SIVY ON STOCKS from money.com
May 11, 2001

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Special situations

These tips for identifying investment opportunities will help you find
stocks that can move up even when the stock market is flat on its back.

By Michael Sivy

As long-time readers of this column know, I like to focus mainly on the
biggest, most financially healthy companies. Such blue-chip growth stocks
are well-followed by Wall Street analysts and by the media, so their
prospects are generally reflected in the share price. Occasionally,
however, those stocks get undervalued -- but they generally return to fair
valuations within a few years. If you buy them when they're down, odds are
you'll at least match -- and probably slightly outpace -- the general
market over a decade or longer. (For a list of the stocks I think are most
worth tracking, see the Sivy 100.)
[ http://www.money.com/sivy100/ ]

There are, however, smart ways to enhance that basic strategy. Some
investors, for example, search for so-called "special situations," stocks
that will rise or fall based on unique events, like a takeover bid or a
corporate restructuring. Anticipating such events takes some savvy, but
there are guideposts that can help. One excellent source for those tips is
The Superstock Investor, a new book by Charles LaLoggia and Cherrie Mahon,
published by McGraw Hill.

I've known Charlie for more than a decade and he's spotted a lot of great
opportunities, particularly among midcap and smaller stocks that aren't
well followed by analysts. In fact, I featured one of his recommendations
in Sivy on Stocks last November 8 -- United Industrial [UIC], a small
defense-related company with little debt. Since then, the stock has risen
40 percent to $16 a share.

Since every special situation is different, the best way to learn about
them is to read through a lot of case studies -- and Charlie's book is full
of them. But he also lists a number of signs to watch for that can help you
identify a stock poised for big gains. The most important thing to remember
is that a special situation needs a catalyst that can unlock its value.
Here are 10 potential triggers:

* An outside investor files a 13-D form with the Securities and Exchange
Commission, revealing that it has accumulated more than 5 percent of a
company's stock.

* A company with one outsider that owns more than 5 percent of the stock
attracts other investors who buy big stakes.

* An outside owner announces that it is seeking ways to enhance shareholder
value or expresses an interest in selling its stake.

* A dispute about the best way to get the stock price up breaks out between
a company's management and a major outside shareholder.

* A company with one or more large outside owners announces a stock buyback
program, giving more influence to the biggest shareholders who will push to
get the stock price up.

* A company in a consolidating industry sells or spins off non-core assets,
thereby turning itself into a pure play that is likely to be even more
attractive to potential acquirers.

* A company in a consolidating industry announces a restructuring charge
that causes its share price to decline substantially, making the stock
highly attractive to potential acquirers.

* A company in a consolidating industry is partially owned by a brokerage
or buyout firm that could devise a strategy to boost the value of its stake.

* The founder of a company who owns more than 10 percent of the stock
passes away, removing potential opposition to an acquisition.

* A company that owns a stake in another company is itself acquired,
leading the acquirer to try to raise cash by selling the stake and putting
the company in play.

None of these factors by itself is a reason to invest in a company. But if
the stock is attractive on fundamental grounds, the chance that it will
turn out to be a special situation provides an enormous kicker.

###

Post your comments on Michael's column at:
http://www.money.com/depts/investing/sivy/index.html

To subscribe or unsubscribe to Sivy on Stocks, go to:
http://www.money.com/email/

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Thanks, Nony and John.

 -----Original Message-----
From: 	Flores, Nony
Sent:	Monday, November 26, 2001 2:24 PM
To:	Heard, Marie
Cc:	Viverito, John
Subject:	FW: Master Netting Agreement Assignments

Hi Marie,

Details re Crude Netting Agreement between ERAC and Navajo:

Navajo Refining Company
Scott C. Surplus
Vice President, Treasury & Tax
c/o Holly Corporation
100 Crescent Court, Suite 1600
Dallas, TX  75201-6927
Ph:  214-871-3555
Fax: 214-871-3566

Nony

 -----Original Message-----
From: 	Viverito, John
Sent:	Monday, November 26, 2001 1:47 PM
To:	Flores, Nony
Cc:	Heard, Marie
Subject:	RE: Master Netting Agreement Assignments

Nony-

Please see Marie's note below and respond to the questions.

Thanks,

John

 -----Original Message-----
From: 	Heard, Marie
Sent:	Monday, November 26, 2001 1:09 PM
To:	Viverito, John
Subject:	FW: Master Netting Agreement Assignments

Hi, John:

Can you answer Athena's questions re Navajo?

It you want to just respond to me, I'll include it in my response re Louis Dreyfus.

Thanks!

Marie

 -----Original Message-----
From: 	"Athena Alexander" <Athena.Alexander@cwt.com <mailto:Athena.Alexander@cwt.com>>@ENRON
Sent:	Monday, November 26, 2001 12:18 PM
To:	Heard, Marie
Subject:	Re: Master Netting Agreement Assignments

Hi, Marie, hope all is well.  In order to complete our conflicts checks on
two counterparties, we need answers to the following questions:  (1)
Exactly which Navajo and Louis Dreyfus entities/subsidiaries will be
involved in the Master Netting Agreements?  (2) Is the Louis Dreyfus on
your list the same as the Dreyfus Corporation?  (3) What is the main
business address for Navajo?  Thanks and please call with any questions.

Best Regards,
Athena

                    "Heard,
                    Marie"               To:     "Aronowitz, Alan"
                    <Marie.Heard@        <Alan.Aronowitz@ENRON.com <mailto:Alan.Aronowitz@ENRON.com>>,
                    ENRON.com>           "Athena Alexander (E-mail)"
                    Office:              <athena.alexander@cwt.com <mailto:athena.alexander@cwt.com>>,
                                         "Clark, Morris"
                    11/19/01             <Morris.Richard.Clark@ENRON.com <mailto:Morris.Richard.Clark@ENRON.com>>
                    06:18 PM             , "Cook, Mary"
                                         <Mary.Cook@ENRON.com <mailto:Mary.Cook@ENRON.com>>, "David
                                         Mitchell (E-mail)"
                                         <david.mitchell@cwt.com <mailto:david.mitchell@cwt.com>>,
                                         "Davis, Angela"
                                         <Angela.Davis@ENRON.com <mailto:Angela.Davis@ENRON.com>>, "Del
                                         vecchio, Peter"
                                         <Peter.Del.Vecchio@ENRON.com <mailto:Peter.Del.Vecchio@ENRON.com>>,
                                         "Diane Dickensheid (E-mail)"
                                         <diane.dickensheid@cwt.com <mailto:diane.dickensheid@cwt.com>>,
                                         "Dobin, Nora"
                                         <Nora.Dobin@ENRON.com <mailto:Nora.Dobin@ENRON.com>>,
                                         "Douglas, Stephen H."
                                         <Stephen.H.Douglas@ENRON.com <mailto:Stephen.H.Douglas@ENRON.com>>,
                                         "Evans, Mark (London Legal)"
                                         <mark.evans@enron.com <mailto:mark.evans@enron.com>>,
                                         "Gaffney, Chris"
                                         <Chris.Gaffney@ENRON.com <mailto:Chris.Gaffney@ENRON.com>>,
                                         "Gray, Barbara N."
                                         <Barbara.N.Gray@ENRON.com <mailto:Barbara.N.Gray@ENRON.com>>,
                                         "Hansen, Leslie"
                                         <Leslie.Hansen@ENRON.com <mailto:Leslie.Hansen@ENRON.com>>,
                                         "Heard, Marie"
                                         <Marie.Heard@ENRON.com <mailto:Marie.Heard@ENRON.com>>,
                                         "Hendry, Brent"
                                         <Brent.Hendry@ENRON.com <mailto:Brent.Hendry@ENRON.com>>,
                                         "Hodge, Jeffrey T."
                                         <Jeffrey.T.Hodge@ENRON.com <mailto:Jeffrey.T.Hodge@ENRON.com>>,
                                         "Johnston, Greg"
                                         <Greg.Johnston@ENRON.com <mailto:Greg.Johnston@ENRON.com>>,
                                         "Jones, Tana"
                                         <Tana.Jones@ENRON.com <mailto:Tana.Jones@ENRON.com>>,
                                         "Keohane, Peter"
                                         <Peter.Keohane@ENRON.com <mailto:Peter.Keohane@ENRON.com>>,
                                         "Koehler, Anne C."
                                         <Anne.C.Koehler@ENRON.com <mailto:Anne.C.Koehler@ENRON.com>>,
                                         "Lech Kalembka (E-mail)"
                                         <lech.kalembka@cwt.com <mailto:lech.kalembka@cwt.com>>, "Leite,
                                         Francisco Pinto"
                                         <Francisco.Pinto.Leite@ENRON.com
                                         >, "Marissa Morelle (E-mail)"
                                         <marissa.morelle@cwt.com <mailto:marissa.morelle@cwt.com>>,
                                         "McCullough, Travis"
                                         <Travis.McCullough@ENRON.com <mailto:Travis.McCullough@ENRON.com>>,
                                         "Mellencamp, Lisa"
                                         <Lisa.Mellencamp@ENRON.com <mailto:Lisa.Mellencamp@ENRON.com>>,
                                         "Murphy, Harlan"
                                         <Harlan.Murphy@ENRON.com <mailto:Harlan.Murphy@ENRON.com>>,
                                         "Murray, Julia"
                                         <Julia.Murray@ENRON.com <mailto:Julia.Murray@ENRON.com>>,
                                         "Nemec, Gerald"
                                         <Gerald.Nemec@ENRON.com <mailto:Gerald.Nemec@ENRON.com>>,
                                         "Portz, David"
                                         <David.Portz@ENRON.com <mailto:David.Portz@ENRON.com>>, "Rick
                                         Antonoff (E-mail)"
                                         <rick.antonoff@cwt.com <mailto:rick.antonoff@cwt.com>>,
                                         "Rohauer, Tanya"
                                         <Tanya.Rohauer@ENRON.com <mailto:Tanya.Rohauer@ENRON.com>>,
                                         "Sager, Elizabeth"
                                         <Elizabeth.Sager@ENRON.com <mailto:Elizabeth.Sager@ENRON.com>>,
                                         "Saxena, Rahul"
                                         <rahul.saxena@enron.com <mailto:rahul.saxena@enron.com>>,
                                         "Sayre, Frank"
                                         <Frank.Sayre@ENRON.com <mailto:Frank.Sayre@ENRON.com>>, "Schuh,
                                         Michael"
                                         <michael.schuh@enron.com <mailto:michael.schuh@enron.com>>,
                                         "Shackleton, Sara"
                                         <Sara.Shackleton@ENRON.com <mailto:Sara.Shackleton@ENRON.com>>,
                                         "Simons, Paul"
                                         <paul.simons@enron.com <mailto:paul.simons@enron.com>>, "St.
                                         Clair, Carol"
                                         <Carol.St.Clair@ENRON.com <mailto:Carol.St.Clair@ENRON.com>>, "Van
                                         Hooser, Steve"
                                         <Steve.Van.Hooser@ENRON.com <mailto:Steve.Van.Hooser@ENRON.com>>,
                                         "Viverito, John"
                                         <John.Viverito@ENRON.com <mailto:John.Viverito@ENRON.com>>, "Von
                                         Bock Und Polach, Marcus"
                                         <marcus.von.bock.und.polach@enro
                                         n.com>, "Williams, Jason R
                                         (Credit)"
                                         <Jason.R.Williams@ENRON.com <mailto:Jason.R.Williams@ENRON.com>>
                                         cc:
                                         Subject:     Master Netting
                                         Agreement Assignments

Attached is the updated list of master netting agreement assignments.

           <<master netting agreement assignments.doc>>

**********************************************************************
This e-mail is the property of Enron Corp. and/or its relevant affiliate
and may contain confidential and privileged material for the sole use of
the intended recipient (s). Any review, use, distribution or disclosure by
others is strictly prohibited. If you are not the intended recipient (or
authorized to receive for the recipient), please contact the sender or
reply to Enron Corp. at enron.messaging.administration@enron.com <mailto:enron.messaging.administration@enron.com> and delete
all copies of the message. This e-mail (and any attachments hereto) are not
intended to be an offer (or an acceptance) and do not create or evidence a
binding and enforceable contract between Enron Corp. (or any of its
affiliates) and the intended recipient or any other party, and may not be
relied on by anyone as the basis of a contract by estoppel or otherwise.
Thank you.
**********************************************************************
(See attached file: master netting agreement assignments.doc)

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 - master netting agreement assignments.doc << File: master netting agreement assignments.doc >>


-----Original Message-----
From: 	Yeung, Charles
Sent:	Wednesday, October 17, 2001 8:40 AM
To:	Nicolay, Christi L.; Bestard, Jose
Cc:	Steffes, James D.; Shapiro, Richard; Ingersoll, Richard; Roan, Michael
Subject:	RE: NERC Board Actions

This is a direct result of the recent actions from GISB to get involved in the wholesale electric standards.   We and EPSA have made positive statements about the GISB process.  NERC has been forced to change to accomodate what many in the industry are looking for.  There are still many "ifs" at GISB at this time, much of it around how much the big utilitites would be willing to support it.  Our position has been - whoever provided the best deal first, that is where the industry will take its business.

Kevin's preferences for RTO standards is not out of the question.   FERC will utlimately decide how much standards setting authority the RTOs will have.   NERC will certainly foucs - at least - on inter-RTO standards, something RTOs will not do well, if at all.  Howvever, NERC must not impede on internal RTO market structures and rules - a "commercial standard"  - this is why NERC recognizing commercial interests is such a big step.

 -----Original Message-----
From: 	Nicolay, Christi L.
Sent:	Wednesday, October 17, 2001 8:28 AM
To:	Bestard, Jose; Yeung, Charles
Subject:	FW: NERC Board Actions

Some of the traders saw this announcement yesterday and wanted to know our reaction.  Comments?

 -----Original Message-----
From: 	Bestard, Jose
Sent:	Wednesday, October 17, 2001 1:31 AM
To:	Yeung, Charles; Shelk, John; Shapiro, Richard; Robertson, Linda; Steffes, James D.; Walton, Steve; Perrino, Dave; Novosel, Sarah; Shortridge, Pat; Nicolay, Christi L.
Subject:	NERC Board Actions

FYI
---------------------- Forwarded by Jose Bestard/ENRON_DEVELOPMENT on 10/17/2001 12:29 AM ---------------------------

 << OLE Object: Picture (Device Independent Bitmap) >>
"Dave Nevius" <Dave.Nevius@nerc.net>@nerc.com on 10/16/2001 04:14:46 PM
Sent by:	owner-shcnominees@nerc.com
To:	<nercroster@nerc.com>
cc:	<cclist@nerc.com>

Subject:	NERC Board Actions

NERC Roster

The NERC Board, at its meeting today in Vancouver, took bold steps to
expand its role for developing standards for the wholesale electric
industry in North America, to ensure the independence of actions by its
21 Security Coordinators from any wholesale or retail merchant
functions, and agreed to revamp the composition and voting structure of
its standing committees.

Attached are the relevant resolutions and policy statements approved by
the Board.

A press release concerning these actions is available on the NERC web
site.

Dave Nevius

  <<Board Resolutions on Items 20, 21, 22.doc>>  <<FINAL SCRTF Initial
Sectors and Criteria 092701.doc>>  <<FINAL SCRTF Report to SHC and BOT
092701 .doc>>
 - Board Resolutions on Items 20, 21, 22.doc << File: Board Resolutions on Items 20, 21, 22.doc >>
 - FINAL SCRTF Initial Sectors and Criteria 092701.doc << File: FINAL SCRTF Initial Sectors and Criteria 092701.doc >>
 - FINAL SCRTF Report to SHC and BOT 092701 .doc << File: FINAL SCRTF Report to SHC and BOT 092701 .doc >>


Mid Columbia.

   Kate Symes                01/11/2001 12:47 PM

To: Stephanie Piwetz/HOU/ECT@ECT
cc:
Subject: Re: Powerez Deal from 1/8/01

What's the delivery point on those deals?

Stephanie Piwetz   01/11/2001 10:48 AM

To: Kate Symes/PDX/ECT@ECT
cc:

Subject: Powerez Deal from 1/8/01

Kate,
Pwx called this mroning to verbal a deal that  was sleeved with EES.  I do
not see it in system, although I see the deal on EES spreadsheet that I
receive daily.
the deal is Enron Buys Pwx   Q4 2001 25mws   255.00  done direct  trade date
1/8/01  Matt Motley trader
then Enron Sell EES  Q4 2001  25mws   $255.05

Should this be in the system and if so do you have deal numbers on the
above.  I believe we sleeved the deal for EES and Pwx.
Contact at EES, Judy (backoffice 7138535490)  Jubran Whalen is EES trader.

Thanks


The following expense report is ready for approval:

Employee Name: Dayem  . Khandker
Status last changed by:  Automated Administrator
Expense Report Name: D. Khandker
Report Total: $150.00
Amount Due Employee: $150.00

To approve this expense report, click on the following link for Concur Expense.
http://expensexms.enron.com


[IMAGE]  [IMAGE]
  [IMAGE]    Patrice Mims     [IMAGE]   [IMAGE]    [IMAGE]   [IMAGE]    [IMAGE]
 ? 2001 J.P. Morgan Chase & Co. All rights reserved.

If the above links do not work or appear, simply copy this URL and paste it into your browser's address field: http://www.travelersadvantage.com/membership/outsidepromo.asp?ref=taCHASEjuneml07

Your privacy is extremely important to us. You requested to receive this mailing, by registering at CustomOffers.com or by subscribing through one of our marketing partners. As a leader in permission-based email marketing, we are committed to delivering a highly rewarding experience, with offers that include bargains, entertainment, and  money-making ideas. However, if you wish to unsubscribe, click here  or link to http://web1.customoffers.com/unsubscribe.asp?emid=783&email=PMIMS@ENRON.COM. Third-party offers contained in this email are the sole responsibility of the offer originator. [IMAGE]


How much is it and should this be the final amount?  One thought I have is
that maybe we can retool the option agreement so that we pay them a flat fee,
which is enough to cover the expenditures.  Don't know if this works, but it
is one thought.  What do you think?

Kay

From: Greg Krause/ENRON@enronXgate on 05/23/2001 01:50 PM
To: Kay Mann/Corp/Enron@Enron
cc:

Subject: RE: AEW's backup

One more thing on the SDEC project:  According to the option agreement we
executed last October, we agreed to reimburse Certosa Holdings for actual
third party costs that they incurred in support of our necessary
applications, submittals and in seeking local approval.  Several weeks ago,
we recieved an invoice from Shutts & Bowen, attorney for Certosa Holdings
requesting reimbursement pursuant to the contract.  I forwarded this invoice
on th Ann Elizabeth not necessarily to pay for but to review considering this
whole soft cost hard cost discussion.  I recieved another call this morning
from Shutts & Bowen asking about the invoice.  What should I do?
 -----Original Message-----
From:  Mann, Kay
Sent: Wednesday, May 23, 2001 11:03 AM
To: Krause, Greg
Subject: RE: AEW's backup

Greg,

You can call me on whatever you have, including Midway, SDEC and Medley
Dunn.  If I have a problem getting to something, I'll find help.

Kay

From: Greg Krause/ENRON@enronXgate on 05/23/2001 10:50 AM
To: Kay Mann/Corp/Enron@Enron
cc:

Subject: RE: AEW's backup

Kay,

Ann Elizabeth did not provide a designated hitter for the South Dade Energy
Center (Dade Development Company LLC is Optionee, Certosa Holdings is
Optionor) nor did she provide one for tne Medley Dunn project.  I have been
told that the Dunns are considering backing off their ultimatums that they
gave Ann Elizabeth and I regarding taxes to the town and assumption of
enviromental liability.  Who do I talk to about the Dunn contract while Ann
Elizabeth is out?
 -----Original Message-----
From:  White, Ann Elizabeth
Sent: Tuesday, May 22, 2001 10:33 PM
To: gkrause@enron.com; Krimsky, Steven; Ben Jacoby/HOU/ECT@ENRON; Carnahan,
Kathleen
Cc: Milligan, Taffy
Subject: AEW's backup

Kay Mann is the designated hitter for the Pompano and Deerfied projects while
I'm on vacation.  I've given her a down load of the status of Greg and
Steve's projects.  Chris Boehler at A&K will be the designated hitter for
Midway.  I'm not going to check my voice mail while I'm gone but, if
necessary, here are the contact numbers while I'm gone.

Walter and Marlena Schilling  011-49-8218-89351 schilling.jun@freenet.de

Monika and Bernhard Steinacher 011-49-8232-8932 m.steinacher@schwabmuenchen.de

If you call, Walter and Bernhard and Bernhard's daughter, Susanne, speak very
good English.  Monika's isn't bad.  Marlena may get flustered and hang up on
you.

Best of luck at Deerfield and hope to see Pompano on track when I get back in
the office on June 11th.  Kay is planning on going to Florida on June 12 for
the moratorium hearing and the rezoning hearing.


Chris and Mike,

We are trying to do some sales tax planning, and need to know when the first
LM 6000's will be ready to ship (or store, as the case may be).  I know there
are projected dates in the purchase agreement, but those were more targets
than commitment on the first few units.  Can you give the current status?

Thanks,

Kay


FYI
---------------------- Forwarded by Richard Shapiro/NA/Enron on 07/18/2001
03:00 PM ---------------------------
From: Amr Ibrahim@ENRON_DEVELOPMENT on 07/18/2001 09:16 AM
To: Richard Shapiro/NA/Enron@Enron
cc: Ban Sharma/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, James D
Steffes/NA/Enron@Enron

Subject:  Dr. Lay's Visit

Rick:

This is very good, and succinct, summary from Ban.  Notwithstanding his
analysis, I think that we are going to be there for a longer-than-desired
period, and Dr. Ley's visit should have been kept for a more opportune time.
Of course, I hope that I am wrong.

It follows that the likely way out shall be "renegotiation", "stabilizing",
then convergence with the arbitration route in "existing".

Best regards

AI

	Ban Sharma
	07/18/2001 08:44 AM

		 To: Amr Ibrahim/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
		 cc:
		 Subject: Dr. Lay's Visit

Amr,

There have been differing perceptions about Dr. Lay's visit. Some including
myself thought that it was a wasted effort, esp. so because just the day
after he left, the Government of Maharashtra called for a judicial probe
against Enron. The terms of reference of the probe are to be announced within
a month. A judicial probe is not only a bad way to respond to our efforts but
is also bound to postpone any fruitful negotiations. Its a bad signal esp.
for investors like us. It shows poorly about how the Indian polity works and
how misplaced their priorities are, esp. on crucial infrastructure related
issues.

Some of us were beginning to think that Dr. Lay's visit is bound to enthuse
the Central Government to act more positively and come with more likely
solutions, including a possible buyout. However, with a judicial probe being
announced even the Central Government is forced to re-think its strategy
twice before stepping in. Infact, it might be forced to take a back seat.

Internal discussion reveal that it was perhaps necessary for Dr. Lay to visit
senior officials just to send a signal that "Enron had tried its utmost to
thrash out a solution". If necessary another visit would be planned, just to
reiterate this. This they  feel would help in the long run, esp. when we
arbitrate, to drive home the message that we did use all our options to
arrive at a solution, unlike the government which just was not forthcoming.
What folks here also feel is that the "Chairman of the Company should
definitely come to check the boxes".

So perhaps strategically it might appear that the latter school of thought is
the right option but pragmatically sell out seems the only option left now.
The sooner the better. However, the way the judicial system works here, one
can only hope the Supreme Court respects our notice for arbitration in London
and  helps hasten the process.

Ban


IN THE MONEY: Another Sign Investors Don't Trust Enron
Dow Jones News Service, 11/26/01
Dynegy Board Silent On Status Of Enron Takeover >ENE DYN
Dow Jones News Service, 11/26/01
Enron, Banks Formalize $690M Debt Extension To Dec. 14
Dow Jones News Service, 11/26/01
Citigroup Has $2.38B Less To Lose On Enron Due To Swaps
Dow Jones Capital Markets Report, 11/26/01
Enron Is Sued Over 401(k) Plan; Plaintiffs Seek $850M
Dow Jones News Service, 11/26/01
STOCKWATCH Enron falls 14 pct on mounting concerns over Dynegy deal
AFX News, 11/26/01
USA: UPDATE 1-Enron shares slide lower as merger doubts intensify.
Reuters English News Service, 11/26/01
USA: Enron lawsuit seen as wake-up call for pensions.
Reuters English News Service, 11/26/01
USA: US Corp Bonds-Bonds tighten, analysts fret on Enron.
Reuters English News Service, 11/26/01
Petrobras, Petros, close to buying Enron's stakes in CEG/CEG Rio - report
AFX News, 11/26/01
TALES OF THE TAPE: Energy Traders' Perfect Storm Stalls
Dow Jones News Service, 11/26/01
INDIA: UPDATE 1-India's AV Birla group denies bid for Enron unit.
Reuters English News Service, 11/26/01
Enron's Stock, Bonds Drop on Concern for Dynegy Bid (Update8)
Bloomberg, 11/26/01

Dynegy Bonds Slip as Enron Purchase May Harm Credit Rating
Bloomberg, 11/26/01

ENRON SHARES SLIDES TO ALL-TIME LOW
CBS.MarketWatch.com, 11/26/01

IN THE MONEY: Another Sign Investors Don't Trust Enron
By Michael Rapoport

11/26/2001
Dow Jones News Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)
A Dow Jones Newswires Column

NEW YORK -(Dow Jones)- If you needed any further proof that investors no longer trust Enron Corp. (ENE), here's another piece of evidence - one that goes to the heart of the recent plunge in the company's stock.
Enron doesn't simply trade for less than its book value; it fell below that milestone weeks ago. No, now it trades for less than ONE-THIRD of its book value.
That's a rare level for a company of Enron's size and prominence. And it may mean, among other things, that investors have decided that they simply can't place any further faith in the veracity of Enron's earnings and balance-sheet figures, much-revised as they've been - something that has unnerving implications for any attempt to value the company fairly.
First, let's be clear about what this means. Enron stock is currently about $4 a share; the company's reported book value is about $12.90 a share. In other words, Enron stock sells for less than one-third of what shareholders would get if the company were to liquidate - were to turn all its assets into cash, pay off all its liabilities on its balance sheet and give what's left over to shareholders.
This is an uncommonly dismal level for any company, even a troubled one. For comparison's sake, Dynegy Inc. (DYN), which has agreed to buy Enron, trades at about three times book value, as does El Paso Corp. (EPG), a competitor of both companies. In fact, Enron has the second-lowest price-to-book ratio of any company in the Standard & Poor's 500-stock index - only Conseco Inc. (CNC), another troubled company, is lower, by an eyelash.
Part of the problem is undoubtedly the continuing fear among investors that Dynegy's agreement to buy Enron will fall apart, and the belief that Enron will have to file for bankruptcy if it does, in which case Enron shareholders would be hard-pressed to realize any value. The Dynegy deal now amounts to about $10.60 per Enron share, itself well under Enron's book value; the huge premium that level offers over Enron's current stock price is an indication of the big risk investors see that the deal won't be consummated in its current form.
But given Enron's current woes, it's certainly also possible that Enron is trading at such a big discount to book value because investors don't feel they can trust the earnings and balance-sheet numbers coming out of Enron. Those numbers, after all, are the raw material that form the basis for valuing Enron, or any other company, by computing figures like price-to-book and price-to-earnings ratios.
And the Enron debacle has been all about the quality of those numbers, with Enron shifting assets off its balance sheet to outside limited partnerships from which some of its executives benefitted. In terms of those numbers, the ground has shifted underneath investors three separate times now - when the company slashed its reported shareholder equity by $1.2 billion to unwind its transactions with one of those partnerships, when it restated nearly five years' worth of earnings downward by a total of $586 million, and when it revealed that it could take further charges and was facing an imminent deadline to post collateral on a $690 million note. (That deadline has now been extended until Dec. 14.)
When you've gotten punched in the face three times, it's not unreasonable to fear there'll be a fourth blow, no matter how much the puncher assures you there won't be. Given Enron's insanely complicated structure, and the way bad financial news has dribbled out of the company over the past several weeks, who can guarantee there aren't more such shocks yet to come?
That's what investors appear to be fearing, and that may be part of the reason Enron stock has fallen so precipitously. Thanks to Enron's repeated demonstrations that its numbers can't be relied on, investors no longer have a firm, trustworthy basis on which to value the stock. And so, not surprisingly, the value is getting ratcheted down to the most conservative, bare-minimum level.
An Enron spokesman couldn't be reached for comment.
It's ironic, in a way. For a long time, it was hard to properly value Enron because its structure and finances were so complex and hard to decipher. Now it's hard to properly value Enron because the company's attempts to clarify its finances have made it clear that it's hard to expect investors to trust in their accuracy.
-By Michael Rapoport, Dow Jones Newswires; 201-938-5976; michael.rapoport@dowjones.com

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Dynegy Board Silent On Status Of Enron Takeover >ENE DYN
By Christina Cheddar
Of DOW JONES NEWSWIRES

11/26/2001
Dow Jones News Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)
NEW YORK -(Dow Jones)- As the market continues to speculate about the status of Dynegy Inc.'s (DYN) takeover of Enron Corp. (ENE), Dynegy's board isn't offering its opinion.
"Any comments coming out of Dynegy are coming from the company's executives," said Jerry Johnson, a Dynegy board member who also is an executive vice president at Safeguard Scientifics Inc. (SFE).
Johnson declined to comment on any matters related the pending acquisition of its larger rival, and wouldn't say whether the board has been meeting to discuss the transaction.
Three other board members, through their representatives, declined to comment as well. Other non-executive directors on the 14-member board either weren't immediately available to comment or couldn't be reached.
As for Dynegy's management, spokesman John Sousa said the company's opinion on the deal remains the same since its last comments on Wednesday.
At that time, Dynegy Chairman and Chief Executive Chuck Watson said Dynegy was continuing its due diligence and was looking to accelerate regulatory approval of the deal.
According to Sousa, Dynegy worked through the holiday weekend gathering information as part of its due diligence efforts.
Meanwhile, Enron continued its discussions to raise between $500 million to $1 billion of additional financing, said Enron spokeswoman Karen Denne. The company also is working to restructure its debt by mid-December, she said.
But investors appear to be voting with their feet. Enron shares were recently down 18.3%, or 86 cents, to $3.85, while Dynegy shares slipped 2.7%, or $1.06, to $39.34. As a result, the already huge discount to the deal's offer price has grown even bigger as the market continues to signal the deal won't get completed on its original terms.
Under the terms of the transaction, Enron shareholders are to receive 0.2685 of a Dynegy share for each share outstanding, or about $8.98 billion, based on Dynegy's recent stock price.
At Enron's recent level, the stock is trading at a 64% discount to the Dynegy offer.
Neither Sousa or Denne would comment on the stock movement.
Dynegy has already provided Enron with a $1.5 billion cash infusion that is secured by Enron's pipeline assets. While that investment has helped Enron's near-term liquidity position, it remains unclear how long the company can remain solvent without any added investments.
-By Christina Cheddar, Dow Jones Newswires; 201-938-5166; christina.cheddar@dowjones.com

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Enron, Banks Formalize $690M Debt Extension To Dec. 14
By Carol S. Remond and Christina Cheddar

11/26/2001
Dow Jones News Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)
Of Dow Jones Newswires

NEW YORK -(Dow Jones)- Enron Corp. (ENE) and a group of banks last week formalized an agreement to extend the due date on a $690 million syndicated loan by three weeks to Dec. 14.
The loan relates to one of Enron's consolidated limited partnerships that owns minority interests in power and energy projects around the world. Enron said last week that Standard & Poor's downgrade of its credit rating to "BBB-" had triggered an obligation to repay the loan by Nov. 27.
People familiar with the matter said last week that lead banks J.P. Morgan Chase & Co. and Citigroup Inc. and Enron will use the extension to negotiate a further postponement of the debt to the middle of 2002 when other Enron bank loans come due. About $1.75 billion of Enron's $3.5 billion in syndicated bank loans come due in May 2002 and will likely need to be restructured.
About $250 million of the assets securing the $690 million loan are in the process of being sold and will be used to pay down the loan, reducing the outstanding portion of the loan that will need to be restructured, those people familiar with the matter said.
Enron's shares and bonds continue to suffer from mounting uncertainties about the company's finances and whether those could force one-time rival Dynegy Inc. (DYN) to reconsider its offer to buy Enron, an offer that many see as Enron's only chance to avoid bankruptcy. Enron stock was recently down 18% to $3.84. Meanwhile, Enron bonds are also lower, with the 6.4% bonds due 2004 recently trading at a distressed level of 48 cents on the dollar.
Carol S. Remond; 201-938-2074; Dow Jones Newswires; carol.remond@dowjones.com
and Christina Cheddar; Dow Jones Newswires; 201-938-5166

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Citigroup Has $2.38B Less To Lose On Enron Due To Swaps
By Christine Richard
Of DOW JONES NEWSWIRES

11/26/2001
Dow Jones Capital Markets Report
(Copyright (c) 2001, Dow Jones & Company, Inc.)
NEW YORK -(Dow Jones)- Citigroup Inc. (C) is expected to extend a hand to Enron Corp. (ENE) by renegotiating a $690 million payment due Nov. 27.
But investors shouldn't be concerned that the financial services giant is too exposed to the embattled energy trading company. Citigroup already may have laid off the loan and other exposure via a series of credit default swap transactions. That means more institutional investors left holding the bag if Enron isn't ultimately rescued from financial collapse by a takeover proposed by Dynegy Inc. (DYN).
Over the last few years, Citigroup has entered into at least six transactions that effectively would allow the bank to lay off the equivalent of $2.384 billion in Enron exposure.
Citigroup was instrumental in setting up Enron Credit Linked Notes Trust, Enron Credit Linked Notes Trust II and Yosemite Securities Trust I, which together raised $1.750 billion; Enron Sterling Credit Linked Notes Trust and Yosemite Securities Co., which raised a combined GBP325 million; and Enron Euro Credit Linked Notes Trust, which issued EUR200 million.
Citigroup, which acts as the default swap counterparty to the trusts, receives the return on the portfolio of single-A-plus-or-better-rated securities, purchased with the proceeds of the offerings, in exchange for providing the payout on the Enron exposure, according to Mary Ryan, director of synthetic securities ratings at Standard & Poor's.
As long as Enron remains out of bankruptcy, Citigroup continues to make payments on the notes, Ryan said.
If Enron defaults, Citigroup would cease making payments to the trust. The single-A-plus-or-higher-rated securities in the trusts would go to Citigroup in exchange for the same nominal amount of now in-default Enron debt obligations. And with speculation mounting that Dynegy will reduce, or maybe even scrap, its offer to buy Enron, the chances of a such a default-driven transfer would appear to be rising.
These notes essentially are synthetic Enron debts, meaning they act like Enron bonds in many respects, but lack key components that make holders true creditors of Enron.
For instance, the holders of these notes, because they don't possess actual Enron obligations - and won't unless the company defaults - are not involved in negotiations to restructure or rollover debt. It has been reported that Enron is engaged in active negotiations over the terms of its debts with creditors.
The synthetic notes all carry a rating equivalent to Enron's rating of triple-B-minus from Standard & Poor's and Baa3 from Moody's Investors Service.
The rating on the securities has been downgraded in recent weeks to reflect the downgrades in Enron's ratings.
Citigroup officials did not respond to requests for further details on the transactions. -By Christine Richard, Dow Jones Newswires; 201-938-2189;
christine.richard@dowjones.com

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Enron Is Sued Over 401(k) Plan; Plaintiffs Seek $850M

11/26/2001
Dow Jones News Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)
NEW YORK -(Dow Jones)- Enron Corp. (ENE) was sued Monday in the latest of at least three purported employee class action suits the company faces over lost 401(k) retirement savings due to the recent collapse of the price of Enron stock.
In a press release Monday, Eli Gottesdiener, a Washington, D.C. attorney who filed the latest suit on behalf of employees, said it seeks $850 million in plan losses, in part because the company sold Enron stock to its employees knowing the price was artificially inflated.
An Enron spokeswoman declined to comment.
Unlike two similar, recently filed suits against Enron, the latest also contends that Enron offered the stock without the required prospectus.
If proven, the sale without a prospectus "give workers the automatic right to rescind their purchases and receive their money back with interest," Gottesdiener said in a statement.
Enron "locked down" the retirement plan from Oct. 17 to Nov. 19, to make administrative changes, which prevented employees from selling Enron shares as the share price collapsed amid growing disclosures of financial problems.
Earlier this month, Houston-based Dynegy Inc. (DYN) offered to buy its far larger competitor in an all-stock deal that values Enron shares at $10.85 a piece, or about $9.2 billion.
Enron later disclosed that its future earnings would be substantially less than expected and shares fell sharply.
Enron currently trades at $4.05 a share, down from their 52-week high of $84.88 a share in December 2000.
The first suit was filed Nov. 13 on behalf of plaintiffs by Campbell Harrison & Wright LLP in Houston. A second was filed last week by Seattle-based Hagens Berman LLP.
-John Seward; Dow Jones Newswires; 201-938-5400

(Corrected 04:34 PM)

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
STOCKWATCH Enron falls 14 pct on mounting concerns over Dynegy deal

11/26/2001
AFX News
(c) 2001 by AFP-Extel News Ltd
NEW YORK (AFX) - Shares of Enron Corp were down 14 pct in midsession trading as concerns continued to mount over the energy giant's acquisition by Dynegy Inc, with investors focusing more and more on the deal's breaking clause, dealers said.
At 12.45 pm, Enron shares were trading down 65 cents at 4.06 usd, a decline of 14.0 pct. Dynegy was down 1.60 usd at 38.80, amid broad declines in energy shares as crude prices sank.
The DJIA was up 57.70 points at 9,892.86. The S&P 500 was up 6.24 points at 1,143.27. The Nasdaq composite was up 11.94 points at 1,886.99.
Dealers said that with Enron shares having slid well below the Dynegy offer price of 9.85 usd a share, the ChevronTexaco affiliate may well reconsider its offer, or walk away from the deal all together.
"People are making the bet that perhaps Dynegy may cancel the deal, and that's there a lot more risk in playing the arbitrage," said Jefferies & Co market strategist Art Hogan.
The deal with Dynegy contains a "material adverse change" clause, which could be invoked to call the deal off, he said.
As part of its due diligence, Dynegy is examining details of Enron's filing with the Securities and Exchange Commission last week, which reportedly contained information it had not received previously.
Enron shares have plunged further since the filing, in which Enron revealed a number of new financial problems including a possible obligation to repay a 690 mln usd note due Nov 27.
Enron subsequently received an extension on the repayment until mid-December.
Since the beginning of the year, Enron shares have lost over 90 pct of their value after it was revealed that the company would post hefty third-quarter charges linked to risky investments by the firm's former chief financial officer.
"At this point, with so much smoke around the fire, I think the shares are rightly valued," said Jefferies' Hogan.
ng/gc

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
USA: UPDATE 1-Enron shares slide lower as merger doubts intensify.
By Janet McGurty

11/26/2001
Reuters English News Service
(C) Reuters Limited 2001.
NEW YORK, Nov 26 (Reuters) - Shares of troubled energy giant Enron Corp. continued to lose ground on Monday amid fears that the proposed acquisition of the company by smaller rival Dynegy Inc. will fall through.
Enron stock was down 61 cents, or 12.9 percent, at $4.13 in active midmorning trade on the New York Stock Exchange. Dynegy has agreed to pay $10.55 per share for Enron.
"The market is acting like the deal is not going through or not going through at the original terms," said Michael Heim, an industry analyst at A.G. Edwards & Sons.
Heim said that among three possible scenarios - the deal goes through as planned, it is canceled, or it is restructured - the first is the least likely.
"Escape clauses" built into the Dynegy-Enron deal give the buyer the option to back out if there is serious deterioration in Enron's business or assets.
"Dynegy has a good claim that the 'material adverse condition' clause has already been triggered, either by the $690 million loan being accelerated, earnings (being) down or the ongoing trading business weakness," he said.
Last week Enron said it could be forced to pay a $690 million debt this week because of a credit downgrade, but the payment deadline has been delayed until mid-December.
Enron's recent admission that lower volumes at its trading business - the crown jewel that Dynegy most covets - could cause low fourth-quarter earnings raises the possibility that the trading business is losing its profitability. Continued lower volumes there would remove a key attraction for Dynegy.
"Every day that goes by where Enron trading volumes become less, it decreases the value of the assets Dynegy was trying to buy in the first place," Heim said. "Besides trading and marketing, what value does Enron have?"
The majority of Enron's physical assets are spoken for, with partnerships and creditors getting first dibs and Dynegy getting the first right to exercise its option to acquire Enron's Northern Natural Gas pipeline.
Dynegy, which is 26.5 percent-owned by energy giant ChevronTexaco , is to swap 0.2685 share of its own stock for each share of Enron. Shares of Dynegy were down $1.27, or 3.1 percent, at $39.13 in midmorning NYSE trade.
Enron agreed to a Dynegy buyout after it was overwhelmed by a series of problems, including a U.S. regulatory probe of off-balance-sheet dealings by its officers, a $1.2 billion cut in shareholder equity, and cuts in its credit ratings.
Enron subsequently restated its earnings, but investor unease snowballed and its share began tumbling. The shares were above $90 in August 2000.
Heim said he was not sure that EnronOnline, Enron's online trading platform, is the premier property it once was.
"Two years ago it had some value, but now others have been able to duplicate it. It's not the computer systems - it's the traders and network that Enron had. If those go away, the value lessens.

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
USA: Enron lawsuit seen as wake-up call for pensions.

11/26/2001
Reuters English News Service
(C) Reuters Limited 2001.
HOUSTON, Nov 26 (Reuters) - A Washington, D.C., lawyer said Monday he hopes heavy losses suffered by Enron Corp. employees will spur Congress to limit employee investments in their employers' stock through 401 (k) retirement plans.
"How many workers have to lose both their jobs and their retirement savings before Congress steps in and puts a stop to this by placing a cap on the amount of company stock that can be in a 401 (k) plan?" lawyer Eli Gottesdiener asked.
Gottesdiener released a statement Monday saying he had filed a lawsuit on behalf of employees of the beleaguered energy giant who have lost an estimated $850 million on Enron stock held in their 401 (k) retirement accounts.
The suit is the third one filed against Enron that alleges the company breached its fiduciary duty to employees by encouraging them to invest in its stock at artificially inflated prices. All three suits seek class-action status.
Enron's shares have fallen from a high of $90 in August 2000 to less than $5 today, their decline accelerating since Oct 16 amid a series of disclosures about its deteriorating finances.
Like many other companies, Enron makes matching contributions to its employees' 401 (k) retirement accounts in its own stock. It also requires them to hold the stock they receive in matching contributions until they turn 50.
Enron employees were also prevented from selling Enron stock held in retirement accounts for several weeks from mid-October due to a change in the retirement plan's administrator.
Gottesdiener said investment advisors recommend investing no more than 15 percent of a portfolio in a single stock, but that participants in 401 (k) plans offering employer stock as a choice typically hold 33 percent of their portfolio in that stock.
"Congress sensibly placed a 10 percent limit on company stock in traditional defined benefit plans back in 1974, but at the behest of the corporate lobby, it placed no such cap on defined contribution plans," he said.
The absence of such a cap in defined-contribution 401 (k) plans was "completely indefensible," he said.
Gottesdiener's suit alleges that Enron violated federal securities law by offering and selling Enron stock to employees without issuing a prospectus. If proven, this would give workers the right to reverse their purchases, he said.
Gottesdiener is also involved in class action pensions litigation against New York Life Insurance Co. and SBC Communications Inc..

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
USA: US Corp Bonds-Bonds tighten, analysts fret on Enron.

11/26/2001
Reuters English News Service
(C) Reuters Limited 2001.
By Jonathan Stempel
NEW YORK, Nov 26 (Reuters) - U.S. corporate bonds outperformed
Treasuries on Monday as traders edged back to their desks
following the Thanksgiving Day weekend, in the midst of a broad
revival for corporate bonds of all stripes.
In secondary trading, spreads, the yield difference between
the bonds and comparable maturity U.S. Treasuries, tightened about
0.01 percentage point.
"I would expect a continuation of the tightening, especially
with Treasury interest rates going up," said one trader. "Absolute
corporate yields are starting to look pretty attractive."
Corporate bonds, especially junk bonds, have outperformed
Treasuries this month as investors developed a new tolerance for
risk. Though absolute returns for investment-grade corporate bonds
are negative, they are even worse in the Treasury market, where
investors appear more convinced that the current U.S. economic
downturn won't be deep or long.
"The successes in Afghanistan and some milder-than-anticipated
economic data have combined to increase investor appetite for
risk," wrote fixed-income research service CreditSights Inc. in a
report dated Monday. "While the severity and swiftness of the bond
market's correction was a surprise, it hasn't changed our basic
view of U.S. corporate bonds and we continue to recommend
overweight positions."
This week's forward calendar remains quiet.
In early trading, 10-year Treasuries rose 10/32, as their
yields fell to 4.971 percent.
ENRON
Market participants are closely watching Houston-based Enron
Corp. as the largest U.S. energy trader tries to merge
with smaller cross-town rival Dynegy Inc. , keep its
investment-grade credit ratings, and manage a load of $9.15
billion of debt and other obligations, much of which is unsecured
and coming due within 13 months.
Of this debt amount, $690 million could come due by
mid-December, and $3.9 billion immediately if Enron falls to junk
status. The key to resolution of this matter, some observers
believe, is Enron's banks.
"The goal of the banks now is to re-cut their exposure to gain
as much structural seniority or asset liens as possible, take out
fees, raise rates, take down total exposure, and generally improve
their risk-profile under multiple scenarios," said CreditSights.
"The very bankers who are supplying liquidity through new
secured bank lines and who are rumored to be considering equity
investments are the ones on the hook (and unsecured) for $3
billion in bank loans," wrote Carol Levenson, an analyst for
GimmeCredit, another fixed-income research service. "If Dynegy
backs out (in the interest of self-preservation), these vital bank
renegotiations might save Enron but leave unsecured bondholders as
the patsies."
Enron's existing 6.4 percent notes maturing in 2006 and 6.75
percent notes maturing in 2009 were bid on Friday at 57 cents on
the dollar, down from around par on October 12, before Enron first
reported third quarter results, which it later revised downward.
Enron shares have fallen 94 percent this year to their lowest
level since early 1989.
DATA
Investment-grade and junk bond spreads narrowed 0.1 and 0.27
percentage point last week, respectively, to 1.68 and 7.84
percentage points, according to Merrill Lynch & Co. Junk bond
spreads have narrowed 1.45 percentage points this month.
For the month, junk bonds have returned 2.996 percent, while
investment-grade corporate bonds have lost 2.355 percent and
Treasuries 3.488 percent, Merrill Lynch said. For the year, the
respective bonds are up 4.777, 9.634 and 6.565 percent.
For a complete list of upcoming or recently priced bond deals,
please click on .

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Petrobras, Petros, close to buying Enron's stakes in CEG/CEG Rio - report

11/26/2001
AFX News
(c) 2001 by AFP-Extel News Ltd
SAO PAULO (AFX) - Petroleo Brasileiro SA and its pension fund Petros are close to winning regulatory approval to purchase Enron Corp's stakes in gas distributors CEG and CEG Rio, daily Valor Economico reported.
Valor said Petrobras last week reached an agreement with the Regulatory Agency for Public Service Concessions of Rio de Janeiro local authorities, under which it agreed to undertake a series of investments in exchange for approval to acquire Enron's 13.38 pct stake in CEG and its 33.75 pct stake in CEG Rio.
It said the deal now passes to Rio de Janeiro governor Anthony Garotinho for approval.
as For more information and to contact AFX: www.afxnews.com and www.afxpress.com

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
TALES OF THE TAPE: Energy Traders' Perfect Storm Stalls
By Christina Cheddar

11/26/2001
Dow Jones News Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)
Of DOW JONES NEWSWIRES (This story was published originally Friday)

NEW YORK -(Dow Jones)- Here's one 2001 outlook that couldn't have been more wrong.
Around this time last year, pundits and fund managers were touting "the perfect storm" of market forces that were coming together to make the energy trading business one to watch in 2001.
Then came the California power crisis, and allegations of price-gouging and fears of credit defaults began to cloud the outlook for the group. That was followed by renewed volatility in power prices, and this time the prices were headed down, not up.
And then came a crushing blow against trading firms - the unraveling of the industry's largest player, Enron Corp. (ENE).
Simply put, the perfect storm stalled, and a business once buoyed by high gas prices, strong demand and tight supply now lies in tatters.
The stocks of companies whom some say should be valued more like growth stocks than utilities are instead mired at around nine-times earnings - about where traditional utilities trade.
And the chance for recovery in 2002?
Basu Mullick, portfolio manager of the Neuberger Berman Partners fund, is willing to bet there is. He thinks energy traders deserve at least the same price-to-earnings multiple as the broader market's median, which is currently between 16- to 17-times future earnings, he said. It's just a matter of time before the stocks get there.
"They were just recovering from Gray Davis," Mullick said, referring to the governor of California, who had accused "out-of-state" energy traders of artificially inflating the price of power in the state, and triggering the state's energy crisis. "Now, they are recovering from Enron."
The fund manager also blames lower commodity prices, warm weather and poor demand for the recent weak performance in the group.
"Energy convergence companies are putting up terrific growth rates," he said. "I don't think they should get the same valuation as a garden-variety utility."
Still, others think the stock market is continuing to make distinctions between the energy traders by taking a harder look at the companies' strategies and financial disclosures.
Enron's precarious financial situation underscores the importance of accounting issues. Although many of Enron's financial problems aren't solely the fault of mark-to-market accounting issues, there has been growing attention paid to this form of financial reporting because of the earnings volatility it can create.
Answers Elude Investors

Investors are asking hard questions, and not always getting the answers they want.
Using mark-to-market methods, a company calculates the fair market value of a commodity position - whether it's a contract, an option, a swap, etc. - at the time, even if the value of the position is realized over a longer period. The problem with this method is the actual cash a company realizes from the position might not be the same value the company calculated in its original assessment. Also, sometimes it isn't easy to calculate the fair value of the commodity position. This is particularly true in instances where the market for the commodity isn't liquid.
Over time, companies with the highest level of disclosure regarding their mark-to-market gains will most likely trade at higher multiples to counterparts that provide little or no disclosure, said ABN AMRO Inc. analyst Paul Patterson.
Encouragingly, it appears companies may already be responding to the call for added disclosure. According to a survey Patterson conducted, more companies with energy trading units were willing to disclose the details of their mark-to-market accounting practices during third-quarter conference calls compared with those in the second quarter.
Patterson said he prefers earnings that are cash-based.
"All things being equal, we believe reported earnings that more closely reflect the timely realization of cash have a higher quality associated with them than earnings that do not," he said.
He expects investors to become smarter and learn to distinguish between earnings growth through accrual accounting and growth fueled by mark-to-market accounting.
At the end of the day, it is not a matter of simply producing profits, but being able to say where those earnings came from, said one investor, who manages a pension fund.
Some investors also may be placing a greater emphasis on the cash flow the energy merchants produce.
Tim O'Brien, portfolio manager of the Gabelli Utilities Fund, said energy merchants that own the physical power assets to back up their trading positions should trade at a premium to an independent power producers and traditional utility companies. Still, the stocks should be valued at less than the growth rate of the company because of their heavy exposures to commodity prices.
Energy merchants include companies such as Dynegy Inc. (DYN), Duke Energy Corp. (DUK) and Dominion Resources Inc. (D).
According to O'Brien, the group never deserved to have the price-to-earnings multiples above 20- to 30-times earnings, which were once paid for the stocks.
"We all got sucked up by the up-leg of the cycle and forgot just how cyclical these companies are," O'Brien said, adding that the average multiple should be in the high single-digits to the high-teens.
As for independent power producers - which are companies without regulated operations that own power plants to generate electricity to sell and trade in the wholesale market - the group may wind up being valued on the basis of the replacement costs of the assets in their portfolio, according to O'Brien.
"One analogy is that they are basically like commercial real-estate plays," O'Brien said.
That could mean stocks such as Calpine Corp. (CPN), which is already in the lower-half of its trading range, may have further to fall.
-By Christina Cheddar, Dow Jones Newswires; 201-938-5166; christina.cheddar@dowjones.com

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
INDIA: UPDATE 1-India's AV Birla group denies bid for Enron unit.

11/26/2001
Reuters English News Service
(C) Reuters Limited 2001.
(Recasts with denial, comments from financial institution in paragraphs 5-6)
BOMBAY, Nov 26 (Reuters) - The Aditya Vikram Birla Group, a leading Indian conglomerate, on Monday denied newspaper reports it was looking to buy U.S. energy giant Enron Corp's 65-percent stake in the beleaguered Dabhol Power Company.
"There has been no expression of interest in Dabhol. We are not interested," a top AV Birla group official told Reuters.
Two leading Indian business dailies earlier said the group, whose interests range from textiles to cement and carbon black, is eyeing Dabhol to expand its interests in the domestic power sector.
The Economic Times and the Financial Express said the group was exploring the possibility of submitting an expression of interest to Indian financial institutions to buy Enron's stake in the company.
An official of state-run Industrial Development Bank of India, the leading financier of the $2.9 billion project in the western state of Maharashtra, said he has not heard from the Birla group.
"We have not received any official communication from them," the official, who did not wish to be identified, told Reuters.
The spokesman for Dabhol was not available for comment.
FIGHTING FOR SURVIVAL
Enron Corp, which is fighting for survival in the United States amidst investor doubts over its corporate governance practices, owns 65 percent of Dabhol. General Electric Co and Bechtel own 10 percent each, while the Maharashtra State Electricity Board (MSEB) owns 15 percent.
Dabhol and MSEB have been fighting over payment defaults and high tariffs for over a year. The dispute has affected India's efforts to attract foreign investment in the power sector and caused Enron and its U.S. partners to announce plans to exit the project.
Tata Power Company Ltd, India's largest private sector utility firm, and BSES Ltd, another utility company and a member of India's largest conglomerate, the Reliance Group, are already in talks to buy Enron's stake.
The AV Birla Group has adopted the route of mergers and acquisitions in recent years to consolidate its position in key industries.
Last week, one of its group companies, Grasim Industries Ltd, bought a 10-percent stake in India's largest cement maker, Larsen & Toubro Ltd
Earlier this year, Indian Rayon & Industries Ltd, another group company, entered the information technology sector by buying out France's Groupe Bull SA's 50.35 percent stake in PSI Data Systems
But the group's track record in the power sector has been less than impressive.
Two joint ventures with Britain's Powergen Plc to produce over 1,000 megawatts of electricity in two Indian states have not made much headway since they were announced in the mid-1990s.

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Enron's Stock, Bonds Drop on Concern for Dynegy Bid (Update8)
2001-11-26 16:45 (New York)

Enron's Stock, Bonds Drop on Concern for Dynegy Bid (Update8)

     (Adds analyst comment in 4th paragraph.)

     New York, Nov. 26 (Bloomberg) -- Enron Corp.'s stock price
declined to a 14-year low and its bonds plunged 10 points on
concern the company won't secure $1 billion in fresh capital,
threatening its plan to be acquired by Dynegy Inc.

     ``The clock is definitely ticking,'' said Jon Kyle
Cartwright, a debt analyst at Raymond James and Associates. ``The
question is the survivability of Enron.''

     J.P. Morgan Chase & Co. and Citigroup Inc. executives met
today to line up investors for as much as $2 billion of bonds
convertible into stock. The company needs the money to operate
until Dynegy completes its $23 billion purchase. Dynegy unveiled
its plan to make the acquisition on Nov. 9.

     Enron shares and bonds, which opened lower, tumbled after 1
p.m. when no announcement for fresh financing was made. Enron's
6.4 percent notes that mature in 2006 plunged to 48 cents on the
dollar, down from 55 cents on Friday. The bonds now yield 26
percent. Enron shares declined 15 percent, or 70 cents, to $4.01.

     Concern that rival Dynegy may change or cancel its bid for
Enron has pushed Enron's stock down 55 percent in the past week.
Enron's shares had plummeted 86 percent since mid-October after
the company reported a $618 million third-quarter loss and said
expansion into water, telecommunications and retail-energy sales
cost it $1.01 billion.

     ``You haven't heard anything from Dynegy today, and that is a
bit scary,'' said Andy Palmer, who doesn't hold Enron bonds in the
$2 billion he helps manage at ASB Capital Management Inc. in
Washington.

     Part of the third-quarter charge was connected with limited
partnerships run by the chief financial officer. He was ousted,
and the U.S. Securities and Exchange Commission started an
investigation into Enron's accounting. The company earlier this
month restated its earnings for the past four years.

                        Talks on $1 Billion

     Under the buyout, Enron investors would receive 0.2685 Dynegy
share for each share held. That valued Enron at $10.41 a share, 21
percent more than Enron's share price that day.

     On Friday, the buyout valued Enron at $10.85 a share, more
than double Enron's closing price of $4.71. The widening of the
difference between the value of the offer and Enron's stock price
indicates investors doubt the buyout will go through.

     Shares of Enron traded as low as $3.76 today, rebounding to
close at $4.01. The stock was the most active in U.S. trading
Wednesday and Friday. Dynegy dropped $1.15, or 2.85 percent, to
$39.25. The stock has fallen 30 percent this year. Both companies
are based in Houston.

     Egan-Jones Ratings Co. lowered its rating on Enron's credit
today to ``BB-'' from ``BB.'' ``Dynegy needs to show its support,
or Enron will slide,'' the firm said in a report.

     Moody's Investors Service hasn't issued a report on Enron
since the company filed its 10-Q quarterly report with the SEC a
week ago. The ratings agency's analysts haven't returned calls for
comment.

     Moody's cut Enron's long-term credit rating on Nov. 9, though
it maintained an investment grade.

                          `More Problems'

     ``Time is not Enron's friend,'' said Stewart Morel, co-head
of investment grade debt research at UBS Warburg LLC. ``There is
increased concern in the market that there may be more problems
that are yet to be disclosed.''

     On Wednesday, Enron got a three-week reprieve from lenders on
a $690 million note due this week, giving the company more time to
restructure its finances. Dynegy Chief Executive Officer Chuck
Watson said he was ``encouraged'' by the commitment to extend the
note payment, as well as the closing of a $450 million credit
facility, and that Dynegy remained committed to the merger.

     Terms of the $690 million note were outlined for the first
time in the Enron filing a week ago. Enron also said that it has
less than $2 billion in cash and credit lines left. If the
company's cash reserves run too low, Enron's credit rating may be
cut below investment grade. That would trigger $3.9 billion in
debt repayments for two affiliated partnerships.

     Enron said in the filing that fourth-quarter profit might be
hurt by a drop in its trading business. Companies such as Aquila
Inc. and Mirant Corp. have reduced their activity with Enron
because of credit concerns.

     ``Should the Dynegy deal fall through, we don't view it
likely that Enron would be able to remain as a stand-alone
company,'' Youngberg of Edward Jones said. ``Without Dynegy, the
credit rating will fall, causing their trading business to dry up
further.''

     Enron, the biggest energy trader, once handled about a
quarter of U.S. gas and power transactions.

     Enron's bankers met with leveraged buyout firms and two
industrial companies to seek an investment, the New York Times
reported last week. J.P. Morgan Chase & Co. and Citigroup Inc.
agreed to terms that give each of them a $250 million equity stake
as part of a transaction to be completed today.

Dynegy Bonds Slip as Enron Purchase May Harm Credit Rating
2001-11-26 15:16 (New York)

Dynegy Bonds Slip as Enron Purchase May Harm Credit Rating

     New York, Nov. 26 (Bloomberg) -- Dynegy Inc. bonds have
fallen as much as 9 percent this month on investor concern the
energy trader's proposed $23 billion purchase of rival Enron Corp.
will erode its credit rating.

     Dynegy's 6.88 percent coupon notes due in 2011 are trading at
$932 per $1,000 face value, down from $1,024 last month, according
to Merrill Lynch & Co. data. Yield on the debt has risen to 7.9
percent from 6.5 percent as investors demand more return to
compensate for the increased risks of the securities.

     Dynegy's credit is rated ``Baa3'' at Moody's Investors
Service, the lowest rung of investment grade, and ``BBB+'' at
Standard & Poor's, two levels higher. Each ratings company said it
may cut Dynegy's credit rating if it buys Enron, which comes with
about $15 billion in debt and a regulatory inquiry into financial
partnerships set up to keep debt off its books.

     ``If you put Dynegy and Enron together it will have a
detrimental effect on Dynegy's credit rating,'' said Tim Nelson,
senior credit analyst at U.S. Bancorp Piper Jaffray Cos. in
Minneapolis, which holds Dynegy bonds.

     Dynegy's 7.45 percent coupon notes due in 2006 are trading at
$1,019 per $1,000 face value, down from $1,085 last month,
according to Merrill. The notes yield almost 7 percent, up from
5.4 percent.

     Enron's credit is rated ``Baa3'' at Moody's and ``BBB-'' at
S&P, the lowest level of investment grade. Both ratings companies
are reviewing the credit for a possible downgrade and say Dynegy's
buyout plan is what's keeping the grades above junk.

     ``I don't think right now anybody knows exactly what Enron
is,'' said Mark Simenstad, who holds Dynegy bonds in the $5
billion he helps manage at Lutheran Brotherhood.

     ``Dynegy has proven to be pretty well-managed over the years
so you have to give them the benefit of the doubt here,''
Simenstad said. ``The hope is that if there's something they don't
understand they'll walk away.''

     Dynegy has $3.9 billion of bonds outstanding, most of which
come due between 2002 and 2011, according to Bloomberg data.

     Shares of Houston-based Dynegy, which topped $47 two weeks
ago after Chief Executive Chuck Watson said the Enron purchase
would boost earnings by at least 35 percent next year, fell $1.30
to $39.10 in mid-afternoon trading today. Enron's shares, down 92
percent this year, fell as much as 80 cents, or 17 percent, to
$3.91, a the lowest since 1987.

ENRON SHARES SLIDES TO ALL-TIME LOW

By CBS.MarketWatch.com

4:53 PM ET Nov 26, 2001

HOUSTON (CBS.MW) -- Enron shares fell as much as 20 percent Monday,
crashing through the $4 level for part to set an all-time low and cast
additional doubt on the energy merchant's plan to be acquired by rival
Dynegy.

Enron (ENE) set a new all-time low of $3.76 Monday afternoon before
closing at $4.01, off 70 cents. More than 60 million shares changed
hands, making it the most active issue on the New York Stock Exchange.

The stock has lost about half its value since Dynegy announced an
agreement to buy Enron on Nov. 9 and more than 85 percent of its value
in the past month.

Meanwhile, shares of Dynegy (DYN) lost $1.15, or 2.8 percent, to stand
at $39.25.

The collapse in Enron's share price has made it more likely that Dynegy
and Enron will have to renegotiate the terms of their original deal, in
which 0.2685 of a Dynegy share would be exchanged for each outstanding
Enron share.

However, the Financial Times reported that Dynegy remains confident of
its ability to complete a deal for Enron, which has been seeking $500
million in private equity capital to shore up its finances.

"We continue to hear reports the Enron's energy marketing and trading
business, once the crown jewel of the company, has eroded badly with
counterparties only willing to do shorter-term deals," A.G. Edwards
& Sons analysts Charles Fishman and Douglas Fischer wrote in a
research note Friday.

Enron investors do not believe that the merger is likely to occur under
the current terms, the analysts said.

Chance of Dynegy backing out

_______________________________________________________________________

On Monday, Michael Heim, also of A.G. Edwards, attributed Enron's
latest stock drop to "growing belief that the likelihood of the (merger)
deal is not so likely."

He pointed out that the outlook for Enron is "not very favorable" but
in the meantime, it's doing everything it can to stay "afloat" while
working on closing the deal.

Last week, Enron said it got a bank extension on a $690 million note to
mid-December. The note was originally set to come due in 2003, but was
bumped up to Nov. 26 due to a rating downgrade at Standard & Poor's.
<http://cbs.marketwatch.com/news/story.asp?guid=%7B81418CA4%2D11A5%2D4C7C%2DA602%2DCF3DA4BCAA7B%7D>

The payment by itself is manageable because Enron has about $2 billion
in cash on its hands, Heim said, but "the event moves Enron's merger one
step closer to the point in which Dynegy is able to exercise the
merger's material adverse condition clauses and back out of, or
restructure, the merger deal."

Heim has a "sell" rating on the stock.


---------------------- Forwarded by Amanda Huble/NA/Enron on 11/28/2000 08:42
AM ---------------------------

David Dronet
11/28/2000 08:41 AM
To: Amanda Huble/NA/Enron@Enron
cc:

Subject: Gas Fundamentals Website Update

Morning,

 As some of you may have noticed we have added security to the Gas
Fundamentals Website.
If you encounter this screen when accessing http://gasfundy.corp.enron.com

simply login with your Windows Domain name and password.  This is the same
account you would use to logon to
your PC.  If you do not wish to be prompted with this information again,
check the "Save this password in your password list" option and
you will not encounter this pop up when accessing the website.

Thank you,

David Dronet
xt 53482


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Please review the REVISED tax reps ASAP.  The deal funds tomorrow am.
---------------------- Forwarded by Sara Shackleton/HOU/ECT on 09/29/99 06:52
PM ---------------------------

"Loan-Anh Tran Kao" <lkao@mayerbrown.com> on 09/29/99 03:56:33 PM
To: Sara Shackleton/HOU/ECT@ECT
cc:
Subject: Fwd:Schedule to the Master Agreement/ Barclays/ ISDA

Loan-Anh Tran Kao
Mayer, Brown & Platt
(713) 547-9684

____________________Forward Header_____________________
Subject:    Schedule to the Master Agreement/ Barclays/ ISDA
Author: Loan-Anh Tran Kao
Date:       9/29/99 3:47 PM

Per Quan Vu's request, attached is the revised Schedule to the Master
Agreement
marked against the version distributed by Enron.  Also attached is a clean of
the same.

Please call me if you would like to discuss the changes as Quan will be at
Enron
for the rest of the afternoon.

Regards.

Loan-Anh Tran Kao
Mayer, Brown & Platt
(713) 547-9684

 - 24377038.WPD
 - 24376908.WPD


Is this the final form?

	Mark Greenberg@ENRON
	02/23/2001 10:37 AM

		 To: Mark Taylor/HOU/ECT@ECT
		 cc: Tana Jones/HOU/ECT@ECT
		 Subject: Base BETA Agreement

Mark -

I made the change we discussed in Section 2(c).  Please let me know if this
works.

Thanks.

Mark
Senior Counsel, ENA
Phone:     713-345-8897
Facsimile: 713-646-3940
E-Mail:      Mark.Greenberg@enron.com


Don't give SSNs.  I'd suggest giving names only.

 -----Original Message-----
From: 	Schultea, Kathryn
Sent:	Friday, December 14, 2001 9:06 AM
To:	Cash, Michelle
Subject:	FW: Benefit Request
Importance:	High

Are you aware of this?  Is this okay to provide?  Should I just give names or SSN?  Thanks.

 -----Original Message-----
From: 	Taylor, Diane
Sent:	Friday, December 14, 2001 8:59 AM
To:	Schultea, Kathryn
Cc:	Rahaim, Christian
Subject:	Benefit Request
Importance:	High

Kathy,

Chris has a subpoena for 401(k) information and is needing a list of all 401(k) deductions by employee and by deduction date since January, 1996.  It is my understanding that this info is needed by Monday.

Thanks,
Diane


That is weird. Who would take the time to figure that out?

Chris

-----Original Message-----
From: Dorland, Dan
Sent: Thursday, September 27, 2001 5:45 AM
To: Dorland, Chris; 'migeorge@deloitte.ca'; 'kdorland@flint-energy.com'
Subject: FW: neato!

----Original Message Follows----
From: Matt Owen-King <matt.owen.king@utoronto.ca>
To: Brio <direzzbm@mcmail.cis.mcmaster.ca>, OHIP2
<chris.loughren@utoronto.ca>, Andre <imaginenation@home.com>, Bryan Rock
<b.rock@utoronto.ca>, Pipes <moira.fogarty@utoronto.ca>, Razor
<msavrett@chass.utoronto.ca>, Tiny <jameel.al.aidroos@utoronto.ca>, Loy
<brian_m_loy@hotmail.com>, Blue Falcon <ROSSD@Spectrum.com>
Subject: neato!
Date: Wed, 26 Sep 2001 19:21:53 -0400

this is the first one of those wtc things that's going around that is
actually worth it...

-- Matty O.

1.  Open Microsoft Word.
2.  Type "Q33 NY"-(this is one of the planes that crashed into the WTC).
3.  Select the text and change to font size 36.
4.  Now change the font to "wingdings" and then you will see.

_________________________________________________________________
Get your FREE download of MSN Explorer at http://explorer.msn.com/intl.asp


Following please find the New EnronOnline Executive Summary. This summary
will be sent on a daily basis.

EnronOnline Executive Summary for 10/10/00
Transaction Summary
External Transactions Today	2,653
Average Daily External Transactions (30 day Trailing Avg)	2,430
Total Life to Date Transactions*	348,719

EnronOnline Percentage of Entity's Total Transactions for 	10/10/00
Enron North America	74%
Enron Europe Limited	45%
GLOBAL PRODUCTS	34%
Enron Metals	5%

Gross Notional Value of EnronOnline Transactions	Total
Today	1,522,925,449
MTD	180,208,140,010
LTD	181,421,382,127
Average Daily Notional Value (30 Day Trailing Avg)	1,587,091,791

Notional Revenue from Physical Flows to Date	12,866,453,407

Counterparties, Users, and Products Offered
Counterparties having transacted to date	506
New Counterparties transacting for the first time today	2
Number of Products Offered Today	1,235
Total Number of External Users Logged on Today	2,881
Average # of External Users logged on (30 day Trailing Avg)	2,458


Start Date: 1/13/02; HourAhead hour: 15;  No ancillary schedules awarded.  No variances detected.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final Schedules\2002011315.txt


Kate,

I am glad you like "Hidden Order," I think it is one of the few non sedating
economics books out there.  The reason I like this book is because, more
than any other, it tries to show you how economists think -- done mostly
through stories.  As I am sure you've notice, this is not a textbook.
Introductory economics textbooks are usually structured as if every student
were going on to acquire a Ph.D. in the subject.  In this course more
emphasis is on building up your intuition rather than in more technical
aspects of economic theory.  I hope you will find it enjoyable.

Being an assistant commodity trader I sure you have more practical
experience with economics than any of the other students ( and me).

It sounds like you are doing well and I cannot think of anything that you
might be missing.

Feel free to send me any questions about the reading, notes or homework,

Scott

Date: Wed, 11 Apr 2001 18:08:58 -0700
From: kate.symes@enron.com
Subject: A belated introduction

Prof. Merryman -
I wanted to briefly introduce myself, as I am taking this class from
Portland and most likely won't make it into your office this term. I'm
working as a commodity traders' assistant at Enron, an energy marketing
company based in Houston. I'm taking this class to build on my Bachelor's
degree in Journalism, and eventually I'd like to re-enter university
full-time in pursuit of a Master's in Political Science.

Economics is, unfortunately, a subject I avoided in undergraduate studies,
but have become more interested in as of late. I WOULD say I've always
wanted to know more about how money impacts my life, but my revealed
preference has shown that I want clothes, not books or education.

I've found the book, "Hidden Order," fascinating so far - I only hope I'm
understanding it correctly. I'm just getting used to the online class
format, so I'll probably  more "vocal" with my e-mail questions soon. I've
also just signed up for a test time on Fri., Apr. 27th, at the Capitol
Center in Beaverton.

Please let me know if there is anything I might be missing. I'm downloading
the notes, answering the practice questions, and checking out the discussion
board every so often. Sound good?

Thanks in advance for your help.

Kate Symes


So what's with all the rhyme
Do you have too much time?
First came the New Home announcement, then the Super Bowl Ditty,
Maybe it's time we all start calling you P. Diddy!
Melissa and I will be there
I may not be wearing underwear
Do we need to bring anything?
Some cokes, some chips or maybe some wings?


Tych,

When you have a minute grab me to chat for five.

Chris


Twanda, please make this a form and save.  Thanks a lot.  Michelle

---------------------- Forwarded by Michelle Cash/HOU/ECT on 01/11/2000 10:43
AM ---------------------------

Dolores Lenfest@ENRON
01/04/2000 05:43 PM
To: Patrick Wade/HOU/ECT@ECT
cc: Cindy Skinner/HOU/ECT@ECT, Michelle Cash/HOU/ECT@ECT
Subject: Standard HR due diligence

Patrick,

Attached is our standard HR due diligence list.  See you tomorrow.

Thank you,
Dee


The potential use of biological agents such as Anthrax in a terrorist attack is raising great concerns worldwide.  Many facilities in the United States and around the world have received Anthrax threat letters containing powdery substances.  Most of these have, in fact, been determined to be false alarms.  We have no reason to believe that Enron has been or will be the target of an Anthrax attack, but we want to provide all employees worldwide with background information on Anthrax and up-to-date guidance for handling any possible Anthrax exposures.

If you have additional questions or concerns, please contact Corporate Security in Houston at (713) 345-2804 or via email at CorporateSecurity@enron.com.

The most important thing to remember is:  Do not panic.  To infect someone, the Anthrax organism must be rubbed into abraded skin, swallowed, or inhaled as a fine, aerosolized mist.  Infection can be prevented after exposure to Anthrax by early treatment with the appropriate antibiotics.  Anthrax cannot be spread from one person to another.

Following are guidelines for identifying and dealing with suspicious letters or packages:

What constitutes a suspicious letter or parcel?  (Remember, these are only guidelines.  Use your best judgment when determining if a letter or package is suspicious.)

-- It is marked with the word "Anthrax."
-- It has a non-identifiable powdery substance on the outside.
-- It is unexpected or from someone unfamiliar to you.
-- Is addressed to someone no longer with your organization or is otherwise outdated.
-- Has no return address, or has one that cannot be verified as legitimate.
-- Is of unusual weight, given its size, or is lopsided or oddly shaped.
-- Has an unusual amount of tape on it.
-- Is marked with restrictive endorsements such as "personal" or "confidential".
-- Has a strange odor or stain.
-- Shows a city or country in the postmark that does not match the return address.

What do I do if I receive such a letter or package that I believe contains Anthrax?
-- Do not shake or empty the contents of any suspicious envelope or package.
-- Place the envelope or package in a plastic bag or some other type of container to prevent leakage of contents.
-- If you do not have any container, then cover the envelope or package with anything (e.g., clothing, paper, trash can, etc.) and do not remove this cover.
-- Leave the room and close the door, or section off the area to prevent others from entering (i.e., keep others away).
-- Wash your hands with soap and water to prevent spreading any powder to your face.
-- Notify your local building security official or an available supervisor.  Have them call the local police authorities.
-- List all people who were in the room or area when this suspicious letter or package was recognized. Give this list to both the local public health authorities and law enforcement officials for follow-up investigations and advice.
If you open an envelope or package and a suspicious powder spills out:
-- Do not try to clean up the powder.  Cover the spilled contents immediately with anything (e.g., clothing, paper, trash can, etc.) and do not remove this cover!
-- Leave the room and close the door, or section off the area to prevent others from entering (i.e., keep others away).
-- Wash your hands with soap and water to prevent spreading any powder to your face.  Report the incident to your local building security official or an available supervisor.  Have them call the local police authorities.
-- Remove heavily contaminated clothing as soon as possible and place in a plastic bag, or some other container that can be sealed.  This clothing bag should be given to the emergency responders for proper handling.
-- Shower with soap and water as soon as possible.  Do not use bleach or other disinfectant on your skin.
-- If possible, list all people who were in the room or area, especially those who had actual contact with the powder. Give this list to both the local public health authorities so that proper instructions can be given for medical follow-up, and to law enforcement officials for further investigation.


Ehud,

We shall make  reservations for dinner at Vincent's
on West Dallas (2701 West Dallas, 713 528 4313).
We shall make reservations fro 7:00 p.m.
You can call me on my cell phone (713 410 5396) if there is a problem.

We shall have about 25-30 people at the meeting on Thu at
11:30.

See you tomorrow.

Vince

"Ehud I. Ronn" <eronn@mail.utexas.edu> on 06/19/2000 02:32:36 PM
To: Vince.J.Kaminski@enron.com
cc: Shirley.Crenshaw@enron.com
Subject: Re: Prospective 6/22 Houston Visit

Vince,

Greetings, and thanks for your 6/12 e-mail.

>We can meet for dinner on the 21st. Then you can visit with us on the 22nd
>in the morning and have individual meetings. At 11:30 you can meet the
>entire
>Research Group at our weekly lunch meeting. We can continue
>individual meetings in the afternoon.
I thank you once again for your invitation and look forward to my visit
this Wed.  My current schedule calls for a Hobby arrival on Wed. at 6:23
p.m., in time for the dinner scheduled for that evening.  (I can take a cab
directly to the restaurant if you're scheduling a circa 6:45 - 7 p.m.
dinner.)  Further, I have tentatively set up the Thur. return flight to
Austin at 3:38 p.m., and that can be modified as desired.

>Please, make a reservation at Hyatt Regency Downtown or Double Tree
>Downtown (there are several hotels with the same names).
When I made the room reservation last Mon. 6/12, it turned out that these
hotels showed no vacancy (is there a conference in town?), so the nearest I
could obtain is the Hilton Houston Plaza (6633 Travis) some 3.5 miles away
from Enron.  (If it is important that I stay at the closer hotels, Shirley
might ascertain whether Enron's travel agent can obtain a room there.)

I take this opportunity to request of Shirley that, subject to your
approval, an overhead projector, screen and small lectern be made available
for the room where the 11:30 luncheon meeting takes place.  Also, since I
would like each participant to have his/her own copy, I would ask her to
advise me as to the number of participants expected to attend, or
alternatively, Shirley could make copies of the presentation handout when I
bring the "master" copy in Thur. morn.

I look forward to seeing you Wed. and Thur.  Best Regards,
Ehud

==============================================
     Ehud I. Ronn
     Department of Finance
     McCombs School of Business
     University of Texas at Austin
     Austin, TX. 78712-1179
     Voice:  (512) 471-5853
      FAX:   (512) 471-5073
      Internet:  eronn@mail.utexas.edu
=================================================


Paul, Mark,

FYI, here's copy of a change in name notification to National Futures
Authority regarding Enron Metals Limited (formerly MGL)

J
---------------------- Forwarded by Justin Boyd/LON/ECT on 03/10/2000 19:46
---------------------------

	Enron Capital & Trade Resources Corp.

	From:  "Ned Swan" <Ned.Swan@simmons-simmons.com>
03/10/2000 19:08

To: <processing@nfa.futures.org>
cc:

Subject: Attention: Yvette Christman

Please note: This e-mail is confidential and may also be privileged. Please
notify us immediately if you are not the intended recipient. You should not
copy it, forward it or use it for any purpose or disclose the contents to any
person.
-----------------------------------------------------------

Dear Ms. Christman,

Please find attached a letter explaining the name change of
Metallgesellschaft Limited, NFA ID 0209538 to "Enron Metals Limited" which I
have previously discussed with you by telephone.

I will also post a copy of the attached letter to you.

Thank you very much for your courtesy and help.

Sincerely yours,

Ned Swan
Simmons & Simmons
London
Tel: 02(0) 7825-4561

------------------------------------------------------------
Simmons & Simmons
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London
EC2M 2TX

Tel +44 (0)20 7628 2020
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lawyers for lawyers, powered by content from Simmons & Simmons.

 - 8; 692237 - LTR, Yvonne Christman for ENS, 3 Oct, so2.doc


Reply Message:
Reply from STEVEN KEAN  is Thank you to Jeff.Dasovich@enron.com|Info|Check
email re: talke

Original Message:
Jeff.Dasovich@enron.com|Info|Check email re: talked to Bill Reed; info on
deals in CA; ISO/PX docs.
Best, Jeff


Dear Mr. Lopez,

Attached is Enron North America's response to your RFP request for Natural Gas Supply to Frito-Lay's plants located in California.  I have also attached your completed bid form and our comments to your Attachment 3 to the GISB contract.  It is my hope that we are able to be the successful supplier to these plants.  Please feel free to call me at any time to discuss our proposal as well as to answer any questions that you might have.

Sincerely,

Kim Ward
Manager, West Gas Origination
ENA