---------------------- Forwarded by Mark - ECT Legal Taylor/HOU/ECT on
01/27/99 04:20 PM ---------------------------

	Enron Capital & Trade Resources Corp.

	From:  xtrials@optioninvestor.com (Option Investor Newsletter     Trials)
                       01/26/99 09:50 PM

Please respond to xtrials@optioninvestor.com
To: Option Investor Newsletter Trials <xtrials@optioninvestor.com>
cc:  (bcc: Mark - ECT Legal Taylor/HOU/ECT)
Subject: Tuesday Option Investor Newsletter 2 of 2

The Option Investor Newsletter         Tuesday  1-26-99
Copyright 1998, All rights reserved.
Redistribution in any form strictly prohibited.

PICK NEWS - CALLS (continued)
*******************************************************

MSFT $171.56 +9.69 (+15.31)  Wow!!  It doesn't
get much better than this.  MSFT announced their 2:1 stock
split (effective 3/26) prior to yesterday's market open and
immediately gapped-up at the opening.  Those of you still
in the play going into last weekend were richly rewarded
Monday Morning.  Everyone wants to own MSFT and nobody
wants to sell.  This sentiment on 2 times normal volume
produced a textbook run-up -- as if "astrodollar" earnings
aren't enough.  Price targets are now at $200.  Of note,
MSFT announced they would phase in Alta-Vista, Compaq's to-
be-spun-off-in-an-IPO search engine, and ease out Inktomi.
Use stops to protect your profits.  With so much money on
the table, we suggest waiting for a pullback before
starting a new play.  As always, confirm market direction
first.

DH $60.88 +0.63 (+0.94)  As we said Sunday,
not a fast mover, but a steady gainer. 1189 institutions
own 89.5% of the 395 million shares in float leaving about
40 million shares in daily float to trade.  On average
volume of 2 million shares, DH traded within $1.50 range
both days this week, sheltering investors from a tumultuous
market. Look for the rise to continue, market permitting.
Slow news week so far; nothing to move the price.  Just
hare-speed momentum.  Dayton Hudson is the parent company
of Target Stores

VIA.B $81.88 -1.13 (-0.68)  Profit taking has caused a slight
dip in Viacom.  But, it has been so small that it actually can
be interpreted as a positive sign for the stock.  VIA.B seems
to undergo an occasional consolidation.  Then it goes on its
merry way.  As always, wait for the signal to turn green
before hitting the gas.  Blockbuster Inc., a subsidiary of
Viacom, teamed up with Warner Home Video in a revenue sharing
agreement.   As a result, Blockbuster will be able to rent
more new releases and other videos to its customers.  Chyron
Corporation will deliver Liberty NT software to an affiliate
of Paramount which is partially owned by Viacom.  The new
system will allow access to paint and animation capabilities
on the Windows NT platform.

WAG $59.50 +1.13 (+1.06)  On Tuesday, Walgreen's flexed its
muscles in a display strength and closed at it's high for the
day.  Its only resistance is at it's all time high set back in
December at $60.44.  With its 2:1 stock split scheduled for
Feb. 12th, it appears WAG is getting in shape to make a nice
run.

LXK $108.00 +3.88 (+8.75) Well, we have good news and bad news
on LXK this week.  Let's start with the bad news.  LXK did
not announce a stock split with earnings.  Their annual
shareholder meeting isn't until April, so a stock split
announcement would have to come on an arbitrary day.  We
noticed that companies, like Microsoft, have held off a few
days before announcing their splits.  This might be a ploy
to take the price high on the earnings announcement and then
take it higher with the split announcement.  The good news
is that LXK announced earnings of $1.16 a share.  This was
$.05 above consensus estimates.  The company also stated
there is a high demand for printer components.  LXK is in
blue-sky territory as it has broken through any prior
resistance.

VOD $193.50 +2.88 (+5.12) VOD has come back to life the last
two trading days with gains of $2.88 and $2.24.  There isn't
any recent news on VOD, but there is one very positive
technical aspect.  The last three trading days have seen
VOD close right at the high of the day.  This shows a very
bullish tendency as the bulls seem to be winning the battle
on a daily basis.

XIRC $42.31 +.38 (+.31) XIRC seems to have entered a
consolidation phase.  The volatility was pretty high before
earnings, but the daily range has decreased substantially
the last three trading days.  We still feel this stock is a
good purchase.  Watch for a strong up-move on good volume.
XIRC's 52-week high is at $44.50.  A move through this level
should provide a nice rally.  XIRC did announce today that
they will provide wireless data support for Siemans handsets.

SNC $39.50 +.56 (+1.75) SNC continued to rise today, albeit
at a smaller pace.  No news on SNC, but earnings are around
the 10th of February and SNC has historically had nice
earnings surprises.  There isn't much of a chance of an
upgrade for this stock, being that the five analysts that
follow it all rank it a strong buy.  We guess there could be
a new analyst recommendation.  We could see a continued run
into earnings.  SNC's 52-week high is $54.18.

XLNX $82.56 +5.44 (+4.37) XLNX did the job on Tuesday with
over a 6% gain.  XLNX has done what a lot of stocks do after
announcing great earnings and a stock split and that is to
consolidate briefly and then continue up.  XLNX dropped on
Monday, but came back with a vengeance on Tuesday. XLNX's
resistance is at its 52-week high of $87.63.  Pullbacks
would be good buying opportunities.

MU $71.88 +2.88 (+1.38) Micron showed some weakness on Monday
in a mixed semi-conductor market. It was off $1.50 even as a
few of the other chip stocks moved up in sympathy with LSI
Logic.  LSI had received an upgrade from hold to strong buy.
Today, however, MU was up $2.88 in a generally strong semi-
conductor sector. Any upgrades and strong earnings from other
stocks in the sector, as well as from the hardware stocks,
should help MU.  Like Dell, it reports later in the earnings
season, so an earnings run would start a little later.
Earnings in February.

NOKA $145.38 +1.38 (+.82) After hitting $155.38 on Wednesday,
Jan. 20th, Nokia has gapped down at the open each of the last
four trading days. It has also CLOSED well above its opening
price the last few days, and today it managed to close $1.38
above yesterday's close. This company is located in Finland
and trades in Europe while we sleep. The Europeans seem to be
sending the stock lower while the Americans are sending it
back up each day on the NYSE. Only two days left for an
earnings run--earnings are due out before the bell on Friday.
We believe that there is a good possibility of a split
announcement with earnings. If you don't want to risk holding
over earnings, be sure to sell your options before the close
on Thursday.  You can pick them up again if a split is announced.
That is the conservative way to make this play. If you hold over,
you risk a loss of capital, should Nokia disappoint. For those
of you with high risk tolerance, please note that Nokia jumped
$9 the day it announced it's last split.  It then ran up another
$34 before the split.

PICK NEWS - PUTS
*******************************************************

AMR - $55.88 .25 (.63)  Stock up fractionally after selling
off nore than $15 since the first of the year.  Airlines
still under pressure.

AVP - $36.44 1.13 (-1.12)  Stock sold off $1.13 on a day the
broader market gained over 120 points.  Stock trading under
50-day moving average and soon to re-test key $35 support.

AVT - $44.94 1.38 (.62) Stock recovering some after $15
sell-off since the first of the year.  Stock still trading
below declining 50-day moving average. Tighten protective stop
loss - $48.

BAC - $64.94 .25 (.12) The financial sector still under pressure
because of Brazil.  Stock still off -.12 despite strong broad
market rally Monday and Tuesday (1/25 & 1/26). Recommend staying
with position while BAC stays below $65.

BDX - $36.25 .56 (2.50) Stock recovered nearly $3.00 since
Friday's (1/22) precipitous sell-off.  Stock still trading
below 50-day moving average.  Tighten protective stop
loss - $38.

BKB - $36.75 -.38 (-.88)  Stock leaking below its declining
50-day moving average despite Tuesdays (1/26) broad market
rally.

CPB - $44.13 1.44 (-.18)  Stock gave up $1.44 on a day the DOW
gain more than 120 points on Tuesday (1/26).  Stock still
under pressure with considerable overhead at $49 and now
trading under $45.

DD - $53.88 .88 (.43)  Stock gave up what it gain on Monday
(1/25).  Stock still below declining moving averages and
trading just below near-term support level of $54.  Tighten
protective sell stop to $56.25.

HSY - $61.50 .00 (1.50)  Profit taking Monday (1/25) but
still trading under declining 50-day moving average. Tighten
protective stop to $62.25

MRK - $144.00 6.50 (5.00) Drug sector up strong following
favorable earnings reports and Warner-Lamberts announcement
of its acquisition of Agouron (AGPH).  Stock now trading at
its 50-day moving average.  Tighten protective sell stop at
$145.25.

PG - $85.56 1.94 (.25)  Stock recovered nearly $2.00 but still
trading below  50-day moving average.

PHSYB - $69.31 -.56 (1.19)  Stock recovered nearly $2.00 on
Monday (1/25) but sold off fractionally during Tuesdays
broad market rally. Still trading below 50-day moving average.

WLA - $69.13 1.63 (1.19).  Stock moved higher from Friday's
close (1/22) Drug sector up strong following favorable
earnings reports and Warner-Lamberts announcement of its
acquisition of Agouron (AGPH).  Recommend still holding while
WLA trades below $70.  Tighten protective stop to $72.25.

******************
NEW CALL PLAYS
******************

ANF - Abercrombie & Fitch $73.94 +2.06 (+4.19 for the week)

Abercrombie & Fitch sells men's and women's casual clothes
and accessories in over 170 stores across America.  Their
comfortable styles of jeans and crews are especially popular
with teens and college students.  Check out this Volkswagen
hip-hop retailer the next time you are strolling through
the mall.

Abercrombie has established a nice upward trend since its
lows in October.  It has been virtually unstoppable with
only two minor bouts of profit taking along the way.  In
intraday trading on Tuesday, ANF set another all-time high
at the $75 level.  Look for ANF to continue its steady trend
into blue skies.  There hasn't been a lot of news as of late
for Abercrombie.  But, back on Jan 8th, an article in Reuters
commented that since American Eagle Outfitters had posted
nice sales figures, it was safe to assume that Abercrombie
could do the same.

BUY CALL FEB-70*ANF-BN OI=177 at $6.75 SL=5.25
BUY CALL FEB-75 ANF-BO OI=151 at $3.63 SL=1.75
BUY CALL MAR-70 ANF-CN OI= 71 at $8.50 SL=6.50
No volume in MAR-75s.

Picked on January 26th at $73.94      PE= 49
Change since picked      +$ 0.00      52 week low =$28.87
Analysts Ratings      10-3-1-0-0      52 week high=$75.00
Last earnings 00/00 est n/a   actual n/a
Next earnings 02/17 est 0.92  versus n/a
Chart = http://quote.yahoo.com/q?s=anf&d=3m

*************************************************************

SEPR - Sepracor Inc. $104.25 +2.50 (+4.75 for the week)

Sepracor Inc. is a company that researches, develops, and
sells chemicals that are new, patented forms of existing
pharmaceutical and biopharmaceutical compounds.  These
products are made to reduce the side effects and increase
the safety of drugs already on the market today.  They are
used to treat several conditions that include asthma,
allergies, pain, and insomnia.  As an example, SEPR
developed Allegra as an alternative to Seldane which lost
FDA approval in 1997.

Sepracor Inc. has a stellar graph.  The company has been on
an uptrend since it was at the $40 level back in June and
in intraday trading Tuesday, SEPR set another all time high
at $105.50.  Last Friday, Jan. 22nd, BancBoston Robertson
Stephens initiated coverage of this steady stock with a
"long-term attractive rating."  They projected a 12-month
price target of $112.  They seem to favor this company which
has two approved drugs and six drugs in late phase clinical
development.  Look for SEPR to continue its upward trek if
current market conditions remain steady.

No new news.

BUY CALL FEB-100*ERQ-BT OI=347 at $ 8.50 SL= 6.50
BUY CALL FEB-105 ERQ-BA OI= 66 at $ 5.25 SL= 3.75
BUY CALL APR-100 ERQ-DT OI=128 at $13.63 SL=11.25

Picked on January 26th at $104.25      PE= n/a
Change since picked       +$ 0.00      52 week low =$ 33.00
Analysts Ratings        5-2-2-0-0      52 week high=$105.50
Last earnings 00/00 est n/a   actual n/a
Next earnings 02/19 est 1.25  versus n/a
Chart = http://quote.yahoo.com/q?s=sepr&d=3m

*************************************************************

WMT - Wal-Mart $83.56 +1.56 (+1.56)

The king of retailers is back! Wal-Mart is the leading
discount retailer in the world, with a presence in all 50
states, as well as Canada, Mexico, Asia, Latin America, and
Europe. In addition to discount department stores, it
operates the #2 grocery chain, behind Kroger's, and Sam's
clubs, which is the #2 warehouse chain. This retail giant's
market capitalization is $182.3 billion.

We covered Wal-Mart recently, but dropped it when the stock
began pulling back. It appears to be moving out of a
consolidation phase and has been trending up for a week, with
only one slightly down day in that period. Wal-Mart had a
strong holiday season. It continues to grow at home and also
abroad, partly through acquisitions. It is now growing its
profits faster than its sales once again.

As an option play, WMT is a steady mover. While it lacks the
fast moves of the technology and Internet stocks, it is a
safer play, and has the added advantage of being a split
candidate. The stock last split in February 1993. Its last
three splits occurred when WMT traded in the mid-60s.
Earnings are due out in February.

BUY CALL FEB-80*WMT-BP OI=1871 at $5.63 SL=3.75
BUY CALL FEB-85 WMT-BQ OI=3953 at $2.81 SL=1.25
BUY CALL MAR-80 WMT-CP OI=2638 at $7.25 SL=5.50
BUY CALL MAR-85 WMT-CQ OI=3343 at $4.50 SL=2.75
BUY CALL JUN 85 WMT-FQ OI=1268 at $7.75 SL=6.00

Picked on Jan 17th at  $83.56         P/E=44
Change since picked:    $0.00         52 week low= 38.13
Analysts' ratings  7-11-4-0-0         53 week high=85.06
Last earnings 10/98 est n/a   actual .45 surprise +5%
Next earnings 02-24 est .66   versus n/a
Chart = http://quote.yahoo.com/q?s=WMT&d=3m

******************
NEW PUT PLAYS
******************

No new PUT plays today.

*****************************************************
COMBINATION PLAYS   - Split-O-Rama
*****************************************************

Monday, January 25

U.S. blue-chip stocks ended higher Monday after a volatile day of
trading amid a slew of mixed earnings results from multi-national
companies. The DJIA closed unofficially up 82 points at 9203.32.
The Dow shed 57 points early in the day but recovered as several
big-name companies including AT&T and 3M reported earnings. The
high-flying Nasdaq Index gained 30 points to 2369.11 primarily on
the shoulders of Microsoft shares after the company declared a 2:1
stock split. A report that analysts expect IBM to announce a stock
split after its board meets Tuesday helped Big-Blue reverse a $6
loss from early in the day and close slightly higher at $180.93.
Despite big gains in the Dow and the Nasdaq Composite, breadth on
both the New York Stock Exchange and the Nasdaq was negative as
decliners outpaced advancers on both exchanges.

Most of the Sunday plays were available near the recommended entry
points. MRK opened the day around $137 and traded slightly higher
just before 10 AM. The first prices listed for the FEB160C/155C
bear-call spread were around $0.75 credit. EMC was also slow to
start trading and opened slightly higher near $100. Our put-credit
spread; FEB75P/80P did not have any volume but the bid/ask quotes
were within $0.12 of our target entry of $0.50. SKYT was a pair of
plays; the calendar spread, JUN25C/FEB25C was easily opened for
$2.38 debit. The best we saw on the ITM debit spread, FEB22C/25C
was $2.00 (higher than our target) and that was a little slim on
the ROI potential so we decided to pass. PLCM fell hard in a post
earnings dip but that just brought the sold position nearer to ATM
and a higher time component. We decided to take advantage of the
lower entry price; $0.87 for the MAR25C/FEB25C time spread, and
hope the stock finishes around $25 in four weeks. NRC was very
interesting as the option quotes opened near the previous closing
prices but soon moved apart in the spread (MAR50C/FEB50C) even
though the stock price remained quiet and the volume was fairly
docile. Our initial price was $1.12. CNTO, the butterfly spread,
moved lower most of the day reducing our initial entry to $0.87
for the FEB35C/40C/45C position. Remember, there is a method of
legging out of a butterfly spread that is acceptable. If the
stock price moves significantly, early in the life of the
spread, the BULL spread portion or the BEAR spread portion can
be closed-out near their maximum profit potentials. The spreader
may want to take advantage of this situation in order to profit
more if the stock reverses direction and comes back into the
profit range. By increasing his risk slightly, he may be able to
improve his position significantly by converting the butterfly
spread to a vertical spread. Although the chances of such a trend
reversal cannot be considered great, it does not cost the trader
much to restructure himself into a position with a much broader
maximum profit. That's our plan, we'll see what happens...

In other portfolio activities; PCS just keeps climbing like there
is no gravity and we just wonder where it will end. If any of you
are exercised early on the short side of the spread, let us know.
SRCM is a source of pain as the stock price has fallen sharply
without any change in the buying pressure. We decided to pull the
plug and prevent any losses. The JAN17P was closed at $1.25 and
we would expect to sell the JAN15P at a minimum of $0.50 for a
break-even exit. The initial target will be $1.00 until the stock
reverses (upward) again.

Tuesday, January 26

On Tuesday, U.S. stocks rallied in afternoon trading to close near
session highs. Solid earnings reports, stock splits, and big tech
deals all boosted the market. The DJIA closed unofficially up 115
points at 9318.40. The Nasdaq index of technology issues finished
up almost 65 points at 2433.46, surpassing a record high close of
2415.49 set on January 20th. Big gains in shares of IBM, Xerox,
Microsoft and Yahoo accounted for much of the positive movement.

On Tuesday, our big movers were AOL, CPQ, LVLT and SUNW. AOL was
the only issue we acted on, closing half of our debit position at
$2.25 for a $0.75 profit. On the LVLT debit spread, we expect to
close at about a $6.50 credit for a $2.00 profit. SRCM continued
downward but did not reach our target exit for the FEB15P. Watch
for signs of a turn-around as the buying pressure is still very
healthy on this stock. PCS just keeps climbing, about 6 days in a
row. MRK had a surprise rebound today, climbing $6 on a positive
earnings announcement. More to discuss on Thursday...
******************************************************************
    - NEW PLAYS -

Today we will focus on some of the common stocks in the blue-chip
technology group. We rarely play these issues because the main
section of the newsletter covers these stocks in-depth and we like
to bring you a wide array of candidates. These companies are in
the news everyday and the earnings/split-mania is just too much to
pass up...Good Luck!
******************************************************************
MSFT - Microsoft  $171.56     *** Disparity? ***

Microsoft Corp. develops, manufactures, licenses and supports a
range of software products, including scalable operating systems,
server applications, business and productivity applications,
software development tools and Internet software and technologies.

Microsoft rules! With a market value that far outstrips its sales,
Microsoft is the world's #1 software company. Softwares include
Windows, Excel, MS Word, PowerPoint, and Encarta. The Microsoft
Network provides online content, and its Internet Explorer is
still battling Netscape Navigator for market share. With NBC, the
company operates cable news channel MSNBC. They also provide email
with "Hotmail" and many other services.

Everybody is making deals with MSFT. To make AltaVista a premier
destination site on the Web, Compaq announced a partnership with
Microsoft in which AltaVista will offer a e-mail service based on
Microsoft's Hotmail service. In addition, AltaVista and Microsoft
agreed to make AltaVista's Web search the primary search vehicle
for the Microsoft Network Internet site.

The big news (of course) was the blow-out earnings and the 2:1
stock-split. On Monday, Microsoft said its stock split would
increase its shares outstanding to 5 billion and make its stock
more affordable. The split will take effect on 3/12/98 if it is
approved by shareholders.

We expect MSFT will consolidate somewhat after the news wears off
but there is no doubt it will return to the headlines shortly
thereafter. Sell the time premium now before it evaporates in
this small disparity play.

PLAY (conservative):

BUY  PUT MAR-155 OI=686  A=$4.00
SELL PUT MAR-160 OI=3842 B=$5.38
NET CREDIT TARGET=$1.50 ROI=42% (2 months)

Chart = http://quote.yahoo.com/q?s=MSFT&d=3m
******************************************************************
DELL - Dell Computer  $88.50     *** Almost Free Money ***

Dell Computer is one of the world's top PC makers and the world's
#1 direct-sale computer vendor. The company sells hardware and
markets third-party software and peripherals. Products include
notebooks, PCs, and network servers. Dell also markets a variety
of peripherals and software for other manufacturers. More than 90%
of its systems are sold to businesses and government entities. The
company continues to expand services such as its Web site, which
is expected to process half of it's transactions by the year 2000.

Dell recently announced that they have secured a share of the #1
position in the worldwide personal workstation market. They also
continue as the number one vendor for customer satisfaction and
their scores are significantly higher than most competitors in
price/performance, overall reliability, repair and delivery time.

Dell will post earnings sometime in mid-February and we expect
the stock to make the traditional run to the actual announcement.
In addition to buying calls, you might elect to make this play
with current portfolio collateral. This is a low return spread
based on another small disparity but the worst that could happen
is you choose to own DELL at $69.19.

PLAY (very conservative):

BUY  PUT MAR-65 DLQ-OM OI=766  A=$1.19
SELL PUT MAR-70 DLQ-ON OI=2341 B=$1.81
NET CREDIT TARGET=$0.81 ROI=19%

Chart = http://quote.yahoo.com/q?s=DELL&d=3m
******************************************************************
XRX - Xerox Corp.  $116.31     *** Split Play ***

Xerox engages in worldwide development, marketing, manufacturing,
financing and servicing of document processing products.

This week, Xerox delivered another record quarter, reflecting
strong double-digit earnings growth consistent with company
objectives, even though pre-currency revenue growth was clearly
affected by some weaker economies. Their fourth quarter diluted
earnings per share increased 16% to $1.69 and income increased
17% to $615 million, primarily as a result of outstanding growth
in digital product revenues, improved operating margins and
ongoing benefits from the worldwide restructuring program. Xerox
also announced an 11% increase in the quarterly cash dividend on
the company's common stock and a two-for-one stock split.

The stock split will be effective for shareholders of record on
2/4/99 and distributed on 2/23/98. The quarterly dividend will
increase 11% to 20 cents on a post-split basis, payable on 4/1/98
to shareholders of record on March 5. Today's gap-up and the
split date make perfect timing for a one month spread. Plan to
close the play near the February strike date on the pre-split run.

BUY  CALL MAR-120 XRX-CD OI=40   A=$7.12
SELL CALL FEB-120 XRX-BD OI=1487 B=$3.75
NET DEBIT TARGET=$3.12 TARGET ROI=25%

Chart = http://quote.yahoo.com/q?s=XRX&d=3m
******************************************************************
IBM - Intl. Business Machines  $185.50     *** Split Play ***

International Business Machines is the world's top provider of
computer hardware and it is #2 in software. The company makes a
broad range of computers, including PCs, mainframes, and network
servers. The company also makes software and peripherals, and has
an ever-expanding service arm. IBM owns software pioneer Lotus
Development, maker of the Lotus Notes messaging system. Almost 60%
of the company's sales are to foreign customers and IBM continues
to revamp its image, with a focus on Internet business.

As expected, IBM declared a two-for-one stock split, just one day
after software rival Microsoft did the same. IBM posted fourth
quarter earnings last week that exceeded street expectations but
saw its shares fall after failing to announce a split. Today, the
stock rebounded on the renewed interest. The new shares should be
distributed on or about May 26 to shareholders of record on May 10.
The IBM board also set a regular quarterly dividend of $0.22 per
share, payable March 10 to stockholders of record on Feb. 10.

Although the current technical (and earnings) outlook is somewhat
lackluster, we believe Big-Blue will rise to the occasion and
easily hold $185 on the strike date in March.

PLAY (conservative/debit spread):

BUY  CALL MAR-175 IBM-CO OI=513 A=$19.25
SELL CALL MAR-185 IBM-CQ OI=649 B=$13.00
NET DEBIT TARGET=$6.00 ROI(max)=66% B/E=$181.00

Chart = http://quote.yahoo.com/q?s=IBM&d=3m
******************************************************************
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                      DISCLAIMER
*************************************************************
This newsletter is a publication dedicated to the education
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newsletter picks are not to be considered a recommendation
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Brad,

Here is the link to the map for TCO.  This is the first "edition" so I'll let you know as updates occur.  Give me your opinions on where you want it to go from here. My first step would be to get more numbers for each point out there.  Yesterday's data and a change value perhaps.

Let me know.

adam

http://nahou-wwmap01p/website/tco


Per our conversation today --

1.	Sue Mara is working with AReM to (a) work on an alternative vehicle for DA - the Bowen bill, (b) get the "taking" argument for retroactive CPUC action to Norm Plotkin and Richard Katz, (c) call APS Energy Services to motivate Boeing, (d) getting AReM active on the date issue.

By the way, Sue Mara heard that the CPUC has received "hundreds" of letters related to the CPUC decision.

2.	Everyone should be working to get customers focused on messaging to the (a) Governor's office and (b) trade associations.

KEY MESSAGES:	1.	Don't have the CPUC Make Wrong Decision Tomorrow
			2.	SB78 can work if DA Suspension Date = Sept 1.01 or Later
			3.	Setting this DA Suspension Date Does NOT Mean that Customers Will Escape Fair Surcharges

I am putting together a gameplan right now for who to call and the messages.

3.	I called Sandra Yamane (at Marathon Communications) re: CEO contacts.  Once I receive the list, we'll make a decision on how to proceed with that group.

4.	Hedy is working to get Hertzberg (and any others) to call the CPUC and seek another delay.

5.	Mike Day - can you please draft language to use on the Assembly floor to "fix" SB78 per our interests.  Hedy & Bev, who should support the amendment?  Don't we need a member to carry the provision?  Wouldn't it be better if we had CMTA or the CA Restaurant Association?  Is this possible?

6.	Scott Govenar is calling Boeing's lobbyist to get them "interested".

Thanks everybody.  Keep up the great work!!!

Jim


Steven changed jobs.  Email Whitt for his new numbers.  Any hot chicks at your party.  I was out voted Saturday night in favor of Opie Gone Bad at the Little Bear.

-----Original Message-----
From: Williams, Bob [mailto:Bob.Williams@ElPaso.com]
Sent: Monday, October 29, 2001 2:00 PM
To: Lucci, Paul T.
Subject: RE: Pool almost over

Yea nice try.  The Giants did you in.  Hey do you have Steve Jernigan's # I
can't e-mail him for some reason.  Thanks

-----Original Message-----
From: Lucci, Paul T. [mailto:Paul.T.Lucci@ENRON.com]
Sent: Monday, October 29, 2001 11:21 AM
To: Williams, Bob
Subject: RE: Pool almost over

I would like to shut it down.  So send me my pro rata share.  How was
your party?  And hot chicks?

-----Original Message-----
From: Williams, Bob [mailto:Bob.Williams@ElPaso.com]
Sent: Monday, October 29, 2001 10:49 AM
To: Bevans, Larry; Dougherty, Nathan; Jernigan, Steven ; Joey Brewer;
LoreLei Reid; Paul Lucci; Pike, Steven; Turner, Robert; Williams, Bob
Subject: Pool almost over

We lost 4 of the 9 remaining players this week.  If the 5 players want
to
shut it down and split the $$ we would each get $102.40.  Call me and
let me
knwo what you think.  720 956-3005 <<losers pool.xls>>

******************************************************************
This email and any files transmitted with it from the ElPaso
Corporation are confidential and intended solely for the
use of the individual or entity to whom they are addressed.
If you have received this email in error please notify the
sender.
******************************************************************

**********************************************************************
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 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
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Thank you.
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Corporation are confidential and intended solely for the
use of the individual or entity to whom they are addressed.
If you have received this email in error please notify the
sender.
******************************************************************


Thanks so much.

 -----Original Message-----
From: 	Keiser, Kam
Sent:	Thursday, November 08, 2001 1:24 PM
To:	Smith, Matt
Subject:	RE: new books

Karen O'Day is setting it up in her absence.  I spoke with her yesterday and she is working on it.

Kam

 -----Original Message-----
From: 	Smith, Matt
Sent:	Thursday, November 08, 2001 1:19 PM
To:	Keiser, Kam
Subject:	RE: new books

Kam,

Apparently, Stephanie is out of the office, do you know if someone else can set up the EOL?

Mat

 -----Original Message-----
From: 	Keiser, Kam
Sent:	Wednesday, November 07, 2001 11:07 AM
To:	Smith, Matt; Wolfe, Jason
Cc:	Grigsby, Mike
Subject:	new books

Your new cash books are being set up ASAP.  They tell me they will be ready no later than tomorrow.
Once those are set-up, Stephanie Sever will email you your new EOL id's.

Kam


This is TW pressure at the inlet of the Griffith I/C.


<<1SJD01!.WPD>>

 - 1SJD01!.WPD


Start Date: 4/12/01; HourAhead hour: 8;  HourAhead schedule download failed.
Manual intervention required.


This is the preliminary spreadsheet for July. There will definitely be
another listing distributed no later than this Friday. For some reason there
has been an unusual number of notices issued and we are working diligently to
get the documents lined up.

Updates to records in GCP for counterparty name changes:

The legal name field will be updated Monday afternoon (7/17).

The ERMS Shortnames will be changed on Tuesday afternoon (7/18).


The Win2k Project Team is currently looking for qualified individuals to
assist us in testing applications for Windows 2000. These individuals called
Subject Matter Experts, or SMEs will be needed to ensure certain applications
are running  Properly under Win2k.  Below is the application group you are
listed under.  If you are familiar with these applications and would be
willing to help out, or if you would like to designate some one in your
group, please reply by calling the SME hotline at x30333.

Thanks you,
Erica Fields

Application: Altrade Power


Dan,
The Ormet agreements have been executed and will go out in this evening's
overnight mail.
Thanks for all your help and have a good holiday.
Mike


Theresa - I'm done with 08/01.  Can you forward 07/01 to me?  This file "Crestone OBA Balance"
really helped me out, if you have that for 07/01.  Thanks, Gloria

 -----Original Message-----
From: 	Staab, Theresa
Sent:	Tuesday, November 06, 2001 4:28 PM
To:	Barkowsky, Gloria G.
Subject:	RE: Crestone Imbalance

I'm sending the invoice/statement via e-mail.  Let me know if you can't open it.  The Crestone OBA Imbalance is the summary we started on showing the discrepancies on the receipt side.  A lot of it is rounding from the Crestone spreadsheets to our "whole" numbers we put into the Unify system.  The other Imbalance report is on the 3rd tab of the Enron Statement report.  Let me know if you have any questions.

 << File: Crestone OBA Balance.xls >>  << File: Enron Statement Aug.xls >>

 -----Original Message-----
From: 	Barkowsky, Gloria G.
Sent:	Tuesday, November 06, 2001 3:17 PM
To:	Staab, Theresa
Subject:	RE: Crestone Imbalance

That sounds great!  Can you fax the 08/01 invoices to me at 713-646-8420?
Thanks, Gloria

 -----Original Message-----
From: 	Staab, Theresa
Sent:	Tuesday, November 06, 2001 4:11 PM
To:	Barkowsky, Gloria G.
Subject:	RE: Crestone Imbalance

Gloria,
Thanks for the heads up on  9/01.  I'm printing the report right now and I'll get with Amy tomorrow (she's out today).  If you would like to look at August that would be fine - I would just like to stress that changing any receipts will affect our purchases and likewise with our deliveries.  If you could define the differences first then maybe I can lead you to where the issues are.  How does that sound?

I also think by doing this it will get you familiar with this pipeline and maybe in the future you could take this part over.  It's just very confusing at first.

Let me know ,
Theresa

 -----Original Message-----
From: 	Barkowsky, Gloria G.
Sent:	Tuesday, November 06, 2001 2:56 PM
To:	Staab, Theresa; Felling, Amy
Cc:	Schumack, Sherlyn
Subject:	RE: Crestone Imbalance

There is an interconnect between WIC and FUGG for 09/01.  The WIC # ties to the
statement.  Can you please check the FUGG # ?
Right now, I have some extra time.  I would love to help you guys with this imbalance.
Could I take a look at 08/01?  Please let me know.  Thanks, Gloria

 -----Original Message-----
From: 	Staab, Theresa
Sent:	Wednesday, October 24, 2001 2:46 PM
To:	Barkowsky, Gloria G.
Subject:	RE: Crestone Imbalance

Gloria,
Amy Felling here is working on current month and I'll continue on prior month variances.  We'll let you know the status of current month by tomorrow afternoon.

Thanks,
Theresa

 -----Original Message-----
From: 	Barkowsky, Gloria G.
Sent:	Wednesday, October 24, 2001 11:56 AM
To:	Staab, Theresa
Subject:	Crestone Imbalance

 << File: Crestone.xls >>

Theresa - here's the latest by month of the imbalance.  Please let me know if
there is any way that I can help you.  Could I look at current month, while you
look at the past stuff?  Please let me know.  Thanks, Gloria


The measurements:
38x54
38x66 with fold-out leaf

The wood is pretty dark.  I have a couple of pictures at EB 3211F if you want
to see them.

Lydia Reeves
08/07/2000 12:57 PM
To: Daren J Farmer/HOU/ECT@ECT
cc:
Subject: re:table and buffet

Is it very dark in color?  And how big around is it?


Hello All;
Well we finally got tired of dealing with Prodigy (they bought out
FlashNet, our old ISP) and slow internet connections and broke down and
got RoadRunner.

The new mailbox is JHESTER1@satx.rr.com

The old "hester@flash.net" address will still be active until May 10th,
but after that date I don't think we will be able to retrieve mail to
that address.


<<MF April 23rd 2001.pdf>>

			Good Monday Morning - Comments From The Local Guys!

At the end of 2000, a new Federal Insider-Trading Rule (Rule 10b5-1) was
adopted by the SEC under the Securities Exchange Act of 1934. This rule
greatly enhances an insider's/employee's ability to trade his/her corporate
shares during blackout periods.

We, the Local Guys would like our readers to know of this new rule change
because of its significant advantages over the prior insider trading rules.
Previously, without the protection of this new SEC rule, employees and
insiders could safely trade only outside of designated blackout windows.

Under this new rule, insiders/employees may have the ability to purchase and
sell their corporate shares even during blackout periods if a written plan
was established and in force when the insider/employee was not in possession
of material, non-public information.  The new rule contains other
restrictions and should be reviewed carefully.

Lehman Brothers has established a turn-key plan that take into account the
regulatory procedures for establishing such a plan.

Please email us or call us for more information.

The 30-year US T-Bond yield is 5.72%.
The 10-year yield is 5.18%.
The 5-year is trading at 4.69%.
Spot crude oil is trading at $27.81 p/b.
Natural Gas - Henry Hub -  is trading at $5.12 p/mcf.

AD Time:
			The Local Guys! - Who We Are.

- The partnership of Jordan Larimore and David Morris manages investments
for individual and corporate clients.
- We help investors achieve their personal and professional portfolio goals.

- We manage individual portfolios..
- We use Outside Money Managers.
- We utilize the top Mutual Fund Families.
- We help with portfolio re-diversification - taking investors out of highly
concentrated equity situations and rediversifying those dollars.
- We also work on Corporate Stock Option Plans and 144 Restricted Stock
issues.

- We welcome hearing from you! Call us toll-free at 1-800-227-4537.

				Lehman's Research.

IMPACT CALLS

Oracle Corp(ORCL) 2 - Buy N. Herman, .212.526.6093
Near-term WorriesDowngrade Oracle to a 2 (C)
OLD NEW STREET P/E
Price: $19.75 EPS 2000 N/A $0.34 N/A N/A
52 Wk Ra: $46 - 13 EPS 2001 $0.44E $0.44E $0.44E 44.9
Mkt Cap: $118.8B EPS 2002 $0.55E $0.49E $0.52E 40.3
FY: 5/31 Price Target $50 $50
Rank 1 2
*Although its still early in the quarter, we worry that what is typically a
seasonally strong quarter for Oracle could prove to be
unusually weak given the tough U.S. macroeconomic environment and
potentially weakening conditions in international markets.
*Apparently, more Sun servers are sold running Oracle software than anything
else. Weak results and guidance from Sun only serve
to compound our near-term worries.
*We believe that IBM with DB2 is exerting some price pressure on Oracle and
is gaining momentum with Morgan Stanley and
Goldman Sachs being two high profile firms making big commitments to DB2.
*With its rise over the last two weeks, shares of Oracle are trading at a
significant premium to the historic range both on a PE and
revenue multiple basis despite near-term uncertainty. Lowering earnings
estimates and rating to 2-Buy.

INITIATING COVERAGE

Agere Systems(AGRA) 3 - Market Perform A. Chanda, .415.274.5370
A Communications Component Giant is Unleashed (C)
OLD NEW STREET P/E
Price: $7.57 EPS 2000 N/A $0.32 N/A N/A
52 Wk Ra: $8 - 4 EPS 2001 N/A -$0.05E N/A N/A
Mkt Cap: $12.4B EPS 2002 N/A -$0.07E N/A N/A
FY: 12/31 Price Target N/A N/A
Rank N 3
*We are initiating coverage of Agere, a communications components gorilla.
We note that the valuation is low but given slowdowns in
capital spending and inventories and margin contraction we would prefer to
stay on the sidelines until fundamentals improve.
*We are establishing C01 revenues of $4.1 billion (-20% y/y) and C02
revenues of $4.4 billion (up 8% y/y) and EPS of a loss of $0.15
and a loss of $0.02.
*Agere had 31% of revenues in optoelectronics and 69% in ICs in Dec:00. The
vast majority of optoelectronics is in active
components and modules. In ICs, roughly 10% is in storage, 10% in wireless
terminals and infrastructure, 12% in wireless LAN,
37% in access (SLICs, modems) and 31% in communications. Agere tends to sell
most IC products in the form of ASICs
manufactured internally. Agere's only large customer is Lucent which was 17%
of revenues in December.

FOCUS STOCKS

Exodus Communications(EXDS) 2 - Buy H. Blount, .212.526.9128
If the Decks are Cleared -- Buy (C)
OLD NEW STREET P/E
Price: $9.75 EPS 2000 N/A -$0.54 N/A N/A
52 Wk Ra: $69 - 6 EPS 2001 -$0.89E -$0.89E -$0.85E N/A
Mkt Cap: $5.2B EPS 2002 -$0.51E -$0.51E $0.13E N/A
FY: 12/31 Price Target $20 $20
Rank 2 2
*We believe Exodus will have an opportunity to "Clear the Decks" of bad news
during 1Q01 earnings. If so, we believe investors
should begin to aggressively buy the stock.
*If EXDS reports weak bookings and brings down 2001 revenue guidance to
street consensus, it will "clear the decks" of further bad
news. Under this scenario, we would suggest investors become more aggressive
in purchasing the stock, despite lack of future
visibility.
*The primary scenario where we would remain cautious would be if EXDS
reports weak bookings and does not lower 2001 revenue
guidance.
*Based on three different valuation analysis, we believe EXDS has a
favorable 2 to 1 reward/risk ratio from current levels.

Paper & Forest Products P. Ruschmeier, .212.526.9898
Rally in Wood Product Markets Picking Up Steam
*As the rally in wood products picks up steam, we are reiterating our
favorable ratings on the following wood product producers: LPX,
GP, WY, BCC, TIN, BOW, and to a lesser degree, IP.
*The rally in wood product markets picked up steam last week as cash prices
for plywood, OSB, and lumber jumped 9%, 9%, and 3%,
respectively. The rally is supported by 1) seasonal strength, 2) sharply
lower interest rates, 3) firm demand, 4) low pipeline
inventories, and 5) GP's plans to permanently close 1.4% of North American
plywood capacity. In addition, the Department of
Commerce will likely rule today on whether to investigate countervailing
duties.
*If the current rally in wood product markets continues, the risk to our
estimates will be on the upside.

Tellabs, Inc(TLAB) 1 - Strong Buy S. Levy, .212.526.2499
Snake Bit (C)
OLD NEW STREET P/E
Price: $35.58 EPS 2000 N/A $1.67 N/A N/A
52 Wk Ra: $77 - 31 EPS 2001 $1.75E $1.55E $1.72E 23.0
Mkt Cap: $14.8B EPS 2002 N/A $2.00E $2.58E 17.8
FY: 12/31 Price Target $50 $50
Rank 1 1
*Our confidence in healthy SONET sales continues unabated and we believe the
current slowdown in sales of the TITAN 5500 solely
reflects service provider spending uncertainty and not a fundamental
architectural shift or any slackening in demand for high
bandwidth services.
*Actual March quarter sales of $772 mil met our revised projection of $772
mil with final EPS of $0.29 in line with our expectations.
*We now project sales and EPS including g/w amort of $3.6 billion and $1.55
in 2001 and $4.439 billion and $2.00 in 2002. Our new
estimates also project 2001 TITAN 5500 sales of $1.95 bil and $2.145 bil in
2002 (10% growth), TITAN 6500 and 6100 system of
$175 mil in 2001 and $340 mil in 2002, and continue to expect initial sales
of both in 2Q.
*We est. a minimal 3-5 year sales CAGR of 20% for Tellabs and believe the
shares should trade at 25x our new CY02 est, or $50 by
the end of the year. We reiterate our 1 Strong Buy and $50 price target.

QUALCOMM Inc(QCOM) 1 - Strong Buy T. Luke, .212.526.4993
Previewing Solid 2Q01, Maintain 1 Buy (A,C)
OLD NEW STREET P/E
Price: $66.33 EPS 2000 N/A $1.05 N/A N/A
52 Wk Ra: $120 - 43 EPS 2001 $1.27E $1.22E $1.26E 54.4
Mkt Cap: $49.8B EPS 2002 N/A N/A $1.68E N/A
FY: 9/30 Price Target $120 $120
Rank 1 1
*We look for wireless innovator QCOM to deliver solid 2Q01 results in line
with expectations on Wednesday 4/25. Expect
management commentary to be upbeat highlighting strength of QCOM's l-term
positioning. We reit our 1 Buy rating
*Expect QCOM to comfortably meet our consensus EPS est of $0.29 with sales
of approx $690-700M helped by solid chip shipments
of around 16M units
*Expect positive mgmt tone underlining: 1X upgrade cycle, steady expansion
of global CDMA markets & potential for QoQ uptick in
chip shipments throughout FY01 despite handset inventory worries
*Ahead of results, finetuning our ests for June & Sept Q's to reflect more
conservative assumptions for a) R&D investment b) QoQ
uptick in chip shipments. FY01 moves to $1.22 from $1.27, CY01 is $1.21.
*Catalysts remain more 3G licensing deals (NOK, ALA, Siemens), China orders,
1X rollout. QCOM continues to extend leadership in
wireless chip design & remains a top pick. Target is $120

COMPANY/INDUSTRY UPDATES
Commodity Chemicals S. Vasnetsov, .212.526.3212
Instead of flowers, spring brings drought in chemical
*On our recent research trip, we found that US chemical industry continues
to struggle with slow demand in April, contrary to
typically robust seasonal demand pattern. We expect recovery in chemical
demand only in late 2001, followed by improvement in
cash margins in early 2002.
*In the winter of 2000-01, the US commodity chemicals saw the worst
operating conditions since 1985.
*The hope was that conditions will improve in the spring 2001, as less
expensive oil and gas, coupled with more robust seasonal
demand, will help to improve both sales volume and cash margins.
*So far, this widely expected improvement has NOT happen, as our research
trip uncovered. We expect that on upcoming 1Q
conference calls companies will offer more cautious outlook for 2Q'01 and
for the entire year.

David C. Morris
Sr. VP Lehman Brothers
713-652-7112/800-227-4537
dcmorris@lehman.com

Disclosure Legend: A-Lehman Brothers Inc. managed or co-managed within the
past three years a public offering of securities for this company. B-An
employee of Lehman Brothers Inc. is a director of this company. C-Lehman
Brothers Inc. makes a market in the securities of this company. G-The
Lehman Brothers analyst who covers this company also has position in its
securities.
Key to Investment Rankings: This is a guide to expected total return (price
performance plus dividend) relative to the total return of the stock's local
market over the next 12 months. 1 = Strong Buy (expected to outperform the
market by 15 or more percentage points); 2=Buy (expected to outperform
the market by 5-15 percentage points); 3=Market Perform (expected to perform
in line with the market, plus or minus 5 percentage points); 4=Market
Underperform (expected to underperform the market by 5-15 percentage
points); 5=Sell (expected to underperform the market by 15 or more
percentage
points).
This document is for information purposes only. We do not represent that
this information is complete or accurate. All opinions are subject to
change.
The securities mentioned may not be eligible for sale in some states or
countries. This document has been prepared by Lehman Brothers Inc., Member
SIPC, on behalf of Lehman Brothers International (Europe), which is
regulated by the SFA. ?Lehman Brothers, Inc.

------------------------------------------------------------------------------
This message is intended only for the personal and confidential use of the designated recipient(s) named above.  If you are not the intended recipient of this message you are hereby notified that any review, dissemination, distribution or copying of this message is strictly prohibited.  This communication is for information purposes only and should not be regarded as an offer to sell or as a solicitation of an offer to buy any financial product, an official confirmation of any transaction, or as an official statement of Lehman Brothers Inc.  Email transmission cannot be guaranteed to be secure or error-free.  Therefore, we do not represent that this information is complete or accurate and it should not be relied upon as such.  All information is subject to change without notice.

 - MF April 23rd 2001.pdf


My comments --

I assume that in the Enron filing we will make a stronger argument for sticking with the 12-15-02 date?  Also, critical to highlight that the FERC should have one "major" change date, not multiple given the liquidity problems with significant regulatory change.

Finally, break out competitive retailers in the list of the ONE RTO Coalition. Every state inside this region (except VT) has competitive retail access.  Furthering this effort with further the policy directions of the states by lowering wholesale prices and making business "easier" for companies like EES.  We should play this up.  We are really pushing hard on the physical retail gen side in NYC and Boston and taking another look at PA and MD - this is the real benefit - that consumers' bills go down.  I didn't see that language on consumer benefits.

Jim

 -----Original Message-----
From: 	Novosel, Sarah
Sent:	Monday, October 08, 2001 9:36 AM
To:	Shapiro, Richard; Steffes, James D.; Lindberg, Susan
Subject:	One RTO Coalition Drafts

Rick, Jim and Susan:

Enclosed is the One RTO draft comments on the Northeast Mediation.  We would like to include Enron as a signatory party to the comments, so please read them to make sure that you are okay with us signing on.  Although the date issue is somewhat amorphous (we support PJM (with a Nov 2003 date but we also urge implementation as soon as possible -- Dec 2002 if possible).

This was the best we could get the Coalition to agree to -- there are many parties who strenuously opposed advocating any date early than Nov 2003 and I had to threaten to take our name off the comments if we didn't say something about an earlier date.  We have not given final signoff, but they would like to hear from us by the end of the day (comments are due tomorrow).

Susan, please show the comments to Kevin, Dana, Paul (and anyone else who would like to see them).  We are also writing our own comments, which we will circulate by COB today for filing tomorrow.  They do not need to read the affidavits -- just the comments to make sure we're not saying anything they disagree with.

Also attached is the Henning affidavit that supports the Mirant study.  Although Mirant probably did not make the best choice in using an internal regulatory person to do the study presentation at FERC, everyone who I have talked to thinks that FERC staff reacted favorably to the study's findings.  One person overheard FERC staff say that they expected $440 million in savings per year, and they weren't questioning these savings, but wondered if these were enough savings to justify a movement to one RTO.  It seems to me that $440 million is significant savings, but who knows.  Anyway, we need to discuss whether we want to join in the Mirant Midwest study.  Provided that a similar study can be conducted in the midwest (since there are no ISOs there), with a similar good outcome, I think we should consider supporting the Mirant effort.

Please let me know what you think.  Thanks

Sarah

 << File: Draft One RTO.DOC >>  << File: Henning Aff Draft.DOC >>  << File: Shanker Aff Draft.DOC >>


nope sorry

 -----Original Message-----
From: 	Maggi, Mike
Sent:	Tuesday, November 27, 2001 10:08 AM
To:	Nelson, Michelle
Subject:	RE:

please

 -----Original Message-----
From: 	Nelson, Michelle
Sent:	Tuesday, November 27, 2001 10:07 AM
To:	Maggi, Mike
Subject:	RE:

nope i'm not going!  too late

 -----Original Message-----
From: 	Maggi, Mike
Sent:	Tuesday, November 27, 2001 10:07 AM
To:	Nelson, Michelle
Subject:	RE:

ok ill be nice

 -----Original Message-----
From: 	Nelson, Michelle
Sent:	Tuesday, November 27, 2001 10:06 AM
To:	Maggi, Mike
Subject:

i think that i am skipping having a drink with you.  have fun at your dinner tonight!


Julie,
I received this message yesterday from a student group at the University of Washington. Do you still want some to go to Seattle and stir up interest?

Bill

 -----Original Message-----
From: Adam Perino [mailto:dowdawgs@u.washington.edu]
Sent: Monday, October 22, 2001 9:07 AM
To: Williams III, Bill
Subject: Dow Dawgs Investment Club

Bill Williams,

    As you know, the Dow Dawgs are an Investment Club at the University of Washington.  KC Anderson informed us of your interest in coming to one of our meetings.  My officers and I are happy to hear of your interest and would like to help you get the word out about Enron.
    We were hoping you could make it to our next meeting Wednesday (10/24) 5-6pm.  We will, however, work with your schedule and move the meeting to a different day next week.  The sooner we hear back from you the sooner we can schedule a meeting room and advertise to students.  This would also be an excellent opportunity for you to highlight any career or internship opportunities at your company.

For more information about the Dow Dawgs:
<http://students.washington.edu/dowdawgs>

Thanks,

Adam Perino
President
Dow Dawgs Investment Club


The Bayou City Dance Company is once again selling poinsettias as a fundraiser.  This is the dance company for 10-18 year olds for which my wife, April, is the Director.  They are selling the poinsettias for $8.50 each and they are pretty good size (about 12-18 inches tall from what I remember).  Just like last year, I will deliver the flowers to the Enron building (or at least to the Enron garage).

They come in red, white, or pink, but I think the red were by far the healthiest and longest lasting.

The order are due by next Friday, so please let me know if you would like to order (and how many).

Thanks.

- Nick


Please let me know if you are not available at this time.


Maria is coming from another meeting so we will start at 9:15.  Sorry for the delay!

 -----Original Appointment-----
From: 	Lokay, Michelle
Sent:	Monday, November 12, 2001 4:01 PM
To:	Watson, Kimberly; McConnell, Mark; Lohman, TK; Y'Barbo, Paul; Schoolcraft, Darrell; Lindberg, Lorraine; Lokey, Teb; Pavlou, Maria; Donoho, Lindy; Rapp, Bill
Cc:	Blair, Lynn; Brown, Elizabeth; Lichtenwalter, Blair; Allen, Kelly; Veatch, Stephen
Subject:	Global Settlement
When:	Thursday, November 15, 2001 9:00 AM-10:00 AM (GMT-06:00) Central Time (US & Canada).
Where:	EB 1336

The Global Settlement meeting has been rescheduled for this Thursday.  Maria Pavlou will be in Houston to present an overview and will answer any questions.  Please pass this to anyone that might benefit.


??  Will IT resources make a difference in what we need to deliver and how
quickly we can do it?  Someone must be giving credit the idea that "if only
we had IT resources..." and that those resources are active on Entelligence
but are not helping us on other business basics.  --Sally
---------------------- Forwarded by Sally Beck/HOU/ECT on 12/11/2000 02:36 PM
---------------------------
From: William S Bradford on 12/11/2000 02:19 PM
To: Sally Beck/HOU/ECT@ECT
cc:
Subject: Re: Information in Entelligence vs Global Counterparty

Sally,

I share your pain about increased deal flow.  Have you spoken with Lavo about
getting additional resources or is there a way to better allocate resources?
Is the Entelligence database used by anybody?  Should we not focus those
resources on GCP?

I am getting hammered on the exposure questions.

Please help!!!

Bill

	Enron North America Corp.

	From:  Sally Beck                           12/11/2000 02:05 PM

To: Debbie R Brackett/HOU/ECT@ECT
cc: Mary Solmonson/HOU/ECT@ECT, James Scribner/Corp/Enron@Enron, William S
Bradford/HOU/ECT
Subject: Re: Information in Entelligence vs Global Counterparty

I certainly agree that updated information from the wider company database
should flow to update GCP.  I assume that you have talked with both Mary
Solmonson and James Scribner about this process to understand the details.
They are the logical experts for that discussion.  Your memo is a little
vague on that, so if you are getting information from someone else and have
not taken the time to talk with the best sources, I would suggest spending
time with James and Mary so that you and they are appropriately informed.

Absolutely there are procedures in place to handle these updates to GCP.  I
believe that these are pretty manual, as there are no systematic feeds from
Entelligence into GCP.  James and Mary (I refer to both because James has
only recently assumed Mary's duties within Global Databases) can best discuss
how this process works.  If you are aware of specific concerns around this, I
know that James and Mary will want to hear that from you.  As is to be
expected for any business that has experienced a 600% increase in the number
of transactions year on year, there are challenges that we face daily in all
of the tasks that we do.  Your input will help James in making sure that
priorities are set and personnel are deployed to tackle the biggest issues
that we have.  I recognize the challenge that Credit must be facing in
aggregating exposures in our market environment today.  With your input, we
will do our very best to be certain that the data surrounding the 5.000+
deals that are done daily is as accurate as possible.

From:  Debbie R Brackett
       12/11/2000 11:42 AM

To: Sally Beck/HOU/ECT@ECT
cc: Shona Wilson/NA/Enron@Enron, Avril Forster/Corp/Enron@ENRON, Mary
Solmonson/HOU/ECT@ECT, James Scribner/Corp/Enron@Enron, Eric
Wetterstroem/HOU/ECT@ECT, William S Bradford/HOU/ECT@ECT
Subject: Information in Entelligence vs Global Counterparty

Sally,

I have been made aware of a disconnect between the data held in Global
Counterparty and in Global Companies ( Entelligence). Much effort has been
put forth in  "cleansing" the parent/subsidiary information presented in
Entelligence, yet the same information is not being replicated in GCP except
for on an ad hoc, manual basis.

What is the standard for data population in GCP vs Entelligence? Should
changes and corrections in Entelligence not flow to GCP since our risk and
trading systems are based on the information housed therein? What process and
or systems enhancements are necessary to accomplish this end result?

It appears we have a major GCP cleanup in the works while much of the work
has been already been done for Entelligence. As we struggle to report trading
positions properly,  let's take advantage of our in house knowledge and share
counterparty data validation results in order to minimize research and data
population efforts.

 Your comments and ideas are welcome.

Debbie


Questions about 12/29 rentroll:

 There were two deposits that were not labeled.  One for $150 and the other
for $75.  Which apartments?  20a or #13?

 Utility overages for #26 and #44?  Where did you get these amounts?  For
what periods?

What is going on with #42.   Do not evict this tenant for being unclean!!!
That will just create an apartment that we will have to spend a lot of money
and time remodeling.  I would rather try and deal with this tenant by first
asking them to clean their apartment and fixing anything that is wrong like
leaky pipes.  If that doesn't work, we should tell them we will clean the
apartment and charge them for the labor.  Then we will perform monthly
inspections to ensure they are not damaging the property.  This tenant has
been here since September 1998, I don't want to run them off.

I check with the bank and I did not see that a deposit was made on Tuesday so
I couldn't check the total from the rentroll against the bank.  Is this
right?  Has the deposit been made yet?

 A rentroll for Jan 5th will follow shortly.

Phillip


Jerry Hausman, Greg Leonard, and Greg Sidak have a new paper that may interest you. The abstract appears below.
To download the paper, go to

http://papers.ssrn.com/sol3/cf_dev/AbsByAuth.cfm?per_id=206474

The Consumer-Welfare Benefits from Bell Company Entry into Long-Distance
Communications: Empirical Evidence from New York and Texas

JERRY A. HAUSMAN
Massachusetts Institute of Technology (MIT) ; National Bureau of Economic
Research (NBER) ; Lexecon, Inc.
GREGORY K. LEONARD
Lexecon, Inc.
J. GREGORY SIDAK
American Enterprise Institute (AEI)

Abstract:
For years, the effect of entry by the Bell operating companies (BOCs) into in-region interLATA long-distance markets has been the subject of conjecture and debate. Although economic theory suggests why substantial price reductions will occur upon BOC entry, many regulatory economists nonetheless conjectured that such entry would not benefit consumers significantly. Now that regulators have issued the first authorizations for BOCs to commence in-region interLATA service, it is possible to test that conjecture
empirically. In this Article, we report empirical findings that BOC entry has produced substantial consumer-welfare benefits in New York and Texas in the form of lower prices for long-distance service. We find statistically significant evidence that BOC entry enabled the average consumer to reap a 9-percent savings on her monthly interLATA bill in New York and a 23-percent savings in Texas. In addition, we find statistically significant evidence that competitive local exchange carriers (CLECs) have a substantially higher
cumulative share of the local exchange market in states where BOC entry has occurred. This empirical evidence is highly relevant to the BOCs' many remaining applications to provide in-region interLATA service in other states. That evidence also reveals the extent to which the framework used by the Federal Communications Commission and the Department of Justice to evaluate BOC applications for in-region interLATA service has failed to account fully for the interests of consumers. This framework has assumed that BOC entry would not significantly lower long-distance prices. But the empirical evidence has demonstrated that this assumption is incorrect. In an attempt to remedy a perceived market failure, the FCC and the DOJ produced a regulatory failure whose losses in consumer welfare run into billions of dollars annually.

J. Gregory Sidak
F.K.Weyerhaeuser Fellow in Law and Economics
American Enterprise Institute
1150 Seventeenth Street, NW
Washington DC 20036
(202) 862-5892 phone
(202) 862-7177 fax
jgsidak@aei.org  or jgsidak@aol.com

You can access my abstracts/papers on the Social Science Research Network
(SSRN) through the following URL  http://papers.ssrn.com/author=206474

J. Gregory Sidak
F.K.Weyerhaeuser Fellow in Law and Economics
American Enterprise Institute
1150 Seventeenth Street, NW
Washington DC 20036
(202) 862-5892 phone
(202) 862-7177 fax
jgsidak@aei.org  or jgsidak@aol.com

You can access my abstracts/papers on the Social Science Research Network (SSRN) through the following URL  http://papers.ssrn.com/author=206474


This request has been pending your approval for  11 days.  Please click http://itcapps.corp.enron.com/srrs/auth/emailLink.asp?ID=000000000080512&Page=Approval to review and act upon this request.

Request ID          : 000000000080512
Request Create Date : 1/7/02 5:01:54 PM
Requested For       : stephen.benchluch@enron.com
Resource Name       : Market Data Kobra Basic Energy
Resource Type       : Applications


Mark  FYI regarding Jim's new role.
Thanks
Elizabeth
36349

--------- Forwarded by Elizabeth Sager/HOU/ECT on 07/20/99 08:26 AM
---------------------------

Christian Yoder

07/19/99 03:51 PM
To: Elizabeth Sager/HOU/ECT@ECT
cc:
Subject: Jim Fallon in Charge of Power and Emissions Trading

---------------------- Forwarded by Christian Yoder/HOU/ECT on 07/19/99 01:51
PM ---------------------------
From: Tim Belden on 07/19/99 09:46 AM
To: Everyone_in_ECT_Portland
cc:
Subject: Jim Fallon in Charge of Power and Emissions Trading

Greg Whalley has informed me that Jim Fallon will now be in charge of East
Power, West Power, and Emissions Trading.  This means that my boss will now
be Jim Fallon rather than Greg Whalley.  I met with both Greg and Jim when I
was in Houston last week.  Greg was very complimentary of the work that we've
done here.  Greg has become extremely busy since his responsibilities have
expanded from North American trading to risk management worldwide.
Accordingly, he thought that it made the most sense to consolidate the power
trading functions in North America under one person.

Jim was also very complimentary of our work.  We have been profitable for 6
straight quarters --  exceeded plan in 1998 and have exceeded plan in Q1 and
Q2 of 1999.  He wants to see this success continue.  Jim expects to spend at
least one day out of every two weeks up here.  I am looking forward to
working with Jim.  He has done an outstanding job running the east power
desk.  This should enable us to increase coordination between the two groups
and allow us to have a strong advocate in Houston.  While it's too early to
say anything definitively, I don't expect much to change on a day to day
basis here.  If anyone has any questions please don't hesitate to ask.


STATES
ARKANSAS -- Bill would require use tax on electronic transactions
VIRGINIA -- SCC enjoins Verizon from disconnecting CLEC's customers
KANSAS -- House OKs bill bringing broadband to schools, libraries,
hospitals
HAWAII -- Lawmaker proposes no-call list
MISSISSIPPI -- Bills would create emergency telephone service charge
MO. -- Bill would establish classroom technology trust fund and
commission
IOWA -- Board to rehear Qwest tariff
FLORIDA -- BellSouth says competition in the state is on the rise

INTERNET
ARKANSAS
Bill would require use tax on electronic transactions

Rep. Roger Smith (R., District 32) has introduced a bill that would
require out-of-state vendors with ties to Arkansas to collect a use tax
on sales made electronically to Arkansas consumers.  HB 1440 would amend
Arkansas Code 26-53-124 regarding the collection of use tax by
out-of-state vendors.

Under HB 1440, orders processed over the Internet, telephone, fax, or
other electronic means would be subject to the use tax if the vendor
held a "substantial ownership interest" in a retailer with a physical
presence in Arkansas.

The use tax also would apply if a "bricks-and-mortar" retailer based in
Arkansas owned a significant part of the out-of-state vendor.  In
addition, an out-of-state vendor would have to collect the use tax if
its offerings were "substantially similar" to an Arkansas retailer's
product line, or if the out-of-state vendor marketed its products using
an Arkansas retailer's workers or facilities.

HB 1440's text is available at
http://www.arkleg.state.ar.us/ftproot/bills/2001/htm/HB1440.pdf.

SECTION 251/252
VIRGINIA
SCC enjoins Verizon from disconnecting CLEC's customers

The State Corporation Commission has enjoined Verizon Virginia, Inc.,
from "unreasonably disconnecting service" to local exchange service
customers who switch from Verizon to competitive carrier Cavalier
Telephone LLC.

Cavalier petitioned the SCC for help last September, claiming Verizon
"unlawfully interrupted service" to hundreds of customers who chose to
migrate to Cavalier.  Verizon acknowledged that "premature
disconnections" led to 66 of the service outages but said that 43 of
those customers were reconnected either the same day they were reported
to Verizon or by the following day.  (11/8/00 p.m.)

After taking evidence during a November 2000 hearing, the SCC found that
although the number of premature disconnections was "unacceptable,"
there was no evidence that Verizon's disconnections were intentional.
"Nevertheless," the SCC said, "we cannot condone this inattention to
customer service."

The SCC directed the companies to file monthly reports, beginning Feb.
12, detailing any further unwarranted disconnections of service.
(Docket no. PUC000262, Petition of Cavalier Telephone LLC for Emergency
Relief to Halt Unlawful Customer Disconnects by Verizon Virginia, Inc.)

ADVANCED SERVICES
KANSAS
House OKs bill for broadband network for state's schools, libraries,
hospitals

The House of Representatives has approved a bill that would establish a
KAN-ED broadband network for Kansas schools, libraries, and hospitals.
(1/23/01 a.m.)  HB 2035 would require that the statewide network link
schools and libraries to the Internet by July 1, 2002.  Hospitals
wouldn't have to be connected until July 1, 2003.

HB 2035 was recommended by the State Education Technology-Based Network
Task Force.  Proponents of the legislation included the Commissioner of
Education, the Kansas National Education Association, the Kansas Cable
Telecommunications Association, the Kansas Telecommunications Industry
Association, Sprint Corp., and the Kansas Independent College
Association.  No opponents have surfaced.

The bill also would set up a KAN-ED board to govern the program and
establish a plan to ensure that all schools, libraries, and hospitals
have quality, affordable access to the Internet and distance learning.
HB 2035 would authorize the board to contract with telecom and cable TV
service providers to establish, operate, and maintain the network.
Additionally, the board would set the network's standards.

The House Utilities Committee sponsored HB 2035.  A similar measure, SB
48, sponsored by the Senate Education Committee, awaits consideration in
that committee.  HB 2035 also will be considered by the Senate Education
Committee.

CUSTOMER-AFFECTING
HAWAII
Lawmaker proposes no-call list

Rep. Sylvia Luke (D., District 26) has introduced a bill that would set
up a no-call list for citizens that don't want to receive telemarketing
phone calls.  The list would be established and maintained under the
auspices of the Public Service Commission.  HB 914 would require the
list to be operational by Jan. 1, 2002.

HB 914 would require local exchange companies to inform residential
customers of their right to be included on the no-call list.  Residents
would have to pay $5 to place their telephone numbers on the list.

The state's attorney general would have the authority under the bill to
initiate a proceeding against a telemarketer that violated the measure.
If found guilty, the telemarketer would face a fine of up to $2,000 for
each violation.

Additionally, any person on the list who received more than one
telephone solicitation within any 12-month period by or on behalf of the
same person or entity could bring an action to enjoin further
violations.  The person could recover an actual monetary loss, or
receive up to $2,000 in damages.

HB 914 awaits committee referral.

WIRELESS
MISSISSIPPI
Bills would create emergency telephone service charge

Rep. Tim Ford (D., District 18) and Sen. Thomas E. Robertson (R.,
District 51) are sponsoring similar bills, HB 469 and SB 2393, to
provide for a surcharge to fund emergency response telephone services.
HB 469 has passed the House Public Utilities Committee, and SB 2393 has
passed the Senate Public Utilities Committee.

The proposed bills would enact an emergency telephone service charge of
up to $1 per month for a residential telephone subscriber line and up to
$2 per month for a commercial telephone subscriber line for exchange
telephone service.

HB 469 and SB 2393 also would establish a Commercial Mobile Radio
Service (CMRS) Board.  The five-member board would require a CMRS
emergency telephone service charge of $1 per month for each CMRS
connection.  CMRS providers would collect the CMRS service charges as
part of their regular monthly billing process.  HB 469 and SB 2393 also
would require CMRS providers to offer wireless E911 service.

UNIVERSAL SERVICE
MISSOURI
Bill would establish classroom technology trust fund, commission

Rep. Tim Van Zandt (D., District 38) has introduced HB 559 to establish
a classroom technology trust fund and a commission to administer it.
The fund would receive all the money from state abandoned property funds
that otherwise would revert to general revenues.

The classroom technology commission would distribute money from the fund
to school districts to help bring technology into the classroom.  Money
from the fund could be used for technology expenditures for hardware,
software, Internet connections, teleconferencing, and training for
students and teachers.  The commission would forward recommendations to
the state treasurer on other uses of the fund.

HB 559's text is available at
http://www.arkleg.state.ar.us/ftproot/bills/2001/htm/HB1440.pdf.

TARIFFS
IOWA
Board to rehear Qwest tariff

The Iowa Utilities Board has decided to grant petitions for rehearing
filed by Qwest Corp. and the Consumer Advocate Division of the
Department of Justice regarding a Qwest tariff filing to reduce its
rates.

In December 2000 the board ordered Qwest to reduce its rates by 1.21%
and to reduce selected basic service rates.  The board also denied in
its December 2000 order a Qwest request to offset a previous CentrexPlus
rate reduction.  (Docket no. TF-00-250, In Re: Qwest Corporation, f/k/a
U S WEST Communications, Inc.)

COMPETITIVE LOCAL ENTRY
FLORIDA
BellSouth says competition on the rise in Florida

BellSouth Telecommunications Co. has told the Florida Public Service
Commission that telecom competition is growing throughout the state.
BellSouth said it now has competition in each of its 102 exchanges in
Florida.

In a report the company submitted to the commission on Friday, BellSouth
cited growth in both the number of resellers and facilities-based
carriers operating in the state.  In its Florida operating territory,
161 alternative local carriers are fully operational, with an estimated
800,000 customers, BellSouth said.  The report said 428 alternative
local carriers have applied for authority to do business in the state.
That level of applications indicates competition "will be getting more
intense throughout the state in the future," it said.

BellSouth spokesman Spero Canton said, "The statistics show that
competitors are still making a major effort to acquire business
customers, due to high revenue potentials, but we've also seen an
increase in the attrition of residential customers."

Federal law prohibits duplication in any form, including electronic,
without permission of the publisher.

TR State NewsWire Copyright 1998, 1999, 2000 Telecommunications Reports
International, Inc. (ISSN 1082-9350) is transmitted each
business day at 8 a.m. and 2 p.m., except holidays.
Telecommunications Reports International, Inc.
1333 H St. NW, Suite 100-E
Washington, DC 20005-4707

Editor: George E. Brandon, E-mail: gbrandon@tr.com
Associate Editor for Online Publications: Jennifer Erschen, E-mail:
jerschen@tr.com
Senior Legislative & Regulatory Analyst: Gayle Kansagor, E-mail:
gkansagor@tr.com
Senior Research Analyst: Steve Arlowe, E-mail: sarlowe@tr.com
Senior Analyst: Barney McManigal, E-mail: bmcmanigal@tr.com
Research Analyst: Brandi Kerns, E-mail: bkerns@tr.com
Account Services: Eileen Callahan (202) 312-6116, (202) 842-3023 (fax)
E-mail: ecallahan@tr.com


check it out


Well done.  One other point:  If the PUC rules on the 27th that the rate
freeze is not going to end retroactively, that should put Ken Lay in a much
stronger position to negotiate with Glynn on reaching a deal on payment.

Best,
Jeff


----- Forwarded by Elizabeth Sager/HOU/ECT on 05/01/2001 11:06 AM -----

	Rebecca W Cantrell
	05/01/2001 11:04 AM

		 To: Richard B Sanders/HOU/ECT@ECT, Elizabeth Sager/HOU/ECT@ECT, Jeffrey T
Hodge/HOU/ECT@ECT, Tim Belden/HOU/ECT@ECT
		 cc:
		 Subject: Breaking News : Williams Ordered to Pay $8 Million Refund to Cal-ISO

FYI.
---------------------- Forwarded by Rebecca W Cantrell/HOU/ECT on 05/01/2001
11:04 AM ---------------------------

	Enron North America Corp.

	From:  Rebecca W Cantrell                           05/01/2001 10:21 AM

To: Steve Walton/HOU/ECT@ECT, Susan J Mara/NA/Enron@ENRON, Alan
Comnes/PDX/ECT@ECT, Ray Alvarez/NA/Enron@ENRON, Leslie Lawner/NA/Enron@Enron,
Donna Fulton/Corp/Enron@ENRON, Jeff Dasovich/NA/Enron@Enron, Christi L
Nicolay/HOU/ECT@ECT, Joe Hartsoe/Corp/Enron@ENRON, Linda
Robertson/NA/Enron@ENRON, Richard Shapiro/NA/Enron@Enron, Shelley
Corman/Enron@EnronXGate, James D Steffes/NA/Enron@Enron
cc: Phillip K Allen/HOU/ECT@ECT, Barry Tycholiz/NA/Enron@ENRON, Stephanie
Miller/Corp/Enron
Subject: Breaking News : Williams Ordered to Pay $8 Million Refund to Cal-ISO

From Natural Gas Intelligence:

Breaking News : Williams Ordered to Pay $8 Million Refund to Cal-ISO
posted 10:05 AM (CST) May 1, 2001

Williams Energy Marketing & Trading has been ordered by FERC to refund $8
million to the California Independent System Operator (Cal-ISO) and has had a
"prospective condition" placed on its authority to sell power at market-based
rates for a year as part of a stipulation and consent agreement.

The agreement, which FERC approved Monday, was in response to a mid-March
order that directed Williams Energy and AES Southland Inc. to show cause why
they shouldn't be found in violation of the Federal Power Act (FPA) for
allegedly engaging in actions that drove up prices in the California bulk
power market and potentially compromised the reliability of the transmission
gid. The two companies entered into the agreement with FERC's Market
Oversight and Enforcement Section to resolve all the issues in the show-cause
order [IN0I-3-001].

Specifically, the agreement calls for Williams to refund $8 million of the
$10.85 million in additional revenues it received when two AES generation
units, designated as reliability must-run (RMR) units, failed to provide
immediate service to the Cal-ISO in April and May. The ISO was forced to call
upon other non-RMR units and pay a much higher price (near or at $750/MWh) to
Williams. Williams is the exclusive marketer for power from the two AES
plants at issue --- AES Alamitos LLC and AES Huntington Beach LLC in Southern
California. The Commission also conditioned Williams' market-based authority
such that it will have to bear the financial cost of replacement power if a
RMR unit is unavailable at any time over the next year.

Significantly, the agreement does not find that either Williams or AES abused
their market power in California. It rejected the California Public Utilities
Commission's request to impose penalties --- over and above refunds --- on
the companies. Moreover, the agreement does not put an end to the "formal,
non-public investigation" that FERC ordered in mid-March into violations
arising out of the conduct of Williams and AES.


Rick/Mike,

Recent organizational changes in India. Please note new point of coordination
for LNG and Global Markets. Looks like they have a fairly large group to look
at trading opportunities in India.

Clay
---------------------- Forwarded by Clay Harris/ENRON_DEVELOPMENT on
11/04/2000 06:49 PM ---------------------------

Ujjwal Dey
11/03/2000 08:10 AM
To: Clay Harris/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, V V Rao/SIN/ECT@ECT
cc:

Subject: Message from Sanjay Bhatnagar & Wade Cline.

FYI
---------------------- Forwarded by Ujjwal Dey/ENRON_DEVELOPMENT on
11/03/2000 09:43 AM ---------------------------

	enron india

	From:  Mrudula Gadade                           11/02/2000 01:42 PM

To: DPC-CR Site, DPC-PD Site, INDIA TEAM - ENRON, OPO Employees
cc:
Subject: Message from Sanjay Bhatnagar & Wade Cline.

Please see the attached memo.

Sanjay & Wade


Today we announced the appointment of Jeff McMahon as Enron's chief financial officer.  In my continued discussions with the financial community yesterday and today, it became clear that this move was required to restore investor confidence.  Jeff has unparalleled qualifications and a deep and thorough understanding of Enron.  He is already on the job and hard at work on the issues before us.  Andy Fastow will be on a leave of absence from the company.

Jeff had been serving as chairman and CEO of Enron Industrial Markets. He joined Enron in 1994 and spent three years in the London office as chief financial officer for Enron's European operations.  Upon returning to the U.S., Jeff was executive vice president of finance and treasurer for Enron Corp.  In 2000, he was named president and chief operating officer of Enron Net Works.

I know all of you are concerned about the continuing decline in our share price.  I am too, and we are working very hard to turn it around.  Appointing Jeff as CFO is one important step in that process.  But most of the solution involves just continuing to do our jobs with excellence.  The fundamentals of our business are strong, and I think the market will begin to see that as we continue to perform.

Please join me in giving Jeff your full support, and thank you for all of your continued hard work.


-----Original Message-----
From: Brady, Edward
Sent: Thursday, September 20, 2001 11:20 AM
To: Love, Phillip M.; Mills, Bruce; Murray, Kevin;
'chrisbarber@home.com'; 'franktruesdale@home.com';
'dougbarber@home.com'; 'johnafritz@prodigy.net'
Subject: FW: The CODE

-----Original Message-----
From: Eric Brady [mailto:ericbrady@earthlink.net]
Sent: Wednesday, September 19, 2001 7:30 PM
To: blair_wg99@yahoo.com; bbrady02@tampabay.rr.com; bocain@wmjobs.com;
bryon_justice@yahoo.com; edwardcbrady@yahoo.com;
ghaindel@stanfordeagle.com; RonClayton@aol.com; roy@imsmiami.com
Subject: The CODE

The CODE (rules for men):

1. Thou shall not rent 'Chocolat'.

2. Under no circumstances may 2 men share an umbrella.

3. Any man who brings a camera to a bachelor party may be legally killed and
eaten by his fellow partygoers.

4. When you are queried by a buddy's wife, girlfriend, mother, father,
priest, shrink, dentist, accountant, or dog walker, you need not and should
not provide any useful information whatsoever as to his whereabouts. You are

permitted to deny his very existence.

5. Unless he murdered someone in your immediate family, you must bail a
friend out of jail within 12 hours.

6. You may exaggerate any anecdote told in a bar by 50 percent without
recrimination; beyond that, anyone within
earshot is allowed to call bullshit. (Exception:  When trying to pick up a
girl, the allowable exaggeration rate rises to 400 percent)

7. If you've known a guy for more than 24 hours, his sister is off-limits
forever.

8. The minimum amount of time you have to wait for another guy who's running
late is 5 minutes. For a girl, you are required to wait 10 minutes for every
point of hotness she scores on the classic 1-10 scale.

9. Bitching about the brand of free beer in a buddy's refrigerator is
forbidden. You may gripe if the temperature is unsuitable.

10. No man is ever required to buy a birthday present for another man. (In
fact, even remembering a friend's birthday is strictly optional.)

11. Agreeing to distract the ugly friend of a hot babe your buddy is trying
to hook up with is your legal duty.  Should you get carried away with your
good deed and end up having sex with the beast, your pal is forbidden to
speak of it, even at your bachelor party.

12. Before dating a buddy's ex, you are required to ask his permission; and
he, in return, is required to grant it.

13. Women who claim they "love to watch sports" must be treated as spies
until they demonstrate knowledge of the game and the ability to pick a
buffalo wing clean.

14. If a man's zipper is down, that's his problem  - you didn't see nothin'.

15. The universal compensation for buddies who help you move is beer.

16. A man must never own a cat or like his girlfriend's cat.

17. You girlfriend must bond with your buddy's girlfriends within 30 minutes
of meeting them. You are not required to make nice with her gal pals'
significant dick-heads --- low-level sports bonding is all the law requires.

18. When stumbling upon other guys watching a sports event, you may always
ask the score of the game in progress, but you may never ask who's playing.

19. When your girlfriend / wife expresses a desire to fix her whiney friend
with your pal, you may give her the go-ahead only if you'll be able to warn
your buddy and give him time prepare excuses about joining the priesthood.

20. (Gas Warfare Act) you may flatuate in front of a woman only after you've
brought her to climax. But, if you trap her head under the covers for the
purpose of flatuent entertainment, she's officially your girlfriend.

21. It is permissible to consume a fruity chick drink only when you're
sunning on a tropical beach...And it's delivered by a topless
supermodel...and it's free.

22. Unless you're in prison, never fight naked.

23. A man in the company of a hot, suggestively dressed woman must remain
sober enough to fight.

24. If a buddy is outnumbered, outmanned, or too drunk to fight, you must
jump into the fight. Exception: If within the last 24 hours his actions have
caused you to think, "What this guy needs is a good ass-whoopin," you may
sit back and enjoy.

25. Friends don't let friends wear Speedo's. Ever.  Issue closed.

26. Phrases that may NOT be uttered to another man while weight lifting:
"Yeah, baby, push it!" "C'mon, give me one more! Harder!"  "Another set and
we can hit the showers." "Nice ass, are you a Sagittarius?"

27. Never hesitate to reach for the last beer or the last slice of pizza,
but not both.  That's just plain mean.

28. If you compliment a guy on his six-pack, you better be referring to his
beer.

29. Never join your girlfriend / wife in dissings a buddy, except when she's
withholding sex pending your response.

30. Never talk to a man in the bathroom unless you're on equal footing: Both
urinating or both waiting in line. In all other situations, a nod is all the
conversation you need.

31. If a buddy is already singing along to a song in the car, you may not
join him  ...too gay.

32. Before allowing a drunken friend to cheat on his girl, you must attempt
one intervention. If he is able to get on his feet, look you in the eye, and
deliver a "F@CK OFF!" You are absolved of your of responsibility.

33. The morning after you and a babe who was formerly "just a friend" have
carnal, drunken monkey sex, the fact that you're feeling weird and guilty is
no reason not to nail her again before the discussion about what a big
mistake it was.

34. In Black Jack, always split aces and eight's.  No arguments.

Chris K. Villemarette
Financial Consultant
Stanford Group Company
Wealth Management
Office: 225-381-0508
Wats : 800-982-0009
Fax: 225-381-0650
email: cvillemarette@stanfordeagle.com

**********************************************************************
Any information or data provided in this message has been obtained from
sources we believe to be reliable, but we do not guarantee its accuracy
or completeness.  Such information reflects current market conditions,
is subject to change without notice and should not be relied upon for
tax purposes.  Any transactional details are provided at your request
and do not supersede your normal trade confirmations or monthly
statements.  Any product recommended is subject to prior sale.  Stanford
Group Company, its affiliated companies, and/or officers, directors or
employees, may at times have a position in or make a market in any
security described above, and/or may act as an investment banker or
advisor to any company referenced.
************************************************************************

--

Eric C. Brady
727.204.9995
ericbrady@earthlink.net


fyi
---------------------- Forwarded by David W Delainey/HOU/ECT on 12/14/2000
05:24 PM ---------------------------

Richard Lydecker@ENRON
12/14/2000 03:19 PM
To: David W Delainey/HOU/ECT@ECT, Brian Redmond/HOU/ECT@ECT
cc: Jeff Donahue/HOU/ECT@ECT, Ray Bowen, Andrea V Reed/HOU/ECT@ECT
Subject: Catalytica

Catalytica Energy Systems Inc. commenced trading today:

    Open     9 1/8
    High   13 1/4
    Low     9 1/8
    Close   13 1/8

At 13 1/8, Enron's investment is valued at $17.6 million.


Attached is a first rough cut.  Work continues but wanted to distribute for
feedback.  All is welcome and appreciated.


---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 03/16/2000
09:44 AM ---------------------------

"NW on Novell NetWare" <NovellNetWare@bdcimail.com> on 03/15/2000 08:55:09 AM
Please respond to "Novell NetWare Help" <NWReplies@bellevue.com>
To: <vkamins@enron.com>
cc:
Subject: Btrieve free ride ends

NETWORK WORLD FUSION FOCUS: DAVE KEARNS on NOVELL NETWARE
Today's Focus: Btrieve free ride ends
03/14/00

Dear Wincenty Kaminski,

Today's Focus: Btrieve free ride ends
---------------------------------------------------------------
By Dave Kearns

NetWare has shipped with Btrieve (originally a flat-file database
system, now grown into a full-fledged relational database system) since
the days of NetWare 2 some 12 years ago. Many independent software
vendors have relied on this and constructed their NetWare applications
to use the built-in facilities Btrieve afforded.

Originally licensed from its creator, Softcraft, Novell bought Btrieve
outright in the late +80s, then sold it off 10 years later to some of
the original developers, now incorporated as Pervasive Software.
Pervasive has, essentially, retired the Btrieve name in favor of
"Pervasive SQL 2000," a true relational database system which
nevertheless still purports to support applications written to the
Btrieve 6.x specification.

A major change has been introduced in NetWare 5.1, however. There is no
longer an unlimited-use version of the database included. Novell still
uses Btrieve technology for (among other things) its installed products
database (sys:system\products.dat is the file), but NetWare 5.1
includes only a two-user license for SQL 2000  enough for the
administrator to add new products and services, but not enough for any
Btrieve-based applications the network might be running.

There is an unlimited-use version of SQL 2000 included, but it,s an
evaluation version only. It will time out after 90 days. Full-use
licenses may be purchased from Pervasive Software (or your software
vendors may provide them), but unsuspecting network administrators
could be caught off-guard when applications stop working.

For the adventurous, there is an unlimited-use version of Btrieve 6.10
included with the NetWare 5.1 distribution. But Novell admits it hasn't
tested the software with NetWare 5.1, it may not work, and  the real
killer  most current applications (such as Computer Associates
ArcServe) require Btrieve 6.15.

Check the applications you're using before doing that upgrade to
NetWare 5.1, and calculate the additional costs of obtaining the
requisite number of SQL 2000 licenses. Then, decide if that's what you
want to do, or if switching to a different application is the better
choice.

To contact Dave Kearns:
-----------------------
Dave Kearns is the Word Wrangler for Virtual Quill, a writing agency
serving the computer and networking industries. If your target
customer doesn't know your product, doesn't know its uses and doesn't
know he needs it, he's not going to buy it. From books to reviews,
marketing to manuals, VQ can help you and your business. Virtual Quill
- "words to sell by..." Find out more at: http://www.vquill.com/, or
by e-mail at mailto:info@vquill.com.

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
FOR RELATED LINKS -- Click here for Network World's home page:
http://www.nwfusion.com
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Pervasive.SQLv 2000 Product Family SDK
http://www.pervasive.com/products/psql/sdk/

Understanding Pervasive.SQL 2000, a white paper (PDF)
http://www.pervasive.com/products/psql/psql_wkgrengine/workgroupwp.pdf

Migration Guide 6 to Pervasive.SQL.doc
http://www.pervasive.com/support/technical/papers/Migration%20Guide%20-%206.15
%20to%20Pervasive.SQL.pdf

Other NetWare-related articles from Network World:

Active Directory upgrade requires strong game plan, Network World,
03/13/00
http://www.nwfusion.com/archive/2000/89629_03-13-2000.html

Microsoft exec sketches future for Win 2000, Network World, 03/13/00
http://www.nwfusion.com/archive/2000/89698_03-13-2000.html

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Copyright Network World, Inc., 2000


The Electric Power report was not available, I will check back later and send it if and when it is online.

Theresa Villeggiante
Administrative Assistant
UBS Warburg Energy
503.464.3748 Work
503.464.7996 Fax


This will summarize our conversation this morning in which you asked if there
was a problem with your purchase of an equity investment (through a private
placement) in an internet/communications company.  My response was that Enron
prohibits the trading by employees of (i) any security on the Restricted List
maintained by the Compliance Group, (ii) any security, instrument or
commodity within that employees area of responsibility and (iii) any energy
commodity.  I suggested that you contact Donna Lowry to confirm both my
understanding and that the security in question is not on teh Restricted List.

While I did not mention it on the phone, I should point out that it would be
unwise to take a position in a competitor of Enron's that would (or might in
the future) give you control or the appearance of control or influence over
the management of that competitor.


---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 04/24/2001 05:08 PM ---------------------------

Albert Wang <wangfa@rice.edu> on 04/23/2001 11:23:22 AM
To:	(Recipient list suppressed)
cc:
Subject:	Zingales Seminar

Enron Seminar Series in FinanceJones Graduate School of Management, Rice UniversityLuigi ZingalesUniversity of Chicagowill give a seminar at the Jones School on Friday, April 27,  "The Great Reversals: The Politics of Financial Development in the 20th Century."The seminar will begin at 3:30 in Room 105.A pdf of the paper is available through the seminar website: http://www.ruf.rice.edu/~jgsfss/.

Fu-Kuo Albert WangAssistant ProfessorJones Graduate School of Management -- MS 531  Rice University  6100 Main Street  Houston, TX 77005  Phone: 713-348-5404  Fax:     713-348-5251email: wangfa@rice.eduhttp://www.ruf.rice.edu/~wangfa/


I am scheduled to go to the Lakers game. Sorry.

	showard@agsk.com 06/02/2001 09:04 PM 	   To: Richard.B.Sanders@enron.com  cc:   Subject: Wednesday Night

Do you have plans for Wednesday evening?

I think Dave Weiner and Chanra (sp?) Sherman have talked with my partner Mark
Neubauer (whom they know and whom you met here in December) about a dinner
Wednesday night, and I know that they've been assuming that you and I would be
part of the group as well.  But it occurs to me that maybe no one talked to
you about it.

Are you interested?
                                                                                ................................................

ALSCHULER GROSSMAN STEIN & KAHAN LLP
ATTORNEYS AT LAW
www.agsk.com

2049 Century Park East
Thirty-Ninth Floor
Los Angeles, CA 90067-3213
Tel 310-277-1226
Fax 310-552-6077

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of the addressee and may contain information
that is privileged, confidential and exempt from
disclosure under applicable law. If you are not
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responsible for delivering the message to the
intended recipient, you are hereby notified that
any dissemination, distribution or copying of
this communication is strictly prohibited.

If you have received this communication
in error, please notify us immediately
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...............................................


Credit Approval Requested:

Request submitted to CAS for Capacity Approval

Shipper :		Wasatch Energy, LLC
Contract # :		27723
Service Type :	FT
MDQ:			1,200 Dth/d (MDQ increase from 600 Dth/d)
Rate:			No Change
Term:			March 1, 2002 thru May 31, 2002

Dennis P. Lee
ETS
Gas Logistics
(713) 853-1715
dennis.lee@enron.com


Attached is a revised version of the ETA omitting the distinction between
transactions on Match and transactions on Trade.   If Enron is the only party
permitted to post product on Match, there is no need for the special rules
that we drafted for what was previously a "many-to-many" matching site.
However, we will need to develop a different set of GTCs for transactions
that Enron closes on Match, since the products transacted on Match are not
likely to be the type that lend themselves to Enron's standard GTCs.

Travis McCullough
Enron North America Corp.
1400 Smith Street EB 3817
Houston Texas 77002
Phone:  (713) 853-1575
Fax: (713) 646-3490