Take a look at attachment below for guidance in any discussion with Ristori
next Wednesday re Bush energy policy statement and comparative aspects of EC
green paper on sec. of supply. To remind you of what Loyola said on CNN
yesterday:
 - Agrees with need to re-evaluate role of nuclear plus future investment in
it .
 - Disagrees with weight given to supply side and indigenous sources,
compared with demand side and fuel diversity (also from external sources?)
 - Disagrees with exclusion of climate change considerations.

---------------------- Forwarded by Peter Styles/LON/ECT on 06/01/2001 10:25
AM ---------------------------

brian.samuel@txu-europe.com@txu-europe.com on 04/23/2001 02:31:45 PM
To: "EFET Secretariat" <secretariat@efet.org>
cc: peter.styles@enron.com

Subject: EWG - security of supply paper

Jan, please find a revised draft of the SoS paper following discussions with
Peter. I would be grateful if you could circulate it to the members of the
electricity working group for comment by 30th April. Likewise could you also
forward it to Ian Wood.
(See attached file: efetsos.doc)

Thanks Brian

~~~~~~~~~~~~~~~~~~~~~    DISCLAIMER    ~~~~~~~~~~~~~~~~~~~~~

This E-mail is private and confidential and may be covered by
legal professional privilege. It is therefore only intended for
the addressee(s). If you are not one of those persons you must
not read, copy, store, disclose, use or distribute its contents.
Please also contact the sender immediately and delete the original.

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

 - efetsos.doc


We will have a conference call w "EY"  (Matt and Elliott).


---------------------- Forwarded by Ina Rangel/HOU/ECT on 05/14/2001 01:01 PM
---------------------------

Kimberly Bates
05/14/2001 12:52 PM
To: Tammi DePaolis/Corp/Enron@ENRON, Ina Rangel/HOU/ECT@ECT, Airam
Arteaga/Enron@EnronXGate, Laura Vuittonet/Enron@EnronXGate, Becky
Young/Enron@EnronXGate
cc:
Subject: ICE Presentation

Pam Anderson from Intercontinental Exchange will be giving an ICE
presentation on May 22 in EB 32c2.  Please let me know if  you plan on
attending.


to confirm, yes we are doing in excess of 100MM in trade w/  these guys on
and off line.

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


This adjustment will result in approximately $7800 in additional revenues.

One way to prevent this situation in the future would be for the rep and or myself to ensure that Duke's rate has been increased when they have alternate deliveries to the border.   If these alternate deliveries exist and the rate has not been increased then the rep needs to bring this situation to the attention of the marketer.

 -----Original Message-----
From: 	Blair, Lynn
Sent:	Monday, September 24, 2001 6:48 AM
To:	Hanagriff, Richard
Cc:	Kowalke, Terry; Buchanan, John; Blair, Lynn
Subject:	FW: K #27291 - Invoices not capturing incremental fees for alternate points

	Richard, can you check this out for me.  Did the team drop the ball on this one?
	Thanks. Lynn

 -----Original Message-----
From: 	Brown, Elizabeth
Sent:	Saturday, September 22, 2001 10:58 PM
To:	Watson, Kimberly; Blair, Lynn; Dietz, Rick; Donoho, Lindy
Subject:	K #27291 - Invoices not capturing incremental fees for alternate points

FYI - In working to load rates for the FERC California reporting requirements, it appears that for the last four months Duke Energy T & M contract #27291 has not been billed the incremental fee of $0.06/dth for alternate deliveries to the Cal Border (over and above the base discount negotiated for the contracted primary points).

Please let me know if you have any questions.

Thanks,
Elizabeth
x3-6928


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Dear Mr. Catanzariti:

My name is Michelle Hoogendam Cash, Assistant General Counsel-Enron North
America Corp.  I was referred to you by David Minns in the Enron Australia
office. I am attaching a copy of our Employment Agreement Form for your
review in light of Australian law.  Please review this form and provide me
with any comments that you may have.

Thank you for your assistance in this matter.

If you have any questions, please give me a call at (713) 853-6401.


Hope this help.

thanks

bob


DON'T FORGET YOUR REPORTS.  FIRST THING IN AM IS GOOD ENOUGH.  THANKS.

Cordially,
Mary Cook
Enron North America Corp.
1400 Smith, 38th Floor, Legal
Houston, Texas   77002-7361
(713) 345-7732 (phone)
(713) 646-3490 (fax)
mary.cook@enron.com


Yesterday David Drapper (sits a few rows over from us and works for EES) asked me what the status was with the Dominion producers.  I told him we were still waiting for Dominion to call us back.  He said that Sean Holmes told them to "just pay the producers".  I told David that I wouldn't do anything without knowing what Ruth and legal are doing.

Sounds like a little tendency to "split up".  Just like the old days.


Start Date: 1/9/02; HourAhead hour: 10;  No ancillary schedules awarded.  No variances detected.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final Schedules\2002010910.txt


The attachment summarizes all of the comments filed by other parties in this proceeding.  They're now in alphabetical order by the party filing, and the ones that I added since last night are highlighted.  Let me know if you'd like a copy of any of them.


When: Tuesday, May 29, 2001 3:00 PM-4:00 PM (GMT-06:00) Central Time (US & Canada).
Where: EB2537

*~*~*~*~*~*~*~*~*~*


I have left a lengthy voicemail for you with my comments -- the comments aren't that lengthy, just the voicemail.  Please call if you have any questions:

713-853-7459 - office
713-863-7190 - home
713-206-8080 - cell

or page me at 1-877-855-2081


Michael -

I've asked the outside consultants to give us a % change for the impact of the refund case.  Try to give these to you asap.  Ray Alvarez will you please follow up with CRA and Jan Acton?

Thanks,

Jim


Attached, in Word format are the following documents, marked against the
previous draft circulated:

Closing Checklist (258185)
Series Certificate (258191)
Series Supplement (258196)
Drawdown Request (258198)
Total Return Swap Confirmation (258201)
Put Option Agreement (258202)
Put Option Assignment (258215)
Notice of Put Option Assignment (258218)
Second Amended & Restated LLC Agreement of McGarret IV (258239)
Second Amended & Restated LLC Agreement of Big Island IV (258206)
Receipt of Trust (258270)
Independent Auctioneer Letter Agreement (258302)
Am. No. 1 to Sale & Auction Agreement (258307)
Direction Letter to Owner Trustee (260012)

PLEASE NOTE THAT, AT THE REQUEST OF SEVERAL MEMBERS OF THE WORKING GROUP, I
AM ALSO SENDING THESE DOCUMENTS MARKED AGAINST MCGARRET C.

Please call or e-mail if you have any questions.

Muriel C. McFarling
Andrews & Kurth L.L.P.
1717 Main Street, Suite 3700
Dallas, Texas 75201
(214) 659-4461
(214) 659-4784 (fax)

Muriel C. McFarling
Andrews & Kurth L.L.P.
1717 Main Street, Suite 3700
Dallas, Texas 75201
(214) 659-4461
(214) 659-4784 (fax)

 - 260012.doc
 - 258191.doc
 - 258196.doc
 - 258198.doc
 - 258201.doc
 - 258202.doc
 - 258215.doc
 - 258218.doc
 - 258239.doc
 - 258260.doc
 - 258270.doc
 - 258302.doc
 - 258307.doc
 - 258185.doc


Yes,  I was under the weather for a rough 4 or 5 days, but I am pretty much
over it now.  I think I partied too hard in New Orleans over New Years!
Impressive, on George Dubbya's invite list.  You must know some people in
high places.  Have fun and give me a shout when you get back and we'll do
something.  Later.

	Janel Guerrero@ENRON
	01/18/2001 02:21 PM

		 To: Gerald Nemec/HOU/ECT@ECT
		 cc:
		 Subject:

Hi.  I heard you were sick.  Are you back on the mend?  (Just spoke with
Bruce -- he told me).  I'm leaving tomorrow to go to the Inauguration in DC,
but when I get back we'll have to plan on dinner or a movie or something
fun.  It's been a while.  Maybe those married friends of yours will make us
dinner???


Jerry DeBerry called, and asked that Chris call Liz Evans to get a handle on the correct number for the wire transfer.  Once it is agreed, please send me an email with the revised number.

We were working off of different receipt dates.  I received the fax on Monday, and they believe it was delivered here the Friday before.  That is the reason for the different expectation on the closing date.

Dave Duran would like to be advised before the transfer is made.  I presume that Chris or Ben will take care of talking to Dave so that the transfer can be made tomorrow.

Thanks,

Kay


To:								Department:  	ENA Legal

From:		Mark Taylor					Date:	May 11, 2001
		Vice President and General Counsel

Subject:	Enron North America Corp. NYMEX Hedge Exemption Applications

We are in the process of preparing applications for position limit exemptions for ENA's NYMEX energy commodities futures trading.  These applications require that ENA represent whether its officers, employees, owners, or agents have a power of attorney, control or have a financial interest in any related commodity future(s) account either individually or acting with another person pursuant to express or implied agreement.

Please direct any responses to my paralegal, Tana Jones, via intercompany email or call her at (713) 853-3399 by the end of business on June 15, 2001 if you have any power of attorney, control or have a financial interest in any commodity futures account (other than an ENA or other trading affiliate account).

IF YOU DO NOT HAVE A COMMODITY FUTURES ACCOUNT, YOU DO NOT NEED TO RESPOND TO THIS REQUEST.


Pursuant to the request to have the partneship and membership interests be
partially terminable as the other investments, attached are revised swaps
reflecting such rights in the same manner as reflected in the other equity
swaps.  The attached cover all the partnerships and llcs on my list.  If I
omitted any, please call.  Please print these out and substitute for prior
swaps.  No hard copies will be sent separately.  Mary

Enron North America Corp.
Mary Cook
1400 Smith, 38th Floor, Legal
Houston, Texas   77002-7361
(713) 345-7732 (phone)
(713) 646-3490 (fax)
mary.cook@enron.com


---------------------- Forwarded by Mark - ECT Legal Taylor/HOU/ECT on
01/27/99 04:20 PM ---------------------------

	Enron Capital & Trade Resources Corp.

	From:  xtrials@optioninvestor.com (Option Investor Newsletter     Trials)
                       01/26/99 09:50 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 2

The Option Investor Newsletter         Tuesday  1-26-99
Copyright 1998, All rights reserved.
Redistribution in any form strictly prohibited.

PICK NEWS - CALLS (continued)
*******************************************************

MSFT $171.56 +9.69 (+15.31)  Wow!!  It doesn't
get much better than this.  MSFT announced their 2:1 stock
split (effective 3/26) prior to yesterday's market open and
immediately gapped-up at the opening.  Those of you still
in the play going into last weekend were richly rewarded
Monday Morning.  Everyone wants to own MSFT and nobody
wants to sell.  This sentiment on 2 times normal volume
produced a textbook run-up -- as if "astrodollar" earnings
aren't enough.  Price targets are now at $200.  Of note,
MSFT announced they would phase in Alta-Vista, Compaq's to-
be-spun-off-in-an-IPO search engine, and ease out Inktomi.
Use stops to protect your profits.  With so much money on
the table, we suggest waiting for a pullback before
starting a new play.  As always, confirm market direction
first.

DH $60.88 +0.63 (+0.94)  As we said Sunday,
not a fast mover, but a steady gainer. 1189 institutions
own 89.5% of the 395 million shares in float leaving about
40 million shares in daily float to trade.  On average
volume of 2 million shares, DH traded within $1.50 range
both days this week, sheltering investors from a tumultuous
market. Look for the rise to continue, market permitting.
Slow news week so far; nothing to move the price.  Just
hare-speed momentum.  Dayton Hudson is the parent company
of Target Stores

VIA.B $81.88 -1.13 (-0.68)  Profit taking has caused a slight
dip in Viacom.  But, it has been so small that it actually can
be interpreted as a positive sign for the stock.  VIA.B seems
to undergo an occasional consolidation.  Then it goes on its
merry way.  As always, wait for the signal to turn green
before hitting the gas.  Blockbuster Inc., a subsidiary of
Viacom, teamed up with Warner Home Video in a revenue sharing
agreement.   As a result, Blockbuster will be able to rent
more new releases and other videos to its customers.  Chyron
Corporation will deliver Liberty NT software to an affiliate
of Paramount which is partially owned by Viacom.  The new
system will allow access to paint and animation capabilities
on the Windows NT platform.

WAG $59.50 +1.13 (+1.06)  On Tuesday, Walgreen's flexed its
muscles in a display strength and closed at it's high for the
day.  Its only resistance is at it's all time high set back in
December at $60.44.  With its 2:1 stock split scheduled for
Feb. 12th, it appears WAG is getting in shape to make a nice
run.

LXK $108.00 +3.88 (+8.75) Well, we have good news and bad news
on LXK this week.  Let's start with the bad news.  LXK did
not announce a stock split with earnings.  Their annual
shareholder meeting isn't until April, so a stock split
announcement would have to come on an arbitrary day.  We
noticed that companies, like Microsoft, have held off a few
days before announcing their splits.  This might be a ploy
to take the price high on the earnings announcement and then
take it higher with the split announcement.  The good news
is that LXK announced earnings of $1.16 a share.  This was
$.05 above consensus estimates.  The company also stated
there is a high demand for printer components.  LXK is in
blue-sky territory as it has broken through any prior
resistance.

VOD $193.50 +2.88 (+5.12) VOD has come back to life the last
two trading days with gains of $2.88 and $2.24.  There isn't
any recent news on VOD, but there is one very positive
technical aspect.  The last three trading days have seen
VOD close right at the high of the day.  This shows a very
bullish tendency as the bulls seem to be winning the battle
on a daily basis.

XIRC $42.31 +.38 (+.31) XIRC seems to have entered a
consolidation phase.  The volatility was pretty high before
earnings, but the daily range has decreased substantially
the last three trading days.  We still feel this stock is a
good purchase.  Watch for a strong up-move on good volume.
XIRC's 52-week high is at $44.50.  A move through this level
should provide a nice rally.  XIRC did announce today that
they will provide wireless data support for Siemans handsets.

SNC $39.50 +.56 (+1.75) SNC continued to rise today, albeit
at a smaller pace.  No news on SNC, but earnings are around
the 10th of February and SNC has historically had nice
earnings surprises.  There isn't much of a chance of an
upgrade for this stock, being that the five analysts that
follow it all rank it a strong buy.  We guess there could be
a new analyst recommendation.  We could see a continued run
into earnings.  SNC's 52-week high is $54.18.

XLNX $82.56 +5.44 (+4.37) XLNX did the job on Tuesday with
over a 6% gain.  XLNX has done what a lot of stocks do after
announcing great earnings and a stock split and that is to
consolidate briefly and then continue up.  XLNX dropped on
Monday, but came back with a vengeance on Tuesday. XLNX's
resistance is at its 52-week high of $87.63.  Pullbacks
would be good buying opportunities.

MU $71.88 +2.88 (+1.38) Micron showed some weakness on Monday
in a mixed semi-conductor market. It was off $1.50 even as a
few of the other chip stocks moved up in sympathy with LSI
Logic.  LSI had received an upgrade from hold to strong buy.
Today, however, MU was up $2.88 in a generally strong semi-
conductor sector. Any upgrades and strong earnings from other
stocks in the sector, as well as from the hardware stocks,
should help MU.  Like Dell, it reports later in the earnings
season, so an earnings run would start a little later.
Earnings in February.

NOKA $145.38 +1.38 (+.82) After hitting $155.38 on Wednesday,
Jan. 20th, Nokia has gapped down at the open each of the last
four trading days. It has also CLOSED well above its opening
price the last few days, and today it managed to close $1.38
above yesterday's close. This company is located in Finland
and trades in Europe while we sleep. The Europeans seem to be
sending the stock lower while the Americans are sending it
back up each day on the NYSE. Only two days left for an
earnings run--earnings are due out before the bell on Friday.
We believe that there is a good possibility of a split
announcement with earnings. If you don't want to risk holding
over earnings, be sure to sell your options before the close
on Thursday.  You can pick them up again if a split is announced.
That is the conservative way to make this play. If you hold over,
you risk a loss of capital, should Nokia disappoint. For those
of you with high risk tolerance, please note that Nokia jumped
$9 the day it announced it's last split.  It then ran up another
$34 before the split.

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

AMR - $55.88 .25 (.63)  Stock up fractionally after selling
off nore than $15 since the first of the year.  Airlines
still under pressure.

AVP - $36.44 1.13 (-1.12)  Stock sold off $1.13 on a day the
broader market gained over 120 points.  Stock trading under
50-day moving average and soon to re-test key $35 support.

AVT - $44.94 1.38 (.62) Stock recovering some after $15
sell-off since the first of the year.  Stock still trading
below declining 50-day moving average. Tighten protective stop
loss - $48.

BAC - $64.94 .25 (.12) The financial sector still under pressure
because of Brazil.  Stock still off -.12 despite strong broad
market rally Monday and Tuesday (1/25 & 1/26). Recommend staying
with position while BAC stays below $65.

BDX - $36.25 .56 (2.50) Stock recovered nearly $3.00 since
Friday's (1/22) precipitous sell-off.  Stock still trading
below 50-day moving average.  Tighten protective stop
loss - $38.

BKB - $36.75 -.38 (-.88)  Stock leaking below its declining
50-day moving average despite Tuesdays (1/26) broad market
rally.

CPB - $44.13 1.44 (-.18)  Stock gave up $1.44 on a day the DOW
gain more than 120 points on Tuesday (1/26).  Stock still
under pressure with considerable overhead at $49 and now
trading under $45.

DD - $53.88 .88 (.43)  Stock gave up what it gain on Monday
(1/25).  Stock still below declining moving averages and
trading just below near-term support level of $54.  Tighten
protective sell stop to $56.25.

HSY - $61.50 .00 (1.50)  Profit taking Monday (1/25) but
still trading under declining 50-day moving average. Tighten
protective stop to $62.25

MRK - $144.00 6.50 (5.00) Drug sector up strong following
favorable earnings reports and Warner-Lamberts announcement
of its acquisition of Agouron (AGPH).  Stock now trading at
its 50-day moving average.  Tighten protective sell stop at
$145.25.

PG - $85.56 1.94 (.25)  Stock recovered nearly $2.00 but still
trading below  50-day moving average.

PHSYB - $69.31 -.56 (1.19)  Stock recovered nearly $2.00 on
Monday (1/25) but sold off fractionally during Tuesdays
broad market rally. Still trading below 50-day moving average.

WLA - $69.13 1.63 (1.19).  Stock moved higher from Friday's
close (1/22) Drug sector up strong following favorable
earnings reports and Warner-Lamberts announcement of its
acquisition of Agouron (AGPH).  Recommend still holding while
WLA trades below $70.  Tighten protective stop to $72.25.

******************
NEW CALL PLAYS
******************

ANF - Abercrombie & Fitch $73.94 +2.06 (+4.19 for the week)

Abercrombie & Fitch sells men's and women's casual clothes
and accessories in over 170 stores across America.  Their
comfortable styles of jeans and crews are especially popular
with teens and college students.  Check out this Volkswagen
hip-hop retailer the next time you are strolling through
the mall.

Abercrombie has established a nice upward trend since its
lows in October.  It has been virtually unstoppable with
only two minor bouts of profit taking along the way.  In
intraday trading on Tuesday, ANF set another all-time high
at the $75 level.  Look for ANF to continue its steady trend
into blue skies.  There hasn't been a lot of news as of late
for Abercrombie.  But, back on Jan 8th, an article in Reuters
commented that since American Eagle Outfitters had posted
nice sales figures, it was safe to assume that Abercrombie
could do the same.

BUY CALL FEB-70*ANF-BN OI=177 at $6.75 SL=5.25
BUY CALL FEB-75 ANF-BO OI=151 at $3.63 SL=1.75
BUY CALL MAR-70 ANF-CN OI= 71 at $8.50 SL=6.50
No volume in MAR-75s.

Picked on January 26th at $73.94      PE= 49
Change since picked      +$ 0.00      52 week low =$28.87
Analysts Ratings      10-3-1-0-0      52 week high=$75.00
Last earnings 00/00 est n/a   actual n/a
Next earnings 02/17 est 0.92  versus n/a
Chart = http://quote.yahoo.com/q?s=anf&d=3m

*************************************************************

SEPR - Sepracor Inc. $104.25 +2.50 (+4.75 for the week)

Sepracor Inc. is a company that researches, develops, and
sells chemicals that are new, patented forms of existing
pharmaceutical and biopharmaceutical compounds.  These
products are made to reduce the side effects and increase
the safety of drugs already on the market today.  They are
used to treat several conditions that include asthma,
allergies, pain, and insomnia.  As an example, SEPR
developed Allegra as an alternative to Seldane which lost
FDA approval in 1997.

Sepracor Inc. has a stellar graph.  The company has been on
an uptrend since it was at the $40 level back in June and
in intraday trading Tuesday, SEPR set another all time high
at $105.50.  Last Friday, Jan. 22nd, BancBoston Robertson
Stephens initiated coverage of this steady stock with a
"long-term attractive rating."  They projected a 12-month
price target of $112.  They seem to favor this company which
has two approved drugs and six drugs in late phase clinical
development.  Look for SEPR to continue its upward trek if
current market conditions remain steady.

No new news.

BUY CALL FEB-100*ERQ-BT OI=347 at $ 8.50 SL= 6.50
BUY CALL FEB-105 ERQ-BA OI= 66 at $ 5.25 SL= 3.75
BUY CALL APR-100 ERQ-DT OI=128 at $13.63 SL=11.25

Picked on January 26th at $104.25      PE= n/a
Change since picked       +$ 0.00      52 week low =$ 33.00
Analysts Ratings        5-2-2-0-0      52 week high=$105.50
Last earnings 00/00 est n/a   actual n/a
Next earnings 02/19 est 1.25  versus n/a
Chart = http://quote.yahoo.com/q?s=sepr&d=3m

*************************************************************

WMT - Wal-Mart $83.56 +1.56 (+1.56)

The king of retailers is back! Wal-Mart is the leading
discount retailer in the world, with a presence in all 50
states, as well as Canada, Mexico, Asia, Latin America, and
Europe. In addition to discount department stores, it
operates the #2 grocery chain, behind Kroger's, and Sam's
clubs, which is the #2 warehouse chain. This retail giant's
market capitalization is $182.3 billion.

We covered Wal-Mart recently, but dropped it when the stock
began pulling back. It appears to be moving out of a
consolidation phase and has been trending up for a week, with
only one slightly down day in that period. Wal-Mart had a
strong holiday season. It continues to grow at home and also
abroad, partly through acquisitions. It is now growing its
profits faster than its sales once again.

As an option play, WMT is a steady mover. While it lacks the
fast moves of the technology and Internet stocks, it is a
safer play, and has the added advantage of being a split
candidate. The stock last split in February 1993. Its last
three splits occurred when WMT traded in the mid-60s.
Earnings are due out in February.

BUY CALL FEB-80*WMT-BP OI=1871 at $5.63 SL=3.75
BUY CALL FEB-85 WMT-BQ OI=3953 at $2.81 SL=1.25
BUY CALL MAR-80 WMT-CP OI=2638 at $7.25 SL=5.50
BUY CALL MAR-85 WMT-CQ OI=3343 at $4.50 SL=2.75
BUY CALL JUN 85 WMT-FQ OI=1268 at $7.75 SL=6.00

Picked on Jan 17th at  $83.56         P/E=44
Change since picked:    $0.00         52 week low= 38.13
Analysts' ratings  7-11-4-0-0         53 week high=85.06
Last earnings 10/98 est n/a   actual .45 surprise +5%
Next earnings 02-24 est .66   versus n/a
Chart = http://quote.yahoo.com/q?s=WMT&d=3m

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

No new PUT plays today.

*****************************************************
COMBINATION PLAYS   - Split-O-Rama
*****************************************************

Monday, January 25

U.S. blue-chip stocks ended higher Monday after a volatile day of
trading amid a slew of mixed earnings results from multi-national
companies. The DJIA closed unofficially up 82 points at 9203.32.
The Dow shed 57 points early in the day but recovered as several
big-name companies including AT&T and 3M reported earnings. The
high-flying Nasdaq Index gained 30 points to 2369.11 primarily on
the shoulders of Microsoft shares after the company declared a 2:1
stock split. A report that analysts expect IBM to announce a stock
split after its board meets Tuesday helped Big-Blue reverse a $6
loss from early in the day and close slightly higher at $180.93.
Despite big gains in the Dow and the Nasdaq Composite, breadth on
both the New York Stock Exchange and the Nasdaq was negative as
decliners outpaced advancers on both exchanges.

Most of the Sunday plays were available near the recommended entry
points. MRK opened the day around $137 and traded slightly higher
just before 10 AM. The first prices listed for the FEB160C/155C
bear-call spread were around $0.75 credit. EMC was also slow to
start trading and opened slightly higher near $100. Our put-credit
spread; FEB75P/80P did not have any volume but the bid/ask quotes
were within $0.12 of our target entry of $0.50. SKYT was a pair of
plays; the calendar spread, JUN25C/FEB25C was easily opened for
$2.38 debit. The best we saw on the ITM debit spread, FEB22C/25C
was $2.00 (higher than our target) and that was a little slim on
the ROI potential so we decided to pass. PLCM fell hard in a post
earnings dip but that just brought the sold position nearer to ATM
and a higher time component. We decided to take advantage of the
lower entry price; $0.87 for the MAR25C/FEB25C time spread, and
hope the stock finishes around $25 in four weeks. NRC was very
interesting as the option quotes opened near the previous closing
prices but soon moved apart in the spread (MAR50C/FEB50C) even
though the stock price remained quiet and the volume was fairly
docile. Our initial price was $1.12. CNTO, the butterfly spread,
moved lower most of the day reducing our initial entry to $0.87
for the FEB35C/40C/45C position. Remember, there is a method of
legging out of a butterfly spread that is acceptable. If the
stock price moves significantly, early in the life of the
spread, the BULL spread portion or the BEAR spread portion can
be closed-out near their maximum profit potentials. The spreader
may want to take advantage of this situation in order to profit
more if the stock reverses direction and comes back into the
profit range. By increasing his risk slightly, he may be able to
improve his position significantly by converting the butterfly
spread to a vertical spread. Although the chances of such a trend
reversal cannot be considered great, it does not cost the trader
much to restructure himself into a position with a much broader
maximum profit. That's our plan, we'll see what happens...

In other portfolio activities; PCS just keeps climbing like there
is no gravity and we just wonder where it will end. If any of you
are exercised early on the short side of the spread, let us know.
SRCM is a source of pain as the stock price has fallen sharply
without any change in the buying pressure. We decided to pull the
plug and prevent any losses. The JAN17P was closed at $1.25 and
we would expect to sell the JAN15P at a minimum of $0.50 for a
break-even exit. The initial target will be $1.00 until the stock
reverses (upward) again.

Tuesday, January 26

On Tuesday, U.S. stocks rallied in afternoon trading to close near
session highs. Solid earnings reports, stock splits, and big tech
deals all boosted the market. The DJIA closed unofficially up 115
points at 9318.40. The Nasdaq index of technology issues finished
up almost 65 points at 2433.46, surpassing a record high close of
2415.49 set on January 20th. Big gains in shares of IBM, Xerox,
Microsoft and Yahoo accounted for much of the positive movement.

On Tuesday, our big movers were AOL, CPQ, LVLT and SUNW. AOL was
the only issue we acted on, closing half of our debit position at
$2.25 for a $0.75 profit. On the LVLT debit spread, we expect to
close at about a $6.50 credit for a $2.00 profit. SRCM continued
downward but did not reach our target exit for the FEB15P. Watch
for signs of a turn-around as the buying pressure is still very
healthy on this stock. PCS just keeps climbing, about 6 days in a
row. MRK had a surprise rebound today, climbing $6 on a positive
earnings announcement. More to discuss on Thursday...
******************************************************************
    - NEW PLAYS -

Today we will focus on some of the common stocks in the blue-chip
technology group. We rarely play these issues because the main
section of the newsletter covers these stocks in-depth and we like
to bring you a wide array of candidates. These companies are in
the news everyday and the earnings/split-mania is just too much to
pass up...Good Luck!
******************************************************************
MSFT - Microsoft  $171.56     *** Disparity? ***

Microsoft Corp. develops, manufactures, licenses and supports a
range of software products, including scalable operating systems,
server applications, business and productivity applications,
software development tools and Internet software and technologies.

Microsoft rules! With a market value that far outstrips its sales,
Microsoft is the world's #1 software company. Softwares include
Windows, Excel, MS Word, PowerPoint, and Encarta. The Microsoft
Network provides online content, and its Internet Explorer is
still battling Netscape Navigator for market share. With NBC, the
company operates cable news channel MSNBC. They also provide email
with "Hotmail" and many other services.

Everybody is making deals with MSFT. To make AltaVista a premier
destination site on the Web, Compaq announced a partnership with
Microsoft in which AltaVista will offer a e-mail service based on
Microsoft's Hotmail service. In addition, AltaVista and Microsoft
agreed to make AltaVista's Web search the primary search vehicle
for the Microsoft Network Internet site.

The big news (of course) was the blow-out earnings and the 2:1
stock-split. On Monday, Microsoft said its stock split would
increase its shares outstanding to 5 billion and make its stock
more affordable. The split will take effect on 3/12/98 if it is
approved by shareholders.

We expect MSFT will consolidate somewhat after the news wears off
but there is no doubt it will return to the headlines shortly
thereafter. Sell the time premium now before it evaporates in
this small disparity play.

PLAY (conservative):

BUY  PUT MAR-155 OI=686  A=$4.00
SELL PUT MAR-160 OI=3842 B=$5.38
NET CREDIT TARGET=$1.50 ROI=42% (2 months)

Chart = http://quote.yahoo.com/q?s=MSFT&d=3m
******************************************************************
DELL - Dell Computer  $88.50     *** Almost Free Money ***

Dell Computer is one of the world's top PC makers and the world's
#1 direct-sale computer vendor. The company sells hardware and
markets third-party software and peripherals. Products include
notebooks, PCs, and network servers. Dell also markets a variety
of peripherals and software for other manufacturers. More than 90%
of its systems are sold to businesses and government entities. The
company continues to expand services such as its Web site, which
is expected to process half of it's transactions by the year 2000.

Dell recently announced that they have secured a share of the #1
position in the worldwide personal workstation market. They also
continue as the number one vendor for customer satisfaction and
their scores are significantly higher than most competitors in
price/performance, overall reliability, repair and delivery time.

Dell will post earnings sometime in mid-February and we expect
the stock to make the traditional run to the actual announcement.
In addition to buying calls, you might elect to make this play
with current portfolio collateral. This is a low return spread
based on another small disparity but the worst that could happen
is you choose to own DELL at $69.19.

PLAY (very conservative):

BUY  PUT MAR-65 DLQ-OM OI=766  A=$1.19
SELL PUT MAR-70 DLQ-ON OI=2341 B=$1.81
NET CREDIT TARGET=$0.81 ROI=19%

Chart = http://quote.yahoo.com/q?s=DELL&d=3m
******************************************************************
XRX - Xerox Corp.  $116.31     *** Split Play ***

Xerox engages in worldwide development, marketing, manufacturing,
financing and servicing of document processing products.

This week, Xerox delivered another record quarter, reflecting
strong double-digit earnings growth consistent with company
objectives, even though pre-currency revenue growth was clearly
affected by some weaker economies. Their fourth quarter diluted
earnings per share increased 16% to $1.69 and income increased
17% to $615 million, primarily as a result of outstanding growth
in digital product revenues, improved operating margins and
ongoing benefits from the worldwide restructuring program. Xerox
also announced an 11% increase in the quarterly cash dividend on
the company's common stock and a two-for-one stock split.

The stock split will be effective for shareholders of record on
2/4/99 and distributed on 2/23/98. The quarterly dividend will
increase 11% to 20 cents on a post-split basis, payable on 4/1/98
to shareholders of record on March 5. Today's gap-up and the
split date make perfect timing for a one month spread. Plan to
close the play near the February strike date on the pre-split run.

BUY  CALL MAR-120 XRX-CD OI=40   A=$7.12
SELL CALL FEB-120 XRX-BD OI=1487 B=$3.75
NET DEBIT TARGET=$3.12 TARGET ROI=25%

Chart = http://quote.yahoo.com/q?s=XRX&d=3m
******************************************************************
IBM - Intl. Business Machines  $185.50     *** Split Play ***

International Business Machines is the world's top provider of
computer hardware and it is #2 in software. The company makes a
broad range of computers, including PCs, mainframes, and network
servers. The company also makes software and peripherals, and has
an ever-expanding service arm. IBM owns software pioneer Lotus
Development, maker of the Lotus Notes messaging system. Almost 60%
of the company's sales are to foreign customers and IBM continues
to revamp its image, with a focus on Internet business.

As expected, IBM declared a two-for-one stock split, just one day
after software rival Microsoft did the same. IBM posted fourth
quarter earnings last week that exceeded street expectations but
saw its shares fall after failing to announce a split. Today, the
stock rebounded on the renewed interest. The new shares should be
distributed on or about May 26 to shareholders of record on May 10.
The IBM board also set a regular quarterly dividend of $0.22 per
share, payable March 10 to stockholders of record on Feb. 10.

Although the current technical (and earnings) outlook is somewhat
lackluster, we believe Big-Blue will rise to the occasion and
easily hold $185 on the strike date in March.

PLAY (conservative/debit spread):

BUY  CALL MAR-175 IBM-CO OI=513 A=$19.25
SELL CALL MAR-185 IBM-CQ OI=649 B=$13.00
NET DEBIT TARGET=$6.00 ROI(max)=66% B/E=$181.00

Chart = http://quote.yahoo.com/q?s=IBM&d=3m
******************************************************************
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******************************************************************
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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
options. It is possible at this or some subsequent date, the
editor and staff of The Option Investor Newsletter may own,
buy or sell securities presented. All investors should consult
a qualified professional before trading in any security. The
information provided has been obtained from sources deemed
reliable but is not guaranteed as to accuracy or completeness.
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.


plz call jeff d when you can at 415.505.6633.  thx,jeff


I can only think of the Storage Puts and the Desk Mgmt fee ($120,000) as
prudencies still out there.  Is there any others you might remember?

Dave


Enron Names Restructuring Expert As CEO
09:15 EST Tuesday, January 29, 2002
HOUSTON (Reuters) - Energy trader Enron Corp. on Tuesday named restructuring specialist Stephen Cooper as interim chief executive to lead it out of its record Chapter 11 bankruptcy.
Enron also said Lawrence Whalley resigned as president and chief operating officer and will be replaced by Jeff McMahon, currently chief financial officer.
Cooper, managing principal of New York- and Los Angeles-based restructuring firm Zolfo Cooper, was picked to replace embattled former Enron Chairman and Chief Executive Kenneth Lay, who resigned on Wednesday. The bankruptcy creditors' committee had pressured Lay to step down.
Cooper has helped restructure several troubled companies, including appliance maker Sunbeam Corp. , retailer Federated Department Stores Inc. and construction conglomerate Morrison Knudsen.


REMINDER TO ALL NORTH AMERICAN NATURAL GAS TRADERS:

Due to the upcoming holiday on March 29th, IntercontinentalExchange will recognize the Next Day gas strip as follows:

-On Wednesday, March 27th the Next Day strip will be four (4) consecutive days- Thursday-28th, Friday-29th, Saturday-30th & Sunday-31st
-On Thursday, March 28th the Next Day strip will be for Monday, April 1st only

As always, the Custom Strip will be available for all other desired terms.

If you have any questions, please respond to this email or call a member of our Natural Gas Sales Team.
-Bud Hum- Chicago- 312-674-4915
-Frank Belgiorno- New York- 646-733-5000
-Lee Abbamonte- New York- 646-733-5000
-Joe Adevai- New York- 646-733-5000

24-hour Help Desk- 770-738-2101


Becky,

Who instructed you to send out this form?

Kim

	Enron North America Corp.

	From:  Becky Young                           09/18/2000 04:18 PM

To: Hunter S Shively/HOU/ECT@ECT, Jeffrey A Shankman/HOU/ECT@ECT, John J
Lavorato/Corp/Enron@Enron, Craig Breslau/HOU/ECT@ECT, John
Arnold/HOU/ECT@ECT, Scott Neal/HOU/ECT@ECT
cc: Airam Arteaga/HOU/ECT@ECT, Ina Rangel/HOU/ECT@ECT, Kimberly
Brown/HOU/ECT@ECT, Kimberly Hillis/HOU/ECT@ect, Jennifer Burns/HOU/ECT@ECT

Subject: Candidate Evaluation for Jeff Rosenzweig

Please fill out the attached form and return to Becky Young at your earliest
convenience.

Thanks,
Becky
x30622


we are all good how bout you?

 -----Original Message-----
From: 	8888915473@archwireless.net@ENRON
Sent:	Tuesday, October 16, 2001 12:55 PM
To:	bmckay@enron.com
Subject:	Wireless Message

just checking on u how is all the family love dad


Attached is for discussion at our 2:00 MEETING (EB3824).


You may want to come to this meeting.  When we met with Bob Hall the other
dayon OA, I mentioned that you and I should probably be included in the
monthly meeting so that we would have an idea of any problems that were
occurring each month.  If you have something else going on, don't worry about
being there.  I'll relay the info to you.

D
---------------------- Forwarded by Daren J Farmer/HOU/ECT on 08/30/2000
12:51 PM ---------------------------

	Enron Capital Management

	From:  David Baumbach                           08/30/2000 07:47 AM

To: Delma Salazar/NA/Enron@Enron, Ami Chokshi/Corp/Enron@ENRON, Daren J
Farmer/HOU/ECT@ECT, O'Neal D Winfree/HOU/ECT@ECT
cc: Steve Jackson/HOU/ECT@ECT
Subject: OA Meeting

We will have our monthly OA review tomorrow at 10 am with Steve Jackson.  I
will let you know the conference room soon.

Dave


Attached is a memo regarding my discussions with OGE and the revised Master
and GISB agreements.

 - GISB Spec Prov - enovate L.L.C..doc

I am also including their comments to our form of guarantee (they have no
revisions other than entity and amount) and their proposed form of guarantee.

 - Enron Guaranty (from Master).doc - to enovate, llc.doc

Let me know what you think.

Thanks - Gregg


do you want me to go?

Shanna Husser@ENRON
03/20/2000 01:15 PM
To: Eric Bass/HOU/ECT@ECT
cc:
Subject:

Hey-

April 10th Astros game vs. St. Louis- do you want to go??  I need to let them
know if I want another to get on the list for an extra ticket.

SH


-----Original Message-----
From: 	Roberts, Mike A.
Sent:	Monday, December 10, 2001 10:03 AM
To:	Kaminski, Vince J
Subject:	FW: Tony's Contact Details

 -----Original Message-----
From: 	Hamilton, Tony
Sent:	Wednesday, November 28, 2001 10:56 AM
To:	Bennett, Stephen; Marquez, Jose; Roberts, Mike A.; Stevens, Adam; Cote, John A.; D'cruz, Alroy; Deguillaume, Cat; Gaiser-Porter, Jurgen; Maclauchlan, William; Murray, Paul; Robineau, Fabien; Woolgar, Catherine; Yiangou, Pete
Subject:	Tony's Contact Details

+44 (0) 20 8348 7970
tony.hamilton1@btopenworld.com


Attached is a draft of the "Final Working Capital Calculation Statement" that would be attached to the letter that Anne is drafting that needs to be sent to AEP before Friday.  These agree to the amounts that we previously sent to AEP in a letter earlier this month except for a slight adjustment to the Centanna Ad Valorem Tax Expense number as I received an updated number from the Tax Department this week.  I have also told Jim Dedicker at AEP that I will forward him a copy of the bill from Jefferson County once we receive it.  Also keep in mind that this working capital calculation statement does not include the working gas adjustments for Bammel and Centanna which were already sent in a "Final Working Gas Calculation Statement" on 10/15.  Please review and verify these numbers and let me know if you think anything needs to changed, added, or omitted ASAP!

Thanks

Jim Coffey, Senior Director
Enron America - Texas Gas Origination
Phone: (713)853-5346
Fax: (713)646-3084
e-mail:j.coffey@enron.com


sounds great !  Thanks

   Kate Symes                03/26/2001 11:13 AM

To: Cara Semperger/PDX/ECT@ECT
cc:
Subject: Re: More deals found by Will Smith

I think that sounds like a great idea. It doesn't really serve a purpose to
have all the time zones as a choice in Deal Blotter if EnPower is going to
sort them out anyway. We're just doubling up on the work that the application
already knows how to do. In the meantime, I'll sort through these deal
numbers and change time zones that flow over the first week in April. Let me
know if that sounds good.

Kate

Cara Semperger
03/26/2001 11:01 AM
To: Kate Symes/PDX/ECT@ECT
cc:

Subject: Re: More deals found by Will Smith

Yep, the time zone glitch.  I think he was looking at all deals in the
system.  I almost think we should deal with this April, and worry about the
rest when it comes up.   Will and I are also kicking around making the only
choice in deal entry PPT.  Let Enpower sort out the rest.  We can modify
stuff on the strip level, but PPT would be the only choice in blotter and at
the top of regular deal entry.

How does that sound?

c

   Kate Symes                03/26/2001 10:55 AM

To: Cara Semperger/PDX/ECT@ECT
cc:
Subject: Re: More deals found by Will Smith

I'm unclear as to what Will found in these deals that needs to be looked at.
The first one (scary!!) has notes in the comments section of each leg that
say it was terminated on 9/30/98; however, there are still forward deal legs
that haven't been killed or zeroed out. I don't think I could consider myself
a deal control professional on this one - I'll need to talk to a trader. But
let me know what you want me to look for in the remaining deals. Is this part
of the time zone glitch?

Kate

Cara Semperger
03/26/2001 10:47 AM
To: Kate Symes/PDX/ECT@ECT
cc:

Subject: More deals found by Will Smith

Do you want to look into these, the first one made me nearly wet my pants!  I
think I want a deal control professional on this one.............   :)


At 1400 the ISO requested two Roseton units Out of Merit for ISO
security.  The Limiting Constraints display under the operational
notices lists no security considerations north of the Con Ed Cable
Interface except Oswego - Volney.  How does taking Roseton #1 & #2 Out
of Merit alleviate these constraints.

 - tcanino.vcf


Tim asked that I forward to you prior to 2:00 p.m. meeting today.


Do you have copies of any of the following NDAs?

At the Moment
True Exchange
BizBots


Pani Grazyno,

Dziekuje bardzo za wiadomosc. Autor ksiazki przeslal mi egzemplarz.
Na pewno skorzystam z okazji, by kupic inne ksiazki Pani wydawnictwa.
Any web-site I can access?

W. Kaminski

"Wydawnictwa Naukowo-Techniczne" <marketing@wnt.com.pl> on 03/01/2001
09:57:19 AM
To: <vkamins@enron.com>
cc:
Subject: zakup ksiazki "Inzynieria finansowa" w WNT

Uprzejmie informuje, ze do dnia dzisiejszego  nie wplynely pieniadze na
zamowiona ksiazke, wobec czego uwazam to za rezygnacje  z zakupu.
Serdecznie pozdrawiam.
Grazyna Piesniewska


this girl has clothes on

 -----Original Message-----
From: 	Hull, Bryan
Sent:	Friday, June 01, 2001 1:02 PM
To:	Lenhart, Matthew
Subject:	RE: A Picture is Worth a Thousand Words

are you being a smart ass or did the picture not come through?

 -----Original Message-----
From: 	Lenhart, Matthew
Sent:	Friday, June 01, 2001 12:05 PM
To:	Hull, Bryan
Subject:	RE: A Picture is Worth a Thousand Words

i don't get it

 -----Original Message-----
From: 	Hull, Bryan
Sent:	Friday, June 01, 2001 11:18 AM
To:	Bass, Eric; Baumbach, David; Crook, Jody; Avila, Rafael; Lenhart, Matthew; Blanchard, Timothy; Love, Phillip M.
Subject:	FW: A Picture is Worth a Thousand Words

>
>
>
>www.wayport.net

 - cj_4903.jpg << File: cj_4903.jpg >>


Crude WTI 24x7 Marketing Effort

Trade Count:
 270 Trades
 12.3 Millions of Barrels
 10 Counterparties Transacting Today
 31 Counterparties Transacting to Date
 917 Millions of Barrels Transacted to Date

? Note, the Nymex Chart is for comparison purposes only. The EnronOnline
numbers have been adjusted 10-fold to be in scale with the NYMEX volumes for
charting purposes.


I'm still waiting for Davis' office to call.  The plan currently is for me to
talk to him when and if he calls.  Sandi has been in touch with the
governor's office.

By the way, thanks for the summary of the California proceedings.  I talked
to Hebert yesterday and he was duly impressed with your remarks ... I had to
remind him that you worked on the right answers for California, not the
abomination that's in place today.

Jeff Dasovich@EES
09/13/2000 06:48 PM
To: Steven J Kean/NA/Enron@Enron
cc:

Subject: Skilling Get Davis Straightened Out?


Vince,

Thanks for forwarding the resume.  We have generally had great success with
ex-Koch people.
He sounds might like he may be a good fit for Michael L. Miller in principal
investments.  At this point
I have very recently inherited two other stron VPs from EI and therefore will
probably focus on a few
Manager and Associates for the near term but I would like to keep James'
resume for further opportunities.
He sounds like someone we should at least meet with and figure out a spot
within Wholesale Services.
What do you think?

Regards,

-Larry-


"For a long time it had seemed to me that life was about to begin - real
life. But there was always some
obstacle in the way, something to be gotten through first, some unfinished
business, time still to be served,
or a debt to be paid.  Then life would begin.  At last it dawned on me that
these obstacles WERE my "life."

So, treasure every moment that you have...and remember that time waits for no
one...

So stop waiting

                                                until you finish school,

                                              until you go back to school,

                                               until you lose ten pounds,

                                               until you gain ten pounds,

                                                  until you have kids,

                                            until your kids leave the house,

                                                 until you start work,

                                                    until you retire,

                                                 until you get married,

                                                until you get divorced,

                                                   until Friday night,

                                                 until Sunday morning,

                                            until you get a new car or home,

                                           until your car or home is paid off,

                                                     until spring,

                                                    until summer,

                                                       until fall,

                                                     until winter,

                                               until you are off welfare,

                                               until the first or fifteenth,

                                               until your song comes on,

                                                until you've had a drink,

                                                until you've sobered up,

                                                     until you die,

                                                until you are born again

                             to decide that there is no better time than
right now to be happy(

                                        Happiness is a journey, not a
destination.

               -- Alfred D. Souza


Please plan to attend on December 29th in Eb5c2 at 1 P.M. the final meeting
this year concerning the process and timeline for the Millennium Rollover
Testing weekend.  At this meeting, I will roll out the final set of
instructions concerning backing up of files, testing timelines for the
weekend, Global Database testing and the dates and times for the final review
meetinga.   At this meeting, we will also discuss any concerns you may have
related to the testing process, as well as any last minute information from
Corporate.  I look forward to seeing you there.........................Thanks
and Have a great holiday...............


I got the message but not til today because our e-mail was down.  It was good
to
talk to you last night.

> -----Original Message-----
> From: jdasovic@enron.com [SMTP:jdasovic@enron.com]
> Sent: Monday, August 28, 2000 3:02 PM
> To: gramlr@pjm.com
> Subject: Re: Tentative meeting Monday 8/28 at 5 pm/2 pm
>
>
> I can be on the call.  Please let me know if you get this, since I've been
> having severe email problems.  Thanks.
>
>
> Best,
> Jeff
>
>
>
>
> gramlr@pjm.com on 08/25/2000 07:04:27 AM
>
> To:   MichaelBerg@ICFConsulting.com, whederman@columbiaenergygroup.com,
>       doornbos@socrates.berkeley.edu, amosher@appanet.org,
>       hcameron@uclink.berkeley.edu, lfried@uclink.berkeley.edu,
>       jeff.dasovich@enron.com
> cc:   jalamo@enron.com
> Subject:  Tentative meeting Monday 8/28 at 5 pm/2 pm
>
>
>           Please confirm that this schedule works.  It is the only day
> that worked for everyone.  Jeff Dasovich is still in the Sierras so I can
> check
> in with him Monday.
>
>           The agenda sounds simple but don't be deceived, there are many
> many options.  Please be prepared with a list of 3 top speaker choices.
>
>           1.  Topics of panels.
>
>           2.  Speaker list.  Try to agree on an 'A' list who we can start
> calling and a 'B' list of alternates.
>
>
>


Should this deal be extended?

---------------------- Forwarded by Chris Germany/HOU/ECT on 01/22/2000 10:55
PM ---------------------------

Brenda H Fletcher
01/14/2000 02:59 PM
To: Chris Germany/HOU/ECT@ECT
cc:
Subject: Deal # 124250 -Norse Pipeline

Chris,
Does this deal end 11/30/99 or should the stop date be extended?
Thanks,
Brenda


Fyi
---------------------- Forwarded by Rob G Gay/NA/Enron on 12/18/2000 04:36 PM
---------------------------

Rob G Gay
12/18/2000 09:31 AM
To: "Mervenne, Mary" <MMERV@opic.gov>, "Rivera, Nancy A." <NRIVE@opic.gov>
cc:

Subject: RE: ECA provisions

Mary,  thanks so much for your note.  In terms of managing costs this is a
little like trying to save money on the project by turning out the lights in
my office when I go home; However, I have noticed over the course of this
deal that FF failed to accuratrely reflect the business deal on a number of
occaisions when issues were resolved verbally.  This resulted in things
having to be revisited and rehashed in a costly manner.  Therefore, with the
ECA, I attempted to reach agreement on the commercial structure first and
actually reflect the result in the table.  The concern I raised with Nancy
was the fact that even when given a written record of the result reached by
the business people, the document provided still reflected the principal
terms poorly.   We were able to resolve this problem on Fridays call, but the
call was costly (outside lawyers in attendance were Melissa, Stefan, Cliff,
Mathew, and I believe Juliana).  In fact things went swimmingly on the call
primarily because there was no new ground being broken.

I am just trying to improve things a little bit with this discussion.  I
remain extreemely appreciative of all of your efforts and I think the world
of Melissa and the job she has done on this project.

Thanks for listening.

"Mervenne, Mary" <MMERV@opic.gov> on 12/18/2000 08:31:19 AM
To: "'Rob.G.Gay@enron.com'" <Rob.G.Gay@enron.com>
cc:

Subject: RE: ECA provisions

Rob

Nancy informed me that you were not happy because certain provisions/deals
discussed on the business side were not accurately reflected in the finance
agreements, which is creating additional legal expenses.  I assume you are
referring to a recent draft of the ECA in which the fall away provisions
that we discussed were not accurately reflected in the agreement.  This is
my fault - in the interest of trying to expedite getting the draft to the
sponsors, I authorized Melissa to send the draft out without reviewing the
provisions first.  Normally, KfW and OPIC review the agreements before
sending to you and our lawyers make the required changes before you see the
agreement.  I will no longer authorize her to send anything to the sponsors
before KfW and OPIC review the contents in full.  Hopefully - this will help
prevent this situation from occuring in the future.

Sorry for the inconvenience this caused the sponsors.

Mary


Happy New Year.  We hope your holidays were enjoyable and restful.  For a pleasant start to 2002, please join your Enron colleagues for coffee and donuts this Friday, January 11, from 8:00 - 9:00 a.m. in the lobby of the Enron Building.  We look forward to seeing you there.


Sally,

Please let Cynthia know that Sally is out of town recruiting today.  I did
speak to someone in her office (I thought it was her assistant) and Bobbie
Power a week or two ago to let them know that Sally would not be available on
this date.  Sally does, however, want to be a part of this group, so please
notify us for the next meeting.

Thanks,
Patti x39106
(Sally's assistant)

Sally Alvarez
10/27/2000 11:50 AM
To: Sally Beck/HOU/ECT@ECT, Robert Jones/Corp/Enron@ENRON, Neil
Davies/Corp/Enron@ENRON, Scott Yeager/Enron Communications@Enron
Communications, Daniel Reck/HOU/ECT@ECT, Phil Lowry/OTS/Enron@ENRON,
Elizabeth Tilney/HOU/EES@EES, Drew C Lynch/LON/ECT@ECT, Melissa
Becker/Corp/Enron@ENRON, Suzanne Brown/HOU/ECT@ECT, Gwynn
Gorsuch/NA/Enron@ENRON, Elyse Kalmans/Corp/Enron@ENRON, Steven J
Kean/NA/Enron@Enron, Michelle Cash/HOU/ECT@ECT, Brian
Schaffer/Corp/Enron@ENRON, Bill Donovan/EPSC/HOU/ECT@ECT, Gerry
Gibson/Corp/Enron@Enron, George Wasaff/NA/Enron@Enron, Cindy
Olson/Corp/Enron@ENRON, Cynthia Barrow/HR/Corp/Enron@ENRON, Maryann Roman de
Meza/HR/Corp/Enron@ENRON
cc:
Subject: WorkLife Executive Council Meeting Reminder

Email reminder on behalf of Cynthia Barrow:

By now you have received the packet for the WorkLife Executive Council
Meeting scheduled for Monday, October 30, 2000.  The meeting will begin at
2:00 p.m. - 3:30 p.m. in EB 42C1.  We appreciate your interest in the
WorkLife Initiatives, we will be presenting to you.  Your input, comments and
suggestions will be welcomed.

We do regret that we were unable to schedule this meeting in a morning
session for those outside of the Houston office and other requests that were
suggested.  However, please be assured that every effort will be made for
future meetings to be conducted in a morning session.

Look forward to seeing you at the meeting.


Congrats!  It is a good ground breaking deal.  Mark


---------------------- Forwarded by Mark - ECT Legal Taylor/HOU/ECT on
01/04/99 12:11 PM ---------------------------
To: Jennifer Fraser/HOU/ECT@ECT, Jeffrey T Hodge/HOU/ECT@ECT
cc:
Subject: Ormet

Here is the Strike Price Election Notice letter I drafted for the Ormet
transaction.  Please let me know if this works for you.


Please see attached.

 - EL00-95.1
 - EL01-53.1