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

	Enron Capital & Trade Resources Corp.

	From:  trials@optioninvestor.com (Option Investor Newsletter     Trials)
                      01/26/99 09:40 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 2

The Option Investor Newsletter         Tuesday  1-26-99
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)
************************************************************
        1-26-98         High     Low     Volume   Advances Decline
DOW     9324.58 +121.26 9329.99  9188.38  877.251k  1,533   1,432
Nasdaq  2433.41 + 64.10 2434.37  2384.63 1035,400k  2,139   1,952
S&P-100  627.17 + 11.11  627.48   616.06   Totals   3,672   3,384
S&P-500 1252.31 + 18.33 1253.27  1233.98            52.0%   48.0%
$RUT     425.33 +  3.22  425.57   422.11
$TRAN   3139.44 + 26.47 3146.06  3105.19
VIX       28.85 -  1.18   31.56    28.76
Put/Call Ratio      .44
*************************************************************

The Internets blew out and techs followed. The broader market
took all day to catch up.

After another night passed without a global meltdown the
market got off to a cautious start this morning. The Dow
traded in a narrow range until a small dip at noon but the
dip appeared to be the signal for buyers to come off the
sidelines.

The techs jumped out to a quick lead and the Nasdaq hovered
in the high +30 range for what seemed like forever but then
finally surged to another record close.

The combination of strong earnings reports and multiple
stock splits powered the market forward. As soon as traders
saw the market was not going down after the bump at the open
they jumped in not wanting to be left behind.

IBM surprised no one when they announced a 2:1 split.
MCD also announced a 2:1 and joined the recent ranks of
other splitters MSFT and XRX who announced yesterday.
The stock split craze is not over yet. BRCM and EBAY both
announced splits after the close. EBAY a 3:1 and BRCM 2:1.

It appears that nothing can stop MSFT as it added 9.69
today (they are over +15 for the week).  After such a
strong move, we are looking for some kind of pullback.
The rest of the Nasdaq 100's top four did well too.
INTC rose 6.31 while CSCO jumped up 3.69 and DELL leaped
up another 3.63.  Definitely a good day for the techs.

Not to be outdone, AOL added $9.00 in anticipation of
their own earnings announcement tomorrow.  Odds of a
split are strong but there is always an increased
risk associated with holding over earnings.  It wouldn't
surprise us to some profit taking before the close
tomorrow (quite similar to what happened to SUNW the
day of their earnings).

Compaq Computer announced today that they were going to
spin off Alta Vista as a separate company. This positive
news fired up the Internets early in the day.

As if they needed to add any fuel to the Internet explosion
Amazon announced earnings (or lack thereof) that beat the
street by +.04. That along with the EBAY and BRCM splits
had all the parties celebrating after the bell. EBAY was
up +18 and AMZN +7 in after hours. No numbers were available
for BRCM.

The market internals were negative until the last hour.
It just seemed that the buyers were holding back and only
reluctantly moving back into the market like swimmers in
the ocean after a shark sighting. Everyone KNEW they
should be buying but they wanted someone else to go first.

The fear of being Greenspamed on Thursday was probably
weighing on some and lingering Brazil/China worries on
others. The market is still a little top heavy here after
the big run in recent weeks. Yes we backed off -500 points
but some say this was not enough. We have always expected
the better than expected earnings would have traders
re-evaluating their estimates for 1999. Now it appears
that the current S&P average of companies reporting is
a +6.3% year over year increase in earnings. The historical
average is around +7% but due to the global slowdown the
current estimates had been for only +5% growth.

With almost 50% of the S&P-500 already reported we are
seeing a better than 2:1 ratio of positive surprises
compared to negative surprises.

We could have some profit taking again Wednesday night
as fear of Greenspan takes hold but we feel that he will
not harm the market intentionally. Almost nothing can harm
this market. Sure there will be some dips but for the next
two weeks the trend should be up. After the two up days
this week we could actually see some drop at the open again
tomorrow as minor profit taking occurs.

Good Luck

Jim Brown

*****************************************************
The OEX Skybox is Back - New & Improved
***********************************************************

Based upon subscriber demand, the OEX Skybox is coming back.
OptionInvestor.com is please to announce that Pinnacle
Capital Advisors will be bringing its popular OEX Skybox back
to OI's advisory website this weekend and updating it DAILY.

And what better day to bring the OEX Skybox back than on
Superbowl Sunday, January 31st.  Unlike other OEX trading
systems, the OEX Skybox was designed to give subscribers a
"top down" view of this popular S&P 100 index option.  And in
a time of market volatility and uncertainty, sometimes one
needs to step away from the trading pit to see the big
picture from the "Skybox" and explore a broader range of
trading strategies and opportunities.

The OEX Skybox was first introduced by Pinnacle on November 1,
1998 and its team of experienced OEX traders generated an
impressive 292% over two short months.  The OEX Skybox will
supercede the OEX trading Pit and offer more ways for
subscribers to participate in the popular index option.

"We are excited to deliver the OEX Skybox to the number one
option advisory service on the Internet", says Austin Tanner,
Pinnacle's president.  According to Pinnacle, one of the
pitfalls of trading the OEX is getting caught up in the
intraday ticks and overtrading.  The focus of the OEX Skybox
is benchmark trading and gives OI subscribers winning trading
opportunities without all the noise.

What's unique about the OEX Skybox is Pinnacle's disciplined,
market-neutral trading approach that initiates trades at key
turning points in the market.  These turning points or
"benchmarks" are determined using time-tested technical and
sentiment indicators.

The new and improved DAILY OEX Skybox service will provide a
nightly OEX market wrap on the website that outlines
Pinnacle's OEX market posture and option strategies for the
next day.  During each trading day, the OEX Skybox will be
updated in realtime at three key time periods during the day.
The benefit of our fixed time period updates is that
subscribers can count on getting key trading instructions
when they login.

Nightly Strategy:
OEX Market Wrap           8:00 -  8:30pm EST

Daily Realtime Updates:
Before the Open           9:00 -  9:30am EST
After the Opening        11:00 - 11:30am EST
Before the Close          3:00 -  3:30pm EST

The nightly updates are designed for OEX traders who want to
trade the OEX but can't follow the OEX tick by tick during
the day.  The daily real-time updates give more active
day traders the ability to initiate and protect positions
quicker based upon fast developing news and events.

The change over will take place starting with Sunday's
newsletter and Mondays trading.

*******************************************************
Market Posture
*******************************************************
As of Market Close  Tuesday, January 26, 1999

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

DOW Industrials    9,100   9,730   9,325    Neutral   1.15
SPX S&P 500        1,210   1,280   1,252    Neutral   1.12
OEX S&P 100          600     635     627    Neutral   1.12
RUT Russell 2000     420     435     425    Neutral   1.12

NDX NASD 100       1,900   2,010   2,062    BULLISH   1.26 *
MSH High Tech        930     980     999    BULLISH   1.26 *

                   Key Support
Technology           /Resistance    Last    Posture/Since  Alert
****************************************************************
XCI Hardware         830     875     924    BULLISH   1.26 *
CWX Software         610     665     672    BULLISH   1.26 *
SOX Semiconductor    360     410     407    Neutral   1.8
NWX Networking       420     450     447    Neutral   1.8
INX Internet         470     570     519    Neutral   1.8

                   Key Support
Financial            /Resistance    Last    Posture/Since  Alert
****************************************************************
BIX Banking          650     710     652    BEARISH   1.22
XBD Brokerage        630     725     665    Neutral   1.14
IUX Insurance        590     620     573    BEARISH   1.21

                   Key Support
Other                /Resistance    Last    Posture/Since  Alert
****************************************************************
RLX Retail           800     860     850    Neutral   1.8
DRG Drug             740     795     757    Neutral   1.26 *
HCX Healthcare       720     780     737    Neutral   1.26 *
XAL Airline          310     350     307    BEARISH   1.22
OIX Oil & Gas        245     260     235    BEARISH   1.14

Posture Alert

After advancing and closing into record territory, we
have turned Bullish across select broad market indices and
industry sectors including the NASD 100, Hardware and
Software.  We have also turned Neutral across Drug and
Heathcare sectors after checking up just above its short-term
averages.  We caution investors that several key industry
sectors are still trading at or below their 50-day moving
averages including Banking, Insurance, Airlines and Oil & Gas.

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

www.optioninvestor.com/marketposture

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

Tuesday, January 26, 1999

Watch Option Call/Put Activity

Despite economic uncertainly in Brazil, we did not see an
increase in put activity over the past couple of days.  This
suggests that we DO NOT have strong underlying sentiment support
Next, we are focused on Call activity, particularly following
favorable earnings reports and stock splits.  If the options
speculators get ahead of themselves, it could presage a near
term top.

One positive development is the Market Volatility Index
(VIX) has closed BELOW 30.0% (29.35%).  This has Bullish overtones especially
if the VIX resumes its declining trend which began back on October 8th.

Other sentiment indicators are still flashing BEARISH
overtones over the near-term including the Investors
Intelligence survey (60% Bullish) 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                       (1/22)     (1/26)   (1/28)   Alert
********************************************************************

Pinnacle Index (OEX):
-----------------------------------------------------------------
Overhead Resistance (620-635)     1.4        1.9
Underlying Support  (595-610)     1.3        1.3

Put/Call Ratios:
-----------------------------------------------------------------
CBOE Total P/C Ratio               .5         .5
CBOE Equity P/C Ratio              .4         .4              *
OEX P/C Ratio                     1.2        1.1

Peak Open Interest (OEX):
-----------------------------------------------------------------
Puts                              610        610
Calls                             610        610
P/C Ratio                         .9         .9

Market Volatility Index (VIX):
-----------------------------------------------------------------
CBOE VIX                         32.85      29.35             *

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                       (1/22)     (1/26)   (1/28)
-----------------------------------------------------------------

                    (630-635)      2.7        3.2
                    (620-625)      1.1        1.3
Overhead Resistance (620-635)      1.4        1.9

OEX Close                       610.38     627.17

Underlying Support  (595-610)      1.3        1.3
                    (605-610)      1.0        1.0
                    (595-600)      1.9        1.9

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                (1/22)     (1/26)   (1/28)
-----------------------------------------------------------------
CBOE Total P/C Ratio              .53        .54
CBOE Equity P/C Ratio             .40        .42
OEX P/C Ratio                    1.15       1.13

Peak Open Interest (OEX)
-----------------------------------------------------------------
                     Friday         Tues           Thurs
Strike/Contracts     (1/22)         (1/26)         (1/28)
-----------------------------------------------------------------
Puts                 610 / 11,153   610 / 10,675
Calls                610 / 11,865   610 / 10,926
Put/Call Ratio       .94            .98

Image 1

Image 2

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 22, 1999                        32.85
January 26, 1999                        29.35   *

Image 3

Image 4

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 26, 1999                      60.0        30.0   *

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

Index   Last    Mon     Tue     Week
Dow      9324.58   82.65  121.26  203.91
Nasdq    2433.41   30.43    64.1   94.53
$OEX      627.17    5.68   11.11   16.79
$SPX     1252.31    8.79   18.33   27.12
$RUT      425.33   -0.33    3.22    2.89
$TRAN    3139.44   49.17   26.47   75.64
$VIX       28.85   -0.82   -1.18

Stock   Price   Mon     Tue     Week

MSFT      171.56    5.63    9.69   15.32 Unstoppable!
AOL       154.86    5.56    8.86   14.42 Earnings Tomorrow
LXK       108.00    4.88    3.88    8.76 Beat Earnings / no split
SUNW      106.63    3.06    5.56    8.62 Nasdaq Rally fuels the fire
VOD       193.50    3.25    2.88    6.13 Looking strong
DELL       88.50    1.88    3.63    5.51 Has the earnings run started?
SEPR      104.25    2.25    2.50    4.75 New play, Earnings February
XLNX       82.56   -1.06    5.44    4.38 Buying dips?
CSCO      107.13    0.63    3.69    4.32 Another big tech winner
ANF        73.94    2.13    2.06    4.19 New play, growing trend
EMC       101.75    3.50   -0.25    3.25 Consolidation
WCOM       77.94    2.81    0.25    3.06 Sleeping while the techs rally
ORCL       52.88    1.19    1.81    3.00 Strong and steady
UTX       117.25    1.25    1.44    2.69 New 52 week high
SNC        39.50    1.19    0.56    1.75
WMT        83.56    0.00    1.56    1.56 Split Candidate
MU         71.88   -1.50    2.88    1.38 Popular sector
DH         60.88    0.31    0.63    0.94 Slow and confident
NOK/A     145.38   -0.56    1.38    0.82 Earnings before the bell Friday
XIRC       42.31   -0.06    0.38    0.32 Post earnings depression?
VIA/B      82.13    0.44   -0.88   -0.44 Consolidation
T          86.88    1.38   -2.75   -1.37 Dropped
AMGN      112.75   -0.44   -1.44   -1.88 Dropped, earnings 1/27 or 1/28
PRIA       32.19   -2.88   -0.81   -3.69 Dropped
QWST       56.13   -1.44   -2.56   -4.00 Dropped

PUTS

AVP        36.44    0.00   -1.13   -1.13 Breaking down
BKB        36.75   -0.50   -0.38   -0.88 Leaking
DD         53.88    0.44   -0.88   -0.44 Breaking down again
CPB        44.13    1.25   -1.44   -0.19 Soups getting cold
BAC        64.94   -0.38    0.25   -0.13 Leaking
PG         85.56   -1.69    1.94    0.25 On the edge looking heavy
AVT        45.56   -0.75    1.38    0.63 Profit taking
AMR        55.88    0.38    0.25    0.63 Losing altitude
WLA        69.13   -0.44    1.63    1.19 Acquiring Agouron (AGPH)
PHSYB      69.31    1.75   -0.56    1.19 Leaking
MCHP       32.00    0.56    1.25    1.81 Dropped
BDX        36.25    1.94    0.56    2.50 Recovering a bit
HSY        61.50    2.50    0.00    2.50 Profit taking
AXP       101.75    3.00    0.25    3.25
MRK       144.00   -1.50    6.50    5.00 Sector up w/ merger activity
PKN        96.31   -0.44    5.44    5.00 Dropped

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:
******

AMGN $112.75 1.44 (-1.88) Amgen is an example of a stock that
should have been bought using the target shooting approach.
If you tried target shooting, you may have been filled in the
early morning and wound up with a profitable trade.  Amgen was
down nearly $4.00 in the first hour of trading Monday. In the
middle of the day, it climbed back to hover around $114.00
until the close. Today the trend was down again until late in
the day, when buyers moved in to buy the dip, but still left
it lower on the day. While the Nasdaq is up strong, Amgen is
not performing the way we had hoped, so we are dropping it.
However, there is the possibility of a split announcement
with earnings.  Unfortunately, there is more than one earnings
date available for AMGN.  Some sources say Jan. 27th others
say Jan. 28th.  AMGN last split 2:1 in August of 1995 in the
mid-90s.

T $86.88 -2.75 (-1.37)  Earnings announcement (met
expectations), share buyback, stock split, TCI merger --
the news is already out.  Right now, there's not much left
to move AT&T higher.  To be good plays, we think almost two
times a company's normal volume should produce nice gains.
Instead, over the last 2 days, AT&T went down in a strong
upward market.  In short, the play looks over for now so
we are dropping AT&T.

QWST $56.13 -2.56 (-4.00)  QWST has shown some weakness so
far this week.  It dove -$4.00 even in a market that seems
to be moving upwards.  On Tuesday, Lehman Brothers cut its
rating to outperform from their previous buy recommendation.
They think competition will increase from other companies
like MCI WorldCom Inc. and AT&T.  By taking a look at their
chart, it is easy to see that QWST is on the downside of the
hill. We are dropping Qwest as one of our plays until it
makes a definite turn-around and regains some upward
momentum.

PRIA $32.19 -.81 (-3.69) PRIA gave us a good, steady
momentum run.  But earnings are only 2 days away, and it
looks like it is rolling over and heading lower, so we are
dropping it.  Remember, we don't recommend holding over
earnings due to the increased risk.  Make your own decision
based on your risk/reward profile.

PUTS:
******

MCHP - $32.00 1.25 (1.81)  Stock recovered nearly $2 after
being downgraded by Alex Brown. Stock trading below
consolidation of $36-40 but above last Novembers break out
price of $30.00. Dropping after stock appears to holding at
retracement price of $30.

PKN - $96.31  5.44 (5.00) Advanced higher with broad market
off of 50 day moving average.  Dropping until stock rolls
over again.

PICK NEWS - CALLS
*******************************************************

EMC $101.75 -.25 (+3.25) EMC announced earnings today and beat
estimates by 2 cents per share.  Revenue for the quarter
increased 36% over the year ago period and net income increased
54% versus the same period last year.  EMC also projects
revenue growth in 1999 to be 30% or more and sales to pick up
in Asia.  Software revenues grew by 175%.  EMC traded down only
a little today, which is good news since they didn't blow away
the estimates.  EMC still has some room to move before it runs
into the 52 week high it set last week.

UTX $117.25 +1.44 (+2.69) UTX set a new 52 week high today at
$117.63.  The downgrade that UTX got after the close on Friday
really didn't impact it all that much.  UTX traded flat for the
first half of Monday and then started up.  We haven't had any
news on UTX so it is living off of its earnings release last
week and the upward movement of the Dow.  Remember when trading
UTX, it is a Dow 30 component and is very Dow sensitive.

ORCL $52.88 +1.81 (+3.00) We said ORCL might be a candidate for
some target shooting around its 10 day moving average, but it
hasn't been anywhere near it this week.  It was good to see
ORCL move through $52 today.  It had been having some trouble
with this level.  In the news, ORCL announced new software for
oil exploration and production companies.  It will allow oil
industry co-venture partners and newly merged oil companies to
share information and monitor asset performance asset
performance quickly, easily and collaboratively.  The oil
industry can use all the help they can get given the low price
of oil these days.  The new software uses ORCL's new Internet
database  Oracle8i.

DELL $88.50 +3.63 (+5.50)  Without news or
fanfare, Dell set a new all-time closing high today on
slightly less than average volume, indicating a lack of
sellers.  Dell is now sitting at its resistance of $88.50.
If Dell can push through this on more than 18 million
shares, the sky is the limit on its way to earnings
scheduled for February 16 after the close.  If volume
doesn't materialize, that's OK.  It just means that Dell
will be a little more susceptible to a pullback.  In
Technology Business Research's 4th Quarter Corporate IT
Buying Behavior and Customer Satisfaction Study, conducted
with 300 F1000 IT Managers, Dell continues as the number
one vendor for customer satisfaction across notebook,
desktop and server platforms.  Nice chart; its not too late
to scale into a position for earnings.  Dips are buyable,
but would rather confirm upward movement first.

CSCO $107.13 +3.69 (+4.32)  Thank goodness
for the last hour of trading.  Without it, CSCO would be up
only $2 this week; not very inspiring considering CSCO is
the third largest component of the NASDAQ 100, which set a
new high today.  Cisco's saving grace: genuine buying
interest (not just market sympathy) shows volume 11% above
average in today's trading.  We are playing CSCO as a split
candidate and earnings run.  CSCO has enough shares
authorized to announce a 3:2 split on February 2 after the
close, along with earnings, just 5 trading days away.  CSCO
continues receive new awards for building the new wave of
telecom technology.  Today, CSCO was selected as Sprint's
primary supplier of DSL technology for building out "last
mile" broadband access solutions to Sprint's next-
generation Sprint ION(SM), Integrated On-Demand Network,
and for DSL-based services for customers of Sprint's Local
Telecommunications Division (LTD), beginning in 1999
(Business Wire).  The run has begun.  Dips are buyable.
Confirm upward movement first and use stops to protect your
profits.

AOL $154.84 +8.84 (+14.40)  Whew!!  All we
can say is "It's about time".  In Sunday's letter, we noted
that we expected a bounce off the moving average, out of
consolidation running toward earnings.  We got it.  Volume
has been slightly below average this week causing us slight
anxiety.  But with a 14-point gain in 2 days, we'll get
over it.  Tomorrow, after 5:00 p.m. ET, AOL announces
earnings along with what we also hope to be a split
announcement; probably 2:1, although there are enough
shares outstanding to declare a 3:1.  We expect great
results from the record number of new subscribers and
surprising Holiday sales volumes. We don't normally
recommend holding over earnings so evaluate your risk
tolerance if you opt to hold through on this play.
Intestinal fortitude still required.

WCOM $77.94 +0.25 (+3.06)  WCOM should have
performed better today given the new NASDAQ record, but
we're still up $3 for the week under it's resistance level
of $80 on slightly higher than average volume.  To be safe,
wait for a pullback confirmed by reversal, or until WCOM
breaks $80 and holds.  The U.S Supreme Court's ruling
yesterday to force the baby bells to open their markets to
competition had little effect on moving the price up.  A
downgrade issued by Kauffman Bros. from "buy" to "hold"
didn't help.  Confirm sector movement before starting a new
play.

***** 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
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
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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.


In a frank discussion with Barry I had to advise him that it will be very
difficult for him to succeed in the role I proposed for him (and indeed in
his current role in the medium term). He is standing in the cross-hairs of a
rifle sight - one move and he's dead.

I have no doubt that we will find a role for this talented individual which
will enable him to sustain the tremendous level of contribution that we are
used to seeing from him.

Of course it will mean that progress in developing our trading support
operations will be slower than it otherwise would have been. I shall be
looking for a suitable candidate to fill the co-ordination role - as you
know, individuals of the necessary calibre and experience are rare.

Fernley


[IMAGE]
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	Good luck! - The iWon Team
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i bet your teeth are on strike too b/c all the bile in your stomach is eating them up after you threw up for 2 hours


I think this is identical.  Also print Bali trust
----- Forwarded by Sara Shackleton/HOU/ECT on 09/07/2000 11:50 AM -----

	"CHRIS KRECEK" <KRECC@andrews-kurth.com>
	09/06/2000 05:05 PM

		 To: "David Barbour" <BARBD@andrews-kurth.com>, "DEBORAH LOWE"
<LOWED@andrews-kurth.com>, "MURIEL McFARLING" <MCFAM@andrews-kurth.com>,
"SCOTT OLSON" <OLSOS@andrews-kurth.com>, <alan.quaintance@enron.com>,
<brenda.l.funk@enron.com>, <charles.delacey@enron.com>,
<Clement.abrams@enron.com>, <David.roland@enron.com>,
<Joel.Ephross@enron.com>, <LOri.pinder@enron.com>,
<sara.shackleton@enron.com>, <tina.livingston@enron.com>,
<Trevor.Randolph@enron.com>, <trushar.patel@enron.com>,
<mniebruegge@mayerbrown.com>, <tellwood@mayerbrown.com>,
<eawilburn@prickett.com>, <Tamullen@prickett.com>, <kenton@rlf.com>,
<mark.wolf@us.cibc.com>, <Mercedes.arango@us.cibc.com>,
<schottla@us.cibc.com>, <ARoberts@WilmingtonTrust.com>
		 cc:
		 Subject: Enron/Tahiti

Attached are the transaction documents for Project Tahiti.  Each of the
documents is marked to show revisions against the version circulated last
Wednesday, August 30.  As we discussed on the phone, we have incorporated the
business agreement reached between CIBC and Enron, as follows:

The Tahiti Series Trust Agreement has been revised to require the consent of
all certificateholders (which includes Fiji Z LLC, which can only consent
with the consent of its Class B Member - CIBC) prior to (i) the creation of
any series after December 31, 2000 (see definition of Series Supplement) and
(ii) making any amendments to the purpose provision (which specifically
limits the purposes of the Trust to holding Trust Property - defined as the
warrants) or the definition of Series Supplement.

The Subscription Agreement has been revised to provide that CIBC's commitment
to fund on December 31, 2000 will be terminated if the Bali Trust receives
any funds except in connection with the issuance of debt of the Bali Trust
(which would require the consent of CIBC as the beneficial owner) or funds
received from CIBC.

Please be aware that because of the revisions described above, it was not
necessary to incorporate  all of Tim Elwood's comments received September 3,
2000.

The documents in Word format are identified as follows:

Closing Checklist (255001)
Trust Agreement of Tahiti (254424)
Beneficial Interest Certificate (254806)
Series Supplement Creating Series Z (254816)
Tahiti Series Z Certificate issued to Fiji Z (254975)
Warrant Assignemtn (254974)
Promissory Note from Tahiti (254802)
Direction Letter to Owner Trustee of Tahiti (254976)
Amended and Restated LLC Agreement of Fiji Z, L.L.C. (254423)
Promissory Note from Fiji to Tahiti (254977)
Amended and Restated LLC Agreement of Bora Bora (254978)
Promissory Note from Bora Bora to Fiji (254979)
Sale and Auction Agreement (255084)
Independent Auctioneer Letter Agmt (254097)
B Interest Assignment AGmt (254982)
Assignment of Bali Promissory Note to Fiji (255717)
Trust Agreement of Bali (255146)
Reimbursement and Disclosure Agreement (255563)
Promissory Note from Bali to Bora Bora (254981)
Certificate Distribution Agreement (255568)
Subscription Documents (255729);
Certificate Interest Certificate to CIBC (254983); and
Direction Letter to Owner Trustee of Bali (254980)

If you have any questions, please call Muriel McFarling at (214) 659-4461.

Chris Krecek, Secretary/Legal Assistant
Andrews & Kurth L.L.P.
1717 Main Street, Suite 3700
Dallas, Texas 75201
Phone: (214) 659-4481
Fax: (214) 659-4401
Email: ckrecek@andrews-kurth.com

CONFIDENTIALITY NOTICE:  The information in this e-mail (including any
attachments) is confidential, legally privileged and intended only for the
use of each recipient named above.  If you are not an intended recipient, you
must not read, use or disseminate this information.  If you have received
this e-mail in error, please notify the sender immediately by reply e-mail
and delete this e-mail from your computer.
VIRUS WARNING:  Although this e-mail (including any attachments) is not
intended to contain any virus or defect that may affect your computer, you
are responsible for ensuring that no virus or defect exists.  The sender
disclaims any responsibility for any loss or damages arising from any virus
or defect associated with this e-mail.

 - 255729.doc
 - 254424.doc
 - 254802.doc
 - 254806.doc
 - 254816.doc
 - 254974.doc
 - 254975.doc
 - 254976.doc
 - 254977.doc
 - 254978.doc
 - 254979.doc
 - 254980.doc
 - 254981.doc
 - 254982.doc
 - 254983.doc
 - 255001.doc
 - 255084.doc
 - 255097.doc
 - 255146.doc
 - 255563.doc
 - 255568.doc
 - 255717.doc
 - 254423.doc


Jeff,

Walter Sea, of Marine Max, can be reached at (O) 561-220-0707 or (C)
561-285-0990.  This industry is known for crooks and thieves.  Walter has a
reputation as an honest broker.

If you need any help, just let me know.

Blake


uhhh - ok  <=== see no caps.

Brenda H Fletcher
04/11/2000 10:45 AM
To: Chris Germany/HOU/ECT@ECT
cc:
Subject: Re: CGAS contract 64231

The reason for my question is due to a comment in cell 34 S of spreadsheet
that says, "For Retail needs".

Chris Germany
04/11/2000 10:14 AM
To: Brenda H Fletcher/HOU/ECT@ECT
cc:
Subject: Re: CGAS contract 64231

NO.  CALP is a wholesale contract.

Brenda H Fletcher
04/11/2000 09:09 AM
To: Chris Germany/HOU/ECT@ECT
cc:
Subject: Re: CGAS contract 64231

Chris,
Do you invoice CES Retail for the monthly and volumetric demand paid by ENA
to CALP?

Chris Germany
04/10/2000 06:09 PM
To: Robin Barbe/HOU/ECT@ECT, Dick Jenkins/HOU/ECT@ECT, Joan
Veselack/Corp/Enron@ENRON, Joann Collins/Corp/Enron@ENRON, Robert
Allwein/HOU/ECT@ECT, Brenda H Fletcher/HOU/ECT@ECT, Scott
Goodell/Corp/Enron@ENRON, Mark Feldman/HOU/ECT@ECT
cc: Dan Junek/HOU/ECT@ECT
Subject: CGAS contract 64231

This is a good time to bring this up.  Unless the original CES agreement has
changed, ENA will pay CALP a monthly demand charge of $103,417 from 1/1/2000
- 4/30/2000.  From 6/1/2000 - 7/7/2000, ENA will pay a (volumetric) demand
charge of $.02/mmbtu to CALP for any volumes utilized by ENA.

Which brings up 2 important points;
 1.The month of May has not been addressed which means Robin needs to discuss
this with CALP (and she may have already)
     However, currently we will not be showing any demand estimates for May.

 2.  It's a new ball game starting 7/8/2000.

Comments/questions?

---------------------- Forwarded by Chris Germany/HOU/ECT on 04/10/2000 05:57
PM ---------------------------

Brenda H Fletcher
04/10/2000 04:37 PM
To: Chris Germany/HOU/ECT@ECT
cc: Scott Goodell/Corp/Enron@ENRON
Subject: CGAS contract 64231

This contract is on the ECT April spreadsheet under CES Wholesale.  What is
the relationship between ENA and Commonwealth Atlantic?
(Who pays transport invoice?  Any reimbursements?)

Thanks,
Brenda


1 - Thank your for your order from Urban Retreat.  You will receive a
2 - confirmation by E-Mail shortly
3 -
4 - The Staff at Urban Retreat
5 -
6 -
7 -
neo-email_format - alpha
neo-email_from - urbanr@neosoft.com
neo-email_response - ~urbanr/default.html
neo-email_subject - THANK YOU FOR YOUR URBAN RETREAT ORDER
neo-email_to - skean@enron.com


Louise, attached is a short note from Cindy Franklin's manager in Logisitics, Victor Lamadrid, and a more detailed progress report which was also written by him. I completely agree with Victor's assessment and have no doubt that Cindy will continue to improve and become an even more valuable and productive employee. I believe she is well suited for the new position in the Upstream Services group.

Please let me know if you have any additonal concerns, questions - Bob Superty

-----Original Message-----
From: Lamadrid, Victor
Sent: Tue 4/17/2001 9:34 PM
To: Kelly, Katherine
Cc: Robert Superty/HOU/ECT@ENRON; Hall, Bob M.; De Jesus, Frank; Jeanie Slone/HOU/ECT@ENRON
Subject: Cynthia Franklin Update

Kathy, Per your request, below is the letter updating you on Cyndi's progress.  I think, she will be a very good addition to your team.  Her experience and familiarity with our systems/procedures as well as her  industry contacts should make your operations more effective and efficient.  If you have any questions, please let me know. Please forward this to all necessary personnel.  Once this move is approved, let's get together soon afterward and discuss a transition plan.

THANKS

Victor

3-4221

<<Cyndiwellhead.doc>>


Effective immediately,   we need to make every effort to avoid buying Malin
P/X energy,   bouncing   this energy off of a NW control area  and sending
back in the ISO to cover our load in NP.   We now have the ability to adjust
bid an SC purchase in NP with the PX.   This allows us to adjust bid to our
load in NP15,  effectively limiting our expense risk to cover load

Leaf Harasin has created a procedure for this process.     Jesse Bryson has
been working on this project as well.

It is important to note that we are experiencing some difficulty with the P/X
as they are not entirely comfortable with this process yet.
Additionally,  we are having some internal software difficulty managing this
new feature.    See David Poston or call Pete Davis for support,  as usual.

Thanks,

JMF


---------------------- Forwarded by Angela Barnett/HOU/ECT on 12/11/2000
07:03 AM ---------------------------

"lsharris" <lsharis@email.msn.com> on 12/11/2000 01:34:16 AM
To: "Angela Barnett" <Angela.Barnett@enron.com>, "Kim Gunter"
<KGunter2000@yahoo.com>, "Brenda Perron" <oakiefenokie@skyenet.net>, "Shonne
Yoder" <sjy3245@juno.com>, "Stacey Lynn Harris" <Stacey.Harris@ourclub.com>
cc:
Subject: Fw: FW: Christmas Miracle

----- Original Message -----
From: Noell <noell@galaxyinternet.net>
To: Carol Denton <cdentonjhs@netscape.net>; Christine Whitaker
<Dccreation@aol.com>; Deb Pepple <dpepplejes@netscape.net>; fmf_1
<fmf_1@netzero.net>; Joseph Gaunder <joseph.gaunder@honeywell.com>; Kathy
Spaugh <KSpaugh@Hotmail.com>; McFarland, Linda <LMCFAR@tcunet.com>; Marlene
Beehler <newrd10@aol.com>; Julianna Bender <pjbender@hwcn.org>; Randy Rentz
<Randy.Rentz@USA.net>; Sandy Farrell <sfarrelljms@netscape.net>; Stephen
Rupchock <SRup49120@aol.com>; Toni Wise <twise@galaxyinternet.net>
Sent: Tuesday, December 05, 2000 1:54 AM
Subject: Fw: FW: Christmas Miracle

>
> ----- Original Message -----
> From: "Toni Wise" <twise@galaxyinternet.net>
> To: "Ruth Anne Gray" <NOELL@GALAXYINTERNET.NET>
> Sent: Monday, December 04, 2000 8:22 AM
> Subject: Fw: FW: Christmas Miracle
>
>
> >
> > ----- Original Message -----
> > From: "Mary Cleary" <mcleary@michiana.org>
> > To: <Undisclosed.Recipients@freenet.michiana.org>
> > Sent: Monday, December 04, 2000 7:35 AM
> > Subject: Fw: FW: Christmas Miracle
> >
> >
> > >
> > >
> > > > > Christmas miracle
> > > > >
> > > > > Great story -- great prayer at the end!
> > > > >
> > > > > In September 1960, I woke up one morning with six
> > > > > hungry babies and just 75 cents in my pocket. Their
> > > > > father was gone.  The boys ranged from three months to
> > > > > seven years; their sister was two.  Their Dad had
> > > > > never been much more than a presence they feared.
> > > > > Whenever they heard his tires crunch on the gravel
> > > > > driveway they would scramble to hide under their beds.
> > > > > He did manage to leave $15 a week to buy groceries.
> > > > > Now that he had decided to leave, there would be no
> > > > > more beatings, but no food either.   If there was a
> > > > > welfare system in effect in southern Indiana at that
> > > > > time, I certainly knew nothing about it. I scrubbed
> > > > > the kids until they looked brand new and then put on
> > > > > my best homemade dress. I loaded them into the rusty
> > > > > old 51 Chevy and drove off to find a job.  The seven
> > > > > of
> > > > > us went to every factory, store and restaurant in our
> > > > > small town. No luck. The kids stayed, crammed into the
> > > > > car and tried to be quiet while I tried to convince
> > > > > whomever would listen that I was willing to learn or
> > > > > do
> > > > > anything. I had to have a  job. Still no luck. The
> > > > > last place we went to, just a few miles out of town,
> > > > > was an old Root Beer Barrel drive-in that had been
> > > > > converted to a truck stop. It was called the Big
> > > > > Wheel.  An old lady named Granny owned the place and
> > > > > she peeked out of the window from time to time at all
> > > > > those kids. She needed someone on the graveyard shift,
> > > > > 11 at night until seven in the morning. She paid 65
> > > > > cents an hour and I could start that night.  I raced
> > > > > home and called the teenager down the street that
> > > > > baby-sat for people. I bargained with her to come and
> > > > > sleep on my sofa for a dollar a night. She could
> > > > > arrive with her pajamas on and the kids would already
> > > > > be asleep. This seemed like a good arrangement to her,
> > > > > so we made
> > > > > deal. That night when the little ones and I knelt to
> > > > > say our prayers we all thanked God for finding Mommy a
> > > > > job. And so I started at the Big Wheel. When I got
> > > > > home in the mornings I woke the baby-sitter up and
> > > > > sent her home with one dollar of my tip money-fully
> > > > > half of what I averaged every night. As the weeks went
> > > > > by, heating bills added another strain to my meager
> > > > > wage. The tires on the old Chevy had the consistency
> > > > > of
> > > > > penny balloons and began to leak. I had to fill them
> > > > > with air on the way to work and again every morning
> > > > > before I could go home. One bleak fall morning, I
> > > > > wagged myself to the car to go home and found four
> > > > > tires in the back seat. New tires! There was no note,
> > > > > no nothing, just those beautiful brand new tires. Had
> > > > > angels taken up residence in Indiana? I wondered.  I
> > > > > made a deal with the owner of the local service
> > > > > station. In exchange for his mounting the new tires, I
> > > > > would clean up his office. I remember it took me a lot
> > > > > longer to scrub his floor than it did for him to do
> > > > > the tires. I was now working six nights instead of
> > > > > five and it still wasn't enough. Christmas was coming
> > > > > and I knew there would be no money for toys for the
> > > > > kids.  I found a can of red paint and started
> > > > > repairing and painting some old toys. Then I hid them
> > > > > in the basement so there would be something for Santa
> > > > > to deliver on Christmas morning. Clothes were a worry
> > > > > too.  I was sewing patches on top of patches on the
> > > > > boys pants and soon they would be too far gone to
> > > > > repair. On Christmas Eve the usual customers were
> > > > > drinking coffee in the Big Wheel. These were the
> > > > > truckers, Les, Frank, and Jim, and a state trooper
> > > > > named Joe.  A few musicians were hanging around after
> > > > > a gig at the Legion and were dropping nickels in the
> > > > > pinball machine. The regulars all just sat around and
> > > > > talked through the wee hours of the morning and then
> > > > > left to get home before the sun came up. When it was
> > > > > time for me to go home at seven o'clock on Christmas
> > > > > morning I hurried to the car. I was hoping the kids
> > > > > wouldn't wake up before I managed to get home and get
> > > > > the presents from the basement and place them under
> > > > > the tree. (We had cut down a small cedar tree by the
> > > > > side of the road down by the dump.) It was still dark
> > > > > and I couldn't see much, but there appeared to be some
> > > > > dark shadows in the car-or was that just a trick of
> > > > > the night? Something certainly looked different, but
> > > > > it was hard to tell what. When I reached he car I
> > > > > peered warily into one of the side windows. Then my
> > > > > jaw
> > > > > dropped in amazement.  My old battered Chevy was
> > > > > filled full to the top with boxes of all shapes and
> > > > > sizes. I quickly opened the driver's side door,
> > > > > scrambled inside and kneeled in the front facing the
> > > > > back seat. Reaching back,I pulled off the lid of the
> > > > > top box. Inside was a whole case of little blue jeans,
> > > > > sizes 2-10!  I looked inside another box: It was full
> > > > > of shirts to go with the jeans. Then I peeked inside
> > > > > some of the other boxes: There were candy and nuts and
> > > > > bananas and bags of groceries. There was an enormous
> > > > > ham for baking, and canned vegetables and potatoes.
> > > > > There was pudding and Jell-O and cookies, pie filling
> > > > > and  flour. There was a whole bag of laundry supplies
> > > > > and cleaning items.  And there were five toy trucks
> > > > > and one beautiful little doll. As I drove back through
> > > > > empty streets as the sun slowly rose on the most
> > > > > amazing Christmas Day of my life, I was sobbing with
> > > > > gratitude. And I will never forget the joy on the
> > > > > faces of my little ones that precious morning. Yes,
> > > > > there were angels in Indiana that long-ago December.
> > > > > And they all hung out at the Big Wheel truck stop.
> > > > >
> > > > > THE POWER OF PRAYER When you receive this, say a
> > > > > prayer. This prayer will do. That's all you have to
> > > > > do. There is nothing attached. This is powerful.
> > > > > Just send this to four people and Do not break this,
> > > > > please. Prayer is one of the best free gifts we
> > > > > receive. There is no cost but a lot of rewards. Let's
> > > > > continue praying for one another. Father, I ask you to
> > > > > bless my friends reading this right now. Lord, show
> > > > > them a new revelation of Your love and power. Holy
> > > > > Spirit, I ask You to minister to their spirit at this
> > > > > very moment. Where there is pain, give them Your peace
> > > > > & mercy. Where there is self doubting, release a
> > > > > renewed confidence in Your ability to work through
> > > > > them. Where there is tiredness,or exhaustion, I ask
> > > > > You to give them understanding, patience, & strength
> > > > > as they learn submission to Your leading. Where there
> > > > > is spiritual stagnation, I ask You to renew them by
> > > > > revealing Your nearness, and by drawing them into
> > > > > greater intimacy with You. Where there is fear, reveal
> > > > > Your love, and release to them Your courage. Where
> > > > > there is a sin blocking them, reveal it, and break its
> > > > > hold over my friend's life. Bless their finances, give
> > > > > them greater vision, and raise up leaders, and
> > > > > friends to support, and encourage them. Give each of
> > > > > them discernment to recognize the negative forces
> > > > > around them, and reveal to them the power they have in
> > > > > You to defeat it. I ask You to do these things in
> > > > > Jesus' name.
> > > > >
> > > > > Amen.
> > > > >
> > > > > Passing this on to anyone you consider a friend will
> > > > > bless you  both. Passing this on to one not considered
> > > > > a friend is something I know Christ would do.
> > > > >
> > > >
> > > >
> > > >
> > > >  >>
> > > >
> > > >
> > >
> >
>

 - FW_ Christmas Miracle.eml


Carol St. Clair
EB 3892
713-853-3989 (Phone)
713-646-3393 (Fax)
carol.st.clair@enron.com
----- Forwarded by Carol St Clair/HOU/ECT on 07/11/2000 07:26 PM -----

	Susan Bailey
	07/11/2000 07:25 PM

		 To: Carol St Clair/HOU/ECT@ECT
		 cc:
		 Subject: Susan Flynn Active Files

Carol,

I neglected to note that Enertek, S.A. de C.V. has also been assigned to
Samantha.

Susan S. Bailey
Enron North America Corp.
1400 Smith Street, Suite 3806A
Houston, Texas 77002
Phone: (713) 853-4737
Fax: (713) 646-3490
E:mail:  Susan.Bailey@enron.com
----- Forwarded by Susan Bailey/HOU/ECT on 07/11/2000 07:23 PM -----

	Susan Bailey
	07/11/2000 07:10 PM

		 To: Carol St Clair/HOU/ECT@ECT
		 cc:
		 Subject: Susan Flynn Active Files

Carol,

Per your request, attached is a list of the active Susan Flynn files (active
according to our recent Legal/Credit), for which have now
been assigned to either Samantha or me.

Susan S. Bailey
Enron North America Corp.
1400 Smith Street, Suite 3806A
Houston, Texas 77002
Phone: (713) 853-4737
Fax: (713) 646-3490
E:mail:  Susan.Bailey@enron.com


Attached in very draft form is EPMI/EES's response against Dynegy's request that ComEd not allow Firm LD to be designated as a Network transmission resource.  Please provide comments by COB Thurs 10/25.  Thanks.

Susan Lindberg 30596 and Christi Nicolay 37007.


I left a voice mail for David since he's out, but I have a suggestion on our reporting for this meeting (not that I'm reporting anymore...).  I wasn't included in the discussions on how this report started up again, so I may not have all the facts on why we're doing what we're doing.

- at a minimum, we should use the Commodity DPR instead of the Business Unit DPR - for example, he was unable to see the 850 Bcf
	NA Gas NOP, or the components thereof as the Business Unit DPR is used

- would it be worthwhile to do a report that shows a week on week comparision of NOP, M/G, and VaR, with a 5-day P/L, based on the 	Concentration Limit DPR?  It seems to me that is what he's looking for - what happened this past week, and why, not just what our
	current position is.  This type of report is also consistent with how Credit presents their information (week on week change).

Let me know if you agree, and maybe Veronica can have that ready for you next week.

Regards,

Cassandra.


This conference call is for a "status-check" on the Alberta pre-pay.

Both the US and Canada should call 1-888-422-7109
Participant code# 630795

Dial #0 at any time for operator assistance.


As stated in the previous note, the detm-epmi-gcpd schedule was cut to zero for HE23-24pdt on 5/21, Monday.  Duke will resupply in real-time.  EPMI real time will need to make sure you get an upstream from Duke then tag the schedule for these two hours.  I have already cancelled the first tag and made a new tag for HE1-6pdt.

Let me know if you have any questions.

Thanks, Donald.


Can't we just transfer the billing to me?

Louise Kitchen
04/20/2000 09:08 AM
To: Nikki Slade/LON/ECT@ECT
cc: Mark Taylor/HOU/ECT@ECT, Taffy Milligan/HOU/ECT@ECT
Subject: Re: Mobile Phone Bill

Yes please

No Easter hols here

Nikki Slade
20/04/2000 08:44

To: Louise Kitchen/HOU/ECT@ECT
cc:

Subject: Re: Mobile Phone Bill

This is the phone that Mark Taylor has.  Shall I contact Taffy to have it
sent back or James Bruce could bring it back with him.  We could then
transfer it to Suryan Simunovic (Dave Samuels new starter).

Please advise.

Thanks & have a good Easter (is it Easter over there too?)

Sn

Louise Kitchen
20/04/2000 14:38
To: Shirley McKernan/LON/ECT@ECT
cc: Nikki Slade@ECTLON-1

Subject: Re: Mobile Phone Bill

If this is MArk's phone let's cancel it - if its not - which one is it?

Shirley McKernan
20/04/2000 08:33
To: Louise Kitchen/HOU/ECT@ECT
cc:

Subject: Mobile Phone Bill

Hello Louise,

Your March, 2000 Enron mobile phone bill for 07881512535 has been processed.

DID YOU KNOW...

The Mobile Phone Web Site has today been moved to a new location on the
Intranet Site and the new mobile phone URL is http://mobilephone.enron.co.uk

Also you can easily contact any Enron Mobile Phone User from your Lucent Land
Phone:
*  Press the 'Call Mobile' button
*  Key in the individual's extension number
*  This will automatically dial the mobile number

If your RC Code is incorrect please contact London HRService Centre by e-mail
or Lorna Archer on extension 34207

Payment of Personal Calls from mobile phones will be at the discretion of
your RC Head.

Please check your bill and indicate whether you agree or disagree with the
bill details.  If you disagree, click on the 'COMMENT BUTTON', and enter a
reason.  Accounts will then decide if they need to investigate further.

On your Lotus Notes Workspace (within Notes, select Window/1. Workspace at
Office) there is now another icon called "Mobile Phone Bills". Your bills are
stored here for future reference.

Regards,

Shirley McKernan.

Click here to see your bill ==>


I've set an interview for Ken Lay with David Ivanovich of the Houston
Chronicle for Tuesday morning at 9.  David knows that we are "playing a major
role" in the WTO, wants to know what we're there for, what our message will
be.  The attached one pager is the basic point of our position on energy
services--anything else that I should ask Ken to stress?  Rob, will Ken's
speech be in good enough shape to either pull bullet points or let Ken peruse
the speech beforehand?

David heard that Exxon has not signed on to the energy services coalition and
wants to know why. I have found out from Joe Hillings the answer and will
tell David that Exxon is most welcome to join the coalition and all parties
would value their input.  Beyond that he can find out from Exxon why they are
monopolistic!  (I won't say that part).

Ken may be asked about our position on China's involvement, which we can
handle.  Anything else you can think of that we might be asked regarding the
event itself or the scores of protesters that will be there?


I left you a telephone message yesterday regarding the following deal:
Enron's physical sale to Merrill Lynch of 200 MWs for delivery on 4/2 at PJM
(Index)

The Allegheny settlements person is saying it belongs to Allegheny.  You only
responded regarding the financial deals.  I have attached the spreadsheet
again and ask that you reply regarding all of the physical deals done after
3/19.  Our settlements person needs to arrange for payment today if you could
please reply as soon as possible.

"Tucciarone, James" <jtucciarone@aeglobalmarkets.com> on 05/17/2001 01:50:43
PM
To: "'Rhonda.L.Denton@enron.com'" <Rhonda.L.Denton@enron.com>
cc:
Subject: FW: Merrill/Allegheny Deals

Original email was returned.

-----Original Message-----
From: Tucciarone, James
Sent: Thursday, May 17, 2001 2:41 PM
To: 'Carol.St.Clair@enron.com'
Cc: Elsie.Lew@enron.com; ':Rhonda.L.Denton@enron.com'; Conte, Rita M.;
Yaish, Yair; Schubiger, Michael; Sheybani, Robert; Jimenez, Tanya; Orr,
Tom; 'ldorr@exchange.ml.com'
Subject: RE: Merrill/Allegheny Deals

5/17/2001

Dear Ms. St. Clair,

In my discussions with Rhonda L Denton, I understand that certain Enron
transactions have been confirmed
as Merrill Lynch Transactions. My understanding of the facts are that
Merrill Lynch has not entered into any
Financial Swaps with Enron North America since  3/16/2001.  Any Financial
transactions after March 16, 2001
should be confirmed as Allegheny Energy as governed by the ISDA Master
Agreement signed on March 16, 2001.

I have confirmed these facts with Ms. Lucy Dorr of ML Client Services;
similarly, Lucy has discussed this matter with
Locke Mc Murray, Counsel to ML Commodities.

The deals in the attached list show ML as the counterparty on Financially
Settled Power Swaps which is incorrect.
Merrill Lynch has entered into Physical Settlement Power transactions which
should be confirmed with ML for
billing purposes.

Allegheny Energy would be happy to supply a letter to Enron to confirm these
facts.
Please feel free to contact me should you need further help in resolving
this matter.

Best Regards,
James M. Tucciarone
Director
Middle Office
Allegheny Energy Global Markets
(212)224-7052

-----Original Message-----
From: Rhonda.L.Denton@enron.com [mailto:Rhonda.L.Denton@enron.com]
Sent: Tuesday, May 15, 2001 3:03 PM
To: jtucciarone@aeglobalmarkets.com
Cc: Carol.St.Clair@enron.com; Elsie.Lew@enron.com
Subject: Merrill/Allegheny Deals

(See attached file: merrillissue.xls)
Here is a spreadsheet of deals done since 3/19/01, the closing date for the
transfer.  Locke indicated that the deals in yellow are the ones that are
Merrill deals.  The ones in blue were traded the day of the closing and
were supposed to be netted and were not included on the transfer exhibit.
Therefore, they stayed as Merrill in our books.  Please confirm which are
Merrill deals and which are Allegheny.  We will need confirmation after
this review with our attorney as to where these deals will be booked.

Another question that has arisen is whether Allegheny traders are trading
for Merrill Lynch.  These issues need to be resolved so that we do not
continue to have these questions when our settlements people try to check
out at month end.  Thanks for your help.


Chris,

I'm right in the middle of imaging a PC. Please leave your power supply under your desk and I will come by around 2:30 and complete the install. Also, do you have any info on your Arm's request.

thanks,

dalton
ext. 3-0356

 -----Original Message-----
From: 	Germany, Chris
Sent:	Monday, June 04, 2001 12:00 PM
To:	Hogan, Dalton
Subject:	RE: Re: Chris Germany's PC

My power cord came in for my spare pc.  Would you be able to hook it up?  I'm leaving today around 1:30 ish.

Thanks


I have arranged for the phone bridge for the meeting referenced.

We only have 2 lines for the call.

Both the Portland and San Francisco office should dial: 804/225-4063 to join
the call.

In Portland we have reserved the Cascade conference room to take the call.

The meeting begins at 6:00am Pacific Time.

Attached is the Panel list.

Lysa Akin
503/464-7927
---------------------- Forwarded by Lysa Akin/PDX/ECT on 11/08/2000 03:23 PM
---------------------------

Mary Hain
11/07/2000 08:48 AM
To: Lysa Akin/PDX/ECT@ECT
cc:
Subject: FYI

I guess we would like the phone bridge for this.  Please find out how much it
costs per line.
---------------------- Forwarded by Mary Hain/HOU/ECT on 11/07/2000 08:56 AM
---------------------------

	Enron Capital & Trade Resources Corp.

	From:  "Nancy Pickover" <npickover@bracepatt.com>
11/07/2000 08:09 AM

To: <Christi.L.Nicolay@enron.com>, <jhartso@enron.com>,
<marcie.milner@enron.com>, <mary.hain@enron.com>, <smara@enron.com>,
<snovose@enron.com>
cc:
Subject: FYI

November 9, 2000:  The Capitol Connection will broadcast via the Internet &
Phone Bridge of the FERC Conference  on November 9, 2000 from 9:00 am - 5:00
pm ET.  PLEASE NOTE:  The video feed will change to AUDIO ONLY starting at
3:15 pm until the conclusion of the meeting, due to circumstances beyond our
control.


Steve,

Attached is Business Controls' assessment of factors that could cause a
significant deterioration in the security posture at Dabhol.  Essentially,
the likelihood of serious security problems seems to be low, but because the
situation is both complicated and extremely fluid, it will need to be watched
closely as matters move toward resolution.  We're continuing our on-site
assistance in both Dabhol and Mumbai and fleshing out contingency plans for
evacuation and other worst-case scenarios.  A hard copy of this document has
been delivered to Rebecca McDonald.

David Cromley
Director, Business Analysis
Enron Corp.
(713) 345-4513


Tana,

Can we accomplish that by you initiating a change to their current trading
profile in Profile Manager ??

Regards,
tm

 -----Original Message-----
From:  Jones, Tana
Sent: Wednesday, March 28, 2001 4:12 PM
To: Sever, Stephanie; Lees, Lisa
Cc: Nettelton, Marcus; Moran, Tom; Guidroz, Walter
Subject: Ontario Power Generation

Per conv. a minute ago with Marcus, Christi Nicolay in the Regulatory Group
just checked and Ontario Power Generation does not have a FERC marketing
license.  That leaves them to buying US power only (both east & west OK).
Please make this change immediately.

Thanks!


Kevin,

Don't forget about us down here in the dusty old gas trading business!

Congratulations,

Fletch


Did you mean to trade Bledsoe for Mack?


AGENT JH/SS BOOKING REF
YVVYL7

                                          SANDERS/RICHARD B

  ENRON
  1400 SMITH
  HOUSTON TX 77002
  TWANDA SWEET X39402

  DATE:  OCT 22 2001

SERVICE               DATE  FROM           TO             DEPART
ARRIVE

CONTINENTAL AIRLINES  29OCT HOUSTON TX     WASHINGTON DC  1201A   1202A
CO 232     A          MON   G.BUSH INTERCO R REAGAN NAT
                            TERMINAL C     TERMINAL B
                                                          NON STOP
                            RESERVATION CONFIRMED         2:52 DURATION
                  AIRCRAFT: BOEING 737-500

HOTEL                 29OCT MARRIOTT JW HOTEL
                      31OCT 1331 PENNSYLVANIA AVENUE
                            WASHINGTON, DC 20004
                            UNITED STATES OF AMERICA
                            TELEPHONE: 1-202 3932000
                            FAX: 1-202 6266991
                            CONFIRMATION: 80473590
                            REFERENCE: CORA00
                            SINGLE ROOM
                            RATE: COR USD 199.00 PER NIGHT
                            GUARANTEE GIVEN
                 **4PM**CANCEL POLICY AT THE MARRIOTT JW

CONTINENTAL AIRLINES  31OCT WASHINGTON DC  HOUSTON TX     1201A   1202A
CO 227     A          WED   R REAGAN NAT   G.BUSH INTERCO
                                                          NON STOP
                            RESERVATION CONFIRMED

     AIR FARE 1720.92       TAX 139.08               TOTAL USD
1860.00
                                                 AIR TOTAL USD
1860.00

                                             INVOICE TOTAL USD
1860.00

PAYMENT: CCAX378501018763004/0303/A000033

RESERVATION NUMBER(S)  CO/VNC9GD

SANDERS/RICHARD B                        TICKET:CO/ETKT 005 7035412661

CO  FREQUENT FLYER COTP028685
**CONTINENTAL RECORD LOCATOR: VNC9GD
***********************************************
THIS IS A TICKETLESS RESERVATION. PLEASE HAVE A
PICTURE ID AVAILABLE AT THE AIRPORT. THANK YOU
                  THANK YOU FOR CALLING VITOL TRAVEL

=====
Vitol Travel Services
713 FARGO AVE.
HOUSTON, TX 77006

713-526-0633 NEW NUMBER
800 724-7002 24 HOURS

__________________________________________________
Do You Yahoo!?
Make a great connection at Yahoo! Personals.
http://personals.yahoo.com


---------------------- Forwarded by Kay Mann/Corp/Enron on 11/17/2000 08:30
AM ---------------------------

"Thompson, Peter J." <peterthompson@akllp.com> on 11/13/2000 05:16:49 PM
To: "Kay Mann (E-mail)" <kay.mann@enron.com>, "Pipitone, Paul"
<paulpipitone@akllp.com>
cc: "Pipitone, Paul" <paulpipitone@akllp.com>, "Pipitone, Paul"
<paulpipitone@akllp.com>, "Cobb, Chris" <chriscobb@akllp.com>

Subject: ltr to Kay Mann: Site specific references in GE Form agreement.DOC

 <<ltr to Kay Mann: Site specific references in GE Form agreement.DOC>>

Attached is the memo setting forth the specific Site references in the
GE Turbine Agreement.
 -  Site specific references in GE Form agreement.DOC


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


CALENDAR ENTRY:	APPOINTMENT

Description:
	2001 Summer Operations Meeting

Date:		5/15/2001
Time:		8:00 AM - 5:00 PM (Central Standard Time)

Chairperson:	Outlook Migration Team

Detailed Description:


Jan Mann, Executive Recruiter, Mayor's Office. Met with her on Friday, 1/5.
She said she had tapped into the following for potential candidates:
1. Ad placed in Fire Chief Magazine and on Firechief.com web page.
2. Announcement sent to all HFD employees.
3. Utilized Municipal Yellow pages (a who's who in the leading city and
county governments and local authorities), targeting fire department
personnel in the top 18 cities (based on population).

As a result of her efforts, 18 resumes have been received and were forwarded
to me. However, when I accessed the firechief.com web page this weekend I
could not find the advertisement (I have asked her to check on this ASAP).
Moreover, surfing various web pages/sites related to fire
departments/associations, I was very impressed by the International Fire
Chiefs web page (especially compared to the Fire Chief web page) and
suggested to Jan as well as Dennis Thompson (see below) that we try to
advertise there as well.

As a result of my "surfing the net", I have compiled a list of decorated fire
chiefs as well as recognized fire chief leaders on various fire related
boards and committees. While these individuals may not fit into the top 18
cities in terms of population, I do not believe we should narrow our search
to this criteria. I believe what we are looking for here is an outstanding
leader with a track record of implementing change and cooperation within the
different divisions in the fire department.

Dennis Thompson, Special Projects Director, Public Safety & Drug Policy. I
met with him today at 11am. He expects to have an answer on the legal issue
(whether I would be excluded from public access) sometime today and the list
of HFD and consultant contacts possibly today but most likely tomorrow.

Of special interest from our discussions are the following:

1. Internal vs. external issue
- only one Fire Chief was from outside (Swartout) and it was a disaster (he
lasted 3 1/2 months)
- Acting Fire Chief, Connealy, really wants the job

2. Current state of the fire department
- fire prevention (considered critical by TriData) wasn't given the attention
needed by Tyra
- personnel fractioned - union partly to blame
- communication broken down
- low moral
- department underfunded

Please let me know if I am overlooking anything here.

Lisa


Please see attached memo from Beth Tilney.


[IMAGE]	?

In the 16-31 January edition of designzine.com,  investigate the young world
of e-mailers on-the-go. In Metropolis,  Andrew Blum,s talking about the new
Motorola Talkabout may make you feel like  an old fogy; it did me. And, in
the quarterly edition of [dizajn]  le journal, curators at the Pompidou  in
Paris offer some insight into the institution,s design-collecting policy;
and, yes, the article is in English.

Have you heard the favorable buzz about the aluminum  exhibition in
Pittsburgh? It will soon be traveling to New York,s Cooper-Hewitt.  Check out
the Books  section for a review of show,s hefty catalogue.

The Calendar  continues to be jam-packed with a vast number of events. For
the exhibition  on the past 100 years of California culture, see the Home
Page.

And don,t forget about designstand.com,  our design-store companion site.

Cordially,

Mel Byars
Editorial Director
designzine.com

?

If you would like to remove your e-mail address from  our mailing list,
please click here.

?

?


I have attached how I would do it.  check out the red comment marks.  Do not
add day ahead + 1
I leave for Portland around 4:00

Thanks
Hunter


The report named: VaR and Off-Peak Position Report By Trader <http://erv.corp.enron.com/linkFromExcel.asp?report_cd=23&report_name=VaR+and+Off-Peak+Position+Report+By+Trader&category_cd=5&category_name=EAST&toc_hide=1&sTV1=5&TV1Exp=Y&current_efct_date=10/17/2001>, published as of 10/17/2001 is now available for viewing on the website.

(Revision: 2)


Good Morning Keller,

Thanks for setting up the lunch with Tim.  I enjoyed meeting him and learning more about what Excel has to offer.  Give me a call later.

-Step

 -----Original Message-----
From: 	"Mayeaux, Keller" <Keller.Mayeaux@xemkt.com>@ENRON
Sent:	Wednesday, November 28, 2001 2:19 PM
To:	Stepenovitch, Joe
Subject:

send me your resume.


Marie:  Does this sound weird opening the account on Sept. 27?  I thought this was done some time ago. SS

-----Original Message-----
From: Doukas, Tom
Sent: Tuesday, October 02, 2001 11:34 AM
To: Shackleton, Sara
Cc: Heard, Marie
Subject: FW: Prime Brokerage Clearance Services Agreement

I have another one for you guys.  I do not anticipate any urgency on this, but would still like it out of the way.

Thanks,

Tom

-----Original Message-----
From: Grice, Regan [mailto:regan.grice@funb.com]
Sent: Tuesday, October 02, 2001 11:10 AM
To: Doukas, Tom
Subject: Prime Brokerage Clearance Services Agreement

Mr. Doukas:

On September 27, we opened a prime brokerage account in the name Enron
Credit Inc. Bear Stearns is acting as Prime Broker on this account, and
First Union Securities, Inc. is executing your securities. The SEC requires
the Clearing Broker (us) to have the attached agreement on file for our
prime brokerage clients.

If you would be so kind as to have this agreement signed, I would greatly
appreciate it. If you have any questions, you can call me at 704-593-7024.
Once it is completed, it can be faxed back to my attention at 704-593-7032.

Thank you and best regards,

Regan Grice
First Union Capital Markets, Documentation
Phone: 1-800-735-1470 or 704-593-7278
Fax: 704-593-7032

 <<Enron Credit 151.doc>>


Carrin,

Other people mentioned as possible
class cert. experts:

1.  Bill Powers

2.  Wm. Dorsaneo

3.  Sam Issacharof

4.  Charles Silver

5.  Arthur Miller

6.  Jack Coffee

I have opinions re all except Coffee, who I
do not know.  We can discuss at your
office Friday afternoon.

>>> "cpatman@bracepatt.com" 03/28/00
06:05pm >>>
CONFIDENTIAL AND PRIVILEGED
ATTORNEY/ATTORNEY AND
ATTORNEY/CLIENT COMMUNICATION

Today Don Ray talked to Donnie Rhodes.
 Donnie was aware the Beeson case had
come down, and contends "I told them all
along they should certify those excluded
from Dow Waiver as the class"!  At any
rate, Donnie said -- and as with all of
Donnie's info, this must be taken with a
grain of salt -- that Ronnie is no longer
getting along with Joseph and King, and
Ronnie is in charge of the case.  Donnie
is still owed $80,000.  Nonetheless, if they
asked, he would work for them on the
case.  I suspect we will see him at the
hearing working basically on a
contingency, and with a whole new Dow
Waiver theory of certification!
 - Enclosed.txt


All testing was completed successfully and we have confirmed with ENW Resolution Center that Exchange servers are up.


---------------------- Forwarded by Susan Rance/NA/Enron on 11/27/2000 01:26
PM ---------------------------

	From:  Sara Weaver @ EES                           11/27/2000 11:04 AM

To: Analysts 2000, Michelle Gross/HOU/EES@EES, Brooklyn Couch/HOU/EES@EES,
Amanda Boettcher/HOU/EES@EES, Anate Kor/HOU/EES@EES, Sonia
Garcia/HOU/EES@EES, Dulle, Kate, Judy Dyer/HOU/EES@EES, Ana
Agudelo/HOU/EES@EES
cc:

Subject: FW: *URGENT*...gang initiation info; please read!!!

---------------------- Forwarded by Sara Weaver/HOU/EES on 11/27/2000 10:57
AM ---------------------------

Cathy Pham
11/27/2000 10:55 AM
To: lt930@yahoo.com, NganHaBui@yahoo.com, Sara Weaver/HOU/EES@EES, Sonia
Perez/HOU/EES@EES, Quyen Nguyen/HOU/EES@EES
cc:
Subject: FW: *URGENT*...gang initiation info; please read!!!

> IMPORTANT MESSAGE FOR SAFETY FROM THE DIRECTOR OF
> TRAINING AT THE US ARMYMILITARY POLICE SCHOOL
> PLEASE TAKE TIME TO READ AND PASS ALONG !
>
> A friend stopped at a pay-at-the-pump gas station to get gas.
> Once she filled her gas tank after paying at the pump and started
> to leave the attendant inside came over the speaker. He told her that
> something happened with her card and that she needed to come inside to
> pay.
>
> The lady was confused because the transaction showed complete and
> approved.
> She told him that and was getting ready to leave but the attendant once
> again
> urged her to come in to pay or else. She proceeded to go inside and
> started arguing with the
> attendant about his threat.
>
> He told her to calm down and listen carefully:
> He told her that while she was pumping gas, a guy
> slipped into the back seat of her car on the other side and he had called
> the
> police. She immediately became scared and looked out there in time to see
> her car door open and the guy slip out.
>
> The report is that the new gang initiation thing is to bring back a
> woman's body part.
> One way they are doing this is crawling under girls/women's cars  while
> they're
> pumping gas or at grocery stores in the night time. Then they are cutting
> the lady's
> ankles to disable them in  order to kidnap them, kill and dismember them.
> The other way is slipping into unattended cars and kidnapping the women to
> kill and
> dismember them.
>
> Please pass this on to other women, young and old alike. BE extra careful
> going to and from your car at night. If at all possible, don't go alone!
> This is real!!
>
> The message:
> 1. ALWAYS lock your car doors, even if you're gone
> for just second.
> 2. Check underneath your car when approaching it
> for reentry, and check in the back before getting in.
> 3. Always be aware of your surroundings and other
> individuals in your  general vicinity, particularly at night!
>
> Send this to your friends so as many females as possible can be made
> aware of this new threat, and so your friend will not be the next victim.
>
> Thanks,
> Barbara Baker, Secretary
> Directorate of Training
> US Army Military Police School
> (573) 563-8043


Phil:

As you requested on last week's conference call, attached is a draft position
on pipeline safety legislation.  The draft includes background and positions
on both re-authorization legislation (on which there has been a great deal of
activity lately) and appropriations legislation.

Once you and the Task Force have had the opportunity to review this material,
it can be used to brief Stan Horton and Bob Hill in advance of the INGAA
Board meeting this coming Thursday in Calgary.

Jeff


Attached please find Annex B for Salomon Smith Barney AAA Energy Fund deals
nos. QD7357.1 and QE0910.2.


Is Gary's company hiring?

DG

 -----Original Message-----
From: 	"Dawn and Gary Wilson" <dkenne@houston.rr.com>@ENRON
Sent:	Wednesday, November 07, 2001 8:25 AM
To:	Love, Phillip M.; Sweitzer, Tara; Bagwell, Jennifer J; Waldhauser, Michelle; Giron, Darron C.; Quick, Joan; Rosado, Jennifer
Subject:	Fw: Pictures of Grace

Here are some recent pictures of Grace.   Cannot believe she is already 7 weeks old!  Hope you guys are all  doing well and hope to see you soon.

Dawn
 - Boppy.jpg << File: Boppy.jpg >>
 - DSC00120.JPG << File: DSC00120.JPG >>
 - DSC00123.JPG << File: DSC00123.JPG >>
 - DSC00124.JPG << File: DSC00124.JPG >>
 - DSC00125.JPG << File: DSC00125.JPG >>
 - DSC00128.JPG << File: DSC00128.JPG >>


Agreement executed Friday, Nov. 9, 2001 and received by Goldman.

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


missing deal for matt

sell ees
cal 2-6
25 mw
48.05
sp15
off peak


You can copy the old tickets or create new ones.  What ever you need.

D

Mark McCoy@ENRON
03/02/2001 08:40 AM
To: Daren J Farmer/HOU/ECT@ECT
cc:
Subject: Midcon Transport Usage Tickets --Mar01

Daren---

I noticed that the Midcon transport usage tickets at Oakville & Moore are not
in for March.  The previous deal tickets are 598934 & 598958 for that
transport.  Should they?  Let me know if you want me to set up new tickets if
need be...or let me know if you create them, so I can update MOPS & POPS.

Thanks,
Mark


Does anyone know why in our form of LC we have language that seems to qualify
Section 13(b) of the UCP which sets forth the amount of time that the issuing
bank has to honor drafts?  I don't see anywhere in our form where we modify
this Section.  Here ios the current version that we are using.
Carol


Dear Vince,

Would you mind emailing to me a short biography/vita sometime when you get
a chance?  Also, if you have a paper to circulate or any PowerPoint slides
that you'll want to use either in your presentations to my students
Thursday afternoon, 2/3, or to the faculty seminar on Friday morning, 2/4,
please email these to me.  This would be greatly appreciated.

My colleagues and I are looking forward to your visit on Feb. 3-4 to LSU.

Sincerely,

Jim Garven

_________________________________________
James R. Garven
William H. Wright, Jr. Endowed Chair for Financial Services
Department of Finance
2158 CEBA
E. J. Ourso College of Business Administration
Louisiana State University
Baton Rouge, LA  70803-6308

Voice (225) 388-0477  |  Fax: (800) 859-6361

E-mail:  jgarven@lsu.edu
Home Page: http://garven.lsu.edu
Vita: http://garven.lsu.edu/dossier.html
Research Paper Archive: http://garven.lsu.edu/research.html
_________________________________________
 - att1.htm


<<IPW091001.doc>>
Good Morning,

Attached, please find the latest issue of our Independent Power Weekly.

Also note that today and tomorrow (9/10 and 9/11), CSFB will host a Power
Generation Supply Chain Conference at the Plaza Hotel in New York City.
This event is designed to provide investors with a wholistic perspective on
all aspects of the sector-from coal and natural gas companies, to equipment
and service providers, to the power producers themselves.

The major power generators are scheduled to speak on Tuesday morning (9/11).
Between 9.25 am - 11.50 am presentations will be given by the following
companies: Aquila, Calpine, Mirant, NRG Energy, Orion Power, Reliant
Resources and TECO Energy.
In addition, at 8 am on Tuesday there will be a panel discussion focusing on
the state of the generation market.
Finally, at 12 pm on Tuesday Judah Rose a power market consultant with ICF
Consulting will offer his perspectives on the outlook for the sector during
a luncheon presentation.

Summary:
1. IPPs Fall 3.7%   Last week our IPP composite declined 3.7%, outperforming
both the NASDAQ (-6.5%) and the S&P 500 (-4.2%).  Shaw Group, which was up
14.4%, was the strongest performer in the group.  AES Corp was the weakest
performer, falling 10.7%.

2. Awaiting a Bottom   We attribute last week's stock price performance to
broader market concerns regarding the health of the macro economy and its
ability to recover by the end of 2001.  Our sense is that investors
recognize that IPP valuations are extremely attractive.  However, prior to
moving aggressively back into the sector, they await some indication that
stock prices have stabilized and a bottom has indeed been achieved.

3. Shell Terminates Contract with CPN; Concerns Unwarranted   Following its
exit from the retail marketing business, Shell terminated a 5 year 3,000 MW
requirements contract with Calpine.  We believe some investors concluded
that this announcement had negative implication for CPN's earnings outlook
and its overall hedging strategy.  In our view these concerns are
unwarranted for 4 reasons: 1. The Shell contract was unusual; 2. There is no
earnings impact; 3. Remarketing the output will not be an issue; and, 4. The
status of CPN's hedging objectives is unaffected.

4. Legal and Administrative Issues Remain for California Windfall Profits
Tax Bills   Recently, two bills that would impose a windfall profits tax on
California generators have been advancing through the California legislature
and will likely by heard on the floor of the Assembly this week.  The
current legislative session will end this Friday (9/14), requiring any
pending bills to be passed by that time.  In our view these bills are best
understood as a negotiating tactic by Governor Gray Davis and Democrats in
the legislature designed to extract additional concession from the FERC and
the state's power generators.  While we expect at least one or both of these
bills to advance through the legislative process, full implementation is
likely to be prevented by a number of legal and administrative impediments.

Regards,

Neil Stein 212/325-4217

This message is for the named person's use only.  It may contain
confidential, proprietary or legally privileged information.  No
confidentiality or privilege is waived or lost by any mistransmission.
If you receive this message in error, please immediately delete it and all
copies of it from your system, destroy any hard copies of it and notify the
sender.  You must not, directly or indirectly, use, disclose, distribute,
print, or copy any part of this message if you are not the intended
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Attn.: Mr. Jeffrey K. Skilling, Chief Executive of Enron Corporation

Below you will find the EXECUTIVE BRIEF for the referenced project for your
perusal.

Attached to this email you'll find the following MS Word files:
1. "OES Mgmt Bios"
2. "OES Exec Brief " containing Proforma & Use of funds information.

Please indicate interest via fax and email furthermore, the following
confidential information from the Directors/Promoters are available, upon
request, for your perusal:
? Detail Business Plan.

We look forward in hearing from you to further facilitate the funding
consideration of this project(s).

For more information send inquiries via fax (1-212-208-2954) or e-mail
(Agapefndg@aol.com).

Thank you,

Mr. Higgens H. Hyacinthe, Managing Director
AGAPE FUNDING
575 Madison Avenue, 10th Floor
New York, NY (USA) 10022
Direct contact: 1-917-945-1656
Tel: 1-212-605-0409
Fax: 1-212-208-2954
Email: Agapefndg@aol.com
------------------------------------------------------------------------------

---------------------------------------------
EXECUTIVE BRIEF

FOR

OCTANE ENHANCEMENT SYSTEMS, USA

Loan Amount: $60,000,000 USD
Type of Project: Manufacturing Facilities
Loan Term (maturity): 10-15 years
Project Venture Share: Between 30 and 50%, depending on the Lender's proposed
split between equity investment and loan.
Funding Stage: Straight-debt funding, equity investment or a combination of
both for a start-up without a financial history requiring capital for
facility construction.
Objective: The employment of its technology in a world-class refinery to
upgrade low value petroleum feedstocks into aviation fuel and marketable
ultra high octane blending stock for unleaded gasoline.
Market: The Client Company's process for making unleaded gasoline has been
operated on a semi-plant scale for several months and the products
successfully sold to independent gasoline distributors.
Company Investment: The Client Company's project team members have invested
six years and in excess of $1.5 Million USD in developing the technology.  In
addition, the management team is comprised of eight individuals who have
between them over 200 years of successful experience in the petrochemical
industry in R&D, project management, and refinery management.
Total Asset Value: At the time of the completion of loan draw down will be in
excess of $153,000,000 US. (See 'Asset Value with Facilities')

Purpose:
Phase I  - Ammonia fertilizer
Phase II  - Reclaimed solvents
Phase III  - Pollution Free Gasoline

1. Company Introduction - The Client Company was formed specifically to
commercialize its proprietary technology and the expertise for:

1) The conversion of low BTU natural gas in ammonia for fertilizer.

2) Specialty refining and reclamation of spent solvents and rafinates from
plastics manufacturing in order to convert these streams into products that
can be sold as unleaded gasoline and diesel fuel.

3) The refining of low value petroleum feedstocks into pollution free
aviation fuel and marketable ultra high octane blending stock for unleaded
gasoline.

4) The reclamation/refining of spent chlorinated solvents in order to market
these streams as unleaded gasoline and diesel fuel.

5) The employment of its technology in a world-class refinery to upgrade low
value petroleum feedstocks into aviation fuel and marketable ultra high
octane blending stock for unleaded gasoline.

In order to minimize the overall risk and the time required to achieve a
positive cash flow, the Client Company has developed a multi phase Strategic
Production Plan

Phase I is the smallest of the phases and will employ the Client Company's
expertise in ammonia production from low BTU natural gas.  Phase I can be
completed and show a profit within seven months of initial funding.

Phase II is somewhat larger than phase I and will employ its own unique
proprietary technology and a separate geographical facility location.  Phase
II can be completed within about twelve to fourteen month after funding and
the will show a profit about two months after startup. The future of this
phase of the Client Company's strategic plan is somewhat less clear today
than it appeared several months ago when the plan was developed.  The recent
dramatic rise in energy prices in the US has caused some generators of the
spent solvents that will be the feedstock for this facility to begin using
these streams for fuel.  A reevaluation of this situation is underway at the
present time and the decision as to the future of this phase will be made in
late first quarter of 2001.

Phase III, although much more capital intensive than phase II, has been
separated from phase IV for several reasons:

1. Environmental permits - the Phase III facility will be purely a petroleum
processing facility similar in principle to several hundred other petroleum
processing facilities in the State of Texas, and therefore, obtaining an air
emissions and operating permit should not take over six months.  In contrast
to this, the permits for the reclamation of the hazardous chlorinated
solvents, Phase IV, will require between ten and eighteen months if all goes
well.

2. Equipment deliveries - the technology to be employed and the absence of
corrosive compounds in the processes for Phase III will allow the equipment
and piping to be fabricated out of common carbon steel rather than the exotic
alloys, which will be required for the Phase IV, chlorinated solvent
reclamation process.

3. Transportation - the handling of the petroleum feedstocks and products for
Phase III are much simpler than the chlorinated solvent feedstocks for Phase
IV.

Phase IV will utilize a location in the US while Phase V will probably be
located in the Caribbean.

2. History of Project: The project team members have invested six years and
in excess of 1.5 MILLION DOLLARS US in developing the technology and the
business opportunities which are described herein.

3. Mission Statement: The Client Company's mission is to capitalize on the
business opportunities it identifies, profitably employ its proprietary
technology, and where possible assist in solving environmental problems.

4. Funding Stage: Is a start-up without a financial history and is seeking
capital for facility construction and startup - straight debt funding, equity
investment or a combination of both.

5. Project Ownership? / Management
THE MANAGEMENT TEAM
The management team is comprised of eight individuals who between them have
over 200 years of successful experience in the petrochemical industry in R&D,
project management, and refinery management.  In addition the team includes
another individual with in excess of 25 years of financial experience in
banking, investment banking and financial management.

THE SCHEDULE
From the point of the first financial draw approximately 6 to 7 months will
be required to construct the phase I plant, go through startup and be ready
to commence full-scale production.  The other phases will follow as indicated
above.

6. Unique Features (Key Considerations) of Project:

Ammonia production - This phase of the Client Company's strategic plan will
commercialize its principals' expertise in fertilizer production and
marketing and their successful experience in adapting proven processes to
unique opportunities.  The Client Company is in the process of finalizing a
gas purchasing agreement with a firm that has acquired the mineral rights to
large area of land in west Texas under which is located a significant deposit
of low BTU natural gas.  The Client Company can purchase this gas at very
attractive pricing.  While this gas is not suitable for sale as "pipeline"
quality gas it is suitable for the production of ammonia.

Solvent reclamation - This phase of the Client Company's strategic plan will
commercialize its proprietary technology and its principals' expertise in
reclaiming spent solvent streams and rafinates, and refining them into usable
fuels.  Some of these are currently being incinerated as hazardous waste and
others are being blended into low value products.  The Client Company's
proprietary refining technology has the ability to process these materials
and convert them into value added products.

Pollution free gasoline - This Phase of the Strategic Production Plan will
commercialize its proprietary technology for the refining of low value
petroleum feedstocks into pollution free aviation fuel and marketable ultra
high octane blending stock for unleaded gasoline.

The Client Company will utilize ABC Industries to broker its products and
assist in feedstock procurement. ABC Industries currently arranges for the
supply of feedstock to DEF Fuels, one of the Client Company's major
customers, and brokers their products.  ABC Industries will also
broker/market to other customers any left over high-octane blend stock and
all of the aviation gasoline.

The Client Company plans to offer its unleaded gasoline at a price of
one-half to one cent below the locally posted rack price.  Rack price is the
price that a distributor pays for products at the terminal loading rack and
varies somewhat from day to day and though out the year as gasoline demand
and crude oil prices vary.

FEEDSTOCK SUPPLY - The feedstock for the ammonia facility will be low BTU
natural gas from the gas field directly under and surrounding the facility.
The feedstock for the solvents reclamation will be obtained directly from the
generators of the spent solvents.  The feedstock for the gasoline production
facility will be obtained from several LPG producers in the West Texas area.

The cost of the majority of the Client Company's feedstocks have historically
tracked the price of crude oil as has the price of gasoline at the rack and
retail pump.  The solvent feed stocks will be procured from the generators
with the aid of several brokers who normally deal in these materials.  These
spent solvents will be shipped to the Client Company facility at the port by
truck, railroad tank car and barge.

THE TECHNOLOGY - The Client Company has developed its own proprietary
technology for:

1. The refining/reclamation of spent solvents and rafinates and their
conversion into value added products.
2.  The production of ultra high octane blend stock for use in unleaded
gasoline and aviation fuel.
3.   The reclamation of chlorinated solvents.

The possibility of patent protection for these technologies is being explored
with one patent already filed.  Initial patent searches do not indicate any
potential infringement of existing patents, but the Client Company makes no
representation as to the ability to secure patent protection.  However, every
effort will be made to protect the confidentiality of the nature of the
processes that the Client Company will employ in its facilities.

The Client Company process for making unleaded gasoline has been operated on
a semi-plant scale for several months and the products successfully sold to
independent gasoline distributors.

The plants will be designed to meet all of the current standards including
EPA, API, OSHA, ASME and good engineering practice.

THE COMPETITION - The Phase I operation will face very limited competition
because the ammonia plants which in the past have served the west Texas, New
Mexico, and western Oklahoma area have all been shut down during the past
several years.  Therefore, all of the ammonia consumed in the region is being
shipped in by truck or railcar.  The Client Company believes that freight
considerations alone will provide sufficient cost differential to insure that
it can successfully sell its 50,000 tons per year of product into the local
market.

The Phase II operation will face very limited competition because we have
been able to identify only one dedicated facility that is doing work similar
to what the Client Company will be doing.  The main advantage the Client
Company will enjoy is the ability to assure the generators of the spent
solvents and rafinates that their waste will be processed in such a manner,
and with the high level quality control which only a dedicated facility can
maintain, that the end products will be of such quality that the generator
will no longer face the present contingent liability caused by product
failure in their final application.

For the Phase III facility at Dallas Texas, the Client Company will face very
little local competition for its ultra high-octane blend stock and reasonable
competition for its aviation fuel.  At the present time there does not exist
any local producer of ultra high-octane blend stock and it along with
aviation fuel is being shipped in from the Gulf Coast and other more distant
suppliers.  Others who might attempt to duplicate the Client Company's
approach will not have access to the Client Company's proprietary technology
and will be at a distinct economic disadvantage. At the present time the
Client Company is not aware of competition that might tend to drive up prices
for the petroleum feedstocks (i.e., normal and isobutane) that will be used
in its Phase II process.  These feedstocks are available in more than
adequate quantities at the prices used to calculate the proforma's.

7. Overview of Market: - The overall nationwide market for unleaded gasoline
is in excess of 342,000,000 gallons per day. The overall nationwide market
for aviation fuel (100 octane gasoline) is in excess of 67,000,000 gallons
per day.  The local Dallas Texas market for aviation fuel is in excess of
750,000 gallons per day.  This market is expected to grow about 2% per year
for the foreseeable future. The Client Company has set as its corporate
objective to capture 15% of the Dallas aviation gasoline market over the next
five years.

Approximately six billion gallons per year solvents are used in the US for
various cleaning applications.  The disposal of the resulting hazardous waste
is a major cost for the user.  The Client Company will use these spent
solvent blends as a feedstock and thereby remove the "hazardous waste"
designation from the material.  At a processing rate of 100,000 gallons per
day the Client Company will process about 0.6% of the solvents that are
available for recycle or reclamation in the US.

8. Financial Overview (USD) - see the attached proforma.

9. Use of Funds - see the attached sources and uses statement. (The numbers
are solid to use at project.  In the loan amount, we have add the pre-funding
cost)

ASSET VALUE OF the Client Company W/FACILITIES

TECHNOLOGY - Within 18 months of initial funding the Client Company will have
the following patent applications filed and assigned to the Client Company:

1. Composition of matter patent covering its butane isomerization catalyst.

2. Composition of matter patent covering its structured/ solid alkalation
catalyst.

3. A process patent covering its chlorinated solvent reclamation catalyst.

4. A process patent covering its process for the optimum dispersion of light
hydrocarbons in ethanol.

5. A process patent for its process for the reclamation of an existing waste
solvent.

6. A process patent for its process for benzene destruction in Platformate.

7. Several (3+) process patents for the reclamation of spent solvents and
rafinates.

The patent searches for all of these have been completed and in the informal
opinion of our patent attorney all of these patents will probably be granted.

Number 1 & 2, above, can currently be obtained from UOP and Phillips
Petroleum, for example, for about a million dollars per year (royalty or
technology fee) each.  Once we have fully proven these two in long-term plant
performance tests, the Client Company may well elect to market this
technology.

By present day appraisal methods, (i.e. actual and estimated royalty values)
these patents will be worth between five and seven million dollars per year
to the Client Company.  Using standard "future value" calculations (ten
years, 3% inflation) the asset value of these patents is $67,800,000.

LAND - Dallas Texas  - It is the Client Company's intention to purchase
approximately 100 acres of land in Texas as the site for the Dallas / Ft
Worth facility.  A portion of this land will be purchased
 - OES Mgmt Bi05.ZIP


Sara,

I will look at the GTCs today and send you an e-mail either today or tomorrow
morning.

Also, where will your swap group meeting be held tomorrow?

Best regards,
Susan