Over the last few months, structured finance analysts have been gauging Enron Corp.'s bankruptcy and its technical impact on the various market segments, such as CMBS deals with Enron office space exposure, CDOs referencing Enron, as well as the ABCP market, which, at one point, had nearly $10 billion of Enron exposure (see ASR 12/10/01).

As Enron's financial arrangements come under scrutiny, some pros are predicting a backlash for structured finance markets similar to what happened with LTV Steel, when creditors challenged true-sale in efforts to seize securitized assets.

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