RE: Mirant ,
 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.
edward.sacks@enron.com