 In December 1999, Enron North America (ENA) pooled a group of its loans receivable into a Trust (known as a collaterized loan obligation) and sold about $324 million of Notes and equity.The lower-rated tranches of these securities were found to be extremely difficult to sell, given that they were the last to be paid out of the Trust and hence the most likely to default.These notes, not surprisingly, were purchased by LJM2 for $32.4 million.