Following the recent administration of Railtrack and the draft Memorandum to Members of 11 October circulated by ISDA (copy attached for info), a number of you have expressed a wish to formally respond to ISDA on the issues raised.
I've attached the draft we propose to send to ISDA.
If you could let me have any thoughts/comments on the draft as soon as possible.
I'll leave the decision as to when/if to submit the letter to Bryan.
Thanks and regards,

Draft letter to ISDA re. "Not Contingent" and convertible bonds