Subject: Eco Progress
From: [email-masked]
To: [email-masked]
Cc: [email-masked], [email-masked]
Date: Thu, 8 Nov 2001 12:46:18 -0800 (PST)

I think this is a good summary of where we are:

1.  QF Status:  Mirant is willing to provide a legal opinion that it meets the QF status under the PPA if it is required to close.

2.  A market report should be issued by Mirant today as to the reasons they have only been able to secure $300 million instead of $500 million in insurance.  Hopefully this will satisfy the lenders.

3.  Mirant's proposal went out today on how to protect the lenders if the SHO is extinguished.

4.  Mirant and GE have agreed to a closing checklist and fee coverage.

Things left to do:

1Finalize all documents

2.  Receive underwriter approval on the resolution of all insurance claims.

3.Agree upon mirror guarantees with Enron and Mission relating to the Union Carbide guarantees.

Jeff Donahue informs me that CFSB feels secure that this deal will close on December 15 but not before.  The reason is that there are PPA bids that need to go out by that date.

Let's keep daily status reports coming. If I have misrepresented anything in the summary, please let me know.