I put a call in to Cadwalader this afternoon to see if they had someone 
following these bills in DC........great minds!




Carol St Clair
04/21/99 05:12 PM
To: Mark - ECT Legal Taylor/HOU/ECT@ECT
cc:  
Subject: Re: Derivatives provisions in Bankruptcy Reform legislation  

Mark:
I spoke with Jeff about this today and will take a look at what they've 
done.  From what I have seen thus far, it looks as if they have attempted to 
deal with the setoff issue by revising the definitions of swap agreement, 
securities contract and  forward contract  and creating a new defintion 
called "masternetting agreement".  Is it worth having one of our outside 
firms look at these bills?
Carol