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June 2001
http://www.fathom.com

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
In this issue:
*  British election a hint toward the euro's future in the UK
*  Highlights from Fathom's free Business and Finance features
*  Online courses in Business and Finance
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

* Columbia University * The London School of Economics and Political Science * Cambridge University Press * The British Library * The New York Public Library * The University of Chicago * University of Michigan * American Film Institute * RAND * Woods Hole Oceanographic Institution * The Natural History Museum * Victoria and Albert Museum * Science Museum *

~~~~~~~~~~~
IN THE NEWS
~~~~~~~~~~~
Britain's Labour Party is widely expected to win the election June 7, in large part thanks to the steady economic growth witnessed ever since Prime Minister Tony Blair gave control of interest rates to the Bank of England's Monetary Policy Committee (MPC) four years ago. The UK is currently enjoying the lowest inflation in the European Union, a fact which may have implications in the nation's decision whether to adopt the euro.

In the Fathom feature "The Euro Debate," Janet Bush, director of the anti-euro lobby group New Europe, and Christopher Johnson, an adviser to the Association for Monetary Union of Europe, debate whether Britain should join the European Monetary Union in an article from CentrePiece magazine, London School of Economics and Political Science: "Britain is one of four countries which chose not to join economic and monetary union..."
http://www.fathom.com/story/story.jhtml?story_id=61009&cid=000327

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
FREE BUSINESS AND FINANCE FEATURES
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
This month Fathom recommends these free Business and Finance features:

*** INTERNATIONAL INVESTING ... Quantitative Investing for the International Investor
In an exclusive interview with Fathom, Geert Bekaert, professor of finance at Columbia Business School, lays out his cardinal rules for mutual-fund investing: "Funds with high expense ratios, that is, high costs for the investor, have the worst performance..."
http://www.fathom.com/story/story.jhtml?story_id=121674&cid=000327

*** LEGAL ISSUES FOR PERSONAL INVESTORS AND PROPERTY OWNERS ... Co-ops and Condos: What's the Difference?
In a lecture at The New York Public Library's Science, Industry and Business Library, David Nadler, an attorney who specializes in real estate law, explains the differences between co-operatives, in which a buyer purchases a share of an enterprise or building, and condominiums, in which a buyer purchases a unit: "People oftentimes use the words synonymously, not realizing that there really are a great deal of differences..."
http://www.fathom.com/story/story.jhtml?story_id=122126&cid=000327

*** MARKETING STRATEGIES AND THE CONSUMER ... Brand Leadership in the New Economy
Karen Vrotsos, a business writer and doctoral candidate at Columbia University, reports on a June 2000 conference hosted by the Center on Global Brand Leadership at Columbia Business School: "The audience brought together executives from a wide range of industries--including financial services, technology, durable goods, packaged goods, pharmaceuticals, media and utilities--as well as consultants in design, advertising, brand strategy and corporate identity, and researchers from academic institutions in the US and abroad..."
http://www.fathom.com/story/story.jhtml?story_id=121628&cid=000327

Explore the complete collection of reference material and exclusive lectures and interviews with experts on business and finance at http://www.fathom.com.

~~~~~~~~~~~~~~~
ONLINE COURSES
~~~~~~~~~~~~~~~
This month's featured courses in Business and Finance:

* LIBERTY AND SLAVERY IN THE EARLY BRITISH EMPIRE Noted historian and best-selling author Simon Schama leads this 3-5 hour online seminar on the triumphs and crises of the British Empire in the 17th and 18th centuries. Seminar opens June 11:
http://www.fathom.com/products/new_course_description.jhtml?courseId=2510&cid=000327

* COMMUNICATION SKILLS COURSE 1: EFFECTIVE NEGOTIATION, a short course in the Global Series of online courses from Wide Learning Inc., will teach you effective negotiating techniques for any meeting. Enroll anytime:
http://www.fathom.com/products/course_description.jhtml?courseId=3014&cid=000327

Search for more online courses in Fathom's Course Directory:
http://www.fathom.com/products/course_directory.jhtml.

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
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~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
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Start Date: 4/10/01; HourAhead hour: 4;  HourAhead schedule download failed.
Manual intervention required.


How did everything go this AM?  I hope well.  Today is you're first day of
class, right?  Have a good day.  I love you.

D


Kaye:  Attached is my message from Tuesday.  Also, please schedule an hour in
my office with Melissa Murphy (31886) to discuss power confirms.  SS
----- Forwarded by Sara Shackleton/HOU/ECT on 06/01/2000 08:04 AM -----

	Sara Shackleton
	05/30/2000 06:01 PM

		 To: Kaye Ellis/HOU/ECT
		 cc:
		 Subject: schedule a meeting

Kaye:  Please schedule about an hour with Elsa Piekielniak (X37613) in my
office to discuss "new products, per her voice mail".  Thanks.  SS


Jennifer Milligan will be contacting regarding the intern program.  She will
probably want a resume from you.
Also,  she will want to know what area(s) (eg. accounting, marketing,
research, etc.)  you have interest in working.

Please keep me up to date once she contacts you.

Sincerely,

Scott
---------------------- Forwarded by Scott Neal/HOU/ECT on 11/15/2000 05:06 PM
---------------------------

Scott Neal
11/12/2000 07:58 PM
To: "Christopher Graeter" <cag9783@labs.tamu.edu> @ ENRON
cc:
Subject: Re: Internship

Haven't forgot about you yet.  I will have the information for you this
week.  Thank you for your persistence and
patience.

Sincerely,

Scott

"Christopher Graeter" <cag9783@labs.tamu.edu> on 10/19/2000 02:55:41 PM
To: <scott.neal@enron.com>
cc:
Subject: Internship

Scott-
 Hey there, this is Chris Graeter.  I wanted to check with you to see about
getting in touch with the person in charge of internships.  I am sure he or
she is busy, but in the mean time I was not sure if you or the person who
would be contacting me had my email address.  It is cgraeter@tamu.edu.  I
know that sometimes it is easier to get in touch with someone by email so I
wanted to make sure you had this information.  Thank you again for all your
assistance.  I hope to talk to you soon.

Sincerely,
Chris Graeter


Suzanne:
I don't know but you will probably need to get Julia's okay for it because
they will charge her RC.
Carol

	Suzanne Adams
	05/31/2000 12:20 PM

		 To: Carol St Clair/HOU/ECT@ECT
		 cc:
		 Subject: ENA North America Orientation

Do you think this would be something that would be good for me?
----- Forwarded by Suzanne Adams/HOU/ECT on 05/31/2000 12:20 PM -----

	ERNIE@ENRON
	05/30/2000 05:56 PM

		 To: All Enron North America@ECT
		 cc:
		 Subject: ENA North America Orientation

Are you new to Enron North America?   Do you want to know more about ENA and
the business units?

          The solution is the Enron North America Orientation.

Register now for the upcoming class on June 15th from 8:30 - 4:15 in EB552.

The purpose of the orientation is to provide employees with a brief overview
of Enron North America and the major business units.  During this class the
following objectives will be covered:

The major business units in ENA and how each department contributes to the
success of ENA
The types of products and services that are offered
The types of counterparties with which ENA interacts
The deal making process
The cultural aspects and how those aspects impact our business

You can register for the class through the Development Center.  (Click here
if you do not have access -  ).   If you have any questions, please call
Gracie Presas at (713) 853-3985.


Start Date: 1/20/02; HourAhead hour: 11;  HourAhead schedule download failed. Manual intervention required.

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Error: dbCaps97Data: Cannot perform this operation on a closed database


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

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

Thanks,
Enron Global Messaging Team


---------------------- Forwarded by Kay Mann/Corp/Enron on 11/03/2000 03:31
PM ---------------------------

"Heather Brown" <hbrown@bracepatt.com> on 11/03/2000 02:27:05 PM
To: <gregg.penman@enron.com>, <kay.mann@enron.com>
cc: <cdade@bracepatt.com>

Subject: Enovate

Please find attached for your review revised documents (and one new document)
for the Enovate loan, incorporating the terms of our discussion on
Wednesday.  Attached are:

1.  Closing Documents List (which will double as Exhibit A to the Credit
Agreement -- these are the items which must be delivered as a condition
precedent to Enron's obligation to make any advances under the Credit
Agreement);

2.  Credit Agreement (clean and black lined copy); and

3.  Promissory Note.

I have pared down the covenants as we discussed, reflecting that it is
expected that EMW will remain the managing member of Enovate, and you do not
wish to impose burdensome obligations on EMW.

In addition, as we discussed, I have modified Section 7.3 to place
limitations on Enron's ability to amend certain material portions of the
Credit Agreement, since the Peoples agreement will contain a mirror
provision.  Please confirm that the limitations I included are acceptable.

Finally, please note that Section 7.5 currently places no limitations on
Enron's ability to assign its rights and obligations under the Credit
Agreement, which means that Peoples will also be able to assign freely.  Do
you wish to place limitations on the lenders' right to assign?

I don't seem to have Sarah's e-mail address, so please forward this to her as
well.

Please call me at 713.221.1419 regarding the foregoing.

Regards,

Heather

 - Checklist.doc
 - CreditAgmt(blackline).rtf
 - CreditAgmt.doc
 - Note.doc


Tell you what Chad, you win.  I really am tired of banging my head against a
wall talking to an irrational person.  I was not trying to make fun of your
school, you chose that route.  I was trying to make a simple point that
recruiting at Enron does not make a school elite.  Does NASA recruit at LSU?
Does IBM?  Who cares? The point once again, we were talking about SPORTS!!!!
See you in Baton Rouge in September.  Go ahead and respond, so that way you
have the "last word".


Vincent,

I enjoyed meeting with you yesterday and discussing our Gas & Power
Marketing & Trading Study.  We really hope that Enron is able to participate
this year and we will work with you to address your concerns.  I believe
that the problem last year was primarily due to concerns over releasing data
in general and not our study in particular.

I am attaching an electronic copy of the latest version of the input sheet
for the study.  It is far easier to read on a computer than in print.
Please remember that Enron does not need to answer every question to
participate and that all results are reported back in a blinded format.  The
only data points identified by company are the data points for the company
values of the company receiving the report.

If you have any further questions regarding the report, please do not
hesitate to call John Stephenson or myself at (713) 523-8001.   Have a great
weekend and thank you for your efforts to enable Enron to participate in
this year's study.

Sincerely,

Richard Murphy
rmurphy@navigantconsulting.com
(713) 523-8001

 - 2000 Input Sheet.xls


Mark,
I hope this is of some use, I have schedule a meeting for Thursday @10:00 to
go over it with Joe King
Thanks,
Carlos

 -----Original Message-----
From:  Lin, Homer
Sent: Wednesday, May 30, 2001 8:39 AM
To: Alatorre, Carlos
Subject: FW: ENRON ON LINE - PETROLEUM TANKER FREIGHT

Hope this is of some use... this is the history of the project before it fell
into my lap.  It describes the $5.10 flat rate calculation for BITR 9.

Homer

---------------------- Forwarded by Homer Lin/HOU/ECT on 05/30/2001 08:36 AM
---------------------------
From: Jennifer Fraser/ENRON@enronXgate on 05/14/2001 10:21 AM
To: Homer Lin/HOU/ECT@ECT
cc:
Subject: FW: ENRON ON LINE - PETROLEUM TANKER FREIGHT

 -----Original Message-----
From:  King, Joe
Sent: Friday, May 11, 2001 5:42 PM
To: Moncrieff, Scott; Shankman, Jeffrey A.; Nowlan Jr., John L.; Fraser,
Jennifer; Maffett, Randal; Mahoney, Chris; Gagliardi, Larry
Subject: ENRON ON LINE - PETROLEUM TANKER FREIGHT

In an effort to get the concept off the ground here in the States,
particularly Houston, to that of equal extent presently being experienced in
London, we need to come up with a marketing/educational assault on the States
market. When attempted in the past, we found the concept was heavily resisted
by die-hard crude traders and vessel owners. The biggest complaint, other
than sheer stupidity on anything futures related, was that no one had any
faith or could agree on a pricing index.  Fortunately, the market is starting
to see some spurts in this direction overseas and can expect the same here
shortly.

Below you will find the most widely accepted index known as The Baltic
International Routes (BITR).

The Baltic International Tanker Routes
Date 11-May-2001
             The Following Indicative
Tanker                Routes Form The
  # Description   Size MT Wordscale Assesment  Change            Basis
  T1 M.E. Gulf to US Gulf  280000     59.25   - 0.25  Ras Tanura to LOOP
  T2 M.E. Gulf to Singapore  260000     62.05   - 0.90  Ras Tanura to
Singapore
  T3 M.E. Gulf to Japan  250000     60.50   - 0.68  Ras Tanura to Chiba
  T4 W. Africa to US Gulf  260000     75.75     0.50  O.S. Bonny to LOOP
  T5 W. Africa to USAC  130000   122.00   - 0.45  O.S. Bonny to Philadelphia
  T6 Cross Mediterranean  130000   133.50   - 1.50  Sidi Kerrir to Lavera
  T7 North Sea to Cont    80000   141.25   - 0.25  Sullom Voe to Willemshaven
  T8 Kuwait-Singapore (Crude    80000   129.50     0.25  Mena al Ahmadi to
Singapore
 and/or DPP Heat 135F)
  T9 Caribs to US Gulf    70000   162.00     1.25  Puerto la Cruz to Corpus
Christi
  T0 ME Gulf to Japan    75000   204.00   - 0.50  Ras Tanura to Yokohama
 (CPP/UNL)-Naptha/
 Condensate
  T11 Caribs - USAC (CPP/UNL)   33000   309.75     1.25  Rotterdam to New York
  T12 Caribs - USAC (CPP/UNL)   30000   323.20   18.75  Aruba to New York

Copyright The Baltic Exchange Limited 2000
Any Use of this information must be by permission of The Baltic Exchange
Limited
The Baltic Exchange would like to thank its panellilsts for their
contributions.
Names of the panellists are available from the Baltic Exchange website
(www.balticexchange.com) and in the manual for the panellists.

When reading the above chart, you will find the various voyages that are
assessed daily by the Baltic Exchange.  This report comes out every day at
11:00 AM New York. While anyone in the biz can become a member of the
exchange, the rates are assessed by a panel consisting of brokers ONLY; a
total of 8 different brokerage firms that more or less look at the tanker
market activity for the day and average what has been reported as done.  The
tanker market, for the most part, is very transparent.

1 in Norway
1 in France
1 in the U.S.
5 in London

As you can see, it is more popular in London.  This relates to the exact same
concept that has been around for years as it pertains to the Dry freight
market.

The market that we wish to begin concentrating on in Houston would be the T9
route -  70,000 MT loads Puerto La Cruz (P.L.C.) and discharges Corpus
Christi - described as caribs to USG.

The flat rate (ws100) published by WorldScale (ws) for the year 2001 actual
voyage P.L.C. to corpus is 5.10 p/mt.  As u can see by the last posting (May
11th) for route T9, the exchange is calling it a ws162 market ....If you did
a deal whereby you called and sold the month of Mays average at ws190 and the
market stayed at the 160's level you would be making 30 points on the 5.10
p/mt flat which = 1.53 p/mt x 70,000 mt cargo = 107,100 USD; vice versa if
you bought at ws 190.

The initial attraction for Houston in this market is the same reason London
trades T7 ( North Sea to Cont).  We have a trading department here that
should have a solid understanding of the short haul crude oil markets as it
pertains to their screen trades and to how it will effect freight.  In
addition, we recently ourselves have had more activity in the short haul
crude market particularly with 2 recent purchases of Columbian stems.

90% of the chartering for this market is done in the States and 75% of the
international owners have commercial representation in the States.

Route T9 has the volatility to swing from ws 155 to ws 315 over a months time
- contributing factors that effect market swings are the same as any market
when broken down.  For example:

Supply/Demand Scenarios - assume there are 25 stems in a month and only 23
boats that can make the different dates, and if only 10 of those boats are
acceptable by the majors (or anyone else that is worried about spill
liability sanctions), combined with a herd mentality that trades on a "last
done" philosophy combined with panic and weather delays particularly in EC
Mexico where 10-day turnaround voyages can increase to 20 days.

70,000 MT of crude is more commonly known in shipping as the 500,000 bbl
market.  Basic API gravity conversion for crude is 7.33 bbls p/mt hence 7.33
x 70,000 mt = 513,000 bbls.

This size vessel dominates the short haul crude market (caribs to usg) (where
the refineries are) because they are the biggest boats you can get into most
of the terminals due to physical restrictions such as draft, LOA, etc...
This not only enables the majors to get their crude right in, but allows the
traders more flexibility to sell the cargos delivered to a wider range of
buyers.  When the big boats (VLCC's) (very large crude carriers) (usually 2
million bbl plus boats) come to the USG from the Persian Gulf, West Africa,
North Sea, etc.. they park off at Anchorage and then are lightered or off
loaded to 70,000 mt boats to then bring the crude in.  (I apologize if this
is remedial for any readers)  In any event, when the USG sees a surge in big
ships coming west to the states, the 70,000 mt boats get sucked up by the
lighterage companies enabling the short haul crude market boats to get tight
which means rates will swing hard.  Currently it is a weak market at the 70 x
ws 160 level.

On average there are approximately 30 physical cargos p/month for the caribs,
or the T9 route.  For the most part the breakdown is as follows :

Mexico (Cayo Arcas, Pajaritos,) Mayan ,Isthmus, Olmeca crude - mainly
dominated by shell who have the processing deal with the Mexicans where they
deliver them cpp from the USG.  Citgo has a few, as does Valero who will
probably have more with recent acquisition of Diamond Shamrock Refining,
Orion, Coastal, Fina, Conoco, Koch, Chevron etc.

Venezuela (Puerto la Cruz, Amuay, Puerto Miranda, la Salina, Bajo grande)
etc. players are PDV, Lyondell, BP, Exxon/Mob, Conoco, Orion, Coastal etc..

Columbia -  same players

(We certainly have the resources here for more exact figures and breakdowns.)

Why would this work here in the States? With the recent surge in volatility,
a lot of the above mentioned physical players have had their ass's handed to
them.  Freight is becoming a more crucial part of crude oil trading.  Some of
the bigger players have already put into place forms of hedges such as
contact of affreightments (C.O.A.'s).  For example, Lyondell has a C.O..A.
with 3 different owners to provide 2 ships per month (that totals 6 moves
p/mo.) for 2 years.  The freight rates are settled off a 1 to 5 point formula
off Mardata (Lloyds register) which they in turn can hedge with Online.

Owners - who for the most part are always going to try to be bullish - if
have an understanding of hedges could have interest for stabilizing cash
flows.  Quite possibly Origination or Marketing could assist in promoting it
to the market - unfortunately, for me to speak to anyone outside of shipping
in another company would hurt me with their freight people who I have to deal
with on physical vessel trading.  In addition, the freight people are not
going to have the authority or descision capabilities to trade on line that
trading Department Heads might have.

In- house freight books as is the case with Scott and myself experienced much
more activity in 2000 then what we have seen thus far in 2001, A combined
result of a smaller time charter fleet this year and declining tanker rates
which makes it difficult to go long freight in the spot market as well as
limited exposure to the spot market as a result of no longer having any
supply contracts here in Houston as when we had 2 jet stems, 2 gas oil stems
and 2 mogas stems p/month with the vens. In addition we had more spot biz
with trinidad and columbia and several supply commitments in West Coast
S.America.  Im confident if the EOL Tanker freight took off  we would once
again be able to experience the same success we have seen each year thus far
in ship trading by increasing our presence in the markets.

The U.S. broker MJLF, particularly Bob Flynn, has been trying to get this off
the ground now for over 5 years and even had an unsuccessful JV with
Citibank.  Reason being, Citibank wasn't calling the market but was
interested in it from a commission standpoint (as was the case with mjlf) but
setting up avenues of hedges for ship building and vessel ownership.  FIynn
presently has a seller for 2 voyages p/month starting in July.  The pricing
would be the first 5 days and last 5 days of each month at ws 190 - he has a
bid of 160 - so there's a lot of middle ground to get this done.  This is
always the case and is why in the States there have only been about 2 deals
concluded overall.
Flynn, whose motivation is commissions, can be viewed as either a competitor
of ours or instrumental in helping us with establishment.  For it would be in
his best interest for there to be high activity, and as he is the only one
presently in the States to have a seller or bid I feel he would be easy to
manipulate and as stated before he is part of the panel.  If this was to take
off to the level that Enron has taken other markets -- whereby futures rates
are nowhere near indicative of physical freight and trades are being done off
of different pricing scenarios i.e.- months average- specific day close's,
first half/2nd half, etc -- if it became so big that sellers weren't just
owners and bids weren't just charterers but more of a global book balancing
tool, who knows what can be done.  The last time we tried to get this going
was last year when we had an analyst named Sameer in the group who was
coordinating the launch with Louise Kitchen; I believe it lost momentum with
legal.  Since London has been able to get it going under the direction of
Scott Moncrieff we should also be able to offer it here.  Scott advises me
that he has the support/infrastructure that enables him to still cover the
physical freight markets as it applies to the product traders as well as the
global freight market and ship arbitrage opportunities that we both follow
now.

I would appreciate any advice or guidance on what would be the best way to
pursue this and get it on the website. I am by no means trying to pass the
buck here and am available to anyone who might need some insight to the
freight markets be it technical or commercial and welcome the idea of a
explaining worldscale and volatility as im sure is the case with Scott in
London.


Shari, how do you want to handle this?
---------------------- Forwarded by Tana Jones/HOU/ECT on 02/02/2000 04:38 PM
---------------------------
From: Doug Paterson on 02/02/2000 02:59 PM MST
To: Tana Jones/HOU/ECT@ECT
cc:
Subject: BC Gas Utility

The commercial person from BC Gas called me today to complain about the
securities rep and warrant that we put in the confirm.  I thought I had
resolved this by having you guys amend the ISDA and then we could remove it
from the confirms.  She now tells me their position is that the rep and
warrant was not pre-negotiated and was not in place at the time they entered
the trades so they will not sign any confirms containing the rep & warrant
and further they will only "consider" signing the amendment.  I tried my best
to explain that there corporation could be harmed if they did not make the
representation and she seemed to be making a big deal over a non-commercial
point and she was the only counterparty to complain but I got nowhere.  Is it
possible to send them amended confirms without the rep & warrant before we
here back from them about the ISDA?  This would make them happy and get off
my back.  Let me know.

Thanks

Doug


i am going to shreveport.  one of my buddies is getting married.  you?


I just wanted to give you an update on where we are on the PCG wish list.
We discussed about a month ago the fact that we had close to 200 items on our
list of development/enhancements to our applications.  We met on numerous
occasions with Mark D. and team to prioritize, etc.  However, I think
primarily due to the reorg in IT, and Mark leaving the team, we have done a
lot of talking over the past three weeks, but nothing has happened to date.
Jennifer and I met with Hal Elrod yesterday, and I have met with Bob Hillier
a couple of times, and we seem to be on the right track now.  I know Bob
Hiller is looking for people in his group to support these needs.

My concern is growing due to the fact that Andrew Parsons and team will be
re-auditing us before the end of the year.  The key control weakness of the
PCG was the lack of Profiles Manger - I have stressed that this is #1 on the
list of things to do.  I think we are fairly close, but we will need to start
and complete testing over the next several weeks.   My hope is that we push
Andrew back as far as possible!

Please let me know if you have any questions -

Sheri


Claudia,

Thanks for the note.

To avoid confusion on deadlines relating to the online system in the future, please call me to discuss any deadline revisions.

Dave

-----Original Message-----
From: Robinson, Claudia [mailto:claudia.robinson@ubsw.com]
Sent: Tuesday, February 05, 2002 7:11 PM
To: Kitchen, Louise
Cc: Petrie, James [UBS]; Eber, Louis [UBS]; Brady, Penny [UBS]; Keily,
Ruth [UBS]; Mitchell, Nikki [UBS]; Bridges, Mark [UBS]; Forster, David;
Hollis, Amanda [UBS]; ODonnell, Pat [UBS]; Dow, Colette [UBS];
louise@enron.com; Shah, Kal; Lloyd, Andrew-D [UBS]
Subject: RE: Web content

Louise,

As you know, we were told during today's Integration Committee call that Marketing's and Legal's text changes for the
website would be accepted any time today. Following the call, however, I was told that the noon deadline was firm, but
we could make minor text changes on Thursday. Based on that information, we forwarded partial comments to Kal Shah by
noon. In a late afternoon email, I found out that we will not be able to complete our changes until perhaps five days
after the site goes live.

We appreciate the pressure and long hours people in Houston are putting into getting the site up and running. We applaud
their efforts and do not wish to add to their burden. I tell you this only to make you aware of our situation, should
any problems arise because of the unedited text. Hopefully, if anything does arise, problems can be easily and quickly
corrected.

Please call me at 212-713-8508 if you have any questions or if I can help you in any way.

Thank you,

Claudia Robinson
Director, Employee Communications, UBS Americas Inc.

-----Original Message-----
From: Louise.Kitchen@enron.com [mailto:Louise.Kitchen@enron.com]
Sent: Tuesday, February 05, 2002 6:59 PM
To: Robinson, Claudia; Kal.Shah@enron.com
Cc: Petrie, James [UBS]; Eber, Louis [UBS]; Brady, Penny [UBS]; Keily,
Ruth [UBS]; Mitchell, Nikki [UBS]; Bridges, Mark [UBS];
David.Forster@enron.com; Hollis, Amanda [UBS]; ODonnell, Pat [UBS]; Dow,
Colette [UBS]; louise@enron.com
Subject: RE: Web content

Fine by me.  The site will go live this week-end in preparation for Monday
morning.

    -----Original Message-----
   From:   "Robinson, Claudia" <claudia.robinson@ubsw.com>@ENRON
   Sent:   Tuesday, February 05, 2002 12:04 PM
   To:     Shah, Kal
   Cc:     Petrie, James [UBS]; Eber, Louis [UBS]; Brady, Penny [UBS];
             Keily, Ruth [UBS]; Mitchell, Nikki [UBS]; Bridges, Mark [UBS];
             Forster, David; Hollis, Amanda [UBS]; ODonnell, Pat [UBS];
             Dow, Colette [UBS]; 'louise@enron.com'
   Subject:  FW: Web content
   Importance:  High

   Kal,

   Below are preliminary comments from Communications and Marketing on the
   Web content. We will be making more minor
   changes on Thursday, during the final review process, and review the
   site once it goes live next week.

   I sent comments from Legal to you earlier today.

   Please let me know if you have questions.

   Claudia
   212-713-8508

   -----Original Message-----
   From: Halligan, Laura [UBS]
   Sent: Tuesday, February 05, 2002 1:00 PM
   To: Robinson, Claudia
   Subject:
   Importance: High

   Here is marked version of web text.  Only got to page 3...

   Laura Halligan
   Associate Director
   Manager, Marketing Services
   UBS Warburg Americas

    - webtext.doc << File: webtext.doc >>

   Visit our website at http://www.ubswarburg.com

   This message contains confidential information and is intended only
   for the individual named.  If you are not the named addressee you
   should not disseminate, distribute or copy this e-mail.  Please
   notify the sender immediately by e-mail if you have received this
   e-mail by mistake and delete this e-mail from your system.

   E-mail transmission cannot be guaranteed to be secure or error-free
   as information could be intercepted, corrupted, lost, destroyed,
   arrive late or incomplete, or contain viruses.  The sender therefore
   does not accept liability for any errors or omissions in the contents
   of this message which arise as a result of e-mail transmission.  If
   verification is required please request a hard-copy version.  This
   message is provided for informational purposes and should not be
   construed as a solicitation or offer to buy or sell any securities or
   related financial instruments.

**********************************************************************
This e-mail is the property of Enron Corp. and/or its relevant affiliate and may contain confidential and privileged
material for the sole use of the intended recipient (s). Any review, use, distribution or disclosure by others is
strictly prohibited. If you are not the intended recipient (or authorized to receive for the recipient), please contact
the sender or reply to Enron Corp. at enron.messaging.administration@enron.com and delete all copies of the message.
This e-mail (and any attachments hereto) are not intended to be an offer (or an acceptance) and do not create or
evidence a binding and enforceable contract between Enron Corp. (or any of its affiliates) and the intended recipient or
any other party, and may not be relied on by anyone as the basis of a contract by estoppel or otherwise. Thank you.
**********************************************************************

Visit our website at http://www.ubswarburg.com

This message contains confidential information and is intended only
for the individual named.  If you are not the named addressee you
should not disseminate, distribute or copy this e-mail.  Please
notify the sender immediately by e-mail if you have received this
e-mail by mistake and delete this e-mail from your system.

E-mail transmission cannot be guaranteed to be secure or error-free
as information could be intercepted, corrupted, lost, destroyed,
arrive late or incomplete, or contain viruses.  The sender therefore
does not accept liability for any errors or omissions in the contents
of this message which arise as a result of e-mail transmission.  If
verification is required please request a hard-copy version.  This
message is provided for informational purposes and should not be
construed as a solicitation or offer to buy or sell any securities or
related financial instruments.


R:\RISK_MGT\Underwriting\Deals\Veg\Harrah's Entertainment\Final Pricing\Final Pricing Batches\Batch 01_Harrah's_05_22_2001.xls


---------------------- Forwarded by Phillip M Love/HOU/ECT on 05/01/2001
10:14 AM ---------------------------
From: Veronica Espinoza/ENRON@enronXgate on 05/01/2001 09:03 AM
To: Diane Anderson/NA/Enron@Enron, Derek Bailey/Corp/Enron@ENRON, David
Baumbach/HOU/ECT@ECT, Jean Bell/HOU/ECT@ECT, Patricia Boulanger/CAL/ECT@ECT,
Bob Bowen/HOU/ECT@ECT, Julie Brewer/NA/Enron@Enron, Lesli
Campbell/ENRON@enronXgate, Celeste Cisneros/ENRON@enronXgate, Sharon
Crawford/CAL/ECT@ECT, Richard Deming/NA/Enron@Enron, Russell
Diamond/ENRON@enronXgate, Cindy Feldman/CAL/ECT@ECT, Darron C
Giron/HOU/ECT@ECT, Jeffrey C Gossett/HOU/ECT@ECT, Walter
Guidroz/ENRON@enronXgate, Larry Joe Hunter/HOU/ECT@ECT, Kam
Keiser/HOU/ECT@ECT, Phillip M Love/HOU/ECT@ECT, Errol
McLaughlin/Corp/Enron@ENRON, Nidia Mendoza/ENRON@enronXgate, Tom
Moran/ENRON@enronXgate, Bianca Ornelas/NA/Enron@Enron, Leslie
Reeves/HOU/ECT@ECT, Tanya Rohauer/ENRON@enronXgate, Dianne Seib/CAL/ECT@ECT,
Linda Sietzema/CAL/ECT@ECT, Kim S Theriot/HOU/ECT@ECT, Ellen
Wallumrod/NA/Enron@ENRON, Melinda Whalen/CAL/ECT@ECT, Tiffany
Williams/NA/Enron@Enron
cc:
Subject: Credit Report--5/1/01


Here are the current issues related to VAR and Credit models:

1. Factor loadings (FL) for all "primary" commodities:
- the code is tested;
- factors loadings have been calculated for every primary curve and examined
closely by Research;
- using different number of maturities for FL calculations (IT);
- selecting "good" curves, setting mappings for the others (RAC);

2. Reviewing Power VAR model:
- implementing term structure of correlations (preliminary research is in
progress by Research, to be implemented by IT);
- implementing caps in VAR model (IT);
- jumps for intramonth prices (re-examine prices behavior, Research);

3. Historical FF vols (Research, RAC);

4. Interest rate and FX:
- preliminary research is completed (Research);
- implementation in RiskTrack (IT);

5. Credit model:
- resolving the problem of identical runs giving different results (IT with
Research's help);

6. MG metals VAR model:
- merging with RiskTrack (RAC, IT, Research);
- refining the model (Research);

7. VAR calculations for UK curves:
- merging with RiskTrack, elimination spreadsheets (RAC, IT, Research);
- looking closely at VAR calculations for each commodity;

8. Merchant portfolio VAR:
- unification with Equity VAR model;

9. Fat tails modeling (Research);

Let me know what I missed.

Thank you,

Tanya.


I have spoken with Bill Bradford. Could we add an agenda item "Rules of Engagement"


[IMAGE]	[IMAGE]	[IMAGE]	[IMAGE]	[IMAGE]	[IMAGE]	[IMAGE]	[IMAGE]
 [IMAGE] [IMAGE] [IMAGE] [IMAGE] [IMAGE] [IMAGE]  Tips & Tricks  [IMAGE] [IMAGE] [IMAGE]  Palm in the News  [IMAGE] [IMAGE] [IMAGE]  Palm Store Specials  [IMAGE] [IMAGE] [IMAGE]  Insider Scoop  [IMAGE] [IMAGE] [IMAGE]  User Stories  [IMAGE] [IMAGE] [IMAGE]  Top Solutions  [IMAGE] [IMAGE] [IMAGE] 	[IMAGE]						    [IMAGE]  [IMAGE] [IMAGE] [IMAGE] [IMAGE]  [IMAGE] [IMAGE] [IMAGE] [IMAGE]  [IMAGE]Palm Store  [IMAGE]  [IMAGE]  Volume 3 Tuesday November 20, 2001   Dear Chris,   This issue is a horn of plenty...of Palm that is. You'll find info about Scribble's  Chameleon Hard Case and Documents To Go
, a terrific Palm Store Special to kick off  your holiday shopping, and a duo of user stories.    Fall is here and that means Fall Comdex.  Palm will be there in full regalia. Drop by our  booth to purchase the latest Palm? handhelds and accessories at the Palm Store. Buy  them on site or online at the show!    Still haven't signed up for InSync Online?  With InSync Online you get to pick the info Palm  sends you.  It only takes a few minutes to create your personal profile.  Sign up now                ?The Palm Inc. Team    [IMAGE]
							[IMAGE]
		 [IMAGE] [IMAGE] [IMAGE]   [IMAGE] [IMAGE] [IMAGE] Ready, set, restore:  After a hard reset, you want the info on your desktop PC to overwrite info on your Palm? handheld.   To restore info to your blank handheld:   Click on the HotSync
 pull-down menu within your Palm
 Desktop Software Select Custom Click Change Select "desktop overwrites handheld" within the HotSync Change Action box. Click OK, then click Done.  For other tips and tricks, check out The Little Palm Book  by Corbin Collins.                  [IMAGE]    [IMAGE]   [IMAGE]   [IMAGE]   [IMAGE] [IMAGE] [IMAGE]  U.S. Navy Wins Government Agency Award for Innovative Palm OS
 Based Application   Smooth landing: Two naval aviators ditched an antiquated,  tedious process and developed an application that enables a more accurate collection of aircraft carrier  landing data.  The Palm-based solution is garnering plenty of praise, not to mention acceptance  throughout naval aviation.  [IMAGE] [IMAGE]    [IMAGE] [IMAGE] [IMAGE]  U.S. Medical Colleges Dump Bulky Reference Books as Palm? Handheld Trend Grows   Palm makes the rounds: A photographic memory, tireless dedication and mucho caffeine.  For years,  the contents of the med. school survival kit.  Now there's also the Palm? handheld. It's helping  docs-in-training to improve patient care and reduce in-hospital errors.   [IMAGE] [IMAGE]    [IMAGE]   [IMAGE]   [IMAGE]   [IMAGE] [IMAGE] [IMAGE]  A Page-Turner of a Deal   This winter, curl up in front of the fire with a sleek, expansive and compact Palm? m500  handheld and a Mystery or Sci-fi PalmPak
 eBook series.   Pop the eBook into  the expansion slot on your new Palm m500 to accompany LAPD homicide detective Harry Bosch on his  investigations.  Or reach for the stars with Peter Hamilton's sci-fi trilogy. The expansion slot  available on the m500 is also designed for more memory, a dictionary card and the PalmPak Travel  card**.    This page-turner of a deal is available only in the Palm Store through Nov. 30, 2001.  The cost? $329-$29.95 off the regular bundle price.    Buy Now!    **Expansion cards sold separately     [IMAGE]    [IMAGE] [IMAGE] [IMAGE] Accessories For Your Handheld  Browse   our complete selection of accessories  for the Palm m500 and Palm m505 handhelds. The  Palm Store has plenty of Travel Chargers, USB and Serial Cables and keyboards in stock.       *The Palm Store is for US orders only.  [IMAGE]    [IMAGE]   [IMAGE]   [IMAGE]   [IMAGE] [IMAGE] [IMAGE] Come Palm, Come all, Comdex  Comdex Fall is the main IT event of the year in Las Vegas. Making your way through the Comdex maze can be exhausting, even with a pit stop for a foot rub.   This year, start with the Palm booth and then see how you feel. Whet your high-tech  appetite with demos of the latest Palm handhelds, applications and more. Developers will also be on  hand to show you their latest software solutions and answer your questions.       But the real showstopper this year is the Palm Store!  Comdex registrants may purchase Palm products  at a special discount.  Start checking names off your holiday gift list!    [IMAGE] [IMAGE] [IMAGE] WHO: [IMAGE] You and Palm?Booth #L6155 WHEN: [IMAGE] November 12 ? 16, 2001, 10 am?5pm WHERE: [IMAGE] Las Vegas Hilton   Palm Store Hours: Mon. 10:30?5, Tues ? Thurs 10?5,   Fri ? 10?4      [IMAGE]    [IMAGE]   [IMAGE]   [IMAGE]   [IMAGE] [IMAGE] [IMAGE] Palm to the Rescue  Traveling with an elderly parent can be stressful. With her father's medical contact  info on her Palm IIIe handheld, Barbara Michels was able to alleviate worries about his pacemaker.    [IMAGE]        [IMAGE]    [IMAGE] [IMAGE] [IMAGE] How to Land a Job  That dreaded curve-ball question on a job interview.  The only answer is preparation.   After  reading a news story of a plane accident on his Palm handheld, this aviation safety analyst was  ready for anything.    [IMAGE]  [IMAGE]  	[IMAGE]	[IMAGE]	[IMAGE]	 [IMAGE] Top Solutions [IMAGE] A Crash Helmet for Your Palm? Handheld   Hard on your handheld? The Chameleon hard case from Scribble offers more protection than your  favorite NFL player. Made of crash-helmet grade ABS plastic, the Chameleon features a sliding  catch closure and an optional belt/vehicle attachment system. Change the color of your case to  match your suit. Oops, we meant your T-shirt... Check it out .   [IMAGE] [IMAGE]  [IMAGE] Go For It!  The name says it all!  With  Documents To Go
 , you'll carry your most important Word, Excel and PowerPoint files on your Palm?  handheld and leave your laptop behind.     Create, view and edit documents on the train, on line, on the fly.  When you return to desktop,  just press your HotSync
 button to transfer updated files.  A must-have solution  for professionals on the run.  [IMAGE] DataViz
  	[IMAGE]
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							[IMAGE]
							  The content of this message is based on your personal InSync Online profile. To modify your profile or unsubscribe from InSync Online return to your InSync Online profile by clicking on the link below.  Or, unsubscribe by replying to this message, with "unsubscribe" as the subject line of the message.    ?2001 Palm, Inc. All rights reserved.   |   Palm.com   |   Palm Store   |   InSync Online   |   MyPalm

[IMAGE]


Enron in Action can be accessed through the new Community Relations web site at http://cr.enron.com/eia.html .  In this week's issue you will find out information regarding:

Enron Happenings
Free BOWLING
Outdoor Volleyball Tournament
2001 MS Walk
4th Annual Energize Houston Charitable Golf Tournament
The College Fund / UNCF Walk-A-Thon

In addition, Enron in Action is available through a channel on my.home.enron.com.  To add this channel to your set-up click on the channels link at the top of the screen and under announcements check the Enron in Action box.

If you wish to add an announcement to Enron in Action, please fill out the attached form below and submit it to eia@enron.com no later than 12 PM Thursday each week.


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I know we've made good progress with respect to morning reports for EGM.
However, I continue to receive most reports after 9:00 a.m., which is too
late into the trading day.  Please let me know if there are resources you
need, so this aspect of EGM can run as smoothly as ENA gas.

Thanks.

Jeff


Notice # 01-162
May 11, 2001

TO:
All NYMEX Division Members and Member Firms

FROM:
Neal L. Wolkoff, Executive Vice President

RE:
Reminder and Clarification on NYMEX Division Post-Close Trading Sessions

DATE:  May 11, 2001
===========================================================
Reminder
Changes will be going into effect today, Friday, May 11, 2001 for the End of
Week post-close trading sessions and also, beginning on Monday, May 14, 2001,
for the Monday-Thursday post-close trading sessions. The trading range for
all of these sessions will be expanded by adding the following ticks above
(below) the daily high (low) for the applicable contract month (provided that
this expanded trading range does not violate the maximum permissible price
fluctuation limits then in effect):
Crude Oil  20 ticks
Heating Oil   50 ticks
Unleaded Gas   50 ticks
Natural Gas  50 ticks

 Clarification
Previously, the trading range for the Monday-Thursday sessions was the
closing range for the applicable contract month. Exchange staff interpreted
the rule to provide that if a contract month did not trade during the close,
there would be no closing range and thus it would not be permissible to trade
that contract month during the post-close.  Now, as noted above, the
post-close session trading range on any day of the week will be an expanded
version of the daily range. Therefore, the Exchange is issuing the following
clarifications as to the contract months that can be traded during a
post-close session (on any day of the week):

1. Only the first twelve listed contract months are eligible for trading in
the post-close.

2. If a particular contract month does not trade during the RTH session, it
may not be traded during the post-close.

3. It is not necessary for a contract month to trade during the close in
order to be traded in the post-close as long as it has traded during the RTH
session.

If you have any questions concerning these changes, please contact George
Henderson, Vice President, NYMEX Floor Department, at (212) 299-2071; Rob
Stasi, Manager of Trading Floor Systems, NYMEX Floor Department, at (212)
299-2067, or Brian Regan, Senior Associate General Counsel, at (212) 299-2207.

__________________________________________________
Please click on the link below to indicate you have received this
email.

"http://208.206.41.61/email/email_log.cfm?useremail=tana.jones@enron.com&refdo
c=(01-162)"

Note: If you click on the above line and nothing happens, please copy
the text between the quotes, open your internet browser,
paste it into the web site address and press Return.


Attached is the schedule for the company planes for the Management Conference
in San Antonio on Nov. 15-17.  Please contact me if you have any questions or
changes.

Thanks!

Vanessa


http://www.hyatt.com/usa/san_diego/hotels/photo_a_sanis.html

here is our new hotel - it is the hyatt islandia

flight number is #1133


The attached filing will be made at the CPUC later today related to EES'
claims on the Negative CTC - PX Credits.  The lawyers are continuing to
refine the document.  The discussion about how big the $ is will be deleted.

This does not get at PG&E's claim that the rate freeze had ended and
therefore the PX Credit was not applicable.

Jim

----- Forwarded by James D Steffes/NA/Enron on 01/19/2001 05:14 PM -----

	Harry Kingerski
	01/19/2001 05:13 PM

		 To: James D Steffes/NA/Enron@Enron
		 cc:
		 Subject: Complaint

----- Forwarded by Harry Kingerski/NA/Enron on 01/19/2001 05:12 PM -----

	Robert C Williams@ENRON_DEVELOPMENT
	01/19/2001 04:57 PM

		 To: Harry.Kingerski@enron.com
		 cc:
		 Subject: Complaint

---------------------- Forwarded by Robert C Williams/ENRON_DEVELOPMENT on
01/19/2001 04:58 PM ---------------------------
From: Mike D Smith@EES on 01/19/2001 04:37 PM
To: Robert C Williams/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc: Peggy Mahoney/HOU/EES@EES, Iris Waser/HOU/EES@EES

Subject: Complaint

 Iris--call bob to make sure he got this.
---------------------- Forwarded by Mike D Smith/HOU/EES on 01/19/2001 04:37
PM ---------------------------

JMB <JBennett@GMSSR.com> on 01/19/2001 04:30:15 PM
To: "Mike Smith (E-mail)" <msmith1@enron.com>
cc:
Subject: Complaint

All right here it is --

The best I could come up with in three hours.

 <<X20098.DOC>>

I will wait to hear from  you.

Jeanne

 - X20098.DOC


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*****************************************************************
SIVY ON STOCKS from money.com
November 20, 2000

=========================================
Monday, November 20 at 8:00pm ET
Money.com presents Ron Insana, co-anchor of CNBC's Business Center and
author of The Message of the Markets, in a chat about today's turbulent
market.
AOL users go to Keyword: Live
http://www.money.com/chat/
=========================================

 From Sivy's mailbox

Here are my answers to recent e-mails about tech, telecom, John Malone and
junk bonds.

By Michael Sivy

I've been receiving a lot of e-mail lately about both the election and the
carnage in tech stocks, and it's hard to say which upsets readers more. The
one thing that seems fairly certain is that neither is over yet.

The Florida Supreme Court may force a decision on the election before
Thanksgiving -- or the legal wrangling may continue for several weeks.
Either way, we're looking at gridlock in Washington. That means the surplus
will balloon, as increases in government spending and tax cuts are both
stymied.

The swelling surplus could reduce the outstanding volume of Treasury bonds
by as much as 15 percent over the next couple of years. That would be very
bullish for all high-quality bonds -- Treasury, agency, blue-chip corporate
and municipal. On the other hand, using the surplus to reduce debt instead
of spending it (or returning it to taxpayers who would spend it) would sap
the economy's energy. That could mean more earnings disappointments from
economically sensitive companies over the next couple of months.

In the long run, though, gridlock could lay the foundation for a resumption
of the stock market boom. Debt reduction and an economic slowdown will
probably encourage Fed chairman Alan Greenspan to cut interest rates
substantially next year, which would be a boon to the overall market.

Now here's a look at some specific questions:

What's up with Cisco and Oracle?
The Nasdaq has been getting walloped and is now down 40 percent from its
highs. I've said that the damage to the tech sector isn't over and that the
group may not rally as usual going into the new year. Earnings fears are
the chief cause of the selloff. In addition, the most popular tech stocks
on the Nasdaq, such as Cisco and Oracle, carry P/Es as high as 50. I
imagine that there will be a great buying opportunity for these stocks --
but they could get cheaper still.

When are the big telecoms, such as AT&T, WorldCom and Lucent going to come
back?

I've recommended all three of these stocks as value buys (see "The shining"
[ http://www.money.com/money/depts/investing/sivy/archive/000731.html ] and
"After the tech wreck"
[ http://www.money.com/money/depts/investing/sivy/archive/001101.html ]).
And though each has since dropped, I still believe each has asset values at
least 50 percent above current share prices. But in this environment, they
probably won't rebound quickly. If I already owned them, I'd certainly hold
them. And I'd consider buying now, though there's no rush. Lucent looks
like the most straightforward play, followed by WorldCom. AT&T presents the
most potential problems.

What's going on with Liberty Media and why can't I find the ticker symbol?

I've recommended Liberty Media Group a couple of times (see "The media
master is back" [
http://www.money.com/money/depts/investing/sivy/archive/000927.html ] and
"Leader of the free world" [
http://www.money.com/money/depts/investing/sivy/archive/001110.html ]).
Since AT&T acquired cable TV giant TCI, Liberty's programming operations
have traded as an AT&T tracking stock with the symbol LMG, class A. On some
quote systems, the symbol is given as LMGa, on others as LMG_A. If you
can't find it, try the MONEY.COM Website, where the stock is LMG.A [LMG.A].

To my mind, the case for Liberty is the case for John Malone. He was the
master of the industry back when he was CEO of TCI, but he nearly
disappeared from view after the acquisition. Now with the spotlight back on
Liberty, Malone has the chance to be a player again, particularly since
AT&T has announced that it intends to spin off Liberty as an independent
company.

If the slowing economy is bullish for bonds, why is my high-yield bond fund
down almost 10 percent?

The slowing economy and the prospect for lower interest rates are extremely
bullish for bonds of unquestioned financial strength. Junk bonds suffer in
an economy slowdown, however, because investors worry that the companies'
chances of default will increase. If you own a junk mutual fund, though,
I'd hang on at this point (I have a junk fund too and I'm down nearly 10
percent). The worst of the decline is most likely behind us, and junk bonds
can rally powerfully after an economic slowdown ends.

###

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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for the Sivy on Stocks online newsletter or any other Time Inc.
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at <no_solicit@money.com>.

Additionally, from time to time we may provide your e-mail
address to carefully chosen companies whose offers we think may
be of interest to you.  If you would prefer us not use your
e-mail address in this manner, AND YOU DID NOT INDICATE
THIS PREFERENCE AT THE TIME YOU SIGNED UP for the Sivy on Stocks online
newsletter or any other Time Inc. online newsletter, please let
us know by e-mailing us at <no_transfer@money.com>.


Cheryl,

I am taking 12/1 off as a vacation day -- so, let's play!!!  I have a hair
appointment Saturday, which I cannot really change this late in the year.
So, do you want to get a haircut, manicure, or anything else beautifying
while you are here?  If so, I'll book something for you.

There is no way we would have you babysit.  In fact, we have a  sitter for
Saturday night. so we can go somewhere fun for dinner and maybe even see a
movie or do anything else you may want to do.

I can't wait for your visit!!

Michelle

Cheryl.Brinkman@mckhboc.com on 11/06/2000 11:34:38 AM
To: michelle.cash@enron.com
cc:
Subject: Hi Michelle

I'm all set for my Houston visit.  I can't wait.  I get in to Houston about
3:30 on friday Dec, the day after your anniversary.  If you and Trey are
going out for your anniversary I can babysit!  I don't want to cramp your
anniversary celebration. As soon as the travel agent e-mails my intenerary
I'll send it on to you.

Cheryl


test w/out e

Mark Taylor
Vice President and General Counsel
Enron Wholesale Services
(713)853-7459


Here is the information for the conference call regarding Southern California
Activities.

Thursday, August 31
5:00 to 5:30 p.m. central time (Houston time)

Dial-in number:  877-300-8186
Participant code:  342-608
Host code (Thane):  644-902

If anyone needs assistance during the call, please press "# 0" to reach an
operator.  (Team Room EB4795 is reserved for the Houston participants.)

I believe that Thane Twiggs will distribute an agenda tomorrow morning.

Thank you,
Rubena, 713-853-1516


John Buchanan and Lynn Blair will be here on Oct. 29th at 1:30 to present the Nomination and Confirmation process that we did not get to during the brown bag lunch on Tuesday.  Meeting will be in conference room 6C1.


Dear Richard Shapiro,

Thank you for shopping with 1-800-FLOWERS.COM.

The gift you selected  Mother and Child Diamond Pendant, is shipped via
Preferred Carrier . It will be delivered to Amy no later than 05/12/01.

The product you selected, Mother And Child Diamond Pendant, is shipped
Preferred Carrier . It will be delivered to Amy Lecocq on the date you
requested, 05/12/01, for an additional 10.00 Saturday Delivery fee. If you do
not want your order delivered on 05/12/01, please notify us today at
1-800-468-1141, 24 hours a day with an alternate delivery date.

Below is a summary of your order :

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Product : Mother And Child Diamond Pendant :    99.99
Service Charge        :   19.99
Tax(where applicable) :    8.70
Total Charge          :  128.68
Special Instructions  :Fri/Sat/Sun Acceptable

If you have any questions, please feel free to e-mail us at
customerservice@1800flowers.com, visit our online Customer Service Chat, or
call our Customer Service Department toll-free at 1-800-468-1141.

Sincerely,

Meredith McArdle
Director of Customer Service
1-800-FLOWERS.COM

Mother's Day is May 13th. Maybe your sister just had a baby and this is her
first Mother's Day.  Maybe you have a special relationship with an aunt, a
grandmother, even a mother-in-law.  Click here to view our selection of great
Mother's Day gifts!

http://www.1800flowers.com/cgi-bin/800f/collection.pl/psmg/10/0/0/0/0/0


Lawmoney article sent to you by Brent.hendry@enron.com

   FYI

MEXICO DRAFTING NEW E-COMMERCE TAX LAW

Read the full story at
http://www.lawmoney.com/homepage/gostory.asp?to=1&StoryNum=4660

This service has been brought to you by http://www.lawmoney.com


Hello

New phone and fax numbers,  The Iraq Trade Association is happy to announce
a new high-speed fax line dedicated solely to accept your offers. +43 (0)
463 339095 so from USA 001-43-463-339095, however our preferred method is
email to receive offers.

Our new phone number is +43 (0) 463 339094 so from USA 001-43-463-339094

+++++++++++++++++++++++++++++++++++++++++++++++++
UN tenders are now available for download

http://www.iraq.nu/oil/

This information is not available through any other source including the UN
website.
+++++++++++++++++++++++++++++++++++++++++++++++++

These tenders include thousands of oilfield products and services including
drilling contracts and complete Rigs. Most tenders include complete details
needed to quote. As we have stated in our previous newsletters Our relations
in Iraq are very strong and our ability to gain the contracts is extremely
high. All Successful bids will be subject to UN approval and paid by UN
letter of credit.

The Iraq government is looking for many items like Drilling Rigs, Refining
Units, Machine Shop Equipment, Trucks, Heavy Equipment, Electric/turbine
Generators. ect....

If you have items in stock with a value of more than 250,000 USD the
ministry may write a special purchase order if they feel they are in need of
your products so please e-mail what you have available and if it is
significant we will work to get a contract.

Please keep in mind that if a closing date is expired on a tender that many
or the tenders are re-opening several times If you have not already sent
your catalogues of your products and services please do so to the address
below.

---------------------------------------------------------------------------
Special Request: We need 50 Mercedes or Scania 6x2 tractor trucks approx
year model 1996 for immediate cash purchase.
---------------------------------------------------------------------------
Special Notice:
We have placed the program webstripper in the http://www.iraq.nu/oil/
directory. If you wish to download all tenders at once use this program and
it will create a directory called stripped on your hard drive with all files
just install the webstripper program and use the URL http://www.iraq.nu/oil/
when prompted. After use of this program you can search keywords using your
search function on your computer to find files containing items you may want
to quote on.
----------------------------------------------------------------------------

Please email quotes or questions to:

William.Stanley@Iraq.nu

Stanley KEG

Industriering 11
A-9020 Klagenfurt, Austria
Please email quotes or questions to:

Thank You

William L Stanley

To unsubscribe send a mail to:

mailto:iraq-unsubscribe-fermis=ect.enron.com@boss.free4all.com


Darren:
Please zero out the price on Tenaska IV deal 384258 for Aug 2001 and enter a demand fee for $4,116,035.71.  We also need to update the agency fee volume on deal 514353 for Aug.  It should be 48,532.  Per the spreadsheet, we nominated 1,504,500 MMBtu this month.

Thanks,
Megan


Gentlemen:

Please find attached the draft agreement with Southern Company.  I have
commented on the letter agreement only at this point.

I will work on the rest later today.

Regards.
les


It was somehow sent to me to.  I think they're sending it to all employees.

	Shawna Flynn
	10/17/2000 01:28 PM

		 To: Paul de Canha/LON/ECT@ECT
		 cc: ECT London Credit, Enron Europe CP Name Changes, Enron Europe Global
CounterParty, Rikesh Patel/LON/ECT@ECT
		 Subject: Re: Amendment - IPG LTD, Bahamas C/O IPG, S.A.K., Kuwait :
Singapore Crude Financials (01K2) (Non-EFFT)

This note was somehow forwarded to me.

	Paul de Canha
	10/17/2000 12:15 PM

		 To: Rikesh Patel/LON/ECT@ECT
		 cc: Enron Europe CP Name Changes, ECT London Credit, Enron Europe Global
CounterParty
		 Subject: Re: Amendment - IPG LTD, Bahamas C/O IPG, S.A.K., Kuwait :
Singapore Crude Financials (01K2) (Non-EFFT)

Rikesh

I have changed the counterparty name as requested from Independent Petroleum
Group Ltd. (CP ID  :68428)  =>

 Independent Petroleum Group Limited, Bahamas C/O Independent Petroleum Group
S.A.K, Kuwait

The contact details are also in correctly

Regards
Paul
35593

Rikesh Patel
17/10/2000 17:41
To: Enron Europe Global CounterParty
cc: New Counterparty Contacts

Subject: Amendment - IPG LTD, Bahamas C/O IPG, S.A.K., Kuwait : Singapore
Crude Financials (01K2) (Non-EFFT)

Hi Guys,

I have had a letter from the above counterparty to amend its entity name.

Please can you amend it within GCP.

There is already IPG LTD within GCP, which can be inactivated.

Thanks

Ricky


Mike still has not returned my calls, and is not at work today. I checked
with Mike Driscoll, Swerzbin's assistant, and he confirmed that 517876 should
be $300. It's an EES spread, and the other side (deal #517877)  is $313 - is
that what Amerex is looking for? He also checked into 517891 and found that
the delivery point should be SP-15. It's been changed.

Let me know if there are further questions.

Thanks,
Kate

Evelyn Metoyer@ENRON
02/12/2001 06:55 AM
To: Kate Symes/PDX/ECT@ECT
cc:

Subject: STATUS- Re: 2/8/01 Errors

What's the status of these two deals?

---------------------- Forwarded by Evelyn Metoyer/Corp/Enron on 02/12/2001
08:56 AM ---------------------------

Evelyn Metoyer
02/09/2001 02:05 PM
To: Kate Symes/PDX/ECT@ECT
cc:

Subject: Re: 2/8/01 Errors

Hi Kate,

for ref 517891 the delivery point still shows as PV.........it should be SP-15
for ref 517876 the price stll shows $300....it should be $313

   Kate Symes @ ECT                02/08/2001 05:29 PM

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

Subject: Re: 2/8/01 Errors

517384 - price has been changed to $260
517891 - mike's book shows Palo delivery - desk was wrong - has been changed
to LTNW
517884 - price has been changed to $300
517876/877 - missing Amerex deals were under wrong desk (STCA) - have been
changed to LTNW

Also, I entered many of Mike's deals today, but in my rush forgot to re-set
my Deal Blotter defaults - so the deals went in under Short Term California
instead of Long Term Northwest. I've changed them all to the correct desk,
which should clear up the missing deals, and hopefully will make more sense
for your checkouts. Sorry about the confusion - entering deals for three
different desks at once gets a little hectic!

Let me know if you have questions.

Kate

Evelyn Metoyer@ENRON
02/08/2001 03:11 PM
To: Kate Symes/PDX/ECT@ECT
cc:

Subject: 2/8/01 Errors

Mike Swerzbin
deal 517384
Prebon shows price as $260.......Enpower has $250

Mike Swerzbin
deal 517891
Amerex shows delivery as SP-15...Enpower has PV

Mike Swerzbin
deal 517884
Amerex shows price as $300...Enpower has $200

 Mike Swerzbin
I am missing the following deal per Amerex:
Buys from EES Q2'01 Mid-C 25 mw at $313 peak hrs.


Gerald, it looks like the gas I sold you on the Nov 13 did not get scheduled.  The volume was 2700 dth.  Still checking on the 9th.


FYI
---------------------- Forwarded by Matthias Lee/SIN/ECT on 07/07/2000 04:35
PM ---------------------------

Joanne.Ho@AllenOvery.com on 07/06/2000 02:19:17 AM
To: Joanne.Ho@AllenOvery.com, Nick.Georgiou@AllenOvery.com
cc:

Subject: Allen & Overy Bulletin - Guangdong International Trust & Investment
Corporation - Implications on Derivative Transactions with Chinese
Counterparties (July 2000)

Please  find  attached  the  July 2000 issue of the Guangdong International
Trust  &  Investment  Corporation - Implications on Derivative Transactions
with Chinese Counterparties Bulletin.

If  you would like to receive a hard copy of this bulletin, please reply to
this  email.  Similarly, if you would like to be taken off the mailing list
or  if  any  of your colleagues would like to be added to the mailing list,
please respond in the same way.

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

This e-mail is confidential and may also be privileged.  If you are not the
intended recipient please notify us immediately by telephoning the
Technology Services Helpdesk on (852)  2974 7111.  You should not copy this
e-mail or use it for any purpose nor disclose its contents to any other
person.

Allen & Overy
9th Floor Three Exchange Square Central Hong Kong
Telephone:  (852) 2974 7000               Fax:  (852) 2974 6999

A list of the firm's principals will be provided on request
Authorised by Paul Monk

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

 - @d101!.DOC


Attached is a current summary of the plans for each region as they stand right now.  Mr Presto had me add an extra manager to each group, so that should be the only change--unless one was submitted by you.  Please call if you have any questions.

Thanks

Trey Hardy


Daily Agenda
Friday, May 11, 2001

Today' events...
* 9 a.m., SACRAMENTO   State Treasurer Phil Angelides holds media
briefing on energy bond sale, 915 Capitol Mall, room 110. Contact: Colleen
Beamish, 916-653-4052.

In the news...
* LA Times, Vogel, Connell, Lopez: Davis plan rests on many 'ifs.'
http://www.latimes.com/business/reports/power/lat_risky010511.htm
* SacBee, Bazar: Davis blasts GOP.
http://www.capitolalert.com/news/capalert01_20010511.html
* LA Times, Tamaki: Davis blames GOP for budget cuts.
http://www.latimes.com/news/politics/
* SJ Mercury News, Nissenbaum: Edison deal - 'snowball's chance in
hell.' http://www0.mercurycenter.com/premium/local/docs/edison11.htm

In committee...
* IDENTIFICATION OF COMMUNITIES OF INTEREST.  Elections,
Reapportionment and Constitutional Amendments.  11:00am, City of Fresno,
City Council Chambers, 2nd Floor, 2600 Fresno Street, Fresno.

Today on the floor...
* No Session Scheduled

Richard Costigan, III
Chief of Staff
Office of the Assembly Republican Leader
California State Assembly
Phone:(916) 319-2005


Jim,

I was wondering if you could provide any info on the Deer Island meter off NWPL (470)? It is a fair amount
of load in the area, and I was just curious if this was mostly residential, or if there is a plant I am unaware of.
I appreciate whatever help you can provide.
Thanks,

Jason Wolfe
Trading Analyst
Enron North America
713-853-0568


"1. Do what's right. Be on time, be polite, and be honest; remain free from
drugs; and if you have any questions, get out your Bible.
2. Do your best. Mediocrity is unacceptable when you are capable of doing
better.
3. Treat others as you want to be treated. Practice love and understanding."
           -- Lou Holtz (Three rules for success)

 May there always be work for your hands to do,
 May your purse always hold a coin or two.
 May the sun always shine warm on your windowpane,
 May a rainbow be certain to follow each rain.
 May the hand of a friend always be near you, And may God fill your heart
with gladness to cheer you. -- Irish Blessing


I had a dream that you were laid off yesterday, the day before your deal.

Just checking on Saturday with third eye blind...


Dan,
As we discussed.

I am not sure what my new e-mail address is going to be - during the AEP
setup my name was mispelled (easy to understand).  I'll give you the address
as soon as I get it fixed.  In the meantime, if you send out paper would you
please hard copy me at  1201 Louisiana, Suite 1520, Houston 77002.

Thanks,
Greg
---------------------- Forwarded by Greg Brazaitis/HOU/ECT on 06/01/2001
03:38 PM ---------------------------
From: Janet H Wallis/ENRON@enronXgate on 05/25/2001 12:59 PM
To: Edward D Gottlob/HOU/ECT@ECT, Greg Brazaitis/HOU/ECT@ECT
cc: "Michele Bennett (E-mail)"
<michele_m_bennett@reliantenergy.com>@SMTP@enronXgate
Subject: Clark meter 1511

Seller:  HPL R
Buyer:  Entex Gas Resources
Location: Clark meter 1511
Date:  June 2001
Volume: 5,000 a day
Price:  HSC -.015
Final price with swap pay out of 208,875 equates to:

HSC minus   -  .015 (location diff)
  -1.3925 (swap value)

  -1.4075

HSC minus $1.4075 = final price.

Ed, would you please put this in your system, I won't do a deal ticket for
obvious reasons. Greg, you will need to get with legal to get a contract to
Entex.  We do have an Enfolio in place.

Thanks all,
Janet


Dear Mike,

This e-mail is automated notification of the availability of your
current Natural Gas Intelligence Newsletter(s). Please use your
username of "mgrigsby" and your password to access

  http://intelligencepress.com/subscribers/index.html

If you have forgotten your password please visit
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and we will send it to you.

If you would like to stop receiving e-mail notifications when your
publications are available, please reply to this message with
REMOVE E-MAIL in the subject line.

Thank you for your subscription.

Remember, GasMart/Power 2001 is in Tampa, Florida, May 9-11, 2001.
Keep your finger on the pulse of the while networking with colleagues
and discussing industry issues.

Visit www.gasmart.com to register and for more information.

For information about other Intelligence Press products and services,
including maps and glossaries visit our web site at
http://intelligencepress.com or call toll-free (800) 427-5747.

ALL RIGHTS RESERVED. (c) 2001, Intelligence Press, Inc.
---


We should check with gas control as to why gas is flowing at all and/or
whether this is a valid reading ....

Gary/James - let us know

Thanks

Lee

Aimee Lannou   12/05/2000 11:09 AM

To: Daren J Farmer/HOU/ECT@ECT
cc: Lee L Papayoti/HOU/ECT@ECT
Subject: Meter 1428

Daren - Meter 1428, Beaumont Methanol is shut-in for December.  There has
been flow of 69 and 65 on days 2 and 3.  Should a swing ticket be put at the
meter?  The last swing deal was 451907 for 11/00.  Thanks.

Aimee


Eric,please print one copy of each  thanks

	Eric Gillaspie
	03/16/2001 03:47 PM

		 To: Barbara N Gray/HOU/ECT@ECT
		 cc: Gerald Nemec/HOU/ECT@ECT, Ann Elizabeth White/HOU/ECT@ECT
		 Subject: DOJ Specification 3 request

Barbara,

Pursuant to your request for certain form contracts under Specification 3, I
have attached the following agreements:

  Transportation Contracts (Interruptible & Firm)

     Storage

  Enron Master Spot Sales

  Enfolio Master Firm Gas Purchase/Sale  Agreement

 GISB Spot Sales

Thanks,

Eric Gillaspie
713-345-7667
Enron Building 3886


hey you.! yeah, sorry about the late night call.  Jay, TJ, Scott, Chrissy,
and Nicole and I were out pretty late that night and then came back to my
house for a hot tub. We got really drunk becuase earlier in the night Scott
got his Porsche impounded for basically no reason and we were bummed becasue
we were on our way to this really cool club.  Well anyway, Jay was asking me
how you were doing and I was drunk so I gave you a call.  Vegas was
absolutely out of control!  We all decided on the way home that it was by far
the craziest Vegas weekend any of us had ever been on.  It ended up being me,
Jay, TJ, and Brendan.  Jimmy and Kato didn't come.  Anyway, TJ's girlfriend
Jessica and some of her friends came out on Saturday.  We all went out to a
nice dinner then gambled for a while and then went to some dance club where
we proceeded to get in two fights because some dudes were hitting on
Jessica.  We got kicked out of the club at the Luxor.   TJ got hit pretty bad
and ended up with a black eye, Jay got his tooth chiped and I got sucker
punched on the side of my head by some guy that was smaller than Jay.  And
that was the mellow part of the evening.! It got even crazier after that as
TJ, Jessica , Alisha, and I ended up staying up until 6am.  Then we went and
hung out in their room at the Luxor for a couple hours. then went back
downstairs and started partying again!  Meanwhile we couldn't find Jay and
Brendan anywhere and we were really worried that they might be in Jail.
Finally they called us at around 8am from some strip club. Anyway,  I have a
ton more stories but this mail is getting too long.  How has everything been
with you? Fill me in.  Oh,  I was going to buy a new TV anyway, so I was
thinking why, don't we just trade our TV's back and you can use the $$$ to
buy yourself a VCR or something.


Start Date: 12/29/01; HourAhead hour: 13;  No ancillary schedules awarded.  No variances detected.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final Schedules\2001122913.txt
###Cannot locate a Preferred or Revised_Preferred Schedule that matches the FINAL Individual Interchange Schedule.  Unable to assign deal number.
###Cannot locate a Preferred or Revised_Preferred Schedule that matches the FINAL Individual Interchange Schedule.  Unable to assign deal number.
###Cannot locate a Preferred or Revised_Preferred Schedule that matches the FINAL Individual Interchange Schedule.  Unable to assign deal number.
###Cannot locate a Preferred or Revised_Preferred Schedule that matches the FINAL Individual Interchange Schedule.  Unable to assign deal number.


I reviewed the latest draft of AA's management rep. letter and caught a few
innaccuracies in the way AA described the deal.  I attach a revised draft of
the letter, with a redline version to highlight for you the changes I think
we need to make to keep it accurate.  First, AA only listed two of the four
agreements that comprise the deal.  They apparently forgot that we had
created a second SBA.  Additionally, at Transcanada's request, we put the
transaction fee into a separate letter agreement this year.  You will recall
that last year, Sempra wanted the transaction fee put right in the SBA.

Second, AA's bullet no. 4, as originally drafted, states that Northern does
not intend to enter into an option to purchase any base gas during the term
of the agreement.  That statement is confusing given that Article VI.B of the
Monthly Pack Agreement includes an account balance cash out mechanism that is
a form of purchase option.  That cash out mechanism was in Kent's bullets
describing the deal and has been in every draft of the documents that AA
looked at, so I assume they are OK with the mechanism and were just inartful
in drafting bullet no. 4.   My simple fix was to leave AA's language alone
but to add an "except for" reference at the beginning of bullet no. 4.

Third, AA's draft of bullet nos. 5 and 6 includes the somewhat ambiguous
references to "other agreements" and "additional agreements" respectively.
Since AA's list of the agreements in the intro paragraph was incomplete,
these references in bullet nos. 5 and 6 were also innacurate.  Now that I
have made the list of agreements in the intro paragraph complete, I've
clarified the bullets by adding the "other than those agreements referenced
above" language to both bullets.  The couple of other changes in bullet 5
simply clarify the meaning.

Finally, I've modified the signature blocks per conversation with Bill to
delete MKM and myself.  I am certainly willing and able to sign this letter,
but MKM is not up to speed on the deal and has not reviewed the agreements.
Getting her up to speed enough to sign the letter would take some time.
Additionally, Bill's thought was that MKM and I are his direct reports
anyway, so it doesn't serve much purpose to have the subordinates sign if the
top guy has signed.

Please give me a call if you have any questions or want to discuss these
matters.


Thanks.

From: Suzanne Adams@ECT on 05/31/2001 10:45 AM
To: Kay Mann/Corp/Enron@ENRON
cc:

Subject: Re: Yes, they are deducting for parking

I've got your bar dues in the mail and have tracking numbers.  You are set.

	Kay Mann@ENRON
	05/31/2001 09:03 AM

		 To: Suzanne Adams/HOU/ECT@ECT
		 cc:
		 Subject: Yes, they are deducting for parking

How do I get on the list for the form?  Could you pretty please check for me?

Thanks,

Kay


I will be attending the happy hour on Thursday.

Mathew Smith
Associate, West Gas Trading


Thanks for sending down the ISDA.  MDS


135 west bunnel ave


Anne,

I have reviewed the P&S Agreement for Triple Lutz.  From my perspective, it
generally looks fine.  I have a few comments, and invite Pat Mackin to add
any he may have, in particular based on his review of Section 4.14.

In Section 4.7(c)(iv), there is a reference to any contract obligations.  I
believe this would include employment contracts, which do not appear to be
identified specifically on any schedule unless the annual amount exceeds
$250K.    We may want to clarify that the disclosures are consistent with the
provisions of Section 4.13(iii).

Section 4.8 provides that we will not enter into any employee benefits not
required by law.  However, given that closing is pushed out so far in the
future, we may want the flexibility to provide incentive bonuses for key
personnel to stay with the company through closing.  This may be done with
the Buyer's consent, but we may be tying our hands.  Section 6.2(e) contains
a similar restriction on making payments to officers/directors.

In addition, Section 4.8 states that we won't enter into or amend any
employment contracts.  We do not renew employment contracts at a single time,
and the contracts of key personnel may expire.  Do we want to tie our hands
and be prohibited from amending/extending the agreements?  Section 6.2(l)
also prohibits the modification/amendment of contracts with employees.

In Section 4.10, the wording "(other than Environmental Laws)" suggests that
we are not in compliance with environmental laws.  Rephrasing that sentence
to refer to the provision of the Agreement may be preferable.

In Section 4.11(d), we promise that we haven't provided any gift of any kind
to customers.  I don't think we can say that, given that we regularly host
client development outings (e.g. Rodeo BBQ tickets, golf tourneys, etc.) and
provide Enron goodies to people all the time.  Perhaps a limitation on de
minimus gifts would be more accurate.  Also, a reference to our Code of
Ethics may work here.

In Section 4.13(a)(iii), does the $250K threshhold include only cash value,
or does it include equity grants that vest over time?  A reference to "cash"
payments would clarify, given that people here are compensated by stock
options/restricted stock that vest over time.

In Section 4.14(d), I am not sure whether this transaction accelerates
vesting -- Pat, do you know?

Should Section 7.3 be italicized?  I have not seen the latest of the Employee
Matters Agreement.

Have the parties discussed arbitration in lieu of litigation in Texas for the
purposes of dispute resolution?

Anne, let me know if these comments need clarification or if you have any
other questions.

Michelle


Please make the changes marked by Sager.   Mark
----- Forwarded by Mark E Haedicke/HOU/ECT on 12/20/2000 04:26 PM -----

	Elizabeth Sager
	12/19/2000 03:01 PM

		 To: Mark E Haedicke/HOU/ECT@ECT
		 cc:
		 Subject: Re: Hypotheticals

Mark

Attached are my comments to your Hypotheticals.
Call with any questions

Thanks
Elizabeth
36349


Okay, here's the rest of the Gators' home schedule and the Longhorns' schedule
for comparison.

          Gators              Longhorns
Oct 7          LSU            Oklahoma in Dallas
Oct 14         Auburn              at Colorado
Nov 11         South Carolina      at Kansas

Do you go to the game Oklahoma game in Dallas?  I went one year and it was a
lot
of fun.

So, if you have any desire to do this swap, let me know.


Steve Stojic called to let me know that the technical conference in RP01-56
will be held on Jan. 9 at 10:00.  A notice will be issued shortly.


---------------------- Forwarded by Kay Mann/Corp/Enron on 12/07/2000 10:29
AM ---------------------------
From: Suzanne Adams@ECT on 12/06/2000 05:03 PM
To: Ben Jacoby/HOU/ECT@ECT, Sheila Tweed/HOU/ECT@ECT, Kay
Mann/Corp/Enron@Enron, Lisa Bills/Corp/Enron@ENRON, Roseann
Engeldorf/Corp/Enron@ENRON, stephen.swift@ps.ge.com,
michael.barnas@ps.ge.com, kent.shoemaker@ae.ge.com, lee.johnson@ss.ps.ge.com
cc:

Subject: GE Conference Call

There will be a GE conference call Thursday, December 7, 2000, at 3:00 p.m.
CST.  The dial-in information follows:

Dial In: 1-888-422-7116

Host (Kay Mann):  922896

Participant:  929051

Please give me a call at 713-853-7340 if you have any questions.


Invest in your future!

Join us at one of PGS Energy Training's upcoming seminars
in downtown Houston (April) or in downtown Philadelphia
(next week).  For more information, call 412-279-9298
or visit  http://www.pgsenergy.com/schedule.html

Available seminars include:
    1) Fundamentals of Energy Futures, Options & Derivatives
    2) Fundamentals of the Electric Power Industry
    3) Gas-to-Electricity Arbitrage & How to Maximize the
        Profitability of Electric Generation Assets
    4) Developing Effective Risk Management Policies
        & Procedures (John Wengler)
    5) Fundamentals of Statistical Analysis (Dr. Ken Skinner)
    6) How to Value Electric Generation Assets as Real Options
    7) Fundamentals of Value-at-Risk (Soli Forouzan)

Save money by bringing a group of 4 or more. With a group
rate, your cost for a $1,295 seminar is reduced to $895 per
attendee-- a savings of $1,600 from regular prices. The group
price for the $695 programs is $495.

Please forward this to anyone who might benefit from a better
understanding of energy derivatives, risk management,
 gas-to-electricity arbitrage, statistics or electric power trading.

 John Adamiak
PGS Energy Training
(412) 279-9298
www.pgsenergy.com


This is to nominate 27,800 MMBtu/d for 4/11 into Eastrans.

20,000 MMBtu/d will be redelivered into PG & E, the rest into
HPL from Fuels Cotton Valley.

We plan to begin receiving the gas at 3:00 pm or so and take
more volume to average the nominated quantity for the day.

As I indicated on the phone, it will also be necessary to
deliver more into PG & E after flow starts to average
nominated quantity.

Thanks.


Thanks. got her.

-----Original Message-----
From: Hernandez, Juan
Sent: Tuesday, August 21, 2001 8:52 AM
To: Will, Lloyd
Cc: Baughman Jr., Don
Subject: Background for Hourly Positions

Lloyd, Don and I would like to see the following background for the positions of hourly and scheduling desk.

Experience:  0-2 years of work experience preferably in a position with daily customer contact.

Communication Skills:  Must exhibit effective communication skills within the power group and to our outside customers.

Education:  Economics, Marketing, Finance Degree.

Competiveness:  Motivated, competitive, and team-oriented people who handle stress well work best in this group. High School or College Athletes generally work well in our group.

Detail Oriented:  Strong analytical skills required for highly detailed documentation for tracking and scheduling trades.

Shift Work:  12-Hour shifts, both days and nights.


Saw it and had to send it....

Remember the days?

:-)

__________________________________________________
Do You Yahoo!?
Yahoo! GeoCities - quick and easy web site hosting, just $8.95/month.
http://geocities.yahoo.com/ps/info1
 - halloween 2000.jpg


Joannie,

I'm back in town and have everything set for Friday AM at 9.  I am also
going to Hobby Performing Arts immediately afterwards with Paul Hobby and
we'd love to have Jeff join us for a short tour of that job as well.

Thanks,

-Stan


-----Original Message-----
From: 	Christine.Lee@ubsw.com [mailto:Christine.Lee@ubsw.com]
Sent:	Friday, September 21, 2001 3:40 PM
To:	Freeland, Clint; Nogid, Jeff
Subject:	Forward Amendment


fyi

---------------------- Forwarded by Rockford Meyer/FGT/Enron on 02/28/2000
12:09 PM ---------------------------

	From:  Jordan Hunter                           02/28/2000 12:07 PM

To: Rockford Meyer/FGT/Enron@ENRON
cc:

Subject: Environmental Training for Phase IV

In preparation for the start of construction, key employees for the
contractor and the inspection staff have received training at off site third
party locations.

The attached list indicates 25 project Inspectors and 7 contractor
employees.  I propose that we send this list to FDEP.

Jordan Hunter


Tim

I assume you know that you have to make a presentation at the offsite.  Can
you send me a copy by Monday.  If not let me know.

Thanks John


Levitan &  Associates


Rudi,

Thanks.

Vince

From:  Rudi Zipter
 08/17/2000 08:38 AM

To: Grant Masson/HOU/ECT@ECT, Vince J Kaminski/HOU/ECT@ECT
cc:
Subject: GRMS access

Grant & Vince,

I have approved your request for RisktRAC (formerly GRMS) access.  In about a
week, contact your IT help desk representative to verify the deployment onto
your desktop.

Thanks,

Rudi


Attached is the referenced list.  The Bakersfield California is approved to
only do newsprint commodity swaps and options.  Therefore, I have turned them
down to trade the current products we have available online.  As our product
base expands, we can send them through again as an amended counterparty if we
offer newprint commodity swaps and options online.


I think what the partnership values it does not have to have a relationship to what we value it at.

Jim?

 -----Original Message-----
From: 	Campos, Kathy
Sent:	Wednesday, November 14, 2001 4:13 PM
To:	Hayslett, Rod
Subject:	From Michael.

FYI, we received the signed copy from Williams today on MOPS.

Steve Dowd called me about the sale of our interest in Trailblazer.  He wanted to know if we were valuing the interest would we treat it differently because we are buying the partnership interest?  Would we treat the depreciation differently at the partnership level than the asset level?  For example, if the asset sold for $110, but the partnership valued it at $100, how would we account for the $10 difference, assuming these figures represented ENE's interest in the assets?

Thanks,

Michael

Kathy Campos
ETS Finance
EB4055
713-853-6833


We have received the executed EEI Master Power Purchase and Sale Agreements
for the following CPs:

Sierra Power Corporation 2/28/2001
The City of Oakland, a municipal corporation acting by and through its Board
of Port Commissioners-2/27/2001

Copies will be given to Legal and Credit.


I suppose a location would help! Location TBD, I'll make sure you get a
call.  Kay

	Enron North America Corp.

	From:  Lisa Bills                           09/18/2000 01:12 PM

To: Kay Mann/Corp/Enron@Enron
cc:

Subject: Re: Tomorrow's GE phone call/ TODAY's meeting to prepare?

I will be there if you tell me where!  Thanks for the invite.

	Enron North America Corp.

	From:  Kay Mann                           09/18/2000 12:56 PM

To: Lisa Bills/Corp/Enron@ENRON
cc: Roseann Engeldorf/Corp/Enron@ENRON

Subject: Tomorrow's GE phone call/ TODAY's meeting to prepare?

Lisa,

I inadvertently left you off the list.  Hope you can come.

Kay
---------------------- Forwarded by Kay Mann/Corp/Enron on 09/18/2000 12:55
PM ---------------------------

	Enron North America Corp.

	From:  Kay Mann                           09/18/2000 11:39 AM

To: Scott Dieball/ENRON_DEVELOPMENT@ENRON_DEVELOPMENt, Martin W
Penkwitz/NA/Enron@Enron, Roseann Engeldorf/Corp/Enron@ENRON
cc: Sheila Tweed/HOU/ECT@ECT

Subject: Tomorrow's GE phone call/ TODAY's meeting to prepare?

How about meeting in advance of tomorrow's 130 phone call to discuss the
approach we want to take with GE?

I'm suggesting 400 this afternoon.  Please let me know how this works for you.

Thanks,

Kay


---------------------- Forwarded by Judy Hernandez/HOU/ECT on 02/10/2000
07:45 AM ---------------------------

"SOCORRO HERNANDEZ" <SUHERNAN@LLGM.COM> on 02/07/2000 09:41:25 AM
To: Judy Hernandez/HOU/ECT@ECT
cc:
Subject: Fwd: Interview with God!!!

Good morning Judy.  How are you this morning.  Attached is the e-mail which I
had sent to Barb at her home which you saw there.  Enjoy it.  Have a
wonderful day today.

Love Coco

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Message-ID: <27A8D45A3A44D211A39700805F9FDFAB0172D058@30B_EXCH1>
From: "Hernandez, Eva" <Hernaev@ssa.co.orange.ca.us>
To: "Macmillan, Diane" <Macmid@ssa.co.orange.ca.us>, "'MARYLOU BANDA'"
<maryloulou@yahoo.com>, "'SOCORRO HERNANDEZ'" <SUHERNAN@LLGM.COM>, "Nguyen,
Thuy" <Nguyetg@ssa.co.orange.ca.us>, "'Tina McGensy'" <emcgensy@pacbell>,
"Gay, Valarie" <VGay@ssa.co.orange.ca.us>, "'bajabob'" <bajabob@telnor.net>,
"Banda, Maria" <Bandama@ssa.co.orange.ca.us>, "James, Lacretia"
<Jamesl@ssa.co.orange.ca.us>, "Jurado, Mike" <Juradma@ssa.co.orange.ca.us>,
"'Martinez, Maria Victoria (Maria Victoria)'" <mvmartinez@lucent.com>,
"'SColoncea@aol.com'"
<IMCEACCMAIL-Colon+2C+20+20Sandra+20at+20+20@ssa.co.orange.ca.us>
Subject: Interview with God!!!
X-Mailer: Internet Mail Service (5.5.2650.21)
Date: Fri, 7 Jan 2000 13:49:14 -0800
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Content-Transfer-Encoding: 7bit

It's a little long but it's food for your spirit.
 It is totally beautiful .
 **To move the pictures and words along PRESS your ENTER or ARROW  KEY

 - INTERVIE.PPS


Sandra,

I am sending via Federal Express two originals for signature today.  Also,  I
have sent your e-mail re the confirms to our Confirmation desk for handling.

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


Eva,  All the references are conditional upon term conversion occurring prior
to closing, so they work even though Term Conversion won't occur prior to
closing.  We plan on leaving the references as they exist.  Let me know if
you have any questions.

	Eva Neufeld@ENRON
	09/16/2000 03:50 PM

		 To: Shonnie Daniel, Gerald Nemec
		 cc:
		 Subject: Term Conversion References

Since theTerm Conversion won't occur prior to closing, will you be deleting
the references to it on  3.1(d), 3.1(k), 3.1(n), 3.1(q), and 4.5?  Thanks.
Eva.


Bruce,  Attached is an article I found in the Houston Chronicle business
section yesterday.  Has a negative outlook, but mostly related to product
supply B2Bs.    You probably are familiar with most of the B2Bs they
mention.  Thought might be useful to you.  Good talking to you yesterday.
The check better arrive this week or I start breaking your stuff one piece at
a time.


Looks like EES has pretty much decided to use us for this RFQ (see the Word
doc attached below) -- remember that we have a meeting scheduled with EES on
Monday to discuss a "realtionship" and pricing.  Let's make sure before our
meeting that we are all in agreement as to the pricing approach we will take
with them.

RM
---------------------- Forwarded by Ross Mesquita/NA/Enron on 01/26/2001
06:07 PM ---------------------------

	From:  Samuel Harrell @ EES                           01/26/2001 03:34 PM

To: Javier Gallo/HOU/EES@EES, Dag Joraholmen/HOU/EES@EES, L Michelle
Foust/HOU/EES@EES, Scott Layne/HOU/EES@EES, Michael O Brown/HOU/EES@EES,
Peter Johnston/HOU/EES@EES, Christopher Wheeler/HOU/EES@EES, Bryan
Gee/HOU/EES@EES, Charles Allured/Western Region/The Bentley Company@Exchange
cc: Jerry Zeleny/HOU/EES@EES, Wayne Truxillo/HOU/EES@EES, Jess
Galura/HOU/EES@EES, Brad J Snyder/HOU/EES@EES, Maria Gonzalez/HOU/EES@EES,
Ross Mesquita/NA/Enron@ENRON, Chris Holmes/HOU/EES@EES

Subject: Phase I - Thrid Party Supply

Refer to meeting notes for update/status of third party supply process.