just to let you know - s. davis is worth much more than taylor and m.
robinson is worth much more than george (even if george is starting).

garner and toomer for taylor

"Bass, Jason" <Jason.Bass2@COMPAQ.com> on 09/20/2000 12:31:08 PM
To: "'Eric.Bass@enron.com'" <Eric.Bass@enron.com>
cc:
Subject: RE:

For Stephen Davis and Marcus Robinson, I will give you Taylor and George.

You are going to say no to this and I know this, but in 2-3 weeks we will
revisit the offer.

Jason Bass
TSE
Compaq Computer Corporation

 -----Original Message-----
From:  Eric.Bass@enron.com [mailto:Eric.Bass@enron.com]
Sent: Wednesday, September 20, 2000 12:24 PM
To: Bass, Jason
Subject: RE:

that's great!
what do you want for taylor?

"Bass, Jason" <Jason.Bass2@COMPAQ.com> on 09/20/2000 12:09:01 PM

To:   "'Eric.Bass@enron.com'" <Eric.Bass@enron.com>
cc:
Subject:  RE:

Let me quote from another source how I feel about trading Taylor.

"Let me get this right: You've waited three weeks for Taylor to get
healthy,
perhaps costing you a win or two, and now you want to trade him? No. Even
if
you think Taylor's going to get hurt again this year (that's a fairly safe
assumption), this is not the time to trade him. Get him in the lineup this
week and keep him there for a couple of weeks. Then, once his value has
maxed out again, that's the time to consider trading him. By that point,
you'll be offered a whole lot more than Anderson and Dudley."

Now, this does not mean I am unwilling to trade or barter, but I will treat
Taylor as the top 5 running back that he is and I will value him as such.
If that is an arena you want to trade in let me know and I will see what we
might be able to do.

Jason Bass
TSE
Compaq Computer Corporation

 -----Original Message-----
From:     Eric.Bass@enron.com [mailto:Eric.Bass@enron.com]
Sent:     Wednesday, September 20, 2000 12:05 PM
To:  Bass, Jason
Subject:

what do you want for taylor?


-----Original Message-----
From: Steve Lipin [mailto:slipin@BrunswickGroup.com]
Sent: Monday, November 26, 2001 6:38 PM
To: Kean, Steven J.
Subject:

This email is sent by Brunswick Group Limited, 16 Lincoln's Inn Fields, London, WC2A 3ED (also the registered office). The company is registered in England (No. 2094879).

This email and any files transmitted with it are confidential and intended solely for the use of the individual or entity to whom they are addressed. If you are not the intended recipient, you are hereby notified that any use or dissemination of this communication is strictly prohibited. If you have received this E-mail in error, please notify us immediately, then delete this E-mail.

This footnote also confirms that this email message has been swept by MIMEsweeper for the presence of computer viruses.


I'm just faxing it to you right now, so keep an eye out for it!

Just to let you know, I'm taking Monday off, so if you're looking for anything, you can e-mail Linda Sietzema, or if you can wait until Tuesday, I'll be happy to deal with anything then.

Thanks,
Sharon

 -----Original Message-----
From: 	Heard, Marie
Sent:	Friday, November 16, 2001 9:39 AM
To:	Crawford, Sharon
Subject:	Producers Marketing Ltd.

Hi, Sharon!

Bet you thought you had heard the last from me.  Can you get me a copy of a physical gas master between ECC and Producers Marketing Ltd.?  Our Credit group gave me the document no. 96013847.

By the way, I received the BP Amoco documents.

Thanks!

Marie


---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 09/15/2000
04:14 PM ---------------------------

	Enron North America Corp.

	From:  William Smith @ ENRON                           09/11/2000 08:33 AM

To: Vince J Kaminski/HOU/ECT@ECT
cc:
Subject: Tech Corner - Country Risk Case Study

Vince,

Here is a copy of the article I received from Maureen/Gwyn a couple of weeks
ago.  When you get back from your  vacation, would you please let me know if
it is usable?

Thank You!

Sam

---------------------- Forwarded by William Smith/Corp/Enron on 09/11/2000
08:29 AM ---------------------------

Gwyn Koepke
08/31/2000 05:22 PM
To: William Smith/Corp/Enron@ENRON
cc: Maureen Raymond/HOU/ECT@ECT

Subject: Tech Corner - Country Risk Case Study

Sam,

Attached is a tech corner article on the british pound sterling for the next
issue of the weekly newsletter.  I will be out of the office on Friday Sept
1st.  If you have any questions or issues to address with the article, please
refer to Maureen Raymond Castaneda or Yana Kristal in my absense.  Thanks.

Gwyn


I apologize for the "glaring".

b
 -----Original Message-----
From: 	Alvarez, Ray
Sent:	Thursday, July 12, 2001 4:27 PM
To:	Steffes, James; Hodge, Jeffrey T.; Williams, Robert C.; Kean, Steven; Shapiro, Richard; Robertson, Linda; Dasovich, Jeff; Walton, Steve; Mara, Susan; Comnes, Alan; Lawner, Leslie; Cantrell, Rebecca W.; Fulton, Donna; Nicolay, Christi; jalexander@gibbs-bruns.com; Allen, Phillip K.; Noske, Linda; Perrino, Dave; Black, Don; Frank, Robert; Miller, Stephanie; Tycholiz, Barry; Thome, Jennifer; Belden, Tim; Swerzbin, Mike; Driscoll, Michael M.; Motley, Matt; Badeer, Robert; Scholtes, Diana; Crandall, Sean; Mallory, Chris; Richter, Jeff; Alonso, Tom; Fischer, Mark; Platter, Phillip; Carla Hoffman/PDX/ECT@ECT; Calger, Christopher F.; Etringer, Michael; Hall, Steve C.; Yoder, Christian; Heizenrader, Tim; Swain, Steve; Mainzer, Elliot; Williams III, Bill; Thomas, Jake; Rawson, Lester; Wolfe, Greg; gwolfe@enron.com; Allen, Phillip K.; Kaufman, Paul; sscott3@enron.com; Pharms, Melinda
Subject:	Summary- Judge's Recommendation re Retroactive Refunds

Commenting on his general perception of the settlement conference, the Chief Judge, in his down home manner, did not miss the opportunity to say that "you can take a horse to water but you can't make him drink."  Below is a Cliff Notes version of the Judge's report and recommendation issued at 4:49 PM today.  Attached is the complete work.

The Judge opined that very large refunds would be due- "While the amount of such refunds is not $8.9 billion as claimed by the State of California, they do amount to hundreds of millions of dollars, probably more than a billion dollars in an aggregate sum.  ?At the same time, while there are vast sums due for overcharges, there are even larger amounts owed to energy sellers by the CAISO, the investor owned utilities, and the State of California.  Can a cash refund be required where a much larger amount is due the seller?  The Chief Judge thinks not."  Another notable quote:  "?it is the opinion of the Chief Judge that the amount claimed by the State of California has not and cannot be substantiated."

The Judge noted that he submitted a proposal of his own on July 5, which was summarily rejected by the State of California, and that the five separate offers of the various industry groups to settle with California were also rejected.

Refund Effective Date- Refund effective date of October 2, 2000, for sales in the spot markets of the CAISO and the Cal PX.  The Chief Judge's recommendations do not go beyond that date.  "Spot market" sales are "sales that are 24 hours or less and that are entered into the day of or day prior to delivery."

Evidentiary Hearing- "The differences between what the State of California believes the buyers in the California markets are owed in refunds and what the sellers in the California market believe should be refunded raise material issues of fact. The appropriate numbers to calculate potential refunds involve factual disputes.  Thus, the Chief Judge recommends that a trial-type, evidentiary hearing be ordered limited to a factual record to apply to the methodology set forth below.  Because of the urgent need for an answer to the refund issues that hearing should be on a 60-day fast track schedule.  It is important that a single methodology be adopted for calculating potential refunds in this proceeding.  However, such a methodology may not be appropriate for all sellers in the CAISO's and Cal PX's spot markets in an after-the-fact refund calculation.    In any event, sellers not using the methodology should bear the burden of demonstrating that their costs exceeded the results of the methodology recommended herein over the entire refund period."

Methodology- The Chief Judge recommends that the methodology set forth in the June 19th Order be used with the modifications discussed below in order to calculate any potential refunds that may be due to customers in the CAISO's and Cal PX's spot energy and ancillary service markets for the period October 2, 2000 through May 28, 2001.

Heat Rate- The actual heat rates, rather than hypothetical heat rates (associated with recreating the must-bid requirement of the June 19th Order) provide the first step in calculating the cost of the marginal unit.

Gas Cost-  The gas costs associated with the marginal unit should be based upon a daily spot gas price.  "In the event that the marginal unit is located in NP15 (North of Path 15), the daily spot gas price for PG&E Citygate and Malin should be averaged with the resulting gas price multiplied by the marginal unit's heat rate to calculate a clearing price for that hour.  If the marginal unit is located in SP15 (South of Path 15), the daily spot gas price for Southern California Gas large packages should be multiplied by the marginal unit's heat rate to calculate a clearing price for that hour.  The daily spot gas prices should be for the "midpoint" as published in Financial Times Energy's "Gas Daily" publication for the aforementioned delivery points.  The last published gas prices should be used in calculating the refund price for the days that Gas Daily is not published (weekends and holidays)."

O&M Adder-  An adder of $6/MWh for O&M should also be included with the calculated market clearing price.

Emissions Costs- Demonstrable emission costs should be excluded from the market clearing price and treated as an additional expense that sellers may subtract from their respective refund calculation.

Credit Adder- The 10 percent adder should be included in the market clearing price for all transactions that occurred after January 5, 2001 when PG&E and SoCal Edison were deemed no longer creditworthy.

Ancillary Services-  Consistent with the June 19th Order, ancillary service prices would be capped at the market clearing price established in the real-time imbalance energy market.  Adjustment bids would also be treated the same as set forth in the June 19th Order.

Maximum Price for Non-Emergency Hours- Somewhat unclear.  The Chief Judge recommends that for purposes of recreating a competitive market for calculating refunds, the refund methodology should deviate from the 85% non-emergency requirement of the June 19th Order.  To measure the amount that actual prices may have exceeded the refund price, every hour should be recalculated.

Offsets-  "Recalculating the hourly competitive price for purposes of a refund calculation would also permit the Cal PX and CAISO to resettle all charges for the refund period.  Amounts owed to sellers and outstanding amounts due from buyers would be recalculated.  Any refunds could then be offset against accurate amounts receivable without sellers netting out any of their purchases from the CAISO and Cal PX during the refund period."

Interest-  Interest should not be charged against any refund amounts unless the refund amount exceeds the amounts that are past due to the seller.


---------------------- Forwarded by Ted Murphy/HOU/ECT on 02/22/2000 04:27 PM
---------------------------

David Weekes
02/22/2000 10:12 AM
To: Rick Buy/HOU/ECT@ECT, William S Bradford/HOU/ECT@ECT, Ted
Murphy/HOU/ECT@ECT
cc:
Subject: Garcia Munte : Exposure Summary

Please find attached a summary of the excess position with Garcia Munte which
was identified last week.

Regards

David
---------------------- Forwarded by David Weekes/LON/ECT on 22/02/2000 16:10
---------------------------

Tim Poullain-Patterson
22/02/2000 12:06
To: Fernley Dyson/LON/ECT@ECT, Steve W Young/LON/ECT@ECT
cc: David Weekes/LON/ECT@ECT

Subject: Garcia Munte : Exposure Summary

As requested, please find attached a summary of the current situation we have
with Garcia Munte along with some other observations.

Regards,
Tim


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---------------------- Forwarded by David W Delainey/HOU/ECT on 11/15/2000
03:30 PM ---------------------------

myzagui@enron.com on 11/15/2000 02:43:44 PM
To: ddelain2@enron.com
cc:
Subject: Approval for reviewer

YZAGUIRRE,MARIO M  has suggested reviewers and submitted them for your
approval.  You may review/modify this list of reviewers by logging on to PEP
at http://pep.corp.enron.com  and going to Supervisor Services.  Please
remember, no feedback can be completed on YZAGUIRRE,MARIO M  until you have
approved the list.


Brad Romine called 9/20/00-x 54922 Per GW to set up mtg w/Reck


Dear Fool,

Our records show you've subscribed to the following:

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It will be one day before your first free newsletter arrives.

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please drop a note to Otto@fool.com.


ie Mark Taylor

The only concern he had from a legal perspective was that in the Skilling
quote "Enron as a principle"  - that we might want to change it to "an Enron
company as a principle". - Minor

But he does have a point with the line before - remove the "just" as we don't
actually match buyers and sellers at all.

Louise


OK.  df
---------------------- Forwarded by Drew Fossum/ET&S/Enron on 10/11/2000
03:09 PM ---------------------------

DENISE LAGESSE
10/11/2000 02:30 PM
To: Drew Fossum/ET&S/Enron@ENRON
cc: Susan Scott/ET&S/Enron@ENRON

Subject: Susan Scott's expense report 10-10-00

Please approve Susan's expense report, and copy me on your approval.  Thanks!


Any NDAs for the referenced company.  As usual, it's for EOL business...


John, Rick asked me to forward the atteched to you directly.
__________________

__________________

 I spoke with Bill Hawkins (Premier's Office)  to day and made the following
points: a) the messages from the Premier/Wilson are still ambiguous and
unclear; b) we will need clarification on three questions: 1) Is May 2002 a
deadline (as per Wilson) or a target (as per Harris)?; 2) Is the gov't still
prepared to consider a Fall opening if the 4 conditions are met?; and 3) Is
the return of  the first Pickering A unit a pre-condition to market opening?
- if it is, then any question about a Fall opening is moot since the earliest
that unit will come back is December 31, 2001 (and more likely
later).                          I did not press Bill for answers today but
indicated that we would need clarification on these issues as soon as
possible to stay engaged in the way that he wants us to. I outlined the
interpretation that we had been encouraged  by Ministry of Energy to put on
the message.  Importantly, Bill did not "shut down" our preferred
interpretation.                                     Bill made three points:
a) the critical factor in the announcement was continuing concern about the
circumstances in California and the difficulties that California presents for
making the decision to press ahead this year;   b) on the political front,
the key opposition to moving ahead will come from the NDP rather than the
Liberals: he wants us to help keep the Liberals on the sidelines;  and c) the
gov't  (Ministry of Energy) is going to work on fleshing out over the next
several weeks how they will assess when the 4 conditions will be satisfied
and he wanted our help in that
process.                                             I told Bill that we
wanted to stay engaged but that our immediate interest was getting
appropriate clarification of the message.                        Following
Bill's call, I heard from Joel Singer, VP at OPG, who indicated that Floyd
Laughren had assured OPG yesterday that the OEB was still targeting a Fall
opening in its retail readiness efforts.  Singer did indicate, however, that
OPG's  own demand supply assessment was not  as positive as our own and that
concerns about the demand/suppy balance was continuing to be a big hurdle to
get over.                            The IMO is also sticking with its
testing/commissioning timeline and is not altering it in light of the
announcement on Monday.                          `


Start Date: 1/12/02; HourAhead hour: 21;  No ancillary schedules awarded.  No variances detected.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final Schedules\2002011221.txt


You cannot pickup players in the playoffs.  That defeats the whole purpose of
the playoff system!

Patrick Ryder@ENRON
12/06/2000 03:20 PM
To: Jason.Bass2@COMPAQ.com, Phillip M Love/HOU/ECT@ECT, Bryan
Hull/HOU/ECT@ECT, David Baumbach/HOU/ECT@ECT, lqcolombo@aol.com, Michael
Walters/HOU/ECT@ECT, Matthew Lenhart/HOU/ECT@ECT, Harry Bucalo/HOU/ECT@ECT,
Gary W Lamphier/HOU/ECT@ECT, O'Neal D Winfree/HOU/ECT@ECT, Eric
Bass/HOU/ECT@ECT, Steve Venturatos/HOU/ECT@ECT
cc:
Subject: Pick ups

P-Love
Bledsoe 31
Matt Stover 26
Panthers D 6
49ers D 3
Seahawks D 3


jim, he took at the CYA footnote.  it was a joke.

-----Original Message-----
From: Steffes, James D.
Sent: Thursday, November 01, 2001 8:42 PM
To: Mara, Susan; Williams, Robert C.; Smith, Mike; Wu, Andrew
Subject: RE: AReM's 2nd draft of comments responding to Carl Wood

Sue --

My thoughts on the filing.

1.    Pretty hard line with Comm Wood.  I don't have any problems with it as written, but comments like "CYA not Calif Youth Admin" is not appropriate.
2.    We don't deal with the requirement to submit contracts?  Should AReM address this?  My understanding is that for contracts with customers below 20kw we need to submit something (maybe with the price and term blacked-out)?  Is this correct?
3.    In the conclusion, don't we want to ask the PUC to take some affirmative action - tell the industry that they will never implement retroactive suspension, that their is no cost shifting, and that DA customers can extend without penalty?  The filing simply asks for no harm.

Thanks,

Jim

-----Original Message-----
From: Mara, Susan
Sent: Thursday, November 01, 2001 4:39 PM
To: Williams, Robert C.; Steffes, James D.; Smith, Mike; Wu, Andrew
Subject: AReM's 2nd draft of comments responding to Carl Wood
Importance: High

Gang,

Here is a current draft of AReM's comments due tomorrow.  Let me know if you have comments.  Enron will not be submitting comments separately.

Sue
-----Original Message-----
From: Dan Douglass [mailto:douglass@energyattorney.com]
Sent: Thursday, November 01, 2001 1:37 PM
To: ARM; Gary Ackerman; Bob Anderson; Curt Hatton
Subject: SECOND DRAFT OF TOMORROW'S COMMENTS
Importance: High

Attached for your review and comment is a second draft of tomorrow's comments on the Wood ACR.  I have added a significantly expanded section dealing with how the Commission's inaction and subsequent action contributed to the flow of customers back and forth between DA and bundled service.  My thanks to Aaron Thomas for his assistance on this section.

Also, I have deleted the "CYA - not the California Youth Authority" quip --  I had to have some fun while writing this on Halloween night!

Dan

Law Offices of Daniel W. Douglass
5959 Topanga Canyon Blvd.  Suite 244
Woodland Hills, CA 91367
Tel:   (818) 596-2201
Fax:  (818) 346-6502
douglass@energyattorney.com <mailto:douglass@energyattorney.com>


CALENDAR ENTRY:	INVITATION

Description:
	Operational Risk Forum 30C2

Date:		7/23/2001
Time:		11:30 AM - 1:00 PM (Central Standard Time)

Chairperson:	Stacey W White

Detailed Description:


Will do.

Thanks,
Judy

 -----Original Message-----
From:  Jones, Tana
Sent: Wednesday, June 06, 2001 9:12 AM
To: Thorne, Judy
Subject: RE: Dynegy Direct

No, please send to me and I will handle.

	Judy Thorne/ENRON@enronXgate 06/06/2001 09:06 AM 	   To: Tana
Jones/HOU/ECT@ECT  cc:   Subject: RE: Dynegy Direct

Tana,

I just noticed that the contract is not signed by Dynegy. I have to send back
both originals. Do you want me to FedEx it to them or do you want to do it?

Judy

 -----Original Message-----
From:  Jones, Tana
Sent: Wednesday, June 06, 2001 8:17 AM
To: Thorne, Judy
Subject: Re: Dynegy Direct

Please return our original copy of the agreement to me along with the copy of
the cover letter evidencing that you sent the copy to Dynegy.  Thanks.

	Judy Thorne/ENRON@enronXgate 06/05/2001 06:11 PM 	   To: Tana
Jones/HOU/ECT@ECT  cc: Patti Thompson/ENRON@enronXgate  Subject: Dynegy Direct

Tana,

I have picked up the Dynegy Direct contract from Sally Beck.  Jean Mrha has
signed it, and I will be faxing a copy and mailing one of the originals of
the agreement back to Dynegy tomorrow. Please let me know if you need
anything else on this agreement.

Thanks,
Judy Thorne


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

You are invited to attend the following presentation:

PSIM: A Power Simulation Tool

PSIM is a proprietary model developed by Enron Research Group.

?	It takes Power, Gas, Weather and demand information into consideration and
	uses Monte-Carlo simulation to assess the expected deal value and risk distribution.
?	It evaluates complex electricity related contracts such
as Full Requirement  and load following contract.
?	It also provides a valuation tool for power assets and asset management deals.
?	It works for both deal specific or portfolio issues.

In this presentation we will show how the model can be used to deal with various types
of contracts, explain the model structure and point out further applications.

Date:		October 30, 2001
Time: 	4:00 pm
Location: 	EB5C2
Presenter: 	Alex Huang

Registration is required for a head count.
Please call Shirley Crenshaw at 3-5290 to register.

Pizza and soft drinks will be served.


Thanks.  I will be flying back from Tokyo on that day, so unfortunately I'll
miss Bambos.  If my schedule changes, I'll let you know.

All the best,

Tom

	Vince J Kaminski@ECT
	05/01/00 09:05 AM

		 To: Thomas D Gros/HOU/ECT@ECT, Stinson Gibner/HOU/ECT@ECT, Ravi
Thuraisingham/Enron Communications@Enron Communications
		 cc: Vince J Kaminski/HOU/ECT@ECT
		 Subject: Re: Visit to Enron

FYI

Vince
---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 05/01/2000
09:06 AM ---------------------------

Nick Bambos <bambos@stanford.edu> on 05/01/2000 04:26:30 AM
To: Vince.J.Kaminski@enron.com
cc:
Subject: Re: Visit to Enron

Vince,

How are you? Hope all is well.

Is there any chance we can schedule my visit to Enron on Friday, May 19,
or Friday, May 26?

By the end of April I was able to attract a top new student to work on the
project.
The other one for the coming year will be Giuseppe. By spending the summer
at Enron, he will be in a position to bring the new one up to speed and
create an intellectual team here at Stanford to look at these problems.

I must move ahead soon to put the project in place and get the work going.

Talk to you soon,

Nick

Vince.J.Kaminski@enron.com wrote:
>
> Nick,
>
> We can close the loop on our commitment to support the research projects
> before your visit to Enron.
>
> My assistant, Shirley  Crenshaw, will call you to set up a conference call
> with me, Stinson Gibner,
> and Tom Gros from Enron Broadband Services to discuss all the isssues.
> Friday this week would work for
> both Tom and me. I think we need about 15 minutes.
>
> Vince
>
> P.S. Shirley, Nick's phone number is 650 796 8163 (cell), 650-725-5525
> (office).
>
> Nick Bambos <bambos@stanford.edu> on 03/12/2000 05:32:35 PM
>
> To:   Vince.J.Kaminski@enron.com, bambos@stanford.Stanford.EDU
> cc:
> Subject:  Visit to Enron
>
> Hello Vince,
>
> It was nice seeing you at Stanford and many thanks for the lunch
> we had together. I really enjoyed our discussions, both at the
> technical level and otherwise.
>
> I promised to send you an e-mail regarding possible dates for
> a visit to Enron. I delayed it for a week till my schedule was
> clearer. Let's see if we can get a match with your schedule -
> mine is rather terrible:
>
> Friday, 21st of April looks good. But April 23rd is Easter
> Sunday, so that may make it difficult for some people at Enron
> to be around. Let me know if that is the case. I am willing to
> visit then, because the week after that I am scheduled to be in
> Japan and in the previous weeks I am all committed on Fridays.
>
> Friday, 19th of May is the next possibility, but this probably
> is too far out. The main problem is that I am operating within
> a window of opportunity for attracting top students for this
> research. This window closes by the end of April, and it would be
> important for the student support funds to be in place then, so
> that I can make hard commitments to students and attract top
> talent. I am already reviewing files of students who have
> approached me for PhD advising, and I am in a mode of doing "soft
> commitments to star-level students" to get this research and its
> potential on their radar screen. Top students are highly sought
> after by advisors and I want to be an early player in this
> competition.
>
> Does my visit to Enron have to happen before we can set up the
> project and student support at Stanford? If so, doing it before the
> end of April is important for getting top people. If the visit can
> happen after we get the ball rolling, then we can schedule it in May.
> I assume there will be multiple visits both ways when the project gets
> going. Please let me know what you think.
>
> Best Regards,
>
> Nick


Hi,
I'm working with Dave Forster to put together an Originator's Toolkit, that will contain a description of various products (many from Janelle's Product Descriptions) that the originators and mid marketers can offer customers.  Since many of the products are option based I'd like to run the toolkit by you all to look over.  I'd appreciate any comments.  Also if there are any additional products that I should add please let me know.
Thanks,
Max


_________________________________________________________________

                   I N V E S T I N G  B A S I C S
                     Wednesday, November 8, 2000

benjamin.rogers@enron.com
_________________________________________________________________

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to calculate its inverse, which is its "earnings yield."

Consider the example of Fryyndar and Ulf Scandinavian
Pharmaceuticals (ticker: FANDU), whose motto is "Vars+god och
sv,lj!" (That's Swedish for "Here, swallow this pill!") To
calculate its P/E ratio, you simply divide the current stock
price by the annual earnings per share (EPS). If its current
annual EPS is $3 and the stock is trading for $111 per share,
the P/E is $111 divided by $3, or 37. While 37 might seem steep,
it's not meaningful until you compare it with the P/E ratios of
industry peers and consider its growth prospects. A high P/E
means the market is assuming rapid growth. (Is that assumption
reasonable?)

To calculate Fryyndar and Ulf's earnings yield, just reverse the
P/E ratio, dividing the annual EPS by the current stock price.
$3 divided by $111 equals 0.027, or 2.7 percent. Compared to
risk-free Treasury bond rates of roughly 5 percent, this doesn't
appear to be a bargain. But remember: Whereas bond rates are
fixed, earnings typically grow. Imagine that FANDU is expected
to increase earnings by 10 percent per year. If so, in 10 years
EPS should grow to $7.78. Assuming we bought shares when they
were at $111, the earnings yield for us has now become 7
percent, considerably better. ($7.78 divided by $111 is 0.07.)

It can be instructive to see how long it takes for the growing
earnings yield to pass the current 30-year bond rate, which is
now about 5.5 percent. FANDU passes it in six years.

If your desired rate of return on your invested dollars is 15
percent, it will take FANDU 18 years to reach that target -- if
earnings actually grow at the estimated pace, that is. Perhaps
you can find another investment that will get you there more
quickly. With riskier companies, you might look for them to pass
your target rate sooner rather than later.

The earnings yield is just one of many investor tools. It can
help you think more effectively about your expectations for
investments.
_________________________________________________________________

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MsgId:
msg-32694-2000-11-08_14-59-37-5397712_5_Plain_MessageAddress.msg-15:08:23(11-0
8-2000)
X-Version: mailer-sender-master,v 1.84
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Message-Recipient: benjamin.rogers@enron.com


NETWORK WORLD FUSION FOCUS: DAVE KEARNS on NOVELL NETWARE
Today's Focus: Btrieve free ride ends
03/14/00

Dear Wincenty Kaminski,

Today's Focus: Btrieve free ride ends
---------------------------------------------------------------
By Dave Kearns

NetWare has shipped with Btrieve (originally a flat-file database
system, now grown into a full-fledged relational database system) since
the days of NetWare 2 some 12 years ago. Many independent software
vendors have relied on this and constructed their NetWare applications
to use the built-in facilities Btrieve afforded.

Originally licensed from its creator, Softcraft, Novell bought Btrieve
outright in the late +80s, then sold it off 10 years later to some of
the original developers, now incorporated as Pervasive Software.
Pervasive has, essentially, retired the Btrieve name in favor of
"Pervasive SQL 2000," a true relational database system which
nevertheless still purports to support applications written to the
Btrieve 6.x specification.

A major change has been introduced in NetWare 5.1, however. There is no
longer an unlimited-use version of the database included. Novell still
uses Btrieve technology for (among other things) its installed products
database (sys:system\products.dat is the file), but NetWare 5.1
includes only a two-user license for SQL 2000  enough for the
administrator to add new products and services, but not enough for any
Btrieve-based applications the network might be running.

There is an unlimited-use version of SQL 2000 included, but it,s an
evaluation version only. It will time out after 90 days. Full-use
licenses may be purchased from Pervasive Software (or your software
vendors may provide them), but unsuspecting network administrators
could be caught off-guard when applications stop working.

For the adventurous, there is an unlimited-use version of Btrieve 6.10
included with the NetWare 5.1 distribution. But Novell admits it hasn't
tested the software with NetWare 5.1, it may not work, and  the real
killer  most current applications (such as Computer Associates
ArcServe) require Btrieve 6.15.

Check the applications you're using before doing that upgrade to
NetWare 5.1, and calculate the additional costs of obtaining the
requisite number of SQL 2000 licenses. Then, decide if that's what you
want to do, or if switching to a different application is the better
choice.

To contact Dave Kearns:
-----------------------
Dave Kearns is the Word Wrangler for Virtual Quill, a writing agency
serving the computer and networking industries. If your target
customer doesn't know your product, doesn't know its uses and doesn't
know he needs it, he's not going to buy it. From books to reviews,
marketing to manuals, VQ can help you and your business. Virtual Quill
- "words to sell by..." Find out more at: http://www.vquill.com/, or
by e-mail at mailto:info@vquill.com.

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
FOR RELATED LINKS -- Click here for Network World's home page:
http://www.nwfusion.com
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Pervasive.SQLv 2000 Product Family SDK
http://www.pervasive.com/products/psql/sdk/

Understanding Pervasive.SQL 2000, a white paper (PDF)
http://www.pervasive.com/products/psql/psql_wkgrengine/workgroupwp.pdf

Migration Guide 6 to Pervasive.SQL.doc
http://www.pervasive.com/support/technical/papers/Migration%20Guide%20-%206.15
%20to%20Pervasive.SQL.pdf

Other NetWare-related articles from Network World:

Active Directory upgrade requires strong game plan, Network World,
03/13/00
http://www.nwfusion.com/archive/2000/89629_03-13-2000.html

Microsoft exec sketches future for Win 2000, Network World, 03/13/00
http://www.nwfusion.com/archive/2000/89698_03-13-2000.html

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Copyright Network World, Inc., 2000


no-I wanted my machine to make a sound every time someone traded on EOL but
instead it's hooked up to my keyboard so that when I type the keyboard makes
sounds instead.


pls get for Cindy.  Thanks  df
---------------------- Forwarded by Drew Fossum/ET&S/Enron on 01/25/2001
05:31 PM ---------------------------

Cindy Stark
01/25/2001 04:13 PM
To: Bill Cordes/NPNG/Enron@ENRON, Shelley Corman/ET&S/Enron@ENRON, Steve
Hotte/Corp/Enron@ENRON, Rod Hayslett/FGT/Enron@ENRON, Phil
Lowry/OTS/Enron@ENRON, Danny McCarty/ET&S/Enron@Enron, Rockford
Meyer/FGT/Enron@ENRON, Michael Moran/ET&S/Enron@ENRON, Gary P
Smith/OTS/Enron@ENRON, Julia White/ET&S/Enron@ENRON, James
Prentice/GPGFIN/Enron@ENRON, Dana Gibbs/Houston/Eott@Eott, Drew
Fossum/ET&S/Enron@ENRON, Steven Harris/ET&S/Enron@ENRON, Robert
Hayes/FGT/Enron@ENRON, Robert Kilmer/FGT/Enron@ENRON, jerry.martin@enron.com,
Dorothy McCoppin/FGT/Enron@ENRON, Mary Kay Miller/ET&S/Enron@ENRON, Michel
Nelson/ET&S/Enron@ENRON, Dave Neubauer/ET&S/Enron@ENRON, Dan
Pribble/OTS/Enron@ENRON, Randy Rice/OTS/Enron@ENRON, Scott
Vonderheide/Corp/Enron@ENRON
cc:

Subject: PERSONAL INFORMATION REQUESTED

Hello, everyone!   This is to request your assistance in obtaining the
following information for Stan:

To Stan's Direct Reports:   Please provide me with your home phone number and
a pager or cellular number.
To the Remaining Officers: Please provide me with your home phone number,
work number, pager or cellular number, Assistant's name, Assistant's work
    number and your office fax number.

Please provide me this information via return e-mail.

Thanking you in advance for your prompt attention to this matter.

Cindy


Hope are things in London?  I have seen Beth Apollo at two meetings in Texas
recently, one in Dallas and one in San Antonio.  We have been making the
Texas circuit -- not quite as exciting as your travels.

I have heard from Stephanie, and she, Paul and Rebecca are headed to Texas at
the end of October/beginning of November.  She will be interviewing students
at UT on October 30 and 31 and then she and her family will be in Houston
from Wesneday, November 1 to Saturday, November 4.  They will be staying with
us at our house.  It will be fun to watch Tyler and Rebecca get to know one
another!  She is an older woman, but I am sure that they do well.  By the
way, Stephanie is expecting baby number two -- I think that when she is here
she will be about six months pregnant.

I thought that I would let you know what her travel plans are on the off
chance that you might be in Houston at that time.  It would be fun for all of
us to get together.  I don't know if I had told you, but Chuck Randall has
joined Enron and this week I saw another old First City banker, Jeff Baker,
who was on his first day here.  We could also schedule a First City reunion
if you could be here.  If it doesn't work this time, just let me know the
next time you will be in Houston and I will round up all the usual suspects
for a lunch or happy hour.

I may need to head to London in October or November.  I will let you know if
my travel plans develop.

I hear from Beth that you have taken a very adventurous vacation -- mountain
climbing!!!!!!!  How was it?  I will be anxious to hear.  --Sally


hey there,

i am just anti-msgrs for a while.....just too much chit chat overload for me...not you...just everyone combined....i'm really a loner..ha ha
...anyways.....just letting you know...sure i'll log in later today.....i'll holler if i need to work anything.
mo.


Hey,

I haven't heard from you.  Have you bought your Padre tickets?

Mat


---------------------- Forwarded by Kay Mann/Corp/Enron on 02/23/2001 03:34
PM ---------------------------

Kay Mann
02/22/2001 01:54 PM
To: sortem@coned.com
cc:

Subject: Confidentiality agreement

Mr. Sorte,

Michael Brown and Janelle Schueur have requested that I forward this
confidentiality agreement to your attention.

Regards,

Kay Mann


Start Date: 1/27/02; HourAhead hour: 8;  No ancillary schedules awarded.  No variances detected.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final Schedules\2002012708.txt


Thought I would forward some of the messages I have gotten regarding you.
MOM
----- Original Message -----
From: "Gayle McAdoo" <73061.3514@compuserve.com>
To: "Darnell" <dmoore21@charter.net>
Sent: Sunday, January 20, 2002 10:12 AM
Subject: and Darron

Last night's winning lottery ticket was sold in Deer Park!   27 mil..  no,
i did not have it.........................

Also - saw Al and talked on the phone to Nita - Nita is at Enron till the
end of the month.  Glad Darron has found work elsewhere.  He will be ok.
He is a bright guy!  How is he taking all this?  This kind of stuff lets us
all know how very fragile and uncertain life really is...  and how much of
our success is based on how we see it...   or is how we see how we see it
an illusion too...  who knows????  I am just glad he is ok.

Gayle


The meeting has been confirmed.

They told me that they want to essentially gain an understanding of what our plan is to get up and running as quickly as possible which does I think differ slightly from integration.

Have I missed any critical group?

9 am 		Introduction
9:15 am		Infrastructure 						Rub
9:45am		IT - Development & Ops				Webb
10:15 am 		Mid Office Start-up Overview				Hall
10:45		Credit Start-up Overview				Brackett
11:15 noon		Accounting, cash etc Integration Overview		Colwell/Georges/Meyers

11am 		Tour of the building/infrastructure			Donovan

Thanks

Louise
 -----Original Message-----
From: 	Kitchen, Louise
Sent:	Friday, December 21, 2001 1:06 PM
To:	Colwell, Wes; Hodges, Georgeanne; Webb, Jay; MEYERS, Thomas; Hillier, Bob; McAuliffe, Bob; Rub, Jenny; Hall Jr., Robert L.; Donovan, Bill
Cc:	Muller, Mark S.; Golden, Jeff; Lavorato, John; Schoppe, Tammie; Hillis, Kimberly
Subject:	Integration Meeting

One of our potential buyers will be here at 9am on Thursday.  The scope of the meeting is to run through the integration schedule.  This is a very broad agenda and will probably be very interactive.	 I tried to put Ops first but it really doesn't make sense.

This really is a really rough agenda for you guys to decide upon but I wanted to set out the areas they wish to cover.

9 am 		Introduction
9:15 am		Infrastructure						Rub
10 am		IT - Development & Ops				Webb
11 am 		Mid Office Intergation Overview			Hall
12 noon		Accounting, cash etc Integration Overview		Colwell/Georges/Meyers

11am 		Tour of the building/infrastructure			Donovan

Wes - they want to cover bank accounts and cash in detail.

Some time during the morning they want a tour of the facilities - I am arranging with Bill Donovan.

Louise Kitchen
Chief Operating Officer
Enron Americas
Tel:  713 853 3488
Fax: 713 646 2308


Fitch Puts Enron On Rating Watch Negative
Bloomberg, 10/25/01

STOCKWATCH Enron higher after dismissing CFO Fastow
AFX News, 10/25/01

DJ Concerned Energy Cos Make Few Changes In Enron Dealings
2001-10-25 14:13 (New York)

Calif Guarantees Allow Williams To Book Power Revenues
Dow Jones Energy Service, 10/25/01
Stocks Expected to Open Lower, Hurt By Weak Economic News
Dow Jones Business News, 10/25/01

Kaplan Fox Seeks To Recover Losses For Investors Who Purchased E
Bloomberg, 10/25/01

Enron CNBC: Squawk Box,
10/25/01

Fitch Puts Enron On Rating Watch Negative
2001-10-25 13:49 (New York)

Fitch Puts Enron On Rating Watch Negative

Fitch-NY-October 25, 2001: Fitch places the following Enron
securities on Rating Watch Negative: senior unsecured debt
`BBB+'; subordinated debt `BBB'; preferred stock `BBB-`;
and commercial paper `F2'. Pipeline subsidiary `A-` rated
senior unsecured debt at Northern Natural Gas Co. and
Transwestern Pipeline Co., are also placed on Rating Watch
Negative.

The rating action primarily relates to the negative capital
market reaction to recent disclosures by the company. The
loss of investor and counterparty confidence, if it
continues, would impair Enron's financial flexibility and
access to capital markets, therefore, impacting its ability
to conduct its business. On Oct. 16, 2001, Enron announced
a $1 billion after-tax charge to earnings to be taken in
the third quarter of 2001 and a reduction of balance sheet
equity by $1.2 billion relating to the unwinding of
structured transactions. Since that time, there have been
several damaging news reports on the company and its
management. More importantly, investors have voiced
concerns. Enron's common stock price has plummeted and
spreads on its debt have widened.

The company has attempted to quell rumors and has publicly
stated that it has adequate liquidity to conduct its
business. Approximately $1.5 billion of unused liquidity is
available under committed bank lines.

An additional concern is that certain structured
transactions of the company including Marlin Water Trust II
and Osprey could unwind. While various sources of repayment
exist, such as the sale or liquidation of underlying
assets, or an equity offering, primary credit support is
derived from the Enron obligation to remarket mandatorily
convertible preferred stock if an amount sufficient to
repay the notes has not been deposited with the trustee 120
days prior to the maturity date or upon a note trigger
event. In the event that the issuance of the preferred
stock yields less than the amount required to redeem the
senior notes in either case, Enron is required to deliver
additional shares. If Enron cannot or does not deliver on
its obligation, then the amount of the deficiency becomes a
payment obligation of Enron, representing a general
unsecured claim. While trigger events include a downgrade
of Enron's senior unsecured debt below investment grade by
one of the major rating agencies in conjunction with
specified declines in Enron's closing stock price over
three consecutive trading days, Enron would have a
forebearance period of 60 days as long as an attempt was
being made to register the shares. The total amount of
Marlin and Osprey debt is approximately $3.2 billion. Enron
has not verified that the underlying assets have adequate
market value to fully pay down the associated debt.

While capital market uncertainties have escalated, Fitch
has no information to indicate that there are any
fundamental problems with Enron's core wholesale, retail,
and pipeline businesses. Fitch expects to be in contact
with the company on a continuing basis to both monitor
ongoing events and address strategic, longer-term issues.

STOCKWATCH Enron higher after dismissing CFO Fastow

10/25/2001
AFX News
(c) 2001 by AFP-Extel News Ltd

NEW YORK (AFX) - Share of Enron were higher in opening trade, after the company dismissed its chief financial officer, Andrew Fastow, due to his past involvement in running two partnerships, in which Enron had invested, dealers said.
At 9.56 am, Enron was up 1.13 usd, or 6.95 pct, at 17.55. The DJIA was down 138.60 points at 9,207.52, the S&P 500 index was down 15.95 pts at 1,069.00 and the Nasdaq composite down 39.02 at 1,692.52.
Enron said it named Jeff McMahon CFO to replace Fastow, after announcing Monday that the Securities and Exchange Commission is looking into the Fastow-related transactions.
"In my continued discussions with the financial community, it became clear to me that restoring investor confidence would require us to replace Andy as CFO," said chief executive Kenneth Lay in a statement.
Enron shares have fallen sharply in recent days on concerns over financial transactions made with the two partnerships, LJM Cayman LP and LJM2 Co-Investment LP, which analysts said could affect future earnings and which have prompted class action suits against the company.
McMahon, who had been serving as chairman and CEO of Enron's Industrial Markets group, had quit his job as treasurer last year, after voicing concerns within the company about Fastow's role in running the two partnerships, according to the Wall Street Journal.
This morning, Salomon Smith Barney analyst Raymond Niles downgraded Enron to "buy- speculative," from "buy-high risk", to reflect his concerns that "lingering uncertainty over financial practices may begin to impair Enron's commercial operations."
"This is the least likely outcome, in our view, but one whose likelihood has increased over the last week as questions continue to be asked," he said.
ng/lj For more information and to contact AFX: www.afxnews.com and www.afxpress.com

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.

=DJ Concerned Energy Cos Make Few Changes In Enron Dealings
2001-10-25 14:13 (New York)

   By Mark Golden, Kristen McNamara, Jon Kamp and John Edmiston
   Of DOW JONES NEWSWIRES

  NEW YORK (Dow Jones)--Energy trading companies have concerns about the credit
quality of troubled Enron Corp. (ENE), but they have made almost no changes in
policies concerning the top trader of North American power and gas, the
companies said Thursday.

  The concerns have arisen because Enron, which accounts for about a quarter of
the trade in the country's power and gas markets, has seen its share price fall
by a third this week due to uncertainties about its extremely complex financial
structure.

  Moody's has put Enron's credit on watch for possible downgrade, and some of
the company's debt is trading like junk bonds in the secondary market this
week.

  "We have made no changes to our credit policy concerning Enron," said John
Sousa, chief spokesmann for Dynegy Inc. (DYN). "It's business as usual."

  Williams Cos. (WMB) spokesman Jim Gipson said that his company, too, has made
no changes and has no concerns about Enron's credit. Another Top 10 power and
gas trading company, Aquila (ILA), has also left Enron credit unchanged.

  Other companies expressed concern, though they've taken little if any action.

  "Like everyone else in the marketplace, we're proceeding with caution," said
Lora Kinner, director of credit for Tractebel Energy Marketing, the North
American subsidiary of the Belgian company Tractebel S.A.

  Kinner said the company is just looking for more information and doesn't
expect to make any drastic changes.

Calif Guarantees Allow Williams To Book Power Revenues
By Andrew Dowell
Of DOW JONES NEWSWIRES

10/25/2001
Dow Jones Energy Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)

NEW YORK -(Dow Jones)- Clarifications by California as to what electricity transactions the state will back enabled Williams Cos. (WMB) to book $180 million in power sales from the previous period as third-quarter revenues, the company said Thursday.
The revenues came from power Williams sold through the California Independent System Operator, which runs the state's wholesale power market and clears and settles transactions.
The state of California has paid more than $11 billion for power bought directly from suppliers, but has yet to pay for any ISO power since it took over the job of buying power for the state's ailing utilities in mid-January. Two weeks ago, however, the state made clear for the first time which ISO transactions it would back.
"It's that fact that has allowed us for the first time to recognize dollars from sales to the California ISO," Williams Chief Operating Officer Steven Malcolm said on a conference call Wednesday.
Williams reported third-quarter net income of $221.3 million on revenues of $2.81 billion, up from $121.1 million on revenues of $2.33 billion in the same period the year before.
Williams is now in talks with California to secure payment for its ISO sales. The process is complicated by the state's role as guarantor of transactions undertaken on behalf of the utilities, which aren't creditworthy enough to buy power for themselves. The ISO didn't envision third-party guarantors when it set up its settlement process, and state accounting rules require more detailed bills than those sent out by the ISO each month, state power officials have said.
The state says it has set aside $1.2 billion to cover ISO transactions.
As reported, suppliers including Williams had charged the state with deliberately muddling the repayment issue to keep power flowing for free.
Willing To Renegotiate

Separately, Williams' officers also said the company was willing to discuss reworking its long-term contracts with California, provided the result benefited both parties.
California Gov. Gray Davis is under heavy fire for having locked the state into contracts running as long as 20 years at prices negotiated at the peak of a market that has since collapsed.
Both sides could potentially benefit from changes to the length of the term of the contracts or the specifics of power-supply obligations - perhaps freeing up supply that Williams thinks it could get more money for on the spot market, Malcolm said.
"We're always willing to sit down with a customer," Malcolm said.
Williams hasn't been approached by the state to renegotiate the contracts, Malcolm said.
Any attempt by California to force through one-sided changes is unlikely and could backfire for the state by disrupting plans for new power plants, he said.
"To the extent contracts are changed, financing is going to go away," he said.
Downplaying Enron Opportunities

Williams downplayed its ability to capitalize on the recent troubles of market-leader Enron Corp. (ENE), saying it focuses on large, long-term structured deals, not the high-volume, physical-market transactions that Enron dominates, Malcolm said.
Also, TradeSpark - the Internet-based energy exchange in which Williams is a partner - is limited for now in its ability to expand and take volume from Enron's proprietary system EnronOnline because of the horrific losses operator Cantor Fitzgerald (X.CFZ) suffered in the attacks on the World Trade Center.
"That's interrupted the rapid growth we were seeing," Williams Chief Executive Keith Bailey said on the call.
Enron, which accounts for about a quarter of the trade in the country's power and gas markets and which makes a market for those commodities on EnronOnline, has seen its share price fall by a third this week due to uncertainties about its extremely complex financial structure.
Those concerns have raised questions about the business model of EnronOnline, a platform on which Enron is the counterparty in all trades. Those concerns could eventually boost volume on neutral exchanges like TradeSpark.
"We continue to believe in the neutral platform that TradeSpark offers," Malcolm said.
TradeSpark LP was formed by eSpeed Inc. (ESPD), Cantor Fitzgerald (X.CFZ), Shell (RD) unit Coral Energy, Dominion (D), Koch Energy Trading Inc., TXU Corp.'s (TXU) TXU Energy unit and Williams Cos.' Williams Energy Marketing & Trading Co.
-By Andrew Dowell, Dow Jones Newswires; 201-938-4430; andrew.dowell@dowjones.com

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.

Stocks Expected to Open Lower, Hurt By Weak Economic News

10/25/2001
Dow Jones Business News
(Copyright (c) 2001, Dow Jones & Company, Inc.)

A Wall Street Journal Online News Roundup
Stocks are expected to open with losses Thursday, weighed down by disappointing U.S. economic news and the European Central Bank's decision to leave interest rates unchanged.
About an hour before the New York Stock Exchange opened, futures on the Standard & Poor's 500-stock index were sharply lower, suggesting that the Dow Jones Industrial Average will post a 94-point loss at the opening bell.
In one of a trio of negative economic reports, the Commerce Department said orders for durable goods, or products expected to last more than three years, tumbled 8.5% in September. That was a much steeper drop than the 0.9% decline forecast by economists surveyed by Thomson Global Markets.
Meanwhile, the Labor Department reported that the number of Americans filing new claims for state unemployment insurance rose to 504,000 for the week ended Oct. 20. That was more than the 500,000 jobless claims expected by economists.
The Labor Department also said that the employment-cost index rose 1% in the third quarter, slightly more than expected. The indicator measures changes in compensation costs, including wages and salaries, as well as costs for employee benefits.
Later, at 10 a.m. EDT, the National Association of Realtors is expected to say that 5.26 million existing homes were sold last month, down from the 5.5 million sold in August.
Prior to release of the economic news, S&P futures had pointed to a weaker opening on Wall Street, after the ECB left rates alone despite growing political pressure for another rate cut to help the stumbling European economy.
In addition to pouring over Thursday's economic reports, investors will spend much of the session sorting through a mountain of earnings reports, said Peter Cardillo, director of research at Westfalia Investments.
Among companies that announced quarterly earnings so far, Dow Chemical said third-quarter net income plunged 84%, hurt by weak demand, substantial price declines and a slew of charges mostly related to acquisition expenses and restructuring at Dow Corning.
Among other stocks to watch, Enron on Wednesday replaced its finance chief, Andrew Fastow, capping a tumultuous day in which the Houston powerhouse saw its stock price continue to fall sharply.
States suing Microsoft are hiring one of the nation's top trial lawyers, signaling they may seek a harsher antitrust remedy than the White House. Meanwhile, the software giant's Windows XP formally makes its debut Thursday.
In key overseas markets, stocks were mixed. London's Financial Times-Stock Exchange 100-Share Index was down 1.2% in intraday trading, while Frankfurt's DAX was 0.9% lower. Earlier in the day, Japan's Nikkei 225 average closed with a gain of 0.7%, and Hong Kong's Hang Seng Index rose 0.2%.
In Wednesday's session, Wall Street continued to shrug off disappointing earnings news, and focused instead on hopes that low interest rates and the government's economic-stimulus program will produce a recovery.
Technology issues saw much of the buying, with the Nasdaq Composite Index rising 27.10 points, or 1.6%, to 1731.54. The Dow industrials inched 5.54 points, or 0.1%, higher to close at 9345.62, despite substantial losses in two of its components, Eastman Kodak and AT&T, which issued weak outlooks.
In major U.S. market action Wednesday:
Major stock indexes advanced. But on the Big Board, where 1.34 billion shares traded, 1,374 stocks rose and 1,743 fell. On the Nasdaq, 1.89 billion shares changed hands.
Bonds gained. The 10-year Treasury note rose 13/32, or $4.0625 for each $1,000 invested. The yield, which moves inversely to price, fell to 4.588%. The 30-year bond was up 23/32 to yield 5.330%. Early Thursday, the 10-year note was up 10/32 to yield 4.553% while the long bond was 17/32 higher, yielding 5.303%.
The dollar was mixed. Late in New York, it traded at 122.87 yen, up from 122.68, while the euro rose against the dollar to 89.35 U.S. cents from 89.07. Early Thursday in New York, the dollar bought 123.17 yen and traded at 88.27 cents to the euro.
For continuously updated news from The Wall Street Journal, see WSJ.com at http://wsj.com.
Copyright (c) 2001 Dow Jones & Company, Inc.
All Rights Reserved.

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.

Kaplan Fox Seeks To Recover Losses For Investors Who Purchased E
2001-10-25 12:07 (New York)

Kaplan Fox Seeks To Recover Losses For Investors Who Purchased Enron
Corp. Common Stock

NEW YORK, NY -- (INTERNET WIRE) -- 10/25/01 -- Kaplan Fox
(kaplanfox.com) has filed a class action against Enron Corp. and
certain of the Company's officers and directors in the United States
District Court for the Southern District of Texas.  The suit is
brought on behalf of all persons or entities who purchased the common
stock of Enron Corporation ("Enron") (NYSE: ENE) between January 18,
2000 and October 17, 2001, inclusive (the "Class Period").

The complaint charges Enron Corp. and certain of its officers and
directors with violations of the Securities Exchange Act of 1934.
The complaint alleges that during the Class Period, defendants
engaged in asset and securities sales to closely related affiliates
and interested parties, which disguised Enron's true financial
position.  Many of the details of these transactions were hidden from
the public.  Defendants used these asset sales to falsely improve
Enron's balance sheet, thereby maintaining Enron shares at an
artificially inflated price.  Certain Enron executives, who held
positions in the affiliates that presented clear conflicts of
interest, reaped millions of dollars in personal gains from these
transactions.

The complaint further alleges that during the Class Period, Defendants
made misleading statements regarding the potential value of Enron's
Broadband business, in order to artificially boost Enron's share
price.  With knowledge that Enron's Broadband business would never
post a profit and was seriously overvalued, Defendants continued to
make misleading statements about the Broadband business in order to
maintain the share price at its artificially inflated levels.
Defendants used the artificially inflated value of Enron's Broadband
business to hedge against, in order to gain millions of dollars in
financing.  Defendants failed to disclose the risk of these financing
arrangements.  Defendants hid the true nature of Enron's earnings,
its hedging, its businesses, and the correct state of Enron's
finances from its investors and the market, further artificially
inflating Enron's share price.  While the stock was artificially
inflated for the above reasons, Enron executives engaged in extensive
insider trading, gaining personal proceeds of approximately $482
million during the Class Period, before the public became aware of
the above practices.

Plaintiff seeks to recover damages on behalf of the Class and is
represented by Kaplan Fox & Kilsheimer LLP.  Our firm, with offices
in New York, San Francisco, Chicago and New Jersey has many years of
experience in prosecuting investor class actions and actions
involving financial fraud. For more information about Kaplan Fox &
Kilsheimer LLP, you may visit our website at www.kaplanfox.com

If you are a member of the Class, you may move the court no later than
December 21, 2001 to serve as a lead plaintiff for the Class.    In
order to serve as a lead plaintiff, you must meet certain legal
requirements.

If you have any questions about this Notice, the action, your rights,
or your interests, please e-mail us at mail@kaplanfox.com or contact:

Kaplan Fox & Kilsheimer LLP - 805 Third Avenue,  22nd Floor - New York,
NY 10022

Kaplan Fox & Kilsheimer LLP - 100 Pine Street, 26th Floor - San
Francisco, CA 94111

Contact: Frederic S. Fox, Esq., Kaplan Fox & Kilsheimer LLP
Phone: 800-290-1952
Fax: 212-687-7714
Email: mail@kaplanfox.com

    Date      October 25, 2001
    Time      07:00 AM - 08:00 AM
    Station   CNBC
    Location  Network
    Program   The Squawk Box

              Mark Haines, co-anchor:

              Joe Kernen, what's going on?

              Joe Kernen, co-anchor:

              We've got to shift gears into this Enron situation which
              has just been--you've been talking about it quite a bit,
              David--how could you not talk about it?  Seventy-six
              million shares yesterday, down fifty percent in the last
              two weeks.  This is a company with--what?--a hundred
              million in revenues.

              James Cramer, guest market commentator:

              Maybe.

              Kernen:  Yeah, right.  Anyone who does any trading in
              energy apparently, you know, uses Enron Online, so anything
              that destabilizes Enron to a great extent could destabilize
              the whole energy trading arena and...

              Cramer:  Go ahead, say it!  Say what you're thinking!  No
              one has said it yet.  We know the truth.  We believe that
              Enron caused a national short squeeze.  They knew every
              single number in this gas situation.  They wrecked the
              California utility system and profited from it.  That's my
              bet.  My bet that this--they had--look, they were the
              market maker.  Imagine if Instinet knew what you were going
              to be buying and took it ahead of you.  I think they
              cornered the market for electricity for about four months,
              made a huge fortune and now the company is unraveling and
              when someone--when the Justice Department gets in there
              we're going to discover this.

              Kernen:  Let's see what happened...

              Haines:  Now, wait a second...

              David Faber, co-anchor:

              Whoa, whoa, whoa!  The Justice Department, Jim?  Now, is
              that new?  Is that something--

              Cramer:  No, that would be, if I were a prosecutor,
              something...

              Faber:  OK, so they are not being investigated?

              Cramer:  Well, no, I'm actually being a little forward
              thinking.

              Kernen:  The SEC wants documents about the limited
              partnership transactions of Mr.--

              Faber:  Which is very different from what Jim is talking
              about.

              Cramer:  No, I'm saying that this is what, if I were an
              enterprising prosecutor, I would say, Did we have a
              nationwide short squeeze in electricity caused by one
              company that had access to all the screens and knew exactly
              what was happening with the electricity market which then
              wrecked the California utility system, cost the consumer
              billions of dollars, and is now being hushed up?

              Kernen:  Well, let's talk about the actual news.  Here's
              yesterday's trading--

              Haines:  Wait a minute.

              Kernen:  Well, I just want to say that the guy is gone now.
              That's the new news here.  Did you read--did you know that
              Fastow, after four--

              Faber:  Late yesterday.

              Kernen:  Yeah, after four o'clock, Fastow is gone.  What's
              interesting--

              Faber:  He's the CFO--

              Kernen:  But he's a new CFO.

              Faber:  --who benefitted personally from some of these
              off balance sheet partnerships.

              Cramer:  Mark, you know, I'm not on thin ice here, I'm not
              on thin ice.

              Haines:  I just want to make sure we understand that this
              is your theory.

              Cramer:  This is my theory.

              Haines:  OK.

              Cramer:  It is just a theory.  It is my opinion.  But I
              think we've got to find out more about that short squeeze
              that occurred.

              Haines:  OK.

              Cramer:  We need to find out whether it was orchestrated.

              Kernen:  The new CFO might help regain some credibility for
              the company because he was the old treasurer who left that
              position a year or so ago because of some disagreements
              with how Mr. Fastow was doing business apparently.  So now
              he's back as CFO and we'll whether that calms the market
              down.

              Faber:  Well, what they need to do-- Joe, they need to come
              clean.  I mean, that is what all the investors in Enron and
              those who've left the company as investors over this last
              week have wanted.  Let's see everything; be as transparent
              as you possibly can be; tell us exactly what we need to
              know.  And as much as they need to come clean with their
              investors, they need to come clean with their trading
              counterparties because that is really what people are
              concerned about.

              Kernen:  Why is the credit worthiness issue such a big
              deal?  Anyone who does trading with them, if their credit
              worthiness were to go--if their credit rating were to go
              down, how would that affect energy trading?

              Faber:  Well, you want to know that they're going to be
              there on the other side and make good on the trades.

              Kernen:  I guess you would, wouldn't you?

              Faber:  Right.  Not that they aren't, but why would you--if
              you can trade with seven other guys--seven other companies,
              maybe you cut back a little bit on your exposure there.

              Kernen:  Now, why would--

              Faber:  And that would hurt their core business.

              Kernen:  Why are people expecting some type of action from
              the credit agencies, not because of the stock price, right?
              Because of something that could unravel--

              Faber:  Because of something related to these liabilities
              they may have--

              Kernen:  That they don't know about at this point.

              Faber:  --that they may have with regard to funding some of
              these off balance sheet partnerships that they backstopped
              in terms of borrowing that went on at the project level at
              the off balance sheet partnership.  Will it be a liability?
              They don't know.  But that's one of the reasons--

              Kernen:  We're talking hundreds of millions or billions?

              Faber:  They don't know.

              Kernen:  But there were billions of dollars in limited
              partners?

              Faber:  Yes.  About three billion in financing, I think is
              what some analysts estimated.

              Kernen:  This is a pretty big number.

              Faber:  Yeah, they can get to most of that with the assets
              that they have in the partnerships themselves.

              Kernen:  I use a six month chart to show what's happened
              over the last two weeks.  You got to look at here.  But if
              we went back a year, you'd see eighty as far as the high
              for Enron.  Now we're at sixteen.

              Faber:  Everybody else took a hit yesterday.  Dynegy got
              hurt.

              Kernen:  Well, I got Dynegy next.  Don't--  Here we go.

              Faber:  I'm sorry.  I'm getting a little excited.

              Kernen:  You are.

              Faber:  Enthusiastic about your charts.

              Kernen:  There's a weekly chart of Dynegy, and you know
              what's coming next, don't you?  Now I'm worried about the
              utility average.  I've worried about the transportation
              average a lot in my career.  Mark, now the utilities have
              replaced my worries.  I'm angst-ridden.  Did you see this
              chart?  We're breaking below the--

              Cramer:  That's a positive, not a negative, Joe.

              Kernen:  What's wrong with Cramer today?  What happened?

              Cramer:  I'm all fired up!

              Faber:  He really is.  My, God, he's got the DOJ getting
              all crazy, the FBI, the CIA.  You going down to En--you
              going down to Houston yourself?

              Cramer:  I may just have to.  I may have to clean up that
              whole city.

              Kernen:  Jim, why would the--that's the--now getting down
              to the lows, I mean, the other averages have come back
              quite a bit from the post-attack lows, the utilities are
              retesting those.  That's not something to worry about?

              Cramer:  No, because I think there's a lot of money going
              into more cyclical issues.  I think the economy is showing
              signs of getting better.  The consumer is certainly much
              stronger than we thought.  The base book didn't say the
              corporate was strong, but the consumer is strong.  Much
              stronger than before.

              Kernen:  All right.  In the past people have worried about
              the utility averages being a leading indicator, though.  I
              don't--we're talking about four hundred to two-ninety at
              this point.  That's a long way.

              Cramer:  This average has got a lot of problems to it, but
              I still think that--

              Kernen:  It's no longer the--

              Cramer:  --you sell this as safety.  We don't want safety
              as much as we want a little bit more reciprocality.

                        # # #


Sounds promising - keep it moving.

Regards
Delainey
---------------------- Forwarded by David W Delainey/HOU/ECT on 06/26/2000
02:26 PM ---------------------------

Don Miller
06/26/2000 08:47 AM
To: David W Delainey/HOU/ECT@ECT, Jeff Donahue/HOU/ECT@ECT
cc: Mike J Miller/HOU/ECT@ECT
Subject: FPL Update

We spent three days meeting with the FPL guys last week.  The meetings were
productive, and we are making progress.  Lew has instructed these guys to get
down into a lot of detail on the business plan/core competencies, which we
did!

They also floated the valuation of their existing assets - $3.1B for 3947 MWs
or $789/kW.  We walked them through our peaker valuation as well.  We didn't
debate the valuations, but rather we decided to go ahead and have Clement and
Jinsung try to pull together a consolidated model for NewCo.  That is being
done, and should be ready Monday/Tuesday.

It is apparent from these meetings that they are looking for ENRON to provide
several key pieces to NewCo (other than peakers and dev. projects):

1. Enron culture and emphasis on intellectual capital (including HR approach).
2. Trading and marketing expertise.
3. Enron style finance.
4. Select management spots.
5. Supplement development team.

The interesting debate is how we get compensated for the significant impact
that the Enron "halo" is going to have on NewCo's IPO ( particularly if we
deliver the items listed above).  I raised this incremental value issue with
them.

FPL's key pieces include:

1. Core "operating" competencies and asset management techniques.
2. Construction management techniques.
3.  Select management spots.
4.  National development team.

The FPL risk in this whole exercise is if Lew is unsuccessful in convincing
Broadhead that owning some % of NewCo is not a better value proposition that
owning 100% on FPLE; and/or the decision to wait until Florida deregulates
before spinning out FPLE.  Glenn Smith stopped by last week and he
highlighted these issues as well.

We have a lot of work to do this week including a need to determine Trading &
Marketing model; develop potential services agreements (QF, back office);
refine our financial model and expand to include new projects, turbine capx,
etc.; expand development framework;  pull pitch together to float NewCo by
investment bank, etc.....

I am happy to expand on exactly where we stand with FPL.  I guess we also
need to think about staffing if both Cinergy and FPL move forward (let's just
sell the peakers to Cinergy for $1.25B and let them do their own IPO).

Regards,

Don


I have your rodeo tickets.  The total is $114.

Kay


Jim, good to hear from you.  Glad to hear that everything is going OK.  My transition down to Houston has all in all gone pretty good.  We settled in pretty quick at home and Kim is being quite a trooper regarding her home life although I know she misses outside interaction. She may be able to work soon so this should help keep her busy.

Work has been exiting, the West US markets have provided good opportunities to me and I am slowly making my way to meet the customers.  I could easily spend every day on the road.

I have loved the winter.. hilight has to be no snow to shovell... but I will pay the price for the summer because you can't do anything when it is a 100 degrees.

Better run,.... drop me a line sometime... and if you are ever getting your way down this way, call first, we will get together.

BT


Start Date: 1/8/02; HourAhead hour: 11;  No ancillary schedules awarded.  Variances detected.
Variances detected in Load schedule.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final Schedules\2002010811.txt

---- Load Schedule ----
$$$ Variance found in table tblLoads.
     Details: (Hour: 11 / Preferred:  20.82 / Final:  20.79)
  TRANS_TYPE: FINAL
  LOAD_ID: PGE4
  MKT_TYPE: 2
  TRANS_DATE: 1/8/02
  SC_ID: ENRJ


Start Date: 10/4/01; HourAhead hour: 24;  No ancillary schedules awarded.  Variances detected.
Variances detected in Load schedule.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final Schedules\2001100424.txt

Error retrieving HourAhead price data - process continuing...
---- Load Schedule ----
$$$ Variance found in table tblLoads.
     Details: (Hour: 24 / Preferred: 135.34 / Final: 173.34)
  TRANS_TYPE: FINAL
  LOAD_ID: SDG1
  MKT_TYPE: 2
  TRANS_DATE: 10/4/01
  SC_ID: EPMI


Everyone,

Elizabeth Linnell and I are updating the "California Solutions" intranet
site.  I think you'll find it to be a useful resource in the next couple of
weeks, but in the meantime, I am asking that everyone submit to me the
following materials to me asap (this applies to NY, DC, the West and
California):

1) All white papers/briefing books/one-pagers etc. that you have completed in
the past two months.  Documents from external sources that are in line with
our positions are also welcome.

2) Any upcoming conferences/meetings etc that need to be posted on the
calendar.

thanks!


Lets get together sometime after the Oct. 12.  I am swamped with all this budget stuff.  I will give you a call.

 -----Original Message-----
From: 	Trevelise, Jon
Sent:	Tuesday, September 25, 2001 9:24 AM
To:	Geaccone, Tracy
Subject:	RE: [Fwd: stock advice]

GREAT, let's grab lunch.


Dudes:
Here's my my comments to Mark's answers to the questions, and suggestions to
Jimmie's model.  I don't answer the bottom line question, since we have some
talking to do on the model.

Jimmie, your model is great except we have to value the company on cash flow
(as opposed to NI).  I've take a stab at setting up the discounted cash flow
model.  All my stuff is highlighted in yellow.

It's the capex that's screwy (see assumptions given in questions).  I get at
25% of 1995 revs, not 45.8% as indicated in the assumptions.

I also assume that when it sez working capital is net zero, we don't factor
those balance sheet line items into the DCF model.  Others agree?

Anyway, it gives me a $3.32 share value, so I think the model's got some
work.  Take a look and let me know what you think.

Best,
Jeff


This makes 8

 -----Original Message-----
From: 	Cowan, Beth
Sent:	Wednesday, November 28, 2001 1:18 PM
To:	Ward, Kim S (Houston)
Subject:	RE: FOOTBALL

sounds fun, thanks for the invite - i'll be there

Beth Cowan
Enron Freight Markets
Phone: 713-853-9868
Fax: 713-853-6061

 -----Original Message-----
From: 	Ward, Kim S (Houston)
Sent:	Tuesday, November 27, 2001 5:17 PM
To:	'Terri.Hamby@ElPaso.com'; Cowan, Beth; Vann, Suzanne; Ward, Kim S (Houston); Nemec, Gerald; Gerard, Camille; Cross, Edith; Black, Troy; Smith, Mark; McCaffrey, Deirdre; Slone, Jeanie; Arnold, John; Arnold, Matthew; Olinger, Kimberly S.; Capestany, Mari; Wheeler, Rob; French, Joe; Herron, Chris; Brewer, Stacey J.; Melissa Reese (E-mail); 'mkammer@tradespark.com'; Susie LeJune (E-mail); Sally McElroy (E-mail); Brad Fagan (E-mail); Elizabeth Jordan (E-mail); John Schilke (E-mail); Fuller, Dave
Subject:	FOOTBALL

 << File: VS.doc >>

Suzanne,

can you forward to Lori and Joe Gordon.

Terri,

Can you forward to Pierce, Stacy, and Donna?


We appreciate all Credit does for us!
 -----Original Message-----
From: 	Radous, Paul
Sent:	Thursday, October 25, 2001 3:44 PM
To:	Heard, Marie; Jones, Tana
Subject:	Ummmmmm

Thanks for the treat this afternoon.  We appreciate it!


Per Mark Whitts request, attached is the form of ENA's Enfolio Master Firm
Purchase/Sale form.


Laura,

Can you shed any light on this?

 -----Original Message-----
From: 	"Michael Blount" <blountm@pii-usa.com>@ENRON [mailto:IMCEANOTES-+22Michael+20Blount+22+20+3Cblountm+40pii-usa+2Ecom+3E+40ENRON@ENRON.com]
Sent:	Tuesday, June 19, 2001 12:22 PM
To:	Brown, Max
Cc:	Terry Wheeler
Subject:	Transwestern 50479-30A and 30B

We are still planning to arrive on site September 17, 2001 and running on
September 18th and 20th.  I will change the tool type to 1.5D.

Did anyone ever fill out a questionnaire on the Station 8 to Station 7 line.
Although I have the PHD's and the alignment sheets, I cannot find a
questionnaire and Terry does not have one.  If so, please send a copy to me.  I
have one for the Station 7 to Station 6 line.

Best regards,

Mike

Check out our new web site at www.piigroup.com


Subject: ANNOUNCEMENT: Executive Program on Credit Risk Modeling

Credit Risk Modeling for Financial Institutions
October 15 - 20, 2000
At Stanford University Business School

Risk management specialists, Stanford Business School professors of finance
Darrell Duffie and Kenneth Singleton will be repeating their successful
executive program on Credit Risk Pricing and Risk Management for Financial
Institutions.  The course is created for risk managers, research staff, and
traders with responsibility for credit risk or credit-related products,
including bond and loan portfolios, OTC derivative portfolios, and credit
derivatives.

This program includes:
* valuation models for defaultable bonds, OTC derivatives, and credit
derivatives, with empirical applications to corporate and sovereign markets
* empirical and theoretical assessments of models for measuring credit
risk, with correlation, for portfolios
* the strengths and limitations of current practice in credit risk
measurement
* practical issues in implementing credit modeling and risk systems
* estimation of default and transition probabilities, and the
correlations among the default risks of publicly traded companies, from
historical data

___________________________________________________________

Application Form:
Credit Risk Modeling for Financial Institutions
Stanford, October 15 - 20, 2000

This form may be completed and returned by email, or may be printed and sent
by fax to:

Stanford GSB Executive Education Programs
Fax Number: 650 723 3950

You may also apply and see more detailed information by visiting our web
site at:

www.gsb.stanford.edu/exed/crm

Applications will be acknowledged upon receipt. If you have not received an
acknowledgement within two weeks, please contact us.

Please complete all sections. All information is kept strictly confidential.

Name:
Put an x beside one, please:  Male:               Female:

Citizenship:

Job Title:

Company:

Your company's main activity:

Business Mailing Address:

Business Phone (all codes please):
Business Fax :
Email Address:
Home Address:

Home Phone:
Nickname for identification badge:
Emergency Contact Name:
Emergency Contact Phone:

Title of person to whom you report:
Your job responsibilities and experience related to this course: (Please
provide a brief job summary here, or attach and send a biographical summary
containing information relevant to your purpose and qualifications for the
course.)

College or University Education: please list, by degree:
 College or  University                Dates    Degree Granted

 _________________                _____    _____________

_________________                _____    _____________

Please note:
All classes and discussions are conducted in English.
In order to reserve a place in the course, the program fee of US$7,500 is
due upon notification of acceptance. This fee covers the tuition, single
room, meals, and all course materials (including a proprietary manuscript on
credit risk pricing and measurement).
Our refund policy is available upon request.

Please state the source from which you heard about this course:

Name and Date:

If you would like a hard copy brochure and application form, please contact:
(make sure to include your MAILING ADDRESS)

Shelby M. Kashiwamura
Program Manager
Executive Education
Stanford Graduate School of Business
(650) 723-9356 Phone
(650) 723-3950 Fax
kashiwamura_shelby@gsb.stanford.edu


Sorry I had to get off the call early.  Hope it helped.  If there's anything
else you need, just let me know.

Best,
Jeff


---------------------- Forwarded by Patrick Maloy/HOU/ECT on 03/06/2000 03:47
PM ---------------------------

Patrick Maloy
03/02/2000 09:09 AM
To: Ron Tapscott/HOU/ECT@ECT
cc:
Subject: New York Tax Memo

Ron,

Please see the attached NY State Tax Memo.  Note, this memo is inclusive of
all State Taxes, except property tax.  Warren Schick's Group will able to
advise you on property taxes.

Thanks,

Patrick


Sounds like the right thing to do. thx jeff

	From:  Sheila Glover                           08/29/2000 10:44 AM

To: Sara Shackleton/HOU/ECT@ECT
cc: Mike Fowler/Corp/Enron@ENRON, Jeff Kinneman/HOU/ECT@ECT
Subject: Bond Trading Agreements

Sara,
If it is a fairly straight forward task to move the Credit and Convertible
books into Enron North America, we should negotiate the new agreements in the
name of Enron North America.
If is is going to take more time then we should go ahead in the name of ECT
Investments and change it to ENA as soon as the books are moved.
Please advise.
Thanks, Sheila