chuck ' s numbers he walked you through earlier assumed 100 bps in fees so we are slightly better than forecast . the 65 bps was comp for the original transaction for which we drafted dox and received ratings from s & p and moodys . had we not run into the el paso issues the number would have held . given that the new structure requires a new market , new rating agency process and new documentation , we are effectively documenting and selling a new second transaction . an increase in the fee for this substantial change of the deal is market . i still believe a sept 30 closing is unrealistic . if all goes well , i think we can be done by mid oct . to reach a sept 30 closing , i think the only option would be to ask bank of america to underwrite and buy the whole thing . that would likely be an expensive option . we can discuss in much more detail at our 9 am mtg tomorrow . i ' d be hesitant to show panic that we must sell the asset at any price prior to sep 30 and trade real economic value and negotiate from a weaker position when we can have a clean sale 2 weeks later ( ideally before 3 q earnings release ) . the assets are still warehoused off balance sheet and fortunately el paso ' s credit spreads have been trading in to our benefit . just my thoughts . ps : your gift made my day . i ' m fully recovered and back on pace . thanks . - - - - - - - - - - - - - - - - - - - - - - - - - -
sent from my blackberry wireless handheld ( www . blackberry . net )
chuck ' s numbers he walked you through earlier assumed 100 bps in fees so we are slightly better than forecast . the 65 bps was comp for the original transaction for which we drafted dox and received ratings from s & p and moodys . had we not run into the el paso issues the number would have held . given that the new structure requires a new market , new rating agency process and new documentation , we are effectively documenting and selling a new second transaction . an increase in the fee for this substantial change of the deal is market . i still believe a sept 30 closing is unrealistic . if all goes well , i think we can be done by mid oct . to reach a sept 30 closing , i think the only option would be to ask bank of america to underwrite and buy the whole thing . that would likely be an expensive option . we can discuss in much more detail at our 9 am mtg tomorrow . i ' d be hesitant to show panic that we must sell the asset at any price prior to sep 30 and trade real economic value and negotiate from a weaker position when we can have a clean sale 2 weeks later ( ideally before 3 q earnings release ) . the assets are still warehoused off balance sheet and fortunately el paso ' s credit spreads have been trading in to our benefit . just my thoughts . ps : your gift made my day . i ' m fully recovered and back on pace . thanks .
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sent from my blackberry wireless handheld ( www . blackberry . net )