Lisa and Liz; I am very concerned about the way that credit is handling and coordinating = with us on margin issues.
For over a week we have been waiting for them to=  compile and send to us information on LC's that are due to expire at the e= nd of December.
We finally received a very cryptic spreadsheet this aftern= oon which requires alot of follow up in order for us to determine what our = rights are.
I get the sense that credit assumes that since we are in bankr= uptcy we will never have the right to draw on LC's that we are holding when=  in fact we know that this is not necessarily true.
For example, this afte= rnoon I found out that we are holding an $8 million LC for trades done with=  Enserco under an ISDA.
The drawing condition is a failure to pay.
Under = the ISDA, they were required to renew this LC within 20 Business days of th= e expiry date which is 12/31.
If they don't renew I'm hoping that we can d= eclare an Event of Default, terminate, request payment of a termination pay= ment and if they don't pay draw.
I'm not sure that by following all of the=  cure periods in the ISDA we can be in a position to draw on the 31st.
Tha= t's just one example.
Do you have any thoughts on this?

Credit issues
Lisa and Liz; I am very concerned about the way that credit is handling and coordinating = with us on margin issues.
For over a week we have been waiting for them to= compile and send to us information on LC's that are due to expire at the e= nd of December.
We finally received a very cryptic spreadsheet this aftern= oon which requires alot of follow up in order for us to determine what our = rights are.
I get the sense that credit assumes that since we are in bankr= uptcy we will never have the right to draw on LC's that we are holding when= in fact we know that this is not necessarily true.
For example, this afte= rnoon I found out that we are holding an <CUR><NUMBER> million LC for trades done with= Enserco under an ISDA.
The drawing condition is a failure to pay.
Under = the ISDA, they were required to renew this LC within <NUMBER> Business days of th= e expiry date which is <NUMBER>/<NUMBER>.
If they don't renew I'm hoping that we can d= eclare an Event of Default, terminate, request payment of a termination pay= ment and if they don't pay draw.
I'm not sure that by following all of the= cure periods in the ISDA we can be in a position to draw on the 00st.
Tha= t's just one example.
Do you have any thoughts on this?
margin issues eclare event default enserco isda drawing termination pay expire nd week waiting compile credit handling coordinating determine rights sense finally lc number