Per a conversation I just had with Saul Laureles, an attorney with Chamberlain, Hrdlicka, who has been hired to assist Apache/Shell with the assignment of the Fletcher Challenge business. He said: Fletcher Challenge would like to assign their petro business to Shell Holdings for a short time (like one day or so). Shell would then immediately transfer the agreement/transactions to Apache. He proposes we get a new master in place with Apache, since Apache is a better credit than Fletcher Challenge. He said he will send me some letter showing how he would like to do this, along with a draft Apache ISDA (without collateral, of course, since Apache is such a good credit). I told him that I can't speak for Credit, but we probably are going to have a big problem on that last point. We never enter into masters without a collateral annex attached. I'll keep you posted when I hear from him.

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Fletcher Challenge/Apache Assignment