Stan/Jim,
 
Following, please find Eco's latest update.  
 
Lenders:  a call took place this a.m. with the entire syndicate of lenders (27 in total I believe).  Lenders will proceed to either remove conditions to their credit approvals and/or move forward with presentations to the credit committee - completion time is 1 to 2 weeks; lenders reiterated their ok with a Dec 14 satisfaction of all Cp's to the closing on the SPA with Mirant.  Lender's Agent (ABN Amro) committed to getting the lenders a copy of the "as it stands" lender consent agreement and also committed everyone to issuing a finalized lender consent document by this Friday.  This puts pressure on Mirant to deliver on final comments, following a series of lender counsel correspondence on the agreement (sent last week).  
 
GE: a call took place this p.m. with GE to review status.  We made it clear to Mirant that progress on this front was slow and that we were concerned with their slow document turn around time.  Mirant committed to deliver comments on: the Guarantee, the Members Agreement, the Tax Agreement and also committed to delivering their version of the Share Purchase Agreement with GE, all by Thursday noon time.  The other document pending: the revised bylaws of the new entity where GE's preferred shares will be held, will be prepared by Cayman counsel; work had been held up on Mirant's non-agreement to cover legal fees; that too was resolved today and counsel should have been commissioned.  
 
Other:  Mirant has agreed to have a detailed conference call tomorrow at 5pm to review the "Closing Checklist".  This is very important in that up until now they have been reluctant to discuss any type of work plan and this, at least, gets us all comfortable that they understand the work ahead of us.  Additionally, we sent to Mirant (tonight) a revised side letter providing for the target date of Dec 14th for completion of all CP's, for a (no earlier than) Dec 19th (this is their request) and the elimination of the three business day float between closing of CP's and funding.  In this letter Mirant would commit to dedication of all resources, to diligently pursuing closing of CP's by 12/14 and to a work plan/checklist.  
 
Insurance: (NOT A CP TO CLOSING) final report from third party adjuster has been sent to underwriter's office, care of in-house adjuster.  Unfortunately, the in-house adjuster is out on jury duty for two weeks.  I have a call into Jim B. to see what can be done to expedite the review and approval process.  Worst case here is that, if we insist on handling the claims post closing and Mirant agrees, we will have to guarantee a recovery amount to Mirant.  With the third party adjuster/CPA having signed off on the $26.1 million recovery amount, risk should be greatly mitigated.
 
Will report on tomorrow's progress at end of business day.

Thanks, Mariella