I just spoke with David.  Apparently he misunderstood what is taking place.  
He thought trading was being limited because of this AG/Ltd. 
misunderstanding.  Wrong....Trading is being limited because Ltd. no longer 
has f/s and Glencore International AG has not yet provided a guaranty.  I 
turned down a Cal'04 swap two days ago that has spotlighted our discussions 
here.  But, he is on board now after I explained our methodology.

brant

 -----Original Message-----
From:  "David Porter" <David.Porter@glencore-us.com>@ENRON 
[mailto:IMCEANOTES-+22David+20Porter+22+20+3CDavid+2EPorter+40glencore-us+2Eco
m+3E+40ENRON@ENRON.com] 
Sent: Friday, March 02, 2001 9:22 AM
To: Reves, Brant
Cc: Sayre, Frank; "Sara Shackleton@ECT" 
<"IMCEANOTES-Sara+20Shackleton+40ECT"@ENRON.com>
Subject: RE: Amendment Document



Brant,

I understand Bill Bradford is meeting Terry Mullervy (our VP Finance) in 
London
today to discuss the credit issues, including further disclose via S&P.

Please do not hold up the short amendment I have agreed with Sara and Frank 
(to
add Glencore AG to the ISDA) until we resolve all the credit issues. It may 
take
some time to gather the information and negotiate the PCG's. In the interim 
why
turn away good business?

Please advise.

Kind regards

David
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