EDF is concerned because they are worried about the number of positions they are taking on for Enron.  They want to make an additional margin call of $45 million which ENE is not willing to post (true reason: corporate liquidity issues.) According to our broker agreement with EDF, EDF is not allowed to request more margin than the NYMEX requires so we refused on that basis.  EDF may want to reduce the positions they are holding based on their perceived risk of ENE.  Ira Polk, the CFO of EDF Man said the best person to talk to is Marty Timmonds.  I would not call him up and volunteer to move positions but if he calls you and wants to do so, the moving of positions was agreed to as one way to reduce EDF Man's risk without ENE posting additional cash margin.  

 -----Original Message-----
From: 	Quigley, Dutch  
Sent:	Wednesday, October 31, 2001 10:51 AM
To:	Wesner-Soong, Sarah
Subject:	RE: EDF Man

Sarah , 

What I was remembering was the front months exposures we had at EDF MAN.
	Prior to moves                After
DEC	-2,003			 1,967
JAN	10,502			-1,588
FEB	 1,338			   552
MAR	-7,013			   188
APR	 5,831			     33

the over all position before the move was 1,240 and as of yesterday it is 4,205.

Let me know what the concerns are at EDF MAN and the request that they are making.
We can shift some positions around if the have levels by months that they want us to stay under.

Dutch

 -----Original Message-----
From: 	Wesner-Soong, Sarah  
Sent:	Wednesday, October 31, 2001 10:41 AM
To:	Quigley, Dutch
Subject:	EDF Man

Dutch - please send me the numbers.  Sarah