Message-ID: <4313312.1075852089405.JavaMail.evans@thyme>
Date: Mon, 9 Apr 2001 17:24:00 -0700 (PDT)
From: barry.tycholiz@enron.com
To: mark.hawkins@southernunion.com
Subject: San Juan Deals
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Mark, further to our conversation... Mercado transacted with Enron North America under the terms and conditions of a financial transaction and these transactions have been or will be settled financially, however these transactions could have been set up as physical.  The structure of the transaction changes as a result of a few variables, including the price,day of cash settlement, and curtailment issues on San Jan deliveries which would then automatically convert the fixed price portion to 100% load factor and settlement would be on 100% of the volume regardless as to what physically flowed. 

Please call me if there are any questions regarding this note.   

Barry  Tycholiz
Vice President, Enron North America