Message-ID: <9387093.1075854467897.JavaMail.evans@thyme>
Date: Fri, 6 Oct 2000 11:25:00 -0700 (PDT)
From: david.delainey@enron.com
To: rick.buy@enron.com
Subject: Re: Devil's Tower
Cc: jean.mrha@enron.com, brian.redmond@enron.com, joseph.deffner@enron.com
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Rick, I have been having discussions with both Joe Deffner and Jean Mrha on 
this one.  Clearly, this is a commercial banking product in which we have 
little competitive advantage unless we take more risk on terminal value or 
collateral (reserve risk).  Ultimately, I have challenged the Upstream Group 
to define the other parts of the deal that would compensate for this 
increased risk and the cost of capital uncompetitiveness.

Regards
Delainey