Brant,  We need to ask PCS Nitrogen if they are a wholly owned subsidiary of 
Potash.  If they are not, then Canadian law may prohibit them from providing 
a guaranty for a less than wholly owned entity.  

I will provide you my comments to the documents shortly after lunch.





	Brant Reves/ENRON@enronXgate
	04/19/2001 10:08 AM
		 
		 To: Gerald Nemec/HOU/ECT@ECT
		 cc: 
		 Subject: PCS

 Gerald,

Any update on that PCS guaranty review?  Exposures are pushing past $20MM, a 
highly visible exposure.

brant