ISDA PRESS REPORT - MONDAY, NOVEMBER 13, 2000

* Few issuers expected for first SET-50 index options; Acceptance
hinges on Derivatives Act
* Investment Instrument Standards Fight Grows
* Derivatives Standards Need Check
* Osaka and Dow To Form Derivatives Alliance
* Australia Credit Derivatives Turnover At A$18.4B
* Powerful Financial Services Reform Body Urged
* Lamfalussy group sees the way to a golden future for an integrated
market

Few issuers expected for first SET-50 index options; Acceptance hinges on
Derivatives Act
Bangkok Post - 11/13/2000

SET-50 options will be the first derivative index launched on the Stock
Exchange of Thailand next year as a new risk-management tool for investors.

But a lack of firms willing to issue index options remains a challenge.

Regulators will allow the issue of both call and put options based on index
changes. A buyer of a call option, for instance, will receive payment for
the difference in the change of the index if it rises above a set level.
Similarly, a buyer of a put option is paid if the index falls.

Suvit Mapaisansin, managing director of Merrill Lynch Phatra Securities,
said index options would become an important risk-management tool.

In overseas markets, most regulators choose to develop a futures market
first to support derivative instruments. While Thailand plans to eventually
develop a futures market, final passage of a new Derivatives Act is needed
first.

Mr Suvit said both futures and options were needed to enable investors to
fully manage their risk.

"The SET has sort of moved backward, developing options before futures.
Under such circumstances, the market will have only buyers, with few
sellers. The sentiment for market trends will be similar, both for puts and
calls."

Brokers would likely serve as intermediaries in processing orders, rather
than taking positions themselves to limit their own risks, Mr Suvit said.

"I think there is interest among investors in the instruments, but the
problem is that there are no issuers yet."

Full development of options would likely await the launch of the futures
market. How successful derivative instruments become will hinge on overall
investment sentiment.

SET officials acknowledge that the lack of issuers poses problems. The draft
Derivatives Act is being reviewed by the Council of State and then will be
scrutinised by various agencies before final submission to Parliament.

Investment Instrument Standards Fight Grows
Australian Financial Review - 11/13/2000
By Roger Hogan

The controversy over how Australian companies should account for financial
instruments is likely to intensify during the next few weeks, when a joint
working group set up by the Australian Accounting Standards Board releases a
draft document designed to settle the question.

According to the AASB's chairman, Mr Keith Alfredson, the document on which
comments will be invited is likely to ``blow the minds'' of many in the
financial markets, major corporates and the accounting profession, judging
by the criticisms it has attracted even before its publication.

But he said time for argument was fast running out. Whatever happened after
the draft and invitation to comment were issued in the run-up to Christmas,
``Australia will have to make a choice.''

Accounting bodies worldwide have been working on standards for financial
instruments to prevent the derivatives -related disasters that rocked many
companies during the late 1980s and early 1990s, including US company
Procter & Gamble, which lost $US157 million on interest-rate derivatives in
1994.

The matter has become urgent in Australia partly because the United States
has introduced its own standard Financial Accounting Standard Board
statement No133 which became effective for some companies on July 1, and
which will operate from January 1 for those whose financial years coincide
with the calendar.

FAS 133 is regarded as a nightmare by corporate treasurers in the US and
here, because it requires derivatives and other financial instruments to be
``marked to market'' every quarter, rather than accounted for on a
fair-value basis.

Its critics claim it will lead to volatility and confusion in company
financial statements.

Mr Alfredson said that in the US, ``there is now a special interpretation
group like the Urgent Issues Group here interpreting 133. In other words, it
is so complex, readers can't just read the standard and interpret it. The
group has already issued more than 100 interpretations.''

Australia has no accounting standard that deals comprehensively with the
recognition and measurement of financial instruments, although it has made
progress with disclosure requirements. Acknowledging the concern over the
mark-to-market approach, the AASB commissioned the development of a
fair-value model.

The joint working group consists of representatives from Australia, Canada,
France, Germany, New Zealand, the Nordic countries, Britain, the US and the
International Accounting Standards Committee. IASC has incorporated elements
of FAS 133 into its own much-criticised financial instruments standard, IAS
39.

It remains to be seen how much simpler the fair-value approach will be.

``In fair-value accounting, you get the market value for the instruments at
the time and fair value them. It sounds easy in principle, but it is much
more complicated in practice,'' Mr Alfredson said.

Developing the appropriate standard is only half the battle, however; the
trick is to gain widespread acceptance for it. Even if Australia accepted
the fair-value model, Mr Alfredson said, it would not be able to implement
it alone, ``at least if I have any influence''.

There would need to be a ``convergence by the major standard-setters after
appropriate due processes, including field testing of its relevance and
reliability to preparers and users''. Either that, or ``we may have to go to
something else ... Perhaps FAS 133 and all its committees''.

Derivatives Standards Need Check
Australian Financial Review - 11/13/00
By Roger Hogan

The Bank for International Settlements will indirectly highlight the need
for appropriate accounting standards for derivatives today when it releases
statistics showing global over-the-counter derivatives markets continue to
grow strongly, with total notional outstandings for the first half of the
year at $US94 trillion ($181 trillion).

This represents a 6.6 per cent increase on the $US88.2 billion at December
31 and reflects an overall buoyancy of the market which contrasts sharply
with the stagnation of volumes on derivatives exchanges. The notional value
of exchange-traded contracts during the first half was $US13.9 trillion, the
same as December 31, 1998.

Another trend picked out by the BIS data is the rise of the euro as a key
currency in the derivatives market. It extended its already dominant
position in the interest rate derivatives markets, where it accounted for
the                                 equivalent of $US22.9 trillion, or 35.7
per cent of the total, compared with $US20.7 trillion (34.4 per cent) in the
previous period.

Growth during the first half was led by forward-type contracts, particularly
interest rate swaps, outright forwards and foreign exchange swaps, said the
BIS.

The biggest segment, interest rate derivatives, grew by 7 per cent to
$US64.1 trillion. Most of the growth was in swaps, which expanded 9 percent
to $US48 trillion.

Swaps have grown more quickly than other interest rate derivatives for the
past few years, a trend the BIS said might be explained by the development
of various swap structures, which might have enabled the market to respond
to end-users' needs in a more flexible way than exchange-traded interest
derivatives.

Other reasons included the introduction of the euro and its stimulus to the
growth of European capital markets issuance, some exposure to which was
likely to have been hedged in the interest rate swap market; and reduced
government bond issuance, which would have made government bond futures less
useful as hedging instruments.

Not surprisingly, given the currency volatility during the first half, the
value of contracts outstanding in various currency instruments increased 8
per cent to $US15.5 trillion. This included a very sharp 26 per cent rise in

contracts involving the euro; the value of $US and sterling contracts rose 9
and 11 per cent respectively.

Activity in the equity-linked sector fell by 8 per cent to $US1.7 trillion,
while that in commodity derivatives markets increased by 7 per cent to
$US584 billion. Looking behind these face values, the actual credit
exposures of financial institutions to derivatives fell by 8.4 per cent,
from $US1.03 trillion to $US937                                 billion.

Osaka and Dow To Form Derivatives Alliance
Financial Times - October 25, 2000
By Bayan Rahman

Osaka Securities Exchange, Japan's second-largest stock exchange, and Dow
Jones & Co, the US index provider, will on Thursday sign an agreement to
list the US company's derivatives products on the OSE early next year.

Osaka will develop futures and options contracts, whose value will be linked
to the performance of the Dow Jones Industrial Average.

Goro Tatsumi, OSE president, and David Moran, president of Dow Jones
Indexes, will sign a memorandum of understanding in Osaka on Thursday.

The OSE is seeking derivatives-related tie-ups to expand its range of global
products to attract international
clients. The move is also designed to help the exchange defend its market
share against the threat from 24-hour and internet trading.

The agreement between the Osaka exchange and Dow Jones follows another one
between the OSE and Nasdaq of the US to list derivatives products based on
the Nasdaq-100 index.

The OSE is also in talks with the Chicago Board Options Exchange and is
considering talks with Eurex, the
Swiss-German derivatives exchange.

Australia Credit Derivatives Turnover At A$18.4B
Dow Jones International News - 11/12/00
By Adam Bradbery

SYDNEY -(Dow Jones)- The Australian credit derivatives market saw total
turnover for the 1999-2000 financial year of A$18.4 billion, up
substantially from 1998-1999, the Australian Financial Markets Association
said Monday.

This is the first year the AFMA has surveyed the credit derivatives market,
but it estimates turnover was A$3 billion to A$5 billion in 1998-1999.

Credit derivatives are instruments that allow market participants to manage
the credit risk within their assets or to take exposure to such risk to
boost returns.

"This shows that the market has liquidity and depth," said AFMA credit
derivatives committee chairman, Pierre Katerdjian. The findings are the
result of a survey conducted by AFMA and the Securities Industry Research
Centre of Asia-Pacific.

"It's very encouraging, particularly as there are still a number of offshore
banks and investment houses which trade Australian name default swaps but
which were not captured by the AFMA survey," Katerdjian said.

AFMA Chief Executive Ken Farrow says that the growth in the market is good
for Australia's lenders and helpful in lowering systemic risk in Australian
financial markets.

Katerdjian says most market participants expect turnover of credit
derivatives to increase 50% this financial year from last year, with the
global reduction in government debt on issue and the increased liquidity of
corporate bond markets encouraging this trend.

"There is a greater need to hedge credit risk and these instruments are the
most efficient way to do that," he said.

Powerful Financial Services Reform Body Urged
Financial Times - November 10, 2000
By Peter Norman

The European Union needs a powerful new EU securities committee to help
speed regulatory reform In  markets for financial services and capital, a
special EU group on securities regulation proposed yesterday.

The group rejected the idea of a single EU regulatory agency "at his stage
of the development of the EU's
securities markets".

This idea, which would require changes to EU treaties, gained little support
from market practitioners.

But Alexandre Lamfalussy, the former Belgian central banker who chaired the
so called wise men's group,
urged EU leaders at next March's summit in Stockholm to agree to proposals
for a new faster method of regulatory reform and make commitments for it to
be in place in the EU by 2002.

"We can no longer afford the luxury of regulatory inefficiency in the
instantaneous internet age," declared Mr Lamfalussy.

"Financial markets are changing by the week and European regulation is
simply not up to speed."

The report said an efficient regulatory process for financial services and
capital markets was "crucial" for the
EU and its citizens, because it would boost growth, competitiveness and
jobs.

Mr Lamfalussy said the proposed system, which would have the securities
committee work out the detailed implementation of new regulations, could cut
the time needed to complete reforms "substantially" and
possibly by a half.

The committee, which would consist of representatives of the Commission and
member states, would be able to adapt existing legislation to changed
circumstances "very quickly", he added.

Mr Lamfalussy made clear that the fast track system being proposed would
have to be monitored carefully and reviewed promptly if found to be
"manifestly failing" to secure progress.

The interim report was welcomed by representatives of the financial sector.
Some bankers said it was
auspicious that the final recommendations would be delivered in February
during EU presidency of Sweden,
which is known to favour speeding the development of the single financial
market.

Adam Ridley, direcxtor general of the London Investment Banking Association
said the report proposed a sensible institutional structure.  He welcomed
the decision to initiate a wide debate on the proposals before production of
the group's final report.

Paul Ariman, the secretary general of the Federation of European Stock
Exchanges, praised the report's "very pragmatic" approach, noting that it
would have taken at least three years to set up a single European regulator.

Mr. Lamfalussy said regulatory changes were "especially urgent"" if the EU
was to create a real single market for financial services.

He endorsed the proposals of the EU's financial services action plan, but
urged that it be completed by 2004.  The present target of 2005 could be
missed unless the EU adopted the groups fast track approach on legislation,
he warned.

Lamfalussy group sees the way to a golden future for an integrated market
Financial Times - 11/10/00
By Peter Norman

The average US investment fund is six times larger than its European
equivalent.

Venture capital per head of population in the European Union is one-fifth of
US levels.

The average annual real return on US pension funds was 10.5 per cent between
1984 and 1998 against 6.3 percent in the EU.

With these facts Baron Alexandre Lamfalussy and his group of wise men
highlighted the deficiencies of
the EU's financial market, in yesterday's interim report on the regulation
of European securities markets.

The prize of creating a properly integrated European financial services and
capital market, that would
virtually complete the EU's single market for goods and services, was
couched in correspondingly glittering
terms.

Financial market integration, Mr Lamfalussy said, would lead to increased
productivity of both capital and
labour, enabling the Europe's economy to grow faster and create more jobs.

It would bring benefits to consumers, through higher returns; to small and
medium-sized enterprises, through more venture capital; and to large
companies, through lower capital costs.

The reforms needed to create such a market have long been identified and
cover issues such as new rules for regulated and non regulated markets; a
single "passport" to ease the raising of capital across borders and updating
investment rules for pension and investment funds. They form the EU's
financial services action plan, due to be implemented by 2005, but which the
Lamfalussy group wants completed by 2004.

The problem so far has been putting in place the regulatory conditions to
police such a market in a period of rapid technological and market change.

As Mr Lamfalussy's report recalled, it takes an average three years to agree
an EU regulation or directive and delays can be much longer. The EU takeover
directive has been under discussion for 11 years and still to be enacted.

The report called for a regulatory system that "can adjust continuously,
flexibly and rapidly to future developments, which are unpredictable today".
It must "not inhibit legitimate market development" and be "neu-
tral as regards competition between different service providers".

The current system, Mr Lamfalussy complained, "is too slow, too rigid and
contains too much ambiguity
and inconsistent implementation".

The novelty of yesterday's report is in the way it draws on a little used
element of the EU's legislative
procedure to propose a faster way of introducing and implementing
legislation governing financial markets.
At first sight its "four level" approach for securities legislation appears
technical and undramatic. But by using the process known as comitology it
offers a chance of halving the time needed to introduce financial
market rules.

Mr Lamfalussy's group proposed that future EU securities legislation should
concentrate on principles rather than details. The legislation, which would
be agreed in the usual way by the council of ministers and the European
parliament on a proposal of the Commission would ideally be framed as EU
regulations, which do
not require transposing into national law.

A new EU securities committee would define how these principles would be
implemented. It would comprise Commission officials and representatives of
member states, who would decide technical details and update
them when necessary.

EU member states would be responsible for implementing the legislation,
ensuring that it was "consistent and equivalent" throughout the KU. This
would entail much greater co-operation between regulators and the
Commission.

The attraction of the plan is that it could be enacted without changing the
EU treaties and in force by the
beginning of 2002. It would be closely monitored and reviewed around 2004.

However, Mr Lamfalussy made clear the new procedure would need political
endorsement at the highest
level and suggested EU leaders at their Stockholm summit in March next year
should pass a resolution
agreeing a series of commitments to be delivered by 2002.

His fast track method would also have to win the support of the European
parliament, which has adopted
a generally hostile approach to comitology because it pares its powers.

Stressing that yesterday's report was an interim proposal, Mr Lamfalussy
said his group would now seek
political and market reactions.

End of ISDA Press Report for Thursday, November 2, 2000.

THE ISDA PRESS REPORT IS PREPARED FOR THE LIMITED USE OF
ISDA STAFF, ISDA'S BOARD OF DIRECTORS AND SPECIFIED CONSULTANTS TO ISDA.
THIS PRESS REPORT IS NOT FOR DISTRIBUTION (EITHER WITHIN OR WITHOUT AN
ORGANIZATION), AND ISDA IS NOT RESPONSIBLE FOR ANY USE TO WHICH THESE
MATERIALS MAY BE PUT.


Richard Shapiro
	02/21/2001 04:53 PM

		 To: Ginger Dernehl/NA/Enron@Enron
		 cc:
		 Subject: California

Please forward to entire group:  these are materials recently developed re:
California.
---------------------- Forwarded by Richard Shapiro/NA/Enron on 02/21/2001
04:52 PM ---------------------------

Janel Guerrero
02/08/2001 09:47 AM
To: aameece@quinngillespie.com, dlugar@quinngillespie.com
cc: Linda Robertson/NA/Enron@ENRON, Mark Palmer/Corp/Enron@ENRON, James D
Steffes/NA/Enron@Enron, Richard Shapiro/NA/Enron@Enron, Lora
Sullivan/Corp/Enron@ENRON

Subject: one-pagers FINAL

Dave and Ashley:  attached are the final version of the one-pagers.  One of
the one-pagers is running onto the second page and I think I deleted out one
of the block headings as well.  Would you mind doing "clean-up" on the
graphics?  Once clean-up is finished, we're good to go.  Thank you !!  Call
if you have questions.


FYI - use this document if any of our traders get hit or hit a product by
mistake.
PL

---------------------- Forwarded by Phillip M Love/HOU/ECT on 04/30/2001
11:21 AM ---------------------------

Jeffrey C Gossett
04/30/2001 07:45 AM
To: Kam Keiser/HOU/ECT@ECT, David Baumbach/HOU/ECT@ECT, Darron C
Giron/HOU/ECT@ECT, Phillip M Love/HOU/ECT@ECT, Errol
McLaughlin/Corp/Enron@ENRON
cc:
Subject: Termination of EnronOnline Trades

---------------------- Forwarded by Jeffrey C Gossett/HOU/ECT on 04/30/2001
07:45 AM ---------------------------

	From:  Larry Joe Hunter                           04/27/2001 05:10 PM

To: Jeffrey C Gossett/HOU/ECT@ECT
cc: Julie Brewer/NA/Enron@Enron
Subject: Termination of EnronOnline Trades

Jeff,

Can you pass on the message below to all of risk.  For EnronOnline, no trades
should be "reversed" in TAGG.  Simply kill the deal and we'll take care of
the documentation.

thanks,
Joe Hunter

---------------------- Forwarded by Larry Joe Hunter/HOU/ECT on 04/27/2001
05:08 PM ---------------------------
From: Tana Jones on 04/27/2001 04:38 PM
To: Kim S Theriot/HOU/ECT@ECT
cc: Mark Greenberg/NA/Enron@ENRON, Mark Taylor/HOU/ECT@ECT, Jeffrey T
Hodge/HOU/ECT@ECT, Stacy E Dickson/HOU/ECT@ECT, Marcus
Nettelton/NA/Enron@ENRON, Elizabeth Sager/HOU/ECT@ECT, Alan
Aronowitz/HOU/ECT@ECT, Larry Joe Hunter/HOU/ECT@ECT
Subject: Termination of EnronOnline Trades

Per my discussion with Mark Taylor and our conversation today, attached is
the form of Termination Agreement that should be used when terminating
EnronOnline mistake or "oops" trades.  The trades should continue to be
initially run past the Legal Department to determine whether there are any
unusual circumstances surrounding the trades, but absent unusual
circumstances, Legal will then pass the trades on to the Confirmation Desk
for preparation of the Termination Letter and further handling.  These same
procedure should apply to physical as well as financial transactions.

Since this is a contract, the agreement will require the initials of a lawyer
and signature of a VP or above for the relevant company.  The Termination
Letter should be brought to the appropriate Legal Group for signature.

The current policy with respect to mistake trades is that the trade should be
terminated.  Reverse trades should not be entered into.

If you have any questions, please call.


Good morning Mr. Parsons:

The Enron Corp. Research Dept. would like to conduct a telephone
interview with you at your convenience.

The interviewers would be:

Vince Kaminski   Managing Director
P. V. Krishnarao   Director
Osman Sezgen   Manager

Please give me some dates and times either this week or July 5, 6 & 7
of next week that you would be available and I will coordinate the
calendars.

Look forward to hearing from you.

Regards,

Shirley Crenshaw
Administrative Coordinator
Enron Corp. Research
713/853-5290
email:  Shirley.Crenshaw@enron.com


BUSINESS HIGHLIGHTS

Enron Global Markets
In a combined effort, Global Risk Markets (GRM), a unit of Enron Global Markets, and Southeast Power Origination, part of Enron Americas, closed Enron's first Contingent Call Outage Option in the 1st quarter 2001. The product was created to provide customers with a cost effective risk management tool to hedge against high commodity prices after experiencing an unplanned power generation outage.

The transaction was entered into with UtiliCorp United to manage its generation risk for summer 2001. This risk is associated with a forced outage of their largest coal unit during peak summer demand. The transaction, which was developed jointly with the Southeast Power group, highlights the benefits of cooperation between business units within Enron. GRM is working with a number of business units to integrate this risk management product into other Enron businesses to enhance value to our customers.  For additional information on the product, please call David Hoog in the New York office at 212 702 3920.

IN THE NEWS

WORTH Magazine Names the Top 50 CEO's
NEW YORK--(BUSINESS WIRE)--April 23, 2001--Fifty of the country's chief executive officers have been chosen by WORTH magazine as the top business leaders in the nation, it was announced by W. Randall Jones, CEO, Worth Media.
The third annual listing of CEO's by WORTH is determined based on each leaders "foresight, judgment, and competitive juice to make their investors happy." Rounding out the top 5 are the following best leaders:
1. Steve Ballmer, CEO, Microsoft   2. Jeffrey Skilling, CEO, Enron   3. Philip Purcell, CEO, Morgan Stanley   4. James Morgan, CEO, Applied Materials
5. Margaret Whitman, CEO, eBay
"We selected this year's list based on our belief in the CEO's ability to deliver long-term shareholder value," said Jones. "The real test is not to recognize past achievements but to be able to look back in five or ten years from now. As a matter of fact, some CEO's we've chosen haven't made money for share holders in the past few years, but we believe they are poised to do so now."  WORTH's methodology for selecting the 50 best CEO's strives to balance their possession of a vision with a demonstrated ability to execute under stress and when confronted by urgent challenges.

WELCOME
New Hires
EGM  - Chrishelle Berell, Paul Murray, Yong Yi
EIM   - Jeff Nutt
ENA  - Keegan Farrell

Transfers (to or within)
ENA - Joe Parks, Mike Purcell
EGM - Samuel Enochian

NUGGETS & NOTES

Travel Tip of the Week:  Book non-refundable tickets. Airlines typically allow unused non-refundable tickets to be applied towards subsequent travel. Even if you need to make a change at a rate of $100, in many cases the change fee plus the ticket price is still less than a refundable ticket.
	For example:  Houston to Washington, D.C.
	     Refundable:		$ 1,447
	     Non-refundable      	$    540

LEGAL STUFF
The information contained in this newsletter is confidential and proprietary to Enron Corp. and its subsidiaries.  It is intended for internal use only and should not be disclosed.


i heard there are a lot of hot cougars at changs


The agreement is fine.  I'll mail it out.

"Mark Sagel" <msagel@home.com> on 11/27/2000 03:16:15 PM
To: "John Arnold" <jarnold@enron.com>
cc:
Subject: Service Agreement

John:
?
Thanks again for the opportunity to provide my technical  service.? Attached
is an agreement that covers our arrangement.? Let  me know if you have any
questions.? If it's ok, please sign and fax back to  me at (410)308-0441.? I
look forward to working with you.?
?
Mark Sagel
Psytech Analytics
(410)308-0245
 - Agree-Enron.doc


Tana:

None of the following CPs are authorized to trade US power -- restricted by
credit:

Missouri Gas Energy a division of Southern Union Company
Southern Union Gas Company a division of Southern Union Company
Central Soya Company, Inc.
Linpac, Inc.
National Gypsum Company
The Bakersfield Californian

Leslie


Hi, Sheila!

Can you verify for us the account numbers at both Goldman Sachs and Morgan Stanley that we need to assign back into?

Thanks!

Marie


Shirley,

Please, subscribe.

Vince

---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 04/05/2001
08:43 AM ---------------------------

"The Power Marketing Association" <pma-marketplace@mgfairfax.rr.com> on
04/04/2001 04:51:16 PM
To:
cc:
Subject: Platts Energy Trader-Special Rate

Dear Energy Professional:

We hope you enjoyed your recent free trial to Platts Energy Trader, which
provides comprehensive daily coverage of both electricity and natural gas
markets, along with such unique features as forward price assessments, spark
spreads and regular outage tables.

Though your trial has ended, you still have a chance to save $500 off the
regular rate of $1,995 by becoming a charter subscriber.

To subscribe, please fill out and return the attached form, or call our sales
department at 877-286-8897 or 212-904-2004; e-mail, info@platts.com. Be sure
to mention the charter rate.

We look forward to hearing from you.

Sincerely,

Richard Schwartz
Marketing Director

 - et040401.pdf


Adam:
Good question.  The exchange, NYMEX, and I, Enron Online, offer a nearly
identical product.  The fight is over which execution model is superior.  I
would argue that technology will make open outcry exchanges extinct.  It's
happened in Europe already.  The largest commodity exchange in Europe, the
LIFFE, went with a parallel electronic system to open outcry.  Within weeks,
the floor was deserted and virtually all trading occurred electronically.  I
still trade on the exchange because we have credit issues with individuals
and certain hedge funds that limit the trading we can do with them direct.
The exchange still provides a credit intermediation function that is useful.
It is certainly an issue that we are trying to address.
John

"Bayer, Adam Ryan" <adam.r.bayer@vanderbilt.edu> on 10/03/2000 01:23:01 PM
To: John.Arnold@enron.com
cc:
Subject: Thank you for dinner last night

Dear Mr. Arnold,

 It was nice to meet you yesterday at the
information session.  Thank you for the dinner last night.
I had a great time getting to know Enron and its people in
a more relaxed setting.

 During out conversation yesterday, I was confused
about a point you made. You stated that you spent most of
your time on the phone with Traders in New York.  When
you talk to the traders, do you try to steer them towards
Enron Online, or are you doing trading outside of Enron
Online?  I think the underlying question that I am asking,
is: Is Enron Online meant to facilitate a gas trader's job,
or is it meant to bypass traders completely.

Thanks again for your time and for dinner. I look forward
to talking with you again when you come to campus for
interviews.

Cordially,

Adam
-----------------------------------------------------------------
Bayer, Adam Ryan
Vanderbilt University
Email: adam.r.bayer@Vanderbilt.Edu


Regards,

Anita DuPont
Enron Research Group
713-853-0329
EB 1969


This is certainly a tough one.  We go to great lengths to avoid regulation
here and have been fairly successful to date.  We do have some oversight from
the Federal Energy Regulatory Commission (FERC) regarding our power trading
and pipeline activities and local state regulators keep an eye on our purely
intrastate pipeline activities, but for the most part we are unsupervised.
If it helps, we conduct our derivative trading operations in accordance with
Commodity Futures Trading Commission (CFTC) regulations (but that's just
complying with the Eligible Swap Participant and Trade Option Exemption
rules).  It is true we are a member of the NYMEX and subject to their rules
but they relate almost exclusively to trading on the NYMEX.  It might be more
helpful to talk to the guys in London about our SFA regulatory status.  We
have quite a bit more supervision there than we do here in the states.

	David Minns@ENRON_DEVELOPMENT
	06/13/2000 02:56 AM

		 To: Mark Taylor@ECT
		 cc: Robert McGrory/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Sara Shackleton@ECT,
Paul Quilkey/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
		 Subject: EFMD application

Mark, we are attempting to get a broad approval to trade any types of
products in Australia through EnronOnline. (Currently our ability to trade
products other electricity through EnronOnline using standardised
documentation is not beyond doubt). What the Australian regulators are
looking for is for us to point to a regulatory oversight in the US of Enron's
trading activities. They hopefully then will back off. Particularly they want
us to demonstrate  there are some prudential requirements Enron Corp. needs
to meet in respect of trading activities. Pardon my complete ignorance but
are there any? Would membership of NYMEX be relevant?

--------------------- Forwarded by David Minns/ENRON_DEVELOPMENT on
06/13/2000 06:19 PM ---------------------------

"Farrell, Scott" <Scott.Farrell@msj.com.au> on 06/13/2000 06:29:38 PM
To: "'david.minns@enron.com'" <david.minns@enron.com>
cc: "James, Martin" <Martin.James@msj.com.au>

Subject: EFMD application

Mallesons Stephen Jaques
Confidential communication

David

I have just had another call from ASIC (Alan Worseley and Tim Hardman).

It seems that there is a single significant policy concern for the ASIC
policy committee.

This arises because ASIC believes that a significantly wider range of
sophisticated counterparties will be interested in the EnronOnline products
(such as weather and credit) than those that are interested in Australian
electricity derivatives.  As a result, ASIC is not able to simply
"transfer-across" its approval of EAF under the electricity declaration
without separate consideration as to how EAF can meet the prudential
regulation criteria specified in PS 70.

They have asked for further information in this regard.  Obviously I
mentioned the presence of the Enron Corp guarantee. However, ASIC may
require something further, such as evidence of procedures in place to
prevent an Enron failure.  PS 70 states in this regard (in paragraphs 46 and
47):

 "The ASC considers that providers of safe harbour market facilities
should be subject to regulation which at least sets minimum capital
standards and ensures regular reporting against them. This is because the
financial stability of a facility provider is a crucial factor in the
stability of any market conducted by that provider. This will ensure that
risks associated with the conduct of a safe harbour market are monitored.
Standard setting and monitoring will contribute to the continued financial
stability of the facility provider. If the facility provider is a
significant participant in other markets, it will also help prevent any
adverse consequences for those markets if the facility provider fails.

 Regulatory supervision of this kind may occur in a number of ways.
For the purposes of the ASC's policy, it is not the identity of a
 particular supervisory authority that is important, but the fact
that the organisation is subject to supervision which produces the results
mentioned in para 46. Regulatory supervision will meet this test only if the
capital standards which it imposes on an organisation take into account the
organisation's derivatives market activities."

The following paragraphs are also explanatory, particularly as they refer to
certain US licensees.  Are any Enron entities subject to prudential or
similar regulation due to the licences/authorisations which they hold? This
could be a useful starting point.

They also mentioned that there may be difficulty in achieving the 23 June
timetable.  However, the focus of the discussion was the policy issue rather
than timing.

Best regards

Scott Farrell
Senior Associate
Mallesons Stephen Jaques Sydney
Direct line (61 2) 9296 2142
Fax (61 2) 9296 3999


Suzanne:
I may be in tomorrow but I will leave you a voice mail message one way or
another.  If I don't come in and I haven't used my discretionary day, please
use that, otherwise treat it as a vacation day.  Hope you have a great
weekend.  Be safe!  If it is slow tomorrow afternoon, I have no problem with
you leaving around 4:30 or so.
Carol


Elizabeth:
Sorry I haven't got back to you sooner.  Can you give me your home number?  I
think that weekends would be easier to schedule since weekdays are still
fairly hectic.  I'll call you soon.  How about this heat?  Fortunately, I've
been playing early in the mornings or late at night so it's not too bad.
I've also am hooked on watching the Open every day - a fringe benefit to
maternity leave.  Tonight should be great.  I hope one of the Williams' gets
beat.  talk to you soon.

Carol St. Clair
EB 3892
713-853-3989 (Phone)
713-646-3393 (Fax)
carol.st.clair@enron.com

	Elizabeth Sager
	08/30/00 08:59 AM

		 To: Carol St Clair/HOU/ECT@ECT
		 cc:
		 Subject: Re: Tennis Anyone?

Hi Carol!

Thrilled to hear all is going well.  I would love to play tennis anytime
(hopefully sooner rather than later so I can take advantage of  that
lingering fatigue that takes months? years? to abate).  We can play at the
Met either around lunchtime or sometime after 4:00.  Weekends would also
work.  Can you play next Tuesday or Wednesday?  Call or write.

See you soon
Elizabeth
713 853 6349


Sam,

This is the file for TC. Please keep in mind it's the third article in a
series.

Vince

	Enron North America Corp.

	From:  William Smith @ ENRON                           07/31/2000 09:10 AM

To: Vince J Kaminski/HOU/ECT@ECT
cc:
Subject: Re: Technical Corner

Very well!  Here is the text of Brad's bio piece.

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

I began working for the Research Group here at Enron in mid-May as a summer
intern.  I started work back-testing storage models immediately after the
Spring semester, and I have enjoyed every minute since then.

I am pursuing a B.S. and a professional Masters degree in Chemical
Engineering at Rice University, and plan to graduate with both degrees next
May.  I went to a small high school in Fort Worth, and Rice was the perfect
place to go from there because of its size and location.  I have taken
primarily chemistry, biochemistry, and engineering courses while at Rice, and
during the past summers I have worked in chemistry research labs in Fort
Worth.

Outside of work and school, I am an avid baseball fan and appreciate good
music and cooking (though my cooking can at times be unpredictable.)  I have
grown to love Houston as a city, and though I,ll never concede that it is
better than my hometown of Fort Worth, it has been a great place in which to
go to school and work.

Since my education thus far has been somewhat limited to Chemical
Engineering, I have valued this opportunity to work in the Research Group,
both as a chance to use engineering techniques that I have learned, and to
learn more about the business world than I would have by simply taking
economics classes.  I am not certain what I will do upon graduating from
Rice, but my experience here has taught me that my opportunities are much
greater and better than I had previously thought.

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

Sam

Vince J Kaminski@ECT
07/31/2000 08:58 AM
To: William Smith/Corp/Enron@ENRON
cc:

Subject: Re: Technical Corner

Sam,

I asked Stinson to review it. U should have it in 15 minutes.

Please, shoot me the column.

Vince

	Enron North America Corp.

	From:  William Smith @ ENRON                           07/31/2000 08:44 AM

To: Vince J Kaminski/HOU/ECT@ECT
cc:
Subject: Technical Corner

Good Morning, Vince!

Please pardon the brief interruption, but how is the article coming?

Sam


Attached is the referenced list.  My "amended-no change" means I am OK with
Credit changes.

Do I owe you some other old lists?


Hi Pete,

Wanted to recap our conversation yesterday, update you on our timing and get you my contact information.

Regarding a possible settlement, it appears to me that this is a concept that you have considered and are willing to pursue.  We will have a valuation of the contract for you Monday.  It is my suggestion that you review the proposal, make sure that you agree with the outstanding transactions and complete your own valuation.  Once we have agreed on the universe of transactions, you and I will discuss and finalize a settlement amount that we are comfortable will be approved by the creditor committee and bankruptcy judge.

From this point, Enron will begin the process of filing a motion for settlement and schedule an appropriate hearing date for the judge to rule.  Please seek bankruptcy council to determine if it will be necessary for a representative from your company to attend and, as well, to be comfortable with the process.

Finally, we will provide you a sample Release Letter for your review.  We will seek your comments, if any, prior to the hearing date.  After the settlement motion is filed, we would ask that there are no more document or value negotiations in order to expedite closure.

All of that said, concurrently, in case you and I are not able to reach agreement on a settlement amount, we are going to take the first step in an auction process.  This means that I am going to send you a procedural Notice of an anticipated auction to sell your contract as we discussed yesterday.  It is our desire to settle this prior to an auction taking place.  The settlement process is our preferred route of resolution.  Please call me if you have any questions regarding this.

Please, call me with any questions and let's work hard at keeping an open dialog so that we can resolve this to both of our mutual benefits.  I have included my contact information at the end of this email-- if you could return this email with your mailing address, I would appreciate it.  Also, I look forward to working with you through this process, and finally, thank you for your time and attention to this matter.

Sincerely,

Mike Bridges

Mike Bridges
phone:  713-345-4079
fax:	713-646-3037
email:	michael.bridges@enron.com

1400 Smith Street
ECN 0602d
Houston, TX 77002


Pretty nice.  I had never even heard of this vehicle.

DG

Greg Couch
12/12/2000 01:56 PM
To: Darron C Giron/HOU/ECT@ECT
cc:
Subject: Lay's car

Found this on a web site.

The Gelaendewagen or "G-wagen" is something of a Land Rover on steroids with
German engineering.
Think of a cross between an S500 sedan and the Hummer. At $135,000 a copy and
with only a handful being
imported into the US, those lucky enough to get their hands on a G-Wagen are
assured exclusivity and an
all-terrain vehicle that means business.


Greg,  Attached is the executable for Brazos Valley Energy, L.P.

Thanks, and Good Luck with AEP.  If you need any follow up on this please feel free to call me.

Gerald


Andrew,

I have an interview at 8:30. A meeting
at 8:00 on Friday would work for me. I can delay he interview
if we need more time.

Vince

Andrew Miles@ENRON
09/27/2000 10:56 AM
To: Vince J Kaminski/HOU/ECT@ECT
cc:
Subject: Re: Meeting

Great Vince!

Thanks for replying.  This idea is really snowballing and we're getting a lot
of support - I can't wait to talk to you about it.  Are you available somtime
early in the morning on Friday?  Maybe around 8:00 or 8:30?

I'm attaching a one-page executive summary for you to look at if you get a
chance.

Looking forward to your reply,

Andrew

Vince J Kaminski@ECT
09/27/2000 08:29 AM
To: Andrew Miles/NA/Enron@ENRON
cc: Vince J Kaminski/HOU/ECT@ECT
Subject: Re: Meeting

Andrew,

I shall be glad to meet and discuss the project. It sounds intriguing.

Vince

Andrew Miles@ENRON
09/22/2000 01:34 PM
To: Vince J Kaminski/HOU/ECT@ECT
cc:
Subject: Meeting

Hi Vince!

Maybe you remember me, my name is Andrew Miles and we worked together on a
speech for Jeff Skilling this past July.  I am hoping that I can get on your
calendar for 30 minutes next week.  I have been working with 3 other Enron
employees for the past 6 months, developing a comprehensive innovation
acceleration process for use by potentially all Enron employees - and we
would really appreciate your input.  We have presented the idea to quite a
few people in the company, and some outside of the company (Strategos
Institute), all of which have really liked the idea and provided key input.
Many people have suggested that we run the idea by you.

If you have some time next week, would you mind allowing me to explain our
ideas to you?  I will follow up with a telephone call.

All the best,

Andrew


---------------------- Forwarded by Sally Beck/HOU/ECT on 04/13/2000 07:10 PM
---------------------------
From: Scott Pleus@ENRON COMMUNICATIONS on 04/13/2000 10:31 AM
To: Sally Beck/HOU/ECT@ECT
cc: Patti Thompson/HOU/ECT
Subject: 2000 Audit Plan

Weather:  The gross book balance of the Weather Risk book is smallest after
the winter season (majority of trades roll off in March) and alot of business
is executed during September.  Although September would probably be OK, it
may be helpful it the review was moved to June/July.

Pulp, Paper and Lumber-:  Looks OK.

Although it is not ENA, I would recommend a review of EBS  Bandwidth Trading
for the latter part of the year.  I'm not sure how this would get scheduled.


Guys, I would like to schedule a one hour meeting to discuss the 2000 and
2001 IT budget.  Essentially, I would like this first meeting to discuss our
approach to a) understanding in some detail our 2000 costs and the
nature/behaviour of those costs and b) in this context, ENA's priorities and
the system plan, come up with the 2001 budget and how the accountability will
be managed.

Kay, can you please try to organize ASAP.

Regards
Delainey


You are the woman!

	Tanya Rohauer
	09/15/2000 10:15 AM

		 To: Tana Jones/HOU/ECT@ECT
		 cc:
		 Subject: Re: Commerzbank AG

send me down a copy of the comments and I (or someone else) will take a look
at it.

From: Tana Jones on 09/15/2000 09:52 AM
To: Tanya Rohauer/HOU/ECT@ECT
cc:
Subject: Commerzbank AG

Who is going to take over this master from Rod?  They send it in comments and
are calling for a response.


---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 12/04/2000
12:29 PM ---------------------------

"Btu" <subs@Btu.net> on 12/01/2000 05:15:39 PM
To: "Btu's Weekly Power Report" <>
cc:
Subject: Btu's Weekly Power Report

Attached is the latest issue of Btu's Weekly Power Report

e-mail: info@Btu.net
phone: 732-758-8222
fax: 732-758-8286

 - wp120400.pdf


You have received this email because the requester specified you as their Manager's alternate. Please click http://itcapps.corp.enron.com/srrs/auth/emailLink.asp?ID=000000000082135&Page=Approval to review and act upon this request.

Request ID          : 000000000082135
Approver            : frank.vickers@enron.com
Request Create Date : 2/1/02 9:38:13 AM
Requested For       : craig.taylor@enron.com
Resource Name       : Market Data Kobra Financial
Resource Type       : Applications


calendar
---------------------- Forwarded by Steven J Kean/NA/Enron on 09/01/2000
07:44 AM ---------------------------

Celeste Roberts@ECT
08/29/2000 06:21 PM
To: Celeste Roberts/HOU/ECT@ECT
cc:  (bcc: Steven J Kean/NA/Enron)

Subject:

URGENT

The Associate and Analyst Recruiting Department will be conducting a number
of two hour workshops to review our recruiting and interview process for the
fall on-campus recruiting effort.  Critical information regarding our
on-campus interview process, revised evaluation forms and program structure
will be reviewed during these two hours sessions.

It is mandatory that all team members attend these workshops.  All team
members must attend in order to articulate and demonstrate the Enron
recruiting process.  Knowing how busy schedules are, we have made
arrangements to present these workshops in two hours sessions for a total of
40 workshops that will run during the last week of August, through the month
of September and end at mid October.

Listed below are the dates, location and times for each session.  Please
select a date and time and e-mail this information to my assistant, Dolores
Muzzy.  We can accommodate 25 participants at a time.  Dolores will take
dates and times on a first come, first serve basis.  We have scheduled enough
sessions to accommodate every member of both the Associate and Analyst
recruiting teams.

In order to participate in the recruiting process, you must attend one of
these sessions.  We will be tracking participation.  CPE credits will also be
given for attending this workshop.


GCP adjustments highlighted in red.

Rgds.

Samuel x3-9890
(GCP_Enron Networks)

Walter Guidroz@ENRON
02/20/2001 05:24 PM
To: Karen Lambert/HOU/ECT@ECT, Tana Jones/HOU/ECT@ECT, Samuel
Schott/HOU/ECT@ECT, Mark Taylor/HOU/ECT@ECT, Brant Reves/HOU/ECT@ECT, Debbie
R Brackett/HOU/ECT@ECT, David Hardy/LON/ECT@ECT, Lesli Campbell/HOU/ECT@ECT,
Cynthia Clark/Corp/Enron@ENRON, Mary G Gosnell/HOU/ECT@ECT, Enron Europe
Global Contracts and Facilities, Enron Europe Global
CounterParty/LON/ECT@ECT, Stephanie Sever/HOU/ECT@ECT, Tom Moran/HOU/ECT@ECT,
Claudia Clark/HOU/ECT@ECT, William S Bradford/HOU/ECT@ECT, Lisa
Lees/HOU/ECT@ECT, Juana Fayett/Corp/Enron@Enron, Jana Morse/Corp/Enron@Enron,
Trang Le/HOU/ECT@ECT, Paul Maley/LON/ECT@ECT, Sonya Clarke/LON/ECT@ECT, Lee
Munden/LON/ECT@ECT, Tim Davies/LON/ECT@ECT, Karen O'Day/NA/Enron@Enron, Tanya
Rohauer/HOU/ECT@ECT, Kelly Lombardi/NA/Enron@Enron, Brian Lindsay/Enron
Communications@Enron Communications, EOL Call Center
cc:
Subject: EOL approvals, 2-20-01

Please see attached.


We definitely have a case of blossom-end rot...

Symptoms:
The bottom of tomatoes that are beginning to ripen turn black or brown.
Blossom-end rot begins when the fruit is about half grown, and continues to
develop as the fruit matures. The first symptom is a water-soaked area at
the blossom end (opposite the stem end) of the fruit. This spot will grow
larger, turning dark and sunken. It is usually worse on the first fruit
cluster but can be a problem throughout the season.

Pictures:
http://www.ifas.ufl.edu/~ftsgweb/BERDBC.htm
http://www.oznet.ksu.edu/dp_hfrr/extensn/problems/blendrot.htm
http://130.111.117.57/images/diseases/tomato.jpg

Edibility:
Tomatoes that are already affected will continue to be deformed. They are
safe to eat, but the disorder reduces the amount of tomatoes that can be
used. If you have a lot of tomato plants, it might be best to pick off and
destroy the fruits that are severely affected.

Cause:
Water-related:
Blossom-end rot is not caused by a pathogen, so it is not an infectious
problem. It results from a calcium deficiency in the plant caused by large
fluctuations in soil moisture. When soil moisture is limited, plant growth
slows and nutrient uptake by the roots is reduced. If water becomes
available again, from rain or irrigation, the plant begins to grow rapidly
but the uptake of calcium lags behind. In this way the rapidly expanding
fruit tip does not have enough calcium available to develop properly, even
though there is plenty of calcium in the soil.

Soil-related:
Another cause of blossom end rot is over-fertilization, especially of
nitrogen, which stimulates vegetative growth. Excessive vegetative growth
increases the transpiration surface and further prevents calcium
accumulation in the fruit. Tomato varieties with large amounts of foliage
tend to be more susceptible to blossom end rot because the leaves require
calcium. Adjust the nitrogen rate for each cultivar to reduce blossom end
rot. Avoid ammoniacal forms of nitrogen that compete with calcium during
uptake from the soil.

Treatment:
Water-related:
The best method for controlling blossom-end rot is to maintain even and
adequate levels of soil moisture. In such conditions, plants grow at an even
rate and the nutrients stay in balance. Do not let the soil dry excessively
between waterings, as this stimulates blossom-end rot. Mulch to conserve
moisture. Mulching plants with straw, newspapers, or thin layers of grass
clippings can help to control blossom end rot.

Soil-related:
Check soil pH and soil nutrient levels annually and incorporate the amount
of lime into the soil to adjust the pH to between 6.5 to 6.7 if necessary.
Have your soil tested by the university or other lab.  If the calcium is low
but the pH is OK, add gypsum.

Adjust the nitrogen rate to the type of tomato being grown to avoid
excessive vegetation. Use nitrogen in the form of potassium or calcium
nitrate and avoid ammonium nitrate. Apply potassium, phosphorus, and
magnesium as recommended because balancing these nutrients with calcium is
also important in preventing blossom end rot. The primary factor, however,
is maintaining uniformly adequate soil moisture throughout the season.

Calcium-rich fertilizers show mixed results in controlling this problem,
often because calcium deficiency in the soil is not the problem. If calcium
nitrate or other fertilizers are used, they should be applied to the leaves
and tomatoes when the tomatoes are about grape size. Brand names include
Tomato Saver and Blossom-End Rot Preventer. Be sure the fertilizer is meant
to be used as a leaf spray.

Other Links:
http://www.nysaes.cornell.edu/additional/agrifacts/tomato_q.a.html
(Read this for info about how to ripen green tomatoes at the end of the
season)


At Friday's NYISO Management Committee meeting, two proposals were approved that will affect next year's rate schedule 1 charges. The first involves the assessment of regulatory fees charged by FERC for its electric industry costs. As you are aware, effective next year, FERC will be changing the way its electric program costs are assessed to market participants. Under the new method, a unit charge will be assessed against public utilities providing transmission service, including ISOs. NYISO estimates an annual assessment of $4-6 million. These fees will start to be recovered through the rate Schedule 1 charge effective January 1, 2002. This should equate to roughly $0.03 per MWH. The second item approved at Friday's meeting concerned the proposed 2002 budget for the NYISO. Total costs will be increasing roughly $12 million, which will raise the schedule 1 charges for running the ISO (currently $0.60 per MWH) by $0.03 to $0.05 per MWH, depending on the size of the proposed contingency fund that may be included by the Board. Offsetting these increases is the elimination of a $0.30 per MWH charge that has been collected during most of 2001 to create a $50 miilion working capital fund. The ISO expects to achieve full funding of this fund by the end of the current year.


I hope to have before the end of the day.
--------------------------
Sent from my BlackBerry Wireless Handheld (www.BlackBerry.net)


----- Forwarded by Tana Jones/HOU/ECT on 05/10/2000 04:18 PM -----

	Tom Moran
	05/10/2000 04:02 PM

		 To: Frank L Davis/HOU/ECT@ECT, Karen Lambert/HOU/ECT@ECT, Tana
Jones/HOU/ECT@ECT
		 cc: Tom Moran/HOU/ECT@ECT, Sheri Thomas/HOU/ECT@ECT, Mark
Taylor/HOU/ECT@ECT, Bernice Rodriguez/HOU/ECT@ECT, Brant Reves/HOU/ECT@ECT,
Debbie R Brackett/HOU/ECT@ECT, David Hardy/LON/ECT@ECT, Lesli
Campbell/HOU/ECT@ECT, Lisa Gillette/HOU/ECT@ECT, Linda S Bryan/HOU/ECT@ECT,
Connie Sutton/HOU/ECT@ECT, Sylvia A Campos/HOU/ECT@ECT, Molly
Harris/HOU/ECT@ECT, Cynthia Clark/Corp/Enron@ENRON, Samuel
Schott/HOU/ECT@ECT, Mary G Gosnell/HOU/ECT@ECT, Enron Europe Global Contracts
and Facilities
		 Subject: EOL / Credit / GCP Responses 5/10/00

Please find attached Credit's EOL responses for 5/10/00

Regards
tm


I had originally scheduled a parent/teacher conference for today.  However,
due to the volume of work that I need to get out, I have rescheduled my
appointment for tomorrow at 3:30.  I will be leaving the office tomorrow at
2:45.  Also, I will need to  leave the office today at 5:30.

Samantha M. Boyd
Sr. Legal Specialist
Enron North America, Corp.
1400 Smith, EB3802A
Houston, TX  77002
Phone:  (713) 853-9188
Fax:  (713) 646-3490
email:  samantha.boyd@enron.com


-----Original Message-----
From: 	Hare, Bill
Sent:	Tuesday, April 24, 2001 6:20 PM
To:	Hall, Bob M
Cc:	Scribner, James; Colbert, Marilyn; Klotz, Jeff
Subject:	AEP Enron Counterparty Setup Procedures Proposal

I discussed the AEP/ENA standards with Barbara Gray and passed the draft document to her on Monday for review and modifications as needed to a legal document.  Jeff will follow-up with Barbara later in the week on the status or if further input is required by Global Counterparty.

The QA team has completed the preliminary testing of the Counterparty Request System for AEP and Global Counterparty will begin testing tomorrow.

Bill
---------------------- Forwarded by Bill D Hare/HOU/ECT on 04/24/2001 06:10 PM ---------------------------

Jeff Klotz@ENRON
04/23/2001 02:54 PM
To:	Barbara N Gray/HOU/ECT@ECT
cc:	Bill D Hare/HOU/ECT@ect, James Scribner/Corp/Enron@Enron, Bernice Rodriguez/HOU/ECT@ECT, Marilyn Colbert/HOU/ECT@ECT
Subject:	AEP Enron Counterparty Setup Procedures Proposal

Per your conversation with Bill Hare, here is the documentation we have prepared for AEP access to the Global Counterparty request system. Let me know if you need anything else.

Jeff Klotz
3-4548

<Embedded Picture (Device Independent Bitmap)>


Ms. Tana,

Sorry about flaking out on you this past weekend.  I have been so tired and
especially with all of the running I have been doing.  Hopefully, I will
feel better after the Chicago marathon on Oct. 22.

Just to fill you in on a couple of things, I sold my house to a builder and
signed a contract on the townhouse on Timmons Lane.  I decided I didn't want
another house right now and simplifying rather than complicating my life was
more in order for me.  Plus, I can put money away for college.  The 2
closings will not finalize at the same time because I am assuming the
townhouse loan and it will take longer.  I am looking at moving some time in
October.

Please forgive me for not staying in touch as I would have liked, but it has
been very stressful and wears on my old bones.  You know how it is when you
have decisions to make (alone)!  I think about you a lot, so please don't
take it personally.

By the way, if you care to look at the plants in my yard, you are more than
welcome.  I have one in a pot that I bought this summer that needs to be
planted because it dries out too quickly in the pot.  I can't remember the
name right now but will look tonight and let you know so you can ask your
gardener if she thinks you should have it.  It has a pretty little purple
bloom on it and I think it blooms all summer.  I will have a small patio,
but it is already planted with azaleas and I don't need any more pots.

Talk to you soon.

----- Original Message -----
From: Tana Jones <Tana.Jones@enron.com>
To: <pyoung@pdq.net>
Sent: Monday, August 28, 2000 8:28 AM
Subject: An Update

>
>
> That job I passed on your resume to in our group, I checked, and they
still
> haven't started interviewing people yet, since Barbara is on vacation
dropping
> her daughter off at college.
>
>


If I read this correctly it says that we will not receive the storage permit
until close to the end of July. I don't want to let anything else slip. Is
there any action required on our part to keep things moving?

"Lawrence J. Hand, Jr." <lhand@lemle.com> on 05/30/2001 08:24:18 AM
To: "Rusty Belflower (E-mail)" <Rusty.Belflower@enron.com>
cc:

Subject: Timeline for Permitting Napoleonville Storage No

Rusty, this is the proposed timetable I sent to Joe for Comment.  I spoke
with him this morning and he agreed to look it over.  He has not yet
reviewed the application. I told him to let me know if there are any
deficiencies in the application when he looks it over. When are you sending
me a copy of the permit application. <<266676_1.doc>>

I also talked to Joe about the possibility of dewatering prior to the final
order.  If needed, Joe said a work permit could be issued which would allow
dewatering.  This is based on a liberal interpretation of the regs, however.

 - 266676_1.doc


Karen:
Please take a look at what we have agreed to in Section 4(b) of the
amendment.  Your new language does not track that language and if you are
going to add language to the LC it needs to track that language.  I
personally feel that this language is unnecessary so long as the drawing
condition is specified.
Carol

	"Karen Ector" <karen_ector@transcanada.com>
	05/12/2000 04:42 PM

		 To: Carol St Clair <Carol.St.Clair@enron.com>
		 cc:
		 Subject: Re: LC Form

Carol:

The additional transfer language is sufficient.

I black lined an insert to address TEFP's concern that the letter of credit
may be exercised on
default, only when funds are owed.

Please advise if this change is acceptable to Enron.  (If it is, I will print
copies of the
attached, & replace the existing letter of credit format with the attached
document, so that
Susan does not have to generate executions copies again.)

Thank you,

Karen

Carol St Clair wrote:

> Karen:
> Enclosed is a new draft of the LC Form in which I have incorporated some
> additional transfer language that hopefully deals with your issue.  Please
[ass
> it on to the people taht need to see it.  Thanks.
>
> (See attached file: TransCanada LC Form 5-12.doc)
>
> Carol St. Clair
> EB 3892
> 713-853-3989 (Phone)
> 713-646-3393 (Fax)
>
>   ------------------------------------------------------------------------
>                                           Name: TransCanada LC Form 5-12.doc
>                                           Type: Microsoft Word Document
(application/msword)
>    TransCanada LC Form 5-12.doc       Encoding: base64
>                                    Description: Mac Word 3.0
>                                Download Status: Not downloaded with message

 - TransCanada LC Form 5-121R.doc


Kristin Gandy has sent you an Evite Invite!

To view your Invite, simply click the following Web address:
http://evite.citysearch.com/r?iid=EWFPZQLYXVCWYUZGPPNX

This Evite Invite is covered by Evite's privacy policy*.
To view this privacy policy, click here:
http://evite.citysearch.com/privacy

********************************
Workin' for the weekend? - With only two days to call your
own, you've got to make them count. The Citysearch Weekend Guide makes
workin' for the weekend worth it.
http://weekend.citysearch.com?cslink=nsltr-evite-invite

Need some help?  See below!
*********************************

Perhaps your E-mail program doesn't recognize the Web address as an active
link.  No problem!  You can copy and paste the Web address into your Web
browser.

Here are instructions on how to copy and paste:
a. With your mouse, highlight the *entire* Web address above
b. Select the EDIT menu and choose COPY
c. Go to your Web browser and *click inside* the window where
you normally type a Web address to visit
d. Select the EDIT menu and choose PASTE
e. Now hit ENTER on your keyboard to take you to the Web address

It's that easy! :-)

If you would like further assistance, we're happy to help - please send
E-mail to support@evite.citysearch.com

* Updated 01/09/01.


To:	All ENW Employees

From:	Greg Piper and Mark Pickering

Please print and become familiar with the updated ENW T&E Policy, which is attached.  Changes to the policy include business-first travel,
with supervisor approval, for international flights over 4 hours in duration (excluding Canada and Mexico).  Supervisors will be responsible for making the decisions and bearing the expense for business-first travel.

If you have any questions about the policy or an expense not covered under the policy, please contact Tina Spiller or Lisa Costello.


Mark,

Look forward to your views on the comments expressed by CC, as well as their
minor drafting changes.  I have not as yet sent this Sullivan &
Cromwell....may be you would wish to do this as you see fit......

Look forward to seeing you soon in a week or so...

Justin

---------------------- Forwarded by Justin Boyd/LON/ECT on 27/05/99 17:02
---------------------------

	Enron Capital & Trade Resources Corp.

	From:  Nicola.Garrett@cliffordchance.com                           27/05/99
14:27

To: jboyd@enron.co.uk
cc: lkitching@enron.co.uk, ekapralo@enron.co.uk, aaziz@enron.co.uk,
Christopher.Millard@cliffordchance.com, Timothy.Hughes@cliffordchance.com
(bcc: Justin Boyd/LON/ECT)
Subject: Internet Trading - Internet Trading Access and Electronic Trading
Agreements

Further to our meeting yesterday, please find attached a copy of the
Internet Trading Access Agreement ("ITAA") and the Electronic Trading
Agreement ("ETA") marked up with my suggested changes from an English law
perspective.  As I mentioned to you yesterday, these documents will also
need to be considered by the overseas lawyers to see whether there are any
overriding local laws which could impact on the use.  The overseas lawyers
have copies of these agreements and will include this in their report.

I understand that it is envisaged that the ITAA will be signed off line and
the ETA will be posted on the Website.  Each person authorised by a
counterparty with a password must "click through" the Agreement before
commencing trading.  This will only be done on one occasion.

We discussed yesterday the risks associated with this approach, namely, that
a counterparty could claim that at the time of entering into the ITAA it was
not aware of the terms of the ETA and therefore, could not be bound by it.
It is clearly important to have certainty that the terms of the ETA are
enforceable as they contain important terms such as indemnities, limitations
of liability etc.  Having said that, the view might be taken that by
entering into the ITAA all that has been achieved is that a counterparty
receives a password which enable the counterparty to put itself in a
position where it must consider the ETA before proceeding.  Once the
counterparty accesses the Website and sees the ETA a second contract is made
and the ITAA and ETA must then be read together but only at the time that
the counterparty has clicked through the ETA.  I suspect that this is the
approach that Sullivan & Cromwell had in mind.  It is also worth bearing in
mind that a counterparty may ask for the ETA at the time of entering into
the ITAA or may be relunctant to click through the ETA until they have had
internal legal sign off.  This may delay trading.

Nonetheless, I understand that you are keen to proceed with signing the ITAA
off line and the ETA on line and accordingly, the attached documents are
marked up with that structure in mind.  As agreed yesterday, I have only
made changes to the document produced by Sullivan & Cromwell where I think
it is necessary for English law purposes or clarification.  I have the
following brief comments on the changes I have made:

1. Parties:  You will see that both documents are entered into by a
designated
 Enron entity for itself and on behalf of all Enron group
undertakings.  The reason
 for this is that Transactions will actually be made between the
counterparty and
 various different Enron entities.  We therefore need to ensure that
such Transactions
 with each of those Enron entities are governed by the terms of these
documents.
 I note from your e-mail yesterday that it was suggested that we need
to list the affiliates
 or have one entity enter into the Transactions.  I think there may
be some confusion here.
 This is not the case.  I assume that the current Enron entities
which trade certain
 commodities with certain counterparties will continue to do so on
the Website.
 The Website will need to be set up in such a way as to achieve this
but I assume that this
 causes no problem as each counterparty will see different pages on
the Website depending
 on what password has been inserted.  The documents now contemplate
this.

2. "Services":  I have removed the references to Services as I am not
sure what this means.
 I would have thought that these agreements need to govern the
counterparty's access and
 utilization of the Website whether or not they actually carry out
any Transactions.  Therefore,
 I believe that where the Agreement had previously referred to
Services, it can now refer to
 "access and utilization of" the Website.

3. Contract Formation:  I have inserted a short paragraph in Clause 3
of the ETA which
 provides that a Transaction will only be executed once Enron
generates a message of
 confirmation of the sale and purchase to a Counterparty and that any
electronic records
 of Enron will prevail.  I note that Sullivan & Cromwell envisage a
document being attached
 which explains this.  This is also acceptable.

4. Data Protection:  On reflection, it will be more appropriate for
relevant data protection
 wording to be on the Website itself rather than in the ITAA or ETA.
This is because the
 data protection concerns revolve around data subjects i.e. living
individuals, rather than
 corporate entities such as the Counterparty.  Before providing
appropriate wording for
 this, could you please let me know what information will be
collected by you concerning
 living individuals either intentionally or unintentionally.  For
example, when a password is
 entered will you be able to identify a living individual by this or
can you intentionally or
 unintentionally obtain that individual's e-mail address or other
information on them once
 they have entered the Site.  You will need to check this with your
technical people.

Once you have had a chance to review this perhaps you could let me have your
comments.

I have simultaneously sent this e-mail to my financial regulatory colleagues
for their review.  They may have further comments which we will send onto
you as a matter of urgency.

Kind regards

Andrew Wilkinson

 <<EnronAgC.doc>>  <<EnronAgMU.rtf>>  <<TradingAgc.doc>>
<<TradingAgMU.rtf>>

 - EnronAgC.doc
 - EnronAgMU.rtf
 - TradingAgc.doc
 - TradingAgMU.rtf


Louise,

Colin came in this morning, spent some time with the Gas team, HR and then with me, and has decided he doesn't want to come back.

He intends to go back to UK in Q2 and intends to chill out untill then, do some travelling etc....

We had a long conversation about this, and it was evident that his mind is pretty much made up.

He was very flattered about being asked to stay on and he wanted me to pass thanks to you for thinking of him, and is sorry to have to let you down by not accepting....

regards

Stephen Stock
Tel : 713-345-8980
Cell : 832-274-0236


Hi,
Please see the attached document with the correct date that corresponds with the meeting request. In addition, the Canadian and Portland users are also included. The Bridgeline (800-711-8000 CODE 3454709) will be open during this time for us discuss and resolve issues.
Thanks

Hi,
Attached is schedule for NETCO testing for Friday afternoon. The objectives for tomorrow will be to:

1. Test logins for NETCO users and drive mappings
2. Execute a subset of the Gas and Power scenarios to test that all platform components are setup.

The complete set of scenarios will be tested next week. We appreciate your support as we work towards setting up the NETCO platform which has a number of moving parts that are coming together.
Thanks
Aftab


Which entity is this agreement for?  It does not indicate on the agreement.

Thanks

	Cheryl Nelson
	Sent by: Cheryl Nelson
	03/29/2001 11:04 AM

		 To: Stephanie Panus/NA/Enron@Enron
		 cc: Sara Shackleton/HOU/ECT@ECT, Aneela Charania/HOU/ECT@ECT, Theresa T
Brogan/HOU/ECT@ECT, Sheila Glover/HOU/ECT@ECT
		 Subject: Execution of Deutsche Bank (Frost) Agreement

Hi Stephanie,

I thought the execution process was complete on this one but actually we are
still in the process of executing.  DBAB has sent to us two copies signed by
them and hence, ready for our signatures.  I am forwarding to you so that you
could get the signatures and prepare the Authorized Officers List and the
Consent Form for signatures as well.

Cassandra wants an explanatory blurb about why the account is necessary,
please check in to get some justification from Aneela, Sheila or Theresa.

Thank you,

Cheryl Nelson
Senior Counsel
EB3816
(713) 345-4693


Rex:  Great news.  Could I get a copy or Enron's original for documentation?
Thanks! EB 3834.

I also have in my hands executed Sun/iPlanet and Reuters America agreements.
I will forward copies to Tana Jones.  Tana will you get copies to Rex's
group?  Thanks!

Kay C. Young
Legal Specialist
Enron North America Corp.
713-853-6794 Phone
713-646-3393 Fax
kay.young@enron.com

	Rex Shelby/ENRON@enronXgate
	04/21/2001 08:54 AM

		 To: "ron.lang@sungard.com@ENRON"
<IMCEANOTES-ron+2Elang+40sungard+2Ecom+40ENRON@ENRON.com>@SMTP@enronXgate,
deborah.lofton@sungard.com@SMTP@enronXgate
		 cc: Travis McCullough/HOU/ECT@ECT, Kay Young/HOU/ECT@ECT,
tking@brass.com@SMTP@enronXgate, trentas@brass.com@SMTP@enronXgate
		 Subject: RE: Confidentiality Agreement - Enron

Ron --

We signed the NDA on Friday at Tom King's office.  Thanks to you, Debbie, and
Travis for getting this in place.  Best regards.

-- Rex

 -----Original Message-----
From:  ron.lang@sungard.com@ENRON
[mailto:IMCEANOTES-ron+2Elang+40sungard+2Ecom+40ENRON@ENRON.com]
Sent: Friday, April 20, 2001 10:47 AM
To: deborah.lofton@sungard.com
Cc: McCullough, Travis; Young, Kay; Shelby, Rex; tking@brass.com;
trentas@brass.com
Subject: Re: Confidentiality Agreement - Enron

Thanks for both Debbie and Travis for getting an  executable NDA in place
prior to today's meeting.

I will sign and fax a clean version to Thia Rentas at SunGard Trading
Systems - BRASS, where the meeting is being held this afternoon.

Rex can sign for Enron and each party can retain signed copies.

Thanks again,
Ron

Deborah C Lofton
04/20/2001 11:22 AM

To:   Travis.McCullough@enron.com
cc:   Kay.Young@enron.com, Ron Lang/Corporate/SunGard@SunGard

Subject:  Re: Confidentiality Agreement  (Document link: Ron Lang)

Due to the circumstances surrounding today's meeting, Travis and I have
agreed that each of us will sign the NDA without the "patent" clause, but
that prior to the next meeting we will discuss the issue further.  Attached
is a clean and blackline version of the NDA.

RON- Please execute and deliver prior to the meeting and send me a copy of
both your signature and Enron's signature.

If there are any questions, please contact me at the numbers below.

Thanks,

Debbie

(See attached file: enron3cln.doc)(See attached file: enron3.doc)

Deborah C. Lofton
610-341-8129
610-341-8115 (fax)
215-292-1811 (mobile)
email:  Deborah.Lofton@sungard.com

************************************************************************
The information contained in this e-mail message is intended only for the
personal and confidential use of the recipient(s) named above. This message
may be an attorney-client communication and as such is privileged and
confidential.  If the reader of this message is not the intended recipient
or an agent responsible for delivering it to the intended recipient, you
are hereby notified that you have received this document in error and that
any review, dissemination, distribution, or copying of this message is
strictly prohibited.  If you have received this communication in error,
please notify us immediately by e-mail, and delete the original message.
***********************************************************************

                    Travis.McCullough
                    @enron.com              To:
                                            cc:
                    04/19/01 08:58 PM       Subject:

Debbie:

I appreciate the point on the damages issue.  New York law is fine as the
governing law for this agreement.

I have discussed the section 6 with our outside counsel and left a
voicemail for the commercial team.  I am generally comfortable with the
effect of that provision with respect to patents that have not been issued;
however, we feel that a cause of action for willful violation should still
be available with respect to patents that have been issued.  In other
words, it makes sense that you should not be found to have willfully
violated a patent that you didn't know existed; but if it is brought to
your attention and there is subsequently a willful violation, I don't want
to have to explain why we waived our right to pursue that.

Our outside counsel has suggested the following language as an alternative:

"In connection with its due diligence review or otherwise, each
party and its affiliates may obtain Confidential Information regarding
pending patent applications of the other party or its affiliates (the
"Patent Applications").  In the event of a patent infringement suit based
on
a patent issuing from any such Patent Application against the party
receiving Confidential Information regarding such Patent Application, the
party that disclosed the Confidential Information (and entities controlled
by the disclosing party) hereby agrees that it will not raise as evidence
in
support of willful patent infringement of any patent issuing from such
Patent Application the fact that the party received the Confidential
Information regarding such Patent Application under this Agreement.  This
agreement shall not be construed to preclude the offering of any other
evidence in any such patent infringement case, including evidence that the
party receiving such Confidential Information learned of any such issued
patent after the date of issuance and evidence of the actions of the party
receiving such Confidential Information after learning of the issuance of
such patent issuing from the Patent Application.

If this is not acceotable, one alternative that would allow the Friday
meeting to proceed would be to sign the CA without this provision, since it
is highly unlikely that the teams will be able to disclose a lot of
information regarding intellectual property that might be subject to patent
protection during the course of a one to two hour meeting.  We could then
try to work this issue out before the next substantive meeting that the
businesspeople have.

I'll actually be able to discuss this in the morning before I leave in case
we need to work something else out before the meeting.  I'll try to call
you first thing.

Travis McCullough
Enron North America Corp.
1400 Smith Street EB 3893
Houston Texas 77002
Phone:  (713) 853-1575
Fax: (713) 646-3490

 - enron3cln.doc << File: enron3cln.doc >>
 - enron3.doc << File: enron3.doc >>


I'm still not wild about 27.5, which says they have no liability for any
advice they give us which is not required by the agreement.  It seems that we
could get into an argument about causation of a problem, and what was in/out
of their scope under the agreement.

I don't know that I have any brilliant ideas about how to narrow this carve
out. I guess we could say no liability so long as the advice is clearly
outside the scope of work, and is given in good faith and in accordance with
industry standards.

Martin W Penkwitz
08/21/2000 11:18 AM
To: Scott Dieball/ENRON_DEVELOPMENT@ENRON_DEVELOPMENt
cc: Kay Mann/Corp/Enron@Enron, Sheila Tweed/HOU/ECT@ECT

Subject: GE Form - Revisions as to Indemnity and LOL

Scott:

Please see the attached redlined copy of the referenced provisions.  Please
review and give me a call with any questions you may have.

Marty

Martin Wm. Penkwitz
Enron North America Corp. - Legal
1400 Smith St.  Suite 3840
Houston, TX  77002
713.345-7101
Martin.W.Penkwitz@enron.com


This request has been pending your approval for  40 days.  Please click http://itcapps.corp.enron.com/srrs/auth/emailLink.asp?ID=000000000057285&Page=Approval to review and act upon this request.

Request ID          : 000000000057285
Request Create Date : 8/30/01 5:59:30 PM
Requested For       : erik.simpson@enron.com
Resource Name       : Market Data Kobra Basic Energy
Resource Type       : Applications


I think that Enron internal would be fine.  I have spoken with one commrcial
person (Ron Coker)  about her and got rave reviews.  She worked very closely
with Anthony Duenner so maybe you could call him and Bruce Lundstrum.  Also
Rob Walls.  Thanks for doing this for me.  I'm still a hostage.


Please take care of this below as of 12/29/2000.  Drop into Excel and E-mail
to me.

Thank you,

Errol
---------------------- Forwarded by Errol McLaughlin/Corp/Enron on 03/21/2001
10:05 AM ---------------------------

Jeffrey C Gossett@ECT
03/21/2001 09:54 AM
To: Kam Keiser/HOU/ECT@ECT, Darron C Giron/HOU/ECT@ECT, David
Baumbach/HOU/ECT@ECT, Errol McLaughlin/Corp/Enron@ENRON, Phillip M
Love/HOU/ECT@ECT
cc: Wendi LeBrocq/Corp/Enron

Subject: 12/29/2000 - MTM

Two more counterparties need MTM values for Dec. 29, 2000.

The Tudor BVI global portfolio
Osprey Portfolio Group

Please provide the total MTM value for that date within your region.

Thanks


As an update,  checking on the status of the Master,  I have been informed
the city attorney is in the process of reviewing our draft.

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


The wierdness continues.....

In the Senate:
After Burton's "proclamation" yesterday afternoon that Senate bill 78XX was
"all Edison was getting, period," the bill was voted down in committee and
never made it to the full Senate for a vote.
The bill will be "reconsidered" (i.e., voted on again) today in the same
committee.

In the Assembly:
Hertzberg's bill (82XX) got voted down initially, until Rod Wright switched
his vote and let it get out.
82 XX then went to the appropriations committee, where it was voted out, and
now it's scheduled for a floor vote this morning.
83XX, the bipartisan bill led by Wright (D) and Richman (R), was also voted
out of committee and will go to appropriations today.

Will report back later this AM with any additional information.

Best,
Jeff
----- Forwarded by Jeff Dasovich/NA/Enron on 07/19/2001 09:40 AM -----

	Jeff Dasovich
	Sent by: Jeff Dasovich
	07/18/2001 08:18 PM

		 To: Richard Shapiro/NA/Enron@Enron, skean@enron.com, Susan J
Mara/NA/Enron@ENRON, Harry Kingerski/Enron@EnronXGate, James D
Steffes/NA/Enron@Enron, Linda Robertson/NA/Enron@ENRON, Susan M
Landwehr/Enron@EnronXGate, mpalmer@enron.com, Karen Denne/Enron@EnronXGate,
Janel Guerrero/Enron@EnronXGate, Paul Kaufman/Enron@EnronXGate
		 cc:
		 Subject: California Update 07.18.01

The Senate, the Assembly and the Governor are either poised to engage in very
difficult negotiations, or the three are about to crash and burn and Edison's
going to be left dangling.

In the Senate:
The Senate bill 78XX is with about 90% likelihood going to be voted out of
the Senate tonight---without a vote having taking place in any committee.
Burton announced during one of the two "informational" hearings that "this is
it," despite the view of just about everyone who appeared before the
committees the bill likely won't prevent Edison from going bankrupt.
The key features of the bill are:
Banks and QFs get paid in full.
Edison shareholders would be responsible for debts owed to suppliers
No direct access.
There are conflicting reports about whether the Senate will take up the bill
tomorrow de-linking the bonds from the DWR contracts and whether the
Republicans will go along with it.

In the Assembly:
The Committee is hearing the Wright and Hertzberg bills as we speak, with
Hertzberg's the likely winner.
That bill now provides for Direct Access under certain conditions (the
amendments describing the conditions were faxed today).
We're attempting to get the "July 12" date changed to "the effective date of
the bill" or later.
The Assembly likely won't vote the Hertzberg bill out until tomorrow at the
earliest.

The Problem:
The Assembly and Senate bills are diametrically opposed in the way each
approaches the problem---in short, the bills are two ships passing in the
night.
The Democratic leaders (Governor, Hertzberg, Burton) aren't talking, and
Burton hasn't expressed any interest in talking---to anybody.

The likely outcome given the circumstances:
Burton says he's done what he needs to do (i.e., passed out a "fair" bill);
the Assembly and Senate can't agree; they finish the budget; time runs out;
they leave Friday; and Edison's left twisting.

That said, there's still a chance that the Governor could call Burton and sit
down with Burton and Hertzberg and work something out by Friday, or begin
talking and postpone the recess until they get it worked out.  But given
Burton, the chance of that happening seems very slim.

In short, little has changed since yesterday.

Best,
Jeff