_________________________________________________________________

            B R E A K F A S T   W I T H   T H E   F O O L
                     Tuesday, November 28, 2000

benjamin.rogers@enron.com
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"Bankruptcy is a legal proceeding in which you put your money in
your pants pocket and give your coat to your creditors." -- Joey
Adams

BASSETT HOUNDS
The furniture specialist barks -- and it bites.

By Rick Aristotle Munarriz

Bad news is like sandpaper -- it can wear you down until you're
dull and finished. Bassett Furniture (Nasdaq: BSET) becomes the
latest home furnishings specialist to send out pink slips and
warn of reupholstered financials. Earlier this month,
Furniture.com discontinued operations.
http://www.lnksrv.com/m.asp?i=214564

However, unlike Furniture.com's inability to secure financing to
subsidize losses, Bassett remains profitable despite trying
times in the furniture industry. Higher oil prices make shipping
bulky pieces as costly as it is cumbersome. Even worse, rising
interest rates have slowed the housing market to a crawl.
Without new homes to stock up with new furniture, the industry
becomes as attractive as that hideous barcolounger collecting
dust in your attic. The soft demand now finds Bassett expecting
fourth-quarter earnings per share to come in as much as a dime
below the $0.42 consensus estimate.

To offset the cyclical weakness, the company also announced a
consolidation of its domestic wood manufacturing operations.
Ultimately, 280 workers will be displaced. However, the wood
chuck won't disrupt the company's modest growth plans. The
company is still on track to open 52-65 new Bassett Furniture
Direct and At Home retail stores a year over the long term.

Bassett also won't reduce its dividend. That's welcome news to
yield investors who are drawn to the $0.20 quarterly dividend.
The company's hefty payout -- a 6.8% yield based on yesterday's
close -- will keep the stock from falling too far down.

Selling at just 8-9 times this year's freshly revised earnings
and with savings looking to beef up the bottom line in years
ahead, maybe Bassett isn't howling at the moon. Lowering costs
in domestic production in the face of cheaper Asian imports is a
painful yet necessary step. Like the company itself, the move
will pay nice dividends when housewarming gifts once again line
the porches of suburbia.
_________________________________________________________________

NEWS TO GO

High fiber? Communications infrastructure heavyweight Dycom
(NYSE: DY) reported better-than-expected earnings on a 46% spurt
in profits. The $0.51-a-share showing was seven cents ahead of
analyst estimates. Total contract revenue climbed by 32% for the
quarter. Dycom also named President and CEO Steven Nielsen as
its Chairman, succeeding the retired Thomas Pledger. Nielsen
will wear all three hats. He will also preside over the
company's acquisition of privately held Point to Point
Communications.

Is it Kevorkian or Kerkorian? Billionaire investor Kirk
Kerkorian, DaimlerChrysler's (NYSE: DCX) fifth-largest
shareholder, is suing the car maker for $9 billion. Kerkorian is
all revved up over his claim that the 1998 merger between
Daimler Benz and Chrysler was sold to him as a marriage of
equals. In his view, the European Mercedes Benz parent is
clearly in the driver's seat now. He'd rather play shotgun than
ride shotgun. According to Kerkorian, it was deception that
caused him to submit his 14% stake in Chrysler in favor of the
union.

The good, the bad, and the Covad (Nasdaq: COVD). The struggling
DSL provider has announced layoffs and will be scaling back its
marketing and network expansion costs. The expense reductions
should amount to 20-30% in annual savings beyond the onetime
charge, but that alone won't vault the company to profitability.
Many of the high-speed connection purveyors have had to temper
their expectations in recent months. Earlier, Covad had to
restate third-quarter results when it was having trouble
collecting from deadbeat cash-strapped ISP customers.

Like country, like company. Altera (Nasdaq: ALTR) and AT&T
(NYSE: T) have announced new presidents. There were no dimpled
chads in the board room.

H & R Block (NYSE: HRB) ahead? Pall (NYSE: PLL) bearer? Is ADC
Telecommunications (Nasdaq: ADCT) OK? These are just some of the
questions the market will answer when the companies report
quarterly results today.

Check out yesterday's Foolish market wrap-up with just one click.
http://www.fool.com/m.asp?i=214565
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.

MsgId:
msg-24031-2000-11-28_8-59-57-3239776_2_Plain_MessageAddress.msg-09:05:17(11-28
-2000)
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Message-Recipient: benjamin.rogers@enron.com


Please send responses to both me and Joseph.  Thank you.

	Jeff Dasovich
	Sent by: Jeff Dasovich
	10/10/2000 04:37 PM

		 To: Mona L Petrochko/SFO/EES, Paul Kaufman/PDX/ECT, Susan J Mara/SFO/EES,
Sandra McCubbin/SFO/EES, jalamo@enron.com
		 cc:
		 Subject: That Joyous Time of Year

Well, it's upon us again and that means X-Mas party.

Joseph and I have begun (barely) to plan for this year's festivities.  But
before we get to far along, tried and true democratic (small "d") principles
call for a wee bit of polling.

Because we're already in the middle of October we need your responses
pronto.  If we don't receive your responses by COB Thursday, then democracy's
out the window, and good ol' dictatorship takes over.

Of course, it will be difficult to grant everyone's wishes, but all
suggestions will be given great (and equal) weight.  Here are the questions:

Would you prefer just dinner, or dinner plus an activity?

Joseph and I are leaning toward dinner and an activity, but wanted to hear
from other folks.  If yes, Joseph has come up with a couple of very fun ideas
for an activity but suggestions are greatly encouraged and welcome.  Same
goes for a restaurant (understanding that the choice of activity may
influence where we eat).  Sue has put in her vote for Fleur de Lys.

Should we try to organize the event with the rest of the SF office (i.e., EES
and ENA) or confine it to GA?
Should we expand to include Western GA or keep it to SFGA?
We choose for dates the 7th or 8th or 14th or 15th of December.  What's your
preference.  Is there a day that just won't work?

Joseph, if I've missed anything, please tack on.

Best,
Jeff


Start Date: 3/9/01; HourAhead hour: 17;  No ancillary schedules awarded.
Variances detected.
Variances detected in Generation schedule.

    LOG MESSAGES:

PARSING FILE -->> O:\Portland\WestDesk\California Scheduling\ISO Final
Schedules\2001030917.txt

---- Generation Schedule ----
$$$ Variance found in table tblGEN_SCHEDULE.
     Details: (Hour: 17 / Preferred:   1.00 / Final:   1.91)
  TRANS_TYPE: FINAL
  SC_ID: Wheelabrat
  MKT_TYPE: 2
  TRANS_DATE: 3/9/01
  UNIT_ID: WSENGY_1_UNIT 4


how was your labor day.


Please see the attached updated listing of EPSA's 2002 Committee & Working Group Chairs.  Kevin Polchow and Shirley Myers were listed incorrectly.


Although this makes a lot of sense, how are going to implement it?  We plan
to scale massively and I cannot imagine that this will be efficient enough to
facilitate the time frames and number of reference credits that we are
anticipating.  I think that we need to have a general policy that we can look
to instead of approving them on a one off basis.

Let's discuss

Tomas Valnek
19/05/2000 11:42
To: ECT London Credit Trading, Denis O'Connell/LON/ECT@ECT, Tana
Jones/HOU/ECT@ECT, Mark Taylor/HOU/ECT@ECT, Paul Simons/LON/ECT@ECT, Edmund
Cooper/LON/ECT@ECT, William S Bradford/HOU/ECT@ECT, Debbie R
Brackett/HOU/ECT@ECT, Rod Nelson/HOU/ECT@ECT
cc:

Subject: Credit Trading - Approval Form

Attached is an Approval Form that will have to be completed to request if we
want to trade with a new counterparty or on a new reference credit. I have
incorporated comments from Origination, Credit and Legal. But should you have
any further comments please let me know ASAP, as I plan to introduce this
form by the middle of next week. (Note that there will be two forms, one for
bankruptcy swaps and one for other credit derivatives.)

Regards

Tomas


CGoering@nyiso.com writes to the NYISO_TECH_EXCHANGE Discussion List:

The AMP triggered for Long Island during hours beginning 12 through 17 and
for New York City and Hudson Valley during hours beginning 13 through 17 in
the Day-Ahead Market for August 2, 2001.  Mitigation took place as a result
of verification of conduct and impact.


I will be out of the office May 15-16 and all week May 21-25.  If you require
assistance during that time, then please contact a backup listed below.  If
you need help and are not able to reach my backup, then please contact Steve
Venturatos.

Online Trading & GKCom
      Name   Work Telephone Pager Number
For all Global matters:    Kelly Lombardi  (713) 345-8491  (713) 618-2524

      Name   Work Telephone Pager Number
For Global Counterparty matters only:  Samuel Schott  (713) 853-9890
Backup      Amber Ebow  (713) 345-8331  (713) 788-9458  team pager

Global Outsourcing
      Name   Work Telephone Pager Number
For all Global matters:    Tammie Huthmacher (713) 853-3879  (713) 709-0295


Susan:
Please send me a revised chart.
Carol


This adds a significant complication to our option of lining the #1 10" line
with polyethylene.  Ronny, Rick and I will review this and try to talk
directly to Fred Joyner, the DOT Region Chief.

Cutty
----- Forwarded by Cutty Cunningham/Houston/Eott on 07/20/00 05:40 PM -----

	Ronny Davenport
	07/19/00 08:49 PM

		 To: Richard Johnson/Houston/Eott@Eott
		 cc: Cutty Cunningham/Houston/Eott@Eott, Dan Cole/Remote/Eott@Eott
		 Subject: Polyethylene liner in steel pipe

Per my action step from the meeting with Dana Gibbs and Dan Cole, I have
contacted the Atlanta region of DOT.  I inquired about their take on the
potential for installing a polyethylene liner in an existing steel pipe, at
least as it relates to existing DOT regulations.   The Region Chief, Fred
Joyner, was not in so I visited with a senior inspector. (I am in Midland, my
notes in Houston and his name escapes me at the moment.)

Here is my understanding of the situation:
1. A waiver would be required.
2. If the PE liner depends on the steel pipe for some of its strength, tests
and study results would probably have to be submitted to DOT for their
approval, before a waiver would be granted.
3.  A liner not dependent on the steel pipe for strength could possibly be
approved in 3-4 weeks.
4. I found four waivers that have been issued to date, one for Koch (now
EOTT), one for Sun (now EOTT), and a couple of others.  All were for small
diameter gathering lines that became jurisdictional by virture of their
location.  No mention of a pipe liner in liquids service was found or
referenced.

 I will try another region, or perhaps Richard Sanders at TSI, on Friday.

In my judgment we are in uncharted water.  We can step out and take a risk
(from a regulatory perspective) or we can try to bring the regulators on
board using the "new and better technology" virtures of the liner.  In this
scenario i believe the fluted liner would have a special appeal to them.  My
thinking is that making them a partner in the application of new technology
would hasten the approval process.  This type of liner meets the dual wall
pipe concept so popular with the industry detractors of today.  Maybe, just
maybe, in certain cases, it is a viable answer to that demand.  However, it
is not the panacea that some would like.  Bottom line, I think perhaps a
meeting with some DOT brass and the SE Region Chief would be appropriate.  We
could have our vendor of choice present facts, figures and test results at
that time.  I also believe the liner vendors have a tremendous vested
interest in the outcome of this project.  This may be a factor in vendor
selection, in that we want someone who offers well designed and tested
product that can be supported in a professional manner.


Please provide me with my ID and password to make my election.

Thanks,
Dick Westfahl

	Executive Compensation@ENRON
	Sent by: Enron Announcements@ENRON
	11/14/2000 07:17 PM

		 To: Eligible Employees
		 cc:
		 Subject: Deferral Enrollment 2001

Good news!  Deferral program enrollment begins Wednesday, November 15, 2000.
 Enron's Bonus Stock Option and Bonus Phantom Stock Programs provide you with
an opportunity to receive stock options and phantom stock in lieu of all or a
portion of the cash bonus you may receive during 2001.   To make enrollment
even more convenient for you, this year's deferral program information is
available on eHRonline.

To learn more about your deferral program opportunities and to enroll for
2001 deferrals, access eHRonline at http://ehronline.enron.com.  (Call the
ISC Help Desk at 713-345-4727 if you need your ID or password to access the
system.)

1. Review the program descriptions (attached to the Election Form) before you
make your elections.
2. If you decide to defer compensation, complete the Election Form before
Friday, December 8,  2000 (the enrollment deadline).
3. Print your 2001 Election Form and Confirmation Statement right from the
web site and you,re   finished!

Sound easy?  It is!

DEFERRAL ENROLLMENT 2001--ADDED VALUE FOR YOUR FUTURE


Brenda,

Per my earlier email, Sally will be out of the office Wed-Fri of this week,
so she will be unable to attend.

PT

07/24/2000 01:48 PM
Brenda Flores-Cuellar@ENRON
Brenda Flores-Cuellar@ENRON
Brenda Flores-Cuellar@ENRON
07/24/2000 01:48 PM
07/24/2000 01:48 PM
To: Thomas D Gros/NA/Enron@Enron, Sally Beck/HOU/ECT@ECT, John
Norden/HOU/ECT@ECT, Susan Harrison/HOU/ECT@ECT, D Todd Hall/HOU/ECT@ECT,
Leslie Reeves/HOU/ECT@ECT, Brad Romine/NA/Enron@Enron, Todd
Ballengee/NA/Enron@ENRON, Andrew Cole/NA/Enron@ENRON, Andrew
Matthews/NA/Enron@Enron, Ian Gutierrez/Corp/Enron@Enron, Brenda
Flores-Cuellar/NA/Enron@Enron, sicily.dickenson@luminant.com
cc:
Subject: RE: Mtg. on Wed. July 26th.

There will be a meeting on Wednesday, July 26th in EB 21C1 from 2:00pm - 4pm
to introduce the content writer.  If you are unable to attend, please let me
via e-mail or by calling at x31914.

Thanks,
Brenda


Kate I will have to submit a code change to our Enpower guys to reflect the
$15.00 flat fee change for 1 or 2 days deals.  Currently this can't be coded
based on the duration of these deals because we currently have a code for
daily deals(meaning 1 day only) and a code for short term deals ( meaning
anything 1 day or more but less than 1 month) and a code for long term deals
(meaning anything more than 1 month).   If the fee was per mw, I could simply
go and edit the broker table fee but since this is a flat fee, the codes have
to be adjusted to reflect such.

I have submitted a request and I am waiting on a response.  I will keep you
updated.

Evelyn


This request has been pending your approval for  116 days.  Please click http://itcapps.corp.enron.com/srrs/auth/emailLink.asp?ID=000000000041547&Page=Approval to review and act upon this request.

Request ID          : 000000000041547
Request Create Date : 6/19/01 7:50:30 AM
Requested For       : jaime.gualy@enron.com
Resource Name       : \\nahoutrd\houston\pwr\common\Electric - [Read]
Resource Type       : Directory


Let's discuss - there were quite a few changes to be done first.

The first place to demo will be the Thursday lunch meeting to the Net Works
team when ready.

Thomas D Gros@ENRON
12/12/2000 01:13 PM
To: Louise Kitchen/HOU/ECT@ECT
cc: Greg Whalley/HOU/ECT@ECT, Philippe A Bibi/HOU/ECT@ECT, Sally
Beck/HOU/ECT@ECT

Subject: CommodityLogic All-Module Demo

If you would like, the team will be prepared to show live demonstrations of
the latest versions of all four CommodityLogic modules next Thursday,
December 21st.  This would probably require about 2 hours.  The versions
displayed will be:

Financial Management Module 2.0
Financial Invoice Exchange 1.1
Confirm Central 1.0
Contract Exchange 1.0

Please let us know if you are interested in attending.

All the best,

Tom


AGA for 4/13/01 is 64 Injection

* In addition to the net injection of 64 Bcf of working gas into storage,
5 Bcf of base gas was injected into the Producing Region for the week
ending April 13, 2001. To date, a net of 4 Bcf of base gas has been withdrawn.

Website information:
http://gasfundy.corp.enron.com/gas/framework/default.asp
Drop down Box to "Storage"
In-house Analysis
My files are the last three files.

When the dialog box asks to upadate links click "NO".


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Imbalance update:  I spoke with Mike Bilberry and confirmed that this deal
really is Energy In/Energy Out.  We should not be impacted in any way by a
reallocation to correct PVR percentages or a C5 correction at the plant.
HPL/ENA should rereceive the same volume, Dth for Dth at the residue or at a
redelivery point such as Lobo/Agua.  I have left a message for my counterpart
at Duke and am requesting that they deliver to us, somewhere, an additional
20,125 Dth/Day for the month of December to balance us out.

Please let me know if you have any questions or comments.  I will advise
everyone upon their agreement to payback so that our respective positions
reflect the additional supply.

Mary


Attached below is Dan/Andrea's draft w/ an introductory insert by yours truly
(which might be too aggressive in places), and which incorporates comments by
Kean, Robertson and Mara.  The next round of input goes to the DC team -
Sarah or Ray I assume.  Linda, I'll call you about touching base w/ the
litigation team.


Last Friday, Patricia Arce, (Mario Arce's daughter and a full time  ASMAE
employee) was expressing her [distorted] views  to the press on why
generating companies should not abide by Annex V. She was not speaking on
behalf of ASMAE: however, she was probably reflecting ASMAE view.

I did not mean to shoot the messenger, but I could not refrain myself from
expressing an opposite opinion.

There are two problems in Patricia's view:

1) She is not supposed to express any views on contracts. MAE should only
settle contracts, but never attempt to arbitrate or solve bilateral contract
disputes. The lack of clarity on this point is the sole responsible for MAE's
frustrated attempt to solve the Angra II - Furnas conflict in the last 6
months.  Informativo Regulat?rio # 4 explores the issue in more detail.

2) She was dead wrong. Quite na<ve arguments.

A few arguments why Gs should indeed abide by Annex V (we may use externally,
as you see fit)

1) Gs were forced to sign Initial Contracts.
 * So what? It is a regulated contract by nature, as so many others, such as
CUST, CUSD, CCT, CCD. Does it mean that parties signing those other
agreements should not abide by their clauses?

2) Gs and Ds did not have chance to negotiate terms and conditions
 * So what? I asked Patricia why should any agent sign the Market Agreement
without any chance to negotiate its terms (it is by definition an adhesion
contract). Does it mean that agents should not abide by the MAE Agreement
provisions? Guess what the answer was? None

3) Some Gs did not sign Annex V - e.g. Furnas, which [apparently] disobeyed
Annel's instructions (as per Law 9.648/98)
 *  This is serious
 *  That means that in addition to not be bound by Contract, those Gs do not
want to abide by Law? No response

4) Some companies do not have Annex V
 * So what? Discussion is about Annex V
 * Those companies should follow specific provisions on their supply contracts

6) Ttariff (energy price) was not subject to negotiation as part of the
Initial Contracts - therefore, they were not able to price the risk
represented by Annex V
 *  So what?
 *  Many contracts have regulated prices. All use of system contracts have
regulated prices.
 *  Furthermore, the privatized generators had chance to price the Annex V
risk. Why giving them a windfall now? (Since it is a zero sum game, a
windfall for generators is tantamount to a loss to distributors)

7) Annex V was not designed to deal with rationing: it was designed to
mitigate hydrological risks due to central dispatch
 * Wrong
 *  ERM (Mecanismo de Realoca??o de Energia) was the mechanism put in place
to deal with risks deriving from a central dispatch in a hyper tight pool
operation
 *  Annex V was indeed designed to deal with rationing. It is called "dry
period relief" clause. It was proposed by the generators and approved by
Annel. The spot price is a "proxy" for the depth of rationing. One should not
evoke rationing.

I think it is advisable to have a strong legal opinion on how Annex V is
"bullet proof". In the meantime, let me share my views:

 * There is very limited room for negotiation whatsoever on Annex V and on
the [ridiculous] proposal made by generators that merchant plants should
collect part in cash and part of their sales in [junk] bonds. We should make
this clear at the outset.

 *  We should make Minister Patente realize  that Mario Arce's proposal is
non-sense. Changing established contracts or setting caps on spot prices  is
a bad precedent. No bail out for the ones who did mitigate perfectly known
risks. A cap on spot is equivalent to what the Central Bank did for Makra and
Fonte-Cindam (and became a public scandal) .  If we do want to create a
market , we need to have responsible contracting. Irresponsible contracting
should not be forgiven. If we do it, we will create a bad precedent and a
poor environment for contracting. We have to show Minister Parente that
irresponsible contracting has to be penalized at market rates (no caps on
spot). Irreponsible contracting will not expand capacity. Breaching contracts
will create an uncertain environment for new PPAs. Crisis will get worse and
worse.

 *  Generators should have the burden of proof.  In the meantime, Annex V is
effective and should be enforceable

 * Regarding California case, as mentioned by Mario Arce: It is a totally
different situation. In California D/Cs were not allowed to contract. In
Brazil they were strongly encouraged. Generators who signed Annex V could
also have hedged their residual risks on Annex V.They did not. They acted
irresponsibly. They second-guessed regulations. They did not help in
expanding capacity. They knew goverment will bail them out and revoke Annex
V.

 *  The argument "no one should lose, no one should gain" during rationing is
inconsistent with market signals. Some one has to lose, some one has to gain
by definition. And [hopefully] someone has to go bankrupt. This will be a
great lesson. People will start taking market signals more seriously.
Otherwise, there will never be expansion and there will never be a market.

 *  We have to be as transparent as possible.

Finally, I suggest Enron to write a position paper on our own view on Annex V
and caps on spot and deliver it to Minister Parente early this week.

I volunteer to prepare a first draft, if you guys agree it is a good idea.

LM


missing deal

sell aep
25 mw
125.00
Q4
np 158


Yes, the deal would have been for today.  I'm not sure who the trader was and
Larry has already left for the day.  I will probably just leave a note for
him with his packet and resolve the issue tomorrow.

Thanks,
 Susan

	Enron Capital & Trade Resources
	Canada Corp.

	From:  Carlos Torres                           10/23/2000 04:26 PM

To: Susan M Scott/HOU/ECT@ECT
cc:
Subject: Re: Sumas deal w/ Larry May

For today?  Also, do you know roughly what the of the deal is because I only
see Chris Lambie's and John Mckay's deals
.
Today's deals do not contain any deals at Sumas with Larry May, again, I am
speaking of John  Mckay and Chris Lambie.

Carlos


I concur legally and contractually.  That was the intent of the agreement.
All we gave up was our right to LD claims for construction schedule and
initial performance, not for warranty claims.

However, given that the total amount is on the order of $0.4MM and given that
SW's cooperation is vital in getting a written letter stating that running
the Gleason units through the summer will not be detrimental, and
vane/diagram replacement will be under warranty in October, I believe it
might prove more valuable to wait until after closing to initiate a claim.

Legally speaking, once we close, do we still have the right to collect on a
warranty claim??

Mitch

From: Stuart Zisman@ECT on 04/20/2001 09:34 AM
To: Ross Newlin/HOU/EES@EES
cc: Mitch Robinson/Corp/Enron@Enron, Don Miller/Enron@EnronXGate, Kay
Mann/Corp/Enron@Enron

Subject: Westinghouse - State Group Claims

I spoke with Kay and she agreed that her interpretation of the settlement
letter was the same as mine (i.e. no waiver of warranty claims or claims of
faulty construction/design).  Subject to Mitch's agreement (because he had
the primary role in the negotiation of that settlement with Westinghouse), we
would suggest writing a letter alerting Westinghouse of our claim and of our
desire to meet quickly to discuss this matter.  The letter might also suggest
that if we are not able to resolve this matter quickly we expect to draw down
on the letter of credit.  This latter threat might gain the level of
attention that we desire.  Of course, I would be careful about how it is
phrased (it might be worthwhile to run it by Andy Edison, the litigator).

Stuart


Damn it all to hell!

What are you doing with my inheritance?  We enjoyed the dinner as well.  We
are available whenever you would like to join us.  We should do it at least
bi-weekly.
Work is good - I have had a pretty good month thus far (knock on wood).

How are things going with you?

Your loving son,
-e

"K. Bass" <daphneco64@bigplanet.com> on 11/13/2000 11:54:03 AM
Please respond to "K. Bass" <daphneco64@bigplanet.com>
To: Eric.Bass@enron.com
cc:
Subject: Re: Friday

Hi Eric,

We sure enjoyed being with you and your lovely Shanna Friday evening.  We
should do that more often.  How is your day going?  Work real hard because
we've lost all of your inheritance.  LU-M
----- Original Message -----
From: <Eric.Bass@enron.com>
To: <lwbthemarine@bigplanet.com>; <daphneco64@bigplanet.com>
Sent: Thursday, November 09, 2000 11:10 AM
Subject: Friday

> What are you doing for dinner tomorrow?  Would you like to meet up with
> Shanna and I somewhere?
>
> Let me know.
>
> -E
>


Mark:  In case Global Finance is desparate in the next two days, I'm forwarding the project in this email and a following email.  Thanks.  Sara

-----Original Message-----
From: Puchot, Paul
Sent: Monday, September 24, 2001 10:45 AM
To: Shackleton, Sara
Cc: Koogler, David
Subject: Project Bruin

Sara,

Attached is the initial draft of the term sheet prepared by Bear Stearns for use in connection with Project Bruin. I hope that the e-mails I am forwarding to you are sufficient to give you an idea of the nature and intended accomplishments of the exercise.

Now that I am re-reading the message from Tom Blair of Bear Stearns, I see that he intended to follow up with additional detailed term sheets. I will ask whether those have been provided to us and forward them to you in the event we have them.

Paul

-----Original Message-----
From: Howard, Kevin A.
Sent: Tuesday, September 18, 2001 5:25 PM
To: Koogler, David; Puchot, Paul
Subject: FW: Very preliminary termsheet idea

fyi.

-----Original Message-----
From: Blair, Tom (Exchange) [mailto:blair@bear.com]
Sent: Tuesday, September 18, 2001 5:19 PM
To: 'Kevin A. Howard'
Subject: FW: Very preliminary termsheet idea

Kevin,

Please find following an indicative term-sheet for your/team's review.
While there are three simultaneous trades occuring at the same time, Davis
wanted one term-sheet to use for your internal conversations for simlplicity
sake.  We will have additional term-sheets available for all three
components of the trade tomorrow.  I will make sure you have a summary pitch
book available to discuss the merits/risks of the trade by Friday.

Speak with you in the am.

Best.

Tom

Thomas C. Blair
Managing Director
Bear, Stearns & Co. Inc.
245 Park Avenue
New York, New York 10167
212-272-2833 (office)
212-272-6227 (Facsimile)
tblair@bear.com

> -----Original Message-----
> From:	Guinchard, Claude (Exchange)
> Sent:	Monday, September 17, 2001 5:08 PM
> To:	Blair, Tom (Exchange)
> Subject:	FW: Very preliminary termsheet idea
>
>
>
>  -----Original Message-----
> From: 	Guinchard, Claude (Exchange)
> Sent:	Monday, September 17, 2001 4:48 PM
> To:	'davis.thames@enron.com'
> Subject:	Very preliminary termsheet idea
>
>  <<Basket Collared Swap Termsheet.doc>>
>
> Davis,
>
> I am sending this to you so that we can discuss the structure together.
> Work through it and tell me what you think. It is probably best to assume
> that dividends are zero for the time being but we should begin to focus on
> the impact of dividends relatively soon.
>
> Claude


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AFAC and Marcelo:  Thank you for the message.  We would suggest Tuesday,
November 30 at Enron's offices.  Is 9 am convenient for you?  Please advise.
Regards.  Sara


Lots of work still needs to be done but this is a start.


Mary will be working from home today.  She is also available on cell.

I do not know when she will return to the office, but will update you as I
receive more information.

Lysa
503/464-7927


Lindy -- I'm working on a checklist.
There were just a couple of issues arising from the discussions with market
services, weren't there?
One having to do with whether we want to change our 68 A to reflect FTS-1 and
FTS-3 in same bucket -- I'm leaning towards not changing since the language
is already general enough to cover us there.
The other issue had to do with issuing the OFO if EFBH does not show up in
the last cycle.  I do not believe any changes are necessary there either.
The tariff language as it's currently written says we "shall" issue an OFO,
and we would, but an OFO issued in the last cycle would simply be a formality
and the EFBH shipper would have no choice but to pay the penalty.
If you see any roadblocks on these 2 tariff sheets (27A and 68A), or if there
are any other issues we need to address, let me know.  Also, if you want to
sit down and go thru my checklist together sometime tomorrow, or even later
this afternoon, I'm available.
Thanks!
S.

Lindy Donoho
02/01/2000 10:40 AM
To: Ramona Betancourt/ET&S/Enron@ENRON, Susan Scott/ET&S/Enron@ENRON
cc: Steven Harris/ET&S/Enron@ENRON, Sheila Nacey/ET&S/Enron@ENRON, Lynn
Blair/ET&S/Enron@ENRON, Darrell Schoolcraft/ET&S/Enron@ENRON, Elizabeth
Brown/ET&S/Enron@ENRON, Cynthia Rivers/ET&S/Enron@ENRON, Steven
January/ET&S/Enron@ENRON, Julia White/ET&S/Enron@ENRON, TK
Lohman/ET&S/Enron@ENRON

Subject: Re: EFBH Service approved

The effective date will be 2/23/2000.  Marketing does not anticipate offering
the service until March 1, 2000.

Susan is working on the compliance tariff sheets right now to be filed 15
days after the Order is issued (the Draft Order was issued last Thursday, so
the final Order should be issued within a couple days after that).  The
change I think you're referring to is the way we had anticipated prorating
FTS-1 & FTS-3 together when FBH is showing-up and now, we actually will match
FTS-3 with the FBH space and FTS-1 will be allocated "existing" space as
usual.  Susan is looking at the tariff language now and is thinking a
language change may not be necessary.  She will be discussing with Mary Kay.
Regardless of which decision, it's being addressed.

Were there any other tariff language changes? (I know FTS-3 should be added
to 22.2, D, 1.  Susan and Mary Darveaux are reviewing all the GT&C's to check
for where FTS-3 &/or FBH should be referenced, etc.)

Please let me know.  Thanks!
Lindy

Ramona Betancourt
02/01/2000 09:47 AM
To: Lindy Donoho/ET&S/Enron@ENRON
cc: Sheila Nacey/ET&S/Enron@ENRON, Lynn Blair/ET&S/Enron@ENRON, Darrell
Schoolcraft/ET&S/Enron@ENRON, Elizabeth Brown/ET&S/Enron@ENRON, Cynthia
Rivers/ET&S/Enron@ENRON, Steven January/ET&S/Enron@ENRON, Julia
White/ET&S/Enron@ENRON, TK Lohman/ET&S/Enron@ENRON

Subject: Re: EFBH Service approved

Lindy,
Does this mean that the effective date will still be 2/23/2000?

Also did all of our changes that we discussed in our system requirement
meetings get included in the revised tariff sheets?

What date will marketing start offering the service? I know we are still
pushing to have the nominations, contracts, scheduling & confirmation system
changes ready for 3/1/2000  production migration move.

Thanks Ramona


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If you have any questions, please call the Resolution Center at x31411.


Marie,
Gary signed off on the SNL agreement yesterday for the financial database services.
Can we get a copy for our files?
thanks. sheila


Dave:
I was thinking about our conversation yesterday.   If El Paso, absent this
power deal, were to give us physical gas for 8 years discounted at their WACC
in exchange for an upfront cash payment from ENE, is that transaction a
mark-to-market gain for us?  If not, what's the difference in paying them
with an asset rather than cash.  If it is a mark-to-market gain, isn't this a
way to generate false P&L?
John


---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 01/04/2001
08:08 AM ---------------------------

Robert Brooks <rebrooks@earthlink.net> on 01/03/2001 08:09:19 PM
Please respond to "rebrooks@rbac.com" <rebrooks@rbac.com>
To: "'rebrooks@rbac.com'" <rebrooks@rbac.com>
cc:
Subject: FW: HOW TO SURVIVE A HEART ATTACK WHEN ALONE

Hopefully, you will never need to USE this information, but it looks like
something vital to KNOW.
Bob Brooks

The following is forwarded for your information from:
Phillip L. Stephenson
Director of (Coast Guard Auxiliary)
Eighth District Eastern Region
Tel: 502-625-7543 / 1-800-217-4420
Fax: 502 625 7545
E-mail: PStephenson@dirauxlouisville.uscg.mil
WebPages: www.uscg.mil/d8/diraux/8er/index.htm

This is excellent info considering that the average age of an Auxiliarist is
58.5 years.

ITS WORTH PASSING ON - PLEASE REMEMBER IT.

Let's say it's 6:15 p.m. and you're driving home (alone of course), after an
unusually hard day on the job. You're really tired, upset and frustrated.
Suddenly you start experiencing severe pain in your chest that starts to
radiate out into your arm and up into your jaw. You are only about five
miles from the hospital nearest your home, unfortunately you don't know if
you'll be able to make it that far. What can you do? You've been trained in
CPR but the guy that taught the course neglected to tell you how to perform
it on yourself.

HOW TO SURVIVE A HEART ATTACK WHEN ALONE

(Since many people are alone when they suffer a heart attack, this article
seemed in order.) Without help, the person whose heart stops beating
properly and who begins to feel faint, has only about 10 seconds left before
losing consciousness. However, these victims can help themselves by coughing
repeatedly and very vigorously. A deep breath should be taken before each
cough, and the cough must be deep and prolonged, as when producing sputum
from deep inside the chest. A breath and a cough must be repeated about
every two seconds without let up until help arrives, or until the heart is
to be beating normally again. Deep breaths get oxygen into the lungs and
coughing movements squeeze the heart and keep the blood circulating. The
squeezing pressure on the heart also helps it regain normal rhythm. In this
way, heart attack victims can get to a hospital. Tell as many other people
as possible about this, it could save their lives!


What type of projects? If you give me a brief description of what you are
referring to I can forward to the correct person. Thanks, R. Buy


Attached are the ClickPaper approvals for October 17, 2000.  Thanks.

Walter


Do you have interest in having a semi formal party at the guggenheim for our
ny counterparties?  was thinking it might be a good pr move.
---------------------- Forwarded by John Arnold/HOU/ECT on 03/20/2001 09:35
PM ---------------------------
From: Margaret Allen@ENRON on 03/19/2001 05:23 PM
To: John Arnold/HOU/ECT@ECT
cc:
Subject: Re: Guggenheim Museum

There will be a corporate lounge for you to congregate in.  Does that sound
good?  No problem on the thrity tickets.  I will hold them for you.  Let me
know if you don't think yo uwill be needing all of them. I can also get you
the formal invitations to send out if you would like.

	John Arnold@ECT
	03/19/2001 11:22 AM

		 To: Margaret Allen/Corp/Enron@ENRON
		 cc:
		 Subject: Re: Guggenheim Museum

On Friday, will there be a private reception or area for us or will our
customers get lost in the crowd?
Probably thinking 30 invites for Friday.  Is that ok?

From: Margaret Allen@ENRON on 03/16/2001 10:23 AM
To: John Arnold/HOU/ECT@ECT
cc:
Subject: Guggenheim Museum

Hey Buster,

Hope you had a great time in Cabo! I'm so jealous.  I need a vacation
desperately!

I'm trying to get a commitment on numbers from the different groups for the
Guggenheim events.  Will you look over this document and tell me which ones
you would like to attend and how many people you would like to bring to each?
Of course, I need it ASAP -- what's new, right?!!

Thanks honey! Margaret


Jim,

Thanks. I shall drop him an E-mail.

Vince

james.w.petrie.jr@us.arthurandersen.com on 07/27/2000 05:51:31 PM
To: vkamins@enron.com
cc: allan.roberts@uk.arthurandersen.com
Subject: Allan Roberts eMail

Vince - It was a pleasure to meet you this afternoon.  As promised, please
find
Allan's eMail address above.  We look forward to working with Enron and MIT on
finding better ways to value companies.

If you have any questions, please feel free to contact me.

JIM

---------------------------------
James W. Petrie, Jr.
Knowledge Sharing Director
Energy Industry Knowledge Services Group
Arthur Andersen LLP - Houston Office
Voice ==> 713.237.2357, Fax ==> 713.237.5673
james.w.petrie.jr@us.arthurandersen.com
----------

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**Clarification**

Harassment Prevention Training

This training is mandatory for all Enron employees employed since the last
seminar was conducted  in late 1998 or early 1999.  Those who have already
attended Enron harassment avoidance training will be offered a refresher
course in avoiding and preventing harassment.

To contribute our personal best at ENRON, our conduct must promote respectful
and co-operative work relationships. Workplace harassment conflicts with
ENRON's vision and values and violates Company policy.  Harassment also can
violate federal and state laws.  By understanding what harassment is and its
potential harm, we can prevent it in our workplace.

During this training you will:

 Be able to recognize harassment
 Learn to take precautions against being harassed
 Learn to avoid being considered a harasser
 Know how to address a situation involving harassment
 Learn how harassment prevention is consistent with ENRON values

Please click here (  )  to sign up for the session of your choice.    If you
have problems registering or have any questions, please call 713 853-0357.

We are pleased to announce that all employees of EWS and EES will receive
harassment prevention training.

The dates and times available for the sessions are:

 Friday, Feb 23; 1:00 - 2:30; 2:45 - 4:15
  Monday Mar 5; 1:00 - 2:30; 2:45 - 4:15; 4:30 - 6:00

All training sessions will be held in the LaSalle Room at the DoubleTree
Hotel.
There is a $50 charge for each attendee in the training session.


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Attached is a revised Credit Watch listing for the week of 11/19/01.   The Yuma Companies (Inc.) has been added to this week's "Call Credit" column.
If there are any personnel in your group that were not included in this distribution, please insure that they receive a copy of this report.
To add additional people to this distribution, or if this report has been sent to you in error, please contact Veronica Espinoza at x6-6002.

For other questions, please contact Jason R. Williams at x5-3923,  Veronica Espinoza at x6-6002 or Darren Vanek at x3-1436.


Say they make the offer....what then?


We got them, the guy next to me was collecting and found them, I will send
out an email later this morning with the scores.
PL


Yes.  Are you coming to drink with us?  It should be quite the blowout given the circumstances.

-----Original Message-----
From: Nemec, Gerald
Sent: Tuesday, November 27, 2001 3:30 PM
To: Guerrero, Janel
Subject: RE: Farewell Drinks

Your leaving Friday?

-----Original Message-----
From: Guerrero, Janel
Sent: Tuesday, November 27, 2001 10:56 AM
To: Friesenhahn, Shelly; Vegas, Dennis; Allen, Margaret; Scheuer, Janelle; Keeler, Jeff; Abramo, Caroline; Ambler, John; Andrews, Jeff; Bachmeier, Rick; Bagwell, Jennifer J; Beach, Gentry; Belden, Tim; Benevides, Dennis; Briggs, Tom; Brockwell, Jennifer; Castano, Marianne; Catherine McKalip Thompson (E-mail); Childers, Courtney; Childress, Allen B.; Cohagan, Fred; Cowan, Beth; Hamb, Edward; Heffernan, Amy; Herndon, Rogers; Hess, Ryan; Hinrichs, Lance; Iannarone, Lauren; Jacoby, Ben; Loosley, David; Lorenz, Matt; Loukanis, Linda K.; Schultz, Michelle; Mayer, Laurie; Mayes, Tomasine; Mixon, Mark; 'borourke@reliant.com'; Nettelton, Marcus; Nemec, Gerald; Pagan, Ozzie; Presto, Kevin M.; Delainey, David W.
Subject: FW: Farewell Drinks

Friends, when Lara and I worked on this invite list I was at the airport trying to catch an international flight.  Consequently, we missed a few names.  Please see the message below and join us for farewell drinks on Thursday.

-----Original Message-----
From: Leibman, Lara
Sent: Monday, November 26, 2001 7:52 AM
To: Shapiro, Richard; Steffes, James D.; Dernehl, Ginger; McVicker, Maureen; Kean, Steven J.; Linnell, Elizabeth; Binns, Darran; O'connell, Earlene; Sullivan, Kathleen; Ibrahim, Amr; Petrochko, Mona L.; Gottfredson, Bryan; Dolezal, Regan; Enochs, Fred; Racicot, Paul; Garrett, Bryan; Phillips, George; Philipp, Meredith; Denne, Karen; Palmer, Mark A. (PR); Palmer, Sarah; Clark, Mary; Votaw, Courtney; Schmidt, Ann M.; Richter, Brad; Piper, Greg; Woulfe, Greg; Frey, Gunnar; La, Nicole; Marshall, Lucy; Fallon, Jim; Edison, Susan; Sidler, Shirley; Zimmerman, Grant; Schneider, Richard; Barnes, Corbin; Harris, Michael; Santikos, Mark; Harkness, Cynthia; Hicks, Michelle; Rossi, Robbi; Gardner, Wayne; Gartner, Julie S.; Gresham, Wayne; Mcgowan, Kevin; Hochschild, Lenny; Wilhite, Jane; Clayton, Paul; Puchot, Paul; Koogler, David; Madaras, Tom; McDonald, Rob; Heintzelman, Pete; Arnold, Matthew; Arnold, John; Noble, Ted; Korioth, Ann; Tobor, Rachael; Kalmans, Elyse; Olson, Cindy; Shankman, Jeffrey A.; Reck, Daniel; Metcalf, Kellie; Charvel, Ricardo; Brown, Jeff; Bolton, Stacey; Huson, Maggy; Perez, Carmen; Nord, Sue; Reyna, Margo; Barnes, Lynnette; Lawrence, Linda L.; Noske, Linda J.; Yeung, Charles; Burns, Stephen; Robertson, Linda; Hartsoe, Joe; Hardy Jr, John; Rizzo, Helen; Hawkins, Bernadette; Novosel, Sarah; Fulton, Donna; Cooney, Carolyn; Sullivan, Lora; Long, Chris; Buerger, Rubena; Kingerski, Harry; Keene, Patrick; Ogenyi, Gloria; Frank, Robert; Neustaedter, Robert; Pharms, Melinda; Moore, Bill; Allen, Joe; Mara, Susan; Dasovich, Jeff; Montovano, Steve; Migden, Janine; Rishe, Frank; Ferlic, Suzanne; Reinfeld, David; Spector, Brian; Seeligson, Stewart; Woody, Rus; Manuel, Scott; Jachimiak, Matthew; Sheldon, Steven; Kaufman, Paul; Perlman, Beth; Wenz, Michelle; Lindberg, Susan; Roan, Michael; Nicolay, Christi L.; Warner, Geriann; Alamo, Joseph; Lawner, Leslie; Allegretti, Daniel; Boston, Roy; Hueter, Barbara A.; Stroup, Kerry; Jacobson, Lisa; Baxter, Ashley; Pollock, Adam; Pagan, Ozzie; Lewis, William Patrick; Bradley, Rob; Benson, Eric; Hemstock, Robert; Chapman, Tom; Hetrick, Nancy; Fromer, Howard; Floris, Vinio; Levy, Alberto; Kishigami, Kikumi; Knight, Laurie; Landwehr, Susan M.; Mangskau, David; Hamilton, Allison; Palmer, Germain; Robinson, Marchris; Stransky, Joan; Hartfield, Rita; Twiggs, Thane; Letzerich, Palmer; Watanabe, Luiz; Walton, Steve; Grimes, Michael; Grant, Fiona; Stephens, Sharonda; Perez, Gus; Sarkissian, Arshak; Suarez, John; Cantrell, Rebecca W.; Burton, Katrina; Miles, Andrew; Arnell, Doug; Marvin, Michele Nezi; Wapner, Beth; Estrada, Roger; Masani, Zal; Hill, Jo Ann; Thome, Jennifer; Thome, Stephen; Costello, Zachary; Commons, Matthew; Hilgert, Chris; Lebeau, Paul; Walt, John; Warner, Traci; Lemmons Jr., Billy; Reichelderfer, Thomas; Magruder, Kathleen; Merola, Becky; Derecskey, Cindy; Williams, Robert C.; Parks-Foutch, Michelle; Edison, Andrew; Corman, Shelley; King Jr., Frazier; Baker, Marilyn N; Barbarawi, Moe; Betzer, Evan; Leff, Dan; Maurer, Luiz; Cross, Edith; Mainzer, Elliot; Martin, Amanda; Matamoros, Joseph; Mcconnell, Mike; Siegel, Misha; Schwartz, Laura; Taylor, Gary; Andraca, Marc; Snyder, Brad J.; Capestany, Mari; Wagner, Joseph; Lewis, James W.; Persson, Roger; Baukney, Scott; Aucoin, Berney C. ; Golden, Jeff; Brown, Michael (EES); Massey II, John; Woods, Trevor; Ferrara, Julie; Gilbert-smith, Doug; Coulter, Kayne; Dean, Clint; Pizzolato, Paul; Litton, Todd; McCaffrey, Deirdre; Konur, Sanjay; Wagner, Vincent; Gupta, Gautam; Mulholland, Sarah; Rigney, Brandon; Reagor, Rodney; Huertas, Alfredo; Canovas, Guillermo; Alvarez, Ray; Bestard, Jose; Comnes, Alan; Ingersoll, Richard; Hoatson, Tom; Shelk, John; Shortridge, Pat; Staines, Dan; Ryall, Jean; Haizmann, Jan; Wilson, Angela; Duffy, Matthew; Kimberly, Kelly; James, Terrie; Curran, Greg; Sharp, Vicki; Buchanan, Harold; Van Gelder, John; Van Chau, Michael; Felix, Bob; Franz, Kathy; Caplan, Ilan; Mansfield, Shelly; Vann, Suzanne
Cc: Guerrero, Janel; Leibman, Lara
Subject: Farewell Drinks

As our last day is Friday, November 30th, we would love to toast the good times and special memories that we have shared with you over the past five years.  Please join us at Teala's (W. Dallas) on Thursday, November 29th, beginning at 5pm.

Looking forward to being with you,

Lara and Janel

Lara Leibman
713.851.7770 (cellular)
713.528.5281 (home)
lleibman@houston.rr.com <mailto:lleibman@houston.rr.com>

Janel Guerrero
713.851.3778 (cellular)
713.524.1534 (home)
travelgirl_janel@hotmail.com <mailto:travelgirl_janel@hotmail.com>


Please forward all necessary data and models per the netco agreement
--------------------------
Sent from my BlackBerry Wireless Handheld (www.BlackBerry.net)


UBS trader phone number
---------------------- Forwarded by Laurel Adams/HOU/ECT on 05/02/2001 12:36
PM ---------------------------

"ELLEN SU, ENRON CORP." <ELLENSU1@bloomberg.net> on 05/02/2001 11:55:17 AM
To: LAUREL.ADAMS@enron.com
cc:
Subject: DAVID KELLY PHONE NUMBER  203-719-5427

DAVID KELLY PHONE NUMBER  203-719-5427


Business/Financial Desk; Section C
Text of Letter to Enron's Chairman After Departure of Chief Executive

01/16/2002
The New York Times
Page 6, Column 1
c. 2002 New York Times Company

   Following is the text of an unsigned letter written in August to
Kenneth L. Lay, the chairman of the Enron Corporation, after Jeffrey K.
Skilling resigned unexpectedly as chief executive on Aug. 14. Its author
was later identified as Sherron S. Watkins, a vice president for
corporate development at Enron. The House Energy and Commerce Committee
released excerpts of the letter on Monday and the full letter yesterday:

   Has Enron become a risky place to work? For those of us who didn't
get rich over the last few years, can we afford to stay?
   Skilling's abrupt departure will raise suspicions of accounting
improprieties and valuation issues. Enron has been very aggressive in
its accounting -- most notably the Raptor transactions and the Condor
vehicle. We do have valuation issues with our international assets and
possibly some of our EES MTM positions.

   The spotlight will be on us, the market just can't accept that
Skilling is leaving his dream job. I think that the valuation issues can
be fixed and reported with other good will write-downs to occur in 2002.
How do we fix the Raptor and Condor deals? They unwind in 2002 and 2003,
we will have to pony up Enron stock and that won't go unnoticed.

   To the layman on the street, it will look like we recognized funds
flow of $800 million from merchant asset sales in 1999 by selling to a
vehicle (Condor) that we capitalized with a promise of Enron stock in
later years. Is that really funds flow or is it cash from equity
issuance?

   We have recognized over $550 million of fair value gains on stocks
via our swaps with Raptor. Much of that stock has declined significantly
-- Avici by 98 percent from $178 million, to $5 million; the New Power
Company by 80 percent from $40 a share, to $6 a share. The value in the
swaps won't be there for Raptor, so once again Enron will issue stock to
offset these losses. Raptor is an LJM entity. It sure looks to the
layman on the street that we are hiding losses in a related company and
will compensate that company with Enron stock in the future.

   I am incredibly nervous that we will implode in a wave of accounting
scandals. My eight years of Enron work history will be worth nothing on
my resume, the business world will consider the past successes as
nothing but an elaborate accounting hoax. Skilling is resigning now for
''personal reasons'' but I would think he wasn't having fun, looked down
the road and knew this stuff was unfixable and would rather abandon ship
now than resign in shame in two years.

   Is there a way our accounting guru's can unwind these deals now? I
have thought and thought about a way to do this, but I keep bumping into
one big problem -- we booked the Condor and Raptor deals in 1999 and
2000, we enjoyed wonderfully high stock price, many executives sold
stock, we then try and reverse or fix the deals in 2001, and it's a bit
like robbing the bank in one year and trying to pay it back two years
later. Nice try, but investors were hurt, they bought at $70 and $80 a
share looking for $120 a share and now they're at $38 or worse. We are
under too much scrutiny and there are probably one or two disgruntled
''redeployed'' employees who know enough about the ''funny'' accounting
to get us in trouble.

   What do we do? I know this question cannot be addressed in the
all-employee meeting, but can you give some assurances that you and
Causey will sit down and take a good hard objective look at what is
going to happen to Condor and Raptor in 2002 and 2003?

   Summary of Alleged Issues:

   RAPTOR  Entity was capitalized with LJM equity. That equity is at
risk; however, the investment was completely offset by a cash fee paid
to LJM. If the Raptor entities go bankrupt LJM is not affected, there is
no commitment to contribute more equity.

   The majority of the capitalization of the Raptor entities is some
form of Enron N/P, restricted stock and stock rights.

   Enron entered into several equity derivative transactions with the
Raptor entities locking in our values for various equity investments we
hold.

   As disclosed in 2000, we recognized $500 million of revenue from the
equity derivatives offset by market value changes in the underlying
securities.

   This year, with the value of our stock declining, the underlying
capitalization of the Raptor entities is declining and credit is pushing
for reserves against our MTM positions.

   To avoid such a write-down or reserve in quarter one 2001, we
''enhanced'' the capital structure of the Raptor vehicles, committing
more ENE shares.

   My understanding of the third-quarter problem is that we must
''enhance'' the vehicles by $250 million.

   I realize that we have had a lot of smart people looking at this and
a lot of accountants including AA & Co. have blessed the accounting
treatment. None of that will protect Enron if these transactions are
ever disclosed in the bright light of day. (Please review the late 90's
problems of Waste Management -- where AA paid $130 million plus in
litigation re questionable accounting practices.)

   The overriding basic principle of accounting is that if you explain
the ''accounting treatment'' to a man in the street, would you influence
his investing decisions? Would he sell or buy the stock based on a
thorough understanding of the facts? If so, you best present it
correctly and/or change the accounting.

   My concern is that the footnotes don't adequately explain the
transactions. If adequately explained, the investor would know that the
''entities'' described in our related party footnote are thinly
capitalized, the equity holders have no skin in the game, and all the
value in the entities comes from the underlying value of the derivatives
(unfortunately in this case, a big loss) AND Enron stock and N/P.
Looking at the stock we swapped, I also don't believe any other company
would have entered into the equity derivative transactions with us at
the same prices or without substantial premiums from Enron. In other
words, the $500 million in revenue in 2000 would have been much lower.
How much lower?

   Raptor looks to be a big bet if the underlying stocks did well, then
no one would be the wiser. If Enron stock did well, the stock issuance
to these entities would decline and the transactions would be less
noticeable. All has gone against us. The stocks, most notably Hanover,
the New Power Company and Avici are underwater to great or lesser
degrees.

   I firmly believe that executive management of the company must have a
clear and precise knowledge of these transactions and they must have the
transactions reviewed by objective experts in the fields of securities
law and accounting. I believe Ken Lay deserves the right to judge for
himself what he believes the probabilities of discovery to be and the
estimated damages to the company from those discoveries and decide one
of two courses of action:

   1. The probability of discovery is low enough and the estimated
damage too great; therefore we find a way to quietly and quickly
reverse, unwind, write down these positions/transactions.

   2. The probability of discovery is too great, the estimated damages
to the company too great; therefore, we must quantify, develop damage
containment plans and disclose.

   I firmly believe that the probability of discovery significantly
increased with Skilling's shocking departure. Too many people are
looking for a smoking gun.

   Summary of Raptor Oddities:

   1. The accounting treatment looks questionable.

   a. Enron booked a $500 million gain from equity derivatives from a
related party.

   b. That related party is thinly capitalized with no party at risk
except Enron.

   c. It appears Enron has supported an income statement gain by a
contribution of its own shares.

   One basic question: The related party entity has lost $500 million in
its equity derivative transactions with Enron. Who bears that loss? I
can't find an equity or debt holder that bears that loss. Find out who
will lose this money. Who will pay for this loss at the related party
entity?

   If it's Enron, from our shares, then I think we do not have a fact
pattern that would look good to the S.E.C. or investors.

   2. The equity derivative transactions do not appear to be at arms
length.

   a. Enron hedged New Power, Hanover and Avici with the related party
at what now appears to be the peak of the market. New Power and Avici
have fallen away significantly since. The related party was unable to
lay off this risk. This fact pattern is once again very negative for
Enron.

   b. I don't think any other unrelated company would have entered into
these transactions at these prices. What else is going on here? What was
the compensation to the related party to induce it to enter into such
transactions?

   3. There is a veil of secrecy around LJM and Raptor. Employees
question our accounting propriety consistently and constantly. This
alone is cause for concern.

   a. Jeff McMahon was highly vexed over the inherent conflicts of LJM.
He complained mightily to Jeff Skilling and laid out five steps he
thought should be taken if he was to remain as treasurer. Three days
later, Skilling offered him the C.E.O. spot at Enron Industrial Markets
and never addressed the five steps with him.

   b. Cliff Baxter complained mightily to Skilling and all who would
listen about the inappropriateness of our transactions with LJM.

   c. I have heard one manager-level employee from the principal
investments group say, ''I know it would be devastating to all of us,
but I wish we would get caught. We're such a crooked company.'' The
principal investments group hedged a large number of their investments
with Raptor. These people know and see a lot. Many similar comments are
made when you ask about these deals. Employees quote our C.F.O. as
saying that he has a handshake deal with Skilling that LJM will never
lose money.

   4. Can the general counsel of Enron audit the deal trail and the
money trail between Enron and LJM/Raptor and its principals? Can he look
at LJM? At Raptor? If the C.F.O. says no, isn't that a problem?

   Condor and Raptor Work:

   1. Postpone decision on filling office of the chair, if the current
decision includes C.F.O. and/or C.A.O.

   2. Involve Jim Derrick and Rex Rogers to hire a law firm to
investigate the Condor and Raptor transactions to give Enron
attorney-client privilege on the work product. (Can't use V & E due to
conflict -- they provided some true sale opinions on some of the deals).

   3. Law firm to hire one of the big 6, but not Arthur Andersen or
PricewaterhouseCoopers due to their conflicts of interest: AA & Co.
(Enron); PWC (LJM).

   4. Investigate the transactions, our accounting treatment and our
future commitments to these vehicles in the form of stock, NP, etc., For
instance: In the third quarter we have a $250 million problem with
Raptor 3 (NPW) if we don't ''enhance'' the capital structure of Raptor 3
to commit more ENE shares. By the way: in Q. 1 we enhanced the Raptor 3
deal, committing more ENE shares to avoid a write-down.

   5. Develop cleanup plan:

   a. Best case: Clean up quietly if possible.

   b. Worst case: Quantify, develop P.R. and I.R. campaigns, customer
assurance plans (don't want to go the way of Salomon's trading shop),
legal actions, severance actions, disclosure.

   6. Personnel to quiz confidentially to determine if I'm all wet:

   a. Jeff McMahon

   b. Mark Koenig

   c. Rick Buy

   d. Greg Walley

   To put the accounting treatment in perspective I offer the following:

   1. We've contributed contingent Enron equity to the Raptor entities.
Since it's contingent, we have the consideration given and received at
zero. We do, as Causey points out, include the shares in our fully
diluted computations of shares outstanding if the current economics of
the deal imply that Enron will have to issue the shares in the future.
This impacts 2002-2004 earnings-per-share projections only.

   2. We lost value in several equity investments in 2000, $500 million
of lost value. These were fair-value investments; we wrote them down.
However, we also booked gains from our price risk management
transactions with Raptor, recording a corresponding PRM account
receivable from the Raptor entities. That's a $500 million related party
transaction -- it's 20 percent of 2000 IBIT, 51 percent of NI pretax, 33
percent of NI after tax.

   3. Credit reviews the underlying capitalization of Raptor, reviews
the contingent shares and determines whether the Raptor entities will
have enough capital to pay Enron its $500 million when the equity
derivatives expire.

   4. The Raptor entities are technically bankrupt; the value of the
contingent Enron shares equals or is just below the PRM account payable
that Raptor owes Enron. Raptor's inception-to-date income statement is a
$500 million loss.

   5. Where are the equity and debt investors that lost out? LJM is
whole on a cash-on-cash basis. Where did the $500 million in value come
from? It came from Enron shares. Why haven't we booked the transaction
as $500 million in a promise of shares to the Raptor entity and $500
million of value in our ''economic interests'' in these entities? Then
we would have a write-down of our value in the Raptor entities. We have
not booked the latter, because we do not have to yet. Technically we can
wait and face the music in 2002-2004.

   6. The related party footnote tries to explain these transactions.
Don't you think that several interested companies, be they stock
analysts, journalists, hedge fund managers, etc., are busy trying to
discover the reason Skilling left? Don't you think their smartest people
are poring over that footnote disclosure right now? I can just hear the
discussions -- ''it looks like they booked a $500 million gain from this
related party company and I think, from all the undecipherable half-page
on Enron's contingent contributions to this related party entity, I
think the related party entity is capitalized with Enron stock.'' . . .
. ''No, no, no, you must have it all wrong, it can't be that, that's
just too bad, too fraudulent, surely AA & Co. wouldn't let them get away
with that?'' ''Go back to the drawing board, it's got to be something
else. But find it!'' . . . . ''Hey, just in case you might be right, try
and find some insiders or 'redeployed' former employees to validate your
theory.''

Chart: ''Terms of the Business''
AA & CO. -- Arthur Andersen & Company, Enron's auditor.
AVICI -- A maker of data networking systems.
BAXTER, CLIFF -- Vice chairman of Enron before he resigned in May.
BUY, RICK -- Enron's chief risk officer.
CAUSEY, RICHARD -- Enron's chief accounting officer.
CONDOR -- An off-balance-sheet partnership.
DERRICK, JIM -- General counsel of Enron.
EES MTM -- Enron Energy Services, mark to market, a way of accounting
for the value of contracts.
ENE -- Stock symbol of Enron.
EPS -- Earnings per share.
HANOVER -- Hanover Compressor, a provider of natural gas compression
services.
IBIT -- Income before interest and taxes.
LJM -- Partnerships with Enron that were controlled by Andrew S. Fastow,
the company's chief financial officer until he was ousted on Oct. 24.
KOENIG, MARK -- Enron executive vice president for investor relations.
McMAHON, JEFF -- Enron's chief financial officer.
N/P -- Note payable.
NI -- Net income
NEW POWER -- An energy company.
RAPTOR -- An off-balance-sheet partnership.
ROGERS, REX -- Assistant secretary general counsel of Enron.
SWAPS -- An exchange of one investment for another.
V & E -- Vinson & Elkins, Enron's law firm.
WHALLEY, GREG -- Enron's president


Are we done on that trade?

Richardson, Bettis, and Chrebet for Freeman

3 Starters for 1


Audrey,

Sorry for my tardy reply.  Here are my top 4 votes:

Tues Jan 8
Mon Feb 4
Sat March 16
Thurs April 4

Many thanks, Kim.

 -----Original Message-----
From: 	Robertson, Audrey
Sent:	Thursday, October 11, 2001 2:45 PM
To:	Donoho, Lindy; Harris, Steven; Lindberg, Lorraine; Lohman, TK; Lokay, Michelle; McConnell, Mark; Robertson, Audrey; Watson, Kimberly; Y'Barbo, Paul
Subject:	FW: Rockets Schedule and Tickets

Please find listed below the Rockets 2001-2002 Season Tickets.   Submit your top four game choices to me as soon as possible and Steve will allocate.

Please contact Steve immediately if you are interested in tickets for tonight's game and the October 23rd's game.

	Pre-Season

		Dallas Mavericks		Thursday, October 11		7:30 pm
		Detroit Pistons			Tuesday, October 23		7:30 pm

	Regular Season

		Atlanta Hawks			Tuesday, October 30		7:30 pm

		Minnesota Timberwolves		Saturday, November 3		7:30 pm
		Philadelphia 76ers		Thursday, November 8		8:00 pm
		Dallas Mavericks		Saturday, November 17		7:30 pm

		San Antonio Spurs		Saturday, December 1		7:30 pm
		Cleveland Cavaliers		Tuesday, December 11		7:30 pm
		Portland Trail Blazers		Tuesday, December 18		7:30 pm
		Milwaukee Bucks		Saturday, December 22		7:30 pm

		Detroit Pistons			Thursday, January 3		7:30 pm
		New York Knicks		Tuesday, January 8		7:30 pm
		Dallas Mavericks		Tuesday, January 22		7:30 pm
		Golden State Warriors		Tuesday, January 29		7:30 pm

		Utah Jazz			Monday, February 4		7:30 pm
		Orlando Magic			Saturday, February 16		7:30 pm
		Boston Celtics			Saturday, February 23		7:30 pm

		Toronto Raptors			Tuesday, March 5		7:30 pm
		Utah Jazz			Sunday, March 10		2:00 pm
		Chicago Bulls			Saturday, March 16		7:30 pm
		Phoenix Suns			Saturday, March 30		7:30 pm

		San Antonio Spurs		Thursday, April 4		8:00 pm
		Memphis Grizzlies		Sunday, April 14		7:30 pm

Audrey D. Robertson
Transwestern Pipeline Company
email address:  audrey.robertson@enron.com
(713) 853-5849
(713) 646-2551 Fax


Final Update.....

I went to see Dorothy, Tim and the new baby on Sunday.  He is absolutely
beautiful and Dorothy and Tim couldn't be prouder parents.  His name
is.....Drake Andrew Dalton and that name suits him just fine!  Thanks.


Fred

First of all I'm going to kill you.  Belfor asked me to advise him on his
portfolio.  I'll do it once.  I have a call with him on Tuesday at 2:00.  Can
you meet me Tuesday morning with all the deals they have with us.

Regards

John

P.S.  I'll never call one of your customers again.


John:

Here is a very rough draft of the amendment that 1)  clarifies the gas pricing and 2) adds firm peaking gas.  I will call to discuss.

C

Chris Foster
chris.h.foster@enron.com
(W) 503/464-3822
(Cell) 503/702-8568


Peter:

I have attached my work in progress to give you an idea of what I am looking
for.

Regards,

Mark


FYI

 -----Original Message-----
From:  "Frank Busot" <flbusot@tecoenergy.com>@ENRON
Sent: Wednesday, April 11, 2001 7:59 PM
To: Curry, Mike
Cc: Dean, Clint; Gilbert-Smith, Doug; Cross, Edith; Eric Bronner
Subject: Re: FRONTERA Operational Questions

Mike,

1.  Please see attached spreadsheet.
2.  Ditto.
3.  Attached spreadsheets have some info.  I am working on more detail for
you.
4.  I am seeking response from TPS engineering.
5.  I am seeking additional info from TPS environmental.
6.  See spreadsheets.  No duct firing.

- Frank

P.S.  On the Heat Rate Spreadsheet, look@ the 2x1 and 1x1 tabs (it is a work
in progress).

What about the 'operational tools' you referred to that you may have on the
shelf and can provide to me?

>>> "Curry, Mike" <Mike.Curry@ENRON.com> 04/11/01 01:54PM >>>
Frank, here is the list of operational info that I think would be
helpful to our team:

1) Ramp Rates for plant (ramp up and down)
 - zero to 139 MW (this is probably N/A due to permit concerns?)
 - 140 to 230 MW
 - 231 to 280 MW (this is probably N/A due to permit concerns?)
 - 281 to 460 MW

2) Heat Rate Curves
 - vs. output
 - vs. Temp. / Rel. Humidity

3) Start charge (in MMBtu) -  please define each, i.e. cold start means
plant has been down x hours
 - cold start
 - warm start
 - hot start

4) Is there a maximum number of starts per year?

5) Is there any permit limitations other than below?
 - In 1x1 must operate only between 140 MW and 230MW approx. to
stay within permit limits?
 - In 2x1 must operate only between 280 MW and 460MW approx. to
stay within permit limits?
 - Annual limit on run time or tons of emission?
 - What is a violation, is it any deviation or must the deviation
occur for a min. amount of time?

6) Operational limits
 - In 1x1 operates between 140 MW and 230MW approx.
 - In 2x1 operates between 280 MW and 460MW approx.
 - Any other level that can be operated?  Any duct firing?

Thanks for your assistance with these, - Mike

 - Frontera APRIL 2001 Mike Curry.xls
 - Frontera Heat Rate Charts FB.xls


Sorry for not getting back to you sooner (I was out of town last weeek) -
unfortunately, I have a 2:00 already on my calendar but am available later.
If you want to meet with Alan & Jeff first and see me afterwards, that's ok
with me.

Tara Sweitzer
08/19/99 01:22 PM
To: Mark - ECT Legal Taylor/HOU/ECT@ECT, Jeffrey T Hodge/HOU/ECT@ECT, Alan B
Aronowitz/HOU/ECT@ECT, Torrey Moorer/HOU/ECT@ECT
cc:
Subject: Enron Online / Legal

Torrey, and myself would like to set-up a time for Monday to discuss a few
EOL issues that we feel pertinent to the Legal Department. If you could let
me know if  the afternoon ( 2:00) works for you I would greatly appreciate
it. Once I hear from you I will set-up a room for us all to meet.

Thank you for your time, TARA SWEITZER


This meeting is to review the email bullet points and determine what the interface will entail.  Our goal is to have a document for signature by the end of the week.

Thank you,

Monica Clay
x 57227


John, what is the status of these todo's?  Thanks. Lynn

 -----Original Message-----
From: 	Smith, Chris A.
Sent:	Tuesday, December 04, 2001 3:55 PM
To:	Miller, Beverly; Walden, Shirley; Buchanan, John; Phillips, Mary; Blair, Lynn
Cc:	Barker, Robert; Stovall, Glenn; Mitchell, Russell
Subject:	Work At Home Meeting

The following summarizes the action items we identified in our meeting this afternoon:
Updated the Remedy records for Beverly, Shirley and Mary that they are Work At Home participants; to give their requests high priority; and to assign them to Glenn and Robert, when possible.
Glenn obtained a modem for Shirley and will install it tomorrow when she brings her system in.  He will map the drive (T:\) at the same time.
Sent John the note regarding completing the eRequest for reestablishing VPN access.
Will investigate the CITRIX Server not available message after new access is established and tested.

Please let me know if anything has been overlooked.  Otherwise, we will continue to work the issues above.

Chris
33270


Finally, the electronic approval system is close at hand. The original
intention was to manage it within Livelink. However, this platform does not
seem to provide a workflow that is smooth and user friendly enough, and
consequently we may go for a Word document only instead. (Under this latter
arrangement, we would place a template on a shared drive that all concerned
parties could access.)

Whether we go for Livelink or a Word document only, we will need to create a
template with information about the reference entity. My initial thought is
that we would have three main fields: One information field about the entity,
one field for Credit an one field for Legal. The suggested information to
input would be the following:

Information field about the entity: Name; Name of ultimate parent; Country of
incorporation and operation; Name of originator making the request; Date of
request; Comments field.

Credit: Approval/Rejection tick box, Comments field; Credit ratings (public
and Enron); Tenor and mark-to-market limits; Name of person handling the
request.

Legal: Approval/Rejection tick box, Comments field; Name of person handling
the request.

Could you please let me know you need if you feel that the provided
information is sufficient and let me have your comments.

Also, I understand that Debbie, Bill and Rod handle the Credit approval.
(Please confirm!) However, Mark you are the only one from Legal. Could you
please be kind and forward me the names of some of your colleagues that could
handle the approvals should you be absent. (Do European reference credits get
approved by London or Houston credit?)

Many thanks

Tomas


Joanne Rozycki
Senior Administrative Assistant
Enron North America Corp.
1400 Smith Street, EB3880D
Houston, TX  77002
Phone:  (713) 853-5968     Fax:      (713) 646-3490
Email:   joanne.rozycki@enron.com


Elizabeth,

I assume that there must be some publically available documents which describe the auction process and the structure of compliant bids.

I would like to obtain a copy of such documents, as they may provide some insight into what the deal structure might look like and help us to prepare NETCoOnline for as quick a relaunch as possible.

Do you know where I might obtain copies of such documents?

Dave


Please find attached the following article:
'New rules raise push-up costs for on-site CHP' - The Engineer

Kind Regards,
Kuldeep Chana


more information
---------------------- Forwarded by Kay Mann/Corp/Enron on 02/27/2001 12:47
PM ---------------------------

Fred Mitro@ECT
02/27/2001 09:42 AM
To: Kay Mann/Corp/Enron@ENRON
cc: Ben Jacoby/HOU/ECT@ECT, Chris Booth/NA/Enron@Enron, Kathleen
Carnahan/NA/Enron@Enron, Stephen Thome/HOU/ECT@ECT

Subject: Re: Panda Energy

Kay,

Our deal with Panda Energy involves 4 LM units.  I believe that this is the
total number of units in our current LV Co Gen project.  Ben is planning to
talk with Lee at GE.

I talked with Panda this morning.  They do not have a fixed close date.  They
are working off the assumption that closing will ocurr within 4-6 weeks of
signing the Letter Agreement.  I believe that this is doable.

Chris Booth will provide you with respective unit delivery dates.  He is
working with Matt Tezyk to determine the serial #'s (apparently GE has not
yet assigned serial #'s to the units).  What price are we assigning to the
LLC member interests in the Northwestern Letter Agreement?  Let's stay
consistent with that document.  The person who will be signing for Panda is
Gary Hubbard, Senior Vice President.

The purchase price is $16.45 MM per unit with a 10% development fee payable
to ENA upon execution of the Letter Agreement.  The balance of the purchase
price will escrowed by Panda upon approval of the Facility Agreement (similar
to Intergen structure) and payable to ENA at closing.  Is this the pricing
information that you need to establish the maximum liability amont?

Ben:  We need to talk re: the transformers.  We quoted Panda $950K per unit
for the two transformers.  It is not clear if the transformers will work for
Panda w.r.t. interconnect voltage and plant configuration.  If we are
re-loading with more LM's, do we need to keep the transformers for our use at
LV Co-Gen?

Kathleen:  I have a call into Bill Lamb at Panda regarding the CA's.  I will
let you know when I hear back from him.

Fred

Kay Mann@ENRON
02/26/2001 06:15 PM
To: Fred Mitro/HOU/ECT@ECT
cc: Ben Jacoby/HOU/ECT@ECT, Chris Booth/NA/Enron@Enron, Kathleen
Carnahan/NA/Enron@Enron
Subject: Re: Panda Energy

Fred,

Dale Rasmussen has been handling the breakout contracts for the LV CoGen
project, and I think the form is in good shape. However, the breakout
contract is for all the LV Co Gen units, but that is easy enough to fix. Does
GE know this is coming?

What are you projecting for a closing date?

 We need the unit numbers (original and serial), associated delivery dates,
price attributable to the units (maximum liability amount), price to sell the
LLC member interests, and the contact persons from Panda for the contract.
Will there be a development fee, and if so, how much?

If you get me the particulars of the deal we can work on it in house.  We
have the forms, so we can get cracking without outside counsel.  In fact,
I've been working on the form letter agreement today in connection with the
other deal.  Retaining outside counsel requires internal approval, which I'm
sure we can get in the next day or two, assuming no conflict of interest. I
can get started on the process if you are ready.

If you think these guys are serious, we can set up the LLC's.  We may want
two LLC's if the total price is in excess of $50mm.  Kathleen, please talk to
me before we do this as I think we should discuss the slate of officers.

Kay

Fred Mitro@ECT
02/26/2001 05:56 PM
To: Stephen Thome/HOU/ECT@ECT
cc: Ben Jacoby/HOU/ECT@ECT, Christopher F Calger/PDX/ECT@ECT, Kay
Mann/Corp/Enron@Enron, Chris Booth/NA/Enron@Enron, Kathleen
Carnahan/NA/Enron@Enron

Subject: Panda Energy

Steve:

I talked with Ben this afternoon and understand that we are ready to proceed
with Panda Energy in a transaction involving the sale of member interests in
special purpose entities associated with the four(4) LV units.  I have left a
message with Panda letting them know that we are prepared to proceed and will
begin preparing a set of draft definitive agreements for their review.  I
have asked Panda to confirm that they are ready to receive these documents
and proceed.  I understand that you are in Houston.  Please call/see me
tomorrow morning so that we can discuss this transaction.

Kay:  We need to prepare a draft set of definitive agreements for this
transaction.  Can Carolyn complete this while you are in New York?  Also,
what is the status of the LM Breakout contract for the 4 LV units.  Let me
know.

Kathleen:  We need to confirm tomorrow morning that we have received executed
CA's from Panda.  I have the CA execution originals for the four Panda
entities at my desk for Ben's signature.  These need to be received prior to
sending Panda the definitive agreements.  We will fax signature pages to Ben
tomorrow.

Chris:  See me tomorrow morning to discuss the technical spec's that were
sent to Panda

I will be at my desk by 8 am tomorrow morning.

Thanks,
Fred
x35406


Rod,

Per our conversations yesterday there is one other item that we would like to obtain: the current percentage ROE and return on rate base allowed by FERC.  If there is someone in your organization that I can contact please let me know.

Thank you for all of your help!  I hope that you get to relax and enjoy at least some of your holiday.

Regards,
Sarah


FYI, Kevin

---------------------- Forwarded by Kevin Hyatt/ET&S/Enron on 11/20/2000
08:39 AM ---------------------------

Marc_Eschenburg@eogresources.com on 11/17/2000 10:47:23 AM
To: kevin.hyatt@enron.com
cc:
Subject: new well

Thanks again for your help on getting the well connected ASAP.  For the
weekend, we estimate we will be flowing around 34,000 mmbtu/day.
We have been replacing wellhead equipment and dehy's to allow for greater
production.
Hopefully this flow will continue for awhile.
We are selling the production at the interconnect, hopefully TW is getting
a good transport rate.  Earlier today, i could have paid TW $4.00/mmbtu
transport, got any FT?  $10.50 at the border, $5.50 at TW. Makes your FT
west shippers rich.

I know we have had numerous discussions with gas control, Michelle, field
people, etc.  Tell everyone thanks for the hard work.


Larry,

The copy of the article I mentioned to you.

Vince


Here is what FPLE sent>
---------------------- Forwarded by Benjamin Rogers/HOU/ECT on 06/28/2000
03:45 PM ---------------------------

Randy_Hoyle@fpl.com on 06/28/2000 01:31:42 PM
To: don.miller@enron.com, benjamin.rogers@enron.com
cc: Aldo_Portales@fpl.com, Edward_M_Bullinger@fpl.com
Subject: Development Pipeline Financial Profile

Don,

Attached is the financial profile for FPLE's development pipeline utilizing
the 44 CTs.  Give me a call once you have reviewed it.

(See attached file: newco development cash flow.xls)
 - newco development cash flow.xls


Do you have a brochure so that i can decide when I can take off and go on to
other offices?
m


(See attached file: Ponderosa Pine Est Imbalance0502.xls)
 - Ponderosa Pine Est Imbalance0502.xls


missing deals for jeff

buy ees
162.50
25 mw
sp15
march
off peak

sell merril lynch
262.50
25 mw
sp15
march
off peak

buy ees
119.95
25 mw
sp15
april
off peak

sell idaho
120.00
25 mw
sp15
april
off peak

thanks


Hi,

     Thank you for your email.  I am indeed interested in exploring
opportunities in your group - Research (Quantitative Modeling).

     Just a note to let you know that I am not in the pure quantitative
research
group here at BNP Paribas - but in the derivatives structured products.  I do
some of my own modeling and basic excel programming. I used to do a lot of
Fortran programming.   However, I am not a very good C/C++ programmer.

     Hope this gives you further details about my skills and interests.

Thank you,
Iris

In

Iris,

At this point it's my group: Research, i.e. Quantitative Modeling.
Please, let me know what your interests are and I shall try to line up
other groups for the interview.

Vince

iris.mack@bnpparibas.com on 06/09/2000 02:33:50 AM

To:   Vince.J.Kaminski@enron.com
cc:
Subject:  Re[10]: Greetings from London (to Enron)

Hi,

     I will be out of the country until Wednesday afternoon - London time.
Maybe we can chat then.

     Also, could you please tell me about the group(s) that are interested
in
speaking with me.

Thanks,
Iris

Internet

From:     Vince.J.Kaminski@enron.com on 06/06/2000 20:31 GMT

To:  Iris MACK

cc:  Vince.J.Kaminski

bcc:

Subject: Re: Re[8]: Greetings from London (to Enron)

Iris,

Leaving for Ca in a few minutes. I shall get back to you Monday.

Vince

iris.mack@bnpparibas.com on 06/06/2000 10:36:46 AM

To:   Vince.J.Kaminski@enron.com
cc:
Subject:  Re[8]: Greetings from London (to Enron)

Hi,

     Thanks for your email.  Begining of July - what about July 4th week?

     Could you give me a bit more info regarding the best days for you and
your
colleagues.

Thanks,
Iris

Internet

From:     Vince.J.Kaminski@enron.com on 06/06/2000 14:29 GMT

To:  Iris MACK

cc:  Vince.J.Kaminski

bcc:

Subject: Re: Re[6]: Greetings from London (to Enron)

Iris,

The beginning of July would be better for us. Please, let me know what
is your availability.

Vince

iris.mack@bnpparibas.com on 06/06/2000 02:30:49 AM

To:   Vince.J.Kaminski@enron.com
cc:
Subject:  Re[6]: Greetings from London (to Enron)

Hi,

     Thank you for your email.  How many days do we need?

     I have checked my calendar.and think that I should be able to come on
Monday June 19th (Tuesday June 20th - if you need more than one day)..

     I can fly from London to Houston during the following weekend to
arrive in
time for Monday morning.

     Let me know if these days are good for you and your colleagues.

Regards,
Iris

Internet

From:     Vince.J.Kaminski@enron.com on 25/05/2000 18:33 GMT

To:  Iris MACK

cc:  Vince.J.Kaminski

bcc:

Subject: Re: Re[4]: Greetings from London (to Enron)

Iris,

We can invite you for an interview to Houston.

What would be a  the time  for you?

Vince

iris.mack@bnpparibas.com on 05/25/2000 11:32:04 AM

To:   Vince.J.Kaminski@enron.com
cc:
Subject:  Re[4]: Greetings from London (to Enron)

Hi,

     Thank you for your prompt response.  I am interested in any contacts
you
may have in your rolodex.

     Also, I would be opened to talk to Enron as well.  Please let me know
more
details.

Kind regards,
Iris

Internet

From:     Vince.J.Kaminski@enron.com on 25/05/2000 16:19 GMT

To:  Iris MACK

cc:  Vince.J.Kaminski, Stinson.Gibner, Grant.Masson,
Pinnamaneni.Krishnarao,
     Vasant.Shanbhogue

bcc:

Subject: Re: Re[2]: Greetings from London (to Enron)

Iris,

I shall go through my Rolodex and try to find some good leads for you. I
left
investment banking 8 years ago and this field changes very fast.

Alternatively, would you be interested in a company like Enron
or another energy company in Houston?

Please, let me know.

Vince

iris.mack@bnpparibas.com on 05/25/2000 09:20:01 AM

To:   Vince.J.Kaminski@enron.com
cc:
Subject:  Re[2]: Greetings from London (to Enron)

Hi,

     How are you?  Thank you kindly for your email.  Sorry I have not
responded
sooner.

     Currently I am working in Derivatives Structured Products and Risk
Management at BNP Paribas in London.  Although I currently enjoy living and
working in London, I may need to return to the states - because of my
mother's
failing health.

     Do you know of any good contacts at investment banks that I may
forward my
details to?

     For your information, I have attached my CV.  (Please see attached
file:
Iris Marie Mack.doc).

     Thank you in advance for your time and consideration.

Kind regards,
Iris Mack

44 (0)20  7595 8665 (work)
44 (0)20  7229 9986 (home)

(See attached file: Iris Marie Mack.doc)

Internet

From:     Vince.J.Kaminski@enron.com on 04/04/2000 15:03 GMT

To:  Iris MACK

cc:  Vince.J.Kaminski

bcc:

Subject: Re: Greetings from London (to Enron)

Iris,

Please, feel free to give me a call when you have a few minutes.
I shall be glad to chat with you.

Vince

iris.mack@paribas.com on 03/30/2000 02:24:27 AM

To:   vkamins@enron.com
cc:   denis.autier@paribas.com
Subject:  Greetings from London (to Enron)

Dear Dr. Kaminski,

     How are you?  It was nice to meet you at the Real Options conference
in
NYC.

     I was intrigued by some of the comments in your conference talk.  In
particular, by your use of real options to hedge financial options.  This
is
something I am interested in as well.

     When you have some time, could we chat about this topic in a bit more
detail?

     Thanks for your time and consideration.  Hope to hear from you soon.

Regards,
Iris Mack

------------------------------------------------------------------------------
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This message is confidential; its contents do not constitute a
commitment by BNP Paribas Group* except where provided
for in a written agreement between you and BNP Paribas Group*.
Any unauthorised disclosure, use or dissemination, either
whole or partial, is prohibited. If you are not the intended
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*BNP Paribas Group  is a trading name of BNP SA and Paribas SA

Ce message est confidentiel; son contenu ne represente en
aucun cas un engagement de la part du groupe BNP Paribas*
sous reserve de tout accord conclu par ecrit entre vous et le
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pas destinataire de ce message, merci d'en avertir immediatement
l'expediteur.
*Le groupe BNP Paribas est le nom commercial utilise par BNP SA et Paribas
SA

(See attached file: Iris Marie Mack.doc)

(See attached file: Iris Marie Mack.doc)

(See attached file: Iris Marie Mack.doc)

(See attached file: Iris Marie Mack.doc)

(See attached file: Iris Marie Mack.doc)

 - Iris Marie Mack.doc