FYI
---------------------- Forwarded by Mark - ECT Legal Taylor/HOU/ECT on 
12/16/98 11:08 AM ---------------------------
   
	Enron Capital Management
	
	From:  Scott Pudenz                           12/16/98 10:15 AM
	

To: William S Bradford/HOU/ECT@ECT
cc: Cynthia L Schneider/HOU/ECT@ECT, Soma Ghosh/LON/ECT@ECT, Mark 
Evans/LON/ECT@ECT, Mark - ECT Legal Taylor/HOU/ECT@ECT, Stephen H 
Douglas/HOU/ECT@ECT, Bobby Bajaj/LON/ECT@ECT, Julie Adams/LON/ECT@ECT, Robina 
Barker-Bennett/LON/ECT@ECT 
Subject: Re: Signing on Customer Swaps  

We have left a message with Jeff McMahon to see if he will take commercial 
responsibility for either signing the docs, or if he is not authorized to 
sign for these companies, to give the OK to someone else in Houston to sign 
who is authorized.  In the past we have had Dana Gibbs help us out - which is 
another option.

We have been thru these issues before on other transactions, and ECT Europe 
takes responsibility as far as P&L goes.  I'm not sure it works from a tax 
standpoint though to have all these side letters floating around - because 
then it could get us in a tough spot with the tax man.  Our preferred 
approach is to get someone in Houston to stand up for London for signatory 
purposes.

Please advise if you have any comments.

Scott





William S Bradford
16/12/98 15:52
To: Scott Pudenz/LON/ECT@ECT
cc: Cynthia L Schneider/HOU/ECT@ECT, Soma Ghosh/LON/ECT@ECT, Mark 
Evans/LON/ECT@ECT, Mark - ECT Legal Taylor/HOU/ECT@ECT, Stephen H 
Douglas/HOU/ECT@ECT 
Subject: Re: Signing on Customer Swaps  

Scott,

Mark Taylor wants to make sure ECT management is comfortable with assuming 
the risk of all these transactions.  Has anybody on your deal team obtained 
the proper ECT-NA support for these transactions.  If tax reasons are driving 
these deals to ECT-NA, perhaps we will need a side letter where ECT-Europe 
guarantees to ECT-NA performance on these transactions.

Let us know how you want us to proceed to get the necessary signatures by the 
end of the day.

Bill


   
	Enron Capital Management
	
	From:  Scott Pudenz                           12/16/98 09:45 AM
	

To: William S Bradford/HOU/ECT@ECT, Cynthia L Schneider/HOU/ECT@ECT
cc: Soma Ghosh/LON/ECT@ECT, Mark Evans/LON/ECT@ECT 
Subject: Signing on Customer Swaps

Mark Evans will be coordinating with Sara's replacement today the signing of 
the Customer Swaps (1&2).
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