Enron May Issue More Stock to Cover Obligations
The Wall Street Journal, 10/24/01
Enron Tries To Dismiss Finance Doubts
The New York Times, 10/24/01
Surge in Optimism Prompts Straddles In Enron and Cisco
The Wall Street Journal, 10/24/01
Lay tries to assure Enron investors
Houston Chronicle, 10/24/01
OBSERVER - Busy signal.
Financial Times (U.K. edition), 10/24/01
USA: Enron mulls ways to cover portfolio shortfalls-WSJ.
Reuters English News Service, 10/24/01
Enron May Issue More Stock to Cover Obligations
Dow Jones Business News, 10/24/01
IN BRIEF / ENERGY Enron Asks Citigroup for $750-Million Loan
Los Angeles Times, 10/24/01
United States
The Globe and Mail, 10/24/01
Everest Re, St. Paul and Providian Drop, but Markets Stay Resilient
The Wall Street Journal, 10/24/01
U.S. Energy Giant Weighs a Move To Pull Out of India
The Asian Wall Street Journal, 10/24/01
UK: LNG delays could spawn shipping crisis - analysts.
Reuters English News Service, 10/24/01
INDIA PRESS:British Gas Seeks ONGC Deal For Field Control
Dow Jones International News, 10/24/01
BG Offers ONGC Brazilian Assets to Get Managing Rights in India
Bloomberg, 10/24/01

House stimulus bill would give billions to huge companies; Senate Democrats present alternative
Associated Press Newswires, 10/23/01
Wechsler Harwood Halebian & Feffer LLP Announces Class Periods
PR Newswire, 10/23/01
Stock Analysis/Call In
CNNfn: Markets Impact, 10/23/01

Economy
Enron May Issue More Stock to Cover Obligations
By Rebecca Smith and John R. Emshwiller
Staff Reporters of The Wall Street Journal

10/24/2001
The Wall Street Journal
A2
(Copyright (c) 2001, Dow Jones & Company, Inc.)

Enron Corp. might have to come up with several hundred million dollars or more during the next 20 months to cover potential shortfalls in investment vehicles it created. Covering such shortfalls could involve issuing additional Enron shares, diluting the position of current shareholders.
However, Enron Treasurer Ben Glisan said in an interview yesterday that the company believes it can repay about $3.3 billion in notes that were sold by those investment vehicles without having to resort to issuing more stock. The notes were sold to investors during recent years by several entities -- known as the Marlin Water Trust II, the Marlin Water Capital Corp. II, the Osprey Trust and Osprey I, Inc. The notes are coming due during the next 20 months.
Mr. Glisan said assets from the entities could be sold to pay off some of the notes. Also, Enron is selling other assets. Proceeds from those transactions also could go toward repaying the notes, which ultimately are guaranteed by Enron.
He said it appears that asset sales will raise at least $2.2 billion by the end of next year. This amount includes cash proceeds of $1.55 billion from the previously announced sale of Enron's Portland General Electric utility unit. Enron hopes to complete that sale by the end of 2002.
"There are a number of other assets we believe will raise sufficient proceeds" to repay the notes, Mr. Glisan said. "But if we are wrong, we will issue equity." Mr. Glisan said a worst-case scenario would involve issuing as much as $1 billion in stock. Enron said it has about 850 million shares outstanding.
Making up any shortfall with equity has become more expensive because of the drop in Enron's share price. In 4 p.m. New York Stock Exchange composite trading, Enron shares were down 86 cents to $19.79. The stock was once again one of the most actively traded with about 27 million shares changing hands. Early this year, Enron stock was more than $80 a share.
During the past week, shares of the energy-trading giant have dropped more than 40%. Early last week, Enron reported a $618 million third-quarter loss, resulting from $1.01 billion in write-offs. The company also disclosed a $1.2 billion reduction in shareholder equity for the quarter as a result of terminating certain transactions related to a partnership that for a time was headed by Enron Chief Financial Officer Andrew S. Fastow. In July, Mr. Fastow ended his connection to the partnership in the face of growing concerns by analysts and major investors. On Monday, Enron disclosed that the Securities and Exchange Commission was looking into the transactions related to Mr. Fastow. Enron has said its dealings with the partnership were proper.
The turmoil of the past several days prompted Enron to schedule a conference call yesterday morning with Wall Street analysts and others in an effort to reassure investors. Enron Chairman and Chief Executive Kenneth Lay said while "we are extremely disappointed with our stock price . . . our businesses are performing very well." Mr. Lay and other executives said Enron has adequate liquidity to meet its needs.
Mr. Fastow, the chief financial officer, took part in the conference call. But neither he nor Mr. Lay would answer any questions concerning the Fastow-related partnership, which was known as LJM2 Co-Investment LP. Mr. Lay said the SEC was in the midst of an inquiry concerning that partnership arrangement, which has raised conflict-of-interest questions among analysts and others. Mr. Lay cited shareholder suits filed recently as another reason not to discuss the partnership questions. Mr. Lay said he was "very concerned about the way Andy's character has been loosely tossed about." He added "we continue to have the highest faith and confidence in Andy."
Internal LJM2 documents indicate that Mr. Fastow and perhaps a handful of fellow Enron officials made millions of dollars in management fees and capital increases from running the partnership. Billions of dollars of Enron assets and stock were involved in LJM2-related transactions, according to Enron SEC filings.
During the conference call, analysts -- even some who have been longtime Enron fans -- challenged executives about the Fastow partnership arrangement and the company's often opaque financial reports. "There's the appearance you are hiding something," said Goldman Sachs analyst David Fleischer. "You need to do everything in your power to demonstrate to investors that your dealings are above board."
Mr. Lay responded, "We're trying to be as transparent as we can."

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

Business/Financial Desk; Section C
Enron Tries To Dismiss Finance Doubts
By FLOYD NORRIS

10/24/2001
The New York Times
Page 1, Column 5
c. 2001 New York Times Company

Enron has ample access to cash, the company's chief executive said yesterday as he assured investors that there was no need for additional write-offs stemming from unusual financing activities.
In a conference call with investors that was hastily scheduled after Enron's stock plunged on Monday, the chief executive, Kenneth W. Lay, strongly defended the company's chief financial officer and said there was no conflict of interest involved in transactions that the Securities and Exchange Commission was looking into.
But he refused to go into detail on the transaction that Enron made with partnerships run by Andrew S. Fastow, the chief financial officer. In addition, Mr. Fastow, while declaring that Enron ''expects to continue to have sufficient liquidity to meet normal obligations,'' declined to answer any questions about it.
The conference call, which began just as trading opened on the New York Stock Exchange, at first seemed to be reassuring investors. Within minutes of the beginning of the call, the share price rallied to $23.25. But it soon began falling, and ended the day down 86 cents, at $19.79. The day's low of $19.62 was the lowest since Jan. 12, 1998, and was down 78 percent from the high set by the stock in the summer of 2000.
Until recently, most investors focused on the company's reported operating earnings, which showed good results as it became a leading player in energy markets. But the focus has shifted to a series of transactions, some involving off-balance-sheet financing. One, involving partnerships controlled by Mr. Fastow, led to a $1.2 billion reduction in shareholder equity that raised concern last week and led to S.E.C. inquiries that the company disclosed on Monday.
One of the company's strongest supporters has been David Fleischer, an analyst at Goldman, Sachs. But he told Mr. Lay on the call yesterday that Enron had to be more forthcoming with information. ''There is an appearance that you are hiding something,'' he said.
After the call, Mr. Fleischer expressed disappointment. ''They've engaged in a number of transactions that one wonders about, and that are hard to understand,'' he said in an interview. ''They have not been as forthcoming in explaining them'' as is needed, he said. But he said he was still recommending the stock. ''I don't think accountants and auditors would have allowed total shenanigans,'' he said. ''In the absence of total shenanigans going on at this company, there is tremendous value here.''
Mr. Lay cited the S.E.C. inquiries as a reason for not discussing details on the transactions involving the partnerships that were controlled by Mr. Fastow. But he emphasized that both he and the company's board ''continue to have the highest faith and confidence in Andy.''
Mr. Lay said that auditors from Arthur Andersen had carefully reviewed Enron's reporting in conjunction with another off-balance-sheet vehicle, called Marlin. That company owns one-third of Azurix, an Enron subsidiary that owns Wessex, a British water utility. The auditors ''have determined there is no write-down required,'' he said under questioning by Richard Grubman of Highfields Capital Management, a money management firm.
Mr. Grubman said that Marlin owed almost $1 billion on debt that was guaranteed by Enron but had no assets other than the Azurix stake. Noting that Enron had paid about $300 million to buy a third of Azurix from public shareholders and had since taken write-downs on its investment in Azurix, Mr. Grubman asked why the company was not setting up reserves to cover its exposure on that debt, which under a complicated arrangement could end up being satisfied through the issuance of Enron shares.
Mr. Lay said that no action was needed but declined to address details. Eventually he cut off Mr. Grubman. ''I know you're trying to drive the stock price down, and you've done a pretty good job of it,'' Mr. Lay said. ''But let's move on to the next question.''
Mr. Fastow said the company was having no problem issuing commercial paper and had $1.85 billion in such debt outstanding. He said it was backed by $3.35 billion in bank lines of credit, of which $1.75 billion will expire next May if it is not renewed.
Mr. Lay said he was sorry about ''the misunderstanding'' that resulted when his brief mention of the $1.2 billion reduction in shareholder equity in a conference call last week was not noticed by some analysts. That reduction would have been apparent if the company had released its balance sheet with the earnings report, but it did not. He said the company would consider releasing balance sheets with earnings reports in the future, but made no promises.
The large reduction in shareholder equity did not affect reported earnings, and so was not in the earnings release. But it raised concerns that some of the sophisticated financing techniques used by the company might be effectively keeping losses off the earnings statement. The S.E.C. is expected to look into whether the accounting for that transaction was correct.
After one questioner on the call said it would be easier to understand Enron if it released financial statements for the special purpose vehicles that were set up to enter into such transactions as Marlin, Mr. Lay said the company ''will look into providing'' such statements.

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

Options Report
Surge in Optimism Prompts Straddles In Enron and Cisco
By Kopin Tan
Dow Jones Newswires

10/24/2001
The Wall Street Journal
C14
(Copyright (c) 2001, Dow Jones & Company, Inc.)

NEW YORK -- Bullish calls traded heavily early as investors, encouraged by the ability of stocks to shrug off anthrax scares, bought calls to replace stock holdings and to ride any rallies.
At one point, the ratio of equity calls traded to puts at the Chicago Board Options Exchange fell to 0.28, compared with 0.68 Friday and Monday's three-month closing low of 0.42.
The surge of optimism -- also evident in the CBOE market-volatility index, or VIX -- prompted traders to begin covering the downside, just as the widely watched stock indexes began to retreat. Contrarians believe the CBOE equity put/call ratio sends a bearish signal when it is below 0.40. By the session's end, the ratio was at 0.49.
Buyers drove robust call trading in Cisco Systems, a maker of Internet switching equipment, and the implied volatility also rose, noted a trader at Letco, the CBOE specialist for Cisco options. One investor bought thousands of January 20 calls, paying about $115 a contract for the right to buy 100 shares of the stock at $20 a share until mid-January. At 4 p.m. in Nasdaq Stock Market trading, Cisco was down 42 cents at $16.41. The January 20 calls fell 10 cents to 90 cents on CBOE volume of 27,048 contracts, while 6,861 contracts traded at the Pacific Exchange.
The implied volatility of Enron's near-month options remains high, even as the energy concern's executives sought to calm investors and address their concerns, following news that the Securities and Exchange Commission is looking at the Houston company.
The volatility spike makes Enron a viable candidate for investors looking to sell straddles -- selling calls and puts with the same strike price and expiration. In particular, Enron's at-the-money January 20 straddles offer rich premiums, said Lillian Seidman of the Seidman/Skupp options team at Miller Tabak & Co., of New York. With Enron down 86 cents at $19.79 in New York Stock Exchange composite trading, selling January 20 straddles would earn an investor about $750 a straddle -- a rich premium that could offset the cost of buying stock.
To be sure, selling straddles can be risky and the losses significant if the stock, which already had fallen about 38% in a week, makes a big move in either direction before the straddles expire. Investors typically buy straddles if they expect a big move in the underlying stock, while sellers pocket premium and hope the stock remains in a tight trading range.

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

Oct. 24, 2001, 12:05AM
Houston Chronicle
Lay tries to assure Enron investors
Company's credibility questioned
By LAURA GOLDBERG
Copyright 2001 Houston Chronicle
Enron had safeguards in place to protect shareholder interests while its chief financial officer ran two investment partnerships that did business with Enron, the company's chief executive officer said Tuesday.
The Houston-based energy trader has been caught in a storm of criticism over Chief Financial Officer Andrew Fastow's former role with two partnerships, LJM Cayman and LJM2 Co-Investment, that entered into complex financing and hedging arrangements with Enron.
Enron disclosed Monday that the Securities and Exchange Commission opened an "informal inquiry" into transactions between Enron and the two partnerships.
It declined to say if the SEC is looking into other transactions.
After the disclosure, Enron's stock fell almost 21 percent Monday. Tuesday it dropped another 86 cents to close at $19.79.
The news brought to the forefront ongoing complaints from some on Wall Street that some of Enron's financial mechanisms are difficult to understand and that Enron doesn't provide detailed enough financial data about its performance.
Tuesday morning, Enron Chairman and CEO Ken Lay held a conference call for investors and analysts, aimed at addressing their concerns.
It remains to be seen whether he succeeded, but based on the tenor of questions during the call, it's doubtful he achieved that result.
David Fleischer, a Goldman Sachs analyst, told Lay that the company's credibility was being severely questioned and called on him to do everything in his power to explain to investors that Enron's dealings are aboveboard.
"I, for one, find the disclosure is not complete enough for me to understand and explain all the intricacies of all those transactions," he said.
Lay told callers he was limited in speaking about the LJM partnerships because of the SEC inquiry.
He did say Enron was aware an "inherent conflict of interest" would result from its chief financial officer running investment partnerships doing business with Enron.
In response, Enron set up procedures, which Lay said were rigorously followed, to ensure shareholder interests wouldn't be compromised.
"There was a Chinese Wall between LJM and Enron," he said, adding that Enron wasn't obligated to do deals with the LJM entities and did so when it was in Enron's best interest.
Lay and Enron's board continue to have the "highest faith and confidence" in Fastow, he added.
Fastow resigned his roles with the LJM entities in June after criticism from Wall Street.
Enron ended its financial relationships with the partnerships.
It took a $35 million charge in the third quarter and reduced shareholders' equity by $1.2 billion as a result.
During the call Enron executives also addressed other issues.
They stressed that Enron expects to continue having sufficient liquidity to carry out normal operations and took questions about two financing vehicles, Whitewing and the Atlantic Water Trust, that it set up so it could invest in certain assets without issuing debt or Enron shares at the time of the investments.
If Enron should lose its current investment-grade quality debt rating, commitments made as part of those financing vehicles could trigger steps that would cause the value of Enron's current outstanding shares to become diluted.
Jeff Dietert, an analyst with Simmons & Co. International in Houston who follows Enron, was among those on the call. He said afterward he received some new information about Enron's lines of credit.
"I had hoped to get a little bit more out of the call," he said.

OBSERVER - Busy signal.

10/24/2001
Financial Times (U.K. edition)
(c) 2001 Financial Times Limited . All Rights Reserved

Busy signal
Enron should know plenty about bandwidth.
Through Enron Broadband Services, the giant energy company boasts about "developing an open and efficient market for bandwidth that provides liquidity, reliability, price transparency and guaranteed service levels".
But there were no guarantees about service levels yesterday, when Enron held a conference call to "address investor concerns" about its financial dealings.
Despite the bandwidth expertise, the call - the first time that Andrew Fastow, chief financial officer, has faced questions about the transactions from analysts - was available to just 300 lucky telephone diallers. A live webcast of the call was accessible on Enron's website, but without the chance to grill Enron brass.
Those investors and journalists who did make it through (some waited 20 minutes for their place at the party; others found their lines dropped mid-stream) heard volatile exchanges between analysts and company executives. An analyst chided for his part in lowering the company's share price was told by Ken Lay, Enron's chairman, that his question quota was up and it was time to move on.
(c) Copyright Financial Times Ltd. All rights reserved.
http://www.ft.com.

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

USA: Enron mulls ways to cover portfolio shortfalls-WSJ.

10/24/2001
Reuters English News Service
(C) Reuters Limited 2001.

NEW YORK, Oct 24 (Reuters) - Enron Corp. Treasurer Ben Glisan said the company thinks it can repay about $3.3 billion in notes sold by investment vehicles it created without having to issue more stock, the Wall Street Journal reported in its online edition on Wednesday.
Enron may need to come up with funds to cover potential shortfalls in those investment vehicles, which could involve issuing additional shares, thereby diluting the position of current shareholders, the report said.
The report, which cites a Tuesday interview with Glisan, said the notes were sold to investors during recent years by several entities and are coming due during the next 20 months. The entities are known as the Marlin Water Trust II, the Marlin Water Capital Corp. II, the Osprey Trust and Osprey I Inc, the report said.
According to the report, Glisan said assets from those entities could be sold to pay off some of the notes. Enron is selling other assets, the report said. According to the newspaper, proceeds from those sales could go toward repaying the notes, which are ultimately guaranteed by Enron.
Glisan, according to the report, said it looks like asset sales will raise at least $2.2 billion by the end of 2002.
"There are a number of other assets we believe will raise sufficient proceeds" to repay the notes, Glisan said, according to the report. "But if we are wrong, we will issue equity."
According to the report, Glisan said a worst-case scenario would involve issuing as much as $1 billion in stock.
Enron held a conference call on Tuesday, seeking to assuage investor concerns after U.S. regulators said they were looking into transactions involving the company's chief financial officer and its stock shed more than $10 billion in value over the past week.
Enron said on the call it can tap $3.35 billion from a credit line, suggesting it has enough liquidity to operate its core trading and marketing business, which can experience wide swings in cash flow, depending on commodity prices and market hedges.

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

Enron May Issue More Stock to Cover Obligations

10/24/2001
Dow Jones Business News
(Copyright (c) 2001, Dow Jones & Company, Inc.)

Enron Corp. might have to come up with several hundred million dollars or more during the next 20 months to cover potential shortfalls in investment vehicles it created, Wednesday's Wall Street Journal reported.
Covering such shortfalls could involve issuing additional Enron (ENE) shares, diluting the position of current shareholders.
However, Enron Treasurer Ben Glisan said in an interview yesterday that the company believes it can repay about $3.3 billion in notes that were sold by those investment vehicles without having to resort to issuing more stock. The notes were sold to investors during recent years by several entities -- known as the Marlin Water Trust II, the Marlin Water Capital Corp. II, the Osprey Trust and Osprey I, Inc. The notes are coming due during the next 20 months.
Mr. Glisan said assets from the entities could be sold to pay off some of the notes. Also, Enron is selling other assets. Proceeds from those transactions also could go toward repaying the notes, which ultimately are guaranteed by Enron.
He said it appears that asset sales will raise at least $2.2 billion by the end of next year. This amount includes cash proceeds of $1.55 billion from the previously announced sale of Enron's Portland General Electric utility unit. Enron hopes to complete that sale by the end of 2002.
"There are a number of other assets we believe will raise sufficient proceeds" to repay the notes, Mr. Glisan said. "But if we are wrong, we will issue equity." Mr. Glisan said a worst-case scenario would involve issuing as much as $1 billion in stock. Enron said it has about 850 million shares outstanding.
Making up any shortfall with equity has become more expensive because of the drop in Enron's share price. In 4 p.m. New York Stock Exchange composite trading, Enron shares were down 86 cents to $19.79. The stock was once again one of the most actively traded with about 27 million shares changing hands. Early this year, Enron stock was more than $80 a share.
Copyright (c) 2001 Dow Jones & Company, Inc.
All Rights Reserved.

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

Business; Financial Desk
IN BRIEF / ENERGY Enron Asks Citigroup for $750-Million Loan
Bloomberg News

10/24/2001
Los Angeles Times
Home Edition
C-2
Copyright 2001 / The Times Mirror Company

Enron Corp., the biggest energy trader, has asked Citigroup Inc. to arrange a $750-million loan, ensuring access to credit if the beleaguered company is cut off from money markets, say people familiar with the matter.
Enron's shares and bonds plunged after the firm said the Securities and Exchange Commission was probing its finances.
The Houston-based business, whose stock has fallen 75% this year amid concerns about failed investments, depends on a $3-billion commercial paper, or short-term debt, program to finance day-to-day operations.
As a second-tier commercial paper borrower, any ratings drop may cut off Enron from the commercial paper market and raise costs of short-term debt.
Enron shares dropped 86 cents to close at $19.79 on the New York Stock Exchange.

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

Report on Business: The Wall Street Journal
What's News
United States
Wall Street Journal

10/24/2001
The Globe and Mail
Metro
B9
"All material Copyright (c) Bell Globemedia Publishing Inc. and its licensors. All rights reserved."

Enron Corp. might have to come up with several hundred million dollars over the next 18 months to cover potential shortfalls in investment vehicles it created, treasurer Ben Glisan said. The possible shortfall related to about $3.2-billion (U.S.) in notes that related entities sold to investors since 1999, he said. Proceeds from those notes were invested in various Enron assets. Mr. Glisan said those notes come due over the next 18 months and Enron still hopes to sell enough assets to fully repay the notes. However, making up any shortfall with funds raised by selling stock has become more expensive as Enron's share price has plunged. Over the past week, shares of the energy trading giant have fallen more than 40 per cent.

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

Abreast of the Market
Everest Re, St. Paul and Providian Drop, but Markets Stay Resilient
By Robert O'Brien
Dow Jones Newswires

10/24/2001
The Wall Street Journal
C2
(Copyright (c) 2001, Dow Jones & Company, Inc.)

NEW YORK -- Stocks ended only slightly lower as the recently resilient market largely withstood the effects of dismal corporate profit statements.
Shares of drug maker Pharmacia fell $4.37, or 13%, to $38.39, after the company issued third-quarter results that topped Wall Street's forecasts, but also issued 2002 profit projections that left some analysts disappointed.
In fact, several drug companies saw their stock prices fall as investors responded to their quarterly profit statements. Shares of Bristol-Myers Squibb, for example, gave up 1.68, or 2.8%, to 58.02, American Home Products lost 1.40, or 2.3%, to 58.90, and Schering-Plough eased 74 cents, or 1.9%, to 38.17.
Shares of several insurance and reinsurance providers also pulled back in reaction to profit statements, with Everest Re falling 6.40, or 8.4%, to 69.50, and St. Paul dropping 93 cents, or 1.9%, to 49.25.
Power utility Exelon, Chicago, was set back 3.42, or 7.7%, to 41.08, after its third-quarter results topped forecasts, but drew critical comments from several analysts.
Nevertheless, even with the grim earnings outlook, investors showed continued reluctance to throw in the towel.
"Institutional investors are busy trying to gauge the sentiment in the market," Richard Cripps, market strategist at Legg Mason, said. "Their fear is that the market makes a four or five percent upside run very quickly, which is eminently possible, and they can't afford to miss it."
Some seasonal factors also have played a role in supporting stock prices recently. For many mutual funds, for example, their fiscal year concludes at the end of October. Some are doing what is called window dressing -- buying stocks that their investment disciplines say should be in their portfolio -- while others need to boost their overall exposure to the equities market.
Whatever the reason, the market has been making some big moves when prices have risen, and modest moves when they have declined. The Dow Jones Industrial Average, which ran up 172.92 points Monday, declined 36.95 points yesterday, a loss of 0.39%, to 9340.08.
The Nasdaq Composite Index declined 3.64 points, or 0.21%, to 1704.44. Volume levels showed some improvement over Monday's rather sluggish pace.
Investors haven't completely rolled over. In a handful of the situations in which their ire has been raised, they have lashed those stocks repeatedly. Shares of SBC Communications, one of Monday's disappointments, got punished again, falling 2.62, or 6.3%, to 38.78, and fell back in range of a 52-week low of 38.20, set June 26.
Consumer lender Providian Financial got sent to a fresh 52-week low, off 41 cents, or 8.3%, to 4.55. Enron, which has fallen on concerns about conflicts of interest in dealings among the company, a power marketer, and partnerships that were set up and run by its chief financial officer, dropped an additional 86 cents, or 4.2%, to 19.79, hitting a 52-week low intraday.
There were some winning profit statements. Shares of CSX, for example, rose 2.45, or 7.5%, to 35.19, after the Richmond, Va., rail-freight concern reported third-quarter earnings that, while they fell short of year-ago performance, nevertheless managed to top Wall Street's forecasts.
Vitesse Semiconductor (Nasdaq), a Camarillo, Calif., maker of integrated circuits used in high-bandwidth communications networks, added 43 cents, or 4.5%, to 9.99, even though the company's losses for its fiscal fourth quarter proved sharper than expected.
NetIQ (Nasdaq) dropped 4.23, or 14%, to 26.17, even though the Santa Clara, Calif., developer of networking software posted fiscal first-quarter results late Monday that topped what analysts had been looking for.
Chartered Semiconductor (Nasdaq) advanced 40 cents, or 2.1%, to 19.10. The Singapore chip foundry reported third-quarter results that showed a loss for the period, but nevertheless proved to be a little more encouraging than analysts had projected.
Shares of several cable-television operators moved higher. Charter Communications added 59 cents, or 4.5%, to 13.62, Comcast gained 40 cents, or 1.1%, to 36.82, and Cox Communications rose 44 cents, or 1.1%, to 40.15. Thomas Weisel Partners said that cable operators should benefit from SBC Communications' decision, revealed Monday with its quarterly results, to scale back the growth of its digital subscriber line service offering.
EarthLink (Nasdaq) slid 2.51, or 14%, to 14.85. The Atlanta Internet service provider issued stronger-than-expected third-quarter results, but also signaled that its customer growth had slowed.
AT&T Wireless increased 1.26, or 9.7%, to 14.20. The Redmond, Wash., provider of wireless communications services reported third-quarter results that topped what analysts had been looking for.
Several steelmakers moved higher following a ruling late Monday by the U.S. Trade Commission, which said it determined that domestic steelmakers have been significantly harmed by cheap imports; the ruling could lead to the erection of barriers limiting steel imports. USX-U.S. Steel Group gained 28 cents, or 1.9%, to 15.02, Nucor rose 1.05, or 2.5%, to 42.87, and AK Steel improved 41 cents, or 4.6%, to 9.31.
McKesson advanced 1.56, or 4.2%, to 38.95. The San Francisco drug distributor and health-care information technology provider posted stronger-than-expected fiscal second-quarter results.
Watson Pharmaceuticals fell 3.05, or 6%, to 48.11. UBS Warburg reduced its rating on the Corona, Calif., drug maker, and lowered its earnings projections for the company.
Furniture Brands dropped 2.04, or 8.9%, to 20.96. UBS Warburg cut its rating on the St. Louis furniture manufacturer, saying it believes the company has lost market share to rival manufacturers.

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

International News
U.S. Energy Giant Weighs a Move To Pull Out of India
Associated Press

10/24/2001
The Asian Wall Street Journal
9
(Copyright (c) 2001, Dow Jones & Company, Inc.)

NEW DELHI -- Following Enron Corp. U.S. energy company AES Corp. has turned to the Indian prime minister for help in settling its grievances with a state government.
In a letter to Atal Bihari Vajpayee, AES Corp.'s President Dennis W. Bakke said his company's determination to continue in India is being tested by the government of eastern Orissa state.
A copy of the letter, dated Oct. 1, was made available to the Associated Press.
AES operates two power plants in Orissa, holds 49% of the Orissa Power Generation Corp. and manages the main power distribution company in the state.
AES and Enron are the only major American power companies to make big investments in India since the government allowed foreign investment in the sector in the early 1990s.
In his letter, Mr. Bakke drew Mr. Vajpayee's attention to the "expropriation, repeated contract violations, intimidation . . . and direct interference with day-to-day management" by the state government and its agencies.

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

UK: LNG delays could spawn shipping crisis - analysts.
By Pete Harrison

10/24/2001
Reuters English News Service
(C) Reuters Limited 2001.

LONDON, Oct 24 (Reuters) - The transport chain supporting the global LNG industry will be finely poised in coming years between profitability and a crisis of oversupply if projects miss their deadlines, shipping analysts warn.
More LNG tankers than ever before are being constructed in the shipyards of the Far East, many of them ordered speculatively against anticipated demand, which might emerge later than scheduled.
"The issue is timing," Jarle Sjo, shipping equity analyst at Oslo-based investment bank First Securities told Reuters.
"Historically, LNG projects have been delayed - you can estimate at about six months - and if that happens it will probably get ugly in the short term," he added.
The world fleet of LNG tankers currently numbers 123, but will have swollen by about 37 percent by the end of 2004, according to shipping database Fairplay.
Gas industry analysts expect some LNG projects to be delayed as a result of the economic downturn, excess capacity at existing plants in Asia and a sharp fall in U.S. natural gas prices this year.
Svein Erik Amundsen, Managing Director of Norwegian shipping group Bergesen, said that a sustained economic downturn could have "consequences."
"I wouldn't be surprised by project delays," he told Reuters. "This could result in some tonnage coming out of the yards without immediate employment."
"I think you can say we're still optimistic, but more cautiously optimistic than before," he added. Bergesen has three new LNG ships on order, two of which have already been contracted out to Belgian gas distributor Distrigas.
STOP AND THINK
The world's largest and only pure LNG shipping player, Golar LNG, historically bullish in its outlook, has also been forced to stop and consider the problem.
Golar has six ships locked into long-term contracts, but four more are under construction at South Korea's Daewoo and Hyundai yards and do not yet have firm future employment.
"There is a reasonable balance between the production coming onstream and the amount of ships ordered," Golar Executive VP Sveinung Stohle told Reuters, "The only risk is things might be delayed."
Stohle said that contracting out the new ships remained an option, but it was also developing an LNG trading arm, which might have a use for some of them.
Golar's closest competitor in terms of size, Exmar, is taking a more traditional approach. It has six ships on order and said it would leave as little as possible to chance.
"We've chartered out all of them except the Samsung ship, which is under offer for the (Qatari) RasGas tender," Managing Director Nicolas Saverys told Reuters. Four are booked out to El Paso and one to Enron.
He said that until all the upcoming projects had their Supply Production Agreements in place, it would be too risky for companies to place fresh ship orders.
"It's a good time to wait," said Saverys.

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

INDIA PRESS:British Gas Seeks ONGC Deal For Field Control

10/24/2001
Dow Jones International News
(Copyright (c) 2001, Dow Jones & Company, Inc.)

NEW DELHI -(Dow Jones)- British Gas has offered India's Oil & Natural Gas Corp. (P.ONG) equity in its exploration acreage in Brazil and a cash settlement in lieu of operatorship of the Tapti Panna and Mukta oil fields, the Economic Times reported Wednesday.
ONGC and Reliance Industries Ltd. (P.REL) are claiming operatorship of the Tapti Panna and Mukta oil fields following Enron Oil & Gas India Ltd.'s 30% stake sale to BG, according to the report.
State-owned ONGC holds a 40% stake in the Panna-Mukta and Tapti fields and Reliance owns 30%.
The Enron Oil & Gas stake sale will fall through if BG isn't given the operatorship of the oil fields, Nigel Shaw, vice president of BG India said in the report.
Shaw said the equity partners are in discussions on the issue of operatorship, the report said.
British Gas is a unit of BG Group PLC (BRG). Enron Oil & Gas is a unit of Enron Corp. (ENE).

Newspaper Web site: http://www.economictimes.com

-By Dow Jones Newswires; 91-11-461-9426; ruchira.singh@dowjones.com

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

BG Offers ONGC Brazilian Assets to Get Managing Rights in India
2001-10-24 01:12 (New York)

     Mumbai, Oct. 24 (Bloomberg) -- BG Group Plc has offered Oil &
Natural Gas Corp. a stake in exploration projects in Brazil if
India's biggest oil producer allows BG to run the oil fields it
bought from Enron Corp. in India, the Economic Times reported,
without citing any officials.

     BG's purchase of Enron's 30 percent stake in the three oil
and gas areas in India is contingent on winning the right to
manage the developments. Reliance and ONGC, which together own 70
percent of the exploration venture, have both claimed rights to
run the oil and gas fields.

     BG has asked ONGC to waive its right to decide the operator
after Enron quits in return for a stake in its oil and gas sites
in Brazil, the paper said. It didn't give details on the Brazilian
interests BG may offer ONGC. BG has set Oct. 31 as a deadline to
resolve the ownership dispute, the paper said.

     The purchase from Enron would give BG a 30 percent stake in
the Tapti and Panna-Mukta oil and gas fields, as well as 63
percent of an untapped deposit on the west coast of India. The
assets hold more than 170 million barrels of oil and gas.

     Before agreeing with BG, Enron rejected bids from its Indian
partners, ONGC and Reliance, as well as from the nation's biggest
refiner, Indian Oil Corp.

House stimulus bill would give billions to huge companies; Senate Democrats present alternative
By CURT ANDERSON
AP Tax Writer

10/23/2001
Associated Press Newswires
Copyright 2001. The Associated Press. All Rights Reserved.

WASHINGTON (AP) - General Motors, IBM and Kmart are among corporations that would receive billions of dollars in tax refunds under a $100 billion House Republican economic stimulus package. Democrats say it is far too generous to companies and does too little for individuals.
Seven companies would get a total of $3.3 billion in refunds of alternative minimum taxes they paid as far back as 1986. The tax, which the House legislation also would repeal outright, is intended to ensure a basic minimum income tax is paid by companies and individuals that claim numerous deductions and credits.
IBM would get a $1.4 billion refund, according to the nonpartisan Congressional Research Service, while GM would get $832 million, Kmart $102 million and General Electric $671 million. Others specified for big refunds include energy giant Enron, at $254 million; U.S. Steel, $39 million; and grocery chain Kroger, $9 million.
In addition, the study found that Ford Motor Co. would get a refund that could total $2.3 billion, while Chevron's could reach $314 million.
Counting repeal of the tax, corporations would get more than $25 billion in tax relief from these minimum tax provisions in 2002 alone. In addition, the bill would make permanent a temporary tax break for financial services firms doing a lot of overseas business, providing them $21 billion in tax relief over 10 years.
The generous corporate tax breaks are among the most contentious items in the House GOP measure, scheduled for a floor vote Wednesday. Democrats say the measure is certain to change once it reaches the Senate; the Bush administration also has signaled that $100 billion is too costly.
"It's clear the House bill cannot pass the Senate as it is," said Sen. John Breaux, D-La.
For individuals, the House legislation includes a new round of tax rebate checks for workers who didn't get them this summer and a cut in the current 27 percent income tax rate to 25 percent in 2002, four years earlier than under the just-enacted tax cut. The measure also reduces capital gains rates from 20 percent to 18 percent for most taxpayers, enhances business equipment write-offs and allows companies to deduct current losses against taxes paid five years earlier.
The primary sponsor, Ways and Means Committee Chairman Bill Thomas, said in a newspaper opinion piece published Tuesday in USA Today that the legislation "is a shot of adrenaline" that will help restart the economy while not triggering inflation.
"Businesses generate jobs, and jobs are the core of a strong economy," wrote Thomas, R-Calif.
While bipartisan support backs some of the House items, Senate Democrats have been pushing for expanded unemployment benefits and help for workers who lose health insurance. Sen. Max Baucus, chairman of the Senate Finance Committee, presented a $70 billion proposal Tuesday that would extend unemployment benefits by 13 weeks, provide a 50 percent federal match for COBRA health insurance policies and allow more workers to qualify for Medicaid.
The legislation also includes rebate checks and some business items similar to the House bill but not the capital gains reduction or the alternative minimum tax relief. Tax cuts in the Baucus measure would total $35 billion in 2002, far below the House GOP level.
"This proposal appropriately responds to the sign of the times, helping this nation get back to work and recover quickly," said Baucus, D-Mont.
Other Democrats were working on spending programs. Senate Appropriations Committee Chairman Robert Byrd, D-W.Va., said he was putting together a $20 billion package that included hiring extra customs and border agents and food inspectors, augmented security at nuclear plants and purchase of more vaccines.
Sen. Charles Grassley, R-Iowa, said President Bush does not want the stimulus bill laden with additional spending.
"Everything in this package needs to be stimulative," Grassley said. "There needs to be more done on the investment side."
---
On the Net: House members: http://www.house.gov/house/MemberWWW.html

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

Wechsler Harwood Halebian & Feffer LLP Announces Class Periods

10/23/2001
PR Newswire
(Copyright (c) 2001, PR Newswire)

DQE, Inc. (DQE); Enron Corp. (ENE)
NEW YORK, Oct. 23 /PRNewswire/ -- Notice to persons who transacted in the following securities and respective class periods: CORPORATION CLASS PERIOD DUE DATE
DQE, Inc. 12/06/00-04/30/01 12/05/01
(NYSE: DQE)
Enron Corp. 01/18/00-10/17/01 12/21/01
(NYSE: ENE)
Wechsler Harwood Halebian & Feffer LLP ("Wechsler Harwood") (http://www.whhf.com) has been retained to investigate claims or filed class action complaints involving the securities of the above companies on behalf of investors.
Wechsler Harwood has extensive experience representing shareholders in class actions and has served as lead counsel on behalf of shareholders in many such actions. The reputation and expertise of this firm in shareholder and other class actions has repeatedly been recognized by the courts.
If you wish to discuss these actions, or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Wechsler Harwood Halebian & Feffer LLP, 488 Madison Avenue, New York, New York 10022, by calling toll free 877-935-7400 or by contacting: Patricia Guiteau
Wechsler Harwood Shareholder Relations Department; DQE, Inc.:
pguiteau@whhf.com or whhfus@yahoo.com.
Ramon Pinon, IV
Wechsler Harwood Shareholder Relations Department; Enron Corp.:
rpinoniv@whhf.com or whhfus@yahoo.com.
MAKE YOUR OPINION COUNT - Click Here
http://tbutton.prnewswire.com/prn/11690X72542557

/CONTACT: For DQE - Patricia Guiteau, pguiteau@whhf.com, or For Enron - Ramon Pinon, IV, rpinoniv@whhf.com, both of Wechsler Harwood Shareholder Relations Department, whhfus@yahoo.com/ 18:37 EDT
Copyright ? 2000 Dow Jones & Company, Inc. All Rights Reserved.

Business
Stock Analysis/Call In
Bruce Francis, Kathleen Hays

10/23/2001
CNNfn: Markets Impact
(c) Copyright Federal Document Clearing House. All Rights Reserved.

KATHLEEN HAYS, CNNfn ANCHOR, MARKETS IMPACT: Both the Dow and the Nasdaq lost ground today after another big round of earnings news.
FRANCIS: Lets go to Keith in Alaska with a quick question for Don and Don let`s give us a zippy answer to.
LUSKIN: All right.
CALLER: Hey Don I like to know as far as Enron (URL: http://.www.enron.com/) is concerned, how representative of the energy sector is this because I`ve been watching as a small investor that`s kind of brand new, watching it just kind of plummet. So and I`m only investing a little bit every month in it but you think that`s pretty wise idea just kind of keep on doing small investments?
LUSKIN: Well as a general investing strategy yes but Enron is a special case where we have a company that`s in bad trouble. We had a CEO who basically left without explanation a couple of months ago, then yesterday the CFO has been accused of some pretty strange looking self dealing issues. We don`t know how that`s going to resolve but this is a company under a cloud so you might want to hold off on your buying program until that cloud lifts a little bit.
FRANCIS: All right Don, thank you very much; we appreciate it. Don Luskin.
LUSKIN: All right.

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


BT is no longer a valid counterparty (according to TAGG when you go into the
deal).  One can not save a deal w/ an invalid c/p name in the deal.  Jennifer
Blay is currently trying to get us the correct counterparty name.

Thanks, Errol

	Enron North America Corp.

	From:  Julie Brewer                           02/27/2001 10:47 AM

To: Errol McLaughlin/Corp/Enron@ENRON
cc:

Subject: EOL Deals

Errol-

There are two Bankers Trust Deals that you changed to Bankers Trust
International. I pulled the trades from EOL and they say Bankers Trust. The
Deal Nos are QT6916 and QT7116. Were these changed in error?

Thanks. Julie


"The greatest good we can do for others is not to share our riches with them,
but to reveal their own." - Author Unknown

"One should guard against preaching to young people success in the customary
form as the main aim in life. The most
 important motive for work in school and in life is pleasure in work,
pleasure in its result, and the knowledge of the value of
 the result to the community." -- Albert Einstein

"We must all suffer one of two things: the pain of discipline or the pain of
regret or disappointment." -- Jim Rohn

"The game of life is a game of boomerangs. Our thoughts, deeds and words
return to us sooner or later with astounding
 accuracy." -- Florence Scovel Shinn


Thanks Andy for pulling this together!

Hi everyone, it's Sheraton Kalouria.  I just returned from a vacation in
Ibiza, Spain, where I must say I thought frequently of our 4-Quarter class.
And not JUST because I drank too much (!).  The exposure to interesting,
diverse personalities reminded me how enriching getting to know all of you
was.

Quick update:

I'm living alone in Los Angeles.  Like a ping-pong ball, I'm on the left
coast again.  Give me time, no doubt I'll be back in New York.  But I don't
expect that to happen any time soon, as a), I have 2 years remaining on my
contract with NBC, where I'm the head of the Daytime programming unit, and
b), I bought a house in the Hollywood Hills and I now have too much
furniture to be contained in even the very largest domestic mini-van.

It's hard to believe how much time has passed and it's really great to hear
how well everyone is doing. After 7 years with ABC, I jumped at the chance
to lead a department, even though it was mired in third place for many years
in the ratings.  Since my arrival, I'm happy to report we've gone from
"worst to first" on the strength of our two soap operas, DAYS OF OUR LIVES
and PASSIONS.  My marketing skills were put to the test when we launched an
unprecedented novelization of a soap which ultimately landed on the New York
Times best sellers list for 7 weeks.  I even had the good fortune of
interfacing with Marc Sznajderman on some NBCi.com matters.

Here are the vitals.

Sheraton Kalouria
7435 Palo Vista Drive
Los Angeles, CA 90046
h) 323-850-7437
m) 818-903-7437
w) 818-840-4225

If any of you are in the Los Angeles area, please give me a call-I'd love to
catch up.  Also, The Tonight Show with Jay Leno tapes right here at NBC in
Burbank and I would be happy to assist you with VIP tickets to a taping if
you're interested.

	Because e-mail can be altered electronically,
	the integrity of this communication cannot be guaranteed.


Can you talk late this afternoon?
In connection with the "trading issue", have you taken a look at the services
agreement ?


We have the NXAVC settle for Aug at $31.138.  So just pay the lesser of.

DG    3-9573

Genaro Mendoza@ENRON
09/21/2000 09:30 AM
To: Darron C Giron/HOU/ECT@ECT
cc:
Subject: Re: Agave Price Calculation

Thanks. I want to let you know that ENA's price is now $.1148 higher than
what Agave invoiced for 08/00. I have paid at the invoiced price, since it is
less. The difference in the price is in the value for Crude Merc. Your
spreadsheet has $31.138 and they show $29.965.

Genaro

	From:  Darron C Giron @ ECT                           09/21/2000 09:04 AM

To: Genaro Mendoza/NA/Enron@ENRON
cc:

Subject: Re: Agave Price Calculation

Genaro,

The Sitara was not updated for Aug.  I just corrected Sitara.  So you can
redraft in Unify.  I attached the completed calc-sheet.  Sorry for the delay.

DG  3-9573

Genaro Mendoza@ENRON
09/21/2000 08:08 AM
To: Darron C Giron/HOU/ECT@ECT
cc:
Subject: Agave Price Calculation

Darron,

 Do you put together a spreadsheet calculating the price for gas purchases
from Agave on NNG at the Hobbs Plant? If so, can you forward a copy to me?
For 08/00 production, there is a $.56 difference from what is in Sitara and
what the customer invoiced us.

Thanks,
Genaro


> Sunday 3rd September 2000
>
> The Monte Carlo Rendez-Vous Reporter from Reactions, in association with
> Guy Carpenter [http://www.guycarp.com].  Simply click on the link next to
> each headline to read the full story.
>
> Top stories of the day:
>
> The only way is up for rates
> http://www.reactionsnet.com/conferences/viewStory.asp?id=659
>
> Vox pops: Testing the renewals air
> http://www.reactionsnet.com/conferences/viewStory.asp?id=660
>
> The view of the middleman
> http://www.reactionsnet.com/conferences/viewStory.asp?id=661
>
> New look Rendez-Vous
> http://www.reactionsnet.com/conferences/viewStory.asp?id=657
>
> Please visit http://www.reactionsnet.com for all the latest news from the
> world's largest insurance and reinsurance conference.
>
> Alternatively, you can read these stories on the official Rendez-Vous
> website at http://www.rvs-monte-carlo.com
>
>
> Book of the industry:
>
> Reinsurance
> Fourth Edition of Professor Robert L Carter's industry-standard textbook.
> https://ecommerce.waterside.net/reactions/Reins_Fourth.asp
>


Yep.  So that would be part of our $100,000.00 gain, right?

Crystal Hyde
05/22/2000 12:54 PM
To: Chris Germany/HOU/ECT@ECT
cc:
Subject: Southeast Worksheet!

Hey Chris,

The numbers I have in the P&L for the SE  net  are  (297,048)

The numbers in your worksheet net are  (281,238)

That isn't too big of a difference, plus it is in our favor.   A mere
$15,810.  Should I go ahead and let that into the P&L for tonight?

Thanks!


Good morning Mr. Martin,

I would like to introduce myself.  I currently work with Christie Patrick and
Michael B Rosen in the Enron University Affairs department.

In recent discussions with Christie, she has suggested that I liaise with you
and our management in preparation for your and Vince Kaminski's case study.
Christie has forwarded recent emails sent by you suggesting a few convenient
times that work with your schedule.  I will work with our management and do
my best to schedule one hour time slots for interviews that fit with your
outline.

Initially, I will schedule interviews with: Ken Lay - chairman and CEO, Jeff
Skilling - president and COO, and Andy Fastow - CFO.  If you feel that you
may need to speak with additional management, we will definitely try to work
something out the same day, so you don't have to travel back here.  I will
forward your project outline to the aforementioned participants once the
interviews are scheduled.  Do you anticipate drafting specific questions?  If
so, I would greatly appreciate a copy when convenient.

I greatly look forward to working with you and I hope that we can touch base
very soon.

Regards,

Cindy Derecskey
Enron University Affairs
(713) 853-5670


fyi

---------------------- Forwarded by Tracy Geaccone/GPGFIN/Enron on 02/16/2001 08:45 AM ---------------------------

Steve Gilbert
02/16/2001 07:58 AM
To:	Tracy Geaccone/GPGFIN/Enron@ENRON
cc:

Subject:	Re: Weekly Bullets for NNG Commercial Support Team

Ken Powers has been developing a Business Objects report along with Lindy Donoho and Jim Wiltfong.  They are trying to create a daily system balancing report by capturing reciepts, deliveries, fuel, OBA and Park and Ride activity  - all per pipeline segment.   The objective is to get a better handle on fuel.

<Embedded StdOleLink>


Good to hear that you're still alive and kicking after your recent world
travels.

You're right about GW -- it wasn't pretty getting there and the big question
will be whether he made himself so ugly that he's too damaged for November.
Honestly, I'm extremely disappointed in a number of ways with the campaign
he's run and especially with some tactical decisions made by Karl and the
rest of the staff who I don't think have served him particularly well. We'll
see if they learned any lessons.

My other buddy, Rick Perry, is going to be in NYC at the end of the month
and I'm helping to raise money for the event. I can't escape.

Excellent choice for vacation. You all will love it. Not only is it great
for us adults, I think your girls will really enjoy it as well. The one
thing I would recommend (before I bring in my file and bore you with too
much) is to try and stay in one or maybe two places and not move to
different hotels. It's easy to do day trips via car or train and it's great
to come back to the same place. Granted, we were there for two weeks and
were staying at a beautiful hillside, 5 bedroom villa with a pool, but it
gives you more flexibility in your schedule, i.e. if you want to take it
easy one day and just walk around the town you're in and have a leisurely
lunch. Off the top of my head (and I will bring in my file) my favorite
places were some of the obvious such as Florence which is good for at least
one if not two full days and Siena, where Sue Mara and her family were there
for the famous horse races in the city square, but also some of the smaller
towns were just as interesting. San Gimignano is famous for its towers that
rise out of the landscape, sort of like the Houston skyline, and do a day
bike ride through the Chianti region and hit at least one winery. We did one
around Montepulciano where we stopped for lunch. There are bike tour groups
that will arrange all of it for you. I would also make the effort to go to
the Tuscan coast and specifically Portifino, one of the most beautiful ports
I've ever seen. And then if you're kids aren't susceptible to car sickness,
I would do the drive along the Chicutira (sp?) coast which is a series of
little fishing villages. This is probably more than you ever wanted to know,
but the more familiar you are with the area before you go over there, the
smoother it will be so I also recommend buying a Fodders, or whatever it's
called. They're well worth it. Also be forewarned that if you rent a car,
they are very small. Fortunately, the Kean family is also small.

Job is going great and settling into big city life very smoothly. Our stock
has been taking a beating thanks in part to your guy, Clinton, and his
interventionists statements that erased $50 billion from the biotech sector
in one day last week. But we'll make up for it when we roll out our cure.

Call if you're up this way. Greetings to everyone on the floor.

-----Original Message-----
From: Steven J Kean [mailto:skean@enron.com]
Sent: Tuesday, March 21, 2000 5:58 PM
To: gfoster@antigenics.com
Subject:

How's it going.  Have you cured cancer yet?
In other news, the Bob Jones/confederate flag strategy appears to have paid
off
for your buddy.

I'm taking the wife and kids to Tuscany this summer.  Any advice from your
trip
there?
Stay in touch.


Re: AIG Energy Trading Inc.: NOT APPROVED for US Physical Power (not a
current CP/Not FERC authorized).

Re: Everyone else on the list: "Ditto Credit".

Thanks!

Shari

	Tana Jones
	03/09/2001 05:33 PM

		 To: Alan Aronowitz/HOU/ECT@ECT, Jeffrey T Hodge/HOU/ECT@ECT, Shari
Stack/HOU/ECT@ECT, Harry M Collins/HOU/ECT@ECT, David
Minns/ENRON_DEVELOPMENT@ENRON_DEVELOPMENt, Marie Heard/Enron
Communications@Enron Communications, Robbi Rossi/Enron Communications@Enron
Communications, John Viverito/Corp/Enron@Enron, Jane McBride/AP/Enron@Enron,
Andrea Calo/SA/Enron@Enron, Peter Keohane/CAL/ECT@ECT
		 cc:
		 Subject: EOL approvals, 03-09-01

----- Forwarded by Tana Jones/HOU/ECT on 03/09/2001 05:32 PM -----

	Walter Guidroz/ENRON@enronXgate
	03/09/2001 05:07 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, 03-09-01

Please see attached.


Hi Susan

Attached, please find the list of contracts with contract numbers.  Please
provide as soon as you can, and if you don't mind, can you please give me an
estimated time.

Many thanks


Thanks for the invite but I'll think the DC team should brief Greg on the beltway politics and energy policy.  I'll join you guys at the Supreme Court invitation window.

Jim

 -----Original Message-----
From: 	Robertson, Linda
Sent:	Monday, October 01, 2001 5:31 PM
To:	Steffes, James D.; Novosel, Sarah
Subject:	RE: US Supreme Court

Great.  Do you want to join us Wednesday morning for breakfast?  We are briefing Greg Whalley on energy issues.  Guess it is a good thing I didn't raffle off your seat at the Supreme Court, huh?

 -----Original Message-----
From: 	Steffes, James D.
Sent:	Monday, October 01, 2001 6:29 PM
To:	Robertson, Linda; Novosel, Sarah
Subject:	US Supreme Court

Linda & Sarah --

I intend to come to DC tomorrow night and attend the EPMI v. FERC hearing (if I still have a seat).  I'm planning on attending the GENI meeting Wed pm and Thurs.

Thanks,

Jim


Attached is the April 2001 Assignment, Termination & Expiration Report for Houston Pipe Line's contracts.  (FYI - It contains all of the entries made by our group since the report was last done on 3/8/01, regardless of the effective date.)  If you do not need to receive this report or if you know of someone else that should receive it, please let me know by e-mail or phone (x-36982) so that I can either remove your name from or add their name to the distribution list.


I missed sending this to you.  Sorry about the short term around.

---------------------- Forwarded by Michael Etringer/HOU/ECT on 01/31/2000
01:01 PM ---------------------------

Michael Etringer

01/31/2000 08:52 AM

To: Stephen H Douglas/HOU/ECT@ECT, Jeff Blumenthal/HOU/ECT@ECT, Ted
Murphy/HOU/ECT@ECT, Rudi Zipter/HOU/ECT@ECT, Stacey W White/HOU/ECT@ECT
cc:
Subject: Approval

Attached is a forward of an email Dale sent you earlier today.  In addition
to these 2 products there is also a financial product awaiting your
approval.  It would be greatly appreciated if you could review and approval
these products as soon as possible today.  We have a very urgent need to make
these products available to the market.  Your help is greatly appreciated.

Thanks for your assistance,
Mike Etringer

---------------------- Forwarded by Michael Etringer/HOU/ECT on 01/31/2000
08:50 AM ---------------------------

Dale Neuner on 01/31/2000 07:19:48 AM
To: Mark Taylor/HOU/ECT@ECT, Stephen H Douglas/HOU/ECT@ECT, Jeff
Blumenthal/HOU/ECT@ECT, Ted Murphy/HOU/ECT@ECT, Rudi Zipter/HOU/ECT@ECT, Tom
Moran/HOU/ECT@ECT, Stacey W White/HOU/ECT@ECT
cc: Michael Etringer/HOU/ECT@ECT, Tara Sweitzer/HOU/ECT@ECT, Frank L
Davis/HOU/ECT@ECT
Subject:

I have created two new Product Types:

US West Power Phy Index Firm    and
US West Power Phy Index CAISO;

The Product Type descriptions were provided by Leslie Hansen (see attached);
the Sigma Factor was provided by Matthew Adams. Please go in and offer your
approval for each.

Dale
3-9746


Kevin,

I have followed up on your request to identify a potential hire
from Akamai (a person familiar with their technology). We can start
discussions with the targets in a few days.

Please, let me know which unit in EBS is a potential hiring agent.
If it's Research, who inside EBS can sponsor  this position? We have to
discuss
the responsibilities and job description.

Vince


pls put on my calendar.  thanks.df
---------------------- Forwarded by Drew Fossum/ET&S/Enron on 05/11/2000
09:04 AM ---------------------------
MEETING CONFIRMATION

From: Rosemary Gracey on 05/09/2000 03:26 PM
To: Dave Neubauer/ET&S/Enron@ENRON, Drew Fossum/ET&S/Enron@ENRON, Kent
Miller/ET&S/Enron@ENRON, John Dushinske/ET&S/Enron@ENRON, Tim
Johanson/ET&S/Enron@ENRON, Steven January/ET&S/Enron@ENRON
cc: Deb Cappiello/ET&S/Enron@ENRON, Sharon Brown/ET&S/Enron@ENRON
Subject: Meeting Confirmation - May 23rd

TOPIC(S): Flex Services
 DATE: Tuesday, May 23
LOCATION: Rm 646 (Library)/we will call Steve in his office X5659
TIME: 1:00-4:00 pm

For questions, please call John X7440.


I am not trying to twist any arms with this question, but is there anything
we can do so that Jody can make the presentation at OU?  Since he was the top
graduate from the Energy Management Program at OU, it would be great for him
to be at the presentation next Tuesday night.  I know that recruiting events
can be a drain on staffing, but it is also time well spent.  I do know that
Jody is in a role that has real day-to-day commitments, so if there is not a
feasible way to have someone calc a book for him I will understand.  I just
wanted you to take a look at this.  Thanks.
---------------------- Forwarded by Sally Beck/HOU/ECT on 09/15/2000 03:38 PM
---------------------------

	From:  Jody Crook @ ENRON                           09/15/2000 10:34 AM

To: Lexi Elliott/NA/Enron@Enron
cc: Sally Beck/HOU/ECT@ECT, Mike McConnell/HOU/ECT@ECT
Subject:

Lexi,

Unfortunately, I will not be able to make it to the OU presentation on
Tuesday night due to business reasons.  My backup has to be out on Tuesday so
I
will not be able to leave early enough to make it.  I will do my best to make
it to Coach's on Tuesday night.   I apologize if this causes any
inconveniences.
Please let me know if there is anything else I can help with.

Thanks,
Jody


BUSINESS HIGHLIGHTS

Weather Risk Management
Next week, Jeff Shankman and Mark Tawney will be attending the Weather Risk
Management Association (WRMA) conference in Tokyo. There has been
a lot of interest in Japanese weather derivatives to-date.  Even though Japan
is geographically a relatively small country, due to elevation differences,
there are several different climates and within each of those areas, there,s
a significant amount of volatility in day-to-day and season-to-season
weather. By leveraging EnronOnline and our global portfolio approach, Enron
Global Markets will be the dominant weather market player in Japan, as we are
in
the US, Australia and Europe.

COMING SOON - New EWS Training Web Site
Ernie is retiring and there is a new tool to help you manage your
professional development. It,s called InvestInMe.enron.com and it is the key
to your future. In a
user-friendly format, you will find the current listing of internal programs,
access to a database of external programs, and registration for on-line
courses.
Watch for details in your email.  Launch date is Tuesday, March 6, 2001.

IN THE NEWS

Analyst Robert C. Ollech, vice president and portfolio manager at Ziegler
Investment Services Group, says Wall Street will like Enron even more as
demand for natural gas increases, volume continues to grow on its online
marketplace and as the company's broadband business starts making money.
Enron, which has beat analysts' estimates in five of the past seven quarters,
is not a cheap stock. But Ollech says its relatively young management team is
focused on maximizing systems and business lines it has spent five years
developing. Plus, the company is selling such assets as a power plant in
Oregon, moves Ollech says could boost its return on equity to 18% or higher
from the present 12%. "This is an innovative story that's finally getting
out," Ollech says. 02/25/2001  The Milwaukee Journal Sentinel.

WELCOME
New Hires
ENA ) Angelic Davis, Dipak Agarwalla, Sean Maki, Juliann Kemp, Bridget Fraser
EIM ) Louis Amo
Transfers
EGM ) Patrick Conner
EIM ) Douglas Seaworth
ENA ) Eric Feitler, Santiago Garcia, Philip Polsky, Lauren Schlesinger

NUGGETS & NOTES

&If you,re not trading EOL, you,re not trading.8 ) John L. Wilson, Vice
President/EGM

&Training(.all the cool kids are doing it!8 ) Tom Wilbeck/ENA

Congratulations to Michelle and David Vitrella, manager of trading/EGM.  They
are the proud parents of a baby girl born February 27 weighing
over 9 lbs.

NEWS FROM THE GLOBAL FLASH

International
World Watch
Compiled by David I. Oyama
Enron Seeks Deals for Japanese Assets
The Japanese unit of U.S. power producer and trader Enron is considering
asset swaps with Japanese power companies, in a deal that would make Enron
the first
foreign company to buy a Japanese power plant. An Enron Japan official said
it is talking to power companies and "owners of power generators in Japan
about
the possibility of asset exchanges," confirming a report in the Japanese
business daily Nihon Keizai Shimbun. The report also said Enron Japan may
enter deals
with Japanese companies for joint power-generation acquisitions abroad.
Japanese deregulation measures have opened the door to new foreign and
domestic
competitors in an industry dominated for years by 10 regional Japanese firms.
Enron Japan was established last May, two months after deregulation measures
were passed allowing nonutility companies to begin supplying power to large
commercial users such as shopping centers and office towers.
03/01/2001  The Wall Street Journal  (Copyright (c) 2001, Dow Jones &
Company, Inc.)

LEGAL STUFF
The information contained in this newsletter is confidential and proprietary
to Enron Corp. and its subsidiaries.  It is intended for internal use only and
should not be disclosed.


---------------------- Forwarded by Randall L Gay/HOU/ECT on 04/26/2000 04:57
PM ---------------------------

Tori Kuykendall
04/26/2000 03:55 PM
To: Randall L Gay/HOU/ECT@ECT
cc:
Subject: Fw: Corruption Test

---------------------- Forwarded by Tori Kuykendall/HOU/ECT on 04/26/2000
03:53 PM ---------------------------

Matthew Lenhart
04/26/2000 03:40 PM
To: Tori Kuykendall/HOU/ECT@ECT
cc:
Subject: Fw: Corruption Test

---------------------- Forwarded by Matthew Lenhart/HOU/ECT on 04/26/2000
03:39 PM ---------------------------

Shirley Elliott <shelliott@dttus.com> on 04/26/2000 08:03:31 AM
To: kmcgallion@king-ranch.com, Terri@EDIarchitecture.com,
jjohnson@daewoous.com, j.cruthis@mail.utexas.edu, hallieklassen@usa.net,
Matt@TriangleTechnology.com, ryane@ideas.tocquigny.com,
sclarkson@tractebelpowerinc.com, lloyd.pope@bus.utexas.edu,
Matthew.Lenhart@enron.com, michelelefever@yahoo.com, rmoser@emjmetals.com,
Allison Damon <adamon@dttus.com>, Josh Sherman <jsherman@dttus.com>, Maria
Vigil <mvigil@dttus.com>
cc:

Subject: Fw: Corruption Test

   I think we've all seen a different version of this.

______________________________ Forward Header
__________________________________
Subject: Fw: Corruption Test
Author:  scody@acplasticsinc.com at Internet-USA
Date:    4/26/2000 8:00 AM

E-mail me back and let me know what you scored.

 - CORRUPTI.EXE
 - RFC-822.TXT
---------------------------- Forwarded with Changes
---------------------------
From: scody@acplasticsinc.com at Internet-USA
Date: 4/26/00 8:00AM -0500
To: Shirley Elliott at DTT.US.HOUSTON
*To: mjmyers@wt.net at Internet-USA
*To: matt_devine@standardandpoors.com at Internet-USA
*To: SABLICA@COMPUSERVE.COM at Internet-USA
*To: GATMAN@acplasticsinc.com at Internet-USA
*To: ashcrof@hs.utc.com at Internet-USA
*To: WALDRON50@YAHOO.COM at Internet-USA
*To: elvindarden@hotmail.com at Internet-USA
*To: deven.l.williams@us.arthurandersen.com at Internet-USA
Subject: Fw: Corruption Test
------------------------------------------------------------------------------
-


Looks great!  Walk to the slopes, liquor stoe right below, bar acroo the street.  It is right in the middle of the Lionshead village.

-----Original Message-----
From: Esproull@aol.com [mailto:Esproull@aol.com]
Sent: Monday, November 19, 2001 9:47 AM
To: Whitt, Mark
Subject: Ski Trip

Hi Mark,

How was your trip this weekend?  Happy Anniversary!  Did you get a chance to
check into the Montaneros Lodge?  What did you think.

Thanks,
Elaine


fyi
---------------------- Forwarded by Mark E Haedicke/HOU/ECT on 12/30/98 01:56
PM ---------------------------

Susan Carrera
12/18/98 04:24 PM
To: Philippe A Bibi/HOU/ECT@ECT, Richard B Buy/HOU/ECT@ECT, Craig
Childers/HOU/ECT@ECT, David W Delainey/HOU/ECT@ECT, Andrew S
Fastow/HOU/ECT@ECT, Mark E Haedicke/HOU/ECT@ECT, Kevin P Hannon/HOU/ECT@ECT,
Gene E Humphrey/HOU/ECT@ECT, Mike McConnell/HOU/ECT@ECT, Jere C
Overdyke/HOU/ECT@ECT, Kenneth D Rice/HOU/ECT@ECT, Greg Whalley/HOU/ECT@ECT,
Cliff Baxter/HOU/ECT@ECT, Jordan Mintz/HOU/ECT@ECT, Drew C Lynch/HOU/ECT@ECT,
Sally Beck/HOU/ECT@ECT, John Gorman/CAL/ECT@ECT, Max Yzaguirre/HOU/ECT@ECT,
Dwayne L Hart/HOU/ECT@ECT, Kevin McConville/HOU/ECT@ECT, Greg F
Piper/HOU/ECT@ECT
cc: Rocky Jones/HOU/ECT@ECT
Subject: 1998 Bonus & 1999 Merit Year-End Process Information

January begins the busy 1998 & 1999 Merit Year-End processes.  For planning
purposes, attached is information on changes/enhancements to this year's
processes, as compared to last year, along with key activity dates.

Please pass this information along to your Managers as deemed appropriate for
your area.  If you have any questions, you may call your HR Representative or
me at ext. 30306

Happy Holidays!!

Susan Carrera - ECT Compensation Manager


Set up a meeting with the accounting people w/knowledge of these figures asap

	Linda R Guinn
	08/22/2000 03:30 PM

		 To: Richard B Sanders/HOU/ECT@ECT
		 cc:
		 Subject: Ice Drilling - G/L calculation

Below is the figure from accounting.  Let's discuss.

Linda Guinn
Enron North America
1400 Smith Street
Houston, Texas  77002
(713) 853-6104
(713) 646-3393 (fax)

----- Forwarded by Linda R Guinn/HOU/ECT on 08/22/2000 03:28 PM -----

	Lisa King
	08/22/2000 12:58 PM

		 To: Linda R Guinn/HOU/ECT@ECT
		 cc:
		 Subject: Ice Drilling - G/L calculation

Linda-

Attached is a schedule detailing the gain/loss calculation for Ice Drilling.
Apparently PriceWaterhouseCoopers acted as a receiver and sold Ice Drilling
in August 99.  We received total cash proceeds of $9,583,845.74 between
August and September, but the value of the asset on the books was
$9,979,591.85 (loss of $395,746.11).  We also wrote off a receivable of
$474,557.83.  In summary, we lost a total of $870,303.94 ($395,746.11 +
$474,557.83).  I am assuming that we are trying to recover the total amount
lost of $870,303.94.  Let me know if you need further information.

-Lisa


SCE, PG&E and TURN have asked FERC for a $100 price cap and cost-of-service
pricing,


I forwarded it to him--you had "eng" twice--it should be only once.

Piper

From: Jeff.Dasovich@enron.com
Subject: Background for Enron Solution to California's Electricity
Crisis--Follow up from Meeting on 5.10.01
To: piper.cole@sun.com
Cc: Karen.Denne@enron.com
Date: Mon, 14 May 2001 12:07:10 -0500
X-MIMETrack: Serialize by Router on ENE-MTA01/Enron(Release 5.0.6 |December
14,
2000) at 05/14/2001 12:02:08 PM
MIME-Version: 1.0
Content-Disposition: inline

Hi Piper:
The email I sent on Friday to Scott McNealy's address (listed below) got
bounced back to me.  Just wanted to make sure that you folks received the
materials.

Best,
Jeff
----- Forwarded by Jeff Dasovich/NA/Enron on 05/14/2001 12:05 PM -----

Jeff Dasovich
Sent by: Jeff        To:     scott.mcnealy@engeng.sun.com,
Dasovich             piper.cole@sun.com
cc:     Kenneth Lay/Corp/Enron@ENRON,
skean@enron.com, Karen
Denne/Corp/Enron@ENRON
05/11/2001           Subject:     Background for Enron
Solution to
08:32 PM             California's Electricity Crisis--Follow
up from
Meeting on 5.10.01

Attached is additional background on the solution that Ken Lay discussed
today and that Enron is proposing as a comprehensive solution to
California's electricity crisis.  If you have any  questions, don't
hesitate to contact me at 415.782.7822 or on my pager at 888.916.7184.

Best regards,
Jeff
(See attached file: California Electricity Solution 0510.doc)

_____________________________________________________________________
_______
/______/\  Piper Cole
/_____ \\ \  Vice President, Global Public Policy
/______\ \\ /  Sun Microsystems, Inc.
/______/ \/ / / 901 San Antonio Road, MS PAL1-554
/______/ /   \//\ Palo Alto, CA 94303
\______\//\   / /
\______/ / /\ / Phone: 650/336-6633
\______/ \\ \  Fax:   650/336-0835
\______\ \\  E-Mail: piper.cole@sun.com
\______\/  http://www.sun.com/policy


Here's the new version with attachment.


It's been changed to SP.

Thanks,
Kate

Kerri Thompson@ENRON
04/24/2001 01:15 PM
To: Kate Symes/PDX/ECT@ECT
cc:

Subject: apb deal

589693
broker has sp15

thanks


> NPW 3Q:00 Results in Line; Fundamentals Intact; Reiterate 1S Rating
>
> * Reiterate 1S (Buy, Speculative) rating on Competitive Energy
> Retailing start-up New Power Company following 3Q:00 results and company
> conference call
> * Start-up loss in-line at $1.23 per share vs. our $1.22 expectation
> * Key metrics -- new customer count and gross margin percentage --
> in-line with our expectations:  New Power now has 316,000 customers, and a
> gross margin of 7.2% for the quarter (11% after certain
> acquisition-related costs)
> * See sell-off in stock as unwarranted, partially due to weakness in
> "concept stocks"; while continued weakness may persist due to overall
> market sentiment, we recommend purchase at these levels
> * Expect several catalysts over the next several months: successful
> resolution of disputed customer acquisition in Pennsylvania (Nov. 29),
> ramp-up of marketing partnership with AOL
>
>  <<trc75562.pdf>>
>
>
> Raymond C. Niles
> Power/Natural Gas Research
> Salomon Smith Barney
> (212) 816-2807
> ray.niles@ssmb.com
>
> s
>
>
>
>

 - trc75562.pdf


Per your discussion with Steve.


[IMAGE]
 Save 10% Speak No Evil, Hear No Evil Monkey Bikes...  One of the Hottest Gifts for Holiday 2001... Just enter the coupon code MQJ36GX6 in the checkout process to receive your discount.  Offer expires November 16, 2001.  Want to win your Fantasy League?  Our Fantasy Football Guides are the SOURCE for strategy, player ratings, scouting reports, team reports, projections and more!  A must have for beginners and Fantasy veterans alike.  Special in season price $9.99. Going Fast - Click Here!   Save $.05 a gallon on the gas that keeps your car's engine clean. Click here  to apply online.   Brought to you by   Sponsorship Bar You are receiving these e-reports because you have signed up for CBS SportsLine.com Fantasy Football.  To customize, reschedule, or turn off these reports please  click here    NFL Reports, Player Updates  [IMAGE]Latest NFL Player News  Correll Buckhalter , RB PHI - The Lie Downs Updated 11/17/01 Buckhalter has been suspended for this weekend's game against Dallas. He is one of three Eagles who will be held out of the game. Brian Mitchell will likely serve as Duce Staley's backup.  Jamal Lewis , RB BAL - Free Agent Updated 11/17/01 According to published reports, Lewis has been suspended for four games. Lewis' four-game suspension went into effect on Friday and he will not be allowed to work out or reh! ab! ilitate with the team for four weeks, or until Dec. 17. Instead, Lewis will work toward recovering from a torn ACL in Tennessee.   Tyrone Wheatley , RB OAK - One Man Show Updated 11/16/01 Wheatley (knee) is out for Sunday's game with the Chargers. Charlie Garner will once again be Oakland's feature back. Zack Crockett may be used in goal-line situations.  Frank Wycheck , TE TEN - North Blvd Nutwhackers Updated 11/16/01 According to published reports, Wycheck is expected to play half of Sunday's game against Cincinnati. That makes him a risky start from a Fantasy perspective.  Steve McNair , QB TEN - North Blvd Nutwhackers Updated 11/16/01 McNair's status is still in question for Sunday's game against Cincinnati due to an injured right thumb. He threw the ball during individual drills Friday, and according to published reports, is likely to play despite not being 100 percent. We don't recommend McNair this week as a result.  Emmitt Smith , RB DAL - The Snake Pit Updated 11/16/01 Smith will return to the lineup Sunday against Philadelphia after missing two games with a sprained right knee. Cowboys Head Coach Dave Campo said after Friday's practice that Smith would "be ready to play the majority of the game." His return bumps Troy Hambrick to fullback, but we wouldn't recommend you use either back against the stingy Eagles rush defense.  Frank Sanders , WR ARI - North Blvd Nutwhackers Updated 11/16/01 Sanders (hamstring) was added to the NFL injury report on Friday and is now listed as questionable for Sunday's game against Detroit.  However, if you're completely desperate for a wideout in a larger league this week, Sanders' matchup against a vulnerable Detroit secondary is worth considering as long as he's abl! e ! to play.    Chris Weinke , QB CAR - The Lie Downs Updated 11/16/01 According to published reports, Weinke will be the starting quarterback for Sunday's game against San Francisco. However, he's not worth starting on your Fantasy team.   Daunte Culpepper , QB MIN - The Lie Downs Updated 11/16/01 Culpepper is one pace for a good Fantasy season despite the lack of consistency in Minnesota's offense this season. He's one of the better quarterbacks in the league from a Fantasy perspective, and should be in your starting lineup on a weekly basis.   Cris Carter , WR MIN - The Executioners Updated 11/16/01 Carter's numbers may be down somewhat this season, but he's still too good to ever consider benching. The veteran has a knack for finding the end zone, and should have a good game against rookie CB Will Allen and the Giants' secondary on Monday night.   Randy Moss , WR MIN - Meximullets Updated 11/16/01 Moss is listed as probable for Monday's game against the N.Y. Giants due to an ankle injury. He's been underachieving this season, but it's almost impossible to bench him based on his potential to post solid Fantasy numbers.   Ricky Williams , RB NO - The Fat Bastards Updated 11/16/01 Williams is one of the better Fantasy backs in the league, and is a good player to use on a weekly basis. He'll face an Indianapolis defense that has been underachieving all season long, so Williams is a must-start.     Aaron Brooks , QB NO - The Snake Pit Updated 11/16/01 Brooks had a big game against San Francisco last weekend, throwing for 347 yards and two scores. He may be a bit inconsistent this season, but his potential to post huge numbers makes it tough to bench him, especially against a vulnerable Indianapolis defense.    Willie Jackson , WR NO - The Fat Bastards Updated 11/16/01 Jackson put up a huge game against San Francisco last weekend, posting 11 catches and 167 yards receiving. He'll face a questionable Indianapolis squad that is vulnerable to the pass in Week 10, so starting Jackson this week is a solid option.   Stephen Davis  , RB WAS - The Executioners Updated 11/16/01 Davis has stepped up his play after beginning the season slowly. He's averaged 112 yards rushing over his last four games, and is once again emerging as a reliable Fantasy player. Give him the start in Week 10 against a Denver defense that is vulnerable to high scoring games.   Tony Banks , QB WAS - Free Agent Updated 11/16/01 Banks has played well of late, throwing five touchdowns in his last three games. He's got a good matchup this weekend against a Denver team that can be beaten through the air, but he's only worth considering in very deep Fantasy leagues.   Michael Westbrook , WR WAS - The Snake Pit Updated 11/16/01 Westbrook has been inconsistent this season, but he has caught three touchdown passes in his last four games. He'll face a Denver secondary this weekend that is vulnerable at best, so starting him in deeper leagues is worth considering.   Rod Gardner , WR WAS - Not So Nice Machine Updated 11/16/01 Gardner has been held in check in his last two games, catching only three passes for 38 yards. He does have a favorable matchup this weekend against Denver, however, so starting him is a good move.   Az-Zahir Hakim , WR STL - Thrill Kill Cult Updated 11/16/01 Hakim has been inconsistent in recent weeks, so starting him on your Fantasy team is a gamble unless the matchup is right. He'll go up against a tough New England secondary in Week Ten, so avoid using him outside of deeper leagues.   Torry Holt , WR STL - One Man Show Updated 11/16/01 Holt continues to put up consistent yardage totals, but he's only scored only three touchdowns this season. He'll face a tough New England secondary this weekend, but he's still worth starting on your Fantasy team ba! se! d on his potential to put up solid numbers.   Isaac Bruce , WR STL - The Guzzlers Updated 11/16/01 Bruce hasn't put up the huge Fantasy totals this season, but he's still one of the better wideouts in the league. He'll face CB Ty Law and the formidable New England secondary, but he's still worth starting based on his potential for big numbers.   Marshall Faulk , RB STL - oops, I did it again Updated 11/16/01 Faulk had a huge game against Carolina, proving that he is still the best Fantasy player in the league. He's a must-start every week, and should post solid numbers in Week 10 against New England.   Ernie Conwell , TE STL - The Fat Bastards Updated 11/16/01 Conwell has had a few down weeks, so starting him on your Fantasy team is somewhat of a gamble. With the lack of depth at tight end around the league, however, starting Conwell is something many Fantasy owners will have no choice but to do.   Richard Huntley , RB CAR - The Fat Bastards Updated 11/16/01 Huntley will be the likely starter this weekend against San Francisco, but don't be surprised if he splits carries with Nick Goings. Avoid starting either back in Week 10 if at all possible.   Donald Hayes , WR CAR - Meximullets Updated 11/16/01 Hayes had only two catches for 11 yards last weekend against St. Louis. He's been unreliable for Fantasy owners this season, so starting him is a real gamble.    Wesley Walls , TE CAR - The Snake Pit Updated 11/16/01 Walls has been held in check over the last three weeks, but he's still one of the better tight ends in the league. He's had some success against San Francisco in the past, so starting him is advisable.   Muhsin Muhammad , WR CAR - Not So Nice Machine Updated 11/16/01 Muhammad finally had a somewhat productive game, catching six passes for 75 yards against St. Louis. He's had some success in the past against this week's opponent, San Francisco, so starting him is a decent move.   Brett Favre , QB GB - The Fat Bastards Updated 11/16/01 Favre! h! as been one of the best Fantasy quarterbacks in the league this season. He'll face an Atlanta team on Sunday with a very vulnerable secondary, so be sure to start Favre this week.   Bubba Franks , TE GB - Who's Yo Daddy Updated 11/16/01 Franks may not put up huge yardage numbers, but his seven touchdowns in eight games makes him a valuable Fantasy player. Unless you have a better option on your roster, Franks is the type of tight end that should start on a weekly basis.    Bill Schroeder , WR GB - Not So Nice Machine Updated 11/16/01 Schroeder (ankle) is not listed on the NFL injury report, and is expected to start on Sunday against Atlanta. He's a solid play this week against Atlanta, whose secondary is vulnerable to strong passing teams like Green Bay.   More Updates  Teams, Rosters  [IMAGE] [IMAGE]  [IMAGE] The Executioners Phillip Love    Player TM Pos Status Next Bye Gannon, Rich  OAK QB Active SD Week 6 Tomlinson, LaDainian  SD RB Active @OAK Week 17 Davis, Stephen  WAS RB Active @DEN Week 9 Carter, Cris  MIN WR Active NYG Week 8 Warrick, Peter  CIN WR Active TEN Week 8 Booker, Marty  CHI WR Active @TB Week 3 Williams, Roland  OAK TE Active SD Week 6 Vinatieri, Adam  NE K Active STL Week 16 Jets  NYJ DT Active @MIA Week 11 Brady, Tom  NE QB Reserve STL Week 16 Bledsoe, Drew  NE QB Reserve STL Week 16 Barber, Tiki  NYG RB Reserve @MIN Week 12 Canidate, Trung  STL RB Reserve @NE Week 8 Connell, Albert  NO WR Reserve IND Week 2 Jefferson, Shawn  ATL WR Reserve @GB Week 7 Gonzalez, Tony  KC TE Reserve bye Week 10  Total Active Players: 9 Total Reserve Players: 7  NFL Injuries for The Executioners Updated Player Team Pos Injury Expected Retur!  11/14/01 Bledsoe, Drew  NE QB Internal injuries Will not start on Sunday [IMAGE]  Copyright 2001 Commissioner.COM Inc and SportsLine.com Inc. Your site can be reached from http://fantasy.sportsline.com   FB10SP


Hi Jo,

I left you a voice mail, but being an email addict I thought I would send you
a note as well.

Our son, Michael is in a Montessori kindergarten, which we have decided may
not be most suitable for him.  We discussed it with Vivian Shudde, and she
suggested that I give you a call about the Grace School.

My husband and I would like to visit Grace.  We are wondering if it might be
possible to visit tomorrow.  Please let me know what you think.

Thanks,

Kay Mann


Here is the FERC order and press release.  Please call with questions

Katie Kaplan
Manager of State Policy Affairs
IEP
(916) 448-9499

 - CaliforniaOrderPressRelease11-01-00.doc
 - Order in Docket EL00-95.doc


---------------------- Forwarded by Carol St Clair/HOU/ECT on 03/17/2000
12:57 PM ---------------------------

David Forster
03/17/2000 10:42 AM
To: Bob Shults/HOU/ECT@ECT
cc: Per Sekse/NY/ECT@ECT, Carol St Clair/HOU/ECT@ECT
Subject: Re: One Password - multiple legal entities for Hedge Funds

One system-simple solution would be:

1) Trade with the Manager Online
2) Manager calls Enron trader and completes a set of trades OTC, which have
the effect of reversing the original trade and then reallocating among the
subentities.

This would not involve any system changes or any legal approvals.

Dave

	Enron North America Corp.

	From:  Bob Shults                           03/17/2000 04:00 PM

To: Per Sekse/NY/ECT@ECT
cc: David Forster/HOU/ECT@ECT, Carol St Clair/HOU/ECT@ECT

Subject: Re: One Password - multiple legal entities for Hedge Funds

Given a trade on EnronOnline is a contractual agreement between the legal
entity (established by the USERID) and Enron, we will essentially need to
assign the trade from that legal entity to the allocated group of entities.
My understanding is that we will need to have an agreement which allows us to
assign the trades.  Given this is a legal question, either Carol St Clair or
Mark Taylor will need to address this.

Dave can you want to discuss with Per and legal?

To: Bob Shults/HOU/ECT@ECT
cc: David Forster/HOU/ECT@ECT
Subject: Re: One Password - multiple legal entities for Hedge Funds

Do we need the agreement or does the client need to show us that they have
the authority to do the allocation? It seems to me that the fund manager has
authorization in place to manage each fund and transact as he sees fit. We're
acting on this authority when they trade over the phone without a power of
attorney type agreement covering us. In other words, I would expect that the
documentation we need to have is in the funds hands already and we need only
review it to confirm thay have authorization to allocate trades.

The only time I know this does not apply is when the Hedge Fund needs to do a
reallocation to rebalance the funds they manage. We went through this with
Tiger in January. They need to have us execute trades with each fund to
rebalance the positions. This is caused by fund flows into/out of the
individual accounts at specific times of the year. It means we buy from one
fund and sell to another, leaving our net trading position unchanged, but
adjusting our individual position with each fund.  The fund manager can not
do the trades himself directly between the accounts he manages, but he can
transact with Enron for each fund and achieve the same efffect. Does this
make sense.

Perhaps we should schedule a time to discuss this further. Today is not good
for me, but any time next week.

Thanks.
Per