re : mpr for 6 / 20 / 00 ted , question 1 ) the investments in calme and apachi are booked on an accrual basis . i have had several meetings with commercial and accounting representatives over the last year and all have stated that any earnings are effectively reinvested back into the assets . therefore , the market values that are reflected on the mpr are actually book values . the book values are typically adjusted the last week of the month and are 1 month behind as the internation groups wait until the gl is closed before communicating the updated values . question 2 ) thanks for the heads - up on india . i spoke with sheila glover and we are now aware of the details behind rediff . com . we need to ensure that these positions are not accounted for on the dpr by india so that we do not double - report the p & l . the long - term solution is to establish a communication line for future investments . between sheila , donna lowry , and i we can develop a plan . question 3 ) the 3 bonds that you are referencing were purchased by jeff kinneman for jim easter . during our last conversation , jim told jeff that these are strategic investments and should not be reflected on the mpr . there is still some uncertainty / confusion as to when an investment is classified as merchant . we could insist that all publically traded investments not included in the equity books would qualify . having said that , i would like to know if the gas authority of india , ltd ( gail ) and europe ' s investment in mg are considered to be merchant investments . i will be on vacation this friday and all of next week so please include david maxwell on any responses . david and i will stay in touch so as to make adjustments as needed . thanks , todd from : ted murphy 06 / 22 / 2000 03 : 07 pm to : d todd hall / hou / ect @ ect cc : sally beck / hou / ect @ ect , rick buy subject : re : mpr for 6 / 20 / 00 mr . hall , i have just reviewed the merchant portfolio summary for 6 / 20 and have the following questions : 1 ) calme shows an asset of $ 291 . 9 mm and apachi shows an asset of $ 113 . 0 mm and they show no p & l for the year is this possible in a world of changing interest rates and equity premiums and commodity prices ? 2 ) india recently invested in an ipo ( rediff . com ) for which there was a simultaneous dash to buy and sell ( sounds like a merchant deal ) . where does this show up ? 3 ) there are several bonds ( publicly traded , registrered securities , housed in our prime broker accounts ) owned by various enron entities that i do not believe are on the dpr . shouldn ' t they be ? and if so , who is deciding not to include ? pls advise at your earliest convenience as you always do . thanks ted from : d todd hall 06 / 21 / 2000 01 : 16 pm to : rick buy / hou / ect @ ect , andrea v reed / hou / ect @ ect , sally beck / hou / ect @ ect , ted murphy / hou / ect @ ect , richard causey / corp / enron @ enron , carol jean marshall / hou / ect @ ect , raymond bowen / hou / ect @ ect , jeff skilling / corp / enron @ enron , jeff donahue / hou / ect @ ect , l ' sheryl hudson / hou / ect @ ect , monica reasoner / hou / ect @ ect , hope vargas / hou / ect @ ect , adarsh vakharia / hou / ect @ ect , joseph w sutton @ enron , michael s galvan / hou / ect @ ect , maria lebeau / hou / ect @ ect , wes colwell / hou / ect @ ect , mark frevert / na / enron @ enron , thomas myers / hou / ect @ ect cc : subject : mpr for 6 / 20 / 00