Ariba Hits Some Speed Bumps on the Fast-Growth Highway
By Joe Bousquin
Staff Reporter
9/7/00 3:21 PM ET
URL: http://www.thestreet.com/tech/internet/1070107.html

SAN FRANCISCO -- In a sign that the business-to-business software game is
tough even when you're on top, Ariba (ARBA:Nasdaq) has been running into
problems this summer, both at home and abroad.
Ariba told analysts and investors at a private breakout session here Tuesday
at the Robertson Stephens Internet Conference that its business in Europe
this summer has been "soft," according to Eric Upin, an analyst at the firm.
And at home, analysts are starting to talk about problems the company has had
integrating its Tradex software into its own and customers' systems.
An Ariba spokeswoman didn't immediately return a call seeking a comment.
The challenges Ariba is facing illustrate how difficult it can be to stay
ahead of the game in an emerging industry, even for one of its most
aggressive leaders. And they come at a time when its main competitor,
Commerce One (CMRC:Nasdaq), is gaining momentum in key markets -- including
Europe -- through its partnership with German software maker SAP (SAP:NYSE
ADR).
Upin, who rates Ariba a buy and lists the company as one of his top B2B
picks, says the new concerns have to be taken in context. (His firm hasn't
performed underwriting for the company.)
"Ariba's just getting ramped up in Europe, and Europe's slow during the
summer. It's a tiny part of their business," Upin said. "But there was
concern because Ariba was saying that business was soft [in Europe] in
August."
That concern has been reflected in Ariba's stock, which is trading just under
$162, off from its Sept. 1 close of $166.25. It fell 6.1% Wednesday after the
breakout session, though it's up about 3% Thursday. With the stock trading at
more than 70 times next year's projected sales, it's priced to perfection.
Ariba's softness in Europe comes at a time when Commerce One has been making
strides there. Its partnership with SAP has resulted in six new customers so
far. Commerce One also announced a joint marketing and sales alliance with
Intershop, another German software maker, on Thursday.
At home, Ariba has been encountering problems in integrating its Tradex
software, which enables users to participate in auctions over the Internet,
into its customers' systems, as well as into its own software platform.
Ian Toll, an analyst at Credit Suisse First Boston, says those problems
shouldn't be viewed as too much of an impediment for Ariba. But they do
illustrate the complexities of building software that is designed to do
everything from manage back-office accounting systems to trade real-time with
outside partners.
"Implementation has certainly been a concern with Tradex," Toll said.
"Certain Tradex customers have highlighted what appear to be longer time
lines than they had hoped for. But I think that's true across competing
vendors as well." (Toll rates Ariba a buy, and his firm hasn't done
underwriting for the company.)
While Ariba issued a news release Thursday crowing about how drugstore
operator CVS (CVS:NYSE) recently went live on its Ariba Buyer software in
just 60 days, observers say that getting Tradex installed and working is
taking closer to six months. In the hard-charging world of B2B, that's an
eternity.
Ariba completed its acquisition of Tradex in March. Ariba has hailed the
acquisition as one that gives it best-of-breed auction capability, which it
would integrate into its own suite of software products. But competitors,
most notably Oracle (ORCL:Nasdaq), pooh-poohed the deal, saying that
stringing together complex technologies through acquisitions is easier said
than done.
And in its most recent quarterly results release, when it reported record
revenue of $80.7 million that was backed up by $153 million in deferred
revenue, the company cautioned that integration of Tradex could be a
stumbling point.
In the release's boilerplate section that noted that actual results could
differ from projections, Ariba said those differences could result from,
among other things, "difficulties in assimilating companies recently
acquired, including Tradex."
Despite the problems, though, analysts are still positive on the company.
"Ariba could be the next Oracle," Robbie Stephens' Upin said. "And there were
quarters when Oracle promised and didn't deliver or it missed altogether. But
even for an Ariba, there will be those bumps along the road."
But as competition increases in the B2B sector, those bumps are getting more
pronounced.


Here's the Big Sandy document with those revisions you left on my VM.  Let me know if you need anything else.

Denise LaGesse
Enron Transportation Services
1400 Smith Street (77002-7361)
P.O. Box 1188
Houston, Texas 77251-1188
denise.lagesse@enron.com
ph 713-853-6704
fax 713-853-5425


FYI - Please call Khymberly Booth with questions.
Ed

 -----Original Message-----
From: 	Booth, Khymberly
Sent:	Thursday, May 30, 2002 2:31 PM
To:	Baughman, Edward; McMichael Jr., Ed; Schneider, Chip; Apollo, Beth; O'Neil, Murray P.; McConnell, Mike; Piper, Greg; Jacoby, Ben; Parquet, David; Mays, Wayne; Virgo, Robert; Melendrez, Jesus
Cc:	Miller, Don (Asset Mktg)
Subject:	FW: KERP Communication and Certificate

I know you all received the below e-mail, however I wanted to encourage you to talk to your employees regarding this to ensure everyone understands the importance of getting this in on time.  If it is not in the box on 16 by Monday end of business (5:00) there is a chance the employee may not receive their KERP payment at the time of others.  This form has to be received by HR for payment to be made.  If you have any employees who will be unable to comply with this please let me know.

Portland and San Francisco-  I will contact you to let you know what to do to get these in on time.

Thanks-
KB

 -----Original Message-----
From: 	Robert W. Jones, Enron HR Executive
Sent:	Thursday, May 30, 2002 2:20 PM
To:	DL-GA-all_special mailing
Subject:	KERP Communication and Certificate

The Bankruptcy Court order authorizing the Key Employee Retention, Liquidation Incentive and Severance Plan (the "KERP") requires that, before receiving any payment under the KERP, each participant certify that he or she has not engaged in insider trading of the Company's stock.  To receive any KERP payment, you must print, complete, and return the attached certificate.

If you wish to review Enron's policy regarding insider trading, you can find the Securities Trades by Company Personnel section of the Code of Ethics at:

<<http://home.enron.com/resources/policies/code_of_ethics/code_of_ethics100600.pdf >>

We are making every effort to make the first payments under the KERP by June 15, 2002.  To ensure that you receive your first scheduled payment on June 15th with your regularly scheduled pay via direct deposit, you should:

?	Completely and legibly fill out the form.
?	 Deliver it to the designated receptacle in the lobby on the 16th floor by  no later than 5:00 p.m., Monday, June 3, 2002.
?	 Do not drop it in the mail.

Unfortunately, late forms will result in a delay in payment.  Thank you for your hard work and continued commitment to Enron.


How much vacation/floating holiday time have I left, any?


Attached, please find the amended version of ABX 128 (Corbet) which
would establish a windfall profits tax.

http://info.sen.ca.gov/pub/bill/asm/ab_0101-0150/abx1_128_bill_20010508_amende
d_asm.pdf


Start Date: 4/2/01; HourAhead hour: 18;  HourAhead schedule download failed.
Manual intervention required.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final
Schedules\2001040218.txt
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!!!An error occurred while attempting to initialize the Borland Database
Engine (error $2A04)
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Error: dbCaps97Data: Cannot perform this operation on a closed database


Carolyn M. Campbell
King?& Spalding
713-276-7307 (phone)
713-751-3280 (fax)
ccampbell@kslaw.com <mailto:ccampbell@kslaw.com>

-----Original Message-----
From: VAN DUSEN, Nicholas [mailto:nicholas.vandusen@freshfields.com]
Sent: Wednesday, April 25, 2001 11:38 AM
To: 'ccampbell@kslaw.com'; 'gregorylang@paulhastings.com'
Cc: PARKER, Isabel
Subject: John Hancock Letter Agreement

This e-mail is confidential and may well also be legally privileged. If you
have received it in error, you are on notice of its status.  Please notify
us immediately by reply e-mail and then delete this message from your
system.  Please do not copy it or use it for any purposes, or disclose its
contents to any other person:  to do so could be a breach of confidence.
Thank you for your co-operation.  Please contact our
IT Helpdesk on +44 (0) 20 7936 4000 Ext.2000 or email ITHelp@freshfields.com
if you need assistance.

Please find the attached signed document sent on behalf of our clients.

Regards,
Nick Van Dusen

Nicholas Van Dusen
Freshfields Bruckhaus Deringer LLP
Tel: 212-284-4984
FAX: 212-277-4001
nicholas.vandusen@freshfields.com

                    Confidentiality Notice
This message is being sent by or on behalf of a lawyer.  It is intended
exclusively for the individual or entity to which it is addressed.  This
communication may contain information that is proprietary, privileged or
confidential or otherwise legally exempt from disclosure.  If you are not the
named addressee, you are not authorized to read, print, retain, copy or
disseminate this message or any part of it.  If you have received this
message in error, please notify the sender immediately by e-mail and delete
all copies of the message.

 - john_han.pdf


sorry, got Aug mixed up with Sep. Should be 786,579 dth for the month of Sep,
or 26,219.3/day. Chris, since it doesn't round evenly to a daily number,
please
credit us for the monthly volume. That is why we were off by 26 dth ending
July.

tray@enron.com on 08/29/2000 02:14:04 PM
Please respond to tray@enron.com

To: Chris_Germany@enron.com
cc: Jeffrey Porter/CES/ColumbiaGas@COLUMBIAGAS
Subject: Re: Sep 1st. TCO

Chris;
The 23,060/day volume is an annual imbalance true-up that we needed to buy
from
CES and take physically.  We are not geared to market yet, so I baseloaded
with
Dick.

Chris;
Have you received an answer on the the COH injection?  Jeff, please follow up.

Chris Germany@ECT
08/25/2000 11:09 AM

To:   Michael H Garred/HOU/EES@EES, dscott1@columbiaenergygroup.com, Timothy L
      Ray/HOU/EES@EES
cc:   Scott Goodell/Corp/Enron@ENRON, Robert Allwein/HOU/ECT@ECT, Joann
      Collins/Corp/Enron@ENRON
Subject:  Sep 1st. TCO

Some questions about the 1st.

Per the proxy, we should be injecting 26,219 dt/day into storage.  You are
showing 36,304 dt/day on the FOM sheet.  AND I see a citygate load of 29,461
dt/day.

This morning Tim Ray sold Dick 23,060 dt/day at the pool.  Is this to reduce
the
citygate load or is this additional New Power supply?


Hi there,

Have you had a chance to look at this yet?

Thanks,

Kay
---------------------- Forwarded by Kay Mann/Corp/Enron on 04/18/2001 10:52
AM ---------------------------

Kay Mann
04/12/2001 06:28 PM
To: Roseann Engeldorf/Enron@EnronXGate
cc:

Subject: Northwestern

Here's the electronic file.


calendar and meeting file
----- Forwarded by Steven J Kean/NA/Enron on 11/28/2000 09:24 AM -----

	Christi L Nicolay@ECT
	11/28/2000 09:23 AM

		 To: Maureen McVicker/NA/Enron@Enron, Kevin M Presto/HOU/ECT@ECT, Lloyd
Will/HOU/ECT@ECT, James D Steffes/NA/Enron@Enron, Richard
Shapiro/NA/Enron@Enron, David W Delainey/HOU/ECT@ECT, John J
Lavorato/Corp/Enron@Enron, Steven J Kean/NA/Enron@Enron, Shelley
Corman/ET&S/Enron@ENRON, Joe Hartsoe/Corp/Enron@ENRON, Sarah
Novosel/Corp/Enron@ENRON, Joe Hartsoe/Corp/Enron@ENRON, Carrie A
Robert/NA/Enron@Enron
		 cc:
		 Subject: FERC at Enron -- Dec. 7

The following illustrious FERC group will be with us on 31 the morning of
Dec. 7.  They have asked to have a demonstration in detail of EPMI's systems
that track OASIS and market information.  Many of them have not seen EOL, so
we need to show them that as well.

The fact that this group is made up of so many FERC office directors means
that this visit comes at the request of the Chairman Hoecker.  They will be
visiting Dynegy and El Paso later that day.

They are definitely interested in a good presentation from Enron, as we have
given them in the past -- primarily because they met so many senior Enron
executives.  It would be great if Dave Delainey or John Lavorato could also
come by to meet them.

Thanks.
---------------------- Forwarded by Christi L Nicolay/HOU/ECT on 11/28/2000
07:40 AM ---------------------------

----- Forwarded by Donna Fulton/Corp/Enron on 11/28/2000 09:51 AM -----

	"SCOTT MILLER" <scott.miller@ferc.fed.us>
	11/27/2000 04:50 PM

		 To: <dfulton@enron.com>
		 cc:
		 Subject: FERC at Enron

Donna:? The following FERC Staff will be attending the meeting we  requested
at Enron HQ on December 7 at 8:00 am - 11:30 am:? Daniel Larcamp (head of
Office of Market Tariff and Rates and Scott Miller's boss), Michael  Herlihy
(Head of Finance, Accounting and Operations), Fernanda Young (Chief
Information Officer for FERC), Charles Whitmore (head of Strategy and
Organizational Management), George Godding (works for Dan Larcamp--Manager of
Information Technology), Scott Miller (Director, Energy Market and Director
of the Staff Investigations issued last month), Thomas  Brownfield (works for
Scott Miller), and Karen Robinson (in Strategy and Organizational Management).
?
Please contact me should you have any other  questions.
?
Thanks,
Scott Miller
Director, Energy Markets


Roy:

I spoke with Vince and he approved your continuing your Spanish classes.

If you need anything else, please let me know.

Shirley


Special Invitees,

Please launch your holiday invitation from Enron Net Works.

Liz Taylor
Assistant to Greg Whalley

---------------------- Forwarded by Liz M Taylor/HOU/ECT on 11/14/2000 01:17
PM ---------------------------
   Office of the Chairman - Enron Net Works LLC

From: Office of the Chairman - Enron Net Works LLC@ENRON on 11/07/2000 05:51
PM
Sent by: Enron Announcements@ENRON
To: ENW-Employees_Houston
cc:
Subject: ENW Holiday Party Invitation

Here it is!  Your Enron Net Works Holiday Party Invitation.  Please click on
the attached link to launch.

http://207.21.193.94/Extravaganza.html


I wrote a letter of recommendation for you (you're getting it whether you want it or not).


She wants 15 min. only


The Strategy Meeting previously scheduled for tomorrow, November 14, 2000,
has been cancelled.  If you have any questions, please feel free to call Kay
@ 713-853-0643.

Thanks,

Dave


The Daily Reckoning
Weekend Edition
June 02-03, 2001
Paris, France
By Addison Wiggin

MARKET REVIEW: Profit Warnings, Layoffs... And A Rising
Market

"Profit warnings - and layoffs - are still a regular
feature of the landscape..." reports the Daily Reckoning
Blue Team, "but you wouldn't know it if you watched the
indexes. A global slowdown is underway... and all eyes are
on the US consumer. Can Joe Six-Pack spend his way out of a
global deflationary bust?"

The major indexes seem to think so... the Dow closed up 78
on Friday. Just the kind of response we've come to expect
from a schizophrenic market pumped up on Fed-roids. Indeed,
"there's a lot of money sloshing around out there waiting
to get into the market," one analyst told USAToday.

Still the big blue missed regaining the mythical 11,000
closing the week off at 10,990. The Nasdaq end up Friday 38
to 2149 - but lost 101 - or four and a half percent. The
S&P 500 gained nearly 5 to close the week down 17 points at
1260.

Markets Around The Globe: The Nikkei barely moved... the
DAX in Germany rose a mite, the London FTSE 100 remained
basically the same... and France, well... it dropped, but
not by much.

The Russell 2000 finished the day up 5 to close the week at
501.

ADD'L PRICES FOR THE WEEK: Relative Stability... Dollar
Still Strong.

Gold: $268
Crude Oil: $27.85
Natural Gas: $3.92
CRB Index: 210
Dollar Index: 118
The Sad, Sad Euro: $.84
British Pound: $1.42
Japanese Yen: $.84

* * * * * * * * * Advertisement * * * * * * * * * * *

The landing approach has begun. The flaps are down. A
moderate slowdown has hit the U.S. economy. Investors
are still optimistic.

It seems that everyone believes that Alan Greenspan has
engineered a soft landing for the formerly high-flying tech
bubble. But according to one of the world's leading
economists - it's worse than blind faith. It's "high-octane
'new paradigm' propaganda."

Here's what you need to do -- right now -- to prepare
yourself for the current crisis:

http://www.agora-inc.com/reports/RCLF/Revelations

* * * * * * * * * * * * * * * * * * * * * * * * * * * *
THIS WEEK in THE DAILY RECKONING
By Bill Bonner

06/01/01 MORE IN THEORY THAN IN FACT

"...America has more churchgoers than any other developed
nation. It has always had higher levels of religious
participation. Looking around the U.S., region by region,
the higher the level of church attendance - the more likely
the voters are to favor the 'invisible hand' of the free
market over the iron fist of government. It is rural areas,
and especially, the evangelical, super-church regions of
the south and southwest that vote for the free-market..."
http://www.dailyreckoning.com/body_index3.cfm?id=567

05/31/01 A FREER PLACE?

"...I've begun businesses in both countries. The numbers
may be technically correct, but they focus on the wrong
part of the story. The big difference between France and
America is not the difficulty of starting a business, but
the trouble of getting out of an unsuccessful one. Marks
and Spencers, the British retailer with a store around the
corner from my office, decided to close its doors in France
after losing money for years..."
http://www.dailyreckoning.com/body_index3.cfm?id=566

05/30/01 AMERICAN HERO

"...but the wires that held up the grapevines slowed the
plane. Harper jumped out of the cockpit with no further
injury. At first, Jacqueline Thomas thought he must be a
German. She started to run away. Then by some instinct she
decided to go to his aid. His face was covered with blood.
And the Germans could arrive at any minute..."
http://www.dailyreckoning.com/body_index3.cfm?id=565

05/29/01 I, GREENSPAN ... PART DUH

"...the Fed was chartered to protect the currency and
ensure the stability of the banking system. But its real
mission - now - is to keep the economy expanding. Why?
Because that gets politicians re-elected. Not only that, it
keeps the money flowing to Washington. Give people the
impression that they are better off...and they won't fuss
about taxes..."
http://www.dailyreckoning.com/body_index3.cfm?id=564

05/28/01 I, GREENSPAN ... PART ONE

"...the world's financial press has realized what you and I
saw months ago (thanks to Dr. Kurt Richebacher): This is no
ordinary inventory correction. It is more like the busts of
the 19th century...or maybe even the period leading up to
the Great Depression of the 1930s. It is caused by a
collapse of capital spending and cannot be readily reversed
by interest rate cuts...
http://www.dailyreckoning.com/body_index3.cfm?id=563

* * * * * * * * * * * * * * * * * * * * * * * * * * * *
HEADLINE, NEWS And INSIGHT: "Don't Fight The Fed"...And
Fallacies Of The Market...King Coal Making An
Appearance...

Fighting The Fed or Fighting History
By John Mauldin

So, where do we place our faith? Do we trust in Greenspan
or do we believe in History? The majority of investors are
betting on Greenspan. They believe Fed rate cuts will win
the day, avoid a recession in the US and help pull out the
world. That - plus the aggressive expansion of the money
supply - is the ONLY explanation for the recent in buoyancy
of the stock market.
http://www.dailyreckoning.com/body_headline.cfm?id=1199

Good Intentions And Their Unintended Consequences
by Raymond F. Devoe, Jr.

For seven years the Fed's "action" appears on the surface
to have worked. However, there were two unintended
consequences that will make this year's rapid rate cuts
less effective in preventing a hard landing/recession...
whatever. The first is a colossal misallocation of capital.
The second, well...
http://www.dailyreckoning.com/body_headline.cfm?id=1192

The Pros Can't Beat The Monkeys
by Lynn Carpenter

As you know, most mutual funds are well-near incompetent at
picking stocks any better than a monkey throwing darts.
John Bogle, creator of another Vanguard titan-the S&P 500
Index fund-calculated from looking at all the funds
available in 1969 and tracking them for the next 30 years
that you might as well throw darts-over your shoulder.
Blindfolded.
http://www.dailyreckoning.com/body_headline.cfm?id=1187

Coal Market Heating Up
by John Myers

It's impressive - U.S. coal producers saw exports surge by
a whopping 37% last year compared to 1999. An energy-hungry
world seems to have a craving for U.S. coal, a fundamental
that will put profits in coal companies and dollars into
the pockets of smart resource investors.
http://www.dailyreckoning.com/body_headline.cfm?id=1191

* * * * * * * * * * * * * * * * * * * * * * * * * * * *
The Blue Team Hotwire: Investment Intelligence Bulletins

Money.com reported Merrill's tech strategist, Steve
Milunovich as saying that "tech and telecom problems we're
experiencing might be more than a blip." The problem? An
obvious one for readers of the Daily Reckoning: capital
spending bust.

"Capital spending and tech stock performance are closely
correlated," says Mulkunovich. "The likelihood is that the
tech stock decline is foreshadowing a multiyear downturn in
capital spending."

Further, Mulkunovich also notes what Blue Teamers have
known for a long time... that "'old economy' return on
assets has at around 5 percent, calls into question whether
all the spending on tech really has increased
productivity."

For investment advice consistent with the ideas and
insights you read in The Daily Reckoning please enroll in
the DR Blue Service:

http://www.agora-inc.com/reports/STRT/BigReturns

* * * * * * * * * * Advertisement * * * * * * * * * * *

Several top geologists quit big firms, and start out on
their own. The new stock pays 100%-2,000% a year. But as
usual...

Nobody Notices The Good News Until It's Too Late.

Early investors make all the money before Wall Street even
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less than the ranch - and still made a killing. For
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* * * * * * * * * * * * * * * * * * * * * * * * * * * *

*******
To REMOVE yourself from this list, send an email
to: StkScape_unsub@agoramail.net or go to our web interface
at: http://www.agoramail.net/home.cfm?list=StkScape


Jenny,
 Please print the two crestar documents on ena stationary twice each and send
to Grant Oh as requested in Barry's email.  Thank you.
----- Forwarded by Dan J Hyvl/HOU/ECT on 12/20/2000 05:39 PM -----

	Barry Tycholiz@ENRON
	12/20/2000 05:12 PM

		 To: Grant Oh/CAL/ECT@ECT, Dan J Hyvl/HOU/ECT@ECT
		 cc:
		 Subject: Re: Crestar Document - Final Versions

Grant, for your review. Dan, I like these documents as is. Please raise hard
copy finals and send to the Calgary Office. To the attention of Grant Oh. He
will attach a cover sheet and issue to the customer and get signatures.

If there are any questions, give me a call.   BT
---------------------- Forwarded by Barry Tycholiz/NA/Enron on 12/20/2000
05:11 PM ---------------------------

Dan J Hyvl@ECT
12/19/2000 04:29 PM
To: Barry Tycholiz/NA/Enron@ENRON
cc:

Subject: Re: Crestar Document - Final Versions

 Please review the language in 87crfm.  Call me after you have had a chance
to read.  If okay, I will print on letterhead so that it can be resent to the
counterparty.


460524
dianna

broker has 230.00


Britt, looks good to me.  Thanks. Lynn

 -----Original Message-----
From: 	Davis, Britt
Sent:	Friday, September 21, 2001 12:37 PM
To:	Craig, Rick; Cessac, Kenneth; Kile, Rick; Thompson, Charlie; Hawkins, Don; Mendez, Angela; Dietz, Rick; Blair, Lynn; Woodson, Harry; Anderson, Gary E.; Dykes, Tangie
Cc:	Fossum, Drew; Porter, Gregory J.; Ringblom, Kathy; Zikes, Becky
Subject:	Northern v. ONEOK/Spreadsheet attachment to letter to ONEOK re Fisher Roc

Ladies & Gentlemen:

Here is the spreadsheet that Ken plants to attach to his letter to ONEOK re the Fisher Roc lock-up period.  If this causes anyone any heartburn, please let me know ASAP.
Again, I'd like to get out the letter from Ken, with this spreadsheet attached, this afternoon.

Many thanks.

Britt

 -----Original Message-----
From: 	Cessac, Kenneth
Sent:	Friday, September 21, 2001 12:09 PM
To:	Davis, Britt
Subject:	Volume Adjustment

 << File: Bushton Volume Adjustment.xls >>


-- http://www.smartmoney.com/ --
======================================================================

------------------------------------------------------------
Daily Views
October 29, 2001
------------------------------------------------------------

Funds of the Week: Do You Find Tech Funds Frightening?
By Dawn Smith
Gather round, my pretties. We've got three funds with scary
year-to-date returns. But they may prove to be more treat than trick.
http://www.smartmoney.com/fundscreen/index.cfm?story=20011029
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IN THIS EDITION:
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* BREAKING NEWS
* AND WHEN IT WAS ALL OVER: TODAY'S NUMBERS
* HOW DID YOUR STOCKS FARE TODAY?
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TODAY'S SMARTMONEY FEATURES

The Week Ahead: Greed Is Back
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And none too soon, since investors will need plenty of
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One-Day Wonder: A Real Breakthrough
By Lawrence Carrel
Ariad Pharmaceuticals said it has isolated compounds that block
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EchoStar Nabs Hughes, but Regulators Await;
Lockheed Lands Lofty Fighter Pact;
United Airlines Names New Chief;
Intel, AMD Slash Chip Prices;
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Viacom's MTV Networks to Cut Work Force;
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AND WHEN IT WAS ALL OVER: TODAY'S NUMBERS:
(As of 5:48 p.m. ET)
DJIA 9269.50  -275.67
Nasdaq 1699.52  -69.44
S&P 500 1078.30  -26.31
Rus 2000 429.41  -9.24
10 Yr Bd 4.48  -0.04
DJTA 2218.96  -28.62
FTSE 100 5085.90  -102.70
H. Seng 10178.10  -226.60
Nik. 225 10612.30  -182.80
DAX 4660.35  -159.91

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SmartMoney.com Daily Views.
SmartMoney.com (c) 2001 SmartMoney.
SmartMoney is a joint publishing venture of Dow Jones & Company,
Inc. and Hearst Communications, Inc.


The following notice was sent to a ISDA documentation task force.
The issue to be discussed may be of interest to each of you and we encourage
your attendance.
> We have arranged for meetings of the Credit Derivatives Documentation Task
> Force to take place simultaneously in New York and London on Monday,
> November 13, at 9:30 NY time/2:30 London time. The New York meeting will
> take place at the offices of Chase Manhattan Bank, 270 Park Avenue, 11th
> Floor, Room C. The London meeting will take place at the offices of Morgan
> Stanley Dean Witter, 20 Cabot Square, Canary Wharf, London E14.  Please
> RSVP to Barbara Hanlon at bhanlon@isda.org indicating at which location
> you will be attending.
> At each meeting, I will arrange for several individuals to present their
> view on the Restructuring issue. There will then be an opportunity in each
> meeting to ask questions of those individuals and for more general
> discussion. We will then link the London and New York meetings by
> telephone to share views between the meetings.
> This distribution list is drawn from participants in the documentation
> process. The Restructuring issue, while focused on a term in the
> documentation, is nevertheless one of market practice and not really one
> of documentation. We, therefore, encourage you to ensure that the views of
> your trading desk are expressed at the meeting, preferably by having
> someone from the desk at the meeting. We expect a large number of people
> at the meetings, however, so we also encourage you to consider who from
> your institution is most critical to be in attendance to ensure that your
> views are heard.
> We look forward to hearing from you on the 13th.
>
> Bob Pickel
>
> Mr. Robert Pickel
> General Counsel
> International Swaps and Derivatives Association, Inc.
> 600 Fifth Avenue, 27th Floor
> Rockefeller Center
> New York, New York 10020-2302
> Phone: (212) 332-1200
> Fax: (212) 332-1212
> http://www.isda.org
>


Good afternoon Jessica,

As per my conversation with Wharton today, confirming Mr. Whalley's
attendance as a speaker at the Wharton Journalist Conference on December
13th, they are requesting the following information from Mr. Whalley:

bio
presentation in electronic format to include 'Enron' tab in binder as an
insert for guests
any type of company insert to be included in 'Enron' tab section of the
binder (i.e. the attached fact sheet or Enron history)
his needs during the presentation (i.e. overhead projector, LDC panel for
laptop presentation, etc.)

Please provide me with this information on Monday, so I can email it to
Wharton.  Also, as discussed, prior to Mr. Whalley leaving we will print off
a number of presentations and FEDEX them to Wharton for distribution.

Regards,

Cindy Derecskey
University Affairs
Enron Corp.


Bill Armentrout w/TCO gas control approved an additional 15,000 overinjection
for 6/3-5.
  For a total net 95,000dth into storage.

thanks
joann
---------------------- Forwarded by Joann Collins/Corp/Enron on 06/02/2000
10:34 AM ---------------------------

	Enron North America Corp.

	From:  Joann Collins                           06/02/2000 09:46 AM

To: Dick Jenkins/HOU/ECT@ECT, Chris Germany/HOU/ECT@ECT, Joan
Veselack/Corp/Enron@ENRON, Robert Allwein/HOU/ECT@ECT, Scott
Goodell/Corp/Enron@ENRON, Victor Lamadrid/HOU/ECT@ECT
cc:

Subject: STOI Overinjection for June 3-5th

Bill Armentrout w/TCO gas control approved 32,000 overinjection for 6/3-5.
  Total net 80,000dth into storage.

thanks
joann


Steve,

I will talk to Greg in 25 minutes about it. They sent a proposal.

Vince

 -----Original Message-----
From: 	Leppard, Steve
Sent:	Tuesday, October 23, 2001 1:05 PM
To:	Kaminski, Vince J
Subject:	The Predictors

Hi Vince

What's happening with The Prediction Co?  Is it still a live concern, or are Enron not following up?

Steve


Donna,
I am preparing the Amendment to the Electronic Trading Agreement between Austin Energy and EnronOnline.  Can you give me your full mailing address to complete the amendment?

Thanks,

Stephanie Panus
Senior Legal Specialist
Enron Wholesale Services
1400 Smith Street, EB3803C
Houston, Texas  77002
ph:  713.345.3249
fax:  713.646.3490
email:  stephanie.panus@enron.com


Your GTSA Exhibit 0202BON014 with Pacific Gas and Electric Company is now available in INSIDEtracc.  If you have any questions prior to confirming* this exhibit, please call a California Gas Transmission Representative (http://www.pge.com/pipeline/custserv/reps.html).

Steps to E-Confirm your GTSA Exhibit:

1.	At the Pipe Ranger Home page (http://www.pge.com/pipeline/index.html), log on to INSIDEtracc.  You will be prompted to enter your ID and password at two different log on screens.
2.	At the INSIDEtracc main window, select Navigate, Contracts, Contracts.  Click the Retrieve button to retrieve your customer-specific contract information.
3.	Click the arrow next to the GTSA Contract Code to open up a list of Exhibit types (e.g. Transportation, Storage, Park/Lend).
4.	Click the arrow next to the appropriate Exhibit type for a list of Exhibits.
5.	Select the desired Exhibit from this list (single-click) or open the Exhibit by double-clicking on it.
6.	Click the "View Contract" button on the Contract Controller screen, or "View Exhibit" button on the Exhibit screen to review the full text of the Exhibit.
7.	Click the "E-Confirm" button when you are ready to electronically confirm your Exhibit.
8.	Click the "View Contract" or "View Exhibit" button after you E-Confirm the Exhibit.  Print or save the Exhibit text with the Date/Time/User ID stamp of your E-Confirmation.

* As a "contact" identified on Exhibit B (Access Request Form), you are authorized to confirm contracts under the Electronic Commerce System User Agreement executed with Pacific Gas and Electric Company.  If you are not a "contact" identified on Exhibit B, please call a CGT representative to let them know you received this e-mail in error.


Gosh---I'm blushing.


Louise:  I'm checking with Andy Zipper and Bob Hillier to see if they have anything we may be able to use in the interim.  I will let you know what I find out.  -  Tommy

 -----Original Message-----
From: 	Kitchen, Louise
Sent:	Tuesday, March 06, 2001 6:12 PM
To:	Philippe A Bibi/HOU/ECT@ENRON; Yanowski, Tommy J.
Cc:	Redmond, Brian
Subject:	Privileged & confidential

AEP and the HPL transaction

There is a remote possibility that AEP may be slow in fitting out their offices  in time for the acquisition of HPL to reach closure sooner rather than later (essentially all of the wiring in between offices).  If so Brian is putting together a back up plan where they could be sited in our building.  This would mean that a link has to be made between their office and here - that's where you guys come in.  Brian will give you a ring to discuss using the direct connection EOL is putting in place as an intermediate step.

It might work?

Thanks

Louise


Unclear at this point.

mon--in office
tues--in office
wed--portland
thur--new york?
fri--new york


-----Original Message-----
From: Enron Office Of The Chairman
Sent: Wed 1/23/2002 8:10 PM
To: DL-GA-all_enron_worldwide1
Cc:
Subject: Message from Ken Lay

Earlier today, I stepped down as Enron's Chairman of the Board and Chief Executive Officer.  This decision was reached in cooperation with Enron's Board and the Creditor Committee and is effective immediately.

To emerge from bankruptcy, Enron needs a CEO who can focus 100 percent of his or her efforts on rebuilding the company.  Unfortunately, with multiple inquiries and investigations that require my immediate attention, at this time I am unable to fully concentrate on what is most important to Enron's stakeholders - preserving value for our creditors and our dedicated employees.

The Creditor Committee has begun a search for a restructuring specialist to serve as interim CEO to help the company emerge from bankruptcy.  This individual will join Enron's remaining management team to direct the company's ongoing operations.

I truly believe Enron can and will survive.  I will remain a Director of the Board to help see that it does.

During my time at Enron, I have witnessed tremendous change and opportunity.  I have seen people rigorously grow and maintain one of the world's most efficient and safest gas pipeline networks; I have seen people dedicate themselves to a cause that became a passion - the opening of energy markets; I have observed smart people come together as a team to build creative solutions like EnronOnline; and I have watched people tirelessly give of themselves to help their fellow employees and those in the community.  Regardless of what has happened, I am proud of so much of what we were able to accomplish here.

Thank you for your contributions to the company and for the inspiration you have been to me over the years.

Ken Lay


Attached for your review is an Amendment to the GISB concerning Section 2.5 Confirming Party.  Please have two originals executed and forward same to my attention for final signature.   I will return an original for your records.  Should you have any questions, do not hesitate to give me a call.

Regards,
Debra Perlingiere
Enron North America Legal
1400 Smith Street, EB 3885
Houston, Texas 77002
dperlin@enron
713-853-7658
713-646-3490 Fax


DA coalition's leg language.  Letter supporting Bilas from subset of
coalition.  Coalition list to follow.
----- Forwarded by Jeff Dasovich/NA/Enron on 03/06/2001 04:29 PM -----

	MDay <MDay@GMSSR.com>
	03/06/2001 12:14 PM

		 To: "'Harry Kingerski'" <hkingers@enron.com>, "'Jeff Dasovich  Enron SF'"
<jdasovic@enron.com>, "'Jim Steffes, Enron'" <jsteffe@enron.com>, "'Leslie
Lawner, Enron'" <llawner@enron.com>, "'Sandi McCubbin Enron SF'"
<smccubbi@enron.com>, "'Sue Mara at Enron SF'" <smara@enron.com>
		 cc: "'Bev Hansen, Enron lobbyist'" <bhansen@lhom.com>, "'Scott Govenar,
Enron lobbyist'" <sgovenar@govadv.com>
		 Subject: X22480.DOC

 <<X22480.DOC>>

Here is the redraft of the SB 27X amendments based on the input of the
direct access coalition yesterday.  The major thrust of the bill is to allow
customers to switch to direct access as easily as possible (without an exit
fee) when ever there is "headroom" between DWR's firm contracts and total
demand including recent load growth.  Once that free DA capacity is used up,
customers can still elect for DA, but must pay the exit fee.  All customers
will be on the hook for the financing costs they benefitted from while
taking DWR procured power before they switch to DA.

 - X22480.DOC

 - BILASALT.DOC


Please see note below from Maggie Matheson.

adr
---------------------- Forwarded by Audrey Robertson/ET&S/Enron on 08/31/2000
02:10 PM ---------------------------

Maggie Matheson
08/31/2000 02:07 PM
To: Audrey Robertson/ET&S/Enron@ENRON
cc: Sheila Nacey/ET&S/Enron@ENRON, Lynn Blair/ET&S/Enron@ENRON, Jan  Moore,
John Buchanan/ET&S/Enron@ENRON, Linda  Trevino, Toby Kuehl/ET&S/Enron@ENRON

Subject: Order 637 Internet Training

Audrey:

This invitation was sent to the Market Services Group, will you please
forward to your group and let them know that they are welcome to attend any
of these training sessions.

Thanks,

Maggie
---------------------- Forwarded by Maggie Matheson/ET&S/Enron on 08/31/2000
01:53 PM ---------------------------

Maggie Matheson
08/31/2000 01:51 PM
To: Jan  Moore, Linda  Trevino
cc: Sheila Nacey/ET&S/Enron@ENRON, Ramona Betancourt/ET&S/Enron@ENRON, Legale
Black/ET&S/Enron@ENRON, Mary Draemer/ET&S/Enron@ENRON, Tammy
Jaquet/ET&S/Enron@ENRON, Toby Kuehl/ET&S/Enron@ENRON, Gerry
Medeles/ET&S/Enron@ENRON, Maggie Matheson/ET&S/Enron@ENRON, Lynn
Blair/ET&S/Enron@ENRON, Julia White/ET&S/Enron@ENRON, John
Buchanan/ET&S/Enron@ENRON

Subject: Order 637 Internet Training

We will be conducting three training sessions on Friday September 1st.   The
training will be conducted in EB4102  at 1:00, 2:00 or 3:00 PM .

The training will consist of a demo of the following new FERC Order 637
internet sites:

   Affiliated Marketer Info
 Organizational Charts
 Corporate Structure

   Capacity
 Operationally Available Capacity
 Unsubscribed Capacity
 Design Capacity

   Transactional Reporting
 Firm
 Interruptible
 Capacity Release
 Special Terms


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These are the latest versions that we have been working on.  The other Exhibits have not been modified.


TODAY'S HEADLINES
The New York Times on the Web
Monday, November 19, 2001
------------------------------------------------------------
For news updated throughout the day, visit www.nytimes.com

/-------------------Also From NYTimes.com------------------\

Holiday Shopping

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QUOTE OF THE DAY
=========================
"I think the most important thing is that he is not  able to
function any longer,  and we're agnostic as to how   that
happens. I rather doubt   just given the circumstances here
 I rather  doubt we're talking about a long, drawn-out
trial."
-CONDOLEEZZA RICE, on whether United States troops expect to kill Osama bin
Laden or capture him for trial.

http://www.nytimes.com/2001/11/19/international/asia/19MILI.html?todaysheadlines

NATIONAL
=========================
Laid Low by Last Recession, California Is Ready for Next

Experts are expressing guarded optimism over California's
economic future, saying the state may come through the
tough times in better shape than other regions.
http://www.nytimes.com/2001/11/19/national/19CALI.html?todaysheadlines

-----

Challenge Revives SAT Test Debate

The challenge being mounted against the SAT exam by the
University of California has brought attention to a
previously arcane debate.
http://www.nytimes.com/2001/11/19/education/19EXAM.html?todaysheadlines

-----

Ford Motor Workers Get on the Job Training in Religious
Tolerance

Several hundred Ford workers of many faiths and jobs turned
out on Thursday for "An Islamic perspective on the events
of Sept. 11".
http://www.nytimes.com/2001/11/19/business/19FORD.html?todaysheadlines

-----

MORE NATIONAL NEWS:
http://www.nytimes.com/pages/national/index.html?todaysheadline

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http://ads.nyt.com/lx.ads/email.nytimes.com/todaysheadlines/text/14494/Position3/th-europee/euro.html/
\---------------------------------------------------------/

INTERNATIONAL
=========================
More U.S. Troops in bin Laden Hunt; Hide-Outs Bombed

With the rapid collapse of the Taliban, the United States
has intensified its pursuit of Osama bin Laden and his
network.
http://www.nytimes.com/2001/11/19/international/asia/19MILI.html?todaysheadlines

-----

Afghan Victors Agree to Talks on Interim Rule

Bowing to American pressure, Northern Alliance officials
agreed Sunday to attend a meeting of Afghan opposition
groups somewhere outside the country.
http://www.nytimes.com/2001/11/19/international/asia/19DIPL.html?todaysheadlines

-----

Foes Claim Taliban Are Killing Soldiers Who Seek to Defect

Foreign soldiers fighting for the Taliban have begun killing
their Afghan Taliban comrades in a desperate effort to hang
on to the encircled city of Kunduz.
http://www.nytimes.com/2001/11/19/international/asia/19NORT.html?todaysheadlines

-----

MORE INTERNATIONAL NEWS:
http://www.nytimes.com/pages/world/index.html?todaysheadline

BUSINESS
=========================
Phillips and Conoco to Form U.S. Gasoline Giant

The Phillips Petroleum Company and Conoco agreed to merge,
creating an oil company with a market value of $35 billion.
http://www.nytimes.com/2001/11/19/business/19ENER.html?todaysheadlines

-----

Companies Compete to Provide Saudi Internet Veil

Nearly a dozen software companies are competing for a
contract to help Saudi Arabia block access to Web sites the
Saudi government deems inappropriate.
http://www.nytimes.com/2001/11/19/technology/19SAUD.html?todaysheadlines

-----

Wild Welcome Greets Rivera at Fox News

Geraldo Rivera's hiring as a war correspondent for Fox News
has ruffled feathers inside   and outside the network.
http://www.nytimes.com/2001/11/19/business/media/19FOX.html?todaysheadlines

-----

MORE BUSINESS NEWS:
http://www.nytimes.com/pages/business/index.html?todaysheadline

TECHNOLOGY
=========================
Companies Compete to Provide Saudi Internet Veil

Nearly a dozen software companies are competing for a
contract to help Saudi Arabia block access to Web sites the
Saudi government deems inappropriate.
http://www.nytimes.com/2001/11/19/technology/19SAUD.html?todaysheadlines

-----

Executive Moves From Ticketmaster to Trade Shows

Fredric D. Rosen turned Ticketmaster into a
multibillion-dollar behemoth, but doing the same with trade
show operator Key3Media is turning out to be a tough second
act.
http://www.nytimes.com/2001/11/19/technology/ebusiness/19ROSE.html?todaysheadlines

-----

William Daley Will Assume Post at SBC

William M. Daley, the campaign chairman of Al Gore's
unsuccessful presidential bid, will be the next president
of SBC Communications.
http://www.nytimes.com/2001/11/19/business/19BELL.html?todaysheadlines

-----

MORE TECHNOLOGY NEWS:
http://www.nytimes.com/pages/technology/index.html?todaysheadline

POLITICS
=========================
Sept. 11 Attacks Refocused the Spotlight

The terrorist attacks have considerably altered the profiles
 and power  of many of the nation's leading political
figures.
http://www.nytimes.com/2001/11/19/politics/19MEMO.html?todaysheadlines

-----

Torricelli Backed Donor's Bid for a Korean Project, a Letter
Shows

Senator Robert G. Torricelli recommended a political donor
for a contract on a sensitive nuclear-reactor project in
North Korea.
http://www.nytimes.com/2001/11/19/politics/19TORC.html?todaysheadlines

-----

Top Democrats Politic Through Rural Mexico

Thousands of miles away from their own constituents, the two
top U.S. Democrats took a ride Sunday through a rural
stretch of central Mexico.
http://www.nytimes.com/2001/11/19/international/americas/19MEXI.html?todaysheadlines

-----

MORE POLITICS NEWS:
http://www.nytimes.com/pages/politics/index.html?todaysheadline

SPORTS
=========================
Jets Continue Mastery of the Dolphins

The Jets trounced the Dolphins for the eighth   straight
time to vault into first place in the A.F.C. East.
http://www.nytimes.com/2001/11/19/sports/football/19JETS.html?todaysheadlines

-----

Hoping for an Appealing Match

This week's rankings suggest the potential for an appealing
championship game in the Rose Bowl: Miami against Nebraska.
http://www.nytimes.com/2001/11/19/sports/ncaafootball/19COLL.html?todaysheadlines

-----

Strahan Runs Down Success

Giants defensive end Michael Strahan is sacking quarterbacks
at a pace more furious than any defensive player in N.F.L.
history.
http://www.nytimes.com/2001/11/19/sports/football/19GIAN.html?todaysheadlines

-----

MORE SPORTS NEWS:
http://www.nytimes.com/pages/sports/index.html?todaysheadline

ARTS
=========================
'Potter' Movie Sets Box Office Record

"Harry Potter and the Sorcerer's Stone" sets the record for
the biggest movie opening of all time, earning an estimated
$93.5 million in its first three days.
http://www.nytimes.com/2001/11/19/movies/19BOX.html?todaysheadlines

-----

Iconoclastic Physicist for All Occasions

Peter Parnell's "QED" is such a textbook example of
biographical theater that it's hard to watch  it without
seeing the diagram beneath.
http://www.nytimes.com/2001/11/19/arts/theater/19QED.html?todaysheadlines

-----

Hemingway's Blessing, Copland's Collaboration

A pastiche of the adventures of young Hemingway, with a
dramatic script written by A.E. Hotchner in 1957 and music
composed by Aaron Copland, will finally have its premiere.
http://www.nytimes.com/2001/11/19/books/19HOTC.html?todaysheadlines

-----

MORE ARTS NEWS:
http://www.nytimes.com/pages/arts/index.html?todaysheadline

NY REGION
=========================
United in Grief and Prayer, Sharing the Common Language of
Tears

Thousands attended a service in Rockaways, Queens, to honor
victims of the Flight 587 crash.
http://www.nytimes.com/2001/11/19/nyregion/19PRAY.html?todaysheadlines

-----

Torricelli Backed Donor's Bid for a Korean Project, a Letter
Shows

Senator Robert G. Torricelli recommended a political donor
for a contract on a sensitive nuclear-reactor project in
North Korea.
http://www.nytimes.com/2001/11/19/politics/19TORC.html?todaysheadlines

-----

With Water and Sweat, Fighting the Most Stubborn Fire

Experts are calling the World Trade Center site the longest
commercial building fire in United States history.
http://www.nytimes.com/2001/11/19/nyregion/19FIRE.html?todaysheadlines

-----

MORE NY REGION NEWS:
http://www.nytimes.com/pages/nyregion/index.html?todaysheadline

OP-ED
=========================
The Vanishing Act
By BOB HERBERT
The end of welfare faces the cold reality of a  recession
that  threatens to leave millions of American families
jobless, and all but helpless as well.
http://www.nytimes.com/2001/11/19/opinion/19HERB.html?todaysheadlines

-----

Big Mo
By WILLIAM SAFIRE
The elder Bush once called political momentum "the big Mo."
Nothing gathers support like a sense of  inevitability. The
younger Bush has  it now.
http://www.nytimes.com/2001/11/19/opinion/19SAFI.html?todaysheadlines

-----

The Job Nobody Trained For
By ROBERT M. GATES
For all practical purposes, the   federal government started
homeland defense from scratch on Sept. 11.
http://www.nytimes.com/2001/11/19/opinion/19GATE.html?todaysheadlines

-----

MORE OP-ED  NEWS:
http://www.nytimes.com/pages/opinion/index.html?todaysheadline

HOW TO CHANGE YOUR SUBSCRIPTION
------------------------------------------------------------
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York Times Direct e-mail service. To cancel delivery,
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Joe,

Thanks.

Vince

Joseph Hrgovcic
04/05/2000 04:06 PM
To: Vince J Kaminski/HOU/ECT@ECT
cc: vkaminski@aol.com, Shirley Crenshaw/HOU/ECT@ECT
Subject: CME and CATEX

---------------------- Forwarded by Joseph Hrgovcic/HOU/ECT on 04/05/2000
04:06 PM ---------------------------

Lucy Ortiz
04/05/2000 04:02 PM
To: Joseph Hrgovcic/HOU/ECT@ECT
cc:
Subject: CME and CATEX

Spotlight Report
  Exchange products seeing slow trading
  GAVIN SOUTER

  03/20/2000
  Business Insurance
  Page 3
  Copyright (C) 2000 Crain Communications, Inc. All rights
  reserved.

  Exchange-based insurance products developed in recent years have
  been somewhat slow to get off the ground.

  Although several exchanges have offered derivative contracts since
  the mid-1990s to cover insurance risks, none so far has posted a
  significant volume of trades.

  Few insurers, reinsurers or policyholders have been drawn away
  from the traditional insurance markets, where capacity remains
  abundant and relatively cheap.

  As long as those traditional markets manage to weather major
  natural catastrophes, the allure of the exchange-based products will
  remain limited, observers say.

  Also stifling the growth of the exchange-based contracts is the
  limited number of contracts available, one expert noted. Dealers, he
  said, are unable to secure a suitable hedge by laying off one
  contract against another.

  Although the various exchanges have had a good opportunity to
  establish a widely used set of new risk financing products, that has
  not been achieved, said Morton Lane, senior managing director,
  capital markets division at Gerling Global Financial Products in
  New York.

  The main problem with the existing exchanges is that they do not
  offer a sufficiently diverse array of products, he said. The only way
  to control the risks in the catastrophe options is to have a diversified
  portfolio of other contracts, and none of the exchanges currently
  offers a sufficiently broad range of options to provide for that
  hedge, he said.

  Florida windstorm options, for example, cannot be bought and then
  hedged in the same way that International Business Machines Corp.
  stock options contracts can be hedged with IBM stock, Mr. Lane
  explained.

  The exchanges might be more attractive to investors if, in addition to
  natural catastrophe options, they included options on other risks, he
  said. Those might include, for example, satellite, aviation and crop
  indexes, Mr. Lane said. "For the insurance buyer, such exchange
  instruments would not represent the perfect risk transfer vehicle, but
  as long as they are quantifiable and indexable, they may represent a
  good surrogate," he said.

  The exchanges could also be used to create a derivatives market for
  over-the-counter securitized deals, if there are regular issuers of
  catastrophe bonds, Mr. Lane said.

  The soft insurance market has also hindered the growth of
  exchange-based insurance products, said Sean F. Mooney, senior
  vp and chief economist at Guy Carpenter & Co., the reinsurance
  brokerage unit of Marsh Inc. in New York.

  "The traditional market has been so competitive that people are not
  looking for other ways of doing business," he said.

  At least in concept, the exchange-based deals are generally similar
  to the mortgage-backed securities that have been a huge success
  since they were introduced in the 1970s. "There is a belief that
  alternative means of transferring risks will grow, but it is difficult to
  predict when," Mr. Mooney said.

  Currently, the trading that is taking place typically involves
  established insurers and reinsurers, so the exchanges have not
  brought substantial new capacity to the marketplace, he said.

  Guy Carpenter provided the index for the Bermuda Commodities
  Exchange reinsurance products. The BCE did not take off,
  however, and was suspended last year after two years of little
  activity.

  The oldest of the insurance-related, exchange-based derivative
  products are the catastrophe options traded on the Chicago Board
  of Trade, which began trading the options in 1996.

  Initially, there was substantial interest in the options, but the soft
  traditional market has hampered use of the contracts to hedge
  catastrophe exposures, said Carlton Purty, an independent broker
  at the CBOT who trades in options.

  No catastrophe option trades have been completed at the CBOT
  so far this year, he said. Last year, there was increased interest in
  the contracts because of Hurricane Floyd, but few contracts were
  traded, Mr. Purty said.

  "I think a major, major catastrophe will have to happen before they
  really take off," he said.

  The contracts offer real protection, and options dealers are keen to
  trade in a new niche, but the conventional insurance and reinsurance
  markets are so soft that few companies are turning to alternative
  coverage options, Mr. Purty said.

  The Catastrophe Risk Exchange, located in Princeton, N.J., has
  radically changed its structure since it was originally announced in
  mid-1996, and it is well positioned to expand, said Frank Sweeney,
  chief operating officer.

  CATEX initially planned to be a computer-based facility for
  reinsurers that would enable them to exchange catastrophe risks
  and to build balanced portfolios.

  But by the time the exchange was operational in November 1996, it
  was clear that most reinsurers and insurers interested in CATEX
  wanted only to buy and sell conventional reinsurance, Mr. Sweeney
  said.

  Although there was some interest in risk swapping, only a handful of
  risks were posted on the system, and none was traded, Mr.
  Sweeney said.

  Consequently, CATEX has become chiefly a "cash for cover"
  exchange, he said, noting that the risks reinsured on the exchange
  include property catastrophe coverage, aviation and liability
  coverages. CATEX also trades industry loss warranties, where
  coverage is triggered by an actual loss combined with an industry
  loss over an agreed threshold.

  Other adjustments to the exchange included making it accessible
  through the Internet in November 1998. And late last year, CATEX
  offered users the ability to set up smaller networks, allowing them
  form groups whose members do business only with one another.

  Since its inception, CATEX has completed about 450 trades,
  totaling $400 million in premium and more than $3 billion in limits,
  he said. CATEX's roughly 160 subscribers include reinsurers,
  insurers and corporate entities that purchase coverage through their
  captives, Mr. Sweeney said.

  "We obviously have a long way to go, but we are pretty satisfied
  with what we have achieved so far," Mr. Sweeney said.

  The exchange sees increased activity after major losses, as cedents
  seek to buy replacement coverage to offset depletions in their
  existing cover, he said. For example, Mr. Sweeney said, there was
  a flurry of activity after the European windstorms in December last
  year.

  Last September, the Chicago Mercantile Exchange entered the field
  of insurance-related derivatives when it began offering weather
  derivatives .

  Thus far, 420 futures contracts have been traded, said Larry
  Grannan, senior director in product marketing at the CME.

  Such contracts are designed to allow businesses to hedge against
  weather-related losses. For example, a utility may sell less power in
  a mild winter, and it would be able to use the futures to hedge a
  resultant fall in revenues.

  The exchange first offered heat-based indexes for Atlanta, Chicago,
  Cincinnati and New York. In January, it added Philadelphia, Dallas,
  Des Moines, Las Vegas, Tucson and Portland, and it began offering
  contracts based on cold weather.

  Currently, most of the trades are between securities dealers
  themselves, but, eventually, the contracts will likely be used more
  extensively by utilities and insurers, Mr. Grannan said.

  In addition, the futures contracts could be used as hedges for
  over-the-counter securitized deals, he said.

Copyright , 2000 Dow Jones & Company, Inc. All Rights Reserved.


Start with Joe hillings in DC

To: Steven J Kean/HOU/EES@EES
cc:
Subject: MEC

Steve,

What are your thoughts on public subsidies/tax breaks for MEC?  Who should I
contact to discuss the possibilites for some tax advantages on new facilities?

Thanks,
Mark


We finally found the right person in the KN Energy organization for the 18 dth Carlton Obligation.

	KN will nominate today for Gas Day 26th going forward.  We told KN that they will have a penalty
	of $25.00 per dth for each day they did not nominate.  18 dth x 25.00 = $450/day x 3 days = $1350.

	We also told them we have been leaving messages since Saturday.  We left messages at
	3 different offices.  KN admitted to seeing the posting but "did not understand" the obligation
	and they did not call for clarification.

	If you have any questions, please let John (Ext. 7429) or I (Ext. 7637) know.  Thanks. Lynn


Taffy,

Can you take care of faxing him a copy of the ISDA and guarantees ASAP.
Thanks!
----- Forwarded by Tana Jones/HOU/ECT on 05/03/2000 09:35 AM -----

	Deepak Sitlani
	05/03/2000 08:44 AM

		 To: Tana Jones/HOU/ECT@ECT
		 cc: Michael Khajeh-Noori/LON/ECT@ECT
		 Subject: Re: Kellogg's

I am looking for the ISDA Schedule, Paragraph 11 to the Credit Support Annex
and the Enron and Kellog guarantees.  If at all possible, it would be ideal
if you could e-mail me the execution versions of these docs.  Alternatively,
please fax them (my fax no. is +44 20 7783 4539).

Many thanks for your help.

Regards

Deepak

From: Tana Jones on 03/05/2000 08:41 CDT
To: Deepak Sitlani/LON/ECT@ECT
cc:

Subject: Re: Kellogg's

The Kellogg ISDA Agreement has been signed, but it is somewhat long.  Would
you like me to fax it to you (if so, what is your fax no.?) or would you like
me to fedex it to you?


Start Date: 1/17/02; HourAhead hour: 1;  HourAhead schedule download failed. Manual intervention required.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final Schedules\2002011701.txt
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Error: dbCaps97Data: Cannot perform this operation on a closed database


Hello again.  We are now passed the published cutoff to complete feedback,
but have extended the deadline until this Thursday, April 27.  This is one
last reminder for you to submit your Self assessment and/or for your
selected team of raters to return their survey score sheets.

The Summary Reports are shipping out early next week.  In order for any
additional data to be included in your report, FSD, our processing partner,
must receive those surveys by Thursday.

A Summary Report requires feedback from at least 3 Direct Reports or 3
Peers, or 3 in a combination of the two perspectives.  It is equally
important to obtain your Manager's feedback, as well as for you to provide a
Self assessment.  If your Manager submits his/her feedback, but you do not
have a sufficient number of Direct Report and/or Peer responses, you will
only receive a report with your Manager's responses.

You may wish to send one final reminder to your raters that their data must
be received by April 27.

If you have any questions, please call me.

Christi L. Smith
Keilty, Goldsmith & Company
858/450-2554


Start Date: 4/20/01; HourAhead hour: 12;  No ancillary schedules awarded.
Variances detected.
Variances detected in SC Trades schedule.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final
Schedules\2001042012.txt

---- SC Trades Schedule ----
$$$ Variance found in table tblInt_Interchange.
     Details: (Hour: 12 / Preferred: -800.00 / Final: -799.97)
  TRANS_TYPE: FINAL
  SC_ID: EPMI
  MKT_TYPE: 2
  TRANS_DATE: 4/20/01
  TRADING_SC: DETM
  PNT_OF_INTRC: NP15
  SCHED_TYPE: ENGY
  PURCH_SALE: 1
  DEAL_NO: 1


Any member who would like to have his or her photo taken may come by
the Houston Bar Association office between the hours of 8:30 a.m. and 5:00
p.m. on June 19 or June 20. There is no charge for the photo, no appointment
is necessary, and the photo sessions will take only a few minutes. The
Houston Bar Association office is located downtown at 1001 Fannin, Suite
1300.
	The HBA hopes to have as many current photos as possible in the new
Roster, so please take advantage of this opportunity.


Susan,

Please see the attached file. I got to leave, if you have any questions, I'll
answer it first thing tomorrow mornning...

Shouan


TODAY'S HEADLINES
The New York Times on the Web
Monday, January 7, 2002
------------------------------------------------------------
For news updated throughout the day, visit www.nytimes.com

QUOTE OF THE DAY
=========================
"There were piles of compacted, twisted steel eight stories
high into the air at first. It was just overwhelming. You
wondered, 'Where do you start?' Now it is a gaping hole
four levels down into the ground. I just can't understand
how they did it that quickly."
-CAPT. RAYMOND REILLY, of the Fire Department, referring to ground zero.

http://www.nytimes.com/2002/01/07/nyregion/07SITE.html?todaysheadlines

NATIONAL
=========================
Pentagon Seeking a Large Increase in Its Next Budget

The Pentagon is pushing for a $20 billion or more increase
for its 2003 budget, confident that the war on terrorism
has strengthened support for rebuilding the armed services.
http://www.nytimes.com/2002/01/07/national/07PENT.html?todaysheadlines

-----

Teenage Pilot Left Note Praising Sept. 11 Attacks

A teenage pilot's fatal flight into a skyscraper in Tampa,
Fla., was a deliberate gesture of support for Osama bin
Laden, the city's police chief said on Sunday.
http://www.nytimes.com/2002/01/07/national/07CRAS.html?todaysheadlines

-----

Americans, Gradually, Feel Grip of Recession

The recession that started in March is gradually intruding
on people's lives, forcing them to cut back in ways that
contribute to the downturn.
http://www.nytimes.com/2002/01/07/business/07COPE.html?todaysheadlines

-----

MORE NATIONAL NEWS:
http://www.nytimes.com/pages/national/index.html?todaysheadline

/--------------------- ADVERTISEMENT ---------------------\
KATE & LEOPOLD - In theaters December 25th!

MEG RYAN and HUGH JACKMAN star in KATE & LEOPOLD, the
story of two strangers in New York City, separated by
a hundred years. When they meet, a century's worth of
differences come crashing together. Visit the official
website at www.kateandleopold-themovie.com! This Christmas,
Chivalry Makes a Comeback. Rated PG-13.

http://ads.nyt.com/th.ad/th-kateandleo04/kate.html/?_RM_REDIR_=http://www.kateandleopold-themovie.com
\---------------------------------------------------------/

INTERNATIONAL
=========================
In Kandahar, New Mission for 'A Team': Make It Safe

The mission assigned to the Army Special Forces is in
transition across Afghanistan as the character of the
American campaign shifts.
http://www.nytimes.com/2002/01/07/international/asia/07FORC.html?todaysheadlines

-----

Argentina Unlinks Peso From Dollar, Bracing for Devaluation

Argentina on Sunday formally abandoned a decade-long policy
of linking its peso to the American dollar at a value of
one to one.
http://www.nytimes.com/2002/01/07/international/americas/07ARGE.html?todaysheadlines

-----

Bush's South Asia Strategy: Keep Terrorism as the Villain

President Bush has acted as if the Islamic extremists
accused of attacking the Indian Parliament were stateless
terrorists.
http://www.nytimes.com/2002/01/07/international/asia/07PREX.html?todaysheadlines

-----

MORE INTERNATIONAL NEWS:
http://www.nytimes.com/pages/world/index.html?todaysheadline

BUSINESS
=========================
Americans, Gradually, Feel Grip of Recession

The recession that started in March is gradually intruding
on people's lives, forcing them to cut back in ways that
contribute to the downturn.
http://www.nytimes.com/2002/01/07/business/07COPE.html?todaysheadlines

-----

The Battle of the Boxes: PC vs. TV

The rivalry between the PC and TV will take on new urgency
as three prominent technology executives sketch out
competing visions of their digital product lines.
http://www.nytimes.com/2002/01/07/technology/ebusiness/07GADG.html?todaysheadlines

-----

Price Cutting and Oversupply Imperil Art Book Houses

In the last year, the high-quality illustrated book industry
has severely retrenched -- and some question its future
viability.
http://www.nytimes.com/2002/01/07/business/media/07BOOK.html?todaysheadlines

-----

MORE BUSINESS NEWS:
http://www.nytimes.com/pages/business/index.html?todaysheadline

TECHNOLOGY
=========================
The Battle of the Boxes: PC vs. TV

The rivalry between the PC and TV will take on new urgency
as three prominent technology executives sketch out
competing visions of their digital product lines.
http://www.nytimes.com/2002/01/07/technology/ebusiness/07GADG.html?todaysheadlines

-----

Computers for the People in Brazil

The host of a popular Brazilian TV show signed on to promote
efforts by the computer industry to bridge the digital
divide by offering a subsidized package of PC, printer and
software.
http://www.nytimes.com/2002/01/07/technology/07METR.html?todaysheadlines

-----

Shoot Away. You Can't Keep the Digital Avenger Down.

A vivid new work by Feng Mengbo, a Chinese digital  artist,
is an  adaptation of the  ultraviolent Quake III Arena
computer game.
http://www.nytimes.com/2002/01/07/arts/design/07ARTS.html?todaysheadlines

-----

MORE TECHNOLOGY NEWS:
http://www.nytimes.com/pages/technology/index.html?todaysheadline

POLITICS
=========================
Bush's South Asia Strategy: Keep Terrorism as the Villain

President Bush has acted as if the Islamic extremists
accused of attacking the Indian Parliament were stateless
terrorists.
http://www.nytimes.com/2002/01/07/international/asia/07PREX.html?todaysheadlines

-----

Pentagon Seeking a Large Increase in Its Next Budget

The Pentagon is pushing for a $20 billion or more increase
for its 2003 budget, confident that the war on terrorism
has strengthened support for rebuilding the armed services.
http://www.nytimes.com/2002/01/07/national/07PENT.html?todaysheadlines

-----

Tribe Prepares for Renewed Fight Over Gold Mine

The Bush administration has weighed in on a battle over
building an open-pit gold mine on ancestral lands of the
Quechan tribe.
http://www.nytimes.com/2002/01/07/national/07MINE.html?todaysheadlines

-----

MORE POLITICS NEWS:
http://www.nytimes.com/pages/politics/index.html?todaysheadline

SPORTS
=========================
Jets Beat Their Demons and Make Playoffs

John Hall's 53-yard field goal with 59 seconds  left
clinched the Jets' wild-card playoff spot and ended 40
years of futility in Oakland.
http://www.nytimes.com/2002/01/07/sports/football/07JETS.html?todaysheadlines

-----

Bears and Patriots Turn It Around

New England and Chicago finished last in their   divisions
last season, but now both teams are division winners.
http://www.nytimes.com/2002/01/07/sports/football/07NFLL.html?todaysheadlines

-----

No. 1 Duke Loses First Game

Monte Cummings scored on a drive with 7.4 seconds left and
Florida State hung on to beat No. 1 Duke. The defending
national champions had won 22 straight.
http://www.nytimes.com/aponline/sports/AP-BKC-Duke-Florida-St.html?todaysheadlines
-----

MORE SPORTS NEWS:
http://www.nytimes.com/pages/sports/index.html?todaysheadline

ARTS
=========================
Memphis Embraces Its Own Gritty Soul

The city of Memphis is giving new recognition to a
previously overlooked part of its cultural heritage: soul
music.
http://www.nytimes.com/2002/01/07/arts/music/07SOUL.html?todaysheadlines

-----

Restless Partners, With an Odd Woman Out

Peter Martins's "Quartet for  Strings,"  a   slight but
somewhat unusual ballet, has entered the New York City
Ballet's repertory as part of a mission to present new
works.
http://www.nytimes.com/2002/01/07/arts/dance/07MART.html?todaysheadlines

-----

Film Group's First Awards Lift Oscar Haze a Bit

The American Film Institute, in  its first annual movie and
television honors, named "The Lord of   the Rings: The
Fellowship of the  Ring" the best film of 2001.
http://www.nytimes.com/2002/01/07/movies/07AWAR.html?todaysheadlines

-----

MORE ARTS NEWS:
http://www.nytimes.com/pages/arts/index.html?todaysheadline

NY REGION
=========================
Cleanup's Pace Outstrips Plans for Attack Site

The rapid pace of progress in cleaning up the World Trade
Center site means that questions about what comes next may
no longer be a distant debate.
http://www.nytimes.com/2002/01/07/nyregion/07SITE.html?todaysheadlines

-----

Year of a Shrinking Budget and Tough Choices in Albany

The 2002 legislative session promises to be one of the
nastiest in memory, as lawmakers confront the financial
crisis caused by the Sept. 11 attacks.
http://www.nytimes.com/2002/01/07/nyregion/07ALBA.html?todaysheadlines

-----

A Candidate for Speaker Gains Support

A leading contender in the race to be City Council speaker,
Gifford Miller, picked up endorsements from several labor
unions and one of his opponents on Sunday.
http://www.nytimes.com/2002/01/07/nyregion/07SPEA.html?todaysheadlines

-----

MORE NY REGION NEWS:
http://www.nytimes.com/pages/nyregion/index.html?todaysheadline

OP-ED
=========================
Cracks in the Crown
By BOB HERBERT
I hope that  as we get further away from the   horror of
last summer, a more balanced view of Rudy Giuliani's eight
years as mayor emerges.
http://www.nytimes.com/2002/01/07/opinion/07HERB.html?todaysheadlines

-----

State of the Pundit
By WILLIAM SAFIRE
Am I undergoing a change of heart, change of mind, change of
life?
http://www.nytimes.com/2002/01/07/opinion/07SAFI.html?todaysheadlines

-----

Soothing Israel's Fears
By DAVID K. SHIPLER
Neither side in the Israeli-Palestinian conflict has figured
out how to  win by giving the other what it needs.
http://www.nytimes.com/2002/01/07/opinion/07SHIP.html?todaysheadlines

-----

MORE OP-ED  NEWS:
http://www.nytimes.com/pages/opinion/index.html?todaysheadline

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ISDA International Swaps and Derivatives Association, Inc.
600 Fifth Avenue
Rockefeller Center - 27th floor
New York, NY 10020
Phone: (212) 332-1200
Facsimilie: (212) 332-1212

MEMO TO:  ISDA Credit Derivatives Market Practice Committee

FROM:   Louise Marshall, ISDA New York, Katia D'Hulster,
ISDA London

DATE:   May 21, 2001

RE:   New G6

At the May 8 meeting of the ISDA Credit Derivatives Market Practice
Committee, and subsequently at a May 15 meeting of the European Committee,
the following Group of Six (G6) members were elected to take forward the
Committee's work:

Dealers
NA - Mike Pohly, Morgan Stanley  michael.pohly@morganstanley.com
Eur - Pierre Mathieu, BNP Paribas
pierre.g.mathieu@bnpparibas.com

End-users/risk-takers
NA - Craig Welch, Ambac   cwelch@ambac.com
Eur - Eric Rothman, Ace Guaranty  erothman@aceguarantyre.com

Bank portfolio managers
NA - Hetty Harlan, BofA   hetty.harlan@bankofamerica.com
Eur - Cameron Munro, NAB
cameron.munro@eu.nabgroup.com

The new G6 will have its first call on Tuesday, May 22. Agenda items will be
prioritized and circulated to the whole committee. Please be sure to
identify your constituency representatives and to be aware of any resulting
communications from them. The efficiency of this process is dependent on the
input of all constituents. If you do not receive materials from your
representative, please contact him or her directly to ensure appropriate
representation.

NB: The Restructuring Supplement To the 1999 ISDA Credit Derivatives
Definitions, which is now in effect, is available on the ISDA Website
(www.isda.org).

Any questions or comments may be directed to Louise Marshall at ISDA New
York (lmarshall@isda.org) or Katia D'Hulster at ISDA London
(kdhulster@isda-eur.org).


----- Forwarded by Jeff Dasovich/NA/Enron on 03/08/2001 12:12 PM -----

	"Katie Kaplan" <kaplan@iepa.com>
	03/08/2001 12:17 PM

		 To: <Jeff.Dasovich@enron.com>
		 cc:
		 Subject: RE: FW: CAISO Notice - Draft Market Stabilization Plan

ISO Market Participants:
 The ISO has developed a market stabilization plan, designed
to stabilize operations and control costs in California, to be implemented
in the next two months.  It would remain in place for the near term (through
Summer, 2001 and beyond) and includes changes to existing ISO practices as
well as an expansion of the ISO's responsibilities.  Because of the need to
move quickly so that the plan can be implemented by this summer, we will be
unable to hold a full stakeholder review process.  But, we do want to
discuss the plan with you so that you can understand the proposal and the
reasoning behind it.
 The ISO will post this plan on the ISO web site at
http://www.caiso.com/stakeholders/ <http://www.caiso.com/stakeholders/> , by
COB tomorrow.  In addition, we will host a conference call from 10:00 a.m.
to 2:00 p.m. PST this Friday, March 9, to discuss the plan with you and
clarify any outstanding issues.  We then plan to request the Board's
approval for this plan on March 15th in order to be able to implement the
plan by summer.
 The call in information is as follows:
 Market Stabilization Conference Call
 Friday, March 9, 10:00 a.m. - 2:00 p.m. PST
 Call-In Number:    877-381-6005
 Conference ID #:    760357
 Leader Name:    Byron Woertz
 Following the call, you may submit any comments on the plan
to us by close of business on Tuesday, March 13.  You may send your comments
to bwoertz@caiso.com.  We will do our best to summarize your comments and
present them to the Board at their March 15 meeting. In addition, there will
be a public comment period on the 15th.
  Please contact me if you have any further questions.
  Byron B. Woertz, Jr.
  Director, Client Relations
  (916) 608-7066

Katie Kaplan
Manager of State Policy Affairs
Independent Energy Producers Association
(916) 448-9499

-----Original Message-----
From: Jeff.Dasovich@enron.com [mailto:Jeff.Dasovich@enron.com]
Sent: Thursday, March 08, 2001 8:42 AM
To: Katie Kaplan
Subject: Re: FW: CAISO Notice - Draft Market Stabilization Plan

Katie:
Thanks so much for the info.  Do you have the call-in number for the ISO
call today?

Best,
Jeff