Could you guys look into this for me?  Why would they be billed different volumes by us vs. SoCal?

Thanks,

Kim

 -----Original Message-----
From: 	"Paxton, AM (Arnold)" <Arnold.M.Paxton@akzo-nobel.com>@ENRON [mailto:IMCEANOTES-+22Paxton+2C+20AM+20+28Arnold+29+22+20+3CArnold+2EM+2EPaxton+40akzo-nobel+2Ecom+3E+40ENRON@ENRON.com]
Sent:	Thursday, July 26, 2001 2:20 PM
To:	Ward, Kim S (Houston)
Cc:	Martinelli, RA (Ray)
Subject:	FW: June Natural Gas Billing

Kim,

Still waiting to hear from you on this?
						Arnold Paxton/323 260-8881

>  -----Original Message-----
> From: 	Paxton, AM (Arnold)
> Sent:	Friday, July 13, 2001 3:01 PM
> To:	'Kim.Ward@enron.com'
> Cc:	Martinelli, RA (Ray)
> Subject:	June Natural Gas Billing
>
> Kim,
>
> We rec'd an invoice for June natural gas usage and note a discrepancy in
> the number of mmbtu billed. Enron billed us for 34,086 mmbtu and The Gas
> Co billed us for 29,750 mmbtu? Doesn't Enron get their information on
> mmbtu used from The Gas Co.
>
>
> please check and advise,
>
> 					Arnold Paxton
> 					323 260-8881


ok it can be you!  i get the short end of everything with you!  BRAT!!

 -----Original Message-----
From: 	Maggi, Mike
Sent:	Tuesday, November 27, 2001 9:49 AM
To:	Nelson, Michelle
Subject:	RE:

hey, theres only room for one of us to feel sorry for themselves

 -----Original Message-----
From: 	Nelson, Michelle
Sent:	Tuesday, November 27, 2001 9:36 AM
To:	Maggi, Mike
Subject:	RE:

i'm not.

 -----Original Message-----
From: 	Maggi, Mike
Sent:	Tuesday, November 27, 2001 9:36 AM
To:	Nelson, Michelle
Subject:	RE:

just kidding

 -----Original Message-----
From: 	Nelson, Michelle
Sent:	Tuesday, November 27, 2001 9:33 AM
To:	Maggi, Mike
Subject:	RE:

you might not need to tell me that.  i am about to do it on my own.  :)  and that's not very nice anyway

 -----Original Message-----
From: 	Maggi, Mike
Sent:	Tuesday, November 27, 2001 9:33 AM
To:	Nelson, Michelle
Subject:	RE:

what if i say jump

 -----Original Message-----
From: 	Nelson, Michelle
Sent:	Tuesday, November 27, 2001 9:32 AM
To:	Maggi, Mike
Subject:	RE:

i always give you your way.  you say drive i drive.  there is something wrong with this picture!  I AM COLD!!!

 -----Original Message-----
From: 	Maggi, Mike
Sent:	Tuesday, November 27, 2001 9:30 AM
To:	Nelson, Michelle
Subject:	RE:

what do you mean again, theres a first time for everything


I approve this request. Thanks, Rick Buy


---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 05/05/2000
05:26 PM ---------------------------

Zimin Lu
05/05/2000 10:23 AM
To: Stinson Gibner/HOU/ECT@ECT
cc: Vince J Kaminski/HOU/ECT@ECT
Subject: Storage aduit letter

Stinson,

This is the letter I am going to send out to Duffie.   Any comments ?
If you can think a better name for our model (ESVM), also let me know.

Zimin

Professor Darrel Duffie
450 Miramonte Avenue
Palo Alto, CA 94306

         May 5, 2000

Dear Professor Duffie,

I enclosed with this e-mail Enron Storage Valuation Model (ESVM) for your
review.  The attached files include:  1) a brief documentation of the model
(ESVM.doc), 2) c-code of the main routines, 3) Excel spreadsheet interface,
4) ESVM.dll .

Dr. Vince Kaminski, Dr. Stinson Gibner and myself have spent about one year
in developing this model.  With traders, feedback incorporated, the model
results are close to reality.  Although there are features to be included, we
believe the model is ready for your review.  We look forward to your comments
and suggestions.

Please feel free to contact me should you need additional detail.

Sincerely,

Zimin Lu

Director, Enron Research
Zlu@enron.com
713-853-6388


Please check on the actual storage capacity volume on FSS contract 63304.
I'm showing 7,503,838 dth and I'm thinking it might be closer to 7,000,000.

Thanks


FYI!

---------------------- Forwarded by Shirley Crenshaw/HOU/ECT on 03/21/2001
10:27 AM ---------------------------

Kevin_Kindall@fpl.com@fpl.com on 03/21/2001 10:25:28 AM
To: shirley.crenshaw@enron.com, anita.dupont@enron.com
cc:
Subject: contact info

     Hi.  I have email access!!  My contact info...

     Phone number:  (561) 625 7525
     Fax:      (561) 625 7519

     Feel free to forward this info to other members of the group.   I'm
still in corporate housing, so no home address yet.

     The only loose end that I can think of pertains to an issue that came
up in the exit interview.  Am I to be reimbursed for unused vacation?
Norma Villereal said something about this, but I'm not certain about the
details.

     Stay in touch.

Kevin Kindall


John Lavorato confirmed that UBS is indeed the winner.  As I understand it, UBS has come to an agreement with Enron for the purchase of the North America Gas/Power Trading and Marketing organization.  We either have received or are expected to receive approval from the Creditors committee today.  Creditors Committee approval is considered likely as they have been in the loop on this transaction all along.  It will most likely go in front of the judge on Monday.  Approval from the judge is expected.  I have a meeting in the next couple of hour where I will get more details.  Stay tuned ...

Tim


---------------------- Forwarded by Jane M Tholt/HOU/ECT on 07/18/2000 03:15
PM ---------------------------

"Pete Cervin" <pcervin@br-inc.com> on 07/18/2000 01:09:51 PM
Please respond to <pcervin@br-inc.com>
To: <jane.m.tholt@enron.com>
cc:
Subject: fwd: FW: Pooling Technical Subcommittee Meeting

See attached.
---------- Original Text ----------

From: "Royal, Kathleen S." <RoyalK@EPEnergy.com>, on 7/18/00 12:17 PM:
To: ISMTP@FTW9@Servers["'bcantre@enron.com'"
<bcantre@enron.com>],ISMTP@FTW9@Servers["'skinnml@texaco.com'"
<skinnml@texaco.com>],ISMTP@FTW9@Servers["'rfoss@coral-energy.com'"
<rfoss@coral-energy.com>],ISMTP@FTW9@Servers["'tcarlson@apsc.com'"
<tcarlson@apsc.com>],ISMTP@FTW9@Servers["'pwri@dynegy.com'"
<pwri@dynegy.com>],ISMTP@FTW9@Servers["'gcvenz@duke-energy.com'"
<gcvenz@duke-energy.com>],ISMTP@FTW9@Servers["'petersdd@bp.com'"
<petersdd@bp.com>],ISMTP@FTW9@Servers["'john.hogan@southernenergy.com'"
<john.hogan@southernenergy.com>],ISMTP@FTW9@Servers["'sam.brown@swgas.com'"
<sam.brown@swgas.com>],ISMTP@FTW9@Servers["'rbetonte@socalgas.com'"
<rbetonte@socalgas.com>],ISMTP@FTW9@Servers["'pwah@socalgas.com'"
<pwah@socalgas.com>],ISMTP@FTW9@Servers["'carla.j.johnson@usa.conoco.com'"
<carla.j.johnson@usa.conoco.com>],ISMTP@FTW9@Servers["'nicholas.e.rassinier@us
a
.conoco.com'"
<nicholas.e.rassinier@usa.conoco.com>],ISMTP@FTW9@Servers["'rishikawa@socalgas
.
com'" <rishikawa@socalgas.com>]
Cc: ISMTP@FTW9@Servers["Walker, Norman E." <WalkerN@EPEnergy.com>]

> Attached is a summary of the Pooling Technical Subcommittee Meeting held
> last Friday, July 14, 2000 in El Paso.  Also attached are other documents
> used in the meeting to support the proposals discussed.

>
> Next Meeting:  8:00 AM, August 3, 2000 in Las Vegas, Nevada at Southwest
> Gas, 5241 Spring Mountain Road
>
>  Please RSVP by close of business Thursday (July 20) to Sam Brown so
> he can reserve the meeting room.
>  phone:  (702) 876-7010
>  e-mail:  sam.brown@swgas.com
>
>
>
>  <<Minutes of July 14 Pooling Meeting ELP1.doc>>  <<Pooling Point Daily
> Average Quantities 1999 and 2000.xls>>  <<Proposed Pooling Example.doc>>
> <<Alternate Pooling Example.doc>>  <<Proposals Matrix.doc>>
>
>
>

******************************************************************
This email and any files transmitted with it from El Paso
Energy Corporation are confidential and intended solely
for the use of the individual or entity to whom they are
addressed. If you have received this email in error
please notify the sender.
******************************************************************

 - Minutes of July 14 Pooling Meeting ELP1.doc
 - Pooling Point Daily Average Quantities 1999 and 2000.xls
 - Proposed Pooling Example.doc
 - Alternate Pooling Example.doc
 - Proposals Matrix.doc


It may be the first email but I gave this to Sam at our legal/credit meeting
last week.  She was going to wait for the meeting with Cassandra for approval
and signature (which was postponed).  But we can't postpone responding to the
request.  Sara

Sara Shackleton
Enron North America Corp.
1400 Smith Street, EB 3801a
Houston, Texas  77002
713-853-5620 (phone)
713-646-3490 (fax)
sara.shackleton@enron.com

	Cheryl Nelson@ENRON
	Sent by: Cheryl Nelson@ENRON
	01/12/2001 09:12 AM

		 To: Sara Shackleton/HOU/ECT@ECT
		 cc:
		 Subject: Re: Authorized Signers

I think that this is the first time I am hearing about this email?  did I
miss something?  Let me know.  in any case, I will get to it right away.
Thanx.

	Sara Shackleton@ECT
	01/12/2001 08:32 AM

		 To: Samantha Boyd/NA/Enron@Enron, Cheryl Nelson/NA/Enron@Enron
		 cc:
		 Subject: Authorized Signers

As a general proposition, I need to be advised of the activity on Gary's
desk.  Please let me know if you have responded to Sheila.  I think the
request is about two weeks old.  Sara

Sara Shackleton
Enron North America Corp.
1400 Smith Street, EB 3801a
Houston, Texas  77002
713-853-5620 (phone)
713-646-3490 (fax)
sara.shackleton@enron.com
----- Forwarded by Sara Shackleton/HOU/ECT on 01/12/2001 08:20 AM -----

	Sheila Glover
	01/11/2001 12:47 PM

		 To: Sara Shackleton/HOU/ECT@ECT, Samantha Boyd/NA/Enron@Enron
		 cc: John Greene/LON/ECT@ECT, Israel Estrada/Corp/Enron@ENRON, Aneela
Charania/HOU/ECT@ECT
		 Subject: Authorized Signers

Sara and Samantha,
When will ECT Investments be signed so we can send an updated copy to our
Prime brokers?
Thanks. Sheila
---------------------- Forwarded by Sheila Glover/HOU/ECT on 01/11/2001 12:41
PM ---------------------------

	From:  Sheila Glover                           01/03/2001 10:17 AM

To: William Patrick Lewis/HOU/ECT@ECT, Michelle D Cisneros/HOU/ECT@ECT
cc: Gary Hickerson/HOU/ECT@ECT, John Greene/LON/ECT@ECT, Michael W
Bradley/HOU/ECT@ECT, Aneela Charania/HOU/ECT@ECT, Theresa T
Brogan/HOU/ECT@ECT
Subject: Authorized Signers

Patrick and Michelle,
We added both of you to the list for Authorized Signers for ECT Investments,
Inc.  for transfer of funds.  Authorization requires one commercial and one
commercial support signature.
Thanks. Sheila

Current Authorized Signers for transfer of funds for ECT Investments, Inc.
are M. Bradley, J. Greene, G. Hickerson, P. Lewis and M. Ruch.


Okay, so I didn't know what a "DRIP" is, but now that I do, I'm sending this
to you.
---------------------- Forwarded by Steven J Kean/HOU/EES on 02/20/2000 06:22
PM ---------------------------

"msmmac" <msmmac@gateway.net> on 02/16/2000 10:09:52 PM
Please respond to "msmmac" <msmmac@gateway.net>
To: <skean@enron.com>
cc:
Subject:

Would you please forward a copy of you DRIP to
?
Professor Kent Baker
The American University
Kogod School of Business
4400 Massachusetts Avenue, NW
Washington, DC 20016-8044
?
Thanks


Gerald,

The following is a list of the counterparties that we will be submitting
letter agreements to:
J.M. Huber Corporation
Patina Oil & Gas Corporation
FMI Weld LLC
Kennedy Oil Corporation
Dominion Oil & Gas Exploration
Tucson Electric (verify with Kim Ward)

Tyrell Harrison
303 575 6478


----- Forwarded by Jeff Dasovich/NA/Enron on 03/10/2001 12:25 PM -----

	Vicki Sharp@EES
	03/10/2001 10:35 AM

		 To: Dan Leff/HOU/EES@EES, Richard Shapiro/NA/Enron@Enron, James D
Steffes/NA/Enron@Enron, Jeff Dasovich/NA/Enron@Enron, Sandra
McCubbin/NA/Enron@Enron, Harry Kingerski/NA/Enron@Enron
		 cc: Donna Teal/HOU/EES@EES, Tom Riley/Western Region/The Bentley
Company@Exchange, Douglas Huth/HOU/EES@EES, Peggy Mahoney/HOU/EES@EES, Marty
Sunde/HOU/EES@EES, Evan Hughes/HOU/EES@EES, Jeff Messina/HOU/EES@EES, Mike D
Smith/HOU/EES@EES
		 Subject: Re: URGENT - ACTION - Meeting Notice = 3/11/01

UC/CSU has brought an action in Federal Court in Oakland seeking to have its
physical delivery service returned to direct access.
Would the  regulatory affairs team I am copying on this letter decide who the
point person should be for us to communicate with.  We would hope  that you
could participate in the call or we could debrief you afterwards.   Thanks.

Dan Leff
03/10/2001 05:56 AM
To: Donna Teal/HOU/EES@EES
cc: Vicki Sharp/HOU/EES@EES, Tom Riley/Western Region/The Bentley
Company@Exchange, Douglas Huth/HOU/EES@EES, Peggy Mahoney/HOU/EES@EES, Marty
Sunde/HOU/EES@EES, Evan Hughes/HOU/EES@EES, Jeff Messina/HOU/EES@EES, Mike D
Smith/HOU/EES@EES
Subject: Re: URGENT - ACTION - Meeting Notice = 3/11/01

Mike Smith needs to be involved in all of this communication

Thank you - Dan

Donna Teal
03/09/2001 10:48 PM
To: Vicki Sharp/HOU/EES@EES, Tom Riley/Western Region/The Bentley
Company@Exchange, Douglas Huth/HOU/EES@EES, Peggy Mahoney/HOU/EES@EES, Marty
Sunde/HOU/EES@EES, Dan Leff/HOU/EES@EES, Evan Hughes/HOU/EES@EES
cc: Jeff Messina/HOU/EES@EES
Subject: URGENT - ACTION - Meeting Notice = 3/11/01

Please plan to attend this meeting; Tom and Doug, please call in.

Date:  Sunday, March 11
Time:  1:00 - 5:00 pm
Location: EB872
Topic:  UC/CSU
Host:  Jeff Messina
Dial In No.: 1-800-991-9019
Passcode: 6 0 6 9 9 6 3

Conference call phone number 800-766-1863 - - confirmation no. 3702121

If you have any questions, please call Jeff Messina at 281-361-9185.

Regards,
Donna for Jeff Messina

Contact Information

Name	Office No.	Pager No.	Home No.	Cell No.
V. Sharpe	713-853-7413		713-472-8072	713-822-3048
T. Riley	925-543-3703	888-937-4479	925-254-6416	510-928-9292
D. Huth	925-543-3709	888-797-9446	925-362-0008	925-381-7205
P. Mahoney	713-345-7034		713-667-8511	713-504-4338
M. Sunde	713-853-7797	888-753-9478	713-355-9138	713-553-1582
D. Leff	713-853-7903		713-688-1622	281-650-1199
E. Hughes	713-345-3311			713-444-3125
J. Messina	713-853-9293	888-395-3127	281-361-9185	713-504-9031


Tom,  Those items will be sent to you tommorrow.

"Tom O'Donnell" <todonnell@hollandhart.com> on 09/13/99 01:15:34 PM
To: Gerald Nemec/HOU/ECT@ECT
cc:
Subject: Right of Way Services Agreement -Reply

Gerald:
Thanks for the ROW Services Agreement.  It was great to meet you in
person and we thank you for bringing us on board for this project!  I think
the only materials we need to round out the picture are the letter
agreement with Forerunner and the agreement with Hanover.  Whenever
you have a chance to send those along, that will be great.
Regards,
Tom

>>> "Gerald Nemec" <gnemec@ect.enron.com> 09/13/99 09:02am >>>

Tom,  Attached is the Right of Way Services Agreement we discussed
Friday.  I
would like to thank you and Mark for meeting with us on short notice.  We
look
forward to working with you.

---------------------- Forwarded by Gerald Nemec/HOU/ECT on 09/13/99
11:01 AM
---------------------------

Pat Radford
09/09/99 01:38 PM

To:   Ken Choyce/DEN/ECT@Enron, bbierba@ect.enron.com, Mark
Whitt/DEN/ECT@Enron,
      Gerald Nemec/HOU/ECT@ECT
cc:   Shonnie Daniel/HOU/ECT@ECT
Subject:  Right of Way Services Agreement

Shonnie Daniel asked me to forward the attached document to each of
you.

(See attached file: ROWServices.doc)


Stacy,

Checking  on the status of revised Master and GISB sent to you in December.
If you have any questions,  or I can provide additional information, please
let me know.

Regards,
Debra Perlingiere
Enron North America Corp.
Legal Department
1400 Smith Street, EB 3885
Houston, Texas 77002
dperlin@enron.com
Phone 713-853-7658
Fax  713-646-3490


I am planning on taking vacation 5/11 and 5/14.  Attached you will find a copy of the Deal Validation desk procedures that will help you out with the Deal Validation process.  It would be to your benefit if you took some time next week to sit with me for a couple of days in the morning before I go on vacation so that we can go over any questions or concerns you may have.  Please take time to read these desk procedures before next week as it will help you better understand the Deal Validation process when you sit with me.


> -----Original Message-----
> From: Sean Sherman
> Sent: Thursday, October 25, 2001 3:01 PM
> To:   Jason Jones; Thad Miguez
> Subject:      FW: Wagon Crash
>
>
>
> Manhattan, KS (AP)- Tragedy has struck the sporting world yet again.
> In a scene that has become all too familiar to sports fans, one person
> was killed and several others were injured as the bandwagon carrying
> thousands of life-long Kansas State Wildcat fans ran out of control when
> all but two people jumped off. The name of the deceased has not been
> released,
> pending notification of his immediate family. He is believed to be a
> former
> Dallas
> Cowboys/Chicago Bulls/New York Mets fan, who was attempting a leap to the
> Oklahoma
> bandwagon.
> The incident seems to have been caused by a 31-24 loss to Texas A&M
> Saturday afternoon.
> "You hear about things like this in other towns, but I never thought it
> would happen here" said Bruce Snead, mayor of Manhattan.
> Preliminary police reports indicated the wagon, which was recently
> purchased from a dealer in Tallahassee, Fla., was in poor working
> condition and could not handle the load from the hoards of Wildcat fans
> that had climbed aboard.
> "We were getting concerned that this might happen after the loss to
> Oklahoma," said Manhattan Police Chief Fitzgerald High. "We really
> became concerned after the CU game, but there were still only a few
> folks jumping off here and there. Then came Saturday's loss and they all
> jumped...the horror!"
> The incident was not without heroes. Kansas State quarterback Ell
> Roberson, without regard for his own life, attempted to throw a rope to
> the bandwagon's driver to help bring the vehicle under control.
> Unfortunately, Roberson drastically under threw the driver, catching the
> axle of the bandwagon instead, and was unable to hold on to the rope,
> fumbling away his opportunity to aid those in need.
> K-State's Mark Dunn attempted a similar effort, but his throw was
> intercepted by a nearby tree, never to reach the bandwagon driver.
> Kansas State head coach Bill Snyder could not be reached for comment.
>
>
Notice: This information is intended only for the person or entity to which it is addressed and may contain privileged and/or confidential material. Any retransmission, dissemination, review or other use of, or taking any action in reliance upon this information by persons or entities other than the intended recipient is prohibited. If you receive this transmission in error, please contact the sender, destroy this message and delete the material from any computer system, electronic storage, logs, archives, or other media. Information in this message that does not relate to the official business of Local Oklahoma Bank shall be understood as neither provided by nor endorsed by the Bank.


Dear Dr. Kaminski:

I am interested in working on a part-time, telecommuting basis
(roughly the equivalent of 1 to 2 days a week) for about a year or
two. I can visit as necessary. I am attaching a brief resume.

Is this something that might be of interest to you? Should you have no
opportunities, can you suggest other groups? I look forward
to hearing from you.

Regards
Reddy

Chandrasekhar R. Gukhal
Assistant Professor of Finance
S.C.Johnson Graduate School of Management
Cornell University
Ithaca NY 14853
Ph: (607)255-0053
_________________________________________________________________
Get your FREE download of MSN Explorer at http://explorer.msn.com

 - aaPart-vita.pdf


Britt,

I know this may seem silly but for the record, the electricity discount for all financial and physical commodity deals per the GSA Contract increases to 3.5% from 2.7%.  This means that for all the accounts which we currently service, we need to update the computer discount rate from the old rate (2.7%) to the new rate (3.5%).

Please give me a call if you have questions and certainly let me know if this is a problem.

Thanks and I hope your holidays were relaxing.....,

Bill


Attached, in WordPerfect format, are the final transaction documents for
Hawaii II.  The documents have been revised to reflect all comments
received through Friday afternoon and to reflect the new closing date of
Monday, November 20.  The documents are marked against the most recent
version circulated and are identified as follows:

* Closing Checklist (266026)

* Trust Agreement (265272)

* RADA (265275)

* Beneficial Interest Certificate (265276)

* Distribution Agreement (266277)

* Subscription Documents (265278)

* Letter Agmt re: Equity Termination (267979)

* Facility Agmt (265273)

* Ex G1 to Facility Agmt (Swap Confirm) (268099)

* Ex G2 to Facility Agmt (Swap Schedule-Permitted Party) (265279)

* Ex G3 to Facility Agmt (Swap Schedule-Enron) (266279)

* Ex G4 to Facility Agmt (Enron Guaranty) (268951)

* Ex. H to Facility Agmt (Transfer and Auction) (266163)

* Ex. I, Part A to Facility Agmt (Asset LLC Agmt) (266143)

* Ex. I, Part B to Facility Agmt (Transferor LLC Agmt (266137)

* Swap Schedule (269252)

* Termination of Hawaii Facility Agmt (269253)

* Notice of Prepayment (267365)

* Drawdown Request McGarret A (268980)

* Drawdown Request McGarret C (268982)

* Drawdown Request McGarret D (268991)

* Drawdown Request Danno D (267252)

* Omnibus Amendment - McGarret A (266755)

* Omnibus Amendment - McGarret C (266950)

* Omnibus Amendment - McGarret D (267037)

* Omnibus Amendment - Danno B (267271)

* Series Certificate - McGarret A (268572)

* Series Certificate - McGarret C (268675)

* Series Certificate - McGarret D (268676)

* Series Certificate - Danno B (267069)

* Confirmation Letter (268999)

* Direction Letter to Owner Trustee (269030)

* Payment Direction Letter (269105)

* Receipt of Trust (267321)

* Receipt of Agent (267366)

Muriel C. McFarling
Andrews & Kurth L.L.P.
1717 Main Street, Suite 3700
Dallas, TX  75201
(214) 659-4461 (direct line)
(214) 659-4784 (direct fax)

 - 265272.wpd
 - 265273.wpd
 - 265275.wpd
 - 265276.wpd
 - 265277.wpd
 - 265278.wpd
 - 265279.wpd
 - 266026.wpd
 - 266137.wpd
 - 266143.wpd
 - 266163.wpd
 - 266279.wpd
 - 266755.wpd
 - 266950.wpd
 - 267037.wpd
 - 267069.wpd
 - 267252.wpd
 - 267271.wpd
 - 267321.wpd
 - 267365.wpd
 - 267366.wpd
 - 267979.wpd
 - 268099.wpd
 - 268572.wpd
 - 268675.wpd
 - 268676.wpd
 - 268951.wpd
 - 268980.wpd
 - 268982.wpd
 - 268991.wpd
 - 268999.wpd
 - 269030.wpd
 - 269105.wpd
 - 269252.wpd
 - 269253.wpd


Mark,

FYI. Any decisions regarding our involvement with
John?

Vince
---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 03/19/2001
04:44 PM ---------------------------

"John McCormack" <jmccormack@sternstewart.com> on 03/19/2001 01:11:02 PM
To: <vince.j.kaminski@enron.com>
cc:
Subject: Journal of Applied Corporate Finance

Vince:

I hope you received the Winter issue of the JACF. Your article was great.
Many of the issues and themes raised in that piece can be expanded upon. The
same holds for the Round Table discussion which included Gene Humphrey.
Finally. I would love to get your assessment of the real option article I
wrote with Gordon Sick.

Best Regards,

John L. McCormack
SVP, Stern Stewart & Co.
212-261-0740

Note: The information contained in this message may be privileged and
confidential and protected from disclosure.  If the reader of this message is
not the intended recipient, or an employee or agent responsible for
delivering this message to the intended recipient, you are hereby notified
that any dissemination, distribution or copying of this communication is
strictly prohibited. If you have received this communication in error, please
notify us immediately by replying to the message and deleting it from your
computer.  Thank you.  Stern Stewart & Co.


Sam asked me to put together some points on the ISO, PX and the FERC Order.
They are attached.  If you have comments, let us know asap.  Thanks.

(See attached file: Sam Wehn Points.doc)

 - Sam Wehn Points.doc


CP,

Go ahead and put me in the Marriot.  I should give this a try.  Plus it will
make them plan better for us.
m


For headcount purposes, please advise if you are planning to attend the group
out at St. Arnold's on Wednesday, October 25th.  Thank you!


This request has been pending your approval for  2 days.  Please click http://itcapps.corp.enron.com/srrs/auth/emailLink.asp?ID=000000000079989&Page=Approval to review and act upon this request.

Request ID          : 000000000079989
Request Create Date : 12/26/01 9:53:43 AM
Requested For       : brian.redmond@enron.com
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Resource Type       : Applications


screw blair!


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IssueAlert for  March 21, 2001

Dissension at FERC:
Commission Divided On Price Caps, Future Leadership

by Will McNamara
Director, Electric Industry Analysis

[News item from Reuters, March 20] The Federal Energy Regulatory Commission
(FERC) said it remained divided on whether it should impose a temporary cap
on wholesale prices in the western United States to prevent summer blackouts
and price spikes. The three FERC commissioners, who regulate interstate
electricity markets, testified at a House of Representatives Energy and Air
Quality subcommittee hearing as California braced for another day of
blackouts.

Analysis: Since the start of deregulation in the early 1990s, FERC's various
positions on how competition should unfold across the country have been
fairly consistent. Despite its changing members, as a whole the five-member
commission (with two positions currently open) has taken a "hands-off"
approach to its regulatory role, preferring instead to allow free market
forces to drive competition in the energy industry. In fact, Curt H,bert,
appointed as FERC chairman in January by President Bush, told me in an
interview during his tenure as a commissioner that he envisioned a time when
FERC would step out of its regulatory role altogether. However, significant
structural and philosophical changes within the FERC have surfaced since
January, dovetailing with the departure of former chairman James Hoecker. As
the federal regulatory body for the energy industry, FERC has the
responsibility for setting price caps in all regions across the country. The
debate over whether or not to take this controversial step seems to have
exposed some inherent dissension within FERC at the very time when the future
leadership of the commission has been cast in doubt.

At the House of Representatives meeting on March 20, H,bert, a Republican,
reiterated his objections to price caps. Chairman H,bert has maintained his
long-standing opinion that wholesale price caps have done and can do
"long-term damage." In January, H,bert told me, "I have seen no evidence that
price caps will have any positive impact in creating a balanced market."
Although still generally opposed to wholesale price caps on a federal or
regional level, H,bert is willing to consider them as one possibility among
other short-term resolutions to the ongoing market problems in California.
Reuters reported that H,bert said at the hearings that "such controls are not
a long-term solution and would discourage the industry from building more
power plants to supply the West." Rather, H,bert believes that power
generators need the financial incentive to build new power plants, both in
California and elsewhere. H,bert was quoted at the subcommittee hearings as
saying, "Market prices will increase supply and reduce demand, thus
correcting the current imbalance. Capping prices through regulation or
legislation will have exactly the opposite effect."

Despite H,bert's opposition to wholesale price caps, fellow Commissioner
William Massey, a Democrat, asserted that California and the western region
were in such a state of disrepair that a temporary "time out" or price cap
was needed to let the market stabilize. "The commission must act forcefully
and decisively to reassure market participants, policymakers and consumers
that jurisdictional wholesale markets will produce consumer benefits and just
and reasonable rates," Massey said. In addition, Massey reportedly also said
that "such a price cap could be calculated on a generator-by-generator basis
at each generator's variable operating cost, plus a reasonable capacity
adder, perhaps in the range of $25 per megawatt hour." Massey reiterated the
severity of the crisis in California, noting that whereas wholesale power in
the state cost $7 billion in 1999 it increased to $27 billion in 2000 and
could exceed $70 billion for 2001.

Rounding out the commission's divided opinion was Commissioner Linda Key
Breathitt, a Democrat, who said that all possible options should be analyzed
and debated. Breathitt did not specifically mention any preference for price
controls.

Chairman H,bert's stand against price caps is shared by Energy Secretary
Spencer Abraham and seemingly the entire Bush administration. In fact,
Abraham said that price caps on wholesale energy will "discourage investment
in new generation at a time when it is most needed" and drive power producers
to other regions of the country (and further away from California). The
Energy Secretary reportedly issued an even stronger statement against price
caps during a Senate hearing on the electricity crisis in California. "The
only action the administration will not take is the implementation of price
caps," Abraham said.

Another House of Representatives Energy and Air Quality subcommittee hearing
is scheduled for later this week. Subcommittee Chairman Joe Barton, a Texas
Republican, noted that the subcommittee will work toward deciding whether or
not legislation regarding wholesale price caps should be developed over the
next few weeks.

This is not the first time that clear schisms have become visible within FERC
over major issues facing the energy industry. The commission also became
divided regarding the scope of regulation regarding regional transmission
organizations (RTOs). FERC's December 1999 vote on the Alliance RTO
illustrated dissension within the commission and the divergent philosophies
that the FERC commissioners hold regarding how the industry should be
regulated. Then-Commissioner H,bert was of the opinion that the Alliance RTO
met FERC guidelines for RTO formation, and was the sole member who
successfully pushed for voluntary rather than mandatory participation in an
RTO. However, H,bert stood as a minority. The other three commissioners at
FERC at the time (Hoecker, Massey and Breathitt) preferred to wield a tighter
regulatory hand and monitor how transmission owners comply with current
transmission policy. While H,bert supports the ownership of RTOs by utilities
and letting free market principles rule, the other commissioners at FERC
appeared to support only passive ownership of RTOs by utilities.

Meanwhile, speculation continues that President Bush will soon appoint Pat
Wood III, chairman of the Public Utility Commission of Texas (PUCT), to the
position of FERC chairman. H,bert was named chairman in February by President
Bush after James Hoecker resigned shortly before the new Republican
administration took office Jan. 20. At that time, the president did not
indicate that H,bert's appointment as chair was temporary. Wood was appointed
by then Texas Governor Bush to the PUCT in 1995 and played a primary role in
the development of that state's restructuring plan. (Electric choice begins
in Texas on June 1, 2001, with the start of a pilot program and then the
market opens fully to competition on Jan. 1, 2002).

The possible shift in leadership at FERC appears to be politically motivated.
There are two "Republican" openings to be filled at FERC by President Bush.
As noted, presently H,bert is the only Republican among the current three
members. Wood, reportedly a close ally and advisor to the former Texas
governor, has been repeatedly named as a strong candidate for one of the
Republican openings on FERC for some time. However, the Washington Post and
Reuters have reported that Wood will be appointed as FERC chairman, forcing
H,bert to step back into a role as commissioner. The report in Reuters
indicated that H,bert, a friend and prot,g, of Senate Majority Leader Trent
Lott (R-Miss.), is personally "fighting the planned move." The nomination
would require Senate confirmation.

Moreover, as political drivers continue to impact the structure of FERC, the
issue of price caps remains unresolved. The debate over price caps also has
divided others involved, strictly along party lines. Generally speaking,
Democrats believe that the federal government should step in to prevent what
has been called "price gouging" on the part of  energy companies. Republicans
believe that the government (including FERC and the Bush administration)
should maintain a "hands-off" approach and allow the marketplace to determine
prices. Speaking from a non-partisan point of view, some economists now
question whether*and not just how*deregulation of electricity markets should
occur at all. For instance, Alfred E. Kahn, the Cornell University economist
who helped deregulate other industries, says that electricity markets may not
lend themselves to full competition and that there may be a value in
retaining vertical integration among utilities (allowing a single regulated
power company to produce, transmit and distribute electricity). The movement
toward re-regulation certainly throws an additional wrinkle into the debate
over wholesale price caps.

Yet, in any event, once again California remains the catalyst for
decision-making on this issue. As rolling blackouts threaten to continue into
a third day in the state, federal lawmakers may be pressured to issue a
definitive position on wholesale price caps for California, which of course
would set a precedent for the rest of the country. As the industry's top
agency in charge of wholesale markets, FERC's ultimate position on price caps
carries tremendous influence. Despite the apparent dissension within the
commission and possible changes in its leadership, FERC is presently
challenged to formulate a solid policy on how wholesale transactions will be
conducted, or once and for all absolve itself from jurisdiction in this
area.

An archive list of previous IssueAlerts is available at
www.ConsultRCI.com

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Copyright 2001. SCIENTECH, Inc. All rights  reserved.


Attached are my blackline comments to the side agreement you prepared.  I
need to run it by the Enron Online group but do not forsee any objections.
Let me know if you have any questions or comments.
Regards,
Brent

----- Original Message -----
From: <ARaspe@elementre.com>
To: <bhendry@houston.rr.com>
Sent: Tuesday, April 17, 2001 10:25 AM
Subject: Re: XL Trading Confirmation revised blackline

>
>
>
>
>
> The undersigned parties hereto agree that until a relevant master
agreement
> is executed between  XL Trading Partners Ltd  ("Counterparty") and Enron
> North America Corp., the terms and conditions set forth in the form of
> long-form confirmation (the "Deemed ISDA") shall be the general terms and
> conditions governing all weather-derivative transactions on one or more
> websites or other internet-based electronic trading facilities ("Website")
> between EnronOnline, LLC and/or its affiliates ("Enron") and Counterparty,
> and shall replace any General Terms and Conditions established by Enron
> which are in effect with respect to  weather-derivative transactions or
are
> posted on the Website.
>
> Furthermore, any reference to the "General Terms and Conditions" in the
> Electronic Trading Agreement  or the Password Application between the
> undersigned shall be deemed a reference to the Deemed ISDA.
>
> Acknowledged and Agreed to this _______ day of April, 2001
>
>
> Element Re Capital Products Inc.,                       EnronOnline, LLC
> as Agent of XL Trading Partners Ltd
>
>
> By:                                By:
> Name:     Lynda Clemmons                 Name:
> Title:    President                      Title:
>
>
>
>
>
>
> Adele M. R. Raspe
> General Counsel, Derivatives
>
> Element Re Capital Products Inc.
> 100 First Stamford Place, Suite 360
> Stamford, CT 06902
> phone:  (203) 356-3579
> fax:  (203) 602-4475
>
>
>
>                     Brent.Hendry@
>                     enron.com            To:     ARaspe@elementre.com
>                     Sent by:             cc:
>                     Becky.Spencer        Subject:     Re: XL Trading
Confirmation revised
>                     @enron.com           blackline
>
>
>                     04/17/2001
>                     10:34 AM
>
>
>
>
>
>
>
> Adele,
>
> Regarding the "one-liner" you needed from Brent, he asks that you draft it
> and then send it to him at home for his review.  His home e-mail address
> is:  "bhendry@houston.rr.com"
>
> Thank you!
> Becky Spencer
> Assistant to Brent Hendry
> 713-853-7599 Office
> 713-646-3490 Fax
>
> -----------------------------------
>
>
>
>                     ARaspe@elemen
>                     tre.com              To:     Brent.Hendry@enron.com
>                                          cc:
>                     04/16/2001           Subject:     Re: XL Trading
> Confirmation revised blackline
>                     05:52 PM
>
>
>
>
>
>
> Return Receipt
>
>     Your      Re: XL Trading Confirmation revised blackline
>     document
>     :
>
>     was       Adele Raspe/ElementRe/XLAmerica
>     received
>     by:
>
>     at:       04/16/2001 06:14:29 PM EDT
>
>
>
>
>
> The information contained in this e-mail message may be privileged
> and confidential information and is intended only for the use of
> the individual and/or entity identified in the alias address of
> this message.  If the reader of this message is not the intended
> recipient, or an employee or agent responsible to deliver it to the
> intended recipient, you are hereby requested not to distribute or
> copy this communication. If you have received this communication in
> error, please notify us immediately by telephone or return e-mail and
> delete the original message from your system.
>
>
>
>
>
>
>

 - XL Trading.doc


Frank,

We shall have about 30 people, highly technical (Ph.D.,  M.S. level).
A presentation of 45 minutes would be optimal, assuming you may arrive
around 11:45 - 12:00.

We shall get the projector for you.

Please, keep all the receipts for refund.

Vince

"Francis X. Diebold" <fdiebold@sas.upenn.edu> on 12/18/2000 09:47:16 AM
To: Vince.J.Kaminski@enron.com
cc: Shirley.Crenshaw@enron.com
Subject: Re: Thursday visit

Excellent, Vince!  Yes, I will be happy to make a presentation.  Do you have a
projector to which I could simply hook up my laptop?  Could we also have an
overhead projector as a backup?  Many thanks, Frank
P.S.  How long is optimal?  How large an audience and what are the
participants' backgrounds?

Vince.J.Kaminski@enron.com wrote:

> Frank,
>
> We are located at 1400 Smith. Any cab driver can identify the Enron
> building. When you arrive,
> please, call me at 3-3848  from the reception to be admitted into the
> building.
>
> Alternative phone numbers: 3-5290 (my assistant Shirley Crenshaw). You can
> also try to call me on
> my cell phone: 713 898 9960.
>
> The Research Group meeting starts at 11:30 and lasts till 1:00. Can you
> make a presentation
> about your research projects? What audio/video equipment do you need? What
> sandwich would
> you like to have for lunch?
>
> We shall make a hotel reservation for you Thursday night.
>
> Vince
>
> "Francis X. Diebold" <fdiebold@sas.upenn.edu> on 12/18/2000 07:02:46 AM
>
> To:   Vince Kaminski <vkamins@enron.com>
> cc:   bmierts@enron.com
> Subject:  Thursday visit
>
> Hi Vince, Looking forward to seeing you Thursday.  I arrive at Houston-Bush
> on USAir 1769 at 10:55 AM.  Please let me know where to go.  I also want to
> verify that you have booked me a hotel  for Thurs night.  Many thanks, and
> see you soon, Frank
>
> --
> Francis X. Diebold
> WP Carey Professor
>
> Department of Economics
> University of Pennsylvania
> 3718 Locust Walk
> Philadelphia, PA 19104-6297
>
> fdiebold@sas.upenn.edu
> http://www.ssc.upenn.edu/~diebold
>
> (215) 898-1507  telephone
> (215) 573-4217  fax

--
Francis X. Diebold
WP Carey Professor

Department of Economics
University of Pennsylvania
3718 Locust Walk
Philadelphia, PA 19104-6297

fdiebold@sas.upenn.edu
http://www.ssc.upenn.edu/~diebold

(215) 898-1507  telephone
(215) 573-4217  fax


I reviewed the UtilityGuide website and while I do not have an issue with Mr.
van Ulden participating on the advisory board I would have a few cautions.
It should not include any hard commitments from Enron in terms of funding.
We may want to participate in the program but we should not be required too.
His compensation should be insignificant or nothing.  Otherwise he would have
a conflict as their revenues will come from our competitors.  I would have a
lot of heartburn over that as an Enron representative as well as if I came
from the competition.

Please let me know final status or if you have any questions.

Andrew Wu
12/12/99 07:59 PM
To: Jim Badum/HOU/EES@EES
cc: Jeff Dasovich/SFO/EES@EES
Subject: Dirk vanUlden

Jim--

I am in the EES Legal Dept here in California.  Jeff Dasovich of Public and
Gov't Affairs asked me to send you an email soliciting your thoughts
regarding Enron employees participating in third-party deregulation-related
companies.

Specifically, an Enron employee here in California (Mr. Dirk van Ulden) has
been asked to serve on the "advisory board" for a deregulated industry
startup called UtilityGuide.  UtilityGuide's goal is to create an online
forum for buyers and sellers of deregulated energy services.  UtilityGuide
would be funded by (a) transaction fees paid by services providers, and (b)
revenues derived from advertising and sponsorship.

The management of UtilityGuide includes an ex-White House policy analyst (I
don't know which administration), a web design consultant and former
marketing manager for Greenpeace, and an ex-portfolio manager for Union Bank
of California.

Mr. van Ulden would be one of seven on the advisory board, which does not
include any management activities.  Mr. van Ulden's main duties appear to be
assisting in recruitment of other members of the advisory board, other
management members, and identifying potential sources of working capital.
The term of Mr. van Ulden's appointment would be one year.

Jeff Dasovich and I have reviewed UtilityGuide's website
(www.utilityguide.com) and we do not believe that Mr. van Ulden's service on
the advisory board would be in conflict with the Enron Corporate Conduct
policy, mainly because (a) UtilityGuide as an aggregator of energy servicers
and not an energy service provider itself does not appear to be a competitor
of Enron, and (b) Mr. van Ulden's position at Enron Energy Services as a
project manager under Jeff Messina's Account Management and Delivery group
limits virtually all actual conflicts between Mr. van Ulden's duties at EES
v. his duties at UtilityGuide.  However, because of EES' ongoing forays into
the electronic marketplace, we thought it appropriate to ask your thoughts
before responding.  I believe that Mr. van Ulden has the concurrence of his
management as to this appointment, although of course we can seek concurrence
from any other management entities deemed necessary or prudent.

Your input would be greatly appreciated.  Pls let me know if I can provide
any further information.  I can be reached in San Ramon at 925 543 3706.
Jeff Dasovich can be reached in San Francisco at 415 782 7822.

Andy


---------------------- Forwarded by Ina Rangel/HOU/ECT on 05/14/2001 01:01 PM
---------------------------

Kimberly Bates
05/14/2001 12:52 PM
To: Tammi DePaolis/Corp/Enron@ENRON, Ina Rangel/HOU/ECT@ECT, Airam
Arteaga/Enron@EnronXGate, Laura Vuittonet/Enron@EnronXGate, Becky
Young/Enron@EnronXGate
cc:
Subject: ICE Presentation

Pam Anderson from Intercontinental Exchange will be giving an ICE
presentation on May 22 in EB 32c2.  Please let me know if  you plan on
attending.


Cheryl Nelson
Senior Counsel
EB3816
(713) 345-4693
----- Forwarded by Cheryl Nelson/NA/Enron on 04/26/2001 09:20 AM -----

	Sheila Glover@ECT
	04/24/2001 03:02 PM

		 To: Cassandra Schultz/NA/Enron, Cheryl Nelson/NA/Enron@Enron, David
Port/Market Risk/Corp/Enron
		 cc: Sara Shackleton/HOU/ECT@ECT, Mary Nordstrom/ENRON@enronXgate, Theresa T
Brogan/HOU/ECT@ECT, Gary Hickerson/HOU/ECT@ECT, Gary Hickerson/HOU/ECT@ECT,
William S Bradford/HOU/ECT, Greg Whiting/Corp/Enron, Kim S Theriot/HOU/ECT@ECT
		 Subject: New Futures Execution and Clearing Agreements

Cassandra, Cheryl and David,

Gary has requested that we establish new futures execution and clearing
agreements with Solomon Smith Barney/Citigroup and Morgan Stanley.  I will
forward the agreements when we receive them to Cheryl Nelson in Legal for
review.

Prudential is exiting the business and the prior people at Pru have moved to
SSB.

Please do not hesitate to call, 3-3210,  if you have any questions.
Sheila


Tana:

Alliant Energy Corporation - no change -- not authorized to trade US power
Northpower - not authorized to trade US power -- restricted by credit

Leslie


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January 29, 2002

QUOTE OF THE DAY

"We're resilient; this is New Orleans. But how are we just
going to wait for days and days until the next parade? We
need our fix."

ARTHUR HARDY,publisher of a Mardi Gras guide, on the city's decision to
stop Mardi Gras parades during Super Bowl weekend.

NATIONAL

U.S. Is Requesting Tighter Security at Utah Olympics

Out of concern that some sites have not been adequately protected, the Justice Department has requested major security changes at the Olympic Games.

Bush Says Privacy Is Needed on Data From Enron Talks

President Bush on Monday defended his refusal to turn over information to Congress about contacts between Enron and the administration's energy task force.

Act on Clean-Elections Law, Court Orders

The Supreme Judicial Court of Massachusetts has brought back a statute long believed dead: the Massachusetts Clean Elections Law.

MORE NATIONAL NEWS

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INTERNATIONAL

Bush Reconsiders Stand on Treating Captives of War

President Bush said he was reconsidering the question of whether detainees held in Guantánamo Bay, Cuba, should be protected under the Geneva Convention.

Saudi Affirms U.S. Ties but Says Bush Ignores Palestinians' Cause

In a rare interview, Crown Prince Abdullah of Saudi Arabia embraced the United States as a close friend, but criticized American policy in the Middle East.

Bush Offers Afghanistan U.S. Help for Training of Military and Police

President Bush vowed to build "a lasting partnership" with Afghanistan, by helping it train forces and offering $50 million in credit for private investments.

MORE INTERNATIONAL NEWS

BUSINESS

Bush Says Privacy Is Needed on Data From Enron Talks

President Bush on Monday defended his refusal to turn over information to Congress about contacts between Enron and the administration's energy task force.

In Another Big Bankruptcy, a Fiber Optic Venture Fails

Global Crossing, which spent five years and $15 billion to build a worldwide network of high-speed Internet and telephone lines, filed for bankruptcy protection.

Back From the Brink, Xerox Posts a Return to Operating Profit

It appears that the pain of cutting jobs, selling assets and fighting off allegations of accounting irregularities have paid off for Xerox.

MORE BUSINESS NEWS

TECHNOLOGY

In Another Big Bankruptcy, a Fiber Optic Venture Fails

Global Crossing, which spent five years and $15 billion to build a worldwide network of high-speed Internet and telephone lines, filed for bankruptcy protection.

Back From the Brink, Xerox Posts a Return to Operating Profit

It appears that the pain of cutting jobs, selling assets and fighting off allegations of accounting irregularities have paid off for Xerox.

Chip Makers in Japan See Only Trouble

Toshiba and Fujitsu are scheduled to announce results on Tuesday for the third fiscal quarter, and both are expected to be severely downbeat.

MORE TECHNOLOGY NEWS

POLITICS

Bush Reconsiders Stand on Treating Captives of War

President Bush said he was reconsidering the question of whether detainees held in Guantánamo Bay, Cuba, should be protected under the Geneva Convention.

Bush Proposes Drug Benefit for the Low-Income Elderly

President Bush on Monday proposed spending $190 billion over the next decade to overhaul Medicare and provide prescription-drug benefits to the elderly.

Bush Says Privacy Is Needed on Data From Enron Talks

President Bush on Monday defended his refusal to turn over information to Congress about contacts between Enron and the administration's energy task force.

MORE POLITICS NEWS

SPORTS

Belichick Dodges, Parries and Wins

Coach Bill Belichick summoned his flat-line voice and inscrutable facial expressions when asked about the Patriots' quarterback situation.

U.S. Is Requesting Tighter Security at Utah Olympics

Out of concern that some sites have not been adequately protected, the Justice Department has requested major security changes at the Olympic Games.

Concern Over Health Risk Stemming Use of Painkillers

Since Alonzo Mourning was found to have a kidney disorder, many players in the N.B.A. have grown concerned about the use of anti-inflammatory drugs.

MORE SPORTS NEWS

ARTS

Jewish Museum Show Looks Nazis in the Face and Creates a Fuss

The show's   idea, the museum says, is to bring together   works using images of Nazis and the Holocaust that focus not on the victims but on the   perpetrators for a change.

The Old Man Who Loved the Sea, and Papa

When Gregorio Fuentes, Ernest Hemingway's fishing companion and confidant, died earlier this month in Cuba, the sadness spread back to the Chicago suburb where Hemingway was born and raised.

Flamenco Dares the Unpredictable

Flamenco, for all its strictly defined musical and dance forms, is an art of extremes.

MORE ARTS NEWS

NY REGION

Seeking Safety, Manhattan Firms are Scattering

Morgan Stanley, Goldman Sachs and Marsh & McClennan are all planning on decentralizing their operations, part of a trend that does not bode well for Lower Manhattan.

Huge Police Presence Is Readied for World Economic Forum

Protesters at the World Economic Forum later this week can expect to see 3,800 police officers with zero tolerance for any violations of the law.

Bloomberg Is Increasing City Lobbying in Washington

Mayor Michael R. Bloomberg has started to aggressively lobby on Capitol Hill to put New York City's needs front and center with the nation's lawmakers.

MORE NY REGION NEWS

OP-ED

The Great Divide

By PAUL KRUGMAN

I predict that in   the years ahead Enron, not Sept. 11,   will come to be seen as the greater   turning point in American society.

A Need for Prudence in the Persian Gulf

By SHIBLEY TELHAMI

Over time, the United States and Saudi   Arabia should begin talks to reduce   the American military presence, because our mutual interests will require that change.

Argentines Check Their Baggage

By ROBERTO GONZÁLEZ ECHVARRÍA

The Argentines now returning to   Spain are very different from their   grandparents, many of whom were   poor Spanish emigrants.

MORE OP-ED  NEWS

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Dude, i think that may have been the funniest e-mail I've ever read. Trouble
is, my life bears a striking resemblance to that e-mail. I guess that's not
all bad. I'm starting to get bugged about finding a job in Durham. I'm
looking on the internet but everything seems to involve more work and less
alcohol than I'm interested in. Keep the tips coming, I've got to drink now.

>From: Jason.Wolfe@enron.com
>To: hotwanger@hotmail.com
>CC: clay.f.guinn@exxonmobil.com, fstiber@dg-studios.com, cbreste@nd.edu
>Subject: RE: I miss H-Town
>Date: Mon, 25 Jun 2001 12:21:13 -0500
>
>Hotwanger,
>
>Unemployment is not something to be taken lightly. With the right approach,
>it can be a richly
>fulfilling experience. The wrong approach can leave you unsatisfied and
>disenchanted.
>Or dissatisfied and unenchanted. Whatever. There is a bit of a science
>involved.
>A few tips:
>      If you are living with someone...which you are...it is important that
>she not wake you
>up when she is on her way to work, as you likely have nowhere to go at that
>hour anyway.
>Tell her to blow dry her hair in the car or don't bother. If she wants you
>to do something to help
>her out, like make breakfast, pour a bowl of cereal the night before and
>put it in the fridge. If
>she gets bored with that, put it in the freezer for an icy treat.
>      Waking up mid-afternoon may make it difficult for you to get to sleep
>at a decent
>hour, and your sleep cycle may become so offset that you are actually never
>awake when
>Tara is. That will likely become a sticking point. Drinking during the
>afternoon will put you in
>a drowsy state of mind come nightfall, and you can ensure a regular 14 hrs
>of slumber.
>      There are things to do in a new city, but they are overrated. TV can
>and will provide
>whatever culture you think you need. Go outside only for beer or fast food.
>      At some point, there may be pressure on you to "look for a job." That
>is an overly
>vague request. You are likely developing and formulating a career direction
>with your time
>off, and a job would take away from this "me" time and set you back months.
>      I took a run at unemployment last year, but with the added wrinkle of
>no TV. That
>is a challenge I wouldn't recommend on your first attempt. Removing you
>from even a
>premium cable package would be akin to taking a polio sufferer out of an
>iron lung.
>      Malt liquor + taco bell Frito burrito = projectile diarrhea.
>
>That's it for now. I have to get to a meeting. Give me some feedback on how
>things shake
>out. In the coming days, I will send out a supplement newsletter on the
>benefits of
>substitute teaching.
>
>Later,
>J Wolfe
>
>
>     -----Original Message-----
>    From:   "Eric Ellwanger" <hotwanger@hotmail.com>@ENRON
>
>[mailto:IMCEANOTES-+22Eric+20Ellwanger+22+20+3Chotwanger+40hotmail+2Ecom+3E+40ENRON@ENRON.com]
>
>
>    Sent:   Thursday, June 21, 2001 9:56 AM
>    To:     clay.f.guinn@exxonmobil.com; fstiber@dg-studios.com; Wolfe,
>              Jason; PRoberts@sgtc.com
>    Subject:  I miss H-Town
>
>    Hello Fellows. Just a quick note to my H-Town homeboys as it were. Any
>    of
>    you float away in the floods? Putnam, I heard you had some damage,
>sorry
>    to
>    hear about that. If any of you have brilliant ideas for a new and
>    exciting
>    career for me to pursue, I'm all ears. This unemployment thing is
>    getting a
>    bit old. Jay, if you have any advice on how to make the most of these
>    days,
>    speak up. I like to learn from the masters. I'm going to a place called
>    Peter Luger's tonight for Susie's birthday. It's considered by some to
>    be
>    the best steak you can buy in America. We'll see how it stacks up to
>    P.J.'s.
>    Take it easy boys.
>
>    --Eric
>    _________________________________________________________________
>    Get your FREE download of MSN Explorer at http://explorer.msn.com
>
>

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


Just a reminder.  Make sure you are using Pinnacle West and not APS when you are putting these deals in for this counter party.  We've been getting a lot of disputes  related to this problem.

Thanks

Volume Management


Still working it.

Kay
---------------------- Forwarded by Kay Mann/Corp/Enron on 12/04/2000 08:38
PM ---------------------------

Kay Mann
12/04/2000 08:38 PM
To: Ben Jacoby/HOU/ECT@ECT, Heather Kroll/HOU/ECT@ECT, Christopher F
Calger/PDX/ECT@ECT, Ozzie Pagan/HOU/ECT@ECT, Roger Ondreko/HOU/ECT@ECT, Lisa
Bills/Corp/Enron@ENRON
cc: Mike J Miller/HOU/ECT@ECT

Subject: Documents sent to GenPower

Here's what went out this evening:

Kay


Yep.  It's moving along.  The budget, and the R's desire to mess with Davis, are prolonging things a bit.  But all indications are that Loretta will hold DA until the 12th.  How'd the afternoon go?

Best,
Jeff

	James D Steffes 07/02/2001 07:16 PM 	   To: Jeff Dasovich/NA/Enron@Enron  cc:   Subject: Language on bonds

Assume you are taking the lead on this?

Jim

---------------------- Forwarded by James D Steffes/NA/Enron on 07/02/2001 07:16 PM ---------------------------

Hedy Govenar <hgovenar@govadv.com> on 07/02/2001 06:51:19 PM
To:	Sandra McCubbin <smccubbi@enron.com>, Paul Kaufman <paul.kaufman@enron.com>, Sue Mara <smara@enron.com>, Rick Shaprio <rshapiro@enron.com>, Bev Hansen <bhansen@lhom.com>, Jeff Dasovich <jdasovic@enron.com>, Karen Denne <kdenne@enron.com>, Jim Steffes <james.d.steffes@enron.com>, Scott Govenar <sgovenar@govadv.com>, Ken Smith <ken@kdscommunications.com>, Mike Day <MDay@GMSSR.com>, Michael McDonald <Michael.McDonald@enron.com>, Alan Comnes <acomnes@enron.com>, Steven Kean <Steven.J.Kean@enron.com>, Harry Kingerski <Harry.Kingerski@enron.com>, Leslie Lawner <Leslie.Lawner@enron.com>, Robert Frank <rfrank@enron.com>, Janel Guerrero <Janel.Guerrero@enron.com>, Miyung Buster <Miyung.Buster@enron.com>, Jennifer Thome <Jennifer.Thome@enron.com>, Eric Letke <eletke@enron.com>, Mary Schoen <Mary.Schoen@enron.com>
cc:

Subject:	Language on bonds

Senator Burton's office expects bond language back from Legislative
Counsel sometime tomorrow, Tuesday.  As soon as we get a copy we will
forward it.  If the language is acceptable to Enron, then Bev, Scott and
I need to visit with Republicans to urge their support as soon as
possible.We are continuing to coordinate with the big users and some
other suppliers on this issue.


Sue Mara
Enron Corp.
Tel: (415) 782-7802
Fax:(415) 782-7854
----- Forwarded by Susan J Mara/NA/Enron on 06/13/2001 11:37 AM -----

	"Bill" <Bearbasin@worldnet.att.net>
	06/12/2001 01:50 PM

		 To: <susan_j_mara@enron.com>
		 cc: "Hatch, Bill" <wdhatch@nps.navy.mil>, "Thompson, Thomas W."
<ttt@cpuc.ca.gov>, "Rand Wheatland" <rand@query.com>
		 Subject: Re: Kent Wheatland memorial award

Sue:

Bill Hatch echoes my sentiments 100%.  I am no longer in regulation but Kent
was a great friend and was the reason I came to the Commission almost 10
years ago and was a great friend and force in helping me start my own
business three years ago.  I'm glad California still has people like you as
true champions that have great heart and are willing to stand up for what
they believe are few and far between.  All the best in you're career with
Enron!

Truthfully Yours;
Bill Sandoval

----- Original Message -----
From: "Hatch, Bill" <wdhatch@nps.navy.mil>
To: <susan_j_mara@enron.com>
Cc: "'Sandeval, Bill'" <bill@BearBasin.com>
Sent: Tuesday, June 12, 2001 1:11 PM
Subject: Kent Wheatland memorial award

> Sue,
>
> I would like to congratulate you on being the first recipient of the Kent
> Wheatland memorial award. I am sure attaining this award did not come
> easily. Kent truly believed in what he did and loved every minute he spent
> in the environment.
>
> He was my closet friend for well over 30 years. He and I traveled the
> country, camped and did just about everything since our days in the Boy
> Scouts together. Once again congratulations and thanks for keeping his
name
> in the fore front and alive.
>
> Bill
>
> > CDR Bill Hatch
> > Manpower Systems Analysis
> > Naval Postgraduate School code SM/Hh
> > 555 Dyer Road, Room 236
> > Monterey, CA 93940-5103
> > DSN 878-2463
> > COMM 831-656-2463
> > FAX 831-656-3407
> > EMAIL wdhatch@nps.navy.mil
> >
> >


---------------------- Forwarded by Benjamin Rogers/HOU/ECT on 03/09/2000
03:00 PM ---------------------------

	From:  Garrett Tripp                           03/09/2000 02:51 PM

To: Benjamin Rogers/HOU/ECT@ECT
cc:
Subject: RPU

The following pricing has been completed for RPU LM6000 deal.

The price for the 6/1/01-9/30/06 term.
$4.01kw-mo Spread Option Value Plus $1.67kw-mo Capacity for  a Total Price of
$5.68

Assumptions:
47 MW year one, 25 MW year two through six at MAPP (curve) ISO
Heat rate 10,200
Max run hours 1400
Summer only deal
VOM $3.02
NG at NNG Ventura with 0.10 summer adder
7x16 product
97% Availability Factor

Yrly Price without capacity


I've entered a mother load of comments on all the deals.  please let me know
when you validate these or what else you need.

Kimat, the exchange deals were not validated yesterday.  Did this have a big
p&l impact?  My TCO schedulers said there volumes were off by about 6 BCF.

---------------------- Forwarded by Chris Germany/HOU/ECT on 11/07/2000 07:44
AM ---------------------------

Chris Germany
11/06/2000 01:04 PM
To: Kimat Singla/HOU/ECT@ECT, William Kelly/HOU/ECT@ECT, Joann
Collins/Corp/Enron@ENRON, Alvin Thompson/Corp/Enron@Enron, Victor
Lamadrid/HOU/ECT@ECT, Katherine L Kelly/HOU/ECT@ECT
cc: Scott Goodell/Corp/Enron@ENRON, Dan Junek/HOU/ECT@ECT, Donna
Greif/HOU/ECT@ECT
Subject: CGAS storage/exchange deal tickets for Nov-Mar

I just set up all the deal tickets for the CGAS New Power storage contract
for Nov-Mar.  We believe our agency relationship with New Power will end
effective March 31, 2001.  The deal numbers are on the attached worksheet.

I entered the following deals at a zero commodity
470563  Buy exchange
470582  Sell Cpr Storage

470587 Buy CPR Storage
470568 Sell exchange

I added about 7500 dth to deal 456379 for November and I extended it through
March 31.

I'm kinda sleepy so I probably made a few mistakes.


Ben,

Thanks for the response on the first set of questions on Lincoln.  Attached
are some additional ones that we would appreciate your help on

Thanks!
Mike Cazaubon

(See attached file: Exelon Lincoln Q&A 10-24-00.doc)

************************************************************************
This e-mail and any of its attachments may contain Exelon Corporation
proprietary information, which is privileged, confidential, or subject
to copyright belonging to the Exelon Corporation family of Companies.  This
e-mail is intended solely for the use of the individual or entity to
which it is addressed.  If you are not the intended recipient of this
e-mail, you are hereby notified that any dissemination, distribution,
copying, or action taken in relation to the contents of and attachments
to this e-mail is strictly prohibited and may be unlawful.  If you have
received this e-mail in error, please notify the sender immediately and
permanently delete the original and any copy of this e-mail and any
printout. Thank You.
************************************************************************

 - Exelon Lincoln Q&A 10-24-00.doc


Al,

Each project must have its own break out contract - that's the deal struck
with GE and with the lenders.  There will be no change orders to the master
contract relating to specific projects.  The break out contract must be
entered into "as soon as practicable". This appproach has been taken with
Austin, LV Co Gen, and ESA, and all of those contracts are just about
finished.

Please call me if you have any questions.  Sheila also has a good
understanding of the structure.

Kay

Alan Larsen@ECT
12/15/2000 12:01 PM
To: "Thompson, Peter J." <peterthompson@akllp.com> @ ENRON
cc: Kay Mann/Corp/Enron@Enron

Subject: Re: Fountain Valley

Thanks for the material.  I guess I wasn't clear in my request, however.  I
was assuming that we could go to the "breakouts" to the various projects just
with a Change Order to the master contract.  If that is the case, all I'm
asking for is the change order form that will work for GE and West LB/
E-Next, and be consistent across all of the projects.  If you want to
discuss, call me at 503-464-8782.

"Thompson, Peter J." <peterthompson@akllp.com> on 12/15/2000 07:53:03 AM
To: "Alan. Larsen (E-mail)" <Alan.Larsen@enron.com>
cc: "Kay Mann (E-mail)" <kay.mann@enron.com>, "Pipitone, Paul"
<paulpipitone@akllp.com>, "Cobb, Chris" <chriscobb@akllp.com>

Subject: Fountain Valley

Pursuant to your request, attached please find the forms for the
break-out agreement and exhibits.
 <<Gas Turbine Purchase Agreement.DOC>>  <<Exhibits to Gas Turbine
Purchase Agreement - without notations.DOC>>
 - Gas Turbine Purchase Agreement.DOC
 - Exhibits to Gas Turbine Purchase Agreement - without notations.DOC


Great idea to put this out there.  FYI, I have arranged for Jack Wisdom to provide some training on wage and hour law issues in the next few weeks.  I'll keep you posted on the status of that.  Michelle

 -----Original Message-----
From: 	Acevedo, Felecia
Sent:	Tuesday, October 16, 2001 7:14 AM
To:	Cash, Michelle; Palmer, Lizzette; Sullivan, Kriste
Subject:	FW: HR Reminder - Fair Labor Standards Act (FLSA)

fyi...

 -----Original Message-----
From: 	Butcher, Sharon
Sent:	Monday, October 15, 2001 7:39 PM
To:	Acevedo, Felecia
Subject:	RE: HR Reminder - Fair Labor Standards Act (FLSA)

Dear Felecia:

This is a great HR Reminder.  I recommend that you send it to Michelle Cash, Lizzette Palmer, and Kriste Sullivan.

Thanks.

Sharon

 -----Original Message-----
From: 	Acevedo, Felecia
Sent:	Monday, October 15, 2001 9:12 AM
To:	Walton, Sheila; Hill, Jo Ann; Pierce, Shelly; Migliore, Todd; McSherry, Brad; Bosien, Teresa; Taylor, Diane; Fincher, Wendy; Alvarez, Irma
Cc:	Butler, Sam; Carrera, Susan; Ward, Cindy R.; Aguilar, Christa; Butcher, Sharon; Galloway, Sonja; Cox, Shirley
Subject:	HR Reminder - Fair Labor Standards Act (FLSA)

To Corporate HR Generalists,  Compensation and Payroll

Periodically, I plan to communicate refreshers on the FLSA and its requirements for both exempt and non-exempt employees.  For this communication, I would like to focus on compensatory time off.  While Enron does not have a formal written policy on compensatory time off, we must not forget the regulatory obligations for administering this provision of the FLSA.   I encourage each of you to share this information with your client groups.

I recently overheard a conversation in the elevator where an employee was talking about all the comp time they had accrued and how they planned to take it before yearend.  Several immediate and simultaneous thoughts went through my head -- 1) is this an exempt or nonexempt employee, 2) where is this being recorded, and 3) what if this employee gets redeployed/termed or transfers jobs--would they expect to take this time off or in the case of a nonexempt employee be paid for it?  Unfortunately, we have no way to validate comp time since we have no tracking mechanism for this.  In the case of a nonexempt employee this could become a very risky situation.

Compensatory Time Off for Non-Exempt Employees

Compensatory time off for non-exempt employees must be used in the same pay period in which it is accrued.  If an employee works overtime in a workweek which falls at the beginning of a pay period, then the employee can take time off with pay in a workweek later in the same pay period.  If an employee cannot use all of the accrued comp time by the end of the pay period, then the employee must be paid for the comp time in the paycheck for the pay period.  Any comp time which is used by nonexempt employees must be provided at the rate of one and one-half hours off with pay for every overtime hour which is worked.  There is no cost savings in the use of comp time.

Compensatory Time Off for Exempt Employees

If an employer promises comp time to an overtime exempt employee, then the employee may be able to enforce the promise of additional compensation even though the employee was not entitled to overtime pay.  Enron's Overtime Pay and Reimbursement Policy states "Exempt employees are not eligible for overtime pay."   Responding to an exempt employee's claim that he or she is entitled to comp time is often difficult because records are not generally kept of exempt employee's hours of work--(I plan to devote my next communication to tracking an exempt employee's hours worked as this is often an area of confusion).  The provisions of comp time may also adversely affect the "salary" which must be paid for white-collar employees to be overtime exempt.

I hope this communication will be helpful and I welcome any feedback or suggested topics you may want additional information about.  Please feel free to pass this on to anyone I overlooked in your respective groups.

Felecia Acevedo
Director, Corporate Compensation
(713) 853-9815 Phone
(713) 646-2113 Fax
(713) 557-5921 Cell
felecia.acevedo@enron.com


As you probably all know, we are on the verge of launching credit derivatives
trading in Europe and North America, both on Enron Online and off-line.  This
will involve quoting prices for buying and selling bankruptcy protection in
respect of reference entities, many of whom are our counterparties in a
variety of different commercial and financial contexts.

This exciting cocktail of credit derivatives and Enron Online raises
significant novel legal risks for Enron.  Probably the most significant risk
arises where Enron has confidential information about a reference entity and
wrongfully uses that information in pricing the credit derivative on that
entity.  This could well result in legal proceeding against Enron.  In
practice, an allegation of misuse of confidential information can be very
difficult indeed to defend without adequate procedures in place to safeguard
that information.

Against this background is the ever-present risk of "insider dealing".  This
crime - which carries a maximum prison sentence of 7 years and an unlimited
fine - is committed where a person (or member of their family etc) deals in
the securities (shares or bonds) of a listed company on the basis of
unpublished (confidential) price-sensitive information.  In addition, SFA
rules require the safeguarding of confidential information, the misuse of
which is a serious disciplinary matter.

In order to ensure the success of this new business, we are now introducing
new policies and procedures (attached) which include a simple Restricted List
procedure.   In essence they require you -

to take prudent steps to safeguard confidential information within Enron
to notify Michael Brown, Mark Elliott or myself if you become aware of
confidential information (or circumstances) about a counterparty which you
think might make it appropriate for that counterparty to be placed on the
Restricted List.

To make life easier, numerous examples of the types of information which
might be relevant are set out in the attached procedures,  so please
familiarise yourself, and anyone else in your group you think appropriate,
with them.  As you will see, you are not expected to make difficult
determinations about whether an entity should or should not be added to the
Restricted List, just to let us know if you think there is a possibility that
it should be added.  We will also provide quick briefing sessions to ensure
that each of you is comfortable with these new procedures.

  Many thanks for your co-operation.


---------------------- Forwarded by Jane M Tholt/HOU/ECT on 03/01/2001 03:17
PM ---------------------------

Darla Saucier@ENRON
03/01/2001 08:24 AM
To: Jane M Tholt/HOU/ECT@ECT
cc:
Subject: QC2501, Sitara #504567

Laurie Ellis said I should forward this to you.  Please advise.
---------------------- Forwarded by Darla Saucier/NA/Enron on 03/01/2001
08:09 AM ---------------------------

Darla Saucier
02/14/2001 10:41 AM
To: Jerry Holt/EWC/Enron@ENRON
cc:

Subject: QC2501, Sitara #504567

National Fuel Marketing is invoicing us for penalty charges for the month of
Dec 2000 on the above referenced deal.  They say that they were cut on the
firms deliveries by 4,344 mmbtu on El Paso Pipeline.  The penalties they have
calculated amount to $15,324,12.  I have a letter from them if you need a fax
copy.  Please let me know if you agree with this penalty charge.  See info
below.

Call me if you have any questions at X 3-4561.

Thanks
Darla Saucier
Client Services


HOLIDAY SAFETY REMINDER

The holiday season can mean an increased risk of fires and a higher potential
for criminal activity due to people taking advantage of convenient downtown
shopping and because of the increased number of special events and office
parties.  We would like to pass along a few safety and security tips from the
City of Houston Fire Department and the Houston Police Department.

? Please do not prop open stairwell doors or doors to the freight elevators.
This defeats security.

? Use only artificial trees and greenery in decorating your office space. Do
not place cut trees or greenery within the building. Cut trees become major
fire hazards when they dry out.

? Office parties or the holiday mood may distract you.  Be alert for thieves
who try to take advantage of the holiday season. Sometimes just having fewer
people at work during the holidays creates an opening for thieves. If you see
someone that does not appear to belong in your work area, immediately call
the Enron Security Console at 713-853-5360.

? Keep your purse or wallet with you at all times or locked away in a drawer
or closet.

? If you go shopping, invite a friend to go along. Try not to overload
yourself with packages.  When you return, lock your gifts away in a safe
place.

? Always be aware of your surroundings while in a public area. If things don,
t look right, follow your instincts and avoid going into the area.

? When waiting for a ride home after hours, remain inside the building near a
card-reader door until you see your ride arrive.

? If office parties are on company premises and involve alcoholic beverages
or public invitees, call security at 713-853-5360.  Security will advise you
as to company guidelines.


SIVY ON STOCKS from money.com
May 21, 2001

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Steady profits

Companies like Johnson & Johnson that post consistent profit gains are the
best choice to balance volatile tech stocks.

By Michael Sivy

Tech stocks soared on Monday -- their fifth straight winning session. Over
the past two months, in fact, the Nasdaq Composite index has soared more
than 35 percent, fueled by falling interest rates and signs that the
economy is holding up reasonably well. Moreover, after five interest rate
cuts this year by the Federal Reserve, it's likely that the economy will be
in an upswing by next year and that tech stocks will go on to further big
gains over the next 12 to 18 months.

But even the most aggressive investors should think twice about putting too
much money into the tech sector. It will continue to be extremely volatile,
and might hit another air pocket before the economy begins a sustainable
recovery. Fortunately, there are several other stock groups with
above-average growth rates that can help balance a tech-heavy portfolio.
Companies with the most consistent earnings include broadly diversified
makers of drugs and other health-care products. And among those firms,
Johnson & Johnson [JNJ] stands out.

I last recommended J&J in April 2000 at a price of $77.50 and a
price/earnings ratio of 23 (see "J&J bounces").
[ http://www.money.com/money/depts/investing/sivy/archive/000417.html ]
At the time -- well before the downturn had even started -- analysts were
forecasting that the company would turn in earnings growth of 13 percent to
14 percent. And despite the unexpected economic slump, J&J has hit the
high-end of that target. As a result, the stock has gained 30 percent since
then to $100.50 a share. And all the indications are that the company will
be able to maintain its solid earnings growth rate through the rest of this
year and beyond.

A large part of J&J's consistency comes from the fact that it is so well
diversified. In addition to making well-known items such as Band-Aids,
Tylenol and baby shampoo, the company has a booming pharmaceuticals
business, as well as major biotech and medical equipment divisions. Among
drugs, one of J&J's hot new products is Procrit, used to treat anemia. And
the medical equipment division has a state-of-the-art stent -- used to prop
open clogged arteries -- that can treat abrupt vessel closure even in cases
that have traditionally been difficult.

But diversity is not the only explanation for J&J's success. The company
has been extremely deft in managing its portfolio of businesses, disposing
of more than 20 and acquiring more than 40 over the past decade. Most
recently, J&J announced in March that it would acquire Alza, a leader in
drug-delivery technology.

In addition, J&J has raised its dividend every year for the past 38 years,
most recently by 12.5 percent in April. At the same time, the company
announced that it would split its shares 2-for-1 on June 13, for
shareholders of record as of Tuesday's close.

Despite potential long-term returns averaging more than 15 percent
(including a 1.5 percent dividend yield), J&J still trades at a P/E 22
percent below those of other major drug stocks. That discount reflects
J&J's heavier dependence on over-the-counter health and beauty aids and a
less impressive new product pipeline than companies such as Merck and
Pfizer have. Nonetheless, J&J's 26 P/E looks rather low compared with its
growth rate. Adding such a stock to a portfolio of high-flying tech issues
is a no-tears formula for lower risks and more consistent returns.

###

Post your comments on Michael's column at:
http://www.money.com/depts/investing/sivy/index.html

To subscribe or unsubscribe to Sivy on Stocks, go to:
http://www.money.com/email/

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If you would prefer us not to contact you in this manner, AND
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Hey Jerry -
You can take me off your distribution lists.  I'm not with finance anymore.
Thanks.

 -----Original Message-----
From: 	Britain, Jerry
Sent:	Tuesday, November 06, 2001 1:34 PM
To:	Armstrong, James; Aune, Stacey A.; Barta, Tammy; Becton, Pam; Best, Lisa; Bustamante, Toni; Carter, Carol; Clifford, Nicole; Davis, Angelic; Davis, Dana; Dawson, Brian K.; Dennis, Tonya; East, Laynie; Eubanks Jr., David W.; Hardy, Stacy; Hernandez, Ana Maria; Jackson, Nikole; Kang, Lisa; Lamb, Marnie; Long, Lindsay; Lum, Rosalyn; Nguyen, Quyen; Perez, Christina; Quirsfeld, Amy; Schwertner, Brian; Shoup, Cynthia; Thompson, Annette; Valderrama, Lisa; Voinis, Kristi; Vos, Theresa; Vu, Nancy H.
Subject:	Deadline Tomorrow - Cash that needs to be Applied
Importance:	High

Attached is a revised listing of wire received -- where coding is needed to apply the cash. Thanks for your help in reducing the number of items.

Company	Date		Amount		Wire To				Wire From

413		10/26/01	$26,545.00		EES - Enron Energy			Heartland Industria

530		10/29/01	$10,871.53		Enron Corp - Paul Garcia		TR FDS-GSCS WUI

413		10/31/01	$112,877.19		ENA - EDI Payment			Destin Pipeline

These must be applied by tommorow. If you know anything about these or who I can contact for information, please let me know.

Thanks.

Jerry


Rebeccan and I had a meeting today with AA who is also planning to do some
power west work.  In order to better coordinate with them, we are planning to
move the Portland doorstep review from next week (the 18th) to the following
week (the 25th).  Please let me know if you have any concerns about this.

Thanks,

Shona
X39123


-----Original Message-----
From: 	"Jason Dobbs" <jmjaked@mindspring.com>@ENRON
Sent:	Tuesday, October 16, 2001 4:29 PM
To:	phil love; jim wood; dobbswn; dana sanders; chris chambless; chance wood; caleb dobbs; boo boo dobbs; ashley himber
Subject:	Fw: Fw: Illusion :-)

----- Original Message -----
From: Michael Mobley <leemobley@excite.com>
To: <darmy4@sonet.net>; <therealflame@yahoo.com>; <DClay@championhomes.net>;
<jmjaked@mindspring.com>; <jameyestes@yahoo.com>; <rhowell@sonet.net>;
<StevenHull@msn.com>; <cindy.kaelin@maxwell.af.mil>;
<dkeeton@continentalconveyor.com>; <teresatapl@excite.com>;
<mlewis@sonet.net>; <barrysmc@sonet.net>
Sent: Monday, October 15, 2001 9:28 PM
Subject: Fwd: Fw: Illusion :-)

>
>
>
>
>
>
> _______________________________________________________
> Send a cool gift with your E-Card
> http://www.bluemountain.com/giftcenter/
>
>

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Subject: Fw: Illusion :-)
Date: Mon, 15 Oct 2001 19:43:19 -0500
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----- Original Message -----
From: "Holley, Pam" <pholley@buccaneerhomes.com>
To: "White, Jeff" <JWhite@buccaneerhomes.com>
Cc: <kclark@sonet.net>
Sent: Monday, October 15, 2001 4:46 PM
Subject: FW: Illusion :-)

>
>
> -----Original Message-----
> From: Rector, Carla
> Sent: Monday, October 15, 2001 1:03 PM
> To: Nix, Billie Jean; Armstrong, Kim; Tittle, Stephanie; Holley, Pam;
> Holley, Shana; Childers, Sue
> Subject: FW: Illusion :-)
>
>
>
>
> -----Original Message-----
> From: Sims, Melissa
> Sent: Monday, October 15, 2001 12:02 PM
> To: Rector, Carla
> Subject: FW: Illusion :-)
>
>
>
>
> -----Original Message-----
> From: Plyler, Shelley
> Sent: Monday, October 15, 2001 11:56 AM
> To: Franks, Marlana; Sims, Melissa; Robertson, Misty
> Subject: FW: Illusion :-)
>
>
>
>
> -----Original Message-----
> From: Hammontree, Kelly
> Sent: Monday, October 15, 2001 11:54 AM
> To: Avery, Dianne; Plyler, Shelley; Hammontree, Charlotte; Allen,
> Teresa; Crowe, Candi
> Subject: FW: Illusion :-)
>
>
>
>
> KELLY HAMMONTREE
>
>
> -----Original Message-----
> From: Phillip Lucius [mailto:pwlucius@icc.cc.ms.us]
> Sent: Monday, October 15, 2001 10:01 AM
> To: jlucius@sonet.net
> Subject: FW: Illusion :-)
>
>
>
>
> -----Original Message-----
> From: Robbins, Danny [mailto:drrobbins@icc.cc.ms.us]
> Sent: Monday, October 15, 2001 8:33 AM
> To: Tice, Tony; Brady, Ronald; Emison, Barry; Kitchens, Terry; Stephens,
> Ronnie; Lucius, Phillip; Ray Orr (E-mail)
> Subject: FW: Illusion :-)
>
>
>
>

 - Illusion d'optique.pps


In March I left a message for you explaining that I was accepting an offer
from ElPaso. That decision followed my having brought together the pieces of
a project that John Nowland indicated Enron was not prepared to consider and
my subsequent presentation of the project to ElPaso who embraced the deal.

John indicated that the 90 day delay he inserted into our discussions
resulted from your having considered Trammo. I understand that Trammo is no
longer a target for Enron and wondered, therefore, if our getting together
for an hour would be timely.
The industry still presents a target rich environment and you are still the
biggest horse in the race.
Kind Regards,
George Dorsey


Let's get with Tommy to expedite it, if you want.  L, M

 -----Original Message-----
From: 	Cash, Trey
Sent:	Tuesday, November 06, 2001 11:08 AM
To:	Cash, Michelle
Subject:	RE: ClickAtHome Order Verification

The Dell website estimates a 12/3/01 shipping date (when it leaves their office) -- I am shocked it would take a month to produce!

 -----Original Message-----
From: 	Cash, Michelle
Sent:	Tuesday, November 06, 2001 10:41 AM
To:	Cash, Trey
Subject:	FW: ClickAtHome Order Verification

FYI.  Michelle

 -----Original Message-----
From: 	AvenueB2E <enron@avenueb2e.com>@ENRON
Sent:	Tuesday, November 06, 2001 10:38 AM
To:	Cash, Michelle
Subject:	ClickAtHome Order Verification

The ClickAtHome Database shows that you have placed an order with Dell Computer with an order number of 688296201. Please read below for instructions:

1.  If this is correct, enjoy your computer!
    You can check your order status by clicking here:
      http://wwwapp.us.dell.com/us/en/ordstat/index.asp

      ** For questions about your order/changes/problems,
         call 1-866-220-3355 **

2.  If you did NOT place an order with Dell for the ClickAtHome program,
    please email enron@avenueb2e.com or call 713-895-9001 to report
    the incorrect order on your behalf.

3.  DELL OFFERS A 30 DAY NO QUESTIONS ASKED RETURN POLICY.
    THE 30 DAYS BEGINS FROM THE DAY YOUR PC IS SHIPPED FROM DELL.
    YOU WILL NOT BE ABLE TO RETURN YOUR PC AFTER THE 30 DAY PERIOD HAS PASSED.
    IF FOR ANY REASON, YOU BELIEVE YOU MAY NEED TO RETURN YOUR PC
    (INCLUDE FOR REPAIR OR SERVICE ISSUES), YOU MUST CALL DELL AT
    1-866-220-3355 BEFORE THE END OF THE 30 DAY PERIOD AND RECEIVE
    A RETURN AUTHORIZATION NUMBER. YOU MUST HAVE THIS NUMBER
    BEFORE THE END OF THE 30 DAYS.

Thank you!

ClickAtHome Team!


thanks Coi

Fletch


FYI
----- Forwarded by Richard B Sanders/HOU/ECT on 02/12/2001 01:14 PM -----

	Robert C Williams@ENRON_DEVELOPMENT
	02/05/2001 02:54 PM

		 To: Richard B Sanders/HOU/ECT@ECT
		 cc:
		 Subject: Re: Cuiaba Call--legal issues

I didn't talk to them expressly but Rob told me at my review that Jim wanted
him to tell me that I was "on the line" for the International litigation
until you and Mark told him that I was "relieved of duty."   So I have sort
of reverted back to feeling primarily responsible for it since I know you are
leading the charge in California.    But whenever you and Mark are ready to
relieve me I'm ready to be relieved.

From: Richard B Sanders@ECT on 02/04/2001 09:08 AM
To: Robert C Williams/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc:

Subject: Re: Cuiaba Call--legal issues

Thanks for your help. Did you ever talk to Jim/ Rob about how to handle
international? Should we set up a meeting like we discussed?

	Robert C Williams@ENRON_DEVELOPMENT
	02/02/2001 09:34 AM

		 To: Michelle Blaine/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
		 cc: jgardine@skadden.com, drosenbl@skadden.com, John Novak/SA/Enron@Enron,
Bruce Lundstrom/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Richard B Sanders@ECT
		 Subject: Re: Cuiaba Call--legal issues

I want to get involved in this.  Michelle will bring me up-to-date.  I don't
understand why we are considering Brazilian court versus ICC arbitration.

Michelle Blaine
02/01/2001 07:36 PM
To: jgardine@skadden.com, drosenbl@skadden.com
cc: John Novak/SA/Enron@Enron, Bruce
Lundstrom/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Richard B Sanders@ECT, Robert
C Williams/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT

Subject: Cuiaba Call--legal issues

1. Consent Issue:  Jose Bestard (he's the main developer who did this deal)
reported that he met with Furnas this week.  Furnas had not received  EPE's
letter addressing the consent issue.  Furnas continues to link its failure to
sign the consent to commercial exposure to the high price from the MAE. There
are initials on the original consent and no one (including Furnas) knows
whose they are. John Novak told me he's not sure of the significance, but it
is not uncommon in Brazil to initial documents. Nevertheless, we need to ask
our Brazilian lawyers whether there is any significance under Brazilian law.
Keep in mind also that consent document was between EPE and the assignor,
Electronorte.

2.  Arbitration considerations:  Bestard has a meeting planned with the
ambassador.  He  consulted Enron's financial/business consultant in Brazil,
Winston Fernino (sp?) who advised that we should exhaust all political
avenues before resorting to litigation or arbitration.   What concerns me,
however, is  his advice that, politically, it is not the time to seek
assistance fromthe president for the consent, that there is a political
battle in the senate, and that we should wait until the end of February to
seek political assistance.  My view on that is, to wait 4 more weeks to
progress with this notice of default, when the 90 day cure period has
expired, plus the 30 day extension which has also expired, sends the wrong
message and weakens our position. Thus, it is my recommendation that we
proceed immediately with a notice to terminate under Clause 27, paragraph 2
of the PPA, which then requires a 30day consultation period (paragraph3) at
the end of which we have the option to terminate.  This buys us a little
time, but keeps the pressure on, at the end of which we can initiate
proceedings to compel the consent or to terminate.  I'm not sure what
reaction the notice to terminate could bring about from Furnas. I'm not sure
how that plays out in our settlement with Siemans. Consider also that the
commercial people are not comfortable with termination yet.  I am not sure
what rights, if any, we waive by waiting around doing nothing or how that may
affect our position in arbitration or litigation (something we need to look
at under the contract, although I cannot immediately recall any deadlines or
express waivers related to timing in this regard).  I committed that we would
advise the team on the next call (next Thursday) our recommendation with
respect to  arbitration/litigation.   I want to make sure they understand
every possibility so they can make an informed decision. You have the matrix
developed already if you want to expand on that, or handle that your own
way.  Bestard opines that Furnas will fight hard, that they have
traditionally been very adversarial and uncooperative. I'll find out who
represents them.

3. Force Majeure:   Furnas is also taking a very strong position that EPE
does not have a valid force majeure claim.  Based on my reading of the
contract, our facts appear to fit squarely under Clause 95(c).   However, I'm
told we did not comply strictly to the notice terms. We'll need to show that
we were not negligent as a cause for the attorney general's action.  Laine
Powell, President of the Cuiaba companies will gather the information on our
force majeure claim and we need to consider the legal issues related to our
position.    Note that if FM lasts more than 12 consecutive months, both
parties have the right to terminate.  No one buys the plant and we're stuck.
I'll find out the date of our last FM notice.  There have been several.

4.  Budget:  Lets consider what it will cost to nail down this arbitration
concern and give initial advice on how to proceed over the next week,  what
it will cost to prepare for arbitration and, the cost of the arbitration.
Darren I'll call you tomorrow and we can break that out.  We may want to
consider the litigation route. We'll need to put together some kind of
proposed or potential time line, and what will happen in each stage and tie a
number to it.  I've done this with Pete before and he seems to like it.  It
needs to be subject to review as we go along.

5.NEXT: Prep for the call and get a recommended strategy in place. I'm going
to get together all our opinions on the Brazilian state of arbitration and
get a conference call with one of these experts so we can get the best
advice.  We certainly have some conflicting views.  Our experience in the
Brazilian courts is that nothing happens and we could be stuck for years, so
I am inclined to take our chances with arbitration and we may get stuck in
the court anyway.  If we go to court, perhaps Furnas would take the position
that we must arbitrate, that is what Fernando Serec said.  Who knows.
Please give me your comments or just call me.  I'm open to any suggestions.
John Novak will be able to tell us about all the competing concerns that I
may be unaware of with any strategic plan.
Regards,
Michelle