---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 10/27/2000
04:46 PM ---------------------------

Shirley Crenshaw
10/24/2000 10:19 AM
To: Vince J Kaminski/HOU/ECT@ECT
cc:
Subject: Ameriflash Newsletter

Michell Vitrella called and wanted to know if the "Research Group" would
like to submit an article for the next issue of the ENA Newsletter
("Ameriflash)

They need to have the article by tomorrow.

Thanks!

Shirley

---------------------- Forwarded by Shirley Crenshaw/HOU/ECT on 10/24/2000
10:15 AM ---------------------------

	From:  Michelle Vitrella                           10/24/2000 09:53 AM

To: Shirley Crenshaw/HOU/ECT@ECT
cc:
Subject: Ameriflash Newsletter

---------------------- Forwarded by Michelle Vitrella/HOU/ECT on 10/24/2000
09:54 PM ---------------------------

	Enron North America Corp.

	From:  ENA Public Relations @ ENRON                           10/19/2000
08:25 PM

Sent by: Enron Announcements@ENRON
To: All_ENA_EGM_EIM
cc:
Subject: Ameriflash Newsletter

NOTE FROM MARK FREVERT

With the wide and varied activities of our three organizations, we created
this e-mail newsletter to keep everyone better informed about our various
businesses.  I hope you find it informative and more importantly, that you
will use this newsletter to help spread the word about the successes in your
group.

To provide content for future e-mails, contact Michelle Vitrella in our
Public Relations group via e-mail or call her at ext. 3-9767.  Communication
is one of the core Enron values and I believe this is a great way to improve
communication across our wholesale businesses.

Additionally, I would like to again encourage everyone to take a few minutes
to complete &The Pulse8 survey.  This annual survey regarding the work
experience at Enron and how we can make it better is an important part of the
two-way communication process at Enron.  Please go to the Enron intranet and
type survey.enron.com.  It only takes a few minutes, it,s confidential and
your comments will help make Enron a better place to work.

BUSINESS HIGHLIGHTS

Natural Gas
Middle Marketing,s biggest trade of the year so far occurred this month.  The
significant transaction was a five year, multimillion dollar restructuring
with a subsidiary of Formosa Plastics, one of the world,s largest producers
of polyvinyl chloride.

Additionally, Continental Airlines, the fifth largest US carrier, has hedged
a considerable amount (1.2 million barrels/month) of crude oil.   Winter
Nymex hedges were put in place for the undisputed heavyweight chip champ of
the world, Frito Lay.

Pulp & Paper
With the acquisition of Garden State Paper and launch of Clickpaper.com,
Enron is creating an efficient spot physical market for pulp and paper
commodities.  Buyers and sellers will benefit from improved price
transparency and reliability and access to Enron,s online financial markets.

Improved price transparency and the ability to imbed financial derivatives
into physical trading flows will facilitate the growth of Enron,s trading
business.  To date, Clickpaper.com has traded over 1 millions tons of pulp
and paper product with a notional value of over $675 million.

Upstream Origination
Upstream Origination, headed by Julie Gomez and Jean Mrha, focuses on natural
gas products to optimize commercial value associated with the natural gas
grid on the continent and in the Gulf of Mexico (GOM).  Through products such
as storage, electric compression and producer services & outsourcing, ENA
creates value for its customers and reconfigures the natural gas
infrastructure to be more efficient.  In addition, Upstream Origination
transactions exploit the unique relationship between development of strategic
assets through sophisticated financing structures and the utilization of the
market information created by those assets.

&THE PULSE8 SURVEY RESULTS

As of Wednesday, October 18, the total responses to &The Pulse8 from
ENA/EGM/EIM are 689.  This is approximately 30% of all employees.  Since our
goal is a 100% response rate, we have a long way to go!  Please take a few
minutes to log on and give Enron your thoughts.  The Pulse is located at
survey.enron.com on the Enron intranet page.

If you like competition, here are the results by group:

Commercial - Origination  131
Energy Operations   126
Risk Management and Trading 106
Other/None of the Above  91
Bus. Analysis & Rep./Fin. Ops. 90
Legal     46
Gas Assets    37
Human Resources   30
Tax     18
Technology/IT    14

WELCOME

Transferred Into ENA/EIM/EGM
ENA - Kathleen Neal/HR, Suzanne Kelly/Infocentral, Tobias Monk/Finance Direct
EIM - Eric Connor/Industrial Energy Group
EGM - Eric Calub/Global Product Mgmt

New Hires ENA/EIM/EGM
ENA - Lance Cunningham/CTS Research, Anita Dupont/CTS Research, Yvette
Hales/Gas Logistics ) East, Angela Howell/Equity Trading, Farid Mithani/Power
Risk-Credit
EGM - Heather Purcell/Enron Global Markets

IN THE NEWS

&No company illustrates the transformative power of innovation more
dramatically than Enron.  Over the past decade Enron,s commitment to the
invention*and later domination*of new business categories has taken it from a
$200 million old-economy pipeline operator to a $40 billion new-economy
trading powerhouse.8
From &The World,s Most Admired Companies,8 Fortune, Monday, October 2

NUGGETS & NOTES

&What,s the message we,re trying to get across?8 ) Ray Bowen, COO EIM

&I,m not a micro-manager8 - John Lavorato, COO ENA

&Make it so, number one8 ) Jeff Shankman, COO EGM

CONTEST

Enron is & The Most Innovative Company8 based on Fortune Magazine,s Most
Admired Survey.  ENA Public Relations is ready to put Enron North America,
Industrial Markets and Global Markets to the test.  We need your creative
minds to help name the NEW Electronic Newsletter we now call AmeriFlash.  Put
on your thinking caps and submit your ideas for a new name to
michelle.vitrella@enron.com.  The ENA Public Relations Team will narrow the
list to the TOP TEN and then send it to our official judge, Mark Frevert, to
make the final decision.  The winner will receive a gift certificate to any
Pappas restaurant.  GOOD LUCK!


Greg,

Yes, I am their guy.  I have extensive info and feedback forms on them.  We
definitely need to talk.  Please set up a 30 minute meeting with Cathy 36898
and we can go through it and i;ll give you a copy of all info.

Thanks,
mike

PS congrats on ClickPaper.  The site looks great, you and your group
accomplished a lot in a short period of time.  I know that the big test day
was yesterday and hope all went well.

	Enron North America Corp.

	From:  Greg Piper @ ENRON                           07/19/2000 03:53 PM

To: Mike McConnell/HOU/ECT@ECT
cc:
Subject: Steve Horn, Allen Sommer

Are you the PRC rep for these guys?  If so, can I get some feedback on them
so I can speak for them at the Global VP PRC on July 31st?

Thanks.

GP


Rick

I thought I would give you an update on what I am doing from a systems
perspective.  I'm trying to get a systems plan together from Beth.  We simple
do not have one.  From there I will coordinate with traders and back office
to try to create a plan that everyone can by off on.  My new motto is
"Systems will be fixed or people will die".  I will keep you informed.

John


Sorry to hear you're having computer problems.  I haven't gotten a virus yet
but I have had 2 hard drives crash and burn on me -- one at home and one at
the office -- you definitely loose everything when that happens!  My fairly
new work computer (the little one you saw at Christmas) started making
strange noises a couple of weeks ago so I called in the tech support guys.
They agreed that is sounded odd so they took everything off of my hard drive,
replaced it with a new one and then put all of my stuff back in the new one.
Took them a day or so but the weird noises are gone so I feel better.

I'm off to San Antonio this week for a couple of days and then leave for
sailing on the 11th, returning on the 21st.  The last few days (18 - 21) I'll
be staying at a place called Keswick Hall in Virginia.  I may be able to send
that number before I leave.

Love,

Mark


Subject: Latin American Oil & Gas Event

Dear Drew Fossum,

I know what you are thinking another junk email to add to your trash bin. But
WAIT, before you click delete, I would like to urge you to read this email or
look at the attached brochure. This email contains valuable information about
CBI's Latin American Oil & Gas Event. Register by November 22 and Save $300.
Please mention Your Priority Code of PB073EMB. Don't miss CBI's Latin
American Oil & Gas - Economic and Political Climate, Financing and
Integration on December 7-8, 2000 in Houston, TX.
http://www.cbinet.com/wconnect/wc.dll?CBEvent~GetMoreInfo~PB073

The conference provides a unique forum for networking with key
decision-makers and a platform for learning and information sharing. Hear
from oil & gas industry leaders, including Ecopetrol, Petrobras, Yacimientos
Petroliferos Fiscales Bolivianos (YPFB), AEC Pipelines/Alberta Energy, BP
Amoco Global Power, Enron South America, Pan American Energy, Repsol-YPF, ANZ
Investment Bank, Deutsche Bank, Fitch, Industrial Bank of Japan, Japan Bank
for International Cooperation (JBIC) and Moody's Investor Services. Benefit
from 3 case study presentations, including: Fueling the growth of regional
integration - Gasoducto del Mercosur (GDM) project - AEC Pipelines/Alberta
Energy, Completing the regional integration of the Southern Cone energy
infrastructure and energy system - Cruz del Sur project - Pan American Energy
and Financing Brazil's Campos Basin project - Barracuda, Cabiunas and EVM -
Petrobras and Deutsche Bank.
Plus, learn from an essential pre-conference workshop, Negotiating Agreements
and Financing Integrated Energy Projects in Latin America.

Please click on the conference link below or take a minute to look at the
attached conference brochure and join your colleagues at an event that could
very well turn out to be one of the most informative conferences of 2000.

To register, or for more information, please call 781-939-2412, email
l.santillo@cbinet.com, or visit our website at
http://www.cbinet.com/wconnect/wc.dll?CBEvent~GetMoreInfo~PB073
This is a special email offer only and cannot be combined with any other
discounts.

CBI's Latin American Oil and Gas is part of the Global Private Energy Markets
Series.  For more information, please visit http://www.cbiglobalenergy.com.

To be removed from future mailings of this nature, please REPLY to this
message and type REMOVE in the subject line.
0001045917


Debbie has to be downtown for other reason on May 24th.  Could you meet with
her about 4:15pm at my office.  I will schedule a conference room for your
meeting with Debbie.  Perhaps yopu could come around 3:45pm and I could go
over any and all changes that I have on tem prior to your meeting with
Debbie.


I want to remind each of you to attend the Enron Employee Meeting tomorrow at 10 a.m. in the Hyatt Regency Imperial Ballroom.  I hope to introduce many of you at the meeting, so please plan to sit up front.  Seats will be held for you.

This will be a very important meeting.  I look forward to seeing you there.

Regards,
Ken

P.S. Remember to bring your badges -- security will be checking to ensure only employees are allowed in.


Both of the above -referenced individuals want to leave 11/30, saving us 2 1/2 months of salary. Do I need to sign anything?


I just talked to Tino Monaldo, Dennis Langley's lawyer/project manager for
the Pueblo project.  I explained Bill and Bill's credentials and concerns and
Tino suggested that a sit down between Enron and their government contracts
team might be helpful.  He offered to do it in Houston, probably late next
week or the following week.  Attending would be Dennis, Tino, and their
outside lawyers, Jim Slattery and Rick Harrington.  Harrington is the key--he
is a retired military guy and one of the lead govt. contracts lawyers at my
old firm in DC.  The would basically put on a dog and pony walking us all
through their sole source strategy,  including their legal interpretations
and the allies they have lined up within DOE/DOD.  Bill and Bill--does such a
meeting sound productive?  If so, should we have outside govt. contracts
counsel present and if so, who do you suggest?

On a related note, Tino explained (without me asking or really caring) that
he was in the middle of a "big drafting project"--revising Dennis' joint
venture agreement with the Isleta.  I took the opportunity to express my
concern at how far down the road Dennis is getting on the overall deal,
including structure issues, without knowing whether Enron is even on board.
I reminded Tino that GPG has not committed to participating in the pipeline
or the power plant, and that we have not obtained ENA's agreement to commit
turbines.   Apparently Dennis believes that if the economics pans out, Enron
or someone else yet to be identified will magically jump in to the deal with
money, turbines, etc.   If Enron does eventually decide to get into this
deal, the agreements and promises that Dennis has already made may need to be
revisited.   Thanks for your patience on this project.  DF


Oliver,

We would like to push up the consolidated DPR delivery time to approximately
1 PM Houston time.  We are contemplating setting an 11:00 am deadline for all
information we receive daily to prepare the DPR.  This would require the
London Summary to be delivered by 5 pm London time.   Please let me know your
thoughts regarding this initiative and if there is anything we can do to help
speed up the whole process.

Thanks,
Mike


Please see work station list below.

adr

New Loc	   Phone	   Location	   Name
  3902	  853-1796	    1338	  Steve Harris
  3901	  853-5849	    1337	  Audrey Robertson
  3905A	  853-6007	    1337a	  Lindy Donoho
  3910b	  853-3098	    1346	  Kim Watson
  3910d	  853-7610	    1341	  TK Lohman
  3910a	  853-5403	    1341a	  Lorraine Lindberg
  3910f	  345-7932	    1342	  Michelle Lokay
  3910c	  345-7896	    1343	  Mark McConnell
  3910e	  345-4173	    1344	  Paul E Y'barbo
  3915b	  345-3858	    1340	  Jan Moore
  3942	  853-5028	    1335	  James Centilli
  3905	  Phone*		  Lawyer
  3915a	  Phone*		  Finacial Assistant


Last time I have a chat with Pickering.
-----Original Message-----
From: Pickering, Mark
Sent: Saturday, September 15, 2001 8:58 AM
To: Lavorato, John
Subject: FW: New Building Standards

-----Original Message-----
From: Pickering, Mark
Sent: Sat 15/09/2001 08:56
To:
Cc: Piper, Greg
Subject: FW: New Building Standards

Hi John,

Following our chat yesterday (see memo below). As I get into the role I will work on reducing our costs across the company. I think that if we can make the costs more apparant to the employee and their supervisors, we can make the employees self regulate what they have. i.e. buy less, save directly at the bottom line, increase Enron's profit ratio and get the stock price back up.

MRP

-----Original Message-----
From: Pickering, Mark
Sent: Sat 15/09/2001 08:50
To: Rub, Jenny; Bucknell, Martin
Cc:
Subject: New Building Standards

Jenny/Martin,

John Lavorato had a bit of a go yesterday about all the hardware we've ordered for the new building i.e. 8000 new screens. He complained about assistants having multiple flat screens etc and he generally complained about Bibi's policy of giving the best to everyone. He used the example of many trading houses that he has seen on TV in the recent news coverage as still having CRT's for their traders.
Can you let me know if we currently have standard configurations both in the new and old building of what we give people at certain levels.
I want us to start working on making employees understand the cost and getting them to think about saving money. We can start to do this by publishing openly the costs of each component of typical setups. We could also ask people to turn in equipment they may have that they dont need and we can redeploy (we did this effectively in Europe).
You will probably tell me we already do this, and thats good, just show me.
This will become a general theme.

Thanks
MRP


Lets get started earlier,  11:30 lunch therefore Linda will need to be picked up earlier.  I will have reservations for 11:30.
 -----Original Message-----
From: 	Armstrong, Julie
Sent:	Thursday, February 07, 2002 2:50 PM
To:	Lindberg, Lorraine; Watson, Kimberly; Donoho, Lindy; Lokay, Michelle
Subject:	Lunch w/ Linda Wehring

Lunch has been confirmed with Linda Wehring for tomorrow, Friday 11:45 under my name at Churrasco's (Shepherd & Westheimer location).

Linda asked if someone could pick her up as she does not drive to work anymore.  Linda can be reached at 713-287-1046.

I will meet you guys at the restaurant as I hope to take the afternoon off.


He can't go - I didn't think he could. I'm trying to find my sister (she just moved to town), but I can't find her anywhere. Any other suggestions?

 -----Original Message-----
From: 	Arnold, John
Sent:	Tuesday, October 09, 2001 10:45 AM
To:	Allen, Margaret
Subject:	RE:

yea

 -----Original Message-----
From: 	Allen, Margaret
Sent:	Tuesday, October 09, 2001 10:39 AM
To:	Arnold, John
Subject:	RE:

I don't think Brian can go - but can I extend the offer to him?

 -----Original Message-----
From: 	Arnold, John
Sent:	Tuesday, October 09, 2001 10:37 AM
To:	Allen, Margaret
Subject:	RE:

I've 2 extra tix if you anybody we like.

 -----Original Message-----
From: 	Allen, Margaret
Sent:	Tuesday, October 09, 2001 10:36 AM
To:	Arnold, John
Subject:	RE:

I'm here - my 11 got cancelled.

 -----Original Message-----
From: 	Arnold, John
Sent:	Tuesday, October 09, 2001 10:34 AM
To:	Allen, Margaret
Subject:

are you there?


Here is the slide presentation we were talking about this morning.

-----Original Message-----
From: Pankaj Ghemawat [mailto:pghemawat@hbs.edu]
Sent: Tuesday, September 04, 2001 9:27 AM
To: Kean, Steven J.
Cc: tamabile@hbs.edu
Subject: Re:

Steve,

Good talking to you again today.  Here are the slides based on my
(mis?)interpretation of Teresa Amabile's work that I presented in April.  I
think it would be great to get her to speak at your management conference.

Best,

Pankaj

At 04:28 PM 8/24/2001 -0500, you wrote:
>I hope you are enjoying your time in Barcelona.  A couple of requests:
>
>*       Could you give the name of your colleague at hbs who's research
>you presented at the last Enron Advisory Council meeting?
>*       We are organizing our annual management conference and I would
>like to bounce some ideas off of you and ask for some recommendations
>for speakers.  Call when you get a chance. 713.853.1586.
>
>Thanks.
>
>
>**********************************************************************
>This e-mail is the property of Enron Corp. and/or its relevant affiliate
>and may contain confidential and privileged material for the sole use of
>the intended recipient (s). Any review, use, distribution or disclosure by
>others is strictly prohibited. If you are not the intended recipient (or
>authorized to receive for the recipient), please contact the sender or
>reply to Enron Corp. at enron.messaging.administration@enron.com and
>delete all copies of the message. This e-mail (and any attachments hereto)
>are not intended to be an offer (or an acceptance) and do not create or
>evidence a binding and enforceable contract between Enron Corp. (or any of
>its affiliates) and the intended recipient or any other party, and may not
>be relied on by anyone as the basis of a contract by estoppel or
>otherwise. Thank you.
>**********************************************************************


Tracy:
How about Thursday morning?  Danny is open from 8:30 - 11:00.

 -----Original Message-----
From: 	Geaccone, Tracy
Sent:	Monday, November 26, 2001 12:09 PM
To:	Armstrong, Julie
Subject:	RE: NNG/TW Actual meeting

I have Rod's staff meeting, but I can miss it if that is the only time you have available.

 -----Original Message-----
From: 	Armstrong, Julie
Sent:	Monday, November 26, 2001 11:45 AM
To:	McCarty, Danny
Cc:	Geaccone, Tracy
Subject:	NNG/TW Actual meeting

Danny:
I was visiting with Tracy this morning about the NNG/TW Actual meeting scheduled for Wednesday, December 12th at 2:30 (note follows Stan's Half Staff meeting).
Tracy inquired what material you want to cover.  Please consider and I will set up a meeting for you and Tracy to discuss in more detail.
Thanks.

Tracy, I have Friday AM open.  Please advise.


----- Forwarded by Tana Jones/HOU/ECT on 03/05/2001 11:46 AM -----

	exchangeinfo@nymex.com
	03/05/2001 11:15 AM

		 To: tana.jones@enron.com
		 cc:
		 Subject: (01-83) Delayed Opening

TO:
All New York Mercantile Exchange members

FROM:
Neal Wolkoff, Executive Vice President

RE:
Delayed Opening

DATE:
March 5, 2001

Notice 01-83
====================================================================
The executive committee of New York Mercantile Exchange, Inc., has decided to
delay the opening of all Exchange metals markets by two hours tomorrow and
all Exchange energy markets by one hour due to anticipated transportation
delays because of inclement weather in the New York metropolitan area.

The Eurotop 100c futures and options and Eurotop 300c futures markets will
open at 10 AM.

Other openings will be as follows:

Aluminum futures and options: 9:50 AM
Copper futures and options and palladium futures: 10:10 AM
Platinum and gold futures and options 10:20 AM
Silver futures and options: 10:25 AM
Natural gas futures and options and propane futures: 10:30 AM
Light, sweet crude oil futures and options: 10:45 AM
Heating oil and unleaded gasoline futures and options: 10:50 AM

Electricity futures and options and Middle East crude, which are traded
electronically, will begin trading with the start of the NYMEX ACCESSc
session at 4 PM this afternoon.

This information is subject to change based on further weather reports and
actual snow fall.  For the most current information, the Exchange is advising
that individuals check Fastfacts, the Exchange,s 24-hour information service,
at (212) 301-4871 and use extension 900 for announcements, or log onto the
Exchange,s world wide web home page on the Internet- www.nymex.com.

__________________________________________________
Please click on the link below to indicate you have received this
email.

"
http://208.206.41.61/email/email_log.cfm?useremail=tana.jones@enron.com&refdoc
=(01-83)"

Note: If you click on the above line and nothing happens, please copy
the text between the quotes, open your internet browser,
paste it into the web site address and press Return.


Weighing in at 8 lbs, 10oz, Jonathan Lawrence Vogel was born at 6:33 p.m. on
Sunday, November 18. Mother and baby are doing just fine. I think we're
planning to stay one more night at the hospital before going home, so little
Jonathan will have to wait until Tuesday to see his new home.


Please remove me from your distribution list as I have moved to a new group.

Thanks,
Robin

Susan D Trevino
03/09/2001 04:56 PM
To: Debbie R Brackett/HOU/ECT@ECT, John D Powell/HOU/ECT, Ron Nolte/Enron,
Jason Moore/HOU/ECT@ECT, Rudi Zipter/HOU/ECT, Todd Warwick/HOU/ECT@ECT, Chris
Abel/HOU/ECT@ECT, Tracey Irvin/HOU/ECT@ECT, Manfred Roenz/Corp/Enron, Clara
Carrington/HOU/ECT, Minal Dalia/HOU/EES@EES, Homan Amiry/LON/ECT@ECT,
Christian LeBroc/Corp/Enron, Xochitl Figueroa/NA/Enron, Burton
McIntyre/HOU/ECT@ECT, Bjorn Hagelmann/HOU/ECT, Sunil Dalal/Corp/Enron, Terri
Harlan/HOU/ECT@ECT, Robin Rodrigue/HOU/ECT@ECT, Bilal Bajwa/NA/Enron@Enron,
Marina Ng/NA/Enron@Enron, William E Kasemervisz/HOU/ECT, Anita
Luong/HOU/ECT@ECT, Nancy Hernandez/NA/Enron@ENRON, Mechelle
Stevens/HOU/ECT@ECT, Karen Snow/HOU/ECT, Gregory A Mausser/HOU/ECT@ECT
cc: Shari Mao/HOU/ECT@ECT, Kristen J Hanson/HOU/ECT
Subject: Book Request #697

The attached book request is complete.  Please contact me if you have any
questions.

Thank you,
Susan Trevino
x3-1462


Tanya forwarded the attached confirm on to me.  Are we supposed to have that
weather rep also in confirmations when we trade under a master?
----- Forwarded by Tana Jones/HOU/ECT on 08/07/2000 10:24 AM -----

	Tanya Rohauer
	08/07/2000 10:21 AM

		 To: Tana Jones/HOU/ECT@ECT
		 cc:
		 Subject: Re: weather confirm

---------------------- Forwarded by Tanya Rohauer/HOU/ECT on 08/07/2000 10:17
AM ---------------------------

	From:  Diane Anderson @ ENRON                           08/07/2000 10:09 AM

To: Tanya Rohauer/HOU/ECT@ECT
cc:
Subject: Re: weather confirm


OK, here's the deal.  I've heard from everyone and we're good for tomorrow!  Now - where and when? I park in Allen Center and can carry 3 people.  Who else can drive?  I'm available anytime - like 11:30 or so.

 -----Original Message-----
From: 	Baumbach, David
Sent:	Thursday, January 24, 2002 3:08 PM
To:	Herod, Brenda F.; Bass, Eric; Blanchard, Timothy; Winfree, O'Neal D.
Subject:	RE: Lunch

I'm in for tomorrow ...

Dave

 -----Original Message-----
From: 	Herod, Brenda F.
Sent:	Thursday, January 24, 2002 1:46 PM
To:	Bass, Eric; Blanchard, Timothy; Baumbach, David; Winfree, O'Neal D.
Subject:	Lunch

Since Mr. Bass didn't follow through on our social engagement, I thought I would do so.  Is anyone interested in lunch?  Is tomorrow too early for you all or should we shoot for next week?  Mr. Hull and I are both available tomorrow.  You guys let me know.  We'll have to go dutch (no more expense report) or one of you UBS people with your big bonuses will have to pick it up!

Let me know.


Effective immediately, reporting responsibility for Global Strategic Sourcing
(GSS) will move from Enron Net Works to Enron Corp.  George Wasaff, Managing
Director, will report directly to Rick Causey, Executive Vice President and
Chief Accounting Officer for Enron.  GSS, formed February 1, 2000, will
continue to focus on supply-chain management world-wide for Enron.   We
believe this change in reporting will leverage and enhance GSS's global reach
and effectiveness while allowing ENW to focus on its core mission of creating
new electronic market places.


AGA is 64


Christian,

For time's sake since I couldn't talk to you earlier, please meet w/Shari and
/or Elizabeth regarding the "priority issues" in the spreadsheet below.  I'll
try and stop by shortly.

Thanks,
Tracy
---------------------- Forwarded by Tracy Ngo/PDX/ECT on 12/12/2000 12:18 PM
---------------------------

Tracy Ngo
12/12/2000 11:03 AM
To: Tim Belden/HOU/ECT@ECT
cc:

Subject: Legal and Credit meeting agenda - issues to discuss

I'll give you an update accordingly.

Tracy
---------------------- Forwarded by Tracy Ngo/PDX/ECT on 12/12/2000 11:08 AM
---------------------------

Tracy Ngo
12/12/2000 09:20 AM
To: William S Bradford/HOU/ECT@ECT, Edward Sacks/Corp/Enron@Enron, Wendy
Conwell/NA/Enron@ENRON, Tom Moran/HOU/ECT@ECT, Veronica Gonzalez/HOU/ECT@ECT,
Elizabeth Sager/HOU/ECT@ECT
cc:

Subject: Legal and Credit meeting agenda - issues to discuss


Dear Eric,  Washington Bureau Chief Peter Cook will sit down for a one-on-one interview with Interior Secretary Gale Norton Wednesday. Peter plans to ask Secretary Norton about the pending fight in Congress over drilling in Alaska's Arctic National Wildlife Refuge and the future of energy production on federal lands.  We'll have portions of the interview starting tomorrow afternoon.   Congress returns to work on Wednesday - The early agenda will be filled with Enron hearings, as both the House and Senate begin hearings on Thursday.  We'll have the latest on Wednesday, including the lists of likely witnesses for each hearing.       The Senate Environment and Public Works Committee is holding a hearing Wednesday to consider whether to reauthorize legislation that indemnifies the nuclear industry in the event of a major nuclear accident called the Price Anderson Act.  The Washington bureau will have all the highlights from the hearing tomorrow.   Wednesday, the Houston Bureau talks with MoneyLine host Lou Dobbs about the Enron story.  Dobbs says there will be many more shoes to drop in this tragedy.  Catch Dobbs from Houston tomorrow.   On Wednesday, we'll be talking live with Laredo Energy President Glenn Hart.  Hart will join us in the Houston bureau during the 2:00 p.m. ET newscast to discuss a newly formed partnership between EnCap Investment, LLC and Michael Petroleum.   We'll have more fourth-quarter earnings releases on Wednesday from Houston, including Dynegy and Halliburton.  Watch for Kerr-McGee earnings from ENL Headquarters as well.   West Coast Correspondent Kym McNicholas will have more on a new California Senate Resolution sponsored by Senator Steve Peace.  The resolution praises Federal Energy Regulatory Commission Chairman Pat Wood, and at the same time, shows displeasure with previous FERC boards.    Closing Prices for Tuesday, Jan. 22, 2002    Crude: $18.34/bbl +$0.34   Unleaded: $0.5479/gallon +$0.0087   Heating Oil: $0.5141/gallon $0.000   Gas: $2.106/mmBtu -$0.130   Fwd uE(Feb.): $3.55/mmBtu -$0.04   Keep in mind things are subject to change at a moment's notice. Occasionally guests have to reschedule or change time slots.  We'll continue to do our best to keep you updated on future interviews and events.     Be sure to watch our newscasts every business day - 9 a.m. to 5 p.m. ET, at the top of each hour.

	 	Jay Rickerts, EnergyNewsLive.com Anchor  View today's Energy Wrap Video Windows Media Player: 56K  | 100K  | 300K  Real Player: 56K  | 100K  | 300K  (Requires Windows Media Player or Real Player )   Experience all that Williams Energy News Live has to offer!   If you are receiving this letter for the first time and wish to continue, subscribe now    To stop receiving this letter, unsubscribe now    If you are having trouble receiving this e-mail, please let us know  or  call (800) WILLIAMS (800-945-5426) weekdays, 7am-7pm CST.    Comments? Suggestions? Let us  know  or  call (800) WILLIAMS (800-945-5426) weekdays, 7am-7pm CST.    Copyright 2001 Williams Energy News Live, LLC. All  Rights Reserved.


Continental???

From: Tana Jones on 09/06/2000 16:30
To: Dave Samuels/HOU/ECT@ECT, Julie Ferrara/HOU/ECT@ECT, Rahil
Jafry/HOU/ECT@ECT, Bob Shults/HOU/ECT@ECT, Louise Kitchen/HOU/ECT@ECT, David
Forster/Corp/Enron@Enron, Michael Danielson/HOU/ECT@ECT, Kal
Shah/HOU/ECT@ECT, Daniel Diamond/HOU/ECT@ECT
cc: Mark Taylor/HOU/ECT@ECT

Subject: IMPORTANT-please read

I just spoke to Mark Taylor and he has requested that we be more specific
about the nature of the project we are working on in our confidentiality
agreements.  On a going forward basis can you please provide that information
along with the other info you give me.  Thanks!

I will be out of the office Monday and Tuesday.  If you have a RUSH
Confidentiality Agreement that can't wait until Wednesday, call Mark Taylor
at x37459 and he will find someone else in our Group to prepare it.

Louise, don't worry about Continental.  Mark is working on getting it signed
in my absence!


12/6/01: Lord, how excellent is Your name in all the earth! You are so incredibly good to Mr. Lay!! Look at what you gave us today!!! Colossians and 1 Thessalonians. What an encourager You are Lord!! Who can know You!!!??? Your ways are certainly NOT our ways! Thank you, Jesus!!!
Ok, Lord, this is what is in my heart today for them.
Lord, just like you gave Noah a rainbow (from the throne room of God, by the way!)-I am asking You to give them an assurance that this kind of disciplining will not happen again. Yes, Lord, they need to trust in You. I know that but every time the stock goes down they will panic. So, I guess first of all, they need grace to put their trust in YOU but remembering that we are dumb sheep, please do something in their hearts to not go into panic every time the stock goes nuts. I guess what I am asking is for You to supernaturally restore confidence in the leadership of Enron. Give them supernatural favor in the hearts of the people. BUT You must also command Your Word in the hearts of the leadership. Let them NEVER get into this kind of mess again.
You tell us to look well to the state of our flocks (Prov 27:23 Be thou diligent to know the state of thy flocks, and look well to thy herds.)
Thank you, Lord, that YOU bear such wonderful witness of your child, Ken Lay. Make him see that Your heart is so good towards him. Make him see, Lord. We need to know that our Father is on our side. We come into agreement with you that YOU ALONE are GOD. AND we ask your forgiveness for our being seduced by "foreign gods" (things of this world since we are children of the KINGDOM OF GOD) and THANK YOU SO MUCH FOR YOUR GRACE!!!!!!!!!
We love you, Jesus. We love you so. Thank you that you delight in us! How can this be? You say so in Your Word. For the first time, I really do want to get there soon! Why would I hang onto the things of this world when I can experience Your Love FOREVER! You will make us blush with Your gaze of love upon us. Oh God, give us MORE of the Holy Spirit that we may bear MUCH FRUIT!!!
Back to requests, Lord, give Mr. Lay (and those he delegates authority to) supernatural discernment so that they may "hear the abundance of rain"!!! I LOVE THAT VERSE, LORD!!!
Thank you that you are more powerful and that we DO NOT need to FEAR ANYTHING! If God is for us, who can be against us!!! AMEN and AMEN!!
Oh, by the way, Lord. Thank you for showing how You are gathering your "scattered sheep" you showed us yesterday! Enron field!!! Thank you, Lord. Lord, don't let that name die-ok? It is good. Restore it! Rebuild on the wastes like you talk about in Isaiah!
Still another thing. Thank you that you truly are about GRACE. Give us supernatural understanding of that. In Jesus name, our mighty warrior! Prince of Peace, Lord of Lords!
Lynda Phinney
The Joy of the Lord is my strength...
713-215-3520
lynda.l.phinney@williams.com


Enron May Issue More Stock to Cover Obligations
The Wall Street Journal, 10/24/01
Enron Tries To Dismiss Finance Doubts
The New York Times, 10/24/01
Surge in Optimism Prompts Straddles In Enron and Cisco
The Wall Street Journal, 10/24/01
Lay tries to assure Enron investors
Houston Chronicle, 10/24/01
OBSERVER - Busy signal.
Financial Times (U.K. edition), 10/24/01
USA: Enron mulls ways to cover portfolio shortfalls-WSJ.
Reuters English News Service, 10/24/01
Enron May Issue More Stock to Cover Obligations
Dow Jones Business News, 10/24/01
IN BRIEF / ENERGY Enron Asks Citigroup for $750-Million Loan
Los Angeles Times, 10/24/01
United States
The Globe and Mail, 10/24/01
Everest Re, St. Paul and Providian Drop, but Markets Stay Resilient
The Wall Street Journal, 10/24/01
U.S. Energy Giant Weighs a Move To Pull Out of India
The Asian Wall Street Journal, 10/24/01
UK: LNG delays could spawn shipping crisis - analysts.
Reuters English News Service, 10/24/01
INDIA PRESS:British Gas Seeks ONGC Deal For Field Control
Dow Jones International News, 10/24/01
BG Offers ONGC Brazilian Assets to Get Managing Rights in India
Bloomberg, 10/24/01

House stimulus bill would give billions to huge companies; Senate Democrats present alternative
Associated Press Newswires, 10/23/01
Wechsler Harwood Halebian & Feffer LLP Announces Class Periods
PR Newswire, 10/23/01
Stock Analysis/Call In
CNNfn: Markets Impact, 10/23/01

Economy
Enron May Issue More Stock to Cover Obligations
By Rebecca Smith and John R. Emshwiller
Staff Reporters of The Wall Street Journal

10/24/2001
The Wall Street Journal
A2
(Copyright (c) 2001, Dow Jones & Company, Inc.)

Enron Corp. might have to come up with several hundred million dollars or more during the next 20 months to cover potential shortfalls in investment vehicles it created. Covering such shortfalls could involve issuing additional Enron shares, diluting the position of current shareholders.
However, Enron Treasurer Ben Glisan said in an interview yesterday that the company believes it can repay about $3.3 billion in notes that were sold by those investment vehicles without having to resort to issuing more stock. The notes were sold to investors during recent years by several entities -- known as the Marlin Water Trust II, the Marlin Water Capital Corp. II, the Osprey Trust and Osprey I, Inc. The notes are coming due during the next 20 months.
Mr. Glisan said assets from the entities could be sold to pay off some of the notes. Also, Enron is selling other assets. Proceeds from those transactions also could go toward repaying the notes, which ultimately are guaranteed by Enron.
He said it appears that asset sales will raise at least $2.2 billion by the end of next year. This amount includes cash proceeds of $1.55 billion from the previously announced sale of Enron's Portland General Electric utility unit. Enron hopes to complete that sale by the end of 2002.
"There are a number of other assets we believe will raise sufficient proceeds" to repay the notes, Mr. Glisan said. "But if we are wrong, we will issue equity." Mr. Glisan said a worst-case scenario would involve issuing as much as $1 billion in stock. Enron said it has about 850 million shares outstanding.
Making up any shortfall with equity has become more expensive because of the drop in Enron's share price. In 4 p.m. New York Stock Exchange composite trading, Enron shares were down 86 cents to $19.79. The stock was once again one of the most actively traded with about 27 million shares changing hands. Early this year, Enron stock was more than $80 a share.
During the past week, shares of the energy-trading giant have dropped more than 40%. Early last week, Enron reported a $618 million third-quarter loss, resulting from $1.01 billion in write-offs. The company also disclosed a $1.2 billion reduction in shareholder equity for the quarter as a result of terminating certain transactions related to a partnership that for a time was headed by Enron Chief Financial Officer Andrew S. Fastow. In July, Mr. Fastow ended his connection to the partnership in the face of growing concerns by analysts and major investors. On Monday, Enron disclosed that the Securities and Exchange Commission was looking into the transactions related to Mr. Fastow. Enron has said its dealings with the partnership were proper.
The turmoil of the past several days prompted Enron to schedule a conference call yesterday morning with Wall Street analysts and others in an effort to reassure investors. Enron Chairman and Chief Executive Kenneth Lay said while "we are extremely disappointed with our stock price . . . our businesses are performing very well." Mr. Lay and other executives said Enron has adequate liquidity to meet its needs.
Mr. Fastow, the chief financial officer, took part in the conference call. But neither he nor Mr. Lay would answer any questions concerning the Fastow-related partnership, which was known as LJM2 Co-Investment LP. Mr. Lay said the SEC was in the midst of an inquiry concerning that partnership arrangement, which has raised conflict-of-interest questions among analysts and others. Mr. Lay cited shareholder suits filed recently as another reason not to discuss the partnership questions. Mr. Lay said he was "very concerned about the way Andy's character has been loosely tossed about." He added "we continue to have the highest faith and confidence in Andy."
Internal LJM2 documents indicate that Mr. Fastow and perhaps a handful of fellow Enron officials made millions of dollars in management fees and capital increases from running the partnership. Billions of dollars of Enron assets and stock were involved in LJM2-related transactions, according to Enron SEC filings.
During the conference call, analysts -- even some who have been longtime Enron fans -- challenged executives about the Fastow partnership arrangement and the company's often opaque financial reports. "There's the appearance you are hiding something," said Goldman Sachs analyst David Fleischer. "You need to do everything in your power to demonstrate to investors that your dealings are above board."
Mr. Lay responded, "We're trying to be as transparent as we can."

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

Business/Financial Desk; Section C
Enron Tries To Dismiss Finance Doubts
By FLOYD NORRIS

10/24/2001
The New York Times
Page 1, Column 5
c. 2001 New York Times Company

Enron has ample access to cash, the company's chief executive said yesterday as he assured investors that there was no need for additional write-offs stemming from unusual financing activities.
In a conference call with investors that was hastily scheduled after Enron's stock plunged on Monday, the chief executive, Kenneth W. Lay, strongly defended the company's chief financial officer and said there was no conflict of interest involved in transactions that the Securities and Exchange Commission was looking into.
But he refused to go into detail on the transaction that Enron made with partnerships run by Andrew S. Fastow, the chief financial officer. In addition, Mr. Fastow, while declaring that Enron ''expects to continue to have sufficient liquidity to meet normal obligations,'' declined to answer any questions about it.
The conference call, which began just as trading opened on the New York Stock Exchange, at first seemed to be reassuring investors. Within minutes of the beginning of the call, the share price rallied to $23.25. But it soon began falling, and ended the day down 86 cents, at $19.79. The day's low of $19.62 was the lowest since Jan. 12, 1998, and was down 78 percent from the high set by the stock in the summer of 2000.
Until recently, most investors focused on the company's reported operating earnings, which showed good results as it became a leading player in energy markets. But the focus has shifted to a series of transactions, some involving off-balance-sheet financing. One, involving partnerships controlled by Mr. Fastow, led to a $1.2 billion reduction in shareholder equity that raised concern last week and led to S.E.C. inquiries that the company disclosed on Monday.
One of the company's strongest supporters has been David Fleischer, an analyst at Goldman, Sachs. But he told Mr. Lay on the call yesterday that Enron had to be more forthcoming with information. ''There is an appearance that you are hiding something,'' he said.
After the call, Mr. Fleischer expressed disappointment. ''They've engaged in a number of transactions that one wonders about, and that are hard to understand,'' he said in an interview. ''They have not been as forthcoming in explaining them'' as is needed, he said. But he said he was still recommending the stock. ''I don't think accountants and auditors would have allowed total shenanigans,'' he said. ''In the absence of total shenanigans going on at this company, there is tremendous value here.''
Mr. Lay cited the S.E.C. inquiries as a reason for not discussing details on the transactions involving the partnerships that were controlled by Mr. Fastow. But he emphasized that both he and the company's board ''continue to have the highest faith and confidence in Andy.''
Mr. Lay said that auditors from Arthur Andersen had carefully reviewed Enron's reporting in conjunction with another off-balance-sheet vehicle, called Marlin. That company owns one-third of Azurix, an Enron subsidiary that owns Wessex, a British water utility. The auditors ''have determined there is no write-down required,'' he said under questioning by Richard Grubman of Highfields Capital Management, a money management firm.
Mr. Grubman said that Marlin owed almost $1 billion on debt that was guaranteed by Enron but had no assets other than the Azurix stake. Noting that Enron had paid about $300 million to buy a third of Azurix from public shareholders and had since taken write-downs on its investment in Azurix, Mr. Grubman asked why the company was not setting up reserves to cover its exposure on that debt, which under a complicated arrangement could end up being satisfied through the issuance of Enron shares.
Mr. Lay said that no action was needed but declined to address details. Eventually he cut off Mr. Grubman. ''I know you're trying to drive the stock price down, and you've done a pretty good job of it,'' Mr. Lay said. ''But let's move on to the next question.''
Mr. Fastow said the company was having no problem issuing commercial paper and had $1.85 billion in such debt outstanding. He said it was backed by $3.35 billion in bank lines of credit, of which $1.75 billion will expire next May if it is not renewed.
Mr. Lay said he was sorry about ''the misunderstanding'' that resulted when his brief mention of the $1.2 billion reduction in shareholder equity in a conference call last week was not noticed by some analysts. That reduction would have been apparent if the company had released its balance sheet with the earnings report, but it did not. He said the company would consider releasing balance sheets with earnings reports in the future, but made no promises.
The large reduction in shareholder equity did not affect reported earnings, and so was not in the earnings release. But it raised concerns that some of the sophisticated financing techniques used by the company might be effectively keeping losses off the earnings statement. The S.E.C. is expected to look into whether the accounting for that transaction was correct.
After one questioner on the call said it would be easier to understand Enron if it released financial statements for the special purpose vehicles that were set up to enter into such transactions as Marlin, Mr. Lay said the company ''will look into providing'' such statements.

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

Options Report
Surge in Optimism Prompts Straddles In Enron and Cisco
By Kopin Tan
Dow Jones Newswires

10/24/2001
The Wall Street Journal
C14
(Copyright (c) 2001, Dow Jones & Company, Inc.)

NEW YORK -- Bullish calls traded heavily early as investors, encouraged by the ability of stocks to shrug off anthrax scares, bought calls to replace stock holdings and to ride any rallies.
At one point, the ratio of equity calls traded to puts at the Chicago Board Options Exchange fell to 0.28, compared with 0.68 Friday and Monday's three-month closing low of 0.42.
The surge of optimism -- also evident in the CBOE market-volatility index, or VIX -- prompted traders to begin covering the downside, just as the widely watched stock indexes began to retreat. Contrarians believe the CBOE equity put/call ratio sends a bearish signal when it is below 0.40. By the session's end, the ratio was at 0.49.
Buyers drove robust call trading in Cisco Systems, a maker of Internet switching equipment, and the implied volatility also rose, noted a trader at Letco, the CBOE specialist for Cisco options. One investor bought thousands of January 20 calls, paying about $115 a contract for the right to buy 100 shares of the stock at $20 a share until mid-January. At 4 p.m. in Nasdaq Stock Market trading, Cisco was down 42 cents at $16.41. The January 20 calls fell 10 cents to 90 cents on CBOE volume of 27,048 contracts, while 6,861 contracts traded at the Pacific Exchange.
The implied volatility of Enron's near-month options remains high, even as the energy concern's executives sought to calm investors and address their concerns, following news that the Securities and Exchange Commission is looking at the Houston company.
The volatility spike makes Enron a viable candidate for investors looking to sell straddles -- selling calls and puts with the same strike price and expiration. In particular, Enron's at-the-money January 20 straddles offer rich premiums, said Lillian Seidman of the Seidman/Skupp options team at Miller Tabak & Co., of New York. With Enron down 86 cents at $19.79 in New York Stock Exchange composite trading, selling January 20 straddles would earn an investor about $750 a straddle -- a rich premium that could offset the cost of buying stock.
To be sure, selling straddles can be risky and the losses significant if the stock, which already had fallen about 38% in a week, makes a big move in either direction before the straddles expire. Investors typically buy straddles if they expect a big move in the underlying stock, while sellers pocket premium and hope the stock remains in a tight trading range.

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

Oct. 24, 2001, 12:05AM
Houston Chronicle
Lay tries to assure Enron investors
Company's credibility questioned
By LAURA GOLDBERG
Copyright 2001 Houston Chronicle
Enron had safeguards in place to protect shareholder interests while its chief financial officer ran two investment partnerships that did business with Enron, the company's chief executive officer said Tuesday.
The Houston-based energy trader has been caught in a storm of criticism over Chief Financial Officer Andrew Fastow's former role with two partnerships, LJM Cayman and LJM2 Co-Investment, that entered into complex financing and hedging arrangements with Enron.
Enron disclosed Monday that the Securities and Exchange Commission opened an "informal inquiry" into transactions between Enron and the two partnerships.
It declined to say if the SEC is looking into other transactions.
After the disclosure, Enron's stock fell almost 21 percent Monday. Tuesday it dropped another 86 cents to close at $19.79.
The news brought to the forefront ongoing complaints from some on Wall Street that some of Enron's financial mechanisms are difficult to understand and that Enron doesn't provide detailed enough financial data about its performance.
Tuesday morning, Enron Chairman and CEO Ken Lay held a conference call for investors and analysts, aimed at addressing their concerns.
It remains to be seen whether he succeeded, but based on the tenor of questions during the call, it's doubtful he achieved that result.
David Fleischer, a Goldman Sachs analyst, told Lay that the company's credibility was being severely questioned and called on him to do everything in his power to explain to investors that Enron's dealings are aboveboard.
"I, for one, find the disclosure is not complete enough for me to understand and explain all the intricacies of all those transactions," he said.
Lay told callers he was limited in speaking about the LJM partnerships because of the SEC inquiry.
He did say Enron was aware an "inherent conflict of interest" would result from its chief financial officer running investment partnerships doing business with Enron.
In response, Enron set up procedures, which Lay said were rigorously followed, to ensure shareholder interests wouldn't be compromised.
"There was a Chinese Wall between LJM and Enron," he said, adding that Enron wasn't obligated to do deals with the LJM entities and did so when it was in Enron's best interest.
Lay and Enron's board continue to have the "highest faith and confidence" in Fastow, he added.
Fastow resigned his roles with the LJM entities in June after criticism from Wall Street.
Enron ended its financial relationships with the partnerships.
It took a $35 million charge in the third quarter and reduced shareholders' equity by $1.2 billion as a result.
During the call Enron executives also addressed other issues.
They stressed that Enron expects to continue having sufficient liquidity to carry out normal operations and took questions about two financing vehicles, Whitewing and the Atlantic Water Trust, that it set up so it could invest in certain assets without issuing debt or Enron shares at the time of the investments.
If Enron should lose its current investment-grade quality debt rating, commitments made as part of those financing vehicles could trigger steps that would cause the value of Enron's current outstanding shares to become diluted.
Jeff Dietert, an analyst with Simmons & Co. International in Houston who follows Enron, was among those on the call. He said afterward he received some new information about Enron's lines of credit.
"I had hoped to get a little bit more out of the call," he said.

OBSERVER - Busy signal.

10/24/2001
Financial Times (U.K. edition)
(c) 2001 Financial Times Limited . All Rights Reserved

Busy signal
Enron should know plenty about bandwidth.
Through Enron Broadband Services, the giant energy company boasts about "developing an open and efficient market for bandwidth that provides liquidity, reliability, price transparency and guaranteed service levels".
But there were no guarantees about service levels yesterday, when Enron held a conference call to "address investor concerns" about its financial dealings.
Despite the bandwidth expertise, the call - the first time that Andrew Fastow, chief financial officer, has faced questions about the transactions from analysts - was available to just 300 lucky telephone diallers. A live webcast of the call was accessible on Enron's website, but without the chance to grill Enron brass.
Those investors and journalists who did make it through (some waited 20 minutes for their place at the party; others found their lines dropped mid-stream) heard volatile exchanges between analysts and company executives. An analyst chided for his part in lowering the company's share price was told by Ken Lay, Enron's chairman, that his question quota was up and it was time to move on.
(c) Copyright Financial Times Ltd. All rights reserved.
http://www.ft.com.

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

USA: Enron mulls ways to cover portfolio shortfalls-WSJ.

10/24/2001
Reuters English News Service
(C) Reuters Limited 2001.

NEW YORK, Oct 24 (Reuters) - Enron Corp. Treasurer Ben Glisan said the company thinks it can repay about $3.3 billion in notes sold by investment vehicles it created without having to issue more stock, the Wall Street Journal reported in its online edition on Wednesday.
Enron may need to come up with funds to cover potential shortfalls in those investment vehicles, which could involve issuing additional shares, thereby diluting the position of current shareholders, the report said.
The report, which cites a Tuesday interview with Glisan, said the notes were sold to investors during recent years by several entities and are coming due during the next 20 months. The entities are known as the Marlin Water Trust II, the Marlin Water Capital Corp. II, the Osprey Trust and Osprey I Inc, the report said.
According to the report, Glisan said assets from those entities could be sold to pay off some of the notes. Enron is selling other assets, the report said. According to the newspaper, proceeds from those sales could go toward repaying the notes, which are ultimately guaranteed by Enron.
Glisan, according to the report, said it looks like asset sales will raise at least $2.2 billion by the end of 2002.
"There are a number of other assets we believe will raise sufficient proceeds" to repay the notes, Glisan said, according to the report. "But if we are wrong, we will issue equity."
According to the report, Glisan said a worst-case scenario would involve issuing as much as $1 billion in stock.
Enron held a conference call on Tuesday, seeking to assuage investor concerns after U.S. regulators said they were looking into transactions involving the company's chief financial officer and its stock shed more than $10 billion in value over the past week.
Enron said on the call it can tap $3.35 billion from a credit line, suggesting it has enough liquidity to operate its core trading and marketing business, which can experience wide swings in cash flow, depending on commodity prices and market hedges.

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

Enron May Issue More Stock to Cover Obligations

10/24/2001
Dow Jones Business News
(Copyright (c) 2001, Dow Jones & Company, Inc.)

Enron Corp. might have to come up with several hundred million dollars or more during the next 20 months to cover potential shortfalls in investment vehicles it created, Wednesday's Wall Street Journal reported.
Covering such shortfalls could involve issuing additional Enron (ENE) shares, diluting the position of current shareholders.
However, Enron Treasurer Ben Glisan said in an interview yesterday that the company believes it can repay about $3.3 billion in notes that were sold by those investment vehicles without having to resort to issuing more stock. The notes were sold to investors during recent years by several entities -- known as the Marlin Water Trust II, the Marlin Water Capital Corp. II, the Osprey Trust and Osprey I, Inc. The notes are coming due during the next 20 months.
Mr. Glisan said assets from the entities could be sold to pay off some of the notes. Also, Enron is selling other assets. Proceeds from those transactions also could go toward repaying the notes, which ultimately are guaranteed by Enron.
He said it appears that asset sales will raise at least $2.2 billion by the end of next year. This amount includes cash proceeds of $1.55 billion from the previously announced sale of Enron's Portland General Electric utility unit. Enron hopes to complete that sale by the end of 2002.
"There are a number of other assets we believe will raise sufficient proceeds" to repay the notes, Mr. Glisan said. "But if we are wrong, we will issue equity." Mr. Glisan said a worst-case scenario would involve issuing as much as $1 billion in stock. Enron said it has about 850 million shares outstanding.
Making up any shortfall with equity has become more expensive because of the drop in Enron's share price. In 4 p.m. New York Stock Exchange composite trading, Enron shares were down 86 cents to $19.79. The stock was once again one of the most actively traded with about 27 million shares changing hands. Early this year, Enron stock was more than $80 a share.
Copyright (c) 2001 Dow Jones & Company, Inc.
All Rights Reserved.

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

Business; Financial Desk
IN BRIEF / ENERGY Enron Asks Citigroup for $750-Million Loan
Bloomberg News

10/24/2001
Los Angeles Times
Home Edition
C-2
Copyright 2001 / The Times Mirror Company

Enron Corp., the biggest energy trader, has asked Citigroup Inc. to arrange a $750-million loan, ensuring access to credit if the beleaguered company is cut off from money markets, say people familiar with the matter.
Enron's shares and bonds plunged after the firm said the Securities and Exchange Commission was probing its finances.
The Houston-based business, whose stock has fallen 75% this year amid concerns about failed investments, depends on a $3-billion commercial paper, or short-term debt, program to finance day-to-day operations.
As a second-tier commercial paper borrower, any ratings drop may cut off Enron from the commercial paper market and raise costs of short-term debt.
Enron shares dropped 86 cents to close at $19.79 on the New York Stock Exchange.

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

Report on Business: The Wall Street Journal
What's News
United States
Wall Street Journal

10/24/2001
The Globe and Mail
Metro
B9
"All material Copyright (c) Bell Globemedia Publishing Inc. and its licensors. All rights reserved."

Enron Corp. might have to come up with several hundred million dollars over the next 18 months to cover potential shortfalls in investment vehicles it created, treasurer Ben Glisan said. The possible shortfall related to about $3.2-billion (U.S.) in notes that related entities sold to investors since 1999, he said. Proceeds from those notes were invested in various Enron assets. Mr. Glisan said those notes come due over the next 18 months and Enron still hopes to sell enough assets to fully repay the notes. However, making up any shortfall with funds raised by selling stock has become more expensive as Enron's share price has plunged. Over the past week, shares of the energy trading giant have fallen more than 40 per cent.

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

Abreast of the Market
Everest Re, St. Paul and Providian Drop, but Markets Stay Resilient
By Robert O'Brien
Dow Jones Newswires

10/24/2001
The Wall Street Journal
C2
(Copyright (c) 2001, Dow Jones & Company, Inc.)

NEW YORK -- Stocks ended only slightly lower as the recently resilient market largely withstood the effects of dismal corporate profit statements.
Shares of drug maker Pharmacia fell $4.37, or 13%, to $38.39, after the company issued third-quarter results that topped Wall Street's forecasts, but also issued 2002 profit projections that left some analysts disappointed.
In fact, several drug companies saw their stock prices fall as investors responded to their quarterly profit statements. Shares of Bristol-Myers Squibb, for example, gave up 1.68, or 2.8%, to 58.02, American Home Products lost 1.40, or 2.3%, to 58.90, and Schering-Plough eased 74 cents, or 1.9%, to 38.17.
Shares of several insurance and reinsurance providers also pulled back in reaction to profit statements, with Everest Re falling 6.40, or 8.4%, to 69.50, and St. Paul dropping 93 cents, or 1.9%, to 49.25.
Power utility Exelon, Chicago, was set back 3.42, or 7.7%, to 41.08, after its third-quarter results topped forecasts, but drew critical comments from several analysts.
Nevertheless, even with the grim earnings outlook, investors showed continued reluctance to throw in the towel.
"Institutional investors are busy trying to gauge the sentiment in the market," Richard Cripps, market strategist at Legg Mason, said. "Their fear is that the market makes a four or five percent upside run very quickly, which is eminently possible, and they can't afford to miss it."
Some seasonal factors also have played a role in supporting stock prices recently. For many mutual funds, for example, their fiscal year concludes at the end of October. Some are doing what is called window dressing -- buying stocks that their investment disciplines say should be in their portfolio -- while others need to boost their overall exposure to the equities market.
Whatever the reason, the market has been making some big moves when prices have risen, and modest moves when they have declined. The Dow Jones Industrial Average, which ran up 172.92 points Monday, declined 36.95 points yesterday, a loss of 0.39%, to 9340.08.
The Nasdaq Composite Index declined 3.64 points, or 0.21%, to 1704.44. Volume levels showed some improvement over Monday's rather sluggish pace.
Investors haven't completely rolled over. In a handful of the situations in which their ire has been raised, they have lashed those stocks repeatedly. Shares of SBC Communications, one of Monday's disappointments, got punished again, falling 2.62, or 6.3%, to 38.78, and fell back in range of a 52-week low of 38.20, set June 26.
Consumer lender Providian Financial got sent to a fresh 52-week low, off 41 cents, or 8.3%, to 4.55. Enron, which has fallen on concerns about conflicts of interest in dealings among the company, a power marketer, and partnerships that were set up and run by its chief financial officer, dropped an additional 86 cents, or 4.2%, to 19.79, hitting a 52-week low intraday.
There were some winning profit statements. Shares of CSX, for example, rose 2.45, or 7.5%, to 35.19, after the Richmond, Va., rail-freight concern reported third-quarter earnings that, while they fell short of year-ago performance, nevertheless managed to top Wall Street's forecasts.
Vitesse Semiconductor (Nasdaq), a Camarillo, Calif., maker of integrated circuits used in high-bandwidth communications networks, added 43 cents, or 4.5%, to 9.99, even though the company's losses for its fiscal fourth quarter proved sharper than expected.
NetIQ (Nasdaq) dropped 4.23, or 14%, to 26.17, even though the Santa Clara, Calif., developer of networking software posted fiscal first-quarter results late Monday that topped what analysts had been looking for.
Chartered Semiconductor (Nasdaq) advanced 40 cents, or 2.1%, to 19.10. The Singapore chip foundry reported third-quarter results that showed a loss for the period, but nevertheless proved to be a little more encouraging than analysts had projected.
Shares of several cable-television operators moved higher. Charter Communications added 59 cents, or 4.5%, to 13.62, Comcast gained 40 cents, or 1.1%, to 36.82, and Cox Communications rose 44 cents, or 1.1%, to 40.15. Thomas Weisel Partners said that cable operators should benefit from SBC Communications' decision, revealed Monday with its quarterly results, to scale back the growth of its digital subscriber line service offering.
EarthLink (Nasdaq) slid 2.51, or 14%, to 14.85. The Atlanta Internet service provider issued stronger-than-expected third-quarter results, but also signaled that its customer growth had slowed.
AT&T Wireless increased 1.26, or 9.7%, to 14.20. The Redmond, Wash., provider of wireless communications services reported third-quarter results that topped what analysts had been looking for.
Several steelmakers moved higher following a ruling late Monday by the U.S. Trade Commission, which said it determined that domestic steelmakers have been significantly harmed by cheap imports; the ruling could lead to the erection of barriers limiting steel imports. USX-U.S. Steel Group gained 28 cents, or 1.9%, to 15.02, Nucor rose 1.05, or 2.5%, to 42.87, and AK Steel improved 41 cents, or 4.6%, to 9.31.
McKesson advanced 1.56, or 4.2%, to 38.95. The San Francisco drug distributor and health-care information technology provider posted stronger-than-expected fiscal second-quarter results.
Watson Pharmaceuticals fell 3.05, or 6%, to 48.11. UBS Warburg reduced its rating on the Corona, Calif., drug maker, and lowered its earnings projections for the company.
Furniture Brands dropped 2.04, or 8.9%, to 20.96. UBS Warburg cut its rating on the St. Louis furniture manufacturer, saying it believes the company has lost market share to rival manufacturers.

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

International News
U.S. Energy Giant Weighs a Move To Pull Out of India
Associated Press

10/24/2001
The Asian Wall Street Journal
9
(Copyright (c) 2001, Dow Jones & Company, Inc.)

NEW DELHI -- Following Enron Corp. U.S. energy company AES Corp. has turned to the Indian prime minister for help in settling its grievances with a state government.
In a letter to Atal Bihari Vajpayee, AES Corp.'s President Dennis W. Bakke said his company's determination to continue in India is being tested by the government of eastern Orissa state.
A copy of the letter, dated Oct. 1, was made available to the Associated Press.
AES operates two power plants in Orissa, holds 49% of the Orissa Power Generation Corp. and manages the main power distribution company in the state.
AES and Enron are the only major American power companies to make big investments in India since the government allowed foreign investment in the sector in the early 1990s.
In his letter, Mr. Bakke drew Mr. Vajpayee's attention to the "expropriation, repeated contract violations, intimidation . . . and direct interference with day-to-day management" by the state government and its agencies.

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

UK: LNG delays could spawn shipping crisis - analysts.
By Pete Harrison

10/24/2001
Reuters English News Service
(C) Reuters Limited 2001.

LONDON, Oct 24 (Reuters) - The transport chain supporting the global LNG industry will be finely poised in coming years between profitability and a crisis of oversupply if projects miss their deadlines, shipping analysts warn.
More LNG tankers than ever before are being constructed in the shipyards of the Far East, many of them ordered speculatively against anticipated demand, which might emerge later than scheduled.
"The issue is timing," Jarle Sjo, shipping equity analyst at Oslo-based investment bank First Securities told Reuters.
"Historically, LNG projects have been delayed - you can estimate at about six months - and if that happens it will probably get ugly in the short term," he added.
The world fleet of LNG tankers currently numbers 123, but will have swollen by about 37 percent by the end of 2004, according to shipping database Fairplay.
Gas industry analysts expect some LNG projects to be delayed as a result of the economic downturn, excess capacity at existing plants in Asia and a sharp fall in U.S. natural gas prices this year.
Svein Erik Amundsen, Managing Director of Norwegian shipping group Bergesen, said that a sustained economic downturn could have "consequences."
"I wouldn't be surprised by project delays," he told Reuters. "This could result in some tonnage coming out of the yards without immediate employment."
"I think you can say we're still optimistic, but more cautiously optimistic than before," he added. Bergesen has three new LNG ships on order, two of which have already been contracted out to Belgian gas distributor Distrigas.
STOP AND THINK
The world's largest and only pure LNG shipping player, Golar LNG, historically bullish in its outlook, has also been forced to stop and consider the problem.
Golar has six ships locked into long-term contracts, but four more are under construction at South Korea's Daewoo and Hyundai yards and do not yet have firm future employment.
"There is a reasonable balance between the production coming onstream and the amount of ships ordered," Golar Executive VP Sveinung Stohle told Reuters, "The only risk is things might be delayed."
Stohle said that contracting out the new ships remained an option, but it was also developing an LNG trading arm, which might have a use for some of them.
Golar's closest competitor in terms of size, Exmar, is taking a more traditional approach. It has six ships on order and said it would leave as little as possible to chance.
"We've chartered out all of them except the Samsung ship, which is under offer for the (Qatari) RasGas tender," Managing Director Nicolas Saverys told Reuters. Four are booked out to El Paso and one to Enron.
He said that until all the upcoming projects had their Supply Production Agreements in place, it would be too risky for companies to place fresh ship orders.
"It's a good time to wait," said Saverys.

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

INDIA PRESS:British Gas Seeks ONGC Deal For Field Control

10/24/2001
Dow Jones International News
(Copyright (c) 2001, Dow Jones & Company, Inc.)

NEW DELHI -(Dow Jones)- British Gas has offered India's Oil & Natural Gas Corp. (P.ONG) equity in its exploration acreage in Brazil and a cash settlement in lieu of operatorship of the Tapti Panna and Mukta oil fields, the Economic Times reported Wednesday.
ONGC and Reliance Industries Ltd. (P.REL) are claiming operatorship of the Tapti Panna and Mukta oil fields following Enron Oil & Gas India Ltd.'s 30% stake sale to BG, according to the report.
State-owned ONGC holds a 40% stake in the Panna-Mukta and Tapti fields and Reliance owns 30%.
The Enron Oil & Gas stake sale will fall through if BG isn't given the operatorship of the oil fields, Nigel Shaw, vice president of BG India said in the report.
Shaw said the equity partners are in discussions on the issue of operatorship, the report said.
British Gas is a unit of BG Group PLC (BRG). Enron Oil & Gas is a unit of Enron Corp. (ENE).

Newspaper Web site: http://www.economictimes.com

-By Dow Jones Newswires; 91-11-461-9426; ruchira.singh@dowjones.com

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

BG Offers ONGC Brazilian Assets to Get Managing Rights in India
2001-10-24 01:12 (New York)

     Mumbai, Oct. 24 (Bloomberg) -- BG Group Plc has offered Oil &
Natural Gas Corp. a stake in exploration projects in Brazil if
India's biggest oil producer allows BG to run the oil fields it
bought from Enron Corp. in India, the Economic Times reported,
without citing any officials.

     BG's purchase of Enron's 30 percent stake in the three oil
and gas areas in India is contingent on winning the right to
manage the developments. Reliance and ONGC, which together own 70
percent of the exploration venture, have both claimed rights to
run the oil and gas fields.

     BG has asked ONGC to waive its right to decide the operator
after Enron quits in return for a stake in its oil and gas sites
in Brazil, the paper said. It didn't give details on the Brazilian
interests BG may offer ONGC. BG has set Oct. 31 as a deadline to
resolve the ownership dispute, the paper said.

     The purchase from Enron would give BG a 30 percent stake in
the Tapti and Panna-Mukta oil and gas fields, as well as 63
percent of an untapped deposit on the west coast of India. The
assets hold more than 170 million barrels of oil and gas.

     Before agreeing with BG, Enron rejected bids from its Indian
partners, ONGC and Reliance, as well as from the nation's biggest
refiner, Indian Oil Corp.

House stimulus bill would give billions to huge companies; Senate Democrats present alternative
By CURT ANDERSON
AP Tax Writer

10/23/2001
Associated Press Newswires
Copyright 2001. The Associated Press. All Rights Reserved.

WASHINGTON (AP) - General Motors, IBM and Kmart are among corporations that would receive billions of dollars in tax refunds under a $100 billion House Republican economic stimulus package. Democrats say it is far too generous to companies and does too little for individuals.
Seven companies would get a total of $3.3 billion in refunds of alternative minimum taxes they paid as far back as 1986. The tax, which the House legislation also would repeal outright, is intended to ensure a basic minimum income tax is paid by companies and individuals that claim numerous deductions and credits.
IBM would get a $1.4 billion refund, according to the nonpartisan Congressional Research Service, while GM would get $832 million, Kmart $102 million and General Electric $671 million. Others specified for big refunds include energy giant Enron, at $254 million; U.S. Steel, $39 million; and grocery chain Kroger, $9 million.
In addition, the study found that Ford Motor Co. would get a refund that could total $2.3 billion, while Chevron's could reach $314 million.
Counting repeal of the tax, corporations would get more than $25 billion in tax relief from these minimum tax provisions in 2002 alone. In addition, the bill would make permanent a temporary tax break for financial services firms doing a lot of overseas business, providing them $21 billion in tax relief over 10 years.
The generous corporate tax breaks are among the most contentious items in the House GOP measure, scheduled for a floor vote Wednesday. Democrats say the measure is certain to change once it reaches the Senate; the Bush administration also has signaled that $100 billion is too costly.
"It's clear the House bill cannot pass the Senate as it is," said Sen. John Breaux, D-La.
For individuals, the House legislation includes a new round of tax rebate checks for workers who didn't get them this summer and a cut in the current 27 percent income tax rate to 25 percent in 2002, four years earlier than under the just-enacted tax cut. The measure also reduces capital gains rates from 20 percent to 18 percent for most taxpayers, enhances business equipment write-offs and allows companies to deduct current losses against taxes paid five years earlier.
The primary sponsor, Ways and Means Committee Chairman Bill Thomas, said in a newspaper opinion piece published Tuesday in USA Today that the legislation "is a shot of adrenaline" that will help restart the economy while not triggering inflation.
"Businesses generate jobs, and jobs are the core of a strong economy," wrote Thomas, R-Calif.
While bipartisan support backs some of the House items, Senate Democrats have been pushing for expanded unemployment benefits and help for workers who lose health insurance. Sen. Max Baucus, chairman of the Senate Finance Committee, presented a $70 billion proposal Tuesday that would extend unemployment benefits by 13 weeks, provide a 50 percent federal match for COBRA health insurance policies and allow more workers to qualify for Medicaid.
The legislation also includes rebate checks and some business items similar to the House bill but not the capital gains reduction or the alternative minimum tax relief. Tax cuts in the Baucus measure would total $35 billion in 2002, far below the House GOP level.
"This proposal appropriately responds to the sign of the times, helping this nation get back to work and recover quickly," said Baucus, D-Mont.
Other Democrats were working on spending programs. Senate Appropriations Committee Chairman Robert Byrd, D-W.Va., said he was putting together a $20 billion package that included hiring extra customs and border agents and food inspectors, augmented security at nuclear plants and purchase of more vaccines.
Sen. Charles Grassley, R-Iowa, said President Bush does not want the stimulus bill laden with additional spending.
"Everything in this package needs to be stimulative," Grassley said. "There needs to be more done on the investment side."
---
On the Net: House members: http://www.house.gov/house/MemberWWW.html

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

Wechsler Harwood Halebian & Feffer LLP Announces Class Periods

10/23/2001
PR Newswire
(Copyright (c) 2001, PR Newswire)

DQE, Inc. (DQE); Enron Corp. (ENE)
NEW YORK, Oct. 23 /PRNewswire/ -- Notice to persons who transacted in the following securities and respective class periods: CORPORATION CLASS PERIOD DUE DATE
DQE, Inc. 12/06/00-04/30/01 12/05/01
(NYSE: DQE)
Enron Corp. 01/18/00-10/17/01 12/21/01
(NYSE: ENE)
Wechsler Harwood Halebian & Feffer LLP ("Wechsler Harwood") (http://www.whhf.com) has been retained to investigate claims or filed class action complaints involving the securities of the above companies on behalf of investors.
Wechsler Harwood has extensive experience representing shareholders in class actions and has served as lead counsel on behalf of shareholders in many such actions. The reputation and expertise of this firm in shareholder and other class actions has repeatedly been recognized by the courts.
If you wish to discuss these actions, or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Wechsler Harwood Halebian & Feffer LLP, 488 Madison Avenue, New York, New York 10022, by calling toll free 877-935-7400 or by contacting: Patricia Guiteau
Wechsler Harwood Shareholder Relations Department; DQE, Inc.:
pguiteau@whhf.com or whhfus@yahoo.com.
Ramon Pinon, IV
Wechsler Harwood Shareholder Relations Department; Enron Corp.:
rpinoniv@whhf.com or whhfus@yahoo.com.
MAKE YOUR OPINION COUNT - Click Here
http://tbutton.prnewswire.com/prn/11690X72542557

/CONTACT: For DQE - Patricia Guiteau, pguiteau@whhf.com, or For Enron - Ramon Pinon, IV, rpinoniv@whhf.com, both of Wechsler Harwood Shareholder Relations Department, whhfus@yahoo.com/ 18:37 EDT
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.

Business
Stock Analysis/Call In
Bruce Francis, Kathleen Hays

10/23/2001
CNNfn: Markets Impact
(c) Copyright Federal Document Clearing House. All Rights Reserved.

KATHLEEN HAYS, CNNfn ANCHOR, MARKETS IMPACT: Both the Dow and the Nasdaq lost ground today after another big round of earnings news.
FRANCIS: Lets go to Keith in Alaska with a quick question for Don and Don let`s give us a zippy answer to.
LUSKIN: All right.
CALLER: Hey Don I like to know as far as Enron (URL: http://.www.enron.com/) is concerned, how representative of the energy sector is this because I`ve been watching as a small investor that`s kind of brand new, watching it just kind of plummet. So and I`m only investing a little bit every month in it but you think that`s pretty wise idea just kind of keep on doing small investments?
LUSKIN: Well as a general investing strategy yes but Enron is a special case where we have a company that`s in bad trouble. We had a CEO who basically left without explanation a couple of months ago, then yesterday the CFO has been accused of some pretty strange looking self dealing issues. We don`t know how that`s going to resolve but this is a company under a cloud so you might want to hold off on your buying program until that cloud lifts a little bit.
FRANCIS: All right Don, thank you very much; we appreciate it. Don Luskin.
LUSKIN: All right.

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


Yes, you have initialed and Carl Tricoli has signed.  I'll walk them over to
Marisa this morning (with the original Certificate of Incumbency) if you want
me to.  Or, on the other hand, I can Federal Express to Tremaine Wright if
you would rather.

Additionally, Marisa gave me a copy of the closing list highlighting things
we are responsible for (I'll take care of the Corporate stuff).  Also,
yesterday I sent her executed copies of the LLC Agreement and Consents that
are (or should be in) in the Minute Book for Merchant Energy Ventures.  I
think she will probably have to change some of the drafts of the corporate
docs she sent to us yesterday once she reads the LLC Agreement.

K-

 -----Original Message-----
From:  Mann, Kay
Sent: Thursday, May 31, 2001 5:21 PM
To: Carnahan, Kathleen
Subject: FW: ESCROW AGREEMENT

Have I signed this yet?
---------------------- Forwarded by Kay Mann/Corp/Enron on 05/31/2001 05:18
PM ---------------------------

"Reuter, Marisa" <MReuter@KSLAW.com> on 05/31/2001 04:12:56 PM
To: "'Kay.mann@enron.com'" <Kay.mann@enron.com>
cc: "Keffer, John" <JKeffer@KSLAW.com>

Subject: FW: ESCROW AGREEMENT

Kay:

The Escrow Agreement that is attached appears to be in final form and
contains all of the changes that we requested.  As a result, will you
overnight the sig pages and the incumbency certificate to Tremaine Wright?
If you prefer, you can courier the documents to my attention, and I can
coordinate getting them to Paul Hastings.  Tremaine needs 3 sig pages and 1
incumbency certificate.  Thanks.

Regards,

Marisa

-----Original Message-----
From: Wright, Tremaine S. [mailto:TremaineWright@paulhastings.com]
Sent: Thursday, May 31, 2001 3:53 PM
To: 'mreuter@kslaw.com'; 'estelle.a.lawrence@citi.com'
Subject: ESCROW AGREEMENT

"paulhastings.com" made the following annotations on 05/31/01 16:52:42
----------------------------------------------------------------------------
--
NEW E-MAIL ADDRESSES AT PAUL, HASTINGS, JANOFSKY & WALKER LLP

We have changed our e-mail address.  Our new domain name is
paulhastings.com.  In most cases, our address is composed of
conventional first name and last name plus @paulhastings.com.  Here are
two examples: janesmith@paulhastings.com and danjones@paulhastings.com.
If you have any questions, please contact us at noc@paulhastings.com.

============================================================================
==
"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 all computers."

============================================================================
==

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

Content-Transfer-Encoding: 7bit
To:
Subject:
Date: Thu, 31 May 2001 17:15:34 -0400
MIME-Version: 1.0
X-Mailer: Internet Mail Service (5.5.2653.19)
Content-Type: multipart/mixed ;
boundary="----_=_NextPart_002_01C0EA16.7657F5B0"

 - ATT43428.txt << File: ATT43428.txt >>
 - ATT43429.htm << File: ATT43429.htm >>
 - 757N05!.DOC << File: 757N05!.DOC >>


MCCARTY, DANNY J,

Attached below you will find the final Evaluation forms for your direct reports; these forms have been pre-populated with your employees' basic data. If you have already completed your employees' final Evaluations, you may disregard these forms.

When completing the Evaluation, carefully consider employee input, consolidated feedback and your observations of their performance and contribution, and encourage employee participation in the evaluation discussion. For many employees, this will be the only formal opportunity to discuss their performance with their supervisor.

Final Evaluations should be completed and returned to your HR representative by August 17 (July 31 for all those in Business Units reporting to Enron Europe) for employees in job groups below Vice President level.

If you have any questions, please contact your HR representative or the PEP help desk at x34777, option 4.

We recommend saving all the below attachment[s] at once in the following manner:
Outlook Users: Go to File -> Save Attachments, click OK if prompted, then choose which directory to save the documents under.
Lotus Notes Users: Go to Attachment -> Detach All, then choose which directory to save the documents under.

 - ARMSTRONG, JULIE L.doc


Friday, April 20, 2001

Dear PETER,

Travelocity's Fare Watcher, your ultimate tool for keeping on top of
rapidly changing air fares, found fare changes in 2 of the markets
you are watching.  When you review the airfares below, remember that
fares change rapidly!  Low fares sell out quickly, and the sooner you
check, the more likely you are to find available seats.

Have your travel needs changed? Are you looking to go someplace new?
Remember to update your Fare Watcher subscription so that you're
always notified when fares change to your favorite destinations.

To find one of the fares below, point your web browser to your
Personal Fare Watcher Page on Travelocity by clicking on the
following URL link.  You can also copy and paste the URL into your
browser.

http://dps1.travelocity.com:80/fwemindiv.ctl?fw=018N0G2|TRAVELOCITY

==================   FARES  === =========================

*  LGA-IAH   FROM: NEW YORK LAGUARDIA (LGA)
             TO:   HOUSTON-BUSH INTERCO (IAH)
   PRICE:    NEW PRICE      WAS      DIFFERENCE
             ---------    -------    ----------
             $168.00      $260.00     -$92.00

*  IAH-LGA   FROM: HOUSTON-BUSH INTERCO (IAH)
             TO:   NEW YORK LAGUARDIA (LGA)
   PRICE:    NEW PRICE      WAS      DIFFERENCE
             ---------    -------    ----------
             $168.00      $260.00     -$92.00

See below for important information on these fares.
===========  OF SPECIAL INTEREST ==============

Get Travel Protection - PROTECT YOUR TRIP! Check it out at
http://direct.travelocity.com/adclick/CID=00001612a85ff39500000000/exclusive=t
ravelres.generic.fwem.position2

========  Travelocity Hotel Value Rates  =============

Travelocity.com offers Value Rates at great hotels in:

HOUSTON-BUSH INTERCO (IAH) starting at just $55
Click:
http://dps1.travelocity.com:80/hotsrqst.ctl?mode=2&airport=IAH&rate_cat=V

NEW YORK LAGUARDIA (LGA) starting at just $69
Click:
http://dps1.travelocity.com:80/hotsrqst.ctl?mode=2&airport=LGA&rate_cat=V

===================   VACATIONS AND CRUISE PACKAGES ======

VACATION DEALS! Hot deals to the Caribbean, LAs Vegas, and more!
Check out our daily offerings of deals for vacation packages and tours.
See all of the great deals right now at
http://leisure.travelocity.com/RealDeals/0,2942,TRAVELOCITY_VAC,00.html

CRUISE DEALS! Don't miss a look at our incredible Cruise Deals!
Updated daily, this area features the best cruise rates to a host of fabulous
ports of call.  Find the voyage that suits your budget at
http://leisure.travelocity.com/RealDeals/0,2942,TRAVELOCITY_CRU,00.html

=====================   TRAVELOCITY TIP     ================

The NEW Travelocity World MasterCard
Earn points towards free travel with the new Travelocity World
MasterCard!
You'll earn 1 point for every dollar spent.  Earn 8,000 points and
you'll receive $100 off your next Travelocity.com booking.
We'll spot you 4,000 points to get you started, so you're already half
way there!
Visit  www.travelocitycard.com to apply.

=====================   CUSTOMER SERVICE  ==================

IMPORTANT FARE INFORMATION:
  All fares are quoted in US Dollars.  Fares shown are for one
  adult round-trip between your selected cities and are subject
  to additional charges, including, but not limited to, Passenger
  Facility Charges (ranging from $2-$18), Federal Segment Fees of
  $2.75 per segment (defined as a takeoff and a landing), and
  taxes/fees associated with international itineraries of up to
  USD $113 or local currency equivalent. Fuel surcharges, if applicable
  are included in the fees listed.

  Total fare per passenger, including all charges, will always
  be displayed to you prior to final ticket purchase. Please note
  that fares are subject to restrictions, may not be available on
  all flights, and may change without notice. For detailed descriptions
  of the fare rules, click on the corresponding rules link.

HOW DO I:

* CHANGE OR CANCEL MY SUBSCRIPTION TO FAREWATCHER EMAIL?-

http://dps1.travelocity.com:80/fwemsub.ctl?Service=TRAVELOCITY

* sPDATE MY EMAIL ADDRESS?

http://dps1.travelocity.com:80/fwemsub.ctl?Service=TRAVELOCITY

* RETRIEVE MY PASSWORD?

http://dps1.travelocity.com:80/lognpwdform.ctl?Service=TRAVELOCITY


Thanks for the response.  I will look for your list so that I can send out
invitations.  --Sally

	From:  Jody Crook @ ENRON                           06/19/2000 09:22 AM

To: Sally Beck/HOU/ECT@ECT
cc:
Subject: Re: Summer Cookout

The 30th of July works great for me.  The interns should still be around and
it would be a great way to end the summer.  I will put
a list together of recent graduates and send that to you.  I will also
contact Shelly Jones and get a list of those starting in July.  I think
it would be a good idea to include  friends/dates.  There are not that many
of us Sooners here and we have met  most of our friends
at Enron.  Let me know of anything else I can do.

Thanks Again,
Jody


I could probably do monday night.  I will have to get back to you.  What
happened to Friday?


One of your friends sent this email through our website.
Friend's name: Angela Barnett
Friend's IP address: 192.152.140.9
Date and Time: 12/11/00 7:19:15 AM EST
See the bottom of this message to report abuse.

Hi,

Angela Barnett would like you to see this Web page:

http://www.daily-blessings.com/106p.htm

check this out  :)

================================================
Angela Barnett also included this note:

================================================

Win a Billion Dollars!
Win a Billion Dollars!
Win a Billion Dollars!
Win a Billion Dollars!

go to:
http://mailbits.net/grab/taf.asp
Win a Billion Dollars !!!

____
***IMPORTANT NOTE***

This is a free service provided by MailBits.com.
Compared to regular email, this is a better way to
recommend a website to your friends. That's because
information about the sender of the message is included
to prevent and catch abuse of the system.

To report abuse of this service: abuse-taf@mailbits.com


Please prepare a draft contract per the attached credit terms.

thanks
brant


As a reminder, the time for the conference call scheduled for this coming
Monday is 11:15am (CST).  The subjects to be discussed will be updates,
budget, RCR and invoices.  The dial-in number is:  888/311-9051, and the pass
code is 60396.

Carmen Perez
International Government Affairs
713/345-4952


thanks

John L Nowlan
12/18/2000 01:20 PM
To: Jeffrey A Shankman/HOU/ECT@ECT
cc:
Subject: Re: Cameron Gil

He is going to accept the offer, he is in London now and will be returning
next week.


I corrected the deal.  The price should be Waha Index +.01.

D

Elizabeth L Hernandez
09/01/2000 07:49 AM
To: Daren J Farmer/HOU/ECT@ECT
cc:
Subject: Pricing Issue for 5/00 production - Duke Energy

You probably haven't had time to look at the Duke Energy price.  When you get
a chance could you please let me know what the correct price is for May 2000
production.

---------------------- Forwarded by Elizabeth L Hernandez/HOU/ECT on
09/01/2000 07:48 AM ---------------------------

	From:  Stephanie Gomes                           08/30/2000 08:48 AM

To: Elizabeth L Hernandez/HOU/ECT@ECT
cc:
Subject: Pricing Issue for 5/00 production - Duke Energy

Elizabeth,
Sorry, I can't remember if we had talked about this pricing issue or what.
Were you looking into this issue  for me or was it passed to someone else.
Please see the email below.  I believe the system is pulling in the wrong
price for WAHA.WTX.IF.M.I.. for 5/00 production.  The deal # is 250237.
 I looked at the publication and it shows that the price should be $2.95.
The price of $2.95 plus $1 would equal the price of $2.96 which is what Duke
is
claiming the price to be instead of what we are showing which is $3.95.

Thanks, Stephanie ( 3-6004 )

---------------------- Forwarded by Stephanie Gomes/HOU/ECT on 08/30/2000
08:42 AM ---------------------------

	From:  Stephanie Gomes                           08/28/2000 01:58 PM

To: Elizabeth L Hernandez/HOU/ECT@ECT
cc:
Subject: Pricing Issue for 7/00 production

Elizabeth,
I have a pricing discrepancy and I was not sure if I send this to you or
Oneil.
It's for Duke Energy, 5/00 production, deal # 250237.  Duke believes our
price is too high.  The system downloaded a price of  $3.95
The price should be WAHA.WTX.IF.M.I. , which is $2.95 for that month.  (
WAHA.WTX.IF.M.I. + 1 ) Duke believes we should have paid them $2.96.
I think the system pulled in the wrong price.  Could you please let me know
if you handle this pricing issue or someone else?

Thanks, Stephanie ( 3-6004 )


Kimberley,

Where are the services -  date and time and location.

	Enron North America Corp.

	From:  Kimberly Brown                           08/28/2000 08:59 AM

To: Scott Neal/HOU/ECT@ECT, Jared Kaiser/HOU/ECT@ECT, Sandra F
Brawner/HOU/ECT@ECT, Dick Jenkins/HOU/ECT@ECT, Brad McKay/HOU/ECT@ECT, Scott
Hendrickson/HOU/ECT@ECT, Sarah Mulholland/HOU/ECT@ECT, Andrea
Ring/HOU/ECT@ECT, Susan W Pereira/HOU/ECT@ECT, Dan Junek/HOU/ECT@ECT, Chris
Germany/HOU/ECT@ECT, Judy Townsend/HOU/ECT@ECT, Robin Barbe/HOU/ECT@ECT, Kate
Fraser/HOU/ECT@ECT, Tammi DePaolis/Corp/Enron@ENRON, Maureen
Smith/HOU/ECT@ECT, John Craig Taylor/HOU/ECT@ECT, Scott
Goodell/Corp/Enron@ENRON
cc:
Subject: Randy Gay's Wife

Just in case you did not know, Randy's wife died last week. They will be
having services today and tomorrow.  However, in lieu of flowers they would
like donations for a playground in their neighborhood.  If you want to give a
donation, please bring it by my desk.

Thanks
Kimberly


The request has been completed with all resources requested either completed
or rejected. You can view the details of the  request by clicking
http://itcapps.corp.enron.com/srrs/auth/emailLink.asp?ID=000000000034935&Page=
MyReq.


Ken,

I was talking yesterday to David Thompson, President & C.E.O. of Cominco Ltd
(Cominco Ltd is a large Canadian Zinc Producer with mines and smelters and
have power plants).

He is very interested in some of Enron's innovative financial structures
having seen the Enron Networks prospectus.

I'm sure a call from you would help describe some of these structures and
give him the further confidence that his friends at Enron Metals are able to
work with the whole resource of Enron and provide solutions to some of his
current corporate structural dilemma's

His address and numbers are:-

Cominco Ltd.

500-200 Burrard Street
Vancouver, B.C.
V6C 3L7 Canada

Tel:  001 604 682 0611
Fax: 001 604 685 3041

For your further information we have met with Robert Adkerson, President of
Freeport and are working a deal
with him and his colleagues to  structure a deal around their Spanish Copper
Business.

Thanks for your help.

Best regards,

MIKE HUTCHINSON


Sent to David Hensel, Director of West Marketing for EES.  He will probobly delegate it.  Let me know if you need anything else.

Thanks,

Kim

-----Original Message-----
From: Burnham, Steven
Sent: Friday, October 12, 2001 12:41 PM
To: Ward, Kim S (Houston)
Subject: FW: California Contact

Kim, this is in regards to my conversation with Barry T.  I don't have much additional information other than the volume is <100 MM/day.  My number is 416-865-3712 if you have any questions. Cheers,

Steve Burnham
-----Original Message-----
From: Pamela_Edwards@dom.com [mailto:Pamela_Edwards@dom.com]
Sent: October 12, 2001 1:28 PM
To: Burnham, Steven
Subject: California Contact

In regards to our phone conversation, I appreciate your assistance in locating a
contact for gas supply with Enron for California.  My phone number is (804)
819-2972.  You can either email me or call.  Thanks.

Pam


Paul,

Vince and I spent some time thinking about the diligence process for the
trading analytics.   There is a limited amount that can be accomplished in a
two day time period.   I think a reasonable start would be the following:

1.  Obtain an audited history of the trading strategies which have been
implemented in order to verify profitability, and P/L volatility of each.
2.  Review needed working capital and risk capital requirements and compare
these to projections for trading income.
3.  Review current level of access to electronic markets and verify that a
change of ownership would not have adverse consequences, i.e. are there
guarantees of continued access using the current systems?
4.  Review feasibility of entry into proposed new markets?   It is far from
clear that there will be any synergy with most commodity markets given the
current limited "electronic" liquidity.
5.  Review, at least qualitatively, the current trading strategies being
used.   Try to develop some estimate of how fast the profitability of these
strategies will disappear as other's implement similar trading models.   What
is the trade off between trade quantity and slippage.
6.  Review the methodology used to generate new trading strategies which will
be needed to replace the current models as they become unprofitable and
outdated.
7.  Try to determine if there will be any value in transfer of trading
technology to Enron's other markets, given the illiquidity of these markets
as compared to the financial equity markets.

If there were a sufficiently long time horizon for our analysis, we would
probably want to run their system on a test set of data.

Let me know if you have other suggestions.

--Stinson