Message-ID: <17139622.1075844915225.JavaMail.evans@thyme> Date: Wed, 7 Mar 2001 08:29:00 -0800 (PST) From: sara.shackleton@enron.com To: edward.sacks@enron.com Subject: RE: Mirant Cc: frank.sayre@enron.com Mime-Version: 1.0 Content-Type: text/plain; charset=us-ascii Content-Transfer-Encoding: 7bit Bcc: frank.sayre@enron.com X-From: Sara Shackleton X-To: Edward Sacks X-cc: Frank Sayre X-bcc: X-Folder: \Sara_Shackleton_Dec2000_June2001_2\Notes Folders\Sent X-Origin: SHACKLETON-S X-FileName: sshackle.nsf Ed: I need to understand factually what is happening. All transactions between ENA and Mirant Americas Energy Marketing should be subject to the existing ISDA between ERMS and Vastar Gas Marketing Inc., as amended. The existing guaranty from Vastar Resources, Inc. applies to all trades through approximately the end of this week Who have you spoken with at Mirant as a follow up to our conversation of last Friday? It appears that Mirant is trying to prevent trading until the new guaranty is in place. Frank has contacted Mirant legal and are in agreement in principle as to the new guaranty from Mirant Corporation. However, we understand that this entity will be spun off in the near future and the credit could change substantially. Have you given thought to the effect of the new guaranty? Also, have we traded today with Mirant Americas Energy Marketing? Online or offline? We should talk to our traders about apparent authority and/or save tapes if we are having problem Call. We will negotiate a new ISDA in the next few months Sara Shackleton Enron North America Corp. 1400 Smith Street, EB 3801a Houston, Texas 77002 713-853-5620 (phone) 713-646-3490 (fax) sara.shackleton@enron.com Edward Sacks/ENRON@enronXgate 03/07/2001 10:55 AM To: Frank Sayre/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT cc: Sara Shackleton@ECT Subject: RE: Mirant It was my understanding that they would not be able to opt out of trading under the ISDA, since this contract has not been terminated. However, if this is not the case and the trades that we are currently entering into are not being confirmed under the ISDA, I think that we should get together as soon as possible. We do a significant volume of trades each day with this counterparty both OTC and EOL. Lets discuss. Ed Sacks -----Original Message----- From: Sayre, Frank Sent: Wednesday, March 07, 2001 9:05 AM To: Sacks, Edward Cc: Sara Shackleton@ECT Subject: Mirant Importance: High Ed - After we hung up, I though a bit more about trading with Mirant. In light of the letter sent by Mirant on February 26 that stated ". . . no further transactions will be enter into under the agreement", we need to call Mirant prior to completing the trade. I will try on this end, but you should also try. The contact is Nicole Russell (678) 579-7489.