As everyone is aware, Peoples provided notification to Enron MW, L.L.C. of its desire for credit support or termination effective December 28th of the Master Physical Agreement between EMW and PGL.  Richard and I met with Raulie, Dave and Tim this morning to discuss the implications of the termination and our ability to continue to fulfill our obligations regarding the deals that are subject to the Master.  After much discussion, they (PGL) have agreed to delay any termination until either the end of January or February (they are going to discuss internally which makes more sense).  Therefore, unless a higher power overturns our agreement, PGL intends to issue a letter amending their previous notification/assurance letter.  If anyone has any questions or comments, please let Richard or me know at your earliest convenience.

Thanks  - Gregg