Stacey just wanted to give you a heads up regarding a problem that credit is running into here. Ed Sacks is up here right now and there is a fairly large credit risk with Smurfit (deal 403522). The delivery point for this deal is Montana System border whose curve has not been updated in about 6 weeks. Currently the MTM on the deal is 8.4MM, but once Mike updates the curve it will create a MTM of about 17MM which is what credit is expecting based on the corrected basis curve. According to Ed, Smurfit is currently a credit risk. 

Mike gave no explanation as to why he has not been updating the curve but he said he will take care of it tomorrow. I just wanted to give you a heads up in case Debbie Bracket tries to get in touch with you. Ed isn't sure what will happen, if anything, from this but he is just advising us of the situation. There is a fairly large position at this delivery point, so I am confused as to why the curves were not being updated. Unless I am missing something, shouldn't curves be kept up to date as long as there are deals at that delivery point?

John