FYI

 -----Original Message-----
From: 	Proffitt, Tim  
Sent:	Friday, November 09, 2001 3:40 PM
To:	Scribner, James; Stubblefield, Wade; Butler, Shelly; Zamora, Richard; Apollo, Beth; Reeves, Leslie; Aucoin, Evelyn; Baxter, Bryce; Dozier, Scott; Sweeney, Kevin; Bruce, Michelle; Leskowitz, Mark J.; Hayes, John; 'michael.james@nepco.com'; Krautz, Michael; Fisher, Joni; Davis, Frank L.; Lafave, Jill; Ratnala, Melissa K.; Dobin, Nora; Edmonds, Marcus; Herron, Chris; Subramanian, Ram; Nelson, Kimberley (EES); Quaintance Jr., Alan; Ephross, Joel
Subject:	Project Spinach

A quick update on the status of the receivables monetization initiative. 

First, I have been told that we will go forward with the financing with or without any merger. That said, the banks are worried that we will change our minds and are asking for a formal engagement letter, which means we lost a few days negotiating the terms of the letter.  I don't expect any new requests for data until Tuesday at the earliest, and more likely Wednesday or Thursday of next week (as Monday is a bank holiday).

Thanks for you help, I'll let you know of any changes as they develop.  have a good weekend.

Tim