Scotty, it's an honor to count you as one of my closest friends. Thank you for your support.  All the best.  Jim

 -----Original Message-----
From: 	"Scott Burdine" <Scott@hbb-law.com>@ENRON [mailto:IMCEANOTES-+22Scott+20Burdine+22+20+3CScott+40hbb-law+2Ecom+3E+40ENRON@ENRON.com]
Sent:	Monday, April 23, 2001 3:06 PM
To:	jderric@enron.com
Subject:	ADL Luncheon

Jim,

Well, you finally gave a speech that topped the one you gave at Linda's and my rehearsal dinner.  You did an outstanding job (as did Carrin), and it was obvious you were speaking from the heart.  I know you would prefer not to have all of this attention, but it comes with the territory.  It sure made me proud to see you up there, and congratulations on the accomplishment.

Scotty


looks good

Maureen McVicker
05/01/2001 05:36 PM
To: Steven J Kean/NA/Enron@Enron
cc:

Subject: Memo to go out.

Steve:  FYI - this is what went out Tuesday night, after a few minor
changes.  It was approved by Ken, Jeff & Cliff.

---------------------- Forwarded by Maureen McVicker/NA/Enron on 05/01/2001
05:35 PM ---------------------------

Maureen McVicker
05/01/2001 05:35 PM
To: Karen Denne/Corp/Enron@ENRON
cc:

Subject: Memo to go out.

Please see attached.


Hey guys,

Less than two weeks now...

Just wanted to find out when everyone would be arriving.

they want us to pick up the tuxes and pay for everything on Thursday
evening.  I know some of you won't be in until Friday, so we'll work around
that.  The shop is also in the city, so we may have to try and move to one
of the shops in the burbs if you all are headed out there.  Let me know when
you'll be available and I'll figure it out for the group.

Later,

Jason
_________________________________________________________________
Get your FREE download of MSN Explorer at http://explorer.msn.com


Please address
---------------------- Forwarded by Jeffrey A Shankman/HOU/ECT on 01/09/2001
09:10 AM ---------------------------

GWDORSEY@aol.com on 01/07/2001 10:07:21 PM
To: Jeffrey.A.Shankman@enron.com
cc: whalley@enron.com
Subject: Re: fert

John and I have not yet spoken.
I will overnight the financial data to you to arrive before Thursday of this
week.
Kind Regards
George Dorsey
713 302 2047


----- Forwarded by Jeff Dasovich/NA/Enron on 05/31/2001 09:54 AM -----

	Jean Munoz <jmunoz@mcnallytemple.com>
	05/30/2001 07:00 PM

		 To: "'Andy Brown (E-mail)'" <ABB@eslawfirm.com>, "'B Brown Andy (E-mail)'"
<andybrwn@earthlink.net>, "'Baker Carolyn (E-mail)'"
<cabaker@duke-energy.com>, "'Bob Escalante (E-mail)'"
<rescalante@riobravo-gm.com>, "'Bob Weisenmiller (E-mail)'"
<rbw@mrwassoc.com>, "'Curtis Kebler (E-mail)'"
<curtis_l_kebler@reliantenergy.com>, "Dean. Nistetter (E-mail)"
<Dean.Nistetter@dynegy.com>, "'Douglas Kerner (E-mail)'" <DKK@eslawfirm.com>,
"'Greg Blue (E-mail)'" <gtbl@dynegy.com>, "'Jan Smutny-Jones (E-mail)'"
<smutny@iepa.com>, "'Jeff Dasovich (E-mail)'" <Jeff.Dasovich@enron.com>,
"'Joe Ronan (E-mail)'" <joer@calpine.com>, "'John Larrea (E-mail)'"
<john.g.larrea@williams.com>, "'Julee Malinowski-Ball (E-mail)'"
<jmball@ns.net>, "'Kassandra Gough (E-mail)'" <kgough@calpine.com>, "'kent
Palmerton (E-mail)'" <kent.palmerton@williams.com>, "'Lynn Lednicky
(E-mail)'" <lale@dynegy.com>, "Marie Moretti (E-mail 2)"
<mmoretti@mccabeandcompany.net>, "'Marty Wilson (E-mail)'"
<mwilson@pstrategies.com>, "'McNally Ray (E-mail)'"
<rmcnally@mcnallytemple.com>, "''Nam Nguyen' (E-mail)'"
<nam.nguyen@powersrc.com>, "'Norton Kelli (E-mail)'"
<knorton@mcnallytemple.com>, "'Paula Hall-Collins (E-mail)'"
<paula.hall-collins@williams.com>, "'Pigott Jack (E-mail)'"
<jackp@calpine.com>, "'Richard Hyde (E-mail)'" <rwhyde@duke-energy.com>,
"'Roger Pelote (E-mail)'" <roger.pelote@williams.com>, "'Stephanie-Newell
(E-mail)'" <stephanie-newell@reliantenergy.com>, "'Sue Mara (E-mail)'"
<smara@enron.com>, "'Tom Ross (E-mail)'" <tross@mcnallytemple.com>, "Tom
Williams (E-mail)" <tcwillia@duke-energy.com>, "'Alex Sugaoka (E-mail)'"
<alex.sugaoka@uaecorp.com>, "'Bill Carlson (E-mail)'"
<william_carlson@wastemanagement.com>, "'Bill Woods (E-mail)'"
<billw@calpine.com>, "'Bob Ellery (E-mail)'" <bellery@spi-ind.com>, "'Bob
Gates (E-mail)'" <bob.gates@enron.com>, "'Cody Carter (E-mail)'"
<cody.carter@williams.com>, "'Curt Hatton (E-mail)'"
<Curt.Hatton@gen.pge.com>, "'David Parquet'" <david.parquet@enron.com>,
"'Dean Gosselin (E-mail)'" <dean_gosselin@fpl.com>, "'Doug Fernley (E-mail)'"
<fernley.doug@epenergy.com>, "'Duane Nelsen (E-mail)'"
<dnelsen@gwfpower.com>, "'Ed Tomeo (E-mail)'" <ed.tomeo@uaecorp.com>,
"'Eileen Koch (E-mail)'" <eileenk@calpine.com>, "'Eric Eisenman (E-mail)'"
<eric.eisenman@gen.pge.com>, "'Frank DeRosa (E-mail)'"
<frank.derosa@gen.pge.com>, "Frazier Blaylock (E-mail)"
<frazier_blaylock@ogden-energy.com>, "'Hap Boyd (E-mail)'"
<Hap_Boyd@enron.com>, "'Hawks Jack (E-mail)'" <jack.hawks@gen.pge.com>, "'Jim
Willey (E-mail)'" <elliottsa@earthlink.net>, "'Joe Greco (E-mail)'"
<jgreco@caithnessenergy.com>, "'Jonathan Weisgall (E-mail)'"
<jweisgall@aol.com>, "'Kate Castillo (E-mail)'" <CCastillo@riobravo-gm.com>,
"'Kelly Lloyd (E-mail)'" <kellyl@enxco.com>, "'Ken Hoffman (E-mail)'"
<khoffman@caithnessenergy.com>, "'Kent Fickett (E-mail)'"
<kfickett@usgen.com>, "'Lynn Lednicky (E-mail)'"
<lynn.a.lednicky@dynegy.com>, "'Marty McFadden (E-mail)'"
<marty_mcfadden@ogden-energy.com>, "'Paula Soos'"
<paula_soos@ogden-energy.com>, "'Randy Hickok (E-mail)'"
<rjhickok@duke-energy.com>, "Rick S. Koebbe (E-mail)"
<rskoebbe@powerworksinc.com>, "'Rob Lamkin (E-mail)'"
<rllamkin@seiworldwide.com>, "'Ross Ain (E-mail)'" <ain@worldnet.att.net>,
"'Steve Iliff'" <siliff@riobravo-gm.com>, "'Steve Ponder (E-mail)'"
<steve_ponder@fpl.com>, "'Tony Wetzel (E-mail)'" <twetzel@thermoecotek.com>,
"'William Hall (E-mail)'" <wfhall2@duke-energy.com>,
trusso@mcnallytemple.com, sadlersa@earthlink.net, mstultz@epsa.org,
rtemple@mcnallytemple.com, tracy.fairchild@edelman.com,
megan.beiser@edelman.com, deborah.fiorito@dynegy.com, lchurch@epsa.org, Katie
Kaplan <kaplan@iepa.com>, tcwillia@duke-energy.com, rwhyde@duke-energy.com,
tmcmorrow@manatt.com, Suzy.L.Rodriguez@dynegy.com, ppitts@wiredworld1.com,
mnobili@cal-lobby.com, sscsus@aol.com, kvellandi@pstrategies.com
		 cc:
		 Subject: IEP Response to SJ Mayor Gonzales Support of Metcalf Plant

IEP issued the following response to San Jose Mayor Gonzales' support of the
Metcalf Energy Center.   Below is also a copy of Calpine's release.

Thanks,
Jean

Independent Energy Producers Respond to
San Jose Mayor Gonzales? Support of Metcalf Energy Center

   Metcalf power plant developers, Calpine Corporation and Bechtel
Enterprises, reached an agreement earlier today with San Jose Mayor Ron
Gonzales . a decision that could help bring 600-megawatts of critically
needed clean, efficient electricity to the San Jose region and California .
enough power to light 600,000 homes.

   In response, Jan Smutny-Jones, Executive Director of the Independent
Energy Producers, said:

   "We commend Mayor Gonzales? leadership in advocating a real solution to
help solve California?s current electricity crisis . a decision that will
help bring desperately needed power on-line to serve the citizens of the
South Bay.

   "This crisis can only be resolved if we all work together to find real
solutions, instead of pointing fingers . which only creates an unstable
political and regulatory environment which will further complicate the supply
problem in California.

   "Mayor Gonzales is clearly taking a step in the right direction.  We hope
others follow his lead."

#         #         #

Calpine/Bechtel's Metcalf Energy Center Receives Support From San Jose Mayor
Gonzales

PR Newswire
05/30/01, 5:15p
(Copyright , 2001, PR Newswire)

SAN JOSE, Calif., May 30 /PRNewswire/ -- Calpine Corporation (NYSE: CPN), the
San Jose, Calif.-based independent power company, and San Francisco
based-Bechtel Enterprises Holdings, Inc. announced an agreement with San Jose
Mayor Ron Gonzales that would help advance development of the proposed
600-megawatt Metcalf Energy Center (MEC), currently before the California
Energy Commission for licensing. Under the terms of the agreement, the City
of San Jose would support and provide municipal services for construction and
operations of MEC in the Coyote Valley of San Jose. The city would provide
all requested municipal services in a timely manner at standard rates and
terms applicable to similar users, and it would process annexation of the
portion of the site not already within the city limits. The agreement also
allows for MEC to provide additional benefits for the community and local
businesses. The San Jose City Council will consider the agreement at its
regular meeting scheduled June 5.

"This agreement provides resolution of the remaining concerns we have heard
from local officials, developers and the community-at-large," said Curt
Hildebrand, Calpine Vice President, General Manager, Calpine/Bechtel Joint
Development. "We are pleased to have forged this lasting partnership with the
City of San Jose and the community by more widely sharing the benefits of the
Metcalf Energy Center."

The 600-megawatt, natural gas-fueled Metcalf Energy Center will significantly
benefit electricity consumers by adding clean, efficient and urgently needed
power generation directly into the South Bay energy market.

The Metcalf Energy Center is a development of San Jose-based Calpine
Corporation, one of the nation's leading independent providers of electric
power, and Bechtel Enterprises Holdings, Inc., the development, financing and
ownership affiliate of the Bechtel organization, one of the world's premier
engineering and construction companies.

About Calpine

Calpine Corporation, based in San Jose, Calif., is dedicated to providing
customers with reliable and competitively priced electricity. Calpine is
focused on clean, efficient, natural gas-fired generation and is the world's
largest producer of renewable geothermal energy. Calpine has launched the
largest power development program in North America. To date, the company has
approximately 32,200 megawatts of base load capacity and 7,200 megawatts of
peaking capacity in operation, under construction, pending acquisitions and
in announced development in 29 states and Canada. The company was founded in
1984 and is publicly traded on the New York Stock Exchange under the symbol
CPN. For more information about Calpine, visit its Website at www.calpine.com.

This news release discusses certain matters that may be considered
"forward-looking" statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the Securities
Exchange Act of 1934, as amended, including statements regarding the intent,
belief or current expectations of Calpine Corporation ("the Company") and its
management. Prospective investors are cautioned that any such forward-looking
statements are not guarantees of future performance and involve a number of
risks and uncertainties that could materially affect actual results such as,
but not limited to, (i) changes in government regulations, including pending
changes in California, and anticipated deregulation of the electric energy
industry, (ii) commercial operations of new plants that may be delayed or
prevented because of various development and construction risks, such as a
failure to obtain financing and the necessary permits to operate or the
failure of third-party contractors to perform their contractual obligations,
(iii) cost estimates that are preliminary and which actual cost may be higher
than estimated, (iv) the assurance that the Company will develop additional
plants, (v) a competitor's development of a lower-cost gas-fired power plant,
(vi) receipt of regulatory approvals or (vii) the risks associated with
marketing and selling power from power plants in the newly competitive energy
market. Prospective investors are also referred to the other risks identified
from time to time in the Company's reports and registration statements filed
with the Securities and Exchange Commission.


Hi Sara--

There are open issues regarding the L/C faciltity, so Carol and I decided not
to comment on specific clauses until those issues were resolved.  I believe
Carol was ok with Section 18, but it was added shortly before she left for
maternity leave.  Because we are still trading with you under the existing BT
ISDA, the clause is simply meant to sweep-in any exisiting BT-Enron trades
under the new DB-Enron facility.

Please let me know if you have any further questions.  My understanding is
that we are now scheduled to talk on Wed. at 11am NY time. I look forward to
talking with you then.

Regards,

Steve

Sara.Shackleton@enron.com on 09/08/2000 04:36:32 PM

To:   steven.kessler@db.com
cc:
Subject:  ISDA Master Agreemen between Deutsche Bank AG ("DB") and Enron
North America Corp.

Steven:

I am trying to finalize this master during Carol St. Clair's absence.  I have
a
few questions prior to our comments.  They are:

(1)  Have you already commented on the new form of Letter of Credit Provisions
which Carol sent to you?  This is referred to as Exhibit A to Paragraph 13 of
Annex A.  I did not see your response.

(2)  Have you reviewed the latest Letter of Credit format?  I did not see your
response.

(3)  What is the genesis of Part 5, Section 18 of your redline.  I know that
DB
acquired Bankers Trust, but did Carol ever review this provision?  Have both
parties agreed as to existing transactions?

Please let me hear from you.  Thanks.  Sara


Kohli, Sandeep

Phone: (713) 857 6826 (c)
 (713) 965 0593 (h)
 (713) 646 6282 (o)
 (713) 646 6029 (sec)


Geoff,

 Attached is yesterdays NG curves that goes out more than
14 years. Is the curve that you talked to me about yesterday?
If it is, this curve was entered by Dutch Quigley using curveload.

Francis

NOTES ONLY:
the curves were generated using the query below:

 select ref_period_dt,curve_amt
 from egs_curves
 where effective_dt = '26-mar-01'
 and curve_cd = 'NG'
 and curve_type_cd = 'PR'
 order by ref_period_dt


NESA/HEA Member's :

Attached is the Offshore Energy Center Brown Bag flyer.  The OEC consists of
the Ocean Star, a retired offshore jack-up rig and a museum in Galveston,
TX.  This brown bag also includes happy hour!!  Hope to see you there.

Date:		May 17th, 2001
Time:	11:30 am to 5 pm

 <<OEC01.doc>>

Please call me or Tracy Cummins at (713) 856-6525 with any questions.

Thanks,
Lana Moore
Director of Education

 - OEC01.doc


<<MF June 6th 2001.pdf>>

			Good Wednesday Morning - Comments From The Local
Guys!

Yesterday, we received revised numbers on first quarter productivity, which
came in at -1.2% quarter-over-quarter on an annualized basis. On a
year-over-year basis, productivity remains at a relatively healthy 2.5%
rate, although this is half the pace at which it was running less than one
year ago. A slowdown in productivity is not unusual during an economic
slowdown. Corporations face fixed costs, while business is declining.
Unfortunately, that is why there are layoffs. With lower corporate costs,
productivity should improve as the economy picks up steam. Tomorrow, the
market will be receiving the weekly initial jobless claims, which are
expected to remain near last week's level. Lehman Brothers' economists look
for first-time unemployment insurance filings to total 415,000 for the week
ended Saturday, June 2.

The 30-year US T-Bond yield is 5.65%.
The 10-year note yield is 5.25%.
The 5-year is trading at 4.83%.
Spot crude oil is trading at $27.44 p/b.
Natural Gas - Henry Hub -  is trading at $3.85 p/mcf.

			AD Time:

New Federal Insider-Trading Rule (Rule 10b5-1) have been adopted by the SEC
under the Securities Exchange Act of 1934. This rule greatly enhances an
insider's/employee's ability to trade his/her corporate shares during
blackout periods.
Previously, without the protection of this new SEC rule, employees and
insiders could safely trade only outside of designated blackout windows.
Under this new rule, insiders/employees may have the ability to purchase and
sell their corporate shares even during blackout periods if a written plan
was established and in force when the insider/employee was not in possession
of material, non-public information.
The new rule contains other restrictions and should be reviewed carefully.

Lehman Brothers has established a turn-key plan that take into account the
regulatory procedures for establishing such a plan.    Please email us or
call us for more information.

				Lehman Brothers' Research.

IMPACT CALLS

Procter & Gamble(PG) 2 - Buy A. Gillin Lefever, .212.526.5801
Morphing Into An Attack Aircraft Carrier
OLD NEW STREET P/E
Price: $63.6 EPS 2000 N/A $2.95 N/A N/A
52 Wk Ra: $79 - 53 EPS 2001 $3.10E $3.10E $3.11E 20.5
Mkt Cap: $90.8B EPS 2002 $3.25E $3.25E $3.27E 19.6
FY: 6/30 Price Target $69 $69
Rank 3 2
*We are upgrading PG to a Buy (2) rating based upon what we perceive as a
good trading opportunity in front of their June 15 outlook
meeting. We expect the meeting to highlight (1) more aggressive actions to
reduce PG's asset base than previously telegraphed; (2)
expect FY 02's recurring earnings growth to be confirmed at the
consensus-implied 6-8% rates and (3) expect previously stated long-term
growth targets to remain in place.
*Cost cutting /right-sizing remains the theme for the balance of the
calendar year / majority of FY 02. A very focused effort will
improve PG's competitiveness, but there is a reasonable probability PG will
exceed the previously telegraphed $400-$800 M in
incremental restructuring charges in order to further accelerate the
restructuring process.
*PG is slowly shifting its attention to sales growth but 4-6% long-term
growth is at least one fiscal year out. Maximum upside is
$72.00 absent any earnings-enhancing news.

National Service Indus(NSI) 3 - Market Perform D. Zwyer, .212.526.2008
Lowering Rating As Stock Approaches Price Target
OLD NEW STREET P/E
Price: $25.73 EPS 2000 N/A $2.45 N/A N/A
52 Wk Ra: $27 - 18 EPS 2001 $2.00E $2.00E $2.07E 12.9
Mkt Cap: $1.1B EPS 2002 $2.30E $2.30E $2.30E 11.2
FY: 8/31 Price Target $27 $27
Rank 1 3
*We are lowering our rating on National Service Industries' stock to 3
(Market Perform) from 1 (Strong Buy) based on valuation. The
stock has increased 37% since we initiated coverage on September 27, 2000,
outperforming a 10% drop in the S&P 500, and is near
our $27 price target. At about $26, NSI's stock trades at 13 times est.
fiscal (August) 2001 EPS of $2.00, and 11 times est. 2002 EPS
of $2.30. We do not see significant upside in the stock price from current
levels, and believe the shares will move with the market in
the near-term rather than outperform.
*We continue to expect difficult earnings comparisons for the second half of
2001, with a flattish 3Q (May) and a lower 4Q compared
with the prior year level. For the full year 2001, we expect lower earnings
in all segments: lighting, chemicals, linen rental, and
envelope. The risk to earnings going forward is a worse than expected drop
in non-residential construction impacting the company's
lighting business. Also, a drop in consumer spending would impact the linen
rental business.

Power 	D. Ford, .212.526.0836
No, The Sky is NOT Falling
*A change in investor sentiment towards the wholesale market has resulted in
a sell-off in the energy merchant stocks. We believe this
sell-off has been overdone and would recommend buying shares of Aquila,
Dynegy and Mirant.
*In our opinion, the apparent change in sentiment has been the result of
three factors: 1) a sector shift into tech stocks; 2) increased
perceived political risks on both the federal and state levels; and 3)
concerns about the potential for contracting commodity prices and
margins.
*While we do not see any catalysts that will stem this flow in the
near-term, we believe that preannouncement and upside earnings
surprises are just around the corner.
*Our favorite picks are energy merchants: Aquila, Dynegy and Mirant.

Global Crossing(GX) 2 - Buy D. Fletcher, .212.526.3375
Near-term Opportunity In Weighing Positives vs. Negatives
OLD NEW STREET P/E
Price: $12.94 EPS 2000 N/A -$4.04 N/A N/A
52 Wk Ra: $38 - 9 EPS 2001 -$3.25E -$3.25E -$3.17E N/A
Mkt Cap: $11.4B EPS 2002 -$3.19E -$3.19E -$3.15E N/A
FY: 12/31 Price Target $28 $28
Rank 2 2
*With the stock approaching all time lows, we believe positives outweigh
negatives here, and stock offers good near term upside.
*While long term challenges remain, such as dependence on IRUs for
growth/funding, GX is off 24% in last two weeks, is making
good progress in Commercial and is a clear leader in the bandwidth sector.
We believe there is good near term upside. In terms of
DCF valuation, we get to $15-$20/share, even haircutting our (below
guidance) #'s by 20%.
*GX has signed >$600M in Commercial contracts year-to-date, and Comm Svcs
grew 7% seq, in Q1, and should grow 9%+ in Q2.
*The subsea market is rationalizing, and the 4 major subsea players could
become 2 over next 12 mos.
*Long-term challenges include IRU sales, and 01 guidance may prove
aggressive, though we believe that is in the stock, and we
believe the company can hit our 01 Cash Rev number of $6.71B, +30% Y-Y.

INITIATING COVERAGE

Black Hills(BKH) 2 - Buy R. Gross, .212.526.3143
Initiate With Buy, Target Price $62 (A)
OLD NEW STREET P/E
Price: $55.20 EPS 2000 N/A $2.37 N/A N/A
52 Wk Ra: $55 - 22 EPS 2001 N/A $4.20E $3.77E 13.1
Mkt Cap: $1.5B EPS 2002 N/A $3.70E $3.35E 14.9
FY: 12/31 Price Target N/A $62
Rank N 2
*Strength In Western Power Markets Driving Near Term Results. Rapid Growth
In Unregulated Power Generating Capacity And
Successful Roll-Out Of Communications Network Drive Outlook Longer Term.
*Strong, Low Cost Utility Franchise Underpins Earnings And Cash Flow. Rate
Freeze Extended Through 2005.
*Potential Four-Fold Increase In Unregulated Generating Capacity By 2003
Primary Source Of Mid -Term Earnings Growth. Coal
Ownership Provides Opportunity For Further Significant Expansion.
*Strong Backdrop For Offsystem Sales And Fuel Marketing Funding Ramp In
Generating Capacity. Western Power Markets Tight
Beyond Current Year
*Communications Near Cash Flow Inflection Point As Rapid Acceptance Of
Bundled Service Offering Coupled With Mid-Year
Completion Of Network Drive Sharp Turn In Cash Flow And Valuation.

FOCUS STOCKS

McDonald's Corp(MCD) 1 - Strong Buy M. Speiser, .212.526.3255
McREIT? New tax ruling could spark spec of REIT spin-off
OLD NEW STREET P/E
Price: $29.41 EPS 2000 N/A $1.46 N/A N/A
52 Wk Ra: $36 - 25 EPS 2001 $1.46E $1.46E $1.49E 20.1
Mkt Cap: $40.7B EPS 2002 $1.66E $1.66E $1.67E 17.7
FY: 12/31 Price Target $38 $38
Rank 1 1
*A favorable IRS tax ruling on REITs can spark speculation that MCD can
unlock value by spinning-off its multi-billion dollar real
estate portfolio. With a new CFO to be appointed, this can further fuel
speculation. Reit 1-Strong Buy
*The IRS has reversed a tax ruling on treatment of REITs; this will present
oppty's for co's with lots of real estate, like MCD, to spin-off
real estate b/c it could now be done on a tax-free basis
*In the US, MCD has about $8bil of property & equipment & earned $1.4b of
rental income in 00
*The risk is the elimination of a steady income stream. But, the value of a
REIT is the tax benefit & higher Returns to MCD; lower
MCD earnings (no rental income) would be more than offset by ownership of
the REIT & its tax-free benefits
Back-of-envelope analysis yields $270mil in value ($0.20/share) due to
shifting the rental income of owned sites under franchised
stores to non-taxable status; other benefits are likely.

Electronic Data Sys(EDS) 2 - Buy K. Keirstead, .212.526.0442
Addressing the Balance Sheet and Other Concerns
OLD NEW STREET P/E
Price: $61.90 EPS 2000 N/A $2.29 N/A N/A
52 Wk Ra: $67 - 38 EPS 2001 $2.63E $2.63E $2.64E 23.5
Mkt Cap: $29.6B EPS 2002 $2.98E $2.98E $3.00E 20.8
FY: 12/31 Price Target $75 $75
Rank 2 2
*EDS shares have underperformed the major indices and CSC shares since
reporting strong 1Q01 results. We attribute this to some
concerns around the recent acquisitions, the need to access the public
markets to finance these deals and the increase in DSO's and the
drop in cash flow reported in 1Q01.
*Late last week we had a private call with the controller of EDS to address
the balance sheet issues. We believe that the key issue is
the volume of large deals ramping in 1H01. Receivable terms on large
outsourcing deals are often extended in the early stages of
contracts. On selected large deals, we also suspect that EDS (and perhaps
others) may be offering up-front price discounts, adding to
the cash flow requirement although average margins over the life of a
contract appear stable. We do not expect DSO's to decrease
materially until perhaps 4Q01.
*At 23 times forward estimated EPS for a 15% EPS growth rate story with high
visibility, we remain comfortable with EDS and our 2-
Buy rating.

COMPANY/INDUSTRY UPDATES

Integrated Oil P. Cheng, .212.526.1884
Weekly U.S. Crude Oil & Refined Products Inventory Summary
*Absent any new major refinery or pipeline accidents, we expect gasoline
futures to drop to below $0.80 per gallon within the next
several weeks. In addition, gasoline inventories should continue to build on
average by about 0.5-1.0 million barrels per week over
the next two months due to strong domestic output and weak demand. We
continue to recommend an underweight position in the
independent refiners group.

Paper & Forest Products P. Ruschmeier, .212.526.9898
IRS Revenue Ruling Supports Bullish Timber Thesis
*As we indicated yesterday (6/5/01), IRS revenue ruling 2001-29 has positive
implications for the pending merger between PCL and
TGP and positive implications for a structural shift in timber ownership
from C-Corps to REITs over time. We are reiterating our
favorable ratings on companies with the greatest timberland exposure
including WY, LPX, TIN, BCC, IP, BOW, & TGP.
*Yesterday (6/5/01) we learned that the IRS reversed a 1973 revenue ruling
that prevents REITs from engaging in the active conduct
of a trade or business.
*We believe the ruling is an important first step in paving the way for
timber-rich companies to transition ownership of timber cash
flow from a C-corp. structure to a tax-advantaged REIT structure.
*We believe the ruling supports a favorable outcome to the PCL/TGP merger.

Internet Healthcare R. Rouse, .212.526.7347
MORE CRO UPSIDE - THE BIOTECHS ARE COMING !!!
*The CROs are poised to take advantage of two significant trends that we
pose are underway: 1. the much anticipated "biotech bulge"
may be upon us sooner than expected (a long-term catalyst); and 2. this is
in addition to our previous call for efficiency gains and
margin upside given a return to normalized late-stage trial volume (a
near-term catalyst).
*Proprietary pipeline analysis and industry anecdotes lead us to the
proposition that the beginning of a wave of novel drugs is entering
clinical development. This creates bottlenecks for drug sponsors and
opportunities for service vendors. Diversified CROs (CVD,
PPDI, & QTRN) and niche providers (AAII & ARRY) could reap benefits as early
as this year while those more clinically focused
(KNDL & PRXL) could see upside by the end of next year.

Insurance/Life E. Berg, .212.526.2805
Estate Tax Reform: With New Focus Any Damage Will Be Minor
*An effort by us to quantify the impact on life insurers of the change in
the Federal estate-tax law passed last week by Congress is
leading us to affirm our 1-Strong Buy ratings on Manulife, Nationwide, and
John Hancock.
*The bottom line to our analysis: While these three life insurers and others
could lose as much as one-third of their existing estate-tax-oriented
policies and growth in new sales of estate-tax-oriented life insurance could
also slow by a third its still not a big deal. The
entire loss, between existing and new policies combined, would translate
only into about a 5 % to 10 % loss of revenues and earnings
companywide because estate planning is only a portion of their business.

Albertson's, Inc(ABS) 3 - Market Perform M. Adler, .212.526.7146
Right-sizing the business is still to come
OLD NEW STREET P/E
Price: $27.73 EPS 2001 N/A $2.08 N/A N/A
52 Wk Ra: $38 - 20 EPS 2002 $1.96E $1.93E $2.04E 14.4
Mkt Cap: $11.3B EPS 2003 N/A N/A $2.25E N/A
FY: 1/31 Price Target N/A N/A
Rank 3 3
*ABS is just beginning the arduous process of a turnaround, with a new CEO
that is willing and able to lead. He is evaluating every
aspect of the business, and is prepared to right size the company through
divestitures of profitable assets that have weak long-term
prospects.
*ABS reported 1Q01 EPS of $0.46, $0.01 ahead of our estimates and consensus.
Sales were in line with our estimates, but the
operating margin deteriorated by only 39 bp versus the 60 bp we had
forecast.
*We have lowered our 2Q01 estimate from $0.47 to $0.45, and our FY02
estimates from $1.96 to $1.93.
*With our new lower estimate, ABS' stock is trading at a 2001 P/E 14.4x, a
mere 1.5 multiple point discount to KR, which we rate a 1-
Strong Buy ($24.78). We think this gap is too narrow given the differences
in earnings outlook and asset quality, so we are
maintaining our 3-Market Perform rating

David C. Morris
Sr. VP Lehman Brothers
713-652-7112/800-227-4537
dcmorris@lehman.com

Disclosure Legend: A-Lehman Brothers Inc. managed or co-managed within the
past three years a public offering of securities for this company. B-An
employee of Lehman Brothers Inc. is a director of this company. C-Lehman
Brothers Inc. makes a market in the securities of this company. G-The
Lehman Brothers analyst who covers this company also has position in its
securities.
Key to Investment Rankings: This is a guide to expected total return (price
performance plus dividend) relative to the total return of the stock's local
market over the next 12 months. 1 = Strong Buy (expected to outperform the
market by 15 or more percentage points); 2=Buy (expected to outperform
the market by 5-15 percentage points); 3=Market Perform (expected to perform
in line with the market, plus or minus 5 percentage points); 4=Market
Underperform (expected to underperform the market by 5-15 percentage
points); 5=Sell (expected to underperform the market by 15 or more
percentage
points).
This document is for information purposes only. We do not represent that
this information is complete or accurate. All opinions are subject to
change.
The securities mentioned may not be eligible for sale in some states or
countries. This document has been prepared by Lehman Brothers Inc., Member
SIPC, on behalf of Lehman Brothers International (Europe), which is
regulated by the SFA. ?Lehman Brothers, Inc.

------------------------------------------------------------------------------
This message is intended only for the personal and confidential use of the designated recipient(s) named above.  If you are not the intended recipient of this message you are hereby notified that any review, dissemination, distribution or copying of this message is strictly prohibited.  This communication is for information purposes only and should not be regarded as an offer to sell or as a solicitation of an offer to buy any financial product, an official confirmation of any transaction, or as an official statement of Lehman Brothers.  Email transmission cannot be guaranteed to be secure or error-free.  Therefore, we do not represent that this information is complete or accurate and it should not be relied upon as such.  All information is subject to change without notice.

 - MF June 6th 2001.pdf


Jeremy,

I set up these new curves this morning and need them added to Tagg

 NGI-MOJAVE
 GDP-MOJAVE
 GDP-PGE/TOPOCK

Call me if you have any questions.  Thanks as always for your help.

DG    3-9573


Question for the team:

If it appears that we may have land which may not be able to stay off balance
sheet, is it preferable to have the land held by a different LLC than the
project LLC, with a lease to the E-Next/OBS compliant project co?

If that is the case, what about the possibility of burdening the land with
some low dollar hard costs?  I don't have anything in particular in mind, it
is more of a theoretical question.

Thanks,

Kay


Sara,

We need to draft an ISDA for Empire Paper Group, LLC.  We would like to
insert language that will allow Enron to get a second lien on the assets
after the primary lender instead of using the CSA.  Cross default thresholds
are $1MM and $100MM, respectively for Empire and Enron.

Please send the draft to credit first and we will check the new language.
The underwriters are Jay Epstein and Chris Croon.

If you have any questions please feel free to call.

Thanks,

Jane Wilhite
ext. 35063


The question that was being posed was what our re-marketing provisions were and not whether the schedule exists.  So the issue has been cleared up.

hopefully!

ds

 -----Original Message-----
From: 	Symes, Kate
Sent:	Wednesday, August 29, 2001 8:42 AM
To:	Scholtes, Diana
Cc:	Alport, Kysa; Semperger, Cara
Subject:	RE: Louisiana-Pacific Dispute - 421598

Thanks for looking into this, Diana. It appears both Cara and I have lost access to e-mails older than May. I'll talk to IT this afternoon to see if we can still access them somehow, but let me know if you find anything.

Thanks,
Kate

 -----Original Message-----
From: 	Scholtes, Diana
Sent:	Wednesday, August 29, 2001 5:41 AM
To:	Symes, Kate
Cc:	Semperger, Cara; Thompson, Virginia
Subject:	RE: Louisiana-Pacific Dispute - 421598

Kate,

I need to do a little research on this..I seem to recall them calling late to reduce their load, thus not being able to do anything on the 23/24????? I'm trying to find some supporting e-mails.

ds

 -----Original Message-----
From: 	Symes, Kate
Sent:	Monday, August 27, 2001 10:15 AM
To:	Williams III, Bill; Scholtes, Diana; Semperger, Cara
Subject:	Louisiana-Pacific Dispute - 421598

To all -

I just received a call from Thresa Allen in Houston regarding a Louisiana-Pacific sale made by Long Term Northwest. The deal flows 2000 through 2006, and the dispute falls on 2/23 and 2/24 of this year. The 7 mw round-the-clock sale was reduced to 4 mw for HE 11-24 on 2/23 and HE 1-24 on 2/24. Louisiana is disputing this, saying we should have booked out with them for these hours. (Diana entered deals to bookout with Louisiana for 2/25-2/28 - 530268, 530334, 531224, 531549, 532573.) Thresa believes we need to enter a 3 mw purchase to complete the bookout for 2/23-2/24.

I wanted to check with you guys before doing anything because your names are the three on the deal numbers she gave me. (Bill entered a purchase annuity from L-Pac - 531549 - for a ramp down.)

Please let me know if any of this sounds familiar. Thresa said this dispute was filed back in June, so she's eager to get it resolved.

Thanks for your help,
Kate


Kim,  attached is a draft for the City of Long Beach.  Do you have an e-mail
add for Mr. Garner?

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


Chris, where are we on gas interconnect?   I am hearing rumblings of 15 year
Kern exposure - don't  know if I like that.

Regards
Delainey


On the camping note, I am researching alternative sites just in case the
weather is insane this weekend.  Depending on which weather forecast you
believe, it will be cloudy with a chance of rain, with lows in the 40s and
highs in the 50s.

I also have to check for trail closures.  Even if it's not raining, some
trails will close down if they are muddy & wet because of erosion.

No matter what, we're on for camping, though!!  Even if I have to ride my
bike in circles around the tent.

-----Original Message-----
From: Ebner, Daniel [mailto:DEbner@JPI.com]
Sent: Wednesday, December 13, 2000 11:17 AM
To: 'Richard Donoghue'; 'Clint.Dean@enron.com'
Cc: Scott Palmer; 'Luis Gasparini'
Subject: RE: This weekend

Won't be the same without you.  After all, it was Richard that came up with
"Sometimes you kick wood...sometimes the wood kicks you."

> -----Original Message-----
> From: Richard Donoghue [SMTP:Rdonoghue@mphlegal.com]
> Sent: Wednesday, December 13, 2000 10:41 AM
> To: 'Clint.Dean@enron.com'; Richard Donoghue
> Cc: 'Scott Palmer'; 'Ebner, Daniel'; 'Luis Gasparini'
> Subject: RE: This weekend
>
> More like types, but I can read my message aloud to my computer if you
> would
> like.
>
> -----Original Message-----
> From: Clint.Dean@enron.com [mailto:Clint.Dean@enron.com]
> Sent: Wednesday, December 13, 2000 10:40 AM
> To: Richard Donoghue
> Cc: 'Scott Palmer'; 'Ebner, Daniel'; 'Luis Gasparini'
> Subject: RE: This weekend
>
>
>
> The "silent one" speaks.
>
>
>
>
> Richard Donoghue <Rdonoghue@mphlegal.com> on 12/13/2000 10:37:08 AM
>
> To:   "'Scott Palmer'" <Scott.Palmer@exodus.net>, "'Ebner, Daniel'"
>       <DEbner@JPI.com>, "'Luis Gasparini'" <lgasparini@simpletel.com>,
>       "'Clint.Dean@enron.com'" <Clint.Dean@enron.com>, Richard Donoghue
>       <Rdonoghue@mphlegal.com>
> cc:
>
> Subject:  RE: This weekend
>
>
> Guys, unfortunately, I think I'm going to have to bow out of our camping
> trip this weekend. I have been rather ill over the last week and a half,
> and
> I'm not sure that I'm up for the elements and all of the alcohol that are
> involved in this weekend's festivities. I have been hoping to get better,
> but between work and my cold, I don't think I'm up for it. Have fun and
> please try not to make too much fun of the "silent one" while you are in a
> wood kicking frenzy.
>
>
> -----Original Message-----
> From: Scott Palmer [mailto:Scott.Palmer@exodus.net]
> Sent: Tuesday, December 12, 2000 10:41 AM
> To: 'Ebner, Daniel'; 'Luis Gasparini'; 'Clint.Dean@enron.com';
> 'Rdonoghue@mphlegal.com'
> Subject: RE: This weekend
>
>
>
> I also have a small tent that can be borrowed if "the silent one" emerges
> from the depths of the legal system to join us on our quest for physical
> pain, inebriation, and large, uncontrollable fires.
>
> -----Original Message-----
> From: Ebner, Daniel [mailto:DEbner@JPI.com]
> Sent: Tuesday, December 12, 2000 10:35 AM
> To: Scott Palmer; 'Luis Gasparini'; 'Clint.Dean@enron.com';
> 'Rdonoghue@mphlegal.com'
> Subject: RE: This weekend
>
>
> Clint has spoken for the tent.
>
> > -----Original Message-----
> > From:   Ebner, Daniel
> > Sent:   Tuesday, December 12, 2000 10:28 AM
> > To:     'Scott Palmer'; 'Luis Gasparini'; Clint.Dean@enron.com;
> > Rdonoghue@mphlegal.com
> > Subject:     RE: This weekend
> >
> > Does everybody have a tent.  I can bring an extra SMALL tent if needed?
> >
> >    -----Original Message-----
> >    From:     Scott Palmer [SMTP:Scott.Palmer@exodus.net]
> >    Sent:     Tuesday, December 12, 2000 8:24 AM
> >    To:  'Luis Gasparini'; Ebner, Daniel; Clint.Dean@enron.com;
> > Rdonoghue@mphlegal.com
> >    Subject:  RE: This weekend
> >
> >
> >    I'm in for that.
> >
> >    BTW - pack a change of warm clothes, and I'd suggest some kind of
> > light
> >    nylon coat.  It might drizzle that day.
> >
> >    -----Original Message-----
> >    From: Luis Gasparini [mailto:lgasparini@simpletel.com]
> >    Sent: Monday, December 11, 2000 4:37 PM
> >    To: Ebner, Daniel; Scott Palmer; Clint.Dean@enron.com;
> >    Rdonoghue@mphlegal.com
> >    Subject: RE: This weekend
> >
> >
> >    Do you guys want to go in on some New York Strip steaks?  I can pick
> > up some
> >    in bulk at Sam's and marinade them over night.  There are usually 4
> > eight to
> >    ten ounce steaks per package for around $20.  They are pretty good
> > quality.
> >
> >    If we do it, should I get one or two packages?  I'm thinking two
> > (unless
> >    Scott is bringing Hunter, who we can BBQ instead).
> >
> >    -----Original Message-----
> >    From: Ebner, Daniel [mailto:DEbner@JPI.com]
> >    Sent: Monday, December 11, 2000 3:00 PM
> >    To: 'Scott Palmer'; Ebner, Daniel; 'Clint.Dean@enron.com'
> >    Cc: 'Rdonoghue@mphlegal.com'; 'lgasparini@simpletel.com'
> >    Subject: RE: This weekend
> >
> >
> >    Sounds good to me.  5 o'clock.   Just kidding.
> >
> >    > -----Original Message-----
> >    > From:   Scott Palmer [SMTP:Scott.Palmer@exodus.net]
> >    > Sent:   Monday, December 11, 2000 3:02 PM
> >    > To:     'Ebner, Daniel'; 'Clint.Dean@enron.com'
> >    > Cc:     'Rdonoghue@mphlegal.com'; 'lgasparini@simpletel.com'
> >    > Subject:     RE: This weekend
> >    >
> >    >
> >    > So did we get a consensus on the time?
> >    >
> >    > -----Original Message-----
> >    > From: Ebner, Daniel [mailto:DEbner@JPI.com]
> >    > Sent: Monday, December 11, 2000 2:54 PM
> >    > To: Scott Palmer; 'Clint.Dean@enron.com'
> >    > Cc: 'Rdonoghue@mphlegal.com'; 'lgasparini@simpletel.com'
> >    > Subject: RE: This weekend
> >    >
> >    >
> >    > I think I'd have a short position in camp fire wood.  I see the
> > intrinsic
> >    > value spiking upward (due to need for warmth) then crashing down
> > (as it
> >    > turns to ash).
> >    >
> >    > However, I'm always long Beam.
> >    >
> >    > > -----Original Message-----
> >    > > From: Scott Palmer [SMTP:Scott.Palmer@exodus.net]
> >    > > Sent: Monday, December 11, 2000 2:47 PM
> >    > > To:   'Clint.Dean@enron.com'
> >    > > Cc:   'Ebner, Daniel'; 'Rdonoghue@mphlegal.com';
> >    > > 'lgasparini@simpletel.com'
> >    > > Subject:   RE: This weekend
> >    > >
> >    > >
> >    > > Not so fast, Clint.... for $4.50 you just get the wood, you
> > don't get an
> >    > > option to kick the wood.
> >    > >
> >    > > I'm writing December Wood-kicking calls for $1, who's
> > buying....?
> >    > >
> >    > > -----Original Message-----
> >    > > From: Clint.Dean@enron.com [mailto:Clint.Dean@enron.com]
> >    > > Sent: Monday, December 11, 2000 2:37 PM
> >    > > To: Scott Palmer
> >    > > Cc: 'Ebner, Daniel'; 'Rdonoghue@mphlegal.com';
> >    > > 'lgasparini@simpletel.com'
> >    > > Subject: RE: This weekend
> >    > >
> >    > >
> >    > >
> >    > > Wow, the wood I can kick!!!
> >    > >
> >    > >
> >    > >
> >    > >
> >    > > Scott Palmer <Scott.Palmer@exodus.net> on 12/11/2000 02:34:59 PM
> >    > >
> >    > > To:   "'Ebner, Daniel'" <DEbner@JPI.com>,
> > "'Rdonoghue@mphlegal.com'"
> >    > >       <Rdonoghue@mphlegal.com>, "'Clint.Dean@enron.com'"
> >    > >       <Clint.Dean@enron.com>, "'lgasparini@simpletel.com'"
> >    > >       <lgasparini@simpletel.com>
> >    > > cc:
> >    > >
> >    > > Subject:  RE: This weekend
> >    > >
> >    > >
> >    > >
> >    > > All right - I did the unthinkable, and bought a "half-cord" of
> > wood.
> >    > For
> >    > > the uninitiated, a half-cord is a stack of roughly 18- to
> > 24-inch logs
> >    > > that
> >    > > is 8 feet long and 4 feet high.
> >    > >
> >    > > I'm going to bring about half of it camping, so we should have
> > quite the
> >    > > fire.
> >    > >
> >    > > -----Original Message-----
> >    > > From: Ebner, Daniel [mailto:DEbner@JPI.com]
> >    > > Sent: Monday, December 11, 2000 1:55 PM
> >    > > To: Scott Palmer; 'Rdonoghue@mphlegal.com';
> > 'Clint.Dean@enron.com';
> >    > > 'lgasparini@simpletel.com'
> >    > > Subject: RE: This weekend
> >    > >
> >    > >
> >    > > Richard, are you coming.  You've been awful quite throughout
> > this.
> >    > >
> >    > > I think I can scrape together 500 pennies.
> >    > >
> >    > > > -----Original Message-----
> >    > > > From:   Scott Palmer [SMTP:Scott.Palmer@exodus.net]
> >    > > > Sent:   Monday, December 11, 2000 12:50 PM
> >    > > > To:     'Ebner, Daniel'; 'Rdonoghue@mphlegal.com';
> >    > > 'Clint.Dean@enron.com';
> >    > > > 'lgasparini@simpletel.com'
> >    > > > Subject:     RE: This weekend
> >    > > >
> >    > > >
> >    > > > OK, I can get some firewood.  I assume we're going to need
> > quite a
> >    > bit,
> >    > > > since we tend to build a pretty big fire every year.
> >    > > >
> >    > > > Can I assume that I can get $5 from everybody to help cover
> > the cost
> >    > of
> >    > > > the
> >    > > > wood?
> >    > > >
> >    > > > The place is easy, there's pretty much only one area to tent
> > camp.
> >    > I'd
> >    > > > say
> >    > > > first ones there claim a good site.  It's been getting dark
> > around
> >    > 5:00
> >    > > > lately, so I'd say we need to get there before noon if we're
> > going to
> >    > > get
> >    > > > a
> >    > > > decent ride in and be able to pitch tents before it gets dark.
> >    > > >
> >    > > > That'll mean an early morning for the Dallas guys.... sorry
> > bout that.
> >    > > >
> >    > > > -----Original Message-----
> >    > > > From: Ebner, Daniel [mailto:DEbner@JPI.com]
> >    > > > Sent: Monday, December 11, 2000 11:48 AM
> >    > > > To: Scott Palmer; 'Rdonoghue@mphlegal.com';
> > 'Clint.Dean@enron.com';
> >    > > > 'lgasparini@simpletel.com'
> >    > > > Subject: This weekend
> >    > > >
> >    > > >
> >    > > > I did some looking for firewood around Coppell this weekend.
> > Short of
> >    > > the
> >    > > > crap you get from Albertson's that burns up in about 15
> > minutes, I
> >    > could
> >    > > > not
> >    > > > find any.  This week, I've got something every night so I
> > can't shop
> >    > for
> >    > > > it.
> >    > > >
> >    > > > Can someone be in charge of getting firewood?  It's usually
> > best to
> >    > get
> >    > > > from
> >    > > > an actual firewood supplier that usually has trucks on the
> > side of the
> >    > > > road.
> >    > > > Nursuries sometimes have it also.  We can split up the cost
> > later.
> >    > > >
> >    > > > I'm pretty much planning on showing up with my tent, sleeping
> > stuff,
> >    > > food,
> >    > > > Beam, bike, and lanterns.  Is there anything else I need to
> > bring?
> >    > > >
> >    > > > Also, what time, and where in the park are we meeting?
> >    > >
> >    > >
>
>


*~*~*~*~*~*~*~*~*~*~*~*~* Daily Riddle ~*~*~*~*~*~*~*~*~*~*~*~*~*

Today's Riddle is -

Note: this riddle must be done in your head and not using paper
and pen.
Take 1000 and add 40 to it. Now add another 1000. Now add 30. Now
add another 1000. Now add 20. Now add another 1000. Now add 10.
What is the total?

As always, you will find the answer below today's sponsor.

Please take a moment and visit today's sponsor-

* * * * * * * * * * * * * * * * * * * * * * * * * * * * * *
Have you played our games?

http://www.riddlesandmore.com/games.php3

Lots of fun for everyone!
* * * * * * * * * * * * * * * * * * * * * * * * * * * * * *

The answer to today's Riddle is -

Most people will answer 5000. Of course, the correct answer is 4100.

=============================================================

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You are currently subscribed to riddles as: mike.grigsby@enron.com
To unsubscribe send a blank email to leave-riddles-8238I@riddlesandmore.net


Thanks!

 -----Original Message-----
From: 	Hartfield, Rita
Sent:	Friday, October 19, 2001 3:26 PM
To:	Shapiro, Richard
Subject:	RE: Crude Oil Inventory

They are separate reports that cover the same time period.  API is put out by the American Petroleum Institute and is issued on Tuesday afternoon.  EIA puts out their numbers on Wednesday.  The weekly numbers reported in the two reports often vary and sometimes this variance is significant but over time the numbers in the two reports fall back in-line with one another.

 -----Original Message-----
From: 	Shapiro, Richard
Sent:	Friday, October 19, 2001 3:12 PM
To:	Hartfield, Rita; Linnell, Elizabeth
Subject:	RE: Crude Oil Inventory

Are the API and EIA reports seperate? cover same timeframes?

 -----Original Message-----
From: 	Hartfield, Rita
Sent:	Friday, October 19, 2001 2:57 PM
To:	Shapiro, Richard; Linnell, Elizabeth
Subject:	Crude Oil Inventory

US crude oil inventory information is compiled by API and by the US EIA DOE.  Both utilize information collected from company surveys along with their own estimation methodologies.  A recent EIA DOE report (attached) lists the information forms from which the EIA DOE collects data.  A summary of API sources of data, collecting and auditing procedures, and estimation methodology utilized in publishing the API Weekly Statistical Bulletin can be obtained from API for $52.  Please advise if you wish to obtain this API report.

       << File: 2001 1018 Accuracy of Petroleum Supply Data EIA.pdf >>

Rita Hartfield
Phone:  713-853-5854
Fax:  713-646-4702
Cell:  713-504-5428
Rita.Hartfield@enron.com


Cool, thanks Andy.  I'll see you there tomorrow night.  Just came back from
lunch with your honey.  She looked fabulous today (as usual).  =)

-----Original Message-----
From: Andrew.H.Lewis@enron.com [mailto:Andrew.H.Lewis@enron.com]
Sent: Thursday, October 25, 2001 1:23 PM
To: Angelia_Guinara@hchd.tmc.edu
Subject: Directions to Huy & Trang's

     Head East on Memorial Drive
     After passing Memorial Park, take a left onto Westcott Street
     Take a right onto Blossom Street (I think it is the fourth right)
     Take a left onto Reinerman Street (It is approximately eight blocks
from Wescott)
     Their address is 709 Reinerman (Their are 3 townhomes on the corner of
Reinerman and Floyd, they are the middle townhome)

     See you there,

     Andrew H. Lewis
     CEO
     Enron Corp.
     1400 Smith Street
     Houston, TX  77002
     (T) 713-853-6278
     (F) 713-646-3390

    -----Original Message-----
   From:   "Guinara, Angelia" <Angelia_Guinara@hchd.tmc.edu>@ENRON
   Sent:   Tuesday, October 23, 2001 9:28 AM
   To:     Lewis, Andrew H.
   Subject:

   Hi Andy,

   I'm sorry I missed your call last night.  Yes, Mike and I will be there
   on
   Friday at around 7 or 7:30pm.  Please let me know if I need to bring
   along
   anything.  You know I can't cook, but I'll bring along candles, cake,
   dessert, or a bottle of wine if you want me to.  Just let me know.
   Would
   you also give me direction to Trang's house, please?  Say going there
   from
   my apartment at San Felipe and Fountainview.  Thanks a lot and I'll talk
   to
   you more later.

   Angelia Guinara
   Asian American Diabetes Education Project
   2525 Holly Hall, Suite 187E,
   Houston, TX 77054
   (Tel) 713-566-6588
   (Fax) 713-566-6578

**********************************************************************
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Start Date: 4/18/01; HourAhead hour: 24;  No ancillary schedules awarded.
Variances detected.
Variances detected in SC Trades schedule.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final
Schedules\2001041824.txt

---- SC Trades Schedule ----
+++ Hour 24 - bad data from ISO.
  TRANS_TYPE: FINAL
  SC_ID: EPMI
  MKT_TYPE: 2
  TRANS_DATE: 4/18/01
  TRADING_SC: NCPA
  PNT_OF_INTRC: ZP26
  SCHED_TYPE: ENGY
  PURCH_SALE: 2
  DEAL_NO: 1


You're the greatest.

I think Little Woodrow's is on for tonight although I'm still waiting to see
if my brother and his wife want to go out tonight (he leaves for South Korea
Sunday), if they're a no go I will be on the deck with a bucket of beer.

P.S. You are in peak physical condition.

Wilson Kriegel@ENRON
04/26/2000 02:33 PM
To: Susan M Scott/HOU/ECT@ECT
cc:
Subject: Re: Whaaatttzzz Up?

i believe that in the spychology of things and oneself, a person never has to
lose, and can always win somehow and in someway...
I have made very big sacrifices and have done some rather "not Nice"
things...to win
True i have not often lost...losing is a frame of mind and a way of thinking,
the question is, have i always been the best i could be and on that end,
well....Yeah i rarely lose...i don't see why one would want to.
But i have been beaten by people even when i gave my best in sports mainly
and then their are always smarter people..so
it's relative...
Ture i am the most looked at guy at memorial park, and i can't figure out if
i actually enjoy it or not, because i know my true self, and the reality..i
have no friends, and i go to bed by myself everynight...i'm a very lonely
person at heart and in my head, and well beside Shannon
most girls i have dated, though pretty, are not hotties, but rather have a
lot of charme and personality..and
oh more more honest coment, i don't actually have an opinion on my looks...i
don't really care....(but i do know about my body! and yeah few come close)
there


Ken Lay can do November 20 at 5 p.m. EST or November 27 at 6 p.m. EST.
November 21 is not good for him.

Thanks.

Rosalee

"Garten, Jeffrey" <jeffrey.garten@yale.edu> on 11/02/2000 10:51:36 AM
To: "'Len@shv.com'" <Len@shv.com>, "'jdoerr@kpcb.com'" <jdoerr@kpcb.com>,
"'robg@real.com'" <robg@real.com>, "'larry_kanarek@mckinsey.com'"
<larry_kanarek@mckinsey.com>, "'HHK@sprintmail.com'" <HHK@sprintmail.com>,
"'kenneth.lay@enron.com'" <kenneth.lay@enron.com>, "'blev@stern.nyu.edu'"
<blev@stern.nyu.edu>, "'jbneff@wellmanage.com'" <jbneff@wellmanage.com>,
"'nperetsman@allenco.com'" <nperetsman@allenco.com>,
"'hadlow@blackstone.com'" <hadlow@blackstone.com>,
"'carlsonl@blackstone.com'" <carlsonl@blackstone.com>, "'depowell@cisco.com'"
<depowell@cisco.com>, "'David.L.Shedlarz@pfizer.com'"
<David.L.Shedlarz@pfizer.com>, "'rick/sherlund@gs.com'" <rick@gs.com>,
"'jstiglitz@brookings.edu'" <jstiglitz@brookings.edu>,
"'Hal@sims.berkeley.edu'" <Hal@sims.berkeley.edu>
cc: "'tim_koller@mckinsey.com'" <tim_koller@mckinsey.com>,
"'avalles@kpcb.com'" <avalles@kpcb.com>, "'Lliming@real.com'"
<Lliming@real.com>, "'jeanne_giles@mckinsey.com'"
<jeanne_giles@mckinsey.com>, "'rosalee.fleming@enron.com'"
<rosalee.fleming@enron.com>, "'kboles@allenco.com'" <kboles@allenco.com>,
"'dryan@cisco.com'" <dryan@cisco.com>, "'jfielding@gs.com'"
<jfielding@gs.com>, "'tmerkle@brook.edu'" <tmerkle@brook.edu>,
"'lucy@sims.berkeley.edu'" <lucy@sims.berkeley.edu>,
"'carolyn_hubbard@mckinsey.com'" <carolyn_hubbard@mckinsey.com>, "Petersen,
Valerie" <valerie.petersen@yale.edu>
Subject: Panel on Valuation

I am sorry for the delay in getting back to you with a revision of the
paper.

Attached please find a revised summary by Tim Koller.  We hope it reflects
well the discussion of our previous meeting. Before the next meeting, it is
our intention to send along the longer discussion paper that would mirror
this summary.  I suggest this next meeting take place as a conference call
at one of the following times.  Please indicate with an "X" in the boxes
next to the proposed dates which dates are good for you.

   Monday, November 20, 5 p.m. EST [ X  ]

   Tuesday, November 21, 5 pm EST  [   ]

   Monday November 27, 6 pm EST  [ X  ]

We would like to get everyone's views in advance of this conference call,
either in writing or by phone.  Please indicate below what your preference
would be.  If a call is preferred, Valerie Petersen will contact your office
to set it up.

   Call [   ]

   Writing [   ]

There will be one last meeting scheduled after the conference call meeting
takes place to go over the final draft.

Look forward to hearing from you.

Thanks very much,
Jeff

 <<SEC Doc Draft 1029 short.doc>>

 - SEC Doc Draft 1029 short.doc


---------------------- Forwarded by John Arnold/HOU/ECT on 06/26/2000 04:17
PM ---------------------------

Steve List <slist@Campbell.com> on 06/26/2000 12:32:02 PM
To: "'jarnold@enron.com'" <jarnold@enron.com>
cc:
Subject: FW: trading

> -----Original Message-----
> From: Steve List
> Sent: Monday, June 26, 2000 1:26 PM
> To: 'jarnol1@ect.enron.com'
> Subject: trading
>
>
>   John,
>
>   I hope all is well down in Houston, though it would seem your baseball
> team is, well, terrible.
>   We may be close to resolving our internal issues as our CEO indicated on
> Friday. We are awaiting some
>   confirmation but it seems we are close. How is the credit standing for
> Enron?
>   Is there a chance of upgrade or well, you can tell me the status.
>
>   Thanks
>
>   Steve List


Confidential Settlement Material under CPUC Rule 51

Gas Accord II Rule 51 List:

Attached are the electronic versions of our presentations at the October 25
and 26 Gas Accord II Workshop.

As a reminder, our next workshop is on Tuesday, November 7 and Wednesday,
November 8.  We plan to start these sessions a little earlier at 9:00 a.m.
Our topics are around:
 * Demand-Supply Forecasts
 * Supply Reliability
 * Capital Expenditure Forecasts
 * Direct Connects and Local Transmission Rate Design Options

We will also provide about two hours on each day for you to present your
views, issues and/or options.

Thank you for your participation in Gas Accord II and in the Workshops.
Please feel free to contact us with any questions, concerns or suggestions.

Frank Lindh    Ray Williams
Attorney    Director
415-973-2776   415-973-3634
frl3@pge.com   rdw0@pge.com

 <<Balancing for 10-25-00 Workshop.ppt>>  <<Transaction Information 10-25-00
Workshop.ppt>>  <<Open Season Rules 10-25-00 Workshop.ppt>>  <<Core
Procurement for 10-26-00 Workshop.ppt>>  <<Core Aggregation for 10-26-00
Workshop.ppt>>  <<Agenda 10-25&26-00 Workshop.doc>>

 - Balancing for 10-25-00 Workshop.ppt
 - Transaction Information 10-25-00 Workshop.ppt
 - Open Season Rules 10-25-00 Workshop.ppt
 - Core Procurement for 10-26-00 Workshop.ppt
 - Core Aggregation for 10-26-00 Workshop.ppt
 - Agenda 10-25&26-00 Workshop.doc


Mark--

Thx for copying me on this..........yea, what's Entergy doing?  And Marathon stepping out....

Talk to you tomorrow.

D

 -----Original Message-----
From: 	Whitt, Mark
Sent:	Thursday, October 25, 2001 4:54 PM
To:	Miller, Stephanie; Polsky, Phil; Tycholiz, Barry
Cc:	Bump, Dan J.; Lucci, Paul T.; Miller, Paul; Reitmeyer, Jay; Harrison, Tyrell
Subject:	RE: Western Frontier

Are they going to build it if it is not fully subscribed?  Or is Williams going to take the risk?  I wonder why Entergy is taking space?

 -----Original Message-----
From: 	Polsky, Phil
Sent:	Thursday, October 25, 2001 3:07 PM
To:	Whitt, Mark
Subject:	FW: Western Frontier

Mark,

Steph said you were looking for some info on the Western Frontier project that was in NGI today.  I called the contact person at Western Frontier/Williams and he told me that the project was not in fact fully subscribed.  He was obviously interested in speaking with you again.

I glanced through their filing, and apparently the open season led to PAs for 365,000 Dth/d of the 540,000 Dth/d of available capacity.  PAs have been signed with the following:

Marathon - 75,000 dth/d
Williams Marketing - 200,000 dth/d
Utilicorp United - 15,000 dth/d
Entergy - 75,000 dth/d

With the exception of Marathon, everyone signed up for ten years.  Marathon committed to five years, with an option to extend for two years.

Let me know if you need anything else.

Phil

 -----Original Message-----
From: 	"Sanders, Dale T." <Dale.T.Sanders@Williams.com>@ENRON
Sent:	Thursday, October 25, 2001 2:27 PM
To:	Polsky, Phil
Subject:	Western Frontier

Phil,
Here is the information that you requested.  If I can be of any other assistance, please do not hesitate to call.
 <<Electronic Version for e-mail.doc>>  <<WFSYSMAP_1.jpg>>  <<WFSYSMAP_1.pdf>>  <<WFrontierfiling.dot>>
Dale T. Sanders
Williams Gas Pipeline-SouthCentral/ Western Frontier
Project Manager-Business Development
Phone:   270-688-6944
Fax:      270-688-6320
)  e-mail:   <mailto:dale.t.sanders@williams.com << File: Electronic Version for e-mail.doc >>

 - Electronic Version for e-mail.doc << File: WFSYSMAP_1.jpg >>
 - WFSYSMAP_1.jpg << File: WFSYSMAP_1.pdf >>
 - WFSYSMAP_1.pdf << File: WFrontierfiling.dot >>
 - WFrontierfiling.dot


please print
---------------------- Forwarded by Jeffrey A Shankman/HOU/ECT on 01/23/2001
09:34 AM ---------------------------

Daniel Reck
01/23/2001 08:19 AM
To: Jeffrey A Shankman/HOU/ECT@ECT, Mike McConnell/HOU/ECT@ECT
cc:
Subject: Re: Latest Version

This is what we were going to present before the meeting was cancelled (as
predicted by Mr. McConnell).

--Dan

---------------------- Forwarded by Daniel Reck/HOU/ECT on 01/23/2001 08:23
AM ---------------------------

Patrick Conner
01/23/2001 07:35 AM
To: dreck@enron.com
cc:
Subject: Re: Latest Version