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To: sportsman who wrote (2138)	12/3/2001 11:30:27 PM
From: sportsman	Respond to of 11633

Enron news: By LILY NGUYEN and JOHN PARTRIDGE 18:56 EST Monday, December 03, 2001 Enron Canada Corp.'s attempt to escape the fate of its parent will be put to the test in an Alberta court tomorrow when it faces clients over its bid to force them to uphold their contracts. The company, the Canadian gas and electricity trading unit of beleaguered Enron Corp., was hit with a slew of contract suspensions and cancellations as a result of its parent's credit downgrade last week and filing for bankruptcy protection on the weekend. Enron provided the credit guarantees for Enron Canada. But Enron Canada, which wasn't included in the bankruptcy filing, is solvent and can continue to operate if the court grants an injunction preventing contract cancellations, company chief executive Robson Milnthorp said in an affidavit filed Friday. "Enron Canada is solvent and able to pay its obligations as they become due provided that those who transact with Enron Canada continue to perform their obligations," the affidavit read. It described the Canadian business climate in regards to Enron as one of "market hysteria." Among Enron Canada's counterparties, including oil and gas producers, utilities and power producers, the company's actions were greeted with reserve or skepticism. "It's kind of hard for us to support it, when we did terminate two physical (gas delivery) contracts with them on Friday," Dennis Feuchuk, the chief financial officer of PrimeWest Energy Trust, said, adding that his company is examining Enron Canada's bid. Mr. Feuchuk said PrimeWest has already entered into new contracts for the gas that had been covered by the Enron Canada contracts. At senior producer Talisman Energy Inc., which suspended contracts with Enron Canada last week, spokesman David Mann said the company will be opposing Enron Canada's request on Wednesday. "We've suspended delivery under contracts and we just want that upheld," said Mr. Mann, who added that Talisman's maximum potential exposure is less than $10-million. Other counterparties said they are still considering the proposal. "We welcome the opportunity to conduct business as usual with Enron (Canada), however, we must be provided with some assurance that the company is capable of delivering on its commitments," said Patti Lewis, a spokeswoman for Suncor Energy Inc. Enron Canada officials declined comment yesterday. The company had attempted to get an injunction Friday, but this was rejected by Alberta Court of Queen's Bench judge D.G. Hart, who ordered the company to notify its counterparties before returning to court this week. Meanwhile, a list of parent company Enron Corp.'s largest unsecured creditors includes three Canadian banks. Toronto-Dominion Bank is seventh on the list, owed more than $35.3-million by the giant U.S. energy company, while Bank of Montreal, owed more than $20.7-million, ranks ninth. Royal Bank of Canada, owed an even $10-million, ranks 17th. David Moorcroft, a spokesman for Royal Bank, said its $10-million is in the form of letters of credit, likely issued for the purchase of oil or gas, which would have served as collateral. "If there's a problem, we get the product and we're stuck with reselling it," he said. A TD spokeswoman said that the information that appears on this list of unsecured creditors "doesn't necessarily correspond to exposure." She would not elaborate beyond reiterating a statement by the bank last Thursday in which, while not identifying Enron, it said that its exposure to the energy sector was not material. BMO indicated the same day that its exposure to Enron would not lead to any increase in estimated loan loss provisions. Absent from the list of top unsecured creditors was Canadian Imperial Bank of Commerce, which last week revealed that it is owed about $215-million by Enron, $115-million of this in the form of unsecured loans, letters of credit and derivatives. CIBC, thought to be Enron's largest Canadian lender, remains the only Canadian bank to have given details of its exposure. Copyright © 2001 The Globe and Mail

To: sportsman who wrote (2138)	12/4/2001 12:47:12 AM
From: trustmanic	Read Replies (1) \| Respond to of 11633

Sportsman, I have psychological preparation for welfare reduction...That is why I told my friends and relatives a few days ago that they may not receive any X'mas gift from me....becauase I intended to turn myself into a Buddhist , so I don't have to celebrate Christmas this year. My son begged me to be a Christian for another year because he needed this Harry Porter computer game as a Christmas present. The new IPC US Income Real Estate Investment Trust(IPO), is worth to take a closer look, according to CIBC, this company was found by P. Reichmann. George