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ISN Ones to Watch 1/29/2002:Plain Vanilla Or Rocky Road?
________________________________________________________________
TABLE OF CONTENTS

1. Overall Sentiment
2. Observations
3. Portfolio Results & Changes
4. Alexander, Iliana and Maneva
5. The Paradox of the Fed
6. From the Readers
7. Sonny T's Latest Picks
8. Basing Patterns
9. Comment Welcomed

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1. Overall Sentiment

The financial press spent the prior weekend while I was in
South Beach "apologizing" for Alan Greenspan's Jan. 11
remarks concerning the dim prospects for an economic
recovery in 2002.

Stocks continued to decline.

It took an actual appearance by the Maestro himself to give
stocks a boost. In an appearance before a Senate committee,
the Fed Chairman practically repeated his Jan. 11
statements. However, he also asked that the market
interpret them in a bullish light.

It did.

The result was three straight days of rally following a
sell-off on Tuesday in the holiday-shortened week of Jan.
21-25.

Those up days helped the popular indexes close out the week
with slight gains.

The value of my ShareBuilder plan of 33 stock positions
also closed out the week with a slight gain of less than
1%.

The big winner in this passive, buy-and-hold portfolio, for
the week was Alliant Tech (ATK).

In the sake of fairness, the biggest loser was Micro
General (MGEN).

That's encouraging, of course. But, where will investors,
mainly the institutional crowd, decide to place client
money after the flood of Q4 earnings results subsides?

Investor's Business Daily this past week noted that there
were net inflows of money into the overall market during
October and November. December's preliminary figures
indicate some net outflow of funds from both stocks and
bond funds.

Indeed, the rally since Sept. 21 appears to have stalled,
particularly for the larger capitalization issues in the
Dow 30 and the S&P 500. The mid and small cap averages,
although down from levels reached earlier this month, have
been hit less hard.

IBD also notes that money continues to flow into value and
small cap stock funds and away from large cap and growth
funds.

In the paper's "20 Rules for Investment Success" section,
Rule 19 says, "Find out if the market currently favors big-
cap or small-cap stocks."

A check of the daily new highs list does corroborate the
trend that smaller capitalization issues remain in favor.

First Data Corp. (FDC), an S&P 500 component, and currently
held in my ShareBuilder account, did reach new highs last
week.

That has been the exception rather than the rule.

Wednesday's CNBC Squawk Box segment featured a regular
guest economist from a Wall Street firm (can't recall the
firm, but does it really matter?)

The economist opined that that the "plan vanilla small and
mid cap companies" would treat investors well in 2002,
while the Big Dogs would experience a rough and rocky road.

Unless they're in the industry, many investors don't know
about these small and mid cap stocks. We tend to shy away
from the unfamiliar and prefer to stick with the familiar.

This worked during the roaring 90's. The bear market of
2000 and 2001, though, has taught us that celebrity stocks
can experience periods where only the most devoted of fans
stick with them.

The question investors must answer is: Will the market
continue to like plain vanilla, or it will gravitate to
chocolate, strawberry and the more exotic flavors?

More important, though, is how many scoops of plain vanilla
becomes one scoop too many?

For investors closely watching their "investment calories,"
it is something to ponder.

2. Observations

On my weekly Saturday taxi ride to the supermarket, the
price for a gallon of regular gas at the convenience store
on Market Street was $1.03.99, down a whole penny from last
week.

Perhaps prices have stabilized for the moment. In fact,
we're hearing the word 'stabilized" a lot these days in the
guidance offered by tech companies during the current
Earnings Season.

Tellabs (TLAB), the telecom equipment firm, comes to mind.
Reports by major brokers concerning the semiconductors,
particularly the equipment-making sector, maintain they
have seen the bottom.

When it cones to flavorings, in my view, it should be taken
with the seasoning of your choice.

Each Earnings Seasons also tends to produce some choppy, or
erratic, trading in stocks. Companies can report bottom-
line results that beat the forecast. Still, they sell off.

The usual excuse is that the speculators bought much
earlier on the rumor and sold on the news.

Sometimes, a good stock with rosy prospects will pull back
after reporting results because some Big Dog stock analyst
will say something like, "Yes, earnings beat our forecast,
but the profit margin for the past quarter was down 0.1%
from the prior quarter, and that has us worried."

So what else is new from Wall Street?

Meanwhile, IBD has begun a regular segment, "The Smart
Investor," that profiles individual investors who practice
its investing and analytical disciplines.

After reading this segment for the past few months, I have
come away with the understanding that these folks don't
practice the buy-and-hold approach - as I understand it.

Instead, they constantly look for opportunities to buy a
stock that is just beginning its initial break out to new
highs. Then they monitor its progress from a standpoint of
how volume relates to price.

This means that on average, they aren't strictly buy-and-
hold investors, intending to stick with a position for more
than a year, much less several years.

In its most general of terms, the best way I know how to
explain this approach is to remind regular readers of a
situation way back in the early 70's when I used to hang
out in a branch office of a regional retail brokerage firm
in a small town in North Carolina.

A broker was on the phone with a customer. He told the
customer, "A good stock is one that's going up, and a bad
stock is one that's going down."

William O'Neil, IBD's publisher, puts it this way: "All
stocks are bad. They're only good as long as they're going
up."

3. Portfolio Results & Changes

In his books, audio, and video productions, Bill O'Neil
advises that individual investors should maintain a
portfolio of just a few stocks.

This goes against the grain of what is known as "Modern
Portfolio Theory," an investment strategy that stresses
broad diversification.

Quite often, I hear the pundits on the TV stock market
channels say that an investor should put no more than 5% of
available capital into any one position.

What they are stressing is Modern Portfolio Theory, a
concept that was created in 1990.

This strategy is certainly suited for the so-called
"passive investor," or a person that doesn't have the time
to spend hours watching the CNBC tape or reading the three
sections of the Wall Street Journal from front page to back
page every day.

Indeed, diversification is a passive investor's best
friend.

Over-diversification, however, is a hazard for an active-
investor, or a person seeking short-term performance in his
or her positions.

The market only provides the active investor so many
opportunities to enter and exit with a nice gain. When that
opportunity is missed, due to watching too many stocks, the
overall results often suffer.

The stocks from the Ones to Watch Model Portfolio that I
inherited in February when I was assigned the task of
writing this newsletter, was eventually whittled down to
six stocks.

These six were purchased at the market open July 25. Six
months have passed.

Let's see how they've done, based on the Jan. 25 closing
price:

SEI Investments (SEIC), from 46.45 to 41.72, down 10%
Alloy Inc. (ALOY), from 15.37 to 19.74, up 28%
Pharmaceutical Product Development (PPDI), from 36.76 to
28.85, down 22%
Daktronics (DAKT), from 9.12 to 7.06, down 23%
EarthLink (ELNK), from 16.42, to 9.30, down 43%
SonicWALL (SNWL), from 20 to 20.36, virtually unchanged.

After six months, there is only one winner, Alloy Inc.,
which is somewhat of a surprise.

Internet fans should be familiar with EarthLink. Perhaps
that is the problem facing this sector of the economy and
the stock market.

The company continues to report deals and good news about
itself, but the bottom-line results from the quarter ended
Dec. 31, and the guidance says this ISP that has to
constantly has to compete against giant America Online
won't pass muster, despite favorable court rulings that
allows it access to the same POP telecom lines dominated by
AOL.

Daktronics is a micro cap company that makes electronic
scoreboards, a business that does well when times are good.

However, times aren't so good, and the company continues to
issue guidance that says future results, like EarthLink's,
that will fall short of Wall Street expectations.

I have to give up these stocks to what I suppose are the
bottom-fishers.

As the saying goes, "One man's junk is another man's
treasure."

As for the replacements that I hope will make up for a 43%
loss and a 23 ,respectively, here are the picks that I will
"purchase" at the market open on Wednesday, Jan. 30 (the
second day of a two-day FOMC meeting!):

Internet content company eUniverse (EUNI), a micro cap
company that is beginning to hit the so-called "radar
screen" of institutional type investors (read: micro cap
funds).

In a PR dated Jan. 24 from Los Angeles, the company
reported a Q3 profit versus a year-old loss and raised
guidance for both revenue and earnings for Q4 ending March
31, and for fiscal 2003.

The company recently acquired for between $50-$55 million
online advertising firm L90 (LNTY).

The second pick is PETsMART (PETM), the No. 1 pet products
chain. Tuesday, Jan. 22, the Phoenix-based firm raised
guidance for its fiscal Q4 sales growth and said that it
will consolidate its PETsMART.com into its overall
operations.

This company has been running a lot of TV ads lately to
retail customers, but the company is certainly more diverse
than that, having catalog operations that sell products to
the horse market.

Believe it or not, the U.S. horse market is bigger than one
might think. Giddy-up!

My water-stock portfolio purchased Aug. 1 - Tetra Tech
(TTEK), American Water Works (AWK) and SCP Pool (POOL) -
are all in the black, with the AWK being the best
performer, up some 30%.

I also initiated a position in Philadelphia Suburban (PSC),
a water utility, in my ShareBuilder plan on Jan. 22. I also
intend to add more shares in 2002.

The two retail positions taken on Jan. 3 - long Bed, Bath &
Beyond (BBBY) and short Tiffany & Co. (TIF) - have thus far
been an embarrassment.

BBBY was bought at 33.49 and closed Jan. 25 at 32.40 for a
paper loss of 3.25%. TIF was sold short at 31.05 and closed
Jan. 25 at 35.38 for a paper loss of 14%.

Bill O'Neil has said the stock market is neither efficient
nor rational.

Here's BBBY, a consistent 30% grower in the home furnishing
market giving positive future guidance, with a trailing 12-
month P/E ratio of 47 that I'm paying a 17% premium to own.
Meanwhile, TIF, famous for its Robin's egg blue gift boxes,
sells at a trailing 12-month P/E of 31, even though the
management projects a growth rate in 2002 in the single
digits.

I still track this Sweet 16? portfolio of high-profile tech
stocks that was created in late July. Space limitations
won't permit me to report on the latest results, but I will
provide a list of the group:

Business Objects (BOBJ), Veritas Software (VRTS), i2 Tech
(ITWO), Micromuse (MUSE), Alcatel (ALA), Nokia (NOK),
Comverse Tech (CMVT), Vodaphone Group (VOD), Genentech
(DNA), Network Appliance (NTAP), Check Point Software
(CHKP), EMC Corp. (EMC), Juniper Networks (JNPR), CIENA
Corp. (CIENA), BEA Systems (BEAS), Corning Corp. (GLW).

4. Alexander, Iliana & Maneva

A trio of 123jump.com correspondents recently issued
thoughtful reports on its home page.

Alexander Vantchev reported Jan. 15 on BEA Systems (BEAS),
which I track through the Sweet 16? In an e-mail, I
provided Alex with this group of 16 stocks and also made
particular mention of Business Objects (BOBJ), the French
business intelligence software firm.

Alex views BEAS as a survivor niche player in the
enterprise software space that can manage to hold its own
versus the Big Dogs - Oracle (ORCL), International Business
Machines (IBM) and, of course, Mr. Softee (MSFT).

BEAS is scheduled to report earnings in February, since it
operates on a fiscal that is one month after the
traditional periods that end in Dec.-March-June-Sept.

The URL for Alex's report:

SEE: http://www.123jump.com/story.htm?tory_id=13979

In some brief e-mail correspondence with Alex, I asked him
about the Russian stock market, the best performer of all
the world's exchanges in the past 12 months.

"And don't even look at Eastern European markets," Alex
replied, "if you don't know more than a lot about them.
They are not real, or at least they are much, much
different from those in the West. These numbers can be
anything local lords want them to be. Russian economy's
margins are virtual. Nickel Paladium (Norilsk Nickel) is
produced in Siberia by what is very close to slave labor.
Gas (Gazprom (OGZPF) just runs down a pipe and someone
controls the tap. In the East, the politicians control the
business and not the other way round as elsewhere."

Given what has happened with Enron (ENE), American
investors might tend to quibble with that last statement in
Alex's e-mail.

Speaking of the non-traditional fiscal year, the
overwhelming majority of American retail companies complete
their fiscal year Jan. 31.

They do this because of what they like to call the
Christmas Sell-Through Season that also accounts for the
period in January when they mark down items in order to rid
their shelves of excess (read: the stuff that didn't sell)
inventory.

In other words, when it comes to retail, investors should
be mindful of what I like to call the "Philadelphia
Department Store Marketing Philosophy" - Get it off the
shelf, it's been on the shelf too long.

Come February, 123jump.com's retail correspondent, Iliana
Sahandjieva, will have her hands full digesting the latest
financial results from this broad and diverse group that
actually makes up two-thirds of the U.S. economy.

On Jan. 22, Iliana issued a report on three discount
retailers, each with the name "Dollar" in their corporate
monikers.

SEE: http://www.123jump.com/story.htm?story_id_13985

Given what has happened to K-Mart (KM), one group of
financial pundits is saying that Wal-Mart (WMT), Target
(TGT) and the up-and-comer Kohl's (KSS), will continue to
take market share from the original creator of discount
retail, which was first known as E.J. Corvette's.

The other group of pundits is saying that by declaring
bankruptcy, K-Mart is a great speculation.

But, the same has already been said about Enron and Exodus
Communications. Monday, Global Crossing (GX) joined the
growing list of companies seeking Federal protection from
creditors.

Meanwhile, the retail distributor of lottery tickets gets a
little cut from each purchase.

In other words, buy it at 2 cents, sell it at 4 cents.

It's something to ponder. When it comes to getting that
"little cut from each purchase," I'll stick with the
position in my ShareBuilder plan of First Data Corp. (FDC).

Moving on to 123mump.com's third correspondent, Vanya
Maneva, we come to an emerging branch of technology known
as "nanotechnology."

SEE: http://www.123jump.com/story.htm?story_id=13983

In a report issued Jan. 21, I would have to agree with
Vanya's assessment of this technology that it is something
for the future, something along the lines of at least 10
years into the future.

Going back to an earlier time in 2000 when I used to
correspond with a colleague (prior to its purchase by
123Jump.com) about the biotech industry, I mentioned that
Watson & Crick discovered the double helix in 1954.

My colleague commented that it took nearly 40-45 years for
this scientific breakthrough to actually become a profit-
making enterprise for only a handful of biotech firms.

I think Vanya has provided a balanced, yet factual,
approach to this emerging branch of technology.

Of course, folks that have an interest in this field would
like to see Wall Street bring these companies public on an
ASAP basis, much like the dot-com mania IPO market of 1999.

So far, Wall Street is taking a "wait and see" approach.

Don't hold your breath for nanotech.

5. The Paradox of the Fed

As was promised in an earlier newsletter that I would make
comment about the Federal Reserve System, which we now
usually refer to as simply, "The Fed," it seems that the
more things change, the more that they appear the same.

Yes, we all know that Alan Greenspan, former Jazz musician,
has been at the helm of the world's most powerful Central
Bank for something like 18 years.

Still, I want to remind readers that the Federal Reserve
System was created through an act of the U.S. Congress in
1912.

There are what I would term "constitutional sticklers"
among the readership who maintain that this legislation,
were it ever to reach the U.S. Supreme Court, could
actually be declared unconstitutional.

We all know this won't happen - at least in the years that
I left as an inhabitant on the Big Blue Marble.

Given the recent comments from Alan Greenspan and how it
affected the stock market, I think that it is appropriate
that I include a passage from Richard Ney's "The Wall
Street Jungle," a book that was published in 1970, and is
now only available through used-book sources:

"Because the Fed is part of the 'financial community' under
the aegis of the Stock Exchange (see Chapter 9), the values
and the ideology of the Exchange have become absolute and
now impose themselves on the credit policies of the nation.
The Fed's wisdom in raising interest rates is now revealed
as no more than a myth: in the words of Congressman Wright
Patman, 'for the Fed to raise interest rates in order to
cure inflation is like pouring gasoline on a fire to put it
out.'"

I find it interesting that during 2000 and 2001, Alan
Greenspan constantly "bitched" about inflation as it
pertained to the price of a gallon of regular gas before
the various branches of the U.S. power structure, while
also providing his usual oblique explanations as it
pertained to the economic concept of "wage push inflation."

6. From The Readers

Larry W. e-mailed with the following comment about a stock
he's strong on (as is Wall Street) these days:

'I enjoy your comments and have been getting your e-mails
for a couple months. When you bought MIMS for your nieces,
I checked it the next day and [it] started down and I
placed a buy order at 10 to think to steal it on the way
down. It never filled and I now I kick myself for not
accepting the good fundamental and just buying with stops.
I later saw it in IBD highlighted in yellow."

Larry W. continues: "Another yellow stock is UTSI, which is
a California company with a near pure play on the wireless
market in China. Last fall, I did a tour of the major Asian
cities and could see the great amount of development. UTSI
has Asian officers in their mid-forties and a growth rate
of about 40%, but also a PE above that level. They report
earnings and have a webcast on Jan. 28, 1:30 PST. Visit
www.utstar.com. Keep up the reports and weekly trips to the
store.

Meanwhile, here's a URL, courtesy of Yahoo! Finance of
UTSI:

SEE:
http://finance.yahoo.com/q?s=UTSI&d=c&k=c1&a=v&p=s&t=6m&l=on&z=m&q=b

7. Sonny T's Latest Picks

Our ex-IBM employee turned full-time trader e-mails me
nearly every day about his stock picking/stock trading
system.

Sonny T wrote Sunday, Jan. 27, that his system is
increasing his positions from $10,000 to $11,000 per
position from a couple of weeks ago "to put the profit to
work.

In my view, this is a good trading strategy. Using the
profit to buy more stock actually results in what we are
all seeking: The Power of Compounding.

Or, as Albert Einstein put it: "The most powerful force in
the Universe (at least from an investment standpoint) is
the power of compound interest."

When it comes to investing, there are winners and losers.

For those folks who read IBD, particularly as it pertains
to the Smart Investor segment, there are folks out there
who make a personal commitment to be consistent winners.

Or, as Sonny T puts it in his latest e-mail: "My goal is to
make money. This system provides great opportunity, but the
trick is to refine a way to make money with it
consistently."

I like the way Richard Ney, as it pertains to investment
success, defined consistency: "Better a steady dime, than a
seldom dollar."

As for the picks, Sonny T says his system currently likes
AVNT, BZH, CHBS, CTX, DFXI, DHI, FCN, FRED, GISX, GTK, LEN,
MIM, RGIS, RIT, TTIL.

I find it fascinating that his system has picked Regis
Corp. (RGIS), a nationwide chain of hair salon studios.

Talk about a "plain vanilla stock"!

8. Basing Patterns

A colleague, Bob Howard, who publishes a monthly fee-based
newsletter from Springfield, MO that I receive for free,
calls his product, "Positive Patterns."

Bob is a buy-and-hold guy who won't back off from his stock
picks. One of them is a food stock, Smithfield (SFD). Talk
about a company that is "shareholder friendly," if you're a
person, to use the term this TV celebrity chef Emeril
LaGasse uses, "Pork Fat Rules," then Smithfield is the
stock for you.

As for this Basing Patterns business, Richard D. Wyckoff,
an early pioneer in technical analysis, was always on the
lookout for stocks moving sideways within a narrow range.

Investor's Business Daily often writes about stocks
displaying stock charts in basing patterns.

Like IBD, Wyckoff, who published a newsletter in the first
20 years of the 20th Century, was picky as it pertains to
"basing patterns.

Wyckoff and IBD share a common analytical criterion:
"tight", as opposed to "sloppy" base patterns.

In other words, the base should be in a rather narrow
range, which indicates that speculators are avoiding the
stock. It also implies that professional investors are
making careful bids for the purpose of accumulating a good
line of shares at a price that falls within a certain
target range.

Here are charts, courtesy of Yahoo! Finance, that display
what I like to call "Wyckoff Patterns."

SEE:
http://finance.yahoo.com/q?s=IMNY&d=c&k=c1&a=v&p=s&t=6m&l=on&z=m&q=b

SEE:
http://finance.yahoo.com/q?s=eclp&d=c&k=c1&t=6m&a=v&p=s&l=on&z=m&q=b

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9. Comment Welcomed

A resident of Wilmington, NC, Dave Jennings performs market
research for Ticker magazine, a monthly publication for
financial professionals. Dave enjoys receiving reader
comment and replies to all e-mails. He can be reached at
djennings@ec.rr.com and djennings@ticker.com.

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INTERNET STOCK NEWS (ISN) (c) 2001
Disclaimer: The material herein is for informational
purposes only and should not be deemed an offer or
solicitation on our part with respect to the sale or
purchase of any securities.
http://www.123jump.com/disclaimer.htm
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14:54 20Aug2001 RSF-Quebecers should have own citizenship - report

    By Marianne White
    QUEBEC CITY, Aug. 20 (Reuters) - In order to reaffirm the "precarious" status of French in North America, Quebecers should have their own citizenship, a provincial task force studying the status of the French language reported on Monday.
    But Quebecers would not get a new passport or be asked to choose between Quebec or Canadian citizenship, the report added.
    The goal is to make everyone, including new immigrants, English-speaking residents and native peoples, feel that they are part of Quebec, a French-speaking island in an English-dominated North America.
    "We want to do that in a way in which people know that linguistic policy is a fundamental characteristic of this society," said the chairman of the task force, Gerald Larose, a trade unionist who favors Quebec's separation from Canada.
    "As far as language is concerned, living in Quebec is not like living in Canada," Larose added.
    The Quebec government reacted with caution to the recommendation of Quebec citizenship, saying on Monday that it shared the ideals that underlie the recommendation.
    "We do need to have a welcoming ritual for immigrants in order to send a clear message," said Diane Lemieux, minister responsible for the French language, adding that the government would undertake an update of its language policy.
    The language task force, which crisscrossed the predominantly French-speaking province, which is three times the size of France, over the past 12 months, unveiled 149 recommendations on Monday.
    It urged the Quebec government to ask for full control over immigration to ensure new arrivals will learn French, a recommendation that is not likely to please the federal government which controls immigration in conjunction with provincial governments.
    The report also recommends a provincial exam for all new teachers to test their fluency in French, and says that if they fail they should not be hired. It also proposes increasing teaching hours for French, delaying the introduction of English teaching in schools by several years, and protecting the rights of Quebecers to work in French.
    About 82 percent of Quebec's six million people describe French is their mother tongue. French has been Quebec's official language since 1974 and by law must dominate commercial signs, although other languages may also appear. Quebec has 1.4 million people whose first language is not French.
    Language can be an emotional and divisive issue in Quebec, which has held two referendums on separating from Canada. In the last one, in 1995, Quebecers voted to remain in Canada only by a razor-thin margin.
    English and French have been Canada's two official languages since 1969, with both languages spoken widely throughout the nation's history
    (Marianne White, Reuters Quebec City Bureau, 418-648-6442, fax 418-648-8234, marianne.white@reuters.com)
For Related News, Double Click on one of these codes:
[nN20321468] [CAN] [G] [RNP] [DNP] [PGE] [CA] [NEWS] [EDU] [LIF] [POL] [LEN] [RTRS]
 Monday, 20 August 2001 14:54:03
RSF [Historical News] {C}
ENDS


yes- so this is what prebon is saying on this deal 549052:
Enron buys from Pacificorp 25 mw of peak BOM Mid-C at $141.00

Thanks!!

   Kate Symes @ ECT                03/13/2001 05:11 PM

To: Evelyn Metoyer/Corp/Enron@ENRON
cc:

Subject: Re: 3/13 Checkout

Sean Crandall said the price on this is correct (241), but he thought the
deal was supposed to run through the end of the month. He was just walking
into a meeting with Tim Belden while I was trying to figure this out with
him, and he asked that I not change anything until he gets out and can look
at it more closely. A price of $141 is awfully low for a peak deal flowing at
Mid-C tomorrow - actually lower than the off-peak prices - so it sounds a
little suspicious. I'll let you know when he gets out of the meeting.

Thanks,
Kate

Evelyn Metoyer@ENRON
03/13/2001 03:11 PM
To: Kate Symes/PDX/ECT@ECT
cc:

Subject: Re: 3/13 Checkout

yes

   Kate Symes @ ECT                03/13/2001 05:02 PM

To: Evelyn Metoyer/Corp/Enron@ENRON
cc:

Subject: Re: 3/13 Checkout

549052 - del. point is already in as Mid-C, so just the price is wrong?

Evelyn Metoyer@ENRON
03/13/2001 03:06 PM
To: Kate Symes/PDX/ECT@ECT
cc:

Subject: Re: 3/13 Checkout

SORRY I gave you the incorrect deal number for this error.  Should be deal
549052.

original error:
Diana Scholtes
deal 549053    549052
Prebon shows price as $141 and delivery pt as Mid-C

Diana Scholtes
Prebon broker said our price (215) and del. point (Cob) are right

S

   Kate Symes @ ECT                03/13/2001 04:39 PM

To: Evelyn Metoyer/Corp/Enron@ENRON
cc:

Subject: Re: 3/13 Checkout

Prebon
Sean Crandall
549048 - changed to NP

Diana Scholtes
Prebon broker said our price (215) and del. point (Cob) are right

Jeff Richter
549013 - changed to APB

549010 - enron buys BP/Apr01/NP/peak/207.00 (in with Amerex - should it be
Prebon?)

Chris Mallory - just entered Williams deal

Evelyn Metoyer@ENRON
03/13/2001 02:27 PM
To: Kate Symes/PDX/ECT@ECT
cc:

Subject: 3/13 Checkout

AMEREX
All deals checked out fine

PREBON

Sean Crandall
deal 549048
Prebon shows del. point as NP-15

Diana Scholtes
deal 549053
Prebon shows price as $141 and delivery pt as Mid-C

Jeff Richter
deal 549013
Prebon does not recognize

I am missing the following:
1) Enron buys from BP Energy 25 mw of April'01 NP-15 peak hrs at $207
2) Enron buys Williams 25 mw of SP-15 of April'01 off-peak hrs at $107

BLOOMBERG
All deals checked out fine.


Could you please ensure that these books are set up the same in GRMS as in
ERMS.  They have been officialized and are still not pulling the positions in
automatically.  I am having to manually override the post-ids.

 BOOK NAME    6/21/2000 POST-ID

 INTRA-CAND-WEST-PHY  816302

 INTRA-ST-COVE-BAS   816594

 INTRA-ST-COVE-PRC   816593

Thank you,
Robin
x57478


Norman,

Sorry  for a delay in responding to you. The trip this week, August
17, is impossible. As you know by now, our CEO, Jeff Skilling, resigned today
and Greg will be tied up in analyst calls for the next few days.

We still hope to be able to visit you on the 24th, as long
as you are still available on this day.

Just in case, please advise me about you availability on Friday, August 31st.

Vince


thsx for the note Stuart - I've heard great things about you and I look
forward to working with you.

Regards
Delainey


Awesome!!  Have a good evening.

Ryan Watt
06/07/2000 07:17 PM
To: Robin Rodrigue/HOU/ECT@ECT
cc:
Subject: Re: Post Id's 6/7/2000

we are good, only 1.3 contract difference!

Robin Rodrigue
06/07/2000 06:07 PM
To: Ryan Watt/CAL/ECT@ECT
cc:

Subject: Re: Post Id's 6/7/2000

---------------------- Forwarded by Robin Rodrigue/HOU/ECT on 06/07/2000
07:05 PM ---------------------------

Robin Rodrigue
06/07/2000 07:06 PM
To: Nicole LaPorte/CAL/ECT@ECT
cc:
Subject: Re: Post Id's 6/7/2000

Here are your positions.  Hopefully we look as good as last night.

Thanks,
Robin

Nicole LaPorte
06/07/2000 05:02 PM
To: Robin Rodrigue/HOU/ECT@ECT, Rahmaan Mwongozi/Corp/Enron@ENRON
cc:
Subject: Post Id's 6/7/2000

Hi Robin,

Here are today's Post Id's:

EGSC - 803771
ERMS - 803772
OPT - 803777
C - 803815

I'll call once we're official.

Thanks,
Nicole


Karen,

Attached is the report on Sappi.

Also, I just received the email from Peggy on Weyerhaeuser.

Thanks,
Monika


-----Original Message-----
From: 	Winfrey, Christa
Sent:	Wednesday, November 14, 2001 11:59 AM
To:	Tijerina, Shirley; Hogan, Irena D.; Solis, Melissa; Bates, Kimberly; Harvey, Claudette; Black, Tamara Jae; Coleman, Venita; Rode, Tina; Holcombe, Tina ; Clyatt, Julie; Roberts, Chaun; Vuittonet, Laura; Jones, Melissa; Rangel, Ina; Presas, Jessica; Salinas, Michael; Collins, Angie; Finnels-Neal, La Donna; Snow, Dina; Villarreal, Alexandra; Young, Becky; Irvine, Geraldine; Rybarski, Amanda; Choate, Heather; Chapman, Christy; Leigh, Lorie; Zarsky, Lisa; Gordon, D'ann; Butler, Shelly; Noske, Linda J.
Cc:	Shepperd, Tammy R.; Schoppe, Tammie; Brooks, Loretta; Lopez, Susan; Duree, Janelle; Smith, Carli; Belsha, Lorie
Subject:	Additional Move Related Information

A few more important reminders...

Chairs:  Must be labeled for the move---use the wire tags included in your move packets.
Keyboards, mice:  ONLY label non-standard types (i.e. wireless mice/keyboards, special ergonomic keyboards); otherwise, do not label.
Phones:  Do not label these.  New phones will be at your workstations at Enron Center South.
Laptops, cell phones, palm pilots, etc.:  Be sure to remind your groups to take these home.  The move team will not be responsible for moving these over.  However, docking station, cradles, etc. should be labeled.  The move team will move these over and set them up for you.

Thanks again for all your hard work,
Christa
 -----Original Message-----
From: 	Shepperd, Tammy R.
Sent:	Tuesday, November 13, 2001 5:00 PM
To:	Tijerina, Shirley; Hogan, Irena D.; Solis, Melissa; Bates, Kimberly; Harvey, Claudette; Black, Tamara Jae; Coleman, Venita; Rode, Tina; Holcombe, Tina ; Clyatt, Julie; Roberts, Chaun; Vuittonet, Laura; Jones, Melissa; Rangel, Ina; Presas, Jessica; Salinas, Michael; Collins, Angie; Finnels-Neal, La Donna; Snow, Dina; Villarreal, Alexandra; Young, Becky; Irvine, Geraldine; Rybarski, Amanda; Choate, Heather; Chapman, Christy; Leigh, Lorie; Zarsky, Lisa; Gordon, D'ann; Butler, Shelly; Noske, Linda J.
Cc:	Schoppe, Tammie; Brooks, Loretta; Lopez, Susan; Duree, Janelle
Subject:	Move Related Issues

As you all know, our move is scheduled for this weekend.  Hopefully,  you and your groups are all progressing well in your preparations for the move this Friday. Please take the time to read the information contained in this message because most of the information contains reminders or FYI items and will be important to you and your group.  Please forward this to those in your group that may need this information.

?	Voicemail instructions - Please have everyone in your group clear all new voicemail messages by 5:00 PM, Friday, 11/16.  All saved messages, greetings and recorded names will be saved.  If a message is left before cutover the message will be saved, but the message light will not be displayed when you arrive.  As a precautionary meassure please check voice mail upon your arrival Monday morning even if the message light isn't on.

?	Building access - ECS will not be available for general access until Monday morning at 5:00 AM.  Due to the gas and power moves being combined, it is unlikely that the move team will be prepared for the POC's to come in on Sunday to unpack.  (Separate instructions will be generated for those who are needed to test trading applications.)  NOTE: Only those whose names have been approved and submitted to security will be allowed access on Sunday.
o	Monday - 5:00 AM for all employees

?	Security & badges -  All POC team members should be familiar with the routes into ECS as we discussed at our recent move meeting.  Please be sure to share this information with all of the people in your group.  If you need additional copies of the floor plans that have the access routes highlighted, please contact Carli Smith (5-3473). Please stress to everyone to have their badges with them at all times.  No one will be allowed access without their badge.  If anyone tries to access the building from the garage via the skyring and they do not have their badge, they will be sent back through the garage to the street level to walk across the street to the round kiosk in the Enron building lobby to get a guest pass and then proceed back to ECS via the 2nd floor and the skyring.

?	Move team colors - As mentioned at the move meeting, the following is a list of the color designations (vests) for the various teams that will be on the floor when we move in.
o	Red - Move Team
o	Orange - Desktop Support/IT
o	Green - Telephony

?	Newspaper subscriptions - The delivery location for all newspaper subscriptions need to be changed to ECS 05/06.  It is our intention to have all daily newspapers delivered to the mail desk located in the ECS 2nd floor corridor.  It will be the responsibility of the assistants to either pick up the papers for their group or designate someone in their group to pick up the papers.  If your papers continue to be delivered to your old floor of ECN, contact Sunny Rodgers (3-6116).

?	Move boxes -  Please encourage your group to pack and bring no more than about 6 boxes per person.  You may call Facilities (3-6300) if you need to request additional boxes.

?	Move labels -  If you run out of labels or if you are missing any labels, please call Carli Smith (5-3473) to have additional or missing labels printed.

?	Laptops - Important - Please ensure that all cable locks have been removed from all laptop computers by 5:00 PM on Friday.  If any cable locks are left on the computers they will be destroyed by the move team in order to move the computers as scheduled.

.	Bottled water - Every kitchen has an ice machine that also dispenses filtered water.  The large bottles of water (5 gallon) will not be allowed on the floor.  We would also like   to discourage the use of small bottles of water due to limited storage space and the availability of filtered water at several locations.

?	Phone sets - Although most of you are aware of this, we just wanted to remind you that there will be only one phone on each desk - either a turret or an Avaya, but not both.  Do not tag your phones, a new phone will be waiting for each person on their desk in the new building

I hope I have covered some of the outstanding questions or issues you might have, but if I have missed something, please let me know.  Thanks so much for all your help and hard work.


---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 04/04/2001
04:10 PM ---------------------------

"The Power Marketing Association" <pma-marketplace@mgfairfax.rr.com> on
04/02/2001 06:18:59 PM
To:
cc:
Subject: Platts Energy Trader Free Trial  April 3, 2001 Edition

FERC's Gas Market Report and Power Markets Week. Can you afford to have less
than the best information in today's rapidly changing market?

To assure uninterrupted service, subscribe now by calling our sales
department at 877-286-8897 or 212-904-2004; e-mail, info@platts.com.

The charter rate for Platts Energy Trader is $1,495, a $500 savings off the
regular rate of $1,995. We look forward to hearing from you.

Sincerely,
Richard Schwartz
Marketing Director

If you need to download Acrobat Reader to read this file, go to www.adobe.com.

To stop free trial of Platts Energy Trader, hit reply and type "stop trial."

 - et040301.pdf


---------------------- Forwarded by Darron C Giron/HOU/ECT on 12/06/2000
04:42 PM ---------------------------

Dawn C Kenne
12/06/2000 04:40 PM
To: Darron C Giron/HOU/ECT@ECT, kristi.giron@cfisd.net, Jason
Wolfe/NA/Enron@ENRON, Chris Walker/HOU/ECT@ECT, Jennifer
Bagwell/NA/Enron@ENRON, Monique Sanchez/HOU/ECT@ECT, Kam Keiser/HOU/ECT@ECT,
Jeffrey C Gossett/HOU/ECT@ECT, Kori Loibl/HOU/ECT@ECT, B Scott
Palmer/HOU/ECT@ECT, Phillip M Love/HOU/ECT@ECT, Victor
Guggenheim/HOU/ECT@ECT, Anne Bike/Corp/Enron@Enron, Richard
Lauer/HOU/ECT@ECT, Eric Wardle/HOU/ECT@ECT, Pam B Boxx/HOU/ECT@ECT,
r.wilson@oracle.com
cc:
Subject: Pre-Party??

Here are the directions to our house.  Let me know if you need directions
from different areas of town.
Let's say 6:30 at our house and then we will head over to Enron Field at
8:00-8:30.

Directions to our house in the Heights!   713-426-4566;    1001 W. Cottage
77009

If you are coming I-10 E  (including 290 and Galleria area)
Exit Studewood/Montrose.
Take a left at the light.
Continue down about a mile or so and turn right at the 2nd light @ 11th
street.
Go to the next light and turn left (Michaux Street).
Turn left at the second street West Cottage and we are the first house on the
right.  (on the corner of Michaux and West Cottage)

If you are coming I-45 N (from Clear Lake area)
45N and exit Main Street (you will drive past downtown and it will be one of
your first exits).
Once you exit, turn left at the light and go over the freeway.
There will be a McDonald's and a KFC on your left.  Turn left on the street
between them (Pecore Street)
Turn right at the second light...about a mile.  (Michaux Street)
Turn left at second left (W. Cottage)
We are the first house on your right.  (Corner of Michaux and W. Cottage)

Hope everyone can make it!  No need to bring anything unless you want
something other than beer.

---------------------- Forwarded by Dawn C Kenne/HOU/ECT on 12/06/2000 04:02
PM ---------------------------

Dawn C Kenne
11/28/2000 09:16 AM
To: Darron C Giron/HOU/ECT@ECT, kristi.giron@cfisd.net, Jason
Wolfe/NA/Enron@ENRON, Chris Walker/HOU/ECT@ECT, Jennifer
Bagwell/NA/Enron@ENRON, Monique Sanchez/HOU/ECT@ECT, Sheri
Thomas/HOU/ECT@ECT, Kam Keiser/HOU/ECT@ECT, Jennifer deBoisblanc
Denny/HOU/ECT@ECT, Torrey Moorer/HOU/ECT@ECT, Jeffrey C Gossett/HOU/ECT@ECT,
Stephanie Sever/HOU/ECT@ECT, Kori Loibl/HOU/ECT@ECT, B Scott
Palmer/HOU/ECT@ECT, Phillip M Love/HOU/ECT@ECT, Victor
Guggenheim/HOU/ECT@ECT, Anne Bike/Corp/Enron@Enron, Richard
Lauer/HOU/ECT@ECT, Eric Wardle/HOU/ECT@ECT, Pam B Boxx/HOU/ECT@ECT,
r.wilson@oracle.com
cc:

Subject: Pre-Party??

Gary and I are going to have a "get together" before the Holiday Party on
Saturday, December 9th.  Please let me know if you want to stop by our place
before we head out to Enron Field.  We live really only a few miles away from
downtown, so this could be a good pit stop for all of you that live out in
the "burbs"!   (No names mentioned).

Anyway, let me know if you are able to come by and I will give you directions
to our place.  Hope all of you can make it!

Thanks,
Dawn
3-9353


---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 01/19/2001
04:56 PM ---------------------------

"Btu" <subs@Btu.net> on 01/19/2001 04:32:57 PM
To: "Btu's Weekly Power Report" <>
cc:
Subject: Btu's Weekly Power Report

Attached is the latest issue of Btu's Weekly Power Report

e-mail: info@Btu.net
phone: 732-758-8222
fax: 732-758-8286

 - wp012201.pdf


FYI....

EnTelligence?
No, its not spelled wrong, it's the name of a prospecting website designed to
deliver market information on existing and potential customers to commercial
trading, mid-marketing, and origination teams.  It also delivers management
reports to analyze Enron,s position within the key industries that we serve.
Presently, commercial groups have multiple methods for acquiring potential
customer information.  This system will standardize their resource tools and
add consistency to their prospecting processes.  EnTelligence combines
information from internal databases such as Global Counterparty, Credit
Aggregation System (CAS), Sitara, Enpower, and ERMS with information from
external data sources such as Dun & Bradstreet and I.H.S Energy Reporter to
identify customer prospects.  By providing the capability to filter and
search by region, industry, company size, or energy consumption levels, the
prospecting process is shortened and the identification of strong prospects
improved. Available reports include Market Penetration, Industry Prospecting,
Comparison Prospecting, Company Profiles, Family Tree, Top Customers, and
Inactive Accounts.  Currently only Natural Gas and Power physical deals are
loaded, but financial deals will be included soon, as well as other
commodities.

Alternatively, you can also access the site from Enron's homepage, under the
Information & Services section, go to the link called "EnTelligence".

To view deal data, a user will need to submit an eRequest and select either:
Trader, Manager, or Sr Manager security.  I would also recommend to add the
following applications to your eRequest: Dow Jones Interactive (DJI), and
Live Link.  DJI is to be able to view market information and Live Link is our
desktop documentation system which enables the user to view a contract from
your computer.

The following attachment is a sampling of a Market Penetration report
displaying a count of companies in the industry code "Electric Services" of
the total number Enron has dealt with and the total number of companies Enron
has not dealt with yet.  Also, a sample of Enron Power Marketing Group's Top
customers for physical deals within the last 12 months.

Give the system a test drive and let us know what you think! Any questions,
please call the EnTelligence helpdesk  at  713-853-3147.  Our website link
is: http://entelligence.enron.com

Thanks,
Avril


Martin,

Let's try bet 1 and 2:30.

Vince

From: Martin Lin on 09/19/2000 08:30 AM
To: Vince J Kaminski/HOU/ECT@ECT
cc:
Subject: meeting

Shalesh and I wanted to meet with you briefly, but this morning's timing
isn't working out.  Are you available this afternoon, sometime after 5pm?

Thanks,
Martin


Any idea how close it is to B & P's office, and how much it costs?

Thanks,

Kay

From: Suzanne Adams@ECT on 07/25/2000 10:49 AM
To: kay.mann@enron.com
cc:

Subject: DC Trip

This is the hotel where you will stay in DC.  It was formerly the A&A or
something like that, but it's been renovated and looks very nice.  The
tickets are complete and on the way to be ticketed.  Got the Jefferson with
no problem.  I haven't seen the flights but I'm sure they are fine.  I will
defintely check them out.

http://www.washingtonmonarch.com/home.html


Departure:	February 9th at 9:20 a.m. arrives Denver 10:40 a.m. (flight #799)

Return:		February 16th at 4:35 p.m. arrives Houston 7:55 p.m. (flight #1098)

Tammie Schoppe
Enron Americas-Office of the Chair
Assistant to Louise Kitchen
713.853.4220 office
713.646.8562 fax
713.253.2131 mobile


Perfectly. thanks

"Campbell, Carolyn" <CCampbell@KSLAW.com> on 05/01/2001 08:19:28 AM
To: "'kay.mann@enron.com'" <kay.mann@enron.com>
cc:

Subject: Salmon officers

Kay:

The March 8, 2001 written consent of Salmon electing officers provides that
Chris Calger is a Vice President.  Hope this answers the question.

Carolyn M. Campbell
King & Spalding
713-276-7307 (phone)
713-751-3280 (fax)
ccampbell@kslaw.com <mailto:ccampbell@kslaw.com>

                    Confidentiality Notice
This message is being sent by or on behalf of a lawyer.  It is intended
exclusively for the individual or entity to which it is addressed.  This
communication may contain information that is proprietary, privileged or
confidential or otherwise legally exempt from disclosure.  If you are not the
named addressee, you are not authorized to read, print, retain, copy or
disseminate this message or any part of it.  If you have received this
message in error, please notify the sender immediately by e-mail and delete
all copies of the message.


If you need anything else, let me know!!  My number is 806-378-2811.
Thank you, Jaquita

 <<WARD_.doc>>

 - WARD_.doc


---------------------- Forwarded by Mike Jordan/LON/ECT on 30/01/2001 18:57
---------------------------

	Enron Europe

	From:  Naomi Connell                           29/01/2001 16:28

To: Mike Jordan/LON/ECT@ECT
cc:

Subject: Metals Recycling action

FYI
---------------------- Forwarded by Naomi Connell/LON/ECT on 29/01/2001 16:32
---------------------------

	Enron Europe

	From:  Naomi Connell                           29/01/2001 16:28

To: Fernley Dyson/LON/ECT@ECT, Michael R Brown/LON/ECT@ECT
cc: Joe Gold/LON/ECT@ECT

Subject: Metals Recycling action

I have discussed further with Joe.

Update on  African deal

We are still awaiting confirmation on the background checks for the
counterparty - it seems unlikely that there is any link to government
agencies.

There is no proof that the Recycling management in Hamburg gave any direct
authorisation on this deal.  They do not see anything particularly wrong with
it either - to them this is completely different to the Indian deals as they
were not involved with preparing the documentation, merely accepting it from
a third party.  They see the car purchase (second hand Toyota) as a simple
payment mechanism rather than a bribe.

The instructions that they gave to their team in October was to cease all of
the Indian deals - they seem not to have applied an ethical motive to this,
but more a specific dictate covering India.

Doug Imrie is currently reviewing all other international deals and is
working through with Stephan Scheppler (the Manager of the Frankfurt office),
what will and will not be acceptable going forward. A list of written
instructions will be issued following this review.

We do not believe that any action against Stephan Scheppler will help to
achieve anything in terms of improvement in management going forward.  Under
German law it would probably be very difficult to prove that he has acted
against instructions (indeed he does not seem to have received the right
instructions).

We do believe that to tighten the top management organisation would provide a
firm and clear message to the management:  We can do this in two ways:

1.  To nominate Matz Heil (previously Bergman) to lead the 4 person
management team (currently they are all equal and have individual approaches)
2.  To have him reporting directly into Rob Soeldner in order to give the
commercial direction an Enron approach.

Joe will take steps to implement this when he returns from NY at the end of
this week.  At this point we will communicate the action to Houston.

Naomi


No sweat.  Not a problem.  Summary will do fine.  Let's definitely try to
coordinate for the next meeting.  You have a great weekend, too.

Best,
Jeff

	Lara Leibman
	10/20/2000 04:20 PM

		 To: Jeff Dasovich/NA/Enron@Enron
		 cc: Sue Nord/NA/Enron@Enron, Donald Lassere/Enron Communications@Enron
Communications
		 Subject: Re: Tax, Legal, Regulatory and Accounting Meeting

Jeff,

Unfortunately, we have to keep the date as scheduled.  I am very sorry.
Hopefully, the next meeting will work better for your schedule and we will
have a better opportunity to give our preferences for dates.  This time
round, tax sort of took the lead.  Also, I promise to provide a summary
afterwards.

Hope you have a great weekend.

Lara

	Jeff Dasovich
	Sent by: Jeff Dasovich
	10/20/2000 11:34 AM

		 To: Lara Leibman/NA/Enron@Enron
		 cc: Donald Lassere/Enron Communications@Enron Communications, Sue
Nord/NA/Enron@ENRON
		 Subject: Re: Tax, Legal, Regulatory and Accounting Meeting

Good idea.  Unfortunately, I'll be sitting in an office in S.D. with Sempra
execs.  My apologies.  But since this is likely to be ongoing, preference
would be to participate in the "first" meeting.

	Lara Leibman
	10/20/2000 11:14 AM

		 To: Jeff Dasovich/NA/Enron@Enron
		 cc: Sue Nord/NA/Enron@Enron, Donald Lassere/Enron Communications@Enron
Communications
		 Subject: Re: Tax, Legal, Regulatory and Accounting Meeting

Jeff,

Could you possibly call in? We could arrange for a dial-in number in that
case.  I know that we arranged that date with tax bc/Sue is coming in that
day and they had cleared that date with some of the accounting or legal folks
already.  Please let me know.  Thanks.

Lara

	Jeff Dasovich
	Sent by: Jeff Dasovich
	10/20/2000 10:05 AM

		 To: Lara Leibman/NA/Enron@Enron
		 cc: Donald Lassere/Enron Communications@Enron Communications, Mike
Dahlke/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Sue Nord/NA/Enron@ENRON
		 Subject: Re: Tax, Legal, Regulatory and Accounting Meeting

Lara:
I would very much like to attend but have a meeting scheduled that day with
Chris Calger (ENA) and the CEO and CFO of Sempra Energy (we're trying to do a
deal with them).   That's a date that I can't change.  I can meet on Nov.
3rd, or Nov. 7-9.  Hope it's possible to re-arrange

Best,
Jeff

	Lara Leibman
	10/20/2000 07:41 AM

		 To: Jeff Dasovich/NA/Enron@Enron, Mike
Dahlke/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
		 cc: Sue Nord/NA/Enron@Enron, Donald Lassere/Enron Communications@Enron
Communications
		 Subject: Tax, Legal, Regulatory and Accounting Meeting

Jeff and Mike,

Our first meeting has been scheduled to take place on November 2nd.  The
meeting will probably last half a day and will begin around 1pm.  Please let
me if you plan to attend.  Thanks and have a great weekend.

Regards,
Lara


Michael is sick with some nasty virus.  I'm a bit afraid to commit until he
starts looking better.  Poor kid had strep last week.

Maybe he'll perk up by Thursday, but the doctor says it is a 10 day ordeal.
I bet you would just as soon not be exposed to it.

Kay

From: Carlos Sole@ENRON_DEVELOPMENT on 12/18/2000 07:05 PM
To: Kay Mann/Corp/Enron@Enron
cc:

Subject: Thursday Night

How is Thursday night for a family dinner as we discussed.  Lastly, no news
from anyone today on my front.  I'll call Michelle on Wednesday if I don't
hear anything tomorrow.


Sally,

I confirmed today that I will be in New York for the DIG meeting on April 27
and 28.  If you would like, we could do the office review on the 26th.

        Jim


"paulhastings.com" made the following annotations on 04/02/01 15:22:47
------------------------------------------------------------------------------
NEW E-MAIL ADDRESSES AT PAUL, HASTINGS, JANOFSKY & WALKER LLP

We have changed our e-mail address.  Our new domain name is
paulhastings.com.  In most cases, our address is composed of
conventional first name and last name plus @paulhastings.com.  Here are
two examples: janesmith@paulhastings.com and danjones@paulhastings.com.
If you have any questions, please contact us at noc@paulhastings.com.

==============================================================================
"The information transmitted is intended only for the person or entity
to which it is addressed and may contain confidential and/or privileged
material. Any review, retransmission, dissemination or other use of, or
taking of any action in reliance upon, this information by persons or
entities other than the intended recipient is prohibited. If you
received this in error, please contact the sender and delete the
material from all computers."

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

Attached please find  a clean and a blacklined version of the Guaranty.?
Please note that this  draft has not been signed by Delta and remains subject
to their further  comments.
?
Please call me with  any questions or comments.
 - ENRON TURBINE GUARANTY FOR DELTA POWER COMPANY, LLC(v2).DOC
 - 45QZRED_.doc


We have made contact in the East.  Looks like you had better start developing
a taste for seafood.

----- Forwarded by Gerald Nemec/HOU/ECT on 04/11/2001 02:40 PM -----

	Eric Gillaspie
	04/11/2001 02:24 PM

		 To: Gerald Nemec/HOU/ECT@ECT
		 cc:
		 Subject: qingdao hotel reservations

Eric Gillaspie
713-345-7667
Enron Building 3886
----- Forwarded by Eric Gillaspie/HOU/ECT on 04/11/2001 02:24 PM -----

	jonathan gillaspie <jongillaspie@emailvista.com>
	04/11/2001 09:17 AM
	Please respond to jongillaspie

		 To: ragillaspie@hotmail.com, eric.gillaspie@enron.com,
jgillaspieci3@netzero.com, jwart@aol.com, gillassa@fairfield.k12.ia.us,
bobbysunshine@hotmail.com
		 cc:
		 Subject: qingdao hotel reservations

Hey kids:

Greetings from Wuxi. The wedding preparations continue as planned. Just got
back from another planning mission to Qingdao last weekend. We put deposits
down on hotel rooms, restaurant and finalized the plans with the local
Christian church. We were lucky to obtain the services of a very courteous,
English speaking pastor named Mr. Dong. Mr. Dong will translate the ceremony
into our native tongue for all big noses present.

I'm writing to you now to get your hotel reservations for your stay in
Qingdao. We've put down a 2000 yuan deposit, but we must now secure exact
lodging dates. Would you all please respond asap with the dates that you'll
be staying in Qingdao? Everyone will stay at the Qingdao Dong Hai "East
Ocean" Hotel. Most of you will probably be arriving in Qingdao on June 7th.
The wedding is on the morning of the 9th. Do people want to stay an extra day
after the wedding, or do they want to leave on the 10th after the wedding?
Give me your plans and I'll fax them to the hotel management this week.

The big banquet dinner will not be immediately after the wedding ceremony. We
couldn't find a suitable restaurant that wasn't already booked. We've moved
the big wedding feast from noon to the evening of the wedding day. It will be
at a famous Shandong style seafood restaurant. This restaurant has
everything: snakes, frogs, scorpions, caterpillars, exotic marine birds,
about 15 kinds of shellfish, and just about everything else you could imagine
putting in your mouth that comes from the ocean, plus some things that you
wouldn't normally imagine putting in your mouth from the ocean. It's kind of
like going to Sea World and then pointing to a fish in the tank and telling
someone how you'd like it cooked, except you'll be surrounded by a billion
drunken Chinese tourists who will all be swilling ridiculous amounts of rice
liquor and screaming, "Down with American Imperialism!" and "The East is Red-
Long Live Chairman Mao!" Sounds great, eh?

So- please, tell me your planned arrival and departure dates to and from
Qingdao so we can finish this monkey business with the hotel folks. Hope all
is swell with everyone. I'll be in touch again soon. Adios.

Cheers,

Jon Gillaspie

Notes:

Ma & Pa- please get this info from the Staters and the Aines.

Eric- pass this on to Jennifer so we can get this info from Dan and Gail Junk.

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I spoke to Mark Taylor.  How does Tuesday at 11:00 am sound?


ECT Merchant Investments Corp. has entered into a Volumetric Production
Payment agreement with St. Mary's Production LLC (Preston) which provides for
the dedication of St. Mary's non-operated gas production from the Hunt Oil
Company operated Myette Point Northwest Field. The VPP has both a firm and
swing volume component. We will move both packages of gas through the  Enron
North America Upstream Wellhead Desk to manage the sale, nomination and
transport of this production. I negotiated a contract between ENA and ECT
Merchant Investments Corp. whereby we will manage the firm and swing portions
of this transaction through our wellhead desk. The negotiated contract has
financial  keep whole language for the firm portion of this transaction and
George will be able to manage the swing volumes.

We will be receiving the volumes at the Texas Gas meters rather than the
wellhead. Preston is required to transport this gas to the Texas Gas meters
by moving the gas across the producer owned gathering system and Preston will
be assuming those gathering fees. The volumes are currently split 50-50
between Texas Gas metes 9437 and 9502.  Based on our information, we actually
expect 87% of the volume at meter 9437 and 13% of the volume at meter 9502.
With respect to the ECT Merchant Investments Corp. and the ENA contract and
the St. Mary's Production, LLC and ENA contract ("Preston" deal), George
Weissman and Melissa Graves will assume responsibility for having our records
and deals properly updated.  They will also work closely with Eric Wardle,
ECT Merchant Investments Corp. to assure the firm volumes are managed daily
and any keep whole requirements are managed properly.

Robert Cook has reviewed the reserves with Craig Fox and, in addition to a
third party reserve study, will finalize his study later this week to
determine if any additional volumes are available for further mark-to-market
valuation.

The following is a summary of the transaction:

 1. Term commencing 1/1/2001 and ending 6/30/2003

 2. Firm purchase for 90% of the wellhead volume, starting at 90% of 11,567
per day and declining as defined by the VPP volumes

 3. Gas daily purchase for the remaining 10% of the wellhead volume

 4. The transaction between ENA and ECT Merchant Investments will keep Enron
Upstream whole should volumes for the 90% firm component fail to show
up on any given day of term of the transaction.

 5. Pricing to customer Texas Gas SL Index plus 0.0025

 6. Volumes for Phase 1 Preston ,including both firm and swing, total
approximately 15,000 MMBTU/d

 7. Volumes for Phase 2 Preston ,including both firm and swing, will increase
by 8,000 MMBTU/d

 8. Total February 2001 Preston volumes from the 8 wells will be
approximately 23,000 MMBTU/d

 An additional note regarding this transaction. Preston has been a
non-operator and therefor they have not been marketing their gas. They have
allowed Hunt to market under the JOA and , as a result, Hunt has been paying
Preston's royalties. Starting in January, under the arrangement we are
putting in place with ATS, ATS will be paying the royalties for Preston for
the term of this transaction.

Should you wish to discuss this transaction further, please advise.


Here is the other e-mail.

C

 -----Original Message-----
From:  Smith, Sarabeth
Sent: Wednesday, June 06, 2001 9:33 AM
To: Soldano, Louis; Hawkins, Don; Bouillion, James L.; Foster, Chris H.
Subject: Citizens - Deal structure summary

As a follow up to yesterday's meeting, below is a summary of the course of
action to be taken in response to Citizens comments on the service agreement
with EAMR.

? Enron will work with Citizens to put an insurance policy in place, which
meets the insurance provisions requested by Citizens and which names both
Citizens and EAMR as policy holders.  See attached file for proposed policy
details.
? The cost for this policy (not to be revealed to Citizens) will be between
$5,000 and $7,500 and will be paid for by ENA.
? ENA will enter into a side letter agreement with EAMR, which will provide
for the insurance premium payment.
? Upon agreement with Citizens on the insurance policy details, EAMR is
agreeable to executing a services agreement with Citizens, however, Citizens
must agree to EAMR's indemnity and liability contract language as written in
its original draft (see attached below).

Attached is a file containing Citizens' comments on its draft services
agreement with EAMR.  Article 8 of the draft agreement details the insurance
provisions requested by Citizens.

For reference, the original draft sent to Citizens dated effective January
15, 2001 is attached below:


The value in the table is the beginning balance for each month.  So if they
cancel in the middle of the month, they should pay the balance at the
beginning of that month and no prorated minimum monthly fee.  If you prorate
it on both ends, you end up getting the total balance shown at the beginning
of the month.

 -----Original Message-----
From:  Mann, Kay
Sent: Friday, May 25, 2001 9:08 AM
To: Rorschach, Reagan
Cc: Coulter, Kayne; May, Tom; Miller, Jeffrey; Fairley, David
Subject: RE: Open items for MDEA

Schedule reflects amount due for cancellation on or before the stated dates?

From: Reagan Rorschach/ENRON@enronXgate on 05/24/2001 01:19 PM
To: Kay Mann/Corp/Enron@Enron
cc: Kayne Coulter/ENRON@enronXgate, Tom May/ENRON@enronXgate, Jeffrey
Miller/ENRON@enronXgate, David Fairley/ENRON@enronXgate

Subject: RE: Open items for MDEA

Kay, see attached.  The monthly fee should be $13,003.  I took the $300k we
have all been discussing and backed out the $12,500 they paid under the ILA
terms.

 << File: Cancellation Fee Schedule.doc >>

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

 -----Original Message-----
From:  Mann, Kay
Sent: Thursday, May 24, 2001 11:35 AM
To: Mann, Kay
Cc: Rorschach, Reagan; Kroll, Heather; Fairley, David; May, Tom
Subject: Re: Open items for MDEA

More:

We need internal agreement on the cancellation fee schedule, to be included
as an exhibit.

What is the status of the Yazoo City master gas agreement?  Do we still want
a master gas agreement for Clarksdale, also?  Do we want it now?

Thanks,

Kay

 << OLE Object: Picture (Device Independent Bitmap) >>
Kay Mann
05/23/2001 05:05 PM
To: Reagan Rorschach/Enron@EnronXGate, Heather Kroll/Enron@EnronXGate, David
Fairley/Enron@EnronXGate, Tom May/Enron@EnronXGate
cc:

Subject: Open items for MDEA

Here are issues which I'm unclear about, all of which impact the drafting of
the agreement:

How are we setting the heat rate?  Do we have the GADS (?)?  Is it a daily
average, weekly average?  Flat rate? Adjusted? If so, how often?

Are we comfortable that there are no permit restrictions?

We have determined that we won't deal with fuel oil, right?

We aren't making money on gas, right?

Do we have a defn of costs that we like yet, and if so, how does it fit in to
the picture?

Is there an up-to-date set of exhibits?

It would help if theh commercial part of the team could send me the
following, in words and/or formulae:

The defn and method of establishing the bogey (target production cost)
formula can be an exhibit, which would be great for the commercial team to
work on.   Are we determined how we should deal with imbalances (part of cost
of power)?  How are we setting the bogey?  Formula?  Subject to audit? Two
bogeys or one (gas and oil)?

What is defn of profit?  I think I have the general idea, but a sentence or
two would be helpful as a reality check.  What costs are included on the buy
and sell side?

Re stack model: a sentence or two describing what it is and how it is used.

Updated exhibit on facilities, contracted resources, operating limits.

What information does MDEA need for us to provide in order to split
costs/profits?  Are we clear that Cities buy gas, MDEA buys/sells power?

It would be great if I could get one set of answers to these
questions/issues, which has commercial buy in all around.

Thanks,

Kay


sure.  you buy something and let me know how much i owe


Frank:

I like to make the CIG/Rockies spread for cal 03 to Apr03-Dec03 at 30 cents.

I can't get you on the phone.  Please confirm.

Thanks

Dora

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What is your question ??

Samuel

From: Tana Jones on 04/02/2001 04:33 PM
To: Samuel Schott/HOU/ECT@ECT
cc: Walter Guidroz/Enron@EnronXGate, Tom Moran/Enron@EnronXGate
Subject: Re: EOL approvals, 03-28-01 _ GCP Response

My notes show that this is a governmental.  It is the utility for the Town of
Colorado Springs, Colorado.

	Samuel Schott
	03/29/2001 10:13 AM

		 To: Walter Guidroz/ENRON@enronXgate @ ENRON, Karen Lambert/HOU/ECT@ECT, Tana
Jones/HOU/ECT@ECT, Mark Taylor/HOU/ECT@ECT, Brant
Reves/ENRON@enronXgate@ENRON, Debbie R Brackett/HOU/ECT@ECT, David
Hardy/LON/ECT@ECT, Lesli Campbell/ENRON@enronXgate@ENRON, Cynthia
Clark/ENRON@enronXgate@ENRON, Enron Europe Global Contracts and
Facilities@ENRON, Enron Europe Global CounterParty/LON/ECT@ECT, Stephanie
Sever/HOU/ECT@ECT, Tom Moran/ENRON@enronXgate@ENRON, Claudia
Clark/HOU/ECT@ECT, William S Bradford/ENRON@enronXgate@ENRON, Lisa
Lees/HOU/ECT@ECT, Juana Fayett/Corp/Enron@Enron, Jana Morse/Corp/Enron@Enron,
Trang Le/HOU/ECT@ECT, Paul Maley/LON/ECT@ECT, Sonya Clarke/LON/ECT@ECT, Tim
Davies/LON/ECT@ECT, Karen O'Day/NA/Enron@Enron, Tanya
Rohauer/ENRON@enronXgate@ENRON, Kelly Lombardi/NA/Enron@Enron, Brian
Lindsay/Enron Communications@Enron Communications@ENRON, EOL Call
Center@ENRON, Bernice Rodriguez/HOU/ECT@ECT, Bill D Hare/HOU/ECT@ect, Amy
Heffernan/Enron Communications@Enron Communications@ENRON, Molly LaFuze/Enron
Communications@Enron Communications@ENRON, Danny Clark/Enron
Communications@Enron Communications@ENRON
		 cc:
		 Subject: Re: EOL approvals, 03-28-01 _ GCP Response

Any GCP adjustments will be highlighted in red.

Rgds.

Samuel x3-9890 (GCP)
Enron Net Works _ Global Data Management

From: Walter Guidroz/ENRON@enronXgate on 03/28/2001 04:42 PM
To: Karen Lambert/HOU/ECT@ECT, Tana Jones/HOU/ECT@ECT, Samuel
Schott/HOU/ECT@ECT, Mark Taylor/HOU/ECT@ECT, Brant Reves/ENRON@enronXgate,
Debbie R Brackett/HOU/ECT@ECT, David Hardy/LON/ECT@ECT, Lesli
Campbell/ENRON@enronXgate, Cynthia Clark/ENRON@enronXgate, Enron Europe
Global Contracts and Facilities@ENRON, Enron Europe Global
CounterParty/LON/ECT@ECT, Stephanie Sever/HOU/ECT@ECT, Tom
Moran/ENRON@enronXgate, Claudia Clark/HOU/ECT@ECT, William S
Bradford/ENRON@enronXgate, Lisa Lees/HOU/ECT@ECT, Juana
Fayett/Corp/Enron@Enron, Jana Morse/Corp/Enron@Enron, Trang Le/HOU/ECT@ECT,
Paul Maley/LON/ECT@ECT, Sonya Clarke/LON/ECT@ECT, Tim Davies/LON/ECT@ECT,
Karen O'Day/NA/Enron@Enron, Tanya Rohauer/ENRON@enronXgate, Kelly
Lombardi/NA/Enron@Enron, Brian Lindsay/Enron Communications@Enron
Communications, EOL Call Center@ENRON, Bernice Rodriguez/HOU/ECT@ECT, Bill D
Hare/HOU/ECT@ect, Amy Heffernan/Enron Communications@Enron Communications,
Molly LaFuze/Enron Communications@Enron Communications, Danny Clark/Enron
Communications@Enron Communications
cc:
Subject: EOL approvals, 03-28-01

Please see attached.


-----Original Message-----
From: 	Nemec, Gerald
Sent:	Friday, November 09, 2001 1:39 PM
To:	Lucci, Paul T.
Subject:	Kennedy Amendment

Paul,  Attached is the Kennedy Amendment.  Please review and if acceptable, please forward to Kennedy.


Gas Strategy OII Parties:

Attached for your review is a draft letter which we propose to send to the
Energy Division next week on Thursday, February 1, 2001.  Such a letter is
required by Section 2.1.3.7 of our Comprehensive Gas OII Settlement that was
approved by the CPUC in D.00-05-049, which states that "By February 1, 2001,
the OFO Forum will recommend to the Commission whether the amount of storage
capacity allocated to balancing service should be revised."  Based on prior
discussions with many of you, as well as the fact that we now have many
other higher priorities, it appears to be the consensus that no change of
this type should be implemented during the term of the Gas Accord.

Please let me know by e-mail no later than Wednesday, January 31, if you
have concerns with the attached draft letter, so that I may file it with the
CPUC on February 1st.

Thank you for your attention to this follow-up matter.

Randy Litteneker
PG&E Law Department
rjl9@pge.com
415-973-2179

 <<Gas OII Storage for Balancing Letter_.doc>>

 - Gas OII Storage for Balancing Letter_.doc


FERC's Notice of Proposed Rulemaking (NOPR) asks that we "provide factual evidence on the costs and benefits" of extending the affiliate code of conduct to bundled service.  To provide this evidence, we are asking members to provide incidents/anecdotes for EPSA's comments on the NOPR.  EPSA recognizes that some examples may include confidential data, so please feel free to eliminate any identifying data (i.e., name of counterparties, etc.) and to use general terms (e.g., "Control Area A").  Such factual evidence will help us to make a stronger argument in our comments.  Please send any information to Jackie Gallagher at jgallagher@epsa.org as soon as possible.


Hi, Kevin.

The attached documents are the revised custom map proposal for natural gas pipelines and electric power lines in the State of Arizona and a bitmap image of the data.

Delma is out of the office this week on vacation. I'll be managing your account in her absence. Please feel free to contact me with any questions or if you need additional information.

Best regards,
Ellen Irish
Account Manager
PennWell MAPSearch
800-823-6277, ext. 15

<<Enron.doc>> <<enron.bmp>>


Working on it
--------------------------
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