ecp swaps spoken pushkar regarding ecp interest rate hedges two sets hedges put place notional value 32 68 mm executed 5 16 2000 350 mm 3 15 2001 asked pushkar research cash flows hedged determine tranche sizes came fair value enron equity sub debt net 30 mm merlin piece per dash december 7 2000 indicated value time 360 mm additionally dash assumed gain base case approximately 8 mm suggesting might 368 mm value hedge generic five year treasury yields also declined 5 262 dec 7 dash date 4 508 march 15 closing hedging date value el paso fixed cash flow stream would increased value 368 mm perhaps 380 mm range asked pushkar check would seem indicate original hedges rolled subsequent hedges represent value entire transaction final closing case original linden 6 hedges would open positions rather part hedging strategy required closing per executed dash pushkar indicated look files ascertain hedges sized assuming accurately portrays occurred would appear transaction steps execution followed dash requirements followup early possible next week joe