IN: Attached is the most recent draft of the Aruba Review Process Outline. As of today, we have started briefing the commercial terms of the agreement, are aggregating all of the deal tickets and comparing with the supply contracts/transportation agreements, started to compare actual historical usage vs. forecasted load data, and have a meeting scheduled with Settlements on Monday. I will be out of the office for the rest of today and all of tomorrow, but will check voicemail. Please let me know if you have any questions. Thanks,

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OUT: Aruba Review
IN: This is an email
Hi, Is anyone talking to you guys about sourcing end of day Interest Rate Curves for your various risk management systems, or would you like me to arrange for them to be sent to you at the end of each day? I could arrange for a file containing the OBS (UBSW Interest Rate Derivatives system) yield curves to be e-mailed to you once they are saved every afternoon. The official closes for the USD and CAD LIBOR curves are saved down at around 3:30pm / 3:40pm New York time each afternoon. The files would contain prices for the swaps, futures and money market instruments that are used to build the curve, and also the corresponding zero coupon rates on a continuous A/365 basis. I guess we would have to talk about the exact form that your systems need the rates to be in to see if any conversion would be necessary. Cheers,

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OUT: Interest Rate Curves
QUESTION: In an effort to conserve space in the refrigerator for tomorrow's Thanksgiving luncheon, please take your old or unwanted items out of the refrigerator this afternoon. Also, if you are bringing a dish, please remember to bring a serving spoon. Thanks!! !
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ANS: Thanksgiving Luncheon
Lisa and Liz; I am very concerned about the way that credit is handling and coordinating = with us on margin issues. For over a week we have been waiting for them to= compile and send to us information on LC's that are due to expire at the e= nd of December. We finally received a very cryptic spreadsheet this aftern= oon which requires alot of follow up in order for us to determine what our = rights are. I get the sense that credit assumes that since we are in bankr= uptcy we will never have the right to draw on LC's that we are holding when= in fact we know that this is not necessarily true. For example, this afte= rnoon I found out that we are holding an $8 million LC for trades done with= Enserco under an ISDA. The drawing condition is a failure to pay. Under = the ISDA, they were required to renew this LC within 20 Business days of th= e expiry date which is 12/31. If they don't renew I'm hoping that we can d= eclare an Event of Default, terminate, request payment of a termination pay= ment and if they don't pay draw. I'm not sure that by following all of the= cure periods in the ISDA we can be in a position to draw on the 31st. Tha= t's just one example. Do you have any thoughts on this?
Q: What is a potential subject line for this email?
answer: Credit issues
Marie, What is the threshold for an eligible contract participant for an entity? Is it $5MM? I have a New Zealand counterparty who would like to delete the eligible contract participant rep. All here is pretty spooky - we are just waiting for the hammer to drop!
Answer: Eligible Contract Participant
Q: You are scheduled to attend the 2nd Annual Global Accounting Leadership Offsite Thursday and Friday, September 20 and 21, in Galveston, Texas. Rick Causey has reserved one hour of this conference for an "Open Forum," at which we plan to discuss whatever you, the Global Accounting Leadership, wish to discuss. In order to get an idea of what the topics of interest are, as well as to do any preliminary fact-finding which may be possible, please reply to this eMail and submit the topic(s) you would like to see discussed. I will compile the list and forward to Rick without names associated. If for any reason you are concerned about anonymity, you may also send a note via interoffice mail (EB 1769) or other confidential means. Please let me know if you have any questions. Thanks!
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A:
Global Accounting Offsite - Sept 20 & 21