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www.rlcnet.org

FOR IMMEDIATE
RELEASE???????????????????????????????????????????????????????????????????????
??????????????????????????????????????????????????????????????????????????????
?????????&nb! sp;???????????????????????????????????? CONTACT: Matt Well
Monday, September 25,
2000??????????????????????????????????????????????????????????????????????????
??????????????????????????????????????????????????????????????????????????????
?????&nb! sp;?????????????????????????????????????? PHONE: 202-547-1700
??????????????????????????????????????????????????????????????????????????????
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???????? PAGER: 888-781-2151
New Radio Ad Slams Corzine Dishonesty
Surrounding Questionable Financial Dealings

Washington, DC -- Calling the campaign of liberal New Jersey Democrat Senate
candidate Jon Corzine, "a cynical and manipulative effort to deceive New
Jersey voters about Corzine's questionable and mysterious financial
dealings," Mark Miller, Executive Director of the Republican Leadership
Council (RLC) announced the release of a new radio ad that begins airing this
morning throughout New Jersey.

The text of the 60-second radio ad, entitled "Dodge," is as follows:

Announcer:

Money can buy multi-millionaire Jon Corzine a lot, but it can't buy New
Jersey's trust... he must earn it.? And that's a problem for Jon Corzine.
?
According to recent news reports, Jon Corzine is having trouble with the
truth.

Corzine and his supporters were asked if Jon Corzine had contributed to their
organizations prior to receiving their political endorsements.? The answer
was "no".

Now, Corzine's own records indicate his foundation did give one of the groups
a contribution.? Corzine responded that the contribution came before he
announced his candidacy.? But Corzine's own records revealed that he made the
contribution after he announced his candidacy.? Corzine said the tax exempt
contribution was for an after school program.? But the group's leader said
that Corzine knew the contribution was for a political office.

Call Jon Corzine at 973/643-0500.? Tell him trust is something money can't
buy.? Paid for by the Republican Leadership Council.

?Said Miller: "Jon Corzine has created his own campaign problems by
continuing to shroud his financial past in secrecy.? Mr. Corzine's vast
wealth has allowed him to buy a record number of slick political ads, but if
he thinks he can simply purchase the trust of New Jerseyans, he's in for a
very unpleasant surprise."

# # #
To subscribe or unsubscribe send your name and e-mail address to
info@rlcnet.org or visit www.rlcnet.org.


IN THE MONEY: Another Sign Investors Don't Trust Enron
Dow Jones News Service, 11/26/01
Dynegy Board Silent On Status Of Enron Takeover >ENE DYN
Dow Jones News Service, 11/26/01
Enron, Banks Formalize $690M Debt Extension To Dec. 14
Dow Jones News Service, 11/26/01
Citigroup Has $2.38B Less To Lose On Enron Due To Swaps
Dow Jones Capital Markets Report, 11/26/01
Enron Is Sued Over 401(k) Plan; Plaintiffs Seek $850M
Dow Jones News Service, 11/26/01
STOCKWATCH Enron falls 14 pct on mounting concerns over Dynegy deal
AFX News, 11/26/01
USA: UPDATE 1-Enron shares slide lower as merger doubts intensify.
Reuters English News Service, 11/26/01
USA: Enron lawsuit seen as wake-up call for pensions.
Reuters English News Service, 11/26/01
USA: US Corp Bonds-Bonds tighten, analysts fret on Enron.
Reuters English News Service, 11/26/01
Petrobras, Petros, close to buying Enron's stakes in CEG/CEG Rio - report
AFX News, 11/26/01
TALES OF THE TAPE: Energy Traders' Perfect Storm Stalls
Dow Jones News Service, 11/26/01
INDIA: UPDATE 1-India's AV Birla group denies bid for Enron unit.
Reuters English News Service, 11/26/01
Enron's Stock, Bonds Drop on Concern for Dynegy Bid (Update8)
Bloomberg, 11/26/01

Dynegy Bonds Slip as Enron Purchase May Harm Credit Rating
Bloomberg, 11/26/01

ENRON SHARES SLIDES TO ALL-TIME LOW
CBS.MarketWatch.com, 11/26/01

IN THE MONEY: Another Sign Investors Don't Trust Enron
By Michael Rapoport

11/26/2001
Dow Jones News Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)
A Dow Jones Newswires Column

NEW YORK -(Dow Jones)- If you needed any further proof that investors no longer trust Enron Corp. (ENE), here's another piece of evidence - one that goes to the heart of the recent plunge in the company's stock.
Enron doesn't simply trade for less than its book value; it fell below that milestone weeks ago. No, now it trades for less than ONE-THIRD of its book value.
That's a rare level for a company of Enron's size and prominence. And it may mean, among other things, that investors have decided that they simply can't place any further faith in the veracity of Enron's earnings and balance-sheet figures, much-revised as they've been - something that has unnerving implications for any attempt to value the company fairly.
First, let's be clear about what this means. Enron stock is currently about $4 a share; the company's reported book value is about $12.90 a share. In other words, Enron stock sells for less than one-third of what shareholders would get if the company were to liquidate - were to turn all its assets into cash, pay off all its liabilities on its balance sheet and give what's left over to shareholders.
This is an uncommonly dismal level for any company, even a troubled one. For comparison's sake, Dynegy Inc. (DYN), which has agreed to buy Enron, trades at about three times book value, as does El Paso Corp. (EPG), a competitor of both companies. In fact, Enron has the second-lowest price-to-book ratio of any company in the Standard & Poor's 500-stock index - only Conseco Inc. (CNC), another troubled company, is lower, by an eyelash.
Part of the problem is undoubtedly the continuing fear among investors that Dynegy's agreement to buy Enron will fall apart, and the belief that Enron will have to file for bankruptcy if it does, in which case Enron shareholders would be hard-pressed to realize any value. The Dynegy deal now amounts to about $10.60 per Enron share, itself well under Enron's book value; the huge premium that level offers over Enron's current stock price is an indication of the big risk investors see that the deal won't be consummated in its current form.
But given Enron's current woes, it's certainly also possible that Enron is trading at such a big discount to book value because investors don't feel they can trust the earnings and balance-sheet numbers coming out of Enron. Those numbers, after all, are the raw material that form the basis for valuing Enron, or any other company, by computing figures like price-to-book and price-to-earnings ratios.
And the Enron debacle has been all about the quality of those numbers, with Enron shifting assets off its balance sheet to outside limited partnerships from which some of its executives benefitted. In terms of those numbers, the ground has shifted underneath investors three separate times now - when the company slashed its reported shareholder equity by $1.2 billion to unwind its transactions with one of those partnerships, when it restated nearly five years' worth of earnings downward by a total of $586 million, and when it revealed that it could take further charges and was facing an imminent deadline to post collateral on a $690 million note. (That deadline has now been extended until Dec. 14.)
When you've gotten punched in the face three times, it's not unreasonable to fear there'll be a fourth blow, no matter how much the puncher assures you there won't be. Given Enron's insanely complicated structure, and the way bad financial news has dribbled out of the company over the past several weeks, who can guarantee there aren't more such shocks yet to come?
That's what investors appear to be fearing, and that may be part of the reason Enron stock has fallen so precipitously. Thanks to Enron's repeated demonstrations that its numbers can't be relied on, investors no longer have a firm, trustworthy basis on which to value the stock. And so, not surprisingly, the value is getting ratcheted down to the most conservative, bare-minimum level.
An Enron spokesman couldn't be reached for comment.
It's ironic, in a way. For a long time, it was hard to properly value Enron because its structure and finances were so complex and hard to decipher. Now it's hard to properly value Enron because the company's attempts to clarify its finances have made it clear that it's hard to expect investors to trust in their accuracy.
-By Michael Rapoport, Dow Jones Newswires; 201-938-5976; michael.rapoport@dowjones.com

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Dynegy Board Silent On Status Of Enron Takeover >ENE DYN
By Christina Cheddar
Of DOW JONES NEWSWIRES

11/26/2001
Dow Jones News Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)
NEW YORK -(Dow Jones)- As the market continues to speculate about the status of Dynegy Inc.'s (DYN) takeover of Enron Corp. (ENE), Dynegy's board isn't offering its opinion.
"Any comments coming out of Dynegy are coming from the company's executives," said Jerry Johnson, a Dynegy board member who also is an executive vice president at Safeguard Scientifics Inc. (SFE).
Johnson declined to comment on any matters related the pending acquisition of its larger rival, and wouldn't say whether the board has been meeting to discuss the transaction.
Three other board members, through their representatives, declined to comment as well. Other non-executive directors on the 14-member board either weren't immediately available to comment or couldn't be reached.
As for Dynegy's management, spokesman John Sousa said the company's opinion on the deal remains the same since its last comments on Wednesday.
At that time, Dynegy Chairman and Chief Executive Chuck Watson said Dynegy was continuing its due diligence and was looking to accelerate regulatory approval of the deal.
According to Sousa, Dynegy worked through the holiday weekend gathering information as part of its due diligence efforts.
Meanwhile, Enron continued its discussions to raise between $500 million to $1 billion of additional financing, said Enron spokeswoman Karen Denne. The company also is working to restructure its debt by mid-December, she said.
But investors appear to be voting with their feet. Enron shares were recently down 18.3%, or 86 cents, to $3.85, while Dynegy shares slipped 2.7%, or $1.06, to $39.34. As a result, the already huge discount to the deal's offer price has grown even bigger as the market continues to signal the deal won't get completed on its original terms.
Under the terms of the transaction, Enron shareholders are to receive 0.2685 of a Dynegy share for each share outstanding, or about $8.98 billion, based on Dynegy's recent stock price.
At Enron's recent level, the stock is trading at a 64% discount to the Dynegy offer.
Neither Sousa or Denne would comment on the stock movement.
Dynegy has already provided Enron with a $1.5 billion cash infusion that is secured by Enron's pipeline assets. While that investment has helped Enron's near-term liquidity position, it remains unclear how long the company can remain solvent without any added investments.
-By Christina Cheddar, Dow Jones Newswires; 201-938-5166; christina.cheddar@dowjones.com

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Enron, Banks Formalize $690M Debt Extension To Dec. 14
By Carol S. Remond and Christina Cheddar

11/26/2001
Dow Jones News Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)
Of Dow Jones Newswires

NEW YORK -(Dow Jones)- Enron Corp. (ENE) and a group of banks last week formalized an agreement to extend the due date on a $690 million syndicated loan by three weeks to Dec. 14.
The loan relates to one of Enron's consolidated limited partnerships that owns minority interests in power and energy projects around the world. Enron said last week that Standard & Poor's downgrade of its credit rating to "BBB-" had triggered an obligation to repay the loan by Nov. 27.
People familiar with the matter said last week that lead banks J.P. Morgan Chase & Co. and Citigroup Inc. and Enron will use the extension to negotiate a further postponement of the debt to the middle of 2002 when other Enron bank loans come due. About $1.75 billion of Enron's $3.5 billion in syndicated bank loans come due in May 2002 and will likely need to be restructured.
About $250 million of the assets securing the $690 million loan are in the process of being sold and will be used to pay down the loan, reducing the outstanding portion of the loan that will need to be restructured, those people familiar with the matter said.
Enron's shares and bonds continue to suffer from mounting uncertainties about the company's finances and whether those could force one-time rival Dynegy Inc. (DYN) to reconsider its offer to buy Enron, an offer that many see as Enron's only chance to avoid bankruptcy. Enron stock was recently down 18% to $3.84. Meanwhile, Enron bonds are also lower, with the 6.4% bonds due 2004 recently trading at a distressed level of 48 cents on the dollar.
Carol S. Remond; 201-938-2074; Dow Jones Newswires; carol.remond@dowjones.com
and Christina Cheddar; Dow Jones Newswires; 201-938-5166

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Citigroup Has $2.38B Less To Lose On Enron Due To Swaps
By Christine Richard
Of DOW JONES NEWSWIRES

11/26/2001
Dow Jones Capital Markets Report
(Copyright (c) 2001, Dow Jones & Company, Inc.)
NEW YORK -(Dow Jones)- Citigroup Inc. (C) is expected to extend a hand to Enron Corp. (ENE) by renegotiating a $690 million payment due Nov. 27.
But investors shouldn't be concerned that the financial services giant is too exposed to the embattled energy trading company. Citigroup already may have laid off the loan and other exposure via a series of credit default swap transactions. That means more institutional investors left holding the bag if Enron isn't ultimately rescued from financial collapse by a takeover proposed by Dynegy Inc. (DYN).
Over the last few years, Citigroup has entered into at least six transactions that effectively would allow the bank to lay off the equivalent of $2.384 billion in Enron exposure.
Citigroup was instrumental in setting up Enron Credit Linked Notes Trust, Enron Credit Linked Notes Trust II and Yosemite Securities Trust I, which together raised $1.750 billion; Enron Sterling Credit Linked Notes Trust and Yosemite Securities Co., which raised a combined GBP325 million; and Enron Euro Credit Linked Notes Trust, which issued EUR200 million.
Citigroup, which acts as the default swap counterparty to the trusts, receives the return on the portfolio of single-A-plus-or-better-rated securities, purchased with the proceeds of the offerings, in exchange for providing the payout on the Enron exposure, according to Mary Ryan, director of synthetic securities ratings at Standard & Poor's.
As long as Enron remains out of bankruptcy, Citigroup continues to make payments on the notes, Ryan said.
If Enron defaults, Citigroup would cease making payments to the trust. The single-A-plus-or-higher-rated securities in the trusts would go to Citigroup in exchange for the same nominal amount of now in-default Enron debt obligations. And with speculation mounting that Dynegy will reduce, or maybe even scrap, its offer to buy Enron, the chances of a such a default-driven transfer would appear to be rising.
These notes essentially are synthetic Enron debts, meaning they act like Enron bonds in many respects, but lack key components that make holders true creditors of Enron.
For instance, the holders of these notes, because they don't possess actual Enron obligations - and won't unless the company defaults - are not involved in negotiations to restructure or rollover debt. It has been reported that Enron is engaged in active negotiations over the terms of its debts with creditors.
The synthetic notes all carry a rating equivalent to Enron's rating of triple-B-minus from Standard & Poor's and Baa3 from Moody's Investors Service.
The rating on the securities has been downgraded in recent weeks to reflect the downgrades in Enron's ratings.
Citigroup officials did not respond to requests for further details on the transactions. -By Christine Richard, Dow Jones Newswires; 201-938-2189;
christine.richard@dowjones.com

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Enron Is Sued Over 401(k) Plan; Plaintiffs Seek $850M

11/26/2001
Dow Jones News Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)
NEW YORK -(Dow Jones)- Enron Corp. (ENE) was sued Monday in the latest of at least three purported employee class action suits the company faces over lost 401(k) retirement savings due to the recent collapse of the price of Enron stock.
In a press release Monday, Eli Gottesdiener, a Washington, D.C. attorney who filed the latest suit on behalf of employees, said it seeks $850 million in plan losses, in part because the company sold Enron stock to its employees knowing the price was artificially inflated.
An Enron spokeswoman declined to comment.
Unlike two similar, recently filed suits against Enron, the latest also contends that Enron offered the stock without the required prospectus.
If proven, the sale without a prospectus "give workers the automatic right to rescind their purchases and receive their money back with interest," Gottesdiener said in a statement.
Enron "locked down" the retirement plan from Oct. 17 to Nov. 19, to make administrative changes, which prevented employees from selling Enron shares as the share price collapsed amid growing disclosures of financial problems.
Earlier this month, Houston-based Dynegy Inc. (DYN) offered to buy its far larger competitor in an all-stock deal that values Enron shares at $10.85 a piece, or about $9.2 billion.
Enron later disclosed that its future earnings would be substantially less than expected and shares fell sharply.
Enron currently trades at $4.05 a share, down from their 52-week high of $84.88 a share in December 2000.
The first suit was filed Nov. 13 on behalf of plaintiffs by Campbell Harrison & Wright LLP in Houston. A second was filed last week by Seattle-based Hagens Berman LLP.
-John Seward; Dow Jones Newswires; 201-938-5400

(Corrected 04:34 PM)

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
STOCKWATCH Enron falls 14 pct on mounting concerns over Dynegy deal

11/26/2001
AFX News
(c) 2001 by AFP-Extel News Ltd
NEW YORK (AFX) - Shares of Enron Corp were down 14 pct in midsession trading as concerns continued to mount over the energy giant's acquisition by Dynegy Inc, with investors focusing more and more on the deal's breaking clause, dealers said.
At 12.45 pm, Enron shares were trading down 65 cents at 4.06 usd, a decline of 14.0 pct. Dynegy was down 1.60 usd at 38.80, amid broad declines in energy shares as crude prices sank.
The DJIA was up 57.70 points at 9,892.86. The S&P 500 was up 6.24 points at 1,143.27. The Nasdaq composite was up 11.94 points at 1,886.99.
Dealers said that with Enron shares having slid well below the Dynegy offer price of 9.85 usd a share, the ChevronTexaco affiliate may well reconsider its offer, or walk away from the deal all together.
"People are making the bet that perhaps Dynegy may cancel the deal, and that's there a lot more risk in playing the arbitrage," said Jefferies & Co market strategist Art Hogan.
The deal with Dynegy contains a "material adverse change" clause, which could be invoked to call the deal off, he said.
As part of its due diligence, Dynegy is examining details of Enron's filing with the Securities and Exchange Commission last week, which reportedly contained information it had not received previously.
Enron shares have plunged further since the filing, in which Enron revealed a number of new financial problems including a possible obligation to repay a 690 mln usd note due Nov 27.
Enron subsequently received an extension on the repayment until mid-December.
Since the beginning of the year, Enron shares have lost over 90 pct of their value after it was revealed that the company would post hefty third-quarter charges linked to risky investments by the firm's former chief financial officer.
"At this point, with so much smoke around the fire, I think the shares are rightly valued," said Jefferies' Hogan.
ng/gc

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
USA: UPDATE 1-Enron shares slide lower as merger doubts intensify.
By Janet McGurty

11/26/2001
Reuters English News Service
(C) Reuters Limited 2001.
NEW YORK, Nov 26 (Reuters) - Shares of troubled energy giant Enron Corp. continued to lose ground on Monday amid fears that the proposed acquisition of the company by smaller rival Dynegy Inc. will fall through.
Enron stock was down 61 cents, or 12.9 percent, at $4.13 in active midmorning trade on the New York Stock Exchange. Dynegy has agreed to pay $10.55 per share for Enron.
"The market is acting like the deal is not going through or not going through at the original terms," said Michael Heim, an industry analyst at A.G. Edwards & Sons.
Heim said that among three possible scenarios - the deal goes through as planned, it is canceled, or it is restructured - the first is the least likely.
"Escape clauses" built into the Dynegy-Enron deal give the buyer the option to back out if there is serious deterioration in Enron's business or assets.
"Dynegy has a good claim that the 'material adverse condition' clause has already been triggered, either by the $690 million loan being accelerated, earnings (being) down or the ongoing trading business weakness," he said.
Last week Enron said it could be forced to pay a $690 million debt this week because of a credit downgrade, but the payment deadline has been delayed until mid-December.
Enron's recent admission that lower volumes at its trading business - the crown jewel that Dynegy most covets - could cause low fourth-quarter earnings raises the possibility that the trading business is losing its profitability. Continued lower volumes there would remove a key attraction for Dynegy.
"Every day that goes by where Enron trading volumes become less, it decreases the value of the assets Dynegy was trying to buy in the first place," Heim said. "Besides trading and marketing, what value does Enron have?"
The majority of Enron's physical assets are spoken for, with partnerships and creditors getting first dibs and Dynegy getting the first right to exercise its option to acquire Enron's Northern Natural Gas pipeline.
Dynegy, which is 26.5 percent-owned by energy giant ChevronTexaco , is to swap 0.2685 share of its own stock for each share of Enron. Shares of Dynegy were down $1.27, or 3.1 percent, at $39.13 in midmorning NYSE trade.
Enron agreed to a Dynegy buyout after it was overwhelmed by a series of problems, including a U.S. regulatory probe of off-balance-sheet dealings by its officers, a $1.2 billion cut in shareholder equity, and cuts in its credit ratings.
Enron subsequently restated its earnings, but investor unease snowballed and its share began tumbling. The shares were above $90 in August 2000.
Heim said he was not sure that EnronOnline, Enron's online trading platform, is the premier property it once was.
"Two years ago it had some value, but now others have been able to duplicate it. It's not the computer systems - it's the traders and network that Enron had. If those go away, the value lessens.

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
USA: Enron lawsuit seen as wake-up call for pensions.

11/26/2001
Reuters English News Service
(C) Reuters Limited 2001.
HOUSTON, Nov 26 (Reuters) - A Washington, D.C., lawyer said Monday he hopes heavy losses suffered by Enron Corp. employees will spur Congress to limit employee investments in their employers' stock through 401 (k) retirement plans.
"How many workers have to lose both their jobs and their retirement savings before Congress steps in and puts a stop to this by placing a cap on the amount of company stock that can be in a 401 (k) plan?" lawyer Eli Gottesdiener asked.
Gottesdiener released a statement Monday saying he had filed a lawsuit on behalf of employees of the beleaguered energy giant who have lost an estimated $850 million on Enron stock held in their 401 (k) retirement accounts.
The suit is the third one filed against Enron that alleges the company breached its fiduciary duty to employees by encouraging them to invest in its stock at artificially inflated prices. All three suits seek class-action status.
Enron's shares have fallen from a high of $90 in August 2000 to less than $5 today, their decline accelerating since Oct 16 amid a series of disclosures about its deteriorating finances.
Like many other companies, Enron makes matching contributions to its employees' 401 (k) retirement accounts in its own stock. It also requires them to hold the stock they receive in matching contributions until they turn 50.
Enron employees were also prevented from selling Enron stock held in retirement accounts for several weeks from mid-October due to a change in the retirement plan's administrator.
Gottesdiener said investment advisors recommend investing no more than 15 percent of a portfolio in a single stock, but that participants in 401 (k) plans offering employer stock as a choice typically hold 33 percent of their portfolio in that stock.
"Congress sensibly placed a 10 percent limit on company stock in traditional defined benefit plans back in 1974, but at the behest of the corporate lobby, it placed no such cap on defined contribution plans," he said.
The absence of such a cap in defined-contribution 401 (k) plans was "completely indefensible," he said.
Gottesdiener's suit alleges that Enron violated federal securities law by offering and selling Enron stock to employees without issuing a prospectus. If proven, this would give workers the right to reverse their purchases, he said.
Gottesdiener is also involved in class action pensions litigation against New York Life Insurance Co. and SBC Communications Inc..

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
USA: US Corp Bonds-Bonds tighten, analysts fret on Enron.

11/26/2001
Reuters English News Service
(C) Reuters Limited 2001.
By Jonathan Stempel
NEW YORK, Nov 26 (Reuters) - U.S. corporate bonds outperformed
Treasuries on Monday as traders edged back to their desks
following the Thanksgiving Day weekend, in the midst of a broad
revival for corporate bonds of all stripes.
In secondary trading, spreads, the yield difference between
the bonds and comparable maturity U.S. Treasuries, tightened about
0.01 percentage point.
"I would expect a continuation of the tightening, especially
with Treasury interest rates going up," said one trader. "Absolute
corporate yields are starting to look pretty attractive."
Corporate bonds, especially junk bonds, have outperformed
Treasuries this month as investors developed a new tolerance for
risk. Though absolute returns for investment-grade corporate bonds
are negative, they are even worse in the Treasury market, where
investors appear more convinced that the current U.S. economic
downturn won't be deep or long.
"The successes in Afghanistan and some milder-than-anticipated
economic data have combined to increase investor appetite for
risk," wrote fixed-income research service CreditSights Inc. in a
report dated Monday. "While the severity and swiftness of the bond
market's correction was a surprise, it hasn't changed our basic
view of U.S. corporate bonds and we continue to recommend
overweight positions."
This week's forward calendar remains quiet.
In early trading, 10-year Treasuries rose 10/32, as their
yields fell to 4.971 percent.
ENRON
Market participants are closely watching Houston-based Enron
Corp. as the largest U.S. energy trader tries to merge
with smaller cross-town rival Dynegy Inc. , keep its
investment-grade credit ratings, and manage a load of $9.15
billion of debt and other obligations, much of which is unsecured
and coming due within 13 months.
Of this debt amount, $690 million could come due by
mid-December, and $3.9 billion immediately if Enron falls to junk
status. The key to resolution of this matter, some observers
believe, is Enron's banks.
"The goal of the banks now is to re-cut their exposure to gain
as much structural seniority or asset liens as possible, take out
fees, raise rates, take down total exposure, and generally improve
their risk-profile under multiple scenarios," said CreditSights.
"The very bankers who are supplying liquidity through new
secured bank lines and who are rumored to be considering equity
investments are the ones on the hook (and unsecured) for $3
billion in bank loans," wrote Carol Levenson, an analyst for
GimmeCredit, another fixed-income research service. "If Dynegy
backs out (in the interest of self-preservation), these vital bank
renegotiations might save Enron but leave unsecured bondholders as
the patsies."
Enron's existing 6.4 percent notes maturing in 2006 and 6.75
percent notes maturing in 2009 were bid on Friday at 57 cents on
the dollar, down from around par on October 12, before Enron first
reported third quarter results, which it later revised downward.
Enron shares have fallen 94 percent this year to their lowest
level since early 1989.
DATA
Investment-grade and junk bond spreads narrowed 0.1 and 0.27
percentage point last week, respectively, to 1.68 and 7.84
percentage points, according to Merrill Lynch & Co. Junk bond
spreads have narrowed 1.45 percentage points this month.
For the month, junk bonds have returned 2.996 percent, while
investment-grade corporate bonds have lost 2.355 percent and
Treasuries 3.488 percent, Merrill Lynch said. For the year, the
respective bonds are up 4.777, 9.634 and 6.565 percent.
For a complete list of upcoming or recently priced bond deals,
please click on .

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Petrobras, Petros, close to buying Enron's stakes in CEG/CEG Rio - report

11/26/2001
AFX News
(c) 2001 by AFP-Extel News Ltd
SAO PAULO (AFX) - Petroleo Brasileiro SA and its pension fund Petros are close to winning regulatory approval to purchase Enron Corp's stakes in gas distributors CEG and CEG Rio, daily Valor Economico reported.
Valor said Petrobras last week reached an agreement with the Regulatory Agency for Public Service Concessions of Rio de Janeiro local authorities, under which it agreed to undertake a series of investments in exchange for approval to acquire Enron's 13.38 pct stake in CEG and its 33.75 pct stake in CEG Rio.
It said the deal now passes to Rio de Janeiro governor Anthony Garotinho for approval.
as For more information and to contact AFX: www.afxnews.com and www.afxpress.com

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
TALES OF THE TAPE: Energy Traders' Perfect Storm Stalls
By Christina Cheddar

11/26/2001
Dow Jones News Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)
Of DOW JONES NEWSWIRES (This story was published originally Friday)

NEW YORK -(Dow Jones)- Here's one 2001 outlook that couldn't have been more wrong.
Around this time last year, pundits and fund managers were touting "the perfect storm" of market forces that were coming together to make the energy trading business one to watch in 2001.
Then came the California power crisis, and allegations of price-gouging and fears of credit defaults began to cloud the outlook for the group. That was followed by renewed volatility in power prices, and this time the prices were headed down, not up.
And then came a crushing blow against trading firms - the unraveling of the industry's largest player, Enron Corp. (ENE).
Simply put, the perfect storm stalled, and a business once buoyed by high gas prices, strong demand and tight supply now lies in tatters.
The stocks of companies whom some say should be valued more like growth stocks than utilities are instead mired at around nine-times earnings - about where traditional utilities trade.
And the chance for recovery in 2002?
Basu Mullick, portfolio manager of the Neuberger Berman Partners fund, is willing to bet there is. He thinks energy traders deserve at least the same price-to-earnings multiple as the broader market's median, which is currently between 16- to 17-times future earnings, he said. It's just a matter of time before the stocks get there.
"They were just recovering from Gray Davis," Mullick said, referring to the governor of California, who had accused "out-of-state" energy traders of artificially inflating the price of power in the state, and triggering the state's energy crisis. "Now, they are recovering from Enron."
The fund manager also blames lower commodity prices, warm weather and poor demand for the recent weak performance in the group.
"Energy convergence companies are putting up terrific growth rates," he said. "I don't think they should get the same valuation as a garden-variety utility."
Still, others think the stock market is continuing to make distinctions between the energy traders by taking a harder look at the companies' strategies and financial disclosures.
Enron's precarious financial situation underscores the importance of accounting issues. Although many of Enron's financial problems aren't solely the fault of mark-to-market accounting issues, there has been growing attention paid to this form of financial reporting because of the earnings volatility it can create.
Answers Elude Investors

Investors are asking hard questions, and not always getting the answers they want.
Using mark-to-market methods, a company calculates the fair market value of a commodity position - whether it's a contract, an option, a swap, etc. - at the time, even if the value of the position is realized over a longer period. The problem with this method is the actual cash a company realizes from the position might not be the same value the company calculated in its original assessment. Also, sometimes it isn't easy to calculate the fair value of the commodity position. This is particularly true in instances where the market for the commodity isn't liquid.
Over time, companies with the highest level of disclosure regarding their mark-to-market gains will most likely trade at higher multiples to counterparts that provide little or no disclosure, said ABN AMRO Inc. analyst Paul Patterson.
Encouragingly, it appears companies may already be responding to the call for added disclosure. According to a survey Patterson conducted, more companies with energy trading units were willing to disclose the details of their mark-to-market accounting practices during third-quarter conference calls compared with those in the second quarter.
Patterson said he prefers earnings that are cash-based.
"All things being equal, we believe reported earnings that more closely reflect the timely realization of cash have a higher quality associated with them than earnings that do not," he said.
He expects investors to become smarter and learn to distinguish between earnings growth through accrual accounting and growth fueled by mark-to-market accounting.
At the end of the day, it is not a matter of simply producing profits, but being able to say where those earnings came from, said one investor, who manages a pension fund.
Some investors also may be placing a greater emphasis on the cash flow the energy merchants produce.
Tim O'Brien, portfolio manager of the Gabelli Utilities Fund, said energy merchants that own the physical power assets to back up their trading positions should trade at a premium to an independent power producers and traditional utility companies. Still, the stocks should be valued at less than the growth rate of the company because of their heavy exposures to commodity prices.
Energy merchants include companies such as Dynegy Inc. (DYN), Duke Energy Corp. (DUK) and Dominion Resources Inc. (D).
According to O'Brien, the group never deserved to have the price-to-earnings multiples above 20- to 30-times earnings, which were once paid for the stocks.
"We all got sucked up by the up-leg of the cycle and forgot just how cyclical these companies are," O'Brien said, adding that the average multiple should be in the high single-digits to the high-teens.
As for independent power producers - which are companies without regulated operations that own power plants to generate electricity to sell and trade in the wholesale market - the group may wind up being valued on the basis of the replacement costs of the assets in their portfolio, according to O'Brien.
"One analogy is that they are basically like commercial real-estate plays," O'Brien said.
That could mean stocks such as Calpine Corp. (CPN), which is already in the lower-half of its trading range, may have further to fall.
-By Christina Cheddar, Dow Jones Newswires; 201-938-5166; christina.cheddar@dowjones.com

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
INDIA: UPDATE 1-India's AV Birla group denies bid for Enron unit.

11/26/2001
Reuters English News Service
(C) Reuters Limited 2001.
(Recasts with denial, comments from financial institution in paragraphs 5-6)
BOMBAY, Nov 26 (Reuters) - The Aditya Vikram Birla Group, a leading Indian conglomerate, on Monday denied newspaper reports it was looking to buy U.S. energy giant Enron Corp's 65-percent stake in the beleaguered Dabhol Power Company.
"There has been no expression of interest in Dabhol. We are not interested," a top AV Birla group official told Reuters.
Two leading Indian business dailies earlier said the group, whose interests range from textiles to cement and carbon black, is eyeing Dabhol to expand its interests in the domestic power sector.
The Economic Times and the Financial Express said the group was exploring the possibility of submitting an expression of interest to Indian financial institutions to buy Enron's stake in the company.
An official of state-run Industrial Development Bank of India, the leading financier of the $2.9 billion project in the western state of Maharashtra, said he has not heard from the Birla group.
"We have not received any official communication from them," the official, who did not wish to be identified, told Reuters.
The spokesman for Dabhol was not available for comment.
FIGHTING FOR SURVIVAL
Enron Corp, which is fighting for survival in the United States amidst investor doubts over its corporate governance practices, owns 65 percent of Dabhol. General Electric Co and Bechtel own 10 percent each, while the Maharashtra State Electricity Board (MSEB) owns 15 percent.
Dabhol and MSEB have been fighting over payment defaults and high tariffs for over a year. The dispute has affected India's efforts to attract foreign investment in the power sector and caused Enron and its U.S. partners to announce plans to exit the project.
Tata Power Company Ltd, India's largest private sector utility firm, and BSES Ltd, another utility company and a member of India's largest conglomerate, the Reliance Group, are already in talks to buy Enron's stake.
The AV Birla Group has adopted the route of mergers and acquisitions in recent years to consolidate its position in key industries.
Last week, one of its group companies, Grasim Industries Ltd, bought a 10-percent stake in India's largest cement maker, Larsen & Toubro Ltd
Earlier this year, Indian Rayon & Industries Ltd, another group company, entered the information technology sector by buying out France's Groupe Bull SA's 50.35 percent stake in PSI Data Systems
But the group's track record in the power sector has been less than impressive.
Two joint ventures with Britain's Powergen Plc to produce over 1,000 megawatts of electricity in two Indian states have not made much headway since they were announced in the mid-1990s.

Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.
Enron's Stock, Bonds Drop on Concern for Dynegy Bid (Update8)
2001-11-26 16:45 (New York)

Enron's Stock, Bonds Drop on Concern for Dynegy Bid (Update8)

     (Adds analyst comment in 4th paragraph.)

     New York, Nov. 26 (Bloomberg) -- Enron Corp.'s stock price
declined to a 14-year low and its bonds plunged 10 points on
concern the company won't secure $1 billion in fresh capital,
threatening its plan to be acquired by Dynegy Inc.

     ``The clock is definitely ticking,'' said Jon Kyle
Cartwright, a debt analyst at Raymond James and Associates. ``The
question is the survivability of Enron.''

     J.P. Morgan Chase & Co. and Citigroup Inc. executives met
today to line up investors for as much as $2 billion of bonds
convertible into stock. The company needs the money to operate
until Dynegy completes its $23 billion purchase. Dynegy unveiled
its plan to make the acquisition on Nov. 9.

     Enron shares and bonds, which opened lower, tumbled after 1
p.m. when no announcement for fresh financing was made. Enron's
6.4 percent notes that mature in 2006 plunged to 48 cents on the
dollar, down from 55 cents on Friday. The bonds now yield 26
percent. Enron shares declined 15 percent, or 70 cents, to $4.01.

     Concern that rival Dynegy may change or cancel its bid for
Enron has pushed Enron's stock down 55 percent in the past week.
Enron's shares had plummeted 86 percent since mid-October after
the company reported a $618 million third-quarter loss and said
expansion into water, telecommunications and retail-energy sales
cost it $1.01 billion.

     ``You haven't heard anything from Dynegy today, and that is a
bit scary,'' said Andy Palmer, who doesn't hold Enron bonds in the
$2 billion he helps manage at ASB Capital Management Inc. in
Washington.

     Part of the third-quarter charge was connected with limited
partnerships run by the chief financial officer. He was ousted,
and the U.S. Securities and Exchange Commission started an
investigation into Enron's accounting. The company earlier this
month restated its earnings for the past four years.

                        Talks on $1 Billion

     Under the buyout, Enron investors would receive 0.2685 Dynegy
share for each share held. That valued Enron at $10.41 a share, 21
percent more than Enron's share price that day.

     On Friday, the buyout valued Enron at $10.85 a share, more
than double Enron's closing price of $4.71. The widening of the
difference between the value of the offer and Enron's stock price
indicates investors doubt the buyout will go through.

     Shares of Enron traded as low as $3.76 today, rebounding to
close at $4.01. The stock was the most active in U.S. trading
Wednesday and Friday. Dynegy dropped $1.15, or 2.85 percent, to
$39.25. The stock has fallen 30 percent this year. Both companies
are based in Houston.

     Egan-Jones Ratings Co. lowered its rating on Enron's credit
today to ``BB-'' from ``BB.'' ``Dynegy needs to show its support,
or Enron will slide,'' the firm said in a report.

     Moody's Investors Service hasn't issued a report on Enron
since the company filed its 10-Q quarterly report with the SEC a
week ago. The ratings agency's analysts haven't returned calls for
comment.

     Moody's cut Enron's long-term credit rating on Nov. 9, though
it maintained an investment grade.

                          `More Problems'

     ``Time is not Enron's friend,'' said Stewart Morel, co-head
of investment grade debt research at UBS Warburg LLC. ``There is
increased concern in the market that there may be more problems
that are yet to be disclosed.''

     On Wednesday, Enron got a three-week reprieve from lenders on
a $690 million note due this week, giving the company more time to
restructure its finances. Dynegy Chief Executive Officer Chuck
Watson said he was ``encouraged'' by the commitment to extend the
note payment, as well as the closing of a $450 million credit
facility, and that Dynegy remained committed to the merger.

     Terms of the $690 million note were outlined for the first
time in the Enron filing a week ago. Enron also said that it has
less than $2 billion in cash and credit lines left. If the
company's cash reserves run too low, Enron's credit rating may be
cut below investment grade. That would trigger $3.9 billion in
debt repayments for two affiliated partnerships.

     Enron said in the filing that fourth-quarter profit might be
hurt by a drop in its trading business. Companies such as Aquila
Inc. and Mirant Corp. have reduced their activity with Enron
because of credit concerns.

     ``Should the Dynegy deal fall through, we don't view it
likely that Enron would be able to remain as a stand-alone
company,'' Youngberg of Edward Jones said. ``Without Dynegy, the
credit rating will fall, causing their trading business to dry up
further.''

     Enron, the biggest energy trader, once handled about a
quarter of U.S. gas and power transactions.

     Enron's bankers met with leveraged buyout firms and two
industrial companies to seek an investment, the New York Times
reported last week. J.P. Morgan Chase & Co. and Citigroup Inc.
agreed to terms that give each of them a $250 million equity stake
as part of a transaction to be completed today.

Dynegy Bonds Slip as Enron Purchase May Harm Credit Rating
2001-11-26 15:16 (New York)

Dynegy Bonds Slip as Enron Purchase May Harm Credit Rating

     New York, Nov. 26 (Bloomberg) -- Dynegy Inc. bonds have
fallen as much as 9 percent this month on investor concern the
energy trader's proposed $23 billion purchase of rival Enron Corp.
will erode its credit rating.

     Dynegy's 6.88 percent coupon notes due in 2011 are trading at
$932 per $1,000 face value, down from $1,024 last month, according
to Merrill Lynch & Co. data. Yield on the debt has risen to 7.9
percent from 6.5 percent as investors demand more return to
compensate for the increased risks of the securities.

     Dynegy's credit is rated ``Baa3'' at Moody's Investors
Service, the lowest rung of investment grade, and ``BBB+'' at
Standard & Poor's, two levels higher. Each ratings company said it
may cut Dynegy's credit rating if it buys Enron, which comes with
about $15 billion in debt and a regulatory inquiry into financial
partnerships set up to keep debt off its books.

     ``If you put Dynegy and Enron together it will have a
detrimental effect on Dynegy's credit rating,'' said Tim Nelson,
senior credit analyst at U.S. Bancorp Piper Jaffray Cos. in
Minneapolis, which holds Dynegy bonds.

     Dynegy's 7.45 percent coupon notes due in 2006 are trading at
$1,019 per $1,000 face value, down from $1,085 last month,
according to Merrill. The notes yield almost 7 percent, up from
5.4 percent.

     Enron's credit is rated ``Baa3'' at Moody's and ``BBB-'' at
S&P, the lowest level of investment grade. Both ratings companies
are reviewing the credit for a possible downgrade and say Dynegy's
buyout plan is what's keeping the grades above junk.

     ``I don't think right now anybody knows exactly what Enron
is,'' said Mark Simenstad, who holds Dynegy bonds in the $5
billion he helps manage at Lutheran Brotherhood.

     ``Dynegy has proven to be pretty well-managed over the years
so you have to give them the benefit of the doubt here,''
Simenstad said. ``The hope is that if there's something they don't
understand they'll walk away.''

     Dynegy has $3.9 billion of bonds outstanding, most of which
come due between 2002 and 2011, according to Bloomberg data.

     Shares of Houston-based Dynegy, which topped $47 two weeks
ago after Chief Executive Chuck Watson said the Enron purchase
would boost earnings by at least 35 percent next year, fell $1.30
to $39.10 in mid-afternoon trading today. Enron's shares, down 92
percent this year, fell as much as 80 cents, or 17 percent, to
$3.91, a the lowest since 1987.

ENRON SHARES SLIDES TO ALL-TIME LOW

By CBS.MarketWatch.com

4:53 PM ET Nov 26, 2001

HOUSTON (CBS.MW) -- Enron shares fell as much as 20 percent Monday,
crashing through the $4 level for part to set an all-time low and cast
additional doubt on the energy merchant's plan to be acquired by rival
Dynegy.

Enron (ENE) set a new all-time low of $3.76 Monday afternoon before
closing at $4.01, off 70 cents. More than 60 million shares changed
hands, making it the most active issue on the New York Stock Exchange.

The stock has lost about half its value since Dynegy announced an
agreement to buy Enron on Nov. 9 and more than 85 percent of its value
in the past month.

Meanwhile, shares of Dynegy (DYN) lost $1.15, or 2.8 percent, to stand
at $39.25.

The collapse in Enron's share price has made it more likely that Dynegy
and Enron will have to renegotiate the terms of their original deal, in
which 0.2685 of a Dynegy share would be exchanged for each outstanding
Enron share.

However, the Financial Times reported that Dynegy remains confident of
its ability to complete a deal for Enron, which has been seeking $500
million in private equity capital to shore up its finances.

"We continue to hear reports the Enron's energy marketing and trading
business, once the crown jewel of the company, has eroded badly with
counterparties only willing to do shorter-term deals," A.G. Edwards
& Sons analysts Charles Fishman and Douglas Fischer wrote in a
research note Friday.

Enron investors do not believe that the merger is likely to occur under
the current terms, the analysts said.

Chance of Dynegy backing out

_______________________________________________________________________

On Monday, Michael Heim, also of A.G. Edwards, attributed Enron's
latest stock drop to "growing belief that the likelihood of the (merger)
deal is not so likely."

He pointed out that the outlook for Enron is "not very favorable" but
in the meantime, it's doing everything it can to stay "afloat" while
working on closing the deal.

Last week, Enron said it got a bank extension on a $690 million note to
mid-December. The note was originally set to come due in 2003, but was
bumped up to Nov. 26 due to a rating downgrade at Standard & Poor's.
<http://cbs.marketwatch.com/news/story.asp?guid=%7B81418CA4%2D11A5%2D4C7C%2DA602%2DCF3DA4BCAA7B%7D>

The payment by itself is manageable because Enron has about $2 billion
in cash on its hands, Heim said, but "the event moves Enron's merger one
step closer to the point in which Dynegy is able to exercise the
merger's material adverse condition clauses and back out of, or
restructure, the merger deal."

Heim has a "sell" rating on the stock.


I heard you are scheduled for another interview.  Good luck.


EB3127 - Fiscal Yr. 2000 Audit Issue/Arthur Anderson(Juan Camarillo,Michelle
Atwood)

Thanks,

"Z"
x54858


Lunch this week?


Good morning, everyone!

Many of you have called or emailed me about Lexis and Westlaw Luncheon
invitations I sent with past dates.  Those were sent by Andrew Wu to you last
night.  Andrew Wu is in EES Legal.  Last night, his emails in his inbox were
altered to "send" status and you all received my old emails about various
Lexis and Westlaw lunchoen we already had in the past few months.   Enron
Global Messaging Center is aware of the problem and will fix it soon.  I
apologize for the inconvenience and confusion it has caused you.   But I
learn that many of you are interested in Lexis Cyberlaw training.  I'll
coordinate with Lexis Corporate Attorney to do one in the near future.   I
will send out invitation when I have the date scheduled.

Thanks,
Sylvia Hu
Corporate and Law Information Services
x36775

----- Forwarded by Sylvia Hu/Corp/Enron on 10/26/2000 09:16 AM -----

	Thomas Schafer
	10/26/2000 08:35 AM

		 To: Sylvia Hu/Corp/Enron@ENRON
		 cc:
		 Subject: Messaging problems last night

  GENERAL ANNOUNCEMENT

From: Cindy Olson, Executive VP on 10/26/2000 12:24 AM
Sent by: Enron Announcements
To: All Enron Worldwide
cc:
Subject: Erroneous Messages sent by Andrew Wu/HOU/EES on Wednesday, October
25th

On Wednesday, October 25, at approximately 7 p.m. CST, you may have received
e-mail messages which appear to have been sent from Andrew Wu/HOU/EES.  These
e-mails were generated as the result of an erroneous messaging agent which
originated on the EES mail system.  The overall effect of the messaging agent
allowed the "auto-reply" of all messages within Andrew Wu's mail file, many
which included the Global Distribution group of "Enron Worldwide".  The Enron
Global Messaging group alerted EES Mail Administration to the event and were
successful in disabling the "auto-reply" agent rather quickly, however,
numerous mail messages had already been delivered to your server mailbox.  If
you received any of these messages, please delete them and do not reply back
to Andrew Wu regarding the receipt of the messages.

We apologize for the inconvenience that this may have caused you and will
strive to ensure that a similar incident does not occur in the future.

Thanks,
Enron Global Messaging Team


Dave,

Can you send me the inputs to these deals:
NZ3181.2
Q47451.2
NR3966.2
NY3210.1
Q18541.3

I would like to see the inputs to the system for the calculation of these
deals to verify the skew number and the other deal components.

If you have any questions please call me.

Dutch
3-9257


I know that we try to limit the provisions but we should consider:

1.  confidentiality (in the miscellaneous section, perhaps)
2.  setoff where there is no early termination date (is this covered by NY/TX
state setoff laws?)

I'll try to meet with Carol and Shari next week to develop a list of
issues/recommendations for you.  We may come up with more omnibus items.  SS

To: Brent Hendry/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Sara
Shackleton/HOU/ECT@ECT, Carol St Clair/HOU/ECT@ECT, Shari Stack/HOU/ECT@ECT,
Marie Heard/HOU/ECT@ECT, Tana Jones/HOU/ECT@ECT, Susan Flynn/HOU/ECT@ECT,
Susan Bailey/HOU/ECT@ECT
cc:
Subject: Omnibus Revisions?

Richard Sanders has asked us to revise the arbitration language in our forms
- including the Omnibus Annex A.  Please give some thought to whether there
are any other revisions we should make at this time.  We make every effort to
minimize the frequency with which we change the Annex (it has only been
changed once since its inception) so it is important that we get as many
necessary changes made at this time as possible.

Mark


---------------------- Forwarded by Judy Hernandez/HOU/ECT on 03/28/2000
10:19 AM ---------------------------
MICHELLE
NEVILLE
03/27/2000 03:09 PM

To: Regina Blackshear/Corp/Enron@ENRON, Angela Barnett/HOU/ECT@ECT, Judy
Hernandez/HOU/ECT@ECT, Tina Lamb/Corp/Enron@ENRON, Gwendolyn
Williams/HR/Corp/Enron@ENRON
cc:
Subject: Prayer Wheel

---------------------- Forwarded by Michelle Neville/HOU/ECT on 03/27/2000
03:07 PM ---------------------------

Gwendolyn Williams@ENRON
03/27/2000 02:20 PM
To: Christa Aguilar/HR/Corp/Enron@Enron, LaDonna Avery/HOU/ECT@ECT, Tharsilla
Broussard/HR/Corp/Enron@Enron, cduplechaine@wickliff-hall.com,
jglenn@enron.com, Sonja Galloway/Corp/Enron@Enron, mhall@wickliff-hall.com,
danielle.harper@wcom.com, Randi Howard/HR/Corp/Enron@Enron, Tina
Lamb/Corp/Enron@ENRON, artistontherise@msn.com, lenora19@msn.com, Kamesha
Nelms/HOU/ECT@ECT, Michelle Neville/HOU/ECT@ECT, NVMBrown@msn.com, Jorge
Olivares/Corp/Enron@ENRON, Veronica Parra/HOU/ECT@ECT, Juanita
Pauldon/HR/Corp/Enron@Enron, lphelps@wickliff-hall.com, Cynthia
Ramirez/HOU/ECT@ECT, rrasberry@gardere.com, Jewel Revis/OTS/Enron@ENRON,
jjreynolds@jenkens.com, sunshi0218@aol.com, gwhite@hess.com
cc:
Subject: Prayer Wheel

PRAYER WHEEL

When you receive this, say a prayer for the person that sent it to
you.... That's all you have to do....There is nothing attached....This
is powerful.... Just send this to four people and watch God answer
prayer to work in your life.

Do not break this, please.... Prayer is one of the best free gifts we
receive.... There is no cost but a lot of rewards.... Let's continue
praying for one another. Thanks for praying.


Can I get more detail?  I think Mike and I are open to suggestions on
anything in your world.  Jeff

John L Nowlan
11/03/2000 11:48 AM
To: Mike McConnell/HOU/ECT@ECT, Jeffrey A Shankman/HOU/ECT@ECT
cc:
Subject: Shipping

Visited with a ship owner this week who has 2 vessel's they are looking at
taking ownership and would like us to work with them on a 5 year time
charter. Both vessels are clean products vessels and we can go over the
opportunity in more detail. My questions, are this something 1) we are
looking to pursue? 2) is it being coordinated at some level? The opportunity
we are looking at would have some MTM value and some forward risk but the
vessels do handle all the products we trade so we can keep the active and we
also could use the space to market online. I like the structure and believe
it is worth a good look.


Nick:

 I was wondering if it would be a big problem if I end up not being able to
attend the grand opening.  I really want to attend, but I am having some
scheduling problems.

 Please let me know if my missing the event would create any problems.  (I
know I'm important, but I'm sure it would be ok for me to miss.)

      Steve


<<IPW111901.pdf>>

Good Morning,

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

Summary:
1. IPPs Rise 5.0%   Last week our IPP composite rose 5.0%, outperforming the
S&P 500 (+1.6%) and the NASDAQ (+3.8%). AES Corp (AES), which was up 22.2%,
was the strongest generator in the group followed by Reliant Resources (RRI)
which rose 11.0%.  Orion Power (ORN) was the weakest performer, rising 1.2%.

2. Generation Oriented Utilities Fall 2.8%   Our universe of
generation-oriented utilities fell 2.8%, in-line with the UTY (-2.5%).
Black Hills (BKH), Cleco (CNL) and Constellation Energy (CEG) all rose less
than 1%.  Allegheny Energy was the weakest performer, down 7.6%.

3. ENE/DYN + Attractive Valuations Boost Stock Prices   Last week was the
3rd consecutive week of positive stock price performance for the group.
Driving stock prices higher, investors continued to grow more comfortable
with the Enron situation following confirmation of Dynegy's intention to
acquire Enron and provide immediate liquidity support by investing $1.5
billion.  Further, we believe the group simply remains oversold.  The pure
play power producers are trading at a 7% average discount to their private
market asset values.

4. Notes From Mirant Meeting   Mirant hosted an upbeat analyst meeting last
Tuesday.  MIR reiterated that 80% of its 2002 forecast is supported by
earnings from hedged (generation and natural gas) and franchise businesses
(distribution).  MIR also provided an in-depth review of how it accounts for
its risk management activities.  Management noted that it could maintain its
credit rating without any new equity issuance over the next 12 months.
However, it would be eager to access the equity market should conditions
improve in the near-term.

5. Power Market Update   Last week the US power markets were generally weak
across the country owing to mild weather and falling natural gas prices.
While the Mirant National Power Index fell 17.1% last week, the Natural Gas
Week composite spot price fell 23.2%.  Spark spreads improved in the
Northeast and Texas, while compressing in California and the Southeast.

6. Debt Market Update   Credit spreads tightened across the sector last week
due to diminished ENE concerns and positive stock price performance.

Regards,

Neil Stein   212/325-4217

This message is for the named person's use only. It may contain sensitive and private proprietary or legally privileged information. No confidentiality or privilege is waived or lost by any mistransmission. If you are not the intended recipient, please immediately delete it and all copies of it from your system, destroy any hard copies of it and notify the sender. You must not, directly or indirectly, use, disclose, distribute, print, or copy any part of this message if you are not the intended recipient. CREDIT SUISSE GROUP and each legal entity in the CREDIT SUISSE FIRST BOSTON or CREDIT SUISSE ASSET MANAGEMENT business units of CREDIT SUISSE FIRST BOSTON reserve the right to monitor all e-mail communications through its networks. Any views expressed in this message are those of the individual sender, except where the message states otherwise and the sender is authorized to state them to be the views of any such entity. Unless otherwise stated, any pricing information give!
n !
in this message is indicative on
ly, is subject to change and does not constitute an offer to deal at any price quoted. Any reference to the terms of executed transactions should be treated as  preliminary only and subject to our formal written confirmation.


I have asked my assistant, Jan King to schedule a dial in conference call
with you all tomorrow morning to go over the Palo Alto situation.  I am
trying to understand the history of the ISDA and Gas negotiations over
authority so that, as the late comer to the party, I don't tromp all over
their sensibilities (which I think I may have already done)   In the physical
power group, we approach the issue of getting proper authorizations from
cities along the lines set forth in the documentation below.  This is the
perspective I will be bringing to the conversation and look forward to
efficiently deciding on how to procede with all agreements with you all
tomorrow.

----cgy
---------------------- Forwarded by Christian Yoder/HOU/ECT on 03/06/2001
12:53 PM ---------------------------

SHARI STACK
03/06/2001 09:40 AM
To: Christian Yoder/HOU/ECT@ECT
cc:
Subject: Your request for Schedule M

C-

The Schedule M I sent the group yesterday is the one that contains mine and
Pat's revisions. I will attach it again for ease of reference.

The one we did for City of Azusa is based on the revised form above except
that we plugged in the relevant Act relating to City of Azusa as well as
their funds. Also - Azusa did not want to get an external legal opinion so we
changed that in their Schedule M. Otherwise though, the Schedule M w/ them is
identical to the revised Schedule M above. Having said that - you are
certainly welcome to see the Schedule M we signed with City of Azusa and here
it is:

Take care,

Shari


EBS Update
FERC Update (w/Sue)
Congressional and FERC hearings in S.D. next week
Gas Update

	Joseph Alamo
	09/06/2000 07:02 PM

To: Paul Kaufman/PDX/ECT@ECT, Mona L Petrochko/SFO/EES@EES, Jeff
Dasovich/SFO/EES@EES
cc:
Subject: AGENDA ITEMS REQUEST FOR THIS WEEK'S STAFF MEETING

LAST CALL FOR AGENDA ITEMS FOR TOMORROW'S STAFF MEETING!!!! Thank you!!!
---------------------- Forwarded by Joseph Alamo/SFO/EES on 09/06/2000 05:01
PM ---------------------------

	Joseph Alamo
	09/05/2000 04:33 PM

To: California Government Affairs, Paul Kaufman/PDX/ECT@ECT, Mary
Hain/HOU/ECT@ECT, Marcie Milner/Corp/Enron@ENRON
cc: Lysa Akin/PDX/ECT@ECT
Subject: AGENDA ITEMS REQUEST FOR THIS WEEK'S STAFF MEETING

For the first time in quite awhile.......please forward to me your agenda
items - if any - for the next Staff Meeting, currently scheduled for this
Thursday, September 7th at 8:30 AM PDT.

Thanks in advance for assisting with this request.

Joseph Alamo
Sr. Administrative Assistant
Government Affairs - The Americas
San Francisco CA


JimBeaux3747@aol.com

It has been great and all of you have been wonderful to work with.

Frank

 -----Original Message-----
From: 	McKinney, Hal
Sent:	Friday, November 30, 2001 2:48 PM
To:	Abel, Chris; Wilson, Shona; Luong, Anita; Thibodeaux, Kenneth; Allison, John; Trevino, Susan; Hernandez, Nancy; Schultz, Cassandra; Adams, Aaron; McClure, Zakia; Ramesh, Ganapathy; Considine, Keith; Lim, Francis S.; Husain, Karima; Prejean, Frank; Bruce, Michelle; McLaughlin Jr., Errol; McDowell, Shirley; Scott, Susan M.; Couch, Greg; Barrington, Paul; Johnson, Luchas; Quigley, Dutch; Schulte, Vanessa; Wang, Huei-Ying; Jones, Brad; Shea, Alex; Brewer, Charles
Subject:	Contact Info

(Just in case...) I have enjoyed working with all of you talented people.

Good Luck & Thanks,

Hal McKinney
work - (713)345-3707
cell - (281)773-7982

hmckinney3@yahoo.com


for your information and email folder
---------------------- Forwarded by Kay Mann/Corp/Enron on 03/28/2001 11:57
AM ---------------------------
From: Reagan Rorschach/ENRON@enronXgate on 03/28/2001 10:29 AM
To: Keith Comeaux/Corp/Enron@Enron, Kayne Coulter/HOU/ECT@ECT, Edith
Cross/HOU/ECT@ECT, David Fairley/ENRON@enronXgate, Rogers
Herndon/HOU/ECT@ect, Jim Homco/HOU/ECT@ECT, Madhup Kumar/ENRON@enronXgate,
Kay Mann/Corp/Enron@Enron, Christi L Nicolay/HOU/ECT@ECT, Ozzie
Pagan/ENRON@enronXgate, Leslie Reeves/HOU/ECT@ECT, Edward
Sacks/ENRON@enronXgate, Stacey W White/HOU/ECT@ECT, Lloyd Will/HOU/ECT@ECT
cc:

Subject: Planning Meeting for Clarksdale/Yazoo City

Last night Marvin Carraway, General Manager of Clarksdale Public Utilities,
presented our LOI to his board.  They approved it, and he signed it.
Thursday night Bob Priest, General Manager of Yazoo City Public Utilities,
will present to his board and sign it as well.  The two cities formed a joint
action agency called Mississippi Delta Electric Agency (MDEA).

Everyone should have received the LOI via email on Monday.  Let me know if
you didn't.

We need to have MDEA functional by May 1 to coincide with their exit from the
Municipal Electric Agency of Mississippi (MEAM).  David Fairley and I are
planning to visit Clarksdale and Yazoo City Monday and Tuesday to talk with
them about all the activiy that is about to start up.

In order to identify and coordinate all of this, we would like to have a team
meeting.  If I left anyone off of the distribution list, please have them
attend, and I'll get them added.

Time:   11.30 am Thursday morning (3/29/01)
Duration: We have the room for 2 hours
Place:  EB3321
Food:  Lunch provided

I am pulling together an agenda/list of known issues and will email out later
today.  If I don't get to everyone before then, send any ideas/issues to me
by email.

Thanks,

Reagan Rorschach
x53363


I will call you at 3 pm (Houston time) which is 5 pm (Sao Paulo time).
Please confirm.  Regards.  Sara


Dear Drew Fossum, :

?

I know what you are thinking another junk email to add to your trash bin. But
WAIT, before you click delete, I would like to urge you to read this email.
This email contains valuable information about CBI's 5th Annual Private
Energy in Turkey Event. Register by November 22 and Save $300. Please mention
Your Priority Code of PB075EMB. Don't miss CBI's 5th Annual Private Energy in
Turkey ) Status of Projects and Sector Restructuring, Financing Options and
Legal Requirementson December 11-12, 2000 in Washington, DC.
http://www.cbinet.com/wconnect/wc.dll?CBEvent~GetMoreInfo~PB075


Dan and Dan,
The Colton group (John Anderson, Don Colton, Gregg Colton and Mike
Pinnell)owns 15% of the Bonepile lease through North American Petroleum, LC
(NAPLC).  The four individuals executed the JOA and participated in all
wells drilled thus far in their individual capacities.  However, title to
the underlying leasehold ownership is technically still in the name of North
American Petroleum, LC.  EOW has received specific authority from NAPLC in
the form of a Seller's Representative Agreement to enter into the Enron GPA,
GSA and the WHGGS Mortgage.

EOW will either need to execute all agreements as Seller's Rep for NAPLC or
EOW can execute a ratification of all agreements on behalf of NAPLC, its up
to Dan.

Doug

-----Original Message-----
From: Dan.J.Hyvl@enron.com [mailto:Dan.J.Hyvl@enron.com]
Sent: Thursday, March 02, 2000 4:57 PM
To: Dan.J.Bump@enron.com; dkg@enernetok.com
Subject: Re: Quantum

Attached below are hopefully the final versions of the related agreements.
Please print out at least three orginials of each for execution.  I should
have the recording information back by Monday on the Enernet liens which I
will include in the next version of the Mortgage exhibit as well as a
notation that the bank mortgage was subordinated to the enron mortgage.
Please call if you have any questions.

(See attached file: QuantumGPA4ctr.doc)(See attached file:
QuantumGSA4ctr.doc)(See attached file: QuantumMTGactr.doc)(See attached
file: 2000-03mis.doc)


I had a chance to speak with Christian LeBroc this morning with regard to curve building for petrochemicals.  As it turns out, Christian left RAC in April and joined the Petrochem Desk as a trader.  Previous efforts at construction of a forward curve by the group have focused on intuition or SWAGs.  Unfortunately, the group had a rough P&L year with at least some of the blame directed toward the forward curve or lack thereof.  When asked about the fundamentals group, Christian indicated that they'd only been around about 3-4 months and are not yet well-suited to curve building.  John Nowlan is indeed the head of the group.

From a timing perspective, I told Christian that it would probably take at least 6-8 weeks to develop a curve, especially considering the need to understand the key market drivers/fundamentals.  As was suggested yesterday during our meeting, a strong relationship between petrochemicals and a NYMEX component (e.g., crude oil) would provide a great beginning point--we could then potentially strengthen/augment  this relationship with other key factors (e.g., supply and demand terms) borne out of our market research.

Nelson


Oregon Law Institute, Northwestern School of Law of Lewis & Clark
College, is pleased to present a program for paralegals and secretaries
on &Mastering Your Profession8 on Friday, June 15th, which by
proclamation of the Office of the Governor is &Paralegal Day8 in the
State of Oregon. The program, which is a valuable networking opportunity
for paralegals, will be held at the Standard Insurance Center Auditorium
in Portland.

Take advantage of our &early bird8 price of $115 for paralegals and
secretaries through June 11th (price includes lunch).

Equip your paralegals and secretaries with the necessary skills for a
successful career in the legal field. This program provides paralegals
with essential communication skills, as well as valuable  information on
how to master balance in his/her life, how to use personal image to
represent the legal profession with honor, and how to deal with ethical
situations that may arise.

The brochure is attached in PDF format. You may also contact the Oregon
Law Institute at 503-243-3326 or 800-222-8213 for a brochure or to
register your paralegal now at the &early bird8 tuition.

--
Oregon Law Institute
Northwestern School of Law
of Lewis & Clark College
620 SW Main, Suite 706
Portland, OR  97205
PH:      (503) 243-3326
         (800) 222-8213
FX:      (503) 242-2931
E-mail:  oli@lclark.edu

 - 01.pdf


Jeff,

Great to see Enron and you doing so well.  Congratulations on the -belated-
CEO ship, the blowout first quarter,
and the recent piece in Bloomberg.

Since we last met Luminant has done a important and impactful work for Enron
(EES, Enron Networks, Global
Sourcing, Broadband among others).  The Oasis and the Websource Intranet
sites are examples of the results of
this work.  Phillippe recently selected Luminant as one five integrators
that Enron will use going forward.

David Quackenbush, Luminants COO, has been personally involved in leading
the work at Enron.  He and
Jim Corey Luminant's CEO would like to have the opportunity of meeting with
you, bringing you up to date
on the work, and inviting you to consider joining the Luminant board.

I am no longer affiliated with Luminant but David asked me to let you know
of their interest.  He will be
following up and seeing if there will be an opportunity for you to meet with
them.

Regards,

Gil Marmol


-----Original Message-----
From: eruscitti@reliant.com [mailto:eruscitti@reliant.com]
Sent: Thursday, November 01, 2001 7:58 AM
To: jantom65@yahoo.com; gloruscitti@hotmail.com; Ruscitti, Kevin
Subject: Fwd: Fw: IMPORTANT: PLEASE READ

----- Forwarded by Elisabeth A Ruscitti/HLP/HouInd on 11/01/01 07:56 AM
-----

                    TAGSNOW@aol.c
                    om                   To:     jchew@myers-cpa.com, MEConleyC21@aol.com,
                                         adevine@home.com, dc510@home.com, gracegallen@yahoo.com,
                    11/01/01             coolhand@nni.com, DeaconAnt@aol.com, SpottedDog1501@aol.com,
                    07:33 AM             jtagert@davidsbridal.net,
                                         Elisabeth_A_Tagert@reliantenergy.com, bs.tag@verizon.net,
                                         rtagert@nwwater.com, taglet@optonline.net,
                                         TagertS@suburbanwater.com, tagerts@ecsinc.com
                                         cc:
                                         Subject:     Fwd: Fw: IMPORTANT: PLEASE READ

----- Message from "Palma3" <palma3@snip.net> on Wed, 31 Oct 2001 08:27:43
-0800 -----

      To: "Sweda" <crazywoman1006@prodigy.net>, "Sandra Taggert" <tagsnow@aol.com>, "Ron
          Calogero" <roncalogero@bellsouth.net>, "Rob Schive" <RSchive@aol.com>, "Michele
          Fore" <msfore@jersey.net>, "Marybella Oxley" <jandmoxley@snip.net>, "Mary & Tom"
          <tls@eaglequest.com>, "Linda Hoffman" <lindysue121@aol.com>, "kristen bush"
          <stars0729@aol.com>, "Kathy Kovitch" <pocobear@epix.net>, "karen Pirolli"
          <mpirolli1@home.com>, "Jenn Uber" <Browneyes247@aol.com>, "Elisa & Chris Vanaman"
          <lovelee52@home.com>, "Diane Compton" <moved@epix.net>, "Bernadette Ford"
          <bford74@home.com>

 Subject: Fw: IMPORTANT: PLEASE READ

----- Original Message -----
From: J Bessing
To: Vincent Baehr ; Tony & Marie Stefanowicz ; Robyn Baehr ; Palma Betz ;
Joni Bessing ; Doug Bessing ; Darryl & Sandy Bessing ; Dan Prangler ;
Carole & Jim Joiner ; Bob & Linda Bessing ; Beth Ward ; Bill Emerson ;
Vince Rencher
Sent: Tuesday, October 30, 2001 7:46 PM
Subject: IMPORTANT: PLEASE READ

AP Camden,NJ: A terrorist cell has been broken up in Camden just east of
Philadelphia. Four of the members have been apprehended by the Camden
Police, with the fifth still at large. Arrested in the Camden sweep were
Bin Eatin, Bin Smokin, Bin Sleepin and Bin Drinkin. All are being held on
illegal immigration
charges. Police stated that they can find no one fitting the description of
the fifth cell member, Bin Workin, in the area. But Camden Police are
confident that anyone who resembles Bin Workin would be easy to spot in
Camden.


We may need the underlying agreements at Elba.  Here is the letter agreement.
---------------------- Forwarded by Phil DeMoes/Corp/Enron on 12/04/2000
02:00 PM ---------------------------

John Griffith
12/04/2000 01:47 PM
To: Phil DeMoes/Corp/Enron@ENRON
cc:

Subject: LNG TRANSACTION AROUND THE ELBA ISLAND LNG TERMINAL

---------------------- Forwarded by John Griffith/Corp/Enron on 12/04/2000
01:45 PM ---------------------------

	From:  Eric Groves @ ECT                           11/30/2000 05:41 PM

To: John Griffith/Corp/Enron@Enron
cc:

Subject: LNG TRANSACTION AROUND THE ELBA ISLAND LNG TERMINAL

here ya go.
---------------------- Forwarded by Eric Groves/HOU/ECT on 11/30/2000 05:41
PM ---------------------------

Les Webber @ ENRON_DEVELOPMENT

11/25/2000 06:16 PM
To: Eric Groves@ECT
cc: Doug Arnell/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
Subject: LNG TRANSACTION AROUND THE ELBA ISLAND LNG TERMINAL

ERIC:

We had a brief discussion regarding the LNG sales arrangement Enron has
entered with El Paso Merchant Energy (successor to Sonat Energy Services)
centered on the firm service capacity that Merchant holds at the Elba Island
LNG Terminal, which will be reactivated to accept LNG tanker deliveries
sometime late next year or early in 2002.

Enron signed a binding Letter Agreement (which included a fairly
comprehensive Term Sheet) with Merchant on October 13, 1999.  A copy of this
agreement is attached hereto.

It was anticipated that the parties would execute a "Definitive Agreement",
which would replace the Letter Agreement and contain a number of other terms
and conditions to be mutually agreed upon.  As a precaution, the Letter
Agreement did outline a process to bring closure to this matter in case the
parties could not agree.

The parties did work together for several months on negotiating an "LNG Sale
and Purchase Agreement", which added a considerable number of important
provisions and modified a number of terms and conditions contained in the
Letter Agreement for the benefit of both parties.  However, the Quality
Letter Agreement, which is an attachment to the Letter Agreement, has become
a major source of contention for two primary reasons:
despite the fact that the parties did not intend to modify the Quality Letter
Agreement, it is apparent to Enron, and indeed to Merchant, that this
agreement does not position the Terminal with the capability of handling LNG
from any meaningful number of LNG production sources in the world.
Southern LNG, which is a party to the Quality Letter Agreement, has no
intention of agreeing to meaningfully modify its Terminal, although something
could be worked out if Enron were to eliminate a considerable portion of its
flexibility and optionality in its sales arrangement with Merchant, an
affiliate of Southern LNG.

I am attaching a copy of the LNG Sale and Purchase Agreement, as it was last
drafted in early July this year.  This draft does represent some considerable
movement from the Letter Agreement, but we found it to be acceptable with the
assumption that the quality issue would be favorably resolved.  This copy is
in the comparewrite format, but I think you will be able to work your way
through it for your purposes.

When it recently became apparent that w would not be able to close with
Merchant in terms acceptable to use, we decided we had better move back to
the Term Sheet intent, even though both parties will realize some
unattractive returns.  We have now drafted up the "Definitive LNG Sale and
Purchase Agreement', which we believe captures the full intent of the Letter
Agreement and Term Sheet.  It is attached below for your review.

Following your review of the pertinent aspects of these last two documents,
we would appreciate the opportunity to meet with you to discuss how, from a
pricing point of view, they might be better restructured.

Regards.
Les


Anna,

I have reviewed the existing ECTRIC, Norweigan Branch HDD Swap GTC's.  In
contrast to the Financial GTC's which when read with the ETA are drafted on
the basis that the GTC's only apply if an ISDA has not been executed,  the
HDD Swap GTC's have been drafted to work in unison with the ISDA framework.
The HDD Swap GTC together with the specific documentation for each
transaction constitutes a Confirmation under the ISDA Master Agreement.   As
such every counterparty should be required to accept the GTC's regardless of
whether or not they have an ISDA Master Agreement in place.  If an ISDA
Master has been executed this will govern the HDD Swaps as modified by the
terms of the relevant GTC's.  If no ISDA Master is in place the GTC's will
govern.

I have made some drafting changes in respect of the existing HDD Swap GTC's
which I have forwarded to Mark and Justin for comments.  I will revert to you
in due course with respect to any changes.

Best regards,

Denis

Anna Gardiner
04/09/2000 09:48
To: Justin Boyd/LON/ECT@ECT, Denis O'Connell/LON/ECT@ECT
cc: Enron London - EOL Product Control Group/LON/ECT@ECT, Frank L
Davis/HOU/ECT@ECT

Subject: GTC's for weather

Justin/Denis

When we recently launched Swedish, UK, Norwegian and French weather HDD swaps
on EOL, there were three counterparties that were indicated as having ECTRIC
masters in place that would apply when trading  weather HDD swaps.  Dave
Forster's email below indicates that these masters should not be used for
weather transactions and that we should use either the GTC or a
weather-specific Master Agreement.

The counterparties that legal initially indicated as having masters in place
for weather transactions are as follows:

Morgan Stanley Capital Group Inc - ECTRIC master in place no. 96023172
J.Aron & Company - ECTRIC master in place no. 96033708
The Chase Manhatten Bank - ECTRIC master in place no. 96040163

Please could you confirm (as Dave states below) that these master agreements
should not apply for trading weather HDD swaps and that the above mentioned
counterparties should really have a weather-specific master in place or be
asked to accept the applicable GTCs online.

For your information I have attached the original counterparty profile list
reviewed by Edmund.  The master agreement numbers that are crossed out are
those masters that were applicable when the legal entity for HDD Swaps was
ENA. The legal entity is now ECTRIC, Norwegian Branch.

Please could you advise me as soon as possible.

Thanks

Anna

---------------------- Forwarded by Anna Gardiner/LON/ECT on 04/09/2000 09:23
---------------------------

Amita Gosalia
04/09/2000 08:19
To: Enron London - EOL Product Control Group/LON/ECT@ECT
cc:

Subject: GTC's for weather

Guys

Can you please check for our weather products.

A
---------------------- Forwarded by Amita Gosalia/LON/ECT on 04/09/2000 08:21
---------------------------
From: David Forster@ENRON on 01/09/2000 14:21 CDT
To: Frank L Davis/HOU/ECT@ECT
cc: Mark Dilworth/LON/ECT@ECT, Sheri Thomas/HOU/ECT@ECT, Amita
Gosalia/LON/ECT@ECT

Subject: GTC's for weather

It has come to my attention that when we have a Financial Master Agreement in
place, we have identified that a Master exists for the Weather Products.

This is not correct as the ISDA Masters do not properly cover weather. For
Weather transactions, we need to use either the GTC or a weather-specific
Master Agreement.

Frank: Could you please arrange to identify which companies have already
transacted on weather and have done so ostensibly under an ISDA?  Could you
please also coordinate with Mark as necessary to update Customer Profiles so
that customers with ISDA's will need to accept GTC's?

If we have customers who have ostensibly transacted already under their
ISDA's, let's identify who they are and then decide on a course of action for
their profiles.

Thanks,

Dave


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The committee has started working on the first phase of the Technology Plan
which is to develop an intranet web page for ENA Legal.   Phase I of the plan
is designed to populate the web page with static information such as
organization chart, telephone and location numbers, databases, links, etc.
We would greatly appreciate your help identifying all databases currently
used by Legal that we can centralize in the web page.  Listed below are only
a few of the databases I know about.  Please review this list and let me know
if any of these database should not be centralized in the web page, or if
your group utilizes other databases not listed below, please provide me with
the name, location and owner of the database.

The group is scheduled to meet again on Wednesday, October 25, so if you
could reply to me by Tuesday, October 24 it would be greatly appreciated.

Thanks.
Nony Flores

LOTUS DATABASES

Legal Foreign & Domestic Database
Enron Europe Jurisdiction Library
Jurisdictional Document Library
Liquids Tracking Database
New Master Swap Agreements
Coal Contracts Database
Coal Contracts:  Executed
Litigation Tracking Database

ACCESS DATABASES    Location:

Confidentiality Agreements    O:\Legal\...

EXCEL DATABASES     Location:

OTHER DATABASES    Location:


The Aquila issue has been largely addressed: the killed deals have been
primarly due to one trader there-Par O'Kane, and I've spoken with him on
this. I think this will resolve the problem. The Kock issue seems to be a
hardware issue on their side, and I spoke with the head of IT/b to b there
and she assured me they are trying to resolve this issue.  I offered one of
our tech guys to visit their shop.  Jeff

	Enron North America Corp.

	From:  Sheri Thomas                           03/14/2000 05:20 PM

To: Jeffrey A Shankman/HOU/ECT@ECT, Greg Whalley/HOU/ECT@ECT
cc: Sally Beck/HOU/ECT@ECT
Subject: Killed EOL Deals

Sally asked that I forward the detail of the "killed" EOL transactions to
both of you.  We have emphasized the importance of stressing to our customers
that a deal transacted via EnronOnline is a binding/legal transaction, but we
have continued to see a few of these deals occur.  In summary, we have had a
total of 33 killed transactions since inception, the majority of which have
been with Aquila (5), Koch (8), and internal trades (13).  Obviously, the
ones that concern us the most are those transactions with third parties, and
most of these have been due to claimed web latency and transactions not
appearing on the customer's summary report.  It is important to stress to the
Commercial team that the way to "get out of a trade" is to do an offsetting
trade or have our Legal Dept prepare a termination agreement.  Please feel
free to pass my name on to your respective groups as a point of contact to
work with Legal in the case of a terminated deal.

Feel free to call me with any questions (x36557).

Sheri


At Stephanie's request, I am approving the following three counterparties to
transact Enron power SALES only prior to these counterparties coming out on
tonight's Credit approval list (when we will do the full approvals):

The three new counterparties are:

GPU Service, Inc., as authorized agent for and on behalf of Pennsylvania
Electric Company

GPU Service, Inc., as authorized agent for and on behalf of Metropolitan
Edison Company

GPU Service, Inc., as authorized agent for and on behalf of Jersey Central
Power and Light Company

Call me if you have any questions...


The obligation indicated in the last email on the frist contingency
transmission cut is an accounting obligation.  Additionally, we have
operation obligations that are considered to be generally inlcuded in the
asset management and scheduling services.

Reagan C. Rorschach
Enron North America
1400 Smith Street
Houston, Texas 77002
713.345.3363


I'm here!!!!!!!!!!!!!!!!!!!  ( I have a meeting at 2 in my office for about
30mins, then I may be out of here for the day!!!!!!!!!!!!!!!!)   Come by.  If
you are still hungry we have some sausage pizza with canadian bacon with your
name on it.

Alexandra Saler@EES
12/13/2000 01:20 PM
To: Jeffrey A Shankman/HOU/ECT@ECT
cc:
Subject: Re:

this weekend in so crazy.  We will have to do something really fun when you
get back.  where are you going for so long?  I just got out of a three hour
meeting.  It was so freaking boring that I wrote a long letter to my best
friend from college.  About 15 minutes pertained to me.  To top it off, for
lunch they had four sausage pizzas.  Yum.  Who the hell orders that?
anyway...
write me.  I have to come pick u pa candy apple from the hyatt, but it is at
Yolandas desk near you.  when will you be there?  I'll come say hi!

To: Alexandra Saler/HOU/EES@EES
cc:
Subject: Re:

Emergency calls are great.  Used it, but dinner was quick.  So the kids
singing wasn't as good as barbara streisand's singing prayer songs?  I'm sure
it was fun, though.

Jeff is the king.  Already left him a message.
I'm out dec 19-28, so do you want to try to do something this weekend--FUN.
(I have a party to go to sat eve for a little while)
How's the day going?  Did you talk to Beth about Pinnacle?

Alexandra Saler@EES
12/13/2000 08:31 AM
To: Jeffrey A Shankman/HOU/ECT@ECT
cc:
Subject: Re:

Did you use the emergency call?  I almost called you on your cell phone in
case you needed another out!  I didn't get anything else at Saks but after
the singing I got the stuff an Neiman's that I needed.  I had a freak out
attack though b/c I thought I lost the Saks bag with the $600 bracelet in it
and was running around Neiman's like an idiot.  Then I remembered that I
DROVE from Saks to Neiman's and it was in my car.  I think I was just a
little bit on edge last night!  I met my friend at Barnaby's for dinner and
then got under the covers and finished my book.  It was great.  By the way, I
wish I dragged you to the singing b/c Sarah, the 10 month old cutest baby on
the planet was there.  She was clapping and singing along the whole time
which was the cutest thing especially b/c she was on my lap the entire time.
It was worth sitting through a horrible rendition of every Hanukkah song you
have ever heard!

How about your buddy Jeff!!!!  Have you congratulated him yet?  That is great!

To: Alexandra Saler/HOU/EES@EES
cc:
Subject: Re:

That glass of wine did the trick--I felt better  (more relaxed too!)  Dinner
was boring--so I got home and had another glass of wine!


Dear Jason Wolfe,
It has been a while since we spoke about your driving needs. Our inventory has changed since then and I realize your needs may have changed as well.
We can still have the vehicle you originally were interested in within 24 hours and we also have some that are similar with similar equipment, only less expensive. Toyota has special financing rates available on Corollas, Tundras, 4Runners and 2001 Siennas. We have great deals on 2002 Camrys.
If youd like to revisit our inventory, please click here www.smccalltoyota.com
I look forward to hearing from you soon.
Regards,
Joyce Mbiu
Internet Sales Manager
Sterling McCall Toyota
(713)270-3900 Ext 3835Click Here to be Removed from Future Mailings and Special Offers


Legal Issue & List - nothing yet. I have a meeting scheduled for tomorrow
with Don Hollingsworth's point man (Dennis Thompson) and will acquire these
two items ASAP.

Exec Recruiter -
Ted Bland has found three Executive Recruiting firms willing to assist us in
our search:
 Kenneth Kern & Associates - Ken Kern
 Korn Ferry International - Bruce Peterson & Bob Loftland
 David Preng & Associates - David Preng
I forwarded to him a copy of the City's Advertisement with all specifics,
including qualifications and salary offered, and a list of 35 potential
candidates which I have compiled based on my research. I have also made him
aware that the city absolutely will NOT offer a contract.

Lisa


Teresa,

It's OK to hire S. Tamarchenko as a summer temporary employee.
We need all the help we can get this summer.

I assume it will be 40 hrs a week, as long as ut conforms with all the
external
and internal regulations.

Vince


----- Forwarded by Jeff Dasovich/NA/Enron on 01/25/2001 09:40 AM -----

	Scott Govenar <sgovenar@govadv.com>
	01/24/2001 05:52 PM

		 To: Hedy Govenar <hgovenar@govadv.com>, Mike Day <MDay@GMSSR.com>, Bev
Hansen <bhansen@lhom.com>, Jeff Dasovich <jdasovic@enron.com>, Susan J Mara
<smara@enron.com>, Joseph Alamo <JAlamo@enron.com>, Paul Kaufman
<paul.kaufman@enron.com>, David Parquet <David.Parquet@enron.com>, Rick
Johnson <rick.johnson@enron.com>, Marcie Milner <mmilner@enron.com>, Sandra
McCubbin <Sandra.McCubbin@enron.com>, Tim Belden <Tim.Belden@enron.com>, Rick
Shapiro <rshapiro@enron.com>, Jim Steffes <james.d.steffes@enron.com>, Alan
Comnes <acomnes@enron.com>, Chris Calger <ccalger@enron.com>, Mary Hain
<mary.hain@enron.com>, Joe Hartsoe <Joe.Hartsoe@enron.com>, Donna Fulton
<Donna.Fulton@enron.com>, Steven Kean <Steven.J.Kean@enron.com>, Karen Denne
<kdenne@enron.com>
		 cc:
		 Subject: Rod Wright briefing

Assemblyman Rod Wright held another one of his informal discussions with
generators, IOUs and marketers.  This is what he said:

Assembly Speaker Robert Hertzberg is going to introduce a bill tomorrow
at 11:00 a.m. which will contain many of the same elements in ABX 1,
minus the 5.5.  This will be a more comprehensive bill which will
address arrearage, securitization and include some type of a stop loss
mechanism among other things.  It is unclear whether or not the bill
will be voted on tomorrow or held until Monday, but there will be a
hearing at 2:00 p.m.

SBX 1 will probably be heard tomorrow as well, although it is not clear
what action if any the Senate Energy Committee will take.

There are ongoing discussions about the state creating a transmission
corporation to operate but not own the transmission system.

There are ongoing discussions about allowing DWR to buy existing block
forward contracts, however the courts today issued a stay to prevent SCE
or the PX from taking any actions on the contracts until at least
February 2.

There are ongoing discussions about issuing ratepayer bonds in place of
the full faith and credit of the state which was absent from the DWR
RFB.

Sempra requested that the legislature repeal Utilities Code Section
355.2 which prevents IOUs from buying outside the PX.

Other items which arose today:

We spent the day meeting with legislators regarding expedited siting.
The response was positive, including from Senator Byron Sher who is the
key environmentalist in the legislature.  Our initial focus has been on
the trouble with getting air credits.

Governor Davis held a press conference moments ago where he indicated
that the average bid price for the DWR RFB is 6.9.   I will forward the
press release in the morning.

I have attached a press release from Governor Davis regarding the new
ISO board which includes information on the new members.

http://www.governor.ca.gov/state/govsite/gov_htmlprint.jsp?BV_SessionID=@@@@08
58855136.0980390190@@@@&BV_EngineID=faljlleidkhbemfcfkmchcgi.0&sFilePath=%2fgo
vsite%2fpress_release%2f2001_01%2f20010124_a01024_.html&sTitle=GOVERNOR+DAVIS+
ANNOUNCES+FIRST+MEETING+OF+NEW+ISO+BOARD&sCatTitle=Press+Release&iOID=13102


please read what are ur thoughts.  i hear u guys are coming up at the end of
the month to talk turrets for your new building and bandwidth stuff.
-----Original Message-----
From: Lacalamita, Peter
Sent: Friday, November 10, 2000 9:34 AM
To: Parris, Chad; Latto, Rich
Subject: Dynergy, November 8, 2000

Rich/Chad:

Check-out the following research piece from SSB on Dynergy, particularly the
section "Key Progress in Establishing Bandwidth Trading Platform".  My
question is this: SSB states the "Enron model" is built on pooling points
while Dynergy's strategy relies on "metro-hubs", which connect existing
points of presence in metropolitan areas.  Is this legit or BS, i.e. does
this analyst know what he talking about?

Thanks,

Peter

 - trc75458.pdf


Andrea,

After reviewing Bryan Hull's resume, I think he would be best suited for the
trading track program.  Please forward his resume to Karen Buckley.

Phillip