This is Mirant's argument.   Don't think it will hold water, but you never know.

-----Original Message-----
From: Herndon, Rogers 
Sent: Friday, January 18, 2002 3:55 PM
To: Presto, Kevin M.
Subject: Creditors Concerns


Kevin -
 
Any word on how this might affect things?  The following excerpt was from an article I read:  

One main concern of the creditors continues to be the information contained in Enron's book of business. They argue that the UBS deal, as structured, would relieve Enron's traders from their confidentiality agreements regarding information about trading positions. 

"Knowing the content of the book would be very detrimental to the value of the book," said David Derosa, an expert witness for the creditors.

He added: "Paired with UBS' credit rating it will create a perfect predatory trading machine." 

RH