erc financing joe louise conf call today erc financing legal finance call consensus would difficult structure involves selling erc market entity controlled bank buying call entity selling put entity price swap fixed floating entity bank would also want understand market liquidity price transparency rules every district erc texas sox deal recently put vehicle much simpler liquid market took 4 months 1 mm legal fees put together lawyers involved believe would difficult likely expensive california erc several districts several products 1 mm internal resources seems like lot 20 mm 30 mm balance expected term one year especially uncertain success due price transparency issues index price thoughts chris calger 503 464 3735