Here's the updated email after responses from business and legal types:

There have been several media reports this morning regarding the status of our efforts to preserve the value of our North American natural gas and power business.  As we've said, we'd like to form a joint venture with an entity with a strong credit rating so that our trading business can continue to deliver value to our company and our creditors.  We'd like to update you on the timing of the process as we currently see it.

This Wednesday, December 19th, we will ask the Bankruptcy Court to approve bid procedures for potential suitors to follow as they proceed to make offers for a joint venture.  If we are successful, we will ask the judge to set a bid deadline of January 7th, 2002.  At that point, we would review the bids with the Creditors' Committee and, after a process to determine the best offer, we will jointly ask the Bankruptcy Court to approve the winning bid.  Additionally, we will continue to try to close a deal prior to January 7th, which would then be subject to competitive bids form other counterparties.   The number of counterparties interested in a deal continues to grow.

Between now and the bid deadline, we will continue to work with all interested parties and assist them in their respective due diligence processes so that they can make the most informed bids.  Many of our colleagues will be working very hard over the holidays to move this process along and help ensure our efforts to come out of bankruptcy are successful.  Please give them your full cooperation and support.