Message-ID: <26272300.1075861054739.JavaMail.evans@thyme> Date: Wed, 9 Jan 2002 07:21:50 -0800 (PST) From: carol.st.@enron.com To: lisa.mellencamp@enron.com, max.sonnonstine@enron.com, t..hodge@enron.com Subject: RE: Texex Energy Partners Cc: sara.shackleton@enron.com Mime-Version: 1.0 Content-Type: text/plain; charset=us-ascii Content-Transfer-Encoding: 7bit Bcc: sara.shackleton@enron.com X-From: St. Clair, Carol X-To: Mellencamp, Lisa , Sonnonstine, Max , Hodge, Jeffrey T. X-cc: Shackleton, Sara X-bcc: X-Folder: \Sara_Shackleton_Mar2002\Shackleton, Sara\Inbox X-Origin: Shackleton-S X-FileName: sshackl (Non-Privileged).pst Max: Have you sent to Sara a copy of the LC? If not, please do so ASAP. Carol St. Clair EB 4539 713-853-3989 (phone) 713-646-3393 (fax) 281-382-1943 (cell phone) 8774545506 (pager) 281-890-8862 (home fax) carol.st.clair@enron.com -----Original Message----- From: Mellencamp, Lisa Sent: Tuesday, January 8, 2002 10:02 PM To: Sonnonstine, Max; Hodge, Jeffrey T.; St. Clair, Carol Subject: RE: Texex Energy Partners did this get taken care of as not sure i understand all the facts?? -----Original Message----- From: Sonnonstine, Max Sent: Fri 1/4/2002 4:24 PM To: Hodge, Jeffrey T.; Mellencamp, Lisa; St. Clair, Carol Cc: Subject: Texex Energy Partners Good Afternoon, Credit has an issue with Texex Energy Partners that you should be aware of. We received an amendment of an LC that reduces the coverage amount to $4mm and extends the expiry date to 1/15/02. It covers physical MTM which we are in the money approx $2mm. I assume that we are not performing on these contracts (some go out to 6/02), but Texex has not terminated. I believe we should call Texex to extend the LC to protect the value of these contracts and if they refuse, we terminate and draw on the current LC. Do you buy into this strategy? Please advise at your convenience. Thanks, Max Sonnonstine x58261