Subject: FW: Forward Contracts - End User
From: [email-masked]
To: [email-masked], [email-masked], [email-masked]
Date: Tue, 30 Oct 2001 09:25:05 -0800 (PST)

-----Original Message-----
From: 	"Rick Antonoff" <[email-masked]>@ENRON  
Sent:	Tuesday, October 30, 2001 10:24 AM
To:	[email-masked]
Cc:	Mark Ellenberg; David Mitchell
Subject:	Forward Contracts - End User

Re you voice message.
The safe harbor - section 556 -- allows a "forward contract merchant" to
liquidate a forward contract.  A "forward contract merchant" is defined as
"a person whose business consists in whole or in part of entering into
forward contracts as or with merchants in a commodity . . . "  I would say
that an end user, or any counterparty, is as much a "forward contract
merchant" as Enron is since the end user has in fact entered into at least
one forward contract with Enron, and can therefore liquidate upon an Enron
bankruptcy. Let me know if you have a different view or if that does not
answer your question.

Rick

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