Forgot the attachment....


---------------------- Forwarded by Eric Boyt/Corp/Enron on 03/28/2001 12:32 
PM ---------------------------


Eric Boyt
03/28/2001 12:32 PM
To: Clara Carrington/HOU/ECT
cc: Pushkar Shahi/HOU/ECT@ECT, V Charles Weldon/HOU/ECT@ECT, Jason R 
Williams/NA/Enron 

Subject: Neumin Production Unwind

Clara,

Charlie and I spoke with Pushkar this morning regarding a potential partial 
unwind of several deals with between Enron and Neumin Production (Formosa 
sub).

Neumin currently has the following 8 swaps and 1 option,



Enron's credit group (Jay Williams) is proposing a partial unwind, which 
would be achieved by 
Booking a new ticket that is approximately $66 million out of the money to 
Enron (PV using LIBOR flat), and 
Booking an annuity (note receivable from Neumin) for this $66 million at 
8.5%, which results in ~$85 million nominal over the term.

So, Pushkar asked us to send you the change in nominal cash flow from this 
partial unwind.  Attached is a file, which shows the nominal cash flow 
increase.

Please let Charlie and I know if you need additional information or have any 
questions.  Let is know if we need to lock in the LIBOR at your bid (I think 
that is right?)

Regards,

Eric