Paul:  Were you going to send me a worksheet or email?
Given that this is a long term deal, do you want to set a deadline for 
negotiating an ISDA (and make it an event of default)?

Sara Shackleton
Enron North America Corp.
1400 Smith Street, EB 3801a
Houston, Texas  77002
713-853-5620 (phone)
713-646-3490 (fax)
sara.shackleton@enron.com
----- Forwarded by Sara Shackleton/HOU/ECT on 04/19/2001 04:19 PM -----

	Caroline Abramo@ENRON
	04/19/2001 02:20 PM
		 
		 To: Sara Shackleton/HOU/ECT@ECT
		 cc: Carol St Clair/HOU/ECT@ECT, Paul Radous/Corp/Enron, Fred 
Lagrasta/HOU/ECT@ECT
		 Subject: WEXFORD- Valentis/ CD Holdings

We are trying to do a deal with Valentis Investors LLC (we have an LLC 
agreement for this entity) and CD Holdings (I do not have the LLC agreement 
for them- do you need?).  Valentis is part of Wexford V- a fund owned by 
Wexford Capital.   Paul Radous has all these linkage documents- he originally 
sent them up to Carol.

Valentis and CD Holdings jointly own some oil and gas properties. They would 
like to transact a hedge of these properties- they would like to sell natural 
gas forward for 8 years.

The total notional on the deal is about 34M.. I have discussed this with Paul 
Radous.. he has suggested that we do this deal as a stand alone for the 
Valentis and CD Holding entities.. he is requesting initial margin of 
2million with a cap of 5 million.

They wanted to do this deal today (actually for the last week)... but we need 
to know if there are any legal objections... we will need a deemed ISDA like 
AIG.

Please give Paul and I a call when you have a minute.

Thanks,
Caroline