ecp linden swaps yes joe said would make call original message kitchen louise sent friday october 12 2001 10 38 deffner joseph duran w david colwell wes subject ecp linden swaps dave unwinding original message deffner joseph sent thursday october 11 2001 4 08 pm kitchen louise duran w david colwell wes subject ecp linden swaps understanding happened interest rate swaps indicated earlier original 32 mm put linden 6 expansion never occurred second swap 350 mm put protect value cash flow el paso assuming would monetize asset shortly hedge appear set el paso payment stream mind original 32 mm swaps provide clean hedge remaining el paso cash flows 10 year bullets el paso payment stream 7 year monthly amortizer however 382 mm hedges approximate notionally asset hedged appears given assumption swaps monetized short period time decision may made unwinding rewinding dirty interest rate hedge expensive wearing basis risk brief time given monetization never occurred appear 32 mm hedge ineffective removed replaced determine hedge rate risk associated note anyone anything additional add best could turn looking back fact given many personnel departures