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Enron Mail |
-----Original Message-----
From: Lundstrom, Bruce Sent: Wednesday, June 06, 2001 7:47 PM To: Stephanie Harris@ENRON; Walls Jr., Rob; Mark E Haedicke@ECT Cc: Rogers, Rex Subject: Dabhol -- A Brief Legal Update Gentlemen - A few updates: The lender meetings in Singapore this week have been challenging. The Indian banks are trying to induce the foreign banks to fund into a project with a repudiated PPA. It is becoming more apparent to us that the Indian banks are being heavily influenced by the Government of India and not acting as commercial institutions. Our business people do not believe that all or most foreign banks will continue funding at this point. It is likely that the Indian banks could act on their own to cure the construction contract payments which give rise to termination this month (about $34 million). Within a few months, however, the Indian bank facility would be fully funded. Today, we filed our writ petition in the Bombay High Court challenging MERC's jurisdiction. While we have a hearing date scheduled on Monday, there is some doubt whether or not we will get a hearing on that date. Bruce
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