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.
Enron Emails
Enron Emails