This excerpt taken from the EPD 8-K filed Aug 28, 2006.
Slide 128 Non-Consolidation Objectives
Certainly one of the issues that weve been talking with the rating agencies about is non-consolidation opinions. That is something that is important to the debt holders. Its becoming less of an issue now because of some recent court decisions, but it is nonetheless something that were very focused on. We think that the issue of substantive consolidation is, again, very remote, particularly given some recent court decisions. But we have delivered a draft of a non-consolidation opinion to the rating agencies with respect to EPCO and Enterprise to the effect that if EPCO were for any reason to declare bankruptcy, that Enterprise Products Partners could not be substantively consolidated in a bankruptcy filing. We are planning to provide one or more similar opinions with respect to non-consolidation with respect to EPD and EPE (Enterprise GP Holdings) and with respect to TEPPCO.