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Enron Mail |
Thanks for this memo -- definitely comforting for the vast majority of our
swap business. I think the additional interesting question is whether or not we lose the benefit of the special treatment under the bankruptcy code when we enter into cross-product (i.e. physical and financial products) netting and joint credit support arrangements. If we net all of our trading exposures under multiple agreements (swap agreements and gas, power, steel, coal, etc. trading agreements) to determine how much credit support should be posted and then only ask for a single LC that supports the whole shebang, do we lose this protection since arguably we are no longer just "under a swap agreement?" Would you like me to ask Emory to expand? Julia Murray 05/24/2001 06:28 PM To: Mark Taylor/HOU/ECT@ECT cc: Subject: Letters of Credit; Preference; Swap Transactions fyi Julia Heintz Murray Managing Director and General Counsel Enron Wholesale Services Enron Industrial Markets LLC 1400 Smith Street, EB3838 Houston, TX 77002 (713) 853-4794 Fax: (713) 646-3393 julia.murray@enron.com ----- Forwarded by Julia Murray/HOU/ECT on 05/24/2001 06:28 PM ----- "Ireland, Emory" <eireland@foleylaw.com< Sent by: "Steiner, Judith A." <JSteiner@foleylaw.com< 05/24/2001 11:36 AM To: "'julia.murray@enron.com'" <julia.murray@enron.com< cc: Subject: Letters of Credit; Preference; Swap Transactions - 1014549_1.DOC
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