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Standings, Summary
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East Division
Team	W	L	T	Pct	Back	Strk	Div	Wks	PF	Back	PA
JWillie <http://football222.fantasy.sportsline.com/mp/elink?script=rosters&league=bige01&owner=14696.2&random=4658&key=3&>	5	5	0	0.500	0.0	L2	2-2-0	2.0	870.0	42.0	872.0
Martin <http://football222.fantasy.sportsline.com/mp/elink?script=rosters&league=bige01&owner=14696.2&random=4658&key=1&>	5	5	0	0.500	0.0	L1	2-3-0	1.0	858.0	54.0	819.0
Frank <http://football222.fantasy.sportsline.com/mp/elink?script=rosters&league=bige01&owner=14696.2&random=4658&key=2&>	5	5	0	0.500	0.0	W1	4-1-0	2.0	848.0	64.0	915.0
Hunter <http://football222.fantasy.sportsline.com/mp/elink?script=rosters&league=bige01&owner=14696.2&random=4658&key=4&>	4	6	0	0.400	1.0	W1	3-2-0	! 0.0	886.0	26.0	902.0
Neal/McKay <http://football222.fantasy.sportsline.com/mp/elink?script=rosters&league=bige01&owner=14696.2&random=4658&key=5&>	1	9	0	0.100	4.0	L8	1-4-0	0.0	712.0	200.0	860.0

West Division
Team	W	L	T	Pct	Back	Strk! 	Div	Wks	PF	Back	PA
Russell <http://football222.fantasy.sportsline.com/mp/elink?script=rosters&league=bige01&owner=14696.2&random=4658&key=9&>	8	2	0	0.800	0.0	L1	3-2-0	1.0	906.0	6.0	789.0
Matty <http://football222.fantasy.sportsline.com/mp/elink?script=rosters&league=bige01&owner=14696.2&random=4658&key=11&>	6	3	1	0.650	1.5	W2	3-1-1	2.0	912.0	0.0	918.0
Tori <http://football222.fantasy.sportsline.com/mp/elink?script=rosters&league=bige01&owner=14696.2&random=4658&key=7&>	6	4	0	0.600	2.0	W2	4-1-0	1.0	817.0	95.0	722.0
Giggles <http://football222.fantasy.sportsline.com/mp/elink?script=rosters&league=bige01&owner=14696.2&random=4658&key=10&>	5	5	0	0.500	3.0	L1	1-4-0	0.0	811.0	101.0	820.0
Bass/Hull <http://football222.fantasy.sportsline.com/mp/elink?script=rosters&league=bige01&owner=14696.2&random=4658&key=8&>	4	5	1	0.450	3.5	W1	0-3-1	1.0	829.0	83.0	832.0

Statistics, Scoring
  <http://ad.doubleclick.net/ad/N1549.sportsline.com/B44933.5;sz=1x1;ord=1?>
Frank Actives
Player	Pos	Scoring	Score
Favre, Brett <http://football222.fantasy.sportsline.com/mp/elink?script=player-profile&league=bige01&owner=14696.2&random=4658&key=1028&team=2&>	QB	262 PaYd (13 Pts), 2 PaTD (4,39) (8 Pts), 3 PaInt (-6 Pts)	15.0
Dillon, Corey <http://football222.fantasy.sportsline.com/mp/elink?script=player-profile&league=bige01&owner=14696.2&random=4658&key=1681&team=2&>	RB	38 RuYd (3 Pts), 23 ReYd (2 Pts)	5.0
Hearst, Garrison <http://football222.fantasy.sportsline.com/mp/elink?script=player-profile&league=bige01&owner=14696.2&random=4658&key=1164&team=2&>	RB	92 RuYd (9 Pts), 21 ReYd (2 Pts)	11.0
Bruce, Isaac <http://football222.fantasy.sportsline.com/mp/elink?script=player-profile&league=bige01&owner=14696.2&random=4658&key=1294&team=2&>	WR	130 ReYd (13 Pts)	13.0
Schroeder, Bill <http://football222.fantasy.sportsline.com/mp/elink?script=player-profile&league=bige01&owner=14696.2&random=4658&key=1593&team=2&>	WR	55 ReYd (5 Pts), 1 ReTD (4) (6 Pts)	11.0
Thrash, James <http://football222.fantasy.sportsline.com/mp/elink?script=player-profile&league=bige01&owner=14696.2&random=4658&key=1859&team=2&>	WR	17 ReYd (1 Pt)	1.0
Akers, David <http://football222.fantasy.sportsline.com/mp/elink?script=player-profile&league=bige01&owner=14696.2&random=4658&key=1666&team=2&>	K	5 FG (24,46,26,28,30) (16 Pts), 3 XP (3 Pts)	19.0
Titans <http://football222.fantasy.sportsline.com/mp/elink?script=player-profile&league=bige01&owner=14696.2&random=4658&key=29&team=2&>	DT	2 Int (4 Pts), 1 DTD (101) (6 Pts), 1 SACK (1 Pt), 1 DFR (2 Pts), 7 PA (3 Pts), 264 YDS (2 Pts)	18.0
  <http://images.commissioner.com/images/dot_clear.gif>
TOTALS	 	 	93.0

Frank Reserves
Player	Pos	ST	Scoring	Score
Gary, Olandis <http://football222.fantasy.sportsline.com/mp/elink?script=player-profile&league=bige01&owner=14696.2&random=4658&key=133291&team=2&>	RB	RS	28 RuYd (2 Pts)	2.0
Levens, Dorsey <http://football222.fantasy.sportsline.com/mp/elink?script=player-profile&league=bige01&owner=14696.2&random=4658&key=1107&team=2&>	RB	RS	 	0.0
Mathis, Terance <http://football222.fantasy.sportsline.com/mp/elink?script=player-profile&league=bige01&owner=14696.2&random=4658&key=1189&team=2&>	WR	RS	70 ReYd (7 Pts)	7.0
Plummer, Jake <http://football222.fantasy.sportsline.com/mp/elink?script=player-profile&league=bige01&owner=14696.2&random=4658&key=1003&team=2&>	QB	RS	334 PaYd (16 Pts), 4 PaTD (13,68,18,3) (16 Pts), 1 PaInt (-2 Pts)	30.0
Smith, Jimmy <http://football222.fantasy.sportsline.com/mp/elink?script=player-profile&league=bige01&owner=14696.2&random=4658&key=1236&team=2&>	WR	RS	68 ReYd (6 Pts)	6.0
Smith, Maurice <http://football222.fantasy.sportsline.com/mp/elink?script=player-profile&league=bige01&owner=14696.2&random=4658&key=188183&team=2&>	RB	RS	43 RuYd (4 Pts), 29 ReYd (2 Pts)	6.0
  <http://images.commissioner.com/images/dot_clear.gif>
TOTALS	 	 	 	51.0
NFL Reports, Player Updates
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Latest NFL Player News

Ricky Watters <http://football222.fantasy.sportsline.com/mp/elink?script=players&league=bige01&owner=14696.2&random=4658&key=1151&>, RB SEA - Free Agent Updated 11/20/01
Watters' shoulder has not sufficiently healed enough for him to practice, says the Seattle Times. He is not expected to return for another two to three weeks, meaning Shaun Alexander will continue to be a key performer for many Fantasy teams as the postseason comes into view.

Doug Flutie <http://football222.fantasy.sportsline.com/mp/elink?script=players&league=bige01&owner=14696.2&random=4658&key=12375&>, QB SD - Russell Updated 11/20/01
Mike Riley told the San Diego Union-Tribune there is no QB controversy involving Flut! ie! and rookie Drew Brees. "Doug is going to be our quarterback," he said. "You can talk about controversy all you want, but there is none within this building. He is our quarterback. He will start. He will get us the next win the next week." Still, Flutie is not playing well enought to satisfy most Fantasy owners.

Mark Bruener <http://football222.fantasy.sportsline.com/mp/elink?script=players&league=bige01&owner=14696.2&random=4658&key=1360&>, TE PIT - Free Agent Updated 11/20/01
Bruener will miss the rest of the season after undergoing shoulder injury. His loss may adversely affect Jerome Bettis' statistics, because Bruener is widely regarded as the best run-blocking tight end in football.

Tyrone Wheatley <http://football222.fantasy.sportsline.com/mp/elink?script=players&league=bige01&owner=14696.2&random=4658&key=1140&>, RB OAK - G! ig! gles Updated 11/20/01
Wheatley told the Contra-Costa Times he is no longer being bothered by a knee injury. He expects to play on Sunday.

Erron Kinney <http://football222.fantasy.sportsline.com/mp/elink?script=players&league=bige01&owner=14696.2&random=4658&key=187582&>, TE TEN - Free Agent Updated 11/20/01
Kinney (calf) may play this week after missing three games. He was expected to return to practice early this week.

Frank Wycheck <http://football222.fantasy.sportsline.com/mp/elink?script=players&league=bige01&owner=14696.2&random=4658&key=1372&>, TE TEN - Matty Updated 11/20/01
Wycheck (calf) will be limited in practice this week. He may be a risky start in Week 11.

Steve McNair <http://footba! ll! 222.fantasy.sportsline.com/mp/elink?script=players&league=bige01&owner=14696.2&random=4658&key=1069&>, QB TEN - Free Agent Updated 11/20/01
The Tennessean says McNair's hand was sore when he arrived at the team's practice facility on Monday. Jeff Fisher now says he doesn't expect him to miss any practice time this week.

Derrick Alexander <http://football222.fantasy.sportsline.com/mp/elink?script=players&league=bige01&owner=14696.2&random=4658&key=1191&>, WR KC - JWillie Updated 11/20/01
Alexander (ribs) has returned to practice. He is expected to start against Seattle.

Marvin Minnis <http://football222.fantasy.sportsline.com/mp/elink?script=players&league=bige01&owner=14696.2&random=4658&key=235122&>, WR KC - Free Agent Up! da! ted 11/20/01
Minnis (ankle) is listed as doubtful for Sunday's game. Larry Parker may have to start in his place,

Mark Brunell <http://football222.fantasy.sportsline.com/mp/elink?script=players&league=bige01&owner=14696.2&random=4658&key=1032&>, QB JAC - JWillie Updated 11/20/01
Brunell (quadriceps) might miss Sunday's game against Baltimore. Jonathan Quinn will start again if Brunell can't play.

Mark Brunell <http://football222.fantasy.sportsline.com/mp/elink?script=players&league=bige01&owner=14696.2&random=4658&key=1032&>, QB JAC - JWillie Updated 11/20/01
Brunell (quadriceps) might miss Sunday's game against Baltimore. Jonathan Quinn will start again if Brunell can't play.

Reggie Wayne <http://football222.fantasy.! sp! ortsline.com/mp/elink?script=players&league=bige01&owner=14696.2&random=4658&key=235256&>, WR IND - Free Agent Updated 11/20/01
Wayne has a sprained knee ligament, and is doubtful for Sunday's game against New Orleans. Terrence Wilkins may have to start in his place.

Jerome Pathon <http://football222.fantasy.sportsline.com/mp/elink?script=players&league=bige01&owner=14696.2&random=4658&key=12612&>, WR IND - Tori Updated 11/20/01
Pathon (foot) is done for the season. He will be put on injured reserve. Reggie Wayne (knee) is also hurting, meaning Terrence Wilkins might have to be moved back into the starting lineup.

Jay Fiedler <http://football222.fantasy.sportsline.com/mp/elink?script=players&league=bige01&owner=14696.2&random=4658&key=12363&> , QB MIA - Tori Updated 11/20/01
Dave Wannstedt told the Miami Herald there is no QB controversy surrounding Fielder and backup Ray right now. ``That's kind of hypothetical,'' he said. ``Jay is the starter, and my only comment is we're going to get it squared away and play turnover-free football.''

Rod Smith <http://football222.fantasy.sportsline.com/mp/elink?script=players&league=bige01&owner=14696.2&random=4658&key=1220&>, WR DEN - Matty Updated 11/20/01
Mike Shanahan said he does not know if Smith (ankle) will be sufficiently healed to play in Thursday's game against the Cowboys. "We'll get a chance to evaluate that during the week and see," Shanahan told the Denver Post. "If he can help our football team, he'll play. If he's in a situation where he can't perform at the level that we think! c! an help our team, then we'll keep him out and put somebody else in."

Benjamin Gay <http://football222.fantasy.sportsline.com/mp/elink?script=players&league=bige01&owner=14696.2&random=4658&key=245054&>, RB CLE - Free Agent Updated 11/20/01
The Cleveland Plain-Dealer says Butch Davis won't indicate how much Gay will play in the near future. "We'll try to get him involved in some of the games," Davis said. "We'll see."

Kevin Lockett <http://football222.fantasy.sportsline.com/mp/elink?script=players&league=bige01&owner=14696.2&random=4658&key=1765&>, WR WAS - Free Agent Updated 11/20/01
Lockett, who suffered a rib injury last weekend against Denver, expects to play on Sunday against Philadelphia. However, the wide receiver has no real value as a Fantasy player at this point.

Tony Banks <http://football222.fantasy.sportsline.com/mp/elink?script=players&league=bige01&owner=14696.2&random=4658&key=1062&>, QB WAS - Free Agent Updated 11/20/01
Barring any setbacks, Banks will start Sunday's game against Philadelphia. Banks, who suffered a concussion last weekend vs. Denver, hasn't been feeling any after effects of the injury and should be under center for the 'Skins.

Jacquez Green <http://football222.fantasy.sportsline.com/mp/elink?script=players&league=bige01&owner=14696.2&random=4658&key=12405&>, WR TB - Free Agent Updated 11/20/01
Green (abdomen) is! e! xpected to return to practice on Wednesday at full strength. He's been inconsistent this season, and is best used when the matchup is favorable.

Terrell Owens <http://football222.fantasy.sportsline.com/mp/elink?script=players&league=bige01&owner=14696.2&random=4658&key=1290&>, WR SF - Martin Updated 11/20/01
Owens suffered a sprained left knee and ankle during the overtime session of last weekend's game against Carolina. The injuries aren't considered serious, however, and Owens is expected to be in the starting lineup on Sunday Indianapolis.

Cecil Martin <http://football222.fantasy.sportsline.com/mp/elink?script=players&league=bige01&owner=14696.2&random=4658&key=133349&>, RB PHI - Free Agent Updated 11/20/01
Martin suffered a hamstring injury during Sunday's game against Dallas. He'll miss a few days of practice, but is expected to play in this weekend's game against Washington. Martin has no real value as a Fantasy player at this point.

Giants <http://football222.fantasy.sportsline.com/mp/elink?script=players&league=bige01&owner=14696.2&random=4658&key=19&>, DT NYG - Matty Updated 11/20/01
According to the New York Post, cornerback Jason Sehorn's surgically-repaired right knee began giving him problems again this past weekend. In fact, the team was unsure that he'd be able to cover either Randy Moss or Cris Carter on Monday night, but he played anyway. If he continues to play on a bad wheel, you should consider starting any receivers opposing Sehorn the rest of the season.

Elvis Grbac <http://football222.fantasy.sportsline.com/mp/elink?script=play! er! s&league=bige01&owner=14696.2&random=4658&key=1035&>, QB BAL - Free Agent Updated 11/20/01
The Baltimore Sun says there is no indication that Grbac will be replaced as the team's starting QB. Still, he is not performing well enough to start for most Fantasy teams.

Donald Driver <http://football222.fantasy.sportsline.com/mp/elink?script=players&league=bige01&owner=14696.2&random=4658&key=133276&>, WR GB - Free Agent Updated 11/20/01
Driver is still dealing with a thigh injury, and is expected to miss Thursday's game against Detroit. The reserve wideout has no real value as a Fantasy player at this point.

Ravens <http://football222.fantasy.sportsline.com/mp/elink?script=players&league=bige01&owner=14696.2&random=4658&key=3&>, DT BAL - Ru! ss! ell Updated 11/20/01
Defensive end Michael McCrary will miss the rest of the season after undergoing knee surgery. His loss will certainly lower the sack output of the Baltimore defense and may mean the team will allow more passing yardage than usual.

Cowboys <http://football222.fantasy.sportsline.com/mp/elink?script=players&league=bige01&owner=14696.2&random=4658&key=8&>, DT DAL - Free Agent Updated 11/20/01
Linebacker Dexter Coakley, who was expected to miss two weeks due to a sprained knee, will likely get the start on Thursday after being out for just one game. He'll help keep Denver's running game in check, but don't expect his presence to give Dallas' defense added Fantasy value as a whole.

Emmitt Smith <http://football222.fantasy.sportsline.com/mp/elink?script=players&league=bige01&owner=14696.2&r! an! dom=4658&key=1094&>, RB DAL - Bass/Hull Updated 11/20/01
Smith (knee) will start on Thursday's game against Denver. "I'm not 100 percent, but I'm healthy enough to do my job," Smith told the Dallas Morning Star. He'll struggle to post solid Fantasy numbers due to Dallas' horrid passing game, so bench him this week if at all possible.

Donald Hayes <http://football222.fantasy.sportsline.com/mp/elink?script=players&league=bige01&owner=14696.2&random=4658&key=12431&>, WR CAR - Martin Updated 11/20/01
Hayes suffered bruised ribs during Sunday's game against San Francisco. He may miss some practice time this week, but he's expected to play this weekend against Atlanta. The Falcons secondary is one of the worst in the league, so Hayes could turn into a good sleeper pick in Week 1! 1.!

Terry Hardy <http://football222.fantasy.sportsline.com/mp/elink?script=players&league=bige01&owner=14696.2&random=4658&key=12423&>, TE ARI - Free Agent Updated 11/20/01
Hardy is expected to return to practice this week after missing three games due to shoulder injury. However, he is not certain to play on Sunday against San Diego.

Jackie Harris <http://football222.fantasy.sportsline.com/mp/elink?script=players&league=bige01&owner=14696.2&random=4658&key=1368&>, TE DAL - Free Agent Updated 11/20/01
Harris is out for Thursday's game against Denver due to a hamstring injury. Harris has been an unreliable Fantasy player and is only worth a roster spot in deeper leagues.

More Updates <http://football222.fantasy.sportsline.com/mp/elink?script=pro-player-updates&league=big! e0! 1&owner=14696.2&random=4658&start=31&>   <http://football222.fantasy.sportsline.com/mp/open_gif?splnid=30e6a654ca37f8af&league=bige01&owner=14696.2&email=9eb4d4d2e1a3f856124cc184ab07d1f73a5c23d37e8f491a&sport=football&vend=CBS%20SportsLine.com&product=mgmt&time=20011120&type=ereport&random=4658>
  _____

Copyright 2001 Commissioner.COM Inc and SportsLine.com Inc.
Your site can be reached from <http://fantasy.sportsline.com>

FB10SP


I will plan on attending weekly.  Let me know if anyone else should go?

Jim

---------------------- Forwarded by James D Steffes/NA/Enron on 04/12/2001
10:03 PM ---------------------------
From: Mark E Haedicke@ECT on 04/12/2001 05:45 PM
Sent by: Janette Elbertson@ECT
To: William S Bradford/Enron@EnronXGate, Rick Buy/Enron@EnronXGate,
mday@gmssr.com, David W Delainey/HOU/EES@EES, James Derrick/Enron@EnronXGate,
cecklund@llgm.com, gfergus@brobeck.com, Joe Hartsoe/Corp/Enron@ENRON, Dan
Leff/HOU/EES@EES, sbishop@gibbs-bruns.com, Steven J Kean/NA/Enron@Enron,
Louise Kitchen/HOU/ECT@ECT, jklauberg@llgm.com, John J
Lavorato/Enron@EnronXGate, Lisa Mellencamp/HOU/ECT@ECT, Richard B
Sanders/HOU/ECT@ECT, Richard Shapiro/NA/Enron@Enron, Vicki Sharp/HOU/EES@EES,
Michael Smith/ENRON@enronxgate, James D Steffes/NA/Enron@Enron, Michael
Tribolet/ENRON@enronXgate, Greg Whalley/HOU/ECT@ECT, Robert
Williams/ENRON@enronxgate, dwatkiss@bracepatt.com
cc: Kay Chapman/HOU/EES@EES, Tammie Schoppe/HOU/ECT@ECT, Kimberly
Hillis/Enron@EnronXGate, Liz M Taylor/HOU/ECT@ECT, Leasa Lopez/HOU/EES@EES,
Stephanie Harris/Enron@EnronXGate, Karen K Heathman/Enron@EnronXGate, Twanda
Sweet/HOU/ECT@ECT, Linda J Simmons/HOU/ECT@ECT

Subject: California Litigation Team

 Starting on Thursday,  April 19, at 2:00 p.m. there will be a weekly
telephone conference for the California litigation team.  The objective will
be to identify key issues and plan a coordinated strategy for all litigation
in California.  The call will last not more than one hour.

 Thus far, the responsibility has been allocated as follows:

1. PG&E Bankruptcy   Lisa Mellencamp and Carl Ecklund (LeBoeuf Lamb Greene &
McRae)

2. Class Actions   Richard Sanders and Robin Gibbs (Gibbs & Bruns)

3. CTC Matters   Bob Williams, Mike Day and Gary Fergus (Brobeck)

4. FERC Matters    Regulatory and Richard Sanders and Dan Watkiss (Bracewell
& Patterson)

5. Government Investigations Regulatory and Richard Sanders

 Richard Sanders and Robin Gibbs will have overall responsibility for
coordination of the litigation.


Mary:
Enclosed is the Counterparty form that we have come up with for Multi-Product
Guarantys.  Depending upon the products that need to be covered, each
Guaranty will need to be modified to make sure that it describes the proper
entities and products.  I will send along the Enron form of this shortly but
please pass this along to the appropriate people in the credit group.

Jeff, Stacy and Harry,
Are you going to change the Physical product form of Guaranty to look more
like this?  Power has changed their form and it may help for us to all be
consistent especially when we are asked to amend an existing Guaranty to
include more products.  If you do decide to amend your form, please send the
new form to credit.

Thanks for everyone's input.

Carol


Where is Lisa's Office?


Mr. Haedicke:

Please let me apologize in advance for not providing this response earlier
based on discussions with your assistant Ms. Elbertson.  I was trying to
clarify needs for the Institute with other planning committee members, and
then was involved in an unfortunate accident which has had be out of the
office for a major portion of the last 2 weeks.

As previously discussed through your assistant, we would be interested in
your participation as a panelist in a discussion to take place as part of
the Power Institute to take place on June 7 and 8, 2001 at South Texas
College of Law (downtown Houston).  The segment I would like to solicit your
participation in is entitled "E-Commerce in the New Energy World" at 1:00 PM
- 1:45 PM which was originally structured as a "speech", but the planners
would like to restructure as a round-table discussion including legal
representatives from Pantellos (confirmed), the newly-defunct Petrocosm and
yourself (Enron On-line).  The panel would be moderated with some "canned
questions" that we'd give you ahead of time, and some time for questions and
answers from the audience.  There would be little preparation other than
sharing your experiences.  I've faxed the brochure to 713-646-2600 for your
review.

If you are unavailable, we would welcome one of your attorneys from your
staff.  It's a great opportunity to "sell" Enron On-Line to a captive
audience of industry participants.

Please let me know at your earliest convenience.

Thanks,

Bret

Bret L. Strong
Winstead Sechrest & Minick
The Woodlands, TX 77381
281-367-2222


Vince,

 As a reminder, I am hoping that you can identify a speaker for my
class at UT on real options (perhaps you!).  I look forward to hearing from
you.

 Jim

James S. Dyer
Fondren Centennial Chair in Business
Department of Management Science and Information Systems
CBA 5.202
The University of Texas at Austin
Austin, Texas 78712-1175

Email:  j.dyer@bus.utexas.edu
Telephone:  512-471-5278
Fax:  512-471-0587


Hello, Researchers:

This Friday we have Paulo Issler speaking on "Implied Trees and Edgworth
Binomial Trees".
Time: 12 Noon, May 26; Place: 19C2.

The brown bag series has been a success thanks to your participation.  Hope to
see you again this Friday.

Zimin,
Alex.


Bob,

I have asked Martin, Zimin, and Paulo to prepare short presentations on the
power, gas, and crude markets, respectively.   This will take probably 45
minutes of class time.    In addition I will prepare some lecture
material.    If we don't have enough class time to cover all assigned
problems, we can just roll them to the next class.

Thanks,

Stinson


We have approx 120 total seats for retail risk management on the 5th floor.   I think its important to put all power related retail functions (risk management, tariffs, structuring, risk reporting, etc.) on the 5th floor.

If you do this, then there will not be room for the retail gas group, which means you need to work with Tammy Shephard and Wes Colwell to get room on the 6th floor for retail gas.


Please note example language for NP index under Price.

KI


OK, I haven't done this in a while.  The unofficialized book list has been revised to include the 19th's data, not the 20th's.  Sorry for any inconvenience.

Chris Abel
Manager, Risk Controls
Global Risk Operations
chris.abel@enron.com <mailto:chris.abel@enron.com>
713.853.3102


Attached is PIRA's latest "Gas Basis Report."

If you have any questions regarding the report's content, please contact:
Greg Shuttlesworth (email: greg@pira.com), Tom Howard (email:
tazh@pira.com), Richard Redash (email: Rich@pira.com), Nobu Tarui (email:
nobuo@pira.com) or Jane Hsu (email: jane@pira.com), at (212) 686-6808.

Contact John Graziano regarding PIRA report distribution and address changes
at (212) 686-6808, email: support@pira.com.

NOTE: Circulation of the "Gas Basis Report" outside a Client's licensed
distribution area is strictly prohibited. Clients that are unsure of their
licensed distribution or require an extension of their current license
should contact their PIRA sales representative, or email to sales@pira.com.

PIRA Energy Group

 - califbasis0501.pdf


Please review my name from the list.

-----Original Message-----
From: Sally Yang [mailto:Sally.Yang@meade.com]
Sent: Monday, July 30, 2001 12:57 PM
To: 'Conway, Drew'; 'Dora Johnson'; 'Gerosimo, Michael'; Aaron Spencer;
Alan Trefler; Albert Ondis; Albert Suter; Albert Yu; Alec Dreyer; Alfred
Liggins; Allen Lenzmeirer; Andrew Adams; Andrew Banks; Andrew Grove;
Arol Buntzman; Barry Linsky; Barry Silverman; Bertram Ellis Jr.; Bill
Aldredge; Bill Boyd; Bill Morgan; Blake Fisher Jr.; Blake Nordstrom; Bob
Nolan; Bob Pollan; Bobby Johnson; Brett Byers; Brinton Young; Buster
Corley; Calvin Darden; Chaim Katzman; Charles Crocker Jr.; Charles
Frenette; Charles Gaut; Charles Morgan; Charles Pigott; Charles
Williamson; Christopher Amenson; Cliff Hudson; Cloyd Abruzzo; Craig
Malloy; Daniel Akerson; David Collins; David Courtney; David Dean; David
Dillon; David Emery; David Ferraro; David Goldberg; David Goodnight;
David Hiller; David Lesar; David Litwack; David Murdock; David Oskin;
David Rickey; David Whitwan; Dennis Kozlowski; Donal Kiernan; Donald
Crews; Donald Glass; Donald Grenesko; Douglass Crocker; Dr. John
McGrath; Duane Nelles; Duane Zitzner; Earnest Deavenport Jr.; Edward
Fritsky; Edward Lipes; Edward Meyer; Eric Giler; Eric Pulaski; Eric
Steiner; Fielding Rolston; Frances Jewels; Frank Drendell; Garry
England; Gary Byers; Gary West; George Lasezkay; George Lindahl III;
Greg Jones; Greg Manning; Greg Weaver; Gregory Brady; Gregory Hartman;
Harrison Bains Jr.; Harry Wallaesa; Harvey Kamil; Harvey Medvin; Harvey
Perry; Howard Bernick; Howard Curd; Jack Jia; James Cornelius; James
Defranco; James Didion; James Duffy; James Flaws; James Harris; James
Kahan; James Kim; James McCluney; James McDonald; James Melican; James
Millar; James Seneff Jr.; Jean Madar; Jeffrey Heller; Jeffrey Raikes;
Jeffrey Skilling; Jerrold Perenchio; Jerry Baker; Jerry Chang; Jerry
Gauche; Joe Robert Davis; Joel Pratt; John Appel; John Bryan; Sally
Yang; John Giesecke Jr.; John Lasseter; John Martin; John Mutch; John
Roe; John Stanton; John Yeaman; Jonathan Spiller; Joseph Luther; Joseph
Martin; Joseph Nathan; Joshua Boger; Keith Bailey; Ken Sawyer; Kenneth
Burns; Kenneth Freeman; Kenneth La Grande; Kenneth Pincourt; Kenneth
Williams; Kevin Fink; Kipp Bedard; Kirk Pond; Larry Mizel; Laurence
Hirsch; Lawrence Saper; Lawrence Smith; Lawrence Wilson; Leonard
Dreimann; Mark Edwards; Mark Goldston; Mark Skolnick; Mark Swartz; Mark
Wattles; Martin Brauns; Martin Rash; Martin Slark; Maurice Marciano;
Michael Jefferies; Michael Keith; Michael Kourey; Michael Mc Shane;
Michael Mellinger; Michael Peel; Michael Tzannes; Morton Meyerson;
Patrick Connolly; Patrick Gallagher; Paul Allaire; Paul Auvil III; Paul
Coghlan; Paul Otellini; Paul Reyelts; Peter Dawson; Peter Fontaine;
Peter Secchia; Phillip Barrett; Ralph Ungermann; Randall Lewis; Randy
Mullins; Raul Alarcon; Ray Andersen; Raymond Kennedy; Reagan Sakai; Rees
Davis; Reginald Fountain Jr.; Richard Collingwood; Richard Farmer;
Richard Ferry; Richard Galanti; Richard Hayne; Richard Hochhauser;
Richard Mandelbaum; Richard Mealia; Richard Mosteller; Richard
Rainwater; Richard Rompala; Richard Steed; Richard Youngman; Robert
Benningson; Robert Bittman; Robert Brooks; Robert Coleman; Robert
Jelenic; Robert Koski; Robert Madison Murphy; Robert Matheny; Robert
Pittman; Robert Schiff; Robert Walter; Robert Wayman; Robert Wheeler;
Ronald Barkin; Ronald Kuehn Jr.; Ross Blechman; Russel Artzt; Sam Moore;
Samuel Beall III; Sanjay Kumar; Scott Stouffer; Sheldon Erikson; Stanley
Horton; Stephen Bergstrom; Stephen Gray; Stephen Larson; Steve McMillan;
Steve Taubman; Steven Anderson; Steven Haley; Steven Heller; Steven
Murdock; Steven Perricone; Steven Raymond; T. Michael Glenn; Thomas
Crocker; Thomas Mendoza; Thomas Ryan; Timothy Harmon; Tom Allen; Tom
Sullivan; Tony Cavanna; Walter Buckley; Walter Helmerich; Walter Leon
Turek; Walter Wilson; Walter Young Jr.; Wayland Hicks; William Austin;
William Bares; William Channell Sr.; William Furman; William Greehey;
William Mc Cormick; William McGill; William Rastetter; William Shaw;
William Timken Jr.; Zsolt Rumy
Subject: RE: Lehman Brothers Rangers Plus Portfolio of the Ten Largest
Mar ket Cap. Stocks on the Nasdaq 100

Please remove my name from the list.

Sally Yang
Executive Assistant
Meade Instruments Corporation
Phone: (949) 451-1450 ext. 245
Fax: (949) 451-1460
Email: Sally.Yang@meade.com

-----Original Message-----
From: Conway, Drew [mailto:dconway@rens.com]
Sent: Monday, July 30, 2001 10:55 AM
To: 'Dora Johnson'; 'Gerosimo, Michael'; Aaron Spencer; Alan Trefler;
Albert Ondis; Albert Suter; Albert Yu; Alec Dreyer; Alfred Liggins;
Allen Lenzmeirer; Andrew Adams; Andrew Banks; Andrew Grove; Arol
Buntzman; Barry Linsky; Barry Silverman; Bertram Ellis Jr.; Bill
Aldredge; Bill Boyd; Bill Morgan; Blake Fisher Jr.; Blake Nordstrom; Bob
Nolan; Bob Pollan; Bobby Johnson; Brett Byers; Brinton Young; Buster
Corley; Calvin Darden; Chaim Katzman; Charles Crocker Jr.; Charles
Frenette; Charles Gaut; Charles Morgan; Charles Pigott; Charles
Williamson; Christopher Amenson; Cliff Hudson; Cloyd Abruzzo; Craig
Malloy; Daniel Akerson; David Collins; David Courtney; David Dean; David
Dillon; David Emery; David Ferraro; David Goldberg; David Goodnight;
David Hiller; David Lesar; David Litwack; David Murdock; David Oskin;
David Rickey; David Whitwan; Dennis Kozlowski; Donal Kiernan; Donald
Crews; Donald Glass; Donald Grenesko; Douglass Crocker; Dr. John
McGrath; Conway, Drew; Duane Nelles; Duane Zitzner; Earnest Deavenport
Jr.; Edward Fritsky; Edward Lipes; Edward Meyer; Eric Giler; Eric
Pulaski; Eric Steiner; Fielding Rolston; Frances Jewels; Frank Drendell;
Garry England; Gary Byers; Gary West; George Lasezkay; George Lindahl
III; Greg Jones; Greg Manning; Greg Weaver; Gregory Brady; Gregory
Hartman; Harrison Bains Jr.; Harry Wallaesa; Harvey Kamil; Harvey
Medvin; Harvey Perry; Howard Bernick; Howard Curd; Jack Jia; James
Cornelius; James Defranco; James Didion; James Duffy; James Flaws; James
Harris; James Kahan; James Kim; James McCluney; James McDonald; James
Melican; James Millar; James Seneff Jr.; Jean Madar; Jeffrey Heller;
Jeffrey Raikes; Jeffrey Skilling; Jerrold Perenchio; Jerry Baker; Jerry
Chang; Jerry Gauche; Joe Robert Davis; Joel Pratt; John Appel; John
Bryan; John Diebel; John Giesecke Jr.; John Lasseter; John Martin; John
Mutch; John Roe; John Stanton; John Yeaman; Jonathan Spiller; Joseph
Luther; Joseph Martin; Joseph Nathan; Joshua Boger; Keith Bailey; Ken
Sawyer; Kenneth Burns; Kenneth Freeman; Kenneth La Grande; Kenneth
Pincourt; Kenneth Williams; Kevin Fink; Kipp Bedard; Kirk Pond; Larry
Mizel; Laurence Hirsch; Lawrence Saper; Lawrence Smith; Lawrence Wilson;
Leonard Dreimann; Mark Edwards; Mark Goldston; Mark Skolnick; Mark
Swartz; Mark Wattles; Martin Brauns; Martin Rash; Martin Slark; Maurice
Marciano; Michael Jefferies; Michael Keith; Michael Kourey; Michael Mc
Shane; Michael Mellinger; Michael Peel; Michael Tzannes; Morton
Meyerson; Patrick Connolly; Patrick Gallagher; Paul Allaire; Paul Auvil
III; Paul Coghlan; Paul Otellini; Paul Reyelts; Peter Dawson; Peter
Fontaine; Peter Secchia; Phillip Barrett; Ralph Ungermann; Randall
Lewis; Randy Mullins; Raul Alarcon; Ray Andersen; Raymond Kennedy;
Reagan Sakai; Rees Davis; Reginald Fountain Jr.; Richard Collingwood;
Richard Farmer; Richard Ferry; Richard Galanti; Richard Hayne; Richard
Hochhauser; Richard Mandelbaum; Richard Mealia; Richard Mosteller;
Richard Rainwater; Richard Rompala; Richard Steed; Richard Youngman;
Robert Benningson; Robert Bittman; Robert Brooks; Robert Coleman; Robert
Jelenic; Robert Koski; Robert Madison Murphy; Robert Matheny; Robert
Pittman; Robert Schiff; Robert Walter; Robert Wayman; Robert Wheeler;
Ronald Barkin; Ronald Kuehn Jr.; Ross Blechman; Russel Artzt; Sam Moore;
Samuel Beall III; Sanjay Kumar; Scott Stouffer; Sheldon Erikson; Stanley
Horton; Stephen Bergstrom; Stephen Gray; Stephen Larson; Steve McMillan;
Steve Taubman; Steven Anderson; Steven Haley; Steven Heller; Steven
Murdock; Steven Perricone; Steven Raymond; T. Michael Glenn; Thomas
Crocker; Thomas Mendoza; Thomas Ryan; Timothy Harmon; Tom Allen; Tom
Sullivan; Tony Cavanna; Walter Buckley; Walter Helmerich; Walter Leon
Turek; Walter Wilson; Walter Young Jr.; Wayland Hicks; William Austin;
William Bares; William Channell Sr.; William Furman; William Greehey;
William Mc Cormick; William McGill; William Rastetter; William Shaw;
William Timken Jr.; Zsolt Rumy
Subject: RE: Lehman Brothers Rangers Plus Portfolio of the Ten Largest
Mar ket Cap. Stocks on the Nasdaq 100

Please remove my name as well!

-----Original Message-----
From: Dora Johnson [mailto:DJohnson@intertrust.com]
Sent: Friday, July 27, 2001 12:27 PM
To: 'Gerosimo, Michael'; Aaron Spencer; Alan Trefler; Albert Ondis;
Albert Suter; Albert Yu; Alec Dreyer; Alfred Liggins; Allen Lenzmeirer;
Andrew Adams; Andrew Banks; Andrew Grove; Arol Buntzman; Barry Linsky;
Barry Silverman; Bertram Ellis Jr.; Bill Aldredge; Bill Boyd; Bill
Morgan; Blake Fisher Jr.; Blake Nordstrom; Bob Nolan; Bob Pollan; Bobby
Johnson; Brett Byers; Brinton Young; Buster Corley; Calvin Darden; Chaim
Katzman; Charles Crocker Jr.; Charles Frenette; Charles Gaut; Charles
Morgan; Charles Pigott; Charles Williamson; Christopher Amenson; Cliff
Hudson; Cloyd Abruzzo; Craig Malloy; Daniel Akerson; David Collins;
David Courtney; David Dean; David Dillon; David Emery; David Ferraro;
David Goldberg; David Goodnight; David Hiller; David Lesar; David
Litwack; David Murdock; David Oskin; David Rickey; David Whitwan; Dennis
Kozlowski; Donal Kiernan; Donald Crews; Donald Glass; Donald Grenesko;
Douglass Crocker; Dr. John McGrath; Drew Conway; Duane Nelles; Duane
Zitzner; Earnest Deavenport Jr.; Edward Fritsky; Edward Lipes; Edward
Meyer; Eric Giler; Eric Pulaski; Eric Steiner; Fielding Rolston; Frances
Jewels; Frank Drendell; Garry England; Gary Byers; Gary West; George
Lasezkay; George Lindahl III; Greg Jones; Greg Manning; Greg Weaver;
Gregory Brady; Gregory Hartman; Harrison Bains Jr.; Harry Wallaesa;
Harvey Kamil; Harvey Medvin; Harvey Perry; Howard Bernick; Howard Curd;
Jack Jia; James Cornelius; James Defranco; James Didion; James Duffy;
James Flaws; James Harris; James Kahan; James Kim; James McCluney; James
McDonald; James Melican; James Millar; James Seneff Jr.; Jean Madar;
Jeffrey Heller; Jeffrey Raikes; Jeffrey Skilling; Jerrold Perenchio;
Jerry Baker; Jerry Chang; Jerry Gauche; Joe Robert Davis; Joel Pratt;
John Appel; John Bryan; John Diebel; John Giesecke Jr.; John Lasseter;
John Martin; John Mutch; John Roe; John Stanton; John Yeaman; Jonathan
Spiller; Joseph Luther; Joseph Martin; Joseph Nathan; Joshua Boger;
Keith Bailey; Ken Sawyer; Kenneth Burns; Kenneth Freeman; Kenneth La
Grande; Kenneth Pincourt; Kenneth Williams; Kevin Fink; Kipp Bedard;
Kirk Pond; Larry Mizel; Laurence Hirsch; Lawrence Saper; Lawrence Smith;
Lawrence Wilson; Leonard Dreimann; Mark Edwards; Mark Goldston; Mark
Skolnick; Mark Swartz; Mark Wattles; Martin Brauns; Martin Rash; Martin
Slark; Maurice Marciano; Michael Jefferies; Michael Keith; Michael
Kourey; Michael Mc Shane; Michael Mellinger; Michael Peel; Michael
Tzannes; Morton Meyerson; Patrick Connolly; Patrick Gallagher; Paul
Allaire; Paul Auvil III; Paul Coghlan; Paul Otellini; Paul Reyelts;
Peter Dawson; Peter Fontaine; Peter Secchia; Phillip Barrett; Ralph
Ungermann; Randall Lewis; Randy Mullins; Raul Alarcon; Ray Andersen;
Raymond Kennedy; Reagan Sakai; Rees Davis; Reginald Fountain Jr.;
Richard Collingwood; Richard Farmer; Richard Ferry; Richard Galanti;
Richard Hayne; Richard Hochhauser; Richard Mandelbaum; Richard Mealia;
Richard Mosteller; Richard Rainwater; Richard Rompala; Richard Steed;
Richard Youngman; Robert Benningson; Robert Bittman; Robert Brooks;
Robert Coleman; Robert Jelenic; Robert Koski; Robert Madison Murphy;
Robert Matheny; Robert Pittman; Robert Schiff; Robert Walter; Robert
Wayman; Robert Wheeler; Ronald Barkin; Ronald Kuehn Jr.; Ross Blechman;
Russel Artzt; Sam Moore; Samuel Beall III; Sanjay Kumar; Scott Stouffer;
Sheldon Erikson; Stanley Horton; Stephen Bergstrom; Stephen Gray;
Stephen Larson; Steve McMillan; Steve Taubman; Steven Anderson; Steven
Haley; Steven Heller; Steven Murdock; Steven Perricone; Steven Raymond;
T. Michael Glenn; Thomas Crocker; Thomas Mendoza; Thomas Ryan; Timothy
Harmon; Tom Allen; Tom Sullivan; Tony Cavanna; Dora Johnson; Walter
Buckley; Walter Helmerich; Walter Leon Turek; Walter Wilson; Walter
Young Jr.; Wayland Hicks; William Austin; William Bares; William
Channell Sr.; William Furman; William Greehey; William Mc Cormick;
William McGill; William Rastetter; William Shaw; William Timken Jr.;
Zsolt Rumy
Subject: RE: Lehman Brothers Rangers Plus Portfolio of the Ten Largest
Mar ket Cap. Stocks on the Nasdaq 100

On behalf of me, and probably several people on this list, I do not
appreciate you distributing my email address in this manner.  If you have a
group of people that do want to hear from you, you should send them emails
as a bc, so no one else can see the addressees.

Having said that, please remove me from your distribution list. I don't know
how I got here in the first place.

-----Original Message-----
From: Gerosimo, Michael [mailto:michael.gerosimo@lehman.com]
Sent: Friday, July 27, 2001 8:39 AM
To: Aaron Spencer; Alan Trefler; Albert Ondis; Albert Suter; Albert Yu;
Alec Dreyer; Alfred Liggins; Allen Lenzmeirer; Andrew Adams; Andrew
Banks; Andrew Grove; Arol Buntzman; Barry Linsky; Barry Silverman;
Bertram Ellis Jr.; Bill Aldredge; Bill Boyd; Bill Morgan; Blake Fisher
Jr.; Blake Nordstrom; Bob Nolan; Bob Pollan; Bobby Johnson; Brett Byers;
Brinton Young; Buster Corley; Calvin Darden; Chaim Katzman; Charles
Crocker Jr.; Charles Frenette; Charles Gaut; Charles Morgan; Charles
Pigott; Charles Williamson; Christopher Amenson; Cliff Hudson; Cloyd
Abruzzo; Craig Malloy; Daniel Akerson; David Collins; David Courtney;
David Dean; David Dillon; David Emery; David Ferraro; David Goldberg;
David Goodnight; David Hiller; David Lesar; David Litwack; David
Murdock; David Oskin; David Rickey; David Whitwan; Dennis Kozlowski;
Donal Kiernan; Donald Crews; Donald Glass; Donald Grenesko; Douglass
Crocker; Dr. John McGrath; Drew Conway; Duane Nelles; Duane Zitzner;
Earnest Deavenport Jr.; Edward Fritsky; Edward Lipes; Edward Meyer; Eric
Giler; Eric Pulaski; Eric Steiner; Fielding Rolston; Frances Jewels;
Frank Drendell; Garry England; Gary Byers; Gary West; George Lasezkay;
George Lindahl III; Greg Jones; Greg Manning; Greg Weaver; Gregory
Brady; Gregory Hartman; Harrison Bains Jr.; Harry Wallaesa; Harvey
Kamil; Harvey Medvin; Harvey Perry; Howard Bernick; Howard Curd; Jack
Jia; James Cornelius; James Defranco; James Didion; James Duffy; James
Flaws; James Harris; James Kahan; James Kim; James McCluney; James
McDonald; James Melican; James Millar; James Seneff Jr.; Jean Madar;
Jeffrey Heller; Jeffrey Raikes; Jeffrey Skilling; Jerrold Perenchio;
Jerry Baker; Jerry Chang; Jerry Gauche; Joe Robert Davis; Joel Pratt;
John Appel; John Bryan; John Diebel; John Giesecke Jr.; John Lasseter;
John Martin; John Mutch; John Roe; John Stanton; John Yeaman; Jonathan
Spiller; Joseph Luther; Joseph Martin; Joseph Nathan; Joshua Boger;
Keith Bailey; Ken Sawyer; Kenneth Burns; Kenneth Freeman; Kenneth La
Grande; Kenneth Pincourt; Kenneth Williams; Kevin Fink; Kipp Bedard;
Kirk Pond; Larry Mizel; Laurence Hirsch; Lawrence Saper; Lawrence Smith;
Lawrence Wilson; Leonard Dreimann; Mark Edwards; Mark Goldston; Mark
Skolnick; Mark Swartz; Mark Wattles; Martin Brauns; Martin Rash; Martin
Slark; Maurice Marciano; Michael Jefferies; Michael Keith; Michael
Kourey; Michael Mc Shane; Michael Mellinger; Michael Peel; Michael
Tzannes; Morton Meyerson; Patrick Connolly; Patrick Gallagher; Paul
Allaire; Paul Auvil III; Paul Coghlan; Paul Otellini; Paul Reyelts;
Peter Dawson; Peter Fontaine; Peter Secchia; Phillip Barrett; Ralph
Ungermann; Randall Lewis; Randy Mullins; Raul Alarcon; Ray Andersen;
Raymond Kennedy; Reagan Sakai; Rees Davis; Reginald Fountain Jr.;
Richard Collingwood; Richard Farmer; Richard Ferry; Richard Galanti;
Richard Hayne; Richard Hochhauser; Richard Mandelbaum; Richard Mealia;
Richard Mosteller; Richard Rainwater; Richard Rompala; Richard Steed;
Richard Youngman; Robert Benningson; Robert Bittman; Robert Brooks;
Robert Coleman; Robert Jelenic; Robert Koski; Robert Madison Murphy;
Robert Matheny; Robert Pittman; Robert Schiff; Robert Walter; Robert
Wayman; Robert Wheeler; Ronald Barkin; Ronald Kuehn Jr.; Ross Blechman;
Russel Artzt; Sam Moore; Samuel Beall III; Sanjay Kumar; Scott Stouffer;
Sheldon Erikson; Stanley Horton; Stephen Bergstrom; Stephen Gray;
Stephen Larson; Steve McMillan; Steve Taubman; Steven Anderson; Steven
Haley; Steven Heller; Steven Murdock; Steven Perricone; Steven Raymond;
T. Michael Glenn; Thomas Crocker; Thomas Mendoza; Thomas Ryan; Timothy
Harmon; Tom Allen; Tom Sullivan; Tony Cavanna; Victor Shear; Walter
Buckley; Walter Helmerich; Walter Leon Turek; Walter Wilson; Walter
Young Jr.; Wayland Hicks; William Austin; William Bares; William
Channell Sr.; William Furman; William Greehey; William Mc Cormick;
William McGill; William Rastetter; William Shaw; William Timken Jr.;
Zsolt Rumy
Subject: Lehman Brothers Rangers Plus Portfolio of the Ten Largest
Market Cap. Stocks on the Nasdaq 100

Dear Sir,
Please take note of this conservative way to invest in the ten largest
market capitalization stocks on the Nasdaq 100.  Your principle investment
will give you protection for up to a 25% drop in each individual name, and
offer maximum upside potential of 75% for each stock in the basket over a
two year time period.  Feel free to call or e-mail with any questions.
								All the
best!!
									Greg
Manning
 <<Potfolio RANGERS RED.pdf>>

Greg Manning
Senior Vice President
Lehman Brothers
(212) 681-7988
(888) 599-3902 Toll Free
gmanning@lehman.com

This information has been obtained from various sources; we do not represent
that this information (including , but not limited to: prices, quotes and
statistics) is complete or accurate and it should not be relied on as such.
All information is subject to change, without notice.  This document is
provided for informational purposes only and should not be regarded as an
offer to sell or as a; solicitation of an offer to buy any product to which
this information relates.  The information contained in this facsimile/email
message is intended only for the personal and confidential use of the
designated recipients  named above.  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 telephone and return
the original message to us by email.  Thank you

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


This week I will be arranging site visits for the bidders of Pastoria and LV
Cogen I and II.  There will be nine bidders for each but not all are the
same.  Before the first visit, I want to remind you of the confidential
nature of the process and send you the Site Visit Procedures.

Confidentiality

All aspects of the bidding process are to be kept confidential.  This means
that you must not disclose to another bidder or any other person:

the name of any bidder, or
any questions asked, or comments made, by any bidder

If you have any questions regarding a confidentiality issue, contact me and
Karen Jones or Dale Rasmussen.

Site Visit Procedures

The attached Site Visit Procedures were distributed to the Phase II bidders
last week.  Please read them carefully and follow them.  Should you have any
questions, please call me.

Our internal site visit procedures will be as follows.   As I receive site
visit requests, I will notify the applicable Site Visit Coordinator - Bill
WIlliams for LVI and LVII and Sam and Dean for Pastoria - to set the time.

I will receive from each bidder, and will forward to the Site VIsit
Coordinators, a list of attendees (with a contact number for the bidder's
site visit coordinator) and the hotel and travel information, as applicable.

Please call me should you have any questions.  Thanks.


---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 01/04/2001
08:08 AM ---------------------------

Robert Brooks <rebrooks@earthlink.net> on 01/03/2001 08:09:19 PM
Please respond to "rebrooks@rbac.com" <rebrooks@rbac.com>
To: "'rebrooks@rbac.com'" <rebrooks@rbac.com>
cc:
Subject: FW: HOW TO SURVIVE A HEART ATTACK WHEN ALONE

Hopefully, you will never need to USE this information, but it looks like
something vital to KNOW.
Bob Brooks

The following is forwarded for your information from:
Phillip L. Stephenson
Director of (Coast Guard Auxiliary)
Eighth District Eastern Region
Tel: 502-625-7543 / 1-800-217-4420
Fax: 502 625 7545
E-mail: PStephenson@dirauxlouisville.uscg.mil
WebPages: www.uscg.mil/d8/diraux/8er/index.htm

This is excellent info considering that the average age of an Auxiliarist is
58.5 years.

ITS WORTH PASSING ON - PLEASE REMEMBER IT.

Let's say it's 6:15 p.m. and you're driving home (alone of course), after an
unusually hard day on the job. You're really tired, upset and frustrated.
Suddenly you start experiencing severe pain in your chest that starts to
radiate out into your arm and up into your jaw. You are only about five
miles from the hospital nearest your home, unfortunately you don't know if
you'll be able to make it that far. What can you do? You've been trained in
CPR but the guy that taught the course neglected to tell you how to perform
it on yourself.

HOW TO SURVIVE A HEART ATTACK WHEN ALONE

(Since many people are alone when they suffer a heart attack, this article
seemed in order.) Without help, the person whose heart stops beating
properly and who begins to feel faint, has only about 10 seconds left before
losing consciousness. However, these victims can help themselves by coughing
repeatedly and very vigorously. A deep breath should be taken before each
cough, and the cough must be deep and prolonged, as when producing sputum
from deep inside the chest. A breath and a cough must be repeated about
every two seconds without let up until help arrives, or until the heart is
to be beating normally again. Deep breaths get oxygen into the lungs and
coughing movements squeeze the heart and keep the blood circulating. The
squeezing pressure on the heart also helps it regain normal rhythm. In this
way, heart attack victims can get to a hospital. Tell as many other people
as possible about this, it could save their lives!


Mark -

I am trying to write a definition for the diesel index.  Can you take a look?

Do you have a sample confirm so I could take a look at?

Thanks -
Deirdre
39685


Home email  mhgarred@hotmail.com


where are you?  my phone's been on since you paged me.  i didn't get any
tickets.  i love you oodles.  (you slobbery ol' sniffly day student doggie.)

	Prentice Sellers <psellers@Haas.Berkeley.EDU>
	10/10/2000 03:51 PM

		 To: Jeff.Dasovich@enron.com, 9167184@skytel.com
		 cc:
		 Subject: Are you there!!!???


They see it anyway, why worry.  Its a speed issue and I don't think they will keep up with him - I think he doesn't fully see his interaction with NYMEX sometimes.

Great news on TrueQuote and Brokerclient.

Good luck with Frank.

From:	Andy Zipper/ENRON@enronXgate on 06/05/2001 05:17 PM
To:	Louise Kitchen/HOU/ECT@ECT
cc:

Subject:	RE: ICE

Batten down the hatch's and get ready for young Scott's first experience with Tropical Storms ! Here comes Allison !

On another note we went live with TQ yesterday. Unbelievable huh...We did one trade with Tuscon Elec. the first day and today we did three, all with PG&E, who happen to own 40% of TQ. Pretty lame.

On a good note, we hit a record today with BrokerClient, 53 trades. 46 power and 7 gas, which is nicely diversifying.

Other interesting note: We launched Reuters on Monday and the NYMEX wants to put it up on one of their huge wallboards. They would buy a block of desktops to cover it. Bad news is that, John Arnold, my new boss in approx 25 days, with some justification thinks this is a bad idea. He will lose the ability to arb the floor against the OTC. My view is that this will go away anyway as eNymex and ICEX do the same thing. What are your thoughts ?

Hope all is well

Andy


Sara -

Jay Williams has been discussing the new Merrill Lynch guaranty (for FX
trading) with Merrill Lynch.  They originally requested an unlimited
guaranty.  Per Jay, our current exposure is $500 million, and they are asking
for a guaranty of $400 million notional amount.  I don't know if this is
something you need to get involved in to resolve the guaranty issues.

Thanks.


Please send teaser and CA
---------------------- Forwarded by Andrew Kelemen/HOU/ECT on 09/06/2000
02:51 PM ---------------------------

David Parquet
09/06/2000 09:37 AM
To: Andrew Kelemen/HOU/ECT@ECT
cc:
Subject: Re: Anticipated Sales of Project Interests

Here are the particulars re Diamond.  They are anxious to get a C/A for the
whole book and get started.
---------------------- Forwarded by David Parquet/SF/ECT on 09/06/2000 07:19
AM ---------------------------

	Enron Capital & Trade Resources Corp.

	From:  BBuchynsky@aol.com                           09/05/2000 04:08 PM

To: David.Parquet@enron.com
cc:
Subject: Re: Anticipated Sales of Project Interests

David,

The particulars:

Bo Buchynsky
Sr. Vice President
Diamond Generating Corporation
Suite 3000
333 South Grand Avenue
Los Angeles, California 90071

Main Number  (213) 473 - 0080
Fax Number    (213) 620 - 1170

My direct line (213) 473 - 0092
My cellular phone  (213) 598 - 1981

Bo


i am free on tuesday (the 19th?) any time after 11:30.

-----Original Message-----
From:	Shackleton, Sara
Sent:	Fri 3/15/2002 2:33 PM
To:	Ellenberg, Mark
Cc:	Lindeman, Cheryl
Subject:	paper and pulp bankruptcy training

Mark:

Would you be available sometime on Tuesday, March 18 to conduct (again) your bankruptcy discussion for a smaller focused paper and pulp commercial group?  I'd like to schedule as soon as possible.  We can meet at your convenience.  Please respond.

Sara Shackleton
Enron Wholesale Services
1400 Smith Street, EB3801a
Houston, TX  77002
Ph:  (713) 853-5620
Fax: (713) 646-3490


Dear Real-Timers,

We are having the same problem with Montana Power's checkout as we had last
month: the volume of disputes is overwhelming!!

I have looked at the Inc sheets and found that EnPower matches the Inc.
sheets.
But in fairness to MPC's disputes, last month when I trusted the Inc sheets,
and I pulled the tapes, I found that our Inc. sheets were wrong in a number
of places.

Mike and I are doing the March 2001 checkout and are having trouble finding
your logs, your notebooks, or any information regarding the dates in question.

I am listing below the dates and HE that we are having disputes for.  Please
look at your logs and let me know the MW value, price, and who you spoke to
at MPC at what time.  Please do not give me what the Inc sheets say, as Mike
and I have already looked at them.

I expect an answer from each of you ASAP.

3/01/01  Meyers / Guzman   HE 1 (sold to WESCO) HE 4 (sold to PowerEx)
3/02/01  Causholli/Salisbury (sent to Holden) HE 8 (sold to Sempra)
3/06/01  Meyers/Salisbury & Solberg/Harasin  HE 13 ( 2 deals ) HE 21 (sold to
Snohomish)
3/08/01  Meyers/Harasin   HE 1 (sold to Sempra) HE 2 (sold to Sempra)
3/10/01  Causholli/Solberg & Slinger/Guzman  HE 7 (not in INC, but in
EnPower)    HE 8 ( sold to Powerex)   HE 15 (slod to PSPL)
3/11/01  Meyers/Guzman   HE 8 (sold to PowerEx)  HE 9 (sold to PowerEx)
3/13/01  Causholli/Porter   HE 9 (sold to WESCO)
3/14/01  Salisbury/Meyers/Linder  HE 2 (2 deals)
3/16/01  Salisbury/Porter & Causholli HE 4 (sold to SCL)  HE 20 (sold to PSPL)
3/21/01   Porter/Guzman   HE 6 (not in Inc)
3/23/01  Meyers/Linder   HE 13 (sold to WESCO)
3/28/01  Salisbury/Slinger & Dean  HE 5 (sold to PSPL)

As you can see, the number of dusputes is too large.  Please respond as soon
as possible so that we can chack out this week.  MPC is calling me every day.

Thanks for your help,

Virginia


CALENDAR ENTRY:	APPOINTMENT

Description:
	TW Coverage Meeting

Date:		9/29/2000
Time:		4:00 PM - 5:00 PM (Central Standard Time)

Chairperson:	Outlook Migration Team

Detailed Description:


The Chase Manhattan Corporation (Survivor) merged with J. P. Morgan & Co.
Incorporated and changed its name concurrently to J.P. Morgan Chase & Co.
See the attached for details.


Dear Jason Wolfe,

The electronic funds transfer from your bank account to
your PayPal account for the amount of $66.85 has
been completed.  The funds are now reflected in your
PayPal account balance.

Thank you for using PayPal,

The PayPal Team


Chris entered this deal thinking that one was missing from a few days
earlier. He then realized that the deal was already in, and zeroed this one
out (instead of just killing it - sometimes those guys are in a big hurry!)
So I'm going to go ahead and kill the deal, thus eliminating the need to
change these other details. Does that make sense? Sorry for the confusion.

By the way, how were the holidays for all of you gals down in Texas? I spent
mine on the beach with a Pina Colada in Mexico, and believe it or not, I'm
actually glad to be back at work. I was beginning to feel worthless, not to
mention sunburned. Although any minute now I'm going to be ready for my
noontime siesta!

Kate

Kimberly Hundl@ENRON
01/03/2001 06:51 AM
To: Kate Symes/PDX/ECT@ECT
cc:

Subject: EESI #487723

Hi Kate,
This deal needs to be changed to no confirm (it's a West daily deal).  Also,
it has an NP-15 delivery point with firm energy.
Thanks!
Kim


----------------------------------------------------------------------
This communication may contain information that is legally privileged, confidential or exempt from disclosure.  If you are not the intended recipient, please do not read, disseminate, distribute or copy this communication.  Anyone who receives this message in error should notify the sender immediately by telephone ((202) 298-1884)or by return e-mail and delete it from his or her computer.  Thank you.
----------------------------------------------------------------------
On  preliminary review of the Draft Proposal,  I wonder whether, if adopted by the Chargeback Complainants and the Participants Committee, it should be submitted to the Commission in the Chargeback Docket, not in Judge Birchman's proceeding under the July 25 Order.  That order limits Judge Birchman to making findings of fact and certifying the record on "(1) the mitigated price in each hour of the refund period; (2) the amount of refunds owed by each supplier according to the prescribed methodology; and (3) the amount currently owed to each supplier (with separate quantities due from each entity by the ISO, the investor owned utilities, and the State of California." (Mimeo at 42).  If the settlement were submitted in the Chargeback docket, the Commission could refer it to Birchman with appropriate instructions as to how he should treat it when he certifies the record and his findings.  Or FERC could hold the settlement until after Birchman's report.

This brings up timing questions.  The July 25 Order directed the ALJ to certify the record and findings 45 days after receiving the CAISO's hour-by-hour reconstruction of mitigated prices between October 2, 2000 and June 20 2001.  Under Judge Birchman's Order of August 14 establishing a trial schedule (attached), final ISO data won't be submitted until September 17, which pushes the certification and finding date to November 2.   We need to think about how the schedule shown in the attached order impacts the timing and method of bringing the settlement before FERC, assuming that the proposal's  wording and substance are accepted by all Chargeback Complainants and the Official Committee.

Howard E. Shapiro
(202) 298-1884
hes@vnf.com

 - el00-95.0cf.doc


This analysis was another swag at p&l components. We took the numbers from the daily position reports, backed out the big originations that we new about (e.g. peakers sales) and the other "mistakes" (e.g. the EES $700MM loss), then took out the curve-shift P&L from the backtest data, the balance we said must be some form of "new deal" P&L plus realised p&l etc.
It shows that 2000 was the prop trading year, whereas 2001 was mainly new deals. Of course the whole thing is poisoned by reserve movements.


See Squawk box

 -----Original Message-----
From: 	Schmidt, Ann M.
Sent:	Thursday, October 25, 2001 1:22 PM
Subject:	Enron Mentions

Fitch Puts Enron On Rating Watch Negative
Bloomberg, 10/25/01

STOCKWATCH Enron higher after dismissing CFO Fastow
AFX News, 10/25/01

DJ Concerned Energy Cos Make Few Changes In Enron Dealings
2001-10-25 14:13 (New York)

Calif Guarantees Allow Williams To Book Power Revenues
Dow Jones Energy Service, 10/25/01
Stocks Expected to Open Lower, Hurt By Weak Economic News
Dow Jones Business News, 10/25/01

Kaplan Fox Seeks To Recover Losses For Investors Who Purchased E
Bloomberg, 10/25/01

Enron CNBC: Squawk Box,
10/25/01

Fitch Puts Enron On Rating Watch Negative
2001-10-25 13:49 (New York)

Fitch Puts Enron On Rating Watch Negative

Fitch-NY-October 25, 2001: Fitch places the following Enron
securities on Rating Watch Negative: senior unsecured debt
`BBB+'; subordinated debt `BBB'; preferred stock `BBB-`;
and commercial paper `F2'. Pipeline subsidiary `A-` rated
senior unsecured debt at Northern Natural Gas Co. and
Transwestern Pipeline Co., are also placed on Rating Watch
Negative.

The rating action primarily relates to the negative capital
market reaction to recent disclosures by the company. The
loss of investor and counterparty confidence, if it
continues, would impair Enron's financial flexibility and
access to capital markets, therefore, impacting its ability
to conduct its business. On Oct. 16, 2001, Enron announced
a $1 billion after-tax charge to earnings to be taken in
the third quarter of 2001 and a reduction of balance sheet
equity by $1.2 billion relating to the unwinding of
structured transactions. Since that time, there have been
several damaging news reports on the company and its
management. More importantly, investors have voiced
concerns. Enron's common stock price has plummeted and
spreads on its debt have widened.

The company has attempted to quell rumors and has publicly
stated that it has adequate liquidity to conduct its
business. Approximately $1.5 billion of unused liquidity is
available under committed bank lines.

An additional concern is that certain structured
transactions of the company including Marlin Water Trust II
and Osprey could unwind. While various sources of repayment
exist, such as the sale or liquidation of underlying
assets, or an equity offering, primary credit support is
derived from the Enron obligation to remarket mandatorily
convertible preferred stock if an amount sufficient to
repay the notes has not been deposited with the trustee 120
days prior to the maturity date or upon a note trigger
event. In the event that the issuance of the preferred
stock yields less than the amount required to redeem the
senior notes in either case, Enron is required to deliver
additional shares. If Enron cannot or does not deliver on
its obligation, then the amount of the deficiency becomes a
payment obligation of Enron, representing a general
unsecured claim. While trigger events include a downgrade
of Enron's senior unsecured debt below investment grade by
one of the major rating agencies in conjunction with
specified declines in Enron's closing stock price over
three consecutive trading days, Enron would have a
forebearance period of 60 days as long as an attempt was
being made to register the shares. The total amount of
Marlin and Osprey debt is approximately $3.2 billion. Enron
has not verified that the underlying assets have adequate
market value to fully pay down the associated debt.

While capital market uncertainties have escalated, Fitch
has no information to indicate that there are any
fundamental problems with Enron's core wholesale, retail,
and pipeline businesses. Fitch expects to be in contact
with the company on a continuing basis to both monitor
ongoing events and address strategic, longer-term issues.

STOCKWATCH Enron higher after dismissing CFO Fastow

10/25/2001
AFX News
(c) 2001 by AFP-Extel News Ltd

NEW YORK (AFX) - Share of Enron were higher in opening trade, after the company dismissed its chief financial officer, Andrew Fastow, due to his past involvement in running two partnerships, in which Enron had invested, dealers said.
At 9.56 am, Enron was up 1.13 usd, or 6.95 pct, at 17.55. The DJIA was down 138.60 points at 9,207.52, the S&P 500 index was down 15.95 pts at 1,069.00 and the Nasdaq composite down 39.02 at 1,692.52.
Enron said it named Jeff McMahon CFO to replace Fastow, after announcing Monday that the Securities and Exchange Commission is looking into the Fastow-related transactions.
"In my continued discussions with the financial community, it became clear to me that restoring investor confidence would require us to replace Andy as CFO," said chief executive Kenneth Lay in a statement.
Enron shares have fallen sharply in recent days on concerns over financial transactions made with the two partnerships, LJM Cayman LP and LJM2 Co-Investment LP, which analysts said could affect future earnings and which have prompted class action suits against the company.
McMahon, who had been serving as chairman and CEO of Enron's Industrial Markets group, had quit his job as treasurer last year, after voicing concerns within the company about Fastow's role in running the two partnerships, according to the Wall Street Journal.
This morning, Salomon Smith Barney analyst Raymond Niles downgraded Enron to "buy- speculative," from "buy-high risk", to reflect his concerns that "lingering uncertainty over financial practices may begin to impair Enron's commercial operations."
"This is the least likely outcome, in our view, but one whose likelihood has increased over the last week as questions continue to be asked," he said.
ng/lj For more information and to contact AFX: www.afxnews.com and www.afxpress.com

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

=DJ Concerned Energy Cos Make Few Changes In Enron Dealings
2001-10-25 14:13 (New York)

   By Mark Golden, Kristen McNamara, Jon Kamp and John Edmiston
   Of DOW JONES NEWSWIRES

  NEW YORK (Dow Jones)--Energy trading companies have concerns about the credit
quality of troubled Enron Corp. (ENE), but they have made almost no changes in
policies concerning the top trader of North American power and gas, the
companies said Thursday.

  The concerns have arisen because Enron, which accounts for about a quarter of
the trade in the country's power and gas markets, has seen its share price fall
by a third this week due to uncertainties about its extremely complex financial
structure.

  Moody's has put Enron's credit on watch for possible downgrade, and some of
the company's debt is trading like junk bonds in the secondary market this
week.

  "We have made no changes to our credit policy concerning Enron," said John
Sousa, chief spokesmann for Dynegy Inc. (DYN). "It's business as usual."

  Williams Cos. (WMB) spokesman Jim Gipson said that his company, too, has made
no changes and has no concerns about Enron's credit. Another Top 10 power and
gas trading company, Aquila (ILA), has also left Enron credit unchanged.

  Other companies expressed concern, though they've taken little if any action.

  "Like everyone else in the marketplace, we're proceeding with caution," said
Lora Kinner, director of credit for Tractebel Energy Marketing, the North
American subsidiary of the Belgian company Tractebel S.A.

  Kinner said the company is just looking for more information and doesn't
expect to make any drastic changes.

Calif Guarantees Allow Williams To Book Power Revenues
By Andrew Dowell
Of DOW JONES NEWSWIRES

10/25/2001
Dow Jones Energy Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)

NEW YORK -(Dow Jones)- Clarifications by California as to what electricity transactions the state will back enabled Williams Cos. (WMB) to book $180 million in power sales from the previous period as third-quarter revenues, the company said Thursday.
The revenues came from power Williams sold through the California Independent System Operator, which runs the state's wholesale power market and clears and settles transactions.
The state of California has paid more than $11 billion for power bought directly from suppliers, but has yet to pay for any ISO power since it took over the job of buying power for the state's ailing utilities in mid-January. Two weeks ago, however, the state made clear for the first time which ISO transactions it would back.
"It's that fact that has allowed us for the first time to recognize dollars from sales to the California ISO," Williams Chief Operating Officer Steven Malcolm said on a conference call Wednesday.
Williams reported third-quarter net income of $221.3 million on revenues of $2.81 billion, up from $121.1 million on revenues of $2.33 billion in the same period the year before.
Williams is now in talks with California to secure payment for its ISO sales. The process is complicated by the state's role as guarantor of transactions undertaken on behalf of the utilities, which aren't creditworthy enough to buy power for themselves. The ISO didn't envision third-party guarantors when it set up its settlement process, and state accounting rules require more detailed bills than those sent out by the ISO each month, state power officials have said.
The state says it has set aside $1.2 billion to cover ISO transactions.
As reported, suppliers including Williams had charged the state with deliberately muddling the repayment issue to keep power flowing for free.
Willing To Renegotiate

Separately, Williams' officers also said the company was willing to discuss reworking its long-term contracts with California, provided the result benefited both parties.
California Gov. Gray Davis is under heavy fire for having locked the state into contracts running as long as 20 years at prices negotiated at the peak of a market that has since collapsed.
Both sides could potentially benefit from changes to the length of the term of the contracts or the specifics of power-supply obligations - perhaps freeing up supply that Williams thinks it could get more money for on the spot market, Malcolm said.
"We're always willing to sit down with a customer," Malcolm said.
Williams hasn't been approached by the state to renegotiate the contracts, Malcolm said.
Any attempt by California to force through one-sided changes is unlikely and could backfire for the state by disrupting plans for new power plants, he said.
"To the extent contracts are changed, financing is going to go away," he said.
Downplaying Enron Opportunities

Williams downplayed its ability to capitalize on the recent troubles of market-leader Enron Corp. (ENE), saying it focuses on large, long-term structured deals, not the high-volume, physical-market transactions that Enron dominates, Malcolm said.
Also, TradeSpark - the Internet-based energy exchange in which Williams is a partner - is limited for now in its ability to expand and take volume from Enron's proprietary system EnronOnline because of the horrific losses operator Cantor Fitzgerald (X.CFZ) suffered in the attacks on the World Trade Center.
"That's interrupted the rapid growth we were seeing," Williams Chief Executive Keith Bailey said on the call.
Enron, which accounts for about a quarter of the trade in the country's power and gas markets and which makes a market for those commodities on EnronOnline, has seen its share price fall by a third this week due to uncertainties about its extremely complex financial structure.
Those concerns have raised questions about the business model of EnronOnline, a platform on which Enron is the counterparty in all trades. Those concerns could eventually boost volume on neutral exchanges like TradeSpark.
"We continue to believe in the neutral platform that TradeSpark offers," Malcolm said.
TradeSpark LP was formed by eSpeed Inc. (ESPD), Cantor Fitzgerald (X.CFZ), Shell (RD) unit Coral Energy, Dominion (D), Koch Energy Trading Inc., TXU Corp.'s (TXU) TXU Energy unit and Williams Cos.' Williams Energy Marketing & Trading Co.
-By Andrew Dowell, Dow Jones Newswires; 201-938-4430; andrew.dowell@dowjones.com

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

Stocks Expected to Open Lower, Hurt By Weak Economic News

10/25/2001
Dow Jones Business News
(Copyright (c) 2001, Dow Jones & Company, Inc.)

A Wall Street Journal Online News Roundup
Stocks are expected to open with losses Thursday, weighed down by disappointing U.S. economic news and the European Central Bank's decision to leave interest rates unchanged.
About an hour before the New York Stock Exchange opened, futures on the Standard & Poor's 500-stock index were sharply lower, suggesting that the Dow Jones Industrial Average will post a 94-point loss at the opening bell.
In one of a trio of negative economic reports, the Commerce Department said orders for durable goods, or products expected to last more than three years, tumbled 8.5% in September. That was a much steeper drop than the 0.9% decline forecast by economists surveyed by Thomson Global Markets.
Meanwhile, the Labor Department reported that the number of Americans filing new claims for state unemployment insurance rose to 504,000 for the week ended Oct. 20. That was more than the 500,000 jobless claims expected by economists.
The Labor Department also said that the employment-cost index rose 1% in the third quarter, slightly more than expected. The indicator measures changes in compensation costs, including wages and salaries, as well as costs for employee benefits.
Later, at 10 a.m. EDT, the National Association of Realtors is expected to say that 5.26 million existing homes were sold last month, down from the 5.5 million sold in August.
Prior to release of the economic news, S&P futures had pointed to a weaker opening on Wall Street, after the ECB left rates alone despite growing political pressure for another rate cut to help the stumbling European economy.
In addition to pouring over Thursday's economic reports, investors will spend much of the session sorting through a mountain of earnings reports, said Peter Cardillo, director of research at Westfalia Investments.
Among companies that announced quarterly earnings so far, Dow Chemical said third-quarter net income plunged 84%, hurt by weak demand, substantial price declines and a slew of charges mostly related to acquisition expenses and restructuring at Dow Corning.
Among other stocks to watch, Enron on Wednesday replaced its finance chief, Andrew Fastow, capping a tumultuous day in which the Houston powerhouse saw its stock price continue to fall sharply.
States suing Microsoft are hiring one of the nation's top trial lawyers, signaling they may seek a harsher antitrust remedy than the White House. Meanwhile, the software giant's Windows XP formally makes its debut Thursday.
In key overseas markets, stocks were mixed. London's Financial Times-Stock Exchange 100-Share Index was down 1.2% in intraday trading, while Frankfurt's DAX was 0.9% lower. Earlier in the day, Japan's Nikkei 225 average closed with a gain of 0.7%, and Hong Kong's Hang Seng Index rose 0.2%.
In Wednesday's session, Wall Street continued to shrug off disappointing earnings news, and focused instead on hopes that low interest rates and the government's economic-stimulus program will produce a recovery.
Technology issues saw much of the buying, with the Nasdaq Composite Index rising 27.10 points, or 1.6%, to 1731.54. The Dow industrials inched 5.54 points, or 0.1%, higher to close at 9345.62, despite substantial losses in two of its components, Eastman Kodak and AT&T, which issued weak outlooks.
In major U.S. market action Wednesday:
Major stock indexes advanced. But on the Big Board, where 1.34 billion shares traded, 1,374 stocks rose and 1,743 fell. On the Nasdaq, 1.89 billion shares changed hands.
Bonds gained. The 10-year Treasury note rose 13/32, or $4.0625 for each $1,000 invested. The yield, which moves inversely to price, fell to 4.588%. The 30-year bond was up 23/32 to yield 5.330%. Early Thursday, the 10-year note was up 10/32 to yield 4.553% while the long bond was 17/32 higher, yielding 5.303%.
The dollar was mixed. Late in New York, it traded at 122.87 yen, up from 122.68, while the euro rose against the dollar to 89.35 U.S. cents from 89.07. Early Thursday in New York, the dollar bought 123.17 yen and traded at 88.27 cents to the euro.
For continuously updated news from The Wall Street Journal, see WSJ.com at http://wsj.com.
Copyright (c) 2001 Dow Jones & Company, Inc.
All Rights Reserved.

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

Kaplan Fox Seeks To Recover Losses For Investors Who Purchased E
2001-10-25 12:07 (New York)

Kaplan Fox Seeks To Recover Losses For Investors Who Purchased Enron
Corp. Common Stock

NEW YORK, NY -- (INTERNET WIRE) -- 10/25/01 -- Kaplan Fox
(kaplanfox.com) has filed a class action against Enron Corp. and
certain of the Company's officers and directors in the United States
District Court for the Southern District of Texas.  The suit is
brought on behalf of all persons or entities who purchased the common
stock of Enron Corporation ("Enron") (NYSE: ENE) between January 18,
2000 and October 17, 2001, inclusive (the "Class Period").

The complaint charges Enron Corp. and certain of its officers and
directors with violations of the Securities Exchange Act of 1934.
The complaint alleges that during the Class Period, defendants
engaged in asset and securities sales to closely related affiliates
and interested parties, which disguised Enron's true financial
position.  Many of the details of these transactions were hidden from
the public.  Defendants used these asset sales to falsely improve
Enron's balance sheet, thereby maintaining Enron shares at an
artificially inflated price.  Certain Enron executives, who held
positions in the affiliates that presented clear conflicts of
interest, reaped millions of dollars in personal gains from these
transactions.

The complaint further alleges that during the Class Period, Defendants
made misleading statements regarding the potential value of Enron's
Broadband business, in order to artificially boost Enron's share
price.  With knowledge that Enron's Broadband business would never
post a profit and was seriously overvalued, Defendants continued to
make misleading statements about the Broadband business in order to
maintain the share price at its artificially inflated levels.
Defendants used the artificially inflated value of Enron's Broadband
business to hedge against, in order to gain millions of dollars in
financing.  Defendants failed to disclose the risk of these financing
arrangements.  Defendants hid the true nature of Enron's earnings,
its hedging, its businesses, and the correct state of Enron's
finances from its investors and the market, further artificially
inflating Enron's share price.  While the stock was artificially
inflated for the above reasons, Enron executives engaged in extensive
insider trading, gaining personal proceeds of approximately $482
million during the Class Period, before the public became aware of
the above practices.

Plaintiff seeks to recover damages on behalf of the Class and is
represented by Kaplan Fox & Kilsheimer LLP.  Our firm, with offices
in New York, San Francisco, Chicago and New Jersey has many years of
experience in prosecuting investor class actions and actions
involving financial fraud. For more information about Kaplan Fox &
Kilsheimer LLP, you may visit our website at www.kaplanfox.com

If you are a member of the Class, you may move the court no later than
December 21, 2001 to serve as a lead plaintiff for the Class.    In
order to serve as a lead plaintiff, you must meet certain legal
requirements.

If you have any questions about this Notice, the action, your rights,
or your interests, please e-mail us at mail@kaplanfox.com or contact:

Kaplan Fox & Kilsheimer LLP - 805 Third Avenue,  22nd Floor - New York,
NY 10022

Kaplan Fox & Kilsheimer LLP - 100 Pine Street, 26th Floor - San
Francisco, CA 94111

Contact: Frederic S. Fox, Esq., Kaplan Fox & Kilsheimer LLP
Phone: 800-290-1952
Fax: 212-687-7714
Email: mail@kaplanfox.com

    Date      October 25, 2001
    Time      07:00 AM - 08:00 AM
    Station   CNBC
    Location  Network
    Program   The Squawk Box

              Mark Haines, co-anchor:

              Joe Kernen, what's going on?

              Joe Kernen, co-anchor:

              We've got to shift gears into this Enron situation which
              has just been--you've been talking about it quite a bit,
              David--how could you not talk about it?  Seventy-six
              million shares yesterday, down fifty percent in the last
              two weeks.  This is a company with--what?--a hundred
              million in revenues.

              James Cramer, guest market commentator:

              Maybe.

              Kernen:  Yeah, right.  Anyone who does any trading in
              energy apparently, you know, uses Enron Online, so anything
              that destabilizes Enron to a great extent could destabilize
              the whole energy trading arena and...

              Cramer:  Go ahead, say it!  Say what you're thinking!  No
              one has said it yet.  We know the truth.  We believe that
              Enron caused a national short squeeze.  They knew every
              single number in this gas situation.  They wrecked the
              California utility system and profited from it.  That's my
              bet.  My bet that this--they had--look, they were the
              market maker.  Imagine if Instinet knew what you were going
              to be buying and took it ahead of you.  I think they
              cornered the market for electricity for about four months,
              made a huge fortune and now the company is unraveling and
              when someone--when the Justice Department gets in there
              we're going to discover this.

              Kernen:  Let's see what happened...

              Haines:  Now, wait a second...

              David Faber, co-anchor:

              Whoa, whoa, whoa!  The Justice Department, Jim?  Now, is
              that new?  Is that something--

              Cramer:  No, that would be, if I were a prosecutor,
              something...

              Faber:  OK, so they are not being investigated?

              Cramer:  Well, no, I'm actually being a little forward
              thinking.

              Kernen:  The SEC wants documents about the limited
              partnership transactions of Mr.--

              Faber:  Which is very different from what Jim is talking
              about.

              Cramer:  No, I'm saying that this is what, if I were an
              enterprising prosecutor, I would say, Did we have a
              nationwide short squeeze in electricity caused by one
              company that had access to all the screens and knew exactly
              what was happening with the electricity market which then
              wrecked the California utility system, cost the consumer
              billions of dollars, and is now being hushed up?

              Kernen:  Well, let's talk about the actual news.  Here's
              yesterday's trading--

              Haines:  Wait a minute.

              Kernen:  Well, I just want to say that the guy is gone now.
              That's the new news here.  Did you read--did you know that
              Fastow, after four--

              Faber:  Late yesterday.

              Kernen:  Yeah, after four o'clock, Fastow is gone.  What's
              interesting--

              Faber:  He's the CFO--

              Kernen:  But he's a new CFO.

              Faber:  --who benefitted personally from some of these
              off balance sheet partnerships.

              Cramer:  Mark, you know, I'm not on thin ice here, I'm not
              on thin ice.

              Haines:  I just want to make sure we understand that this
              is your theory.

              Cramer:  This is my theory.

              Haines:  OK.

              Cramer:  It is just a theory.  It is my opinion.  But I
              think we've got to find out more about that short squeeze
              that occurred.

              Haines:  OK.

              Cramer:  We need to find out whether it was orchestrated.

              Kernen:  The new CFO might help regain some credibility for
              the company because he was the old treasurer who left that
              position a year or so ago because of some disagreements
              with how Mr. Fastow was doing business apparently.  So now
              he's back as CFO and we'll whether that calms the market
              down.

              Faber:  Well, what they need to do-- Joe, they need to come
              clean.  I mean, that is what all the investors in Enron and
              those who've left the company as investors over this last
              week have wanted.  Let's see everything; be as transparent
              as you possibly can be; tell us exactly what we need to
              know.  And as much as they need to come clean with their
              investors, they need to come clean with their trading
              counterparties because that is really what people are
              concerned about.

              Kernen:  Why is the credit worthiness issue such a big
              deal?  Anyone who does trading with them, if their credit
              worthiness were to go--if their credit rating were to go
              down, how would that affect energy trading?

              Faber:  Well, you want to know that they're going to be
              there on the other side and make good on the trades.

              Kernen:  I guess you would, wouldn't you?

              Faber:  Right.  Not that they aren't, but why would you--if
              you can trade with seven other guys--seven other companies,
              maybe you cut back a little bit on your exposure there.

              Kernen:  Now, why would--

              Faber:  And that would hurt their core business.

              Kernen:  Why are people expecting some type of action from
              the credit agencies, not because of the stock price, right?
              Because of something that could unravel--

              Faber:  Because of something related to these liabilities
              they may have--

              Kernen:  That they don't know about at this point.

              Faber:  --that they may have with regard to funding some of
              these off balance sheet partnerships that they backstopped
              in terms of borrowing that went on at the project level at
              the off balance sheet partnership.  Will it be a liability?
              They don't know.  But that's one of the reasons--

              Kernen:  We're talking hundreds of millions or billions?

              Faber:  They don't know.

              Kernen:  But there were billions of dollars in limited
              partners?

              Faber:  Yes.  About three billion in financing, I think is
              what some analysts estimated.

              Kernen:  This is a pretty big number.

              Faber:  Yeah, they can get to most of that with the assets
              that they have in the partnerships themselves.

              Kernen:  I use a six month chart to show what's happened
              over the last two weeks.  You got to look at here.  But if
              we went back a year, you'd see eighty as far as the high
              for Enron.  Now we're at sixteen.

              Faber:  Everybody else took a hit yesterday.  Dynegy got
              hurt.

              Kernen:  Well, I got Dynegy next.  Don't--  Here we go.

              Faber:  I'm sorry.  I'm getting a little excited.

              Kernen:  You are.

              Faber:  Enthusiastic about your charts.

              Kernen:  There's a weekly chart of Dynegy, and you know
              what's coming next, don't you?  Now I'm worried about the
              utility average.  I've worried about the transportation
              average a lot in my career.  Mark, now the utilities have
              replaced my worries.  I'm angst-ridden.  Did you see this
              chart?  We're breaking below the--

              Cramer:  That's a positive, not a negative, Joe.

              Kernen:  What's wrong with Cramer today?  What happened?

              Cramer:  I'm all fired up!

              Faber:  He really is.  My, God, he's got the DOJ getting
              all crazy, the FBI, the CIA.  You going down to En--you
              going down to Houston yourself?

              Cramer:  I may just have to.  I may have to clean up that
              whole city.

              Kernen:  Jim, why would the--that's the--now getting down
              to the lows, I mean, the other averages have come back
              quite a bit from the post-attack lows, the utilities are
              retesting those.  That's not something to worry about?

              Cramer:  No, because I think there's a lot of money going
              into more cyclical issues.  I think the economy is showing
              signs of getting better.  The consumer is certainly much
              stronger than we thought.  The base book didn't say the
              corporate was strong, but the consumer is strong.  Much
              stronger than before.

              Kernen:  All right.  In the past people have worried about
              the utility averages being a leading indicator, though.  I
              don't--we're talking about four hundred to two-ninety at
              this point.  That's a long way.

              Cramer:  This average has got a lot of problems to it, but
              I still think that--

              Kernen:  It's no longer the--

              Cramer:  --you sell this as safety.  We don't want safety
              as much as we want a little bit more reciprocality.

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