Hey, look at this!  We will now terminate the derivatives as the shares were sold.

Wes

 -----Original Message-----
From: 	Loehr, Chris  
Sent:	Wednesday, May 02, 2001 2:27 PM
To:	Colwell, Wes
Cc:	Cook, Mary; martha_stuart@dc.kirkland.com; Kopper, Michael; Yaeger, Anne
Subject:	Hanover

Wes,
I spoke with LJM's counsel regarding the Hanover derivatives, and we are in agreement with Enron's view regarding the settlement of the swap and the collar.  That is, the put can be exercised for intrinsic, not extrinsic, value in the interim before maturity.  Sorry it took so long to resolve this matter.  

Chris Loehr
x33092