---------------------- Forwarded by Mark - ECT Legal Taylor/HOU/ECT on
01/20/99 09:36 AM ---------------------------

	Enron Capital & Trade Resources Corp.

	From:  trials@optioninvestor.com (Option Investor Newsletter     Trials)
                      01/19/99 08:52 PM

Please respond to trials@optioninvestor.com
To: Option Investor Newsletter Trials <trials@optioninvestor.com>
cc:  (bcc: Mark - ECT Legal Taylor/HOU/ECT)
Subject: Tuesday - Option Investor Newsletter 1 of 3

The Option Investor Newsletter         Tuesday  1-19-98
Copyright 1999, All rights reserved.
Redistribution in any form strictly prohibited.

Posted online for subscribers at http://WWW.OPTIONINVESTOR.COM

Also provided as a service to The Online Investor Advantage

Published three times weekly, Sunday, Tuesday, Thursday evenings.
************************************************************
MARKET WRAP  (view in courier font for table alignment)
************************************************************
        1-19-98         High     Low     Volume   Advances Decline
DOW     9355.22 + 14.67 9399.25  9210.01  786,785k  1,507   1,499
Nasdaq  2408.17 + 59.97 2408.43  2364.52 1061,400k  2,258   1,892
S&P-100  623.32 +  6.86  623.32   612.84   Totals   3,765   3,391
S&P-500 1252.00 +  8.74 1253.27  1234.91            52.6%   47.4%
$RUT     430.89 +  3.84  431.08   427.05
$TRAN   3177.85 + 29.32 3189.79  3142.30
VIX       29.80 +   .05   31.72    29.40
Put/Call Ratio      .42
*************************************************************

AtHome dialed Excite's number and Compaq is on hold....

AtHome agreed to purchase XCIT today for $7 billion. This was
a significant premium over the current stock price but when
you are an Internet stock this could be a one day move.

Rumors are flying that Compaq is preparing to make a major
Internet purchase maybe as early as tomorrow. Lycos is the
most mentioned possible target.

This Internet mania helped power the Nasdaq to another record
close and is credited with pulling the Dow out of another
valuation worry induced profit taking session. How can you
be bearish about the market in general when the tech stocks
are continuing to beat earnings estimates and blow away whisper
numbers.

Microsoft announced after the close and showed just how big
the $5 bln gorilla really is. The $5 bln was sales for last
quarter. MSFT announced $.73 vs estimates of $.59 and blew
away the whisper number of $.62. Microsoft was trading up +5.00
after the close. There was no split announcement and this could
be attributed to the trial publicity. They don't want to appear
too prosperous for the penalty phase. The conference call was
typically pessimistic as they tried to keep a lid on analyst's
estimates for the future. I would expect MSFT to gap open on
Wednesday.

The futures are up +6.50 at 7:10 ET and we give the credit to
MSFT and several other announcements after the bell. The fly
in the ointment could be the Alan Greenspan testimony tomorrow
in Washington. He is sure to be asked some "irrational exuberance"
type questions and the answers could be earth shaking. Some
analysts say Mr. G. has been criticized so severely by congress
for his previous market moving performances that future comments
will likely be constrained. Don't bet the farm on this. Alan
is tasked with many insurmountable projects one of which is
keeping the U.S. markets under control. The recent Internet
"froth" is something that other Fed governors have pointed at
in the past as a sign of a speculative bubble. So even though
the futures are up now, we may see some weakness before the
testimony. If we get by without any earthquake comments then
the week could continue up strongly. The Brazil problem could
even be a muzzle for Mr. G. Better to be quiet than roil the
markets and have to lower rates again next month to rescue them
again.

Clinton gets a major play tonight with the televised State of
the Union speech. He is under a strong spotlight as people look
for signs of cracks in the presidential armor. What should he do?
Pull out some heavy firepower! He is planning just that. Clinton
will unveil his support for a plan to take some Social Security
funds and put them into the market in a retirement savings account
program. Estimates in the $500-700 bln range are being tossed
about. This is not a new concept but his support for this popular
plan is new and timely given the other problems he is facing.
Maybe we should keep his feet to the fire longer if he is going
to do us favors like this. Not only would I rather my Social
Security was gaining ground in an account of this style but can
you imagine the market impact of a $700 bln inflow of cash?
Don't count your chickens yet but stay tuned for plan details
if it is ever approved. Opponents claim losses could occur if
a long term bear market were to appear.

I got considerable email about the 10% plan in Sunday's commentary.
Some good and some bad. Most of the good came from traders that
started putting this type of plan into action several months ago
when I wrote about it last. Most of them have multiplied their
accounts by several hundred percent. The negative mail seemed to
come from readers that were new to the newsletter and had small
accounts and were adamant that you should only settle for 200-300%
returns on every trade. We will see what kind of mail I get several
weeks from now when we start publishing the results from the readers
who are going to implement the plan. I had many readers email that
they were going to faithfully try it and report back. Good Luck!
The first ten who can show ten trades will win a years subscription.
Anybody can still play. Just send a recap of your completed plays
after 1/17/99 using the 10-20% plan from Sundays newsletter.

This is going to be an interesting week. Keep your options open
and make those trades. With the put/call ratio at .42 and the
advances only barely beating the declines 1506/1492, we are not
out of the woods yet. Tommorrow could be another record breaker
for the Nasdaq but the broader market internals are still weak.
Just three stocks in the Dow accounted for over +60 points today.
T +7.75, IBM +7.06, GM +4.69. The odds are real good that these
stocks will not be the leaders tomorrow and new leaders are hard
to find. Without these huge gains today we would have been very
negative. -46 without accounting for the positive impact they
had on other Dow components. Keep your fingers crossed.

Good Luck

Jim Brown

Market Posture
*******************************************************
As of Market Close - Tuesday, January 19, 1999

                   Key Support
Broad Market         /Resistance    Last    Posture/Since  Alert
****************************************************************

DOW Industrials    9,100   9,730   9,355    Neutral   1.15
SPX S&P 500        1,210   1,280   1,252    Neutral   1.12
OEX S&P 100          600     635     623    Neutral   1.12
RUT Russell 2000     420     435     431    Neutral   1.12

NDX NASD 100       1,900   2,010   2,030    BULLISH   1.19 *
MSH High Tech        930     980     991    BULLISH   1.19 *

                   Key Support
Technology           /Resistance    Last    Posture/Since  Alert
****************************************************************
XCI Hardware         830     875     897    BULLISH   1.19 *
CWX Software         610     665     687    BULLISH   1.19 *
SOX Semiconductor    360     410     402    Neutral   1.8
NWX Networking       420     450     448    Neutral   1.8
INX Internet         470     570     534    Neutral   1.8

                   Key Support
Financial            /Resistance    Last    Posture/Since  Alert
****************************************************************
BIX Banking          650     710     663    Neutral   1.15
XBD Brokerage        630     725     664    Neutral   1.14
IUX Insurance        590     620     596    Neutral   1.15

                   Key Support
Other                /Resistance    Last    Posture/Since  Alert
****************************************************************
RLX Retail           800     860     822    Neutral   1.8
DRG Drug             740     795     752    Neutral   1.8
HCX Healthcare       720     780     730    Neutral   1.8
XAL Airline          310     350     331    Neutral   1.12
OIX Oil & Gas        245     260     242    BEARISH   1.14

Posture Alert

After advancing into record territory and holding, we have turned
BULLISH across select technology sectors including NASD 100,
hardware and software.  We remain Neutral, however, across other
broad market indices and industry sectors.

A detailed description of our Market Posture and its
applications can be found at:

www.optioninvestor.com/marketposture

Market Sentiment - By Pinnacle Capital Advisors
************************************************************

Option Speculators Quiet ahead of State of the Union Address

With the State of the Union Address and Greenspan scheduled to
speak tomorrow, not much was revealed in the market today with
respect to market sentiment.  Pinnacle is still tracking what
option speculators do over the next couple of days for clues as
to where the broader market is likely to go.

We are entering a new expiration period and therefore some of the
indexes and put/call ratios will become volatile over the next
couple of days as options traders establish new positions.

Pinnacle is still concerned by the excessive Bullish sentiment as
tracked by Investors Intelligence latest poll - 60% Bullish, %30
Bearish.  This is the highest level for bullish sentiment that
we have seen for a while.

Pinnacle's short-term indicators are still flashing bearish
overtones over the near-term so we advise subscribers to
tightly protect their long positions.  Any questions regarding
market sentiment can be directed at:
pinnacle@optioninvestor.com

Market Sentiment at a Glance  Friday    Tues     Thurs
Indicator                       (1/15)    (1/19)   (1/21)  Alert
****************************************************************

Pinnacle Index (OEX):
-----------------------------------------------------------------
Overhead Resistance (620-635)     1.7      1.8
Underlying Support  (595-610)     1.0      1.1

Put/Call Ratios:
-----------------------------------------------------------------
CBOE Total P/C Ratio               .5       .5
CBOE Equity P/C Ratio              .4       .4                *
OEX P/C Ratio                     1.2      1.2

Peak Open Interest (OEX):
-----------------------------------------------------------------

Puts                              610      610
Calls                             610      610
P/C Ratio                         1.0       .8

Market Volatility Index (VIX):
-----------------------------------------------------------------
CBOE VIX                         29.75    31.42               *

Investors Intelligence:
-----------------------------------------------------------------
Bullish                          60.0%    60.0%               *
Bearish                          30.0%    30.0%

The Power of Expectation Analysis

It has often been said that the crowd is right during the
market trends but wrong at both ends.  Measuring and
evaluating the sentiment of the crowd, therefore, can give
savvy option traders a decided edge.

Pinnacle Index
-----------------------------------------------------------------
OEX                             Friday     Tues     Thurs
Benchmark                       (1/15)     (1/19)   (1/21)
-----------------------------------------------------------------

                    (630-635)      2.6       3.0
                    (620-625)      1.1       1.3
Overhead Resistance (620-635)      1.7       1.8

OEX Close                        616.5    622.12

Underlying Support  (595-610)      1.0       1.1
                    (605-610)       .9        .9
                    (595-600)      1.0       1.7

Average ratings:
Resistance levels 2.0 / Support .5

What the Pinnacle Index is telling us:
Overhead sentiment resistance is Moderately weak at the OEX 620/635
level while the underlying support is moderately weak.

Put/Call Ratio
-----------------------------------------------------------------
                                Friday     Tues     Thurs
Strike/Contracts                (1/15)     (1/17)   (1/19)
-----------------------------------------------------------------
CBOE Total P/C Ratio              .52      .54
CBOE Equity P/C Ratio             .38      .39
OEX P/C Ratio                    1.23     1.19

Peak Open Interest (OEX)
-----------------------------------------------------------------
                     Friday          Tues          Thurs
Strike/Contracts     (1/15)          (1/17)        (1/21)
-----------------------------------------------------------------
Puts                 610 / 8,152     610 /  9,959
Calls                610 / 8,360     610 / 11,799
Put/Call Ratio       .97             .84

Volatility Index (VIX)
-----------------------------------------------------------------
                    Major
Date                Turning Point       VIX
-----------------------------------------------------------------
October 97          Bottom              54.60
July 20, 1998       Top                 16.88
October 8, 1998     Bottom              60.63
January 11, 1998    Top                 26.38

January 15, 1999                        29.75
January 19, 1999                        31.42

Investors Intelligence Survey
-----------------------------------------------------------------
                    Major             Percent     Percent
Date                Turning Point     Bullish     Bearish
-----------------------------------------------------------------
October 97          Bottom            22.0        48.3
July 20, 1998       Top               52.0        24.0
October 8, 1998     Bottom            38.5        42.7
January 11, 1999    Top ?             58.3        30.0

January 19, 1999                      60.0        30.0   *

Please view this in COURIER 10 font for alignment
*****************************************************
RESULTS THIS WEEK

Index   Last    Tue
Dow      9355 14.67
Nasdq    2408 59.97
$OEX      622  5.66
$SPX     1251  7.63
$RUT      431  3.84
$TRAN    3178 29.32
$VIX     29.8  0.05

Stock  Price  Change

ATI     92.63  9.25 Really worth about $101.25 as of today.
T       91.38  7.13 Finally has it's own Internet portal in an indirect way.
YHOO   323.00  6.00 Excite stole the lime light today
MSFT   155.63  5.88 Earnings Explosion  $0.73 vs. $0.59 estimate
NOK/A  144.00  5.38 Still a split candidate
SUNW   105.31  4.88 Earnings on Thursday/ Split candidate
CSCO   106.38  4.69 Approaching 52 week high.
LXK    102.38  4.31 Earnings next Monday
CHKPF   55.50  4.25 Earnings run for Thursday
AOL    150.50  4.00 Major split candidate for next Wednesday (27th)
LU     114.06  3.81 Earnings on Thursday/ Split candidate
DELL    82.13  3.13 Nasdaq leader and winner
CCU     63.13  2.69 Digital radio appears to be a popular idea
QCOM    66.50  2.63 Another earnings blowout
WCOM    77.25  2.19 Bells continue to suffer in court
EMC    102.13  2.06 Just keeps going up.  Earnings next week
MU      73.00  1.69 New 52 week high
COF    131.50  1.06 Met estimates but no split
PRIA    35.50  1.00 Part of the Nasdaq charge
ETH     49.56  0.63 Consolidating after last week's run
DIS     36.50  0.50
MYG     64.69  0.44 Steady as a rock
JBL     73.75 -0.13 Wait for upward momentum to return
TLAB    84.63 -1.31 Profit taking after last week.

Puts

WLA     66.44 -3.38 A one drug company?
RMBS    87.25 -2.25 Earnings slow down
MCHP    33.38 -1.75 Downgraded by 4 brokers in one day
LLY     79.50 -1.50
BDX     38.38 -1.38
PKN     94.00 -1.38
DD      55.94 -1.06
CPB     44.25 -0.88
BAC     64.00 -0.56 Missed earnings
HSY     60.88 -0.38
AVT     46.00 -0.25
EK      68.75 -0.25
ERTS    47.00  0.50 Up with the Nasdaq
MRK    147.75  0.63

PICKS WE DROPPED
****************
When we drop a pick it doesn't mean we are recommending a sell
on that play. Many dropped picks go on to be very profitable.
We drop a pick because something happened to change its
profile. News, price, direction, etc. We drop it because we
don't want anyone else starting a new play at that time.
We have hundreds of new readers with each issue who are
unfamiliar with the previous history for that pick and we
want them to look at any current pick as a valid play.

CALLS:
******

None.

PUTS:
******

XCIT $110.00 +42.50 (+42.50) Gapped up on buy out news from
At Home (ATHN). Represents one of the biggest Internet deals
to date. Pinnacle, therefore, dropping XCIT. It does
underscore one of the benefits of buying a put instead of
shorting the stock. Only the premium is lost on the $42 gap.

BMCS $41.50 +1.44 (+1.44) Pinnacle dropping software firm
after BMCS closed above key $41 benchmark and the Software
Index (CWX) closed in record territory.

PICK NEWS - CALLS
*******************************************************
SUNW $105.31 +4.88 (+4.88)  This could be a huge week for
Sun Microsystems.  Already, the horses are off and running.
On Tuesday, Sun added +$4.88 to set another all time high in
intraday trading at $105.44.  In an awesome display of
strength, it broke and held above its former resistance level
of $104.50.  Maybe the move was propelled by some formidable
press releases.  Royal Philips Electronics NV and the Sony
Corp. will announce an alliance with SUNW.  The plan is to use
Sun's Jini, a form of the Java programming language, to develop
software that can network entertainment devices and appliances
by using the Internet.  The Sharper Image, Digital Video
Express, 1-800-FLOWERS, Egghead.com, Inc., and Brite Voice
Systems have all turned to Sun's highly reliable servers,
storage, and software products to handle their growing needs.
More than likely the stock is taking off because of Sun's
earnings announcements which are due out after the market
closes on Thursday Jan. 21st.  Earnings estimates for SUNW
are $0.66.  Along with a solid earnings report, we are
predicting a 2:1 stock split announcement.  SUNW last split
in November of 1996 when the stock was trading near $60.
With 950 mln shares authorized and only 380 mln outstanding
they have plenty of room for a split.  After MSFT's huge
earnings explosion, the techs should take off tomorrow,
but then again investor enthusiasm will be fighting
investor fear with Greenspan speaking on Wednesday.

MYG $64.69 +0.44 (+0.44)  Maytag is looking good so far this
week.  The turn around in the market on Tuesday seemed to
help Maytag add +$0.44 on the day.  Hopefully the market will
continue to stabilize and help MYG challenge its latest
resistance level of $66.00 which isn't too far away
considering Maytag inched up to $65.25 in intraday trading.
Maytag announces its earnings on Feb. 4th and remains one of
our split candidates.

FTL $18.00 +$1.31 (+1.31) Even though we are playing FTL as a
take over play, (on rumors), with this weeks news that the
clothing maker is now the exclusive apparel supplier for
all 56 Planet Hollywood Cafes, FTL still opened on a down
note.  But picked up the pace and shot up to $18.75 for
the daily high, then settling down to close at $18.00.
Rumors had a $23.00 buy out announcement coming on last
Tuesday but as we all know, it didn't show. FTL is still
showing volatility, so be careful with this one.

CCU $63.13  +$2.69 (+2.69)  CCU was added as a play this
weekend and did not disappoint us on the first day of trading
News about this new concept in Internet communications
(digital radio) is all around the street.  By investing
in the research that will carry Net surfing to new levels,
CCU might just catch that big wave.  CCU opened and tested
it's support of $60.00 by dipping its toes below the water
line at $59.62.  Then came up for a big gulp of air to
$64.00, and caught a good wave to finish at $63.12 on
the day. Protect your profits, while watching for tomorrow's
next call of "surfs up"!

EMC $102.13 +2.06 (+2.06) EMC just keeps going up.  It set a
new 52 week high today, and closed at the high.  There was an
interesting article at MSN MoneyCentral comparing EMC and its
rival NTAP.  An observation by the article was that every bit
of new e-mail, every sale over the Internet, and every extra
page view increases the need to build more storage into the
Internet.  It also pointed out that EMC has just begun selling
software to its customer base.  Software sales are expected to
grow from $400 million in 1998 to $1 billion by 2001.  EMC
reports earnings before the open on 1/26 (next Tuesday).

JBL $73.75 -.13 (-.13) JBL keeps bouncing around and off its 21
day moving average which is currently at $72.82.  We really
need something to get this stock going again.  We have not had
any news, and JBL doesn't release earnings until March.  JBL's
two main competitors, SLR and SCI, both went up today.  JBL has
been following these two, so maybe JBL will start moving up.
Otherwise, its chart is starting to flatten out and it looks
like its momentum is slowing.  Wait for confirmation of upward
movement before initiating any new trades.

UTX $109.00 .69 (-.69) UTX gapped open this morning and then
traded down the rest of the day.  There was an article today
about the run that UTX has been on since October in seeming
defiance of a slowing global economy.  UTX does about 55% of
its business overseas.  Analysts pointed out that the company's
forecast of 15% growth in 1999 has been one of the keys to its
recent run.  UTX releases earnings this Thursday.  Only play
UTX if the Dow is moving up, otherwise wait for the earnings
release on Thursday to see which direction UTX is headed.
There is the possibility of a split announcement with their
earnings but we don't feel that strongly about it.

QCOM $66.50 +2.63 (+2.63) QCOM announced earnings today of 65
cents per share and blew away the estimate of 59 cents per
share.  QCOM also reported the highest quarterly revenues in
its 13-year history.  Revenues were $941 million for the first
quarter of fiscal 1999, an increase of 20 percent over the
first quarter of fiscal 1998.  Net income for the first quarter
was $49 million compared to $37 million for the first quarter
of fiscal 1998, a 32 percent increase.  In other news, QCOM's
joint venture with Microsoft announced their first service
offering, named Revolv.  Revolv is a service that will provide
mobile professionals with secure access to information using a
variety of wireless or mobile devices form anywhere they
travel.  QCOM should have no trouble with its old 52 week high
of $67.38 tomorrow.

DELL $82.13 +3.13 (+3.13)  More un-noticed, great
news.  "Dell has become a force to be reckoned with in the
personal workstation market," said Tom Copeland,
workstation analyst at IDC.  "Dell's workstation market
share grew at 186 percent, substantially more than the
industry average of 36 percent, and far more than any other
vendor"(Business Wire). Dell is now tied with Hewlett
Packard as the number 1 producer of personal work stations.
They announce new products weekly without fanfare.  Dell
closed at a new all-time high today on average volume in
the wake of stellar NASDAQ gains.  Volume was 14 million
shares, a little light for our taste.  But we'll take a $3
gain any way we can get it.  Look for Dell to move up more,
market permitting.  Wait for small pullbacks to scale into
a position.  Earnings to be announced February 16.

CSCO $106.38 +4.69 (+4.69)  Cisco closed $0.12 off its
high of the day.  Nice show of strength on 21% higher
than average volume.  No earth shaking news, but
Cisco has announced 3 new programs to not just sell
equipment to service providers, but design, manage and
implement its installation for maximum efficiency and least
cost to the client.  More important to the bigger picture,
CSCO is the big beneficiary in developing the Internet,
including providing equipment for the AT&T/TCI deal.
Looking strong, but after 3 days of higher closings, keep
an eye out for the dip, and then make your move.
Resistance is $108.  Still a split candidate.  Look for
earnings February 2.

AOL $150.50 +4.00 (+4.00)  Not much AOL news since last
week.  Today's Internet spotlight held all eyes on @Home's
proposed purchase of Excite, which should have thrown some
competitive cold water on AOL, but it didn't.  Even on 60%
of average volume, AOL added $4.00.  We'll feel a lot
better when AOL adds volume to confirm the upward price
movement.  In the meantime, AOL adds more tension to the
rubber band as it consolidates toward a "snap" date between
now and earnings scheduled to be announced on January 27th
after 5:00pm ET.  AOL is also a split candidate at these
price levels (over $120).  We anticipate a split along with
earnings.  For the next couple of days, target shooting
your entry to coincide with the dip after opening should
get a better entry.  As always, confirm market direction
first.

WCOM $77.25 +2.19 (+2.19) Baby Bells lost another one in
court today in an attempt to over turn provisions of the
Telecommunications Act of 1996 which are effectively
preventing from entering the long distance business.  Under
the Act, the Bell companies are prohibited from offering
long distance service to their local customers until they
have opened their local networks to competitors (Reuters).
Though this is beneficial for all long distance carriers,
WCOM appeared to be an indirect beneficiary of AT&T news.
Today's volume was 20% over average, a very good sign.  We
look for WCOM to test and break through resistance of $79,
having cleared $76 easily.  The more conservative play is
to wait until it breaks $79 and holds.  But in light of the
telco sector's momentum, we can make a case for jumping in
after confirming market direction.  Just don't try to catch
a falling knife if profit taking sets in.

T $91.50 +7.25 (+7.25)  Welcome to what seems like
the newest Internet play.  Michael Armstrong, AT&T's
chairman, is trying with measurable success, to turn the
Queen Mary on a dime, from a copper-based dinosaur to a
broadband fiber based communications powerhouse.  AT&T is
actually a big beneficiary of @Home's offer to purchase
Excite.  Here's why:  @Home's largest shareholder is TCI
who is about to be absorbed into AT&T.  With Excite, AT&T
now has a substantial "portal" to the Internet which can be
delivered over TCI's cable infrastructure.  AT&T had, from
what we could tell, its largest 1-day gain ever on volume
exceeding the average by 80%.  Resistance has been
obliterated.  The sky is the limit, market pending.  Watch
out for profit taking on such a large 1-day run-up, and buy
the dip.

MSFT $155.63 +5.88 (+5.88)  MSFT blew away earnings
estimates true to form, by posting a fiscal Q2 net of $0.73
a share, well ahead of the First Call mean estimate of
$0.59.  Revenues rose 36.8% to $4.9 billion.  As of this
writing, we have heard no news of a split just yet.  But in
after hours trading, the stock was up $9.00 in the $164
range.  For those of you with a position held over earnings
(which we normally don't recommend), congratulations.
Remember to protect your profits with stop-loss/stop-limit
orders.  Also, don't use a market order to enter a play in
the morning, you could be filled at the high of the day.
Instead, if MSFT sells off in the first 30-45 minutes of
trading, enter the play on the rebound.

***** Play updates continued in section two *****

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DISCLAIMER
**********
This newsletter is a publication dedicated to the education
of options traders. The newsletter is an information service
only. The information provided herein is not to be construed
as an offer to buy or sell securities of any kind. The
newsletter picks are not to be considered a recommendation
of any stock or option but an information resource to aid the
investor in making an informed decision regarding trading in
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editor and staff of The Option Investor Newsletter may own,
buy or sell securities presented. All investors should consult
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information provided has been obtained from sources deemed
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The newsletter staff makes every effort to provide timely
information to its subscribers but cannot guarantee specific
delivery times due to factors beyond our control.

---------------------- Forwarded by Mark - ECT Legal Taylor/HOU/ECT on
01/20/99 09:36 AM ---------------------------

	Enron Capital & Trade Resources Corp.

	From:  xtrials@optioninvestor.com (Option Investor Newsletter     Trials)
                       01/19/99 09:02 PM

Please respond to xtrials@optioninvestor.com
To: Option Investor Newsletter Trials <xtrials@optioninvestor.com>
cc:  (bcc: Mark - ECT Legal Taylor/HOU/ECT)
Subject: Tuesday - Option Investor Newsletter 2 of 3

The Option Investor Newsletter         Tuesday  1-19-98
Copyright 1998, All rights reserved.
Redistribution in any form strictly prohibited.

PICK NEWS CONTINUED
**********************************************************
TLAB $84.63 -1.31 (-1.31)  No news to be found on
TLAB today, just old-fashioned profit taking on 1/3 less
than average volume.  This really is a "buy the dip"
opportunity.  We still like TLAB and expect further gains
when investors de-couple from today's Internet magnet.
Confirm upward direction before entering a play.

DIS $36.50 +.50 (+.50) Disney edged a little higher today.
A judge dismissed the $20 million that had been awarded to
Children's Broadcasting Corp. when Disney ended it's
agreement to sell national advertising for a Children's
Broadcasting deal with AAHS World Radio.  Meanwhile,
Infoseek, Disney's partner in the Internet portal GO
NETWORK (and 43% owned by Disney), has completed its
acquisition of Quando, another Internet company.
Infoseek's Ultraseek Server powers the web site search
capability of many top private and state universities, as
well as several corporations.  A report shows a drop of 1%
in all theme park attendance in 1998. However, for Disney,
that may not be too great a cause for concern. Its Magic
Kingdom saw a 23% jump in attendance only the year before.

NOKA $144.00 +5.38 (+5.38) Nokia blasted to a new intra-day
high today of $145.75, and set a new closing high as well:
$144.00.  Nokia has chosen to use the high performance,
highly secure processing products made by Chrysalis-ITS.
Separately, Dolphin Telecom, of France, has chosen Nokia to
supply and install the infrastructure equipment for its
Tetra digital wireless communications network in France.
Nokia plans to double production of mobile phones at its
plant in Bochum, Germany to meet increasing demand. The
entire telecommunications market is hot now, and Nokia is
one of the top ten providers of telecommunications products
in the world, and the leading maker of cellular phones.
Looking strong, Nokia is also a split candidate.

MU $73.00 +1.69 (+1.69) Micron gained $1.69 on the day,
even as Novellus dropped after reporting earnings only in
line with analysts' expectations. The pre-earnings run-up
for Novellus had been driven by investors' expectations.
Robert Maire, an analyst at Donaldson, Lufkin, and
Jennette, issued cautious statements about the semi-
conductor industry. He believes that it has not started a
full recovery yet and chip stocks are ahead of themselves.
Intel and Micron must not have gotten the news, for they
were both up today.  Intel's numbers showed a 12% surprise,
and Micron is reportedly doing well this quarter.  MU's
current quarter doesn't end until February, though, and
earnings won't be out until March--enough time for a bit of
an earnings run.

PRIA $35.50 +1.00 (+1.00) Up a full dollar is a decent rise
on a $35 stock.  In fact, this stock was only down one of
the last 5 trading days, and that was on a down market day.
PRIA has been steadily climbing since its early December
correction and it looks like it intends to keep going. The
same factors helping the semi-conductor industry will help
drive up this stock: increasing demand for computers and
other equipment that use chips, and a decrease in the
formerly overabundant supply of chips.

LXK $102.38 +4.31 (+4.31) LXK had a stellar day today with its
rise of 4%. This seems to be a pre-earnings run. We have
noted in past commentaries that LXK has had earnings runs of
an average of $6.00 over the last four quarters. It seems that
this quarter will be no different. There is added expectation
that LXK will announce a split. We have the earnings date as
January 25th. If we hear different we will update you. LXK had
an interesting article written about it's trials in selling
printers to China. The problem wasn't the printers themselves,
but the paper they were printed on. The paper was so difficult
that LXK sent reams of paper to their researchers and told them
to develop a printer that would print on the ancient paper. Shows
the extent at which companies are willing to go in this world
economy.

ATI $92.63 +9.25 (+9.25) ATI did as expected and gapped open
on Tuesday. The open was $95.75, over $3 above the close of
the day. ATI and VOD have stated the deal needs to be completed
by December 31st, 1999. The deal states that ATI shareholders
will get 1/2 share of VOD plus $9 in cash. This will cause the
value of the deal to change as time goes by. ATI is obviously
trading well below the true value of the deal, but this is
common until the deal is finalized.  If you want to play
the rest of this deal (since currently ATI should be worth
$101.25 based on VOD's close today):

*We suggest waiting for the next dip.
BUY CALL FEB-85 ATI-BQ OI= 6868 at $10.00 SL=7.50 ITM $7.63
BUY CALL FEB-90 ATI-BR OI=10024 at $ 6.88 SL=5.25
BUY CALL APR-90 ATI-DR OI=  658 at $ 9.25 SL=6.75

LU $114.06 +3.81 (+3.81) LU had a pretty good day on Tuesday
and closed just $.75 off its highs for the day.  We are now
just $6 from LU's 52-week high.  We have verified LU's earnings
date.  Earnings will be announced before the market opens on
the 21st of January (this Thursday). We are seeing a nice
earnings run which should continue until the earnings release.
Watch for pullbacks to initiate new plays. There are always
times to purchase, just be patient and buy the dips.

XIRC $42.00 +2.13 (+2.13) XIRC shot up today on the expectations
of it's earnings announced after the close today. We had the
earnings date as January 21st, so we apologize for the mis-
information.  For those of you that are holding XIRC, the
earnings came in at $.39 a share.  This is $.04 more than
estimates and a penny ahead of the whisper. If anyone is
thinking of buying into XIRC, wait for a pullback after the
gap open.  XIRC's earnings were $.11 same quarter last year.
XIRC unveiled high-speed ISDN data support for its Global-
Access RealPort Ethernet+Modem and modem-only integrated
PC cards. This technology connects notebook PCs at 128Kbps.

COF $131.50 +1.06 (+1.06) COF announced earnings today and
they came in right on estimates of $1.04. This originally
pushed shares of COF down slightly. As the day played on,
COF traded up and ended up at its high of the day. The whisper
number was the same as the estimate. COF is sitting right
around its 52-week high. If the market continues to trend up
then COF should be a leader. Their earnings rose from $.86 a
share in the same quarter last year.  We were a little bit
disappointed that they did not announce a split.  We are
guessing that COF's management does not have a split clause
in their compensation.  They receive some pretty big bonuses
if they can get COF's share price to $175 within the next
2 1/2 years.

CHKPF $55.50 +4.25(+4.25) CHKPF took off today and closed just
1/2 a point off its intraday highs. CHKPF blew by its prior 52-
week high on strong volume. CHKPF's earnings are on the 21st,
and we are seeing the effects of an earnings run. CHKPF has
historically blown away earnings estimates. CHKPF's last five
earnings surprises have gone like this: 13,22,28,23,78. These
are percentage surprises. Numbers like these cause an earnings
run. Though a split isn't eminent, they do have shares to do
a split.

ETH $49.56 +.63 (+.63) ETH traded in a range of $49.13 to $50.75.
Not a bad day considering that ETH is not in the technology
arena.  ETH announced earnings on the 13th of January and beat
estimates by $.02.  The general feeling out there is that
furniture stores had a great holiday season.  ETH is still $17
away from its 52-week high.  This leaves a lot of room to go.

YHOO $323.00 +6.00 (+6.00) YHOO had an interesting day.  YHOO
opened at $340, which was a premium of $23 above Friday's close.
YHOO traded as high as $345 and as low as $318.  YHOO got it's
boost from the purchase of XCIT by @Home.  This has stirred up
speculation that other consolidation is in the works.  YHOO has
had a strong correction over the last week and this could be
the start of a new Internet frenzy. This remains a risky play.
Wait for upward confirmation.  YHOO continues to be a blue-chip
of the Internet.  The price of Exodus Communications rose 34%
from the mention that it is in a deal with YHOO. Remember, YHOO
has a split coming up at the end of the month (about 3 weeks).

PICK NEWS - PUTS
*******************************************************

AVT $46.00 -.25 (.25) Stock experiencing continued weakness off of
recent earnings warning. Stock now under short and long-term moving
averages. Lots of overhead. Could to retest 52 week lows at $35.
stock lost .25 in mixed trading on Tuesday (1/19). Tighten protective
stop loss - $48.

BAC $64.00 -.56 (.56) The financial sector under pressure because of
Brazil. Stock gave up -.56 on Tuesday (1/19). Recommend
staying with position while BAC stays below $65.

BDX $38.38 1.38 (1.38) Topside consolidation makes for conservative
play. Stock is unlikely to go much higher than the trading range of
about $43 in the next 3-6 months Earnings are projected to be
$1.57 share for fiscal 99 with a PE of 24.5, fairly pricey. Stock
trading just above key $38 benchmark. If Stock violates support at
$38.00 could retest low set back in September at $34. Tighten
protective stop loss - $40.

CPB $44.25 -.88 (-.88) Stock gave up another nearly $1 during
the mixed trading on Tuesday (1/19). Stock still under
pressure with considerable overhead at $49.

DD $55.94 1.06 (1.06) Stock gave up what it gain on Firday
(1/15). Stock still below declining moving averages and
trading just above key support level of $52.. Tighten
protective sell stop to $58.25.

EK $68.75 .25 (.25) Stock gave up another .25 today in
mixed trading and still trading below key benchmark support
of $70. Stock also downgraded by Morgan Stanley Dean Witter.

ERTS $47.00 +.50 (+.50) The stock up fractionally during Tuesday
Fridays strong tech rally. Still sitting precariously at it 200-day
moving average. Tighten protective sell stop to $49.25. Whisper
number of $1.18 per share for earnings due to be released on 1/21/99.
Pinnacle believes that holiday enthusiasm, if any, will be short-lived
by the realities of an increasing complex and competitive market for
entertainment software. If ERTS trades below $44, could retest prior
low of $34-39.

HSY $60.88 -.38 (.38) Stock gave up .38 Tuesday (1/19) and
trading below key $62 benchmark. Tighten protective
stop to $62.25

LLY $79.50 1.50 (-1.50) A leading healthcare management
services provider recent topped out at its 52-week high of
$91.31 and showing classic signs of a failed rally trading
above its 50, 100 and 200-day moving averages. Sold off $1.75
after rallied over $6 last Wednesday. Stock now just trading
above key $77 benchmark. Tighten protective sell stop to
$80.25.

MCHP $33.38 1.75 (1.75) Stock gave up nearly $2 after being
downgraded by Alex Brown. Stock trading below consolidation
of $36-40. Tighten protective stop to $36.25

MRK $147.75 .63 (.63) Keep an eye on MRKs key benchmark
at $145. If MRK trades below this key benchmark, it could
re-test support at $136 at its 200-day moving average. Drugs
starting to see sector rotation after Fidelitys Magellan
Fund reported that MRK is among top 10 holdings.

PKN $94.00 -1.38 (-1.38) Beginning to sell off after consolidating
tightly in upper range ($90-98). We still anticipate a sell-off and
retracement to $86.

RMBS $87.25 2.25 (2.25). Stock traded lower today after the high
flying chip company whose technology speeds the action of Nintendo
game machines, said its near-term earnings faced a slowdown.

WLA $66.44 3.38 (3.38). Stock gapped down today after Salomon Smith
Barney downgraded stock. Stock now trading below key $67 support
benchmark. Tighten protective sell stop to $70.25.

******************
NEW CALL PLAYS
******************
F - Ford Motor Co. $63.94 (+1.94)

Everyone knows who Ford is and what they do, but did you also
know that Ford is not only the second largest producer of
cars and trucks but is one of the largest providers of
financial services in the world?

Not over twenty years ago, certain analysts had all but
the nails in the coffins of the U.S. Automobile Industry.
"A dying industry" it was said to be, "no innovation", a
"lack of direction", "inefficient".  Let's get back to reality.
Ford Motor Company has taken on a huge European market and
done quite well thank you.  Their recent acquisitions of an
aluminum stamping company, the assisting of Poland, which is
the second largest auto production country in Eastern and
Central Europe.  Plus recent media reports of Ford taking
a 10% stake in Nissan.  Almost forces you to take notice of
a company with all this potential.  We have and we are adding
Ford as a new play.

First call has Ford reporting earnings on this Thursday,
Jan. 21, while we don't recommend holding over earnings,
this play has a couple of more days of a possible run up to
the announcement.  If it posts a positive surprise, you may
want to consider jumping back in if you miss the run up.

BUY CALL FEB-60 F-BL OI= 944 at $4.87 SL=3.00
BUY CALL FEB-65 F-BM OI=1030 at $2.37 SL=1.00
BUY CALL MAR-60 F-CL OI=2980 at $6.00 SL=4.25
BUY CALL MAR-65*F-CM OI=1562 at $3.75 SL=2.50

Picked on Jan. 19th at $63.99         PE=11.71
Change since picked     +0.00         52 week low =$31.12
Analysts Ratings 3-8-5-1-2            52 week high=$66.50
Next earnings  01-21  estimate =  $1.25
Chart = http://quote.yahoo.com/q?s=F&d=3m

******************
NEW PUT PLAYS
******************

NONE

******************************************************************
COMBINATION PLAYS   Merger-mania dominates the telecom group...
******************************************************************
U.S. markets closed higher Tuesday and the Nasdaq hit a new record
high amid optimism about President Clinton's State of the Union
address tonight. The DOW closed up 14 points at 9355 after falling
significantly earlier in the session. Internet/Tech stocks soared,
driving the Nasdaq up 60 points to 2408.20. Traders said rounds of
program trading linked to stock index futures sent stocks lower in
the early part of the volatile session. Post-market earnings and
positive expectations forced investors to speculate in afternoon
trading and that led to a closing frenzy. Traders and analysts are
amazed that investors continue to demonstrate bullish sentiment on
Technology, Internet and Telecom issues.

Our portfolio was quite active, first the new plays: ABI was our
conservative bull-call spread (FEB45C/50C) and the prices near the
open were favorable at $2.87 debit. HUM was the calendar/time play
and the opening price for the MAY20C/FEB20C was $1.25. GMSTF moved
higher right away but there was an opportunity near 10 am to fill
the spread (FEB40P/45P) at $0.50. ELN surprised us with a morning
rally but the best we could manage without "legging" in was $0.75
credit for the FEB80C/75C bear-call spread. COF wandered for most
of the day, the average price for the FEB105P/110P credit spread
was $0.62.

Other activities: We closed the ATI (LEAPS/covered-calls) spread
just after the open for $9.50 credit. There just wasn't any reason
to risk a loss with a successful merger (shrinking volatility/time
values in the options) expected to occur. LU was another morning
exit and we closed the debit position for $3.00, (a $1.25 profit.)
FTL finally started moving again and the positive activity offered
an easy exit for our FEB15C/20C bull-call spread. A closing price
of $2.38 was available and after watching it fall last week, we
decided to take the safe route; $0.87 profit. LUV was up almost $2
at one point and the FEB22C/25C spread closed easily for $2.25 to
achieve a profit of $1.00. OXHP was a calendar position and we
opened the FEB20C at $1.25 against our existing MAY20C for a new
debit of $1.50. WCOM was another open calendar spread and we sold
the FEB75C for $5.25 to reduce the cost basis on our LEAP to $5.62.
NXTL was the final play and our GTC limit of $5.00 was filled near
the end of the day to close the call option. A profit of $2.12 was
the overall outcome for the position.

Other notable portfolio movers included: GM, up almost $5.00, SUNW
up almost $5 and CPQ was $3 higher on news of a possible Web-deal.

Today's plays are mostly speculative positions based on smaller
Internet and Telecom stocks. That's where the action is right now
and the speculation is fairly cheap...
******************************************************************
    - NEW PLAYS -
******************************************************************
PTEK - Premiere Technologies  $11.38   *** Internet IPO? ***

Premiere Technologies provides enhanced communications services.
PTEK services include 800-based services, voice messaging,
enhanced document distribution and conference calling. Recent
speculation and heavy option volume concerning some of the new
technology from the company. Some say it involves USA.net and the
ability to listen to your email messages and post email via voice
from any touch-tone telephone. PTEK's communications management
technology may be used for their mail engine. Others are betting
that PTEK ownership of Usa.Net and Web.Md will create revenue if
either company goes public. The recent hype of internet IPO's
make this a favorable speculation play, using current momentum
and taking advantage of overpriced options.

PLAY (speculative):

BUY  CALL MAR-12.50 TQO-CV OI=18   A=$1.68
SELL CALL FEB-12.50 TQO-BV OI=2010 B=$1.06
NET DEBIT TARGET=$0.50 TARGET ROI=100%

Chart = http://quote.yahoo.com/q?s=PTEK&d=3m
******************************************************************
OMPT - Omnipoint  $14.06     *** Telecom Takeover ***

Omnipoint offers digital personal communications services (PCS) to
16 million customers in the US as well as in 30 countries (via 45
international roaming partnerships) around the globe through GSM
(global systems for mobile communications) technology. Worldwide
PCS services are obtained by the use of a subscriber information
access card. Omnipoint also designs and sells phone handsets for
vendor partners including Ericsson, Mitsubishi, Motorola, Nokia,
Northern Telecom, Sagem, and Siemens. Just another small telecom
getting attention as the merger-mania continues. The short term
momentum has this stock over-extended but the risk is worth the
reward if it finds a partner. A March position gives us time to
sell-off some of the initial debit.

PLAY (speculative):

BUY  CALL MAR-15 QTT-CC OI=20   A=$2.25
SELL CALL FEB-15 QTT-BC OI=1156 B=$1.25
NET DEBIT TARGET=$0.87 ROI TARGET=75%

Chart = http://quote.yahoo.com/q?s=OMPT&d=3m
******************************************************************
SCUR - Secure Computing  $26.75     *** Positive Earnings? ***

Secure Computing Corporation designs, develops, markets and sells
complete network security solutions, including firewalls, filters,
authentication and network services. Earnings are due shortly and
the whisper number is moving higher. SCUR is expected to maintain
a 30-50% growth rate and now option interest is increasing with
rumors of a stock split. Paine Webber reiterated a "BUY" rating
with a conservative target of $30. The technical outlook is very
bullish with recent support around $20 and heavy buying pressure.

PLAY (very conservative/debit-spread):

BUY  CALL FEB-20 UQU-BD OI=62  A=$7.75
SELL CALL FEB-25 UQU-BE OI=298 B=$3.87
NET DEBIT TARGET=$3.50 ROI(max)=42%

Chart = http://quote.yahoo.com/q?s=SCUR&d=3m
******************************************************************
RHD - R. H. Donnelley  $17.68     *** Internet Yellow Pages ***

R. H. Donnelley is the largest marketer and publisher of yellow
pages advertising in the U.S. with operations in about 15 states.
The company is a spinoff from business marketing and purchasing
information provider Dun & Bradstreet. They sell yellow page ad
space to more than 500,000 small/midsized businesses and service
organizations. R. H. Donnelley services more than 275 directories
through contractual relationships with local telephone service
providers such as Ameritech, Bell Atlantic and Sprint. The company
is expanding into Internet marketing by selling advertising space
on electronic yellow page Web sites. The play is based on Internet
momentum and good technical support around $15.

PLAY (long-term/debit-spread):

BUY  CALL MAR-15.00 RHD-CC OI=0  A=$3.50
SELL CALL MAR-17.50 RHD-CW OI=50 B=$2.12
NET DEBIT TARGET=$1.25 ROI(max)=50%

Chart = http://quote.yahoo.com/q?s=RHD&d=3m
******************************************************************

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                      DISCLAIMER
*************************************************************
This newsletter is a publication dedicated to the education
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newsletter picks are not to be considered a recommendation
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Did I get Charles Johnson and Ahman Green?

---------------------- Forwarded by Michael W Morris/HOU/ECT on 11/03/2000
13:17 ---------------------------

Michael W Morris
11/01/2000 15:58
To: Martin Cuilla/HOU/ECT@ECT
cc:
Subject: Week 10

I want Charles Johnson PHI and put Kurt Warner STL on IR. I'll bid 15 for
Johnson.

I want Ahman Green GB and cut Tony Martin MIA , I'll bid 50 for Ahman.


FYI

WPS owns about 20 mw of Yarmouth 4 (often referred to as Wyman)  (9800 heat rate) in Maine and is making this indicative offer to CPs for cal 02...

$5 capacity payment plus actual fuel costs (#6, 0.7% sulfur) - they report a current bid at around $4.75

I have asked them to provide history of : forced outage, actual oil costs compared to index, reduced output due to congestion constraints (this last summer), and other information. Until we get this and other information I told them we could not properly evaluate the value of this opportunity.

Woody


It will be downtown, at the blue marlin. 4 ish be there  congress and main.

******************************************************************
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If you have received this email in error please notify the
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I am leaving now.  I will see you at my house at 12. Thank you so much!


How about adding the drop down for bandwidth trading?


Attached, please find the amended version of SBX 27 relating to direct
access which should be heard in Senate Appropriations on May 14.

http://info.sen.ca.gov/pub/bill/sen/sb_0001-0050/sbx1_27_bill_20010424_amended
_sen.pdf


Big whoop.
---------------------- Forwarded by Kay Mann/Corp/Enron on 12/07/2000 05:11
PM ---------------------------

	From:  Rebecca Walker                           12/07/2000 05:06 PM

To: Ben Jacoby/HOU/ECT@ECT
cc: Kay Mann/Corp/Enron@Enron

Subject: Coral Energy D&B

Ben

Here is the D&B on Coral Energy, L.L.C.

Rebecca
---------------------- Forwarded by Rebecca Walker/NA/Enron on 12/07/2000
05:02 PM ---------------------------

Cindy Irvin@ECT
12/07/2000 03:59 PM
To: Rebecca Walker/NA/Enron@Enron
cc:

Subject: Coral Energy D&B

Rebecca --
Greetings from eSource!

Attached is the D&B report you requested for Coral Energy.

Give a call with any questions or problems. Thanks!

Cindy -eSource
x3-4558


Choi Kap Ryong/HR & Admin Team
2000-11-10 01:41 PM
?I 789-6764

Dear Directors and Auditors:

  We request you to have written board meeting
  to  resolve  disposition of subordinated securities (20 bil)owned by SK Gas
in
  order to pay off corporate bond(20 bil).
  Through this, SK Gas can save 900 million Korean Won for 5 years and make
debt
  ratio down around 8%.
  You can find detailed explanation in attached files.
  It  is highly recommended for you to send your response  by e-mail (approve
or
  object) at your earliest convenience,
  because of the possible change of interest rate.
  If  there  is  any  objection  on this item from Board members, we will set
up
  conference call to discuss it.

  Sincerely Yours,

  K.R. Choi

  English     main  body   (See  attached  file:  E??oAA  -  AI??E,  ?-,???A?  (??1r??).
doc)
  attachment  (See attached file: AI??E,A??I (??1r).xls)
  Korean      main  body   (See  attached  file:  E??oAA  -  AI??E,  ?-,???A?  (???U??).
doc)
  attachment  (See attached file: AI??E,A??I (???U).xls)

 - E??oAA - AI??E, ?-,???A? (??1r??).doc
 - AI??E,A??I (??1r).xls
 - E??oAA - AI??E, ?-,???A? (???U??).doc
 - AI??E,A??I (???U).xls


Brian, Karen Gruesen, and I had a discussion this morning with Bridgeline.  We agreed that they owed and would pay the lease fees, but  the remainder of the charges were not subject to reimbursement.  The only issue was would they reimburse us or pay Dow directly.  They are concerned about netting issues.

 -----Original Message-----
From: 	Zisman, Stuart
Sent:	Friday, December 07, 2001 10:23 AM
To:	Nemec, Gerald
Cc:	Redmond, Brian; Miller, Don (Asset Mktg)
Subject:	RE: Dow Invoice

Who keeps the books for Bridgeline?  In other words, how can we find out if they have paid their $1,000,000?  Please let me know.

 -----Original Message-----
From: 	Nemec, Gerald
Sent:	Thursday, December 06, 2001 4:50 PM
To:	Gruesen, Karen
Cc:	Zisman, Stuart; Redmond, Brian
Subject:	Dow Invoice

I have reviewed the Dow Agreement wrt to the Dow Invoice Dated November 29, 2001 and have found the following

1.  2Q Lease Fee - $115,000
    3Q Lease Fee - $195,500.

Section 3.3 of the Agreement (as amended) provides for a lease fee of $25,000 per BCF based on 4.6 BCF until the date that gas injections begin in Enron's well (which was July 31, 2001) and a fee of $50,000 per BCF based on 4.6 BCF thereafter.  The fees are assessed per calendar quarter.  The above fees look to be OK.

2.  Final Mining Fee - $23,362.40
     Final Land Purchase Offset - ($47,013.75)

Section 6.5 through 6.8 of the Agreement provide for a detailed calculation of the Brine Fee due Dow based on the amount of salt removed from Enron's new well and a corresponding credit back to Enron for the conveyance of a 57.865 acres tract of land to Dow from Enron.  The credit is also based on the amount of Salt removed from Enron's new well.  Dow should provide detail on the salt removed and someone would need to go through the calcs in 6.5 through 6.8 to verify the above charges.

3.  Power Credit Adjustment - $16,500

I find no basis for this in the contract.

Under Schedule 3 to the Bridgeline Holdings, L.P. partnership agreement, Bridgline is obligated to bear all obligations under the Dow Agreement up to a maximum of $1,000,000 per year.  So Bridgeline should be paying these costs, assuming they haven't already paid up to $1,000,000.

Let me know if you have any questions.


This in an automated e-mail sent out from the Commissioner.COM
web site.  Do not reply to this e-mail, but instead please visit
your league's site at http://football.commissioner.com/ene

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

Grigsby / Sturm requests the following transaction:.

  Drop John Carney.
  Add Jason Hanson.

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

To approve this transaction, please go to your web site and
select Transactions, Requests in the Front Office.


From: "Chet Daulat" <csdaulat@hotmail.com>
To: toothdoccd@aol.com
CC: dgioffre@hotmail.com
Subject: Fwd: FW: few pics
Date: Fri, 10 Dec 1999 15:59:19 EST

>From: "amol shah" <amol70@hotmail.com>
>To: SBARN0516@aol.com, dmw75@aol.com, BMW1LT@aol.com, aptucker@hotmail.com,
>glandon1@hotmail.com, malu20@hotmail.com, abatra0671@aol.com,
>adharia@pol.net, arzink@hotmail.com, andy.smith@capitalone.com,
>andybako@aol.com, csdaulat@hotmail.com, clint@tir.com,
>seouldave@hotmail.com, IEWhit@msn.com, hbd_99@yahoo.com,
>bewaretheidesofmarch@yahoo.com, johnhuffman@cs.com,
>kmduckworth@hotmail.com, rufus828@gateway.net,
>kurtis.erickson@indsys.ge.com, leeflem@aol.com, tgarner376@aol.com,
>mahoney@idsmail.com, MykePM@aol.com, nchitalia@awarena.com,
>samsong@medisun.ucsfresno.edu, shansam@erols.com, vineshdharia@yahoo.com
>Subject: Fwd: FW: few pics
>Date: Fri, 10 Dec 1999 11:45:38 KST
>
>
>
>-
>>>
>>>
>>> > >A little old lady, well into her eighties, slowly enters the front
>>>door
>>> > >of
>>> > >an
>>> > >erotic sex shop.  Obviously very unstable on her feet, she shakily
>>> > >hobbles
>>> > >the
>>> > >few feet across the store to the counter.  Finally arriving at the
>>> > >counter
>>> > >and
>>> > >grabbing it for support, she asks the sales clerk: "Ddddooo youuuu
>>> > >hhhave
>>> > >ddddildosss?"
>>> > >
>>> > >The clerk, politely trying not to burst out laughing, replies: "Yes
>>>we
>>> > >do
>>> > >have
>>> > >dildos.  Actually we carry many models."
>>> > >
>>> > >The old woman then asks: Dddddoooo yyyouuuu hhhave aaa pppinkk one,
>>> > >tttenn
>>> > >inchessss lllong aaandd aabboutt tttwoo inchesss thththiiickkk?"
>>> > >
>>> > >The clerk responds, "Yes we do".
>>> > >
>>> > >"Ccccccannnn yyyyouuuu tttelll mmmmeeee howwww ttttoooo ttturrrnnn
>>>ttthe
>>> > >
>>> > >ffuucccckkkkinggg ttthingggg offffff?"
>>> > >
>>> > >
>>> >
>>> > ______________________________________________________
>>> > Get Your Private, Free Email at http://www.hotmail.com <<Toabad.jpg>>
>>> > <<Hand_Lotion_1.jpg>>  <<milking.jpg>>  <<pay back time.gif>>
>>> > <<THREESOM.jpg>>  <<Fairy Godmother.jpg>>

______________________________________________________
Get Your Private, Free Email at http://www.hotmail.com
 - Toabad.jpg
 - Hand_Lotion_1.jpg
 - milking.jpg
 - pay back time.gif
 - THREESOM.jpg
 - Fairy Godmother.jpg


Ed:  Please make sure that Susan knows the effective date of the assignment
and that you are comfortable with having captured all outstanding trades as
of that date.  Thanks.  Sara

Sara Shackleton
Enron North America Corp.
1400 Smith Street, EB 3801a
Houston, Texas  77002
713-853-5620 (phone)
713-646-3490 (fax)
sara.shackleton@enron.com

	Edward Sacks@ENRON
	01/11/2001 04:27 PM

		 To: Bob Bowen/HOU/ECT@ECT, Susan Bailey/HOU/ECT@ECT, Sara
Shackleton/HOU/ECT@ECT, William S Bradford/HOU/ECT@ECT, Tracy
Ngo/PDX/ECT@ECT, Wendy Conwell/NA/Enron@ENRON
		 cc:
		 Subject: Calpine Natural Gas Company Assignment to Calpine Energy Services,
L.P.

We are currently in the process of preparing contracts to assign all of our
financial transactions with Calpine Natural Gas Company to the ISDA with
Calpine Energy Services, LP.  The following is a listing of the transactions
by ID:

NT9757.1
NT3576.1
NT3576.2
NT9825.1
NH4646.1
NH8862.1
NT3576.1
NT3576.2
NT9757.1
NT9825.1

Bob is in the process of gathering deal date information and will provide
this to Susan on Friday (tomorrow morning).  As I have mentioned to you, the
results of this transfer will reduce our exposure by approximately $27MM.
Comments or questions, please call.

Rgds,
Ed Sacks
x5-7712


Mark,

Pls. find attached, a basic proposal outlining our terms of agreement with PH
Energy Analysis.  We will need to structure a contract around these terms.
In addition to the changes I've marked on the attachment, we need to add some
clause to define exclusivity - where any content they publish cannot be
published via a competing online site (in case they migrate to real-time
coverage at a later date or add new content categories).  They will be
allowed to sell directly to all potential customers - just not for
redistribution outside the customer companies.

All fees are quoted in US dollars and are flat, regardless of the number of
customers we have.  Dale Surbey, our head of structuring in London,  has
helped define PPI for fee escalation next year, and we should use his
definition verbatim in our contract.

Ideally, we should get a contract out to (and signed) by Heren ASAP as he's
on vacation for 2 weeks, and we'd like to lay this to rest.

Louise/Jonathan, if you guys have any comments or suggestions, please feed
them to me at your earliest so we can include those in our language.

Regards,
Rahil

N.B.  Jonathan, thanks again for helping us out with this one and spending an
hour-and-a-half with Patrick.


---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 08/24/2000
04:11 PM ---------------------------

	Enron Investment Partners

	From:  Mark Lay                           08/22/2000 10:35 AM

To: Vince J Kaminski/HOU/ECT@ECT, Philippe A Bibi/HOU/ECT@ECT
cc:
Subject: Seeking Intelligent Insight

It looks to me like the market for distributed computing will displace heavy
iron within the next several years.  The structure is still very early in its
development, but I think there will be commercial opportunities for Enron in
bandwidth and electricity.  I would be interested to know what issues you two
would see as the greatest hinderences and possibilities for these markets.
If you would like, please feel free to comment on the attached documents.

Thanks,
Mark


HTTP/1.1 200
Server: Netscape-Enterprise/3.6 SP2
Date: Thu, 12 Apr 2001 10:39:06 GMT
Content-type: text/x-oasis-csv
Connection: close

REQUEST_STATUS=200
ERROR_MESSAGE=
TIME_STAMP=20010412053907PD
VERSION=1.4
TEMPLATE=transstatus
OUTPUT_FORMAT=DATA
PRIMARY_PROVIDER_CODE=SPP
PRIMARY_PROVIDER_DUNS=959415852
RETURN_TZ=PD
DATA_ROWS=1
COLUMN_HEADERS=CONTINUATION_FLAG,ASSIGNMENT_REF,SELLER_CODE,SELLER_DUNS,CUSTOM
ER_CODE,CUSTOMER_DUNS,AFFILIATE_FLAG,PATH_NAME,POINT_OF_RECEIPT,POINT_OF_DELIV
ERY,SOURCE,SINK,CAPACITY_REQUESTED,CAPACITY_GRANTED,SERVICE_INCREMENT,TS_CLASS
,TS_TYPE,TS_PERIOD,TS_WINDOW,TS_SUBCLASS,NERC_CURTAILMENT_PRIORITY,OTHER_CURTA
ILMENT_PRIORITY,START_TIME,STOP_TIME,CEILING_PRICE,OFFER_PRICE,BID_PRICE,PRICE
_UNITS,PRECONFIRMED,ANC_SVC_LINK,ANC_SVC_REQ,POSTING_REF,SALE_REF,REQUEST_REF,
DEAL_REF,IMPACTED,COMPETING_REQUEST_FLAG,REQ
UEST_TYPE,RELATED_REF,NEGOTIATED_PRICE_FLAG,STATUS,STATUS_NOTIFICATION,STATUS_
COMMENTS,TIME_QUEUED,RESPONSE_TIME_LIMIT,TIME_OF_LAST_UPDATE,PRIMARY_PROVIDER_
COMMENTS,SELLER_REF,SELLER_COMMENTS,CUSTOMER_COMMENTS,SELLER_NAME,SELLER_PHONE
,SELLER_FAX,SELLER_EMAIL,CUSTOMER_NAME,CUSTOMER_PHONE,CUSTOMER_FAX,CUSTOMER_EM
AIL,REASSIGNED_REF,REASSIGNED_CAPACITY,REASSIGNED_START_TIME,REASSIGNED_STOP_T
IME
N,SPP
01007389,SPP,959415852,EPMI,848921276,N,CONTROL/HILLTOP,SVR55,HIL345,"CISO","P
ACE",12,12,HOURLY,NON-FIRM,POINT_TO_POINT,PEAK,FIXED,W/O ANCILLARY
SRVCS,1,,20010412060000PD,20010412220000PD,6.9000,6.9000,6.9000,MW-HR,Y,SC:(SP
P:RQ);,SC:M;,,,,,0,N,ORIGINAL,,,QUEUED,MAILTO:mark.guzman@enron.com;,,20010412
033801PD,20010412040800PD,20010412033801PD,,,,,Carolyn
Bonari,(775)834-4180,(775)834-4296,sppc.oasis@sppc.com,Don
Norman,,(503)464-3740,lester.rawson@enron.com,,,,


Sorry about that.  Gotta go to a meeting.  Give Muffy a hug for me.


Dear Mary Hain :

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If you received this e-mail in error or would like to be removed,  PLEASE
CLICK HERE
0001026033


Isabel,

I'm waiting on Delta to give me language concerning a performance guarantee
adjustment for site conditions before turning the execution version.

The GE parent guaranty and LOC are in the all the earlier versions I sent,
and remain unchanged.  Please let me know if you don't have the earlier
versions.

Kay

"PARKER, Isabel" <isabel.parker@freshfields.com> on 04/18/2001 06:07:33 PM
To: "'Kay.Mann@enron.com'" <Kay.Mann@enron.com>
cc: "O'BRIEN, Lisa" <lisa.obrien@freshfields.com>

Subject: RE: Revised language relating to payment

This e-mail is confidential and may well also be legally privileged. If you
have received it in error, you are on notice of its status.  Please notify us
immediately by reply e-mail and then delete this message from your system.
Please do not copy it or use it for any purposes, or disclose its contents to
any other person:  to do so could be a breach of confidence.  Thank you for
your co-operation.  Please contact our
IT Helpdesk on +44 (0) 20 7936 4000 Ext.2000 or email ITHelp@freshfields.com
if you need assistance.

Kay
Do you know when we might receive a revised Turbine Contract?  The lenders
would like to review the GE parent guarantee.
Thank you
Isabel

-----Original Message-----
From: Kay.Mann@enron.com [mailto:Kay.Mann@enron.com]
Sent: Wednesday, April 18, 2001 11:11 AM
To: rvicens@deltapower.com; gregorylang@paulhastings.com;
iparker@freshfields.com
Cc: Stephen.Thome@enron.com; Jake.Thomas@enron.com; ccampbell@kslaw.com;
jkeffer@kslaw.com
Subject: Revised language relating to payment

The following language/numbers are acceptable to GE:

6.1.2     Payment Schedule.
|-----------------+-----------------|
|   Payment Date  |  Payment Amount |
|-----------------+-----------------|
| April 30, 2001  |$50,234,000      |
|-----------------+-----------------|
|                 |                 |
|-----------------+-----------------|
|                 |                 |
|-----------------+-----------------|
|            TOTAL| $50,234,000     |
|-----------------+-----------------|

Such April 30th payment shall constitute full and final payment for the
Units, except that Purchaser shall be responsible for the payment of any
and all amounts associated with any Change Order after the Effective Date.
The final payment is also subject to Section 6.1.3.

The form of the letter of credit is included as an exhibit to the turbine
contract (exhibit D) and the form of GE parent guarantee is attached as
Exhibit C-1.

Kay


---------------------- Forwarded by Jane M Tholt/HOU/ECT on 06/14/2000 08:12
AM ---------------------------

"Healy, William H." <HealyW@EPEnergy.com> on 06/13/2000 02:26:54 AM
To: "Bautista, Larry L." <BautistaL@EPEnergy.com>, "'ALEX GOLDBERG'"
<agoldberg@lgl.twc.com>, "'ANDREW KOLESAR'" <abk@sloverandloftus.com>,
"'BARBARA JOST'" <bjost@huberlaw.com>, "'BARRY GRAY'" <bgray@epelectric.com>,
"'BOB GRAY'" <bgray@cc.state.az.us>, "'BRUCE CONNELL'"
<bruce.a.connell@usa.conoco.com>, "'CARLA JOHNSON'"
<carla.j.johnson@usa.conoco.com>, "'CAROLYN CORWIN'" <ccorwin@cov.com>,
"'CARRIE SAFFORD'" <csafford@mbolaw.com>, "'CATHY BULF'" <cbulf@oneok.com>,
"Cox, Robin" <CoxR@EPEnergy.com>, "'CURT BRECHTE'" <cbrechte@apsc.com>,
"'DARRYL SMETTE'" <darryl.smette@dvn.com>, "'DAVID CLARK'"
<dclark@sempra.com>, "'DAVID HUARD'" <dlh@jmbm.com>, "'DAVID I. BLOOM'"
<dbloom@mayerbrown.com>, "'DEBBIE SWANSTORM'" <daswanstrom@verner.com>,
"'DEBRA BOLTON'" <debra.bolton@bakerbotts.com>, "'DIANE MCVICKER'"
<dbmcvick@srpnet.com>, "'DONALD G. AVERY'" <dga@sloverandloftus.com>,
"'DONALD W. PETERSEN'" <dwp9@pge.com>, "'DONNA FULTON'" <dfulton@enron.com>,
"'DOUG CANTER'" <dmcwash@mshpc.com>, "'DOUG SCHANTZ'"
<doug_schantz@kmmktg.com>, "'DOUGLAS K. PORTER'" <porterdk@sce.com>, "'ED
ROSS'" <earo@dynegy.com>, "'ELISABETH R. MYERS-KERBAL'"
<emyerskerbal@shb.com>, "'ERIC EISENMAN'" <exe3@pge.com>, "'FRANK LINDH'"
<frl3@pge.com>, "'GERARDO ESPINOSA'" <gespinosa@gas.pemex.com>, "'GORDON
SMITH'" <gsmith@jhenergy.com>, "'HARVEY MORRIS'" <hym@cpuc.ca.gov>, "'JAMES
MCGREW'" <jhmcgrew@brugen.com>, "'JAMES MORIARTY'" <jmoriarty@fw-law.com>,
"'JANE THOLT'" <jane.m.tholt@enron.com>, "'JANICE ALWARD'"
<jalward@cc.state.az.us>, "'JOANN RUSSELL'" <joann.russell@et.pge.com>,
"'JOEL L. GREENE'" <jlgreene@energyadvocates.com>, "'JOHN GREGG'"
<jgregg@mbolaw.com>, "'JOHN HESTER'" <john.hester@swgas.com>, "'JOHN P.
ARMATO'" <jpa3@pge.com>, "'JOHN P. BEALL'" <bealljp@texaco.com>, "'JOHN R.
STAFFIER'" <jstaffier@sdsatty.com>, "'JUDY JOHNSON'" <jaheineman@aol.com>,
"'JUNE SUWARA'" <jsuwara@sempra.com>, "'KAREN TOMCALA'"
<karen.tomcala@pge-corp.com>, "'KARYL LAWSON'" <karyl_lawson@kmmktg.com>,
"'KATHIE EDWARDS'" <kbedwards@gkrse-law.com>, "'KATHLEEN L. MAZURE'"
<klm@dwgp.com>, "'KAY KERN'" <kernks@sce.com>, "'KEITH MCCREA'"
<kmccrea@sablaw.com>, "'KELLY A. DALY'" <kadaly@moheck.com>, "'KEVIN LIPSON'"
<kjlipson@hhlaw.com>, "'KIM M. CLARK'" <kclark@jhenergy.com>, "'L PERSON'"
<l.person@czn.com>, "'LARRY BLACK'" <llblack@ibm.net>, "'LUIS MANUEL
PADILLA'" <lpadilla@gas.pemex.com>, "'M BERGERN'" <mbergero@czn.com>, "'MARIA
OROPEZA'" <oro@cpuc.ca.gov>, "Mitchell, Mark T." <MitchellM2@EPEnergy.com>,
"'MARK W. SCHWIRTZ'" <mschwirt@aepnet.org>, "'MIKE MCELRATH'"
<mmcelrath@phelpsdodge.com>, "'NORMAN PEDERSEN'" <napedersen@jonesday.com>,
"'PATRICIA ANDERSON'" <pat.anderson@southernunionco.com>, "'PATRICK BROWN'"
<pabrown@socalgas.com>, "'PATRICK G. GOLDEN'" <pgg4@pge.com>, "'PAUL KEELER'"
<pkeeler@br-inc.com>, "'PENNY BARRY'" <barryp@bp.com>, "'PETE FROST'"
<pete.frost@usa.conoco.com>, "'PETER CERVIN'" <pcervin@br-inc.com>, "'RANDY
RICH'" <rrich@bracepatt.com>, "'REBECCA CANTRELL'"
<rebecca.w.cantrell@enron.com>, "'RICHARD JORDAN'"
<richard.jordan@swgas.com>, "'RICHARD STAPLER'"
<richard.stapler@williams.com>, "'ROB DAVIS'" <redavis@sempra.com>, "'ROBERT
FOSS'" <rfoss@coral-energy.com>, "'SANDRA ROVETTI'" <sjs@cpuc.ca.gov>,
"'SARAH TOMALTY'" <seto@dynegy.com>, "'SHERRI BOOYE'" <sbooye@skadden.com>,
"'SHERRI L. BOOYE (2)'" <nizra@earthlink.net>, "'STEVE KEEHN'"
<skeehn@sempra.com>, "'STEVE TARPEY'" <tarpeysp@bp.com>, "'SUSAN GINSBERG'"
<susan.ginsberg@coastalcorp.com>, "'TED MCMURTRIE'"
<edward.mcmurtrie@swgas.com>, "'TOM CARLSON'" <tcarlson@apsc.com>, "'TOM
ROTH'" <tom.roth@et.pge.com>, "'VIRGIL SPURGEON'" <vrspurg@ppco.com>, "'WAYNE
ELLIS'" <wayne.ellis@williams.com>, "'WILLIAM S. SCHERMAN'"
<wscherma@skadden.com>
cc: "Clark, Al W." <ClarkA@EPEnergy.com>, "Ferguson, Michael D."
<FergusonM@EPEnergy.com>, "Shelton, Patricia A." <SheltonP@EPEnergy.com>,
"Derryberry, Richard L." <DerryberryR@EPEnergy.com>, "Tomlinson, Robert T."
<TomlinsonR@EPEnergy.com>
Subject: RE: EPNG Settlement Proposal

As promised during today's meeting, attached is a file containing some data
on the quantity of gas physically flowing out of each of the receipt basins
for the period 1998 through June 8, 2000.  The data was taken from the VISA
system (note the index numbers on the spreadsheet) and is presented
graphically and as tabular values.

The flow west on the southern system is shown as the sum of west flow
through Pecos River and Waha stations less the east flow from Cornudas.
This represents the net volume flowing west from Cornudas Station into the
combined low and high pressure southern systems.  It eliminates the volumes
moved east to Waha for delivery into the Texas intrastate pipelines at Waha.

 <<Basin Receipts.xls>>

> Bill Healy
> (915) 496-2144
> healyb@epenergy.com

******************************************************************
This email and any files transmitted with it from El Paso
Energy Corporation are confidential and intended solely
for the use of the individual or entity to whom they are
addressed. If you have received this email in error
please notify the sender.
******************************************************************

 - Basin Receipts.xls


Dear Louise,
	I just finished watching the All Employee Meeting, from my computer in Mexico.
I was very pleased to hear the question on Mexico being asked, and see your performance at answering it.
	Yes, we will do what you said, and more!
	Best regards,	jaime____


Kay:

Can you get executed documents back to me on Tuesday?  Greg has requested
that we send the original membership certificate representing the 80%
interest to the collateral agent Tuesday night by overnight delivery to hold
in escrow until closing, in order that the collateral agent is in possession
of the certificate (for purposes of legal opinions) upon closing on
Wednesday.  Greg is planning to fax signature pages of all of their closing
documents later today.  (I will be out of the office at a meeting with
another client most of the afternoon today).

There is one last question with GE dealing with the letter of credit for the
retention amount, as this affects our disbursement instruction letter.  I
advised Greg that GE's normal practice was to send the retention L/C after
receipt of payment.  He is considering this, but may want to talk to GE
about the ability to present the L/C at closing.  Do you have any thoughts
on this?

Carolyn M. Campbell
King & Spalding
713-276-7307 (phone)
713-751-3280 (fax)
ccampbell@kslaw.com <mailto:ccampbell@kslaw.com>

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


Jana,

Thanks for your message. I have recovered from my trip over
the weekend. I was waiting for my flight till early morning hours on Saturday.
I wasn't dressed for a chilly night at  La Guardia and came back with a
slight cold.

Houston Intercontinental got a lot of rain as well. The place was full of
stranded passengers sleeping on the floors. The roof was leaking at a few
places
and there were pools of water everywhere.

Sat, June the 3rd will work for me. Hope to see you then.

Vince

Jlpnymex@aol.com on 05/22/2000 09:34:34 AM
To: vkamins@enron.com
cc:
Subject: trip

Vince,
I am sorry you had such a terrible return trip.  I hope you are feeling
better.  We got your message and understood completely.

Unfortunately, we are not available this Saturday.  We have company coming in
town.

Maybe, Saturday, June 3?  Let me know.

Jana


Kaye:  Can this be printed on legal?
----- Forwarded by Sara Shackleton/HOU/ECT on 07/10/2000 04:18 PM -----

	Melissa Ann Murphy
	07/10/2000 02:58 PM

		 To: Sara Shackleton/HOU/ECT@ECT
		 cc:
		 Subject: Financial Deals (last two weeks)

Hi Sara, here is a spreadsheet of the power financial trades we have done for
the last two weeks.

Thanks,
Melissa
3-1886


Tana,
RedMeteor verbally told me that they no longer have the dot com extension on
their name.  Other than that this LOI seems fine and is acceptable to send to
the customer.

Thanks again,

-Dan


Beginning May 1, 2000, International SOS will be the exclusive provider of
travel and medical emergency assistance for EnronAssistance.  As an
international business traveler, you are automatically covered by this
comprehensive program which provides services related to unexpected travel
and medical emergencies. Highlights of the services provided by International
SOS include:

24-hour Access Worldwide
Referrals to Primary Care Physicians & Hospitals
Referrals to Medical Specialists
Dental Referrals
Prescription Transfer or Emergency Shipment of Medication or Blood Supply
(where legally allowed)
Emergency Medical Transportation
Medical Monitoring
Guarantee of Medical Expenses
Return of Mortal Remains
Emergency Cash Assistance
Legal Assistance
General Travel Assistance Information Services
Vaccination Recommendations
EAP Referrals
Emergency Telephone Assistance
Claims Handling & Assistance

You will receive a new wallet card through company mail within the next few
days.  Please destroy your current card and replace it with the new wallet
card upon receipt.  You may contact International HR - Planning &
Administration Services at any time with your comments or concerns via phone
at 1.713.646.9678 or via e-mail to linda.hallmark@enron.com.


There will be a video conference meeting today from 11 to 12 central time.  If you have any questions let me know.

Thanks,
Jessica


[INFO] -- Content Manager:
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If you receive this message in error, please immediately delete it and
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deal at any price quoted.
Any reference to the terms of executed transactions should be treated as
preliminary only and subject to our formal written confirmation.

As requested.? Thanks  again and I look forward to hearing from you shortly.
?

Jacqueline  Didier
Legal and Compliance  Department
CREDIT | FIRST
SUISSE | BOSTON
Phone: 212-325-4129
Fax: 212-325-8220

 - 003680726.DOC
 - Didier, Jacqueline.vcf


Thursday, May 3, 2001

Dear MATHEW,

Travelocity's Fare Watcher, your ultimate tool for keeping on top of
rapidly changing air fares, found fare changes in 1 of the markets
you are watching.  When you review the airfares below, remember that
fares change rapidly!  Low fares sell out quickly, and the sooner you
check, the more likely you are to find available seats.

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

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

http://dps1.travelocity.com:80/fwemindiv.ctl?fw=05J9G74|TRAVELOCITY

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

*  IAH-SFO   FROM: HOUSTON-BUSH INTERCO (IAH)
             TO:   SAN FRANCISCO, CA (SFO)
   PRICE:    NEW PRICE      WAS      DIFFERENCE
             ---------    -------    ----------
             $249.00      $361.00     -$112.00

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

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

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VACATION DEALS! Hot deals to the Caribbean, LAs Vegas, and more!
Check out our daily offerings of deals for vacation packages and tours.
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=====================   CUSTOMER SERVICE  ==================

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

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

HOW DO I:

* CHANGE OR CANCEL MY SUBSCRIPTION TO FAREWATCHER EMAIL?-

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

* ?PDATE MY EMAIL ADDRESS?

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

* RETRIEVE MY PASSWORD?

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


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.

Crude     http://www.carrfut.com/research/Energy1/crude23.pdf
Natural Gas     http://www.carrfut.com/research/Energy1/ngas23.pdf

Jan WTI/Brent Spread
http://www.carrfut.com/research/Energy1/clf-qof.pdf
Jan Heat Crack     http://www.carrfut.com/research/Energy1/heatcrack.pdf
Jan Gas Crack     http://www.carrfut.com/research/Energy1/gascrack.pdf
Dec/May Heat Spread     http://www.carrfut.com/research/Energy1/hoz-hok.pdf
Jan/Feb Heat Spread     http://www.carrfut.com/research/Energy1/hof-hog.pdf
Dec Gas/Heat Spread     http://www.carrfut.com/research/Energy1/huz-hoz.pdf
Feb Gas/Heat Spread     http://www.carrfut.com/research/Energy1/hug-hog.pdf
Dec/Mar Unlead Spread
http://www.carrfut.com/research/Energy1/huz-huh.pdf

Nat Gas Strip Matrix
http://www.carrfut.com/research/Energy1/StripmatrixNG23.pdf
Nat Gas Spread Matrix
http://www.carrfut.com/research/Energy1/SpreadmatrixNG23.pdf

Crude and Products Spread Matrix
http://www.carrfut.com/research/Energy1/SpreadmatrixCL23.pdf


it's like a big shit sandwich--every day is just another bite.  Keep me in mind when you're VP of Pacificorp--we want to come back to Portland!

 -----Original Message-----
From: 	Crandall, Sean
Sent:	Thursday, November 29, 2001 10:09 AM
To:	Miller, Jeffrey
Subject:	RE: What is up dude?

Miller!

For the love of JESUS!  How are you.  What's up with the layoffs?  Absolutely amazing.  I have seen it all now.

 -----Original Message-----
From: 	Miller, Jeffrey
Sent:	Thursday, November 29, 2001 7:43 AM
To:	Crandall, Sean
Subject:	What is up dude?

Can you believe this?  I was hoping to call but the "peoplefinder" isn't working now.  I was hoping to hear "FOR THE LOVE OF GOD!!!" one more time.

Miller


No hurry, but it would be great if you could write a letter of reference to this recruiter whenever you get a chance.  Her name is Kristi Thorson and her email address is kthorson@rdstx.com.  Thanks.

Stephanie

Stephanie Hopkins
Enron Net Works
Risk Management
(713) 853-5211


Here is my breakdown for the number of 890,000:

California Energy Hub Sale  702,122
Golden Gate Purch liq(N09325.3) 2,406,375
Pacific Gas & Electric Sale Liqs  (2,231,985)

Support to follow


Reservation status has changed. Details of the reservation are listed below:
ASSIGNMENT_REF = 30463
SELLER_CODE = AZPS
SELLER_DUNS = 958982563
CUSTOMER_CODE = EPMI
CUSTOMER_DUNS = 848921276
AFFILIATE_FLAG = 0
PATH_NAME = W/AZPS/AZPS-AZPS/FOURCORNE345 - PNPKAPS230//
POINT_OF_RECEIPT = FOURCORNE345
POINT_OF_DELIVERY = PNPKAPS230
SOURCE = FOURCORNERS
SINK = PNPK
CAPACITY = 25
CAPACITY_REQUESTED = 25
SERVICE_INCREMENT = HOURLY
TS_CLASS = FIRM
TS_TYPE = POINT_TO_POINT
TS_PERIOD = OFF_PEAK
TS_WINDOW = FIXED
TS_SUBCLASS = WHEEL
NERC_CURTAILMENT_PRIORITY = Nerc Priority 1
OTHER_CURTAILMENT_PRIORITY = Default
START_TIME = 05/19/2002
STOP_TIME = 05/20/2002
CEILING_PRICE = 1.95
OFFER_PRICE = 1.95
BID_PRICE = 1.95
PRICE_UNITS = $/mW
PRECONFIRMED = YES
ANC_SVC_LINK = N/A
ANC_SVC_REQ = N/A
POSTING_REF = 0
SALE_REF =
REQUEST_REF =
DEAL_REF =
NEGOTIATED_PRICE_FLAG =
STATUS = CONFIRMED
STATUS_NOTIFICATION = lisa.gang@enron.com
STATUS_COMMENTS =
TIME_QUEUED = 05/17/2002

TIME_OF_LAST_UPDATE = 05/17/2002
PRIMARY_PROVIDER_COMMENTS =
SELLER_COMMENTS =
CUSTOMER_COMMENTS = FOR INFO PLEASE CALL(503) 464-5070
SELLER_NAME = AZPS
SELLER_PHONE = 602.250.1128
SELLER_FAX = 602.250.1155
SELLER_EMAIL = oasisadm@apsc.com
CUSTOMER_NAME = Enron Power Marketing, Inc.
CUSTOMER_PHONE = (713)853-3801
CUSTOMER_FAX = (713)646-8272
CUSTOMER_EMAIL = bill.rust@enron.com
REASSIGNED_REF = 0
REASSIGNED_CAPACITY = 0


Ted, Anjam's and myself's meeting at MG in NY office on 7/20/00 was
productive.
I am working on a summary of this discussions (1a version layout)
and will send it to you after consulting with Anjam.

Regards,

Tanya.


Wine & Dine from NYTimes.com
Wednesday, October 24, 2001
--------------------------------

A Passport to Home

1. Main Course: In Cookbooks, a Passport Home, Wherever That May Be
2. Recipe of the Week: Combining Fire and Rice, and a Few Choice Flavors
3. Wine List: Trivial Pursuit That Goes to Your Head
4. NYC Restaurants: A Supercool Setting, but a Warm Welcome
5. Knowledge Sharing: Green Tomatoes, Beyond Fried

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1. Main Course: In Cookbooks, a Passport Home, Wherever
That May Be
===================================================

A number of new cookbooks, filled with recipes that seem
at once familiar and new, give you all you need to satisfy
a yearning to feed others. Amanda Hesser discusses some of
the best, and includes selected recipes.
http://www.nytimes.com/2001/10/24/dining/24BOOK.html?rd=hcmcp?p=041IN8041IMH44iiz012000mN97rN9Rx

-----

On Menus Everywhere, a Big Slice of Patriotism

The entire city has been swept away by a tide of patriotic
sentiment, writes William Grimes, and those engaged with
food are no exception.
http://www.nytimes.com/2001/10/24/dining/24NOTE.html?rd=hcmcp?p=041IN0041IMH44iiz012000mN97rN9Rx

2. Recipe of the Week: Combining Fire and Rice, and a Few
Choice Flavors
===================================================

Pilaf is far easier to make than risotto, it is equally
delicious, and it is capable of producing scores of spin-
offs. Mark Bittman provides recipes for basic pilaf, plus
a set of wonderful variations.
http://www.nytimes.com/2001/10/24/dining/24MINI.html?rd=hcmcp?p=041IMz041IMH44iiz012000mN97rN9Rx

-----

Gelee: So Chic, So French, So Slippery

This recipe for crab salad with Apple gelee mixes Jell-O's
very sophisticated Gallic sister with the tanginess of
apples and the softness of crab.
http://www.nytimes.com/2001/10/24/dining/242GREX.html?rd=hcmcp?p=041IN1041IMH44iiz012000mN97rN9Rx

3. Wine List: Trivial Pursuit That Goes to Your Head
===================================================

The Shafer Line on Wine newsletter, from Shafer Vineyards
in the Napa Valley, offers no harvest reports, no tales of
the winery cat, not even a single obvious plug for Shafer
wines. And that, says Frank J. Prial, is a good thing.
http://www.nytimes.com/2001/10/24/dining/24WINE.html?rd=hcmcp?p=041IMx041IMH44iiz012000mN97rN9Rx

-----

Wine picks: Leslie Sbrocco's Cellar Suggestions

The adage "what's old is new again" certainly holds true
for wine as grape varieties synonymous with Old World
wines are thriving in the New World. Pinot noir, the grape
responsible for red Burgundy, is causing a buzz in New
Zealand; syrah, a star in France's Northern Rhone region,
is rising to new heights in Chile; and barbera, a staple
of Italy's Piedmont region, has found a home in
California's Gold Country.

1999 Lynskeys Wairau Peaks, Pinot Noir
Marlborough, New Zealand
$33 -- Can the promise of pinot noir be realized in New
Zealand? The quality has been unpredictable over the past
few years, but this bottling shows the potential of the
grape in cool-climate Marlborough. The ripe, black cherry
fruit is reminiscent of an Oregon pinot, the velvety
texture is almost Californian in nature, and it sports
just enough earthiness to think of Burgundy. All these
elements, however, blend seamlessly in this unique wine.

1999 Caliterra, "Arboleda" Syrah
Colchagua Valley, Chile
$20 -- Syrah from the Northern Rhone region of France is
known for its rustic, intense nature while syrah from
Chile is just beginning to develop its own personality. If
you like Rhone wines, Caliterra's new label, Arboleda, is
one to seek out. It's powerful and rather opulent with a
telltale smoky, blackberry character, but also has zesty
acidity, which wakes up the palate.

1999 Boeger Winery, Barbera
El Dorado, California
$15-- Barbera from Italy's Piedmont region is juicy, fresh
and rather tart. In this version Boeger has managed to
capture the quality of the grape variety while injecting a
little California sunshine. Think plump raspberries and
bing cherries with a dash of licorice.

4. NYC Restaurants: A Supercool Setting, but a Warm
Welcome
===================================================

Somewhere along the line, Man Ray decided that a
restaurant does not have to sneer to be stylish. William
Grimes reviews the restaurant, which he says takes its
food seriously -- perhaps even too seriously.
http://www.nytimes.com/2001/10/24/dining/24REST.html?rd=hcmcp?p=041IMv041IMH44iiz012000mN97rN9Rx

-----

$25 and Under: A Traditional Cook-It-Yourself Korean Feast

The New York Kom Tang Kalbi House recalls a time not long
ago when Korean restaurants were cloistered in several
blocks of Midtown. Eric Asimov prefers the way Kom Tang
serves their tabletop grill, with braziers filled with
natural wood charcoal.
http://www.nytimes.com/2001/10/24/dining/24UNDE.html?rd=hcmcp?p=041IMu041IMH44iiz012000mN97rN9Rx

-----

Bar of the Week: Glass

Mirroring the Chelsea chic epitomized by the area's
gallery scene, Glass combines sleek design with the one
element missing from the nearby installations: alcohol.
http://www.nytoday.com/search/bin/bar?st=bar&bid=1002819141518

Find a Restaurant
http://nytoday.com/RestaurantAdvanced.html

Find a Bar
http://nytoday.com/search/bin/bar?st=cat_nei&cat=NYToday%20Pick&nei=Manhattan&sort=ENAME

5. Knowledge Sharing: Green Tomatoes, Beyond Fried
===================================================

Q. Have you any favorite recipes or ideas for using a
plethora of not yet ripened fruit of the gods? Please
enlighten me. -- ceilityme1

From recipes for green tomatoes to the perils behind
making homemade wine, readers share their insights and
answer fellow readers' questions.
http://www.nytimes.com/2001/10/22/dining/23KNOW.html?rd=hcmcp?p=041IMt041IMH44iiz012000mN97rN9Rx

I hope you've enjoyed this e-mail. Bon appetit!

Dan Saltzstein
Producer, Dining
New York Times Digital
daniel@nytimes.com

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