Subject: 2002 TW Hedges
From: [email-masked]
To: [email-masked]
Cc: [email-masked], [email-masked]
Date: Thu, 29 Nov 2001 09:09:39 -0800 (PST)

Drew,
      The 2002 Transwestern fuel hedges were all done with ENA.  Currently those hedges are approximately $17.0m in the money.  Our ENA hedges would certainly be rejected by a Trustee in bankruptcy.  Since these were affiliate transactions, I would assume that these positions were all layed off to a non-Enron counterparty.  Is there a way that we can get assignment of the offsetting counterparty transactions?  If not, we could have a big hole for next year.

Dan