USCAA Track & Field Championships, June 9, 2001
The Enron Running Club is seeking runners, sprinters, discus & shot put
throwers, and high jumpers & long jumpers to compete in the annual USCAA
Track & Field Championships on Saturday, June 9th at Rice University.
Participate in co-ed track relays & field events of all ages and abilities;
showcase your energy and talents in a challenging, competitive, and fun
environment; participate in an Enron tradition since 1994; experience
teambuilding and camaraderie like never before!  For more information or to
sign up, contact Cindy Richardson at x3-4770 or sprint to:
http://home.enron.com:84/erc/index.html

Heights Fun Run 5K
Join the Enron Running Club at the Heights Fun Run 5K benefiting The Houston
Heights Association,s Community Projects scheduled for Saturday, June 2nd.
If you,re interested in running or volunteering your time, please contact
Cindy Richardson at 713-853-4770 or Kelly Lombardi at 713-345-5841.  For more
information, run to: http://home.enron.com:84/erc/index.html.

Dad,s Day 5K
Join the Enron Running Club at the Dad,s Day 5K and 1 Mile Family Walk
benefiting The Prostate Cancer Research and Awareness scheduled for Saturday,
June 2nd.  If you,re interested in running or volunteering your time, please
contact Cindy Richardson at 713-853-4770 or Kelly Lombardi at 713-345-5841.
For more information, run to: http://home.enron.com:84/erc/index.html.

Stop by for some Texan BBQ, fresh air and Entertainment at Antioch Park

The Assist The Officer Foundation (ATO), a non-profit organization working
independently,  is inviting all Enron employees to come by Antioch Park  on
Friday, June 1st from 11am - 1pm and enjoy a delicious plate of BBQ for only
$5.  Come and listen to the tunes of KRBE with Gabe, their mobile DJ, and
raffles with many prizes will be given away.  Raffle tickets will be $2 each
or 3 for $5.  ATO is dedicated to assisting Houston peace officers injured or
disabled in the line of duty.  Please come out and support your local law
enforcement professionals.

The Caladium plants that are in the huge plant pots throughout the Plaza are
going to be replaced and will be available for purchasing on Monday, June 4th
for $4.00 in the Plaza by the up escalator from 11 a.m. to 12 p.m..

Join us in Dublin or Honolulu ----Joints in Motion is a marathon training
program for walkers and runners that is aligned with a fundraising effort for
the Arthritis Foundation.  The Dublin Marathon will be held Oct. 29 and the
Honolulu marathon will be December 9.  Please call for more information at
713-529-0800.

Volunteer for the Boys & Girls Club Summer Camp Weekends!!!
Kevin Hannon, Boys & Girls Club board member, invites you to join Enron
employee John Cote at a Boys & Girls Club summer camp who is looking for
commitment from a FEW GOOD ENRON MEN AND WOMEN:

WHAT:   2nd Annual Houston Boys and Girls Club / Enron Summer Camp Weekend (2
camps)

WHEN:   Boys Camp
  Friday afternoon (3:00 - 6:00pm), June 22 through Sunday afternoon, June 24
  --OR--
  Friday afternoon (3:00 - 6:00pm), July 20 through Sunday afternoon, July 22

  Girls Camp
  Friday afternoon (3:00 - 6:00pm), July 6 through Sunday afternoon, July 8
  --OR--
  Friday afternoon (3:00 - 6:00pm), July 13 through Sunday afternoon, July 15

WHERE: Willis, TX (75 minutes from downtown Houston -- just north of Conroe)

WHO:   6-8 counselors per camp to chaperone 75 boys (ages 7-16)

HOW:   Share all sports activities, including canoeing, hiking, fishing,
organizing a talent    show/bonfire/ghost stories, obstacle course, water
balloon fights, softball, basketball,   archery, football, etc.  (Cooking and
clean-up covered by the Houston Boys Club staff.)

CONTACT: John A. Cote at ext. 33830

SPREAD THE WORD.  SPOUSES & OFFICE COLLEAGUES WELCOME.
LAST YEAR'S CAMP WAS A HUGE SUCCESS!

Volunteers Needed for Bring Your Child to Work Day!

Bring Your Child to Work Day is Friday, June 29

Please email Jennifer Milligan if you are interested in volunteering and
indicate your preference in the below activities:

Registration Table
Houston Police Dept / Stranger Danger / Fingerprinting
Outdoor Activities (SPCA pets, Balloon King, kids crafts, etc.)
Business Etiquette class
Business Art (kids' resumes, etc)
Lunch ticket sales/coordination (in Antioch Park)

The Enron Running Club and the Houston Corporate Athletic Association are
seeking volunteers to assist at the annual USCAA Track & Field Championships
on Saturday, June 9th at Rice University.  There are many volunteer
opportunities requiring little or no experience including timers, scoring,
lane judges, cheering on athletes and more!  We are looking for employees,
families and friends that can contribute a few hours or who are willing to
spend the day benefiting a great cause.  If you are interested or would like
more information, please contact Kelly Lombardi at x3-8491.

Many volunteers are needed to help with the planned activities for the Enron
Children on June 29th.  If you're interested, send your name and phone
extension to workperks.enron.com.

Support KidSave and Help Miracles Happen. Every Summer.

Kidsave,s  Summer Miracles Program enables orphaned children ages 5 to 11 to
travel to the  US and Canada, live with families and attend day camp. The
program gives  families who may be concerned about the problems of adopting
an older child a chance to meet, get to know and in the best-case scenario,
fall in love with a  child. The program gives prospective parents an
opportunity to see and evaluate  first-hand the challenges and rewards of
adopting an older  child.

In 1999 and  2000 Kidsave and adoption agency partners placed 432 children -
96 percent of  children who participated in the program. Generally, 85 to 90
percent of  children who participate in the program find homes easily through
the program.  The remaining 10 to 15 percent require more work.

Kidsave  believes every child deserves a family. We are committed to placing
all children  who participate in the Summer Miracles Program in permanent
families or  family-like environments.

We are looking  for families to host children, and for others who want to
help us make the camp  program happen for these 250 children.   As a
non-profit organization, Kidsave depends on donations to raise the  money to
bring these children here and find them families.  Please call Tonya Hoppe at
281.286.8948  or tonya@tonya.cc to get involved in Houston,s  Kidsave
program.

Find Out how to Join The Downtown Club May 29 & 30!
The Downtown Club (formerly The Met-Business & Sports Club)Membership
representatives from The Downtown Club will be in the Enron Plaza
Tuesday-Wednesday, May 29-30, from 11 am - 1 pm to discuss membership, the
new "Signature Gold" program (see attached file for more information), and a
new membership referral program.  Don't miss out on this opportunity to join
the Downtown Club or to upgrade your current membership.  As a reminder, a
$200 initiation fee is required for new memberships.   For more information,
contact The Downtown Club Membership Services department at 713-652-0700 or
Georgia Fogo, ext. 3-5609.

http://home.enron.com:84/messaging/siggoldcourses.pdf

Enron and Kidventure Camps are proud to bring you Camp Enron Summer 2001.
Celebrating our third year, Camp Enron  will once again be providing summer
camp for children, ages 5-13, of Enron employees and contractors.

This year, camp will be May 29-August 10.  Ten, one-week sessions will be
available and families may choose to attend any or all sessions.  Each camp
week is Monday through Friday.

The cost is $150 per week and includes all transportation, field trips and
activities.  A deposit of $50 per week is all that is needed to reserve your
sessions.   The deadline to register is Monday, May 21.

To register, log on to: http://www.kidventurecamp.com/camp_enron.htm.
Spaces are limited.

Enron parents simply ride to work with  their children and check them in to
the Energizer in the morning with the Camp Enron Team.  Enron Campers are
loaded on Coach USA Buses and transported to our nearby camp. At the end of
the day campers are brought back to the Energizer for parents to check out.

It's that easy!

For more information please contact:

web site: www.kidventurecamp.com
call Kidventure: 713.960.8989
e-mail: camps@kidventurecamp.com

Have News to Share?
To post news or events in Enron In Action, please e-mail your information to
EIA@enron.com
no later than 12:00 noon the Thursday prior to the next Monday,s mailing.


(I'll review this after my 9:00 meeting -- thought you might want a copy
also.)
---------------------- Forwarded by Susan Scott/ET&S/Enron on 02/23/2000
08:51 AM ---------------------------

Gerald Nemec@ECT
02/23/2000 08:49 AM
To: Susan Scott/ET&S/Enron@ENRON, Mark Knippa
cc:

Subject: Gas Conversion Pricing

Attached for your review is the letter agreement which locks in the Gas
Conversion Agreement pricing.


---------------------- Forwarded by Darron C Giron/HOU/ECT on 11/14/2000
04:01 PM ---------------------------

Jackson Logan
11/14/2000 03:16 PM
To: Phillip M Love/HOU/ECT@ECT, B Scott Palmer/HOU/ECT@ECT, Kam
Keiser/HOU/ECT@ECT, Victor Guggenheim/HOU/ECT@ECT, Darron C
Giron/HOU/ECT@ECT, jlogan@hough.com, plogan@grubb-ellis-tx.com,
jennifer.stelling@gtedc.gte.com, jwooton@keystonemortpartners.com,
cshi@dynegy.com, John_biegel@dell.com, bgalligan@mail.utexas.edu,
carey.t.ford@us.arthurandersen.com, gkaminski@dttus.com,
Brian_Thorp@AIMFUNDS.COM, JAMES.SIVCO@chase.com, tifftalbot@hotmail.com,
jmwooton@yahoo.com, njw4@worldnet.att.net, KHunter75@aol.com,
ttalbot@bmoh.com, RCOLLINS@graubassett.com, cameron.moates@us.pwcglobal.com,
atransou@wsgr.com, onion@pdq.net, shack4@alumni.utexas.net,
ECard10007@aol.com, ryaf@softchoice.com, Madeofmetal@Sprintmail.Com,
LtColby.H@att.net, Stefanie_Wagenfeld@AIMFUNDS.COM
cc:
Subject: To Awesome not to forward

Subject: Story of the ant and the grasshopper

THE CLASSIC VERSION -
    The ant works hard in the withering heat all summer long, building his
house and laying up supplies for the winter. The Grasshopper thinks he's a
fool and laughs and dances and plays the summer away. Come winter, the ant
is warm and well fed. The grasshopper has no food or shelter so he dies out
in the cold.

THE MODERN VERSION -
 The ant works hard in the withering heat all summer long, building his
house and laying up supplies for the winter. The Grasshopper thinks he's a
fool and laughs and dances and plays the summer away.
    Come winter, the shivering grasshopper calls a press conference and
demands to know why the ant should be allowed to be warm and well fed while
others are cold and starving. CBS, NBC and ABC show up to provide pictures
of the shivering grasshopper next to a video of the ant in his comfortable
home with a table filled with food.
    "America" is stunned by the sharp contrast. How can this be, that in a
country of such wealth, this poor grasshopper is allowed to suffer so?
Kermit the Frog appears on Oprah with the grasshopper, and everybody cries
when they sing "It's Not Easy Being Green."
    Bill and Hillary Clinton make a special guest appearance on the CBS
Evening News to tell a concerned Dan Rather that they will do everything
they Can for the grasshopper who has been denied the prosperity he deserves
by Those who benefited unfairly during the Reagan summers, or as Bill
refers
to it as "Temperatures of the 80's."
    Jesse Jackson stages a demonstration in front of the ant's house where
the news stations film the group singing "We shall overcome". Jesse then
has
the group kneel down to pray to God for the grasshopper's sake.
    Al Gore exclaims in an interview with Peter Jennings that the ant has
gotten rich off the back of the grasshopper, and calls for an immediate tax
hike on the ant to make him pay his "fair share".
    Finally, the EEOC drafts the "Economic Equity and Anti-Ant Act",
retroactive to the beginning of the summer. The ant is fined for failing to
hire a proportionate number of green bugs and, having nothing left to pay
his retroactive taxes, his home is confiscated by the government.
    Hillary gets her old law firm to represent the grasshopper in a
Defamation suit against the ant, and the case is tried before a panel of
federal judges that Bill appointed from a list of single-parent welfare
recipients who can only hear cases on Thursday's between 1:30 and 3:00 PM
when there are no talk shows scheduled. The ant loses the case.
    The story ends as we see the grasshopper finishing up the last bits of
The ant's food while the government house he is in, which just happens to
be
the ant's old house, crumbles around him since he doesn't maintain it. The
ant has disappeared in the snow. And on the TV, which the grasshopper
bought
by selling most of the ant's food, they are showing Bill Clinton standing
before a wildly applauding group of Democrats announcing that a new era of
"fairness" has dawned in America.
    The grasshopper is found dead in a drug related incident and the house,
now abandoned, is taken over by a gang of spiders who terrorize the once
peaceful neighborhood.

Remember to Vote .!!


Info re the Bingham deal team
----- Forwarded by Barton Clark/HOU/ECT on 09/12/2000 09:55 AM -----

	"Politan, Nicholas H." <PolitaNH@bingham.com>
	09/07/2000 11:25 AM

		 To: "Barton Clark (E-mail)" <Barton.Clark@enron.com>
		 cc:
		 Subject: BIOS OF NICK AND RICK - NO PICTURE.DOC

 <<BIOS OF NICK AND RICK - NO PICTURE.DOC>>  Rick and me

 - BIOS OF NICK AND RICK - NO PICTURE.DOC


Over the last few weeks, we have been working diligently with Corp. legal to identify and track violations to trademark and domain names, both in and outside the company. For those outside Enron, we are sending cease and desist letters. Inside Enron, we want to take steps to protect the company, as such, Sharon Butcher has been asked, if we can institute a step in future exit interviews, that would permit us to ask employees whether they have registered any Enron sites under their name. If so, they would be asked to identify and transfer the sites to Enron as part of any severance package agreement. This is not a small issue and frequently occurred when people started new Enron businesses.

As an example:
Mr. Horning was with EBS until August, 2001and had registered the following domains:

	enronmedia.com
	enronmedia.net
	enronmedia.org

We will keep you posted on any final decisions and our progress in general.


<<Display Jobs Page.html>>

Hey John,

How are you doing?  I thought this was interesting.  Are you now on the
options desk?

Jeff

 - Display Jobs Page.html


lisag@kis.ernet.in


Kenny,

I'm not in accounting any more, so I no longer need this email.

Thanks,
Robin


Jake,

If you would like me to email this to your customer I will need their email
address.

	Jake Staffel/ENRON@enronXgate
	05/14/2001 10:38 AM

		 To: Tana Jones/HOU/ECT@ECT
		 cc: Mark Greenberg/NA/Enron@ENRON
		 Subject: Cargill NDA

Tana,

could you please get and NDA going for Cargill.  Information as follows:

Cargill Inc.

15407 McGinty Rd West
Wausata, Mn 55391-2399

This needs to be a two way:

Regarding sharing of information for a possible software sale.

Should you have any questions please don't hesitate to give me a call at
30559.

Thank you.


Attached.  Those in the US please feel free to resize the document to your
printer's content.

Steve


Here is the revised confirm - let's chat about the issues I mentioned in my
voice mail.


Thank you for registering for the AOL Instant Messenger(SM) service!

Your registration for screen name ckaymann has been received.

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* Communicate instantly -- it's fast, easy, fun and free!
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Please reply to this message within 48 hours to complete the registration
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Simply click on reply and type 'OK' as the text of your message so that we can
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Download the AOL Instant Messenger(tm) software from the AOL.COM(SM) web site
(aim.aol.com/redirects/aimemail/download.html), if you have not already done
so.

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Start Date: 1/14/02; HourAhead hour: 14;  No ancillary schedules awarded.  No variances detected.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final Schedules\2002011414.txt


Got a call from Rick.  Scheduling issues now make it necessary to have the
meeting in San Francisco on Dec. 5th at 9 AM.  Rick asked that folks make the
meeting a priority.

Best,
Jeff

	Melissa Cortez <mcortez@govadv.com>
	11/15/2000 05:35 PM

		 To: Susan.J.Mara@enron.com
		 cc: Lysa.Akin@enron.com, Richard.Shapiro@enron.com, Jeff.Dasovich@enron.com,
Mona.L.Petrochko@enron.com, Sandra.McCubbin@enron.com,
Joseph.Alamo@enron.com, MBD <MDay@GMSSR.com>, Harry.Kingerski@enron.com,
Marcie.Milner@enron.com, Karen.Denne@enron.com, James.D.Steffes@enron.com,
Sue.Nord@enron.com, Paul.Kaufman@enron.com, Marcia.A.Linton@enron.com,
Ginger.Dernehl@enron.com
		 Subject: Re: California Legislative Meeting in San Francisco

Hedy is out of town until the 27th.  I can't confirm anything yet, but the
30th looks better.  I can give ger a call
tomorrow, but may not be able to confirm until she returns.

Melissa

Susan.J.Mara@enron.com wrote:

> The 29th and 30th are the ISO Board meeting days -- if I have to pick, I
> guess the 30th would be better
>
>
>                     MBD
>                     <MDay@GMSSR.c        To:     Lysa.Akin@enron.com
>                     om>                  cc:     Susan.J.Mara@enron.com,
Jeff.Dasovich@enron.com,
>                                          Mona.L.Petrochko@enron.com,
Sandra.McCubbin@enron.com,
>                     11/15/2000           Joseph.Alamo@enron.com, MBD
<MDay@GMSSR.com>, Harry.Kingerski@enron.com,
>                     10:19 AM             Marcie.Milner@enron.com,
Karen.Denne@enron.com,
>                                          James.D.Steffes@enron.com,
mcortez@govadv.com, Sue.Nord@enron.com,
>                                          Paul.Kaufman@enron.com,
Marcia.A.Linton@enron.com,
>                                          Ginger.Dernehl@enron.com
>                                          Subject:     RE: California
Legislative Meeting in San Francisco
>
>
> 29th and 30th are both ok with me.  Mike Day
>
> -----Original Message-----
> From: Richard.Shapiro@enron.com [mailto:Richard.Shapiro@enron.com]
> Sent: Tuesday, November 14, 2000 5:34 PM
> To: Lysa.Akin@enron.com
> Cc: Susan.J.Mara@enron.com; Jeff.Dasovich@enron.com;
> Mona.L.Petrochko@enron.com; Sandra.McCubbin@enron.com;
> Joseph.Alamo@enron.com; mday@gmssr.com; Harry.Kingerski@enron.com;
> Marcie.Milner@enron.com; Karen.Denne@enron.com;
> James.D.Steffes@enron.com; mcortez@govadv.com; Sue.Nord@enron.com;
> Paul.Kaufman@enron.com; Marcia.A.Linton@enron.com;
> Ginger.Dernehl@enron.com
> Subject: Re: California Legislative Meeting in San Francisco
> Importance: High
>
> TUESDAY DOES NOT WORK- THIS WAS PREVIOUSLY COMMUNICATED- MEETING NEEDSTO BE
> EITHER THE 29TH OR, PREFERABLY THE 30TH. I INTEND TO BE PRESENT AND CANNOT
> BE THERE ON THE 28TH.
>
> Lysa Akin@ECT
> 11/14/2000 06:52 PM
>
> To:   Susan J Mara/NA/Enron@Enron, Jeff Dasovich/NA/Enron@Enron, Mona L
>       Petrochko/NA/Enron@Enron, Sandra McCubbin/NA/Enron@Enron, Joseph
>       Alamo/NA/Enron@Enron, mday@gmssr.com, Harry Kingerski/NA/Enron,
>       Marcie Milner/Corp/Enron@Enron, Karen Denne/Corp/Enron, James D
>       Steffes/NA/Enron, mcortez@govadv.com, Sue Nord/HOU/EES@EES, Richard
>       Shapiro/NA/Enron
> cc:   Paul Kaufman/PDX/ECT, Marcia A Linton/NA/Enron, Ginger
>       Dernehl/NA/Enron
>
> Subject:  California Legislative Meeting in San Francisco
>
> Please be advised that I have scheduled the above referenced meeting as
> follows:
>
> Date:     Tuesday, November 28th
> Time:     10:30am - 3:30pm Pacific
> Where:    San Francisco Office
>
> Most of you "penciled in" this appointment when I spoke to you, please make
> plans to attend!!
>
> At this time, Paul would prefer to keep this as an internal GA meeting with
> our outside lobbyists.  At this time we are not inviting the Enron Business
> units to attend, but please feel free to invite anyone else in the GA group
> you feel should attend.  HOWEVER, if you invite someone else, please advise
> me so that we can ensure we have adequate space in San Francisco to
> accommodate everyone.  Thanks!
>
> Melissa Cortez - please forward to Scott AND Hedy.
>
> Jim Steffes & Marcia Linton - I am aware that Jim is on vacation the week
> of the 27th.  In the event that he can participate via teleconference, I
> will forward a dial in number by the end of the week.
>
> Lysa Akin
> 503/464-7927


Enron Transportation Services has 2115 outstanding invoices totaling nearly $8.5 million, which need coding and/or approval in the iPayit system.  Although a company-wide task force is working to improve the entire process, ETS employees need to do their part to ensure accurate and timely payment to our vendors.

If you purchase items that generate an invoice (including cell phones, pagers, etc.) or if you are responsible for coding and/or approving invoices, after you receive your e-mail notification, please log on to iPayit and take the appropriate action to process the invoice (s) .

Because the invoice (s)  cannot be processed for payment while it is in your iPayit inbox, it's important to code/approve invoices within five (5) days of e-mail notification.

I expect ETS to stay current on payment of ALL vendor invoices.

I have approved invoices in the system and it's very to use.  We will continue to monitor the status of our accounts payable, and we expect to see significant improvement by the end of September.

If you need assistance processing outstanding invoices, please contact Carolyn Centilli at 713-345-8496.   Password questions should be directed to the ISC help desk, 713-345-4727.

Thank you for your commitment to improving our accounts payable process and for paying our vendors on time.

Rod


Here is Rebecca's presentation everyone

Tracy J. McLaughlin
Enron Broadband Services
Government Affairs Coordinator
(503) 886-0396

----- Forwarded by Tracy McLaughlin/Enron Communications on 05/25/00 12:27 PM
-----

	Rebecca Lynch
	05/25/00 10:58 AM

		 To: Tracy McLaughlin/Enron Communications@Enron Communications
		 cc:
		 Subject: Presentation from Wednesday Meeting

Tracy,

Here is my presentation from Wednesday that needs to be distributed to your
group.

Thanks!!

-Rebecca


Maria Salazar has sent me some more maps that show more details of individual
pipelines.   I like the details and formatting of the map that Kevin Hyatt
sent out...so I think that would be good to use for the main map (although
Maria pointed out that some of the pipeline details have not been updated).
The maps that are attached below could be used for the "drill down" from the
main map to the detailed maps (the customer would point and click on the
company they want and then get to a more specific map with greater detail on
the individual pipe).  What do you think?  What details do we want to show
for the drill down maps?

---------------------- Forwarded by Jo Williams/ET&S/Enron on 05/22/2000
08:39 AM ---------------------------

	From:  Maria Salazar                           05/19/2000 01:35 PM

To: Jo Williams/ET&S/Enron@ENRON
cc:

Subject: NNG AND TW

JO-
THIS IS A NNG MAP ON A COUNTY LEVEL ALSO IT SHOWS NBPL AND TRAILBLAZER. I
KNOW YOU SAID THAT COMPRESSORS ARE NOT NEEDE BUT BEFORE I START REMOING THEM
I WANTED TO KNOW WHAT YOU THINK. I COULD START SPLITTING UP THE STATES. CALL
ME 6.7156

THIS IS TW SYSTEM MAP


nice note
---------------------- Forwarded by Mark Palmer/Corp/Enron on 02/10/2000
06:37 PM ---------------------------

Mary Berg
02/10/2000 10:51 AM
To: Mark Palmer/Corp/Enron@ENRON
cc:

Subject: Ask Why? Campaign

 I have worked for Enron for 8 1/2 years.  For what it is worth, I really
enjoyed the recent "Ode to Why" commercial.  The imagery of past struggles
shown with short video-clips was first class.  When I saw the ad on TV, it
caught my attention and I knew I liked it even before I realized it was an
Enron commercial.  Congratulations on what I believe is the best
advertisement I have seen yet for Enron.

  I read a brief article this morning that you may find of interest.  The
name "Enron" will appear in Microsoft's spell-check dictionary in its Word
2000 release.  Enron is certainly becoming a household name!


<<MF September 7th 2001.pdf>>

			Good Friday Afternoon - Comments From The Local
Guys!

Today's employment number was not a good one - however, it should prompt the
Fed to be more aggressive. The unemployment rate was the worst part of the
report, jumping to 4.9%. The market had been looking for 4.7% unemployment.
The jump in the unemployment rate was bad, but we have to remember two
things. First, the unemployment rate is a lagging indicator of economic
conditions. Second, with revisions, the payroll number  was only slightly
worse than consensus. That said, the drop in aggregate hours of  -0.4%  and
the confidence impact of the jump in the unemployment rate will likely
result in lower GDP growth in the 3rd and 4th quarters than we were
anticipating. Lehman Brothers' economists now look for third quarter GDP of
1.0% (previous. 2.0%) and fourth quarter growth of 2.0% (previous. 3.0%). In
addition they now expect the Federal Reserve to cut  50 basis points at the
October 2nd meeting and expect a further 25 bp cut at the November 6th
meeting. The unemployment rate is now at its highest level since September
1997. But remember: The unemployment rate is a lagging indicator of economic
conditions.

The 30 -year bond yield is 5.38%.
The 10-year is trading at 4.79%.
The 5-year is trading at 4.28%.
Spot crude oil is trading at $27.92 p/b.
Natural Gas - Henry Hub -  is trading at $2.48 p/mcf.

			AD Time:

New Federal Insider-Trading Rule (Rule 10b5-1) has been adopted by the SEC
under the Securities Exchange Act of 1934. This rule greatly enhances an
insider's/employee's ability to trade his/her corporate shares during
blackout periods.
Previously, without the protection of this new SEC rule, employees and
insiders could safely trade only outside of designated blackout windows.
Under this new rule, insiders/employees may have the ability to purchase and
sell their corporate shares even during blackout periods if a written plan
was established and in force when the insider/employee was not in possession
of material, non-public information.
The new rule contains other restrictions and should be reviewed carefully.
Lehman Brothers has established a turn-key plan that take into account the
regulatory procedures for establishing such a plan.    Please email us or
call us for more information.

			Lehman's Research

IMPACT CALLS

AOL Time Warner(AOL) 2 - Buy H. Becker, .212.526.1764
AOL Update - Lowering 2002 Estimates (A)
OLD NEW STREET P/E
Price: $35.09 EPS 2000 N/A $0.94 N/A N/A
52 Wk Ra: $62 - 31 EPS 2001 $1.23E $1.23E $1.28E 28.5
Mkt Cap: $161.6B EPS 2002 $1.43E $1.43E $1.60E 24.5
FY: 12/31 Price Target $75 $75
Rank 2 2
*In our view, AOL Time Warner remains THE premier integrated media company
with a uniquely valuable portfolio of assets. Its
core businesses offer investors superior earnings power and growth while its
new transformational initiatives should propel the
company's long-term growth rate to above industry norms. The stock remains
the most attractive long term holding in our universe.
*However, we continue to believe that near term performance of the stock
will be held back by the softness in the advertising market
and the resulting lack of earnings visibility. Current estimates are calling
for a significant acceleration in revenue growth (especially
advertising) in the second half of 2001.
*For 2002, we are officially lowering our estimates (which had not been
adjusted since early 2001) to more conservative levels. Our
revenue estimate is moving from $44.0 billion to $42.2 billion and EBITDA
from $13.2 billion to $12.4 billion.

AOL Time Warner(AOL) 2 - Buy H. Becker, .212.526.1764
Divisional Overview: Part 2 of Series -- HBO (A)
OLD NEW STREET P/E
Price: $35.09 EPS 2000 N/A $0.94 N/A N/A
52 Wk Ra: $62 - 31 EPS 2001 $1.23E $1.23E $1.28E 28.5
Mkt Cap: $161.6B EPS 2002 $1.43E $1.43E $1.60E 24.5
FY: 12/31 Price Target $75 $75
Rank 2 2
*Generally credited with driving the early growth of the cable industry,
almost 30 years later, HBO continues to find new subscribers,
build viewership and increase cash flow at double-digit rates.
*As a premium service, HBO is not at the mercy of the ups and downs of the
advertising cycle, but rather enjoys an annuity-like
stream of (monthly)subscription revenues, providing a stabilizing influence
to the financial performance of the Networks group as a
whole.
*HBO is expected to generate significantly above trend cash flow results
this year due to fundamental strength in the business as well
as one-time benefits from cost-cutting and merger synergies.
*HBO enjoys tremendous operating leverage--margins are continually expanding
because of the per subscriber leverage on costs.
*Quality original programming, an unparalleled movie line-up and
multiplexing are the cornerstones of HBO's growth.

AOL Time Warner(AOL) 2 - Buy H. Becker, .212.526.1764
Divisional Overview: Part 3 of Series -- Cable Systems (A)
OLD NEW STREET P/E
Price: $35.09 EPS 2000 N/A $0.94 N/A N/A
52 Wk Ra: $62 - 31 EPS 2001 $1.23E $1.23E $1.28E 28.5
Mkt Cap: $161.6B EPS 2002 $1.43E $1.43E $1.60E 24.5
FY: 12/31 Price Target $75 $75
Rank 2 2
*Cable is a bedrock of financial stability for AOL Time Warner. It
consistently generates mid-teens EBITDA growth and should
begin generating significant amounts of free cash flow by 2002.
*Cable creates incremental value through new services such as digital and
high-speed data, secures value for cable programming at
AOL networks and will serve as the platform for the next generation of
convergent services such as VOD, IP-based telephony,
interactive TV and home networking.
*For 2001, we are expecting revenue growth of 14% to $6.9 billion and EBITDA
growth of 15% to $3.3 billion. Over the next five
years, we anticipate TWC will maintain compound annual revenue growth of
12-13% and EBITDA growth of 15%.
*While Cable is one of the segments with the most short-term upside
potential due to very strong demand for broadband services, we
are concerned about the declining trend in basic subscriber growth and the
lack of studio support for VOD via cable.
Gaming & Lodging J. Minor, .617.342.4120
Near-Term Caution, Lowering Lodging Estimates & Targets
*Given weaker than expected July and August results, we are lowering our
2H01 lodging estimates. Our estimates conservatively
assume the current weakness continues throughout 3Q01 and 4Q01, as we've
heard no signs of strengthening. Further we now expect
a slower rebound, and have revised our 2002 RevPAR growth forecasts to 1%-2%
from 3%-4%. As a result, we have lowered our
2002 estimates by 5% to 10% or so, putting us below consensus by a similar
amount. We have lowered our price targets on our
lower estimates. While the stocks are already down 10% since the news of the
worse than expected weakness, we think near-term
caution is warranted as the group could remain choppy as estimates decline.
We continue to like the group for the demand recovery
scenario, we just see it as further out.

XL Capital(XL) 1 - Strong Buy J. Newsome, .212.526.6019
Expecting Good News from Monte Carlo
OLD NEW STREET P/E
Price: $81.31 EPS 2000 N/A $4.50 N/A N/A
52 Wk Ra: $89 - 65 EPS 2001 $5.00E $5.00E $5.01E 16.3
Mkt Cap: $10.4B EPS 2002 $5.90E $5.90E $5.97E 13.8
FY: 12/31 Price Target $95 $95
Rank 1 1
*We are reiterating our 1 Strong Buy rating on XL Capital at the beginning
of what we expect will be a pivotal month for reinsurance
prices. XL Capital is the only large-cap insurer with the lion's share of
its revenues generated by reinsurance and, therefore, purchase
of XL Capitals shares is the best way for large-cap investors to benefit
from rising reinsurance prices. During the week of September
10, the reinsurance world will convene at the annual Rendez-Vous de
Septembre in Monte Carlo, France. This is the event where
reinsurers, brokers, and reinsurance customers begin their discussions about
reinsurance prices for the important January 1, 2002
renewals. Since approximately 55% of all reinsurance is priced for January 1
effective dates, the pricing commentary that is
generated by this conference is key to the reinsurance industrys
profitability. Based on discussions with reinsurers and insurers we
expect the Monte Carlo conference will affirm that the reinsurance industry
will experience another year of price firming with prices
increases at least as much as last January, or at least 15%-20%.

Bristol-Myers Squibb(BMY) 2 - Buy C. Butler, .212.526.4410
Noteworthy Comments on Vanlev Overture Trial
OLD NEW STREET P/E
Price: $59.73 EPS 2000 N/A $2.36 N/A N/A
52 Wk Ra: $75 - 51 EPS 2001 $2.41E $2.41E $2.41E 24.8
Mkt Cap: $119.3MM EPS 2002 $2.67E $2.67E $2.68E 22.4
FY: 12/31 Price Target $75 $75
Rank 2 2
*BMY are conducting several trials with their antihypertensive drug Vanlev.
OCTAVE is a trial in hypertension and has concluded.
Data should be available this month or next. OVERTURE is a trial in
congestive heart failure. It's conclusion is sometime next year.
*Cardiology contacts for whom we have spoken to yesterday indicate that BMY
are asking investigators of the OVERTURE trial to
"switch all patients over to Vanlev in January". This implies that the
number of events in the trial is sufficient to potentially draw a
conclusion (end the trial) maybe in time for the Spring heart meetings (ACC
in March). Further, it may imply that BMY believe
Vanlev is safe enough to switch ALL patients over to the drug, and perhaps
(though only a postulate) the efficacy in a sufficient
population of patients is at least as good if not better than the placebo
ACE inhibitor lisinopril. Our peak sales remain $1.5 billion for
this drug as these comments increase in our minds the probability of success
of this drug in heart failure.

FOCUS STOCKS

Intel Corp(INTC) 3 - Market Perform D. Niles, .415.274.5252
Guides To Below Midpoint Of Range On Both Revs & GMs (A,C)
OLD NEW STREET P/E
Price: $26.10 EPS 2000 N/A $1.65 N/A N/A
52 Wk Ra: $69 - 22 EPS 2001 $0.47E $0.48E $0.51E 54.4
Mkt Cap: $179.8B EPS 2002 $0.60E $0.60E $0.68E 43.5
FY: 12/31 Price Target N/A N/A
Rank 3 3
*As we previewed on Tuesday when we cut our EPS, INTC lowered guidance. Revs
guidance is now slightly below the mid-point of
the range ($6.2B-$6.8B) but below the midpoint on GMs of 47%. This was
despite July and August being better than they expected.
*Processors were better than expected in July and Aug. and PIV processors
have ramped well while flash and networking revs are
expected to be flattish with continuing declines in ASPs in all categories.
*Operating expenses are expected to be about $100M less than originally
expected but equity gains/interest income are expected to be
$90M worse. Intel also has a one-time benefit of $100M in tax provisions
which adds 1.5 cents to EPS for Q3.
*Intel noted that September is the most back-end loaded third month in any
quarter. At some point, Intels statements of July and
August being better than plan and the PC OEMs stating back to school is
below plan have to be reconciled.
Motorola Inc(MOT) 3 - Market Perform T. Luke, .212.526.4993

3Q Expectations Revised Lower On Softer Overall Demand
OLD NEW STREET P/E
Price: $13.94 EPS 2000 N/A $0.84 N/A N/A
52 Wk Ra: $36 - 11 EPS 2001 -$0.22E -$0.22E -$0.21E N/A
Mkt Cap: $30.7B EPS 2002 $0.25E $0.17E $0.38E 82.0
FY: 12/31 Price Target $20 $17
Rank 3 3
*Yesterday, global wireless vendor Motorola revised 3Q expectations lower.
Believe announcement continues to highlight challenging
outlook for wireless equip. vendors. Maintain 3 Mkt Perform.
*3Q revs now to remain flat QoQ at ~$7.5B & losses to range $0.05-$0.08.
Prior guidance had been for +5% QoQ sales & a "few
penny loss". New 3Q $7.4B/($0.08) Vs $7.9B (+5% QoQ) & -$0.05. New 2001 ests
of $30.7B/($0.29).
*Slower sales growth reflects softer overall demand for MOT's equip.,
particularly w/in wireless infra. arena (LA, Europe & possibly
China). Margins in wireless infra. & semis expected to cont. to reflect
difficult macro env.
*Handsets may be brightspot in 3Q w/sales & profits expected to rise QoQ.
However,we remain cautious on outlook for 4Q/1Q02
consumer pull-thru demand
*N-term believe shares could find support ~1x our new 01 revs or $14.
Believe a floor for the shares may be at 0.8x revs or $12. New
l-term target $17.

COMPANY/INDUSTRY UPDATES

Shell Transport(SHEL.L) J. Elden, 44.20.7260.1412
Premium performer, but on probation
OLD NEW E/ADR P/E
Price: EPS N/A N/A N/A N/A N/A
52 Wk Ra: EPS N/A N/A N/A N/A N/A
Mkt Cap: EPS N/A N/A N/A N/A N/A
FY: N/A Price Target N/A N/A
Rank
*Shell's comments with its second quarter figures about the outlook for
Semiconductor Capital Equipment E. White, .212.526.4744
Broad Scale EPS Estimate Reductions
*We are cutting our estimates for several semiconductor equipment companies
we cover, to reflect continuing softness in the
electronics industry, and a greater likelihood of a delayed pickup in
semiconductor capital spending.
*A number of chip companies, including Intel, Taiwan Semiconductor
Manufacturing, and second tier chip manufacturer's, appear to
be eyeing 2002 projects with caution given the current environment.
*There continue to be few signs of a near-term recovery in the end markets
that are important to the semiconductor equipment industry
(PC, wireless, and telecom).
*Some equipment companies are being helped near-term by SAB 101. For these
companies, the recovery could be delayed as SAB
101 has the opposite affect at the beginning of an upturn.

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

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

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

 - MF September 7th 2001.pdf


Dear Colleagues,

We know you have many questions about your new benefits plan, payroll issues and other changes that will occur over the next few weeks. Human Resources and Communications are preparing a thorough Q&A, which we will send to you tomorrow and will regularly update as more information is available.

Meanwhile, please read the announcement below from Security about how you can obtain a new UBS Warburg access card that will allow you to enter our new office space after Friday.

I am confident that you share my enthusiasm about our new opportunity.  We look forward to working along side each of you in the coming days.

David Oxley
Head, Human Resources
____________________________________________________________________

Access Cards

There will be a two-day transition for the new UBS Warburg access cards. Beginning Monday, February 11, access to the 5th and 6th floors of Enron Center South will require these new cards. UBS Warburg access cards can be picked up from 7 a.m. to 7 p.m. at the reception area on the 5th floor of Enron Center South on Thursday, February 7th ; Friday, February 8th ; and Monday, February 11. Enron Security will produce new access cards with existing photographs, then simultaneously issue the new and collect the old cards. Employees without UBS Warburg cards will be allowed into the Enron Center South building on Monday but will have to collect their new cards as soon as possible to gain access to the 5th and 6th floors.

Employees who fail to collect their new cards by 7 p.m. Monday will be required to contact Enron Security's general information number at 713-853-5360 to arrange to pick them up.

There will be security staff available at the pick up point on ECS 5 to help with any problems you might have.

It is suggested employees wear their access cards at all times while on the premise.

Accessible Areas - The new cards will allow UBS-W employees to enter:
5th & 6th floors and Plaza area of Enron Center South ,
The Sky Ring
Body Shop, Enron Center North Plaza and therefore access the Credit Union and Cafeteria from either building.

Restricted Areas - Employees must submit to Enron Security a Restricted Access Request form (available by calling 713 8535360 ) and signed by Bob McAuliffe (713-853-7468) to enter:
Enron Center South, 8th and 9th floors
Enron Center North, 22nd and 34th floor
Ardmore Data Center.

Employees staying with the Enron estate while visa and other issues are completed - Employees in this group who are on assignment arrangements to UBS-W will be issued a regular access card - available in the same way as other new UBS-W employees.

Estate employees who are working with UBS-W on transition issues  - If they will be based in UBS-W office space they should talk to their UBS-W counterpart for approval and then UBSW HR for the issue of a UBS-W contractor card (in addition to their regular Enron badge).


T:  Please print this and attachment -- file in Japan file.  Thanks.  MHC

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

Michelle Cash
Enron North America Corp.
1400 Smith Street, EB 3823
Houston, Texas  77002
(713) 853-6401
michelle.cash@enron.com

This message may contain confidential information that is protected by the
attorney-client and/or work product privileges.
----- Forwarded by Michelle Cash/HOU/ECT on 06/26/2000 02:41 PM -----

	John Viverito@ENRON
	05/11/2000 02:44 PM

		 To: Michelle Cash/HOU/ECT@ECT
		 cc: Alan Aronowitz/HOU/ECT@ECT
		 Subject: Enron and PDI Japan

Michelle-

Pursuant to my voicemail, I am forwarding the attached e-mail traffic for
your consideration.  I am unsure as to the types of testing contemplated, but
want to ensure that such activities are permitted under Enron's policy.

Your comments on the attached agreement would also be appreciated.

Thanks,

John
----- Forwarded by John Viverito/Corp/Enron on 05/11/2000 02:36 PM -----

	Phillip -SYDNEY- Taylor@ENRON_DEVELOPMENT
	05/10/2000 05:13 PM

		 To: John Viverito@Enron
		 cc:
		 Subject: Enron and PDI Japan

Hi John

  Enron will be using PDI in Tokyo for candidate abilities testing prior to
employment.  The outcome of the testing is a confidential report that comes
to me (as HR) and I then send to the participant(s) in the recruitment
decision making process for their confidential consumption.  PDI have agreed
to me doing this via email, however are seeking some reassurance as to our
use of and maintenance of confidentiality of the final product.  Can you
review the attached and come back to me with your thoughts?  I would also
appreciate a local (Japan) opinion on the legal issues associated with
abilities/psych testing prior to employment (I know you guys shy away from it
in the US although it is quite widely accepted "down under").

Thanks and regards

Phil
---------------------- Forwarded by Phillip -SYDNEY- Taylor/ENRON_DEVELOPMENT
on 11/05/2000 09:12 ---------------------------

"Jack, Douglas" <doja@pdi-corp.com> on 10/05/2000 21:09:41
To: "'Phillip.-SYDNEY-.Taylor@enron.com'" <Phillip.-SYDNEY-.Taylor@enron.com>
cc: "Matsushita, Mayumi" <mama@pdi-corp.com>

Subject: RE: Enron and PDI Japan

Phil,
With the e-mail transmission (using .pdf files), we'll need you or someone
else in Enron to sign a document similar to the attached letter. Please read
it and let me know if you want to make any changes before we fill in all the
details.

Thanks very much,
Douglas

 - emailrelease.doc


I was promoted effective February 1, 2001 to Managing Director of Global Risk
Management Operations for Enron Corp. in Houston.  In this role I manage all
mid and back office services for all commodities markets within Enron's
wholesale businesses: Enron Americas, Enron Global Markets, Enron Industrial
Markets and Enron Europe.  I received my BBA from UT-Austin in 1975 and my
MBA in 1977.  My maiden name while attending school was Sally White.


Thanks for letting me know about the change in this deal. I looked at the
audit viewer, and it jogged my memory a bit. Mike originally entered this
deal as Q2 off peak; then he came over to me the next day and said it should
have been Cal'03-Cal'04. So we changed it, and it must have messed up the
strips somehow. Anyway, if it checks out with the broker, that sounds good
enough for me.

Thanks again,
Kate


Sorry Paige - I was in South America last week - will respond today.


you wont get in trouble

 -----Original Message-----
From: 	Rybarski, Amanda
Sent:	Thursday, January 31, 2002 12:46 PM
To:	Maggi, Mike
Subject:	RE:

yeah right

 -----Original Message-----
From: 	Maggi, Mike
Sent:	Thursday, January 31, 2002 12:45 PM
To:	Rybarski, Amanda
Subject:	RE:

lets go

 -----Original Message-----
From: 	Rybarski, Amanda
Sent:	Thursday, January 31, 2002 12:45 PM
To:	Maggi, Mike
Subject:	RE:

I'm always ready

 -----Original Message-----
From: 	Maggi, Mike
Sent:	Thursday, January 31, 2002 12:45 PM
To:	Rybarski, Amanda
Subject:	RE:

i know what a perfect day, ready

 -----Original Message-----
From: 	Rybarski, Amanda
Sent:	Thursday, January 31, 2002 12:44 PM
To:	Maggi, Mike
Subject:	RE:

I'm not so sore anymore, it's only certain days now, not all the time.  It sure looks like it's raining outside (hint-hint)

 -----Original Message-----
From: 	Maggi, Mike
Sent:	Thursday, January 31, 2002 12:43 PM
To:	Rybarski, Amanda
Subject:	RE:

im a little hung over, i was here for a little while yesterday, are you still sore

 -----Original Message-----
From: 	Rybarski, Amanda
Sent:	Thursday, January 31, 2002 12:42 PM
To:	Maggi, Mike
Subject:	RE:

I think you need to too.  I am feeling okay, except for this headache that is creeping up.  How are you today?  Were you here yesterday?

 -----Original Message-----
From: 	Maggi, Mike
Sent:	Thursday, January 31, 2002 12:41 PM
To:	Rybarski, Amanda
Subject:	RE:

thats a very good point, i need to work that out, how are you feeling

 -----Original Message-----
From: 	Rybarski, Amanda
Sent:	Thursday, January 31, 2002 12:40 PM
To:	Maggi, Mike
Subject:	RE:

I know, but if you were my boss, then I would be able to

 -----Original Message-----
From: 	Maggi, Mike
Sent:	Thursday, January 31, 2002 12:40 PM
To:	Rybarski, Amanda
Subject:	RE:

you cant unfortunately

 -----Original Message-----
From: 	Rybarski, Amanda
Sent:	Thursday, January 31, 2002 12:40 PM
To:	Maggi, Mike
Subject:	RE:

let's go

 -----Original Message-----
From: 	Maggi, Mike
Sent:	Thursday, January 31, 2002 12:39 PM
To:	Rybarski, Amanda
Subject:	RE:

now

 -----Original Message-----
From: 	Rybarski, Amanda
Sent:	Thursday, January 31, 2002 12:39 PM
To:	Maggi, Mike
Subject:	RE:

and I'm ready to anytime

 -----Original Message-----
From: 	Maggi, Mike
Sent:	Thursday, January 31, 2002 12:39 PM
To:	Rybarski, Amanda
Subject:	RE:

you can anyway

 -----Original Message-----
From: 	Rybarski, Amanda
Sent:	Thursday, January 31, 2002 12:37 PM
To:	Maggi, Mike
Subject:	RE:

I think so, I would treat you better than she can

 -----Original Message-----
From: 	Maggi, Mike
Sent:	Thursday, January 31, 2002 12:36 PM
To:	Rybarski, Amanda
Subject:	RE:

we will have to work on that in the future

 -----Original Message-----
From: 	Rybarski, Amanda
Sent:	Thursday, January 31, 2002 12:36 PM
To:	Maggi, Mike
Subject:	RE:

No, I'm actually pretty happy about the deal.  Not as happy as I would be if I were working for you.

 -----Original Message-----
From: 	Maggi, Mike
Sent:	Thursday, January 31, 2002 12:35 PM
To:	Rybarski, Amanda
Subject:	RE:

thats not bad

 -----Original Message-----
From: 	Rybarski, Amanda
Sent:	Thursday, January 31, 2002 12:35 PM
To:	Maggi, Mike
Subject:	RE:

Yeah, right.  I wish! I am working for Chris still and Scott Neal.

 -----Original Message-----
From: 	Maggi, Mike
Sent:	Thursday, January 31, 2002 12:34 PM
To:	Rybarski, Amanda
Subject:	RE:

perfect, are you working with me

 -----Original Message-----
From: 	Rybarski, Amanda
Sent:	Thursday, January 31, 2002 12:32 PM
To:	Maggi, Mike
Subject:

We're going to be sitting kina close after the move.


FriedWire has just placed a number of enhancements into the new PowerSurge System, which is now fully released and available to be licensed:

NEW
}         Search tools - as opposed to pull-down menu filtering
}         Front Page "Pop-out" components (Click-on "Pop" to cut that chart/map out and place it in a dedicated window on your desktop and have it update 'live' all day long even though you might close PowerSurge entirely)
}         On screen pop-ups for event notification (i.e. price change alerts -you still get the e-mail or page but also an on-screen alert)

COMING -  Within the next  couple of weeks we're adding:
}         Frequency disruption notification so you can get e-mail or a text-page when there's a frequency dip in the east
}         Customizable scales on your price and spread charts
}         Small, medium and large sized graphs that pop-out and fit your available screen real-estate
}         Pop-outs for all price and flow maps

Incentive pricing on PowerSurge is available for November.  Contact us for details.


The attached name changes were made in the Counterparty system last night,
May 3.  I am unable to attach the regular report to an email message because
of it's size.  I am working to remedy that situation, and I will notify you
once it has been resolved.

Short name changes will be coordinated with ERMS IT tomorrow, May 4.

Please call me with any questions or concerns.

Thanks,

Cheryl x33103


Attached is the December 2000 nomination for our takes under the Gas Sales and
Purchase Contract between TXU Fuel (previously TUFCO) and SDS.  Please advise
should you have any questions concerning the attached.

Thanks,
CCS

(See attached file: SDSNOM.xls)

 - SDSNOM.xls


10:00:08 Synchronizing Mailbox 'Kaminski, Vince J'
10:00:08 Synchronizing Hierarchy
10:00:08 Synchronizing Favorites
10:00:09 Synchronizing Folder 'Inbox'
10:01:04 	   4 item(s) added to offline folder
10:01:04 	   1 item(s) changed read-state in offline folder
10:01:04 Synchronizing Folder 'Outbox'
10:01:04 Synchronizing Folder 'Sent Items'
10:01:05 Synchronizing Folder 'Accounting'
10:01:06 Synchronizing Folder 'Adress'
10:01:06 Synchronizing Folder 'Audit'
10:01:07 Synchronizing Folder 'Australia'
10:01:07 Synchronizing Folder 'Azurix'
10:01:08 Synchronizing Folder 'Blake'
10:01:09 Synchronizing Folder 'c:'
10:01:10 Synchronizing Folder 'Calendar'
10:01:11 	   2 item(s) updated in offline folder
10:01:11 	   1 item(s) deleted in offline folder
10:01:11 Synchronizing Folder 'CERA'
10:01:12 Synchronizing Folder 'Chicago'
10:01:19 Synchronizing Folder 'Conferences'
10:01:20 Synchronizing Folder 'Consultants'
10:01:20 Synchronizing Folder 'Contacts'
10:01:21 Synchronizing Folder 'Credit'
10:01:22 Synchronizing Folder 'Drafts'
10:01:22 Synchronizing Folder 'Duffie'
10:01:23 Synchronizing Folder 'ECI'
10:01:23 Synchronizing Folder 'ECM'
10:01:24 Synchronizing Folder 'EES'
10:01:24 Synchronizing Folder 'EI'
10:01:25 Synchronizing Folder 'ESAI'
10:01:25 Synchronizing Folder 'Evaluation'
10:01:26 Synchronizing Folder 'FASB133'
10:01:27 Synchronizing Folder 'FERC'
10:01:27 Synchronizing Folder 'GPG'
10:01:28 Synchronizing Folder 'Horseshoe'
10:01:28 Synchronizing Folder 'Hubcap'
10:01:29 Synchronizing Folder 'Journal'
10:01:29 Synchronizing Folder 'London'
10:01:30 Synchronizing Folder 'MIT'
10:01:30 Synchronizing Folder 'Newsletter'
10:01:31 Synchronizing Folder 'Notes'
10:01:31 Synchronizing Folder 'NYT'
10:01:32 Synchronizing Folder 'Personal'
10:01:33 Synchronizing Folder 'pjm'
10:01:33 Synchronizing Folder 'Poland'
10:01:34 Synchronizing Folder 'Portland'
10:01:34 Synchronizing Folder 'Presentations'
10:01:35 Synchronizing Folder 'Publications'
10:01:35 Synchronizing Folder 'RAC'
10:01:36 Synchronizing Folder 'RealOptions'
10:01:36 Synchronizing Folder 'resumes'
10:01:37 Synchronizing Folder 'Retail'
10:01:39 Synchronizing Folder 'Rice'
10:01:39 Synchronizing Folder 'RISK'
10:01:40 Synchronizing Folder 'Sitara'
10:01:40 Synchronizing Folder 'Sites'
10:01:41 Synchronizing Folder 'Stanford'
10:01:41 Synchronizing Folder 'Tasks'
10:01:42 Synchronizing Folder 'Technical'
10:01:42 Synchronizing Folder 'To Do'
10:01:43 Synchronizing Folder 'TRSWAPS'
10:01:43 Synchronizing Folder 'UH'
10:01:44 Synchronizing Folder 'Universities'
10:01:45 Synchronizing Folder 'UntitledMartin'
10:01:45 Synchronizing Folder 'UT'
10:01:46 Synchronizing Folder 'VAR'
10:01:46 Synchronizing Folder 'Weather'
10:01:47 Synchronizing Views
10:01:48 Synchronizing Forms
10:02:02 Done


Here it is.  Michelle

---------------------- Forwarded by Michelle Cash/HOU/ECT on 04/03/2000 11:43
AM ---------------------------

FMackin@aol.com on 03/23/2000 11:50:42 AM
To: Michelle.Cash@enron.com
cc: pbutler@enron.com, kbolton@enron.com
Subject: Deferral of Payouts under LTIP

To:  Michelle Cash

Date:  March 23, 2000

From:  Patrick Mackin

Subject:  Enron Investment Partners Long Term Incentive Plan;
    Deferral of Payouts Under Enron Corp. Deferral Plan

Michelle, Carol Jewett called me this morning about including a provision in
the long term incentive plan ("LTIP") being established for Enron Investment
Partners (old Enron Development Corp.) to permit deferral of payouts under
the Enron Corp. Deferral Plan.

I suggested to Carol that such a provision in the LTIP would not be
appropriate or sufficient; that the tail cannot wag the dog.  If such
deferrals are to be permitted, they would have to be authorized and made
under the provisions of the Enron Corp. Deferral Plan.  Also, there are some
additional issues discussed below.

Any compensatory arrangement that by design or practice defers payment of the
benefit until or beyond termination of an employee,s employment is considered
to be a "pension plan" under ERISA.

ERISA contains complex and challenging administrative, participation and
funding requirements  (which most employers want to avoid) for such non-tax
qualified pension plans.  The way to avoid these requirements is to design
such a compensatory program, such as a deferral plan, so that it is a "top
hat" plan which is exempt, not from ERISA, but from the more onerous
requirements.

For example, only employees who meet the "top hat" definition are permitted
to participate in the Enron Corp. Deferral Plan.  Enron Corp. is not willing
to let all employees who participate in the LTIP make deferrals to the Enron
Corp. Deferral Plan.  Any participant in the LTIP who wants to defer a payout
must first pass the screening test for top hat employees applied by Enron
Corp. Compensation and then make the deferral election on an approved form.
Also, any such employee must become an employee of Enron Corp. and then
reassigned or seconded to work for Enron Investment Partners.  This
employment requirement is to avoid multiple employer problems related to the
Enron Corp. Deferral Plan and its related trust.

Michelle, it may be "better, faster, simpler" to include a deferral feature
in the LTIP.  The same ERISA issues are present, but Enron Investment
Partners is in control.

Regardless, let,s discuss the design for the deferrals at your convenience.

Pat


1 of
D. Autry  31
M. Pittman  31

2 of
H. Moore 31
D. Jackson 21
J. Graham 11


We received the executed Amendment to Master Agreement, dated as of  April
25, 2000 to the referenced Master Agreement.   This purpose of this
amendment  is:  (i)  to add to Section 5A of the Master Agreement certain
additional Events of Default re: bankruptcy issues and  (ii) to amend in its
entirety the  set-off language in Section 5E.   This counterparty is in
bankruptcy.   This amendment also affects certain other physical agreements.
Copies will be distributed.


---------------------- Forwarded by Andrea Ring/HOU/ECT on 12/20/2000 03:02
PM ---------------------------
   Michele Winckowski @ ENRON                12/13/2000 04:02 PM

To:
cc:  (bcc: Andrea Ring/HOU/ECT)
Subject: Baby

In case you hadn't seen this one yet...


Steve:

You might also want to take a look at the  UK Minister for Trade and
Industry's speech at the same conference- I already sent it to Mark
Schroeder.

?Regards,

Lauren

(See attached file: UK Environment speech.doc)

From: Steven J Kean@ENRON on 10/16/2000 09:25 PM

Sent by:  Steven J Kean@ENRON

To:   Michael Terraso/OTS/Enron@ENRON, Kelly Kimberly/Enron
      Communications@Enron Communications, Lauren Goldblatt/NY/ECT@ECT
cc:

Subject:  Fwd:Ford chairman calls climate change world's #1 issue

----- Forwarded by Steven J Kean/NA/Enron on 10/16/2000 09:25 PM -----

                    Cynthia
                    Sandherr            To:
                                        cc:
                    10/16/2000          Subject:
                    12:48 PM

Joe and Tom:  Either Bill Ford is a major Democrat or this signals a major
shift which serves as a strong indicator that Congress will face new
pressures next Congress to address Global Warming.  This is truly a
remarkable speech.

FORD PREDICTS END OF CAR POLLUTION
The Independent (UK)
6 October 2000

Internet:
http://www.independent.co.uk/news/UK/Environment/2000-10/ford061000.shtml

The 100-year reign of the polluting internal combustion engine is coming to
an end, Bill Ford, chairman of the Ford Motor Company, said yesterday. It
will soon be replaced in motor vehicles by the hydrogen fuel cell, which
emits no pollution whatsoever and so can reduce the build-up of greenhouse
gases causing climate change, Mr. Ford, great-grandson of the company's
founder, Henry Ford, told the Greenpeace Business Conference in London.

In a remarkable speech from a motor manufacturer, in which he proclaimed
his
own environmental credentials, Mr. Ford, 43, accepted that the automobile
had
had a serious negative impact on the environment, and that his industry had
wrongly played down the threat from global warming.  And the head of the
world's second biggest car company raised eyebrows even further when he
said
that he could foresee the day when people would not want to own cars, but
merely have access to mobility.

Detroit-born Mr. Ford, who has been chairman since the start of last year,
proclaimed that climate change was the most challenging issue facing the
world and that anyone who disagreed was "in denial". Ford itself had moved
on
from that position, he said. But he felt the Kyoto protocol, the 1997 pact
in
which the industrialised nations agreed to try to limit their emission of
greenhouse gases, would not provide deep enough cuts to halt global
warming.
Only the marketplace, making new technology widely available, could tackle
the problem.

A fuel cell creates energy by an electrochemical process similar to that in
a
battery: it lets hydrogen and oxygen react together to produce electricity
and water vapour. It does not run down or need recharging, working as long
as
the hydrogen fuel is available, but most importantly, it does not produce
any
CO2, the basic by-product of any carbon-based fuel such as oil, gas or
coal.
Every major car company in the world is throwing huge sums into developing
the technology: Ford is spending $1bn (?690m) between now and 2004, while
Daimler-Chrysler, regarded as the leader in the field, has spent $700m. All
the main manufacturers have prototype fuel-cell cars running and there is a
race to bring them to market. Honda and Toyota expect to do so in 2003,
while
Ford and Daimler-Chrysler are aiming at 2004.

"I believe fuel cells will finally end the 100-year reign of the internal
combustion engine," Mr. Ford said, adding that the technology was "the holy
grail" of the motor industry. Prophesying the demise of car ownership, he
said:  "The day will come when the whole notion of car ownership is
antiquated," he said. Mr. Ford was reflecting advanced motor industry
thinking, which suggests many people might not want to pay for a car of
their
own if they could be guaranteed mobility on demand from a local hire
network.

 - UK Environment speech.doc


People,

The Fundy site now has updated price indices for both the east and west
desks.  "EOM Price Index" is now "EOM East Price Index" and for the west
desk, it is Price Data/EOM West Price Index.  Feel free to give me a shout if
you have further queries.

Lindon
x57758

 -----Original Message-----
From:  Boyle, Sean
Sent: Tuesday, April 24, 2001 10:43 AM
To: Taylor, John Craig; DePaolis, Tammi; Versen, Victoria; Townsend, Judy;
Germany, Chris; Goodell, Scott; Junek, Dan; Hendrickson, Scott; Hodge, John;
Neal, Scott; Ring, Andrea; Pereira, Susan; Brawner, Sandra; Keavey, Peter;
McKay, Brad; Pimenov, Vladi; Barbe, Robin; Smith, Maureen
Cc: Colin Tonks/HOU/ECT@ENRON; Chiu, Lindon
Subject: W/A FP for May Ticker

The real time weighted average price for fixed price products for May can be
found on the Fundy site under Price Data/EOM Price Index.  Let me know if you
have any questions.
Note: If the product has not traded it will not show in the list.

Thanks to Colin Tonks and Lindon Chiu for your help.


Dave has reserved a Plane to take all of you to Las Vegas for the Offsite,
December 13th.  We have no idea  what time the PRC will be over; however, at
the conclusion of the PRC everyone should plan to go straight to the Hanger
to board the aircraft.

I just got confirmation last night that I have the plane, so I really don't
have any details at this point.  As soon as I get the information, I will
make packets for each of you with directions to the hanger.

We are asking that you make your own reservations for the return since
everyone will be leaving at different times.

If you have any questions, please feel free to call me.

Thanks,

Kay  3-0643


Here are our tax comments on the PATS documents other than the Offering
Circular.

Regards,
AnnMarie
___________________________________________________

Remarketing Agreement
1.) Section 5, Fees and Expenses, provides that the Remarketing Agent will
not be entitled to any compensation or reimbursement for expenses in
connection with its services under the Agreement, but UBS Warburg and/or
affiliates of the bank are presumably receiving various fees (e.g.,
structuring, underwriting or placement fees, etc.?) and, to the extent the
affiliate is foreign and its employees are performing those services in the
US, we could have a withholding tax issue with respect to those fees.   Can
we get an itemization of the fees that Enron expects to pay in the deal and
the status (i.e., foreign or domestic) of the intended recipient(s)?
2.) Section 4(c).  If there is the potential for the remarketed notes to be
issued in bearer form, are we sure that Enron will have the necessary rights
to design the notes and monitor the marketing process so as to ensure we
don't lose our interest deduction and that we don't become subject to
withholding for payments to foreign holders?

Trust Agreement
1.) Section 1.1, Definition of "Opinion of Counsel," page 6.   The second
sentence in this definition which describing that published rulings from the
IRS can be relied upon in an an opinion from counsel on tax matters seems
awkward.   Are items not listed here off-limits for reliance?  I would
propose to delete the sentence entirely.
2.) Section 2.1(a), page 10.
 a.) Will the Trust actually be created at the time the Certificateholders
make their investment or will it be created earlier and then be amended and
restated at the time the Certificateholders make their appearance?   If the
latter is true, who will initially hold all the beneficial interests in the
Trust, e.g., Enron or a third party, and if the latter, whether it is foreign
or domestic?
 b.) Are there any restrictions on the number of Certificateholders either
initially or at any subsequent time?   If not, can we be sure that the Trust
will not treated as a publicly traded partnership for tax purposes?
3.) Sections 4.3 and 4.4, pages 17-18.   We should confirm that the The Bank
of New York as Trustee will actually be responsible for any tax reporting
that needs to ge done in connection with the trust, e.g., trust information
return (Form 1041), or in connection with the certificate holders' ownership
interest in the trust (Forms 1099-INT (interest) and Form 1099-? (foreign
currency swap payments)) and/or Forms 1042/1042-S (if the offering becomes a
Regulation S offering).  I have found in the past that even when documents
specify that a bank or trust company is supposed to handle these duties, they
are typically either ill equipped or physically incapable of complying.
(See also Section 6.11)
4.) To the extent that Enron is required to handle any of the book
accounting, tax accounting/reporting, and any other day-to-day activitites
for the Trust, we need to determine whether that would give the certificate
holders nexus in Texas for purposes of the Texas franchise tax.   We should
also check to make sure that the reference to Enron in the name of the Trust
doesn't affect this analysis especially since Enron is apparently responsible
for paying the expenses and liabilities of the Trust under Section 3.6, the
Trustee's fees under Section 9.5(a), and is responsible for indemnification
of the Trustee, the Paying Agent, and the Certificate Registrar under Section
9.5(b).

Purchase Agreement
1.) Section 3, page 8.  What kind of discounted purchase price will be paid
for the Notes first by the Trust and then by the Initial Purchaser?
Presumably, the amount will be de minimis, but we need to know for purposes
of doing an original issue discount ("OID") calculation.
2.) Section 4, page 8.   We need to know if and when it is determined that
the Certificates will be offered in a Regulation S offering.

---------------------- Forwarded by AnnMarie Tiller/Corp/Enron on 06/01/2000
09:37 AM ---------------------------

	Enron Global Finance

	From:  Joyce Dorsey @ ECT                           05/31/2000 02:24 PM

To: rastin@velaw.com, Gareth Bahlmann/HOU/ECT@ECT, Clint
Freeland/Corp/Enron@Enron, Paige B Grumulaitis/HOU/ECT@ECT, who@velaw.com,
Johnna Kokenge/Corp/Enron@ENRON, jlynch@velaw.com, Jeff Nogid/HOU/ECT@ECT,
kimberly.r.scardino@arthurandersen.com, Sara Shackleton/HOU/ECT@ECT, Pushkar
Shahi/HOU/ECT@ECT, Ryan Siurek/Corp/Enron@ENRON, William Stuart/HOU/ECT@ECT,
AnnMarie Tiller/Corp/Enron@ENRON, Brent Vasconcellos/Corp/Enron@ENRON
cc:

Subject: Enron PATS 2000-1

Please review the attached documents and submit comments on
   (i) the Purchase Agreement,
   (ii) the Trust Agreement,
   (iii) the Remarketing Agreement  and, if time allows,
   (iv) the Offering Circular
to Gareth Bahlmann or Clint Freeland by 4 p.m. tomorrow, Thursday, June 1.

Clint will be meeting with the legal group tomorrow at 4 pm in EB2762.
Please feel free to attend that meeting if you have comments that need to be
discussed.

Joyce Dorsey
Assistant to Gareth Bahlmann
---------------------- Forwarded by Joyce Dorsey/HOU/ECT on 05/31/2000 01:32
PM ---------------------------

mukunah@winstim.com on 05/31/2000 08:35:52 AM
To: clint.freeland@enron.com, gareth.bahlmann@enron.com,
kimberly.blue@ubsw.com, scott.whitney@ubsw.com, ryan.donovan@ubsw.com,
scott.giese@ubsw.com, timothy.steele@ubsw.com, michael.davidson@ubsw.com,
william.sullivan@ubsw.com, john.magovern@ubsw.com, raustin@houston.rr.com,
mspradling@velaw.com, sara.shackleton@enron.com, who@velaw.com,
gorloff@bracepatt.com, ktrautner@bracepatt.com, Rastin@velaw.com,
jim.hunt@ubsw.com, lyndon.taylor@ubsw.com, tom.field@ubsw.com,
ttabor@bankofny.com, kurzw@winstim.com, bergeronc@winstim.com
cc: ecklandt@winstim.com, delaneyj@winstim.com, chudyj@winstim.com,
earlyhud@winstim.com
Subject: Enron PATS 2000-1

In connection with Enron's PATS offering, we're attaching a Cover Letter and
clean and marked drafts of the revised Preliminary Offering Circular, Purchase
Agreement, Remarketing Agreement and Trust Agreement.

Best regards,

Hazel Mukuna

(See attached file: Cover Letter.doc)

(See attached file: Preliminary Offering Circular.doc)  (See attached file:
Preliminary Offering Circular.REDLINE.doc)

(See attached file: Purchase Agreement.doc)        (See attached file:
Purchase
Agreement.REDLINE.doc)

(See attached file: Remarketing Agreement.doc)     (See attached file:
Remarketing Agreement.REDLINE.doc)

(See attached file: Trust Agreement.doc)           (See attached file: Trust
Agreement.REDLINE.doc)

______________________________________
This message, together with any attachments, is intended only for the
use of the individual or entity to which it is addressed and may contain
information that is legally privileged, confidential and exempt from
disclosure.  If you are not the intended recipient, you are hereby
notified that any dissemination, distribution, or copying of this
message,or any attachment, is strictly prohibited.  If you have received
this message in error, please notify the original sender (or the WSPR
Help Desk) immediately by telephone (212-858-1000) or by return
E-mail and delete the message, along with any attachments, from
your computer.  Thank you.

 - Cover Letter.doc
 - Preliminary Offering Circular.doc
 - Preliminary Offering Circular.REDLINE.doc
 - Purchase Agreement.doc
 - Purchase Agreement.REDLINE.doc
 - Remarketing Agreement.doc
 - Remarketing Agreement.REDLINE.doc
 - Trust Agreement.doc
 - Trust Agreement.REDLINE.doc


Ted Murphy, Tom Bauer, Jim Brown and I met yesterday to schedule the next
series of operations/controls reviews of Enron offices or certain companies
in which Enron holds an ownership interest.   Attached is a copy of that
schedule.  Please contact Ted or me if you have any questions.  You will note
that the full make-up of the teams is being worked on currently.  We have
identified the lead on each review, however, from RAC, Operations and AA.


Jere, I understand your frustruation and I am very motived to prove out the
insurance product; however, I do think John has a legitimate concern
(especially given the fact that this group blew up very publically internally
and externally and we need to repair the image internally and market
perception externally in order to be successful in the future) surrounding
multiple groups covering the same customers with different stories.  You guys
could not work this out - so I offered a compromise position which involved a
well coordinated test marketing iniative (this was agreed to by you and John
at the offsite):
 a) the insurance group was to identify the initial 5 to 10 target customer
list that ENA would pitch the product to which should give us a determination
if this is a commercially viable product;
 b) John and Scott would facilitate the contact with the customers to ensure
a consistent face and story with the customers - if you guys can sit down and
come up with an alternative that works for you - great; regardless, John had
promised me that he would do everything necessary to facilitate and promote
this capability to these customers ASAP;
 c) both groups would put a deal team together and get out there ASAP;
 d) if the test marketing of the product is successful; I agree that we need
to sit down and discuss how we formally allign the interests of these groups.

This appears to be a reasonable and logical approach on an interim basis.

Regards
Delainey

---------------------- Forwarded by David W Delainey/HOU/ECT on 05/19/2000
04:30 PM ---------------------------

Jere C Overdyke
05/18/2000 08:50 AM
To: David W Delainey/HOU/ECT@ECT
cc:
Subject: Re: Potential Candidates for Reliable Reserves

We are heading down the road of a gate keeper approach which has proven very
inefficient at Enron in the past.    Our group has already canceled a meeting
with the CFO of Vintage because of this approach.  Rerarding  industry
relationships, George Carrick, Mark Tawney and I have extensive relationships
throughout the upstream sector, know the decision makers and can set up our
own meetings, all in coordination with the upstream group.  At this time I am
waiting on John's group to set up our meetings.  Seems very inefficient.

The main objective is to determine if there is demand for the product.  I
will continue to coordinate through John but we need to meet to clarify roles
and responsibilities of all parties - how will deals be structured, who will
price, who will negotiate transaction, etc.


Thank you for the info.  I call if I have questions after I review further.

	Enron North America Corp.

	From:  Rebecca W Cantrell                           02/01/2001 05:53 PM

To: Scott Neal/HOU/ECT@ECT
cc:
Subject: Tennessee Purchase of Physical Gas

Scott, this is all I could find about Tennessee's right to buy system gas.
There was nothing specific to fuel, and of course nothing at all about
financial transactions.  I don't read it to prohibit them from buying on a
forward basis, but they would probably be at risk if prices moved against
them too much.

Basically, Tennessee can buy or sell gas as required to balance and to
maintain system integrity.  And they can buy or sell it either (1) on a first
come/first served basis at posted prices, (2) through an auction or gas
trading system, or (3) through direct negotiations.  They no longer have a
fuel tracker.  Since they are supposed to be retaining fuel from their
transportation customers, they shouldn't be buying fuel, per se.

The Order 497 regulations deal only with information about transportation, so
Tennessee would not be required, absent a tariff provision, to post or report
its purchases from affiliates at the time it does them.  They do, however,
have to file a report of their cashout transactions, including any purchases
they make for balancing.  If one suspected they had overpaid their affiliate
for such gas purchases and it could be substantiated in the filing, the issue
could be raised in the cashout report proceeding at FERC.  Purchases made for
system integrity purposes, if not tied to cashout, would have to be addressed
in the next rate case.

         Fifth Revised Sheet No. 209A
                           Schedule LMS - MA
                        Load Management Service - Market Area (continued)

                  (ii)  Operational Transactions:  Operational Transactions
are those
                        Operational Purchases and Operational Sales which
Transporter may from
                        time to time, in its discretion, enter into with
third parties to
                        balance Transporter's system and to maintain
operational integrity.
                        Pursuant to this Section 7(g)(ii),  Transporter may
purchase gas
                        quantities for receipt into its system and may sell
gas quantities for
                        delivery out of its system.  These Operational
Transactions may be
                        conducted on a first-come/first-served basis at
posted prices, or
                        pursuant to an open auction or electronic gas trading
system, or
                        negotiated directly with third parties.

                        The Operational Transactions utilized to reconcile
Net Cashout
                        Activity pursuant to Section 7(g)(i) Item No. 2 of
this Rate Schedule
                        must occur during the Annual Cashout Period;
provided, however, that
                        if the quantity of Operational Purchases or
Operational Sales, as
                        applicable, is insufficient to offset the quantity of
Net Cashout
                        Activity, then an additional month of Operational
Transactions, ending
                        on September 30, thirteen months after the start of
the Annual Cashout
                        Period, shall be included in the Cashout Report in
order to reconcile
                        Net Cashout Activity.  Gas quantities from an
Operational Transaction
                        which are used to offset Net Cashout Activity in one
Cashout Report
                        cannot be used to offset cashout activity in a
subsequent Cashout
                        Report.

                  (iii) Annual Cashout Report:  Transporter shall include in
the Cashout
                        Reports filed pursuant to this Section 7(g) monthly
detail for Item
                        Nos. 1, 4 and 5 as described in Section 7 (g)(i).
Such detail shall
                        include a listing of monthly imbalances in dekatherms
 and dollars by
                        cashout shipper in support of the cashout activity in
the report.
                        Transporter will include a list in the Cashout Report
of all
                        Operational Purchases and Operational Sales
transactions by month
                        during the applicable Annual Cashout Period, plus the
additional month
                        provided pursuant to Section 7(g)(ii), if applicable,
and will show
                        the derivation of the weighted average price of the
Operational
                        Transactions utilized to reconcile Net Cashout
Activity for the Annual
                        Cashout Period as described in Item No. 2 in Section
7(g)(i).  In
                        addition, Transporter shall include in the Cashout
Report detailed
                        support for any required Balancing Entry, Balancing
Entry Pricing and
                        Balancing Entry Pricing Adjustment pursuant to Item
No. 3 of Section
                        7(g)(i) of this Rate Schedule.


---------------------- Forwarded by Eric Bass/HOU/ECT on 12/28/99 10:00 AM
---------------------------

	From:  William Kelly                           12/28/99 09:53 AM

To: D Todd Hall/HOU/ECT@ECT, Robert Superty/HOU/ECT@ECT, Frank L
Davis/HOU/ECT@ECT, Kristin Albrecht/HOU/ECT@ECT, Jackie Nelson/HOU/ECT@ECT,
Jennifer deBoisblanc Denny/HOU/ECT@ECT, Jeffrey C Gossett/HOU/ECT@ECT, Mark
Friedman/HOU/ECT@ECT, James Simpson/HOU/ECT@ECT, David Oliver/HOU/ECT, Eric
Bass/HOU/ECT@ECT
cc: Brent A Price/HOU/ECT@ECT, Brenda F Herod/HOU/ECT@ECT, Kenneth W
Walther/HOU/ECT@ECT, Jay Reitmeyer/HOU/ECT@ECT
Subject: CD Burner - REVISION

I just received a directive to obtain a list of the name of each file that is
saved to a disk.  For example:

H / Gas Risk / Firm Trading / Spreadsheet / Y2K
H / Gas Risk / Firm Trading / West / Gas Daily Deals
H / Gas Risk / Firm Trading / East / Basis Curves

etc .....

Please provide this list to us when you come to 3084 to save your files.

Thanks!

WK


Yesterday I talked with Chelan's trader and she informed me they regard the 7 MW we are delivering to them as a "good" contract.  So long as we are able to deliver, they will accept deliveries.  I'm not sure what this means in light of their termination status, but since the price is $34, I'm going to deliver until I hear otherwise.

Sean


Sorry bubbie, it's been a freas show here.  No time to talk, but I will
attend to the invoices immediately.

"Ben Macklowe" <Ben@macklowegallery.com> on 01/12/2001 12:45:21 PM
To: <jeff.shankman@enron.com>
cc:
Subject: hi!

Hi Jeff:
?
Hope you're doing great, everything is pointing  towards your company making
more money than the rest of the Dow combined this  year!!!!
?
We have two open invoices for you, which I've  attached for your
convenience.? We also have a lot of bills to pay.?  Can you take care of
these please?? Thank you in advance.
?
I know you wanted to send back the Rousseau hanger  and the Galle mushroom
ceramic.? I spoke with my Dad, and he said it's ok  to send it back to us to
sell for you.
?
We want to ship you all the fabulous objects you've  acquired here, when can
we do that?
?
How's your new home?
?
Ben


I was right on the legal question Jeff asked.  Julia was wrong.  She is
dropping a note to Skilling.


I think it would be a good idea to attend this training...

Let me know your schedules.

Paul
---------------------- Forwarded by Paul D Thomas/NA/Enron on 05/22/2001 11:04 AM ---------------------------

	  From:  Narsimha Misra                           05/22/2001 10:54 AM

To:	Paul D Thomas/NA/Enron@Enron
cc:

Subject:	PJM Announces CSS Training Program

get guys to one of these meetings...
---------------------- Forwarded by Narsimha Misra/NA/Enron on 05/22/2001 10:53 ---------------------------

barkerde@nmenergy.com@lists.thebiz.net on 05/22/2001 07:20:49
Please respond to market_relations@nyiso.com
Sent by:	owner-nyiso_tech_exchange@lists.thebiz.net
To:	nyiso_tech_exchange@global2000.net
cc:

Subject:	PJM Announces CSS Training Program

barkerde@nmenergy.com writes to the NYISO_TECH_EXCHANGE Discussion List:

For those that thought CSS (aka CIT) was dead ( NYISO announcement May 2 ,MOU
Mtg Springfield Mass. and C. King's 4/26 E Mail) rejoice, It is alive and well
.See Below>>>>

 To:
Subject:  PJM Announces CSS Training Program

Message sent from the pjm-customer-info mailing list at
pjm-customer-info@majordomo.pjm.com:

On June 12, PJM will implement the Collaborative Scheduling System (CSS), a new
scheduling tool designed to facilitate transaction schedules between New York
and PJM.
CSS will become part of the EES tool now used to schedule transactions from and
to PJM neighbors.

PJM will offer several two-hour "virtual" workshops to introduce the new system.
Participants who now use EES and will use CSS are encouraged to attend one of
these workshops.  The dates for the workshops are: May 31 at 10:00 a.m., June 5
at 2:00 p.m. or June 11 at 2:00 p.m. The workshops will be presented on the
internet with audio teleconference.

A complete description of the new tool, the training program, and a registration
form for the program are available on the PJM web site at
http://www.pjm.com/training/css/css.html

Please DO NOT REPLY to this message. If you have a question for PJM Customer
Relations and Training, please complete and submit this form:
http://www.pjm.com/contact/questions.html

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containing only the following line in the body of the e-mail:

unsubscribe pjm-customer-info


Mark, what has been mandated by AA and what is your recommendation.  Mark
----- Forwarded by Mark E Haedicke/HOU/ECT on 06/12/2000 01:18 PM -----

	Linda Sietzema
	06/12/2000 09:39 AM

		 To: Mark E Haedicke/HOU/ECT@ECT, Mark Taylor/HOU/ECT@ECT
		 cc: William S Bradford/HOU/ECT@ECT, Nella Cappelletto/CAL/ECT@ECT, Peggy
Hedstrom/CAL/ECT@ECT, Tana Jones/HOU/ECT@ECT, Peter Keohane/CAL/ECT@ECT,
Jonathan McKay/CAL/ECT@ECT, Rob Milnthorp/CAL/ECT@ECT, Mark
Powell/CAL/ECT@ECT, Dianne Seib/CAL/ECT@ECT, Linda Sietzema/CAL/ECT@ECT
		 Subject: PROJECT DOORSTEP

Please see the attached memo from Greg Johnston.


I am now the proud owner of 4 doors and 2 EVEN have door handles and
LOCKS!!! I can actually go to the bathroom in private now.

Bad news is, it's raining again. AND the farmer just spread liquid manure on
the field beside our office.  At least the rain should help keep the smell
down, I guess???

Hope your having a good week!

Connie and Angus (the boss is not here)


Hello Everyone.

AEP has been very cooperative with us when we have posted numbers in error on EOL.  Please extend them back the favor if an issue comes up on their side.  Also please e-mail me if an issue comes up.

Thanks

John


Just give me a call when you want to go!    713-807-7507

mc


CHRISSSSSSSSSSS!!!

HEY!  How are ya?  What a great surprise!
we're all good here.  Working as per usual - snore.....teaching part time
and yeah - being a mom. Can you believe it?
How's Calgary?  Are you glad to be back in Canada?
I talked to your Mom just after New Years - sounds like you guys had fun in
Fernie.

I heard about you taking that photo of Maddy - isn't it funny??  She's
pretty much a character - I know you're wondering where she gets is from.

What's new with you?

Al

-----Original Message-----
From: Dorland, Chris [mailto:Chris.Dorland@enron.com]
Sent: Tuesday, January 15, 2002 11:00 AM
To: allison.charlton@gems.gov.bc.ca
Subject: Hello from Calgary!

Al,

How you doing? Just ran into Teri at Starbucks and she sent me your e-mail.
Hope all is well with you and your family. I have one of the pictures of
Madison you gave Mom in my house. She is soo cute! Anywany take care and if
you find yourself in Calgary give me a call.

Chris

w 403-974-6910
h 403-214-0454

**********************************************************************
This e-mail is the property of Enron Corp. and/or its relevant affiliate and
may contain confidential and privileged material for the sole use of the
intended recipient (s). Any review, use, distribution or disclosure by
others is strictly prohibited. If you are not the intended recipient (or
authorized to receive for the recipient), please contact the sender or reply
to Enron Corp. at enron.messaging.administration@enron.com and delete all
copies of the message. This e-mail (and any attachments hereto) are not
intended to be an offer (or an acceptance) and do not create or evidence a
binding and enforceable contract between Enron Corp. (or any of its
affiliates) and the intended recipient or any other party, and may not be
relied on by anyone as the basis of a contract by estoppel or otherwise.
Thank you.
**********************************************************************


Vince,

FEA has arrived at a very simple, direct, and inexpensive approach to
licensing our two VaR-related patents as a package.  I hope that you will
agree that our proposed license fee of $2,500 plus $1 per employee, with
licenses to go to all of your affiliates, would be an attractive offer.  I
would love to sign up Enron for this package as an early customer.  Do you
think you could forward the attached pdf license agreement to the
appropriate people at Enron, together with your recommendation? I am highly
motivated to get Enron as a licensee, and I strongly believe that it will be
a worthwhile effort for both parties.

Best regards,

Mark B. Garman
President, Financial Engineering Associates, Inc.
2484 Shattuck Avenue, Suite 225
Berkeley CA 94704-2029
Tel    +1-510-548-6200
Fax    +1-510-548-0332
http://www.fea.com/

 - Microsoft Word - patent_lic.pdf


Daren,

FYI.

Bob

---------------------- Forwarded by Robert Cotten/HOU/ECT on 10/24/2000 08:52
AM ---------------------------

Vance L Taylor
10/23/2000 04:42 PM
To: Robert Cotten/HOU/ECT@ECT
cc: Gary A Hanks/HOU/ECT@ECT, Mary M Smith/HOU/ECT@ECT, Lisa
Hesse/HOU/ECT@ECT, Melissa Graves/HOU/ECT@ECT
Subject: November Prelim Wellhead Production - Estimate

Bob,

Please see the attached file estimating wellhead production for the month of
November.  Please be advised that this is a preliminary estimate as to this
date, we have received no noms for November and there may be revisions from
the traders.  I will update you with any revisions as they occur.

Thanks,

vlt
x3-6353


That may work -  I don't want to end up with an equity position I just worked
hard to eliminate. Further, raptor may be a good accounting hedge but if we
took back JEDI's share at existing marks we would be destroying significant
real value. Will the buy back price of the equity/debt we get back from JEDI
incorporate the write downs we think should occur?

Regards
Delainey
---------------------- Forwarded by David W Delainey/HOU/ECT on 05/11/2000
02:29 PM ---------------------------

	Enron Global Finance

	From:  Mike Jakubik                           05/11/2000 02:09 PM

To: David W Delainey/HOU/ECT@ECT
cc:
Subject: Re: Raptor

Dave, I assume you are asking how we hedge the portion of JEDI II investments
that will come back to us after the restructuring. As any buyout price for
CALPERS will reflect the state of the assets at closing, I think we are well
hedged until the closing of the restructuring. We can see if we can reserve
some Raptor capacity upfront to hege us moving forward from the restructuring
closin. If this does not answer your question, let me know.    Mike

David W Delainey
05/11/2000 01:37 PM
To: Mike Jakubik/HOU/ECT@ECT
cc:
Subject: Re: Raptor

How do we immunize ourselves from the workouts being shed into Raptor?

Regards
Delainey


jim derrick has asked me to advise you that the confidentiality agreement
referenced below obligates enron corp. and its affiliates.
please feel free to call me if you have any questions.

Lisa J. Mellencamp
Enron North America Corp. - Legal
1400 Smith St.
Houston, TX  77002
Tel:  (713) 853-7986
Fax: (713) 646-3393
E-mail:  Lisa.Mellencamp@enron.com
----- Forwarded by Lisa Mellencamp/HOU/ECT on 04/30/2001 12:36 PM -----

	Lisa Mellencamp
	04/26/2001 08:59 AM

		 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, 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, 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, Travis McCullough/HOU/ECT@ECT
		 cc: Mark E Haedicke/HOU/ECT@ECT
		 Subject: Re: Pacific Gas & Electric Company -- Enron Corp.representation on
Official Unsecured Creditors' Committee

Please see the following at the request of Mark Haedicke and forward this
e-mail to any people that you think appropriate:

As many of you are aware, Enron Corp. has been appointed as a member of the
Official Unsecured Creditors' Committee of Pacific Gas and Electric Company
("PG&E") which filed a bankruptcy reorganization proceeding on April 6,
2001.   As a member of the committee, Enron will have access to certain
confidential and/or non-public information regarding PG&E.  Enron and the
other members of the committee have signed a confidentiality agreement with
PG&E that  restricts the use and disclosure of  this  confidential and/or
non-public information.

Michael Tribolet with the Risk Assessment and Control group is Enron's
designated representative to the committee, and Lisa Mellencamp with the ENA
Legal Department will be assisting him in this role. Please be advised that
they will be restricted from disclosing certain of the information that they
receive.   Any requests for information regarding PG&E or its bankruptcy
proceedings that Enron has obtained through its membership on the Committee
should first be cleared by Lisa Mellencamp, Travis McCullough, Richard
Sanders or me.


Just go ahead and talk to Dave about the other industries.

 -----Original Message-----
From: 	Calger, Christopher F.
Sent:	Friday, June 08, 2001 3:01 PM
To:	Lavorato, John
Subject:	ENA/EES SIC Codes

John,

I surveyed the group.  In general, people are fine but we should ask for a bit more.  This should apply to US only as Milnthorp has already cut a separate deal with Janet.

EES Proposed that they own all SIC Codes EXCEPT the following:

Mining
Oil and Gas Extraction
Paper Manufacturing
Chemical Manufacturing
Petroleum and Coal Manufacturing
Plastics and Rubber Products Manufacturing
Fertilizer Industry
Rail Transportation

In our discussion with Dave, we suggested and he agreed that Primary Metals should be added

In discussions with the different regions:

ENA should add:
Refining
Grain Processing - Baughman and Luce
Meat Processing - Luce
Cement Manufacturing - Luce
Auto Manufacturing - Luce, Baughman
Aerospace Manufacturing - Tycholiz, Baughman
Heavy Industrial Equipment Manufacturing (caterpillar, john deere) - Baughman
Paper Manufacturing should include - pulp, board, lumber, etc.
Glass Manufacturing - Luce ( I suspect Dave will resist this because of their Owens Corning deals)

Let me know if there is anything else I should do.

Chris


[IMAGE]
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*For Christmas delivery, orders of in-stock merchandise must be place by 1pm EST on December 21, 2001. Please note, however, that fragrances and custom-sized rings can no longer be shipped in time for Christmas; though standard-sized rings can (size 7 for women, size 10 for men). For more shipping information, click here.    **Free shipping offer applies only to standard shipping to one location. Offer may be applied to premium or overnight shipping for an upgrade fee. Offer does not apply to Electronic Gift Cards, orders placed on MacysWeddingChannel.com or prior purchases. Only one promo code may be used per transaction. Offer good through December 21, 2001.  Fine Jewelry sale ends 12/29/2001. Regular and/or original prices reflect offering prices which may not have resulted in actual sales. Please order early as quantities are limited and available only while supplies last. Not every style is available in every color or size. Intermediate markdowns may have been taken. Original, closeout, clearance or permanently or just reduced items will remain at a reduced price after this event.  Not registered yet? Register now  with macys.com for the most convenient shopping experience.    ?2001 macys.com Inc. is a registered trademark. All rights reserved. Review the macys.com privacy policy.   To unsubscribe from our email list, click here   and then click send.

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We will launch as soon as we get the mailout to our customers.

Mike