KENNETH LAY: THE SHOES ARE DROPPING
BusinessWeek- 11/05/01
STOCKWATCH Enron shares resume fall, down 8 pct as SEC opens investigation
AFX News- 11/01/01
USA: RESEARCH ALERT-Merrill lowers Enron rating.
Reuters English News Service- 11/01/01
USA: UPDATE 1-Enron says gets $1 billion in secured credit.
Reuters English News Service- 11/01/01
Credit Suisse Says Citigroup Is Its Top Pick
Dow Jones News Service- 11/01/01
Cohen, Milstein, Hausfeld & Toll, P.L.L.C. Files Class Action Suit Against Enron Corporation
Business Wire- 11/01/01
Enron Obtains $1 Billion in Financing to Bolster Credit Facilities
Dow Jones Business News- 11/01/01
Enron: EnronOnline Trading Volume Above Average Wed
Dow Jones Energy Service- 11/01/01
USA: UPDATE 1-Before The Bell - Futures up with Microsoft.
Reuters English News Service- 11/01/01
Enron stock price plunges again
Associated Press Newswires- 11/01/01
Enron Misled Investors about Overvalued Assets and Off-Balance Sheet Deals -- ENE
PrimeZone Media Network- 11/01/01
Inside Money
TAKEOVER TALK INVIGORATES ENRON STOCK
Orlando Sentinel- 11/01/01
Enron Gets New Bank Loans But Its Bonds Fall Further
Capital Markets Report- 11/01/01
Enron Gets $1 Bln Loan to Boost Cash, Credit rating (Update3)
Bloomberg- 11/01/01
BG India: To Extend Enron Oil, Gas Field Operator Talks
Dow Jones Energy Service- 11/01/01
INDIAN FINANCIAL INSTITUTIONS FAIL TO RESOLVE DABHOL POWER ISSUE
Asia Pulse- 11/01/01
India: SCI to inject more funds into Greenfield Shipping
Business Line (The Hindu)- 11/01/01
Mariner Energy sells pipelines
The Daily Deal- 11/01/01
Enron and the curse of Drexel
CBS.MarketWatch.com- 11/01/01

In Business This Week: HEADLINER
KENNETH LAY: THE SHOES ARE DROPPING
By Stephanie Anderson Forest in Dallas
Edited by Monica Roman

11/05/2001
BusinessWeek
50
(Copyright 2001 McGraw-Hill, Inc.)
When Enron CEO Jeffrey Skilling resigned abruptly in August after six months on the job, longtime Chairman Kenneth Lay assured investors that ``there's no other shoe to fall.'' So much for the warning. On Oct. 16, the Houston-based energy giant reported its first quarterly loss in more than four years after taking $1.01 billion in write-offs. It also disclosed a surprising $1.2 billion charge to shareholder equity to help unravel complex transactions between Enron and partnerships that until recently had been overseen by former Chief Financial Officer Andrew Fastow. Then, on Oct. 22, Enron revealed that the Securities & Exchange Commission is probing those Fastow-related transactions. Two days later, Enron promoted Jeff McMahon to CFO and announced that Fastow will take a leave of absence. The setbacks have Lay, who has reclaimed the CEO post, scrambling. He must get operations back on track, fend off shareholder lawsuits, and, above all, rebuild credibility with investors.

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

STOCKWATCH Enron shares resume fall, down 8 pct as SEC opens investigation

11/01/2001
AFX News
(c) 2001 by AFP-Extel News Ltd
NEW YORK (AFX) - Enron Corp shares were sharply lower, down more than 8 pct at midsession, as investors continued to fear that the company's dealings with the LJM partnership could bring heavy financial reprisals following the opening of a formal inquiry by the Securities and Exchange Commission, dealers said.
At 11.55 am, Enron was down 1.35 usd, or 9.57 pct, to 12.55.
The DJIA rose 61.23 points to 9,136.44, the S&P 500 gained 8.76 points to 1,068.40 points, the Nasdaq composite climbed 23.02 points to 1,713.40.
Yesterday, Enron announced the election of William Powers Jr to the board, to chair a Special Committee that will examine and take any appropriate actions with respect to transactions between Enron and entities connected to related parties.
In addition to reviewing the transactions in question, the Special Committee is charged with communicating with the SEC and recommending any other actions it deems appropriate.
While the investigation might take time to draw a conclusion, the immediate cash crunch Enron has been facing is expected to be resolved, said Merrill Lynch analyst Duane Grubert.
One step in that direction came following Enron's announcement that JP Morgan and Salomon Smith Barney Inc have executed commitment letters to provide 1 bln usd in secured credit lines supported by the company's Northern Natural Gas and Transwestern Pipeline assets.
Over time, Enron has several other options to raise cash, including cutting its 400 mln usd per year dividend, cutting back on its 1500 mln usd of capital spending, and monetizing its July 2002 right to convert debt into 11.5 million shares of EOG, said Grubert.
The danger for the company now is that a "real or fabricated confidence crisis by Enron's counterparties threatens near term strength of the merchant segment. Competitors could get mean, and could prematurely shun Enron, while trying to steal market share," he said.
blms/aw For more information and to contact AFX: www.afxnews.com and www.afxpress.com

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

USA: RESEARCH ALERT-Merrill lowers Enron rating.

11/01/2001
Reuters English News Service
(C) Reuters Limited 2001.
NEW YORK, Nov 1 (Reuters) - Merrill Lynch on Thursday said it lowered both its mid-term and long-term ratings for Enron Corp. , the No. 1 buyer and seller of natural gas, to "neutral," from "accumulate" and "buy," respectively, due to uncertainty about the U.S. Securities and Exchange Commission's investigation into the company's financial dealings.
Analyst Donato Eassey said in a research note that while he "has not altered his view of Enron's fundamentals or its ability to weather the long term storm," he believes the noise surrounding the SEC's investigation will overpower any earnings analysis.
"Ultimate outcome and underlying fundamentals aside, we believe significant pressure and uncertainty will remain on Enron until the investigation concludes," Eassey said.
The Houston-based company, whose stock has been sent into a tailspin by the probe, said on Wednesday the informal inquiry by the SEC had become a full-scale investigation of the company's finances.
The stock slumped $1.34, or nearly 10 percent, to $12.56 in Thursday morning New York Stock Exchange trade. In the past week and a half, the stock has dropped to nine-year lows while losing $17 billion in market value.

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

USA: UPDATE 1-Enron says gets $1 billion in secured credit.

11/01/2001
Reuters English News Service
(C) Reuters Limited 2001.
NEW YORK, Nov 1 (Reuters) - Enron Corp., facing a probe by U.S. regulators into its financial dealings, on Thursday said it obtained $1 billion in secured credit lines to bolster investor confidence.
Enron said J.P. Morgan, the investment banking arm of J.P. Morgan Chase & Co., and Citigroup Inc. unit Salomon Smith Barney Inc. will provide the credit, which will be secured by Enron's Northern Natural Gas Company and Transwestern Pipeline Co. assets.
The proceeds will be used to supplement short-term liquidity and to refinance maturing obligations, Enron said. The commitments are subject to customary terms and conditions, including final due diligence, the company said.
The announcement came shortly before opening trade on the New York Stock Exchange, where Enron shares plunged $1.60, or 11.5 percent, to $12.30.
Earlier Thursday, brokerage house Merrill Lynch & Co. cut its rating on Enron to "Neutral/Neutral" from Accumulate/Buy." The Securities and Exchange Commission said late Wednesday it was making an informal inquiry into Enron transactions a full-scale investigation.
"This is yet another step in our efforts to enhance market and investor confidence," said Jeffrey McMahon, Enron's new chief financial officer. "We are moving aggressively to strengthen our balance sheet and maintain our investment grade credit rating."
Kenneth Lay, Enron's chairman and chief executive, said with more than $1 billion in cash on hand, the additional credit capacity will "further solidify Enron's standing as the leading market maker in wholesale energy markets."

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

Credit Suisse Says Citigroup Is Its Top Pick

11/01/2001
Dow Jones News Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)
NEW YORK -(Dow Jones)- Credit Suisse First Boston Corp.'s (Z.CSF) research team covering the brokerage industry said its investment strategy remains "defensive" given the uncertainty that continues to pervade the marketplace.
CSFB analyst Joan Solotar recommends investing in the "highest quality/strongest franchise" companies only with a 12 to 18 month time frame in mind because the stocks could lose some value in the near-term.
Citigroup Inc. (C) is their top pick, Solotar said in a research note, with a price target in the mid-50s. The financial services giant was recently trading up 4 cents, or 0.1%, at $45.40. For investors seeking a purer-play company in the brokerage arena, she suggests Goldman Sachs (GS), given its "longer-term franchise value as well as nearer-term relative market share momentum."
"Brokerage stocks have performed surprisingly well in the face of adversity," Solotar said, noting their 9% rise on average in October. "We believe this mostly relates to the assumption by investors that enough fiscal stimulus had been injected to cause an economic rebound."
As a result, Solotar believes the stocks already reflect some amount of earnings recovery.
"Our concern rests on the belief that returns next year are not likely to exceed the low-to-mid teens for most firms, and with book valuation hovering above two times, there is much room for disappointment," she said, "Add to that the uncertainty surrounding terrorist attacks, and the need to add expenses next year in the form of new back-up sites and hot-sites."
She doesn't expect to see much demand for investment banking services without an economic recovery; equity underwriting backlogs now stand at the lower end of the recent $18 to $20 billion range. Underwriting levels should remain at current levels, as should merger and acquisition activity, she said in the note.
Trading volumes are down from their initial surge after September 11, but are holding steady.
"If we believe we may have defined bottom, why are we not more bullish?," Solotar said, "While we may project September was bottom, we are not projecting much in the way of recovery any time soon."
She said fixed-income business, while relatively stronger than other areas, is not providing as much as it was in the first half of the year. Meanwhile, newer problems, such as exposure to Enron Corp. (ENE), create uncertainty. Solotar said she doesn't know of any direct exposures to Enron. Enron's shares have tumbled since Oct. 16 when it posted third-quarter charges of $1.01 billion. The charges are related to certain investments which were run by former financial chief Andrew Fastow. On Thursday, the Securities and Exchange Commission's inquiry into partnerships head by Fastow moved to an official investigation.
-By Tara Siegel Bernard, Dow Jones Newswires; 201-938-5288; tara.siegel@dowjones.com

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

Cohen, Milstein, Hausfeld & Toll, P.L.L.C. Files Class Action Suit Against Enron Corporation

11/01/2001
Business Wire
(Copyright (c) 2001, Business Wire)
WASHINGTON--(BUSINESS WIRE)--Nov. 1, 2001--The following notice is issued by the law firm of Cohen, Milstein, Hausfeld & Toll, P.L.L.C., on behalf of its client, who filed a lawsuit on October 31, 2001 in the United States District Court for the Southern District of Texas (Houston Division), on behalf of purchasers of the common stock of Enron Corporation ("Enron" or the "Company") (NYSE:ENE) during the period of January 18, 2000 through and including October 17, 2001 (the "Class Period").
The complaint alleges that the defendants violated section 10(b) of the Securities Exchange Act of 1934 ("The Exchange Act"), and Rule 10b-5 promulgated thereunder, and that defendants' wrongful conduct artificially inflated the price of Enron common stock during the Class Period. The complaint charges that the defendants misrepresented and concealed material facts concerning the Company's financial transactions with two partnerships established by Enron's then Chief Financial Officer, which resulted in substantial losses to Enron and a reduction in shareholders' equity of over $1 billion. The price of Enron's common stock has plummeted over 50% since the disclosure of the financial losses resulting from Enron's dealings with these partnerships.
Plaintiff's counsel -- Cohen, Milstein, Hausfeld & Toll, P.L.L.C. -- has significant experience in prosecuting investor class actions and actions involving financial fraud. The firm has offices in Washington, D.C., Seattle, Washington and New York, New York and is active in major litigation pending in federal and state courts throughout the nation.
The firm's reputation for excellence has been recognized on repeated occasions by courts which have appointed the firm to lead positions in complex multi-district or consolidated litigation. Cohen, Milstein, Hausfeld & Toll, P.L.L.C. has taken a lead role in numerous important cases on behalf of defrauded investors, and has been responsible for a number of outstanding recoveries which, in the aggregate, total hundreds of millions of dollars or more.
If you purchased shares of Enron stock during the Class Period, you may move the Court no later than December 21, 2001 to serve as lead plaintiff for the Class. In order to serve as lead plaintiff, you must meet certain legal standards.
If you have any questions about this notice or the action, or with regard to your rights, please contact either of the following:

Andrew N. Friedman, Esq.
or
Mary Ann Fink
Cohen, Milstein, Hausfeld & Toll, P.L.L.C.
1100 New York Avenue, NW
West Tower, Suite 500
Washington, DC 20005
Telephone: 888/347-4600 or 202/408-4600
E-mail: afriedman@cmht.com or mfink@cmht.com

CONTACT: Cohen, Milstein, Hausfeld & Toll, P.L.L.C. Andrew N. Friedman, 888/347-4600 afriedman@cmht.com or Mary Ann Fink, 202/408-4600 mfink@cmht.com
10:20 EST NOVEMBER 1, 2001

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

Enron Obtains $1 Billion in Financing to Bolster Credit Facilities

11/01/2001
Dow Jones Business News
(Copyright (c) 2001, Dow Jones & Company, Inc.)
HOUSTON -- Enron Corp. said Thursday it has secured commitments for an additional $1 billion in financing from units of J.P. Morgan Chase & Co. and Citigroup Inc. as the embattled energy trader moves to supplement its credit facilities.
"This is yet another step in our efforts to enhance market and investor confidence," said Enron Chief Financial Officer Jeffrey McMahon. "We are moving aggressively to strengthen our balance sheet and maintain our investment grade credit rating."
Enron has seen its stock price plummet in a selloff sparked by a loss of investor confidence in the company following big third-quarter write-downs and the disclosure of an inquiry by the Securities and Exchange Commission. In morning trading on the New York Stock Exchange, Enron (ENE) shares were down $1.67, or 12%, to $12.23. The stock has declined from a 52-week high of $84.88.
Enron's new financing is secured by its Northern Natural Gas Co. and Transwestern Pipeline Co. assets.
The financing news comes a day after the SEC elevated to a formal investigation its inquiry into Enron's financial dealings with partnerships headed by its former chief financial officer, Andrew Fastow. A formal investigation involves the SEC's enforcement branch going to the five-member commission and obtaining formal subpoena power to pursue its inquiry.
Enron last week disclosed that the SEC had contacted the company as part of what it described as an informal inquiry into the Fastow-related partnerships. At the time, Enron said it welcomed the inquiry and that it would cooperate fully with the SEC -- a position the company has restated repeatedly since.
In turn, Enron named William Power a director and head of a four-member committee to look into the Fastow-related transactions and other matters. Power is dean of the University of Texas School of Law.
Enron has consistently said its dealings with the Fastow-connected partnerships were legal and properly disclosed to investors. According to Enron filings with the SEC, the company did deals involving billions of dollars of assets and Enron stock with entities related to the Fastow partnerships. Internal partnership documents indicate that Mr. Fastow and possibly others made millions of dollars from the partnerships. Mr. Fastow, who was replaced as chief financial officer by Mr. McMahon last week, has consistently declined to be interviewed.
Copyright (c) 2001 Dow Jones & Company, Inc.
All Rights Reserved.

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

Enron: EnronOnline Trading Volume Above Average Wed

11/01/2001
Dow Jones Energy Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)
(This article was originally published Wednesday.)

NEW YORK -(Dow Jones)- Enron Corp.'s (ENE) electronic trading system, EnronOnline.com, saw 7,100 transactions Wednesday by early evening, company spokesman Eric Thode said.
A handful more deals were expected Wednesday evening because some products trade 24 hours a day.
As in the past two weeks, the volume of transactions Wednesday exceeded the 30-day average volume of about 5,600 daily transactions.
"It's been above average for a while," Thode said, due to "people balancing portfolios heading into winter and because of the volatility in the gas and power markets."
Some industry sources have speculated that EnronOnline volumes may be higher than normal because counterparties are busy flattening their positions with Enron because of questions of Enron's creditworthiness. EnronOnline isn't an exchange. It's a vehicle for customers that want to execute trades with Enron. Enron is the counterparty for all deals done there.
"Because we know people's transactions and their portfolio with us, we know that is not the case. It is business as usual," Thode said.
Trading volumes are normally lower at the beginning of new months, Thode said. Wednesday was effectively part of November for over-the-counter energy markets, where spot trades are for next-day delivery. The last day of trading for November forward power contracts was Tuesday.
EnronOnline trading volume at the beginning of September, said Thode, was probably in the low to mid 5,000 range, which was well below Wednesday's number.
-By Mark Golden, Dow Jones Newswires; 201-938-4604; mark.golden@dowjones.com

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

USA: UPDATE 1-Before The Bell - Futures up with Microsoft.

11/01/2001
Reuters English News Service
(C) Reuters Limited 2001.
NEW YORK, Nov 1 (Reuters) - U.S. technology stock futures rose in pre-opening trading on Thursday and Microsoft Corp. gained after sources said government officials were weighing a proposal to settle the software giant's landmark anti-trust case.
The December Standard & Poor's 500 futures contract was up 2.30 points at 1,063, and the comparable contract for the technology-steeped Nasdaq 100 index was up 14.50 points at 1,384.
Microsoft's shares climbed to $59.90 on the Instinet electronic brokerage system from $58.15 at Wednesday's close.
Computer heavyweight International Business Machines countered Microsoft's gains. Its shares slid after Morgan Stanley initiated coverage of the company's stock as "neutral," falling $107.37 on Instinet from Wednesday's close of $108.07.
Enron Corp., the nation's largest energy trader, also dropped after it said late Wednesday an informal inquiry by the U.S. Securities and Exchange Commission had become a full-scale investigation of questionable financial dealings.
Enron dropped to $12.75 from $13.90 at Wednesday's close.
Telecommunications equipment maker ADC Telecommunications Inc. slipped after it warned that its fourth-quarter results would be worse than expected because of the continued decline in capital spending by communication service providers. It dropped to $4.50 from Wednesday's close of $4.55.
King Pharmaceuticals Inc. rose to $39.30 after from Wednesday's close of $38.99 after Moody's Investors Services raised its rating on some of the company's debt.
Technology stocks like Sun Microsystems , up at $10.30 from $10.15 at Wednesday's close, and Intel Corp. , up at $24.50 from $24.42 at the prior close, bolstered the high-tech sector.
The Nasdaq-100 Pre-Market Indicator was up 0.89 percent.

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

Enron stock price plunges again
By JUAN A. LOZANO
Associated Press Writer

11/01/2001
Associated Press Newswires
Copyright 2001. The Associated Press. All Rights Reserved.
HOUSTON (AP) - Troubled Enron Corp. said Thursday it has secured $1 billion in new financing, using its natural gas and pipeline assets as collateral. But its stock price took another dive after rising a day earlier on takeover speculation.
In afternoon trading Thursday on the New York Stock Exchange, Enron shares were down 9.3 percent, or $1.29 a share, at $12.61.
After dropping to a nine-year low on Tuesday, shares of the nation's largest natural gas and power marketer rose 25 percent Wednesday amid speculation the Houston-based company was a takeover candidate.
But after the stock market closed for the day, Enron announced the Securities and Exchange Commission had opened a formal investigation into possible conflicts of interest.
The SEC is apparently looking into dealings Enron had with partnerships led by its former chief financial officer, Andrew Fastow, who was forced out last month as investors fled because of questions about the arrangements.
On Thursday, Enron announced its investment bankers had arranged for $1 billion in fresh credit lines that it planned to use partly to refinance maturing debts.
"This is yet another step in our efforts to enhance market and investor confidence," said Jeffrey McMahon, Enron's new chief financial officer. "We are moving aggressively to strengthen our balance sheet and maintain our investment grade credit rating."
Late Wednesday, Enron said it created a special committee headed by University of Texas law school dean William Powers to respond to the SEC investigation. Powers also was elected to Enron's board of directors.
"I have asked the board to take this action to address fully and forthrightly investors' questions and concerns," said Enron chairman and chief executive Kenneth L. Lay. "We will also make every appropriate public disclosure during the course of the SEC's investigation."
However, Duane Grubert, an analyst with Sanford C. Bernstein and Co. in New York, said Enron still has much to do to restore investor confidence.
"With (stock) values this low, you've got two camps of investors: guys that hate Enron and guys that want to be cautiously attracted to Enron," Grubert said. "It's led to the trading range being irrationally low and shares being oversold. It's not something the company wants."
Enron's stock has skidded since the company reported a $638 million third quarter loss just over two weeks ago, dragged down by a one-time charge of $1.01 billion attributed to various losses. Some of these losses have been tied to partnerships managed by Fastow, who was ousted last week.
Earlier this week, Moody's Investors Service downgraded the company's long-term debt and warned of possible further downgrades.
Since reporting its disappointing third quarter, Enron had been negotiating to establish new credit lines.
Carol Coale, an analyst with Prudential Securities Inc. in Houston, said Wednesday's stock price surge, after two weeks of selling, was likely a reaction to a The Wall Street Journal report on rumors of a possible takeover of Enron.
Others might have been buying figuring the stock had hit bottom, she said.
On Tuesday, Enron's stock closed at $11.16, its lowest level since 1992.
Potential buyers include General Electric's GE Capital unit, Warren Buffett's Berkshire Hathaway and Royal Dutch Shell, the Journal said.
---
On the Net:
http://www.enron.com

AP Photo XNYR310 of Oct. 29

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

Enron Misled Investors about Overvalued Assets and Off-Balance Sheet Deals -- ENE

11/01/2001
PrimeZone Media Network
Copyright (c) 2001 PrimeZone Media Network, Inc. All Rights Reserved.
PHILADELPHIA, Nov. 1, 2001 (PRIMEZONE) -- The law firm of Berger & Montague, P.C. (http://www.bergermontague.com) filed a class action suit on behalf of an investor against Enron Corp. ("Enron" or the "Company") (NYSE:ENE) and its principal officers and directors in the United States District Court for the Southern District of Texas on behalf of all persons or entities who purchased Enron securities during the period from March 30, 2000 through and including October 18, 2001, inclusive (the "Class Period").
The complaint alleges that Enron and its principal officers and directors violated Section 10(b) and 20 (a) of the Securities Exchange Act of l934 and SEC Rule 10b-5. The complaint alleges that defendants misled investors (1) by reporting assets that were overvalued by more than $1 billion, which caused writedowns in that amount and are expected to lead to further writeoffs of hundreds of millions of dollars, (2) by concealing facts regarding relationships with a related entity that led to a more than $1 billion reduction of shareholders' equity and a $35 million charge, and (3) by failing to disclose the fact that agreements with other related entities satisfaction of which include obligations that may require the Company to issue large amounts of its shares. This misconduct caused the market prices of Enron stock to be artificially inflated during the Class Period. When facts about these matters were disclosed at the end of the Class Period, the market price of the Company's stock fell from a high of $90 per share during the Class Period to a low of $15 per share, and securities analysts downgraded their ratings of the Company's stock despite the precipitous fall in its market price. Also, Enron's senior debt was placed on notice by Moody's for possible downgrade.
Also, an SEC inquiry into the Company's transactions with related entities has been announced, and the Company revealed that its Chief Financial Officer, who is one of the Defendants, has taken a "leave of absence" from the Company, and has been replaced. If you purchased Enron securities during the period from March 30, 2000 through October 18, 2001, inclusive, you may, no later than December 21, 2001 move to be appointed as a Lead Plaintiff. A Lead Plaintiff is a representative party that acts on behalf of other class members in directing the litigation. The Private Securities Litigation Reform Act of 1995 directs Courts to assume that the class member(s) with the "largest financial interest" in the outcome of the case will best serve the class in this capacity. Courts have discretion in determining which class members(s) have the "largest financial interest," and have appointed Lead Plaintiffs with substantial losses in both absolute terms and as a percentage of their net worth. If you have sustained substantial losses in Enron securities during the Class Period, please contact Berger & Montague, P.C. at investorprotect@bm.net for a more thorough explanation of the Lead Plaintiff selection process.
The law firm of Berger & Montague, P.C. has over 50 attorneys, all of whom represent plaintiffs in complex litigation. The Berger firm has extensive experience representing plaintiffs in class action securities litigation and has played lead roles in major cases over the past 25 years which have resulted in recoveries of several billion dollars to investors. The firm is currently representing investors as lead counsel in actions against Rite Aid, Sotheby's, Waste Management, Inc., Sunbeam, Boston Chicken and IKON Office Solutions, Inc. The standing of Berger & Montague, P.C. in successfully conducting major securities and antitrust litigation has been recognized by numerous courts. For example:
"Class counsel did a remarkable job in representing the class interests." In Re: IKON Offices Solutions Securities Litigation. Civil Action No. 98-4286(E.D.Pa.) (partial settlement for $111 million approved May, 2000).
"[Y]ou have acted the way lawyers at their best ought to act. And I have had a lot of cases...in 15 years now as a judge and I cannot recall a significant case where I felt people were better represented than they are here ... I would say this has been the best representation that I have seen." In Re: Waste Management, Inc. Securities Litigation, Civil Action No. 97-C 7709 (N.D. Ill.) (settled in 1999 for $220 million)
If you purchased Enron securities during the Class Period, or have any questions concerning this notice or your rights with respect to this matter, please contact:
Sherrie R. Savett, Esquire
Carole A. Broderick, Esquire
Arthur Stock, Esquire
Kimberly A. Walker, Investor Relations Manager
Berger & Montague, P.C.
1622 Locust Street
Philadelphia, PA 19103
Phone: 888-891-2289 or 215-875-3000
Fax: 215-875-5715
Website: http://www.bergermontague.com
e-mail: InvestorProtect@bm.net

More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.

Berger & Montague, P.C. Sherrie R. Savett, Esquire Carole A. Broderick, Esquire Kimberly A. Walker, Investor Relations Manager (888) 891-2289 or (215) 875-3000 Fax: (215) 875-5715 InvestorProtect@bm.net

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

MONEY
Inside Money
TAKEOVER TALK INVIGORATES ENRON STOCK
JUAN. A. LOZANO, ASSOCIATED PRESS

11/01/2001
Orlando Sentinel
METRO
C5
(Copyright 2001 by The Orlando Sentinel)
HOUSTON -- After plummeting to a nine-year low following recent economic losses and an investigation by federal securities regulators, shares of Enron Corp. jumped nearly 25 percent Wednesday amid speculation the company was ripe for takeover.
Shares of Enron, the nation's largest natural gas and power marketer, rose $2.74 to close at $13.90 Wednesday on the New York Stock Exchange. It is still down 69 percent since the company reported third-quarter earnings two weeks ago.
Carol Coale, an analyst with Prudential Securities Inc. in Houston, said Wednesday's surge was likely a reaction to a Wall Street Journal report that Enron's beaten-down stock price has stirred rumors of a possible takeover. Others may be buying figuring the stock has hit bottom, she said.
On Tuesday, Enron's stock closed at $11.16, its lowest level since 1992.
Potential buyers include General Electric's GE Capital unit, Warren Buffett's Berkshire Hathaway and Royal Dutch Shell, the Journal said.
Duane Grubert, an analyst with Sanford C. Bernstein and Co. in New York, said Shell, which has a small presence in energy marketing, would be a good fit.
"Shell tried to be in the merchant energy arena and didn't really succeed," he said. "To buy into an established franchise must be attractive to Shell."
Enron officials did not immediately return telephone calls Wednesday.

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

Enron Gets New Bank Loans But Its Bonds Fall Further
By Joe Niedzielski
Of DOW JONES NEWSWIRES

11/01/2001
Capital Markets Report
(Copyright (c) 2001, Dow Jones & Company, Inc.)
NEW YORK -(Dow Jones)- Word that Enron Corp. (ENE) had secured $1 billion in fresh funds Thursday did little to soothe prices on the company's outstanding debt securities.
Similar to other companies like Lucent Technologies Inc. (LU) that have faced short-term liquidity issues this year, Enron was forced to put up its assets in order to secure the financing. And the new bank facilities leapfrogged in front of other creditors like senior unsecured lenders.
The Houston-based energy and trading company said in a statement Thursday that the new financing is supported by Enron's Northern Natural Gas Company and Transwestern Pipeline Company assets. JPMorgan and Salomon Smith Barney were co-arrangers on the credit lines.
Enron plans to use the proceeds to supplement short-term liquidity and to refinance maturing obligations. The new $1 billion of secured credit lines with the more than $1 billion in cash currently on the balance sheet "will further solidify Enron's standing as the leading market maker in wholesale energy markets," Kenneth Lay, Enron's chairman and chief executive officer, said in the statement.
But the need to pledge assets to get the credit lines shows caution on the part of lenders that's understandable given Enron's situation, said Susan Abbott, a managing director in corporate finance at Moody's Investors Service.
"It signals the fact that the people with the money are not confident enough to trust the general corporate creditworthiness of the entity they're loaning money to," Abbott said. Still, by securing the $1 billion, Enron avoided a negative signal that it couldn't secure financing, she said.
Moody's lowered the company's senior unsecured long-term debt rating Monday to Baa2 from Baa1. The debt is rated triple-B-plus by Standard & Poor's Corp., with a negative outlook. Fitch also maintains a triple-B-plus rating and it placed the debt on Rating Watch Negative late last week.
Questions Remain

Traders and bondholders aren't convinced that the new money will be enough. Enron has yet to post information on its balance sheet with the Securities and Exchange Commission. And late Wednesday it disclosed that the SEC elevated to a formal investigation its inquiry into Enron's financial dealings with partnerships headed by its former CEO, Andrew Fastow.
Some market participants remain concerned over the lack of disclosure over Enron's off-balance sheet financing vehicles.
One bank loan officer in New York also cited concerns over the amount of trade receivable and physical settlement obligations Enron may have upcoming in its energy trading business.
Abbott at Moody's said the main question is whether Enron's trading counterparties will tighten credit requirements. Other liquidity needs for Enron, she said, are a matter of whether the markets are demanding additional collateral.
Earlier Thursday, Enron's bonds were down about three to four points after trading up Wednesday by as much as five points. Enron bonds that come due in 2005 were quoted just shy of 78 cents on the dollar, while Enron paper that matures in 2009 was bid at around 76 cents. Shorter-term paper that comes due in 2003 was bid slightly higher at 77 cents on the dollar.
Enron bank debt has also fallen this week. A five-year revolving loan facility is quoted in the high 70s, while a 364-day facility, part of $3 billion in loan facilities that Enron drew down on last week, was quoted at around 90 cents on the dollar, according to Loan Pricing Corp. in New York.
In addition, the credit default swap market, where participants can buy protection against defaults or other credit events like loan restructurings, is displaying signs of distress in the Enron name. Those willing to sell Enron protection this week have demanded some of the premium, or "points" up front, to go into the trade.
Usually, trades in credit default swaps are initially unfunded, with premiums paid on a quarterly or semiannual basis, similar to a company's interest payments on its bonds.
The cost is also higher to write protection over the next year than it is for protection that covers the next three years. Traders say this indicates there are concerns over Enron's obligations coming due.
Recent quotes for credit protection on Enron call for buyers to pay 12% to 15% of the notional amount of the contract up front, with the annual premium for one-year protection at around 15%. Enron's credit curve then slopes downward with three-year protection offered at around 11%.
Enron's stock was down $1.33 at $12.57 in early afternoon trade.

-By Joe Niedzielski, Dow Jones Newswires, 201-938-2039; joe.niedzielski@dowjones.com
(Andrew Dowell contributed to this story.)

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

Enron Gets $1 Bln Loan to Boost Cash, Credit Rating (Update3)
2001-11-01 11:40 (New York)

Enron Gets $1 Bln Loan to Boost Cash, Credit Rating (Update3)

     (Adds possibility of additional loans in 12th paragraph.)

     Houston, Nov. 1 (Bloomberg) -- Enron Corp., the largest
energy trader, received a $1 billion loan from J.P. Morgan Chase &
Co. and Salomon Smith Barney Inc. after agreeing to use the
company's natural-gas pipelines as collateral.

     Proceeds will go for debt payments and to supplement Enron's
short-term cash reserves. Assets of Enron's Northern Natural Gas
Co. and Transwestern Pipeline Co. will secure the loan.

     The financing comes a day after Enron said the U.S.
Securities and Exchange Commission is formally investigating
partnerships run by its former chief financial officer. Using the
pipelines as collateral signals Enron's desperation to reassure
shareholders and trading partners that it is creditworthy,
investors said.

     ``Its not reassuring, it's worrisome,'' said Donald Coxe,
manager of the Harris Insight Equity Fund, which owns about 78,000
Enron shares. ``If they had to secure the loan, obviously the
lenders don't think they can rely on Enron's financial
statements.''

     Shares of Enron fell $1.35, or 9.7 percent, to $12.55 in late
morning trading. Earlier, they dropped to $11.47. Before today,
the shares had fallen 83 percent this year.

     Enron's shares fell 52 percent last month amid an SEC inquiry
into partnerships headed by Andrew Fastow, Enron's former chief
financial officer, that cost $35 million and $1.2 billion in lost
shareholder equity. A formal SEC investigation began yesterday.

     ``It seems until we know more about the SEC investigation,
it's going to be a difficult time for the stock,'' said Tara
Gately, an energy analyst at Loomis Sayles & Co., which sold most
of its Enron shares early last year.

                      Pipeline as Collateral

     Enron, based in Houston, got its start as a gas-pipeline
company. In the past decade, Chairman Kenneth Lay has transformed
the company into the biggest trader of electricity, natural gas,
forest products and other commodities. Enron accounts for about a
quarter of U.S. power and natural gas trades.

     Northern Natural Gas, Enron's largest pipeline, has
approximately 16,500 miles of pipeline from the Permian Basin in
Texas to the Great Lakes. Transwestern Pipeline spans about 2,500
miles.

     Since the SEC began its inquiry, concerns about shaky
finances have prevented Enron from selling commercial paper, or
short-term IOUs. The financing is to ``enhance market and investor
confidence,'' Enron Chief Financial Officer Jeffrey McMahon said
in a statement.

     ``We are moving aggressively to strengthen our balance sheet
and maintain our investment grade credit rating'' McMahon said.

     Enron can borrow another $200 million by bringing other banks
into the loan, spokeswoman Karen Denne said. ``We don't have any
plans to do so at this point,'' she said.

                           Credit Rating

     On Monday, Moody's Investors Service lowered Enron's long-
term credit rating to ``Baa2'' from ``Baa1,'' two notches above
junk status. It also placed the company's ``P-2'' rating for
commercial paper on review for possible downgrade.

     Falling below investment grade would trigger early repayment
terms for affiliated companies Enron formed to buy its assets such
as power plants. The affiliates plan to repay borrowed money by
selling the assets. Enron might have to repay any difference
between what the assets sell for and the underlying debt.

     J.P. Morgan is advising Enron on the sale of part of its
Azurix North America water business to American Water Works Inc.
for $148.8 million in cash and assumed debt. Salomon Smith Barney
is the investment banking arm of Citigroup Inc.

BG India: To Extend Enron Oil, Gas Field Operator Talks

11/01/2001
Dow Jones Energy Service
(Copyright (c) 2001, Dow Jones & Company, Inc.)
SINGAPORE -(Dow Jones)- U.K. oil and gas company BG Group PLC (BRG) said Thursday it will extend the negotiation period on the operatorship of the Indian upstream assets of Enron Corp. (ENE) acquired by BG for US$388 million in early October.

0909GMT
A disagreement between BG and Enron Corp.'s former joint venture partners - state-owned Oil & Natural Gas Corp. (P.ONG) and Reliance Industries Ltd. (P.REL) - soon after BG acquired Enron Corp.'s upstream India assets threatened to scuttle the deal.
BG's goal of acquiring Enron's operatorship of the offshore Tapti gas field and the Panna/Mukti oil and gas field was being challenged by the two other partners which jointly hold a 70% stake in the assets.
BG made it clear it would walk away from the deal if it didn't get outright operatorship by Oct. 31.
But in a statement issued Thursday, BG India Vice President Nigel Shaw indicated talks between the three parties were positive and ONGC and that Reliance Industries could reach an agreement.
"We are making good progress and will continue discussions with ONGC and Reliance to reach agreement for BG India to operate these assets. We believe that this proposal is advantageous and is in the interests of the partnership," Shaw said.
BG India said it expects to continue discussions over the "coming weeks" and "will make an announcement in due course." The statement didn't specify the extended length of the negotiations.
The Indian government wants ONGC and Reliance to have first option on the operatorship, which was being pursued by both companies, according to Indian newspaper reports in October.
BG has portrayed its purchase of Enron Oil and Gas Ltd., or EOGIL, as significant as it raises its upstream profile, by boosting the group's global hydrocarbon production by up to 7%, and diversifying its distribution and pipeline interests in the fast-growing Indian energy market.

Susanta Mazumdar, a Bombay-based energy analyst with UBS Warburg (U.UBS) said BG India's bid for operator status would continue to face stiff resistance from ONGC and Reliance.
"Both ONGC and Reliance may not give up that easily. There is a strong corporate incentive to get operator status. BG India may have to give some concessions in other fields in return for operator status," Mazumdar said.
At the time of writing, ONGC and Reliance Industries declined to comment on BG India's move to extend the operatorship talks.
About 0932 GMT, BG Group shares were up 6.25 pence at 266.50 pence on the London Stock Exchange.
-By Sri Jegarajah, Dow Jones Newswires; 65-415-4066; sri.jegarajah@dowjones.com

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

INDIAN FINANCIAL INSTITUTIONS FAIL TO RESOLVE DABHOL POWER ISSUE

11/01/2001
Asia Pulse
(c) Copyright 2001 Asia Pulse PTE Ltd.
NEW DELHI, Nov 1 Asia Pulse - Financial Institutions led by the Industrial Development Bank of India (IDBI) have failed to come up with a solution to the long payment dispute with United States energy company Enron that has forced the closing of the US$2.9 billion Dabhol Power Project.
Top officials of IDBI and ICICI met officials in the Finance and Power ministries here today but failed to come up with an "optimum" solution.
"We discussed Enron. The discussions are continuing and we are examining various options," IDBI Chairman P P Vora told reporters after meeting Power Secretary A K Basu.
He said the FIs, which have a total exposure of over Rs 62 billion in the project, wanted to come up with a optimum solution but declined to give a time frame for it.
Earlier in the day, Vora met Finance Minister Yashwant Sinha to apprise him about the situation.
FIs had decided to come up with a solution by Oct 31 for the second phase of the 2,184 MW Dabhol Power Company (DPC).
A settlement of the Enron imbroglio, being played out since early this year, assumes importance in view of Prime Minister Atal Bihari Vajpayee's forthcoming visit to Washington where he is likely to have wide ranging discussions with US President George Bush.
Enron was the biggest donor to Bush's presidential electoral campaign.
So far, Tata Power and BSES Ltd. were in the fray for buying Enron's stake in DPC.
Although the companies showed reluctance to buy Enron's stake at the price spelled out by the US power giant, Vora said the two companies are still in the fray.
(PTI) 01-11 1900

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

India: SCI to inject more funds into Greenfield Shipping

11/01/2001
Business Line (The Hindu)
Fin. Times Info Ltd-Asia Africa Intel Wire. Business Line (The Hindu) Copyright (C) 2001 Kasturi & Sons Ltd. All Rights Res'd
NEW DELHI, Oct. 31 AFTER several rounds of discussions and consultations within its board and with the Ministry of Shipping, the Shipping Corporation of India (SCI) has finally decided to pump in $ 13 million as additional investment in Greenfield Shipping Company to part-fund the gap in project cost of $ 55 million for building an LNG tanker for transporting gas to Dabhol Power Company.
"The Shipping Ministry has given its in-principle approval to SCI for investing an extra $ 13 million in Greenfield which will be in the form of a loan to the company and not as extra equity. The additional investment by SCI would not require clearance from the Union Cabinet," Government sources told Business Line.
Though the additional investment of $ 55 million is to be shared equally by the three promoters of Greenfield in proportion to their equity holdings, this proposition has gone awry due to the fact that one of the promoters, Enron-affiliate Atlantic Commercial Inc with a 20 per cent stake, has clearly said no to putting its share of extra funds.
In fact, Atlantic Commercial Inc.is understood to have expressed a desire to exit from Greenfield by selling its equity worth $ 11 million and the swap cost of $ 19 million.
Consequently, the extra investment of Atlantic Commercial Inc of $ 11 million is being shared by the other two partners - SCI and Japan's Mitsui O.S.K. Lines - apart from their own share of the additional cost in proportion to their equity holdings of 20 per cent and 60 per cent respectively.
So, SCI will put in an additional $ 13 million comprising its share of $ 11 million and $ 2 million of Atlantic Commercial's share. Whereas, MOL will pump-in an additional $ 42 million including its share of $ 33 million and $ 9 million of Atlantic's share.
The additional investment by the promoters of Greenfield Shipping Company has become necessary after the bankers to the LNG shipping deal led by ANZ Investment Bank had suspended disbursement of the last tranche of the project loan of $ 55 million, citing an event of default.
The additional investment made by SCI and MOL will take the form of a loan to Greenfield which would enable the Company to take possession of the LNG tanker on the scheduled delivery date of November 15.
Greenfield was formed for owning an operating a 137,000 cubic metre capacity tanker for transporting LNG to Enron-promoted Dabhol power plant. The tanker is ready for delivery at the yard of Mitsubishi, Japan.
The promoters are negotiating with Oman LNG to deploy the LNG tanker 'LNG Laxmi' till the LNG terminal of Dabhol goes on stream.
P. Manoj

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

New & NoteWorthy
Mariner Energy sells pipelines

11/01/2001
The Daily Deal
Copyright (c) 2001 The Deal LLC
Enron Corp. - Enron North America - Pioneer Natural Resources Co. - Nippon Mitsubishi Group - Nippon Oil Exploration USA Ltd. - Mariner Energy Inc.
Houston oil and gas explorer Mariner Energy Inc. said Wednesday it would sell its interests in the Aconcagua field and the Canyon Express pipeline system in the Gulf of Mexico to Nippon Oil Exploration USA Ltd. for $51 million. The field is one of three deepwater natural gas fields being developed to connect with the pipeline system and is located 150 miles southeast of New Orleans. Closing is set for today. Nippon Oil is a unit of Japan's Nippon Mitsubishi Group and Pioneer Natural Resources Co. of Irving, Texas. Mariner is owned by an affiliate of Enron North America, a unit of Houston energy trading and marketing giant Enron Corp., which provided financing for a 1996 management led buyout. -Claire Poole www.TheDeal.com

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

Enron and the curse of Drexel
Commentary: Energy trader's friends dry up
By David Callaway <<mailto:dcallaway@marketwatch.com>>, CBS.MarketWatch.com
Last Update: 1:15 AM ET Nov. 1, 2001
SAN FRANCISCO (CBS.MW) -- It was the master of its universe.

Its employees were rich, young and ruthless. It treated its clients and rivals alike, with disdain. Its leader counseled business tycoons and political powerbrokers alike. And when the bottom finally fell out, it didn't have a friend in the world to save it.

Wall Street loves a success story. But it loves a success story gone wrong even more. Such was the case for Drexel Burnham Lambert, the junk bond empire of the 1980s, whose spiritual leader Michael Milken orchestrated one of the greatest financial shell games of all time before it collapsed in a heap of federal investigations, losses and the largest bankruptcy in Wall Street history.

For Enron, the energy trading giant that has seen its shares lose more than two-thirds of their value this month amid questions about its financial transactions and its stability, the similarities are striking.

Like Drexel, Enron set out to change an industry. Like Drexel, it succeeded, for a while. Under the guidance of Chairman Ken Lay, Enron evolved from a backwater Texas natural-gas pipeline company to become the nation's largest energy merchant.

Its EnronOnline business transformed the way energy trading was done and funneled hundreds of billions of dollars in transactions through the company in last two years. The aggressive trading philosophy geared to squeezing a profit at all costs made millionaires of many employees, while those who were not deemed worthy simply vanished from the trading rooms, no questions asked. Enron was and is the dark star of the energy industry.

For his part, Lay became an international corporate celebrity, advising President Bush on his campaign and taking a lead role with Vice President Dick Cheney on the administration's controversial energy plan earlier this year.

But Enron's attempt to extend its dominance into the telecom industry and its secretive financial structure finally got the best of it. The unexplained resignation of its chief executive in August, the ouster of its chief financial officer last week and the company's inability to prove its financial health have prompted investors to bail out of Enron stock like jackrabbits escaping a brushfire.

Now Lay & Co. are busy trying to raise cash from a skeptical Wall Street that is starting to admit it never understood the business in the first place (sound familiar?). Takeover speculation gave Enron shares a boost Wednesday, helping it end a 10-day losing streak. But it's unlikely anyone is going to step into this mess before a Securities and Exchange Commission investigation into its finances yields a few more answers.

For investors, a short-term rally beyond the jump Wednesday is still possible now that all of the big mutual funds have dumped the shares. But at a closing price of $13.90, Enron shares are more than a Texas mile from their 52-week high of $84.88 last December.

For Enron itself, it's time to put its cards on the table with regulators and Wall Street. As the Drexel saga showed, a strategy of defiance to the end only hastens the end.


I don't think it's out yet.  Lemme check.  As soon as it's out, I'll get it around.  Hope all's well under the circumstances.

Best,
Jeff

-----Original Message-----
From: Tholt, Jane M.
Sent: Monday, December 17, 2001 10:55 AM
To: Dasovich, Jeff
Subject: RE: Conference Call with PG&E to Discuss the Gas Portion of Its Proposed Plan of Reorganization that It Will File w/FERC Toward End of November

Can you get me a copy of the Socal Order that was just approved by the PUC regarding unbundling their system?

-----Original Message-----
From: Dasovich, Jeff
Sent: Mon 12/17/2001 10:26 AM
To: Lokay, Michelle; Tycholiz, Barry; Tholt, Jane M.; Calger, Christopher F.; Belden, Tim; Harris, Steven; Miller, Stephanie; Steffes, James D.
Cc:
Subject: RE: Conference Call with PG&E to Discuss the Gas Portion of Its Proposed Plan of Reorganization that It Will File w/FERC Toward End of November

We are scheduled to meet with PG&E to discuss their plan of reorganization for gas on Jan. 8th at 10 AM CST.  If you have any questions, please let me know.

Best,
Jeff


---------------------- Forwarded by Shanna Husser/HOU/EES on 12/07/2000 10:29
AM ---------------------------

Christina Barthel
12/07/2000 10:19 AM
To: Lynna Kacal/Corp/Enron@ENRON, Kathy Fink/Corp/Enron@ENRON, Raul
Yzquierdo/Enron Communications@Enron Communications, Leon
Branom/Corp/Enron@ENRON, Robert B Cothran/Corp/Enron@ENRON, Shanna
Husser/HOU/EES@EES, Angie Ramirez/HOU/EES@EES
cc:
Subject: HELP WANTED

---------------------- Forwarded by Christina Barthel/HOU/EES on 12/07/2000
10:18 AM ---------------------------

"Meredith Gilbert" <meredith@friersoncpa.com> on 12/07/2000 10:15:59 AM
To: "Yamster" <extexgal@hotmail.com>, "Samantha" <samantha@wellskimich.com>,
"Mom" <skgilber@petroskymail.alief.isd.tenet.edu>, "Mark"
<Mark.Stringer@ey.com>, "David" <dxlieske@TexasChildrensHospital.org>, "Dad"
<Roy.Gilbert@posters-inc.com>, <cbarthe@enron.com>, "Aunt Sissy"
<WECASR@aol.com>
cc:
Subject: Fw: HELP WANTED

>
>
>
> >
> >  HELP WANTED:
> >
> >  Needed immediately: a FAT WOMAN to travel to Florida and sing.
>
>
>


Mark:

Attached please find a memo that I have prepared outlining content guidelines
for the EOL Content team.  I am going to distribute to Dave Samuels, et al,
today, as well as to Mark Greenberg.  If you have any additions or changes to
make after you take a look, let me know and I will revise accordingly and
redistribute.

I'm out all next week and want to make sure that this memo goes out before
the baby decides to show up -- not due until the 16th of Jan, but you never
know.

Leslie


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

The Holiday Inn Express is on Western Avenue in Albany.


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Date: Thu, 24 Jan 2002 17:38:57 -0500 (EST)
Message-Id: <200201242238.RAA52811@akalice.research.att.com>
From: AT&T Web Resume Database <resume@research.att.com>
To: VKaminski@aol.com, kbl@research.att.com
Subject: Reference request regarding Eric W Cope S05371/R966
X-Mailer: Unknown (No Version)
Content-Type: text/plain; charset="US-ASCII"

Dear Colleague:

Eric W Cope has submitted an application to AT&T Labs,
with a request that we seek a reference letter from you in support of this application.
We thank you in advance for providing this letter.  The reference letters are
a very important part of our evaluation process, but we also recognize that
they call for a significant measure of time and attention on your part.
In this message, we first describe below the three options for submittal
of the letter, and then, in the final paragraphs, you will find some
comments about the nature of the job applied for.

We know your time is precious, so we have tried to make the
process as efficient as possible.  If you have access to a browser
from your mailer, then the easiest thing is to use the URL given below:

  http://www.research.att.com/~kbl/cgi-bin/resumedocs/S05371/R966

Via this web page, you can submit text, html, postscript, or pdf files.
Please note that this URL should be used ONLY by you, and ONLY for
this particular student.  It is linked directly to the student's resume,
and the processing occurs automatically and immediately.
-----------------------------------------------------------------------
If it is inconvenient to use the URL, you may email your letter by replying
to this email, but please help us out, if you use this option, by sending
the letter as plain text only, not as a word processor file, without indent, and
not as an attachment.  Also please make sure that your mailer includes
the entire subject line in your reply message.
If you use this option, please note that the processing of your letter
will occur manually, and therefore may entail a considerable delay.

Our system will format the emailed text appropriately for display, unless
you ask that it be treated as fixed-format.
-----------------------------------------------------------------------
As a third option, if you prefer you may submit your letter as hard copy.  Please
note that we discourage this approach, since electronic letters can be
distributed far more effectively to the hiring managers.  However, if you
wish, please see http://www.research.att.com/academic/Addresses.html
for information on the proper address to use for various purposes.

-----------------------------------------------------------------------
Finally, a word about the position for which the student has applied:

This student has applied for a summer internship.
We hire summer interns roughly from the third year of undergraduate
work through graduate school.  The summer projects vary in level,
depending on the student involved.  The students normally work in
a one-on-one fashion with a member of staff on some facet of the
ongoing research work in the lab, but they are expected to function
somewhat independently after an initial period of familiarization
with the work.  Accordingly, we are interested in information you
may have as to the student's adaptability, ability to learn new
material, and to work effectively with minimal supervision.

Thank you in advance for your cooperation.

Ken Lyons,
AT&T Labs Web Resume Database


The City of Houston is sponsoring a city-wide blood drive at the George R. Brown Convention Center today.  For your convenience, Enron is providing transportation to and from the Convention Center from 9am-3pm.  Transportation will be leaving from the Enron Building every half hour.


Bob,

In order to be able to draft the Aquila assignments below, I am going to need
the contract list which shows the contracts the  trades were originally under
and which contract they will be under when we assign them.   Can you for that
list to me ASAP so I can get started drafting the assignments.  It make take
some time.  Thanks!
---------------------- Forwarded by Tana Jones/HOU/ECT on 12/16/99 09:03 AM
---------------------------

	From:  Mark Taylor                           12/15/99 01:29 PM

To: Tana Jones/HOU/ECT@ECT
cc:
Subject: Aquila Assignment

Can you take care of this for me?
---------------------- Forwarded by Mark Taylor/HOU/ECT on 12/15/99 01:28 PM
---------------------------

	From:  Bob Shults                           12/15/99 01:27 PM

To: Mark Taylor/HOU/ECT@ECT
cc: David Forster, Debbie R Brackett/HOU/ECT@ECT, Kathryn Cordes/HOU/ECT@ECT
Subject: Aquila Assignment

Here are the trades that we need an assignment letter on for Aquila Risk
Managment, Energy Marketing and Canada


Attached is a discussion agenda for tomorrow's CESG meeting at 10:00 at
the Chamber of Commerce.  Our objective for tomorrow is to move through
these and other issues you raise to outline a strawperson proposal for
forward contracting,  rate stabilization and TRA undercollections.  As
Ralph's email of Sunday evening observed,  if we manage to stay narrowly
focused on these issues in the short-run we may have an opportunity to
move the debate.

 - California Energy Solutions Group Agenda 120500.doc


Would you please find a copy of this and send to Felicia?  Thanks.  Michelle

 -----Original Message-----
From: 	Acevedo, Felecia
Sent:	Monday, July 09, 2001 5:01 PM
To:	Cash, Michelle; Butcher, Sharon
Cc:	Walton, Sheila
Subject:	FW: Employment Contract Matters
Importance:	High
Sensitivity:	Confidential

Michelle and Sharon,

We are trying to track down a contract on Barbara Paige.  Executive Compensation said they did not receive a copy.  Can either one of you help us locate a copy?

Felecia

 -----Original Message-----
From: 	Gutierrez, Diana
Sent:	Monday, July 09, 2001 4:50 PM
To:	Butler, Pam; Acevedo, Felecia
Cc:	Ward, Cindy R.
Subject:	RE: Employment Contract Matters
Sensitivity:	Confidential

Felecia - I have checked our files and we do not have an agreement on Barbara Paige.

Thanks,
Diana

 -----Original Message-----
From: 	Butler, Pam
Sent:	Monday, July 09, 2001 3:55 PM
To:	Acevedo, Felecia; Gutierrez, Diana
Cc:	Ward, Cindy R.
Subject:	RE: Employment Contract Matters
Sensitivity:	Confidential

Diana, can you look in our files to see if we have an agreement on Barbara?  Please also check with Teresa.  Thanks.

 -----Original Message-----
From: 	Acevedo, Felecia
Sent:	Monday, July 09, 2001 1:43 PM
To:	Butler, Pam
Cc:	Ward, Cindy R.
Subject:	FW: Employment Contract Matters
Importance:	High
Sensitivity:	Confidential

Pam,

I looked in the Compensation Database to check on this for Sheila but there is no contract info in the system for Barbara Paige.  Can Dana check into this for us and let us know if she can locate the contract?

Thanks!

Felecia

 -----Original Message-----
From: 	Walton, Sheila
Sent:	Monday, July 09, 2001 12:32 PM
To:	Acevedo, Felecia
Subject:	FW: Employment Contract Matters
Importance:	High
Sensitivity:	Confidential

Felecia, can you check on this as soon as possible and let me know what the status is.  Thanks.

Sheila Walton

 -----Original Message-----
From: 	Paige, Barbara
Sent:	Sunday, July 08, 2001 4:13 PM
To:	Walton, Sheila
Subject:	Employment Contract Matters

Sheila,

My contract calls for a salary increase after one year (June 12, 2001).  That has not yet taken effect. What do I need to do?

Barbara


The only place wackier than CA is OR.

	Janel Guerrero
	03/15/2001 03:11 PM

		 To: Mark Palmer/Corp/Enron@ENRON, Karen Denne/Corp/Enron@ENRON, Paul
Kaufman/PDX/ECT@ECT, Susan J Mara/NA/Enron@ENRON, Jeff
Dasovich/NA/Enron@Enron, Sandra McCubbin/NA/Enron@Enron, sgovenar@govadv.com,
hgovenar@govadv.com bhansen@lhom.com, ken@kdscommunications.com, Tim
Belden/HOU/ECT@ECT, Elliot Mainzer/PDX/ECT@ECT, Christopher F
Calger/PDX/ECT@ECT, Alan Comnes/PDX/ECT@ECT, Leslie Lawner/NA/Enron@Enron,
Susan M Landwehr/NA/Enron@Enron
		 cc:
		 Subject: Senators Dianne Feinstein and Gordon Smith Announce Partnership in
Response to the Western Energy Crisis

----- Forwarded by Janel Guerrero/Corp/Enron on 03/15/2001 03:08 PM -----

	Linda Robertson
	03/15/2001 02:53 PM

		 To: Steven J Kean/NA/Enron@Enron, Richard Shapiro/NA/Enron@Enron, James D
Steffes/NA/Enron@Enron, Janel Guerrero/Corp/Enron@Enron
		 cc:
		 Subject: Senators Dianne Feinstein and Gordon Smith Announce Partnership in
Response to the Western Energy Crisis

Bad development.  We are trying to get Steve an appointment with Smith next
Tuesday.
----- Forwarded by Linda Robertson/NA/Enron on 03/15/2001 03:51 PM -----

	Allison Navin
	03/15/2001 03:46 PM

		 To: Linda Robertson/NA/Enron@ENRON
		 cc:
		 Subject: Senators Dianne Feinstein and Gordon Smith Announce Partnership in
Response to the Western Energy Crisis

Senators Dianne Feinstein and Gordon Smith
Announce Partnership in Response to the Western Energy Crisis
March 15, 2001
Washington, DC - Senators Dianne Feinstein (D-CA) and Gordon Smith (R-OR)
today announced an agreement to introduce bipartisan legislation to restore
stability and reliability to the Western energy market by directing the
Federal Energy Regulatory Commission (FERC) to impose a temporary &just and
reasonable8 wholesale rate cap or cost-of-service based rates.
The legislation will also require the states involved in this effort to pass
on the cost of the electricity to retail customers. However, the states would
be able to determine how and when this would be done. In other words,
California could choose to use tiered-pricing, real-time pricing or set a
baseline rate above which prices would be passed through.
&We now have a piece of legislation that can fix the broken electricity
market and provide a period of reliability and stability in wholesale energy
costs,8 Senator Feinstein said.
&FERC has found the wholesale prices being charged in California to be unjust
and unreasonable. This legislation essentially will mandate that once FERC
makes such a finding, the agency will carry out its regulatory role. This is
a $175 million a year agency. It is there to regulate the energy marketplace,
and it should. What the Federal government can do is to provide a period of
reliability and stability at a time of crisis. Unfortunately FERC has refused
to do so.8
&California,s broken electricity market is a result of a flawed 1996
California law that deregulated wholesale costs, but left in place caps on
retail prices. This was coupled with a requirement that the utilities divest
themselves of their generating capacity and buy most of their electricity on
the spot market, where prices have escalated dramatically. In hindsight all
of this came together in a catastrophic scenario, so that today, California
buys electricity at astronomical prices. We believe that FERC needs to act to
help restore reasonable costs and stability to this marketplace.8
&Additionally, this agreement addresses the escalation of natural gas
transportation costs. Last February, FERC began a two-year experiment to lift
the cap on these costs and since that time we have seen the price of natural
gas climb 400 percent higher in Southern California.8 Senator Feinstein
added.
Specifically, the compromise legislation would accomplish the following goals:
Directs FERC to impose a just and reasonable wholesale rate cap, which can be
load-differentiated based on supply and demand, or cost-of-service-based
rates in the Western energy market (Western Systems Coordinating Council,
including Arizona, California, Colorado, Idaho, Montana, Nevada, New Mexico,
Oregon, Utah, Washington, and Wyoming.)
Addresses the issue of high natural gas transmission costs by reimposing FERC
tariffs for natural gas transportation into California (FERC Order 637) and
requiring natural gas sellers to declare separately the transportation and
commodity components of the bundled rate for gray market transactions.
Stipulates that the wholesale price cap or cost-of-service based rate will
not apply to wholesale sales for delivery in a state that imposes a price
limit on the sale of electric energy at retail that: precludes a regulated
utility from recovering costs under the price cap or on a cost-of service
based rate; or precludes a regulated utility from paying its bills.
Establishes that the rate-making body of a state can determine how and when
the wholesale rates will be passed on to ratepayers, including the setting of
tiered pricing, real time pricing, and baseline rates. (With respect to the
Bonneville Power Administration, BPA will be encouraged to seek to reduce
rate spikes to economically distressed communities, while ensuring costs are
recovered by the end of the next contract period in 2006.)
Directs that after the date of enactment, utilities cannot be ordered to sell
electricity or natural gas into a state without a determination by the
Federal Energy Regulatory Commission that the seller will be paid.
Directs that in the event that a state in the Western energy market does not
meet the criteria described in this agreement, state public utilities
commissions in the Western energy market can ensure that regulated utilities
within their jurisdiction meet demand for electric energy in the utility,s
service area before making sales into any such state.
Establishes that the wholesale rate cap or cost-of-service based rates shall
remain in effect until such time as the market for electric energy in the
western energy market reflects just and reasonable rates, as determined by
the Commission or until March 1, 2003, whichever is earlier.


Yes,which is what prompted my email this am. I'm looking for a way to
simplify the process since closing is less than a week away.

I'm in 825-925; 1000-1230 today.

Kay

"Wilson Montjoy" <wmontjoy@brunini.com> on 06/06/2001 08:15:08 AM
To: <Kay.Mann@enron.com>
cc:

Subject: Re: Clarksdale

Did you get my email yesterday asking for a time to have a call with Rod and
me?

>>> <Kay.Mann@enron.com> 06/06/01 08:09AM >>>

Wilson,

We are running short on time.  We are planning to sign on  Tuesday, and I
hesitate to put a new document in front of them at this late date. Would it
be easier to work with reps/warranties?

I definitely need an answer from your firm confirming (1) enforceability
(2) obligation of the Cities to financially support agreement.

Also, could you provide me with the Mississippi law defn of consequential
damages and a couple of examples where Enron could be responsible for same
under this agreement?  Also, can MDEA and the Cities be liableto Enron for
consequentials (absent a waiver)?

Your comments to the previously forwarded draft would be greatly
appreciated.

Kay

"Wilson Montjoy" <wmontjoy@brunini.com> on 06/05/2001 10:33:14 AM

To:   <Kay.Mann@enron.com>
cc:

Subject:  Re: Clarksdale

I had spoken to Rod Clement, one of our opinions guys, about having a call
with you, but we hadn't gotten around to scheduling it. What is your
availability this afternoon? Both Rod and I are available.

>>> <Kay.Mann@enron.com> 06/05/01 06:25AM >>>
Wilson,

We are trying to finalize this transaction by next Tuesday, and I could
really use your help.  I believe you owe me a draft of an opinion letter?
Also, do you have any comments to the draft agreement I sent out last week?

I also need an opinion that the language in the agreement re the Cities
obligation to financially support MDEA is sufficient.

Thank you,

Kay


Yours??
---------------------- Forwarded by Mark Taylor/HOU/EES on 01/31/2000 09:23
AM ---------------------------

"Sara Davidson" <sdavid2@ect.enron.com> on 01/31/2000 09:10:49 AM

To:	BCC
cc:	(bcc: Mark Taylor/HOU/EES)

Subject:	RSVP Form

Your RSVP form for the 2000 Enron Law Conference has been received.  Thank you
for your attention to this matter.


Thank you for your request. You will be notified by email when your request
has been processed. You can check the progress of your request by clicking
http://itcapps.corp.enron.com/srrs/auth/emailLink.asp?ID=000000000014989&Page=
MyReq.


I spoke with Karry regarding the outstanding issues related to 20/20.   He
said that the items that were on item B on my issues schedule for Natural Gas
Revenues for $989k were ENA paying Northern Border.  The $309k in item F were
Northern Border paying ENA.  This would change the post closing adjustment by
a net of about $680k.  I will work through the new calculation with the items
identified.

Also, he said that he thought ENA's Gas accounting group, Scott Sitter and
someone from Denver should meet to go through the adjustments and payments
that have gone through since the closing.  This could affect the post closing
calculation with fairly significant dollars and would be information that I
would not have.

Cris - I am attaching a schedule that I believe Karry used to get to the
basis for the initial gain calculation.  It is on the tab "P&S Combined".

Please let me know if you have any questions.

Thanks,
Karen


TASK ASSIGNMENT

Status:		completed

Task Priority:		1
Task Due On:		5/12/2000
Task Start Date:	5/10/2000


Clara Carrington
Financial Trading
Manager - Rate and Currency Risk Mgmt
Direct Tel: (713) 853-9224
Email:  Clara.Carringotn@enron.com


I have just received documentation to support the name changes for the
following entities, and we have been requested to overlay the names
immediately.  This is to put all interested parties on notice that any
objections or concerns regarding these changes should be directed to me at
X3-3103 or Marilyn Colbert at X3-6517 immediately.  These changes will appear
as additions to the final name change/merger report due out next week.

Old Counterparty Name              BA ID   CP ID   ERMS Shortname   Eff.
Date          New Counterparty Name    BA ID      CP ID    ERMS Shortname
Amoco Energy Trading Corporation   03149            12
AMOCO                            08/22/00                BP Energy
Company                    N/C             N/C          BPENERGYCO
Union Pacific Resources Inc.                 90933     34880
UNIONPACRESINC    07/17/00                Anadarko Canada Corporation
N/C             N/C          ANADARKOCANCOR

Legal name changes will be done tomorrow 9/19/00

Short names will change on 9/21/00

Thanks,
Cheryl


Charles & Scott,

I wanted to circle back with both you with respect to employment
opportunities at Enron.  I am in the process of narrowing potential
opportunities.  As such, is there currently an opportunity to move forward
with Enron?  If so, please feel free to contact me.  In any event, I
appreciate your consideration.

Mark Evans
3935 Rice Blvd.
Houston, Texas  77005
Home:  (713) 662-0676
Cell:  (713) 320-7054

 - Evans_Resume3.doc


Dave:

Andy approved this one while you were out.

Leslie
----- Forwarded by Leslie Hansen/HOU/ECT on 11/03/2000 09:11 AM -----

	Tana Jones
	11/03/2000 08:53 AM

		 To: Leslie Hansen/HOU/ECT@ECT
		 cc:
		 Subject: Re: ETA Amendment-Modesto Irrigation District

----- Forwarded by Tana Jones/HOU/ECT on 11/03/2000 08:53 AM -----

	David Forster@ENRON
	11/02/2000 06:09 PM

		 To: Tana Jones/HOU/ECT@ECT
		 cc:
		 Subject: Re: ETA Amendment-Modesto Irrigation District

Tana,

I don't recall this customer. Is this one which I approved?

Dave

From: Tana Jones@ECT on 11/02/2000 03:10 PM
To: Lisa Lees/HOU/ECT@ECT, Stephanie Sever/HOU/ECT@ECT, David
Forster/Corp/Enron@Enron
cc: Stewart Rosman/HOU/ECT@ECT, Leslie Hansen/HOU/ECT@ECT

Subject: ETA Amendment-Modesto Irrigation District

We have received the executed Letter Agreement dated 09/04/00 amending the
Electronic Trading Agreement with the referenced Counterparty.  Copies will
be distributed.


Attached please find an electronic copy of a memorandum that I prepared this
week in connection with the claim by International Gas Limited ("IGL")
against Enron Exploration Company ("EEC").  The claim appears to relate to
the recent execution of an upstream gas development "Term Sheet" in
connection with Project Dolphin, and certain rights IGL believes it has to
participate in the benefits of such Term Sheet pursuant to a May 18, 1994
Agreement that was executed between IGL and EEC in connection with Enron's
earlier Qatar LNG Project.

I understand from discussions the other day with Bob Williams and Don
Wendland of EOG Resources Inc. ("EOG") that EOG will in all likelihood ask
Pettman Smith (IGL's counsel in London) for an extension of the requested
April 16 response date.

If you have any questions or comments on this memorandum, or if I can be of
further assistance in connection with this claim, please do not hesitate to
call on me.

Kind regards,
Dan


Sally,
Leslie Reeves reports that she conducted her pre-PRC last week and that she
will be in touch w/you tomorrow to discuss her results.
hgm

	From:  Hector McLoughlin                           06/06/2000 03:59 PM

To: Sally Beck/HOU/ECT@ECT
cc:

Subject: Planned PRE PRC Meetings

Sally,

As of this date our assistant tells me that the following pre-PRC meetings
are scheduled:

Brent Price will meet on 6/15
Brenda Herod will meet on 6/13
Sheila Glover stated she will have the meeting ad hoc.
Kristin Albrecht stated that she had it last week
Leslie Reeves is not scheduled as of today

Others that have scheduled for a pre-PRC:

Bob Supurty will meet on 6/15
Mary Solmonson will meet on 6/16
Jeff Sorenson will meet on 6/9
Bryce Baxter will meet on 6/13

Let me know if there is any other information that I can provide.
Hector


---------------------- Forwarded by Dana Davis/HOU/ECT on 05/23/2000 05:49 PM
---------------------------

Rebecca Sanchez
05/17/2000 09:42 AM
To: Dana Davis/HOU/ECT@ECT
cc:
Subject:

There now can you leave me alone so I can get some work done!!!!!


-----Original Message-----
From: Bhatia, Randy
Sent: Wed 2/13/2002 12:49 PM
To: Scott, Susan M.
Cc:
Subject: FW:


yes  Cant miss those boxes!

From: Suzanne Adams@ECT on 06/06/2001 09:03 AM
To: Kay Mann/Corp/Enron@ENRON
cc:

Subject: Re: MDEA

Did you find the box in your office?

	Kay Mann@ENRON
	06/06/2001 08:29 AM

		 To: Suzanne Adams/HOU/ECT@ECT
		 cc:
		 Subject: MDEA

Please print two copies.

On the stuff you had copied for me, please have the copy sent to John Keffer
at King & Spalding.  I'll keep the originals.

Thanks,

Kay
---------------------- Forwarded by Kay Mann/Corp/Enron on 06/06/2001 08:28
AM ---------------------------
From: Genia FitzGerald@ECT on 05/11/2001 10:54 AM
To: Kay Mann/Corp/Enron@Enron
cc:

Subject: MDEA

Kay,

Here is the Cover Sheet and Attachments for the above C/P.  I wasn't sure
about the due diligence on the "agency relationship" so was unsure as to
whether to put those riders in.  I have attached those riders so you can
advise me.  The Agreement is housed in your directory minus the General Terms
and Conditions.  When you are ready to send the Agreement then I can attach
the GTC.

Thanks,
Genia


Attached are the 2000 Weekly Cost Summary reports for the week ending
3/3/00.  If you have any questions, please give me a call.  Thanks Amy 3-7805


Please join me in congratulating Jenny Reed in her promotion to Admin II for
the Consolidations group.
Jenny will be assuming responsibilities as our admin immediately.
We are all proud of her accomplishments and look forward to her continued
success!

mhf


I was thinking that if we run trips on offense the other team won't know what
hit them.  So I will draw up some plays.

What do you think?


Hi Dave,

I was wondering if you have had a chance to look over the draft facility
agreement? We would like to make some progress on the form this week.  In
fact, you may hear (or have heard) directly from Dale Rasmussen, who is an
Enron lawyer supporting one of the projects at issue.

There are also some change order type changes which need to be captured in
words and made a part of the individual facility agreements, or integrated as
changes to these agreements.

Thanks for your assistance,

Kay


i hate stuffy...i guarantee fletch will want trulucks or papas or something
like that..well figure it out ..im looking frwd. to meeting you..thanks for
the timely response

> ----------
> From: 	Monique.Sanchez@enron.com[SMTP:Monique.Sanchez@enron.com]
> Sent: 	Wednesday, May 23, 2001 12:55 PM
> To: 	Donald Tencellent Jr.
> Subject: 	RE: prebon/ene dinner
>
> I'm in, and as far as i'm concerned the more laid back of a place the
> better....i've been to a lot of stuffy restaurants as of late...but
> seriously i am flexible if we go stuffy.  just let me know when and where.
>
>     -----Original Message-----
>    From:   "Donald Tencellent Jr." <DTencellent@prebon.com>@ENRON
>
> [mailto:IMCEANOTES-+22Donald+20Tencellent+20Jr+2E+22+20+3CDTencellent+40pr
> ebon+2Ecom+3E+40ENRON@ENRON.com]
>
>
>    Sent:   Wednesday, May 23, 2001 11:44 AM
>    To:     'msanche2@enron.com'; 'ebass@enron.com'; Holst, Keith;
>              'andrew.lewis@enron.com'; 'geoff.story@enron.com';
>              'fletcher.sturm@enron.com'
>    Cc:     Donald Tencellent Jr.
>    Subject:  prebon/ene dinner
>
>    hi guys...i know that over the past few weeks i have been asking you
>    guys if
>    you could come out to a prebon/ene dinner on next thursday may 31st at
> a
>    site t.b.d......the day is about a week away now and i hope that we can
>    all
>    still hang out...i'm emailing you guys to see who is still in or if
>    there
>    are any ":flakes" as the date grows closer...additionally...where would
>    you
>    guys like to go?....any place new in houston that we need to check out
> ?
>    just let me know so i can make the plans and if i left anybody out who
>    wants
>    to go ( sneal, griggs, martin, huntman, frank ) the more the better as
>    far
>    as i'm concerned...thanks
>
>    donny
>


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Attached is a draft response to the economics arguments made by the
Electricity Oversight Board.  Please let me know if you have any problems
with these.  These arguments need a little wordsmithing but they are sound.
---------------------- Forwarded by Mary Hain/HOU/ECT on 09/14/2000 10:31 AM
---------------------------

	Enron Capital & Trade Resources Corp.

	From:  "Seabron Adamson" <seabron.adamson@frontier-economics.com>
              09/14/2000 10:11 AM

To: <mhenry@bracepatt.com>, <rcarroll@bracepatt.com>
cc: <mary.hain@enron.com>
Subject: Material for EOB pleading

Please see attached. If you have any question please phone me on the number
below. You can also try my cellphone 513-5904.

This e-mail, and any attachments thereto, is intended only for use by the
addressee(s) named herein and may contain legally privileged and/or
confidential information.  If you are not the intended recipient of this
e-mail, you are hereby notified that any dissemination, distribution or
copying of this e-mail, and any attachments thereto, is strictly prohibited.
If you have received this e-mail in error, please immediately notify me at
(617) 354-0060 and permanently delete the original and any copy of any
e-mail and any printout thereof.

Seabron Adamson
Frontier Economics Inc
Two Brattle Square
Cambridge, MA 02138 USA
Ph:  (617) 354-0060
Fax: (617) 354-0640
seabron.adamson@frontier-economics.com

www.frontier-economics.com

 - 00-09-13 SA Material for EOB pleading.doc


I just spoke with Harry, and perhaps we can also argue that reducing the
diversion payments to index creates an unfair incentive for PG&E to actually
divert gas, since there is no economic penalty for doing so.


Here are some more lists:

Christmas List
Sharon

item  description  color  size  price

www.jjill.com  or 1-800-642-9989
LH 030At Tencel carpenter jeans  "truffle" 12 tall  65.99

www.solutions.catalog.com  or 1-877-718-7901
63492  Miracle hair turban     15.00
64117  Moisturizing gel gloves    39.50

www.hammacher.com  or 1-800-543-3366
62609M low profile earwarmers  black    24.95

www.coldwatercreek.com or 1-800-262-0040
AH0-1412 blue and green jacket   med  89.00

www.smithsonianstore.com   or 1-800-322-0344  (10% discount on web)
28067  Wool Cape    black  67.00
24063  Burgundy dress (pt of ensemble) med  54.00
24064  Burgundy jacket (pt of ensemble) med  76.50
29103  matelasse shams (need 2)  king  22.50 ea

www.travelsmith.com  or 1-800-950-1600
5082  travel pajamas  periwinkle med  69.50
7313  Jumbo Aquis towel     39.50
5115  great escape shirt white  med  59.00
5416  ultimate sweater aqua  med  48.00
3902  packable Panama hat natural  med  37.50

 Christmas List
Elena

item  description  color  size  price

www.crateandbarrel.com  or 1-800-323-5461
28139  bongo drum      19.95

www.learnandplay.com   or 1-800-247-6106
21616  wooden floral chest     29.95
21987  mini trampoline     89.95

www.ttgo.com    or 1-800-542-8338
927  body art studio      24.95

ALSO:
play make-up (glitter, lip stuff, hand lotion, etc.) (above , last item
is an example)
Stickers
Musical instruments
Clothes-about size 3T for now  (39" tall, 30 lbs)  shoes size 9

Tim's Christmas List

Rockler Woddworking Supply  (800-279-4441     www.rockler.com)
Hand Countersink  #33757    5.99
Fuller Bit & Counterbore     83741  14.99
Clamp 'N Tool Guide - 50"   47308  39.99
Precosion Taper Jig    43471  18.99

Lands End (800-963-4816 www.landsend.com)
 Black socks, 6-pack  6028-5AF7  27.00

Subscription to Fine Homebuilding Magazine
www.taunton.com/admin/giftfh.htm

Recordings:
11,000 Virgins - Hildegard von Bingen / Anonymous 4
Center of My Universe/Michelle Tumes
Best of Kansas [ORIGINAL RECORDING REMASTERED][EXTRA TRACKS]
 Octopus/Gentle Giant

Have a few bucks to burn?(

 ShopSmith Bandsaw
 New Pella windows for the house
Toyota Prius (silver)

BYERS CHRISTMAS LISTS 2000

JANET

Land's End - 1-800-356-4444
 Short Sleeve Super T, size M, color - white,  6404-5A12   $12.

 Pointelle Scoop Tank, size M, color - Ecru,   5475-5A10     20.

Williams Sonoma 1-800-541-2233

 Striped kitchen towels , color- sage  #07-659094     12.

Talbot's - 1-800-825-2687
 Fleece vest - Medium, color - black  #A04027   48.
 Buffalo check vest - Medium, no choice color   #40027   68.
 Interlock turtleneck - Medium, color - white #A32027  22.

IVAN

 Books:  "Pleasure for God" - John Pope (could be Pipe, I can't read his
writing!)
  "Audi TT" - Jergen Lewandowski, et al.

 Necktie - food theme (really likes chili peppers)

 "Polo" dress shirt by Ralph Lauren, black stripe, 15
-33

 Braveheart (the movie story Mel Gebson)

EMILY

CD's:  Outkast - "Stankonia"
 Amy Grant - her newest Christmas album
 Michael W. Smith - his newest Christmas album

Gift certificates from Best Buy or Victoria's Secret

Ralph Lauren "Polo Sport" perfume

 NICK

Sonic Adventure (PC game?)

Age of Empires 2 - "The Conquerors" (P.C. Game)

Slippers - Lands's End - Cozy Fleece Clogs (on back of some of the
catalogs)
 He can wear Janet's, so women's size best.- 8 , color green or as second
choice something other than black as Janet's are
black.  #5530-21X  $19.50

Gundam "Gouf" action figure - (5" tall)     $19.95

Gundam "Zaku II" action figure       19.95

________________________________________________________________
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We are approaching the final countdown as to signing our definitive agreement
with El Paso regarding the sale of JEDI II's 51% interest in East Coast Power
and ENA's $157.9mm of ECP Subordinated Notes.

The transaction has continued to develop along the lines of my last update of
11-21-00.  The terms and economics remain essentially as outlined on
11-21-00.  In summary, the primary form of consideration will be a
derivative-like commodity agreement or a 'contract for differences'.  This
contract will be exchanged in full for the SubNotes and the majority of our
equity interest.  The JEDI II equity interest will also receive a residual
contingent interest which will become payable in the event of a PPA
restructuring at the Linden facility.  We are calling the derivative a swap
but it is more like a receivable.  An El Paso affiliate (guaranteed by El
Paso as parent) will notionally be paying NYMEX plus approx $0.52
(escalating) over seven years on a notional volume of 300,000 MMBtu/d and
receiving NYMEX.  With netting the contract is simply a series of fixed
quarterly payments over seven years.  No offset rights and no limitations on
the guarantee - fully a stand alone agreement.

We are optimistic that we may be able to sign documents as early as Thursday
night.  This agreement can be terminated at our option in the event that we
do not receive the necessary internal approvals.  There are only two
significant external approvals required, a NJ Environmental
'non-applicability' determination and ECP credit ratings reaffirmation.
Accordingly we expect at this time to receive the necessary internal and
external approvals and close by year end.  We expect that a public
announcement would be appropriate at the time both parties have received all
necessary internal approvals.

The portion of the commodity contract being exchanged for the SubNotes is
expected to be offered to Condor to monetize this portion of the contract at
year end.  Subsequent to Condor's acquisition of its contract, both JEDI II's
contract and the Condor contract are expected to be monetized in a QSPE
vehicle later in the first quarter.

Please call or email with any questions you may have.  Thanks for your
assistance in these matters.


Please click on the attached link to launch your Holiday Party invitation.

 http://invitation.enron.com

Please direct any questions to Dorie Hitchcock via email.