COLOMBIA: Colombia sets new date for key utility privatization.
12/13/2000
Reuters English News Service
(C) Reuters Limited 2000
MARKET TALK: Reading Into Liquidty At Investment Banks
12/13/2000
Dow Jones News Service
(Copyright (c) 2000, Dow Jones & Company, Inc.)

MARKET TALK: Bush Tax Cuts May Get Pushed Through
12/13/2000
Dow Jones News Service
(Copyright (c) 2000, Dow Jones & Company, Inc.)

MARKET TALK: It's Not High Court, But HMOs Get Big Ruling
12/13/2000
Dow Jones News Service
(Copyright (c) 2000, Dow Jones & Company, Inc.)

MARKET TALK: Short-Term Gains On March S&Ps May Be Capped
12/13/2000
Dow Jones News Service
(Copyright (c) 2000, Dow Jones & Company, Inc.)

MARKET TALK: Technical Look at Toronto Exchange
12/13/2000
Dow Jones News Service
(Copyright (c) 2000, Dow Jones & Company, Inc.)

COLOMBIA: Colombia sets new date for key utility privatization.
12/13/2000
Reuters English News Service
(C) Reuters Limited 2000.

BOGOTA, Dec 13 (Reuters) - The embattled Colombian government on Wednesday
set a deadline of June 30 next year for its often delayed privatization of
state-run power generator ISAGEN.
The 1,636 megawatt generator, the country's third-largest and valued at about
$450 million, was most recently due to have been sold by Sept. 30 as part of
a year-old plan agreed with the International Monetary Fund to help boost
government revenues and meet tight budget targets.
But it was delayed indefinitely until just last week when the Council of
State - a tribunal set up to resolve disputes between the government and
private sector - struck down an injunction blocking the sale that was based
on a complaint from Empresas Publicas de Medellin (EPM), Colombia's largest
public utility.
EPM has argued that it has been unfairly excluded from the bidding process
for ISAGEN by government regulators, on grounds that its ownership of the
company would violate antitrust laws by giving it a virtual monopoly over
Colombia's power generating capacity.
Finance Minister Juan Manuel Santos said in September that the government was
determined to finalize the ISAGEN sell-off by the end of this year, once the
Council of State ruled as expected in the government's favor.
But Santos, who spoke to reporters as he emerged from a cabinet meeting at
the presidential palace, said legal loopholes, possible changes in the
price-tag for ISAGEN, and the need to update paperwork related to its
privatization would now postpone the deal until June 30.
"We have to restart this whole process. We're going to study the valuation
and reopen negotiations with possible buyers to see how we can put ISAGEN up
for sale at the best price as soon as possible," Santos said.
The sale of ISAGEN, considered one of the crown jewels in the government's
troubled privatization program, had originally been expected to take place
last December. It was later slated for the first half of 2000, at a time when
government sources said leading bidders included U.S. energy group Enron .
The sell-off in the first half of this year was delayed, until the elusive
Sept. 30 deadline, amid a flurry of attacks on the national power grid by
Marxist rebel saboteurs and legal challenges to the sale from ISAGEN's own
labor union.
MARKET TALK: Reading Into Liquidty At Investment Banks

12/13/2000
Dow Jones News Service
(Copyright (c) 2000, Dow Jones & Company, Inc.)

Edited by Thomas Granahan
Of DOW JONES NEWSWIRES

(Call Us: 201 938-5299; All Times Eastern)

MARKET TALK can be found using code N/DJMT

2:58 (Dow Jones) As credit quality concerns dog investors, Bear Stearns'
analyst Amy Butte says in a report Wednesday that investment banks are
increasing liquidity to historically high levels, which could be a sign of
either a more conservative bent or a premonition of risk, she said. (CWM)
2:48 (Dow Jones) Gridlock may put some of Bush's measures, such as school
vouchers and Social Security privatization, on hold. But rebel Democrats may
help pass all or most of Bush's tax cuts, says economist Ian Morris at HSBC.
That wouldn't prevent hard landing in 2001, but the stimulus will be felt by
2002. By 2003, Morris says, the surplus could be more like $250 billion than
CBO's projected $400 billion. (SV)
2:39 (Dow Jones) OK, so it wasn't an unprecedented ruling that determined our
next president, but there was a big ruling in the HMO arena concerning
provider lawsuits. Chase H&Q calls judge's decision granting certain parts
and denying other parts of various defendant's motions a minor victory for
HMOs. Ruling positive for Wellpoint (WLP) and Aetna (AET), mildly positive
for Cigna (CI) and United Healthcare (UNH), mixed for PacifiCare (PHSY), and
has no impact on Humana (HUM). (TG)
2:30 (Dow Jones) March S&Ps, which have spent all day in negative territory,
are focusing on the fundamentals now that the election outcome is more
certain. And the fundamentals don't look too bullish, given the earnings
warnings of recent days, particularly from computer and chip-makers,
off-floor traders say. "We probably won't be heading any higher tomorrow than
where we are today," he said. (ZHS)
2:20 (Dow Jones) The intraday low for Toronto's TSE 300 Index is 9103.95,
practically significant weekly support at 9103.64. The index is now pointed
up to about 9500 at least, if the intraday low holds. A daily close below
9103.64 means that the index is headed back to to the lower 8500 handle. (SC)
2:15 (Dow Jones) Lehman's Jeff deGraaf says that while he is not a big fan of
energy names currently, Ultramar Diamond Shamrock (UDS) has one of the best
looking charts in the sector. Nice base off which to rally, and shares are
above both 50-day and 200-day moving average. Stop under $26. (TG)
2:00 (Dow Jones) Tough day for Applied Materials (AMAT) and semi group.
Salomon, Merrill downgrade AMAT, and Prudential lowers estimates on company
and several other semiconductor names. Pru also has an "implied trough value"
for semi companies, and they're not pretty: AMAT $28-$27, KLAC $20-$26, KLIC
$8, LRCX $14-$18, NVLS $22-$31, and TER $15-$30. (TG)
1:45 (Dow Jones) Celestica (CLS) and NEC Corp. (NIPNY) could be about to hook
up again. TD Securities analyst Mark Lucey says Celestica is looking for
regulatory approval to buy a unit of NEC in the U.K. This after NEC said
Tuesday it is in talks to sell its mobile phone production facilities in the
U.K. and Mexico. In June, Celestica acquired NEC's manufacturing plant in
Brazil as part of a five-year, $1.2 billion supply agreement. In addition,
Nokia is looking to move into Brazil and said it will use Celestica to
manufacture GSM wireless base stations after securing contract wins,
according to Lucey. (SEW)
1:43 (Dow Jones) Said U.S. Rep. Lloyd Doggett, a Democrat from Austin, Tex.:
"With a mere one-person majority of the Court and a definiite minority of the
national vote, President-elect Bush is off to a tough start. All of us have a
stake in the success of his presidency. Now is the time to join with him,
without foresaking principle, to seek common ground in addressing the
nation's needs." (JC)
1:29 (Dow Jones) The chance of a rate cut at the next FOMC meeting next week
is modest, but on the rise and helping to fuel Tsys gains, says bond
strategist. Fed Funds futures showing 15% to 20% chance of rate cut on Dec.
19, strategist says. 30-year now at session high, up 22/32 at 111 3/32, yield
down 4 bp at 5.49%. (JNP)
1:22 (Dow Jones) Prudential Vector analyst Timothy Anderson lowered Alza
(AZA) to accumulate from strong buy because of valuation. With positive
prescription trends for attention deficit hyperactivity disorder medicine
Concerta and strong market shares of overactive bladder treatment Ditropan
XL, Anderson said Alza shares are "priced for perfection and expectations are
high - any slight upset could weigh heavily on the stock." Shares fell about
8.5%. (BMM)
1:13 (Dow Jones) Online and discount broker Charles Schwab Corp. (SCH) sees
meeting the 14 cents that analysts expected for its fourth quarter earnings
per share as a challenge, unless there is a big surge in trading activity or
the firm cuts costs sharply. Schwab shares are off 2.7%. (GFC)
1:10 (Dow Jones) Enron's (ENE) current chief executive and chairman, Kenneth
Lay, says he categorically won't be taking a job in a new presidential
administration. "I have no plans to go to Washington, and no plans to leave
Houston or Enron. I can say categorically that I won't be taking a job in a
Bush cabinet," Lay said in an interview. (MPG)
1:07 (Dow Jones) Vlasic Foods International (VL) apparently has received bids
for both the entire company and individual parts, according to Merrill
Lynch's Len Teitelbaum. The troubled pickle maker has been on the block since
March. Teitelbaum says a deadline of Feb. 28 has been set by the banks
involved. He estimates stockholders could reap proceeds of 89 cents to $1.00
a share at the completion of a sale. Teitelbaum is convinced that "the main
objective of (Vlasic's) management now is to make the bondholder whole." As a
result, the analyst no longer maintains an investment opinion on the stock.
(VL)
MARKET TALK: Bush Tax Cuts May Get Pushed Through

12/13/2000
Dow Jones News Service
(Copyright (c) 2000, Dow Jones & Company, Inc.)

Edited by Thomas Granahan
Of DOW JONES NEWSWIRES

(Call Us: 201 938-5299; All Times Eastern)

MARKET TALK can be found using code N/DJMT

2:48 (Dow Jones) Gridlock may put some of Bush's measures, such as school
vouchers and Social Security privatization, on hold. But rebel Democrats may
help pass all or most of Bush's tax cuts, says economist Ian Morris at HSBC.
That wouldn't prevent hard landing in 2001, but the stimulus will be felt by
2002. By 2003, Morris says, the surplus could be more like $250 billion than
CBO's projected $400 billion. (SV)
2:39 (Dow Jones) OK, so it wasn't an unprecedented ruling that determined our
next president, but there was a big ruling in the HMO arena concerning
provider lawsuits. Chase H&Q calls judge's decision granting certain parts
and denying other parts of various defendant's motions a minor victory for
HMOs. Ruling positive for Wellpoint (WLP) and Aetna (AET), mildly positive
for Cigna (CI) and United Healthcare (UNH), mixed for PacifiCare (PHSY), and
has no impact on Humana (HUM). (TG)
2:30 (Dow Jones) March S&Ps, which have spent all day in negative territory,
are focusing on the fundamentals now that the election outcome is more
certain. And the fundamentals don't look too bullish, given the earnings
warnings of recent days, particularly from computer and chip-makers,
off-floor traders say. "We probably won't be heading any higher tomorrow than
where we are today," he said. (ZHS)
2:20 (Dow Jones) The intraday low for Toronto's TSE 300 Index is 9103.95,
practically significant weekly support at 9103.64. The index is now pointed
up to about 9500 at least, if the intraday low holds. A daily close below
9103.64 means that the index is headed back to to the lower 8500 handle. (SC)
2:15 (Dow Jones) Lehman's Jeff deGraaf says that while he is not a big fan of
energy names currently, Ultramar Diamond Shamrock (UDS) has one of the best
looking charts in the sector. Nice base off which to rally, and shares are
above both 50-day and 200-day moving average. Stop under $26. (TG)
2:00 (Dow Jones) Tough day for Applied Materials (AMAT) and semi group.
Salomon, Merrill downgrade AMAT, and Prudential lowers estimates on company
and several other semiconductor names. Pru also has an "implied trough value"
for semi companies, and they're not pretty: AMAT $28-$27, KLAC $20-$26, KLIC
$8, LRCX $14-$18, NVLS $22-$31, and TER $15-$30. (TG)
1:45 (Dow Jones) Celestica (CLS) and NEC Corp. (NIPNY) could be about to hook
up again. TD Securities analyst Mark Lucey says Celestica is looking for
regulatory approval to buy a unit of NEC in the U.K. This after NEC said
Tuesday it is in talks to sell its mobile phone production facilities in the
U.K. and Mexico. In June, Celestica acquired NEC's manufacturing plant in
Brazil as part of a five-year, $1.2 billion supply agreement. In addition,
Nokia is looking to move into Brazil and said it will use Celestica to
manufacture GSM wireless base stations after securing contract wins,
according to Lucey. (SEW)
1:43 (Dow Jones) Said U.S. Rep. Lloyd Doggett, a Democrat from Austin, Tex.:
"With a mere one-person majority of the Court and a definiite minority of the
national vote, President-elect Bush is off to a tough start. All of us have a
stake in the success of his presidency. Now is the time to join with him,
without foresaking principle, to seek common ground in addressing the
nation's needs." (JC)
1:29 (Dow Jones) The chance of a rate cut at the next FOMC meeting next week
is modest, but on the rise and helping to fuel Tsys gains, says bond
strategist. Fed Funds futures showing 15% to 20% chance of rate cut on Dec.
19, strategist says. 30-year now at session high, up 22/32 at 111 3/32, yield
down 4 bp at 5.49%. (JNP)
1:22 (Dow Jones) Prudential Vector analyst Timothy Anderson lowered Alza
(AZA) to accumulate from strong buy because of valuation. With positive
prescription trends for attention deficit hyperactivity disorder medicine
Concerta and strong market shares of overactive bladder treatment Ditropan
XL, Anderson said Alza shares are "priced for perfection and expectations are
high - any slight upset could weigh heavily on the stock." Shares fell about
8.5%. (BMM)
1:13 (Dow Jones) Online and discount broker Charles Schwab Corp. (SCH) sees
meeting the 14 cents that analysts expected for its fourth quarter earnings
per share as a challenge, unless there is a big surge in trading activity or
the firm cuts costs sharply. Schwab shares are off 2.7%. (GFC)
1:10 (Dow Jones) Enron's (ENE) current chief executive and chairman, Kenneth
Lay, says he categorically won't be taking a job in a new presidential
administration. "I have no plans to go to Washington, and no plans to leave
Houston or Enron. I can say categorically that I won't be taking a job in a
Bush cabinet," Lay said in an interview. (MPG)
1:07 (Dow Jones) Vlasic Foods International (VL) apparently has received bids
for both the entire company and individual parts, according to Merrill
Lynch's Len Teitelbaum. The troubled pickle maker has been on the block since
March. Teitelbaum says a deadline of Feb. 28 has been set by the banks
involved. He estimates stockholders could reap proceeds of 89 cents to $1.00
a share at the completion of a sale. Teitelbaum is convinced that "the main
objective of (Vlasic's) management now is to make the bondholder whole." As a
result, the analyst no longer maintains an investment opinion on the stock.
(VL)
MARKET TALK: It's Not High Court, But HMOs Get Big Ruling

12/13/2000
Dow Jones News Service
(Copyright (c) 2000, Dow Jones & Company, Inc.)

Edited by Thomas Granahan
Of DOW JONES NEWSWIRES

(Call Us: 201 938-5299; All Times Eastern)

MARKET TALK can be found using code N/DJMT

2:39 (Dow Jones) OK, so it wasn't an unprecedented ruling that determined our
next president, but there was a big ruling in the HMO arena concerning
provider lawsuits. Chase H&Q calls judge's decision granting certain parts
and denying other parts of various defendant's motions a minor victory for
HMOs. Ruling positive for Wellpoint (WLP) and Aetna (AET), mildly positive
for Cigna (CI) and United Healthcare (UNH), mixed for PacifiCare (PHSY), and
has no impact on Humana (HUM). (TG)
2:30 (Dow Jones) March S&Ps, which have spent all day in negative territory,
are focusing on the fundamentals now that the election outcome is more
certain. And the fundamentals don't look too bullish, given the earnings
warnings of recent days, particularly from computer and chip-makers,
off-floor traders say. "We probably won't be heading any higher tomorrow than
where we are today," he said. (ZHS)
2:20 (Dow Jones) The intraday low for Toronto's TSE 300 Index is 9103.95,
practically significant weekly support at 9103.64. The index is now pointed
up to about 9500 at least, if the intraday low holds. A daily close below
9103.64 means that the index is headed back to to the lower 8500 handle. (SC)
2:15 (Dow Jones) Lehman's Jeff deGraaf says that while he is not a big fan of
energy names currently, Ultramar Diamond Shamrock (UDS) has one of the best
looking charts in the sector. Nice base off which to rally, and shares are
above both 50-day and 200-day moving average. Stop under $26. (TG)
2:00 (Dow Jones) Tough day for Applied Materials (AMAT) and semi group.
Salomon, Merrill downgrade AMAT, and Prudential lowers estimates on company
and several other semiconductor names. Pru also has an "implied trough value"
for semi companies, and they're not pretty: AMAT $28-$27, KLAC $20-$26, KLIC
$8, LRCX $14-$18, NVLS $22-$31, and TER $15-$30. (TG)
1:45 (Dow Jones) Celestica (CLS) and NEC Corp. (NIPNY) could be about to hook
up again. TD Securities analyst Mark Lucey says Celestica is looking for
regulatory approval to buy a unit of NEC in the U.K. This after NEC said
Tuesday it is in talks to sell its mobile phone production facilities in the
U.K. and Mexico. In June, Celestica acquired NEC's manufacturing plant in
Brazil as part of a five-year, $1.2 billion supply agreement. In addition,
Nokia is looking to move into Brazil and said it will use Celestica to
manufacture GSM wireless base stations after securing contract wins,
according to Lucey. (SEW)
1:43 (Dow Jones) Said U.S. Rep. Lloyd Doggett, a Democrat from Austin, Tex.:
"With a mere one-person majority of the Court and a definiite minority of the
national vote, President-elect Bush is off to a tough start. All of us have a
stake in the success of his presidency. Now is the time to join with him,
without foresaking principle, to seek common ground in addressing the
nation's needs." (JC)
1:29 (Dow Jones) The chance of a rate cut at the next FOMC meeting next week
is modest, but on the rise and helping to fuel Tsys gains, says bond
strategist. Fed Funds futures showing 15% to 20% chance of rate cut on Dec.
19, strategist says. 30-year now at session high, up 22/32 at 111 3/32, yield
down 4 bp at 5.49%. (JNP)
1:22 (Dow Jones) Prudential Vector analyst Timothy Anderson lowered Alza
(AZA) to accumulate from strong buy because of valuation. With positive
prescription trends for attention deficit hyperactivity disorder medicine
Concerta and strong market shares of overactive bladder treatment Ditropan
XL, Anderson said Alza shares are "priced for perfection and expectations are
high - any slight upset could weigh heavily on the stock." Shares fell about
8.5%. (BMM)
1:13 (Dow Jones) Online and discount broker Charles Schwab Corp. (SCH) sees
meeting the 14 cents that analysts expected for its fourth quarter earnings
per share as a challenge, unless there is a big surge in trading activity or
the firm cuts costs sharply. Schwab shares are off 2.7%. (GFC)
1:10 (Dow Jones) Enron's (ENE) current chief executive and chairman, Kenneth
Lay, says he categorically won't be taking a job in a new presidential
administration. "I have no plans to go to Washington, and no plans to leave
Houston or Enron. I can say categorically that I won't be taking a job in a
Bush cabinet," Lay said in an interview. (MPG)
1:07 (Dow Jones) Vlasic Foods International (VL) apparently has received bids
for both the entire company and individual parts, according to Merrill
Lynch's Len Teitelbaum. The troubled pickle maker has been on the block since
March. Teitelbaum says a deadline of Feb. 28 has been set by the banks
involved. He estimates stockholders could reap proceeds of 89 cents to $1.00
a share at the completion of a sale. Teitelbaum is convinced that "the main
objective of (Vlasic's) management now is to make the bondholder whole." As a
result, the analyst no longer maintains an investment opinion on the stock.
(VL)
1:00 (Dow Jones) Tech boutique Thomas Weisel Partners reiterated its buy
rating and raised its 2001 revenue projections for SonicWall (SNWL), to
$125.2 million from $106.4 million, saying the computer firewall maker's
acquisition of Phobos will boost market share in internal transaction
security as well as traditional firewall appliances. "Visibility and and
business momentum continue to be strong," said analyst Mark Edelen. (MER)
12:56 (Dow Jones) March Nasdaqs and S&Ps are incurring losses on
profit-taking, said floor traders, who were intrigued by their fall even when
it has become clear that Al Gore, whose defeat was seen as bullish for the
stock futures market, is reportedly going to concede. "There's no uncertainty
left in the market," quipped one floor trader. (ZHS)
12:40 (Dow Jones) Lehman opened up coverage on a passel of Internet
infrastructure service companies, with an outperform rating on Digex (DIGX),
Genuity (GENU) and InterNAP (INAP). Harry Blount is looking past current
turbulence in the stocks to a time of "powerful secular growth." The
companies, Blount says, "have among the most compelling business models of
any emerging growth sector in the stock market." Among the pluses he cites
are steady revenue, scalable business models and decreasing capital costs as
the companies reach critical mass.
12:21 (Dow Jones) Wounded Linux stocks rallying for second straight day after
IBM CEO Gerstner said Tuesday that Big Blue would invest $1 billion next year
commercializing the renegade operating system. After seeing their stocks drop
as much as 95% this year, Red Hat (RHAT), VA Linux, (LNUX) and Caldera (CALD)
are each up more than 20%. (MLP)
12:14 (Dow Jones) Stanley Furniture's (STLY) 4Q sales and earns warning comes
on same day that Commerce, in its retail sales report, said overall furniture
sales surged 1.5% in Nov. - biggest monthly jump in about a year. Maybe
coincidental, maybe a holiday phenom. But it's still interesting that sales
climbing amid clear signs of general earnings weakness in furniture business.
Stanley, a thinly traded stock, off 8% at 21.32. (GC)
12:10 (Dow Jones) Bond market issuance was down 25% during the first three
quarters of the year amid the Fed's interest rate hiking campaign, the Bond
Market Association says. Total issuance totaled $1.6 trillion through Sept.
to $15.6 trillion in outstanding debt. (MSD)
11:57 (Dow Jones) Veritas (VRTS) continues to feel pressure (shares down 6%)
amid concerns it will suffer from weakness in Sun Microsystems' (SUNW) server
business, which accounts for a chunk of its storage software sales. But
Merrill defends Veritas, saying it's on track to meet or exceed fourth
quarter targets and investors should use volatility to load up on Veritas.
(MLP)
11:51 (Dow Jones) A lot of news and bond friendly data today, but not any big
changes in sentiment. As tech names trade in negative territory, Treasurys
are holding a bid. But traders say flows are going both ways, suggesting that
a rebound in stocks will be enough to push Treasury prices back toward
unchanged on the day. (SV)L)
MARKET TALK: Short-Term Gains On March S&Ps May Be Capped

12/13/2000
Dow Jones News Service
(Copyright (c) 2000, Dow Jones & Company, Inc.)

Edited by Thomas Granahan
Of DOW JONES NEWSWIRES

(Call Us: 201 938-5299; All Times Eastern)

MARKET TALK can be found using code N/DJMT

2:30 (Dow Jones) March S&Ps, which have spent all day in negative territory,
are focusing on the fundamentals now that the election outcome is more
certain. And the fundamentals don't look too bullish, given the earnings
warnings of recent days, particularly from computer and chip-makers,
off-floor traders say. "We probably won't be heading any higher tomorrow than
where we are today," he said. (ZHS)
2:20 (Dow Jones) The intraday low for Toronto's TSE 300 Index is 9103.95,
practically significant weekly support at 9103.64. The index is now pointed
up to about 9500 at least, if the intraday low holds. A daily close below
9103.64 means that the index is headed back to to the lower 8500 handle. (SC)
2:15 (Dow Jones) Lehman's Jeff deGraaf says that while he is not a big fan of
energy names currently, Ultramar Diamond Shamrock (UDS) has one of the best
looking charts in the sector. Nice base off which to rally, and shares are
above both 50-day and 200-day moving average. Stop under $26. (TG)
2:00 (Dow Jones) Tough day for Applied Materials (AMAT) and semi group.
Salomon, Merrill downgrade AMAT, and Prudential lowers estimates on company
and several other semiconductor names. Pru also has an "implied trough value"
for semi companies, and they're not pretty: AMAT $28-$27, KLAC $20-$26, KLIC
$8, LRCX $14-$18, NVLS $22-$31, and TER $15-$30. (TG)
1:45 (Dow Jones) Celestica (CLS) and NEC Corp. (NIPNY) could be about to hook
up again. TD Securities analyst Mark Lucey says Celestica is looking for
regulatory approval to buy a unit of NEC in the U.K. This after NEC said
Tuesday it is in talks to sell its mobile phone production facilities in the
U.K. and Mexico. In June, Celestica acquired NEC's manufacturing plant in
Brazil as part of a five-year, $1.2 billion supply agreement. In addition,
Nokia is looking to move into Brazil and said it will use Celestica to
manufacture GSM wireless base stations after securing contract wins,
according to Lucey. (SEW)
1:43 (Dow Jones) Said U.S. Rep. Lloyd Doggett, a Democrat from Austin, Tex.:
"With a mere one-person majority of the Court and a definiite minority of the
national vote, President-elect Bush is off to a tough start. All of us have a
stake in the success of his presidency. Now is the time to join with him,
without foresaking principle, to seek common ground in addressing the
nation's needs." (JC)
1:29 (Dow Jones) The chance of a rate cut at the next FOMC meeting next week
is modest, but on the rise and helping to fuel Tsys gains, says bond
strategist. Fed Funds futures showing 15% to 20% chance of rate cut on Dec.
19, strategist says. 30-year now at session high, up 22/32 at 111 3/32, yield
down 4 bp at 5.49%. (JNP)
1:22 (Dow Jones) Prudential Vector analyst Timothy Anderson lowered Alza
(AZA) to accumulate from strong buy because of valuation. With positive
prescription trends for attention deficit hyperactivity disorder medicine
Concerta and strong market shares of overactive bladder treatment Ditropan
XL, Anderson said Alza shares are "priced for perfection and expectations are
high - any slight upset could weigh heavily on the stock." Shares fell about
8.5%. (BMM)
1:13 (Dow Jones) Online and discount broker Charles Schwab Corp. (SCH) sees
meeting the 14 cents that analysts expected for its fourth quarter earnings
per share as a challenge, unless there is a big surge in trading activity or
the firm cuts costs sharply. Schwab shares are off 2.7%. (GFC)
1:10 (Dow Jones) Enron's (ENE) current chief executive and chairman, Kenneth
Lay, says he categorically won't be taking a job in a new presidential
administration. "I have no plans to go to Washington, and no plans to leave
Houston or Enron. I can say categorically that I won't be taking a job in a
Bush cabinet," Lay said in an interview. (MPG)
1:07 (Dow Jones) Vlasic Foods International (VL) apparently has received bids
for both the entire company and individual parts, according to Merrill
Lynch's Len Teitelbaum. The troubled pickle maker has been on the block since
March. Teitelbaum says a deadline of Feb. 28 has been set by the banks
involved. He estimates stockholders could reap proceeds of 89 cents to $1.00
a share at the completion of a sale. Teitelbaum is convinced that "the main
objective of (Vlasic's) management now is to make the bondholder whole." As a
result, the analyst no longer maintains an investment opinion on the stock.
(VL)
1:00 (Dow Jones) Tech boutique Thomas Weisel Partners reiterated its buy
rating and raised its 2001 revenue projections for SonicWall (SNWL), to
$125.2 million from $106.4 million, saying the computer firewall maker's
acquisition of Phobos will boost market share in internal transaction
security as well as traditional firewall appliances. "Visibility and and
business momentum continue to be strong," said analyst Mark Edelen. (MER)
12:56 (Dow Jones) March Nasdaqs and S&Ps are incurring losses on
profit-taking, said floor traders, who were intrigued by their fall even when
it has become clear that Al Gore, whose defeat was seen as bullish for the
stock futures market, is reportedly going to concede. "There's no uncertainty
left in the market," quipped one floor trader. (ZHS)
12:40 (Dow Jones) Lehman opened up coverage on a passel of Internet
infrastructure service companies, with an outperform rating on Digex (DIGX),
Genuity (GENU) and InterNAP (INAP). Harry Blount is looking past current
turbulence in the stocks to a time of "powerful secular growth." The
companies, Blount says, "have among the most compelling business models of
any emerging growth sector in the stock market." Among the pluses he cites
are steady revenue, scalable business models and decreasing capital costs as
the companies reach critical mass.
12:21 (Dow Jones) Wounded Linux stocks rallying for second straight day after
IBM CEO Gerstner said Tuesday that Big Blue would invest $1 billion next year
commercializing the renegade operating system. After seeing their stocks drop
as much as 95% this year, Red Hat (RHAT), VA Linux, (LNUX) and Caldera (CALD)
are each up more than 20%. (MLP)
12:14 (Dow Jones) Stanley Furniture's (STLY) 4Q sales and earns warning comes
on same day that Commerce, in its retail sales report, said overall furniture
sales surged 1.5% in Nov. - biggest monthly jump in about a year. Maybe
coincidental, maybe a holiday phenom. But it's still interesting that sales
climbing amid clear signs of general earnings weakness in furniture business.
Stanley, a thinly traded stock, off 8% at 21.32. (GC)
12:10 (Dow Jones) Bond market issuance was down 25% during the first three
quarters of the year amid the Fed's interest rate hiking campaign, the Bond
Market Association says. Total issuance totaled $1.6 trillion through Sept.
to $15.6 trillion in outstanding debt. (MSD)
11:57 (Dow Jones) Veritas (VRTS) continues to feel pressure (shares down 6%)
amid concerns it will suffer from weakness in Sun Microsystems' (SUNW) server
business, which accounts for a chunk of its storage software sales. But
Merrill defends Veritas, saying it's on track to meet or exceed fourth
quarter targets and investors should use volatility to load up on Veritas.
(MLP)
11:51 (Dow Jones) A lot of news and bond friendly data today, but not any big
changes in sentiment. As tech names trade in negative territory, Treasurys
are holding a bid. But traders say flows are going both ways, suggesting that
a rebound in stocks will be enough to push Treasury prices back toward
unchanged on the day. (SV)
MARKET TALK: Technical Look at Toronto Exchange

12/13/2000
Dow Jones News Service
(Copyright (c) 2000, Dow Jones & Company, Inc.)

Edited by Thomas Granahan
Of DOW JONES NEWSWIRES

(Call Us: 201 938-5299; All Times Eastern)

MARKET TALK can be found using code N/DJMT

2:20 (Dow Jones) The intraday low for Toronto's TSE 300 Index is 9103.95,
practically significant weekly support at 9103.64. The index is now pointed
up to about 9500 at least, if the intraday low holds. A daily close below
9103.64 means that the index is headed back to to the lower 8500 handle. (SC)
2:15 (Dow Jones) Lehman's Jeff deGraaf says that while he is not a big fan of
energy names currently, Ultramar Diamond Shamrock (UDS) has one of the best
looking charts in the sector. Nice base off which to rally, and shares are
above both 50-day and 200-day moving average. Stop under $26. (TG)
2:00 (Dow Jones) Tough day for Applied Materials (AMAT) and semi group.
Salomon, Merrill downgrade AMAT, and Prudential lowers estimates on company
and several other semiconductor names. Pru also has an "implied trough value"
for semi companies, and they're not pretty: AMAT $28-$27, KLAC $20-$26, KLIC
$8, LRCX $14-$18, NVLS $22-$31, and TER $15-$30. (TG)
1:45 (Dow Jones) Celestica (CLS) and NEC Corp. (NIPNY) could be about to hook
up again. TD Securities analyst Mark Lucey says Celestica is looking for
regulatory approval to buy a unit of NEC in the U.K. This after NEC said
Tuesday it is in talks to sell its mobile phone production facilities in the
U.K. and Mexico. In June, Celestica acquired NEC's manufacturing plant in
Brazil as part of a five-year, $1.2 billion supply agreement. In addition,
Nokia is looking to move into Brazil and said it will use Celestica to
manufacture GSM wireless base stations after securing contract wins,
according to Lucey. (SEW)
1:43 (Dow Jones) Said U.S. Rep. Lloyd Doggett, a Democrat from Austin, Tex.:
"With a mere one-person majority of the Court and a definiite minority of the
national vote, President-elect Bush is off to a tough start. All of us have a
stake in the success of his presidency. Now is the time to join with him,
without foresaking principle, to seek common ground in addressing the
nation's needs." (JC)
1:29 (Dow Jones) The chance of a rate cut at the next FOMC meeting next week
is modest, but on the rise and helping to fuel Tsys gains, says bond
strategist. Fed Funds futures showing 15% to 20% chance of rate cut on Dec.
19, strategist says. 30-year now at session high, up 22/32 at 111 3/32, yield
down 4 bp at 5.49%. (JNP)
1:22 (Dow Jones) Prudential Vector analyst Timothy Anderson lowered Alza
(AZA) to accumulate from strong buy because of valuation. With positive
prescription trends for attention deficit hyperactivity disorder medicine
Concerta and strong market shares of overactive bladder treatment Ditropan
XL, Anderson said Alza shares are "priced for perfection and expectations are
high - any slight upset could weigh heavily on the stock." Shares fell about
8.5%. (BMM)
1:13 (Dow Jones) Online and discount broker Charles Schwab Corp. (SCH) sees
meeting the 14 cents that analysts expected for its fourth quarter earnings
per share as a challenge, unless there is a big surge in trading activity or
the firm cuts costs sharply. Schwab shares are off 2.7%. (GFC)
1:10 (Dow Jones) Enron's (ENE) current chief executive and chairman, Kenneth
Lay, says he categorically won't be taking a job in a new presidential
administration. "I have no plans to go to Washington, and no plans to leave
Houston or Enron. I can say categorically that I won't be taking a job in a
Bush cabinet," Lay said in an interview. (MPG)
1:07 (Dow Jones) Vlasic Foods International (VL) apparently has received bids
for both the entire company and individual parts, according to Merrill
Lynch's Len Teitelbaum. The troubled pickle maker has been on the block since
March. Teitelbaum says a deadline of Feb. 28 has been set by the banks
involved. He estimates stockholders could reap proceeds of 89 cents to $1.00
a share at the completion of a sale. Teitelbaum is convinced that "the main
objective of (Vlasic's) management now is to make the bondholder whole." As a
result, the analyst no longer maintains an investment opinion on the stock.
(VL)
1:00 (Dow Jones) Tech boutique Thomas Weisel Partners reiterated its buy
rating and raised its 2001 revenue projections for SonicWall (SNWL), to
$125.2 million from $106.4 million, saying the computer firewall maker's
acquisition of Phobos will boost market share in internal transaction
security as well as traditional firewall appliances. "Visibility and and
business momentum continue to be strong," said analyst Mark Edelen. (MER)
12:56 (Dow Jones) March Nasdaqs and S&Ps are incurring losses on
profit-taking, said floor traders, who were intrigued by their fall even when
it has become clear that Al Gore, whose defeat was seen as bullish for the
stock futures market, is reportedly going to concede. "There's no uncertainty
left in the market," quipped one floor trader. (ZHS)
12:40 (Dow Jones) Lehman opened up coverage on a passel of Internet
infrastructure service companies, with an outperform rating on Digex (DIGX),
Genuity (GENU) and InterNAP (INAP). Harry Blount is looking past current
turbulence in the stocks to a time of "powerful secular growth." The
companies, Blount says, "have among the most compelling business models of
any emerging growth sector in the stock market." Among the pluses he cites
are steady revenue, scalable business models and decreasing capital costs as
the companies reach critical mass.
12:21 (Dow Jones) Wounded Linux stocks rallying for second straight day after
IBM CEO Gerstner said Tuesday that Big Blue would invest $1 billion next year
commercializing the renegade operating system. After seeing their stocks drop
as much as 95% this year, Red Hat (RHAT), VA Linux, (LNUX) and Caldera (CALD)
are each up more than 20%. (MLP)
12:14 (Dow Jones) Stanley Furniture's (STLY) 4Q sales and earns warning comes
on same day that Commerce, in its retail sales report, said overall furniture
sales surged 1.5% in Nov. - biggest monthly jump in about a year. Maybe
coincidental, maybe a holiday phenom. But it's still interesting that sales
climbing amid clear signs of general earnings weakness in furniture business.
Stanley, a thinly traded stock, off 8% at 21.32. (GC)
12:10 (Dow Jones) Bond market issuance was down 25% during the first three
quarters of the year amid the Fed's interest rate hiking campaign, the Bond
Market Association says. Total issuance totaled $1.6 trillion through Sept.
to $15.6 trillion in outstanding debt. (MSD)
11:57 (Dow Jones) Veritas (VRTS) continues to feel pressure (shares down 6%)
amid concerns it will suffer from weakness in Sun Microsystems' (SUNW) server
business, which accounts for a chunk of its storage software sales. But
Merrill defends Veritas, saying it's on track to meet or exceed fourth
quarter targets and investors should use volatility to load up on Veritas.
(MLP)
11:51 (Dow Jones) A lot of news and bond friendly data today, but not any big
changes in sentiment. As tech names trade in negative territory, Treasurys
are holding a bid. But traders say flows are going both ways, suggesting that
a rebound in stocks will be enough to push Treasury prices back toward
unchanged on the day. (SV)


Regards from Houston!  I hope you are well and busy.

I just wanted to follow up on our very productive meeting of September 21,
1999.  Enron North America  and Enron South America  are still quite anxious
to continue our analysis of the various components of financial trading.  I
believe that you were going to prepare some type of matrix to help identify
the various legal issues and practical aspects associated with financially
transacting in Brazil.  We would then add tax and regulatory analyses to the
possibilities.  If my memory serves me correctly, we had identified
transactions by the Enron entity ("ENE") as follows:

1.  cross-border swaps
 (a)  ENE offshore FINANCIAL INSTITUTION and Brazilian entity
 (b)  ENE offshore (not financial institution) through CC-5 Account with
authorized Brazilian bank and Brazilian entity

 NOTE:  enforceability issues with 1(b)

2.  local swaps
 (a)  ENE onshore entity and Brazilian FINANCIAL INSTITUTION (or ENE onshore
FINANCIAL INSTITUTION and Brazilian resident)
 (b)  ENE onshore entity and Brazilian entity (not financial institution)
registered with the BM&F or CETIP through intermediary

 NOTE:  compliance with existing regulations as to specific reference
products is required as to 2(a) and 2(b)

3.  "pure" OTC swaps
 (a)  ENE onshore entity and Brazilian onshore entity
 (b)  ENE offshore entity and Brazilian offshore entity

 NOTE:  3(a) presents enforceability issues under Brazilian law and 3(b)
presents no issues whatsoever

We look forward to your response as soon as possible and would also like to
know when we may hear from you.  In connection with your response, please
note that we are interested in the recent changes to the laws for acquiring
banks (bankrupt or otherwise).

Regards to Marcelo and Jose Emilio.  Sara


Sharen Cason in the Confirms group will be expecting your phone call. Her
number is 703-853-3001.

I talked to her about the difference in energy types, to satisfy my own
curiosity, and she explained that the CAISO modifier acts as a flag to her
group that the deal was done in California and therefore should have an NP15,
SP15, or ZP26 delivery point. If the energy type is CAISO, they need to
include different language in their confirmation letter to the counterparty.
While CAISO is still essentially firm energy, it has different stipulations,
she said.

I didn't go into detail with her, because the bottom line is that none of our
real time deals should reach the confirms desk anyway. I'm working with IT in
Houston and here to have West Hourly deals default to "no confirm," but until
that gets done your best defense from the constant, nagging onslaught of
petty deal entry error messages is to have your group check and double-check
that they've marked their deals "NO" under the Confirmation heading. More
information than you ever wanted on this subject? I thought so.

Kate


Molly Malone
Rebecca Neuhaus


no problem

Elizabeth Sager
713-853-6349

 -----Original Message-----
From: 	Grant Cox <gacox@mail.gsi-net.com>@ENRON [mailto:IMCEANOTES-Grant+20Cox+20+3Cgacox+40mail+2Egsi-net+2Ecom+3E+40ENRON@ENRON.com]
Sent:	Tuesday, September 18, 2001 11:26 AM
To:	Sager, Elizabeth
Subject:	Wednesday AM

Hey palm

I have to get up early tomorrow to go to the field.  Can you take Ella
Cabella and Sam Wham to school?

G

---------------------------------------------------------------
 Grant A. Cox                          ph: (713) 522-6300
 Groundwater Services, Inc.           fax: (713) 522-8010
 2211 Norfolk, Suite 1000          e-mail: gacox@gsi-net.com
 Houston, TX 77098
---------------------------------------------------------------


that is the website i like!!

   Hector Campos                04/20/2000 08:36 AM

To: Brian Hoskins/HOU/ECT@ECT, Eric Bass/HOU/ECT@ECT
cc:
Subject: Check out Leni's website...

Check out his guest book...

http://ECT-980258/


---------------------- Forwarded by Robert Badeer/HOU/ECT on 06/14/2000 02:14
PM ---------------------------
From: Greg Wolfe on 06/08/2000 03:48 PM
To: Chris H Foster/HOU/ECT@ECT, Tim Belden/HOU/ECT@ECT, Robert
Badeer/HOU/ECT@ECT, Jeff Richter/HOU/ECT@ECT
cc:
Subject: *DJ Calif. PUC Approves Utilities Buying Pwr Out Of CalPX

---------------------- Forwarded by Greg Wolfe/HOU/ECT on 06/08/2000 05:52 PM
---------------------------

	Enron Capital & Trade Resources Corp.

	From:  "Pergher, Gunther" <Gunther.Pergher@dowjones.com>
     06/08/2000 01:10 PM

To: "Pergher, Gunther" <Gunther.Pergher@dowjones.com>
cc:  (bcc: Greg Wolfe/HOU/ECT)
Subject: *DJ Calif. PUC Approves Utilities Buying Pwr Out Of CalPX

17:46 GMT  8 June 2000
 *DJ Calif. PUC Approves Utilities Buying Pwr Out Of CalPX

 Mandatory Buy Requirement Ends For Utilities

 LOS ANGELES (Dow Jones)--The California Public Utilities Commission
approved a controversial plan Thursday morning that
 will allow the state's three investor-owned utilities to buy power outside
the Caliifornia Power Exchange market structure.

 The commission voted 3 to 2 in favor of the measure. Commissioners Henry
Duque, Richard A. Bilas and Josiah Neeper voted
 in favor of the draft order.

 The decision relieves the three investor-owned utilities, Sempra Energy
unit San Diego Gas & Electric (SRE), Pacific Gas &
 Electric (PCG) and Edison International unit Southern California Edison
(EIX), from their mandatory buy requirement that
 became effective in March 1998 when the state moved to a deregulated
competitive market. Originally the mandatory buy
 requirement was set to end in 2002, when all three utilities recovered
their stranded costs.

 "This decision is not as earth shattering as it sounds," Commissioner
Bilas, one of the author's of the draft order, said at
 Thursday's meeting. "I am not criticizing the power exchange. But this will
result in lower prices patched through to bundled
 customers."

 Trading platforms likw Automated Power Exchange and the New York Mercantile
Exchange can now compete directly with the
 CalPX, which currently controls 85% of the state's wholesale power market.
The utilities can buy power from other "qualified
 exchanges" through an advice letter process.

 Utilities Can Trade With Other Exchanges Now

 California's big three utilities can buy power outside the CalPX market
structure immediately, through an advice letter process,
 which means the utilities have to notify the commission of their intent to
trade power with qualified exchanges such as APX,
 Nymex or Bloomberg.

 The commission said the exchanges have to offer the same services as the
CalPX - forward, daily and monthly trading, and
 anonymity to prevent self dealing between the buy side and sell side - in
order to meet the criteria for a qualified exchange.

 Exchanges would also have to be independently owned from the utilities.
Enron Online would not meet the criteria for a
 qualified exchange, commissioners said.

 The advice letter only needs to be filed once and s merely a formality that
would not need to be approved by a majority of the
 commission.

 Mark Huffman, PG&E senior attorney for regulatory affairs, told Dow Jones
Newswires that his company "will quickly start
 looking at other exchanges and see what's out there. We're going to start
the advice letter process."

 SoCal Edison and SDG&E said they will do the same.

 Ed Cazalet, chairman and founder of APX, said Thursday's controversial
three-to-two vote in favor of the draft order "creates a
 tremendous opportunity for APX."

 "It allows us to bring the benefits of Silicon Valley technology to
California," Cazalet said. "This is really about bringing
 e-commerce to the market."

 E. Jesus Arredondo, however, disagreed, saying "selling into our market
doesn't cost anything and selling into the APX market
 costs 20 cents per megawatt-hour."

 Commissioner said having other exchanges will not only result in lower
electricity prices, but it will allow the buyer and seller
 the chance to see prices before making the purchase.

 CalPX's block forward prices are not immediately published, Commissioner
Bilas said.

 Reacting to the ruling, CalPX Chief Executive Officer George Sladoje said
"Today's split vote by the CPUC in favor of
 accelerating the introduction of other qualified exchanges is not
well-reasoned and it may in the end prove counterproductive."

 -By Jason Leopold; Dow Jones Newswires (323) 658-3874;
jason.leopold@dowjones.com Copyright (c) 2000, Dow Jones &
 Company Inc

G_nther A. Pergher
Senior Analyst
Dow Jones & Company Inc.
Tel.  609.520.7067
Fax. 609.452.3531

The information transmitted is intended only for the person or entity to
which it is addressed and may contain confidential and/or privileged
material.  Any review, retransmission, dissemination or other use of, or
taking of any action in reliance upon, this information by persons or
entities other than the intended recipient is prohibited. If you received
this in error, please contact the sender and delete the material from any
computer.

 <<Gunther Pergher (E-mail).vcf>>
 - Gunther Pergher (E-mail).vcf


I've updated the Aquila confirmation as we discussed last night.

Please let me know if you agree with these changes and/or have additional
modifications.

Thanks, Dave


Try Roy Boston in our Hinsdale Ill office

	Elizabeth Labanowski@ECT
	Sent by: Elizabeth Labanowski@ECT
	01/18/2001 09:27 AM

		 To: Steven J Kean/NA/Enron@Enron
		 cc:
		 Subject: Disclosure of Business Dealings with Chicago Elected Officials -
Time Urgent

Here is the e-mail I discussed in my voice mail to you this morning.  Please
let me know whom I should deal with in the Governmental Affairs organization
about this.  Thanks.
----- Forwarded by Elizabeth Labanowski/EPSC/HOU/ECT on 01/18/2001 09:27 AM
-----

	David Roland@EES
	01/17/2001 04:01 PM

		 To: John Ale/HOU/AZURIX@AZURIX, AL ALEXANDERSON/ENRON@enronxgate, Rebecca
Carter/Corp/Enron@ENRON, Charles Cheek/Corp/Enron@ENRON, James
Derrick/Corp/Enron@ENRON, Mark A Evans/HOU/EES@EES, Mark E
Haedicke/HOU/ECT@ECT, Elizabeth Labanowski/EPSC/HOU/ECT@ECT, Marc
Manly/HOU/EES@EES, Jordan Mintz/HOU/ECT@ECT, Michael L Moran/HOU/EES@EES,
Kristina Mordaunt/Enron Communications@Enron Communications, Eric
Newell/EWC/Enron@ENRON, Janet Place/NPNG/Enron@ENRON, Rex
Rogers/Corp/Enron@Enron, Stephen Wallace/EOG/Enron@Enron, Rob
Walls/NA/Enron@Enron
		 cc: Dan Leff/HOU/EES@EES, Vicki Sharp/HOU/EES@EES
		 Subject: Disclosure of Business Dealings with Chicago Elected Officials -
Time Urgent

Enron Energy Services Operations, Inc. (EESO) is being asked to sign an
affidavit in connection with a bid to the City of Chicago (the bid is in the
name of Enron Building Services, Inc.).  Among the items in the affidavit is
a statement disclosing whether EESO or Enron Building Services (and
presumably any other Enron entity) has had a business relationship with a
Chicago city elected official in the previous 12 months.  "Business
relationship" is defined broadly to include business dealings with the
official, his or her spouse or entities in which the official has a financial
interest which entitles the official to payment of $2,500 or more in any
calendar year.  There are also certain exceptions that apply.

We are required to sign and submit the Affidavit this week, so if you are
aware of any transactions that might require disclosure in the above
Affidavit, please contact me by the end of the day today.  I apologize for
the urgent nature of this request.

Thank you,
David Roland
x3-5837


>  <<MiniBush.jpg>>
> Thought you'd all like this one as well.  Figure we might as well laugh
> while we can . . . . .
>

 - MiniBush.jpg


Dear James

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Our Cost Effective Onsite/Offsite Software development and implementation services include following technologies :

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- Wireless media : WAP/WML, RIM, Palm, SMS, Telecom Applications
- Middleware/Application servers:  Weblogic, iPlanet, Websphere, ATG dynamo
- Databases: ORACLE, MICROSOFT SQL server, Sybase, open source databases
- Operating environments: SUN solaris, HP Unix, AIX , Linux, Windows NT
- ERP: SAP, PeopleSoft, ORACLE Applications structuring and other areas used in the development of software application packages and solutions.

Our Services are designed to offer high quality and cost effective software development resources to your industry. Our software development group has access to a large pool of IT staff with skills in the above areas and can even provide resources on a CONTRACT-TO-HIRE or PERMANENT HIRE basis. You can click this link to place a quick Job order http://www.Izhuta.com/home/PlaceJobOrder.asp

Izhuta can provide Enron Corp. with a total solution.  You can use our services on a Contract/Sub-contract basis for:

- Custom Application Development
- Intranet, Website Deployment & Internet Collaboration Solutions
- 24x7 Application Development and Maintenance Services
- Full application Re-engineering Services
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- IT Staff Augmentation on Contract/he or permanent hire (at 15% hiring fee on First year salary)
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- Fully Staffed Dedicated Offsite Technology Centers as Joint Ventures (50% ownership each - 5 to 200 Offsite Development Staff -starting at $7500/month)

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James, we are very interested in meeting you for 15 minutes to discuss possible synergies between Enron Corp. and becoming one of your Primary Vendors.  Please let me know of the process to do this and a convenient time to do a conference call/meet with you.

Look forward to hearing from you.

Regards,
Hema Malini
Hema@Izhuta.com
Phone: 1 800 485 7004 ext 202
http://www.Izhuta.com


Kam,

Now I tried msmith18_pc and my trading track simulation book was available to select, but nothing else.

Mat


Comrades:

Who wants to get together for a weekend in June at
some resort for one last hurrah before we all fade
into the sunset of each other's lives?  Chaminade, Sea
Ranch--something like that.

Let me know. If there's sufficient interest, we'll get
Cathy Langridge to be the Prep Committee.  (Just
kidding, Cathy.  Could someone please hand her a
tissue?)

Just think:  another chance to get into serious
trouble as a group.

JT

__________________________________________________
Do You Yahoo!?
Buy the perfect holiday gifts at Yahoo! Shopping.
http://shopping.yahoo.com


Here are your positions.  I checked the conversion factors in our system.  I
had the factors that you sent me, so I don't know why we are pulling
different factors.

Let me know how the position looks tonight.

Thanks,
Robin


Sara,

Moreover, with the exception of the email dated on the 20th, the other emails
are not addressed to me; indeed, a major concern of mine which clearly slowed
down the execution of this package of agreements  was that I was not included
in conversations about the status and any change in deadlines etc.  Perhaps
in part that is because for the bulk of the time period in which we worked on
Enron Credit Inc., you took responsibility for the Bear Stearns agreements
until you turned the agreements over to me at 3 p.m. on Friday the 12th and I
began, at that time a legal review of the agreements.  Moreover, no one
represented to me at that time that this agreement had to be done first and
right away.  I just learned that last week from the business people when I
reported that the Morgan agreements were ready for execution.  I had
completed my review of the other two Enron Credit Inc. account agreements.
Furthermore, you indicated that I should keep the paralegals involved; my
records of this project indicate that you asked Stephanie to complete the
Authorized Officers list, and that you had signed off on it.

Cheryl Nelson
Senior Counsel
EB3816
(713) 345-4693

	Sara Shackleton@ECT
	04/02/2001 05:08 PM

		 To: Cheryl Nelson/NA/Enron@Enron
		 cc: Stephanie Panus/NA/Enron@Enron
		 Subject: FW: Transfer of bond business from ENAC to ECI

Cheryl:

Attached are a series of messages regarding the Enron Credit Inc. slate of
officers.  This has been going on for some time.

Sara Shackleton
Enron North America Corp.
1400 Smith Street, EB 3801a
Houston, Texas  77002
713-853-5620 (phone)
713-646-3490 (fax)
sara.shackleton@enron.com
----- Forwarded by Sara Shackleton/HOU/ECT on 04/02/2001 04:59 PM -----

	Sara Shackleton
	03/21/2001 11:47 AM

		 To: Teresa Callahan/Enron@EnronXGate
		 cc:
		 Subject: FW: Transfer of bond business from ENAC to ECI

Teresa:

Your emails have not gone unheeded!  We were facilitating things for Richard
and he needs to let us know his slate for the U.S. segment of the London
business.  We'll wait to hear from Richard.  If you have any questions please
give me a call.

Thanks.

Sara Shackleton
Enron North America Corp.
1400 Smith Street, EB 3801a
Houston, Texas  77002
713-853-5620 (phone)
713-646-3490 (fax)
sara.shackleton@enron.com
----- Forwarded by Sara Shackleton/HOU/ECT on 03/21/2001 11:44 AM -----

	Sara Shackleton
	03/20/2001 04:16 PM

		 To: Cheryl Nelson/NA/Enron, Richard Sage/LON/ECT
		 cc:
		 Subject: FW: Transfer of bond business from ENAC to ECI

Cheryl:  Where do we stand on the ECT Credit Inc. three (3) accounts?

Richard:  Do you have the proposed U.S. slate for Teresa?  We do not know who
you want as officers/directors.

Sara Shackleton
Enron North America Corp.
1400 Smith Street, EB 3801a
Houston, Texas  77002
713-853-5620 (phone)
713-646-3490 (fax)
sara.shackleton@enron.com
----- Forwarded by Sara Shackleton/HOU/ECT on 03/20/2001 02:05 PM -----

	Teresa Callahan/ENRON@enronXgate
	03/20/2001 01:59 PM

		 To: Sara Shackleton/HOU/ECT@ECT
		 cc: Richard Sage/LON/ECT@ECT
		 Subject: FW: Transfer of bond business from ENAC to ECI

Please let me know if this request should be directed to someone else's
attention or if documents have already been prepared regarding changes that
Mr. Sage requested.  Thanks for your help with this matter. Teresa

 -----Original Message-----
From:  Callahan, Teresa
Sent: 03/13/2001 8:58 AM
To: Shackleton, Sara
Subject: FW: Transfer of bond business from ENAC to ECI
Importance: High

Richard Sage has asked us to change the slate of directors and officers of
this entity to U.S. people, with the exception that perhaps Richard Sage will
retain an officer title.   Will you please provide to me a list of who the
directors will be and who the officers will be and their respective titles.
My understanding is that these elections should take place effective March 5,
2001.  Please advise or if you would like to discuss please call me at
X58444.  Thanks for your assistance.  Teresa

 -----Original Message-----
From:  Thomas, Kathryn
Sent: 03/13/2001 6:12 AM
To: Callahan, Teresa
Cc: Sage, Richard
Subject: RE: Transfer of bond business from ENAC to ECI

Teresa,

Both Richard and Bryan signed the letters on 5th March.   If you need any
other information regarding these then your best bet would be to contact
Simon Pook.

Thxs

Kath
---------------------- Forwarded by Kathryn Thomas/LON/ECT on 13/03/2001
12:10 ---------------------------

Richard Sage
13/03/2001 11:22
To: Kathryn Thomas/LON/ECT@ECT
cc:

Subject: RE: Transfer of bond business from ENAC to ECI

Can you make sure Teresa gets a date.

Kathryn Thomas
13/03/2001 09:46
To: Richard Sage/LON/ECT@ECT
cc:

Subject: RE: Transfer of bond business from ENAC to ECI

Sorry no.   I gave them back to Simon Pook.    Do you want me to contact
him?

---------------------- Forwarded by Richard Sage/LON/ECT on 12/03/2001 19:24
---------------------------
From: Teresa Callahan/ENRON@enronXgate on 12/03/2001 13:20 CST
To: Richard Sage/LON/ECT@ECT
cc: Sue Kelly/LON/ECT@ECT

Subject: RE: Transfer of bond business from ENAC to ECI

Can you tell me what date is on the resignation letters.  Thanks,  Teresa

 -----Original Message-----
From:  Sage, Richard
Sent: 03/12/2001 11:57 AM
To: Callahan, Teresa
Cc: Kelly, Sue
Subject: RE: Transfer of bond business from ENAC to ECI

Yes, Bryan and I have already signed resignation letters for Sue.

Thanks,
Richard

From: Teresa Callahan/ENRON@enronXgate on 12/03/2001 08:22 CST
To: "Sage, Richard"
<IMCEAEX-_O=ENRON_OU=NA_CN=RECIPIENTS_CN=NOTESADDR_CN=875D24F9-A137C059-862565
F6-3FCB7D@ENRON.com>@SMTP@enronXgate
cc:

Subject: RE: Transfer of bond business from ENAC to ECI

Richard:  I am touching base with you regarding the change of officers and
directors to US resident - Are we ready to do this yet?

 -----Original Message-----
From:  Sage, Richard
[mailto:IMCEAEX-_O=ENRON_OU=NA_CN=RECIPIENTS_CN=NOTESADDR_CN=875D24F9-A137C059
-862565F6-3FCB7D@ENRON.com]
Sent: 02/18/2001 9:07 PM
To: Glover, Sheila; Doukas, Tom; Wall, David; Sloman, Ian; Shackleton, Sara;
Kerr, Richard; Panus, Stephanie; Callahan, Teresa; Kelly, Sue; Bell, Stephen
Cc: O'Connell, Denis
Subject: Transfer of bond business from ENAC to ECI

All,
So that everyone can see what everone else is doing, below is the list of
steps of which I am aware.
I think quite a few of these were completed in Houston on Friday.
Please shout if:
- I have missed anything
- Any deadlines are unrealistic
- Anybody else should be copied in
etc

Thanks,
Richard

 << OLE Object: Picture (Metafile) >>


For comment, etc.

Thanks,

Kay


Here is the VOM and FOM for the Entergy model.  Yvan Chaxel is using these
same numbers in his spread option value model.
VOM - $0.89
FOM (Annual $'s) - $ 915,000/year
I am still getting the model together.
Ben
3-7998


Sorry Heather, I will be unable to attend.  I am bummed as I really wanted to
go however, I will be in LA this weekend.  Are you going to Paddy's tommorow
night?


Twanda, please print this and attachment.  Thanks.  Michelle

----- Forwarded by Michelle Cash/HOU/ECT on 06/17/2000 09:18 AM -----

	Kelly Noel Higgason@ENRON
	06/07/2000 02:21 PM

		 To: Michelle Cash/HOU/ECT@ECT
		 cc: Jana Domke/Corp/Enron@Enron
		 Subject: AESOP 2000 - Country Summaries

Michelle:
 I got the answer to the voicemail message I left for you about which lawyer
would be the contact for the Enron Europe countries for the new Enron
employee stock option plan.  Jon Chapman will be responsible for Norway,
Poland, Spain, Sweden and Turkey (and any other Enron Europe countries that
are added between now and December).  I assume you are the appropriate lawyer
for Mexico.  (If not, please forward this message to the right lawyer, and cc
me so that I know who it is!)  Please read the message below for an
explanation of the first action item (due June 23rd).  The Mexico spreadsheet
is contained in the file marked "CALME AESOP" at the  end of Jana's message.
Thanks for your help!

Kelly
----- Forwarded by Kelly Noel Higgason/Corp/Enron on 06/07/2000 01:14 PM -----

	Kelly Noel Higgason
	06/07/2000 01:14 PM

		 To: Jon Chapman/LON/ECT@ECT
		 cc: Melissa Laing/LON/ECT@ECT, Jana Domke/Corp/Enron@Enron
		 Subject: AESOP 2000 - Country Summaries

Jonathon:
 I was in a meeting this morning concerning the new Enron employee stock
option plan that will be implemented at the end of this year, and Melissa
Laing (who participated by telephone) informed me that you were the lawyer to
support Enron Europe HR on this project.  I recently joined the Enron Corp.
legal staff from Enron International legal.  My role in this project is to
coordinate the international legal support for the new option plan.  As such,
I have contacted lawyers in various international business units to work with
local counsel in each of the countries in which Enron has employees who will
participate in the plan, to ensure that the plan does not run afoul of any
legal restrictions.  Based on current information (which is likely to change
between now and December, per Melissa Laing), the relevant countries in the
Enron Europe group are Norway, Poland, Spain, Sweden and Turkey.  In the
attachment labeled "asiapac" at the end of Jana Domke's message, you will
find spreadsheets for all five of the Enron Europe companies.  Please review
(with local counsel, if necessary) the information in the "Legal Compliance"
section of each spreadsheet to confirm that the information therein is
accurate.  Please forward any changes or comments to me and Jana Domke (Jana
has requested that the review be complete by June 23rd).  The Public
Relations department is currently preparing the written material that will
communicate the details of the plan to the participating employees.  When
that is available, I will send it to you so that you may make any
modifications that are necessary to comply with local laws in each of the
Enron Europe countries.  The communication documents will be available in
English, Spanish, Portuguese, German and Greek.  Please call me at
713-853-5698 with any questions.  Thank you for your assistance!

Kelly
----- Forwarded by Kelly Noel Higgason/Corp/Enron on 06/07/2000 12:57 PM -----

	Jana Domke
	06/02/2000 04:13 PM

		 To: Janie Bonnard/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Gerry
Chatham/Corp/Enron@ENRON, Scott
Gilchrist/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Kelly Noel
Higgason/Corp/Enron@Enron, Miguel Padron/SA/Enron@Enron, Ranendra
Sengupta/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Willie
Williams/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
		 cc: Jane Allen/HOU/ECT@ECT, Pam Butler/HR/Corp/Enron@ENRON, Timothy
Callahan/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Dung Huynh/HR/Corp/Enron@ENRON,
Michael Feuerbacher/Corp/Enron@Enron, Tony Jarrett/Corp/Enron@ENRON, Sheila
Knudsen/Corp/Enron@ENRON, Amy Moore/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT,
Diana Perez/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Bob Shealor/Corp/Enron@ENRON
		 Subject: AESOP 2000 - Country Summaries

If you attended the recent AESOP meeting, you are aware that the approval for
establishing an Enron AESOP 2000 Program was granted by the Executive
Committee on April 6, 2000.  In most instances, the plan design replicates
the prior Plan parameters.  However, on an international basis, there have
been numerous regulatory and legislative changes which may impact this
program.

Attached are individual Country Summary Highlights which consolidate the
various accounting/tax/legal/banking/human resource, etc. details and issues
into one document.  This consolidated document is based not only on
information gleaned from the previous AESOP inplementation, but it also
reflects the most recent local tax changes - at least based upon the
information we have here.

Because successful Plan implementation and rollout is predicated upon solid
information, understanding and interpretation, we need your assistance.
Please coordinate review of the your appropriate country documents with your
local financial, legal, tax and/or other professionals, as required.  We want
to ensure that AESOP incents our employees and reinforces the "One ENRON"
philosophy - but at the same time, we need to ensure this program is cost
effective, tax efficient, legally defensible and culturally acceptable in
your areas of responsibility.

Please document any specific issues and/or concerns, and where appropriate,
provide input on viable options, corrective action, etc.. Also, if you have
plans to be in other foreign locations prior to AESOP implementation and they
need to be included, please advise ASAP.  Please send your responses via
e-mail to either Dung Huynh or myself or by fax to (713) 646-7203.  If you
have questions or if you need to discuss further, please call me @ (713)
345-6142.  Our timeline is tight so would appreciate your responses at the
latest by June 23rd - earlier if possible.

Once we have the input, we'll roll this information up into a revised Summary
Document, identifying issues that need further assessment/discussion and move
forward to coordiinate final resolution with the AESOP team members.

Appreciate your assistance!

Regards/Jana Domke & Dung Huynh

PS - I apologize ahead of time for not getting all the countries correctly
sorted by region.  You may need to extrapolate your specific locations from
one or more of the following attachments.

Attachments


Dear Sally,

We have been preparing this information daily.  Until the end of the year,
either Nancy or I will send it to you.  The full blown exception reporting
will start the first week of January, including elevation of issues (so you
won't get it every day anymore) when Christy starts.  I also have a
contractor currently developing an Access database to capture all exception
reporting info.

For the past few days, I have been hoping to spend time following up on the
issues, not only in the deal capture arena, but in all reporting. Once the
markets calm down, I'll be able to do so.

Best regards

Shona

---------------------- Forwarded by Shona Wilson/NA/Enron on 12/13/2000 12:07
PM ---------------------------

Nancy Hernandez@ECT
12/13/2000 10:36 AM
To: Shona Wilson/NA/Enron@Enron
cc:

Subject: consolidated Global Standards 12_1`2

Shona:

attached is the updated Global standards spreadsheet for Dec 12th.

Nancy


Vincent,

I got the E-rating and default probabilities for Promigas from the credit
group.
Could you plug in these numbers to the loan guarantee model ?
Promigas is rated as BB.

Zimin

---------------------- Forwarded by Zimin Lu/HOU/ECT on 02/04/2000 08:41 AM
---------------------------

Tanya Rohauer
02/04/2000 07:27 AM
To: Zimin Lu/HOU/ECT@ECT
cc:
Subject: Prob of default for E rating 7 as of 2/3/00


Let me know if you have comments or want to discuss further.
P.S. to Rod:  We need to talk about Basin
---------------------- Forwarded by Sara Shackleton/HOU/ECT on 01/27/2000
08:49 AM ---------------------------

Andrea Bertone@ENRON_DEVELOPMENT
01/27/2000 07:26 AM
To: Sara Shackleton@ECT
cc: Sandra Vassel/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Nancy
Muchmore/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Marcelo
Parodi/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Don
Black/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Brent
Hendry/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
Subject: Moema PPA

Sara: As requested, attached is the English translation of the 10-year PPA
that Enron Comercializadora entered into with Moema. The Agreement is signed,
and Moema is supposed to start delivery in May 2000. However, performance by
both parties is subject to Moema requesting and obtaining from ANEEL the
status of independent producer. I don't know who else should get a copy of
this agreement. I am assuming that credit has been already involved.


ready


PADI Americas
30151 Tomas Street, Rancho Santa Margarita, CA 92688-2125
800-729-7234, or +1 949 858-7234
http://www.padi.com
-------------------------------------------------
To unsubscribe or change your email address, please go to http://www.padi.com/fun/email/default.asp?DFD3=1
-------------------------------------------------

Dear Fellow Diver;

Wow!  Since being mentioned in last months Fellow Diver newsletter, hundreds of you have downloaded PADI's  "Bring A Friend" offer from PADI ( http://www.padi.com/promo/poker/download.asp ) that pays you $50.00 just for getting three new people certified as PADI Open Water divers. I have also received hundreds of questions, so I thought I'd take a minute to answer the most frequently asked ones.  Here they are:

What's the catch?

There is none.  Honest. Just download the form and for every three divers you bring into a PADI Dive Center or Resort location who complete the PADI Open Water Diver course by February 28, 2002, I send you $50.00.  That's it!

If I get 6 people certified can I get $100.00?

Yes, just make copies of the form, and for every 3 new PADI Divers your bring in by February 28, 2002, I will send you $50.00.

Why is PADI doing this?

Actually, that's pretty simple to answer. PADI is trying to get more divers into the sport. It's not a secret that the dive industry's growth in the US has been flat over the last couple of years, so we're trying to "kick start" the industry with an outrageous offer. (See, I told you there wasn't a catch!)

I heard that some PADI facilities are offering additional incentives if I show them a copy of my PADI check. Are there other offers for getting new divers?

This is the best part of this whole program.  Within hours of PADI announcing the launch of this program,  we received inquiries from PADI Members and others in the industry who wanted to add additional incentives on top of the $50.00. The results have been amazing. Several dozen PADI Retailers have called or emailed to tell me about  their offers. These include:

Ocean Enterprises, CA; Ocean Divers, FL; Deep Six, FL; Bird's Underwater, FL; Ocean Odyssey, WA; A-1 Scuba, CO; Ocean Concepts, HI; Mass Diving, MA; Poseidon Adventures, DE; Annapolis Scuba, MD; Sport Chalet, CA; Divers Market, MA; Blue Horizons, PA; Aquatic Adventures, WI; Sea Side Dive, MI;  Blue Ocean, NY; Underwater Phantasea, CO; Underwater Connection, CO; Weavers Dive & Travel, Boulder, CO; Ocean's Window, TX; The Dive Spot, TX; A.K.A Diver, Arlington, TX;  El Mar Diving,  AZ; All Wet Scuba, AZ;, The Reef Diving Co., AZ;, We B Divin', TX;, Grapevine Scuba, TX; Hampton Dive Center, NY; and Aquatic Adventures, NY.

More PADI Dive Centers and Resorts are calling daily, so I apologize to those I've missed or inadvertently left off the list above.

Manufacturers have also stepped up to the plate and are in discussions with PADI to bring you more for your effort.  Scubapro immediately said it will issue a $25.00 rebate on Scubapro Twin Jet Fins to anyone who can show a copy of their $50.00 check from PADI as well as proof of purchase.  For details, please visit http://www.scubapro.com.

PADI resorts are stepping up to the plate, too.  Sunset House in Cayman is offering 10 percent off for anyone who shows a copy of their $50.00 check from PADI and books a stay there before March 1, 2002.  UNEXSO in the Bahamas has a $150.00 dollar offer for showing the PADI check and an additional $50.00 for every "Learn To Dive" customer you bring them.  For details on these offers go to  http://www.sunsethouse.com/ and  http://www.unexso.com.

I know you all hate long e-mails, but this has been truly incredible and there is still more good news coming.  Both Sport Diver magazine (http://www.sportdiver.com)  and Skin Diver magazine are working on additional incentives that I'm sure I'll be able to announce very soon. I also understand Seapro in Florida also has a program under development.

So, it's not just $50.00 anymore! Do this right and you can earn a heck of a lot more -- you ain't seen nothing yet.  So, what are you waiting for? Get three friends and go diving!

Brian


Vince,
I enjoyed your presentation at the SIAM workshop last Friday. I have
a much greater appreciation for the difficult problems you all solve.
If at all possible, I would like to get a copy of your talk and
any references to review papers in the general area of market modeling
and potentially control. Have a great weekend.

Best Regards,

Dean Kassmann

---
Dean Kassmann, Ph.D.

Aspen Technology, Inc.   Phn: (281) 504-3406
Advanced Control Systems Group Fax: (281) 584-4329
1293 Eldridge Parkway   dean.kassmann@aspentech.com
Houston, TX 77077    http://www.aspentech.com


Danny:
This completes your direct reports accomplishments.  Please note that two-online contracts (#42895, #42941) were approved by Craig Buehler.
Also that I spoke with HR about the termination letters and big mistake.  Apparently many people received the letters due to massive mailing.  Please note that if you receive letter, it halts your contribution to your savings plan.  I will send out notice to your direct reports in case someone else received same form letter.
Dave Neubauer called in to see if there was any news on Northern.  Word is out that Citibank is ready to proceed on Trading deal.
I saw that you called in today but, when I called you were working out.  I spoke with Ben who told me about the electronic scooter (the coolest thing he got for Christmas).  Everything is fine.  Have a relaxing holiday!

 -----Original Message-----
From: 	Neubauer, Dave
Sent:	Wednesday, December 26, 2001 3:27 PM
To:	McCarty, Danny
Cc:	Armstrong, Julie
Subject:	2001 Accomplishments

Dan,

The attached sheet contains a summary of 2001 accomplishments.  If you need additional details let me know.


TwistedHumor.com - The #1 Humor Site in the World
Hello you spunky character you,

You're receiving this email because in the past 3 days, either yourself or somebody entered YOUR email address (rshapiro@enron.com) at our website to subscribe you to the following free lists:

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However, we can't subscribe you unless you verify that you DO want to receive the hysterically funny jokes, the deeply entertaining and informative topic newsletters, or the outlandishly hilarious audio and video files that are listed above. You were sent a confirmation email but we havent heard from you. Don't let this hilarious and FREE opportunity pass you by.

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Don, we are looking into this.  I wonder how traders operate in LA.  Mark

 -----Original Message-----
From: 	Black, Don
Sent:	Friday, August 03, 2001 1:13 PM
To:	Haedicke, Mark E.
Subject:	Re: Taping conversations in california

Mark, someone from our side dug this up with the help of outside counsel it appears.
---------------------- Forwarded by Don Black/HOU/EES on 08/03/2001 01:11 PM ---------------------------

 	Enron Energy Services  From:  Mike D Smith                           08/03/2001 12:46 PM

To:	Dan Leff/HOU/EES@EES, Greg Sharp/HOU/EES@EES, Sean A Holmes/HOU/EES@EES, Don Black/HOU/EES@EES
cc:
Subject:	Re: Taping conversations in california

Here is the answer on taping.  Looks like we can't do it w/o consent.  MDS
---------------------- Forwarded by Mike D Smith/HOU/EES on 08/03/2001 12:45 PM ---------------------------

"Kristen Bird" <kb@quinnemanuel.com> on 08/02/2001 07:32:19 PM
To:	<sdietric@enron.com>, "Shon Morgan" <sm@quinnemanuel.com>
cc:	<msmith1@enron.com>
Subject:	Re: Taping conversations in california

Mike/Sarah,

California Penal Code Sections 631 and 632 make it a misdemeanor to record a telephone conversation without the consent of all the parties.  In addition, civil penalties are available in the amount of $5,000 per violation.  This is true whether the caller is in California or some other state.  If either party is in some other state, however, you may want to also check the law of that state.

If you are planning on taping a conversation, you should get unambiguous consent from all parties on the call before you begin taping.  Once you begin taping, you should again say words to the effect of, "the parties have consented and awknowledge that this conversation is being recorded" so that you have a record of the consent.  There does not appear to be any requirement of a periodic beep or tone (but it probably doesn't hurt so that the parties don't claim they didn't know that portion of the call was being recorded).

Monitoring and/or eavesdropping also is not acceptable in California without the consent of all parties to the call.  Similar disclosures would need to be made in that regard.

We have numerous former prosecutors in the office with experience with the statute so let me know if we can help with anything specific.

Regards,
Kristen

Kristen Bird
Quinn Emanuel Urquhart Oliver & Hedges, LLP
865 S. Figueroa Street, 10th Floor
Los Angeles, CA 90017

(213) 624-7707 (phone)
(213) 624-0643 (fax)

>>> "Sarah Dietrich" <sdietric@enron.com> 08/02/01 04:47PM >>>

What is the law regarding the taping of telephone conversations in California in
the following instances:

--  both the caller (taping party) and recipient are located in California and

--  the caller (taping party) is not in California but the recipient is located
in California.

Must a statement be made that the call is being taped?  If so, are there any
magic words?

Should there be a beep or tone periodically during the conversation?

Any other requirements?

We would appreciate a response as soon as possible, preferably early Friday.

Since I will be out of the office on Friday, please include Mike D. Smith in
your response so that he can relay it to our business people.

Thank you again for your assistance.

Regards,

Sarah

<Embedded Picture (Device Independent Bitmap)>
<Embedded Picture (Device Independent Bitmap)>


Wanted to follow up with everyone to make sure you can get to the directory below that was moved on Tuesday, Oct. 23.  Please let me know if you're having any problems..

Thanks,
Diane Becker
Omaha ETS Solution Center
x7454, 82-87-7454

 -----Original Message-----
From: 	ETS Information Risk Management
Sent:	Thursday, October 18, 2001 1:49 PM
To:	Jones, Dana; Powell, Don; Centilli, James; Doll, Jeanette; Harris, Steven
Cc:	Brown, Edward; ETS Solution Center,; ETS Information Risk Management; Wagner, Glenda
Subject:	*** Shared Folder Move ***

The folder "Act" located on \\gta\sys2\Shared\Act or \\gphou-nwgway1\gta2\Shared\Act (via the gateway), will be moved to \\gthou-dv01\common\Act (P:) drive.  This move is scheduled for Tuesday evening, October 23th.

If you have any questions or concerns, please contact the ETS Solution Center at 713-345-4745

Thanks!
Lupita Cantu
ETS Information Risk Manangement
813-853-3876


To help accomplish our business goals, the following management appointments
are effective immediately:

Tod Lindholm, previously Managing Director - Chief Accounting Officer for
EBS, will move to Corporate as Managing Director and assume responsibility
for Business Risk Management, IT Compliance as well as working on a number of
special assignments for Rick Causey, Executive Vice President - Chief
Accounting Officer for Enron Corp.

John Echols, currently Managing Director - Risk Systems Development for EBS
will assume responsibility for accounting and administration for EBS  as well
as his current responsibilities and will report to the Office of the Chairman
for EBS.

Everett Plante, currently Vice President - Chief Information Officer for EBS
will now  report directly to the Office of the Chairman for EBS.


It looks like most of these assets relate to systems that Sally Beck's group uses.  These assets were moved off the ENA balance sheet earlier this year after discussions with you and Philippe.  Please advise if you want us to agree to these transfers.  Thanks!

 -----Original Message-----
From: 	Aune, Stacey A.
Sent:	Friday, August 31, 2001 10:52 AM
To:	Schield, Elaine
Subject:	ENW Assets to Transfer Back to EA
Importance:	High

Elaine,

Attached is a listing of the assets on ENW's books that they want to transfer back to EA.  The current book value as of 7/31/2001 is around $9 million dollars that would move into PP&E.

If you look at the numbers off to the right and the notes below, you will see that some of them were originally designated as shared assets or solely ENW and therefore would reside on ENW's books.

In completing their 2002 plan and meeting with their commercial people, ENW thinks these assets should be back on EA's books.

Please let me know if you agree to this.

Thanks,
Stacey


In the last CAO staff meeting Rick stated that he wanted to set up a 1 1/2
hour session to discuss objectives for 2000.  This session has been set for
Tuesday, February 22 from 1:30 - 3:00 in 49C4.

Each of you should come prepared to briefly discuss the goals that have been
set for your group.  If you will not be able to attend this meeting please
let me know asap.


MAPP OASIS WILL BE DOWN TONIGHT, for 1 HOUR!

Dear MAPP Transmission Providers and Customers,

On Wednesday, May 16th at 11:30pm CDT the MAPP OASIS NODE will be taken
off-line for approximately 1 hour for database maintenance.  At the same
time the latest version of OASIS software will be installed , v2.7.0d.

How does this effect MAPP Transmission Providers:

The new version of OASIS software allows for specific redirect service
types.  Two new option fields have been added to the service types, "Allow
on Redirect" and "Account on Reduction".

These two fields can be changed by selecting "Transmission Services" under
Provider Maintenance, and then click on the ID to update the transmission
service.

The "Allow on Redirect" option determines whether the service type appears
in the drop down box on the REDIRECT transmission request template.

The "Account On Reduction" determines whether REDIRECT request types appear
in the "Query for Reductions".

All services types will default to "No" for
the two new fields for existing transmission services.

Requirements:
Before the upgrade
1.  All "Capacity Type" entries must be unique for each transmission
provider.  Please change your "Capacity Types" so that they are unique.

 The "Capacity Type" will be changed by the MAPPCOR staff at the time of
upgrade if the unique "Capacity Type" for each provider is violated.

After the upgrade
1.  If you do have Redirect transmission service types then select "Yes" for
the "Allow on Redirect" field.

The MAPP OASIS Test node is available for testing version 2.7.0d.  The test
node can be accessed at:
http://mappb3.oasis.mapp.org/OASIS14/NODE/MAPPB3

How does this effect MAPP Schedule F Customers:

MAPP Schedule F Transmission Customers should select "HNF Secondary" as the
Service for redirecting a CONFIRMED MAPP Schedule F Firm reservation as
Non-Firm.

In addition, to redirect a CONFIRMED MAPP Schedule F Firm
reservation on Firm basis then one of the following services should be
selected "FCTS Daily", "FCTS Weekly", "FCTS Monthly", "FCTS Seasonal", "FCTS
Yearly", and "FCTS Monthly 1 Month" depending on the remaining duration.

Please try to have your business needs concluded prior to this outage.  We
apologize for any inconvenience this may cause.

Please contact the MAPP Transaction Coordinator if you have further
questions at 651.632.8508 or at transcoords@mapp.org.

Thank you in advance for your cooperation.

Sincerely,

MAPP Transaction Coordinator

651.632.8508
transcoords@mapp.org


Charles Schwab & Co., Inc.
Email Alert

Morning Market View(TM)
for Monday, December 31, 2001
as of 9:30AM EST
Information provided by Schwab Center for Investment Research

FUTURES POINT TO SLIGHTLY LOWER OPEN

Equity index futures were trading slightly higher, but below
fair value, as most international stock exchanges were closed
ahead of New Year's Day. Shares of ImClone Systems
(IMCL,55.25,f1) fell on concerns over its new colon cancer
treatment and Treasuries were virtually flat.

The Dow Jones Industrial Average is down 6.0% or 650 points
year-to-date and the Nasdaq Composite Index is down 19.6% or 483
points. The S&P 500 Index has shed 12.1% or 159 points. Look for
volume and liquidity to dry up this afternoon as traders get a
head start on the New Year's Day holiday.

Shares of ImClone Systems are getting shredded in premarket
trading after the company said on Friday that the release of its
colon cancer treatment, Erbitux, would be delayed until at least
3Q02. ImClone had planned to release the treatment in May 2002,
but the release will be delayed because the FDA has questions
about the drug's clinical data.

America West Holdings (AWA,2.47), parent of America West
Airlines, became the first airline to receive a loan guarantee
from the U.S. government. America West received a $380 million
guarantee in exchange for options on one-third of the company
stock and a commitment to control labor costs.

The Wall Street Journal reported that Lucent Technologies
(LU,6.18,f2) did not give bonuses to any of its top executives
in 2001. Lucent said it withheld bonuses because its performance
"fell short of our objectives in fiscal 2001," as the telecom
industry suffered through massive layoffs and sluggish demand.

----------------------------------------------------------------

TREASURY AND ECONOMIC SUMMARY

Bonds are trading near unchanged in the absences of any economic
data. The Bond Market Association has recommended a 2:00 p.m.
EST close for the U.S. Treasury market.

----------------------------------------------------------------

WORLD MARKETS

Most European bourses were closed today with the notable
exception of the United Kingdom. The Bloomberg European 500
index closed Friday down 15.1% for the year. The FTSE 100 index
finished an abbreviated session down 0.5% with weakness in
financial and oil-related shares and strength in technology
stocks. Financial shares with exposure to Argentina fell
following the resignation of Interim President Adolfo Rodriguez
Saa. The euro was little changed versus the dollar as 12
countries prepare for the introduction of euro cash at midnight
tonight.

Japanese markets were also closed with the Nikkei 225 index
finishing the year down 23.5% on Friday. Hong Kong's Hang Seng
index fell 0.3% today. The yen was little changed versus the
dollar.

----------------------------------------------------------------

FUTURES WATCH

In the March Globex futures contract as of 8:35 a.m. EST, the
S&P 500 Index was up 2 points (1 point below fair value) while
the Nasdaq 100 Index was unchanged (3 points below fair value).
The March DJIA futures contract was up 17 points (6 points below
fair value), and the February crude oil futures traded on the
NYMEX were up $0.30 at $21.20/barrel.

Isaia Carucci, Market Analyst

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i am gonna get wasted at this dinner.

 -----Original Message-----
From: 	Erin Richardson <erichardson@sarofim.com>@ENRON
Sent:	Thursday, October 25, 2001 1:50 PM
To:	Lenhart, Matthew
Subject:

you better be getting excited about dinner.  i'm not taking you if you
aren't.


You & Your Spouse are cordially invited
to join me at the
2001 Houston Livestock & Rodeo
on
Monday, 26th February

with performances by
Brooks & Dunn
Event start time:  7:00 p.m.

Please RSVP to Liz Taylor (x31935)


fyi...

-----Original Message-----
From: navigator@nisource.com [mailto:navigator@nisource.com]
Sent: Thursday, October 18, 2001 9:04 AM
To: navigator@nisource.com
Subject: LINE SM-123

                      COLUMBIA GAS TRANSMISSION CORPORATION
                        NOTICE TO ALL INTERESTED PARTIES
                                OCTOBER 18, 2001

Notice ID: 3193
5 - NO RESPONSE REQUIRED

NOTE:  The following is being provided by Columbia as notice to all of its
shippers of potential outages or reductions in available capacity in the
identified portions of the system due to construction activities, routine
maintenance, modifications, tests or repairs undertaken to protect the
integrity and performance capability of its storage and transmission
facilities.  The information provided below is subject to change for numerous
reasons, including but not limited to, third-party controlled events and
decisions, weather, work schedules, equipment availability, force majeure
events, etc.  Thus, while Columbia is willing to provide this notice and update
it periodically as necessary, Columbia is unable to represent and warrant that
the specific activities will occur, or that they will occur on or near the
specified dates.

SUBJECT:   LINE SM-123

Columbia anticipates that between October 25th and October 27th, Line SM-123
will be taken out of service due to long-wall mining activity.  Columbia
estimates the line to be out of service for twenty-one (21) days.  The start
date and duration of the outage is contingent upon the actual timing and
progress of the long-wall mining activity.  Given the level of firm commitments
in this area, Columbia believes that there will be no available capacity for
interruptible transportation.

The following receipt points will be affected:

   Equitable Gas:    Beaver Creek      (H1)
                     Hi Hat            (F3)

   CNR Pipeline:     Boldman           (CNR02)
                     Conoway           (CNR03)
                     Johns Creek       (CNR08)
                     Canada            (CNR09)
                     Canada            (CNR10)
                     Stafford          (CNR11)
                     Thacker/Majestic  (CNR12)
                     Briar Mtn.        (CNR13)
                     Huff Creek        (CNR14)

   Conoco:           Grant             (P1)

The same is true with respect to any Appalachian production flowing directly
into Columbia's Line KA between Columbia's Boldman Compressor Station and
Columbia's Huff Creek Compressor Station as well as production flowing into
Columbia's Lines SM-116, KA-15, PM-3 and PM-17.

If you have any questions, feel free to contact your Customer Services Team.


> -----Original Message-----
> From: Kelsey, Allison
> Sent: Wednesday, November 15, 2000 3:21 PM
> To: Brunson, Richard; Drzyzga, Jane; Fortugno, Michael; Iessi, Anthony;
> Kelly, Molly; McHale, Keith; Reyman, Arlene
> Subject: goe supporters
>
>  <<ballot3.jpg>>

 - ballot3.jpg


Bill and Sara,
We have been talking with Goldman Sachs, one of ECT Investment's prime
brokers,  about ways to reduce our margin requirement and gain greater
leverage.  Goldman suggested that we may want to consider putting an Enron
Guaranttee in place.

We also have a prime broker agreement with Morgan Stanley.  Per the
documentation that I have... I do not see a guarantte with Morgan Stanley.

1) Can you confirm that no guarantee exists with either Goldman or Morgan?
2) Any comments regarding a Goldman guarantee by Enron Corp for ECT
Investments Inc.?

Thanks, Sheila


Hi Joe,

I called you Tuesday and left a message on your voice mail.

Jeff's address is:  jeff.skilling@enron.com

Vince

 -----Original Message-----
From: 	Joseph T Pokalsky <energy.vertical@juno.com>@ENRON [mailto:IMCEANOTES-Joseph+20T+20Pokalsky+20+3Cenergy+2Evertical+40juno+2Ecom+3E+40ENRON@ENRON.com]
Sent:	Wednesday, August 15, 2001 11:37 AM
To:	vkamins@ect.enron.com
Subject:	Jeff Skilling resigns

Vince:

When I wrote you yesterday I didn't know that Jeff had resigned.  I'd
like to write him a letter as I have a lot of respect for him.  Do you
have his e-mail address?  Thanks.

Joseph T. Pokalsky
Energy Vertical Analysis, LLC
Office:  404-350-8562
Cell:     404-456-5173
Fax:      413-691-5614


I am going to be in Las Vegas Thursday and Friday at a conference on Restructuring in the Southwest.  I will be traveling today.  If you need to talk to me, you can reach me at 503.807.4397.  The fax number at my hotel is 702.796.3354.  You can also call ENA power trading attorneys Carol St. Clair at (713) 853-3989 or David Portz at (713) 853-9239.


Hi Susan,

Would you please forward the current spreadsheet with exotics?

Thanks,
Beatrice


---------------------- Forwarded by Ben Jacoby/HOU/ECT on 05/09/2000 11:26 AM
---------------------------

	Enron North America Corp.

	From:  Ben F Jacoby                           04/27/2000 07:07 PM

Sent by: Ben Jacoby
To: Mike J Miller/HOU/ECT@ECT, Janet R Dietrich/HOU/ECT@ECT, Tammy R
Shepperd/HOU/ECT@ECT, Carl Tricoli/Corp/Enron@Enron
cc: John Moore/Corp/Enron@Enron, Debbie Chance/Corp/Enron@Enron, Raimund
Grube/Corp/Enron@ENRON, Jeffrey M Keenan/HOU/ECT@ECT, Dave
Kellermeyer/HOU/ECT@ECT, Greg Krause/Corp/Enron@Enron, Steve
Krimsky/Corp/Enron@Enron, Fred Mitro/HOU/ECT@ECT, Stephen
Plauche/Corp/Enron@Enron, Rusty Stevens/Corp/Enron@ENRON, Bruce
Sukaly/Corp/Enron@Enron
Subject: IPP Project Development Report Update

Attached please find an updated development report. Please let me know if you
have any questions.

Regards,

Ben


Lisa,

FYI--Sean, Richard and I may come down and interview Anne together at 4:00pm.

Thanks, Kim.
 -----Original Message-----
From: 	Upchurch, Lisa
Sent:	Wednesday, September 12, 2001 11:37 AM
To:	Bolks, Sean; Watson, Kimberly; Riehm, Richard
Cc:	Magee, Molly
Subject:	Time Correction....

For some reason when I emailed the final schedule, these changes
were not saved.  Please make a note of the correct times below:

Sean Bolks		4:00-4:30 pm
Kim Watson		4:30-5:00 pm
Richard Riehm	5:00-5:30 pm

Thanks,
Lisa Upchurch
(713) 345-8701
lisa.upchurch@enron.com


Please join us in helping
to fight breast cancer
THIS Friday, October 6, for
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****Special**** Bring Your Motorcycle to Work Day

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All contributions will benefit the Susan G. Komen Foundation
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Suggested contribution: $5

Dress-Down Day sponsored by the New York Mercantile Exchange Charitable
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