Chuck's numbers he walked you through earlier assumed 100 bps in fees so we are slightly better than forecast. The 65 bps was comp for the original transaction for which we drafted dox and received ratings from s&p and moodys. Had we not run into the el paso issues the number would have held. Given that the new structure requires a new market, new rating agency process and new documentation, we are effectively documenting and selling a new second transaction. An increase in the fee for this substantial change of the deal is market. I still believe a sept 30 closing is unrealistic. If all goes well, I think we can be done by mid oct. To reach a sept 30 closing, I think the only option would be to ask bank of america to underwrite and buy the whole thing. That would likely be an expensive option. We can discuss in much more detail at our 9am mtg tomorrow. I'd be hesitant to show panic that we must sell the asset at any price prior to sep 30 and trade real economic value and negotiate from a weaker position when we can have a clean sale 2 weeks later (ideally before 3q earnings release). The assets are still warehoused off balance sheet and fortunately el paso's credit spreads have been trading in to our benefit. Just my thoughts. Ps: your gift made my day. I'm fully recovered and back on pace. Thanks.
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