- Terri did the deal for $1.5 million gain to Enron.
- Above profit was negotiated based on $4 million up-front payment.
- For income smoothing reasons, OPPD asked to defer the payment, which we agreed to do.
- OPPD also asked to retain the option for early payment in the event their circumstances changed. We agreed to do this, but also negotiated the LIBOR discount.

i.e.: They gave us the potential time value for free, but have now exercised their option: Therefore we have only had the free time value for 5.5 months, instead of 11 (ish).

Dave