Footnote 8

1051. Pursuant to Bankruptcy Code section 544(b), Plaintiff has the rights of an existingunsecured creditor of Plaintiff. Section 544(b) permits Plaintiff to assert claims and causes of actionthat such a creditor could assert under applicable state law.1052. Enron, EPMI, ACFI and/or ENA, directly or through a conduit, made the transfersidentified in the following table, or caused them to be made, to or for the benefit of the transfereeson or about the dates specified below:Transferor ObligorInitialTransferee orBeneficiaryEnron or ACFI Enron Merrill Lynch,Pierce, Fenner &Smith Inc.ENA or Enron Enron and EPMI Merrill LynchCapital ServicesTransferDate Transaction Transfer Amount1/4/2000 Nigerian Barges$250,000.00(advisory fee)7/10/2000 1999 ElectricityTrades (terminationpayment)$8,500,000.001053. The transfers identified in the foregoing table, together with any interest, fees, andother payments to the transferees related to the foregoing transfers, are referred to herein as the“Merrill Lynch 544 Transfers.”1054. Enron, EPMI, ACFI and/or ENA received less than a reasonably equivalent valuefrom the transferees in exchange for the Merrill Lynch 544 Transfers.1055. The Merrill Lynch 544 Transfers constitute transfers of interests in property of Enron,EPMI, ACFI and/or ENA.1056. Each of the Merrill Lynch 544 Transfers was made to or for the benefit of the entitieslisted in the third column of the foregoing table as initial transferees or beneficiaries.1057. Upon information and belief, when the Merrill Lynch 544 Transfers were made,Enron, EPMI, ACFI and/or ENA were insolvent, or became insolvent as a result of the transfers;were engaged in business or a transaction, or were about to engage in business or a transaction, forwhich their remaining property was an unreasonably small capital; and/or intended to incur, or604041v1/007457-374-