Sorry, I've been tied up all day.  Rod and I just spoke and he is thinking 
about the NAV issue.  
Regarding setoff, we can agree to Tiger's language BUT credit will not permit 
ENA affiliates to trade with Tiger.  That's your issue.  Will you agree.
We will not agree that all collateral be held in NY.
There is still an issue about Relevant Price and the possibility of fewer 
than three dealers.
We cannot finalize L/C and MAC issues until we see Tiger's redraft which we 
have not received.

Let's talk.  ss