QUESTION: Dear Mr. Derrick: Thank you for including me in this venture. It promises to be fun and useful. Unfortunately, in terms of the November 2nd meeting, a faculty candidate I'm primarily responsible for is coming through the law school the same day. He is giving a colloquium late morning/early afternoon and my wife and I are hosting the dinner for him and his wife that evening. So, especially given the post-9/11 logistics, it doesn't seem practical for me to come to Dallas for this meeting. One possibility might be for me to participate by phone for a portion of the afternoon meeting and I would be happy to do so. But given the nature and length of the meeting, this probably doesn't make sense - please let me know what you think. Best regards.
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ANS: Nov. 2 Mtg of Exec Comm of Inst for Law & Tech

QUESTION: Please see the attachment for a specific definition of ELIGIBLE SWAP PARTICIPANT and the TRADE OPTION EXEMPTION. From a legal perspective and to avoid scrutiny and regulation by the Commodity Futures Trading Commission, ENA must always comply with the Trade Option Exemption when entering into options (as buyer or seller) with a third party. Some of ENA's trading parties cannot satisfy this exemption from regulation because they are not a producer/merchant handling the underlying commodity (such as banks, hedge funds, etc) even though they may be entering into the transaction for business purposes. If that situation occurs, ENA MUST ALWAYS BE THE OFFEREE OF THE OPTION (as buyer or seller) and ENA cannot solicit the party to enter into the transaction. If ENA's trading partner fails to satisfy the Trade Option Exemption, our confirmation will EXPLICITLY state that ENA was offered the option to buy or sell by the counterparty. Please call me if you have any questions. Thanks. Sara [ENA legal]
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ANS: "financial options" (derivatives) and the Trade Option Exemption

QUESTION: Attached is the form of option agreement for the Schaeffer option which passes muster. The changes are relatively minor, but have significance from an accounting and legal perspective. Kay
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ANS:
Shaffer option