Fletcher Challenge/Apache Assignment

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.