I talked w/ Ed McMichael about Noble WRT rescinding our termination if Noble were willing to pay in full all amounts due.  Ed said he would rather cause the position to be terminated (moving the approximately $40M MTM value out of the "live" status) than he would collect the $39M of outstanding invoices.  Ed's rationale is that any amounts settled (invoiced) will ultimately be collected in full w/ interest so there's no need to continue to wear the $40M MTM risk.

Therefore, I will let our termination letter stand as issued and do not plan to contact Noble.

Susan: please be sure to note that the termination letter was sent 3/11/02.  

Thanks

Louis R. DiCarlo
ENA Gas Structuring
Phone: 713-345-4666
Email: louis.dicarlo@enron.com