Subject: FW: Dabhol -- A Brief Legal Update
From: [email-masked]
To: [email-masked]
Date: Thu, 7 Jun 2001 05:56:57 -0700 (PDT)

-----Original Message-----
From: 	[email-masked]@ENRON <mailto:[email-masked]@ENRON> [mailto:[email-masked]] <mailto:[mailto:[email-masked]]> 
Sent:	Wednesday, June 06, 2001 7:47 PM
To:	Harris, Stephanie J; [email-masked] <mailto:[email-masked]>; Haedicke, Mark
Cc:	[email-masked] <mailto:[email-masked]>
Subject:	Dabhol -- A Brief Legal Update

Gentlemen -

A few updates:

   The lender meetings in Singapore this week have been challenging.  The
   Indian banks are trying to induce the foreign banks to fund into a
   project with a repudiated PPA.  It is becoming more apparent to us that
   the Indian banks are being heavily influenced by the Government of India
   and not acting as commercial institutions.  Our business people do not
   believe that all or most foreign banks will continue funding at this
   point.  It is likely that the Indian banks could act on their own to
   cure the construction contract payments which give rise to termination
   this month (about $34 million).  Within a few months, however, the
   Indian bank facility would be fully funded.

   Today, we filed our writ petition in the Bombay High Court challenging
   MERC's jurisdiction.  While we have a hearing date scheduled on Monday,
   there is some doubt whether or not we will get a hearing on that date.

Bruce