Here as requested in today's phone call are my notes on Hong Kong/ Singapore
for use in
writing your questionnaire:

The Regulatory Structure in Wayne's e-mail is proposed because of a number of
regulatory characteristics of Japan which may or may not each apply in HK and
in Singapore.

We should go through each of the regulatory characteristics of Japan and
determine if it applies in HK and then in Singapore.   For example;

-  The requirement for half-circuits

-   Whether there is a requirement that resellers of local capacity in HK/Sin
must hold a
    license directly and cannot use a US affiliate to do the trading

 -  Whether resellers in HK and SIngapore sell, or need to sell,  only to
companies
    licensed in HK and Singapore

 -   The different and lower tax rates in HK and SIngapore - - 16% in HK and
      from 10% to zero in Singapore compared with the 62% in Japan.  These
are even
      lower than the US 35% rate.  All other things being equal which they
never are,
      for HK and Singapore maybe we don't want models that tilt it toward the
US.
      Maybe we want models that tilt HK and Singapore trades to occur in HK
      and SIngapore with their lower rates.  Maybe we even want to shovel
other
      country trades in Asia there.

-   Also to find out whether the trades are even taxable in HK and Singapore
in the
      first place.

From conversations with Clifford Chance/HK, already I am pretty certain the
HK and
probably SIngapore as well differ from the Japan situation in several ways,
such as:

In Hong Kong:

       - no half circuit requirement .  We can buy/sell capacity from HK all
the way to
        US.    HK only cares about what's happening in HK - not the  mid
points
        in the Pacific.   May be same for Singapore. (?)

      - our entity buys capacity from properly licensed HK fixed network
         facilities  based carriers and sells (if sold in HK) to licensed
entities.

      - we are a service operator .  we don't get  the circuit itself, we get
the capacity.
        We buy capacity from a properly licensed HK fixed network carrier

      -  may be way for US entity to be used for most of the transaction.
          If our US entity buys and sells capacity from the entity here
without
          needing any facilities here,  it may be able to do it w/o its own
license
           in HK:

              If US entity sells to non-HK customers, no license is needed for
                    the sales

              If US entity  sells to licensed HK customers, it may have
                    to get a class license

       -  But again, which is better for us, a US entity or a Hong Kong/
SIngapore one,
          tax-wise and regulatory-wise.

In Singapore , we need to see if it is like HK but I think it probably will
be close.     We need to come up with a model suitable for the HK situation
with input of
locally based telecom lawyers and do the same for Singapore.

Additional notes from the call:

Robbi will take lead  to identify Singapore telecom law firms, and whether
Clifford Chance is the right firm to continue with in HK.

Need to put in questionnaire Robbi's question about whether buying as well as
selling
     was covered.  Robbi has specific formulation of question.

I will proceed with the Arthur D Little consultant contract for analytical
support for
our Pioneer Status application in Singapore, working with Anthony Duenner.

I will proceed to progress the Singapore license application using the
existing SIngapore
entity.   Will get input from commercial.

Robbi will look at the question of additional directors for the company.
Separate e-mail on that to her.

David


Richard -- The memo I promised you.  Later Joe
----- Forwarded by Joe Hartsoe/Corp/Enron on 03/26/2001 05:32 PM -----

	Richard Shapiro
	Sent by: Ginger Dernehl
	03/23/2001 02:09 PM

		 To: Alan Comnes/PDX/ECT@ECT, bhansen@lhom.com, dlugar@quinngillespie.com,
Dan Staines/HOU/ECT@ECT, Daniel Allegretti/NA/Enron@Enron, Donna
Fulton/Corp/Enron@ENRON, edgillespie@quinngillespie.com, hgovenar@govadv.com,
Harry Kingerski/NA/Enron@Enron, Howard Fromer/NA/Enron@Enron, James D
Steffes/NA/Enron@Enron, Janel Guerrero/Corp/Enron@Enron, Janine
Migden/NA/Enron@Enron, Jean Ryall/NA/Enron@ENRON, Jeff
Dasovich/NA/Enron@Enron, Jennifer Thome/NA/Enron@Enron, Joe
Hartsoe/Corp/Enron@ENRON, ken@kdscommunications.com, Karen
Denne/Corp/Enron@ENRON, Kathleen Sullivan/NA/Enron@ENRON, Leslie
Lawner/NA/Enron@Enron, Linda Robertson/NA/Enron@ENRON, Lisa
Yoho/NA/Enron@Enron, mday@gmssr.com, mracicot@bracepatt.com, Mark
Palmer/Corp/Enron@ENRON, Paul Kaufman/PDX/ECT@ECT,
rlichtenstein@marathon-com.com, Ray Alvarez/NA/Enron@ENRON, Richard
Shapiro/NA/Enron@Enron, Robert Frank/NA/Enron@Enron, Robert
Neustaedter/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, sgovenar@govadv.com, Sandra
McCubbin/NA/Enron@Enron, Sarah Novosel/Corp/Enron@ENRON, Steve
Montovano/NA/Enron@Enron, Steve Walton/HOU/ECT@ECT, Susan J
Mara/NA/Enron@ENRON, Tom Briggs/NA/Enron@Enron, vhume@quinngillespie.com
		 cc: Bernadette Hawkins/Corp/Enron@ENRON, cruane@quinngillespie.com, Chauncey
Hood/NA/Enron@ENRON, Cindy Derecskey/Corp/Enron@Enron, Ginger
Dernehl/NA/Enron@Enron, jyork@marathon-com.com, Joseph Alamo/NA/Enron@Enron,
Laurie Knight/NA/Enron@Enron, Linda J Noske/HOU/ECT@ECT, Lysa
Akin/PDX/ECT@ECT, Marcia A Linton/NA/Enron@Enron, Rubena
Buerger/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Terri Miller/NA/Enron@Enron
		 Subject: Objectives & Organizational Outline for National Energy Campaign

Please read the attached memo.


It is too late to get into the system, but if you could furnish me with any
feedback that you have regarding Reggie, I would really appreciate it.  I'll
just have to make sure it gets considered in the PRC meetings.

I had no idea that I was Reggie's supervisor until it was too late to request
feedback through the system!

Travis McCullough
Enron North America Corp.
1400 Smith Street EB 3817
Houston Texas 77002
Phone:  (713) 853-1575
Fax: (713) 646-3490


-----Original Message-----
From: 	Gillespie, John
Sent:	Tuesday, September 25, 2001 7:36 AM
To:	Kitchen, Louise
Cc:	Wasaff, George; Davila, Raul; Hudgens, Mark; Rippentrop, Randy
Subject:	iBuyit Activity for period September 17th through September 24th

Louise,

Per your request attached is the weekly iBuyit activity report for your organization. Please advise if you wish to see additional details in future reports.

Thanks
John


Senator Dunn conducted a press briefing earlier today in regards to his
"Select Committee to Investigate Price Manipulation of the Wholesale Energy
Market." ?

Following is a summary of what was discussed:

Today's hearing:
Where: ?Room 3191, 1pm
Who: Carol Coy, South Coast Air Quality Management District
SCE was invited but unable to attend due to the bankruptcy issue which
apparently ?????consumes all of ?their time and resources....
Topic: ?The "laundering" of air emissions credits. ??Apparently the cost of
air emissions credits is pushed up due to the laundering of credits by
generators, and as a result should not be used to justify high electricity
prices. ?

Upcoming Hearings:
When: ?Friday, June 22
Topic: ?Plant operations
Who: ?TBD

When: ?Friday, June 29
Who: ??GENERATORS TESTIFY

Other items discussed:

Documents requests issued to LADWP and DWR. ?LADWP has apparently been very
very very "very cooperative" with the request. ?
Subpoenas have been issued to Duke, Dynegy, AES, NRG, Enron, Reliant,
Williams
A subpoena was issued to SCE requesting the following information:
?1. ?Internal documents related to the surveillance of market
competitiveness. ?2. ?Maintenance records and 3. ?Internal documents related
to the sale of California generation assets.
A subpoena was issued to Morgan Stanley, who was retained to prepare
documents related to the sale of some of California's generation assets.

????????????? ?NOTE: ?The point is that the price paid for generation assets
was "much higher" than many experts anticipated. ?The committee will be
looking into whether generators purchased these assets at significantly
higher prices because they knew they would have market power -- and the
ability to set prices high.

Subpoenas will be issued to PG&E and SDG&E

Please feel free to call if you have any other questions. ?Thanks - Jean

--
Jean Munoz
McNally Temple Associates, Inc.
916-447-8186
916-447-6326 (fx)


I made some comments/revisions.  I'm  not sure I understand the
profit/savings, but I didn't take the time to contemplate it.


I was able to get into the application this time.  I could see the request
for Shona on the screen and I clicked "Approval".  The status did not change
from pending and there was no pop up on the screen that indicated that the
request was processed.  So I do not know if this worked.

ARSystem@ect.enron.com on 09/01/2000 03:12:01 PM
To: sally.beck@enron.com
cc:
Subject: Request Submitted: Access Request for shona.wilson@enron.com

Please review and act upon this request. You have received this email because
the requester specified you as their Manager. Please click
http://itcApps.corp.enron.com/srrs/Approve/Detail.asp?ID=000000000002257&Email
=sally.beck@enron.com to approve the req

Request ID          : 000000000002257
Request Create Date : 9/1/00 3:10:58 PM
Requested For       : shona.wilson@enron.com
Resource Name       : Visio Professional
Resource Type       : Applications


Our game this week  is at 8:00. Let me know if you can make it.


yes,   can you attend the lunch tomorrow.

Thanks, Karen.

 -----Original Message-----
From: 	Smith, Matt
Sent:	Tuesday, May 29, 2001 10:11 AM
To:	Buckley, Karen
Subject:	RE: Trading Track Interviews

Karen,

I was out last week.  Do you still need any help?

Mat

 -----Original Message-----
From: 	Buckley, Karen
Sent:	Thursday, May 24, 2001 4:13 PM
To:	Ames, Chuck; Bajwa, Bilal; Ballato, Russell; Gim, Steve; Heu, Mog; Padron, Juan; Pimenov, Vladi; Plachy, Denver; Schiavone, Paul; Shim, Elizabeth; Smith, Matt; Wagner, Joseph; Wolfe, Jason; Yawapongsiri, Virawan
Cc:	Engler, Adrianne
Subject:	Trading Track Interviews

All,

We are scheduling Interviews for new candidates to the Trading Track, next Wedesday 30th May.     I am looking for volunteers to particpate in this event.

Agenda:

Tuesday: 29th:		Dinner with five external candidates Tuesday night.

Wednesday 30th:

11.00 - 12.30		Office tour - Trading Floor/Gas Control Room - five external candidates
12.30 - 1.30 		Lunch with all 15 candidates (comination of internal and external).

I need 3 of you to attend dinner on the 29th, 2 of your to faciliate the office tour and give insight to the operations and would like for all of you to attend the lunch.

Pls advise on both at your earliest conveneince.

Rgds, Karen.


---------------------- Forwarded by Kay Mann/Corp/Enron on 05/16/2001 11:15
AM ---------------------------
From: Suzanne Adams@ECT on 05/16/2001 10:30 AM
To: Sheila Tweed/HOU/ECT@ECT, Ben Jacoby/HOU/ECT@ECT, Lisa
Bills/Enron@EnronXGate, Roseann Engeldorf/Enron@EnronXGate, Scott
Dieball/ENRON_DEVELOPMENT@ENRON_DEVELOPMENt, kay.mann@enron.com, Bill
Williams/ENRON@enronXgate, Ed B Hearn III/HOU/ECT@ECT
cc:

Subject: GE Call

There will be an internal GE call today at 2:00 p.m. CDT.  I have sent an
email to the GE people telling them there will be no call.

Dial In:  1-888-285-4585

Participant: 536220

Host:  121970 (Sheila)


Joaner Boner -
Well, in my usual slacker fashion, I haven't bought my plane ticket yet - so
I totally think you should go to Sunriver. I might come visit you there if
there's room. But an S.F. visit is imminent, I swear. I'll call you soon to
discuss the alcoholism of your co-worker/boyfriend, as well as the techniques
for acquiring this sexy body for the new year. Work is consuming my life and
eating me whole - very chaotic what with hiding all the power from you guys
and whatnot. Imagine the pressure. Another reason it might not be the best
time for me to come is that I'm moving on Friday. Amber and Molly and I found
a big, beautiful house in NE, near Grant High - it's kickass. But it's sucked
away all of my money and will probably take over every free moment for the
next month just to get it set up. If you want, you should stop by for a sleep
over on your way to Bend. We'll throw a party. And what's up with the wrist
disease? Are you not taking your calcium or something? I'm convinced that
these wacky desk jobs are aging us youthful beauties prematurely. At least
that's the excuse I like to give when I come in to work looking like I just
bathed in a life-sized ashtray. Call me soon - I'm really curious to find out
why Brooks is doing the chicken dance EVER let alone in your room in the
middle of the night. Wheeew!

Happy Sexy Body New Year,
Kate
503.819.2181

jharold@Advent.COM on 01/23/2001 04:19:49 PM
To: Kate.Symes@enron.com
cc:

Subject: Sexy Body for the New Year!!!

Hey Kate -
My subject line is a duplicate of an email I received this morning from some
beauty .com site.  Steve Cross puts me on all of these stupid mailing lists,
so I thought I'd be retarded and put that in my subject line because it's a
stupid subject!

Anyway, how are you doing these days?  I wanted to write and see if you
really got your ticket to come visit over President's Day weekend!  I
totally want you to come down!!!  I'd be so excited.  If you don't, though,
I think I'm going to look into going up to Bend for the weekend to chill in
SunRiver and snowboard a little!  Maybe you could meet me there and stay w/
me at my parents house?  Ash is going up for sure.  If you're coming down
here, that's GREAT!  I'd be SOOO excited.

I'm on complete crack today, if you can't tell.  I have carpal tunnell, too.
Last night I woke up at 2am to Brooks coming home from a drunken night out
and he started doing the chicken dance in my room and almost knocked over my
entire shelf, tv, etc.  Then he started babbling about nothing, passed
straight out and started totally snoring.  So I didn't get back to sleep
until like 4:30 and had to wake up at 6.  I was livid this morning.  I'm
such a bitch, but I need my sleep!  Dammit.

Anyway, write soon!   I miss you!
joan

Joan Harold
Business Analyst
Advent Software, Inc.
SubscriberRequests@Advent.com

For more information on Subscriber
Services please click below:
http://gate.advent.com/ecg/ECG%20Divisions/SubscribeServ/SubServ_home.htm


Just a reminder - please mark your calendars:

This memo will confirm our dinner meeting to be held June 21, 2000 at the
River Oaks Grill

     DATE    June 21, 2000
     PLACE   Wine Room
         River Oaks Grill
         2630 Westheimer
         713/520-1738
     TIME    6:30 PM

If you have any questions, please do not hesitate to contact Kay (3x0643) or
Beverly (5x7857)

I will look forward to seeing you there.


sounds good....i'd rather be useless a day at work, than miss a day over there....in the grand scheme of life.

 -----Original Message-----
From: 	Scott Charles <cscott_korea@yahoo.com>@ENRON [mailto:IMCEANOTES-Scott+20Charles+20+3Ccscott+5Fkorea+40yahoo+2Ecom+3E+40ENRON@ENRON.com]
Sent:	Tuesday, July 31, 2001 5:53 PM
To:	Susan Scott
Subject:	tickets

Susan,
Haven't bought your tickets yet, but have a feeling I won't be able to do anything about you getting in at 9:00pm Sunday.  I will ask though.  You should be leaving on Tuesday and returning to Houston on Sunday (and leaving Korea on Sunday).  The total air fare should be $962.  Shoot me a quick e mail if this is not ok.  Otherwise, I will plan on purchasing your tickets this afternoon.  Thanks!
-Chris

Do You Yahoo!?
Make international calls for as low as $.04/minute with Yahoo! Messengerhttp://phonecard.yahoo.com/ << File: http://phonecard.yahoo.com/?.refer=mailtagline >>


Shelley, this is the letter from Winston that you were looking for.  Thanks. Lynn

 -----Original Message-----
From: 	"Winston, Steve" <swinston@Oneok.com>@ENRON
Sent:	Thursday, September 13, 2001 3:57 PM
To:	Craig, Rick
Cc:	Neubauer, Dave; Spencer, Terry K.; Chitwood, Tom
Subject:

Rick/Dave
Attached is our first pass at a Letter Agreement which if agreed to would
modify the existing Measurement Agreement.  Please get us any changes you
have as soon as is possible.  We look forward to working with you on this
project.

Steve Winston
ONEOK Field Services

 <<Bushton PTR Measurement Settlement Proposal.doc>>

 - Bushton PTR Measurement Settlement Proposal.doc


No I don't know about a power plant in Ontario.  How is it going in Seattle?

Hope all is well.  Give us a call sometime.

 -----Original Message-----
From: 	"J&J Zufferli" <jzufferli@home.com>@ENRON
Sent:	Tuesday, August 28, 2001 10:40 AM
To:	Zufferli, John
Subject:	Fw: work email

You may want to reply directly too.  Sounds like he did not get our messge.

jess
----- Original Message -----
From: "David P. Smith" <dsmith@ptc.com>
To: "john zufferli" <jzufferli@home.com>
Sent: Tuesday, August 28, 2001 9:43 AM
Subject: work email

> Hi Kids:
>
> Hope all is well.  What is John's email @ enron?
>
> John do you know anything about a power plant Enron Canada is building
> in Ontario?  where exactly?
>
> In hoc,
>
> pb smith :)
>
>


Details in exchange for this -

I read an article this morning that quoted an ISO market analyst speaking
about the $6.2 billion the system operator would like to recover in charges
since last spring: "We are not saying now that these are overcharges. We are
telling the FERC that we see these as the amounts that we deem 'excessive.'"
The lead of the story was this: "The California Independent System
Operator......significantly upped the ante Thursday when it told the Federal
Energy Regulatory Commission that 21 generators and suppliers should refund
the state a stunning $6.2 billion for electricity sold into the state since
last May."

First of all, tell me what the difference is between "overcharges" and
"excessive" charges. If there isn't one, give me your opinion on why this
analyst would say such a stupid thing. Second, give me one reason why the
lead is journalistically incorrect, and one why it is gramatically
unattractive.

Then you get details.

Kate


Bill
Attached is a drfat letter responding to AH's 11/6 letter to you with respect to derivative transactions between AH and ENA.  Kim is tracking down the 10/12 confirm

Carol St. Clair
EB 4539
713-853-3989 (phone)
713-646-8537 (fax)
281-382-1943 (cell phone)
8774545506 (pager)
281-890-8862 (home fax)
carol.st.clair@enron.com


Thanks for the information.  At this time, I don't think that I am interested in any reports.

Jim

 -----Original Message-----
From: 	"Laura Colburn" <ldcolburn@mediaone.net>@ENRON
Sent:	Monday, October 15, 2001 1:48 PM
To:	James Steffes
Subject:	Xenergy's REM 2001

Dear Jim,

Sometime within the past week you may have received a catalogue that  describes Xenergy's Multi-Client Research offerings for 2001. In case it  did not reach you, I have attached a pdf version for your convenience. The  catalogue gives an overview of the various core and companion studies that  Xenergy is currently working on. The REM 2001 program is described on page  2. I have attached a REM 2001 powerpoint presentation to better  explain our work.  The slides go into more depth about the current status  of retail energy markets (slides 1-22), and then where things stand with  the research that is underway.  Do let me know if you'd like more  information about the REM 2001 study and I will be happy to arrange a conference  call with Taff Tschamler, one of the key people involved with this  project.  The final meeting for sponsors will be held Feb 25 -27, 2002 at  the Four Seasons Hotel in Austin Texas.  Aside from hearing about the final  study results, this meeting is an excellent opportunity to meet informally  with all of our Retail Energy Market sponsors.

I will check back with you in a week or so to see if you have  questions.
Thanks very much for your time.

Laura Colburn, Xenergy, Inc.
(781) 273-5700, ext. 505ldcolburn@mediaone.net << File: file://C:\Program Files\Common Files\Microsoft Shared\Stationery">
<STYLE>BODY {
	BACKGROUND-POSITION: left top; MARGIN-TOP: 25px; FONT-SIZE: 10pt; MARGIN-LEFT: 25px; COLOR: #000080; BACKGROUND-REPEAT: no-repeat; FONT-FAMILY: Arial
}
</STYLE>

<META >>

 - Laura Colburn.vcf << File: Laura Colburn.vcf >>
 - Multi Client Catalog.pdf << File: Multi Client Catalog.pdf >>
 - REM 2001Status of Retail Mkts. .ppt << File: REM 2001Status of Retail Mkts. .ppt >>


Gerald,

I just spoke with Mark and he had a couple of changes for the letter
agreement, which I have attached.  Also, note that the header on page two
reads "CMS Gas Transmission Company".

Mark also indicated that we might want to identify the receipt and delivery
points (from paragraph 1) in an attachment.  Ultimately, that will be Julie
Gomez' call.

I am also attaching a first cut at a cover letter for your review.  Let me
know any changes that need to be made.

Question:  What will the process look like regarding the letter agreement?
Will we send across an executed version?  When should we require that they
execute the agreement?

Thanks,
Tyrell Harrison
303 575 6478


Linda, before we knew that you and Ken were going to the VIP reception, Ken
had me ask if others could attend in your place.  I did ask and they have
just called me that Nancy Kinder said that it is o.k. for the Vermeils and
the Herrolds to attend, in addition to you and Ken.  They did ask if we would
not spread it around as others have asked and they have not let them.

Oh, but Beau just called that Heather is ill and they are cancelling.

Rosie


Read it and weep...Just let me know if you want me to bring some sand back
with me in case you don't make it out there this weekend.  I'm thinking I may
need to get Julie to hook me up with a job like hers...if it will allow me to
live like we're evidently going to this weekend.

Shorty

---------------------- Forwarded by Susan M Scott/HOU/ECT on 08/28/2000 05:33
PM ---------------------------

	Enron Capital & Trade Resources Corp.

	From:  Julie Gibson <julieg@qualcomm.com>
08/28/2000 05:28 PM

To: Susan M Scott <Susan.M.Scott@enron.com>
cc:
Subject: this weekend!

HI Susan-

I'm so excited for your visit this weekend!  Whenever you get a chance, let
me know your arrival time on Saturday and departure on Monday so I can plan
around them both....

I've been brainstorming some fun things for us to do, and thought we could
spend some time lounging at the beach, shopping at the outlet center near
me, go out for a champagne bunch on Sunday, grill out on the beach, and
possibly go to a polo match or the Del Mar races.  Which of these interests
you?  Are there any tourist sites that you would like to see while in
town?  The zoo, Balboa Park (where all the museums are), or anything
else?  Oh- I've arranged for us to have a massage on Monday- the woman is
coming to my house!  We'll each get a 30 minute massage....I think this
will be great quality, girl time!  I've missed our shopping binges!

Please bring any current pictures of friends and family- I can't wait to
hear how everyone in your life is doing.  Weather has been beautiful as
usual- about 75 degrees and perfect.  In the evenings it gets cool enough
to wear you need a light sweater or jacket, but you can always borrow
something from me, too.

The condo I'm living in now is tiny, but cute.  I've been living there for
a year and am moving out in 2 weeks.  I could have moved out this Labor Day
weekend, but obviously didn't want to be doing that while you were in
town.  So you'll have to excuse a bit of the mess and come back another
time when I move into the cuter place- I love the new place I'm moving
into- it's 2 stories with vaulted ceilings and lots of skylights.

See you soon!
Julie


Yes, does it still have your name on it??????

It looks like we are planning on getting there around 2:30 - 3:00.  Does that
fit in with your schedule?

Our cell phone number is (503) 757-7380

Rick

--- Mark.Guzman@enron.com
> wrote:
>
>sounds good.  Do you have my cell phone number?

_____________________________________________________________
http://www.osubeavers.com - The Official Athletic Site of Oregon State
Beaver Fans! Get your FREE email at --> http://mail.osubeavers.com!


ALL:

Just to clarify a couple of points:

Paul/Denis below have clearly highlighted that london group cannot trade on
behalf of ENA.  I understand that the First Union trade was done as they had
an agreement in place with ENA but not .Com.  Bearing in mind, that London
traders have transacted on behalf of ENA, I expect that we should BTB these
trades with .Com ?  (Paul/Denis)

If so, I suggest going forward that where we have to do a trade for ENA we
get Mozam to do it with Markus' approval as he is based in Houston.  Assuming
that we get the service agreement in place, we can do the risk mgmt from
London.  If we do it like this then all other issues go away with the
exception of service agreements which need to be put in place.

I do not believe that it is correct to say that there is only one book.
(Paul)  We currently have one business,two books: one in london, one in
houston.  Each trade is booked against a specific book.  Bryan is quite happy
to have risk reside in each book assuming legal/tax/regulatory compliance.
There is NO other reason for BTB that I am aware of.

 All risk managment takes place here.  However we will not be able to pay out
of ENA accounts and will have to request them to do so.

It is quite clear that we have the necessary understanding of the issues to
resolve so let's get this done ASAP.  Bryan can you ask Mary to arrange a
meeting for Thurs/Fri.  Paul do you wish to conference in Houston on this ?

Regards

Dave

Janine Juggins
12/06/2000 19:56
To: Paul Simons/LON/ECT@ECT
cc: Denis O'Connell/LON/ECT@ECT, Bryan Seyfried/LON/ECT@ECT, Elaine
Bannerman-Sowah/LON/ECT@ECT, David A Wall/Risk Mgmt/LON/ECT@ECT, Mark
Taylor/HOU/ECT@ECT, Erica Gut/LON/ECT@ECT, Mahesh Lakhani/LON/ECT@ECT

Subject: Re: ENA / Enron Credit.com

The scenario outlined by Denis is consistent with advice previously provided
by the Tax group.

London based traders should be executing deals in the name of Enron
Credit.com  Ltd (not ENA.)

Houston based traders should be executing transactions in the name of ENA
(not Enron Credit.com Ltd).

Back to back transactions to transfer all positions to Enron Credit.com Ltd
will simplify financial and tax reporting if ENA will on a regular basis be
laying off positions acquired by Enron Credit.com Ltd. If ENA is simply
laying off positions acquired by ENA then strictly there is no need for the
back to back.

Assuming that all positions are in fact backed to Enron Credit.com Ltd an
agreed spread or fee will need to be awarded to ENA to compensate them for
their activity and risk assumed. Please note that Erica Gut and Mahesh
Lakhani will be providing tax support for the credit trading group in the
future and they will work with Denis to put the appropriate service
agreements/fee arrangements in place.

Regards
Janine

Paul Simons
12/06/2000 17:41
To: Denis O'Connell/LON/ECT@ECT
cc: Bryan Seyfried/LON/ECT@ECT, Elaine Bannerman-Sowah/LON/ECT@ECT, David A
Wall/Risk Mgmt/LON/ECT@ECT, Mark Taylor/HOU/ECT@ECT, Janine
Juggins/LON/ECT@ECT

Subject: Re: ENA / Enron Credit.com

I agree with Denis' remarks especially about there being a single book and
hence the need for matching terms and back-to-back trades. From a regulatory
perspective, you don't want to book ENA's trades in London since it is not
authorised to deals here and is not acting through EEFT, our SFA regulated
entity.  Hope this helps

Paul

Denis O'Connell
12/06/2000 14:01
To: Bryan Seyfried/LON/ECT@ECT
cc: Elaine Bannerman-Sowah/LON/ECT@ECT, David A Wall/Risk Mgmt/LON/ECT@ECT,
Paul Simons/LON/ECT@ECT, Mark Taylor/HOU/ECT@ECT, Janine Juggins/LON/ECT@ECT

Subject: Re: ENA / Enron Credit.com

As I understand it from a tax and legal perspectibe transactions booked in
ENA should be executed by a trader sitting in Houston.  As far as I am aware
there is no brokerage or agency arrangement with either EFT or
EnronCredit.com in this regard and therefore traders sitting in London should
not execute these transactions independently of the traders sitting in
Houston.

From a booking perspective in this type of situation generally a separate
trading book should be mainatined by ENA.  It may be acceptable for
EnronCredit.com to risk manage ENA's credit derivaties postions provided the
requisite service agreement has been put in place - this is really a question
for ENA - Mark ?.  I do not know if such a service agreement is in place.

Where a transaction is booked into ENA and not bt-backed with .Com the market
risk will reside with ENA - a btb with .Com would be necessary to consolidate
the mtm of the ENA credit derivatives business in .Com.  In view of the fact
that Bryan is viewing all credit derivatives business as a global book, all
credit derivatives business entered into by Enron entities other than
EnronCredit.com should be back-to-backed with .Com.  In situations where ENA
has sold protection and .Com has bought protection on the same name this
internal structure will permit ENA immediately Delivering on the Portfolio of
Deliverable Obligations it as received as the Seller of protection to .Com
which can in turn can Deliver on to the counterparty it has bought protection
from.  As a result all hedged trandsactions should have matched terms
regardless of the Enron booking entity.

Mark, Paul can you add further clarification as to the position (particularly
where I haven't hit the mark !).

tks,

Denis

Bryan Seyfried
11/06/2000 13:57
To: Elaine Bannerman-Sowah/LON/ECT@ECT
cc: Denis O'Connell/LON/ECT@ECT, David A Wall/Risk Mgmt/LON/ECT@ECT

Subject: Re: ENA / Enron Credit.com

In reality, I think of there being a single global book and terms should
match across internal legal entities.  The only reason for booking into two
separate entities is for Tax and/or regulatory reasons.  The risk is managed
out of London, I don't think there is any reason to back-to-back trades into
EnronCredit.com but will defer to the appropriate tax, legal and control
personnel.  I don't think a services agreement has been set up yet.

We should try to close the open issues next week.  Could you coordinate the
relevant parties to ensure satisfactory results.

thanks.

Elaine Bannerman-Sowah
09/06/2000 14:44
To: Bryan Seyfried/LON/ECT@ECT
cc: Denis O'Connell/LON/ECT@ECT

Subject: ENA / Enron Credit.com

Bryan

Please could you confirm that CDS trades done by ENA :

1.can be booked in London;
2. risk-managed in London
3. do not have to be back-to-backed with Enron Credit.com
4. there is a Service Agreement between the two entities.

My understanding of this is that we would not need to match the terms of
transactions, for example where ENA has sold protection and Enron Credit.com
has bought protection on the same name. We would only need to match the terms
where protection is bought and sold by the same Legal entity on the same name.

Your response will be greatly appreciated.

Thanks,
Elaine.


---------------------- Forwarded by Errol McLaughlin/Corp/Enron on 02/09/2001
09:25 AM ---------------------------

Jeffrey C Gossett@ECT
02/09/2001 09:26 AM
To: Darron C Giron/HOU/ECT@ECT, Errol McLaughlin/Corp/Enron@ENRON
cc:

Subject: Credit Report--2/9/01

It looks like these are all Darron's new guy and Laura.  Can you guys make
sure that everyone is using the correct CP name and the list provided by
confirms?

Thanks
---------------------- Forwarded by Jeffrey C Gossett/HOU/ECT on 02/09/2001
09:23 AM ---------------------------

From:  Veronica Espinoza @ ENRON
               02/09/2001 09:19 AM

To: Larry Joe Hunter/HOU/ECT@ECT, Bob Bowen/HOU/ECT@ECT, Kim S
Theriot/HOU/ECT@ECT, Melinda Whalen/CAL/ECT@ECT, Dianne Seib/CAL/ECT@ECT,
Janie Aguayo/HOU/ECT@ECT, Derek Bailey/Corp/Enron@ENRON, Kevin
Meredith/Corp/Enron@ENRON, Ellen Wallumrod/NA/Enron@ENRON, Celeste
Cisneros/NA/Enron@Enron, Diane Anderson/NA/Enron@Enron, Tiffany
Williams/NA/Enron@Enron, Cindy Feldman/CAL/ECT@ECT, Patricia
Boulanger/CAL/ECT@ECT, Linda Sietzema/CAL/ECT@ECT, Sharon
Crawford/CAL/ECT@ECT, Debbie R Brackett/HOU/ECT@ECT, Tanya
Rohauer/HOU/ECT@ECT, Tom Moran/HOU/ECT@ECT, William S Bradford/HOU/ECT@ECT,
Russell Diamond/HOU/ECT@ECT, Lesli Campbell/HOU/ECT@ECT, Nidia
Mendoza/HOU/ECT@ECT, Jeffrey C Gossett/HOU/ECT@ECT, Kam Keiser/HOU/ECT@ECT,
David Baumbach/HOU/ECT@ECT, Errol McLaughlin/Corp/Enron@ENRON, Darron C
Giron/HOU/ECT@ECT, Walter Guidroz/NA/Enron@Enron, Leslie Reeves/HOU/ECT@ECT,
Veronica Gonzalez/HOU/ECT@ECT, Phillip M Love/HOU/ECT@ECT, Jean
Bell/HOU/ECT@ECT, Ken Curry/HOU/ECT@ECT
cc:
Subject: Credit Report--2/9/01


CALENDAR ENTRY:	APPOINTMENT

Description:
	Sally out of office

Date:		8/30/2000
Time:		2:44 PM - 3:44 PM (Central Standard Time)

Chairperson:	Outlook Migration Team

Detailed Description:


Pay attention to "placekicker."  I think I now know why you lost to Stanford
last year.

-----Original Message-----
From: Barkley, Jim
Sent: Wednesday, March 28, 2001 9:29 AM
To: Pfeffer, Paul
Subject: FW: A Picture Is Worth A Thousand Words

-----Original Message-----
From: Lennon, Mike
Sent: Wednesday, March 28, 2001 8:01 AM
To: Buthod, Ty; Barkley, Jim; Goolsby, George
Cc: 'HOME'
Subject: FW: A Picture Is Worth A Thousand Words

A few chuckles.

-----Original Message-----
From: Stanek, Tom E [mailto:TEStanek@midamerican.com]
Sent: Wednesday, March 28, 2001 7:18 AM
To: Joe Beacom (E-mail); John O'Brien (E-mail); John Olson (E-mail); Ken
Gill (E-mail); Mike Lennon (E-mail); Tim Kuntz (E-mail)
Subject: FW: A Picture Is Worth A Thousand Words

-----Original Message-----
From: Boon, Marsha R
Sent: Wednesday, March 28, 2001 7:04 AM
To: Stanek, Tom E; Pick, Jeff A
Subject: FW: A Picture Is Worth A Thousand Words

-----Original Message-----
From:   Chris Boon [ mailto:chboon63@hotmail.com
<mailto:chboon63@hotmail.com> ]
Sent:   Tuesday, March 27, 2001 11:59 PM
To:     Boon, Marsha R; Olsen, Dennis C; booner2345@aol.com;
Sboony1419@aol.com; wings_023@hotmail.com; darknyte00@hotmail.com;
herrigb@briar-cliff.edu

Subject:        Fwd: A Picture Is Worth A Thousand Words

>From:  Shanna Douglas <orca916@yahoo.com>
>To:    Janie Baird <manpa@rconnect.com>, Chris Boon <chboon63@hotmail.com>,

>Rick Bossow <rwb55@rconnect.com>, danette denny <denny3@pionet.net>,  Staci

>Downing <AlleeDowning@aol.com>, Barry Jentz <Trippingpanda@aol.com>,
>Victoria Richardson <basmoria82@hotmail.com>
>Subject:       Fwd: A Picture Is Worth A Thousand Words
>Date:  Tue, 27 Mar 2001 12:35:39 -0800 (PST)
>
>
>Note: forwarded message attached.
>
>
>__________________________________________________
>Do You Yahoo!?
>Get email at your own domain with Yahoo! Mail.
> http://personal.mail.yahoo.com/?.refer=text
<http://personal.mail.yahoo.com/?.refer=text>

_________________________________________________________________
Get your FREE download of MSN Explorer at http://explorer.msn.com
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<<Fwd: A Picture Is Worth A Thousand Words>>

Message-ID: <v04003a00b6e012391f9c@[24.176.214.105]>
From: douglas@shawgp.com
To: alyssa49@hotmail.com, richardson@shawgp.com, bigvmcd@aol.com,
nykio@aol.com, kgrotegut74@hotmail.com, orca916@yahoo.com
Subject: Fwd: A Picture Is Worth A Thousand Words
Date: Thu, 22 Mar 2001 15:36:41 -0500
MIME-Version: 1.0
X-Mailer: Internet Mail Service (5.5.2653.19)
Content-Type: multipart/mixed;
boundary="----_=_NextPart_002_01C0C41F.1CD49CE0"

 - lodging.jpg
 - matchinheaven.jpg
 - outofthecloset.jpg
 - placekicker.jpg
 - potpoliticians.jpg
 - raceincentive.jpg
 - rockclimber.jpg
 - sorryflowers.jpg
 - wellmissher.jpg
 - xratedmovie.jpg


The information contained herein is based on sources that we believe to be
reliable, but we do not represent that it is accurate or complete.  Nothing
contained herein should be considered as an offer to sell or a solicitation
of an offer to buy any financial instruments discussed herein.  Any
opinions expressed herein are solely those of the author.  As such, they
may differ in material respects from those of, or expressed or published by
on behalf of Carr Futures or its officers, directors, employees or
affiliates.  ? 2001 Carr Futures

The charts are now available on the web by clicking on the hot link(s)
contained in this email. If for any reason you are unable to receive the
charts via the web, please contact me via email and I will email the charts
to you as attachments.

Distillate     http://www.carrfut.com/research/Energy1/hoil20.pdf
Unleaded     http://www.carrfut.com/research/Energy1/unlded20.pdf

Daily Energy Letter
http://www.carrfut.com/research/Energy1/Energy-Letter1-23-02.pdf


Sara and Mary:
Can someone contact Tanya about this?

Carol St. Clair
EB 3889
713-853-3989 (Phone)
713-646-3393 (Fax)
carol.st.clair@enron.com
----- Forwarded by Carol St Clair/HOU/ECT on 06/05/2001 08:50 AM -----

	Tanya Rohauer/ENRON@enronXgate
	06/04/2001 06:58 PM

		 To: William S Bradford/ENRON@enronXgate
		 cc: Ken Curry/ENRON@enronXgate, Carol St Clair/HOU/ECT@ECT
		 Subject: FW: USG

I would reccommend sending out notice of trigger of Material Adverse Change
and calling for margin.  Can we prepare the notice..Bob Crane is in agreement.

Thanks,
Tanya

 -----Original Message-----
From:  Rohauer, Tanya
Sent: Monday, June 04, 2001 10:35 AM
To: Bradford, William S.
Cc: Curry, Ken
Subject: USG

We have financial exposure of 4.2MM to United States Gypsum company which may
file Ch. 11 due to mounting asbestos claims.  S&P has not taken any action
since Jan when they lowered ratings to BB-/Negative and removed from Credit
Watch.  However, USG announced today that it is considering "strategic
alternatives", one of which is Chapter 11due to increased litigation. I'll
forward the article.

Tanya


Brian,

It occurred to me that we haven't spoken about the ongoing management/oversite of the construction of the Vitro project in light of next week's expected events.  While we have discussed EEOS's role with Tractebel, we need to keep in mind that we need a technical person to monitor the construction process to protect Enron's remaining 20% interest.  I believe Steve Irvin had planned on using Robert Rimbau.  Unsure if Robert works for you or Virgo, but regardless, Enron needs someone to monitor the construction process.

Secondly, also keep in mind that we are technically still on the hook to be the operator of the project.  While we are working with Tractebel to transition out of the operating role, we haven't yet completed the transition.  We want to make sure that we don't breach any agreement with the IDB.

Let's talk as soon as possible to make sure that we have these issues adequately covered.  We probably need to engage Steve Irvin as well.  I am unsure of his status, but I will check with Louise.

Thanks,

Don
713-529-6280 home
713-412-8967 cell