DWR Option Expires

FYI - we proposed several alternatives to DWR that would effectively extend our put swaption through the end of April for a cost to ENA of approximately $5MM. None of those were acceptable to DWR. The option will therefore expire at 5:00 PPT today. Vikram Budraja, Advisor to Gov Davis, suggested that we are not dealing in good faith and suggested that he will speak with Ken Lay (we have heard this several dozen times). In any event, I expect to talk with DWR tomorrow to propose a short-term transaction. They might accept it, reject it or prefer one of the term option proposals.