Do we have our other desired changes incorporated at this point?



	Carol St Clair
	02/08/2001 04:24 PM
		 
		 To: Mark Taylor/HOU/ECT@ECT
		 cc: 
		 Subject: Bankruptcy Legislation/Bond Market Association

Carol St. Clair
EB 3889
713-853-3989 (Phone)
713-646-3393 (Fax)
carol.st.clair@enron.com
----- Forwarded by Carol St Clair/HOU/ECT on 02/08/2001 04:24 PM -----

	"Rick Antonoff" <Rick.Antonoff@cwt.com>
	02/08/2001 03:29 PM
		 
		 To: mark.e.haedicke@enron.com, elizabeth.sager@enron.com, sstack@enron.com, 
Mary.Cook@enron.com, msmith1@enron.com, vsharp@enron.com, 
Carol.St.Clair@enron.com, lmellen@ect.enron.com
		 cc: "David Mitchell" <David.Mitchell@cwt.com>
		 Subject: Bankruptcy Legislation/Bond Market Association


I just returned from the Bond Market Association meeting this afternoon on
the pending bankruptcy legislation.  Chris Long (Enron) was there with
Ellen Levinson of our Washington office.
The "big" issue discussed was whether to push hard for amendments on
cross-affiliate netting.  The consensus was that while everyone in the room
(and all of Wall Street was there,as well as ISDA and commodities groups)
wants the amendments, they are considered controversial by the President's
Working Group and could derail progress on the version of bankruptcy reform
currently before Congress which everyone also agrees is very good
legislation for financial markets participants.  On the basis that getting
the current bill enacted quickly is of paramount importance, the
Association determined to "back pocket" the cross-affiliate netting issue,
meaning that if the current legislation moves quickly, the Association will
not raise the issue but if the legislation gets bogged down in committee
and other nontechnical changes are being proposed, the Association will use
that opportunity to add cross-affiliate netting provisions.

Feel free to call if you have any questions.
______________
Rick B. Antonoff
Cadwalader, Wickersham & Taft
100 Maiden Lane
New York, NY 10038
Phone: 212 504-6759
Fax: 212 504-6666
Mobile: 917 287-6391
Email: rick.antonoff@cwt.com


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