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Enron Mail |
Mark, further to our conversation... Mercado transacted with Enron North America under the terms and conditions of a financial transaction and these transactions have been or will be settled financially, however these transactions could have been set up as physical. The structure of the transaction changes as a result of a few variables, including the price,day of cash settlement, and curtailment issues on San Jan deliveries which would then automatically convert the fixed price portion to 100% load factor and settlement would be on 100% of the volume regardless as to what physically flowed.
Please call me if there are any questions regarding this note. Barry Tycholiz Vice President, Enron North America
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