As I mentioned to Scott last week, we will alos need
your help in making sure that the derivative taht we draft is not construed
to be insurance. A draft of the confirmation taht we anticipate using will
be sent out later this week.

In terms of timing, our goal is to be on-line by June 15th which will require
us to try to get all documentation finalized as soon as possible. I will
keep you posted on any updates to our schedule. Please feel free to call me
or Leslie (713-853-6121) with any questions. If there are others that we
need to add to our distribution, please let me know.

Carol St. Clair
EB 3892
713-853-3989 (Phone)
713-646-3393 (Fax)
carol.st.clair@enron.com


Gaurav:
Could you please add Bruce Wright to the Distribution List. His number is
212-424-8620. Please circulate to the Enron group, Bruce and Scott a
Distribution List with the information for the Enron people that are
involved. Thanks.