sec var gary and georgeanne let me know that all but 487 shares of eog are hedged ( without the eog leg , the cerberus total return swap is really only a loan , and its var is about $ 500 thousand ) . i have recalculated , and the total return swaps var fell to $ 34 million in december and $ 18 million in november . december var is still up substantially from november , and the primary reason now is that since natural gas prices are up so much , the value of the bammel looper and mid texas total return swaps has increased . the more money we make , the more we can potentially lose . regards , eugenio